Harbor Emerging Markets Debt Fund Institutional Class (HAEDX)

Portfolio Characteristics (As of Quarter Ended 06/30/2014)

 Harbor Emerging Markets Debt Fund50% JPM EMBI Diversified/50% JPM GBI-EMGD
Number of Holdings229631
Average Market Coupon (%)6.106.45
Yield to Maturity (%)5.445.63
Weighted Avg. Maturity (yrs)7.308.76
Yield to Worst (%)5.415.62
Effective Duration (Treasury) (yrs)5.175.85

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

Top Ten Holdings (As of Quarter Ended 06/30/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Brazil Letras Do Tesouro Nacional01/01/20170.05122.9
Petroleos de Venezuela SA11/02/20178.53431.9
South Africa Government International Bond03/09/20205.53291.9
Malaysia Government Bond10/31/20173.33181.8
Indonesia Government International Bond03/04/201911.62551.4
Argentina Boden Bonds10/03/20157.02331.3
South Africa Government Bond03/31/20216.82321.3
Dominican Republic International Bond01/23/20189.02261.3
Mexican Bonos12/07/20238.02261.3
Russian Foreign Bond - Eurobond03/31/20307.52221.2
% of Total Holdings:2,89616.3

Full Holdings (As of Quarter Ended 06/30/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Brazil Letras Do Tesouro Nacional01/01/20170.05122.9
Petroleos de Venezuela SA11/02/20178.53431.9
South Africa Government International Bond03/09/20205.53291.9
Malaysia Government Bond10/31/20173.33181.8
Indonesia Government International Bond03/04/201911.62551.4
Argentina Boden Bonds10/03/20157.02331.3
South Africa Government Bond03/31/20216.82321.3
Dominican Republic International Bond01/23/20189.02261.3
Mexican Bonos12/07/20238.02261.3
Russian Foreign Bond - Eurobond03/31/20307.52221.2
Croatia Government International Bond03/24/20216.42201.2
Turkey Government International Bond02/05/20257.42181.2
Peruvian Government International Bond11/21/20338.82161.2
Sinochem Overseas Capital Co. Ltd.11/12/20204.52141.2
Russian Federal Bond - Ofz01/25/20237.02141.2
Turkey Government Bond01/27/20169.02121.2
Corp. Nacional del Cobre de Chile11/03/20213.92071.2
Colombia Government International Bond02/26/20244.02071.2
Russian Federal Bond - Ofz07/20/20227.62071.2
Brazilian Government International Bond01/07/20254.22031.1
Corp. Nacional del Cobre de Chile07/17/20223.01941.1
Colombia Government International Bond05/21/20248.11901.1
Brazilian Government International Bond01/20/20377.11881.1
Brazilian Government International Bond01/05/20232.61851.0
Mexican Bonos06/09/20226.51721.0
Mexico Government International Bond10/02/20234.01640.9
Poland Government Bond10/25/20175.21640.9
Indonesia Treasury Bond MTN07/19/20218.21620.9
Mexican Bonos06/11/20208.01620.9
Esal GMBH02/05/20236.21590.9
Poland Government International Bond03/23/20225.01580.9
Poland Government Bond04/25/20183.81570.9
Indonesia Treasury Bond MTN05/17/20235.61560.9
Indonesia Government International Bond01/17/20186.91560.9
Poland Government Bond07/25/20150.01540.9
Colombia Government Bond04/14/20217.81530.9
Uruguay Government International Bond06/18/20505.11520.9
Poland Government Bond08/24/20163.01500.8
Indonesia Treasury Bond03/15/20299.01490.8
Cemex SAB de CV06/15/20189.51440.8
Colombia Government Bond10/22/201512.01430.8
Venezuela Government International Bond05/07/20239.01400.8
Philippine Government International Bond01/14/20317.81380.8
Turkey Government Bond01/12/20229.51380.8
Uruguay Government International Bond08/14/20244.51350.8
Poland Government Bond10/25/20234.01270.7
Petroleos de Venezuela SA04/12/20175.21230.7
KazMunayGas National Co. MTN07/02/20189.11200.7
Turkey Government Bond03/08/20237.11190.7
Turkey Government International Bond04/03/20186.81190.7
Lithuania Government International Bond03/09/20216.11170.7
Mexico Government International Bond MTN01/11/20406.01170.7
Mexican Bonos12/13/20188.51160.7
KazMunayGas National Co.05/05/20207.01140.6
Croatia Government International Bond07/14/20206.61120.6
Indonesia Government International Bond03/13/20205.91110.6
South Africa Government Bond12/21/20188.01100.6
Colombian TES MTN05/06/20227.01090.6
Brazilian Government International Bond01/22/20214.91090.6
Intergas Finance BV05/14/20176.41080.6
Mexican Bonos12/15/20167.21080.6
Hutchison Whampoa International 10 Ltd.04/29/20496.01050.6
Thailand Government Bond07/14/20211.2990.6
Colombian TES MTN07/27/202011.0980.6
Ukraine Government International Bond09/23/20156.9980.5
Ivory Coast Government International Bond12/31/20325.8970.5
Panama Government International Bond04/28/20348.1940.5
Russian Foreign Bond - Eurobond03/31/20307.5910.5
Mexican Bonos05/29/20317.8890.5
Dubai Holding Commercial Operations MTN Ltd.02/01/20176.0890.5
Indosat Palapa Co. BV07/29/20207.4870.5
El Salvador Government International Bond06/15/20357.6840.5
Romanian Government International Bond MTN02/07/20226.8840.5
Malaysia Government Bond03/15/20233.5810.5
South Africa Government Bond01/15/20207.2810.5
Mexican Bonos12/14/20177.8790.4
Venezuela Government International Bond10/13/20197.8780.4
Tencent Holdings Ltd.03/05/20183.4770.4
Turkey Government Bond09/14/20228.5740.4
Malaysia Government Bond03/31/20203.5730.4
Mexican Bonos12/18/20149.5720.4
Malaysia Government Bond08/15/20223.4720.4
Venezuela Government International Bond08/23/202212.8710.4
Hungary Government International Bond03/29/20216.4710.4
Turkey Government Bond10/07/20158.3660.4
Romania Government Bond06/11/20176.8660.4
Qtel International Finance Ltd.02/16/20214.8660.4
Argentina Bonar Bonds04/17/20177.0630.4
Venezuela Government International Bond02/26/20165.8620.4
Indonesia Treasury Bond05/15/20185.2620.4
Turkey Government Bond03/27/201910.4610.3
South Africa Government Bond03/31/20366.2600.3
Malaysia Government Bond07/15/20244.2600.3
Republic of Colombia06/28/20279.8600.3
Malaysia Government Bond09/30/20214.0600.3
Brazil Notas do Tesouro Nacional Série F01/01/201710.0600.3
Turkey Government Bond01/15/202010.5590.3
Mexican Udibonos11/22/20354.5590.3
Indonesia Treasury Bond04/15/20197.9580.3
Indonesia Treasury Bond05/15/20235.6570.3
Poland Government Bond10/25/20215.8570.3
South Africa Government Bond12/21/202610.5550.3
South Africa Government Bond02/28/20317.0540.3
Romanian Government International Bond MTN01/22/20446.1520.3
Digicel Group Ltd.04/01/20227.1520.3
ALFA Bank OJSC Via ALFA Bond Issuance plc09/26/20197.5520.3
Bharti Airtel International Netherlands BV03/11/20235.1520.3
Cencosud SA01/20/20234.9510.3
Indonesia Treasury Bond05/15/20336.6490.3
Indonesia Treasury Bond03/15/20248.4480.3
Poland Government Bond10/25/20195.5480.3
Colombia Government International Bond02/25/202011.8480.3
Turk Telekomunikasyon As06/19/20244.9480.3
Russian Federal Bond - OFZ01/19/20287.0470.3
Hungary Government International Bond03/29/20417.6440.2
KOC Holding AS04/24/20203.5430.2
Thailand Government Bond06/16/20233.6430.2
Vale Overseas Ltd.09/15/20204.6430.2
Turkey Government Bond03/20/202410.4420.2
Russian Foreign Bond - Eurobond06/24/202812.8420.2
Brazil Notas do Tesouro Nacional Série F01/01/202110.0410.2
Mexico Government International Bond MTN01/21/20455.6410.2
Russian Federal Bond - OFZ12/11/20196.8400.2
Republic of Colombia06/28/20279.8390.2
Philippine Government International Bond01/15/20199.9380.2
Hungary Government International Bond11/22/20235.8370.2
Thailand Government Bond12/17/20273.6370.2
Ecopetrol SA07/23/20197.6370.2
Russian Federal Bond - Ofz11/24/20217.0350.2
Poland Government Bond01/25/20160.0350.2
Russian Federal Bond - OFZ02/03/20278.2350.2
Poland Government International Bond01/22/20244.0340.2
Panama Government International Bond09/30/20278.9340.2
Mexican Bonos06/18/20156.0330.2
Zhaikmunai LP Via Zhaikmunai International BV11/13/20197.1330.2
Hungary Government Bond02/24/20176.8320.2
Mexican Bonos12/05/202410.0310.2
Hungary Government Bond12/20/20185.5310.2
PTT Exploration & Production PCL12/29/20494.9300.2
Turkey Government Bond02/24/201610.7290.2
Romanian Government International Bond MTN08/22/20234.4290.2
Colombia Government Bond03/21/20234.4280.2
B Communications Ltd.02/15/20217.4280.2
Poland Government Bond04/25/20165.0280.2
Turkey Government International Bond06/05/20207.0270.2
Panama Government International Bond04/01/20299.4270.2
Indonesia Treasury Bond09/15/202511.0260.1
El Salvador Government International Bond01/24/20237.8250.1
Malaysia Government Bond03/15/20173.4250.1
Brazil Letras Do Tesouro Nacional01/01/20160.0250.1
Mexican Bonos06/10/20216.5240.1
Turkey Government Bond11/14/20188.8240.1
Petrobras International Finance Co.01/27/20215.4240.1
Panama Government International Bond01/26/20366.7240.1
Malaysia Government Bond04/15/20333.8230.1
Ocp SA04/25/20245.6230.1
Indonesia Treasury Bond05/15/20286.1220.1
Mexican Bonos06/15/20175.0210.1
Mexican Udibonos06/09/20222.0210.1
Fresnillo plc11/13/20235.5210.1
Romania Government Bond04/26/20235.8210.1
Mexico Government International Bond MTN03/08/20444.8200.1
MCE Finance Ltd.02/15/20215.0200.1
Hungary Government International Bond01/11/20196.0190.1
Petroleos de Venezuela SA05/17/20359.8190.1
Inter-American Development Bank MTN08/20/20150.0180.1
Russian Federal Bond - Ofz05/27/20206.4180.1
El Salvador Government International Bond04/10/20328.2170.1
Hungary Government International Bond03/25/20245.4170.1
Mexican Bonos05/31/20298.5170.1
Romania Government Bond11/28/20185.6170.1
Poland Government Bond04/25/20155.5170.1
Petroleos de Venezuela SA11/17/20219.0170.1
Romania Government Bond06/24/20194.8170.1
Romania Government Bond08/29/20164.8160.1
Poland Government International Bond07/15/20196.4150.1
Mexico Government International Bond03/15/20223.6150.1
Petroleos de Venezuela SA10/28/20155.0140.1
Russian Federal Bond - OFZ08/16/20237.0130.1
Romanian Government International Bond MTN01/22/20244.9130.1
Malaysia Government Bond04/15/20264.4130.1
Malaysia Government Bond07/31/20203.9120.1
Malaysia Government Bond09/28/20183.6120.1
Venezuela Government International Bond10/21/202611.8120.1
Hungary Government International Bond07/04/20174.4120.1
Mexico Government International Bond MTN03/19/20196.0120.1
Ypf SA04/04/20248.8110.1
Indonesia Treasury Bond05/15/20227.0100.1
Petroleos de Venezuela SA04/12/20275.4100.1
Romania Government Bond04/30/20166.0100.1
Venezuela Government International Bond08/05/203112.0100.1
Malaysia Government Bond09/15/20164.3100.1
Philippine Government International Bond02/02/20309.590.1
Malaysia Government Bond10/31/20193.790.1
Malaysia Government Bond10/15/20153.290.1
Malaysia Government Bond07/15/20163.290.1
Venezuela Government International Bond12/01/20187.090.0
Emgesa SA Esp01/25/20218.890.0
European Bank for Reconstruction & Development MTN06/08/20167.280.0
Indonesia Treasury Bond06/15/20328.280.0
Pttep Canada International Finance Ltd. MTN04/05/20215.780.0
Russian Federal Bond - Ofz05/15/20196.780.0
South Africa Government Bond02/28/20416.580.0
Indonesia Treasury Bond05/15/20277.070.0
Petroleos de Venezuela SA11/15/20266.070.0
Saudi Electricity Global Sukuk Co. 304/08/20244.070.0
Delek & Avner Tamar Bond Ltd.12/30/20235.170.0
Delek & Avner Tamar Bond Ltd.12/30/20235.170.0
Delek & Avner Tamar Bond Ltd.12/30/20183.870.0
Turkiye Garanti Bankasi As MTN10/17/20194.870.0
Romania Government Bond04/29/20205.870.0
Russian Federal Bond - OFZ02/27/20197.570.0
Hungary Government Bond12/22/20165.560.0
Oversea-Chinese Banking Corp. Ltd. MTN10/15/20244.060.0
Far East Capital Ltd. SA05/02/20188.060.0
South Africa Government Bond01/31/20378.540.0
Turkey Government Bond02/14/20186.340.0
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
Volcan Cia Minera SAA02/02/20225.440.0
Hungary Government International Bond03/30/20165.040.0
Romania Government Bond01/27/20165.830.0
Romania Government Bond10/26/20155.830.0
Petroleos Mexicanos11/24/20217.630.0
Mexican Bonos06/16/20166.220.0
Petroleos de Venezuela SA10/28/20155.020.0
Brazilian Government International Bond01/20/20348.210.0
Indonesia Treasury Bond06/15/202112.810.0
Total16,59893.0
Cash and Other Assets Less Liabilities7.0
Total Net Assets100%

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

As of Quarter Ended 06/30/2014
Economic SectorHarbor Emerging Markets Debt Fund %
Foreign Government Obligations82.9
Corporate Bonds & Notes7.7
Credit-linked Notes3.0

Weighted Average Life (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
MaturityHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
0-1 yr3.40.0
1-3 yr18.518.5
3-5 yr12.917.9
5-7 yr19.616.7
7-10 yr27.222.4
10-20 yr11.214.5
20-30 yr4.08.9
Over 30 yr1.11.1

Treasury Duration (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
DurationHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
0-1 yr3.40.2
1-3 yr20.922.5
3-5 yr22.824.6
5-7 yr24.121.0
7-10 yr18.719.0
10-20 yr8.012.6
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.