Harbor Mid Cap Value Fund Institutional Class (HAMVX)

Portfolio Characteristics (As of Quarter Ended 06/30/2014)

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings163561
Weighted Avg. Market Cap ($Mil)10,083.0611,203.85
Median Market Cap ($Mil)5,593.666,006.17
Price/Book Ratio1.681.82
Adj. Trailing P/E Ratio14.2618.33
Forecasted P/E Ratio12.4916.62
Earnings Growth Rate (%)13.696.89
Proj. Earnings Growth Rate (%)8.639.18
Return on Equity (%)10.899.47
Turnover (unannualized % since 10/31)4-
Beta vs. Russell Midcap® Value Index1.16-
Beta vs. Russell 3000® Index1.26-

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

Top Ten Holdings (As of Quarter Ended 06/30/2014)

Company Name [Ticker]% of Net Assets
Whirlpool Corp. [WHR]1.7
Trinity Industries Inc. [TRN]1.4
Xerox Corp. [XRX]1.4
Macy's Inc. [M]1.4
Entergy Corp. [ETR]1.3
KeyCorp. [KEY]1.3
Public Service Enterprise Group Inc. [PEG]1.3
Brandywine Realty Trust [BDN]1.3
Domtar Corp. [UFS]1.2
Helmerich & Payne Inc. [HP]1.2
% of Total Holdings:13.5

Full Holdings (As of Quarter Ended 06/30/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Whirlpool Corp. [WHR]US96332010628139.223,8421.7
Trinity Industries Inc. [TRN]US8965221097443.723,2441.4
Xerox Corp. [XRX]US98412110324812.443,0801.4
Macy's Inc. [M]US55616P1045358.023,0751.4
Entergy Corp. [ETR]US29364G1033782.093,0131.3
KeyCorp. [KEY]US49326710820414.332,9281.3
Public Service Enterprise Group Inc. [PEG]US7445731067240.792,9161.3
Brandywine Realty Trust [BDN]US10536820318215.602,8351.3
Domtar Corp. [UFS]US2575592036542.852,7941.2
Helmerich & Payne Inc. [HP]US42345210123116.112,6941.2
Huntsman Corp. [HUN]US4470111079328.102,6161.2
Kohl's Corp. [KSS]US5002551045052.682,6131.2
Fifth Third Bancorp. [FITB]US31677310012121.352,5811.2
Regions Financial Corp. [RF]US7591EP10024110.622,5621.1
Western Digital Corp. [WDC]US9581021052792.302,5201.1
Murphy Oil Corp. [MUR]US6267171023666.482,4271.1
AGCO Corp. [AGCO]US0010841024256.222,3891.1
Ameren Corp. [AEE]US0236081025840.882,3551.0
Ameriprise Financial Inc. [AMP]US03076C10619120.002,3281.0
Edison International [EIX]US2810201074058.112,3241.0
Rock-Tenn Co. [RKT]US77273920721105.592,2601.0
Hartford Financial Services Group Inc. [HIG]US4165151046135.812,1841.0
Noble Corp. plc [NE]GBG654311016533.562,1781.0
Goodyear Tire & Rubber Co. [GT]US3825501017727.782,1451.0
Flextronics International Ltd. [FLEX]SGY2573F10219011.072,1060.9
Lincoln National Corp. [LNC]US5341871094051.442,0630.9
Symantec Corp. [SYMC]US8715031088922.902,0450.9
Brocade Communications Systems Inc. [BRCD]US1116213062209.202,0230.9
CF Industries Holdings Inc. [CF]US1252691008240.532,0200.9
OMEGA Healthcare Investors Inc. [OHI]US6819361005536.862,0160.9
Lear Corp. [LEA]US5218652042289.322,0010.9
Omnivision Technologies Inc. [OVTI]US6821281039121.981,9940.9
Everest Re Group Ltd. [RE]BMG3223R10812160.491,9900.9
Energizer Holdings Inc. [ENR]US29266R10816122.031,9520.9
Hess Corp. [HES]US42809H1072098.891,9280.9
Seagate Technology plc [STX]IEG7945M1073456.821,9210.9
Ensco plc [ESV]GBG3157S1063455.571,9060.8
Excel Trust Inc. [EXL]US30068C10914213.331,9000.8
TRW Automotive Holdings Corp. [TRW]US87264S1062189.521,8980.8
Avista Corp. [AVA]US05379B1075633.521,8740.8
Dillard's Inc. [DDS]US25406710116116.611,8540.8
Tyson Foods Inc. [TSN]US9024941034937.541,8390.8
AES Corp. [AES]US00130H10511815.551,8360.8
American Electric Power Co. Inc. [AEP]US0255371013355.771,8350.8
PartnerRE Ltd. [PRE]BMG6852T10517109.211,8240.8
GameStop Corp. [GME]US36467W1094540.471,8170.8
Aetna Inc. [AET]US00817Y1082281.081,8160.8
Amtrust Financial Services Inc. [AFSI]US0323593094241.811,7350.8
Inland Real Estate Corp. [IRC]US45746120015910.631,6870.8
Netgear Inc. [NTGR]US64111Q1044834.771,6790.7
Unum Group [UNM]US91529Y1064834.761,6680.7
Celanese Corp. [CE]US1508701032664.281,6580.7
FirstEnergy Corp. [FE]US3379321074734.721,6460.7
Digital Realty Trust Inc. [DLR]US2538681032858.321,6450.7
Kroger Co. [KR]US5010441013249.431,6060.7
Scana Corp. [SCG]US80589M1023053.811,6040.7
Valero Energy plc [VLO]US91913Y1003250.101,5830.7
Harris Corp. [HRS]US4138751052175.751,5680.7
Amdocs Ltd. [DOX]USG026021033346.331,5470.7
Brink's Co. [BCO]US1096961045528.221,5460.7
Hospitality Properties Trust [HPT]US44106M1025130.401,5380.7
United Therapeutics Corp. [UTHR]US91307C1021788.491,5310.7
Gannett Inc. [GCI]US3647301014931.311,5250.7
Vishay Intertechnology Inc. [VSH]US9282981089815.491,5120.7
Principal Financial Group [PFG]US74251V1023050.481,5090.7
Annaly Capital Management Inc. [NLY]US03571040913011.431,4850.7
Humana Inc. [HUM]US44485910212127.721,4820.7
Cabot Corp. [CBT]US1270551012657.991,4790.7
Foot Locker Inc. [FL]US3448491042950.721,4660.7
L-3 Communications Holdings Inc. [LLL]US50242410412120.751,4610.7
Oshkosh Corp. [OSK]US6882392012655.531,4550.6
CA Inc. [CA]US12673P1055028.741,4370.6
Banco Latinoamericano de Comercio Exterior SA [BLX]PAP169941324829.671,4150.6
Amkor Technology Inc. [AMKR]US03165210012611.181,4140.6
JetBlue Airways Corp. [JBLU]US47714310112810.851,3880.6
Atwood Oceanics Inc. [ATW]US0500951082652.481,3640.6
Autoliv Inc. [ALV]US05280010913106.581,3640.6
Northrop Grumman Corp. [NOC]US66680710211119.631,3640.6
CommonWealth REIT [CWH]US2032331015126.321,3500.6
Zimmer Holdings Inc. [ZMH]US98956P10213103.861,3190.6
Quest Diagnostics Inc. [DGX]US74834L1002258.691,3090.6
Validus Holdings Ltd. [VR]BMG9319H1023438.241,2960.6
Portland General Electric Co. [POR]US7365088473734.671,2760.6
Sunstone Hotel Investors Inc. [SHO]US8678921018514.931,2720.6
TE Connectivity Ltd. [TEL]CHH849891042061.841,2680.6
Energy XXI Bermuda Ltd. [EXXI]BMG100821405423.631,2640.6
CBL & Associates Properties Inc. [CBL]US1248301006619.001,2620.6
Archer Daniels Midland Co. [ADM]US0394831022844.111,2570.6
Questcor Pharmaceuticals Inc. [QCOR]US74835Y1011392.491,2210.5
Ashland Inc. [ASH]US04420910411108.741,2180.5
Pitney Bowes Inc. [PBI]US7244791004427.621,2130.5
Marathon Petroleum Corp. [MPC]US56585A1021578.071,1940.5
Ingredion Inc. [INGR]US4571871021575.041,1410.5
Smith & Wesson Holding Corp. [SWHC]US8317561017614.541,1020.5
Raytheon Co. [RTN]US7551115071292.251,0890.5
Tesoro Corp. [TSO]US8816091011858.671,0740.5
Exelis Inc. [XLS]US30162A1086316.981,0730.5
Western Refining Inc. [WNR]US9593191042837.551,0510.5
Starz [STRZA]US85571Q1023429.791,0190.5
Huntington Bancshares Inc. [HBAN]US4461501041069.541,0110.5
Owens-Illinois Inc. [OI]US6907684032934.641,0080.4
American Financial Group Inc. [AFG]US0259321041759.569890.4
Lexington Realty Trust [LXP]US5290431018911.019830.4
Convergys Corp. [CVG]US2124851064521.449570.4
Tutor Perini Corp. [TPC]US9011091083031.749490.4
Protective Life Corp. [PL]US7436741031469.339360.4
Two Harbors Investment Corp. [TWO]US90187B1018910.489360.4
Discover Financial Services [DFS]US2547091081561.989300.4
MFA Financial Inc. [MFA]US55272X1021138.219290.4
Allstate Corp. [ALL]US0200021011658.729160.4
Endurance Specialty Holdings Ltd. [ENH]BMG303971061851.599080.4
State Street Corp. [STT]US8574771031367.269010.4
Ingram Micro Inc. [IM]US4571531043129.219000.4
SUPERVALU Inc. [SVU]US8685361031098.228980.4
R.R. Donnelley & Sons Co. [RRD]US2578671015216.968790.4
Horace Mann Educators Corp. [HMN]US4403271042731.278510.4
Cardinal Health Inc. [CAH]US14149Y1081268.568500.4
Chemed Corp. [CHE]US16359R103993.728340.4
Allied World Assurance Co. Holdings AG [AWH]CHH015311042138.028100.4
Outerwall Inc. [OUTR]US6900701071359.357890.4
Lexmark International Inc. [LXK]US5297711071648.167750.3
StanCorp Financial Group Inc. [SFG]US8528911001264.007680.3
Olin Corp. [OLN]US6806652052826.927620.3
URS Corp. [URS]US9032361071645.857470.3
CIGNA Corp. [CI]US125509109891.977450.3
Tech Data Corp. [TECD]US8782371061262.527440.3
Bunge Ltd. [BG]BMG169621051075.647340.3
AECOM Technology Corp. [ACM]US00766T1002232.207250.3
Journal Communications Inc. [JRN]US481130102818.877160.3
Nelnet Inc. [NNI]US64031N1081641.436840.3
Aspen Insurance Holdings Ltd. [AHL]BMG053841051545.426680.3
Usana Health Sciences Inc. [USNA]US90328M107878.146490.3
American Equity Investment Life Holding Co. [AEL]US0256762062524.606170.3
Timken Co. [TKR]US887389104967.846110.3
Atlas Air Worldwide Holdings Inc. [AAWW]US0491642051636.855900.3
Brinker International Inc. [EAT]US1096411001248.655840.3
Navient Corp. [NAVI]US63938C1083117.715560.2
Safeway Inc. [SWY]US7865142081634.345490.2
Hercules Offshore Inc. [HERO]US4270931091364.025480.2
Community Health Systems Inc. [CYH]US2036681081245.375400.2
Marathon Oil Corp. [MRO]US5658491061339.925350.2
Capital One Financial Corp. [COF]US14040H105682.605290.2
PennyMac Mortgage Investment Trust [PMT]US70931T1032421.945220.2
Superior Energy Services Inc. [SPN]US8681571081436.145200.2
Reliance Steel & Aluminum Co. [RS]US759509102673.714720.2
Aflac Inc. [AFL]US001055102762.254610.2
Fresh Del Monte Produce Inc. [FDP]USG367381051530.654570.2
Briggs & Stratton Corp. [BGG]US1090431092220.464560.2
Greatbatch Inc. [GB]US39153L106949.064420.2
Engility Holdings Inc. [EGL]US29285W1041138.264320.2
PNC Financial Services Group Inc. [PNC]US693475105589.054270.2
Myriad Genetics Inc. [MYGN]US62855J1041038.923850.2
Universal Corp. [UVV]US913456109555.352930.1
SLM Corp. [SLM]US78442P106318.312610.1
Leidos Holdings Inc. [LDOS]US525327102438.341570.1
Cliffs Natural Resources Inc. [CLF]US18683K101915.051380.1
Cst Brands Inc. [CST]US12646R105434.501210.1
Science Applications International Corp. [SAIC]US808625107244.161030.0
Blackhawk Network Holdings Inc. [HAWKB]US09238E203326.85710.0
Vonage Holdings Corp. [VG]US92886T201133.75490.0
Tower Group International Ltd. [TWGP]BMG8988C105181.80330.0
Universal Insurance Holdings Inc. [UVE]US91359V107212.97310.0
Radioshack Corp. [RSH]US750438103200.99200.0
Total220,38197.7
Cash and Other Assets Less Liabilities2.3
Total Net Assets100%

Sector Allocation (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials26.632.1
Information Technology13.310.6
Consumer Discretionary12.59.9
Industrials9.69.6
Utilities9.212.2
Energy9.06.0
Materials7.37.2
Health Care5.68.8
Consumer Staples5.13.3
Telecommunication Services0.00.3

Sector Returns (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Utilities9.78.8
Health Care8.56.3
Energy6.312.7
Information Technology6.26.8
Consumer Staples5.55.0
Financials4.53.7
Industrials2.54.5
Consumer Discretionary2.53.6
Cash0.00.0
Materials-1.33.8
Telecommunication Services-12.25.3

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.