Harbor Mid Cap Value Fund Institutional Class (HAMVX)

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

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings174578
Weighted Avg. Market Cap ($Mil)10,290.0312,044.97
Median Market Cap ($Mil)4,845.675,832.17
Price/Book Ratio1.631.83
Adj. Trailing P/E Ratio14.3418.49
Forecasted P/E Ratio12.7416.82
Earnings Growth Rate (%)12.466.60
Proj. Earnings Growth Rate (%)9.259.28
Return on Equity (%)9.819.40
Turnover (unannualized % since 10/31)1-
Beta vs. Russell Midcap® Value Index1.10-
Beta vs. Russell 3000® Index1.14-

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

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

Company Name [Ticker]% of Net Assets
Kohl's Corp. [KSS]1.5
CIGNA Corp. [CI]1.5
Whirlpool Corp. [WHR]1.4
Public Service Enterprise Group Inc. [PEG]1.4
Entergy Corp. [ETR]1.4
Dupont Fabros Technology Inc. [DFT]1.3
FirstEnergy Corp. [FE]1.3
Xerox Corp. [XRX]1.2
CBL & Associates Properties Inc. [CBL]1.2
Marathon Petroleum Corp. [MPC]1.2
% of Total Holdings:13.4

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Kohl's Corp. [KSS]US5002551049261.045,6281.5
CIGNA Corp. [CI]US12550910954102.915,5261.5
Whirlpool Corp. [WHR]US96332010628193.745,3471.4
Public Service Enterprise Group Inc. [PEG]US74457310612441.415,1311.4
Entergy Corp. [ETR]US29364G1035987.485,1261.4
Dupont Fabros Technology Inc. [DFT]US26613Q10614833.244,9361.3
FirstEnergy Corp. [FE]US33793210712338.994,7961.3
Xerox Corp. [XRX]US98412110332913.864,5571.2
CBL & Associates Properties Inc. [CBL]US12483010023419.424,5521.2
Marathon Petroleum Corp. [MPC]US56585A1024990.264,4411.2
SunTrust Banks Inc. [STI]US86791410310041.904,1771.1
CIT Group Inc. [CIT]US1255818018647.834,1041.1
Symantec Corp. [SYMC]US87150310815425.663,9611.1
Seagate Technology plc [STX]IEG7945M1075966.503,9241.1
Everest Re Group Ltd. [RE]BMG3223R10822170.303,7131.0
Ameren Corp. [AEE]US0236081028046.133,6811.0
Eastman Chemical Co. [EMN]US2774321004875.863,6341.0
Western Digital Corp. [WDC]US95810210532110.703,5981.0
OMEGA Healthcare Investors Inc. [OHI]US6819361009239.073,5791.0
Unum Group [UNM]US91529Y10610234.883,5471.0
Flextronics International Ltd. [FLEX]SGY2573F10231511.183,5211.0
Lincoln National Corp. [LNC]US5341871096057.673,4490.9
Scana Corp. [SCG]US80589M1025760.403,4250.9
Domtar Corp. [UFS]US2575592038440.223,3740.9
Hospitality Properties Trust [HPT]US44106M10210831.003,3380.9
United Therapeutics Corp. [UTHR]US91307C10226129.493,3280.9
CF Industries Holdings Inc. [CF]US12526910012272.543,2980.9
Validus Holdings Ltd. [VR]BMG9319H1027841.563,2250.9
Hartford Financial Services Group Inc. [HIG]US4165151047741.693,2180.9
Brocade Communications Systems Inc. [BRCD]US11162130625911.843,0680.8
Tesoro Corp. [TSO]US8816091014174.353,0560.8
Corning Inc. [GLW]US21935010513322.933,0450.8
Portland General Electric Co. [POR]US7365088478037.833,0110.8
Macy's Inc. [M]US55616P1044665.752,9980.8
Quest Diagnostics Inc. [DGX]US74834L1004467.062,9510.8
Brandywine Realty Trust [BDN]US10536820318215.982,9040.8
Avery Dennison Corp. [AVY]US0536111095651.882,9000.8
Huntsman Corp. [HUN]US44701110712722.782,8980.8
Bunge Ltd. [BG]BMG169621053290.912,8910.8
KeyCorp. [KEY]US49326710820413.902,8400.8
Amkor Technology Inc. [AMKR]US0316521003997.102,8300.8
TE Connectivity Ltd. [TEL]CHH849891044463.252,7960.8
AES Corp. [AES]US00130H10519813.772,7280.7
Kroger Co. [KR]US5010441014264.212,7180.7
Goodyear Tire & Rubber Co. [GT]US3825501019528.572,7110.7
NetApp Inc. [NTAP]US64110D1046541.452,7010.7
Valero Energy Corp. plc [VLO]US91913Y1005449.502,6830.7
Annaly Capital Management Inc. [NLY]US03571040924310.812,6260.7
Edison International [EIX]US2810201074065.482,6190.7
Rock-Tenn Co. [RKT]US7727392074360.982,6100.7
Huntington Ingalls Industries Inc. [HII]US44641310623112.462,6090.7
TRW Automotive Holdings Corp. [TRW]US87264S10625102.852,5920.7
Ameriprise Financial Inc. [AMP]US03076C10619132.252,5660.7
JetBlue Airways Corp. [JBLU]US47714310116115.862,5530.7
Regions Financial Corp. [RF]US7591EP10024110.562,5470.7
Fifth Third Bancorp. [FITB]US31677310012120.382,4630.7
Meritor Inc. [MTOR]US59001K10016215.152,4530.7
ConAgra Foods Inc. [CAG]US2058871026836.282,4490.7
Celanese Corp. [CE]US1508701034059.962,4220.7
Netgear Inc. [NTGR]US64111Q1046835.582,4160.7
Timken Co. [TKR]US8873891045542.682,3600.6
Omnivision Technologies Inc. [OVTI]US6821281039126.002,3580.6
XL Group plc [XL]IEG982901026834.372,3440.6
Amtrust Financial Services Inc. [AFSI]US0323593094256.252,3340.6
StanCorp Financial Group Inc. [SFG]US8528911003369.862,3050.6
American Financial Group Inc. [AFG]US0259321043760.722,2280.6
Lear Corp. [LEA]US5218652042298.082,1970.6
Vishay Intertechnology Inc. [VSH]US92829810815414.152,1820.6
Digital Realty Trust Inc. [DLR]US2538681033366.302,1690.6
PartnerRE Ltd. [PRE]BMG6852T10519114.132,1680.6
Brinker International Inc. [EAT]US1096411003658.692,1130.6
Axis Capital Holdings Ltd. [AXS]BMG0692U1094151.092,1100.6
Foot Locker Inc. [FL]US3448491043756.182,1010.6
Trinity Industries Inc. [TRN]US8965221097428.012,0780.6
Amdocs Ltd. [DOX]USG026021034446.662,0480.6
Summit Hotel Properties Inc. [INN]US86608210016212.442,0220.5
Juniper Networks Inc. [JNPR]US48203R1049022.322,0070.5
American Electric Power Co. Inc. [AEP]US0255371013360.721,9980.5
Huntington Bancshares Inc. [HBAN]US44615010418910.521,9910.5
Dillard's Inc. [DDS]US25406710116125.181,9900.5
Aetna Inc. [AET]US00817Y1082288.831,9900.5
Avista Corp. [AVA]US05379B1075635.351,9760.5
Ingredion Inc. [INGR]US4571871022384.841,9680.5
Tyson Foods Inc. [TSN]US9024941034940.091,9640.5
Convergys Corp. [CVG]US2124851069620.371,9600.5
AGCO Corp. [AGCO]US0010841024245.201,9210.5
NBT Bancorp Inc. [NBTB]US6287781027226.271,9050.5
SUPERVALU Inc. [SVU]US8685361031969.701,8990.5
Avnet Inc. [AVT]US0538071034343.021,8500.5
Principal Financial Group Inc. [PFG]US74251V1023651.941,8490.5
Murphy Oil Corp. [MUR]US6267171023650.521,8440.5
Harris Corp. [HRS]US4138751052671.821,8390.5
Brink's Co. [BCO]US1096961047424.411,8040.5
ADT Corp. [ADT]US00101J1065036.231,7970.5
Outerwall Inc. [OUTR]US6900701072475.221,7830.5
Banco Latinoamericano de Comercio Exterior SA [BLX]PAP169941325930.101,7820.5
Northrop Grumman Corp. [NOC]US66680710211147.391,6800.5
Endurance Specialty Holdings Ltd. [ENH]BMG303971062859.841,6760.5
Universal Insurance Holdings Inc. [UVE]US91359V1078120.451,6510.4
Navient Corp. [NAVI]US63938C1087621.611,6400.4
Starz [STRZA]US85571Q1025529.701,6390.4
Oshkosh Corp. [OSK]US6882392013348.651,6200.4
MFA Financial Inc. [MFA]US55272X1022037.991,6200.4
Finish Line Inc. [FINL]US3179231006424.311,5680.4
Noble Corp. plc [NE]GBG654311019416.571,5640.4
Rouse Properties Inc. [RSE]US7792871018418.521,5540.4
Horace Mann Educators Corp. [HMN]US4403271044633.181,5310.4
Tech Data Corp. [TECD]US8782371062463.231,5300.4
CA Inc. [CA]US12673P1055030.451,5230.4
GameStop Corp. [GME]US36467W1094533.801,5180.4
Fresh Del Monte Produce Inc. [FDP]USG367381054533.551,4960.4
Ensco plc [ESV]GBG3157S1065029.951,4890.4
Archer Daniels Midland Co. [ADM]US0394831022852.001,4820.4
Atlas Air Worldwide Holdings Inc. [AAWW]US0491642053049.301,4690.4
R.R. Donnelley & Sons Co. [RRD]US2578671018716.811,4640.4
Aspen Insurance Holdings Ltd. [AHL]BMG053841053343.771,4580.4
Pitney Bowes Inc. [PBI]US7244791005924.371,4430.4
Sunstone Hotel Investors Inc. [SHO]US8678921018716.511,4400.4
Hess Corp. [HES]US42809H1072073.821,4390.4
Cabot Corp. [CBT]US1270551013243.861,4250.4
Home Loan Servicing Solutions Ltd. [HLSS]USG6648D1097319.521,4190.4
Select Medical Holdings Corp. [SEM]US81619Q1059814.401,4080.4
Reliance Steel & Aluminum Co. [RS]US7595091022261.271,3720.4
Exelis Inc. [XLS]US30162A1087817.531,3620.4
Alliant Techsystems Inc. [ATK]US01880410412116.251,3600.4
Autoliv Inc. [ALV]US05280010913106.121,3580.4
Lexmark International Inc. [LXK]US5297711073241.271,3410.4
Equity Commonwealth [EQC]US2946281025125.671,3170.4
PennyMac Mortgage Investment Trust [PMT]US70931T1036121.091,2890.3
Raytheon Co. [RTN]US75511150712108.171,2760.3
Superior Energy Services Inc. [SPN]US8681571086220.151,2430.3
Journal Communications Inc. [JRN]US48113010210811.431,2400.3
Two Harbors Investment Corp. [TWO]US90187B10112110.021,2120.3
Capstead Mortgage Corp. [CMO]US14067E5069812.281,1990.3
Allied World Assurance Co. Holdings AG [AWH]CHH015311043237.921,1940.3
Inland Real Estate Corp. [IRC]US45746120010510.951,1480.3
Helmerich & Payne Inc. [HP]US4234521011767.421,1460.3
Marathon Oil Corp. [MRO]US5658491064028.291,1170.3
Zimmer Holdings Inc. [ZMH]US98956P10210113.421,1120.3
Olin Corp. [OLN]US6806652054922.771,1070.3
Allstate Corp. [ALL]US0200021011670.251,0960.3
Aflac Inc. [AFL]US0010551021861.091,0870.3
Gannett Co. Inc. [GCI]US3647301013431.931,0790.3
Atwood Oceanics Inc. [ATW]US0500951083828.371,0720.3
Nelnet Inc. [NNI]US64031N1082346.331,0700.3
Select Income REIT [SIR]US81618T1004424.411,0620.3
Radian Group Inc. [RDN]US7502361016316.721,0550.3
State Street Corp. [STT]US8574771031378.501,0520.3
Triple-S Management Corp. [GTS]PR8967491084323.911,0380.3
Triumph Group Inc. [TGI]US8968181011567.221,0350.3
Tutor Perini Corp. [TPC]US9011091084224.071,0230.3
Smith & Wesson Holding Corp. [SWHC]US8317561011079.471,0120.3
Discover Financial Services [DFS]US2547091081565.499820.3
Lexington Realty Trust [LXP]US5290431018910.989810.3
Chemed Corp. [CHE]US16359R1039105.679400.3
Usana Health Sciences Inc. [USNA]US90328M1078102.598620.2
Washington Federal Inc. [WAFD]US9388241093922.158620.2
Ingram Micro Inc. [IM]US4571531043127.648510.2
Owens-Illinois Inc. [OI]US6907684032926.997850.2
American Equity Investment Life Holding Co. [AEL]US0256762062529.197330.2
Briggs & Stratton Corp. [BGG]US1090431093520.427110.2
Seaboard Corp. [SEB]US81154310704197.955630.2
Maiden Holdings Ltd. [MHLD]BMG5753U1124312.795460.1
Engility Holdings Inc. [EGL]US29285W1041142.804840.1
PNC Financial Services Group Inc. [PNC]US693475105591.234380.1
Myriad Genetics Inc. [MYGN]US62855J1041034.063370.1
SLM Corp. [SLM]US78442P1063110.193200.1
Universal Corp. [UVV]US913456109543.982330.1
Energy XXI Ltd. [EXXI]BMG10082140543.261740.0
Hercules Offshore Inc. [HERO]US4270931091361.001360.0
Vectrus Inc. [VEC]US92242T101427.40960.0
Cliffs Natural Resources Inc. [CLF]US18683K10197.14660.0
Excel Trust Inc. [EXL]US30068C109513.39650.0
Paragon Offshore plc [PGN]GBG6S01W108222.77600.0
Radioshack Corp. [RSH]US750438103200.3780.0
Total362,07597.6
Cash and Other Assets Less Liabilities2.4
Total Net Assets100%

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

As of Quarter Ended 12/31/2014
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials31.333.3
Information Technology15.110.8
Consumer Discretionary10.510.5
Utilities9.312.5
Industrials8.88.9
Materials7.06.9
Energy5.83.7
Health Care5.09.6
Consumer Staples5.03.4
Telecommunication Services0.00.5

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

As of Quarter Ended 12/31/2014
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Utilities16.011.9
Consumer Discretionary13.211.2
Consumer Staples12.27.7
Financials10.48.8
Health Care9.410.0
Information Technology7.75.5
Materials2.40.6
Industrials2.02.1
Cash0.00.0
Telecommunication Services0.05.1
Energy-13.5-26.0

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.