Harbor Commodity Real Return Strategy Fund Administrative Class (HCMRX)

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

 Harbor Commodity Real Return Strategy FundBloomberg Commodity Index Total ReturnSM
Number of Issues121-
Average Market Coupon (%)1.28-
Yield to Maturity (%)3.07-
Weighted Avg. Maturity (yrs)2.85-
Weighted Avg. Duration (yrs)1.15-

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

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

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20160.125,58516.0
U.S. Treasury Inflation Indexed Bonds07/15/20172.624,64115.4
U.S. Treasury Inflation Indexed Bonds07/15/20210.623,88714.9
U.S. Treasury Inflation Indexed Bonds04/15/20150.518,58411.6
U.S. Treasury Inflation Indexed Bonds04/15/20180.118,40111.5
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,00210.0
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,1677.6
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,6356.6
Spain Government Bond01/31/20235.46,0183.8
Bundesobligation Inflation Linked04/15/20180.84,8943.1
% of Total Holdings:160,814100.5

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

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds04/15/20160.125,58516.0
U.S. Treasury Inflation Indexed Bonds07/15/20172.624,64115.4
U.S. Treasury Inflation Indexed Bonds07/15/20210.623,88714.9
U.S. Treasury Inflation Indexed Bonds04/15/20150.518,58411.6
U.S. Treasury Inflation Indexed Bonds04/15/20180.118,40111.5
U.S. Treasury Inflation Indexed Bonds07/15/20201.216,00210.0
U.S. Treasury Inflation Indexed Bonds01/15/20181.612,1677.6
U.S. Treasury Inflation Indexed Bonds07/15/20191.910,6356.6
Spain Government Bond01/31/20235.46,0183.8
Bundesobligation Inflation Linked04/15/20180.84,8943.1
Brazil Letras Do Tesouro Nacional01/01/20170.04,7182.9
Federal National Mortgage Association TBA01/14/20453.54,1702.6
U.S. Treasury Inflation Indexed Bonds01/15/20211.13,7262.3
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,4542.2
Spain Government Inflation Linked Bond11/30/20190.63,1822.0
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY04/28/20170.62,6001.6
JP Morgan Chase & Co. MTN04/25/20180.82,5961.6
Telefonica Emisiones Sau06/23/20170.92,4981.6
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,4231.5
Spain Government Bond04/30/20243.82,1731.4
U.S. Treasury Inflation Indexed Bonds01/15/20252.41,6291.0
Italy Buoni Poliennali del Tesoro10/22/20162.61,6221.0
Ally Financial Inc.07/18/20163.51,6221.0
U.S. Treasury Inflation Indexed Bonds02/15/20441.41,6181.0
IndyMac Home Equity Loan Trust09/28/20360.31,4130.9
Italy Buoni Poliennali Del Tesoro09/15/20181.71,3990.9
Mexican Udibonos11/08/20464.01,3510.8
U.S. Treasury Notes12/31/20212.11,3130.8
Federal National Mortgage Association09/28/20150.51,3020.8
Bear Stearns Alt-A Trust09/25/20340.91,1990.7
Province of Ontario Canada06/02/20453.41,1570.7
France Government Bond Oat07/25/20180.21,0260.6
First Franklin Mortgage Loan Asset Backed Certificates11/25/20350.81,0170.6
Commercial Industrial Finance Corp.05/10/20210.51,0160.6
SLM Student Loan Trust12/15/20230.39900.6
New Zealand Government Bond09/20/20252.09640.6
Citigroup Mortgage Loan Trust Inc.09/25/20350.69470.6
Stone Tower Capital LLC04/17/20210.59410.6
Bear Stearns ALT-A Trust07/25/20354.99190.6
Hillmark Funding Ltd.05/21/20210.59180.6
Italy Buoni Poliennali del Tesoro04/22/20172.28740.5
Deutsche Bundesrepublik Inflation Linked Bond04/15/20161.58510.5
New South Wales Treasury Corp.11/20/20252.88300.5
U.S. Treasury Inflation Indexed Bonds04/15/20190.18030.5
Structured Asset Investment Loan Trust05/25/20360.37780.5
Slovenia Government Bond11/01/20164.77780.5
Wachovia Mortgage Loan Trust LLC10/20/20352.56290.4
Bear Stearns Asset Backed Securities Trust07/25/20360.65930.4
Mexican Udibonos11/22/20354.55600.3
People's Choice Home Loan Securities Trust01/25/20351.55070.3
U.S. Treasury Inflation Indexed Bonds04/15/20293.94970.3
Federal National Mortgage Association02/01/20414.04950.3
IndyMac Imsc Mortgage Loan Trust07/25/20470.34530.3
Brazil Notas Do Tesouro Nacional Série F01/01/202510.04520.3
Italy Buoni Poliennali del Tesoro09/15/20172.14390.3
France Government Bond OAT07/25/20151.64370.3
Italy Buoni Poliennali Del Tesoro09/15/20212.14260.3
Ally Financial Inc.02/15/20175.54210.3
Small Business Administration Participation Certificates11/01/20275.54150.3
Venture CLO Ltd.01/20/20220.54080.3
Italy Buoni Poliennali del Tesoro09/15/20242.44060.3
Electricite de France SA01/20/20170.74020.3
Mexican Udibonos11/15/20404.03950.2
Washington Mutual Mortgage Pass Through Certificates Trust01/25/20461.23950.2
Deutsche Alt-A Securities Inc.04/25/20370.53770.2
Securitized Asset Backed Receivables LLC Trust08/25/20350.43740.2
Countrywide Alternative Loan Trust04/25/20376.03720.2
New South Wales Treasury Corp.11/20/20352.53610.2
Countrywide Alternative Loan Trust01/25/20365.53070.2
Chaseflex Trust08/25/20376.43010.2
Brazil Notas do Tesouro Nacional Série F01/01/202110.02950.2
Navient Corp. MTN11/01/20162.52900.2
Countrywide Asset-Backed Certificates04/25/20365.52890.2
Mexican Bonos06/14/20184.82880.2
Xunta de Galicia04/03/20186.12840.2
Sse plc10/01/20175.62630.2
GMAC International Finance BV04/21/20157.52460.2
Barclays plc09/15/20196.52370.1
Merrill Lynch Mortgage Investors Trust02/25/20362.52340.1
Morgan Stanley Mortgage Loan Trust06/25/20362.12330.1
Granite Mortgages plc06/20/20440.42220.1
Colombian Tes03/25/20333.02060.1
Turkiye Garanti Bankasi AS04/20/20162.72010.1
Hellenic Railways Organization SA03/17/20174.01990.1
U.S. Treasury Inflation Indexed Bonds01/15/20172.41850.1
Bayview Financial Acquisition Trust12/28/20365.71840.1
Lehman XS Trust08/25/20460.41750.1
Commercial Industrial Finance Corp.03/01/20210.51740.1
BG Energy Capital plc11/30/20726.51660.1
iShares MSCI Emerging Markets ETF0.01600.1
Soundview Home Loan Trust05/25/20360.41600.1
Countrywide Alternative Loan Trust04/25/20376.01590.1
Italy Buoni Poliennali Del Tesoro11/01/20225.51560.1
Italy Buoni Poliennali del Tesoro09/15/20263.11540.1
First Franklin Mortgage Loan Asset Backed Certificates09/25/20350.51480.1
Banco Popular Espanol SA MTN10/10/201811.51380.1
Harborview Mortgage Loan Trust05/19/20350.41380.1
MASTR Asset Backed Securities Trust06/25/20360.41350.1
Autonomous Community of Catalonia02/11/20205.01350.1
Thornburg Mortgage Securities Trust07/25/20365.41330.1
Mexican Bonos de Proteccion Al Ahorro06/29/20173.01320.1
Interest Rate Swap Option 30 year12/11/20170.01250.1
Banco Santander SA09/11/20216.21170.1
Magi Funding plc04/11/20210.41060.1
Countrywide Alternative Loan Trust08/25/20366.01020.1
Electricite de France SA01/20/20171.21000.1
Chesapeake Energy Corp.04/15/20193.5980.1
Residential Asset Securitization Trust11/25/20366.2930.1
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.2750.0
Argent Securities Inc.10/25/20350.4490.0
SLM Student Loan Trust09/15/20210.4490.0
Interest Rate Swap Option 30 year03/20/20150.0260.0
Banc of America Mortgage Trust09/25/20336.5240.0
Commodity - Crude Oil Futures11/17/2015150.040.0
Commodity - Wheat Futures02/20/20150.030.0
U.S.  Treasury  Notes  10  year  Future01/23/20150.030.0
U.S.  Treasury  Notes  10  year  Future01/23/20150.020.0
U.S. Treasury Notes 10 year Future02/20/20150.000.0
Currency Option U.S. Dollar vs. Japanese Yen03/24/20150.000.0
U.S.  Treasury  Notes  30  year  Future02/20/20150.000.0
Currency Option Euro vs. U.S. Dollar03/05/20150.000.0
Total239,148149.3
Cash and Other Assets Less Liabilities-49.3
Total Net Assets100%

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

As of Quarter Ended 12/31/2014
Economic SectorHarbor Commodity Real Return Strategy Fund %
U.S. Government Obligations103.3
Foreign Government Obligations23.1
Corporate Bonds & Notes7.6
Asset-backed Securities7.3
Collateralized Mortgage Obligations4.0
Mortgage Pass-through3.7
Purchased Options0.1
Financials0.1

Benchmark Sectors (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Economic SectorBloomberg Commodity Index Total ReturnSM %
Energy23.0
Grains21.0
Industrial Metals19.0
Precious Metals17.0
Softs10.0
Livestock7.0
Vegetable Oil3.0

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

As of Quarter Ended 12/31/2014
MaturityHarbor Commodity Real Return Strategy Fund %
0-1 yr-11.9
1-3 yr40.8
3-5 yr40.7
5-7 yr31.8
7-10 yr3.8
10-20 yr0.8
20-30 yr-4.5
Over 30 yr-1.5

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

As of Quarter Ended 12/31/2014
DurationHarbor Commodity Real Return Strategy Fund %
0-1 yr-27.0
1-3 yr117.4
3-5 yr173.5
5-7 yr95.1
7-10 yr-63.2
10-20 yr-28.3
20-30 yr-167.5
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.