Harbor Commodity Real Return Strategy Fund Administrative Class (HCMRX)

Portfolio Characteristics (As of Quarter Ended 03/31/2016)

 Harbor Commodity Real Return Strategy FundBloomberg Commodity Index Total ReturnSM
Number of Issues135-
Average Market Coupon (%)1.19-
Yield to Maturity (%)2.29-
Weighted Avg. Maturity (yrs)2.65-
Weighted Avg. Duration (yrs)3-

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

Top Ten Holdings (As of Quarter Ended 03/31/2016)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds07/15/20210.612,70716.4
U.S. Treasury Inflation Indexed Bonds04/15/20180.110,12513.1
U.S. Treasury Inflation Indexed Bonds07/15/20201.29,06211.7
U.S. Treasury Inflation Indexed Bonds07/15/20191.97,72610.0
U.S. Treasury Bills04/14/20160.04,0005.2
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,1674.1
U.S. Treasury Inflation Indexed Bonds01/15/20172.42,9693.8
U.S. Treasury Inflation Indexed Bonds07/15/20240.12,9073.8
Italy Buoni Poliennali Del Tesoro09/15/20181.72,5243.3
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,4363.1
% of Total Holdings:57,62374.5

Full Holdings (As of Quarter Ended 03/31/2016)

SecuritiesMaturity DateCoupon Rate (%)Market Value ($000's)% of Net Assets
U.S. Treasury Inflation Indexed Bonds07/15/20210.612,70716.4
U.S. Treasury Inflation Indexed Bonds04/15/20180.110,12513.1
U.S. Treasury Inflation Indexed Bonds07/15/20201.29,06211.7
U.S. Treasury Inflation Indexed Bonds07/15/20191.97,72610.0
U.S. Treasury Bills04/14/20160.04,0005.2
U.S. Treasury Inflation Indexed Bonds04/15/20170.13,1674.1
U.S. Treasury Inflation Indexed Bonds01/15/20172.42,9693.8
U.S. Treasury Inflation Indexed Bonds07/15/20240.12,9073.8
Italy Buoni Poliennali Del Tesoro09/15/20181.72,5243.3
U.S. Treasury Inflation Indexed Bonds07/15/20181.42,4363.1
U.S. Treasury Inflation Indexed Bonds04/15/20160.12,3623.1
U.S. Treasury Inflation Indexed Bonds01/15/20252.42,3383.0
U.S. Treasury Bills04/21/20160.02,2002.8
U.S. Treasury Inflation Indexed Bonds01/15/20240.62,1182.7
Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/NY04/28/20171.02,0992.7
Brazil Letras Do Tesouro Nacional01/01/20170.02,0932.7
JP Morgan Chase & Co. MTN04/25/20181.21,8942.4
U.S. Treasury Inflation Indexed Bonds02/15/20441.41,7802.3
U.S. Treasury Inflation Indexed Bonds04/15/20190.11,7572.3
U.S. Treasury Bonds02/15/20462.51,6682.2
Telefonica Emisiones Sau06/23/20171.31,3941.8
Brazil Letras Do Tesouro Nacional07/01/20160.01,2641.6
U.S. Treasury Notes09/30/20160.51,2011.6
U.K. Gilt Inflation Linked03/22/20440.11,0991.4
U.S. Treasury Inflation Indexed Bonds01/15/20292.51,0971.4
Federal National Mortgage Association TBA05/12/20463.01,0241.3
U.S. Treasury Inflation Indexed Bonds07/15/20162.51,0041.3
Ally Financial Inc.07/18/20163.51,0031.3
UBS Group Funding Jersey Ltd.04/14/20212.41,0011.3
Citigroup Mortgage Loan Trust Inc.09/25/20351.29451.2
New Zealand Government Bond09/20/20252.08641.1
U.K. Gilt Inflation Linked03/22/20240.18641.1
U.S. Treasury Inflation Indexed Bonds07/15/20250.47150.9
U.K. Gilt Inflation Linked03/22/20460.16620.9
SLM Student Loan Trust12/15/20230.06570.8
Structured Asset Investment Loan Trust05/25/20360.66510.8
Realkredit Danmark AS04/01/20171.06490.8
First Franklin Mortgage Loan Trust06/25/20361.26330.8
Brazil Letras Do Tesouro Nacional10/01/20160.06240.8
First Franklin Mortgage Loan Trust11/25/20351.15720.7
U.S. Treasury Inflation Indexed Bonds07/15/20230.45250.7
People's Choice Home Loan Securities Trust01/25/20351.85200.7
U.S. Treasury Inflation Indexed Bonds04/15/20293.94960.6
Bear Stearns Asset Backed Securities Trust07/25/20360.94920.6
Wachovia Mortgage Loan Trust LLC10/20/20352.84860.6
Hillmark Funding Ltd.05/21/20210.94690.6
Mexican Udibonos11/22/20354.54630.6
Ally Financial Inc.02/15/20175.54080.5
Goldman Sachs Group Inc.09/15/20201.83970.5
Venture CLO Ltd.01/20/20220.93880.5
Commercial Industrial Finance Corp.05/10/20210.93860.5
Federal National Mortgage Association02/01/20414.03830.5
Citigroup Mortgage Loan Trust Inc.08/25/20360.63760.5
Bundesobligation Inflation Linked04/15/20180.83710.5
Stone Tower Capital LLC04/17/20210.83540.5
Small Business Administration Participation Certificates11/01/20275.53340.4
Navient Corp. MTN11/01/20162.12960.4
Nykredit Realkredit AS04/01/20172.02810.4
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.62800.4
U.S. Treasury Inflation Indexed Bonds01/15/20272.42730.4
Mexican Bonos06/14/20184.82470.3
Sse plc10/01/20175.62370.3
Italy Buoni Poliennali del Tesoro09/15/20242.42240.3
Barclays plc12/15/20208.02210.3
Barclays Bank plc04/10/20237.82100.3
Hellenic Railways Organization SA03/17/20174.02080.3
Morgan Stanley Mortgage Loan Trust06/25/20362.32040.3
AT&T Inc.06/30/20223.02030.3
AT&T Inc.06/30/20202.42020.3
Turkiye Garanti Bankasi AS04/20/20163.12000.3
AT&T Inc.05/15/20464.81960.3
Mexican Udibonos11/15/20404.01590.2
Soundview Home Loan Trust05/25/20360.71570.2
Hewlett Packard Enterprise Co.10/05/20182.81530.2
BG Energy Capital plc11/30/20726.51510.2
Hewlett Packard Enterprise Co.10/05/20172.41510.2
Italy Buoni Poliennali del Tesoro09/15/20263.11510.2
Petrobras Global Finance BV05/20/20234.41460.2
Countrywide Asset-Backed Certificates04/25/20365.51290.2
U.S. Treasury Inflation Indexed Bonds07/15/20172.61200.2
Mexican Udibonos11/08/20464.01190.2
Autonomous Community of Catalonia02/11/20205.01140.1
Banco Popular Espanol SA MTN10/10/201811.51120.1
National Bank of Greece SA10/07/20163.91120.1
Mexican Bonos de Proteccion Al Ahorro06/29/20173.51110.1
MASTR Asset Backed Securities Trust06/25/20360.71110.1
U.S. Treasury Bonds11/15/20453.01080.1
Athens Urban Transportation Organisation09/19/20164.91070.1
Marche Mutui Srl01/27/20642.11060.1
Petrobras Global Finance BV01/15/20182.81030.1
AT&T Inc.05/15/20354.5990.1
AT&T Inc.06/30/20201.6990.1
Canadian Natural Resources Ltd.01/15/20181.8980.1
Thornburg Mortgage Securities Trust07/25/20364.2940.1
Petrobras Global Finance BV01/15/20193.0860.1
U.K. Gilt Inflation Linked03/22/20680.1820.1
Interest Rate Swap Option 30 year03/29/20190.0750.1
Securitized Asset Backed Receivables LLC Trust08/25/20351.0600.1
Morgan Stanley ABS Capital I Inc. Trust10/25/20360.5600.1
Marche Mutui Srl02/25/20550.2490.1
Realkredit Danmark AS04/01/20172.0470.1
Bayview Financial Acquisition Trust12/28/20365.7370.0
Interest Rate Swap Option 30 year10/23/20180.0330.0
Interest Rate Swap Option 30 year10/17/20180.0290.0
U.K. Gilt Inflation Linked03/22/20620.4290.0
U.K. Gilt Inflation Linked03/22/20580.1230.0
Colombian Tes03/25/20333.090.0
Marche Mutui Srl10/27/20650.280.0
Interest Rate Swap Option 30 year12/10/20180.080.0
Interest Rate Swap Option 30 year11/15/20180.080.0
Commodity - Crude Oil Futures08/17/20170.050.0
Commercial Industrial Finance Corp.03/01/20210.940.0
Commodity - Crude Oil Futures08/17/20170.040.0
Commodity - Crude Oil Futures11/15/20170.030.0
Commodity - Crude Oil Futures08/17/20170.020.0
Interest Rate Swap Option 1 year06/24/20160.020.0
Interest Rate Swap Option 1 year06/23/20160.020.0
Interest Rate Swap Option 5 year12/05/20160.020.0
Interest Rate Swap Option 1 year07/05/20160.010.0
Interest Rate Swap Option 1 year07/05/20160.010.0
U.K.  LIBOR  Future 90 day12/21/20160.000.0
Interest Rate Swap Option 1 year07/05/20160.000.0
Euro-Bund Futures05/26/20160.000.0
Interest Rate Swap Option 1 year07/11/20160.000.0
Commodity - Brent Crude Oil Futures Swap Option03/31/20160.000.0
Interest Rate Swap Option 1 year07/05/20160.000.0
Interest Rate Swap Option 1 year04/06/20160.000.0
Interest Rate Swap Option 1 year04/29/20160.000.0
Currency Option U.S. Dollar vs. Japanese Yen05/12/20160.000.0
Federal National Mortgage Association 30 year Future04/06/20160.000.0
U.S. Treasury Bond Futures 30 year05/20/20160.000.0
U.S. Treasury Notes Future 10 year05/20/20160.000.0
U.S. Treasury Bond Futures 30 year05/20/20160.000.0
U.S. Treasury Notes Future 5 year05/20/20160.000.0
Total109,664141.3
Cash and Other Assets Less Liabilities-41.3
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
Economic SectorHarbor Commodity Real Return Strategy Fund %
U.S. Government Obligations96.7
Foreign Government Obligations16.0
Corporate Bonds & Notes15.8
Asset-backed Securities9.8
Mortgage Pass-through1.8
Collateralized Mortgage Obligations1.2
Purchased Options0.2

Benchmark Sectors (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
Economic SectorBloomberg Commodity Index Total ReturnSM %
Energy31.0
Grains19.6
Industrial Metals16.9
Precious Metals16.5
Softs7.3
Livestock5.6
Vegetable Oil3.1

Maturity Profile (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
MaturityHarbor Commodity Real Return Strategy Fund %
0-1 yr30.0
1-3 yr52.8
3-5 yr18.8
5-7 yr-6.3
7-10 yr6.0
10-20 yr-4.2
20-30 yr5.0
Over 30 yr-2.1

Duration (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
DurationHarbor Commodity Real Return Strategy Fund %
0-1 yr3.5
1-3 yr28.6
3-5 yr-2.6
5-7 yr34.5
7-10 yr5.9
10-20 yr-0.4
20-30 yr27.7
Over 30 yr2.8

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.