Harbor Real Return Fund Institutional Class (HARRX)

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

 Harbor Real Return FundBarclays U.S. TIPS Index
Number of Issues98-
Average Market Coupon (%)1.851.15
Yield to Maturity (%)4.192.28
Weighted Avg. Maturity (yrs)8.378.42
Weighted Avg. Duration (yrs)6.616.94

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
U.S. Treasury Inflation Indexed Bonds01/15/20252.437,44520.7
U.S. Treasury Inflation Indexed Bonds07/15/20210.631,83117.6
U.S. Treasury Inflation Indexed Bonds01/15/20272.419,71010.9
U.S. Treasury Inflation Indexed Bonds04/15/20190.115,6908.7
U.S. Treasury Inflation Indexed Bonds07/15/20201.214,9738.3
U.S. Treasury Inflation Indexed Bonds07/15/20191.912,7817.1
U.S. Treasury Inflation Indexed Bonds02/15/20441.410,6145.9
U.S. Treasury Inflation Indexed Bonds07/15/20230.48,9184.9
U.S. Treasury Inflation Indexed Bonds07/15/20172.66,0153.3
Spain Government Bond01/31/20235.44,0362.2
% of Total Holdings:162,01389.6

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

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds01/15/20252.437,44520.7
U.S. Treasury Inflation Indexed Bonds07/15/20210.631,83117.6
U.S. Treasury Inflation Indexed Bonds01/15/20272.419,71010.9
U.S. Treasury Inflation Indexed Bonds04/15/20190.115,6908.7
U.S. Treasury Inflation Indexed Bonds07/15/20201.214,9738.3
U.S. Treasury Inflation Indexed Bonds07/15/20191.912,7817.1
U.S. Treasury Inflation Indexed Bonds02/15/20441.410,6145.9
U.S. Treasury Inflation Indexed Bonds07/15/20230.48,9184.9
U.S. Treasury Inflation Indexed Bonds07/15/20172.66,0153.3
Spain Government Bond01/31/20235.44,0362.2
Bundesobligation Inflation Linked04/15/20180.83,9372.2
Telefonica Emisiones Sau06/23/20170.93,8992.2
DBUBS Mortgage Trust07/10/20443.42,8981.6
Italy Buoni Poliennali del Tesoro04/22/20172.22,6331.5
Stone Street Trust12/15/20155.92,5441.4
Italy Buoni Poliennali del Tesoro10/22/20162.62,5011.4
SLM Student Loan Trust12/15/20230.32,1381.2
U.S. Treasury Notes08/15/20443.12,1161.2
RASC Series Trust04/25/20370.41,4090.8
U.S. Treasury Inflation Indexed Bonds04/15/20170.11,3820.8
Bear Stearns ALT-A Trust07/25/20355.11,3110.7
Hillmark Funding05/21/20210.51,3080.7
New Zealand Government Bond09/20/20252.01,2410.7
U.S. Treasury Inflation Indexed Bonds01/15/20192.11,2120.7
Hellenic Republic Treasury Bill11/14/20140.01,1340.6
LBG Capital No.2 plc12/21/201915.01,1280.6
GATX Financial Corp.03/01/20165.81,0660.6
Spain Government Bond04/30/20243.81,0170.6
RBSSP Resecuritization Trust07/26/20452.19850.5
France Government Bond Oat07/25/20180.29550.5
France Government Bond OAT07/25/20151.69250.5
Federal Home Loan Mortgage Corp. REMIC12/15/20370.89130.5
Hellenic Republic Government International Bond MTN08/08/20173.88930.5
Lavender Trust Series10/26/20366.28240.5
Electricite de France SA01/20/20170.78020.4
Ally Financial Inc.12/01/20142.47990.4
U.S. Treasury Inflation Indexed Bonds02/15/20420.87740.4
Deutsche Bundesrepublik Inflation Linked Bond04/15/20161.57520.4
People's Choice Home Loan Securities Trust01/25/20351.57310.4
Navient Corp. MTN05/03/20194.27270.4
Aegis Asset Backed Securities Trust03/25/20351.27140.4
Italy Buoni Poliennali del Tesoro09/15/20242.47040.4
Banco Popolare SC MTN03/14/20193.56560.4
JP Morgan Mortgage Acquisition Trust05/25/20370.36310.3
Hellenic Railways Organization SA03/17/20174.06250.3
Securitized Asset Backed Receivables LLC Trust08/25/20350.46120.3
Countrywide Alternative Loan Trust04/25/20376.06050.3
Slovenia Government Bond11/01/20164.75460.3
Residential Asset Securitization Trust11/25/20366.05240.3
Banco Santander Brasil SA01/14/20164.25150.3
Citigroup Mortgage Loan Trust Inc.08/25/20351.05090.3
Hellenic Republic Treasury Bill03/06/20150.05010.3
IndyMac Imsc Mortgage Loan Trust07/25/20470.34660.3
Xunta de Galicia04/03/20186.14460.2
Federal National Mortgage Association REMIC02/25/20410.84380.2
Autonomous Community of Catalonia02/11/20205.04250.2
Italy Buoni Poliennali del Tesoro09/15/20162.14230.2
Long Beach Mortgage Loan Trust08/25/20350.64180.2
Intesa Sanpaolo SpA01/15/20163.14090.2
Countrywide Alternative Loan Trust01/25/20365.54030.2
Colombian Tes03/25/20333.03930.2
Deutsche Alt-A Securities Inc.04/25/20370.53900.2
New South Wales Treasury Corp.11/20/20252.83590.2
Italy Buoni Poliennali Del Tesoro09/15/20412.62980.2
Countrywide Asset-Backed Certificates08/25/20470.72780.2
Mexican Udibonos11/08/20464.02530.1
Morgan Stanley Mortgage Loan Trust06/25/20362.12470.1
Federal National Mortgage Association REMIC07/25/20370.52450.1
Federal National Mortgage Association REMIC07/25/20370.52410.1
Lehman XS Trust08/25/20460.42400.1
New South Wales Treasury Corp.11/20/20352.52330.1
GSAMP Trust10/25/20341.82200.1
Federal National Mortgage Association REMIC05/25/20360.62180.1
SLM Student Loan Trust09/15/20210.42120.1
Turkiye Garanti Bankasi AS04/20/20162.72010.1
Electricite de France SA01/20/20171.22000.1
Soundview Home Loan Trust05/25/20360.41700.1
Countrywide Alternative Loan Trust04/25/20376.01650.1
Countrywide Alternative Loan Trust08/25/20366.01600.1
JP Morgan Mortgage Trust06/25/20355.01500.1
MASTR Asset Backed Securities Trust06/25/20360.41380.1
Park Place Securities Inc.12/25/20341.21380.1
Saxon Asset Securities Trust06/25/20334.01220.1
Magi Funding plc04/11/20210.71160.1
Residential Asset Securitization Trust11/25/20366.21000.1
Wood Street CLO BV03/29/20210.4930.1
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.2770.0
Countrywide Home Loan Mortgage Pass Through Trust04/20/20352.3660.0
Residential Accredit Loans Inc.06/25/20460.3580.0
Structured Asset Mortgage Investments Inc.05/25/20460.4560.0
Residential Asset Securitization Trust01/25/20460.6410.0
Washington Mutual Mortgage Pass Through Certificates09/25/20332.4390.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20352.690.0
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.390.0
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.250.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20352.520.0
Interest Rate Swap Option 5 year11/10/20140.000.0
Total223,479123.2
Cash and Other Assets Less Liabilities-23.2
Total Net Assets100%

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

As of Quarter Ended 09/30/2014
Economic SectorHarbor Real Return Fund %
U.S. Government Obligations90.3
Foreign Government Obligations13.4
Corporate Bonds & Notes7.1
Collateralized Mortgage Obligations5.7
Asset-backed Securities5.3
Mortgage Pass-through1.1
Cash Collaterals0.0
Purchased Options0.0

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

As of Quarter Ended 09/30/2014
MaturityHarbor Real Return Fund %Barclays U.S. TIPS Index %
0-1 yr0.00.0
1-3 yr5.818.2
3-5 yr27.316.9
5-7 yr28.314.1
7-10 yr3.025.6
10-20 yr33.017.6
20-30 yr5.67.6
Over 30 yr-3.00.0

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

As of Quarter Ended 09/30/2014
DurationHarbor Real Return Fund %Barclays U.S. TIPS Index %
0-1 yr3.10.8
1-3 yr5.63.5
3-5 yr16.09.5
5-7 yr24.39.9
7-10 yr43.035.5
10-20 yr0.223.8
20-30 yr7.817.0
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 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.