Harbor Mid Cap Value Fund Investor Class (HIMVX)

Portfolio Characteristics (As of Quarter Ended 09/30/2016)

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings204561
Weighted Avg. Market Cap ($Mil)9,048.1812,321.67
Median Market Cap ($Mil)4,063.916,200.04
Price/Book Ratio1.722.05
Adj. Trailing P/E Ratio12.9917.74
Forecasted P/E Ratio12.8817.61
Earnings Growth Rate (%)9.578.55
Proj. Earnings Growth Rate (%)6.797.59
Return on Equity (%)11.269.25
Turnover (unannualized % since 10/31)18-
Beta vs. Russell Midcap® Value Index1.04-
Beta vs. Russell 3000® Index1.04-

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

Top Ten Holdings (As of Quarter Ended 09/30/2016)

Company Name [Ticker]% of Net Assets
Public Service Enterprise Group Inc. [PEG]1.5
Ameriprise Financial Inc. [AMP]1.3
Entergy Corp. [ETR]1.3
FirstEnergy Corp. [FE]1.3
Everest Re Group Ltd. [RE]1.2
Quest Diagnostics Inc. [DGX]1.2
SunTrust Banks Inc. [STI]1.2
Senior Housing Properties Trust [SNH]1.1
Goodyear Tire & Rubber Co. [GT]1.1
Regions Financial Corp. [RF]1.1
% of Total Holdings:12.3

Full Holdings (As of Quarter Ended 09/30/2016)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Public Service Enterprise Group Inc. [PEG]US30341.8712,6701.5
Ameriprise Financial Inc. [AMP]US11199.7711,0741.3
Entergy Corp. [ETR]US14476.7311,0571.3
FirstEnergy Corp. [FE]US32833.0810,8671.3
Everest Re Group Ltd. [RE]BM53189.9710,0871.2
Quest Diagnostics Inc. [DGX]US11884.6310,0031.2
SunTrust Banks Inc. [STI]US22543.809,8591.2
Senior Housing Properties Trust [SNH]US41122.719,3361.1
Goodyear Tire & Rubber Co. [GT]US27732.308,9541.1
Regions Financial Corp. [RF]US9059.878,9351.1
Brinker International Inc. [EAT]US17250.438,6541.1
Tesoro Corp. [TSO]US10679.568,4411.0
Discover Financial Services [DFS]US14456.558,1661.0
Cummins Inc. [CMI]US62128.157,9711.0
Cardinal Health Inc. [CAH]US10077.707,7470.9
Xerox Corp. [XRX]US76010.137,6950.9
Lexington Realty Trust [LXP]US73410.307,5550.9
American Electric Power Co. Inc. [AEP]US11564.217,3910.9
Spirit Aerosystems Holdings Inc. [SPR]US16144.547,1750.9
Piedmont Office Realty Trust Inc. [PDM]US32121.776,9860.8
Hospitality Properties Trust [HPT]US23029.726,8240.8
Fifth Third Bancorp [FITB]US32820.466,7090.8
Mack-Cali Realty Corp. [CLI]US24427.226,6280.8
Annaly Capital Management Inc. [NLY]US62410.506,5520.8
Flex Ltd. [FLEX]SG48013.626,5440.8
Endurance Specialty Holdings Ltd. [ENH]BM9965.456,4730.8
Sonoco Products Co. [SON]US12252.836,4620.8
Hartford Financial Services Group Inc. [HIG]US15142.826,4570.8
Eastman Chemical Co. [EMN]US9567.686,4500.8
Applied Materials Inc. [AMAT]US21330.156,4250.8
Franklin Street Properties Corp. [FSP]US50812.606,3990.8
NCR Corp. [NCR]US19832.196,3610.8
Amkor Technology Inc. [AMKR]US6489.726,2940.8
Packaging Corp. of America [PKG]US7781.266,2770.8
Valero Energy Corp. [VLO]US11753.006,2010.8
Whirlpool Corp. [WHR]US37162.166,0650.7
KeyCorp [KEY]US49512.176,0270.7
Edison International [EIX]US8272.255,9530.7
Wyndham Worldwide Corp. [WYN]US8867.335,8910.7
Reliance Steel & Aluminum Co. [RS]US7872.035,6540.7
Select Income REIT [SIR]US21026.905,6440.7
Corning Inc. [GLW]US23623.655,5700.7
Seagate Technology plc [STX]IE14438.555,5430.7
Kohl's Corp. [KSS]US12543.755,4600.7
Huntington Ingalls Industries Inc. [HII]US36153.425,4460.7
Marathon Petroleum Corp. [MPC]US13440.595,4350.7
Tyson Foods Inc. [TSN]US7174.675,3310.6
Alaska Air Group Inc. [ALK]US7965.865,2070.6
Textron Inc. [TXT]US12539.754,9650.6
Lincoln National Corp. [LNC]US10646.984,9610.6
PPL Corp. [PPL]US14334.574,9500.6
United Continental Holdings Inc. [UAL]US9452.474,9320.6
Unum Group [UNM]US13935.314,9080.6
Smith & Wesson Holding Corp. [SWHC]US18426.594,9060.6
CIT Group Inc. [CIT]US13536.304,8930.6
AES Corp. [AES]US38012.854,8880.6
Lear Corp. [LEA]US40121.224,8730.6
Mentor Graphics Corp. [MENT]US18326.444,8490.6
Oshkosh Corp. [OSK]US8656.004,8270.6
Harley-Davidson Inc. [HOG]US9252.594,8170.6
Western Union Co. [WU]US22820.824,7490.6
Huntsman Corp. [HUN]US29016.274,7130.6
Aflac Inc. [AFL]US6571.874,6790.6
Wabash National Corp. [WNC]US32714.244,6620.6
Greif Inc. [GEF]US9349.594,6290.6
CIGNA Corp. [CI]US35130.324,5610.6
Cabot Corp. [CBT]US8652.414,5070.5
Fluor Corp. [FLR]US8651.324,4080.5
Summit Hotel Properties Inc. [INN]US33513.164,4030.5
Murphy USA Inc. [MUSA]US6171.364,3570.5
OMEGA Healthcare Investors Inc. [OHI]US12035.454,2650.5
Diamond Offshore Drilling Inc. [DO]US24117.614,2500.5
Teradata Corp. [TDC]US13631.004,2150.5
Viacom Inc. [VIAB]US10938.104,1450.5
Ryder System Inc. [R]US6365.954,1420.5
Juniper Networks Inc. [JNPR]US17224.064,1360.5
Brocade Communications Systems Inc. [BRCD]US4399.234,0510.5
NetApp Inc. [NTAP]US11335.824,0330.5
Cousins Properties Inc. [CUZ]US38310.444,0010.5
Dick's Sporting Goods Inc. [DKS]US6956.723,9020.5
Medical Properties Trust Inc. [MPW]US26314.773,8850.5
Teradyne Inc. [TER]US18021.583,8800.5
Validus Holdings Ltd. [VR]BM7849.823,8660.5
Huntington Bancshares Inc. [HBAN]US3899.863,8330.5
Ameren Corp. [AEE]US7849.183,8230.5
Western Digital Corp. [WDC]US6558.473,8120.5
Macy's Inc. [M]US10337.053,8090.5
Ingram Micro Inc. [IM]US10635.663,7760.5
PBF Energy Inc. [PBF]US16422.643,7060.5
Celanese Corp. [CE]US5666.563,7010.4
Assurant Inc. [AIZ]US4092.253,6990.4
TETRA Tech Inc. [TTEK]US10435.473,6750.4
Domtar Corp. [UFS]US9937.133,6610.4
United Therapeutics Corp. [UTHR]US31118.083,6600.4
Foot Locker Inc. [FL]US5467.723,6300.4
Penske Automotive Group Inc. [PAG]US7448.183,5750.4
American Financial Group Inc. [AFG]US4875.003,5680.4
Tech Data Corp. [TECD]US4284.713,5410.4
Piper Jaffray Cos. [PJC]US7348.303,5210.4
Zions Bancorporation [ZION]US11331.023,5180.4
Bunge Ltd. [BG]BM5959.233,5000.4
CBL & Associates Properties Inc. [CBL]US28612.143,4760.4
Voya Financial Inc. [VOYA]US12028.823,4640.4
JetBlue Airways Corp. [JBLU]US20017.243,4570.4
Universal Corp. [UVV]US5958.223,4200.4
Pitney Bowes Inc. [PBI]US18718.163,4030.4
Hersha Hospitality Trust [HT]US18918.023,4000.4
Universal Insurance Holdings Inc. [UVE]US13525.203,3920.4
Convergys Corp. [CVG]US11130.423,3690.4
Plantronics Inc. [PLT]US6551.963,3570.4
LAM Research Corp. [LRCX]US3494.713,2390.4
Mylan NV [MYL]NL8438.123,2210.4
Atlas Air Worldwide Holdings Inc. [AAWW]US7442.823,1780.4
Briggs & Stratton Corp. [BGG]US17018.653,1740.4
Ethan Allen Interiors Inc. [ETH]US10131.273,1730.4
Moog Inc. [MOG/A]US5359.543,1620.4
Bed Bath & Beyond Inc. [BBBY]US7343.113,1340.4
Washington Federal Inc. [WAFD]US11626.683,0950.4
Gap Inc. [GPS]US13922.243,0890.4
Primerica Inc. [PRI]US5853.033,0750.4
National Oilwell Varco Inc. [NOV]US8336.743,0640.4
Government Properties Income Trust [GOV]US13422.623,0310.4
XL Group Ltd. [XL]BM9033.633,0170.4
Netgear Inc. [NTGR]US4960.492,9820.4
Cooper-Standard Holding Inc. [CPS]US3098.802,9240.4
HollyFrontier Corp. [HFC]US11924.502,9160.4
Clearwater Paper Corp. [CLW]US4564.672,8970.4
Finish Line Inc. [FINL]US12423.082,8600.3
AAR Corp. [AIR]US9131.322,8510.3
Archer Daniels Midland Co. [ADM]US6842.172,8460.3
Hillenbrand Inc. [HI]US9031.642,8410.3
Brandywine Realty Trust [BDN]US18215.622,8380.3
Axis Capital Holdings Ltd. [AXS]BM5254.332,8200.3
Aspen Insurance Holdings Ltd. [AHL]BM6046.592,7810.3
Avnet Inc. [AVT]US6641.062,6890.3
Trinity Industries Inc. [TRN]US11124.182,6890.3
Kindred Healthcare Inc. [KND]US26310.222,6880.3
Sunstone Hotel Investors Inc. [SHO]US21012.792,6840.3
Chicago Bridge & Iron Co. NV [CBI]NL9428.032,6490.3
Allstate Corp. [ALL]US3869.182,6360.3
R.R. Donnelley & Sons Co. [RRD]US16615.722,6050.3
Aetna Inc. [AET]US22115.452,5860.3
SUPERVALU Inc. [SVU]US5174.992,5780.3
Group 1 Automotive Inc. [GPI]US4063.882,5740.3
Owens & Minor Inc. [OMI]US7334.732,5350.3
Symantec Corp. [SYMC]US10125.102,5350.3
CA Inc. [CA]US7633.082,5240.3
Central Garden & Pet Co. [CENTA]US10224.802,5220.3
Radian Group Inc. [RDN]US18613.552,5190.3
Kroger Co. [KR]US8529.682,5130.3
Amdocs Ltd. [DOX]US4357.852,4880.3
Ingles Markets Inc. [IMKTA]US6239.542,4590.3
GameStop Corp. [GME]US8927.592,4580.3
Assured Guaranty Ltd. [AGO]BM8827.752,4530.3
CenterPoint Energy Inc. [CNP]US10323.232,3930.3
Triumph Group Inc. [TGI]US8627.882,3920.3
Principal Financial Group Inc. [PFG]US4651.512,3690.3
Navient Corp. [NAVI]US16314.472,3590.3
Banco Latinoamericano de Comercio Exterior SA [BLX]PA8428.182,3560.3
Nelnet Inc. [NNI]US5640.372,2810.3
Meritage Homes Corp. [MTH]US6534.702,2620.3
Aircastle Ltd. [AYR]BM11419.862,2560.3
PennyMac Mortgage Investment Trust [PMT]US14515.582,2560.3
H&E Equipment Services Inc. [HEES]US13416.762,2420.3
MFA Financial Inc. [MFA]US2987.482,2310.3
Amtrust Financial Services Inc. [AFSI]US8326.832,2270.3
Harris Corp. [HRS]US2491.612,1990.3
Vishay Intertechnology Inc. [VSH]US15414.092,1730.3
TEGNA Inc. [TGNA]US9821.862,1530.3
Dillard's Inc. [DDS]US3463.012,1170.3
AGCO Corp. [AGCO]US4249.322,0960.3
Oceaneering International Inc. [OII]US7527.512,0580.2
Ingredion Inc. [INGR]US15133.062,0360.2
American Axle & Manufacturing Holdings Inc. [AXL]US11817.222,0350.2
Calatlantic Group Inc. [CAA]US6133.442,0280.2
Rowan Cos. plc [RDC]GB13215.161,9980.2
MGIC Investment Corp. [MTG]US2498.001,9950.2
Timken Co. [TKR]US5535.141,9430.2
Bristow Group Inc. [BRS]US13714.021,9200.2
Capstead Mortgage Corp. [CMO]US2039.431,9120.2
McDermott International Inc. [MDR]PA3795.011,9000.2
Meritor Inc. [MTOR]US16211.131,8020.2
Owens-Illinois Inc. [OI]US9418.391,7290.2
Lannett Co. Inc. [LCI]US6426.571,7070.2
Maiden Holdings Ltd. [MHLD]BM13312.691,6920.2
CF Industries Holdings Inc. [CF]US6924.351,6800.2
Ship Finance International Ltd. [SFL]BM11314.731,6660.2
Raytheon Co. [RTN]US12136.131,6060.2
A. Schulman Inc. [SHLM]US5529.121,5930.2
Dhi Group Inc. [DHX]US1917.891,5050.2
Arcbest Corp. [ARCB]US7419.021,4110.2
Select Medical Holdings Corp. [SEM]US9813.501,3200.2
Lexmark International Inc. [LXK]US3239.961,2990.2
Corrections Corp. of America [CXW]US9213.871,2820.2
Community Health Systems Inc. [CYH]US9311.541,0720.1
Two Harbors Investment Corp. [TWO]US1218.531,0320.1
Tutor Perini Corp. [TPC]US4221.479120.1
Ensco plc [ESV]GB1018.508550.1
Noble Corp. plc [NE]GB1306.348240.1
PNC Financial Services Group Inc. [PNC]US590.094320.1
WestRock Co. [WRK]US848.483850.0
Gannett Co. Inc. [GCI]US2611.643080.0
Vectrus Inc. [VEC]US415.23530.0
Energy XXI Ltd. [EXXIQ]BM540.0630.0
Total812,80698.5
Cash and Other Assets Less Liabilities1.5
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2016)

As of Quarter Ended 09/30/2016
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials21.217.6
Information Technology14.18.9
Consumer Discretionary12.69.6
Industrials12.611.1
Real Estate10.015.2
Utilities7.811.6
Materials6.66.1
Energy5.510.3
Health Care5.04.7
Consumer Staples3.33.3
Telecommunication Services0.01.4

Sector Returns (As of Quarter Ended 09/30/2016)

As of Quarter Ended 09/30/2016
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Information Technology18.713.4
Materials9.34.4
Financials8.87.4
Consumer Discretionary8.47.7
Industrials6.59.4
Consumer Staples3.2-1.9
Real Estate2.10.6
Cash0.10.0
Health Care0.03.0
Telecommunication Services0.0-2.8
Energy-1.67.9
Utilities-5.6-6.1

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.