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        <CompensationOfHghstPdCntrctGrp>
          <BusinessName>
            <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>
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        </CompensationOfHghstPdCntrctGrp>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SummaryOfDirectChrtblActyGrp />
      <SumOfProgramRelatedInvstGrp />
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>79025129</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>3316847</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>82341976</TotalFMVOfUnusedAssetsAmt>
        <AcquisitionIndebtednessAmt>0</AcquisitionIndebtednessAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>82341976</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1235130</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>81106846</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>4055342</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>4055342</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>67002</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>67002</TotalTaxAmt>
        <DistributableBeforeAdjAmt>3988340</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>3988340</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>3988340</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <QualifyingDistriPartXIIGrp>
        <ExpensesAndContributionsAmt>3882500</ExpensesAndContributionsAmt>
        <ProgramRelatedInvstTotalAmt>0</ProgramRelatedInvstTotalAmt>
        <CharitableAssetsAcquisPaidAmt>0</CharitableAssetsAcquisPaidAmt>
        <SetAsideSuitabilityTestAmt>0</SetAsideSuitabilityTestAmt>
        <SetAsideCashDistriTestAmt>0</SetAsideCashDistriTestAmt>
        <QualifyingDistributionsAmt>3882500</QualifyingDistributionsAmt>
        <PctSect4940eOrgNetInvstIncmAmt>67002</PctSect4940eOrgNetInvstIncmAmt>
        <AdjustedQualifyingDistriAmt>3815498</AdjustedQualifyingDistriAmt>
      </QualifyingDistriPartXIIGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>3988340</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>3429063</UndistributedIncomePYAmt>
        <PriorYear1Yr>2016</PriorYear1Yr>
        <PriorYear2Yr>2015</PriorYear2Yr>
        <PriorYear3Yr>2014</PriorYear3Yr>
        <TotalForPriorYearsAmt>0</TotalForPriorYearsAmt>
        <ExcessDistributionCyovYr1Amt>0</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>0</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>3882500</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>3429063</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>453437</AppliedToCurrentYearAmt>
        <RemainingDistriFromCorpusAmt>0</RemainingDistriFromCorpusAmt>
        <ExcessDistriCyovAppCYCorpusAmt>0</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>0</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>0</TotalCorpusAmt>
        <PriorYearUndistributedIncmAmt>0</PriorYearUndistributedIncmAmt>
        <Taxable1Amt>0</Taxable1Amt>
        <UndistributedIncomeCYAmt>3534903</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>0</ExcessDistriCyovToNextYrAmt>
        <ExcessFromCurrentYearAmt>0</ExcessFromCurrentYearAmt>
      </UndistributedIncomeGrp>
      <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>3599500</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>3599500</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <FeesContractsFromGovtAgGrp />
        <MembershipDuesAndAssmntGrp />
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>67453</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DivAndIntFromSecPartVIIGrp>
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          <ExclusionAmt>1956972</ExclusionAmt>
        </DivAndIntFromSecPartVIIGrp>
        <NetRntlIncmReDebtFincdPropGrp />
        <NetRntlIncmReNotDebtFincdProp />
        <NetRentalIncomePersonalPropGrp />
        <OtherInvestmentIncmPartVIIGrp />
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>4783815</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <NetIncomeLossFromSpecialEvtGrp />
        <GrossProfitLossSlsOfInvntryGrp />
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>6808240</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>6808240</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>8060038</TotalContributionsAmt>
        <NoncashContributionInd>X</NoncashContributionInd>
      </ContributorInformationGrp>
      <NonCashPropertyContributionGrp>
        <ContributorNum>1</ContributorNum>
        <NoncashPropertyDesc>74,020 SHS MARRIOTT INTERNATIONAL</NoncashPropertyDesc>
        <FairMarketValueAmt>8060038</FairMarketValueAmt>
        <ReceivedDt>2019-01-15</ReceivedDt>
      </NonCashPropertyContributionGrp>
    </IRS990ScheduleB>
    <AccountingFeesSchedule documentId="AccountingFeesSch">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>17757</Amt>
        <NetInvestmentIncomeAmt>8879</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>8878</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <DepreciationSchedule documentId="DepreciationSch" />
    <InvestmentsCorpBondsSchedule documentId="InvestCorpBondsSch">
      <InvestmentsCorporateBondsGrp>
        <BondNm>HARBOR CORP BONDS-SEE ATTD</BondNm>
        <EOYBookValueAmt>11180941</EOYBookValueAmt>
        <EOYFMVAmt>12541119</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="InvestCorpStockSch">
      <InvestmentsCorporateStockGrp>
        <StockNm>110,721 SHS MARRIOTT INTL</StockNm>
        <EOYBookValueAmt>8762466</EOYBookValueAmt>
        <EOYFMVAmt>13957489</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="InvGovtObligSch">
      <USGovtObligationsBookVlEOYAmt>7450309</USGovtObligationsBookVlEOYAmt>
      <USGovtObligationsEOYFMVAmt>7557385</USGovtObligationsEOYFMVAmt>
    </InvestmentsGovtObligationsSch>
    <InvestmentsOtherSchedule2 documentId="InvOtherSch2">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HARBOR MUTUAL FUNDS-SEE ATTD</CategoryOrItemTxt>
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        <EOYFMVAmt>19722740</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>HARBOR EXCH TRD PROD-SEE ATTD</CategoryOrItemTxt>
        <BookValueAmt>23340432</BookValueAmt>
        <EOYFMVAmt>25506905</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <LegalFeesSchedule documentId="LegalFeesSch">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>2763</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>2763</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherDecreasesSchedule documentId="OtherDecreasesSch">
      <OtherDecreasesDetail>
        <Desc>BALANCE SHEET ADJUSTMENT</Desc>
        <Amt>16255</Amt>
      </OtherDecreasesDetail>
    </OtherDecreasesSchedule>
    <OtherExpensesSchedule documentId="OtherExpensesSch">
      <OtherExpensesScheduleGrp>
        <Desc>COMPUTER SOFTWARE</Desc>
        <RevenueAndExpensesPerBooksAmt>9422</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>9422</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DE CORP. ANNUAL REPORT FILING</Desc>
        <RevenueAndExpensesPerBooksAmt>25</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>25</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>SUPPLIES</Desc>
        <RevenueAndExpensesPerBooksAmt>1807</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>1807</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>BOOKS,SUBSCRIPTIONS,REFERENCE</Desc>
        <RevenueAndExpensesPerBooksAmt>79</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>79</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>DE FILING FEE</Desc>
        <RevenueAndExpensesPerBooksAmt>90</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>90</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>MISC. ADMIN EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>450</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>450</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>NONEMPLOYEE INSURANCE</Desc>
        <RevenueAndExpensesPerBooksAmt>1300</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1300</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="OtherIncomeSch2">
      <OtherIncomeDetail>
        <Desc>2012 TAX REFUND</Desc>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="OthProfFeesSch">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>INVESTMENT MANAGEMENT FEES</CategoryTxt>
        <Amt>61861</Amt>
        <NetInvestmentIncomeAmt>61861</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MARGIN INTEREST</CategoryTxt>
        <Amt>37</Amt>
        <NetInvestmentIncomeAmt>37</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>BANK CHARGE</CategoryTxt>
        <Amt>90</Amt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
  </ReturnData>
</Return>