Harbor Unconstrained Bond Fund Administrative Class (HRUBX)

Portfolio Characteristics (As of Quarter Ended 12/31/2014)

 Harbor Unconstrained Bond FundBofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index
Number of Bonds173-
Average Market Coupon (%)2.26-
Yield to Maturity (%)1.73-
Weighted Avg. Maturity (yrs)3.370.25
Weighted Avg. Duration (yrs)-0.060.25

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

Top Ten Holdings (As of Quarter Ended 12/31/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Federal National Mortgage Association01/14/20454.05,22514.6
U.S. Treasury Inflation Indexed Bonds01/15/20262.01,2363.4
Volkswagen International Finance NV11/20/20151.21,2053.4
American International Group Inc.08/24/20152.41,0082.8
U.S. Treasury Notes09/30/20212.18092.3
Bear Stearns Asset Backed Securities Trust09/25/20460.67732.2
U.S. Treasury Notes11/30/20211.96961.9
Brazil Letras Do Tesouro Nacional10/01/20150.06871.9
First Franklin Mortgage Loan Trust10/25/20341.64901.4
U.S. Treasury Inflation Indexed Bonds07/15/20240.14821.3
% of Total Holdings:12,61135.2

Full Holdings (As of Quarter Ended 12/31/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Federal National Mortgage Association01/14/20454.05,22514.6
U.S. Treasury Inflation Indexed Bonds01/15/20262.01,2363.4
Volkswagen International Finance NV11/20/20151.21,2053.4
American International Group Inc.08/24/20152.41,0082.8
U.S. Treasury Notes09/30/20212.18092.3
Bear Stearns Asset Backed Securities Trust09/25/20460.67732.2
U.S. Treasury Notes11/30/20211.96961.9
Brazil Letras Do Tesouro Nacional10/01/20150.06871.9
First Franklin Mortgage Loan Trust10/25/20341.64901.4
U.S. Treasury Inflation Indexed Bonds07/15/20240.14821.3
International Lease Finance Corp.04/01/20154.94661.3
U.S. Treasury Notes08/15/20443.14311.2
Ally Financial Inc.02/15/20175.54211.2
U.S. Treasury Notes11/15/20443.04211.2
Morgan Stanley ABS Capital I Inc. Trust01/25/20370.34161.2
Community Health Systems Inc.08/15/20185.14151.2
JP Morgan Chase & Co.03/01/20163.44111.1
Volvo Treasury AB Co.04/01/20156.04051.1
BellSouth Corp.04/26/20214.24041.1
Ford Motor Credit Co. LLC05/15/20152.84031.1
Abbvie Inc.11/06/20151.04011.1
Spain Government Bond10/31/20242.84011.1
Anglo American Capital plc04/15/20161.24011.1
General Mills Inc.01/29/20160.54001.1
Ford Motor Credit Co. LLC MTN01/17/20171.04001.1
Illinois State01/01/20154.44001.1
Metropolitan Life Global Funding I06/23/20160.43991.1
Imperial Tobacco Finance plc02/11/20182.03981.1
Wachovia Bank Commercial Mortgage Trust06/15/20495.73891.1
Brazil Letras Do Tesouro Nacional01/01/20170.03831.1
BP Capital Markets plc11/06/20150.63801.1
Brazil Letras Do Tesouro Nacional04/01/20150.03671.0
Countrywide Asset-Backed Certificates06/25/20470.43431.0
Bank of America Corp.12/01/20175.83320.9
Countrywide Asset-Backed Certificates08/25/20370.33270.9
International Lease Finance Corp.09/15/20158.63140.9
Ford Motor Credit Co. LLC04/15/20164.23110.9
U.S. Treasury Notes05/31/20212.03020.8
Volkswagen International Finance NV11/18/20150.63010.8
JP Morgan Chase & Co. MTN10/15/20151.13010.8
Pricoa Global Funding 1 MTN05/16/20160.43000.8
Petrobras International Finance Co.02/06/20152.92990.8
U.S. Treasury Inflation Indexed Bonds01/15/20252.42960.8
Sberbank of Russia Via SB Capital SA07/07/20155.52960.8
Verizon Communications Inc.09/15/20162.52800.8
Brazil Letras Do Tesouro Nacional07/01/20170.02780.8
Sierra Madre Funding Ltd.09/07/20390.62660.7
JP Morgan Mortgage Trust04/25/20362.82530.7
New York City, NY12/01/20245.92440.7
KBC Bank NV01/25/20238.02250.6
Slovenia Government International Bond02/18/20245.22210.6
BPCE SA07/21/20245.22060.6
CIT Group Inc.08/15/20174.22050.6
Verizon Communications Inc.09/15/20161.82040.6
Ally Financial Inc.07/18/20163.52030.6
NBCUniversal Enterprise Inc.04/15/20160.82000.6
Bank of America Corp.01/11/20182.02000.6
Volkswagen Group of America Finance LLC05/23/20160.52000.6
Sinopec Group Overseas Development 2014 Ltd.04/10/20171.02000.6
U.S. Treasury Inflation Indexed Bonds01/15/20230.11990.6
Gazprom OAO Via Gaz Capital SA11/29/20155.11960.5
JP Morgan Mortgage Acquisition Trust05/25/20360.41790.5
Washington Mutual Mortgage Pass Through Certificates Trust04/25/20374.51610.4
State of California11/01/20407.61560.4
Berica ABS Srl12/31/20550.41350.4
Slovenia Government Bond11/01/20164.71300.4
AmeriCredit Automobile Receivables Trust08/10/20150.21260.4
Morgan Stanley Capital I Trust04/15/20495.71260.3
SLM Student Loan Trust05/16/20443.41240.3
Autonomous Community of Catalonia MTN04/07/20153.91220.3
Avoca Capital09/15/20210.41190.3
Sierra Madre Funding Ltd.09/07/20390.51140.3
Credit-Based Asset Servicing and Securitization LLC03/25/20376.01130.3
SLM Corp. MTN06/15/20188.41120.3
Credit-Based Asset Servicing and Securitization LLC03/25/20375.71110.3
Merrill Lynch & Co. Inc. MTN08/28/20176.41110.3
International Lease Finance Corp.03/15/20178.81110.3
COX Communications Inc.12/01/20165.91080.3
Bank of America Corp.08/01/20166.51080.3
MGM Resorts International04/01/20166.91050.3
Abbey National Treasury Services plc04/27/20164.01040.3
Kroger Co.01/15/20172.21020.3
HSBC Finance Corp.04/15/20155.21010.3
Ally Financial Inc.06/26/20154.61010.3
JP Morgan Chase & Co.01/25/20181.11010.3
Citigroup Inc.07/25/20161.21010.3
Mylan Inc.06/24/20161.81010.3
Morgan Stanley02/25/20161.81010.3
Bank of America Corp. MTN03/22/20161.11000.3
JP Morgan Chase & Co. MTN02/26/20160.91000.3
Citigroup Inc.01/15/20156.01000.3
Wells Fargo & Co.10/28/20150.41000.3
Goldman Sachs Group Inc.01/12/20150.71000.3
Bank of America Corp.08/15/20160.6990.3
Merrill Lynch Mortgage Investors Trust01/25/20291.9990.3
AES Corp.06/01/20193.2980.3
Petrobras Global Finance BV03/17/20172.6930.3
Washington Mutual Mortgage Pass Through Certificates Trust03/25/20372.1910.3
Morgan Stanley Capital I Inc. Trust01/25/20360.5900.3
JP Morgan Chase Commercial Mortgage Securities Trust05/15/20455.4890.2
HJ Heinz Co.06/05/20203.5850.2
Federal National Mortgage Association11/01/20422.8830.2
Buckeye Tobacco Settlement Financing Authority06/01/20426.0820.2
Buckeye Tobacco Settlement Financing Authority06/01/20475.9820.2
Federal Home Loan Mortgage Corp. REMIC04/15/204411.7810.2
Federal Home Loan Mortgage Corp. REMIC02/15/204413.1790.2
Stone Tower Capital LLC04/17/20210.5780.2
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.3690.2
Wachovia Bank Commercial Mortgage Trust02/15/20515.9680.2
Countrywide Asset-Backed Certificates07/25/20365.9680.2
Banc of America Funding Trust06/20/20470.4650.2
Triaxx Prime CLO10/02/20390.4640.2
Interest Rate Swap Option 30 year11/24/20150.0620.2
Interest Rate Swap Option 30 year11/09/20150.0620.2
Wachovia Bank Commercial Mortgage Trust07/15/20455.7600.2
Morgan Stanley ABS Capital I Inc. Trust11/25/20360.3600.2
BCAP LLC Trust06/26/20365.2570.2
Huntington CLO Ltd.11/05/20400.5570.2
Granite Mortgages plc09/20/20440.9550.2
Securitized Asset Backed Receivables LLC Trust02/25/20340.9540.2
Mexico Cetes03/19/20150.0540.2
Wynn Las Vegas LLC08/15/20207.8540.1
Structured Asset Securities Corp.09/25/20355.5510.1
Citigroup Mortgage Loan Trust Inc.08/25/20351.9500.1
Ownit Mortgage Loan Asset Backed Certificates05/25/20370.3470.1
Washington Mutual Mortgage Pass Through Certificates Trust07/25/20450.5470.1
Structured Asset Investment Loan Trust10/25/20350.5430.1
Belle Haven ABS CLO Ltd.11/03/20440.6420.1
ACE Securities Corp. Home Equity Loan Trust08/25/20360.3370.1
American Home Mortgage Assets Trust09/25/20461.1330.1
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.3330.1
First Horizon Mortgage Pass Through Trust10/25/20352.6320.1
Newcastle CLO V Ltd.12/24/20390.6310.1
Indymac Residential Asset Backed Trust07/25/20370.3310.1
Interest Rate Swap Option 30 year10/27/20170.0300.1
Federal National Mortgage Association REMIC03/25/20340.3250.1
Ally Financial Inc.05/15/20168.5240.1
Banc of America Alternative Loan Trust04/25/20335.8210.1
Impac CMB Trust09/25/20340.8210.1
Belle Haven ABS CLO Ltd.11/03/20440.6210.1
Bear Stearns Adjustable Rate Mortgage Trust03/25/20354.8150.0
Banc of America Funding Trust06/20/20322.6140.0
Federal National Mortgage Association02/01/20264.5140.0
Wachovia Bank Commercial Mortgage Trust06/15/20200.2140.0
Interest Rate Swap Option 30 year11/27/20170.0110.0
Washington Mutual Mortgage Pass Through Certificates Trust04/25/20450.4110.0
Interest Rate Swap Option 30 year11/27/20170.0110.0
Interest Rate Swap Option 30 year11/27/20170.0100.0
JP Morgan Mortgage Trust06/25/20215.9100.0
JP Morgan Alternative Loan Trust07/25/20360.3100.0
MASTR Adjustable Rate Mortgages Trust05/25/20342.2100.0
Interest Rate Swap Option 2 year12/01/20150.0100.0
IndyMac IMSC Mortgage Loan Trust10/25/20342.590.0
Forward Volatility Swaption 6 month vs. 30 year05/06/20150.080.0
Federal Home Loan Mortgage Corp.10/25/20211.680.0
Interest Rate Swap Option 2 year12/16/20150.080.0
Federal National Mortgage Association07/01/20322.370.0
Bear Stearns Adjustable Rate Mortgage Trust01/25/20352.670.0
Currency Option U.S. Dollar vs. Chinese Yuan12/02/20150.070.0
Currency Option U.S. Dollar vs. Chinese Yuan12/03/20150.060.0
Granite Mortgages plc01/20/20440.550.0
Interest Rate Swap Option 2 year12/01/20150.050.0
U.S. Treasury Note Option 10 year01/23/20150.040.0
Interest Rate Swap Option 2 year12/01/20150.030.0
Currency Option U.S. Dollar vs. Chinese Yuan12/02/20150.020.0
Currency Option U.S. Dollar vs. Chinese Yuan12/03/20150.020.0
Credit Default Option 5 year03/18/20150.010.0
U.S. Treasury Note Option 10 year01/23/20150.000.0
U.S. Treasury Note Option 10 year01/23/20150.000.0
U.S. Treasury Note Option 10 year01/23/20150.000.0
U.S. Treasury Note Option 10 year01/23/20150.000.0
U.S. Treasury Note Option 10 year01/23/20150.000.0
Credit Default Option 5 year02/18/20150.000.0
Total35,68799.4
Cash and Other Assets Less Liabilities0.6
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Economic SectorHarbor Unconstrained Bond Fund %
Corporate Bonds & Notes41.8
Mortgage Pass-through15.4
U.S. Government Obligations13.6
Asset-backed Securities12.0
Foreign Government Obligations7.4
Collateralized Mortgage Obligations5.7
Municipal Bonds2.7
Purchased Options0.7
Bank Loan Obligations0.2
Financials0.1

Maturity Profile (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
MaturityHarbor Unconstrained Bond Fund %
0-1 yr46.6
1-3 yr18.1
3-5 yr13.4
5-7 yr-3.3
7-10 yr14.5
10-20 yr12.8
20-30 yr2.3
Over 30 yr-4.4

Duration (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
DurationHarbor Unconstrained Bond Fund %
0-1 yr-90.1
1-3 yr259.8
3-5 yr25.3
5-7 yr-448.2
7-10 yr95.2
10-20 yr-27.2
20-30 yr285.1
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.