Harbor Commodity Real Return Strategy Fund Institutional Class (HACMX)

Portfolio Characteristics (As of Quarter Ended 06/30/2015)

 Harbor Commodity Real Return Strategy FundBloomberg Commodity Index Total ReturnSM
Number of Issues154-
Average Market Coupon (%)1.33-
Yield to Maturity (%)1.77-
Weighted Avg. Maturity (yrs)3.08-
Weighted Avg. Duration (yrs)1.46-

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

Top Ten Holdings (As of Quarter Ended 09/30/2015)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20160.119,80217.4
U.S. Treasury Inflation Indexed Bonds07/15/20210.618,37816.1
U.S. Treasury Inflation Indexed Bonds04/15/20180.116,80914.8
U.S. Treasury Inflation Indexed Bonds07/15/20201.215,75313.8
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,09110.6
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,6309.3
U.S. Treasury Inflation Indexed Bonds07/15/20162.53,9053.4
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,4563.0
U.S. Treasury Inflation Indexed Bonds01/15/20252.42,7272.4
U.S. Treasury Inflation Indexed Bonds04/15/20200.12,7262.4
% of Total Holdings:106,27793.2

Full Holdings (As of Quarter Ended 06/30/2015)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20160.121,14514.5
U.S. Treasury Inflation Indexed Bonds07/15/20210.618,13312.4
U.S. Treasury Inflation Indexed Bonds07/15/20201.217,67112.1
U.S. Treasury Inflation Indexed Bonds04/15/20180.116,76211.5
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,2388.4
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,7597.4
Bundesobligation Inflation Linked04/15/20180.84,5803.1
U.S. Treasury Inflation Indexed Bonds07/15/20162.53,9502.7
Federal National Mortgage Association TBA07/12/20423.53,9112.7
U.S. Treasury Inflation Indexed Bonds01/15/20250.23,6312.5
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,4952.4
U.S. Treasury Inflation Indexed Bonds01/15/20252.43,0602.1
Italy Buoni Poliennali Del Tesoro09/15/20181.72,8522.0
JP Morgan Chase & Co. MTN04/25/20180.82,6031.8
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY04/28/20170.62,6021.8
U.K. Gilt Inflation Linked03/22/20240.12,5331.7
Telefonica Emisiones Sau06/23/20170.92,4951.7
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,4441.7
U.S. Treasury Notes05/31/20201.51,8901.3
U.S. Treasury Inflation Indexed Bonds01/15/20211.11,8321.3
U.S. Treasury Inflation Indexed Bonds02/15/20441.41,6511.1
Ally Financial Inc.07/18/20163.51,6281.1
Spain Government Bond04/30/20243.81,5101.0
U.S. Treasury Inflation Indexed Bonds02/15/20450.81,4721.0
Federal National Mortgage Association09/28/20150.51,3000.9
Brazil Letras Do Tesouro Nacional01/01/20180.01,2200.8
U.S. Treasury Inflation Indexed Bonds01/15/20292.51,0750.7
Bear Stearns Alt-A Trust09/25/20340.91,0390.7
France Government Bond Oat07/25/20180.29670.7
Citigroup Mortgage Loan Trust Inc.09/25/20350.79500.7
U.S. Treasury Bills09/24/20150.09340.6
U.S. Treasury Inflation Indexed Bonds04/15/20200.19180.6
U.S. Treasury Bonds02/15/20452.58630.6
First Franklin Mortgage Loan Trust11/25/20350.98610.6
Bear Stearns ALT-A Trust07/25/20354.88540.6
New Zealand Government Bond09/20/20252.08320.6
SLM Student Loan Trust12/15/20230.28110.6
Italy Buoni Poliennali del Tesoro04/22/20172.28060.6
Mexican Udibonos12/04/20254.58060.6
U.S. Treasury Bonds05/15/20453.07940.5
IndyMac Home Equity Loan Trust09/28/20360.47890.5
Stone Tower Capital LLC04/17/20210.57880.5
Deutsche Bundesrepublik Inflation Linked Bond04/15/20161.57850.5
Commercial Industrial Finance Corp.05/10/20210.57670.5
Structured Asset Investment Loan Trust05/25/20360.37640.5
Deutsche Alt-A Securities Mortgage Loan Trust08/25/20470.37580.5
Hillmark Funding Ltd.05/21/20210.57330.5
U.S. Treasury Inflation Indexed Bonds07/15/20151.97320.5
Slovenia Government Bond11/01/20164.77080.5
Spain Government Bond01/31/20235.46930.5
U.S. Treasury Bills09/03/20150.06820.5
Italy Buoni Poliennali del Tesoro09/15/20242.46810.5
First Franklin Mortgage Loan Trust06/25/20360.76660.5
Italy Buoni Poliennali del Tesoro10/22/20162.66420.4
Bear Stearns Asset Backed Securities Trust07/25/20360.65940.4
Residential Accredit Loans Inc.09/25/20366.05800.4
Wachovia Mortgage Loan Trust LLC10/20/20352.55740.4
People's Choice Home Loan Securities Trust01/25/20351.55090.3
Mexican Udibonos11/22/20354.55060.3
Federal Home Loan Bank Discount Notes11/18/20150.05000.3
U.S. Treasury Inflation Indexed Bonds04/15/20293.94900.3
AT&T Inc.05/15/20253.44780.3
Barclays plc09/15/20196.54450.3
Federal National Mortgage Association02/01/20414.04410.3
Brazil Letras Do Tesouro Nacional01/01/20190.04410.3
Ally Financial Inc.02/15/20175.54180.3
Italy Buoni Poliennali del Tesoro09/15/20172.14090.3
IndyMac Imsc Mortgage Loan Trust07/25/20470.44060.3
France Government Bond OAT07/25/20151.64020.3
Electricite de France SA01/20/20170.74010.3
Venture CLO Ltd.01/20/20220.53990.3
AT&T Inc.06/30/20223.03870.3
U.S. Treasury Inflation Indexed Bonds01/15/20262.03840.3
Small Business Administration Participation Certificates11/01/20275.53730.3
Washington Mutual Mortgage Pass Through Certificates Trust01/25/20461.23650.2
Deutsche Alt-A Securities Mortgage Loan Trust04/25/20370.53500.2
Countrywide Alternative Loan Trust04/25/20376.03380.2
Mexican Udibonos11/15/20404.03130.2
U.S. Treasury Inflation Indexed Bonds07/15/20220.13070.2
Chaseflex Trust08/25/20376.43030.2
Navient Corp. MTN11/01/20160.02980.2
U.S. Treasury Notes03/31/20221.82950.2
Countrywide Alternative Loan Trust01/25/20365.52870.2
Securitized Asset Backed Receivables LLC Trust08/25/20350.52720.2
Mexican Bonos06/14/20184.82720.2
U.S. Treasury Inflation Indexed Bonds01/15/20272.42670.2
Merrill Lynch Mortgage Investors Trust02/25/20362.52430.2
Barclays plc12/15/20498.02370.2
Sse plc10/01/20175.62370.2
Morgan Stanley Mortgage Loan Trust06/25/20362.12210.2
Banco Santander SA09/11/20216.22170.1
Spain Government Inflation Linked Bond11/30/20301.02080.1
U.S. Treasury Inflation Indexed Bonds04/15/20190.12050.1
U.S. Treasury Inflation Indexed Bonds01/15/20230.12020.1
Countrywide Asset-Backed Certificates04/25/20365.52010.1
Turkiye Garanti Bankasi AS04/20/20162.82010.1
AT&T Inc.06/30/20202.41960.1
Colombian Tes03/25/20333.01900.1
U.S. Treasury Inflation Indexed Bonds01/15/20172.41850.1
AT&T Inc.05/15/20464.81830.1
Petrobras Global Finance BV05/20/20234.41750.1
BG Energy Capital plc11/30/20726.51680.1
Lehman XS Trust08/25/20460.41610.1
Soundview Home Loan Trust05/25/20360.51600.1
Interest Rate Swap Option 30 year12/11/20170.01560.1
Marche Mutui Srl01/27/20642.21540.1
Granite Mortgages plc06/20/20440.31470.1
Countrywide Alternative Loan Trust04/25/20376.01450.1
Mexican Udibonos11/08/20464.01410.1
Italy Buoni Poliennali del Tesoro09/15/20263.11400.1
Italy Buoni Poliennali Del Tesoro11/01/20225.51380.1
MASTR Asset Backed Securities Trust06/25/20360.41340.1
Bayview Financial Acquisition Trust12/28/20365.71320.1
Harborview Mortgage Loan Trust05/19/20350.41310.1
Banco Popular Espanol SA MTN10/10/201811.51240.1
Mexican Bonos de Proteccion Al Ahorro06/29/20173.31230.1
Autonomous Community of Catalonia02/11/20205.01230.1
U.S. Treasury Inflation Indexed Bonds07/15/20172.61230.1
Hellenic Railways Organization SA03/17/20174.01190.1
Italy Buoni Poliennali Del Tesoro09/15/20212.11180.1
Thornburg Mortgage Securities Trust07/25/20365.51170.1
Spain Government Inflation Linked Bond11/30/20190.61130.1
Petrobras Global Finance BV01/15/20182.81070.1
AT&T Inc.06/30/20201.21010.1
Electricite de France SA01/20/20171.21000.1
Federal Home Loan Bank Discount Notes09/04/20150.11000.1
U.S. Treasury Bonds11/15/20443.0980.1
Countrywide Alternative Loan Trust08/25/20366.0960.1
Commercial Industrial Finance Corp.03/01/20210.5960.1
Petrobras Global Finance BV01/15/20193.0920.1
AT&T Inc.05/15/20354.5920.1
Residential Asset Securitization Trust11/25/20366.2920.1
Chesapeake Energy Corp.04/15/20193.5920.1
National Bank of Greece SA10/07/20163.9910.1
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.3710.0
Marche Mutui Srl02/25/20550.4660.0
Athens Urban Transportation Organisation MTN09/19/20164.9610.0
Marche Mutui Srl10/27/20650.4400.0
Interest Rate Swap Option 30 year08/11/20150.0340.0
Banc of America Mortgage Trust09/25/20336.5230.0
Interest Rate Swap Option 30 year08/11/20150.0190.0
Magi Funding plc04/11/20210.3190.0
Commodity - Natural Gas Futures04/26/20160.090.0
Interest Rate Swap Option 1 year12/15/20150.070.0
Commodity - Light  Sweet  Crude  Oil Futures11/17/20150.070.0
Interest Rate Swap Option 1 year01/19/20160.070.0
Eurodollar Futures12/14/20150.050.0
Commodity - Crude Oil Futures11/17/20150.020.0
U.S. Treasury Notes 10 year Future08/21/20150.020.0
Commodity - Brent Crude Oil Futures Swap Option03/31/20160.020.0
Commodity - Brent Crude Oil Futures Swap Option02/29/20160.010.0
Commodity - Brent Crude Oil Futures Swap Option01/29/20160.010.0
Commodity - Corn Futures11/20/20150.010.0
Commodity - Wheat Futures07/24/20150.000.0
Cash and Other Assets Less Liabilities-30.5
Total Net Assets100%

Sector Allocation (As of Quarter Ended 06/30/2015)

As of Quarter Ended 06/30/2015
Economic SectorHarbor Commodity Real Return Strategy Fund %
U.S. Government Obligations88.2
Foreign Government Obligations16.0
Corporate Bonds & Notes9.8
Asset-backed Securities6.9
Collateralized Mortgage Obligations5.1
Mortgage Pass-through3.9
U.S. Government Agencies0.4
Purchased Options0.2

Benchmark Sectors (As of Quarter Ended 06/30/2015)

As of Quarter Ended 06/30/2015
Economic SectorBloomberg Commodity Index Total ReturnSM %
Industrial Metals15.0
Precious Metals15.0
Vegetable Oil3.0

Maturity Profile (As of Quarter Ended 06/30/2015)

As of Quarter Ended 06/30/2015
MaturityHarbor Commodity Real Return Strategy Fund %
0-1 yr-1.7
1-3 yr39.4
3-5 yr21.4
5-7 yr31.7
7-10 yr24.1
10-20 yr-12.3
20-30 yr2.6
Over 30 yr-5.4

Duration (As of Quarter Ended 06/30/2015)

As of Quarter Ended 06/30/2015
DurationHarbor Commodity Real Return Strategy Fund %
0-1 yr-47.1
1-3 yr43.3
3-5 yr132.7
5-7 yr122.1
7-10 yr-78.1
10-20 yr16.6
20-30 yr-89.5
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.