Harbor Large Cap Value Fund Institutional Class (HAVLX)

Portfolio Characteristics (As of Quarter Ended 12/31/2015)

 Harbor Large Cap Value FundRussell 1000® Value Index
Number of Holdings42691
Weighted Avg. Market Cap ($Mil)83,275.19109,764.51
Median Market Cap ($Mil)43,917.817,068.18
Price/Book Ratio2.231.66
Adj. Trailing P/E Ratio16.5814.89
Forecasted P/E Ratio15.6014.85
Earnings Growth Rate (%)12.2410.21
Proj. Earnings Growth Rate (%)11.367.27
Return on Equity (%)13.6711.25
Turnover (unannualized % since 10/31)3-
Beta vs. Russell 1000® Value Index1.03-
Beta vs. Russell 3000® Index1.07-

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

Top Ten Holdings (As of Quarter Ended 12/31/2015)

Company Name [Ticker]% of Net Assets
Home Depot Inc. [HD]3.5
Adobe Systems Inc. [ADBE]3.3
Medtronic plc [MDT]3.2
Microsoft Corp. [MSFT]3.1
Walgreens Boots Alliance Inc. [WBA]3.1
AbbVie Inc. [ABBV]3.1
Lennar Corp. [LEN]3.0
Baxter International Inc. [BAX]3.0
Phillips 66 [PSX]2.9
Bank of America Corp. [BAC]2.8
% of Total Holdings:31.0

Full Holdings (As of Quarter Ended 12/31/2015)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Home Depot Inc. [HD]US43707610274132.259,7873.5
Adobe Systems Inc. [ADBE]US00724F1019893.949,2063.3
Medtronic plc [MDT]IEG5960L10311776.929,0003.2
Microsoft Corp. [MSFT]US59491810415955.488,8213.1
Walgreens Boots Alliance Inc. [WBA]US93142710810385.168,7713.1
AbbVie Inc. [ABBV]US00287Y10914559.248,5903.1
Lennar Corp. [LEN]US52605710417348.918,4613.0
Baxter International Inc. [BAX]US07181310921838.158,3173.0
Phillips 66 [PSX]US71854610410081.808,1802.9
Bank of America Corp. [BAC]US06050510447516.837,9942.8
JPMorgan Chase & Co. [JPM]US46625H10012066.037,9242.8
General Dynamics Corp. [GD]US36955010856137.367,6922.7
Time Warner Inc. [TWX]US88731730311664.677,5022.7
Mondelez International Inc. [MDLZ]US60920710516644.847,4432.6
General Electric Co. [GE]US36960410323531.157,3202.6
Martin Marietta Materials Inc. [MLM]US57328410652136.587,1022.5
ITC Holdings Corp. [ITC]US46568510518039.257,0652.5
Illinois Tool Works Inc. [ITW]US4523081097692.687,0442.5
Dow Chemical Co. [DOW]US26054310313551.486,9502.5
First Republic Bank [FRC]US33616C10010366.066,8042.4
ACE Ltd. [ACE]CHH0023R10558116.856,7772.4
Texas Instruments Inc. [TXN]US88250810412354.816,7422.4
Unilever NV [UN]NL90478470915343.326,6282.4
Novartis AG ADR [NVS]CH66987V1097386.046,2812.2
EMC Corp. [EMC]US26864810224325.686,2402.2
Diageo plc ADR [DEO]GB25243Q20554109.075,8902.1
Oracle Corp. [ORCL]US68389X10515936.535,8082.1
Archer-Daniels-Midland Co. [ADM]US03948310215036.685,5022.0
M&T Bank Corp. [MTB]US55261F10445121.185,4892.0
Mitsubishi UFJ Financial Group Inc. ADR [MTU]JP6068221048716.225,4181.9
Oshkosh Corp. [OSK]US68823920113039.045,0751.8
PayPal Holdings Inc. [PYPL]US70450Y10313736.204,9591.8
Banco Bilbao Vizcaya SA ADR [BBVA]ES05946K1016597.334,8331.7
Deere & Co. [DE]US2441991056276.274,7291.7
Halliburton Co. [HAL]US40621610113334.044,5271.6
AES Corp. [AES]US00130H1054659.574,4501.6
Hershey Co. [HSY]US4278661085089.274,4281.6
Pioneer Natural Resources Co. [PXD]US72378710734125.384,2631.5
National Fuel Gas Co. [NFG]US6361801019942.754,2321.5
Coty Inc. [COTY]US22207020314925.633,8241.4
Cullen/Frost Bankers Inc. [CFR]US2298991094360.002,5560.9
BOK Financial Corp. [BOKF]US05561Q2013159.791,8530.7
Total270,47796.3
Cash and Other Assets Less Liabilities3.7
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Economic SectorHarbor Large Cap Value Fund %Russell 1000® Value Index %
Financials17.730.4
Consumer Staples15.17.0
Information Technology14.911.5
Health Care11.511.9
Industrials11.310.4
Consumer Discretionary9.25.2
Energy6.012.2
Utilities5.66.2
Materials5.02.6
Telecommunication Services0.02.5

Sector Returns (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Sector ReturnsHarbor Large Cap Value Fund %Russell 1000® Value Index %
Information Technology12.49.6
Industrials9.710.7
Health Care9.27.9
Materials4.58.6
Consumer Discretionary4.01.1
Energy3.00.0
Utilities2.51.5
Financials2.45.2
Consumer Staples1.06.0
Cash0.00.0
Telecommunication Services0.06.7

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 1000® Value Index is an unmanaged index generally representative of the U.S. market for larger capitalization value stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 1000® Value Index and Russell® are trademarks of Russell Investments.