Harbor Unconstrained Bond Fund Institutional Class (HAUBX)

Portfolio Characteristics (As of Quarter Ended 09/30/2014)

 Harbor Unconstrained Bond FundBofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index
Number of Bonds157-
Average Market Coupon (%)2.25-
Yield to Maturity (%)2.25-
Weighted Avg. Maturity (yrs)3.220.25
Weighted Avg. Duration (yrs)2.150.25

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

Top Ten Holdings (As of Quarter Ended 09/30/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Countrywide Asset-Backed Certificates09/25/20360.41,7914.6
Volkswagen International Finance NV11/20/20151.21,2083.1
American International Group Inc.08/24/20152.41,0152.6
U.S. Treasury Inflation Indexed Bonds01/15/20262.09572.4
Bear Stearns Asset Backed Securities Trust09/25/20460.67962.0
Brazil Letras Do Tesouro Nacional10/01/20150.07301.9
Ally Financial Inc.12/01/20146.85041.3
International Lease Finance Corp.04/01/20154.94701.2
First Franklin Mortgage Loan Trust10/25/20341.64671.2
Morgan Stanley ABS Capital I01/25/20370.24231.1
% of Total Holdings:8,36121.4

Full Holdings (As of Quarter Ended 09/30/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Countrywide Asset-Backed Certificates09/25/20360.41,7914.6
Volkswagen International Finance NV11/20/20151.21,2083.1
American International Group Inc.08/24/20152.41,0152.6
U.S. Treasury Inflation Indexed Bonds01/15/20262.09572.4
Bear Stearns Asset Backed Securities Trust09/25/20460.67962.0
Brazil Letras Do Tesouro Nacional10/01/20150.07301.9
Ally Financial Inc.12/01/20146.85041.3
International Lease Finance Corp.04/01/20154.94701.2
First Franklin Mortgage Loan Trust10/25/20341.64671.2
Morgan Stanley ABS Capital I01/25/20370.24231.1
Ally Financial Inc.02/15/20175.54171.1
JP Morgan Chase & Co.03/01/20163.44141.1
Community Health Systems Inc.08/15/20185.14121.1
Verizon Communications Inc.09/15/20162.54111.0
Volvo Treasury AB Co.04/01/20156.04101.0
Brazil Letras Do Tesouro Nacional01/01/20170.04091.0
BellSouth Corp.04/26/20214.24081.0
Ford Motor Credit Co. LLC05/15/20152.84051.0
Illinois State01/01/20154.44041.0
Ford Motor Credit Co. LLC MTN01/17/20171.04041.0
Abbvie Inc.11/06/20151.04031.0
Anglo American Capital plc04/15/20161.24021.0
General Mills Inc.01/29/20160.54011.0
Metropolitan Life Global Funding I06/23/20160.44001.0
Imperial Tobacco Finance plc02/11/20182.03991.0
Wachovia Bank Commercial Mortgage Trust06/15/20495.93921.0
Brazil Letras Do Tesouro Nacional04/01/20150.03881.0
BP Capital Markets plc11/06/20150.63811.0
Countrywide Asset-Backed Certificates06/25/20470.33430.9
Bank of America Corp.12/01/20175.83340.9
Countrywide Asset-Backed Certificates08/25/20370.33290.8
International Lease Finance Corp.09/15/20158.63180.8
Ford Motor Credit Co. LLC04/15/20164.23140.8
Sberbank of Russia Via SB Capital SA07/07/20155.53060.8
CIT Group Inc.02/15/20154.83040.8
VTB Bank OJSC Via VTB Capital SA03/04/20156.53030.8
Petrobras International Finance Co.02/06/20152.93020.8
JP Morgan Chase & Co. MTN10/15/20151.13010.8
Volkswagen International Finance NV11/18/20150.63010.8
ING Bank NV01/04/20160.63000.8
Pricoa Global Funding 1 MTN05/16/20160.43000.8
Wachovia Bank NA11/03/20140.63000.8
AmeriCredit Automobile Receivables08/10/20150.23000.8
Brazil Letras Do Tesouro Nacional07/01/20170.02970.8
Sierra Madre Funding Ltd.09/07/20390.62750.7
JP Morgan Mortgage Trust04/25/20362.82650.7
New York City, NY12/01/20245.92420.6
BPCE SA07/21/20245.22060.5
Verizon Communications Inc.09/15/20161.82050.5
Gazprom OAO Via Gaz Capital SA11/29/20155.12040.5
Ally Financial Inc.07/18/20163.52030.5
CIT Group Inc.08/15/20174.22030.5
Nbcuniversal Enterprise Co.04/15/20160.82010.5
Volkswagen Group America Co.05/23/20160.52000.5
Sinopec Group Overseas Development 2014 Ltd.04/10/20171.02000.5
U.S. Treasury Inflation Indexed Bonds01/15/20230.12000.5
Bank of America Corp.01/11/20182.01990.5
JP Morgan Mortgage Acquisition Corp.05/25/20360.41690.4
Washington Mutual Mortgage Pass Through Certificates04/25/20374.51660.4
Berica ABS Srl12/31/20550.41480.4
U.S. Treasury Inflation Indexed Bonds01/15/20252.41480.4
California State11/01/20407.61480.4
Slovenia Government Bond11/01/20164.71360.3
SLM Student Loan Trust05/16/20443.41300.3
Autonomous Community of Catalonia MTN04/07/20153.91280.3
Morgan Stanley Capital I Trust04/15/20495.71270.3
Hellenic Republic Treasury Bills10/17/20140.01260.3
Avoca Capital09/15/20210.41240.3
Sierra Madre Funding Ltd.09/07/20390.51180.3
Credit-Based Asset Servicing and Securitization LLC03/25/20374.11160.3
Credit-Based Asset Servicing and Securitization LLC03/25/20374.11150.3
SLM Corp. MTN06/15/20188.41130.3
Merrill Lynch & Co. Inc. MTN08/28/20176.41130.3
International Lease Finance Corp.03/15/20178.81120.3
COX Communications Inc.12/01/20165.91100.3
Bank of America Corp.08/01/20166.51090.3
Merrill Lynch Mortgage Investors Trust01/25/20291.91080.3
MGM Resorts International04/01/20166.91060.3
Abbey National Treasury Services plc04/27/20164.01050.3
HSBC Finance Corp.04/15/20155.21030.3
Kroger Co.01/15/20172.21020.3
JP Morgan Chase & Co.01/25/20181.11020.3
Ally Financial Inc.06/26/20154.61020.3
Citigroup Inc.01/15/20156.01020.3
Petrobras Global Finance BV03/17/20172.61010.3
Mylan Inc.06/24/20161.81010.3
Morgan Stanley02/25/20161.81010.3
Citigroup Inc.07/25/20161.21010.3
COX Communications Inc.12/15/20145.41010.3
Bank of America Corp. MTN03/22/20161.11010.3
JP Morgan Chase & Co. MTN02/26/20160.91010.3
Wells Fargo & Co.10/28/20150.41000.3
Goldman Sachs Group Inc.01/12/20150.71000.3
DISH DBS Corp.10/01/20146.61000.3
Bank of America Corp.08/15/20160.6990.3
AES Corp.06/01/20193.2990.3
HJ Heinz Co.06/05/20203.5980.2
Washington Mutual Mortgage Pass Through Certificates03/25/20372.1950.2
JP Morgan Chase Commercial Mortgage Securities Trust05/15/20455.4900.2
Morgan Stanley ABS Capital I01/25/20360.4900.2
Mexico Cetes11/13/20140.0890.2
Federal Home Loan Mortgage Corp.02/15/204413.1880.2
Federal Home Loan Mortgage Corp.04/15/204411.7870.2
Stone Tower Capital LLC04/17/20210.5870.2
Federal National Mortgage Association11/01/20422.8860.2
Mexico Cetes10/30/20140.0820.2
Buckeye Tobacco Settlement Financing Authority06/01/20426.0790.2
Buckeye Tobacco Settlement Financing Authority06/01/20475.9780.2
Morgan Stanley ABS Capital I10/25/20360.3690.2
Countrywide Asset-Backed Certificates07/25/20365.2690.2
Wachovia Bank Commercial Mortgage Trust02/15/20516.1680.2
Granite Mortgages plc09/20/20440.9680.2
Banc of America Funding Corp.06/20/20470.4680.2
Triaxx Prime CLO10/02/20390.4670.2
Morgan Stanley ABS Capital I11/25/20360.3630.2
Huntington CLO Ltd.11/05/20400.5610.2
Wachovia Bank Commercial Mortgage Trust07/15/20455.7610.2
BCAP LLC Trust06/26/20365.2610.2
Mexico Cetes03/19/20150.0590.1
Citigroup Mortgage Loan Trust Inc.08/25/20351.8590.1
Securitized Asset Backed Receivables LLC Trust02/25/20340.9560.1
Structured Asset Securities Corp.09/25/20355.5540.1
Wynn Las Vegas LLC08/15/20207.8530.1
Ownit Mortgage Loan Asset Backed Certificates05/25/20370.3480.1
Washington Mutual Mortgage Pass Through Certificates07/25/20450.5480.1
Structured Asset Investment Loan Trust10/25/20350.5460.1
Belle Haven ABS CLO Ltd.11/03/20440.6420.1
ACE Securities Corp. Home Equity Loan Trust08/25/20360.3390.1
Mexico Cetes12/18/20140.0370.1
American Home Mortgage Assets Trust09/25/20461.1350.1
Newcastle CLO V Ltd.12/24/20390.6350.1
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.3340.1
First Horizon Asset Securities Inc.10/25/20352.6330.1
Indymac Residential Asset Backed Trust07/25/20370.3320.1
Federal National Mortgage Association REMIC03/25/20340.3250.1
Ally Financial Inc.05/15/20168.5240.1
Banc of America Alternative Loan Trust04/25/20335.8220.1
Impac CMB Trust09/25/20340.8210.1
Belle Haven ABS CLO Ltd.11/03/20440.6210.1
Wachovia Bank Commercial Mortgage Trust06/15/20200.2170.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20354.9170.0
Banc of America Funding Corp.06/20/20322.7150.0
Federal National Mortgage Association02/01/20264.5140.0
Washington Mutual Mortgage Pass Through Certificates04/25/20450.4120.0
JP Morgan Alternative Loan Trust07/25/20360.3120.0
JP Morgan Mortgage Trust06/25/20215.9110.0
MASTR Adjustable Rate Mortgages Trust05/25/20342.2100.0
IndyMac IMSC Mortgage Loan Trust10/25/20342.5100.0
Federal Home Loan Mortgage Corp.10/25/20211.790.0
Federal National Mortgage Association07/01/20322.370.0
Bear Stearns Adjustable Rate Mortgage Trust01/25/20352.670.0
Granite Mortgages plc01/20/20440.670.0
S&P 500 Index Option10/17/20140.040.0
S&P 500 Index Option10/17/20140.040.0
S&P 500 Index Option10/17/20140.030.0
S&P 500 Index Option10/17/20140.020.0
S&P 500 Index Option10/17/20140.020.0
Total30,55778.4
Cash and Other Assets Less Liabilities21.6
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Economic SectorHarbor Unconstrained Bond Fund %
Corporate Bonds & Notes43.2
Asset-backed Securities16.1
Foreign Government Obligations6.3
Collateralized Mortgage Obligations5.5
U.S. Government Obligations3.3
Municipal Bonds2.4
Mortgage Pass-through0.8
Bank Loan Obligations0.2
Financials0.1
Purchased Options0.0

Maturity Profile (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
MaturityHarbor Unconstrained Bond Fund %
0-1 yr13.8
1-3 yr60.6
3-5 yr15.8
5-7 yr15.6
7-10 yr2.1
10-20 yr-2.3
20-30 yr-5.7
Over 30 yr0.2

Duration (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
DurationHarbor Unconstrained Bond Fund %
0-1 yr55.4
1-3 yr19.6
3-5 yr38.5
5-7 yr7.0
7-10 yr-23.7
10-20 yr3.2
20-30 yr0.0
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.