Harbor Commodity Real Return Strategy Fund Institutional Class (HACMX)

Portfolio Characteristics (As of Quarter Ended 12/31/2013)

 Harbor Commodity Real Return Strategy FundDow Jones-UBS Commodity Index Total ReturnSM
Number of Issues90-
Average Market Coupon (%)0.87-
Yield to Maturity (%)2.64-
Weighted Avg. Maturity (yrs)3.79-
Weighted Avg. Duration (yrs)3.600.21

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

Top Ten Holdings (As of Quarter Ended 03/31/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20180.136,10113.8
U.S. Treasury Inflation Indexed Bonds07/15/20172.630,50711.7
U.S. Treasury Inflation Indexed Bonds07/15/20210.624,7049.5
U.S. Treasury Inflation Indexed Bonds04/15/20160.124,5229.4
U.S. Treasury Inflation Indexed Bonds04/15/20150.518,9677.3
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,1946.2
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,4304.8
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,8594.2
U.S. Treasury Notes05/31/20140.28,3393.2
U.S. Treasury Inflation Indexed Bonds01/15/20211.17,6112.9
% of Total Holdings:190,23473.0

Full Holdings (As of Quarter Ended 03/31/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20180.136,10113.8
U.S. Treasury Inflation Indexed Bonds07/15/20172.630,50711.7
U.S. Treasury Inflation Indexed Bonds07/15/20210.624,7049.5
U.S. Treasury Inflation Indexed Bonds04/15/20160.124,5229.4
U.S. Treasury Inflation Indexed Bonds04/15/20150.518,9677.3
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,1946.2
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,4304.8
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,8594.2
U.S. Treasury Notes05/31/20140.28,3393.2
U.S. Treasury Inflation Indexed Bonds01/15/20211.17,6112.9
U.S. Treasury Notes07/15/20140.66,8112.6
Brazil Letras Do Tesouro Nacional01/01/20170.06,4302.5
U.S. Treasury Inflation Indexed Bonds01/15/20151.66,3492.4
U.S. Treasury Inflation Indexed Bonds07/15/20162.56,3212.4
Bundesobligation Inflation Linked04/15/20180.85,6522.2
U.S. Treasury Inflation Indexed Bonds01/15/20192.15,6002.1
U.S. Treasury Notes09/15/20140.25,3462.0
U.S. Treasury Inflation Indexed Bonds07/15/20142.05,1462.0
Brazil Notas do Tesouro Nacional Série F01/01/202110.04,6951.8
U.S. Treasury Notes08/15/20140.53,5061.3
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,4991.3
Spain Government Bond04/30/20243.83,3211.3
U.S. Treasury Notes05/15/20141.02,9031.1
Citibank Omni Master Trust08/15/20182.92,6261.0
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,4730.9
U.S. Treasury Notes07/31/20140.11,9000.7
Italy Buoni Poliennali Del Tesoro09/15/20181.71,5820.6
Commercial Industrial Finance Corp.05/10/20210.51,5650.6
U.S. Treasury Floating Rate Note01/31/20160.11,4990.6
Bear Stearns Alt-A Trust09/25/20340.91,4740.6
Italy Buoni Poliennali del Tesoro09/15/20172.11,3420.5
SLM Student Loan Trust12/15/20230.61,3270.5
Mexican Bonos de Proteccion Al Ahorro01/30/20203.61,2440.5
First Franklin Mortgage Loan Asset Backed Certificates11/25/20350.51,2280.5
U.S. Treasury Inflation Indexed Bonds01/15/20172.41,2070.5
Stone Tower Capital LLC04/17/20210.51,1720.4
Hillmark Funding05/21/20210.51,1210.4
New South Wales Treasury Corp.11/20/20252.81,0640.4
Bear Stearns ALT-A Trust07/25/20354.91,0060.4
New Zealand Government Bond09/20/20252.09930.4
U.S. Treasury Notes08/31/20140.29010.3
Slovenia Government Bond11/01/20164.78990.3
Citigroup Mortgage Loan Trust Inc.09/25/20350.68780.3
New South Wales Treasury Corp.11/20/20352.58760.3
Australia Government Bond03/15/20195.28030.3
U.S. Treasury Notes10/15/20140.58020.3
Structured Asset Investment Loan Trust05/25/20360.37720.3
Wachovia Mortgage Loan Trust LLC10/20/20352.66840.3
Venture CLO Ltd.01/20/20220.55910.2
Federal National Mortgage Association02/01/20414.05580.2
Small Business Administration Participation Certificates11/01/20275.54860.2
People's Choice Home Loan Securities Trust01/25/20351.54800.2
Italy Buoni Poliennali del Tesoro08/01/20175.24650.2
Italy Buoni Poliennali Del Tesoro09/15/20212.14580.2
Countrywide Asset-Backed Certificates04/25/20364.74460.2
IndyMac Imsc Mortgage Loan Trust07/25/20470.34410.2
Washington Mutual Mortgage Pass Through Certificates01/25/20461.24350.2
First Franklin Mortgage Loan Asset Backed Certificates09/25/20350.54320.2
Deutsche Alt-A Securities Inc.04/25/20370.54130.2
Electricite de France01/20/20170.74020.2
Countrywide Alternative Loan Trust04/25/20376.03980.2
Granite Mortgages plc06/20/20440.63500.1
Commercial Industrial Finance Corp.03/01/20210.53440.1
Alternative Loan Trust01/25/20365.53410.1
Xunta de Galicia04/03/20186.13190.1
Chaseflex Trust Series 2007-M108/25/20374.93160.1
Ally Financial Inc.06/20/20143.63030.1
Italy Buoni Poliennali del Tesoro09/15/20164.83010.1
Sse plc09/29/20495.62960.1
SLM Corp. MTN11/01/20162.42950.1
Magi Funding plc04/11/20210.62720.1
SLM Student Loan Trust09/15/20210.62710.1
Bayview Financial Acquisition Trust12/28/20365.72650.1
Merrill Lynch Mortgage Investors Trust02/25/20362.52560.1
Morgan Stanley Mortgage Loan Trust06/25/20362.12500.1
U.S. Treasury Notes06/30/20140.22000.1
Turkiye Garanti Bankasi AS04/20/20162.71970.1
Lehman XS Trust08/25/20460.41900.1
Alternative Loan Trust04/25/20376.01700.1
Italy Buoni Poliennali del Tesoro09/15/20263.11570.1
Thornburg Mortgage Securities Trust07/25/20365.21530.1
SLM Corp. MTN04/01/20143.11510.1
Harborview Mortgage Loan Trust05/19/20350.41490.1
Soundview Home Loan Trust05/25/20360.41490.1
Argent Securities Inc.10/25/20350.41480.1
Mexican Bonos de Proteccion Al Ahorro06/29/20173.61470.1
Master Asset Backed Securities Trust06/25/20360.41350.1
Alternative Loan Trust08/25/20366.01130.0
RWE AG10/12/20727.01100.0
Residential Asset Securitization Trust11/25/20366.21080.0
U.S. Treasury Notes11/30/20140.21000.0
U.S. Treasury Notes10/31/20140.21000.0
Electricite de France01/20/20171.21000.0
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.2760.0
Ares CLO Funds03/12/20180.5470.0
Brazil Notas Do Tesouro Nacional Série F01/01/202310.0390.0
Banc of America Mortgage Securities Inc.09/25/20336.5270.0
Commodity - Crude Oil Futures11/17/2015150.040.0
Interest Rate Swap Option 30 year04/14/20143.900.0
Total300,205115.1
Cash and Other Assets Less Liabilities-15.1
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Economic SectorHarbor Commodity Real Return Strategy Fund %
U.S. Government Obligations93.9
Foreign Government Obligations11.8
Asset-backed Securities5.7
Collateralized Mortgage Obligations2.8
Corporate Bonds & Notes0.7
Mortgage Pass-through0.2
Purchased Options0.0

Benchmark Sectors (As of Quarter Ended 12/31/2013)

As of Quarter Ended 12/31/2013
Economic SectorDow Jones-UBS Commodity Index Total ReturnSM %
Energy38.9
Grains17.3
Industrial Metals16.7
Precious Metals11.3
Softs7.8
Livestock5.6
Vegetable Oil2.3

Maturity Profile (As of Quarter Ended 12/31/2013)

As of Quarter Ended 12/31/2013
MaturityHarbor Commodity Real Return Strategy Fund %Dow Jones-UBS Commodity Index Total ReturnSM %
0-1 yr0.00.0
1-3 yr24.00.0
3-5 yr48.50.0
5-7 yr10.70.0
7-10 yr21.20.0
10-20 yr0.80.0
20-30 yr-5.30.0
Over 30 yr0.00.0

Duration (As of Quarter Ended 12/31/2013)

As of Quarter Ended 12/31/2013
DurationHarbor Commodity Real Return Strategy Fund %Dow Jones-UBS Commodity Index Total ReturnSM %
0-1 yr14.40.0
1-3 yr18.90.0
3-5 yr46.50.0
5-7 yr44.80.0
7-10 yr6.60.0
10-20 yr-16.80.0
20-30 yr-14.40.0
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 Dow Jones-UBS Commodity Index Total ReturnSM is composed of futures contracts on 19 physical commodities. This unmanaged index does not reflect fees and expenses and is not available for direct investment