Harbor Emerging Markets Debt Fund Institutional Class (HAEDX)

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

 Harbor Emerging Markets Debt Fund50% JPM EMBI Diversified/50% JPM GBI-EMGD
Number of Issues218642
Average Market Coupon (%)66.37
Yield to Maturity (%)6.625.99
Weighted Avg. Maturity (yrs)7.358.87
Yield to Worst (%)6.615.98
Effective Duration (Treasury) (yrs)5.075.88

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

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

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Russian Foreign Bond - Eurobond03/31/20307.54302.6
South Africa Government International Bond03/09/20205.53241.9
Malaysia Government Bond10/31/20173.33121.9
Petroleos de Venezuela SA11/02/20178.52911.7
Brazil Letras Do Tesouro Nacional01/01/20170.02731.6
Argentina Boden Bonds10/03/20157.02681.6
Indonesia Government International Bond03/04/201911.62491.5
Argentina Bonar Bonds04/17/20177.02411.4
Turkey Government International Bond02/05/20257.42211.3
Croatia Government International Bond03/24/20216.42181.3
% of Total Holdings:2,82716.8

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

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Russian Foreign Bond - Eurobond03/31/20307.54302.6
South Africa Government International Bond03/09/20205.53241.9
Malaysia Government Bond10/31/20173.33121.9
Petroleos de Venezuela SA11/02/20178.52911.7
Brazil Letras Do Tesouro Nacional01/01/20170.02731.6
Argentina Boden Bonds10/03/20157.02681.6
Indonesia Government International Bond03/04/201911.62491.5
Argentina Bonar Bonds04/17/20177.02411.4
Turkey Government International Bond02/05/20257.42211.3
Croatia Government International Bond03/24/20216.42181.3
Sinochem Overseas Capital Co. Ltd.11/12/20204.52121.3
Brazil Letras Do Tesouro Nacional01/01/20180.02101.2
Russian Federal Bond - Ofz07/20/20227.62081.2
Brazil Letras Do Tesouro Nacional07/01/20180.02061.2
Corp. Nacional del Cobre de Chile11/03/20213.92061.2
Colombia Government International Bond02/26/20244.02031.2
Peruvian Government International Bond11/21/20338.82001.2
Dominican Republic International Bond01/23/20189.01961.2
Corp. Nacional del Cobre de Chile07/17/20223.01931.1
Turkey Government Bond01/27/20169.01901.1
Costa Rica Government International Bond01/26/20234.21861.1
Russian Federal Bond - Ofz01/25/20237.01811.1
Brazilian Government International Bond01/05/20232.61811.1
Mexican Bonos06/09/20226.51621.0
Mexican Bonos12/07/20238.01600.9
Esal GMBH02/05/20236.21580.9
Indonesia Treasury Bond MTN07/15/20218.21550.9
Indonesia Government International Bond01/17/20186.91540.9
Mexican Bonos06/11/20208.01530.9
Indonesia Treasury Bond MTN05/15/20235.61500.9
Indonesia Treasury Bond03/15/20299.01500.9
Uruguay Government International Bond06/18/20505.11490.9
Philippine Government International Bond02/02/20309.51470.9
Philippine Government International Bond01/14/20317.81390.8
Cemex SAB de CV06/15/20189.51390.8
Poland Government Bond08/24/20163.01360.8
Uruguay Government International Bond08/14/20244.51330.8
Colombia Government Bond04/14/20217.81290.8
Colombia Government Bond10/22/201512.01250.7
Mexico Government International Bond MTN10/02/20234.01220.7
Turkey Government Bond01/12/20229.51220.7
Russian Federal Bond - OFZ08/16/20237.01210.7
KazMunayGas National Co. MTN07/02/20189.11170.7
Turkey Government International Bond04/03/20186.81170.7
South Africa Government Bond03/31/20216.81160.7
Lithuania Government International Bond03/09/20216.11160.7
Dominican Republic International Bond04/18/20245.91140.7
Venezuela Government International Bond02/26/20165.81140.7
KazMunayGas National Co.05/05/20207.01120.7
Poland Government Bond04/25/20183.81110.7
Venezuela Government International Bond05/07/20239.01110.7
Indonesia Government International Bond03/13/20205.91100.7
Mexican Bonos12/15/20167.21100.7
Ukraine Government International Bond11/21/20166.61080.6
Brazilian Government International Bond01/20/20377.11070.6
Intergas Finance BV05/14/20176.41060.6
Russian Federal Bond - OFZ01/19/20287.01050.6
Thailand Government Bond06/13/20193.91050.6
Turkey Government Bond03/08/20237.11050.6
Hutchison Whampoa International 10 Ltd.12/29/20496.01040.6
South Africa Government Bond03/31/20366.21010.6
Colombian TES MTN05/04/20227.01000.6
Thailand Government Bond07/14/20211.2990.6
Petroleos de Venezuela SA04/12/20175.2990.6
Thailand Government Bond06/16/20233.6980.6
Ivory Coast Government International Bond12/31/20325.8960.6
Poland Government Bond07/25/20253.2950.6
Panama Government International Bond04/28/20348.1940.6
Mexican Udibonos11/22/20354.5910.5
Ukraine Government International Bond09/23/20156.9900.5
Russian Foreign Bond - Eurobond03/31/20307.5880.5
Petroleos de Venezuela SA05/16/20246.0870.5
Indosat Palapa Co. BV07/29/20207.4850.5
El Salvador Government International Bond06/15/20357.6840.5
Dubai Holding Commercial Operations MTN Ltd.02/01/20176.0830.5
Romanian Government International Bond MTN02/07/20226.8830.5
Malaysia Government Bond03/15/20233.5800.5
Tencent Holdings Ltd.03/05/20183.4770.5
Mexican Bonos12/14/20177.8740.4
Indonesia Treasury Bond03/15/20248.4740.4
Mexican Bonos12/13/20188.5740.4
Mexico Government International Bond MTN01/11/20406.0730.4
South Africa Government Bond01/31/20448.8730.4
Malaysia Government Bond03/31/20203.5720.4
Turkey Government Bond01/15/202010.5710.4
Malaysia Government Bond08/15/20223.4710.4
Indonesia Treasury Bond04/15/20197.9700.4
Turkey Government Bond03/27/201910.4680.4
Russian Federal Bond - OFZ02/03/20278.2670.4
Mexican Bonos12/18/20149.5670.4
Poland Government Bond04/25/20165.0660.4
Turkey Government Bond09/14/20228.5660.4
Qtel International Finance Ltd.02/16/20214.8640.4
South Africa Government Bond02/28/20317.0600.4
Indonesia Treasury Bond05/15/20185.2600.4
Poland Government Bond07/25/20182.5580.3
Malaysia Government Bond07/15/20244.2560.3
Indonesia Treasury Bond05/15/20235.6550.3
Venezuela Government International Bond10/13/20197.8550.3
South Africa Government Bond12/21/20188.0550.3
Hungary Government International Bond03/29/20216.4540.3
Republic of Colombia06/28/20279.8530.3
Bharti Airtel International Netherlands BV03/11/20235.1530.3
Romanian Government International Bond MTN01/22/20446.1530.3
Turk Telekomunikasyon As06/19/20244.9500.3
Cencosud SA01/20/20234.9500.3
South Africa Government Bond02/28/20416.5500.3
South Africa Government Bond01/15/20207.2490.3
Digicel Group Ltd.04/01/20227.1490.3
Indonesia Treasury Bond05/15/20336.6470.3
Malaysia Government Bond09/30/20214.0460.3
Mexican Bonos05/29/20317.8460.3
South Africa Government Bond02/28/20488.8430.3
Vale Overseas Ltd.09/15/20204.6420.3
Jamaica Government International Bond06/20/201710.6420.2
Mexico Government International Bond MTN01/21/20455.6400.2
Russian Foreign Bond - Eurobond06/24/202812.8390.2
ALFA Bank OJSC Via ALFA Bond Issuance plc09/26/20197.5390.2
Mexican Bonos06/16/20166.2380.2
Thailand Government Bond12/17/20273.6380.2
Philippine Government International Bond01/15/20199.9380.2
Republic of Colombia06/28/20279.8380.2
Petroleos de Venezuela SA11/17/20219.0370.2
Brazil Notas do Tesouro Nacional Série F01/01/202110.0370.2
Hungary Government International Bond11/22/20235.8370.2
Malaysia Government Bond10/31/20193.7370.2
Turkey Government Bond03/20/202410.4370.2
Ecopetrol SA07/23/20197.6360.2
Panama Government International Bond09/30/20278.9340.2
Mexican Bonos06/15/20175.0330.2
Hungary Government Bond12/20/20185.5330.2
Mexican Bonos06/18/20156.0320.2
Colombia Government International Bond05/21/20248.1320.2
Zhaikmunai LP Via Zhaikmunai International BV11/13/20197.1310.2
Poland Government Bond08/25/20232.8310.2
Thailand Government Bond06/16/20173.2310.2
PTT Exploration & Production PCL12/29/20494.9300.2
Mexican Bonos12/05/202410.0290.2
Russian Federal Bond - Ofz11/24/20217.0290.2
Romanian Government International Bond MTN08/22/20234.4290.2
Hungary Government Bond11/12/20207.5290.2
B Communications Ltd.02/15/20217.4280.2
Vimpel Communications Via Vip Finance Ireland Ltd. OJSC02/02/20217.7280.2
Mexican Bonos06/10/20216.5280.2
Russian Federal Bond - OFZ12/11/20196.8270.2
Panama Government International Bond04/01/20299.4270.2
Turkey Government Bond02/24/201610.7270.2
Turkey Government International Bond06/05/20207.0260.2
Russian Federal Bond - Ofz05/27/20206.4260.2
Argentine Republic Government International Bond03/31/20236.0250.2
Indonesia Treasury Bond09/15/202511.0250.1
El Salvador Government International Bond01/24/20237.8250.1
KOC Holding AS04/24/20203.5250.1
Malaysia Government Bond03/15/20173.4240.1
Panama Government International Bond01/26/20366.7230.1
Petrobras International Finance Co.01/27/20215.4230.1
Ocp SA04/25/20245.6230.1
Malaysia Government Bond04/15/20333.8230.1
Turkey Government Bond11/14/20188.8210.1
Fresnillo plc11/13/20235.5210.1
Indonesia Treasury Bond05/15/20286.1210.1
Thailand Government Bond12/17/20213.6200.1
Mexican Udibonos06/09/20222.0200.1
Mexico Government International Bond MTN03/08/20444.8200.1
MCE Finance Ltd.02/15/20215.0190.1
Petroleos de Venezuela SA11/15/20266.0190.1
Colombia Government Bond03/21/20234.4180.1
Inter-American Development Bank MTN08/20/20150.0180.1
Hungary Government International Bond01/11/20196.0180.1
El Salvador Government International Bond04/10/20328.2170.1
Petroleos de Venezuela SA05/17/20359.8160.1
Mexican Bonos05/31/20298.5160.1
Empresas Publicas de Medellin Esp09/10/20247.6160.1
Poland Government Bond04/25/20295.8160.1
Mexico Government International Bond03/15/20223.6140.1
Delek & Avner Tamar Bond Ltd.12/30/20235.1140.1
Romanian Government International Bond MTN01/22/20244.9130.1
Malaysia Government Bond04/15/20264.4130.1
Hungary Government Bond06/24/20255.5120.1
Malaysia Government Bond07/31/20203.9120.1
Malaysia Government Bond09/28/20183.6120.1
Russian Federal Bond - Ofz04/14/20217.6120.1
Russian Federal Bond - OFZ02/27/20197.5110.1
Thailand Government Bond05/22/20153.6110.1
Hungary Government International Bond07/04/20174.4110.1
Emgesa SA Esp01/25/20218.8110.1
Venezuela Government International Bond10/21/202611.8100.1
Indonesia Treasury Bond05/15/20227.0100.1
Poland Government Bond04/25/20174.8100.1
Financiera de Desarrollo Territorial SA Findeter08/12/20247.9100.1
Russian Federal Bond - Ofz05/15/20196.7100.1
Malaysia Government Bond09/15/20164.390.1
Malaysia Government Bond10/15/20153.290.1
Malaysia Government Bond07/15/20163.290.1
Ypf SA04/04/20248.880.0
European Bank for Reconstruction & Development MTN06/08/20167.280.0
Pttep Canada International Finance Ltd. MTN04/05/20215.780.0
Venezuela Government International Bond08/05/203112.080.0
Indonesia Treasury Bond06/15/20328.280.0
Saudi Electricity Global Sukuk Co. 304/08/20244.070.0
Indonesia Treasury Bond05/15/20277.070.0
Delek & Avner Tamar Bond Ltd.12/30/20183.870.0
Korea National Oil Corp.07/10/20243.270.0
South Africa Government Bond01/31/20378.570.0
Russian Federal Bond - Ofz01/31/20186.260.0
Bogota Distrito Capital07/26/20289.860.0
Indonesia Treasury Bond03/15/20348.450.0
Turkey Government Bond10/07/20158.340.0
Ocp SA04/25/20446.940.0
Saudi Electricity Global Sukuk Co. 304/08/20445.540.0
Empresa Nacional de Electricidad SA04/15/20244.240.0
Turkey Government Bond02/14/20186.340.0
Volcan Cia Minera SAA02/02/20225.440.0
Hungary Government International Bond03/30/20165.030.0
Oversea-Chinese Banking Corp. Ltd. MTN10/15/20244.030.0
Petroleos Mexicanos11/24/20217.620.0
Brazilian Government International Bond01/20/20348.210.0
Indonesia Treasury Bond06/15/202112.810.0
Total15,86993.7
Cash and Other Assets Less Liabilities6.3
Total Net Assets100%

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

As of Quarter Ended 09/30/2014
Economic SectorHarbor Emerging Markets Debt Fund %
Foreign Government Obligations84.0
Corporate Bonds & Notes7.9
Credit-linked Notes2.4

Weighted Average Life (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
MaturityHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
0-1 yr3.70.0
1-3 yr16.817.5
3-5 yr14.918.4
5-7 yr19.316.1
7-10 yr25.523.3
10-20 yr11.614.3
20-30 yr4.28.8
Over 30 yr1.41.5

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

As of Quarter Ended 09/30/2014
DurationHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
0-1 yr7.00.3
1-3 yr18.921.4
3-5 yr22.624.4
5-7 yr25.823.5
7-10 yr15.217.7
10-20 yr8.012.7
20-30 yr0.00.0
Over 30 yr0.00.0

Country Allocation (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
CountryHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
Mexico10.0N/A
Brazil8.7N/A
Indonesia8.2N/A
Turkey7.3N/A
Poland6.4N/A
Colombia6.3N/A
Russia5.8N/A
South Africa5.3N/A
Venezuela5.2N/A
Malaysia4.4N/A
Other32.4N/A

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 Harbor Emerging Markets Debt Fund uses a blended benchmark index consisting of 50% of the JP Morgan Emerging Markets Bond Index – Global Diversified Index and 50% of the JPMorgan Government Bond Index - EM Global Diversified index. The JP Morgan Emerging Markets Bond Index – Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities. The JPMorgan Government Bond Index - EM Global Diversified tracks total returns for local currency debt instruments issued by emerging markets sovereign and quasi-sovereign entities to which international investors can gain exposure. The Blended Benchmark therefore represents a 50% weighting to U.S. dollar denominated emerging market debt securities and 50% weighting to local currency denominated emerging market debt securities, which is intended to reflect the Harbor Emerging Market Debt Fund's target exposure of 50% of the Fund's portfolio to U.S. dollar denominated emerging market debt securities and 50% to local currency denominated emerging market debt securities. This unmanaged index does not reflect fees and expenses and is not available for direct investment. Information obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission and may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2012, J.P. Morgan Chase & Co. All rights reserved.