Harbor Mid Cap Value Fund Institutional Class (HAMVX)

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

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings165566
Weighted Avg. Market Cap ($Mil)9,990.1211,118.91
Median Market Cap ($Mil)5,188.015,596.11
Price/Book Ratio1.561.73
Adj. Trailing P/E Ratio13.6216.36
Forecasted P/E Ratio11.8715.70
Earnings Growth Rate (%)13.636.78
Proj. Earnings Growth Rate (%)8.259.20
Return on Equity (%)10.589.40
Turnover (unannualized % since 10/31)7-
Beta vs. Russell Midcap® Value Index1.14-
Beta vs. Russell 3000® Index1.21-

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

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

Company Name [Ticker]% of Net Assets
Whirlpool Corp. [WHR]1.6
Xerox Corp. [XRX]1.5
Public Service Enterprise Group Inc. [PEG]1.4
Trinity Industries Inc. [TRN]1.4
Kohl's Corp. [KSS]1.3
CF Industries Holdings Inc. [CF]1.3
Entergy Corp. [ETR]1.3
Western Digital Corp. [WDC]1.2
Macy's Inc. [M]1.2
Marathon Petroleum Corp. [MPC]1.2
% of Total Holdings:13.4

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Whirlpool Corp. [WHR]US96332010628145.654,0201.6
Xerox Corp. [XRX]US98412110328613.233,7811.5
Public Service Enterprise Group Inc. [PEG]US7445731069537.243,5491.4
Trinity Industries Inc. [TRN]US8965221097446.723,4671.4
Kohl's Corp. [KSS]US5002551045661.033,4301.3
CF Industries Holdings Inc. [CF]US12526910012279.223,3791.3
Entergy Corp. [ETR]US29364G1034277.333,2561.3
Western Digital Corp. [WDC]US9581021053297.323,1631.2
Macy's Inc. [M]US55616P1045358.183,0841.2
Marathon Petroleum Corp. [MPC]US56585A1023684.673,0231.2
Unum Group [UNM]US91529Y1068634.382,9461.2
United Therapeutics Corp. [UTHR]US91307C10222128.652,8171.1
Brocade Communications Systems Inc. [BRCD]US11162130625910.872,8161.1
Scana Corp. [SCG]US80589M1025749.612,8131.1
KeyCorp. [KEY]US49326710820413.332,7231.1
OMEGA Healthcare Investors Inc. [OHI]US6819361007534.192,5641.0
Brandywine Realty Trust [BDN]US10536820318214.072,5571.0
TRW Automotive Holdings Corp. [TRW]US87264S10625101.252,5521.0
Ameren Corp. [AEE]US0236081026638.332,5261.0
Valero Energy Corp. plc [VLO]US91913Y1005446.272,5081.0
Hospitality Properties Trust [HPT]US44106M1029126.852,4461.0
Regions Financial Corp. [RF]US7591EP10024110.042,4220.9
CIGNA Corp. [CI]US1255091092790.692,4210.9
Fifth Third Bancorp. [FITB]US31677310012120.022,4200.9
Huntsman Corp. [HUN]US4470111079325.992,4200.9
Omnivision Technologies Inc. [OVTI]US6821281039126.462,4000.9
Ameriprise Financial Inc. [AMP]US03076C10619123.382,3940.9
L-3 Communications Holdings Inc. [LLL]US50242410419118.922,2950.9
Domtar Corp. [UFS]US2575592036535.132,2900.9
Hartford Financial Services Group Inc. [HIG]US4165151046137.252,2720.9
Helmerich & Payne Inc. [HP]US4234521012397.872,2710.9
Everest Re Group Ltd. [RE]BMG3223R10814162.012,2680.9
Edison International [EIX]US2810201074055.922,2370.9
ConAgra Foods Inc. [CAG]US2058871026833.042,2300.9
Kroger Co. [KR]US5010441014252.002,2010.9
Lincoln National Corp. [LNC]US5341871094053.582,1490.8
Portland General Electric Co. [POR]US7365088476532.122,1010.8
Symantec Corp. [SYMC]US8715031088923.512,0990.8
FirstEnergy Corp. [FE]US3379321076233.572,0980.8
Noble Corp. plc [NE]GBG654311019422.222,0980.8
PartnerRE Ltd. [PRE]BMG6852T10519109.892,0880.8
Murphy Oil Corp. [MUR]US6267171023656.912,0770.8
NetApp Inc. [NTAP]US64110D1044842.962,0530.8
Digital Realty Trust Inc. [DLR]US2538681033362.382,0410.8
Rock-Tenn Co. [RKT]US7727392074347.582,0360.8
Amdocs Ltd. [DOX]USG026021034445.882,0140.8
Celanese Corp. [CE]US1508701033458.522,0010.8
Dupont Fabros Technology Inc. [DFT]US26613Q1067427.041,9930.8
Energizer Holdings Inc. [ENR]US29266R10816123.211,9710.8
Flextronics International Ltd. [FLEX]SGY2573F10219010.321,9630.8
Goodyear Tire & Rubber Co. [GT]US3825501018622.591,9480.8
Seagate Technology plc [STX]IEG7945M1073457.271,9360.8
Lear Corp. [LEA]US5218652042286.411,9360.8
AGCO Corp. [AGCO]US0010841024245.461,9320.8
Tyson Foods Inc. [TSN]US9024941034939.371,9290.8
Tesoro Corp. [TSO]US8816091013160.981,8900.7
Principal Financial Group Inc. [PFG]US74251V1023652.471,8680.7
GameStop Corp. [GME]US36467W1094541.201,8500.7
Hess Corp. [HES]US42809H1072094.321,8390.7
Annaly Capital Management Inc. [NLY]US03571040917210.681,8340.7
Aetna Inc. [AET]US00817Y1082281.001,8140.7
Vishay Intertechnology Inc. [VSH]US92829810812414.291,7760.7
Dillard's Inc. [DDS]US25406710116108.981,7330.7
Ensco plc [ESV]GBG3157S1064241.311,7180.7
American Electric Power Co. Inc. [AEP]US0255371013352.211,7180.7
JetBlue Airways Corp. [JBLU]US47714310116110.621,7100.7
Avista Corp. [AVA]US05379B1075630.531,7070.7
XL Group plc [XL]IEG982901025133.171,7050.7
Quest Diagnostics Inc. [DGX]US74834L1002860.681,6990.7
CBL & Associates Properties Inc. [CBL]US1248301009417.901,6830.7
Excel Trust Inc. [EXL]US30068C10914211.771,6770.7
AES Corp. [AES]US00130H10511814.181,6750.7
CIT Group Inc. [CIT]US1255818013645.961,6590.7
Amtrust Financial Services Inc. [AFSI]US0323593094239.821,6530.6
Foot Locker Inc. [FL]US3448491042955.651,6080.6
Validus Holdings Ltd. [VR]BMG9319H1024139.141,5970.6
Netgear Inc. [NTGR]US64111Q1044931.251,5280.6
Northrop Grumman Corp. [NOC]US66680710211131.761,5020.6
Oshkosh Corp. [OSK]US6882392013344.151,4700.6
Brinker International Inc. [EAT]US1096411002950.791,4680.6
Banco Latinoamericano de Comercio Exterior SA [BLX]PAP169941324830.681,4630.6
Archer Daniels Midland Co. [ADM]US0394831022851.101,4560.6
Gannett Co. Inc. [GCI]US3647301014929.671,4450.6
Aspen Insurance Holdings Ltd. [AHL]BMG053841053342.771,4240.6
CA Inc. [CA]US12673P1055027.941,3970.5
Ingredion Inc. [INGR]US4571871021875.791,3950.5
Starz [STRZA]US85571Q1024233.081,3930.5
Harris Corp. [HRS]US4138751052166.401,3740.5
Outerwall Inc. [OUTR]US6900701072456.101,3300.5
Equity Commonwealth [EQC]US2946281025125.711,3190.5
Brink's Co. [BCO]US1096961045524.041,3170.5
Cabot Corp. [CBT]US1270551012650.771,2950.5
Zimmer Holdings Inc. [ZMH]US98956P10213100.551,2770.5
Bunge Ltd. [BG]BMG169621051584.231,2630.5
Olin Corp. [OLN]US6806652054925.251,2270.5
Endurance Specialty Holdings Ltd. [ENH]BMG303971062255.181,2190.5
Finish Line Inc. [FINL]US3179231004925.031,2160.5
Raytheon Co. [RTN]US75511150712101.621,1990.5
Sunstone Hotel Investors Inc. [SHO]US8678921018513.821,1770.5
Autoliv Inc. [ALV]US0528001091391.921,1770.5
Select Medical Holdings Corp. [SEM]US81619Q1059812.031,1770.5
Ashland Inc. [ASH]US04420910411104.101,1660.5
Atwood Oceanics Inc. [ATW]US0500951082643.691,1360.4
TE Connectivity Ltd. [TEL]CHH849891042055.291,1330.4
Tutor Perini Corp. [TPC]US9011091084226.401,1220.4
Pitney Bowes Inc. [PBI]US7244791004424.991,0970.4
Home Loan Servicing Solutions Ltd. [HLSS]KYG6648D1095121.191,0740.4
Amkor Technology Inc. [AMKR]US0316521001268.411,0640.4
Select Income REIT [SIR]US81618T1004424.051,0460.4
Exelis Inc. [XLS]US30162A1086316.541,0450.4
Inland Real Estate Corp. [IRC]US4574612001059.911,0390.4
Huntington Bancshares Inc. [HBAN]US4461501041069.731,0310.4
Fresh Del Monte Produce Inc. [FDP]USG367381053231.901,0240.4
State Street Corp. [STT]US8574771031373.619860.4
SUPERVALU Inc. [SVU]US8685361031098.949760.4
Discover Financial Services [DFS]US2547091081564.399660.4
American Financial Group Inc. [AFG]US0259321041757.899610.4
Allstate Corp. [ALL]US0200021011661.379570.4
Protective Life Corp. [PL]US7436741031469.419370.4
Chemed Corp. [CHE]US16359R1039102.909160.4
Journal Communications Inc. [JRN]US4811301021088.439150.4
Radian Group Inc. [RDN]US7502361016314.269000.4
MFA Financial Inc. [MFA]US55272X1021137.788800.3
Lexington Realty Trust [LXP]US529043101899.798740.3
Two Harbors Investment Corp. [TWO]US90187B101899.678640.3
Capstead Mortgage Corp. [CMO]US14067E5067012.248590.3
R.R. Donnelley & Sons Co. [RRD]US2578671015216.468530.3
Reliance Steel & Aluminum Co. [RS]US7595091021268.408410.3
Convergys Corp. [CVG]US2124851064517.827960.3
Ingram Micro Inc. [IM]US4571531043125.817950.3
Allied World Assurance Co. Holdings AG [AWH]CHH015311042136.847850.3
Horace Mann Educators Corp. [HMN]US4403271042728.517750.3
AECOM Technology Corp. [ACM]US00766T1002233.757590.3
StanCorp Financial Group Inc. [SFG]US8528911001263.187580.3
Owens-Illinois Inc. [OI]US6907684032926.057580.3
Smith & Wesson Holding Corp. [SWHC]US831756101769.447160.3
Nelnet Inc. [NNI]US64031N1081643.097110.3
Tech Data Corp. [TECD]US8782371061258.867000.3
Lexmark International Inc. [LXK]US5297711071642.506840.3
Usana Health Sciences Inc. [USNA]US90328M107873.666110.2
Energy XXI Bermuda Ltd. [EXXI]BMG100821405411.356070.2
American Equity Investment Life Holding Co. [AEL]US0256762062522.885740.2
Navient Corp. [NAVI]US63938C1083117.715560.2
Atlas Air Worldwide Holdings Inc. [AAWW]US0491642051633.025280.2
Capital One Financial Corp. [COF]US14040H105681.625220.2
PennyMac Mortgage Investment Trust [PMT]US70931T1032421.435100.2
Marathon Oil Corp. [MRO]US5658491061337.595040.2
Superior Energy Services Inc. [SPN]US8681571081432.874730.2
Universal Insurance Holdings Inc. [UVE]US91359V1073612.934600.2
Aflac Inc. [AFL]US001055102758.254310.2
PNC Financial Services Group Inc. [PNC]US693475105585.584110.2
Briggs & Stratton Corp. [BGG]US1090431092218.024020.2
Myriad Genetics Inc. [MYGN]US62855J1041038.573820.1
Timken Co. [TKR]US887389104942.393820.1
Engility Holdings Inc. [EGL]US29285W1041131.173520.1
Hercules Offshore Inc. [HERO]US4270931091362.203000.1
SLM Corp. [SLM]US78442P106318.562690.1
Universal Corp. [UVV]US913456109544.392350.1
Leidos Holdings Inc. [LDOS]US525327102434.331410.1
Paragon Offshore plc [PGN]GBG6S01W108226.151330.1
Cst Brands Inc. [CST]US12646R105435.951260.0
Science Applications International Corp. [SAIC]US808625107244.231040.0
Cliffs Natural Resources Inc. [CLF]US18683K101910.38950.0
Vectrus Inc. [VEC]US92242T101419.53690.0
Radioshack Corp. [RSH]US750438103200.99200.0
Total250,44198.3
Cash and Other Assets Less Liabilities1.7
Total Net Assets100%

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

As of Quarter Ended 09/30/2014
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials28.932.2
Information Technology13.210.8
Consumer Discretionary12.510.3
Utilities9.311.9
Industrials8.49.3
Energy8.15.2
Materials6.97.2
Consumer Staples6.03.4
Health Care4.99.3
Telecommunication Services0.00.3

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

As of Quarter Ended 09/30/2014
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Health Care7.02.5
Consumer Staples5.41.8
Consumer Discretionary1.80.1
Information Technology0.1-1.0
Cash0.00.0
Financials-1.9-2.2
Industrials-5.2-5.1
Utilities-6.0-5.0
Materials-6.7-2.1
Energy-13.2-14.6
Telecommunication Services-13.96.2

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.