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            <BusinessNameLine1Txt>HARBOR INVESTMENT ADVISORY LLC</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>2330 WEST JOPPA ROAD SUITE 160</AddressLine1Txt>
            <CityNm>LUTHERVILLE</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>21093</ZIPCd>
          </USAddress>
          <ServiceTypeTxt>INVESTMENT ADVISORY</ServiceTypeTxt>
          <CompensationAmt>70617</CompensationAmt>
        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>81241537</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>6755947</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>87997484</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>87997484</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1319962</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>86677522</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>4333876</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>4333876</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>21518</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>21518</TotalTaxAmt>
        <DistributableBeforeAdjAmt>4312358</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>4312358</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>4312358</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>4086322</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>4086322</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>21518</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>4064804</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>4312358</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>3534903</UndistributedIncomePYAmt>
        <PriorYear1Yr>2017</PriorYear1Yr>
        <PriorYear2Yr>2016</PriorYear2Yr>
        <PriorYear3Yr>2015</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr1Amt>0</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>4086322</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>3534903</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>551419</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <UndistributedIncomeCYAmt>3760939</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>0</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <PrivateOperatingFoundationsGrp></PrivateOperatingFoundationsGrp>
      <SupplementaryInformationGrp>
        <OnlyContriToPreselectedInd>X</OnlyContriToPreselectedInd>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SEE STATEMENT</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>10400 FERNWOOD ROAD DEPT 901</AddressLine1Txt>
            <CityNm>BETHESDA</CityNm>
            <StateAbbreviationCd>MD</StateAbbreviationCd>
            <ZIPCd>20817</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>CHARITABLE PURPOSES.</GrantOrContributionPurposeTxt>
          <Amt>3699500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>3699500</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>67435</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>1900431</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>302381</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>2270247</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>2270247</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <IRS990ScheduleB documentId="IRS990ScheduleB">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <GeneralRuleInd>X</GeneralRuleInd>
      <ContributorInformationGrp>
        <ContributorNum>1</ContributorNum>
        <ContributorPersonNm>THE RICHARD E MARRIOTT CHARITABLE</ContributorPersonNm>
        <ContributorUSAddress>
          <AddressLine1Txt>10400 FERNWOOD RD DEPT 901</AddressLine1Txt>
          <CityNm>BETHESDA</CityNm>
          <StateAbbreviationCd>MD</StateAbbreviationCd>
          <ZIPCd>20817</ZIPCd>
        </ContributorUSAddress>
        <TotalContributionsAmt>8060129</TotalContributionsAmt>
        <NoncashContributionInd>X</NoncashContributionInd>
      </ContributorInformationGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>1</ContributorNum>
        <NoncashPropertyDesc>54,870 SHS MARRIOTT INTERNATIONAL</NoncashPropertyDesc>
        <FairMarketValueAmt>8060129</FairMarketValueAmt>
        <ReceivedDt>2020-01-09</ReceivedDt>
      </NonCashPropertyContributionGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>33053</Amt>
        <NetInvestmentIncomeAmt>14027</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>14026</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>HARBOR CORP BONDS-SEE ATTD</BondNm>
        <EOYBookValueAmt>11164252</EOYBookValueAmt>
        <EOYFMVAmt>13183834</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>165,591 SHS MARRIOTT INTL</StockNm>
        <EOYBookValueAmt>16822595</EOYBookValueAmt>
        <EOYFMVAmt>17040970</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="InvGovtObligSch">
      <USGovtObligationsBookVlEOYAmt>7471619</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>7664875</USGovtObligationsEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HARBOR MUTUAL FUNDS-SEE ATTD</CategoryOrItemTxt>
        <BookValueAmt>19277625</BookValueAmt>
        <EOYFMVAmt>20404243</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HARBOR EXCH TRD PROD-SEE ATTD</CategoryOrItemTxt>
        <BookValueAmt>23340432</BookValueAmt>
        <EOYFMVAmt>25790670</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>1050</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>1050</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>BALANCE SHEET ADJUSTMENT</Desc>
        <Amt>3140</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTER SOFTWARE</Desc>
        <RevenueAndExpensesPerBooksAmt>22052</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>22052</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>421</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>421</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BOOKS,SUBSCRIPTIONS,REFERENCE</Desc>
        <RevenueAndExpensesPerBooksAmt>1750</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1750</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>ORGANIZATIONAL EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>865</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>865</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISC. ADMIN EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>1315</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1315</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>NONEMPLOYEE INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>2600</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>2600</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT FEES</CategoryTxt>
        <Amt>70617</Amt>
        <NetInvestmentIncomeAmt>70617</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>BANK CHARGE</CategoryTxt>
        <Amt>310</Amt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="TaxesSchedule">
      <TaxesDetail>
        <CategoryTxt>8/31/19 BALANCE DUE</CategoryTxt>
        <Amt>24115</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>ESTIMATED TAX PAYMENTS</CategoryTxt>
        <Amt>50000</Amt>
      </TaxesDetail>
      <TaxesDetail>
        <CategoryTxt>8/31/19 PMT APPLIED 8/31/18</CategoryTxt>
        <Amt>24115</Amt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>