Harbor Real Return Fund Administrative Class (HRRRX)

Portfolio Characteristics (As of Quarter Ended 12/31/2014)

 Harbor Real Return FundBarclays U.S. TIPS Index
Number of Issues95-
Average Market Coupon (%)1.721.12
Yield to Maturity (%)3.661.98
Weighted Avg. Maturity (yrs)8.658.42
Weighted Avg. Duration (yrs)4.587.84

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

Top Ten Holdings (As of Quarter Ended 12/31/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds01/15/20252.437,38923.6
U.S. Treasury Inflation Indexed Bonds07/15/20210.628,69718.1
U.S. Treasury Inflation Indexed Bonds01/15/20272.417,15910.9
U.S. Treasury Inflation Indexed Bonds04/15/20190.115,95310.1
U.S. Treasury Inflation Indexed Bonds07/15/20201.214,7599.3
U.S. Treasury Inflation Indexed Bonds07/15/20191.912,5477.9
U.S. Treasury Inflation Indexed Bonds02/15/20441.411,5557.3
U.S. Treasury Inflation Indexed Bonds07/15/20230.48,8895.6
U.S. Treasury Inflation Indexed Bonds07/15/20172.65,8973.7
Bundesobligation Inflation Linked04/15/20180.83,7032.3
% of Total Holdings:156,54898.8

Full Holdings (As of Quarter Ended 12/31/2014)

Issuer NameMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds01/15/20252.437,38923.6
U.S. Treasury Inflation Indexed Bonds07/15/20210.628,69718.1
U.S. Treasury Inflation Indexed Bonds01/15/20272.417,15910.9
U.S. Treasury Inflation Indexed Bonds04/15/20190.115,95310.1
U.S. Treasury Inflation Indexed Bonds07/15/20201.214,7599.3
U.S. Treasury Inflation Indexed Bonds07/15/20191.912,5477.9
U.S. Treasury Inflation Indexed Bonds02/15/20441.411,5557.3
U.S. Treasury Inflation Indexed Bonds07/15/20230.48,8895.6
U.S. Treasury Inflation Indexed Bonds07/15/20172.65,8973.7
Bundesobligation Inflation Linked04/15/20180.83,7032.3
Telefonica Emisiones Sau06/23/20170.93,4982.2
Stone Street Trust12/15/20155.92,4991.6
Italy Buoni Poliennali del Tesoro04/22/20172.22,4961.6
Italy Buoni Poliennali del Tesoro10/22/20162.62,3711.5
DBUBS Mortgage Trust07/10/20443.42,3271.5
SLM Student Loan Trust12/15/20230.31,9191.2
Italy Buoni Poliennali Del Tesoro09/15/20212.11,4200.9
U.S. Treasury Inflation Indexed Bonds04/15/20170.11,3610.9
Italy Buoni Poliennali del Tesoro09/15/20242.41,3540.9
New Zealand Government Bond09/20/20252.01,2850.8
Bear Stearns ALT-A Trust07/25/20354.91,2550.8
Hillmark Funding Ltd.05/21/20210.51,2240.8
U.S. Treasury Inflation Indexed Bonds01/15/20192.11,1900.8
GATX Financial Corp.03/01/20165.81,0530.7
LBG Capital No. 2 plc12/21/201915.01,0520.7
RBSSP Resecuritization Trust07/26/20452.19390.6
France Government Bond Oat07/25/20180.28980.6
France Government Bond OAT07/25/20151.68740.6
Federal Home Loan Mortgage Corp. REMIC12/15/20370.88390.5
U.S. Treasury Inflation Indexed Bonds02/15/20420.88190.5
Lavender Trust10/26/20366.28050.5
Electricite de France SA01/20/20170.78030.5
Aegis Asset Backed Securities Trust03/25/20351.27150.5
Province of Ontario Canada06/02/20453.47120.5
Navient Corp. MTN05/03/20193.97100.4
Deutsche Bundesrepublik Inflation Linked Bond04/15/20161.57090.4
Hellenic Republic Government International Bond MTN08/08/20173.86870.4
JP Morgan Mortgage Acquisition Trust05/25/20370.36320.4
Banco Popolare SC MTN03/14/20193.56310.4
Countrywide Alternative Loan Trust04/25/20376.05840.4
Securitized Asset Backed Receivables LLC Trust08/25/20350.45400.3
Mexican Udibonos11/08/20464.05320.3
Slovenia Government Bond11/01/20164.75190.3
Citigroup Mortgage Loan Trust Inc.08/25/20351.05110.3
Banco Santander Brasil SA01/14/20164.25080.3
Hellenic Railways Organization SA03/17/20174.04970.3
Residential Asset Securitization Trust11/25/20366.04860.3
Hellenic Republic Treasury Bill03/06/20150.04820.3
IndyMac Imsc Mortgage Loan Trust07/25/20470.34530.3
Long Beach Mortgage Loan Trust08/25/20350.74190.3
Federal National Mortgage Association REMIC02/25/20410.84090.3
Intesa Sanpaolo SpA01/15/20163.14060.3
Autonomous Community of Catalonia02/11/20205.04040.3
Italy Buoni Poliennali del Tesoro09/15/20162.13980.3
Countrywide Alternative Loan Trust01/25/20365.53920.2
Deutsche Alt-A Securities Inc.04/25/20370.53770.2
Colombian Tes03/25/20333.03400.2
Italy Buoni Poliennali del Tesoro09/01/20405.03200.2
Countrywide Asset Backed Certificates08/25/20470.72580.2
Mexican Bonos06/14/20184.82410.2
New South Wales Treasury Corp.11/20/20252.82370.2
Lehman XS Trust08/25/20460.42340.1
Morgan Stanley Mortgage Loan Trust06/25/20362.12330.1
Federal National Mortgage Association REMIC07/25/20370.52260.1
Federal National Mortgage Association REMIC07/25/20370.52170.1
Turkiye Garanti Bankasi AS04/20/20162.72010.1
Electricite de France SA01/20/20171.22000.1
Federal National Mortgage Association REMIC05/25/20360.61980.1
GSAMP Trust10/25/20341.81980.1
Soundview Home Loan Trust05/25/20360.41600.1
Countrywide Alternative Loan Trust04/25/20376.01590.1
Countrywide Alternative Loan Trust08/25/20366.01520.1
MASTR Asset Backed Securities Trust06/25/20360.41350.1
Interest Rate Swap Option 30 year12/11/20170.01250.1
JP Morgan Mortgage Trust06/25/20355.11250.1
New South Wales Treasury Corp.11/20/20352.51200.1
Banco Santander SA09/11/20216.21170.1
Saxon Asset Securities Trust06/25/20334.01150.1
Park Place Securities Inc.12/25/20341.21140.1
Residential Asset Securitization Trust11/25/20366.2930.1
SLM Student Loan Trust09/15/20210.4930.1
Wood Street CLO BV03/29/20210.4890.1
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.2750.0
Magi Funding plc04/11/20210.4640.0
Countrywide Home Loan Mortgage Pass Through Trust04/20/20352.3610.0
Residential Accredit Loans Inc.06/25/20460.3560.0
Structured Asset Mortgage Investments Inc.05/25/20460.4540.0
Residential Asset Securitization Trust01/25/20460.6390.0
Washington Mutual Mortgage Pass Through Certificates09/25/20332.4360.0
Interest Rate Swap Option 30 year03/20/20150.0250.0
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.390.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20352.680.0
Bear Stearns Adjustable Rate Mortgage Trust08/25/20352.250.0
Bear Stearns Adjustable Rate Mortgage Trust03/25/20352.520.0
Total206,676130.6
Cash and Other Assets Less Liabilities-30.6
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Economic SectorHarbor Real Return Fund %
U.S. Government Obligations98.8
Foreign Government Obligations12.7
Corporate Bonds & Notes7.7
Collateralized Mortgage Obligations5.9
Asset-backed Securities4.3
Mortgage Pass-through1.2
Purchased Options0.1
Cash Collaterals0.0

Maturity Profile (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
MaturityHarbor Real Return Fund %Barclays U.S. TIPS Index %
0-1 yr-14.40.0
1-3 yr14.317.3
3-5 yr28.017.7
5-7 yr33.913.4
7-10 yr-3.125.9
10-20 yr35.017.2
20-30 yr8.08.5
Over 30 yr-1.70.0

Duration (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
DurationHarbor Real Return Fund %Barclays U.S. TIPS Index %
0-1 yr-6.66.5
1-3 yr14.726.6
3-5 yr37.919.5
5-7 yr48.225.1
7-10 yr-1.013.8
10-20 yr36.08.5
20-30 yr-29.30.0
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 Barclays U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $250 million par amount outstanding.  This unmanaged index does not reflect fees and expenses and is not available for direct investment.