Harbor Mid Cap Value Fund Investor Class (HIMVX)

Portfolio Characteristics (As of Quarter Ended 06/30/2015)

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings197554
Weighted Avg. Market Cap ($Mil)9,619.8511,102.26
Median Market Cap ($Mil)4,243.566,150.13
Price/Book Ratio1.691.68
Adj. Trailing P/E Ratio13.4417.27
Forecasted P/E Ratio12.5216.93
Earnings Growth Rate (%)14.8911.41
Proj. Earnings Growth Rate (%)8.339.28
Return on Equity (%)12.3410.36
Turnover (unannualized % since 10/31)5-
Beta vs. Russell Midcap® Value Index1.07-
Beta vs. Russell 3000® Index1.10-

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

Top Ten Holdings (As of Quarter Ended 06/30/2015)

Company Name [Ticker]% of Net Assets
CIGNA Corp. [CI]1.6
Public Service Enterprise Group Inc. [PEG]1.6
Kohl's Corp. [KSS]1.4
Avery Dennison Corp. [AVY]1.3
Quest Diagnostics Inc. [DGX]1.2
Macy's Inc. [M]1.2
KeyCorp. [KEY]1.1
Hartford Financial Services Group Inc. [HIG]1.1
Entergy Corp. [ETR]1.1
Xerox Corp. [XRX]1.1
% of Total Holdings:12.7

Full Holdings (As of Quarter Ended 06/30/2015)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
CIGNA Corp. [CI]US12550910957162.009,1851.6
Public Service Enterprise Group Inc. [PEG]US74457310623239.289,1331.6
Kohl's Corp. [KSS]US50025510412562.617,8141.4
Avery Dennison Corp. [AVY]US05361110912460.947,5571.3
Quest Diagnostics Inc. [DGX]US74834L1009972.527,2081.2
Macy's Inc. [M]US55616P10410367.476,9361.2
KeyCorp. [KEY]US49326710841815.026,2781.1
Hartford Financial Services Group Inc. [HIG]US41651510415141.576,2691.1
Entergy Corp. [ETR]US29364G1038970.506,2671.1
Xerox Corp. [XRX]US98412110358510.646,2231.1
Brocade Communications Systems Inc. [BRCD]US11162130650811.886,0411.0
Edison International [EIX]US28102010710555.585,8191.0
Mosaic Co. [MOS]US61945C10312146.855,6741.0
Piedmont Office Realty Trust Inc. [PDM]US72019020632117.595,6451.0
Goodyear Tire & Rubber Co. [GT]US38255010118530.155,5661.0
FirstEnergy Corp. [FE]US33793210717032.555,5241.0
Scana Corp. [SCG]US80589M10210750.655,4300.9
Hospitality Properties Trust [HPT]US44106M10218528.825,3370.9
Gap Inc. [GPS]US36476010813938.175,3020.9
Eastman Chemical Co. [EMN]US2774321006381.825,1550.9
Marathon Petroleum Corp. [MPC]US56585A1029852.315,1470.9
Western Digital Corp. [WDC]US9581021056578.425,1130.9
SunTrust Banks Inc. [STI]US86791410311843.025,0850.9
Endurance Specialty Holdings Ltd. [ENH]BMG303971067765.705,0650.9
AES Corp. [AES]US00130H10538013.265,0440.9
Bed Bath & Beyond Inc. [BBBY]US0758961007368.985,0150.9
Tesoro Corp. [TSO]US8816091015884.414,8790.8
Whirlpool Corp. [WHR]US96332010628173.054,7760.8
Ameren Corp. [AEE]US02360810212537.684,7020.8
PBF Energy Inc. [PBF]US69318G10616428.424,6520.8
CBL & Associates Properties Inc. [CBL]US12483010028616.204,6380.8
Western Union Co. [WU]US95980210922820.334,6370.8
CIT Group Inc. [CIT]US1255818019946.494,5890.8
Regions Financial Corp. [RF]US7591EP10044010.364,5600.8
Lincoln National Corp. [LNC]US5341871097759.224,5600.8
Symantec Corp. [SYMC]US87150310819623.254,5590.8
Lear Corp. [LEA]US52186520440112.264,5130.8
Flextronics International Ltd. [FLEX]SGY2573F10239811.314,4990.8
CF Industries Holdings Inc. [CF]US1252691006964.284,4350.8
Everest Re Group Ltd. [RE]BMG3223R10824182.014,4230.8
Huntington Bancshares Inc. [HBAN]US44615010438911.314,3960.8
Dupont Fabros Technology Inc. [DFT]US26613Q10614829.454,3730.8
Bunge Ltd. [BG]BMG169621054787.804,1180.7
L-3 Communications Holdings Inc. [LLL]US50242410436113.384,0930.7
Domtar Corp. [UFS]US2575592039941.404,0820.7
Amdocs Ltd. [DOX]USG026021037454.594,0400.7
Harley-Davidson Inc. [HOG]US4128221087256.354,0350.7
Huntington Ingalls Industries Inc. [HII]US44641310636112.593,9970.7
Celanese Corp. [CE]US1508701035671.883,9970.7
Tyson Foods Inc. [TSN]US9024941039342.633,9730.7
Huntsman Corp. [HUN]US44701110718022.073,9700.7
Cal-Maine Foods Inc. [CALM]US1280302027552.203,9100.7
Amkor Technology Inc. [AMKR]US0316521006485.983,8720.7
Alaska Air Group Inc. [ALK]US0116591096064.433,8530.7
GameStop Corp. [GME]US36467W1098942.963,8280.7
Unum Group [UNM]US91529Y10610235.753,6360.6
Reliance Steel & Aluminum Co. [RS]US7595091026060.483,6350.6
Triumph Group Inc. [TGI]US8968181015565.993,6220.6
Digital Realty Trust Inc. [DLR]US2538681035466.683,6140.6
Rouse Properties Inc. [RSE]US77928710121716.353,5540.6
Juniper Networks Inc. [JNPR]US48203R10413625.973,5370.6
Dillard's Inc. [DDS]US25406710134105.193,5340.6
Validus Holdings Ltd. [VR]BMG9319H1027843.993,4140.6
Senior Housing Properties Trust [SNH]US81721M10919417.553,4030.6
Valero Energy Corp. plc [VLO]US91913Y1005462.603,3930.6
Wabash National Corp. [WNC]US92956610726912.543,3780.6
JetBlue Airways Corp. [JBLU]US47714310116120.763,3420.6
XL Group plc [XL]IEG982901029037.203,3370.6
Parker Hannifin Corp. [PH]US70109410429116.333,3270.6
Brinker International Inc. [EAT]US1096411005857.653,3270.6
Fifth Third Bancorp. [FITB]US31677310015820.823,2810.6
United Therapeutics Corp. [UTHR]US91307C10219173.953,2530.6
Seagate Technology plc [STX]IEG7945M1076847.503,2490.6
Hersha Hospitality Trust [HT]US42782550012525.643,1980.6
SUPERVALU Inc. [SVU]US8685361033928.093,1680.5
OMEGA Healthcare Investors Inc. [OHI]US6819361009234.333,1450.5
Allied World Assurance Co. Holdings AG [AWH]CHH015311047343.223,1380.5
American Financial Group Inc. [AFG]US0259321044865.043,0940.5
Harris Corp. [HRS]US4138751054076.913,0920.5
Kroger Co. [KR]US5010441014272.513,0700.5
Smith & Wesson Holding Corp. [SWHC]US83175610118416.593,0610.5
Owens & Minor Inc. [OMI]US6907321029034.003,0600.5
Sunstone Hotel Investors Inc. [SHO]US86789210120415.013,0550.5
ConAgra Foods Inc. [CAG]US2058871026843.722,9510.5
R.R. Donnelley & Sons Co. [RRD]US25786710116617.432,8880.5
Aetna Inc. [AET]US00817Y10822127.462,8550.5
Pitney Bowes Inc. [PBI]US72447910013620.812,8360.5
Convergys Corp. [CVG]US21248510611125.492,8230.5
Axis Capital Holdings Ltd. [AXS]BMG0692U1095253.372,7700.5
Ryland Group Inc. [RYL]US7837641036046.372,7590.5
Amtrust Financial Services Inc. [AFSI]US0323593094265.512,7190.5
Washington Federal Inc. [WAFD]US93882410911623.352,7090.5
Avnet Inc. [AVT]US0538071036641.112,6930.5
Banco Latinoamericano de Comercio Exterior SA [BLX]PAP169941328432.182,6900.5
Portland General Electric Co. [POR]US7365088478033.162,6400.5
Franklin Street Properties Corp. [FSP]US35471R10623311.312,6340.5
Corning Inc. [GLW]US21935010513319.732,6200.5
Rock-Tenn Co. [RKT]US7727392074360.202,5770.4
Discover Financial Services [DFS]US2547091084557.622,5760.4
Avista Corp. [AVA]US05379B1078330.652,5510.4
Oshkosh Corp. [OSK]US6882392016042.382,5510.4
Finish Line Inc. [FINL]US3179231009227.822,5490.4
Foot Locker Inc. [FL]US3448491043767.012,5060.4
StanCorp Financial Group Inc. [SFG]US8528911003375.612,4950.4
American Axle & Manufacturing Holdings Inc. [AXL]US02406110311820.912,4720.4
Starz [STRZA]US85571Q1025544.722,4690.4
PartnerRE Ltd. [PRE]BMG6852T10519128.502,4420.4
Ameriprise Financial Inc. [AMP]US03076C10619124.932,4240.4
Investment Technology Group Inc. [ITG]US46145F1059824.802,4200.4
AGCO Corp. [AGCO]US0010841024256.782,4130.4
Brandywine Realty Trust [BDN]US10536820318213.282,4130.4
Arcbest Corp. [ARCB]US03937C1057431.802,3600.4
Principal Financial Group Inc. [PFG]US74251V1024651.292,3590.4
National Oilwell Varco Inc. [NOV]US6370711014748.282,2840.4
CA Inc. [CA]US12673P1057629.292,2350.4
Annaly Capital Management Inc. [NLY]US0357104092439.192,2320.4
Chemed Corp. [CHE]US16359R10317131.102,2290.4
Brink's Co. [BCO]US1096961047429.432,1750.4
Briggs & Stratton Corp. [BGG]US10904310911219.262,1590.4
Atlas Air Worldwide Holdings Inc. [AAWW]US0491642053954.962,1430.4
Meritor Inc. [MTOR]US59001K10016213.122,1240.4
Summit Hotel Properties Inc. [INN]US86608210016213.012,1140.4
Maiden Holdings Ltd. [MHLD]BMG5753U11213315.782,1030.4
NetApp Inc. [NTAP]US64110D1046531.562,0560.4
Lannett Co. Inc. [LCI]US5160121013459.442,0450.4
Netgear Inc. [NTGR]US64111Q1046830.022,0380.4
Timken Co. [TKR]US8873891045536.572,0220.3
Omnivision Technologies Inc. [OVTI]US6821281037626.202,0040.3
Noble Corp. plc [NE]GBG6543110113015.391,9990.3
Tech Data Corp. [TECD]US8782371063557.561,9920.3
Trinity Industries Inc. [TRN]US8965221097426.431,9610.3
Universal Insurance Holdings Inc. [UVE]US91359V1078124.201,9540.3
Universal Corp. [UVV]US9134561093257.321,8610.3
Ingredion Inc. [INGR]US4571871022379.811,8520.3
Triple-S Management Corp. [GTS]PR8967491087125.661,8300.3
Healthsouth Corp. [HLS]US4219243093946.061,8100.3
Northrop Grumman Corp. [NOC]US66680710211158.631,8080.3
Outerwall Inc. [OUTR]US6900701072476.111,8040.3
Vishay Intertechnology Inc. [VSH]US92829810815411.681,8010.3
Fresh Del Monte Produce Inc. [FDP]USG367381054638.661,7860.3
American Electric Power Co. Inc. [AEP]US0255371013352.971,7430.3
Aspen Insurance Holdings Ltd. [AHL]BMG053841053647.901,7390.3
Autoliv Inc. [ALV]US05280010915116.751,7160.3
TEGNA Inc. [TGNA]US87901J1055332.071,6970.3
Dhi Group Inc. [DHX]US23331S1001918.891,6950.3
Capstead Mortgage Corp. [CMO]US14067E50615211.101,6870.3
Horace Mann Educators Corp. [HMN]US4403271044636.381,6780.3
ADT Corp. [ADT]US00101J1065033.571,6650.3
QLogic Corp. [QLGC]US74727710111614.191,6400.3
California Water Service Group [CWT]US1307881027222.851,6380.3
Select Medical Holdings Corp. [SEM]US81619Q1059816.201,5840.3
Lexington Realty Trust [LXP]US5290431011868.481,5780.3
Murphy Oil Corp. [MUR]US6267171023641.571,5170.3
MFA Financial Inc. [MFA]US55272X1022037.391,4980.3
Select Income REIT [SIR]US81618T1007120.641,4680.3
Lexmark International Inc. [LXK]US5297711073244.201,4370.2
Navient Corp. [NAVI]US63938C1087618.211,3820.2
Archer Daniels Midland Co. [ADM]US0394831022848.221,3740.2
Bristow Group Inc. [BRS]US1103941032553.301,3430.2
Group 1 Automotive Inc. [GPI]US3989051091490.831,3170.2
Olin Corp. [OLN]US6806652054926.951,3100.2
Hess Corp. [HES]US42809H1072066.881,3040.2
Superior Energy Services Inc. [SPN]US8681571086221.041,2980.2
Cabot Corp. [CBT]US1270551013237.291,2120.2
Helmerich & Payne Inc. [HP]US4234521011770.421,1970.2
Radian Group Inc. [RDN]US7502361016318.761,1840.2
Two Harbors Investment Corp. [TWO]US90187B1011219.741,1790.2
Usana Health Sciences Inc. [USNA]US90328M1078136.661,1480.2
Raytheon Co. [RTN]US7551115071295.681,1290.2
Aflac Inc. [AFL]US0010551021862.201,1070.2
Ensco plc [ESV]GBG3157S1065022.271,1070.2
Seaboard Corp. [SEB]US81154310703599.001,0800.2
PennyMac Mortgage Investment Trust [PMT]US70931T1036117.431,0650.2
Vista Outdoor Inc. [VSTO]US9283771002344.901,0510.2
State Street Corp. [STT]US8574771031377.001,0320.2
Allstate Corp. [ALL]US0200021011664.871,0120.2
Nelnet Inc. [NNI]US64031N1082343.311,0000.2
Atwood Oceanics Inc. [ATW]US0500951083826.449990.2
Inland Real Estate Corp. [IRC]US4574612001059.429870.2
Tutor Perini Corp. [TPC]US9011091084221.589170.2
Orbital Atk Inc. [OA]US68557N1031273.368580.1
Ingram Micro Inc. [IM]US4571531043125.037710.1
SJW Corp. [SJW]US7843051042530.697700.1
American Equity Investment Life Holding Co. [AEL]US0256762062526.986770.1
Owens-Illinois Inc. [OI]US6907684032922.946680.1
PNC Financial Services Group Inc. [PNC]US693475105595.654590.1
Gannett Co. Inc. [GCI]US36473H1042613.993700.1
Myriad Genetics Inc. [MYGN]US62855J1041033.993370.1
Journal Media Group Inc. [JMG]US48114A109218.291750.0
Energy XXI Ltd. [EXXI]BMG10082140542.631410.0
Vectrus Inc. [VEC]US92242T101424.87870.0
Engility Holdings Inc. [EGL]US29286C107325.16750.0
Home Loan Servicing Solutions Ltd. [HLSSF]USG6648D109730.69500.0
Cliffs Natural Resources Inc. [CLF]US18683K10194.33400.0
Hercules Offshore Inc. [HERO]US4270931091360.23320.0
Paragon Offshore plc [PGN]GBG6S01W108221.09240.0
Total568,54198.6
Cash and Other Assets Less Liabilities1.4
Total Net Assets100%

Sector Allocation (As of Quarter Ended 06/30/2015)

As of Quarter Ended 06/30/2015
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials28.532.4
Consumer Discretionary13.68.4
Information Technology12.99.2
Industrials10.09.8
Utilities8.910.8
Materials7.77.0
Health Care6.16.8
Energy5.410.2
Consumer Staples5.23.7
Telecommunication Services0.01.7

Sector Returns (As of Quarter Ended 06/30/2015)

As of Quarter Ended 06/30/2015
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Health Care8.26.7
Materials6.3-1.5
Consumer Staples5.20.5
Cash0.00.0
Telecommunication Services0.0-13.9
Financials-1.6-2.6
Energy-1.7-5.5
Consumer Discretionary-3.5-3.6
Industrials-4.0-1.4
Utilities-6.7-6.6
Information Technology-7.1-1.2

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.