Harbor High-Yield Bond Fund Investor Class (HYFIX)

Portfolio Characteristics (As of Quarter Ended 09/30/2014)

 Harbor High-Yield Bond FundBofA Merrill Lynch US High Yield Index
Number of Bonds3042,267
Average Market Coupon (%)6.657.03
Yield to Maturity (%)6.436.47
Weighted Avg. Maturity (yrs)6.596.58
Duration to Worst3.834.08

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

Top Ten Holdings (As of Quarter Ended 09/30/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Tronox Finance LLC08/15/20206.420,1751.1
Cequel Communications Holdings I LLC09/15/20206.418,6081.0
Reynolds Group Issuer Inc.10/15/20205.817,3831.0
Murray Energy Corp.12/05/20209.516,3540.9
UPCB Finance VI Ltd.01/15/20226.916,0880.9
Level 3 Financing Inc.07/01/20198.116,0500.9
NRG Energy Inc.05/01/20246.215,6160.9
IMG Worldwide Holdings LLC05/06/20215.215,5440.9
Hughes Satellite Systems Corp.06/15/20217.615,3300.8
ENDO Finance LLC01/15/20235.414,3630.8
% of Total Holdings:165,5119.2

Full Holdings (As of Quarter Ended 09/30/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Tronox Finance LLC08/15/20206.420,1751.1
Cequel Communications Holdings I LLC09/15/20206.418,6081.0
Reynolds Group Issuer Inc.10/15/20205.817,3831.0
Murray Energy Corp.12/05/20209.516,3540.9
UPCB Finance VI Ltd.01/15/20226.916,0880.9
Level 3 Financing Inc.07/01/20198.116,0500.9
NRG Energy Inc.05/01/20246.215,6160.9
IMG Worldwide Holdings LLC05/06/20215.215,5440.9
Hughes Satellite Systems Corp.06/15/20217.615,3300.8
ENDO Finance LLC01/15/20235.414,3630.8
North Atlantic Drilling Ltd.02/01/20196.213,5750.7
Sirius XM Radio Inc.07/15/20246.013,2280.7
Rjs Power Holdings LLC07/15/20195.113,1840.7
Cablevision Systems Corp.09/15/20225.912,6260.7
Burger King04/01/20226.012,4840.7
Memorial Production Partners LP08/01/20226.912,4800.7
Sinclair Television Group Inc.04/01/20215.411,8800.7
Alliance Data Systems Corp.04/01/20206.411,7990.7
West Corp.07/15/20225.411,5630.6
Clear Channel Worldwide Holdings Inc.03/15/20207.611,3630.6
HCA Inc.03/15/20225.911,1700.6
Seadrill Ltd.09/15/20176.111,0140.6
Post Holdings Inc.12/15/20226.011,0100.6
Ashtead Capital Inc.07/15/20226.510,8850.6
Infor US Inc.04/01/20199.410,8380.6
DISH DBS Corp.06/01/20216.810,7750.6
Cumulus Media Holdings Inc.05/01/20197.810,5960.6
Safway Group Holding LLC05/15/20187.010,4810.6
First Quality Finance Co. Inc.05/15/20214.610,3130.6
MPH Acquisition Holdings LLC04/01/20226.610,1250.6
Bombardier Inc.01/15/20236.110,0630.6
Key Energy Services Inc.03/01/20216.89,9170.5
Michaels Stores Inc.12/15/20205.99,8750.5
Iron Mountain Inc.08/15/20245.89,8630.5
Gulfmark Offshore Inc.03/15/20226.49,7490.5
Terex Corp.04/01/20206.59,7360.5
Calpine Corp.01/15/20255.89,7250.5
Windstream Corp.10/15/20207.89,5180.5
Sequa Corp.06/19/20175.29,5080.5
Rice Energy Inc.05/01/20226.29,4080.5
Community Health Systems Inc.02/01/20226.99,4050.5
Vanguard Natural Resources LLC04/01/20207.99,3080.5
Frontier Communications Corp.01/15/20237.19,2250.5
Unit Corp.05/15/20216.69,1580.5
Allison Transmission Inc.05/15/20197.19,1040.5
Quebecor Media Inc.01/15/20235.89,0770.5
Griffon Corp.03/01/20225.28,9410.5
Wex Inc.02/01/20234.88,5230.5
Polymer Group Inc.06/01/20196.98,4890.5
Tenet Healthcare Corp.08/01/20208.08,4600.5
Sprint Communications Inc.08/15/20207.08,4320.5
Numericable Group SA05/15/20226.08,4230.5
Goodyear Tire & Rubber Co.03/01/20216.58,3080.5
MDC Partners Inc.04/01/20206.88,2800.5
Peninsula Gaming LLC11/20/20174.28,1310.4
Nortek Inc.04/15/20218.58,1270.4
Unitymedia Hessen GMBH & Co.01/15/20235.58,0190.4
Capsugel SA05/15/20197.07,9950.4
TransDigm Inc.07/15/20246.57,9800.4
Sprint Communications Inc.11/15/20226.07,9360.4
Walter Investment Management Corp.12/15/20217.97,9200.4
Resolute Forest Products Inc.05/15/20235.97,9000.4
Felcor Lodging LP06/01/20196.87,7160.4
Intelsat Luxembourg SA06/01/20238.17,6470.4
Rent-A-Center Inc.05/01/20214.87,6100.4
Valeant Pharmaceuticals International Inc.07/15/20217.57,5160.4
Pinnacle Entertainment Inc.05/15/20208.87,4910.4
Halcon Resources Corp.07/15/20209.87,4130.4
MediaCom Capital Corp.02/15/20227.27,3850.4
Spectrum Brands Inc.11/15/20226.67,3850.4
Biomet Inc.10/01/20206.57,3680.4
Memorial Resource Development Corp.07/01/20225.97,3500.4
Viasat Inc.06/15/20206.97,3490.4
Covanta Holding Corp.10/01/20226.47,3140.4
Dole Food Co. Inc.05/01/20197.27,3040.4
Cascades Inc.07/15/20225.57,3030.4
Precision Drilling Corp.11/15/20206.67,2980.4
Hillman Group Inc.07/15/20226.47,2940.4
SunGard Data Systems Inc.11/01/20196.67,2860.4
ACCO Brands Corp.04/30/20206.87,2800.4
Brand Energy & Infrastructure Services Inc.12/01/20218.57,2720.4
WMG Acquisition Corp.04/15/20226.87,2190.4
Time Inc.04/15/20225.87,2000.4
Jo-Ann Stores LLC03/15/20198.17,1960.4
Lamar Media Corp.02/01/20225.97,1930.4
Central Garden & Pet Co.03/01/20188.27,1580.4
Chaparral Energy Inc.09/01/20218.26,9880.4
GCI Inc.06/01/20216.86,9830.4
Micron Technology Inc.02/01/20255.56,8780.4
Gardner Denver Inc.08/15/20216.96,8510.4
T-Mobile USA Inc.03/01/20256.46,7500.4
Nexstar Broadcasting Inc.11/15/20206.96,7470.4
Nationstar Mortgage LLC07/01/20216.56,7030.4
CCO Holdings LLC09/30/20225.26,6810.4
Bi-Lo LLC09/15/20188.66,6800.4
TransUnion Holding Co.06/15/20189.66,6600.4
Gates Global LLC07/15/20226.06,6150.4
Alphabet Holding Co. Inc.11/01/20177.86,5740.4
Crestview DS Merger Sub II Inc.09/01/202110.06,5490.4
T-Mobile USA Inc.04/01/20216.26,5390.4
Nuveen Investments Inc.02/28/20196.56,3790.4
CenturyLink Inc.04/01/20205.66,3670.4
Exterran Holdings Inc.12/01/20187.26,2700.3
Suburban Propane Partners LP08/01/20217.46,2110.3
Brand Energy & Infrastructure Services Inc.11/26/20204.86,1920.3
Geo Group Inc.01/15/20225.96,1800.3
CenturyLink Inc.03/15/20225.86,1800.3
Berry Plastics Corp.05/15/20225.56,1680.3
Plastipak Holdings Inc.10/01/20216.56,1200.3
CCO Holdings LLC01/31/20226.66,0590.3
Sprint Corp.09/15/20217.26,0540.3
AMC Networks Inc.07/15/20217.86,0500.3
Tenneco Inc.12/15/20206.96,0470.3
DaVita HealthCare Partners Inc.08/15/20225.86,0320.3
Jurassic Holdings III Inc.02/15/20216.96,0150.3
Isle of Capri Casinos Inc.06/15/20208.95,9780.3
Mauser U.S. Holdings Inc.07/31/20228.25,9650.3
ENDO Finance Co.01/15/20225.85,9400.3
Envision Healthcare Corp.07/01/20225.15,9250.3
Cablevision Systems Corp.04/15/20208.05,9050.3
Signode Industrial Group Lux SA05/01/20226.45,7750.3
Anixter Inc.10/01/20215.15,7570.3
American Energy-Permian Basin LLC11/01/20207.15,6810.3
Cpg Merger Sub LLC10/01/20218.05,5960.3
Jupiter Resources Inc.10/01/20228.55,5630.3
Nationstar Mortgage LLC10/01/20207.95,5540.3
Felcor Lodging LP03/01/20235.65,5510.3
Tenet Healthcare Corp.03/01/20195.05,5440.3
RSI Home Products Inc.03/01/20186.95,5260.3
Memorial Production Partners LP05/01/20217.65,5000.3
Chrysler Group LLC06/15/20218.25,4750.3
United Rentals North America Inc.04/15/20227.65,4630.3
Levi Strauss & Co.05/01/20226.95,4080.3
Linn Energy LLC02/01/20217.85,3660.3
Biomet Inc.08/01/20206.55,3130.3
Compagnie Générale de Géophysique-Veritas01/15/20226.95,3100.3
Hornbeck Offshore Services Inc.03/01/20215.05,3000.3
Intelsat Jackson Holdings SA10/15/20207.25,3000.3
American Axle & Manufacturing Inc.10/15/20226.65,2880.3
Hanesbrands Inc.12/15/20206.45,2850.3
CIT Group Inc.02/15/20195.55,2470.3
Peninsula Gaming LLC02/15/20188.45,2440.3
Pinnacle Entertainment Inc.04/15/20217.55,2250.3
NGL Energy Partners LP10/15/20216.95,2250.3
Murray Energy Corp.06/15/20218.65,2000.3
ADT Corp.10/15/20216.25,1880.3
FMG Resources (August 2006) Pty Ltd.11/01/20198.25,1880.3
Commscope Holding Co. Inc.06/01/20206.65,1750.3
Summit Materials LLC01/31/202010.55,1620.3
Gray Television Inc.10/01/20207.55,1380.3
Alliance Data Systems Corp.12/01/20175.25,0880.3
Belden Inc.09/01/20225.55,0880.3
Mallinckrodt International Finance SA08/01/20225.85,0440.3
Service Corp. International05/15/20245.45,0380.3
Neff Rental LLC06/09/20216.25,0250.3
Virgin Media Finance plc10/15/20246.05,0250.3
Sequa Corp.12/15/20177.05,0170.3
Garda World Security Corp.11/15/20217.25,0000.3
Syniverse Holdings Inc.01/15/20199.14,9990.3
LKQ Corp.05/15/20234.84,9960.3
Bombardier Inc.10/15/20226.04,9810.3
Cedar Fair LP03/15/20215.24,9500.3
United Rentals North America Inc.02/01/20218.24,9480.3
Triangle USA Petroleum Corp.07/15/20226.84,9060.3
Linn Energy LLC09/15/20216.54,9000.3
RHP Hotel Properties LP04/15/20215.04,9000.3
Rosetta Resources Inc.05/01/20215.64,9000.3
Exterran Partners LP10/01/20226.04,8880.3
Solenis International LP07/31/20227.84,8750.3
Quad/Graphics Inc.05/01/20227.04,8560.3
Goodyear Tire & Rubber Co.05/15/20227.04,8430.3
Digitalglobe Inc.02/01/20215.24,8250.3
InterActiveCorp12/15/20224.84,8250.3
Intelsat Jackson Holdings SA08/01/20235.54,7940.3
Halcon Resources Corp.05/15/20218.94,7520.3
Seadrill Operating LP02/21/20214.04,7480.3
AmeriGas Finance LLC05/20/20227.04,7360.3
Seadrill Ltd.09/15/20206.64,6900.3
Genesis Energy LP02/15/20215.84,6120.3
American Energy-Permian Basin LLC08/01/20196.74,6060.3
Frontier Communications Corp.04/15/20247.64,5870.3
HCA Holdings Inc.05/15/20217.84,5530.3
AECOM Technology Corp.10/15/20245.94,5510.3
Compagnie Générale de Géophysique-Veritas06/01/20216.54,4880.2
Omega Healthcare Investors Inc.10/15/20226.84,4840.2
Clean Harbors Inc.06/01/20215.14,4830.2
Sirius XM Radio Inc.10/01/20205.94,4150.2
Linn Energy LLC11/01/20196.24,3670.2
Oasis Petroleum Inc.01/15/20236.94,3620.2
Tenet Healthcare Corp.03/01/20195.54,2820.2
Ferrellgas LP/Ferrellgas Finance Corp.05/01/20216.54,2740.2
Regency Energy Partners LP06/01/20198.44,2600.2
Spirit Aerosystems Inc.12/15/20206.84,2400.2
SunGard Data Systems Inc.11/15/20207.64,2260.2
Boyd Gaming Corp.12/01/20189.14,1900.2
Sensata Technologies BV05/15/20196.54,1900.2
Nuance Communications Inc.08/15/20205.44,1270.2
T-Mobile USA Inc.04/28/20216.64,1150.2
ArcelorMittal03/01/20216.04,1150.2
Sinclair Television Group Inc.10/01/20226.14,0900.2
Penske Automotive Group Inc.10/01/20225.84,0800.2
Dufry Finance SCA10/15/20205.54,0690.2
RSP Permian Inc.10/01/20226.64,0300.2
Levi Strauss & Co.05/15/20207.64,0280.2
Seventy Seven Operating LLC11/15/20196.64,0270.2
ArcelorMittal08/05/20205.84,0070.2
Hornbeck Offshore Services Inc.04/01/20205.93,9700.2
Qwest Capital Funding Inc.11/15/20186.53,9560.2
HCA Inc.02/15/20227.53,9460.2
NCR Corp.07/15/20225.03,9300.2
MediaCom Broadband LLC04/01/20236.43,8950.2
Eagle Spinco Inc.02/15/20214.63,8550.2
Nustar Logistics LP02/01/20216.83,8240.2
Titan International Inc.10/01/20206.93,7920.2
Cincinnati Bell Inc.03/15/20188.83,7400.2
Silgan Holdings Inc.04/01/20205.03,7370.2
Calpine Corp.01/15/20235.43,7300.2
Oasis Petroleum Inc.02/01/20197.23,7230.2
Oasis Petroleum Inc.03/15/20226.93,7100.2
NCR Corp.12/15/20236.43,6840.2
Sally Holdings LLC11/15/20196.93,6740.2
Gannett Co. Inc.10/15/20236.43,6490.2
Station Casinos LLC03/01/20217.53,6140.2
Valeant Pharmaceuticals International10/15/20206.43,6090.2
HCA Holdings Inc.02/15/20216.23,5090.2
Kratos Defense & Security Solutions Inc.05/15/20197.03,4910.2
BJ's Wholesale Club Inc.03/31/20208.53,4810.2
Wide Open West Finance LLC07/15/201910.23,4720.2
Tenet Healthcare Corp.10/01/20206.03,4450.2
T-Mobile USA Inc.04/01/20236.63,4420.2
Westmoreland Coal Co.02/01/201810.83,4210.2
Affinia Group Inc.05/01/20217.83,4070.2
Isle of Capri Casinos Inc.03/15/20197.83,4040.2
Sinclair Television Group Inc.11/01/20216.43,3910.2
Savers, Inc.10/03/20195.03,3870.2
Universal Hospital Services Inc.08/15/20207.63,3080.2
CCO Holdings LLC04/30/20216.53,2960.2
Regency Energy Partners LP10/01/20225.03,2550.2
Level 3 Financing Inc.06/01/20207.03,1760.2
ENDO Finance LLC12/15/20207.03,1570.2
Cyrusone LP11/15/20226.43,1500.2
US Telepacific Corp.02/23/20175.83,1480.2
Numericable Group SA05/15/20246.23,1460.2
Windstream Corp.09/01/20188.13,1310.2
SBA Telecommunications Inc.07/15/20205.83,1190.2
Scientific Games International Inc.05/15/20216.63,1030.2
PQ Corp.05/01/20188.83,0350.2
Geo Group Inc.10/15/20245.93,0230.2
Prestige Brands Inc.02/01/20208.12,9430.2
Syncreon Group BV10/28/20205.22,9080.2
Virgin Media Finance plc04/15/20236.42,9050.2
Dish DBS Corp.03/15/20235.02,8860.2
OMEGA Healthcare Investors Inc.03/15/20245.92,8810.2
Spectrum Brands Inc.03/15/20206.82,8740.2
Wide Open West Finance LLC04/01/20194.82,8630.2
NRG Energy Inc.07/15/20226.22,8340.2
Lightstream Resources02/01/20208.62,7860.2
MediaCom Broadband LLC04/15/20215.52,7790.2
Cablevision Systems Corp.04/15/20187.82,7730.2
Fitness International LLC07/01/20204.52,7620.2
Steel Dynamics Inc.10/01/20215.12,7410.2
Townsquare Radio LLC04/01/20199.02,7060.1
TGGT Holdings LLC11/15/20186.52,6270.1
Reynolds Group Issuer Inc.04/15/20199.02,6160.1
Isle of Capri Casinos Inc.03/15/20215.92,5950.1
Valeant Pharmaceuticals International12/01/20186.92,5910.1
Sanchez Energy Corp.01/15/20236.12,5810.1
Sirius XM Radio Inc.05/15/20234.62,5710.1
CSC Holdings LLC06/01/20245.22,5510.1
Valeant Pharmaceuticals International Inc.12/01/20215.62,4970.1
Spectrum Brands Inc.11/15/20206.42,4620.1
MarkWest Energy Finance Corp.06/15/20226.22,4530.1
Jo-Ann Stores Holdings Inc.10/15/20199.82,4080.1
MedAssets Inc.11/15/20188.02,2940.1
Rent-A-Center Inc.11/15/20206.62,2190.1
TMS International Corp.10/15/20217.62,2050.1
Salix Pharmaceuticals Ltd.01/15/20216.02,1700.1
Community Health Systems Inc.11/15/20198.02,1400.1
Hub International Ltd.10/02/20204.82,1340.1
Hertz Corp.10/15/20205.92,0400.1
Hertz Corp.10/15/20226.22,0350.1
CCO Holdings LLC02/15/20235.11,9280.1
Cequel Communications Holdings I LLC12/15/20215.11,9230.1
Mallinckrodt International Finance SA04/15/20234.81,8750.1
Darling Ingredients Inc.01/15/20225.41,8230.1
Hiland Partners LP10/01/20207.21,8110.1
Scientific Games International Inc.09/01/20206.21,8060.1
Covanta Holding Corp.03/01/20245.91,7090.1
MPT Operating Partnership LP05/01/20216.91,6130.1
Hertz Corp.01/15/20217.41,5900.1
Jaguar Land Rover Automotive plc02/01/20235.61,5580.1
T-Mobile USA Inc.01/15/20246.51,5230.1
Silgan Holdings Inc.02/01/20225.51,5190.1
Geo Group Inc.04/01/20235.11,4510.1
Linn Energy LLC05/15/20196.51,4280.1
SBA Communications Corp.10/01/20195.61,3770.1
Univision Communications Inc.09/15/20226.81,2160.1
Level 3 Financing Inc.01/15/20216.11,1370.1
Exterran Partners LP04/01/20216.09780.1
CCO Holdings LLC04/30/20208.19530.1
Hertz Corp.04/15/20196.86740.0
Linn Energy LLC04/15/20208.65190.0
Qep Resources Inc.10/01/20225.43940.0
Denbury Resources Inc.07/15/20234.62090.0
Total1,756,00697.1
Cash and Other Assets Less Liabilities2.9
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Economic SectorHarbor High-Yield Bond Fund %
Consumer Discretionary30.9
Energy15.2
Industrials13.2
Health Care8.5
Materials8.2
Telecommunication Services7.2
Information Technology5.2
Financials3.5
Utilities2.5
Consumer Staples2.4

Maturity Profile (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
MaturityHarbor High-Yield Bond Fund %BofA Merrill Lynch US High Yield Index %
0-1 yr0.00.0
1-3 yr1.38.6
3-5 yr15.824.2
5-7 yr41.233.0
7-10 yr38.027.7
10-20 yr2.04.3
20-30 yr0.02.1
Over 30 yr0.00.1

Duration (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
DurationHarbor High-Yield Bond Fund %BofA Merrill Lynch US High Yield Index %
0-1 yr12.87.4
1-3 yr16.026.4
3-5 yr32.935.3
5-7 yr33.822.0
7-10 yr2.76.0
10-20 yr0.02.9
20-30 yr0.00.0
Over 30 yr0.00.0

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 BofA Merrill Lynch US High Yield Index is an unmanaged index that tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. All bonds are U.S. dollar denominated and rated Split BBB and below. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

The BofA Merrill Lynch US Non-Distressed High Yield Index is a subset of The BofA Merrill Lynch US High Yield Index including all securities with an option-adjusted spread less than 1,000 basis points. This unmanaged index does not reflect fees and expenses and is not available for direct investment.