Harbor Emerging Markets Debt Fund Administrative Class (HREDX)

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

 Harbor Emerging Markets Debt Fund50% JPM EMBI Diversified/50% JPM GBI-EMGD
Number of Issues223654
Average Market Coupon (%)6.356.36
Yield to Maturity (%)7.496.14
Weighted Avg. Maturity (yrs)7.709.02
Yield to Worst (%)7.476.14
Effective Duration (Treasury) (yrs)5.165.97

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

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

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Russian Foreign Bond - Eurobond03/31/20307.56024.1
Malaysia Government Bond10/31/20173.32922.0
Indonesia Government International Bond03/04/201911.62481.7
Petroleos de Venezuela SA11/02/20178.52371.6
Croatia Government International Bond03/24/20216.42201.5
Sinochem Overseas Capital Co. Ltd.11/12/20204.52131.5
Corp. Nacional del Cobre de Chile11/03/20213.92051.4
Colombia Government Bond02/26/20244.02051.4
Peruvian Government International Bond11/21/20338.82041.4
Brazil Letras Do Tesouro Nacional07/01/20180.01931.3
% of Total Holdings:2,61917.9

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

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Russian Foreign Bond - Eurobond03/31/20307.56024.1
Malaysia Government Bond10/31/20173.32922.0
Indonesia Government International Bond03/04/201911.62481.7
Petroleos de Venezuela SA11/02/20178.52371.6
Croatia Government International Bond03/24/20216.42201.5
Sinochem Overseas Capital Co. Ltd.11/12/20204.52131.5
Corp. Nacional del Cobre de Chile11/03/20213.92051.4
Colombia Government Bond02/26/20244.02051.4
Peruvian Government International Bond11/21/20338.82041.4
Brazil Letras Do Tesouro Nacional07/01/20180.01931.3
Dominican Republic International Bond01/23/20189.01911.3
Turkey Government Bond01/27/20169.01881.3
South Africa Government International Bond03/09/20205.51871.3
Brazil Letras Do Tesouro Nacional01/01/20180.01861.3
Brazilian Government Bond01/05/20232.61841.3
Argentina Bonar Bonds04/17/20177.01831.3
Turkey Government International Bond02/05/20257.41731.2
Indonesia Treasury Bond MTN07/15/20218.21581.1
Indonesia Treasury Bond03/15/20299.01581.1
Indonesia Treasury Bond MTN05/15/20235.61551.1
Indonesia Government International Bond01/17/20186.91531.0
Esal GMBH02/05/20236.21531.0
Mexican Bonos06/09/20226.51491.0
Brazil Letras Do Tesouro Nacional01/01/20170.01471.0
Brazil Notas Do Tesouro Nacional Série F01/01/202510.01451.0
Philippine Government International Bond01/14/20317.81441.0
Costa Rica Government International Bond01/26/20234.21441.0
Mexican Bonos06/11/20208.01401.0
Cemex SAB de CV06/15/20189.51370.9
Mexico Government Bond MTN01/11/20406.01330.9
Poland Government Bond08/24/20163.01270.9
Russian Federal Bond - Ofz07/20/20227.61230.8
Thailand Government Bond06/13/20193.91170.8
Dominican Republic International Bond04/18/20245.91150.8
Turkey Government Bond03/08/20237.11140.8
Colombia Government Bond04/14/20217.81110.8
Indonesia Government International Bond03/13/20205.91110.8
Brazilian Government Bond01/20/20377.11100.8
KazMunayGas National Co. JSC MTN07/02/20189.11100.8
Turkey Government Bond01/12/20229.51070.7
Poland Government Bond04/25/20183.81040.7
KazMunayGas National Co. JSC05/05/20207.01040.7
Intergas Finance BV05/14/20176.41030.7
Mexican Bonos12/15/20167.21020.7
Thailand Government Bond06/16/20233.61020.7
Turkey Government Bond07/13/20168.21010.7
South Africa Government Bond03/31/20216.81000.7
Panama Government International Bond04/28/20348.1970.7
Mexico Government Bond MTN01/21/20455.6970.7
Ivory Coast Government International Bond12/31/20325.8970.7
Thailand Government Bond07/14/20211.2960.7
Russian Federal Bond - Ofz01/25/20237.0940.6
Mexican Udibonos11/22/20354.5890.6
Turkey Government Bond03/27/201910.4890.6
Venezuela Government International Bond02/26/20165.8860.6
Philippine Government International Bond02/02/20309.5860.6
South Africa Government Bond03/31/20366.2850.6
Indosat Palapa Co. BV07/29/20207.4850.6
Colombian TES MTN05/04/20227.0850.6
Romanian Government Bond MTN02/07/20226.8840.6
Mexican Bonos12/07/20238.0840.6
El Salvador Government International Bond06/15/20357.6840.6
Mexico Government Bond MTN03/08/20444.8820.6
Petroleos de Venezuela SA05/16/20246.0800.5
Colombia Government Bond10/22/201512.0800.5
Dubai Holding Commercial Operations Ltd. MTN02/01/20176.0790.5
Russian Foreign Bond - Eurobond03/31/20307.5780.5
Ukraine Government International Bond11/21/20166.6770.5
Tencent Holdings Ltd.03/05/20183.4770.5
Colombia Government Bond06/28/20279.8750.5
Corp. Nacional del Cobre de Chile07/17/20223.0750.5
South Africa Government Bond12/21/20188.0750.5
Hutchison Whampoa International 10 Ltd.10/28/20156.0740.5
South Africa Government Bond01/15/20207.2740.5
Venezuela Government International Bond08/05/203112.0740.5
Turkey Government Bond01/15/202010.5730.5
Indonesia Treasury Bond03/15/20248.4720.5
Ukraine Government International Bond09/23/20156.9710.5
Turkey Government Bond09/14/20228.5710.5
Mexican Bonos06/16/20166.2700.5
Uruguay Government International Bond08/14/20244.5700.5
Malaysia Government Bond03/15/20233.5680.5
Mexican Bonos12/14/20177.8680.5
Russian Federal Bond - OFZ08/16/20237.0670.5
South Africa Government Bond01/31/20448.8670.5
Petroleos de Venezuela SA04/12/20175.2670.5
Malaysia Government Bond08/15/20223.4650.4
Malaysia Government Bond03/31/20203.5620.4
Indonesia Treasury Bond05/15/20185.2600.4
Russian Federal Bond - OFZ01/19/20287.0590.4
Indonesia Treasury Bond05/15/20235.6570.4
Turkey Government Bond07/24/20249.0550.4
Hungary Government International Bond03/29/20216.4550.4
South Africa Government Bond02/28/20317.0550.4
Poland Government Bond07/25/20182.5550.4
South Africa Government Bond02/28/20416.5540.4
Bharti Airtel International Netherlands BV03/11/20235.1530.4
Turk Telekomunikasyon As06/19/20244.9530.4
Malaysia Government Bond07/15/20244.2520.4
Jamaica Government International Bond07/09/20257.6510.4
Ooredoo International Finance Ltd.02/16/20214.8510.3
Indonesia Treasury Bond05/15/20336.6500.3
Cencosud SA01/20/20234.9490.3
Malaysia Government Bond10/31/20193.7480.3
Poland Government Bond08/25/20232.8470.3
Digicel Group Ltd.04/01/20227.1470.3
Turkey Government International Bond04/03/20186.8460.3
Colombia Government Bond06/28/20279.8450.3
South Africa Government Bond02/28/20488.8440.3
Mexican Bonos05/29/20317.8430.3
Indonesia Treasury Bond04/15/20197.9430.3
Venezuela Government International Bond10/13/20197.8420.3
Russian Federal Bond - OFZ02/03/20278.2410.3
Jamaica Government International Bond06/20/201710.6410.3
Indonesia Treasury Bond03/15/20348.4400.3
Vale Overseas Ltd.09/15/20204.6400.3
Turkey Government Bond03/20/202410.4400.3
Colombia Government Bond03/21/20234.4390.3
Hungary Government International Bond11/22/20235.8380.3
Russian Federal Bond - Ofz04/14/20217.6370.3
Republic of Paraguay08/11/20446.1360.2
Panama Government International Bond09/30/20278.9350.2
Ecopetrol SA07/23/20197.6350.2
Republic of Paraguay01/25/20234.6350.2
Russian Foreign Bond - Eurobond06/24/202812.8340.2
Brazil Notas do Tesouro Nacional Série F01/01/202110.0340.2
Mexican Bonos12/13/20188.5320.2
Colombia Government Bond05/21/20248.1320.2
Thailand Government Bond12/17/20273.6310.2
Vedanta Resources plc01/31/20196.0310.2
Turkey Government Bond11/14/20188.8310.2
Thailand Government Bond06/16/20173.2310.2
Mexican Bonos06/15/20175.0300.2
PTT Exploration & Production PCL06/18/20194.9300.2
Mexican Bonos06/18/20156.0290.2
Indonesia Government International Bond02/17/20376.6280.2
B Communications Ltd.02/15/20217.4280.2
Panama Government International Bond04/01/20299.4270.2
Mexican Bonos12/05/202410.0270.2
Turkey Government International Bond06/05/20207.0270.2
Turkey Government Bond02/24/201610.7260.2
Zhaikmunai LLP11/13/20197.1260.2
Mexican Bonos06/10/20216.5260.2
Gabonese Republic12/12/20246.4260.2
Malaysia Government Bond09/30/20214.0260.2
Indonesia Treasury Bond09/15/202511.0260.2
Argentine Republic Government International Bond03/31/20236.0250.2
El Salvador Government International Bond01/24/20237.8250.2
Petroleos de Venezuela SA11/17/20219.0240.2
Russian Federal Bond - OFZ02/27/20197.5230.2
Mexico Government Bond MTN10/02/20234.0230.2
Ocp SA04/25/20245.6230.2
Petroleos Mexicanos01/15/20254.2230.2
Vimpel Communications Via Vip Finance Ireland Ltd. OJSC02/02/20217.7230.2
Indonesia Treasury Bond05/15/20286.1220.1
Petrobras International Finance Co. SA01/27/20215.4210.1
Malaysia Government Bond04/15/20333.8210.1
Poland Government Bond04/25/20165.0210.1
Thailand Government Bond12/17/20213.6200.1
Russian Federal Bond - OFZ12/11/20196.8200.1
MCE Finance Ltd.02/15/20215.0190.1
Mexican Udibonos06/09/20222.0190.1
Russian Federal Bond - Ofz05/15/20196.7180.1
Petroleos de Venezuela SA11/15/20266.0180.1
Federal Democratic Republic of Ethiopia12/11/20246.6180.1
Inter-American Development Bank MTN08/20/20150.0180.1
El Salvador Government International Bond04/10/20328.2170.1
Malaysia Government Bond03/15/20173.4170.1
Tullow Oil plc11/01/20206.0160.1
Russian Federal Bond - Ofz05/27/20206.4160.1
Russian Federal Bond - Ofz11/24/20216.5150.1
Poland Government Bond04/25/20174.8150.1
Mexican Bonos05/31/20298.5150.1
Turkey Government International Bond03/17/20366.9150.1
Malaysia Government Bond04/15/20304.5140.1
Mexico Government Bond MTN03/15/20223.6140.1
Gazprom OAO Via Gaz Capital SA11/12/20154.3140.1
Russian Federal Bond - Ofz06/14/20177.4140.1
Empresas Publicas de Medellin Esp09/10/20247.6130.1
Turkey Government Bond02/14/20186.3120.1
Malaysia Government Bond04/15/20264.4120.1
Russian Federal Bond - OFZ04/19/20177.4110.1
Malaysia Government Bond09/28/20183.6110.1
Malaysia Government Bond07/31/20203.9110.1
Russian Federal Bond - Ofz01/31/20186.2110.1
Petroleos de Venezuela SA05/17/20359.8110.1
Turkiye Is Bankasi10/24/20226.0110.1
Thailand Government Bond05/22/20153.6110.1
Indonesia Treasury Bond05/15/20227.0100.1
Russian Federal Bond - OFZ03/15/20187.5100.1
Country Garden Holdings Co. Ltd.02/23/201811.1100.1
Country Garden Holdings Co. Ltd.04/04/20217.2100.1
Emgesa SA Esp01/25/20218.890.1
KazMunayGas National Co. JSC05/07/20254.990.1
Malaysia Government Bond09/15/20164.390.1
Mexican Bonos11/13/20427.880.1
Indonesia Treasury Bond06/15/20328.280.1
Financiera de Desarrollo Territorial SA Findeter08/12/20247.980.1
European Bank for Reconstruction & Development MTN06/08/20167.280.1
Ypf SA04/04/20248.880.1
Vedanta Resources plc06/07/20218.280.1
Pttep Canada International Finance Ltd. MTN04/05/20215.780.1
Indonesia Treasury Bond05/15/20277.070.1
Saudi Electricity Global Sukuk Co. 304/08/20244.070.0
Uruguay Government International Bond06/18/20505.170.0
Korea National Oil Corp.07/10/20243.270.0
Delek & Avner Tamar Bond Ltd.12/30/20183.870.0
Delek & Avner Tamar Bond Ltd.12/30/20235.170.0
Venezuela Government International Bond10/21/202611.860.0
Bogota Distrito Capital07/26/20289.850.0
South Africa Government Bond01/31/20308.050.0
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
Poland Government Bond07/25/20253.240.0
Hungary Government International Bond03/30/20165.030.0
Oversea-Chinese Banking Corp. Ltd. MTN10/15/20244.030.0
Malaysia Government Bond07/15/20163.230.0
Petroleos Mexicanos11/24/20217.620.0
Brazilian Government Bond01/20/20348.210.0
Indonesia Treasury Bond06/15/202112.810.0
Cemex SAB de CV01/11/20255.710.0
Total14,16197.7
Cash and Other Assets Less Liabilities2.3
Total Net Assets100%

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

As of Quarter Ended 12/31/2014
Economic SectorHarbor Emerging Markets Debt Fund %
Foreign Government Obligations85.4
Corporate Bonds & Notes8.7
Credit-linked Notes2.7

Weighted Average Life (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
MaturityHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
0-1 yr3.70.0
1-3 yr17.517.2
3-5 yr13.117.9
5-7 yr21.815.3
7-10 yr24.624.3
10-20 yr12.414.8
20-30 yr5.68.9
Over 30 yr1.01.6

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

As of Quarter Ended 12/31/2014
DurationHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
0-1 yr7.20.5
1-3 yr18.420.4
3-5 yr27.525.1
5-7 yr23.222.6
7-10 yr13.717.6
10-20 yr9.813.9
20-30 yr0.00.0
Over 30 yr0.00.0

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

As of Quarter Ended 12/31/2014
CountryHarbor Emerging Markets Debt Fund %50% JPM EMBI Diversified/50% JPM GBI-EMGD %
Indonesia10.4N/A
Mexico9.9N/A
Russia9.0N/A
Turkey8.4N/A
Brazil8.2N/A
South Africa5.1N/A
Colombia5.1N/A
Malaysia4.9N/A
Venezuela4.4N/A
Thailand3.0N/A
Other31.6N/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 (JPM EMBI-GD) and 50% of the JP Morgan Government Bond Index – EM Global Diversified Index (JPM GBI-EMGD). The JPM EMBI-GD tracks total returns for U.S. Dollar denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities. The JPM GBI-EMGD 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 Fund's target exposure.  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 2015, J.P. Morgan Chase & Co. All rights reserved.