Harbor Commodity Real Return Strategy Fund Administrative Class (HCMRX)

Portfolio Characteristics (As of Quarter Ended 12/31/2016)

 Harbor Commodity Real Return Strategy FundBloomberg Commodity Index Total ReturnSM
Number of Issues89-
Average Market Coupon (%)1-
Yield to Maturity (%)2.29-
Weighted Avg. Maturity (yrs)3.30-
Weighted Avg. Duration (yrs)2.92-

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

Top Ten Holdings (As of Quarter Ended 12/31/2016)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20180.111,90615.6
U.S. Treasury Inflation Indexed Bonds07/15/20191.97,71910.1
U.S. Treasury Inflation Indexed Bonds07/15/20210.67,1389.4
U.S. Treasury Inflation Indexed Bonds07/15/20201.24,2185.5
U.S. Treasury Inflation Indexed Bonds07/15/20230.43,2664.3
U.S. Treasury Inflation Indexed Bonds07/15/20220.12,9023.8
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,8743.8
U.S. Treasury Inflation Indexed Bonds04/15/20200.12,7123.6
U.S. Treasury Inflation Indexed Bonds07/15/20240.12,6513.5
U.S. Treasury Inflation Indexed Bonds01/15/20252.42,1512.8
% of Total Holdings:47,53762.4

Full Holdings (As of Quarter Ended 12/31/2016)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20180.111,90615.6
U.S. Treasury Inflation Indexed Bonds07/15/20191.97,71910.1
U.S. Treasury Inflation Indexed Bonds07/15/20210.67,1389.4
U.S. Treasury Inflation Indexed Bonds07/15/20201.24,2185.5
U.S. Treasury Inflation Indexed Bonds07/15/20230.43,2664.3
U.S. Treasury Inflation Indexed Bonds07/15/20220.12,9023.8
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,8743.8
U.S. Treasury Inflation Indexed Bonds04/15/20200.12,7123.6
U.S. Treasury Inflation Indexed Bonds07/15/20240.12,6513.5
U.S. Treasury Inflation Indexed Bonds01/15/20252.42,1512.8
Cooperatieve Rabobank UA04/28/20171.22,1012.8
U.S. Treasury Inflation Indexed Bonds01/15/20240.62,0272.7
Brazil Letras Do Tesouro Nacional01/01/20180.01,9852.6
Federal National Mortgage Association TBA02/12/20433.01,9832.6
U.S. Treasury Inflation Indexed Bonds04/15/20190.11,6092.1
JP Morgan Chase & Co. MTN04/25/20181.41,5952.1
U.S. Treasury Inflation Indexed Bonds02/15/20441.41,4962.0
Telefonica Emisiones Sau06/23/20171.61,4021.8
Brazil Letras Do Tesouro Nacional04/01/20170.01,2801.7
U.S. Treasury Inflation Indexed Bonds07/15/20250.41,2781.7
U.S. Treasury Inflation Indexed Bonds01/15/20292.51,1281.5
UBS Group Funding Jersey Ltd.04/14/20212.71,0321.4
U.K. Gilt Inflation Linked03/22/20240.11,0301.4
U.S. Treasury Inflation Indexed Bonds01/15/20250.28841.2
New Zealand Government Bond09/20/20252.08781.2
Realkredit Danmark AS04/01/20171.08671.1
Italy Buoni Poliennali del Tesoro09/15/20242.47060.9
Realkredit Danmark AS04/01/20172.05700.7
U.K. Gilt Inflation Linked03/22/20260.15500.7
People's Choice Home Loan Securities Trust01/25/20351.85400.7
U.S. Treasury Inflation Indexed Bonds01/15/20260.64830.6
SLM Student Loan Trust12/15/20230.04760.6
U.S. Treasury Inflation Indexed Bonds04/15/20293.94430.6
Ally Financial Inc.02/15/20175.54020.5
Deutsche Bank AG10/14/20214.24020.5
Venture CLO Ltd.01/20/20221.13830.5
Bear Stearns Asset Backed Securities Trust07/25/20361.23460.5
France Government Bond Oat07/25/20271.82900.4
Federal National Mortgage Association02/01/20414.02830.4
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.92710.4
Realkredit Danmark AS01/01/20171.02690.4
Hillmark Funding Ltd.05/21/20211.22660.3
Small Business Administration Participation Certificates11/01/20275.52570.3
Nykredit Realkredit AS04/01/20172.02560.3
U.K. Gilt Inflation Linked03/22/20440.12550.3
Credit Suisse Group Funding Guernsey Ltd.09/15/20223.82520.3
Royal Bank of Scotland plc MTN04/09/20186.92260.3
Sse plc10/01/20175.62180.3
Hellenic Railways Organization SA03/17/20174.02090.3
U.S. Treasury Inflation Indexed Bonds01/15/20230.12080.3
Mexican Bonos06/14/20184.81990.3
Unibail-Rodamco SE MTN04/16/20191.61990.3
Nykredit Realkredit AS07/01/20172.01860.2
U.K. Gilt Inflation Linked03/22/20460.11850.2
Soundview Home Loan Trust05/25/20361.01760.2
Petrobras Global Finance BV05/20/20234.41750.2
Morgan Stanley Mortgage Loan Trust06/25/20362.71460.2
Nykredit Realkredit AS10/01/20172.01440.2
BG Energy Capital plc11/30/20726.51290.2
Nykredit Realkredit AS04/01/20171.01140.1
Realkredit Danmark AS01/01/20172.01130.1
Autonomous Community of Catalonia02/11/20205.01130.1
MASTR Asset Backed Securities Trust06/25/20361.01100.1
Navient Corp. MTN01/15/20195.51040.1
Aetna Inc.12/08/20171.61000.1
Navient Student Loan Trust03/25/20661.91000.1
ING Bank NV MTN12/05/20222.6990.1
Mexican Bonos de Proteccion Al Ahorro06/29/20176.1920.1
Nykredit Realkredit AS10/01/20472.5860.1
U.S. Treasury Inflation Indexed Bonds07/15/20260.1780.1
Nordea Kredit Realkreditaktieselskab10/01/20172.0720.1
Realkredit Danmark AS10/01/20472.5720.1
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.8620.1
Brfkredit AS10/01/20172.0580.1
Nordea Kredit Realkreditaktieselskab10/01/20171.0430.1
Nykredit Realkredit AS07/01/20171.0430.1
U.S. Treasury Inflation Indexed Bonds02/15/20412.1410.1
Countrywide Asset-Backed Certificates04/25/20365.5370.0
Brfkredit AS01/01/20184.0300.0
Realkredit Danmark AS04/01/20181.0290.0
U.K. Gilt Inflation Linked03/22/20580.1260.0
U.S. Treasury Inflation Indexed Bonds01/15/20281.8260.0
Mexican Bonos05/29/20317.8150.0
Nykredit Realkredit AS10/01/20473.0150.0
Nordea Kredit Realkreditaktieselskab10/01/20172.0140.0
Brfkredit AS10/01/20472.5140.0
Nordea Kredit Realkreditaktieselskab10/01/20472.5140.0
Stone Tower Capital LLC04/17/20211.120.0
U.S. Treasury Inflation Indexed Bonds04/15/20210.100.0
Total81,934107.2
Cash and Other Assets Less Liabilities-7.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
Economic SectorHarbor Commodity Real Return Strategy Fund %
U.S. Government Obligations75.1
Corporate Bonds & Notes15.0
Foreign Government Obligations10.3
Asset-backed Securities4.0
Mortgage Pass-through3.0
Collateralized Mortgage Obligations0.2

Benchmark Sectors (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
Economic SectorBloomberg Commodity Index Total ReturnSM %
Energy36.0
Industrial Metals18.2
Grains17.3
Precious Metals13.9
Softs7.8
Livestock3.9
Vegetable Oil2.9

Maturity Profile (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
MaturityHarbor Commodity Real Return Strategy Fund %
0-1 yr-0.1
1-3 yr46.3
3-5 yr24.3
5-7 yr7.2
7-10 yr26.8
10-20 yr-1.0
20-30 yr-2.2
Over 30 yr-1.3

Duration (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
DurationHarbor Commodity Real Return Strategy Fund %
0-1 yr11.3
1-3 yr4.8
3-5 yr32.6
5-7 yr68.4
7-10 yr13.0
10-20 yr-6.6
20-30 yr-24.0
Over 30 yr0.5

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.