Harbor Commodity Real Return Strategy Fund Institutional Class (HACMX)

Portfolio Characteristics (As of Quarter Ended 06/30/2014)

 Harbor Commodity Real Return Strategy FundBloomberg Commodity Index Total ReturnSM
Number of Issues120-
Average Market Coupon (%)1.05-
Yield to Maturity (%)2.27-
Weighted Avg. Maturity (yrs)2.64-
Weighted Avg. Duration (yrs)2.41-

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

Top Ten Holdings (As of Quarter Ended 06/30/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds07/15/20172.631,93312.4
U.S. Treasury Inflation Indexed Bonds07/15/20210.625,6129.9
U.S. Treasury Inflation Indexed Bonds04/15/20160.124,8219.6
U.S. Treasury Inflation Indexed Bonds04/15/20150.519,1317.4
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,6886.5
U.S. Treasury Inflation Indexed Bonds04/15/20180.114,3315.6
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,6694.9
U.S. Treasury Inflation Indexed Bonds07/15/20191.911,1294.3
U.S. Treasury Inflation Indexed Bonds01/15/20211.17,8703.1
Brazil Letras Do Tesouro Nacional01/01/20170.06,9322.7
% of Total Holdings:171,11666.4

Full Holdings (As of Quarter Ended 06/30/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds07/15/20172.631,93312.4
U.S. Treasury Inflation Indexed Bonds07/15/20210.625,6129.9
U.S. Treasury Inflation Indexed Bonds04/15/20160.124,8219.6
U.S. Treasury Inflation Indexed Bonds04/15/20150.519,1317.4
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,6886.5
U.S. Treasury Inflation Indexed Bonds04/15/20180.114,3315.6
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,6694.9
U.S. Treasury Inflation Indexed Bonds07/15/20191.911,1294.3
U.S. Treasury Inflation Indexed Bonds01/15/20211.17,8703.1
Brazil Letras Do Tesouro Nacional01/01/20170.06,9322.7
Spain Government Bond01/31/20235.46,3972.5
U.S. Treasury Inflation Indexed Bonds01/15/20151.66,3802.5
U.S. Treasury Inflation Indexed Bonds07/15/20162.56,3762.5
Bundesobligation Inflation Linked04/15/20180.85,6872.2
U.S. Treasury Notes07/15/20140.65,3012.1
U.S. Treasury Inflation Indexed Bonds07/15/20142.05,1422.0
U.S. Treasury Inflation Indexed Bonds01/15/20240.64,7401.8
Federal National Mortgage Association TBA07/12/20424.04,2461.6
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,5641.4
U.S. Treasury Notes08/15/20140.53,5021.4
Brazil Notas do Tesouro Nacional Série F01/01/202110.03,1371.2
Citibank Omni Master Trust08/15/20182.92,6081.0
Cooperatieve Centrale Raiffeisen-Boerenleenbank Ba04/28/20170.62,6061.0
JP Morgan Chase & Co. MTN04/25/20180.82,6021.0
Hellenic Republic Treasury Bills12/12/20140.02,5851.0
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,5241.0
Telefonica Emisiones Sau06/23/20170.92,5001.0
Navient Corp. MTN09/10/20153.92,2550.9
Spain Government Bond04/30/20243.82,2520.9
U.S. Treasury Notes07/31/20140.11,9000.7
U.S. Treasury Inflation Indexed Bonds02/15/20441.41,7930.7
U.S. Treasury Inflation Indexed Bonds04/15/20190.11,6670.6
Ally Financial Inc.07/18/20163.51,6560.6
Italy Buoni Poliennali Del Tesoro09/15/20181.71,6070.6
U.S. Treasury Floating Rate Note04/30/20160.11,5000.6
Bear Stearns Alt-A Trust09/25/20340.91,4130.5
Commercial Industrial Finance Corp.05/10/20210.51,3710.5
Hellenic Republic Treasury Bills10/10/20140.01,3640.5
Mexican Bonos de Proteccion Al Ahorro01/30/20203.61,2660.5
SLM Student Loan Trust12/15/20230.51,2570.5
U.S. Treasury Inflation Indexed Bonds01/15/20172.41,2220.5
First Franklin Mortgage Loan Asset Backed Certificates11/25/20350.81,1910.5
Stone Tower Capital LLC04/17/20210.51,1770.5
New South Wales Treasury Corp.11/20/20352.51,1240.4
Hillmark Funding05/21/20210.51,0740.4
New South Wales Treasury Corp.11/20/20252.81,0280.4
New Zealand Government Bond09/20/20252.01,0200.4
Bear Stearns ALT-A Trust07/25/20354.99950.4
U.S. Treasury Notes08/31/20140.29000.3
Citigroup Mortgage Loan Trust Inc.09/25/20350.68910.3
Slovenia Government Bond11/01/20164.78910.3
Italy Buoni Poliennali del Tesoro10/22/20162.68570.3
Australia Government Bond03/15/20195.28300.3
U.S. Treasury Notes10/15/20140.58010.3
Structured Asset Investment Loan Trust05/25/20360.37480.3
Ally Financial Inc.12/01/20142.47030.3
Wachovia Mortgage Loan Trust LLC10/20/20352.66740.3
Bear Stearns Asset Backed Securities Trust07/25/20360.65930.2
Italy Buoni Poliennali del Tesoro04/22/20172.25710.2
Federal National Mortgage Association02/01/20414.05480.2
Hellenic Republic Treasury Bills07/18/20140.05470.2
Venture CLO Ltd.01/20/20220.55430.2
People's Choice Home Loan Securities Trust01/25/20351.54840.2
Italy Buoni Poliennali Del Tesoro09/15/20212.14800.2
Small Business Administration Participation Certificates11/01/20275.54530.2
Securitized Asset Backed Receivables LLC Trust08/25/20350.44470.2
IndyMac Imsc Mortgage Loan Trust07/25/20470.34460.2
Italy Buoni Poliennali del Tesoro09/15/20242.44440.2
Ally Financial Inc.02/15/20175.54340.2
Washington Mutual Mortgage Pass Through Certificates01/25/20461.24290.2
Hellenic Republic Treasury Bills08/18/20140.04100.2
Deutsche Alt-A Securities Inc.04/25/20370.54020.2
Electricite de France SA01/20/20170.74020.2
Countrywide Alternative Loan Trust04/25/20376.03850.1
Countrywide Asset-Backed Certificates04/25/20364.63830.1
Italy Buoni Poliennali del Tesoro09/15/20172.13370.1
First Franklin Mortgage Loan Asset Backed Certificates09/25/20350.53370.1
Xunta de Galicia04/03/20186.13220.1
Granite Mortgages plc06/20/20440.53170.1
Countrywide Alternative Loan Trust01/25/20365.53160.1
Chaseflex Trust08/25/20374.83110.1
Sse plc09/29/20495.63000.1
Italy Buoni Poliennali del Tesoro09/15/20164.82980.1
SLM Corp. MTN11/01/20162.92950.1
GMAC International Finance BV04/21/20157.52880.1
Commercial Industrial Finance Corp.03/01/20210.52620.1
Hellenic Railways Organization SA03/17/20174.02610.1
Merrill Lynch Mortgage Investors Trust02/25/20362.52570.1
Morgan Stanley Mortgage Loan Trust06/25/20362.12500.1
Colombian Tes03/25/20333.02380.1
Bayview Financial Acquisition Trust12/28/20365.72350.1
Magi Funding plc04/11/20210.72080.1
Turkiye Garanti Bankasi AS04/20/20162.72000.1
SLM Student Loan Trust09/15/20210.51950.1
Lehman XS Trust08/25/20460.41880.1
BG Energy Capital plc11/30/20726.51870.1
Mexican Bonos05/29/20317.81770.1
Soundview Home Loan Trust05/25/20360.41700.1
Italy Buoni Poliennali Del Tesoro11/01/20225.51680.1
Italy Buoni Poliennali del Tesoro09/15/20263.11670.1
Countrywide Alternative Loan Trust04/25/20376.01650.1
Autonomous Community of Catalonia02/11/20205.01540.1
Harborview Mortgage Loan Trust05/19/20350.41500.1
Mexican Bonos de Proteccion Al Ahorro06/29/20173.01490.1
Thornburg Mortgage Securities Trust07/25/20365.81460.1
MASTR Asset Backed Securities Trust06/25/20360.41370.1
Argent Securities Inc.10/25/20350.41100.0
Countrywide Alternative Loan Trust08/25/20366.01100.0
Residential Asset Securitization Trust11/25/20366.21040.0
Chesapeake Energy Corp.04/15/20193.51010.0
Ally Financial Inc.12/01/20142.41000.0
Electricite de France SA01/20/20171.21000.0
U.S. Treasury Notes11/30/20140.21000.0
U.S. Treasury Notes10/31/20140.21000.0
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.2760.0
U.S. Treasury Notes09/15/20140.2410.0
Banc of America Mortgage Securities Inc.09/25/20336.5250.0
Interest Rate Swap Option 5 year11/10/20140.060.0
Commodity - Crude Oil Futures11/17/2015150.040.0
U.S. Treasury Note Option 10 year08/22/20140.020.0
Total295,005114.4
Cash and Other Assets Less Liabilities-14.4
Total Net Assets100%

Sector Allocation (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
Economic SectorHarbor Commodity Real Return Strategy Fund %
U.S. Government Obligations82.2
Foreign Government Obligations16.1
Corporate Bonds & Notes5.8
Asset-backed Securities5.8
Collateralized Mortgage Obligations2.8
Mortgage Pass-through1.9
Purchased Options0.0

Benchmark Sectors (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
Economic SectorBloomberg Commodity Index Total ReturnSM %
Energy31.8
Grains20.1
Industrial Metals16.6
Precious Metals15.7
Softs7.9
Livestock5.1
Vegetable Oil2.8

Maturity Profile (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
MaturityHarbor Commodity Real Return Strategy Fund %
0-1 yr5.1
1-3 yr21.3
3-5 yr55.3
5-7 yr14.5
7-10 yr8.9
10-20 yr2.0
20-30 yr-4.8
Over 30 yr-2.2

Duration (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
DurationHarbor Commodity Real Return Strategy Fund %
0-1 yr9.0
1-3 yr32.3
3-5 yr47.0
5-7 yr57.4
7-10 yr11.4
10-20 yr-27.5
20-30 yr-29.7
Over 30 yr0.0

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 Bloomberg Commodity Index Total ReturnSM is a broadly diversified index that tracks the commodities markets through commodity futures contracts.