Harbor High-Yield Bond Fund Investor Class (HYFIX)

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

 Harbor High-Yield Bond FundBofA Merrill Lynch US High Yield Index
Number of Bonds2852,314
Average Market Coupon (%)6.556.92
Yield to Maturity (%)6.896.95
Weighted Avg. Maturity (yrs)6.526.55
Duration to Worst3.764.13

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
Cequel Communications Holdings I LLC09/15/20206.418,7201.2
NRG Energy Inc.05/01/20246.218,4051.1
Tronox Finance LLC08/15/20206.417,9841.1
UPCB Finance VI Ltd.01/15/20226.916,3881.0
Hughes Satellite Systems Corp.06/15/20217.615,4701.0
Burger King Worldwide Inc.04/01/20226.015,4501.0
IMG Worldwide Holdings LLC05/06/20215.215,2300.9
Murray Energy Corp.12/05/20209.514,8740.9
ENDO Finance LLC01/15/20235.414,7380.9
Sirius XM Radio Inc.07/15/20246.013,3580.8
% of Total Holdings:160,6179.9

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

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
Cequel Communications Holdings I LLC09/15/20206.418,7201.2
NRG Energy Inc.05/01/20246.218,4051.1
Tronox Finance LLC08/15/20206.417,9841.1
UPCB Finance VI Ltd.01/15/20226.916,3881.0
Hughes Satellite Systems Corp.06/15/20217.615,4701.0
Burger King Worldwide Inc.04/01/20226.015,4501.0
IMG Worldwide Holdings LLC05/06/20215.215,2300.9
Murray Energy Corp.12/05/20209.514,8740.9
ENDO Finance LLC01/15/20235.414,7380.9
Sirius XM Radio Inc.07/15/20246.013,3580.8
Cablevision Systems Corp.09/15/20225.913,2110.8
Rjs Power Holdings LLC07/15/20195.113,1510.8
Reynolds Group Issuer Inc.10/15/20205.812,3600.8
Sinclair Television Group Inc.04/01/20215.411,9700.7
Alliance Data Systems Corp.04/01/20206.411,6990.7
Clear Channel Worldwide Holdings Inc.03/15/20207.611,5270.7
Post Holdings Inc.12/15/20226.011,2950.7
Ashtead Capital Inc.07/15/20226.510,9110.7
DISH DBS Corp.06/01/20216.810,7750.7
Community Health Systems Inc.02/01/20226.910,4750.6
Cumulus Media Holdings Inc.05/01/20197.810,4420.6
Capsugel SA05/15/20197.010,3720.6
MPH Acquisition Holdings LLC04/01/20226.610,2500.6
Bombardier Inc.01/15/20236.110,2250.6
Calpine Corp.01/15/20255.810,1380.6
Equinix Inc.01/01/20255.810,1380.6
First Quality Finance Co. Inc.05/15/20214.610,1200.6
Iron Mountain Inc.08/15/20245.810,1130.6
Michaels Stores Inc.12/15/20205.910,0490.6
Hertz Corp.10/15/20226.29,9470.6
Memorial Production Partners LP08/01/20226.99,9450.6
North Atlantic Drilling Ltd.02/01/20196.29,9000.6
Seadrill Ltd.09/15/20176.19,7900.6
Safway Group Holding LLC05/15/20187.09,7890.6
Sequa Corp.06/19/20175.29,6810.6
DISH DBS Corp.11/15/20245.99,4450.6
Griffon Corp.03/01/20225.29,4000.6
Dynegy Finance Inc.11/01/20227.49,3730.6
Berry Plastics Corp.05/15/20225.59,1460.6
Wex Inc.02/01/20234.88,6570.5
West Corp.07/15/20225.48,6400.5
Time Inc.04/15/20225.88,4880.5
Goodyear Tire & Rubber Co.03/01/20216.58,4670.5
Tenet Healthcare Corp.08/01/20208.08,4600.5
Numericable-SFR05/15/20226.08,4060.5
Quebecor Media Inc.01/15/20235.88,2880.5
MDC Partners Inc.04/01/20206.88,2700.5
Polymer Group Inc.06/01/20196.98,1920.5
Unit Corp.05/15/20216.68,1810.5
Resolute Forest Products Inc.05/15/20235.98,1180.5
Hertz Corp.10/15/20205.98,1000.5
Nortek Inc.04/15/20218.58,0890.5
TransDigm Inc.07/15/20246.58,0800.5
Geo Group Inc.01/15/20225.97,8170.5
Vanguard Natural Resources LLC04/01/20207.97,7660.5
INEOS Group Holdings SA08/15/20186.17,7200.5
Felcor Lodging LP06/01/20196.87,6970.5
Rice Energy Inc.05/01/20226.27,6440.5
Gulfmark Offshore Inc.03/15/20226.47,5880.5
Valeant Pharmaceuticals International Inc.07/15/20217.57,5860.5
Sprint Communications Inc.11/15/20226.07,5290.5
MediaCom Capital Corp.02/15/20227.27,5080.5
Cascades Inc.07/15/20225.57,4910.5
Intelsat Luxembourg SA06/01/20238.17,4830.5
Pinnacle Entertainment Inc.05/15/20208.87,4550.5
Spectrum Brands Inc.11/15/20226.67,4380.5
SunGard Data Systems Inc.11/01/20196.67,3590.5
CCOH Safari LLC12/01/20245.87,3500.5
Covanta Holding Corp.10/01/20226.47,3490.5
Dole Food Co. Inc.05/01/20197.27,3410.5
Lamar Media Corp.02/01/20225.97,2450.4
Hillman Group Inc.07/15/20226.47,2380.4
Viasat Inc.06/15/20206.97,2110.4
Dynegy Finance Inc.11/01/20196.87,1820.4
Walter Investment Management Corp.12/15/20217.97,1800.4
Jo-Ann Stores LLC03/15/20198.17,0450.4
GCI Inc.06/01/20216.86,8990.4
T-Mobile USA Inc.03/01/20256.46,8750.4
WMG Acquisition Corp.04/15/20226.86,8630.4
Nexstar Broadcasting Inc.11/15/20206.96,8280.4
Memorial Resource Development Corp.07/01/20225.96,8060.4
Gates Global LLC07/15/20226.06,7390.4
Rent-A-Center Inc.05/01/20214.86,7040.4
Consolidated Energy Finance SA10/15/20196.86,6320.4
T-Mobile USA Inc.04/01/20216.26,6260.4
TransUnion Holding Co. Inc.06/15/20189.66,6090.4
Gardner Denver Inc.08/15/20216.96,5620.4
Brand Energy & Infrastructure Services Inc.12/01/20218.56,5160.4
Terex Corp.04/01/20206.56,5000.4
CenturyLink Inc.04/01/20205.66,4040.4
Biomet Inc.10/01/20206.56,3290.4
Suburban Propane Partners LP08/01/20217.46,1380.4
Frontier Communications Corp.01/15/20237.16,1350.4
Cablevision Systems Corp.04/15/20208.06,0660.4
Tenneco Inc.12/15/20206.96,0620.4
Plastipak Holdings Inc.10/01/20216.56,0300.4
Endo Finance LLC01/15/20225.86,0150.4
Brand Energy & Infrastructure Services Inc.11/26/20204.85,9860.4
Envision Healthcare Corp.07/01/20225.15,9700.4
Signode Industrial Group Lux SA05/01/20226.45,8800.4
Mauser U.S. Holdings Inc.07/31/20228.25,8690.4
Calpine Corp.01/15/20235.45,8650.4
DS Services of America Inc.09/01/202110.05,8520.4
Isle of Capri Casinos Inc.06/15/20208.95,8520.4
Anixter Inc.10/01/20215.15,8290.4
Sprint Corp.09/15/20217.25,7780.4
Alphabet Holding Co. Inc.11/01/20177.85,6950.4
Level 3 Communications Inc.12/01/20225.85,6630.4
Cpg Merger Sub LLC10/01/20218.05,6380.3
Felcor Lodging LP03/01/20235.65,6220.3
Tenet Healthcare Corp.03/01/20195.05,6210.3
Jurassic Holdings III Inc.02/15/20216.95,6100.3
Chrysler Group LLC06/15/20218.25,5630.3
Valeant Pharmaceuticals International Inc.12/01/20215.65,5550.3
RSI Home Products Inc.03/01/20186.95,5390.3
Sprint Communications Inc.08/15/20207.05,5280.3
Bi-Lo LLC09/15/20188.65,5120.3
HCA Inc.03/15/20225.95,4880.3
CCO Holdings LLC09/30/20225.25,4070.3
Acadia Healthcare Co. Inc.10/30/20150.05,4000.3
American Axle & Manufacturing Inc.10/15/20226.65,3250.3
Intelsat Jackson Holdings SA10/15/20207.25,2940.3
CIT Group Inc.02/15/20195.55,2910.3
Nationstar Mortgage LLC10/01/20207.95,2800.3
ACCO Brands Corp.04/30/20206.85,2580.3
Pinnacle Entertainment Inc.04/15/20217.55,2370.3
Peninsula Gaming LLC02/15/20188.45,2250.3
Sequa Corp.12/15/20177.05,2040.3
Commscope Holding Co. Inc.06/01/20206.65,1750.3
Gray Television Inc.10/01/20207.55,1750.3
Unitymedia Hessen GmbH & Co. KG01/15/20235.55,1450.3
Service Corp. International05/15/20245.45,1250.3
INEOS Group Holdings SA02/15/20195.95,0830.3
Bombardier Inc.10/15/20226.05,0560.3
Cedar Fair LP03/15/20215.25,0500.3
Belden Inc.09/01/20225.54,9880.3
Garda World Security Corp.11/15/20217.24,9750.3
LKQ Corp.05/15/20234.84,9700.3
NGL Energy Partners LP10/15/20216.94,9500.3
Ally Financial Inc.11/18/20193.84,9380.3
InterActiveCorp12/15/20224.84,8880.3
Goodyear Tire & Rubber Co.05/15/20227.04,8830.3
Solenis International LP07/31/20227.84,8680.3
Nationstar Mortgage LLC07/01/20216.54,8040.3
Murray Energy Corp.06/15/20218.64,8000.3
Digitalglobe Inc.02/01/20215.24,7750.3
Quad/Graphics Inc.05/01/20227.04,7500.3
Jupiter Resources Inc.10/01/20228.54,7340.3
AECOM Technology Corp.10/15/20245.94,6130.3
Hornbeck Offshore Services Inc.03/01/20215.04,6070.3
Rosetta Resources Inc.05/01/20215.64,6010.3
Frontier Communications Corp.04/15/20247.64,5540.3
HCA Holdings Inc.05/15/20217.84,5370.3
Halcon Resources Corp.07/15/20209.84,5300.3
Clean Harbors Inc.06/01/20215.14,5110.3
Linn Energy LLC02/01/20217.84,4920.3
Sirius XM Radio Inc.10/01/20205.94,4910.3
Chaparral Energy Inc.09/01/20218.24,4850.3
Omega Healthcare Investors Inc.10/15/20226.84,4730.3
Memorial Production Partners LP05/01/20217.64,4280.3
Genesis Energy LP02/15/20215.84,3950.3
Syniverse Holdings Inc.01/15/20199.14,3470.3
Key Energy Services Inc.03/01/20216.84,3160.3
SunGard Data Systems Inc.11/15/20207.64,2870.3
Ferrellgas LP05/01/20216.54,2630.3
Spirit Aerosystems Inc.12/15/20206.84,2600.3
Nuance Communications Inc.08/15/20205.44,2320.3
Styrolution Group GmbH11/07/20196.54,2110.3
Regency Energy Partners LP06/01/20198.44,2100.3
Neff Rental LLC06/09/20217.24,1830.3
Penske Automotive Group Inc.10/01/20225.84,1700.3
Sensata Technologies BV05/15/20196.54,1700.3
Oasis Petroleum Inc.03/15/20226.94,1630.3
American Energy-Permian Basin LLC08/01/20196.74,1440.3
Windstream Corp.10/15/20207.84,1400.3
T-Mobile USA Inc.04/28/20216.64,1200.3
Sinclair Television Group Inc.10/01/20226.14,0900.3
ArcelorMittal03/01/20216.04,0710.3
HCA Inc.02/15/20227.54,0080.2
ArcelorMittal08/05/20205.83,9830.2
CCOH Safari LLC12/01/20225.53,9680.2
Qwest Capital Funding Inc.11/15/20186.53,9490.2
NCR Corp.07/15/20225.03,9200.2
MediaCom Broadband LLC04/01/20236.43,9140.2
CGG SA01/15/20226.93,8120.2
Oasis Petroleum Inc.01/15/20236.93,7740.2
Gannett Co. Inc.10/15/20236.43,7280.2
Nustar Logistics LP02/01/20216.83,7100.2
Cincinnati Bell Inc.03/15/20188.83,7040.2
Sally Holdings LLC11/15/20196.93,6830.2
Valeant Pharmaceuticals International10/15/20206.43,6710.2
NCR Corp.12/15/20236.43,6580.2
HCA Holdings Inc.02/15/20216.23,5760.2
Silgan Holdings Inc.04/01/20205.03,5700.2
Station Casinos LLC03/01/20217.53,5540.2
Hornbeck Offshore Services Inc.04/01/20205.93,5350.2
Biomet Inc.08/01/20206.53,5180.2
DaVita HealthCare Partners Inc.08/15/20225.83,5100.2
Tenet Healthcare Corp.10/01/20206.03,4980.2
T-Mobile USA Inc.04/01/20236.63,4470.2
Sinclair Television Group Inc.11/01/20216.43,4160.2
BJ's Wholesale Club Inc.03/31/20208.53,4010.2
WideOpenWest Finance LLC07/15/201910.23,3480.2
Triangle USA Petroleum Corp.07/15/20226.83,3250.2
CCO Holdings LLC04/30/20216.53,3190.2
Savers Inc.10/03/20195.03,3190.2
RHP Hotel Properties LP04/15/20215.03,2500.2
Levi Strauss & Co.05/01/20226.93,2400.2
FMG Resources (August 2006) Pty Ltd.11/01/20198.23,1980.2
Numericable-SFR05/15/20246.23,1780.2
Level 3 Financing Inc.06/01/20207.03,1760.2
ENDO Finance LLC12/15/20207.03,1720.2
Virgin Media Finance plc10/15/20246.03,1500.2
Regency Energy Partners LP10/01/20225.03,1350.2
SBA Telecommunications Inc.07/15/20205.83,1200.2
Windstream Corp.09/01/20188.13,1160.2
Altice SA05/15/20227.83,0130.2
Exterran Partners LP10/01/20226.03,0100.2
Building Materials Corp. of America11/15/20245.43,0080.2
Kratos Defense & Security Solutions Inc.05/15/20197.02,9930.2
Seventy Seven Operating LLC11/15/20196.62,9840.2
PQ Corp.05/01/20188.82,9600.2
Virgin Media Finance plc04/15/20236.42,9470.2
Prestige Brands Inc.02/01/20208.12,9430.2
Dish DBS Corp.03/15/20235.02,9100.2
CGG SA06/01/20216.52,9070.2
Titan International Inc.10/01/20206.92,8760.2
MediaCom Broadband LLC04/15/20215.52,8250.2
Sprint Corp.06/15/20247.12,8050.2
Sealed Air Corp.12/01/20224.92,7360.2
Townsquare Radio LLC04/01/20199.02,6750.2
Sanchez Energy Corp.01/15/20236.12,6540.2
Isle of Capri Casinos Inc.03/15/20215.92,6010.2
Reynolds Group Issuer Inc.04/15/20199.02,6000.2
Scientific Games International Inc.05/15/20216.62,5950.2
Summit Materials LLC01/31/202010.52,5930.2
Sirius XM Radio Inc.05/15/20234.62,5850.2
Foresight Energy Corp.08/15/20217.92,4810.2
Linn Energy LLC09/15/20216.52,4450.2
MarkWest Energy Finance Corp.06/15/20226.22,4130.1
Azure Midstream Energy LLC11/15/20186.52,3510.1
Isle of Capri Casinos Inc.03/15/20197.82,3400.1
MedAssets Inc.11/15/20188.02,2990.1
Jo-Ann Stores Holdings Inc.10/15/20199.82,2020.1
TMS International Corp.10/15/20217.62,2000.1
Cequel Communications Holdings I LLC12/15/20215.12,1940.1
Cyrusone LP11/15/20226.42,1450.1
Community Health Systems Inc.11/15/20198.02,1400.1
Precision Drilling Corp.11/15/20206.62,1270.1
Spectrum Brands Inc.11/15/20206.42,0950.1
Salix Pharmaceuticals Ltd.01/15/20216.02,0450.1
Tesoro Logistics LP10/15/20226.22,0050.1
Lightstream Resources Ltd.02/01/20208.61,9740.1
CCO Holdings LLC02/15/20235.11,9630.1
Mallinckrodt International Finance SA04/15/20234.81,9250.1
Eagle Spinco Inc.02/15/20214.61,9030.1
Darling Ingredients Inc.01/15/20225.41,7800.1
Covanta Holding Corp.03/01/20245.91,7380.1
Rent-A-Center Inc.11/15/20206.61,6410.1
Hiland Partners LP10/01/20207.21,6240.1
MPT Operating Partnership LP05/01/20216.91,6130.1
Jaguar Land Rover Automotive plc02/01/20235.61,5840.1
Hertz Corp.01/15/20217.41,5830.1
Silgan Holdings Inc.02/01/20225.51,5450.1
T-Mobile USA Inc.01/15/20246.51,5410.1
Casella Waste Systems Inc.02/15/20197.81,5300.1
Scientific Games International Inc.09/01/20206.21,5160.1
Geo Group Inc.04/01/20235.11,4810.1
CSC Holdings LLC06/01/20245.21,4110.1
SBA Communications Corp.10/01/20195.61,3870.1
Tenet Healthcare Corp.04/01/20228.11,3720.1
Valeant Pharmaceuticals International12/01/20186.91,3690.1
Linn Energy LLC11/01/20196.21,2610.1
Univision Communications Inc.09/15/20226.81,2160.1
Level 3 Financing Inc.01/15/20216.11,1440.1
Constellium NV05/15/20245.81,0500.1
CenturyLink Inc.03/15/20225.81,0430.1
Geo Group Inc.10/15/20245.91,0180.1
CCO Holdings LLC04/30/20208.19500.1
Exterran Partners LP04/01/20216.08800.1
Steel Dynamics Inc.10/01/20215.17130.0
Hertz Corp.04/15/20196.86730.0
Linn Energy LLC04/15/20208.64380.0
CCO Holdings LLC03/15/20215.22530.0
Seadrill Ltd.09/15/20206.62510.0
Total1,561,93796.5
Cash and Other Assets Less Liabilities3.5
Total Net Assets100%

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

As of Quarter Ended 12/31/2014
Economic SectorHarbor High-Yield Bond Fund %
Consumer Discretionary27.4
Industrials13.9
Energy10.7
Materials10.0
Health Care8.8
Telecommunication Services6.9
Information Technology6.6
Utilities4.6
Financials3.9
Consumer Staples3.7

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

As of Quarter Ended 12/31/2014
MaturityHarbor High-Yield Bond Fund %BofA Merrill Lynch US High Yield Index %
0-1 yr0.30.0
1-3 yr1.98.0
3-5 yr14.421.8
5-7 yr39.532.3
7-10 yr38.729.5
10-20 yr1.76.0
20-30 yr0.02.2
Over 30 yr0.00.2

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

As of Quarter Ended 12/31/2014
DurationHarbor High-Yield Bond Fund %BofA Merrill Lynch US High Yield Index %
0-1 yr11.08.3
1-3 yr16.923.2
3-5 yr37.237.4
5-7 yr30.422.8
7-10 yr1.05.0
10-20 yr0.03.3
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.