Harbor Commodity Real Return Strategy Fund Administrative Class (HCMRX)

Portfolio Characteristics (As of Quarter Ended 09/30/2014)

 Harbor Commodity Real Return Strategy FundBloomberg Commodity Index Total ReturnSM
Number of Issues120-
Average Market Coupon (%)1.12-
Yield to Maturity (%)2.75-
Weighted Avg. Maturity (yrs)2.97-
Weighted Avg. Duration (yrs)2.50-

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

Top Ten Holdings (As of Quarter Ended 09/30/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds07/15/20172.631,22214.3
U.S. Treasury Inflation Indexed Bonds07/15/20210.624,92811.4
U.S. Treasury Inflation Indexed Bonds04/15/20160.124,57911.3
U.S. Treasury Inflation Indexed Bonds04/15/20150.518,9188.7
U.S. Treasury Inflation Indexed Bonds04/15/20180.118,7018.6
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,2517.4
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,3865.7
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,8435.0
U.S. Treasury Inflation Indexed Bonds01/15/20211.17,0883.2
U.S. Treasury Inflation Indexed Bonds01/15/20151.66,3102.9
% of Total Holdings:171,22678.5

Full Holdings (As of Quarter Ended 09/30/2014)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds07/15/20172.631,22214.3
U.S. Treasury Inflation Indexed Bonds07/15/20210.624,92811.4
U.S. Treasury Inflation Indexed Bonds04/15/20160.124,57911.3
U.S. Treasury Inflation Indexed Bonds04/15/20150.518,9188.7
U.S. Treasury Inflation Indexed Bonds04/15/20180.118,7018.6
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,2517.4
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,3865.7
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,8435.0
U.S. Treasury Inflation Indexed Bonds01/15/20211.17,0883.2
U.S. Treasury Inflation Indexed Bonds01/15/20151.66,3102.9
U.S. Treasury Inflation Indexed Bonds07/15/20162.56,2652.9
Spain Government Bond01/31/20235.46,1352.8
Bundesobligation Inflation Linked04/15/20180.85,2022.4
Brazil Letras Do Tesouro Nacional01/01/20170.05,0312.3
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,5101.6
Brazil Notas do Tesouro Nacional Série F01/01/202110.02,7381.3
JP Morgan Chase & Co. MTN04/25/20180.82,6161.2
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY04/28/20170.62,6001.2
U.S. Treasury Inflation Indexed Bonds02/15/20441.42,5191.2
Telefonica Emisiones Sau06/23/20170.92,5001.1
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,4661.1
Hellenic Republic Treasury Bills12/12/20140.02,3901.1
Navient Corp. MTN09/10/20153.92,2331.0
Spain Government Bond04/30/20243.82,1801.0
IndyMac Home Equity Loan Trust09/28/20360.32,1621.0
Italy Buoni Poliennali del Tesoro10/22/20162.61,7110.8
U.S. Treasury Inflation Indexed Bonds04/15/20190.11,6310.7
U.S. Treasury Inflation Indexed Bonds01/15/20252.41,6300.7
Ally Financial Inc.07/18/20163.51,6220.7
Italy Buoni Poliennali Del Tesoro09/15/20181.71,4900.7
U.S. Treasury Inflation Indexed Bonds07/15/20240.11,4460.7
Federal National Mortgage Association09/28/20150.51,3040.6
Bear Stearns Alt-A Trust09/25/20340.91,2810.6
Hellenic Republic Treasury Bills10/10/20140.01,2630.6
Mexican Bonos de Proteccion Al Ahorro01/30/20203.01,2110.6
U.S. Treasury Inflation Indexed Bonds01/15/20172.41,1990.5
Commercial Industrial Finance Corp.05/10/20210.51,1090.5
First Franklin Mortgage Loan Asset Backed Certificates11/25/20350.81,1080.5
SLM Student Loan Trust12/15/20230.31,1040.5
France Government Bond Oat07/25/20180.21,0920.5
Stone Tower Capital LLC04/17/20210.51,0390.5
Hillmark Funding05/21/20210.59810.4
Mexican Udibonos11/08/20464.09720.4
Bear Stearns ALT-A Trust07/25/20355.19600.4
New South Wales Treasury Corp.11/20/20252.89570.4
Citigroup Mortgage Loan Trust Inc.09/25/20350.69320.4
New Zealand Government Bond09/20/20252.09310.4
Italy Buoni Poliennali del Tesoro04/22/20172.29220.4
Deutsche Bundesrepublik Inflation Linked Bond04/15/20161.59020.4
Slovenia Government Bond11/01/20164.78180.4
Structured Asset Investment Loan Trust05/25/20360.37360.3
Ally Financial Inc.12/01/20142.46990.3
Wachovia Mortgage Loan Trust LLC10/20/20352.56530.3
Bear Stearns Asset Backed Securities Trust07/25/20360.65930.3
Federal National Mortgage Association02/01/20414.05200.2
U.S. Treasury Inflation Indexed Bonds01/15/20230.15000.2
U.S. Treasury Inflation Indexed Bonds04/15/20293.94910.2
People's Choice Home Loan Securities Trust01/25/20351.54870.2
Brazil Notas Do Tesouro Nacional Série F01/01/202510.04780.2
Italy Buoni Poliennali del Tesoro09/15/20172.14680.2
IndyMac Imsc Mortgage Loan Trust07/25/20470.34660.2
New South Wales Treasury Corp.11/20/20352.54650.2
Venture CLO Ltd.01/20/20220.54650.2
France Government Bond OAT07/25/20151.64620.2
Small Business Administration Participation Certificates11/01/20275.54530.2
Italy Buoni Poliennali Del Tesoro09/15/20212.14490.2
Securitized Asset Backed Receivables LLC Trust08/25/20350.44240.2
Italy Buoni Poliennali del Tesoro09/15/20242.44220.2
Ally Financial Inc.02/15/20175.54170.2
Washington Mutual Mortgage Pass Through Certificates Trust01/25/20461.24070.2
Electricite de France SA01/20/20170.74010.2
Mexican Udibonos11/22/20354.53970.2
Deutsche Alt-A Securities Inc.04/25/20370.53900.2
Countrywide Alternative Loan Trust04/25/20376.03850.2
Countrywide Alternative Loan Trust01/25/20365.53150.1
Countrywide Asset-Backed Certificates04/25/20364.63140.1
Chaseflex Trust08/25/20374.83110.1
Xunta de Galicia04/03/20186.12970.1
Navient Corp. MTN11/01/20163.02960.1
Sse plc10/01/20175.62750.1
Granite Mortgages plc06/20/20440.42630.1
GMAC International Finance BV04/21/20157.52610.1
Merrill Lynch Mortgage Investors Trust02/25/20362.52560.1
Hellenic Railways Organization SA03/17/20174.02500.1
Morgan Stanley Mortgage Loan Trust06/25/20362.12470.1
Mexican Udibonos11/15/20404.02430.1
First Franklin Mortgage Loan Asset Backed Certificates09/25/20350.52420.1
Colombian Tes03/25/20333.02370.1
Bayview Financial Acquisition Trust12/28/20365.72150.1
Commercial Industrial Finance Corp.03/01/20210.52040.1
Turkiye Garanti Bankasi AS04/20/20162.72010.1
Magi Funding plc04/11/20210.71930.1
Lehman XS Trust08/25/20460.41800.1
BG Energy Capital plc11/30/20726.51760.1
Soundview Home Loan Trust05/25/20360.41700.1
Countrywide Alternative Loan Trust04/25/20376.01650.1
Italy Buoni Poliennali Del Tesoro11/01/20225.51590.1
Italy Buoni Poliennali del Tesoro09/15/20263.11580.1
Harborview Mortgage Loan Trust05/19/20350.41450.1
Mexican Bonos de Proteccion Al Ahorro06/29/20173.01420.1
Autonomous Community of Catalonia02/11/20205.01420.1
Thornburg Mortgage Securities Trust07/25/20365.41410.1
MASTR Asset Backed Securities Trust06/25/20360.41380.1
SLM Student Loan Trust09/15/20210.41130.1
Countrywide Alternative Loan Trust08/25/20366.01060.0
U.S. Treasury Inflation Indexed Bonds07/15/20220.11010.0
Chesapeake Energy Corp.04/15/20193.51010.0
Residential Asset Securitization Trust11/25/20366.21000.0
Ally Financial Inc.12/01/20142.41000.0
U.S. Treasury Notes11/30/20140.21000.0
U.S. Treasury Notes10/31/20140.21000.0
Electricite de France SA01/20/20171.21000.0
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.2770.0
Argent Securities Inc.10/25/20350.4750.0
Banc of America Mortgage Trust09/25/20336.5240.0
Commodity - Crude Oil Futures11/17/2015150.030.0
U.S. Treasury Notes 5 year Future11/21/20140.030.0
U.S. Treasury Notes 10 year Future11/21/20140.020.0
U.S. Treasury Notes 5 year Future11/21/20140.000.0
Interest Rate Swap Option 5 year11/10/20140.000.0
Total270,457123.2
Cash and Other Assets Less Liabilities-23.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Economic SectorHarbor Commodity Real Return Strategy Fund %
U.S. Government Obligations88.4
Foreign Government Obligations18.5
Corporate Bonds & Notes6.8
Asset-backed Securities6.1
Collateralized Mortgage Obligations3.1
U.S. Government Agencies0.6
Mortgage Pass-through0.2
Purchased Options0.0

Benchmark Sectors (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Economic SectorBloomberg Commodity Index Total ReturnSM %
Energy32.0
Industrial Metals18.0
Precious Metals16.0
Grains16.0
Softs9.0
Livestock6.0
Vegetable Oil3.0

Maturity Profile (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
MaturityHarbor Commodity Real Return Strategy Fund %
0-1 yr0.0
1-3 yr36.2
3-5 yr35.7
5-7 yr25.4
7-10 yr8.7
10-20 yr2.2
20-30 yr-5.9
Over 30 yr-2.4

Duration (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
DurationHarbor Commodity Real Return Strategy Fund %
0-1 yr12.2
1-3 yr36.6
3-5 yr44.5
5-7 yr78.2
7-10 yr-2.3
10-20 yr-35.3
20-30 yr-33.8
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.