Harbor Mid Cap Value Fund Administrative Class (HRMVX)

Portfolio Characteristics (As of Quarter Ended 03/31/2016)

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings207554
Weighted Avg. Market Cap ($Mil)9,310.6511,594.21
Median Market Cap ($Mil)4,025.105,511.83
Price/Book Ratio1.491.71
Adj. Trailing P/E Ratio11.7718.45
Forecasted P/E Ratio12.0116.70
Earnings Growth Rate (%)8.537.44
Proj. Earnings Growth Rate (%)6.987.15
Return on Equity (%)11.5912.56
Turnover (unannualized % since 10/31)6-
Beta vs. Russell Midcap® Value Index1.06-
Beta vs. Russell 3000® Index1.05-

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

Top Ten Holdings (As of Quarter Ended 03/31/2016)

Company Name [Ticker]% of Net Assets
Public Service Enterprise Group Inc. [PEG]1.9
FirstEnergy Corp. [FE]1.5
Entergy Corp. [ETR]1.5
Everest Re Group Ltd. [RE]1.4
Ameriprise Financial Inc. [AMP]1.4
Xerox Corp. [XRX]1.2
Goodyear Tire & Rubber Co. [GT]1.2
Tesoro Corp. [TSO]1.2
Quest Diagnostics Inc. [DGX]1.1
Brinker International Inc. [EAT]1.0
% of Total Holdings:13.4

Full Holdings (As of Quarter Ended 03/31/2016)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Public Service Enterprise Group Inc. [PEG]US74457310630347.1414,2651.9
FirstEnergy Corp. [FE]US33793210732835.9711,8161.5
Entergy Corp. [ETR]US29364G10314479.2811,4241.5
Everest Re Group Ltd. [RE]BMG3223R10853197.4310,4841.4
Ameriprise Financial Inc. [AMP]US03076C10611194.0110,4351.4
Xerox Corp. [XRX]US98412110384411.169,4161.2
Goodyear Tire & Rubber Co. [GT]US38255010127732.989,1421.2
Tesoro Corp. [TSO]US88160910110686.019,1261.2
Quest Diagnostics Inc. [DGX]US74834L10011871.458,4451.1
Brinker International Inc. [EAT]US10964110017245.957,8851.0
CIGNA Corp. [CI]US12550910957137.247,7821.0
American Electric Power Co. Inc. [AEP]US02553710111566.407,6431.0
Edison International [EIX]US28102010710571.897,5271.0
Tyson Foods Inc. [TSN]US90249410311266.667,4461.0
Discover Financial Services [DFS]US25470910814450.927,3531.0
SunTrust Banks Inc. [STI]US86791410319936.087,1650.9
Regions Financial Corp. [RF]US7591EP1009057.857,1070.9
Hartford Financial Services Group Inc. [HIG]US41651510415146.086,9490.9
Eastman Chemical Co. [EMN]US2774321009572.236,8840.9
Cummins Inc. [CMI]US23102110662109.946,8380.9
Dupont Fabros Technology Inc. [DFT]US26613Q10616740.536,7620.9
Whirlpool Corp. [WHR]US96332010637180.346,7450.9
Piedmont Office Realty Trust Inc. [PDM]US72019020632120.316,5170.8
Alaska Air Group Inc. [ALK]US0116591097982.026,4840.8
Endurance Specialty Holdings Ltd. [ENH]BMG303971069965.346,4620.8
Annaly Capital Management Inc. [NLY]US03571040962410.266,4020.8
NCR Corp. [NCR]US62886E10821129.936,3150.8
Ameren Corp. [AEE]US02360810212550.106,2520.8
PPL Corp. [PPL]US69351T10616038.076,1060.8
Hospitality Properties Trust [HPT]US44106M10223026.566,0980.8
Sonoco Products Co. [SON]US83549510212248.575,9410.8
Seagate Technology plc [STX]IEG7945M10717134.455,8810.8
Kohl's Corp. [KSS]US50025510412546.615,8170.8
Corning Inc. [GLW]US21935010527720.895,7930.8
Fifth Third Bancorp [FITB]US31677310032816.695,4730.7
KeyCorp [KEY]US49326710849511.045,4670.7
PBF Energy Inc. [PBF]US69318G10616433.205,4350.7
Reliance Steel & Aluminum Co. [RS]US7595091027869.195,4310.7
Franklin Street Properties Corp. [FSP]US35471R10650810.615,3880.7
Viacom Inc. [VIAB]US92553P20113041.285,3870.7
Brocade Communications Systems Inc. [BRCD]US11162130650810.585,3800.7
Senior Housing Properties Trust [SNH]US81721M10929917.895,3460.7
Mosaic Co. [MOS]US61945C10318627.005,0360.7
Marathon Petroleum Corp. [MPC]US56585A10213437.184,9780.6
Smith & Wesson Holding Corp. [SWHC]US83175610118426.624,9110.6
Huntington Ingalls Industries Inc. [HII]US44641310636136.944,8610.6
Flextronics International Ltd. [FLEX]SGY2573F10239812.064,7970.6
Harley-Davidson Inc. [HOG]US4128221089251.334,7020.6
Hancock Holding Co. [HBHC]US41012010920322.964,6630.6
Mylan NV [MYL]NLN594651099846.354,5470.6
Macy's Inc. [M]US55616P10410344.094,5320.6
AES Corp. [AES]US00130H10538011.804,4890.6
Lear Corp. [LEA]US52186520440111.174,4690.6
Vereit Inc. [VER]US92339V1005028.874,4500.6
Western Union Co. [WU]US95980210922819.294,4000.6
Lexington Realty Trust [LXP]US5290431015108.604,3870.6
Cal-Maine Foods Inc. [CALM]US1280302028451.914,3860.6
Juniper Networks Inc. [JNPR]US48203R10417225.514,3850.6
Wabash National Corp. [WNC]US92956610732713.204,3220.6
Unum Group [UNM]US91529Y10613930.924,2980.6
Mack-Cali Realty Corp. [CLI]US55448910418223.504,2810.6
OMEGA Healthcare Investors Inc. [OHI]US68193610012035.304,2470.6
JetBlue Airways Corp. [JBLU]US47714310120021.124,2350.5
HollyFrontier Corp. [HFC]US43610610811935.324,2030.5
Digital Realty Trust Inc. [DLR]US2538681034788.494,1860.5
Lincoln National Corp. [LNC]US53418710910639.204,1400.5
Aflac Inc. [AFL]US0010551026563.144,1100.5
Gap Inc. [GPS]US36476010813929.404,0840.5
Briggs & Stratton Corp. [BGG]US10904310917023.924,0710.5
ADT Corp. [ADT]US00101J1069841.264,0430.5
Domtar Corp. [UFS]US2575592039940.503,9930.5
Fluor Corp. [FLR]US3434121027353.703,9090.5
Owens & Minor Inc. [OMI]US6907321029740.423,9050.5
Teradyne Inc. [TER]US88077010218021.593,8820.5
Select Income REIT [SIR]US81618T10016823.053,8820.5
Amkor Technology Inc. [AMKR]US0316521006485.893,8140.5
Ingram Micro Inc. [IM]US45715310410635.913,8030.5
Ingredion Inc. [INGR]US45718710235106.793,7480.5
Huntington Bancshares Inc. [HBAN]US4461501043899.543,7080.5
Pitney Bowes Inc. [PBI]US72447910017121.543,6930.5
Validus Holdings Ltd. [VR]BMG9319H1027847.193,6620.5
Celanese Corp. [CE]US1508701035665.503,6420.5
Bed Bath & Beyond Inc. [BBBY]US0758961007349.643,6090.5
Rouse Properties Inc. [RSE]US77928710119618.383,6080.5
Symantec Corp. [SYMC]US87150310819618.383,6040.5
Voya Financial Inc. [VOYA]US92908910012029.773,5780.5
Oshkosh Corp. [OSK]US6882392018640.873,5230.5
Valero Energy Corp. [VLO]US91913Y1005464.143,4760.5
Cousins Properties Inc. [CUZ]US22279510633110.383,4390.4
CBL & Associates Properties Inc. [CBL]US12483010028611.903,4070.4
Bunge Ltd. [BG]BMG169621055956.673,3490.4
Questar Corp. [STR]US74835610213524.803,3490.4
American Financial Group Inc. [AFG]US0259321044870.373,3480.4
Universal Corp. [UVV]US9134561095956.813,3380.4
XL Group plc [XL]IEG982901029036.803,3010.4
Kroger Co. [KR]US5010441018538.253,2380.4
L-3 Communications Holdings Inc. [LLL]US50242410427118.503,2350.4
Tech Data Corp. [TECD]US8782371064276.773,2090.4
Parker-Hannifin Corp. [PH]US70109410429111.083,1770.4
Harris Corp. [HRS]US4138751054077.863,1300.4
Assurant Inc. [AIZ]US04621X1084077.153,0940.4
Piper Jaffray Cos. [PJC]US7240781006249.563,0940.4
Western Digital Corp. [WDC]US9581021056547.243,0800.4
Convergys Corp. [CVG]US21248510611127.773,0760.4
CIT Group Inc. [CIT]US1255818019931.033,0630.4
Ethan Allen Interiors Inc. [ETH]US2976021049431.822,9940.4
SUPERVALU Inc. [SVU]US8685361035175.762,9760.4
Sunstone Hotel Investors Inc. [SHO]US86789210121014.002,9380.4
Avnet Inc. [AVT]US0538071036644.302,9020.4
Axis Capital Holdings Ltd. [AXS]BMG0692U1095255.462,8780.4
Dillard's Inc. [DDS]US2540671013484.912,8530.4
Aspen Insurance Holdings Ltd. [AHL]BMG053841056047.702,8480.4
GameStop Corp. [GME]US36467W1098931.732,8270.4
LAM Research Corp. [LRCX]US5128071083482.602,8250.4
United Therapeutics Corp. [UTHR]US91307C10225111.432,8080.4
Netgear Inc. [NTGR]US64111Q1046840.372,7410.4
R.R. Donnelley & Sons Co. [RRD]US25786710116616.402,7170.4
Chicago Bridge & Iron Co. NV [CBI]NL1672501097436.592,7110.4
Triumph Group Inc. [TGI]US8968181018631.482,7010.4
Summit Hotel Properties Inc. [INN]US86608210022411.972,6790.3
Hersha Hospitality Trust [HT]US42782550012521.342,6620.3
Washington Federal Inc. [WAFD]US93882410911622.652,6270.3
Finish Line Inc. [FINL]US31792310012421.102,6140.3
Amdocs Ltd. [DOX]USG026021034360.422,5980.3
National Oilwell Varco Inc. [NOV]US6370711018331.102,5940.3
Allstate Corp. [ALL]US0200021013867.372,5670.3
Brandywine Realty Trust [BDN]US10536820318214.032,5490.3
Allied World Assurance Co. Holdings AG [AWH]CHH015311047334.942,5370.3
Plantronics Inc. [PLT]US7274931086539.192,5320.3
Aircastle Ltd. [AYR]BMG0129K10411422.242,5260.3
Aetna Inc. [AET]US00817Y10822112.352,5170.3
Atlas Air Worldwide Holdings Inc. [AAWW]US0491642055942.272,5110.3
Oceaneering International Inc. [OII]US6752321027533.242,4860.3
Archer-Daniels-Midland Co. [ADM]US0394831026836.312,4510.3
Foot Locker Inc. [FL]US3448491043764.502,4120.3
Kindred Healthcare Inc. [KND]US49458010319412.352,3980.3
Huntsman Corp. [HUN]US44701110718013.302,3930.3
Government Properties Income Trust [GOV]US38376A10313417.852,3920.3
Meritage Homes Corp. [MTH]US59001A1026536.462,3770.3
NetApp Inc. [NTAP]US64110D1048727.292,3770.3
Group 1 Automotive Inc. [GPI]US3989051094058.692,3650.3
Cabot Corp. [CBT]US1270551014948.332,3540.3
CA Inc. [CA]US12673P1057630.792,3490.3
H&E Equipment Services Inc. [HEES]US40403010813417.532,3460.3
Ingles Markets Inc. [IMKTA]US4570301046237.502,3330.3
TEGNA Inc. [TGNA]US87901J1059823.462,3110.3
Northrop Grumman Corp. [NOC]US66680710211197.902,2560.3
Mentor Graphics Corp. [MENT]US58720010611020.332,2440.3
Assured Guaranty Ltd. [AGO]BMG0585R1068825.302,2370.3
Deckers Outdoor Corp. [DECK]US2435371073759.912,2350.3
CF Industries Holdings Inc. [CF]US1252691006931.342,1620.3
Amtrust Financial Services Inc. [AFSI]US0323593098325.882,1480.3
QLogic Corp. [QLGC]US74727710115813.442,1290.3
Cooper-Standard Holding Inc. [CPS]US21676P1033071.842,1260.3
Rowan Cos. plc [RDC]GBG7665A10113216.102,1220.3
AAR Corp. [AIR]US0003611059123.272,1180.3
AGCO Corp. [AGCO]US0010841024249.702,1120.3
Scana Corp. [SCG]US80589M1023070.152,0690.3
Ship Finance International Ltd. [SFL]BMG8107510614813.892,0610.3
MFA Financial Inc. [MFA]US55272X1022986.852,0430.3
Trinity Industries Inc. [TRN]US89652210911118.312,0360.3
Calatlantic Group Inc. [CAA]US1281951046133.422,0260.3
Banco Latinoamericano de Comercio Exterior SA [BLX]PAP169941328424.222,0250.3
Capstead Mortgage Corp. [CMO]US14067E5062039.892,0060.3
PennyMac Mortgage Investment Trust [PMT]US70931T10314513.641,9750.3
Fresh Del Monte Produce Inc. [FDP]USG367381054642.071,9440.3
Nelnet Inc. [NNI]US64031N1084939.371,9380.3
MGIC Investment Corp. [MTG]US5528481032497.671,9130.2
Vishay Intertechnology Inc. [VSH]US92829810815412.211,8830.2
Timken Co. [TKR]US8873891045533.491,8520.2
American Axle & Manufacturing Holdings Inc. [AXL]US02406110311815.391,8190.2
Principal Financial Group Inc. [PFG]US74251V1024639.451,8150.2
Maiden Holdings Ltd. [MHLD]BMG5753U11213312.941,7250.2
Community Health Systems Inc. [CYH]US2036681089318.511,7200.2
Universal Insurance Holdings Inc. [UVE]US91359V1079317.801,6550.2
Moog Inc. [MOG/A]US6153942023645.681,6540.2
Arcbest Corp. [ARCB]US03937C1057421.591,6020.2
Radian Group Inc. [RDN]US75023610112412.401,5400.2
Dhi Group Inc. [DHX]US23331S1001918.071,5390.2
Owens-Illinois Inc. [OI]US6907684039415.961,5000.2
A. Schulman Inc. [SHLM]US8081941045527.221,4890.2
Raytheon Co. [RTN]US75511150712122.631,4470.2
Noble Corp. plc [NE]GBG6543110113010.351,3440.2
Meritor Inc. [MTOR]US59001K1001628.061,3050.2
Select Medical Holdings Corp. [SEM]US81619Q1059811.811,1550.2
Lexmark International Inc. [LXK]US5297711073233.431,0860.1
TETRA Tech Inc. [TTEK]US88162G1033629.821,0850.1
Ensco plc [ESV]GBG3157S10610110.371,0430.1
Hess Corp. [HES]US42809H1072052.651,0270.1
Two Harbors Investment Corp. [TWO]US90187B1011217.949610.1
Navient Corp. [NAVI]US63938C1087611.979090.1
Outerwall Inc. [OUTR]US6900701072436.998770.1
Bristow Group Inc. [BRS]US1103941034618.928670.1
Olin Corp. [OLN]US6806652054917.378440.1
Lannett Co. Inc. [LCI]US5160121014417.937930.1
Tutor Perini Corp. [TPC]US9011091084215.546600.1
Clearwater Paper Corp. [CLW]US18538R1031448.516600.1
PNC Financial Services Group Inc. [PNC]US693475105584.574060.1
Gannett Co. Inc. [GCI]US36473H1042615.144000.1
Atwood Oceanics Inc. [ATW]US050095108389.173470.0
WestRock Co. [WRK]US96145D105839.033100.0
RMR Group Inc. [RMR]US74967R1061025.012600.0
Journal Media Group Inc. [JMG]US48114A1092111.962530.0
Vectrus Inc. [VEC]US92242T101422.75800.0
Energy XXI Ltd. [EXXI]BMG10082140540.62330.0
Cliffs Natural Resources Inc. [CLF]US18683K10193.00280.0
Paragon Offshore plc [PGNPQ]GBG6S01W108220.2350.0
Total744,67296.8
Cash and Other Assets Less Liabilities3.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials30.633.0
Information Technology13.19.5
Consumer Discretionary11.98.4
Industrials11.29.7
Utilities9.713.2
Materials5.56.1
Energy5.38.3
Health Care4.75.6
Consumer Staples4.64.4
Telecommunication Services0.01.7

Sector Returns (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Utilities19.115.9
Materials7.612.3
Industrials6.06.4
Information Technology5.41.6
Consumer Discretionary4.84.9
Consumer Staples3.88.4
Cash0.10.0
Telecommunication Services0.010.7
Financials-0.3-0.8
Health Care-9.6-5.9
Energy-13.73.4

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.