Harbor Commodity Real Return Strategy Fund Institutional Class (HACMX)

Portfolio Characteristics (As of Quarter Ended 03/31/2015)

 Harbor Commodity Real Return Strategy FundBloomberg Commodity Index Total ReturnSM
Number of Issues125-
Average Market Coupon (%)1.26-
Yield to Maturity (%)1.80-
Weighted Avg. Maturity (yrs)2.79-
Weighted Avg. Duration (yrs)1.18-

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

Top Ten Holdings (As of Quarter Ended 03/31/2015)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20160.125,60117.6
U.S. Treasury Inflation Indexed Bonds07/15/20210.618,18912.5
U.S. Treasury Inflation Indexed Bonds04/15/20180.116,63211.4
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,28811.2
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,1908.4
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,7547.4
U.S. Treasury Inflation Indexed Bonds01/15/20250.25,8724.0
Bundesobligation Inflation Linked04/15/20180.84,3863.0
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,4582.4
Italy Buoni Poliennali Del Tesoro09/15/20181.72,7761.9
% of Total Holdings:116,14679.8

Full Holdings (As of Quarter Ended 03/31/2015)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20160.125,60117.6
U.S. Treasury Inflation Indexed Bonds07/15/20210.618,18912.5
U.S. Treasury Inflation Indexed Bonds04/15/20180.116,63211.4
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,28811.2
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,1908.4
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,7547.4
U.S. Treasury Inflation Indexed Bonds01/15/20250.25,8724.0
Bundesobligation Inflation Linked04/15/20180.84,3863.0
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,4582.4
Italy Buoni Poliennali Del Tesoro09/15/20181.72,7761.9
U.S. Treasury Inflation Indexed Bonds01/15/20252.42,6791.8
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY04/28/20170.62,6011.8
JP Morgan Chase & Co. MTN04/25/20180.82,6001.8
Telefonica Emisiones Sau06/23/20170.92,4951.7
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,4371.7
U.K. Gilt Inflation Linked03/22/20240.12,4301.7
Spain Government Bond01/31/20235.42,2901.6
Spain Government Bond04/30/20243.81,9811.4
Brazil Letras Do Tesouro Nacional01/01/20170.01,9111.3
U.S. Treasury Inflation Indexed Bonds01/15/20211.11,8371.3
U.S. Treasury Inflation Indexed Bonds02/15/20441.41,6541.1
Ally Financial Inc.07/18/20163.51,6241.1
Italy Buoni Poliennali del Tesoro10/22/20162.61,4431.0
Federal National Mortgage Association09/28/20150.51,3020.9
IndyMac Home Equity Loan Trust09/28/20360.31,1200.8
U.S. Treasury Inflation Indexed Bonds04/15/20150.51,0820.7
Bear Stearns Alt-A Trust09/25/20340.91,0810.7
New Zealand Government Bond09/20/20252.09500.7
Citigroup Mortgage Loan Trust Inc.09/25/20350.79480.6
First Franklin Mortgage Loan Asset Backed Certificates11/25/20350.99380.6
France Government Bond Oat07/25/20180.29240.6
Commercial Industrial Finance Corp.05/10/20210.59070.6
Bear Stearns ALT-A Trust07/25/20355.08730.6
Stone Tower Capital LLC04/17/20210.58500.6
SLM Student Loan Trust12/15/20230.38290.6
U.S. Treasury Inflation Indexed Bonds04/15/20190.18140.6
Hillmark Funding Ltd.05/21/20210.58030.6
Structured Asset Investment Loan Trust05/25/20360.37850.5
Italy Buoni Poliennali del Tesoro04/22/20172.27800.5
Deutsche Alt-A Securities Mortgage Loan Trust08/25/20470.37630.5
Deutsche Bundesrepublik Inflation Linked Bond04/15/20161.57560.5
Slovenia Government Bond11/01/20164.76930.5
Mexican Udibonos12/04/20254.56680.5
Italy Buoni Poliennali del Tesoro09/15/20242.46490.4
Rali Series Trust09/25/20366.06070.4
Wachovia Mortgage Loan Trust LLC10/20/20352.56040.4
U.S. Treasury Bonds02/15/20452.55950.4
Bear Stearns Asset Backed Securities Trust07/25/20360.65930.4
Province of Ontario Canada06/02/20453.45350.4
Mexican Udibonos11/22/20354.55260.4
People's Choice Home Loan Securities Trust01/25/20351.55110.4
U.S. Treasury Inflation Indexed Bonds04/15/20293.95020.3
Federal National Mortgage Association02/01/20414.04740.3
IndyMac Imsc Mortgage Loan Trust07/25/20470.44190.3
Ally Financial Inc.02/15/20175.54170.3
Small Business Administration Participation Certificates11/01/20275.54170.3
Venture CLO Ltd.01/20/20220.54030.3
Electricite de France SA01/20/20170.74010.3
Italy Buoni Poliennali del Tesoro09/15/20172.13950.3
France Government Bond OAT07/25/20151.63870.3
Washington Mutual Mortgage Pass Through Certificates Trust01/25/20461.23820.3
New South Wales Treasury Corp.11/20/20352.53670.3
Deutsche Alt-A Securities Inc.04/25/20370.53640.2
Countrywide Alternative Loan Trust04/25/20376.03540.2
Mexican Udibonos11/15/20404.03260.2
Securitized Asset Backed Receivables LLC Trust08/25/20350.53120.2
Chaseflex Trust08/25/20376.42990.2
Navient Corp. MTN11/01/20160.02950.2
Countrywide Alternative Loan Trust01/25/20365.52940.2
Mexican Bonos06/14/20184.82780.2
Merrill Lynch Mortgage Investors Trust02/25/20362.52430.2
France Government Bond OAT07/25/20240.22390.2
Countrywide Asset-Backed Certificates04/25/20365.52360.2
Sse plc10/01/20175.62340.2
Spain Government Inflation Linked Bond11/30/20301.02340.2
Morgan Stanley Mortgage Loan Trust06/25/20362.12240.2
Barclays plc09/15/20196.52220.2
GMAC International Finance BV04/21/20157.52160.1
Turkiye Garanti Bankasi AS04/20/20162.82010.1
Colombian Tes03/25/20333.01920.1
U.S. Treasury Inflation Indexed Bonds01/15/20172.41840.1
Granite Mortgages plc06/20/20440.31760.1
Petrobras Global Finance BV05/20/20234.41720.1
Lehman XS Trust08/25/20460.41700.1
Soundview Home Loan Trust05/25/20360.51600.1
BG Energy Capital plc11/30/20726.51590.1
Bayview Financial Acquisition Trust12/28/20365.71580.1
Commercial Industrial Finance Corp.03/01/20210.51540.1
Countrywide Alternative Loan Trust04/25/20376.01520.1
Italy Buoni Poliennali del Tesoro09/15/20263.11510.1
Hellenic Railways Organization SA03/17/20174.01510.1
Mexican Udibonos11/08/20464.01470.1
Italy Buoni Poliennali Del Tesoro11/01/20225.51430.1
Harborview Mortgage Loan Trust05/19/20350.41360.1
MASTR Asset Backed Securities Trust06/25/20360.41340.1
iShares MSCI Emerging Markets ETF0.01270.1
Thornburg Mortgage Securities Trust07/25/20366.01260.1
Mexican Bonos de Proteccion Al Ahorro06/29/20173.01260.1
Banco Popular Espanol SA MTN10/10/201811.51250.1
Autonomous Community of Catalonia02/11/20205.01230.1
U.S. Treasury Inflation Indexed Bonds07/15/20172.61230.1
Spain Government Inflation Linked Bond11/30/20190.61110.1
Banco Santander SA09/11/20216.21080.1
Interest Rate Swap Option 30 year12/11/20170.01040.1
Electricite de France SA01/20/20171.21000.1
Countrywide Alternative Loan Trust08/25/20366.01000.1
Petrobras Global Finance BV01/15/20182.8970.1
Chesapeake Energy Corp.04/15/20193.5970.1
Magi Funding plc04/11/20210.4950.1
National Bank of Greece SA10/07/20163.9930.1
Residential Asset Securitization Trust11/25/20366.2930.1
Petrobras Global Finance BV01/15/20193.0860.1
Athens Urban Transportation Organization MTN09/19/20164.9790.1
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.2760.1
Banc of America Mortgage Trust09/25/20336.5240.0
Commodity - Light  Sweet  Crude  Oil Futures11/17/20150.0220.0
Interest Rate Swap Option 30 year05/29/20150.0170.0
Argent Securities Inc.10/25/20350.4130.0
First Franklin Mortgage Loan Asset Backed Certificates09/25/20350.6130.0
Interest Rate Swap Option 1 year01/19/20160.080.0
Commodity - Crude Oil Futures11/17/20150.040.0
Commodity - Crude Oil Futures11/17/20150.040.0
U.S. Treasury Notes 10 year Future05/22/20150.020.0
Commodity - Crude Oil Futures11/17/20150.010.0
U.S. Treasury Notes 5 year Future05/22/20150.010.0
Total180,386124.5
Cash and Other Assets Less Liabilities-24.5
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Economic SectorHarbor Commodity Real Return Strategy Fund %
U.S. Government Obligations82.9
Foreign Government Obligations18.5
Corporate Bonds & Notes8.6
Asset-backed Securities7.2
Collateralized Mortgage Obligations5.1
Mortgage Pass-through1.2
Purchased Options0.1
Financials0.1

Benchmark Sectors (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Economic SectorBloomberg Commodity Index Total ReturnSM %
Energy33.0
Grains19.0
Industrial Metals17.0
Precious Metals16.0
Softs7.0
Livestock5.0
Vegetable Oil3.0

Maturity Profile (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
MaturityHarbor Commodity Real Return Strategy Fund %
0-1 yr23.8
1-3 yr16.9
3-5 yr27.1
5-7 yr23.6
7-10 yr17.0
10-20 yr-6.5
20-30 yr-1.1
Over 30 yr-0.6

Duration (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
DurationHarbor Commodity Real Return Strategy Fund %
0-1 yr-28.8
1-3 yr46.1
3-5 yr126.9
5-7 yr164.8
7-10 yr-118.6
10-20 yr1.5
20-30 yr-91.9
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.