Harbor Mid Cap Value Fund Institutional Class (HAMVX)

Portfolio Characteristics (As of Quarter Ended 03/31/2015)

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings190574
Weighted Avg. Market Cap ($Mil)9,974.3512,254.88
Median Market Cap ($Mil)4,705.875,982.58
Price/Book Ratio1.751.89
Adj. Trailing P/E Ratio13.8118.83
Forecasted P/E Ratio13.1817.42
Earnings Growth Rate (%)15.4511.52
Proj. Earnings Growth Rate (%)8.879.09
Return on Equity (%)12.149.70
Turnover (unannualized % since 10/31)2-
Beta vs. Russell Midcap® Value Index1.10-
Beta vs. Russell 3000® Index1.11-

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

Top Ten Holdings (As of Quarter Ended 03/31/2015)

Company Name [Ticker]% of Net Assets
Kohl's Corp. [KSS]1.5
Xerox Corp. [XRX]1.4
Public Service Enterprise Group Inc. [PEG]1.4
CIGNA Corp. [CI]1.4
Avery Dennison Corp. [AVY]1.3
Edison International [EIX]1.3
Hartford Financial Services Group Inc. [HIG]1.2
Gap Inc. [GPS]1.2
FirstEnergy Corp. [FE]1.1
Western Digital Corp. [WDC]1.1
% of Total Holdings:12.9

Full Holdings (As of Quarter Ended 03/31/2015)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Kohl's Corp. [KSS]US50025510410278.257,9971.5
Xerox Corp. [XRX]US98412110358512.857,5161.4
Public Service Enterprise Group Inc. [PEG]US74457310617841.927,4831.4
CIGNA Corp. [CI]US12550910957129.447,3391.4
Avery Dennison Corp. [AVY]US05361110912452.916,5611.3
Edison International [EIX]US28102010710562.476,5411.3
Hartford Financial Services Group Inc. [HIG]US41651510415141.826,3061.2
Gap Inc. [GPS]US36476010813943.336,0191.2
FirstEnergy Corp. [FE]US33793210717035.065,9501.1
Western Digital Corp. [WDC]US9581021056591.015,9341.1
Macy's Inc. [M]US55616P1048964.915,7901.1
Amkor Technology Inc. [AMKR]US0316521006488.845,7211.1
CBL & Associates Properties Inc. [CBL]US12483010028619.805,6691.1
Whirlpool Corp. [WHR]US96332010628202.065,5771.1
Entergy Corp. [ETR]US29364G1036977.495,3701.0
Tesoro Corp. [TSO]US8816091015891.295,2771.0
Ameren Corp. [AEE]US02360810212542.205,2671.0
Quest Diagnostics Inc. [DGX]US74834L1006876.855,2641.0
Piedmont Office Realty Trust Inc. [PDM]US72019020627618.615,1381.0
Flextronics International Ltd. [FLEX]SGY2573F10239812.685,0421.0
Marathon Petroleum Corp. [MPC]US56585A10249102.395,0381.0
KeyCorp. [KEY]US49326710834814.164,9260.9
SunTrust Banks Inc. [STI]US86791410311841.094,8570.9
Dupont Fabros Technology Inc. [DFT]US26613Q10614832.684,8530.9
Western Union Co. [WU]US95980210922820.814,7470.9
Endurance Specialty Holdings Ltd. [ENH]BMG303971067761.144,7140.9
Dillard's Inc. [DDS]US25406710134136.514,5870.9
Brocade Communications Systems Inc. [BRCD]US11162130638411.874,5590.9
Domtar Corp. [UFS]US2575592039946.224,5570.9
Lear Corp. [LEA]US52186520440110.824,4550.9
CIT Group Inc. [CIT]US1255818019945.124,4530.9
United Therapeutics Corp. [UTHR]US91307C10226172.444,4320.9
Lincoln National Corp. [LNC]US5341871097757.464,4240.9
Eastman Chemical Co. [EMN]US2774321006369.264,3630.8
Senior Housing Properties Trust [SNH]US81721M10919422.194,3030.8
Huntington Bancshares Inc. [HBAN]US44615010438911.054,2950.8
Hospitality Properties Trust [HPT]US44106M10213032.994,2850.8
Everest Re Group Ltd. [RE]BMG3223R10824174.004,2280.8
Rouse Properties Inc. [RSE]US77928710121718.964,1220.8
Goodyear Tire & Rubber Co. [GT]US38255010115227.084,1030.8
Amdocs Ltd. [DOX]USG026021037454.404,0260.8
Huntsman Corp. [HUN]US44701110718022.173,9880.8
Scana Corp. [SCG]US80589M1027254.993,9590.8
CF Industries Holdings Inc. [CF]US12526910014283.683,9150.8
AES Corp. [AES]US00130H10529612.853,8050.7
OMEGA Healthcare Investors Inc. [OHI]US6819361009240.573,7160.7
Symantec Corp. [SYMC]US87150310815423.373,6080.7
Digital Realty Trust Inc. [DLR]US2538681035465.963,5750.7
Huntington Ingalls Industries Inc. [HII]US44641310626140.153,5740.7
Seagate Technology plc [STX]IEG7945M1076852.033,5590.7
Valero Energy Corp. plc [VLO]US91913Y1005463.623,4480.7
Unum Group [UNM]US91529Y10610233.733,4300.7
Parker Hannifin Corp. [PH]US70109410429118.783,3970.7
XL Group plc [XL]IEG982901029036.803,3010.6
Validus Holdings Ltd. [VR]BMG9319H1027842.103,2670.6
Kroger Co. [KR]US5010441014276.663,2450.6
Harris Corp. [HRS]US4138751054078.763,1660.6
TE Connectivity Ltd. [TEL]CHH849891044471.623,1660.6
Healthsouth Corp. [HLS]US4219243097044.363,1190.6
JetBlue Airways Corp. [JBLU]US47714310116119.253,0990.6
Juniper Networks Inc. [JNPR]US48203R10413622.583,0750.6
American Axle & Manufacturing Holdings Inc. [AXL]US02406110311825.833,0530.6
American Financial Group Inc. [AFG]US0259321044864.153,0520.6
Corning Inc. [GLW]US21935010513322.683,0120.6
Alaska Air Group Inc. [ALK]US0116591094566.183,0050.6
Fifth Third Bancorp. [FITB]US31677310015818.852,9710.6
Investment Technology Group Inc. [ITG]US46145F1059830.312,9580.6
Portland General Electric Co. [POR]US7365088478037.092,9520.6
Brandywine Realty Trust [BDN]US10536820318215.982,9040.6
Rock-Tenn Co. [RKT]US7727392074364.502,7610.5
Banco Latinoamericano de Comercio Exterior SA [BLX]PAP169941328432.792,7410.5
Regions Financial Corp. [RF]US7591EP1002899.452,7350.5
Brinker International Inc. [EAT]US1096411004461.562,7330.5
Axis Capital Holdings Ltd. [AXS]BMG0692U1095251.582,6770.5
TRW Automotive Holdings Corp. [TRW]US87264S10625104.852,6420.5
Trinity Industries Inc. [TRN]US8965221097435.512,6350.5
Bunge Ltd. [BG]BMG169621053282.362,6190.5
Celanese Corp. [CE]US1508701034655.862,5700.5
Wabash National Corp. [WNC]US92956610718114.102,5550.5
Ameriprise Financial Inc. [AMP]US03076C10619130.842,5380.5
Convergys Corp. [CVG]US21248510611122.872,5330.5
Washington Federal Inc. [WAFD]US93882410911621.812,5290.5
Annaly Capital Management Inc. [NLY]US03571040924310.402,5260.5
Discover Financial Services [DFS]US2547091084556.352,5190.5
CA Inc. [CA]US12673P1057632.612,4880.5
ConAgra Foods Inc. [CAG]US2058871026836.532,4660.5
Aetna Inc. [AET]US00817Y10822106.532,3860.5
Amtrust Financial Services Inc. [AFSI]US0323593094256.992,3650.5
Principal Financial Group Inc. [PFG]US74251V1024651.372,3630.5
Oshkosh Corp. [OSK]US6882392014848.792,3570.5
Foot Locker Inc. [FL]US3448491043763.002,3560.5
Timken Co. [TKR]US8873891045542.142,3300.4
Lannett Co. Inc. [LCI]US5160121013467.712,3290.4
Sunstone Hotel Investors Inc. [SHO]US86789210114016.672,3270.4
NetApp Inc. [NTAP]US64110D1046535.462,3110.4
Briggs & Stratton Corp. [BGG]US10904310911220.542,3030.4
Pitney Bowes Inc. [PBI]US7244791009823.322,2950.4
Summit Hotel Properties Inc. [INN]US86608210016214.072,2860.4
SUPERVALU Inc. [SVU]US86853610319611.632,2770.4
StanCorp Financial Group Inc. [SFG]US8528911003368.602,2640.4
Netgear Inc. [NTGR]US64111Q1046832.882,2330.4
Triumph Group Inc. [TGI]US8968181013759.722,2280.4
Cal-Maine Foods Inc. [CALM]US1280302025639.062,1950.4
PartnerRE Ltd. [PRE]BMG6852T10519114.332,1720.4
Vishay Intertechnology Inc. [VSH]US92829810815413.822,1310.4
Hersha Hospitality Trust [HT]US4278251043246.472,1000.4
Arcbest Corp. [ARCB]US03937C1055537.892,0760.4
Universal Insurance Holdings Inc. [UVE]US91359V1078125.592,0660.4
ADT Corp. [ADT]US00101J1065041.522,0590.4
Brink's Co. [BCO]US1096961047427.632,0420.4
Meritor Inc. [MTOR]US59001K10016212.612,0420.4
Chemed Corp. [CHE]US16359R10317119.402,0300.4
GameStop Corp. [GME]US36467W1095337.962,0270.4
AGCO Corp. [AGCO]US0010841024247.642,0250.4
Omnivision Technologies Inc. [OVTI]US6821281037626.372,0170.4
Tech Data Corp. [TECD]US8782371063557.771,9990.4
Maiden Holdings Ltd. [MHLD]BMG5753U11213314.831,9770.4
Gannett Co. Inc. [GCI]US3647301015337.081,9620.4
Avnet Inc. [AVT]US0538071034344.501,9140.4
Avista Corp. [AVA]US05379B1075634.181,9110.4
Starz [STRZA]US85571Q1025534.411,8990.4
Tyson Foods Inc. [TSN]US9024941034938.301,8770.4
American Electric Power Co. Inc. [AEP]US0255371013356.251,8510.4
Northrop Grumman Corp. [NOC]US66680710211160.961,8350.4
NBT Bancorp Inc. [NBTB]US6287781027225.061,8170.3
Ingredion Inc. [INGR]US4571871022377.821,8050.3
Fresh Del Monte Produce Inc. [FDP]USG367381054638.911,7980.3
Autoliv Inc. [ALV]US05280010915117.771,7310.3
Aspen Insurance Holdings Ltd. [AHL]BMG053841053647.231,7140.3
Finish Line Inc. [FINL]US3179231007024.521,7040.3
QLogic Corp. [QLGC]US74727710111614.741,7040.3
Dice Holdings Inc. [DHX]US2530171071918.921,7010.3
Murphy Oil Corp. [MUR]US6267171023646.601,7010.3
United States Steel Corp. [X]US9129091086924.401,6880.3
Atlas Air Worldwide Holdings Inc. [AAWW]US0491642053943.021,6780.3
R.R. Donnelley & Sons Co. [RRD]US2578671018719.191,6710.3
Allied World Assurance Co. Holdings AG [AWH]CHH015311044140.401,6640.3
Journal Communications Inc. [JRN]US48113010210814.821,6080.3
MFA Financial Inc. [MFA]US55272X1022037.861,5930.3
Horace Mann Educators Corp. [HMN]US4403271044634.201,5780.3
Smith & Wesson Holding Corp. [SWHC]US83175610112312.731,5670.3
Outerwall Inc. [OUTR]US6900701072466.121,5670.3
Olin Corp. [OLN]US6806652054932.041,5570.3
Navient Corp. [NAVI]US63938C1087620.331,5430.3
Cabot Corp. [CBT]US1270551013245.001,4630.3
Select Medical Holdings Corp. [SEM]US81619Q1059814.831,4500.3
Triple-S Management Corp. [GTS]PR8967491087119.881,4180.3
Superior Energy Services Inc. [SPN]US8681571086222.341,3780.3
Lexmark International Inc. [LXK]US5297711073242.341,3760.3
Reliance Steel & Aluminum Co. [RS]US7595091022261.081,3680.3
Equity Commonwealth [EQC]US2946281025126.551,3620.3
Archer Daniels Midland Co. [ADM]US0394831022847.401,3510.3
Noble Corp. plc [NE]GBG654311019414.281,3480.3
Hess Corp. [HES]US42809H1072067.871,3230.3
PennyMac Mortgage Investment Trust [PMT]US70931T1036121.291,3010.3
Raytheon Co. [RTN]US75511150712109.251,2890.2
Two Harbors Investment Corp. [TWO]US90187B10112110.621,2850.2
Seaboard Corp. [SEB]US81154310704132.001,2400.2
Home Loan Servicing Solutions Ltd. [HLSS]USG6648D1097316.541,2020.2
Helmerich & Payne Inc. [HP]US4234521011768.071,1570.2
Zimmer Holdings Inc. [ZMH]US98956P10210117.521,1520.2
Capstead Mortgage Corp. [CMO]US14067E5069811.771,1490.2
Aflac Inc. [AFL]US0010551021864.011,1390.2
Inland Real Estate Corp. [IRC]US45746120010510.691,1200.2
Allstate Corp. [ALL]US0200021011671.171,1100.2
Nelnet Inc. [NNI]US64031N1082347.321,0930.2
Select Income REIT [SIR]US81618T1004424.991,0870.2
Atwood Oceanics Inc. [ATW]US0500951083828.111,0630.2
Radian Group Inc. [RDN]US7502361016316.791,0590.2
Ensco plc [ESV]GBG3157S1065021.071,0470.2
Marathon Oil Corp. [MRO]US5658491064026.111,0310.2
Vista Outdoor Inc. [VSTO]US9283771002342.821,0020.2
Tutor Perini Corp. [TPC]US9011091084223.359920.2
State Street Corp. [STT]US8574771031373.539850.2
Usana Health Sciences Inc. [USNA]US90328M1078111.129330.2
Orbital Atk Inc. [OA]US68557N1031276.638970.2
Lexington Realty Trust [LXP]US529043101899.838780.2
Ingram Micro Inc. [IM]US4571531043125.127740.1
American Equity Investment Life Holding Co. [AEL]US0256762062529.137310.1
Owens-Illinois Inc. [OI]US6907684032923.326790.1
PNC Financial Services Group Inc. [PNC]US693475105593.244480.1
Myriad Genetics Inc. [MYGN]US62855J1041035.403500.1
Universal Corp. [UVV]US913456109547.162500.0
Energy XXI Ltd. [EXXI]BMG10082140543.641950.0
Engility Holdings Inc. [EGL]US29286C107330.04900.0
Vectrus Inc. [VEC]US92242T101425.49890.0
Hercules Offshore Inc. [HERO]US4270931091360.42570.0
Cliffs Natural Resources Inc. [CLF]US18683K10194.81440.0
Paragon Offshore plc [PGN]GBG6S01W108221.30280.0
Radioshack Corp. [RSHCQ]US750438103200.1730.0
Total511,06698.2
Cash and Other Assets Less Liabilities1.8
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials30.833.6
Information Technology15.510.6
Consumer Discretionary12.410.9
Industrials9.39.1
Utilities8.711.7
Materials6.86.7
Health Care6.010.2
Energy4.63.5
Consumer Staples4.23.2
Telecommunication Services0.00.5

Sector Returns (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Health Care17.412.4
Industrials11.33.6
Consumer Discretionary7.74.8
Energy6.4-2.7
Consumer Staples3.91.3
Materials2.71.1
Financials1.82.9
Cash0.00.0
Telecommunication Services0.06.4
Information Technology-0.0-0.4
Utilities-5.3-4.5

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.