Harbor Real Return Fund Institutional Class (HARRX)

Portfolio Characteristics (As of Quarter Ended 12/31/2015)

 Harbor Real Return FundBarclays U.S. TIPS Index
Number of Holdings13236
Average Market Coupon (%)1.900.98
Yield to Maturity (%)3.162.25
Weighted Avg. Maturity (yrs)7.958.28
Weighted Avg. Duration (yrs)7.257.75

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

Top Ten Holdings (As of Quarter Ended 12/31/2015)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds01/15/20252.434,17927.9
U.S. Treasury Inflation Indexed Bonds07/15/20210.627,27522.3
U.S. Treasury Inflation Indexed Bonds07/15/20191.912,38910.1
U.S. Treasury Inflation Indexed Bonds02/15/20441.412,38410.1
U.S. Treasury Inflation Indexed Bonds01/15/20272.412,0059.8
U.S. Treasury Inflation Indexed Bonds07/15/20201.26,6925.5
U.S. Treasury Inflation Indexed Bonds01/15/20240.64,2313.5
U.S. Treasury Inflation Indexed Bonds04/15/20190.12,8252.3
U.S. Treasury Inflation Indexed Bonds07/15/20230.42,4952.0
Telefonica Emisiones Sau06/23/20171.22,4372.0
% of Total Holdings:116,91295.5

Full Holdings (As of Quarter Ended 12/31/2015)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds01/15/20252.434,17927.9
U.S. Treasury Inflation Indexed Bonds07/15/20210.627,27522.3
U.S. Treasury Inflation Indexed Bonds07/15/20191.912,38910.1
U.S. Treasury Inflation Indexed Bonds02/15/20441.412,38410.1
U.S. Treasury Inflation Indexed Bonds01/15/20272.412,0059.8
U.S. Treasury Inflation Indexed Bonds07/15/20201.26,6925.5
U.S. Treasury Inflation Indexed Bonds01/15/20240.64,2313.5
U.S. Treasury Inflation Indexed Bonds04/15/20190.12,8252.3
U.S. Treasury Inflation Indexed Bonds07/15/20230.42,4952.0
Telefonica Emisiones Sau06/23/20171.22,4372.0
U.S. Treasury Inflation Indexed Bonds02/15/20450.82,4092.0
DBUBS Mortgage Trust07/10/20443.42,0531.7
U.S. Treasury Inflation Indexed Bonds07/15/20220.12,0051.6
U.S. Treasury Inflation Indexed Bonds04/15/20170.11,8801.5
U.K. Gilt Inflation Linked03/22/20240.11,8441.5
U.S. Treasury Inflation Indexed Bonds02/15/20420.81,6991.4
U.S. Treasury Inflation Indexed Bonds07/15/20240.11,6171.3
SLM Student Loan Trust12/15/20230.11,2951.1
U.S. Treasury Inflation Indexed Bonds01/15/20192.11,1711.0
New Zealand Government Bond09/20/20252.01,1090.9
JPMorgan Chase & Co.06/23/20202.81,1060.9
Ford Motor Credit Co. LLC01/16/20182.41,0980.9
Bear Stearns ALT-A Trust07/25/20354.91,0780.9
GATX Financial Corp.03/01/20165.81,0070.8
Citigroup Mortgage Loan Trust08/25/20360.69810.8
Mexican Udibonos12/04/20254.58870.7
Lavender Trust10/26/20366.28200.7
U.S. Treasury Inflation Indexed Bonds01/15/20230.17900.6
Hellenic Republic Government International Bond MTN08/08/20173.87660.6
Hillmark Funding Ltd.05/21/20210.67520.6
RBSSP Resecuritization Trust07/26/20452.17140.6
U.K. Gilt Inflation Linked03/22/20460.17120.6
Aegis Asset Backed Securities Trust03/25/20351.46820.6
First Franklin Mortgage Loan Trust06/25/20361.26570.5
JP Morgan Mortgage Acquisition Trust05/25/20370.66480.5
Deutsche Alt-A Securities Inc. Mortgage Loan Trust08/25/20470.66090.5
Navient Corp. MTN05/03/20192.46040.5
Federal Home Loan Mortgage Corp. REMIC12/15/20370.95760.5
Residential Accredit Loans Inc.09/25/20366.05580.5
Banco Popolare SC MTN03/14/20193.55580.5
Hellenic Railways Organization SA03/17/20174.05050.4
Goldman Sachs Group Inc.09/15/20201.75020.4
Countrywide Alternative Loan Trust04/25/20376.05010.4
U.S. Treasury Bonds02/15/20452.54930.4
Residential Asset Securitization Trust11/25/20366.04410.4
Long Beach Mortgage Loan Trust08/25/20351.24310.4
France Government Bond OAT04/25/20203.54250.3
Italy Buoni Poliennali del Tesoro09/15/20242.44170.3
U.S. Treasury Inflation Indexed Bonds04/15/20200.14010.3
Intesa Sanpaolo SpA MTN01/15/20163.14000.3
IndyMac Imsc Mortgage Loan Trust07/25/20470.63990.3
Citigroup Mortgage Loan Trust Inc.08/25/20351.03950.3
AT&T Inc.05/15/20253.43850.3
Mexican Udibonos11/08/20464.03830.3
U.S. Treasury Inflation Indexed Bonds04/15/20283.63650.3
Autonomous Community of Catalonia02/11/20205.03520.3
Slovenia Government International Bond11/01/20164.73390.3
Credit Agricole SA06/23/20216.53360.3
Countrywide Alternative Loan Trust01/25/20365.53310.3
U.S. Treasury Inflation Indexed Bonds07/15/20162.53230.3
Deutsche Alt-A Securities Inc. Mortgage Loan Trust04/25/20370.73110.3
BellSouth Corp.04/26/20214.83040.2
Federal National Mortgage Association REMIC02/25/20411.12990.2
Petrobras Global Finance BV01/27/20215.42990.2
Securitized Asset Backed Receivables LLC Trust08/25/20351.02980.2
AT&T Inc.06/30/20223.02920.2
Colombian Tes03/25/20333.02630.2
U.S. Treasury Inflation Indexed Bonds02/15/20412.12570.2
Italy Buoni Poliennali Del Tesoro09/15/20412.62530.2
Bundesobligation Inflation Linked04/15/20180.82370.2
Barclays plc12/15/20208.02360.2
Barclays Bank plc11/21/20227.62280.2
Barclays plc09/15/20196.52210.2
Royal Bank of Scotland plc MTN03/16/20229.52170.2
Spain Government Inflation Linked Bond11/30/20301.02140.2
Morgan Stanley Mortgage Loan Trust06/25/20362.22090.2
Mexican Bonos06/14/20184.82080.2
Banco Santander SA09/11/20216.22040.2
Turkiye Garanti Bankasi AS04/20/20162.82000.2
Lehman XS Trust08/25/20460.61990.2
U.K. Gilt Inflation Linked03/22/20620.41890.2
AT&T Inc.05/15/20464.81840.2
GSAMP Trust10/25/20342.11700.1
Federal National Mortgage Association REMIC07/25/20370.81630.1
Soundview Home Loan Trust05/25/20360.71610.1
Federal National Mortgage Association REMIC07/25/20370.81500.1
Hewlett Packard Enterprise Co.10/05/20182.81500.1
Hewlett Packard Enterprise Co.10/05/20172.41500.1
Countrywide Asset Backed Certificates08/25/20470.91460.1
Countrywide Alternative Loan Trust04/25/20376.01370.1
Countrywide Alternative Loan Trust08/25/20366.01320.1
Federal National Mortgage Association REMIC05/25/20360.91270.1
MASTR Asset Backed Securities Trust06/25/20360.71210.1
Marche Mutui Srl01/27/20642.21150.1
JP Morgan Mortgage Trust06/25/20352.71050.1
Interest Rate Swap Option 30 year12/11/20170.01010.1
Saxon Asset Securities Trust06/25/20334.01010.1
U.S. Treasury Bonds11/15/20443.0990.1
AT&T Inc.06/30/20201.5990.1
U.K. Gilt Inflation Linked03/22/20680.1990.1
AT&T Inc.06/30/20202.4990.1
AT&T Inc.05/15/20354.5930.1
Petrobras Global Finance BV03/17/20172.9920.1
Residential Asset Securitization Trust11/25/20366.2850.1
U.S. Treasury Inflation Indexed Bonds01/15/20292.5790.1
U.S. Treasury Inflation Indexed Bonds02/15/20402.1650.1
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.5650.1
Marche Mutui Srl02/25/20550.3550.0
Structured Asset Mortgage Investments Inc.05/25/20460.6530.0
U.S. Treasury Inflation Indexed Bonds02/15/20430.6520.0
Residential Accredit Loans Inc.06/25/20460.6490.0
Countrywide Home Loan Mortgage Pass Through Trust04/20/20352.6470.0
U.K. Gilt Inflation Linked03/22/20580.1430.0
Residential Asset Securitization Trust01/25/20460.8330.0
Washington Mutual Mortgage Pass Through Certificates Trust09/25/20332.6280.0
Interest Rate Swap Option 1 year06/23/20160.0230.0
Interest Rate Swap Option 1 year06/24/20160.0230.0
Wood Street CLO BV03/29/20210.3200.0
Park Place Securities Inc.12/25/20341.4180.0
Marche Mutui Srl10/27/20650.3180.0
Interest Rate Swap Option 5 year 5 year12/05/20160.0100.0
U.K.  LIBOR  Future 90  day12/21/20160.0100.0
U.K.  LIBOR  Future 90  day03/11/20160.090.0
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.570.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20352.770.0
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.340.0
Interest Rate Swap Option 1 year04/29/20160.020.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20352.920.0
Interest Rate Swap Option 1 year04/29/20160.010.0
Interest Rate Swap Option 1 year04/11/20160.010.0
Interest Rate Swap Option 1 year04/06/20160.000.0
Interest Rate Swap Option 1 year01/05/20160.000.0
Total166,462135.9
Cash and Other Assets Less Liabilities-35.9
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Economic SectorHarbor Real Return Fund %
U.S. Government Obligations104.7
Corporate Bonds & Notes9.8
Collateralized Mortgage Obligations7.8
Foreign Government Obligations7.1
Asset-backed Securities5.3
Mortgage Pass-through1.1
Purchased Options0.1

Maturity Profile (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
MaturityHarbor Real Return Fund %
0-1 yr6.3
1-3 yr-3.2
3-5 yr30.7
5-7 yr19.5
7-10 yr30.4
10-20 yr9.1
20-30 yr9.2
Over 30 yr-2.0

Duration (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
DurationHarbor Real Return Fund %
0-1 yr-0.6
1-3 yr-2.3
3-5 yr10.1
5-7 yr22.4
7-10 yr40.5
10-20 yr-3.4
20-30 yr31.5
Over 30 yr1.7

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 Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.  This unmanaged index does not reflect fees and expenses and is not available for direct investment.