Harbor Commodity Real Return Strategy Fund Institutional Class (HACMX)

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

 Harbor Commodity Real Return Strategy FundBloomberg Commodity Index Total ReturnSM
Number of Issues142-
Average Market Coupon (%)1.37-
Yield to Maturity (%)2.60-
Weighted Avg. Maturity (yrs)2.27-
Weighted Avg. Duration (yrs)2.41-

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

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

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds07/15/20201.212,80915.5
U.S. Treasury Inflation Indexed Bonds07/15/20210.612,21314.8
U.S. Treasury Inflation Indexed Bonds04/15/20180.110,67012.9
U.S. Treasury Inflation Indexed Bonds07/15/20191.97,5589.2
U.S. Treasury Inflation Indexed Bonds07/15/20162.53,8904.7
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,7624.6
U.S. Treasury Inflation Indexed Bonds07/15/20240.13,7084.5
U.S. Treasury Inflation Indexed Bonds01/15/20172.42,9613.6
Italy Buoni Poliennali Del Tesoro09/15/20181.72,4373.0
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,3982.9
% of Total Holdings:62,40675.7

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

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds07/15/20201.212,80915.5
U.S. Treasury Inflation Indexed Bonds07/15/20210.612,21314.8
U.S. Treasury Inflation Indexed Bonds04/15/20180.110,67012.9
U.S. Treasury Inflation Indexed Bonds07/15/20191.97,5589.2
U.S. Treasury Inflation Indexed Bonds07/15/20162.53,8904.7
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,7624.6
U.S. Treasury Inflation Indexed Bonds07/15/20240.13,7084.5
U.S. Treasury Inflation Indexed Bonds01/15/20172.42,9613.6
Italy Buoni Poliennali Del Tesoro09/15/20181.72,4373.0
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,3982.9
U.S. Treasury Inflation Indexed Bonds04/15/20160.12,3622.9
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY04/28/20170.72,3482.8
U.K. Gilt Inflation Linked03/22/20240.12,3472.8
U.S. Treasury Inflation Indexed Bonds01/15/20252.42,2372.7
U.S. Treasury Inflation Indexed Bonds04/15/20190.12,2192.7
U.S. Treasury Inflation Indexed Bonds01/15/20240.62,1152.6
JP Morgan Chase & Co. MTN04/25/20180.92,0172.4
Brazil Letras Do Tesouro Nacional01/01/20170.01,8112.2
U.S. Treasury Inflation Indexed Bonds02/15/20441.41,6172.0
Telefonica Emisiones Sau06/23/20171.21,5911.9
Ally Financial Inc.07/18/20163.51,2061.5
U.S. Treasury Notes09/30/20160.51,1981.5
U.S. Treasury Inflation Indexed Bonds01/15/20292.51,0361.3
Brazil Letras Do Tesouro Nacional01/01/20180.09661.2
Citigroup Mortgage Loan Trust Inc.09/25/20351.19521.2
Bear Stearns Alt-A Trust09/25/20341.18811.1
New Zealand Government Bond09/20/20252.08311.0
U.S. Treasury Inflation Indexed Bonds01/15/20230.17901.0
Bear Stearns ALT-A Trust07/25/20354.97901.0
U.S. Treasury Inflation Indexed Bonds07/15/20220.17420.9
Structured Asset Investment Loan Trust05/25/20360.66860.8
First Franklin Mortgage Loan Trust11/25/20351.16710.8
SLM Student Loan Trust12/15/20230.16680.8
First Franklin Mortgage Loan Trust06/25/20361.26570.8
U.K. Gilt Inflation Linked03/22/20460.16370.8
Deutsche Alt-A Securities Inc. Mortgage Loan Trust08/25/20470.66090.7
Hillmark Funding Ltd.05/21/20210.65640.7
Brazil Letras Do Tesouro Nacional10/01/20160.05440.7
Bear Stearns Asset Backed Securities Trust07/25/20360.85330.6
Residential Accredit Loans Inc.09/25/20366.05320.6
Wachovia Mortgage Loan Trust LLC10/20/20352.85170.6
People's Choice Home Loan Securities Trust01/25/20351.85100.6
U.S. Treasury Floating Rate Note10/31/20170.45000.6
Commercial Industrial Finance Corp.05/10/20210.64880.6
U.S. Treasury Inflation Indexed Bonds04/15/20293.94720.6
Slovenia Government International Bond11/01/20164.74520.5
Mexican Udibonos11/22/20354.54440.5
Stone Tower Capital LLC04/17/20210.54200.5
Ally Financial Inc.02/15/20175.54130.5
Goldman Sachs Group Inc.09/15/20201.74010.5
Federal National Mortgage Association02/01/20414.03990.5
IndyMac Imsc Mortgage Loan Trust07/25/20470.63990.5
Citigroup Mortgage Loan Trust08/25/20360.63920.5
Venture CLO Ltd.01/20/20220.53910.5
AT&T Inc.06/30/20223.03900.5
Bundesobligation Inflation Linked04/15/20180.83560.4
Washington Mutual Mortgage Pass Through Certificates Trust01/25/20461.33430.4
Italy Buoni Poliennali del Tesoro09/15/20242.43410.4
Brazil Letras Do Tesouro Nacional01/01/20190.03350.4
Small Business Administration Participation Certificates11/01/20275.53300.4
Countrywide Alternative Loan Trust04/25/20376.03190.4
Deutsche Alt-A Securities Inc. Mortgage Loan Trust04/25/20370.73110.4
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.62950.4
Navient Corp. MTN11/01/20160.32880.3
Chaseflex Trust08/25/20376.42820.3
Countrywide Alternative Loan Trust01/25/20365.52590.3
U.S. Treasury Inflation Indexed Bonds01/15/20272.42590.3
Mexican Bonos06/14/20184.82480.3
Barclays plc12/15/20208.02360.3
Sse plc10/01/20175.62310.3
Merrill Lynch Mortgage Investors Trust02/25/20362.52250.3
Barclays Bank plc04/10/20237.82140.3
Spain Government Inflation Linked Bond11/30/20301.02140.3
Morgan Stanley Mortgage Loan Trust06/25/20362.22090.3
Securitized Asset Backed Receivables LLC Trust08/25/20351.02060.2
Hellenic Railways Organization SA03/17/20174.02020.2
Turkiye Garanti Bankasi AS04/20/20162.82000.2
AT&T Inc.06/30/20202.41970.2
U.K. Gilt Inflation Linked03/22/20440.11970.2
AT&T Inc.05/15/20464.81840.2
U.K. Gilt Inflation Linked03/22/20620.41620.2
Soundview Home Loan Trust05/25/20360.71610.2
Colombian Tes03/25/20333.01590.2
BG Energy Capital plc11/30/20726.51560.2
Mexican Udibonos11/15/20404.01520.2
Hewlett Packard Enterprise Co.10/05/20182.81500.2
Hewlett Packard Enterprise Co.10/05/20172.41500.2
Lehman XS Trust08/25/20460.61500.2
Italy Buoni Poliennali del Tesoro09/15/20263.11440.2
Countrywide Asset-Backed Certificates04/25/20365.51400.2
Countrywide Alternative Loan Trust04/25/20376.01370.2
Petrobras Global Finance BV05/20/20234.41330.2
Harborview Mortgage Loan Trust05/19/20350.61230.1
MASTR Asset Backed Securities Trust06/25/20360.71210.1
U.S. Treasury Inflation Indexed Bonds07/15/20172.61200.1
Banco Popular Espanol SA MTN10/10/201811.51180.1
Autonomous Community of Catalonia02/11/20205.01170.1
Marche Mutui Srl01/27/20642.21150.1
Mexican Bonos de Proteccion Al Ahorro06/29/20173.31120.1
IndyMac Home Equity Loan Trust09/28/20360.51090.1
National Bank of Greece SA10/07/20163.91060.1
Thornburg Mortgage Securities Trust07/25/20364.41030.1
Athens Urban Transportation Organisation09/19/20164.91010.1
Interest Rate Swap Option 30 year12/11/20170.01010.1
AT&T Inc.06/30/20201.5990.1
AT&T Inc.05/15/20354.5930.1
Petrobras Global Finance BV01/15/20182.8880.1
Countrywide Alternative Loan Trust08/25/20366.0880.1
Residential Asset Securitization Trust11/25/20366.2850.1
Petrobras Global Finance BV01/15/20193.0770.1
U.K. Gilt Inflation Linked03/22/20680.1740.1
Bayview Financial Acquisition Trust12/28/20365.7660.1
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.5650.1
Marche Mutui Srl02/25/20550.3550.1
Commercial Industrial Finance Corp.03/01/20210.7340.0
Chesapeake Energy Corp.04/15/20193.6280.0
U.K. Gilt Inflation Linked03/22/20580.1220.0
Interest Rate Swap Option 1 year06/23/20160.0190.0
Interest Rate Swap Option 1 year06/24/20160.0190.0
Banc of America Mortgage Trust09/25/20336.5180.0
Marche Mutui Srl10/27/20650.3180.0
U.K.  LIBOR  Future 90  day12/21/20160.080.0
Interest Rate Swap Option 5 year 5 year12/05/20160.080.0
U.K.  LIBOR  Future 90  day03/11/20160.070.0
Commodity  -  Natural  Gas  Futures05/25/20160.030.0
U.S. Treasury Notes Future 10 year02/19/20160.020.0
Commodity  -  Natural  Gas  Futures03/28/20160.020.0
Commodity  -  Natural  Gas  Futures03/28/20160.020.0
Commodity  -  Natural  Gas  Futures05/25/20160.020.0
Commodity  -  Natural  Gas  Futures05/25/20160.010.0
U.S. Treasury Notes Future 5 year02/19/20160.010.0
Commodity  -  Natural  Gas  Futures03/28/20160.010.0
Commodity  -  Natural  Gas  Futures05/25/20160.010.0
Commodity  -  Natural  Gas  Futures03/28/20160.010.0
Interest Rate Swap Option 1 year04/29/20160.000.0
Euro-Bund Futures02/19/20160.000.0
U.S. Treasury Notes Future 30 year02/19/20160.000.0
Interest Rate Swap Option 1 year04/06/20160.000.0
Commodity - Brent Crude Oil Futures Swap Option01/29/20160.000.0
Commodity - Brent Crude Oil Futures Swap Option02/29/20160.000.0
Commodity - Brent Crude Oil Futures Swap Option03/31/20160.000.0
Interest Rate Swap Option 1 year01/05/20160.000.0
Total115,759140.0
Cash and Other Assets Less Liabilities-40.0
Total Net Assets100%

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

As of Quarter Ended 12/31/2015
Economic SectorHarbor Commodity Real Return Strategy Fund %
U.S. Government Obligations91.6
Foreign Government Obligations16.0
Corporate Bonds & Notes13.7
Asset-backed Securities10.2
Collateralized Mortgage Obligations7.9
Mortgage Pass-through0.5
Purchased Options0.2

Benchmark Sectors (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Economic SectorBloomberg Commodity Index Total ReturnSM %
Energy30.0
Grains21.0
Industrial Metals17.0
Precious Metals16.0
Softs7.0
Livestock6.0
Vegetable Oil3.0

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

As of Quarter Ended 12/31/2015
MaturityHarbor Commodity Real Return Strategy Fund %
0-1 yr0.0
1-3 yr38.6
3-5 yr50.2
5-7 yr14.2
7-10 yr8.0
10-20 yr-3.5
20-30 yr-4.7
Over 30 yr-2.8

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

As of Quarter Ended 12/31/2015
DurationHarbor Commodity Real Return Strategy Fund %
0-1 yr-1.0
1-3 yr26.9
3-5 yr67.6
5-7 yr85.9
7-10 yr-42.0
10-20 yr-29.0
20-30 yr-14.3
Over 30 yr6.0

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.