Harbor Emerging Markets Debt Fund Administrative Class (HREDX)

Portfolio Characteristics (As of Quarter Ended 12/31/2013)

 Harbor Emerging Markets Debt Fund50% JPM EMBI Diversified/50% JPM GBI-EMGD
Number of Holdings182589
Average Market Coupon (%)6.786.46
Yield to Maturity (%)6.816.18
Weighted Avg. Maturity (yrs)7.988.58
Yield to Worst (%)6.796.17
Effective Duration (Treasury) (yrs)5.545.69

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

Top Ten Holdings (As of Quarter Ended 03/31/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Brazil Letras Do Tesouro Nacional01/01/20170.04652.7
Russian Foreign Bond - Eurobond03/31/20307.53542.1
South Africa Government International Bond03/09/20205.53261.9
Malaysia Government Bond10/31/20173.33131.8
Petroleos de Venezuela SA11/02/20178.53021.8
Poland Government Bond10/25/20164.82791.6
Indonesia Government International Bond03/04/201911.62541.5
Turkey Government International Bond02/05/20257.42461.4
Peruvian Government International Bond11/21/20338.82381.4
South Africa Government Bond03/31/20216.82311.4
% of Total Holdings:3,00817.6

Full Holdings (As of Quarter Ended 03/31/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Brazil Letras Do Tesouro Nacional01/01/20170.04652.7
Russian Foreign Bond - Eurobond03/31/20307.53542.1
South Africa Government International Bond03/09/20205.53261.9
Malaysia Government Bond10/31/20173.33131.8
Petroleos de Venezuela SA11/02/20178.53021.8
Poland Government Bond10/25/20164.82791.6
Indonesia Government International Bond03/04/201911.62541.5
Turkey Government International Bond02/05/20257.42461.4
Peruvian Government International Bond11/21/20338.82381.4
South Africa Government Bond03/31/20216.82311.4
Brazilian Government International Bond01/20/20377.12171.3
Mexican Bonos12/07/20238.02171.3
Croatia Government International Bond03/24/20216.42171.3
South Africa Government Bond12/21/20188.02101.2
Sinochem Overseas Capital Co. Ltd.11/12/20204.52061.2
Turkey Government Bond01/27/20169.02031.2
Corp. Nacional del Cobre de Chile11/03/20213.92021.2
Esal GMBH02/05/20236.22011.2
ALFA Bank OJSC Via ALFA Bond Issuance plc09/26/20197.52011.2
Colombia Government International Bond02/26/20244.01991.2
Dominican Republic International Bond01/23/20189.01951.1
Brazilian Government International Bond01/07/20254.21941.1
Russian Federal Bond - Ofz01/25/20237.01901.1
Corp. Nacional del Cobre de Chile07/17/20223.01881.1
Colombia Government International Bond05/21/20248.11831.1
Russian Federal Bond - Ofz07/20/20227.61801.1
Brazilian Government International Bond01/05/20232.61781.0
Poland Government Bond08/24/20163.01731.0
Indonesia Treasury Bond MTN07/15/20218.21711.0
Poland Government Bond10/25/20175.21691.0
Indonesia Treasury Bond MTN05/15/20235.61651.0
Venezuela Government International Bond08/23/202212.81620.9
Indonesia Treasury Bond03/15/20299.01600.9
Mexican Bonos06/09/20226.51580.9
Indonesia Government International Bond01/17/20186.91550.9
Mexican Bonos06/11/20208.01490.9
KOC Holding AS04/24/20203.51470.9
Poland Government International Bond03/23/20225.01410.8
Philippine Government International Bond01/14/20317.81370.8
Turkey Government Bond03/08/20237.11330.8
Colombia Government Bond04/14/20217.81330.8
Mexican Bonos12/18/20149.51310.8
Brazil Notas do Tesouro Nacional Série F01/01/201710.01280.8
Mexican Bonos12/15/20167.21270.7
Turkey Government Bond01/12/20229.51230.7
KazMunayGas National Co. MTN07/02/20189.11200.7
Turkey Government International Bond04/03/20186.81160.7
Colombia Government Bond10/22/201512.01130.7
Brazil Notas do Tesouro Nacional Série F01/01/202110.01130.7
KazMunayGas National Co.05/05/20207.01130.7
Croatia Government International Bond07/14/20206.61100.6
Indonesia Government International Bond03/13/20205.91090.6
Mexico Government International Bond MTN01/11/20406.01090.6
Intergas Finance BV05/14/20176.41080.6
Petroleos de Venezuela SA04/12/20175.21070.6
Brazilian Government International Bond01/22/20214.91070.6
Hutchison Whampoa International 10 Ltd.12/29/20496.01060.6
Colombian TES MTN05/04/20227.01060.6
Tencent Holdings Ltd.03/05/20183.41020.6
South Africa Government Bond12/21/202610.51010.6
Mexican Bonos05/29/20317.81000.6
Ukraine Government International Bond09/23/20156.9970.6
Venezuela Government International Bond05/07/20239.0970.6
Thailand Government Bond07/14/20211.2960.6
Colombian TES MTN07/27/202011.0950.6
Ivory Coast Government International Bond12/31/20325.8940.6
Russian Foreign Bond - Eurobond03/31/20307.5940.5
Argentina Bonar Bonds04/17/20177.0920.5
Mexico Government International Bond MTN01/21/20455.6920.5
Thailand Government Bond12/17/20213.6900.5
Panama Government International Bond04/28/20348.1900.5
Dubai Holding Commercial Operations MTN Ltd.02/01/20176.0880.5
Indosat Palapa Co. BV07/29/20207.4870.5
Romanian Government International Bond MTN02/07/20226.8820.5
Malaysia Government Bond03/15/20233.5790.5
Mexico Government International Bond10/02/20234.0790.5
El Salvador Government International Bond06/15/20357.6790.5
Poland Government Bond01/25/20160.0780.5
Turkey Government Bond10/07/20158.3770.5
Thailand Government Bond06/16/20233.6750.4
Mexico Government International Bond MTN03/08/20444.8720.4
Malaysia Government Bond03/31/20203.5720.4
South Africa Government Bond01/15/20207.2700.4
Venezuela Government International Bond10/13/20197.8690.4
Turkey Government Bond09/14/20228.5690.4
Hungary Government International Bond03/29/20216.4680.4
Indonesia Treasury Bond05/15/20185.2650.4
Qtel International Finance Ltd.02/16/20214.8650.4
Malaysia Government Bond08/15/20223.4640.4
Indonesia Treasury Bond05/15/20235.6600.4
Hungary Government Bond06/24/20227.0600.4
Uruguay Government International Bond01/15/20337.9600.3
Russian Federal Bond - Ofz01/20/20167.4590.3
Venezuela Government International Bond02/26/20165.8570.3
Russian Federal Bond - OFZ12/11/20196.8570.3
Republic of Colombia06/28/20279.8560.3
Mexican Bonos12/14/20177.8550.3
South Africa Government Bond09/15/20178.2540.3
Indonesia Treasury Bond05/15/20336.6530.3
Uruguay Government International Bond08/14/20244.5510.3
Bharti Airtel International Netherlands BV03/11/20235.1500.3
South Africa Government Bond02/28/20317.0490.3
Romanian Government International Bond MTN01/22/20446.1490.3
Cencosud SA01/20/20234.9480.3
Colombia Government International Bond02/25/202011.8480.3
Turkey Government International Bond03/17/20366.9460.3
Vale Overseas Ltd.09/15/20204.6420.2
Uruguay Government International Bond11/20/20454.1410.2
Mexican Bonos06/10/20216.5400.2
Malaysia Government Bond07/15/20244.2400.2
Hungary Government International Bond03/29/20417.6400.2
Russian Foreign Bond - Eurobond06/24/202812.8390.2
Poland Government Bond10/25/20234.0390.2
Peruvian Government International Bond03/14/20376.6390.2
Philippine Government International Bond01/15/20199.9380.2
South Africa Government Bond03/31/20366.2380.2
Russian Federal Bond - Ofz11/24/20217.0370.2
European Bank for Reconstruction & Development MTN04/28/20149.0370.2
Malaysia Government Bond09/30/20214.0370.2
Poland Government Bond04/25/20183.8370.2
Thailand Government Bond12/17/20273.6360.2
Ecopetrol SA07/23/20197.6360.2
Poland Government Bond10/25/20195.5360.2
Hungary Government International Bond11/22/20235.8350.2
Russian Federal Bond - Ofz06/03/20157.0350.2
Indonesia Treasury Bond04/15/20197.9340.2
Panama Government International Bond09/30/20278.9340.2
Poland Government International Bond01/22/20244.0330.2
Poland Government Bond10/25/20215.8330.2
Philippine Government International Bond02/02/20309.5330.2
Mexican Bonos12/05/202410.0300.2
Brazilian Government International Bond01/20/20348.2290.2
Poland Government Bond07/25/20182.5290.2
Argentine Republic Government International Bond06/02/20178.8280.2
Romanian Government International Bond MTN08/22/20234.4280.2
Indonesia Treasury Bond09/15/202511.0280.2
Malaysia Government Bond07/15/20163.2270.2
Inter-American Development Bank MTN08/20/20150.0270.2
Argentina Boden Bonds10/03/20157.0270.2
Zhaikmunai LP Via Zhaikmunai International BV11/13/20197.1260.2
Turkey Government International Bond06/05/20207.0260.2
Panama Government International Bond04/01/20299.4260.2
Turkey Government International Bond02/14/20348.0260.2
Poland Government Bond07/25/20160.0250.1
Malaysia Government Bond03/15/20173.4240.1
El Salvador Government International Bond01/24/20237.8240.1
Petrobras International Finance Co.01/27/20215.4230.1
Indonesia Treasury Bond05/15/20286.1230.1
Brazil Letras Do Tesouro Nacional01/01/20160.0230.1
Hungary Government Bond12/20/20185.5230.1
Colombia Government Bond03/21/20234.4220.1
Malaysia Government Bond04/15/20333.8220.1
Turkey Government Bond01/15/202010.5220.1
Uruguay Government International Bond11/18/20228.0220.1
Mexican Bonos06/15/20175.0210.1
Fresnillo plc11/13/20235.5200.1
Hungary Government International Bond01/11/20196.0180.1
Russian Federal Bond - Ofz05/27/20206.4170.1
Hungary Government International Bond03/25/20245.4160.1
El Salvador Government International Bond04/10/20328.2160.1
Hungary Government Bond11/24/20236.0160.1
Poland Government International Bond07/15/20196.4150.1
Mexican Bonos06/18/20156.0150.1
Uruguay Government International Bond09/28/20256.9140.1
Mexico Government International Bond03/15/20223.6140.1
Petroleos de Venezuela SA10/28/20155.0130.1
B Communications Ltd.02/15/20217.4130.1
Malaysia Government Bond04/15/20264.4120.1
Romanian Government International Bond MTN01/22/20244.9120.1
Malaysia Government Bond07/31/20203.9120.1
Malaysia Government Bond09/28/20183.6120.1
Mexico Government International Bond MTN03/19/20196.0120.1
Hungary Government International Bond07/04/20174.4120.1
Pttep Canada International Finance Ltd. MTN04/05/20215.7110.1
Indonesia Treasury Bond05/15/20227.0110.1
Venezuela Government International Bond10/21/202611.8110.1
Argentine Republic Government International Bond12/31/20382.5110.1
Republic of Colombia06/28/20279.8100.1
Malaysia Government Bond09/15/20164.390.1
Malaysia Government Bond10/15/20153.290.1
Indonesia Treasury Bond06/15/20328.290.1
Venezuela Government International Bond08/05/203112.080.0
Far East Capital Ltd. SA05/02/20188.080.0
Indonesia Treasury Bond05/15/20277.080.0
Russian Federal Bond - OFZ02/27/20197.580.0
Venezuela Government International Bond12/01/20187.080.0
Sberbank of Russia Via SB Capital SA02/26/20245.580.0
Russian Federal Bond - Ofz06/14/20177.480.0
Russian Federal Bond - Ofz05/15/20196.770.0
Russian Federal Bond - Ofz01/31/20186.270.0
Turkey Government Bond11/14/20188.840.0
Volcan Cia Minera SAA02/02/20225.440.0
Hungary Government International Bond03/30/20165.030.0
Petroleos Mexicanos11/24/20217.620.0
Russian Federal Bond - OFZ01/19/20287.020.0
Mexican Bonos06/16/20166.220.0
Petroleos de Venezuela SA10/28/20155.020.0
Total15,92793.2
Cash and Other Assets Less Liabilities6.8
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Economic SectorHarbor Emerging Markets Debt Fund %
Foreign Government Obligations82.6
Corporate Bonds & Notes7.5
Credit-linked Notes3.1

Weighted Average Life (As of Quarter Ended 12/31/2013)

As of Quarter Ended 12/31/2013
MaturityHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
0-1 yr1.50.0
1-3 yr14.118.8
3-5 yr12.317.7
5-7 yr18.816.2
7-10 yr35.222.9
10-20 yr12.114.8
20-30 yr4.78.6
Over 30 yr0.41.0

Treasury Duration (As of Quarter Ended 12/31/2013)

As of Quarter Ended 12/31/2013
DurationHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
0-1 yr2.00.1
1-3 yr16.123.4
3-5 yr22.823.1
5-7 yr32.522.9
7-10 yr16.619.0
10-20 yr9.011.5
20-30 yr0.00.0
Over 30 yr0.00.0

Country Allocation (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
CountryHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
Brazil10.3N/A
Mexico8.5N/A
Indonesia8.3N/A
Russia7.7N/A
Turkey7.3N/A
Poland6.4N/A
South Africa6.3N/A
Colombia5.9N/A
Venezuela4.9N/A
Malaysia4.3N/A
Other30.1N/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.