Harbor Unconstrained Bond Fund Administrative Class (HRUBX)

Portfolio Characteristics (As of Quarter Ended 12/31/2015)

 Harbor Unconstrained Bond FundBofA Merrill Lynch US Dollar 3-Month LIBOR Constant Maturity Index
Number of Issues172-
Average Market Coupon (%)2.40-
Yield to Maturity (%)2.90-
Weighted Avg. Maturity (yrs)0.930
Weighted Avg. Duration (yrs)-1.020.25

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

Top Ten Holdings (As of Quarter Ended 12/31/2015)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Federal National Mortgage Association TBA01/13/20464.02,1129.1
U.S. Treasury Notes07/31/20222.01,8958.2
U.S. Treasury Inflation Indexed Bonds01/15/20262.01,1985.2
U.S. Treasury Notes09/30/20212.18093.5
Bear Stearns Asset Backed Securities Trust09/25/20460.87203.1
U.S. Treasury Notes11/30/20211.96973.0
Bear Stearns Alt-A Trust08/25/20360.85172.2
First Franklin Mortgage Loan Trust10/25/20341.84992.2
U.S. Treasury Notes10/31/20221.94942.1
RASC Trust06/25/20331.04682.0
% of Total Holdings:9,40940.6

Full Holdings (As of Quarter Ended 12/31/2015)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Federal National Mortgage Association TBA01/13/20464.02,1129.1
U.S. Treasury Notes07/31/20222.01,8958.2
U.S. Treasury Inflation Indexed Bonds01/15/20262.01,1985.2
U.S. Treasury Notes09/30/20212.18093.5
Bear Stearns Asset Backed Securities Trust09/25/20460.87203.1
U.S. Treasury Notes11/30/20211.96973.0
Bear Stearns Alt-A Trust08/25/20360.85172.2
First Franklin Mortgage Loan Trust10/25/20341.84992.2
U.S. Treasury Notes10/31/20221.94942.1
RASC Trust06/25/20331.04682.0
Ally Financial Inc.02/15/20175.54131.8
Asset Backed Securities Corp.07/25/20351.14081.8
U.S. Treasury Bonds08/15/20443.14081.8
JP Morgan Chase & Co.03/01/20163.44021.7
Metropolitan Life Global Funding I06/23/20160.74001.7
General Mills Inc.01/29/20160.64001.7
Imperial Tobacco Finance plc02/11/20182.03981.7
Ford Motor Credit Co. LLC MTN01/17/20171.13971.7
Anglo American Capital plc04/15/20161.33961.7
U.S. Treasury Notes08/15/20252.03901.7
U.S. Treasury Inflation Indexed Bonds01/15/20250.23831.7
Brazil Notas Do Tesouro Nacional Série F01/01/202510.03801.6
Fremont Home Loan Trust11/25/20350.83711.6
Morgan Stanley ABS Capital I Inc. Trust01/25/20370.53561.5
Countrywide Asset-Backed Certificates11/25/20470.63431.5
Countrywide Asset-Backed Certificates08/25/20370.63341.4
Countrywide Asset-Backed Certificates06/25/20470.63261.4
Bank of America Corp.12/01/20175.83211.4
Ford Motor Credit Co. LLC04/15/20164.23021.3
U.S. Treasury Notes05/31/20212.03021.3
Pricoa Global Funding I MTN05/16/20160.53001.3
Tralee CLO III Ltd.07/20/20261.72961.3
Goldentree Loan Opportunities VII Ltd.04/25/20251.52941.3
Oha Credit Partners VIII Ltd.04/20/20251.42941.3
Wachovia Bank Commercial Mortgage Trust06/15/20495.72881.2
U.S. Treasury Inflation Indexed Bonds07/15/20240.12851.2
Master Specialized Loan Trust01/25/20370.82701.2
New York City, NY12/01/20245.92431.0
Sierra Madre Funding Ltd.09/07/20390.72281.0
Slovenia Government International Bond02/18/20245.22211.0
Washington Mutual Mortgage Pass Through Certificates Trust12/25/20461.02200.9
KBC Bank NV01/25/20238.02190.9
JP Morgan Mortgage Trust04/25/20362.82140.9
Federal National Mortgage Association TBA01/13/20463.52060.9
CIT Group Inc.08/15/20174.22050.9
BPCE SA07/21/20245.22020.9
Verizon Communications Inc.09/15/20162.02010.9
Ally Financial Inc.07/18/20163.52010.9
NBCUniversal Enterprise Inc.04/15/20160.92000.9
Bank of America Corp.01/11/20182.02000.9
Sinopec Group Overseas Development 2014 Ltd.04/10/20171.12000.9
Volkswagen Group of America Finance LLC05/23/20160.61990.9
JP Morgan Mortgage Acquisition Trust05/25/20360.71810.8
California State11/01/20407.61490.6
U.S. Treasury Inflation Indexed Bonds01/15/20252.41430.6
Morgan Stanley Home Equity Loan Trust12/25/20360.61420.6
Italy Buoni Poliennali Del Tesoro03/01/20255.01410.6
Washington Mutual Mortgage Pass Through Certificates Trust04/25/20374.31250.5
Structured Asset Mortgage Investments Inc.08/25/20360.61230.5
Morgan Stanley Capital I Trust04/15/20495.71180.5
Credit Agricole SA06/23/20216.51120.5
Argent Securities Inc.09/25/20360.51110.5
Verizon Communications Inc.09/15/20235.21100.5
Bank of America Corp. MTN08/28/20176.41070.5
International Lease Finance Corp.03/15/20178.81070.5
SLM Corp. MTN06/15/20188.41060.5
COX Communications Inc.12/01/20165.91030.4
Bank of America Corp.08/01/20166.51030.4
Hellenic Republic Government Bond07/17/20173.41030.4
City of Chicago, IL01/01/20427.81010.4
MGM Resorts International04/01/20166.91010.4
Hellenic Railways Organization SA03/17/20174.01010.4
Kroger Co.01/15/20172.21010.4
Abbey National Treasury Services plc04/27/20164.01010.4
Actavis Funding SCS03/12/20201.81000.4
JP Morgan Chase & Co.01/25/20181.21000.4
Citigroup Inc.07/25/20161.31000.4
Morgan Stanley02/25/20161.81000.4
Charter Com Operating LLC01/24/20233.51000.4
JP Morgan Chase & Co. MTN02/26/20161.01000.4
Bank of America Corp. MTN03/22/20161.41000.4
Mylan Inc.06/24/20161.81000.4
Bank of America Corp.08/15/20160.71000.4
U.S. Treasury Bonds11/15/20443.0990.4
Abbvie Inc.05/14/20202.5990.4
Goldman Sachs Group Inc.01/23/20253.5990.4
SLM Student Loan Trust05/16/20443.6980.4
Sierra Madre Funding Ltd.09/07/20390.6980.4
AT&T Inc.05/15/20253.4960.4
Berica ABS Srl12/31/20550.2930.4
Petrobras Global Finance BV03/17/20172.9920.4
AES Corp.06/01/20193.4920.4
AT&T Inc.05/15/20464.8920.4
Buckeye Tobacco Settlement Financing Authority06/01/20426.0880.4
U.S. Treasury Inflation Indexed Bonds02/15/20450.8880.4
Credit-Based Asset Servicing and Securitization LLC03/25/20375.7880.4
Credit-Based Asset Servicing and Securitization LLC03/25/20376.0880.4
Morgan Stanley Capital I Inc. Trust01/25/20360.7870.4
Buckeye Tobacco Settlement Financing Authority06/01/20475.9870.4
Countrywide Asset-Backed Certificates07/25/20365.9810.4
Washington Mutual Mortgage Pass Through Certificates Trust03/25/20372.1800.3
Petrobras Global Finance BV01/20/20205.8790.3
Federal National Mortgage Association11/01/20422.8750.3
Petrobras Global Finance BV01/27/20215.4750.3
Merrill Lynch Mortgage Investors Trust01/25/20292.0670.3
Brazil Notas do Tesouro Nacional Série F01/01/202110.0600.3
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.6580.2
Wachovia Bank Commercial Mortgage Trust07/15/20455.7560.2
Triaxx Prime CLO10/02/20390.7500.2
Morgan Stanley ABS Capital I Inc. Trust11/25/20360.6500.2
U.S. Treasury Bonds05/15/20453.0500.2
U.S. Treasury Notes05/15/20252.1490.2
Banc of America Funding Trust06/20/20470.6480.2
Wachovia Bank Commercial Mortgage Trust02/15/20516.0470.2
BCAP LLC Trust06/26/20365.2470.2
Securitized Asset Backed Receivables LLC Trust02/25/20341.2470.2
Ownit Mortgage Loan Asset Backed Certificates05/25/20370.6460.2
Citigroup Mortgage Loan Trust Inc.08/25/20351.9440.2
Structured Asset Securities Corp.09/25/20355.5410.2
Washington Mutual Mortgage Pass Through Certificates Trust07/25/20450.7400.2
Huntington CLO Ltd.11/05/20400.6390.2
Belle Haven ABS CLO Ltd.11/03/20440.7390.2
Federal Home Loan Mortgage Corp. REMIC04/15/204411.0350.2
Stone Tower Capital LLC04/17/20210.5350.2
ACE Securities Corp. Home Equity Loan Trust08/25/20360.6340.1
Structured Asset Investment Loan Trust10/25/20350.8320.1
Indymac Residential Asset Backed Trust07/25/20370.6320.1
American Home Mortgage Assets Trust09/25/20461.2300.1
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.5270.1
First Horizon Mortgage Pass Through Trust10/25/20352.7260.1
Federal Home Loan Mortgage Corp. REMIC02/15/204412.2260.1
Federal National Mortgage Association REMIC03/25/20340.5200.1
Belle Haven ABS CLO Ltd.11/03/20440.7190.1
Impac CMB Trust09/25/20341.1180.1
JP Morgan Chase Commercial Mortgage Securities Trust05/15/20455.4180.1
Banc of America Alternative Loan Trust04/25/20335.8170.1
Interest Rate Swap Option 30 year11/27/20170.0120.1
Banc of America Funding Trust06/20/20322.7110.0
Interest Rate Swap Option 30 year10/27/20170.0110.0
Interest Rate Swap Option 5 year09/06/20160.0110.0
Federal National Mortgage Association02/01/20264.5100.0
Washington Mutual Mortgage Pass Through Certificates Trust04/25/20450.7100.0
Ally Financial Inc.05/15/20168.5100.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20352.8100.0
MASTR Adjustable Rate Mortgages Trust05/25/20342.390.0
IndyMac IMSC Mortgage Loan Trust10/25/20342.780.0
Federal Home Loan Mortgage Corp.10/25/20211.670.0
JP Morgan Mortgage Trust06/25/20215.970.0
Federal National Mortgage Association07/01/20322.470.0
Bear Stearns Adjustable Rate Mortgage Trust01/25/20352.850.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.030.0
JP Morgan Alternative Loan Trust07/25/20360.630.0
Newcastle CLO V Ltd.12/24/20390.920.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.020.0
Interest Rate Swap Option 30 year09/12/20160.020.0
Granite Mortgages plc01/20/20440.320.0
Currency Option U.S. Dollar vs. Chinese Yuan08/16/20160.010.0
Currency Option U.S. Dollar vs. Chinese Yuan08/17/20160.010.0
Currency Option U.S. Dollar vs. Chinese Yuan08/17/20160.010.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Interest Rate Swap Option 3 year 1 year02/18/20160.000.0
U.S. Treasury Notes Future 5 year02/19/20160.000.0
U.S. Treasury Notes Future 10 year02/19/20160.000.0
Interest Rate Swap Option 3 year 1 year02/04/20160.000.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Currency  Option  Euro vs. U.S.  Dollar01/08/20160.000.0
Currency Option U.S. Dollar vs. Chinese Yuan02/02/20160.000.0
Currency  Option  Euro vs. U.S.  Dollar01/08/20160.000.0
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 Option 2 year01/06/20160.000.0
Total28,780123.2
Cash and Other Assets Less Liabilities-23.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Economic SectorHarbor Unconstrained Bond Fund %
Corporate Bonds & Notes35.6
U.S. Government Obligations31.5
Asset-backed Securities28.8
Mortgage Pass-through10.8
Collateralized Mortgage Obligations10.2
Foreign Government Obligations3.9
Municipal Bonds2.9
Bank Loan Obligations0.4
Purchased Options0.2
Financials0.0

Maturity Profile (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
MaturityHarbor Unconstrained Bond Fund %
0-1 yr159.5
1-3 yr-124.5
3-5 yr37.2
5-7 yr15.1
7-10 yr10.2
10-20 yr5.4
20-30 yr-3.0
Over 30 yr0.1

Duration (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
DurationHarbor Unconstrained Bond Fund %
0-1 yr55.5
1-3 yr169.0
3-5 yr-121.5
5-7 yr-32.0
7-10 yr-80.0
10-20 yr-41.5
20-30 yr150.4
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.