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Harbor Mid Cap Value Fund (HAMVX)

Overview
Performance
Holdings
Investment Team
Documents

Overview

Current Price

as of 9/23/2022

NAV Price

$21.73

NAV Daily Change ($)

-$0.52

NAV Daily Change (%)

-2.34%

NAV YTD Return

-15.45%

Morningstar Gold

Morningstar Analyst Rating™

The Morningstar Analyst Rating™ is based on the covering Morningstar Analyst's conviction in the fund's ability to outperform its peer group and/or relevant benchmark on a risk-adjusted basis over the long term. Harbor offers several funds with Gold, Silver, or Bronze ratings.

Source: Morningstar

Fund Facts

Inception Date

3/1/2002

Net Expense Ratio

0.85%disclaimer

Gross Expense Ratio

0.89%

Total Net Assets (million)

as of 8/31/2022

$248.608

Ticker

HAMVX

Fund Number

2023

Share Class

Institutional

Top Ten Holdings

as of 6/30/2022

McKesson Corporation [MCK]

1.7%

Molson Coors Beverage Company Class B [TAP]

1.7%

Tyson Foods Inc. Class A [TSN]

1.7%

Jazz Pharmaceuticals Public Limited Company [JAZZ]

1.6%

Hartford Financial Services Group Inc. [HIG]

1.6%

HP Inc. [HPQ]

1.5%

Allstate Corporation [ALL]

1.4%

Kroger Co. [KR]

1.4%

Citizens Financial Group Inc. [CFG]

1.3%

Arrow Electronics Inc. [ARW]

1.2%

% of Total Holdings:

15.1%

Morningstar Gold

Morningstar Analyst Rating™

The Morningstar Analyst Rating™ is based on the covering Morningstar Analyst's conviction in the fund's ability to outperform its peer group and/or relevant benchmark on a risk-adjusted basis over the long term. Harbor offers several funds with Gold, Silver, or Bronze ratings.

Source: Morningstar

left quote

"We buy boring companies, not distressed companies. These are companies that are in basic businesses, they have been around for a long time and generally they haven’t excited the marketplace. The result is that they tend to be underpriced."

right quote

SV Asset Management

Performance

Total Returns

MONTH-END
QUARTER-END
MONTH-BY-MONTH
YEAR-BY-YEAR

Fund Name

3 Mo.

YTD Return

1 Yr.

3 Yr.

5 Yr.

10 Yr.

Since Inception

Net Expense Ratio

Gross Expense Ratio

Mid Cap Value Fund

-6.90%

-8.05%

-5.50%

9.59%

5.16%

9.85%

7.35%

0.85%disclaimer

0.89%

Russell Midcap® Value Index

-6.29%

-11.80%

-7.80%

9.55%

7.49%

10.81%

9.43%

--

--

Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

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 Frank Russell Company.

Price History

CHART
TABLE

Record Date

Reinvest Date

Payable Date

Return of Capital Non Taxable Dist

Ordinary Income

Total Capital Gains

Short Term Capital Gains

Mid Term Capital Gains

Long Term Capital Gains

Total Distribution

Foreign Tax Credit

Reinvest Price

12/17/2021

12/20/2021

12/20/2021

0.00000

0.32514

0.00000

--

0.00000

--

0.32514

0.00000

--

12/16/2020

12/17/2020

12/17/2020

0.00000

0.47142

0.00000

0.00000

0.00000

0.00000

0.47142

0.00000

19.94

12/13/2019

12/16/2019

12/16/2019

0.00000

0.51472

0.14724

0.00000

0.00000

0.14724

0.66196

0.00000

21.16

12/14/2018

12/17/2018

12/17/2018

0.00000

0.35174

1.15318

0.12272

0.00000

1.03046

1.50492

0.00000

18.09

12/15/2017

12/18/2017

12/18/2017

0.00000

0.31062

0.59293

0.18085

0.00000

0.41208

0.90355

0.00000

23.62

12/16/2016

12/19/2016

12/19/2016

0.00000

0.35393

0.31339

0.06717

0.00000

0.24622

0.66732

0.00000

22.08

12/16/2015

12/17/2015

12/17/2015

0.00000

0.26872

0.35444

0.13104

0.00000

0.22340

0.62316

0.00000

18.78

12/17/2014

12/18/2014

12/18/2014

0.00000

0.19256

0.12942

0.00000

0.00000

0.12942

0.32198

0.00000

20.52

12/16/2013

12/17/2013

12/17/2013

0.00000

0.19572

0.00000

0.00000

0.00000

0.00000

0.19572

0.00000

17.75

12/14/2012

12/17/2012

12/17/2012

0.00000

0.28075

0.00000

0.00000

0.00000

0.00000

0.28075

0.00000

12.84

12/15/2011

12/16/2011

12/16/2011

0.00000

0.14537

0.00000

0.00000

0.00000

0.00000

0.14537

0.00000

10.64

12/16/2010

12/17/2010

12/17/2010

0.00000

0.12337

0.00000

0.00000

0.00000

0.00000

0.12337

0.00000

11.54

12/17/2009

12/18/2009

12/18/2009

0.00000

0.14296

0.00000

0.00000

0.00000

0.00000

0.14296

0.00000

9.65

12/18/2008

12/19/2008

12/19/2008

0.00000

0.32993

0.00000

0.00000

0.00000

0.00000

0.32993

0.00000

6.92

12/18/2007

12/19/2007

12/19/2007

0.00000

0.18581

0.46949

0.14958

0.00000

0.31991

0.65530

0.00000

11.69

12/18/2006

12/19/2006

12/19/2006

0.00000

0.11586

0.36971

0.04626

0.00000

0.32345

0.48557

0.00000

13.32

12/19/2005

12/20/2005

12/20/2005

0.00000

0.13413

0.29396

0.13690

0.00000

0.15706

0.42809

0.00000

11.92

12/29/2004

12/30/2004

12/30/2004

0.00000

0.04575

0.95868

0.00000

0.00000

0.95868

1.00443

0.00000

11.21

12/29/2003

12/30/2003

12/30/2003

0.00000

0.01153

0.00000

0.00000

0.00000

0.00000

0.01153

0.00000

10.63

12/27/2002

12/30/2002

12/30/2002

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

0.00000

8.61

Holdings

Portfolio Characteristics

as of 6/30/2022

Mid Cap Value Fund

Number of Holdings

151

Wtd Avg Market Cap ($Mil)

12867.3

Price/Book Ratio

1.62

Adjusted Trailing P/E Ratio

8.8

% EPS Growth - Past 3 Yr

17.5

Return on Equity (%)

19.35

Forecasted P/E Ratio

8.6

Proj. Earnings Growth Rate (%)

10.9

Top Ten Holdings

as of 6/30/2022

Company Name [Ticker]

% of Net Assets

McKesson Corporation[MCK]

1.7

Molson Coors Beverage Company Class B[TAP]

1.7

Tyson Foods Inc. Class A[TSN]

1.7

Jazz Pharmaceuticals Public Limited Company[JAZZ]

1.6

Hartford Financial Services Group Inc.[HIG]

1.6

HP Inc.[HPQ]

1.5

Allstate Corporation[ALL]

1.4

Kroger Co.[KR]

1.4

Citizens Financial Group Inc.[CFG]

1.3

Arrow Electronics Inc.[ARW]

1.2

% of Total Holdings:

15.1%

This information should not be considered as a recommendation to purchase or sell a particular security. The holdings mentioned may change at any time and may not represent current or future investments.

as of 6/30/2022

Company Name [Ticker]

Country

Shares (000's)

Current Price ($)

Market Value ($000's)

% of Net Assets

McKesson Corporation [MCK]

United States

19

326.21

6,100

1.7

Molson Coors Beverage Company Class B [TAP]

United States

111

54.51

6,023

1.7

Tyson Foods Inc. Class A [TSN]

United States

68

86.06

5,861

1.7

Jazz Pharmaceuticals Public Limited Company [JAZZ]

United States

36

156.01

5,632

1.6

Hartford Financial Services Group Inc. [HIG]

United States

86

65.43

5,607

1.6

HP Inc. [HPQ]

United States

162

32.78

5,317

1.5

Allstate Corporation [ALL]

United States

40

126.73

5,044

1.4

Kroger Co. [KR]

United States

104

47.33

4,937

1.4

Citizens Financial Group Inc. [CFG]

United States

128

35.69

4,575

1.3

Arrow Electronics Inc. [ARW]

United States

39

112.09

4,349

1.2

Vistra Corp. [VST]

United States

186

22.85

4,252

1.2

Whirlpool Corporation [WHR]

United States

27

154.87

4,228

1.2

Devon Energy Corporation [DVN]

United States

74

55.11

4,089

1.2

Seagate Technology Holdings PLC [STX]

United States

57

71.44

4,094

1.2

Snap-on Incorporated [SNA]

United States

21

197.03

4,059

1.2

Ally Financial Inc [ALLY]

United States

118

33.51

3,937

1.1

Regions Financial Corporation [RF]

United States

209

18.75

3,919

1.1

Allison Transmission Holdings Inc. [ALSN]

United States

101

38.45

3,868

1.1

Penske Automotive Group Inc. [PAG]

United States

37

104.69

3,853

1.1

AGCO Corporation [AGCO]

United States

39

98.70

3,830

1.1

Greif Inc Class A [GEF]

United States

61

62.38

3,811

1.1

Atlas Air Worldwide Holdings Inc. [AAWW]

United States

58

61.71

3,592

1.0

Owens Corning [OC]

United States

47

74.31

3,522

1.0

Principal Financial Group Inc. [PFG]

United States

53

66.79

3,527

1.0

Ameriprise Financial Inc. [AMP]

United States

15

237.68

3,470

1.0

Ingles Markets Incorporated Class A [IMKTA]

United States

40

86.75

3,448

1.0

Triton International Ltd. Class A [TRTN]

United States

66

52.65

3,456

1.0

Cummins Inc. [CMI]

United States

18

193.53

3,406

1.0

Huntsman Corporation [HUN]

United States

115

28.35

3,246

0.9

Zions Bancorporation N.A. [ZION]

United States

63

50.90

3,222

0.9

Chemours Co. [CC]

United States

97

32.02

3,119

0.9

Reliance Steel & Aluminum Co. [RS]

United States

18

169.86

3,125

0.9

H&R Block Inc. [HRB]

United States

88

35.32

3,101

0.9

National Fuel Gas Company [NFG]

United States

47

66.05

3,085

0.9

Aflac Incorporated [AFL]

United States

56

55.33

3,076

0.9

UGI Corporation [UGI]

United States

78

38.61

3,019

0.9

HF Sinclair Corporation [DINO]

United States

66

45.16

2,972

0.9

NRG Energy Inc. [NRG]

United States

78

38.17

2,977

0.9

KeyCorp [KEY]

United States

171

17.23

2,953

0.8

Archer-Daniels-Midland Company [ADM]

United States

38

77.60

2,926

0.8

Old Republic International Corporation [ORI]

United States

129

22.36

2,887

0.8

WestRock Company [WRK]

United States

72

39.84

2,880

0.8

eBay Inc. [EBAY]

United States

68

41.67

2,850

0.8

Marathon Petroleum Corporation [MPC]

United States

35

82.21

2,853

0.8

DaVita Inc. [DVA]

United States

35

79.96

2,807

0.8

Jabil Inc. [JBL]

United States

54

51.21

2,760

0.8

Fox Corporation Class A [FOXA]

United States

85

32.16

2,740

0.8

Lincoln National Corporation [LNC]

United States

58

46.77

2,694

0.8

Atkore Inc [ATKR]

United States

31

83.01

2,590

0.7

Navient Corp [NAVI]

United States

187

13.99

2,612

0.7

Bank of New York Mellon Corp [BK]

United States

61

41.71

2,536

0.7

Nexstar Media Group Inc. [NXST]

United States

16

162.88

2,541

0.7

Fifth Third Bancorp [FITB]

United States

74

33.60

2,480

0.7

Brixmor Property Group Inc. [BRX]

United States

122

20.21

2,458

0.7

LyondellBasell Industries NV [LYB]

United States

28

87.46

2,449

0.7

United Therapeutics Corporation [UTHR]

United States

11

235.64

2,475

0.7

Ingredion Incorporated [INGR]

United States

28

88.16

2,433

0.7

Omega Healthcare Investors Inc. [OHI]

United States

86

28.19

2,430

0.7

Toll Brothers Inc. [TOL]

United States

54

44.60

2,395

0.7

PulteGroup Inc. [PHM]

United States

59

39.63

2,342

0.7

Amkor Technology Inc. [AMKR]

United States

138

16.95

2,336

0.7

Qorvo Inc. [QRVO]

United States

24

94.32

2,301

0.7

Silgan Holdings Inc. [SLGN]

United States

55

41.35

2,283

0.7

Simon Property Group Inc. [SPG]

United States

24

94.92

2,297

0.7

Dick's Sporting Goods Inc. [DKS]

United States

30

75.37

2,231

0.6

DXC Technology Co. [DXC]

United States

73

30.31

2,222

0.6

Harley-Davidson Inc. [HOG]

United States

70

31.66

2,216

0.6

Cardinal Health Inc. [CAH]

United States

42

52.27

2,185

0.6

Celanese Corporation [CE]

United States

18

117.61

2,129

0.6

ManpowerGroup Inc. [MAN]

United States

28

76.41

2,101

0.6

Foot Locker Inc. [FL]

United States

82

25.25

2,065

0.6

Group 1 Automotive Inc. [GPI]

United States

12

169.80

2,038

0.6

Huntington Ingalls Industries Inc. [HII]

United States

9

217.82

2,026

0.6

Ironwood Pharmaceuticals Inc. Class A [IRWD]

United States

176

11.53

2,030

0.6

Sprouts Farmers Market Inc. [SFM]

United States

80

25.32

2,026

0.6

Best Buy Co. Inc. [BBY]

United States

31

65.19

2,021

0.6

Berry Global Group Inc [BERY]

United States

36

54.64

1,956

0.6

BorgWarner Inc. [BWA]

United States

59

33.37

1,965

0.6

Thor Industries Inc. [THO]

United States

26

74.73

1,958

0.6

APA Corp. [APA]

United States

56

34.90

1,944

0.5

Lear Corporation [LEA]

United States

15

125.89

1,939

0.5

Phillips 66 [PSX]

United States

24

81.99

1,951

0.5

Sabra Health Care REIT Inc. [SBRA]

United States

138

13.97

1,931

0.5

Western Union Company [WU]

United States

118

16.47

1,937

0.5

Universal Health Services Inc. Class B [UHS]

United States

19

100.71

1,913

0.5

American Financial Group Inc. [AFG]

United States

13

138.81

1,860

0.5

Avnet Inc. [AVT]

United States

43

42.88

1,848

0.5

Gaming and Leisure Properties Inc. [GLPI]

United States

41

45.86

1,876

0.5

Ryder System Inc. [R]

United States

26

71.06

1,867

0.5

Conagra Brands Inc. [CAG]

United States

54

34.24

1,835

0.5

Ethan Allen Interiors Inc. [ETD]

United States

90

20.21

1,815

0.5

Macy's Inc [M]

United States

100

18.32

1,823

0.5

O-I Glass Inc [OI]

United States

130

14.00

1,821

0.5

Piedmont Office Realty Trust Inc. Class A [PDM]

United States

138

13.12

1,814

0.5

American International Group Inc. [AIG]

United States

35

51.13

1,784

0.5

Prestige Consumer Healthcare Inc [PBH]

United States

30

58.80

1,782

0.5

Lazard Ltd Class A [LAZ]

United States

55

32.41

1,773

0.5

Medical Properties Trust Inc. [MPW]

United States

114

15.27

1,747

0.5

MGIC Investment Corporation [MTG]

United States

133

12.60

1,675

0.5

Unum Group [UNM]

United States

49

34.02

1,677

0.5

Diodes Incorporated [DIOD]

United States

26

64.57

1,653

0.5

Sanmina Corporation [SANM]

United States

41

40.73

1,654

0.5

TEGNA Inc. [TGNA]

United States

78

20.97

1,642

0.5

L3Harris Technologies Inc [LHX]

United States

7

241.70

1,619

0.5

Methode Electronics Inc. [MEI]

United States

43

37.04

1,600

0.5

Alaska Air Group Inc. [ALK]

United States

40

40.05

1,582

0.5

TTM Technologies Inc. [TTMI]

United States

126

12.50

1,573

0.5

Brunswick Corporation [BC]

United States

23

65.38

1,523

0.4

Iron Mountain Inc. [IRM]

United States

31

48.69

1,519

0.4

Laboratory Corporation of America Holdings [LH]

United States

6

234.36

1,500

0.4

Radian Group Inc. [RDN]

United States

77

19.65

1,513

0.4

J.M. Smucker Company [SJM]

United States

11

128.01

1,459

0.4

Voya Financial Inc. [VOYA]

United States

24

59.53

1,447

0.4

American Axle & Manufacturing Holdings Inc. [AXL]

United States

187

7.53

1,411

0.4

Xerox Holdings Corporation [XRX]

United States

94

14.85

1,394

0.4

AMC Networks Inc. Class A [AMCX]

United States

46

29.12

1,353

0.4

Discover Financial Services [DFS]

United States

14

94.58

1,324

0.4

Hersha Hospitality Trust Class A [HT]

United States

138

9.81

1,353

0.4

Eastman Chemical Company [EMN]

United States

14

89.77

1,284

0.4

SITE Centers Corp. [SITC]

United States

96

13.47

1,290

0.4

Timken Company [TKR]

United States

25

53.05

1,300

0.4

TD SYNNEX Corporation [SNX]

United States

14

91.10

1,274

0.4

Industrial Logistics Properties Trust [ILPT]

United States

88

14.08

1,242

0.4

Vishay Intertechnology Inc. [VSH]

United States

70

17.82

1,244

0.4

Koppers Holdings Inc. [KOP]

United States

52

22.64

1,184

0.3

Tanger Factory Outlet Centers Inc. [SKT]

United States

83

14.22

1,179

0.3

First American Financial Corporation [FAF]

United States

22

52.92

1,154

0.3

Sturm Ruger & Company Inc. [RGR]

United States

18

63.65

1,139

0.3

United Airlines Holdings Inc. [UAL]

United States

32

35.42

1,116

0.3

Valero Energy Corporation [VLO]

United States

11

106.28

1,137

0.3

ODP Corporation [ODP]

United States

36

30.24

1,095

0.3

Banco Latinoamericano de Comercio Exterior S.A. Class E [BLX]

Panama

80

13.27

1,061

0.3

Office Properties Income Trust [OPI]

United States

53

19.95

1,052

0.3

Paramount Group Inc. [PGRE]

United States

139

7.23

1,005

0.3

Annaly Capital Management Inc. [NLY]

United States

167

5.91

985

0.3

Franklin Street Properties Corp. [FSP]

United States

240

4.17

1,001

0.3

Universal Insurance Holdings Inc. [UVE]

United States

75

13.03

980

0.3

Viatris Inc. [VTRS]

United States

93

10.47

979

0.3

Brandywine Realty Trust [BDN]

United States

99

9.64

958

0.3

Meritage Homes Corporation [MTH]

United States

13

72.50

935

0.3

Paramount Global Class B [PARA]

United States

39

24.68

958

0.3

Big Lots Inc. [BIG]

United States

42

20.97

870

0.3

PennyMac Financial Services Inc. [PFSI]

United States

20

43.71

861

0.2

Trinseo Public Limited Company [TSE]

United States

22

38.46

827

0.2

MFA Financial Inc. [MFA]

United States

75

10.75

802

0.2

Travel + Leisure Co. [TNL]

United States

21

38.82

800

0.2

Capri Holdings Limited [CPRI]

United States

18

41.01

726

0.2

Goodyear Tire & Rubber Company [GT]

United States

69

10.71

738

0.2

Kohl's Corporation [KSS]

United States

20

35.69

728

0.2

Service Properties Trust [SVC]

United States

102

5.23

536

0.2

Total

--

--

--

349,393

99.7

Cash and Other Assets Less Liabilities

--

--

--

--

0.3

Total Net Assets

--

--

--

--

100%

as of 6/30/2022

Economic Sector

Mid Cap Value Fund %

Russell Midcap® Value Index %

Financials

20.3

17.9

Consumer Discretionary

13.9

9.6

Industrials

11.4

14.4

Information Technology

10.7

9.4

Consumer Staples

8.8

4.2

Materials

8.6

7.5

Health Care

7.8

7.4

Real Estate

7.3

12.1

Energy

4.2

5.0

Utilities

3.8

9.0

Communication Services

2.6

3.6

as of 6/30/2022

Economic Sector

Mid Cap Value Fund %

Russell Midcap® Value Index %

Utilities

0.8

-5.5

Energy

0.5

-6.8

Health Care

-4.5

-12.0

Consumer Staples

-6.4

-8.9

Materials

-10.5

-17.4

Information Technology

-13.3

-20.0

Consumer Discretionary

-13.3

-16.5

Financials

-14.9

-15.5

Industrials

-15.8

-14.9

Communication Services

-18.8

-25.4

Real Estate

-19.4

-15.9

Investment Team

LSV Asset Management


LSV Asset Management was established in 1994 as a partnership to provide domestic, international, and global value equity investment management services to institutional investors using their proprietary quantitative model. Their research and investment team developed the model through years of research in value investing, contrarian strategies, and behavioral finance. The firm’s roots in these areas of academic research form the core of their investment philosophy and continue to drive the evolution of the LSV model over time. LSV employs their approach to manage assets in strategies covering global equity markets encompassing all capitalization ranges.

Documents

Fund Documents

From time to time, certain fees and/or expenses have been voluntarily or contractually waived or reimbursed, which has resulted in higher returns. Without these waivers or reimbursements, the returns would have been lower. Voluntary waivers or reimbursements may be applied or discontinued at any time without notice. Only the Board of Trustees may modify or terminate contractual fee waivers or expense reimbursements.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments than the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security's value. In addition, any model may contain flaws or the model may not perform as anticipated. Stocks of mid cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.

For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to  https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

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