Harbor Mid Cap Value Fund Institutional Class (HAMVX)

Portfolio Characteristics (As of Quarter Ended 03/31/2014)

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings148535
Weighted Avg. Market Cap ($Mil)10,366.4211,155.95
Median Market Cap ($Mil)5,208.585,473.75
Price/Book Ratio1.641.78
Adj. Trailing P/E Ratio14.0118.31
Forecasted P/E Ratio12.4816.41
Earnings Growth Rate (%)14.205.71
Proj. Earnings Growth Rate (%)8.949.79
Return on Equity (%)10.999.81
Beta vs. Russell Midcap® Value Index1.17-
Beta vs. Russell 3000® Index1.28-

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

Top Ten Holdings (As of Quarter Ended 03/31/2014)

Company Name [Ticker]% of Net Assets
Helmerich & Payne Inc. [HP]1.6
Regions Financial Corp. [RF]1.5
Edison International [EIX]1.4
Public Service Enterprise Group Inc. [PEG]1.4
Ameriprise Financial Inc. [AMP]1.4
Domtar Corp. [UFS]1.4
Entergy Corp. [ETR]1.3
Everest Re Group Ltd. [RE]1.2
Whirlpool Corp. [WHR]1.2
Brandywine Realty Trust [BDN]1.2
% of Total Holdings:13.6

Full Holdings (As of Quarter Ended 03/31/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Helmerich & Payne Inc. [HP]US42345210123107.562,4951.6
Regions Financial Corp. [RF]US7591EP10021611.112,4011.5
Edison International [EIX]US2810201074056.612,2641.4
Public Service Enterprise Group Inc. [PEG]US7445731065938.142,2581.4
Ameriprise Financial Inc. [AMP]US03076C10619110.072,1351.4
Domtar Corp. [UFS]US25755920319112.222,1321.4
Entergy Corp. [ETR]US29364G1033166.852,0721.3
Everest Re Group Ltd. [RE]BMG3223R10812153.051,8981.2
Whirlpool Corp. [WHR]US96332010612149.461,8381.2
Brandywine Realty Trust [BDN]US10536820312514.461,8081.2
KeyCorp. [KEY]US49326710812514.241,7801.1
Western Digital Corp. [WDC]US9581021051991.821,7631.1
Brocade Communications Systems Inc. [BRCD]US11162130616410.611,7391.1
Avista Corp. [AVA]US05379B1075630.651,7131.1
AES Corp. [AES]US00130H10511814.281,6861.1
Aetna Inc. [AET]US00817Y1082274.971,6791.1
Valero Energy plc [VLO]US91913Y1003253.101,6781.1
American Electric Power Co. Inc. [AEP]US0255371013350.661,6671.1
Tyson Foods Inc. [TSN]US9024941033844.011,6591.1
Fifth Third Bancorp. [FITB]US3167731007222.951,6431.0
Hess Corp. [HES]US42809H1072082.881,6161.0
Energizer Holdings Inc. [ENR]US29266R10816100.741,6121.0
Brink's Co. [BCO]US1096961045528.551,5651.0
Amdocs Ltd. [DOX]USG026021033346.461,5521.0
CA Inc. [CA]US12673P1055030.971,5491.0
Rock-Tenn Co. [RKT]US77273920715105.571,5411.0
AGCO Corp. [AGCO]US0010841022855.161,5331.0
Macy's Inc. [M]US55616P1042659.291,5241.0
Xerox Corp. [XRX]US98412110313511.301,5221.0
Harris Corp. [HRS]US4138751052173.161,5141.0
Trinity Industries Inc. [TRN]US8965221092072.071,4700.9
OMEGA Healthcare Investors Inc. [OHI]US6819361004433.521,4580.9
Hospitality Properties Trust [HPT]US44106M1025128.721,4530.9
Seagate Technology plc [STX]IEG7945M1072656.161,4380.9
L-3 Communications Holdings Inc. [LLL]US50242410412118.151,4300.9
Kroger Co. [KR]US5010441013243.651,4190.9
Lear Corp. [LEA]US5218652041783.721,4150.9
Northrop Grumman Corp. [NOC]US66680710211123.381,4070.9
Murphy Oil Corp. [MUR]US6267171022262.861,3890.9
CommonWealth REIT [CWH]US2032331015126.301,3490.9
PartnerRE Ltd. [PRE]BMG6852T10513103.501,3350.9
Marathon Petroleum Corp. [MPC]US56585A1021587.041,3320.8
Kohl's Corp. [KSS]US5002551042356.801,3290.8
Lincoln National Corp. [LNC]US5341871092650.671,3220.8
Quest Diagnostics Inc. [DGX]US74834L1002257.921,2920.8
Autoliv Inc. [ALV]US05280010913100.351,2840.8
Validus Holdings Ltd. [VR]BMG9319H1023437.711,2780.8
Hartford Financial Services Group Inc. [HIG]US4165151043635.271,2770.8
GameStop Corp. [GME]US36467W1093041.101,2540.8
Unum Group [UNM]US91529Y1063535.311,2430.8
Archer Daniels Midland Co. [ADM]US0394831022843.391,2370.8
TE Connectivity Ltd. [TEL]CHH849891042060.211,2340.8
Cabot Corp. [CBT]US1270551012159.061,2280.8
CF Industries Holdings Inc. [CF]US1252691005260.641,2250.8
TRW Automotive Holdings Corp. [TRW]US87264S1061581.621,2080.8
Zimmer Holdings Inc. [ZMH]US98956P1021394.581,2010.8
Huntsman Corp. [HUN]US4470111074824.421,1790.8
CBL & Associates Properties Inc. [CBL]US1248301006617.751,1790.8
Sunstone Hotel Investors Inc. [SHO]US8678921018513.731,1700.7
Raytheon Co. [RTN]US7551115071298.791,1660.7
Atwood Oceanics Inc. [ATW]US0500951082350.391,1540.7
Ashland Inc. [ASH]US0442091041199.481,1140.7
Smith & Wesson Holding Corp. [SWHC]US8317561017614.621,1080.7
Scana Corp. [SCG]US80589M1022251.321,1030.7
United Therapeutics Corp. [UTHR]US91307C1021294.031,1000.7
Dillard's Inc. [DDS]US2540671011292.401,0900.7
Western Refining Inc. [WNR]US9593191042838.601,0810.7
Gannett Inc. [GCI]US3647301013927.601,0650.7
Inland Real Estate Corp. [IRC]US45746120010010.551,0580.7
Huntington Bancshares Inc. [HBAN]US4461501041069.971,0570.7
Ingredion Inc. [INGR]US4571871021568.081,0350.7
Symantec Corp. [SYMC]US8715031084919.979830.6
American Financial Group Inc. [AFG]US0259321041757.719580.6
JetBlue Airways Corp. [JBLU]US4771431011098.699500.6
Exelis Inc. [XLS]US30162A1084919.019390.6
Celanese Corp. [CE]US1508701031755.519380.6
State Street Corp. [STT]US8574771031369.559320.6
R.R. Donnelley & Sons Co. [RRD]US2578671015217.909270.6
Tesoro Corp. [TSO]US8816091011850.599260.6
Two Harbors Investment Corp. [TWO]US90187B1018910.259150.6
Ingram Micro Inc. [IM]US4571531043129.569100.6
Banco Latinoamericano de Comercio Exterior SA [BLX]PAP169941323426.418850.6
Allstate Corp. [ALL]US0200021011656.588830.6
MFA Financial Inc. [MFA]US55272X1021137.758770.6
Discover Financial Services [DFS]US2547091081558.198730.6
Amkor Technology Inc. [AMKR]US0316521001266.868680.6
Cardinal Health Inc. [CAH]US14149Y1081269.988680.6
Pitney Bowes Inc. [PBI]US7244791003325.998650.6
Questcor Pharmaceuticals Inc. [QCOR]US74835Y1011364.938570.5
StanCorp Financial Group Inc. [SFG]US8528911001266.808020.5
Omnivision Technologies Inc. [OVTI]US6821281034517.707980.5
Horace Mann Educators Corp. [HMN]US4403271042729.007890.5
Olin Corp. [OLN]US6806652052827.617810.5
SLM Corp. [SLM]US78442P1063124.487690.5
URS Corp. [URS]US9032361071647.067670.5
Portland General Electric Co. [POR]US7365088472432.347660.5
Lexington Realty Trust [LXP]US5290431016910.917480.5
Convergys Corp. [CVG]US2124851063421.917470.5
Lexmark International Inc. [LXK]US5297711071646.297450.5
Allied World Assurance Co. Holdings AG [AWH]CHH015311047103.197330.5
Nabors Industries Ltd. [NBR]BMG6359F1033024.657320.5
Tech Data Corp. [TECD]US8782371061260.967250.5
AECOM Technology Corp. [ACM]US00766T1002232.177240.5
Digital Realty Trust Inc. [DLR]US2538681031453.087220.5
Protective Life Corp. [PL]US7436741031452.597100.5
Marvell Technology Group Ltd. [MRVL]BMG5876H1054415.756980.4
CIGNA Corp. [CI]US125509109883.736780.4
Chemed Corp. [CHE]US16359R103789.456620.4
Kindred Healthcare Inc. [KND]US4945801032823.426600.4
Owens-Illinois Inc. [OI]US6907684031933.836390.4
Brinker International Inc. [EAT]US1096411001252.456290.4
Hercules Offshore Inc. [HERO]US4270931091364.596260.4
Energy XXI Bermuda Ltd. [EXXI]BMG100821402623.576250.4
Principal Financial Group [PFG]US74251V1021345.996160.4
Endurance Specialty Holdings Ltd. [ENH]BMG303971061153.836140.4
American Equity Investment Life Holding Co. [AEL]US0256762062523.625930.4
Safeway Inc. [SWY]US7865142081636.945910.4
Tutor Perini Corp. [TPC]US9011091082128.675910.4
Aspen Insurance Holdings Ltd. [AHL]BMG053841051539.705840.4
Vishay Intertechnology Inc. [VSH]US9282981083914.885770.4
PennyMac Mortgage Investment Trust [PMT]US70931T1032423.905690.4
Atlas Air Worldwide Holdings Inc. [AAWW]US0491642051635.275640.4
SUPERVALU Inc. [SVU]US868536103806.845470.3
Timken Co. [TKR]US887389104958.785290.3
Engility Holdings Inc. [EGL]US29285W1041145.055090.3
Briggs & Stratton Corp. [BGG]US1090431092222.254960.3
Capital One Financial Corp. [COF]US14040H105677.164940.3
Marathon Oil Corp. [MRO]US5658491061335.524760.3
Aflac Inc. [AFL]US001055102763.044660.3
Community Health Systems Inc. [CYH]US2036681081239.174660.3
Reliance Steel & Aluminum Co. [RS]US759509102670.664520.3
Superior Energy Services Inc. [SPN]US8681571081430.764430.3
Usana Health Sciences Inc. [USNA]US90328M107675.344370.3
Journal Communications Inc. [JRN]US481130102488.864280.3
PNC Financial Services Group Inc. [PNC]US693475105587.004180.3
Greatbatch Inc. [GB]US39153L106945.924130.3
Fresh Del Monte Produce Inc. [FDP]USG367381051527.574110.3
Nelnet Inc. [NNI]US64031N108940.903680.2
Myriad Genetics Inc. [MYGN]US62855J1041034.193380.2
Bunge Ltd. [BG]BMG16962105479.513180.2
Universal Corp. [UVV]US913456109555.892960.2
Vonage Holdings Corp. [VG]US92886T201584.272460.2
Cliffs Natural Resources Inc. [CLF]US18683K101920.461880.1
Leidos Holdings Inc. [LDOS]US525327102435.371450.1
Cst Brands Inc. [CST]US12646R105431.241100.1
Science Applications International Corp. [SAIC]US808625107237.39880.1
Tower Group International Ltd. [TWGP]BMG8988C105182.70490.0
Radioshack Corp. [RSH]US750438103202.12430.0
Total153,10498.5
Cash and Other Assets Less Liabilities1.5
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials27.532.4
Information Technology12.510.9
Industrials10.511.2
Energy9.37.0
Consumer Discretionary9.18.8
Utilities8.611.9
Materials7.35.5
Health Care6.58.7
Consumer Staples6.12.9
Telecommunication Services0.20.7

Sector Returns (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Telecommunication Services28.29.1
Utilities11.69.2
Consumer Staples7.97.2
Information Technology7.26.8
Materials6.14.1
Health Care4.97.0
Industrials4.23.5
Energy3.44.0
Consumer Discretionary3.1-0.6
Financials2.15.3
Cash0.00.0

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 Russell Midcap® Value Index is an unmanaged index generally representative of the U.S. market for medium capitalization value stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap® Value Index and Russell® are trademarks of Russell Investments.