Harbor Mid Cap Value Fund Investor Class (HIMVX)

Portfolio Characteristics (As of Quarter Ended 12/31/2016)

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings201568
Weighted Avg. Market Cap ($Mil)9,885.7713,239.84
Median Market Cap ($Mil)4,502.846,319.24
Price/Book Ratio1.822.03
Adj. Trailing P/E Ratio14.0518.33
Forecasted P/E Ratio13.5417.57
Earnings Growth Rate (%)12.1510.43
Proj. Earnings Growth Rate (%)6.807.51
Return on Equity (%)11.129.22
Turnover (unannualized % since 10/31)3-
Beta vs. Russell Midcap® Value Index1.05-
Beta vs. Russell 3000® Index1.06-

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

Top Ten Holdings (As of Quarter Ended 12/31/2016)

Company Name [Ticker]% of Net Assets
Public Service Enterprise Group Inc. [PEG]1.6
Regions Financial Corp. [RF]1.5
SunTrust Banks Inc. [STI]1.4
Ameriprise Financial Inc. [AMP]1.4
Quest Diagnostics Inc. [DGX]1.2
Entergy Corp. [ETR]1.2
Discover Financial Services [DFS]1.2
FirstEnergy Corp. [FE]1.1
Everest Re Group Ltd. [RE]1.1
Spirit Aerosystems Holdings Inc. [SPR]1.1
% of Total Holdings:12.8

Full Holdings (As of Quarter Ended 12/31/2016)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Public Service Enterprise Group Inc. [PEG]US32243.8814,1211.6
Regions Financial Corp. [RF]US90514.3613,0001.5
SunTrust Banks Inc. [STI]US22554.8512,3471.4
Ameriprise Financial Inc. [AMP]US111110.9412,3141.4
Quest Diagnostics Inc. [DGX]US11891.9010,8631.2
Entergy Corp. [ETR]US14473.4710,5871.2
Discover Financial Services [DFS]US14472.0910,4101.2
FirstEnergy Corp. [FE]US32830.9710,1741.1
Everest Re Group Ltd. [RE]BM45216.409,7161.1
Spirit Aerosystems Holdings Inc. [SPR]US16158.359,4001.1
Tesoro Corp. [TSO]US10687.459,2781.0
Cardinal Health Inc. [CAH]US12771.979,1261.0
KeyCorp [KEY]US49518.279,0471.0
Fifth Third Bancorp [FITB]US32826.978,8431.0
Goodyear Tire & Rubber Co. [GT]US27730.878,5571.0
Cummins Inc. [CMI]US62136.678,5011.0
Brinker International Inc. [EAT]US17249.538,4991.0
NCR Corp. [NCR]US19840.568,0150.9
Valero Energy Corp. [VLO]US11768.327,9930.9
Lexington Realty Trust [LXP]US73410.807,9220.9
Senior Housing Properties Trust [SNH]US41118.937,7820.9
Hospitality Properties Trust [HPT]US23031.747,2880.8
American Electric Power Co. Inc. [AEP]US11562.967,2470.8
Hartford Financial Services Group Inc. [HIG]US15147.657,1860.8
Eastman Chemical Co. [EMN]US9575.217,1680.8
Mack-Cali Realty Corp. [CLI]US24429.027,0660.8
Alaska Air Group Inc. [ALK]US7988.737,0150.8
Lincoln National Corp. [LNC]US10666.276,9980.8
Flex Ltd. [FLEX]SG48014.376,9050.8
Applied Materials Inc. [AMAT]US21332.276,8770.8
Murphy Oil Corp. [MUR]US22031.136,8620.8
United Continental Holdings Inc. [UAL]US9472.886,8510.8
Whirlpool Corp. [WHR]US37181.776,7980.8
Mentor Graphics Corp. [MENT]US18336.896,7660.8
Marathon Petroleum Corp. [MPC]US13450.356,7420.8
Piedmont Office Realty Trust Inc. [PDM]US32120.916,7100.8
Wyndham Worldwide Corp. [WYN]US8876.376,6820.7
Xerox Corp. [XRX]US7608.736,6310.7
Franklin Street Properties Corp. [FSP]US50812.966,5820.7
Packaging Corp. of America [PKG]US7784.826,5520.7
Huntington Ingalls Industries Inc. [HII]US36184.196,5390.7
Sonoco Products Co. [SON]US12252.706,4460.7
Reliance Steel & Aluminum Co. [RS]US7879.546,2440.7
Annaly Capital Management Inc. [NLY]US6249.976,2210.7
Kohl's Corp. [KSS]US12549.386,1630.7
Unum Group [UNM]US13943.936,1060.7
Textron Inc. [TXT]US12548.566,0650.7
LAM Research Corp. [LRCX]US56105.735,9470.7
Edison International [EIX]US8271.995,9320.7
CIT Group Inc. [CIT]US13542.685,7530.6
Group 1 Automotive Inc. [GPI]US7477.945,7440.6
Corning Inc. [GLW]US23624.275,7160.6
Oshkosh Corp. [OSK]US8664.615,5690.6
Huntsman Corp. [HUN]US29019.085,5270.6
Seagate Technology plc [STX]IE14438.175,4890.6
Brocade Communications Systems Inc. [BRCD]US43912.495,4820.6
Summit Hotel Properties Inc. [INN]US33516.035,3640.6
Harley-Davidson Inc. [HOG]US9258.345,3440.6
Lear Corp. [LEA]US40132.375,3210.6
Select Income REIT [SIR]US21025.205,2870.6
Wabash National Corp. [WNC]US32715.825,1790.6
Amkor Technology Inc. [AMKR]US47510.555,0110.6
Western Union Co. [WU]US22821.724,9540.6
Zions Bancorporation [ZION]US11343.044,8810.5
PPL Corp. [PPL]US14334.054,8760.5
Juniper Networks Inc. [JNPR]US17228.264,8580.5
Greif Inc. [GEF]US9351.314,7890.5
Voya Financial Inc. [VOYA]US12039.224,7140.5
Ryder System Inc. [R]US6374.444,6750.5
CIGNA Corp. [CI]US35133.394,6690.5
McDermott International Inc. [MDR]PA6307.394,6530.5
Lazard Ltd. [LAZ]BM11341.094,6350.5
PBF Energy Inc. [PBF]US16427.884,5640.5
Aflac Inc. [AFL]US6569.604,5310.5
Fluor Corp. [FLR]US8652.524,5110.5
JetBlue Airways Corp. [JBLU]US20022.424,4950.5
United Therapeutics Corp. [UTHR]US31143.434,4460.5
Western Digital Corp. [WDC]US6567.954,4300.5
AES Corp. [AES]US38011.624,4200.5
Tyson Foods Inc. [TSN]US7161.684,4040.5
Celanese Corp. [CE]US5678.744,3780.5
Cabot Corp. [CBT]US8650.544,3460.5
Diamond Offshore Drilling Inc. [DO]US24117.704,2720.5
Bunge Ltd. [BG]BM5972.244,2690.5
Validus Holdings Ltd. [VR]BM7855.014,2690.5
Chicago Bridge & Iron Co. NV [CBI]NL13431.754,2580.5
American Financial Group Inc. [AFG]US4888.124,1920.5
Piper Jaffray Cos. [PJC]US5872.504,1690.5
TETRA Tech Inc. [TTEK]US9543.154,0860.5
Hersha Hospitality Trust [HT]US18921.504,0570.5
Primerica Inc. [PRI]US5869.154,0090.4
Penske Automotive Group Inc. [PAG]US7751.843,9760.4
NetApp Inc. [NTAP]US11335.273,9710.4
HollyFrontier Corp. [HFC]US11932.763,8980.4
American Outdoor Brands Corp. [AOBC]US18421.083,8890.4
Atlas Air Worldwide Holdings Inc. [AAWW]US7452.153,8700.4
Domtar Corp. [UFS]US9939.033,8480.4
Universal Insurance Holdings Inc. [UVE]US13528.403,8230.4
Viacom Inc. [VIAB]US10935.103,8190.4
Foot Locker Inc. [FL]US5470.893,8000.4
Briggs & Stratton Corp. [BGG]US17022.263,7890.4
OMEGA Healthcare Investors Inc. [OHI]US12031.263,7610.4
Murphy USA Inc. [MUSA]US6161.473,7540.4
Universal Corp. [UVV]US5963.753,7450.4
Ethan Allen Interiors Inc. [ETH]US10136.853,7390.4
Assurant Inc. [AIZ]US4092.863,7240.4
Teradata Corp. [TDC]US13627.173,6940.4
Macy's Inc. [M]US10335.813,6810.4
Dick's Sporting Goods Inc. [DKS]US6953.103,6530.4
Teradyne Inc. [TER]US14125.403,5840.4
Tech Data Corp. [TECD]US4284.683,5400.4
Plantronics Inc. [PLT]US6554.763,5370.4
Moog Inc. [MOG/A]US5365.683,4880.4
Hillenbrand Inc. [HI]US9038.353,4440.4
Axis Capital Holdings Ltd. [AXS]BM5265.273,3880.4
Radian Group Inc. [RDN]US18617.983,3420.4
XL Group Ltd. [XL]BM9037.263,3420.4
Assured Guaranty Ltd. [AGO]BM8837.773,3390.4
CBL & Associates Properties Inc. [CBL]US28611.503,2920.4
Aspen Insurance Holdings Ltd. [AHL]BM6055.003,2840.4
Ameren Corp. [AEE]US6252.463,2740.4
Cousins Properties Inc. [CUZ]US3838.513,2610.4
Medical Properties Trust Inc. [MPW]US26312.303,2350.4
Government Properties Income Trust [GOV]US16919.073,2240.4
Mylan NV [MYL]NL8438.153,2230.4
Sunstone Hotel Investors Inc. [SHO]US21015.253,2000.4
Central Garden & Pet Co. [CENTA]US10230.903,1430.4
National Oilwell Varco Inc. [NOV]US8337.443,1220.3
Avnet Inc. [AVT]US6647.613,1180.3
Gap Inc. [GPS]US13922.443,1170.3
H&E Equipment Services Inc. [HEES]US13423.253,1110.3
Trinity Industries Inc. [TRN]US11127.763,0870.3
Archer Daniels Midland Co. [ADM]US6845.653,0810.3
Cooper-Standard Holding Inc. [CPS]US30103.383,0600.3
AAR Corp. [AIR]US9133.053,0080.3
Brandywine Realty Trust [BDN]US18216.513,0000.3
Ingles Markets Inc. [IMKTA]US6248.102,9920.3
Bed Bath & Beyond Inc. [BBBY]US7340.642,9550.3
Banco Latinoamericano de Comercio Exterior SA [BLX]PA10029.442,9380.3
Clearwater Paper Corp. [CLW]US4565.552,9370.3
Kroger Co. [KR]US8534.512,9220.3
Nelnet Inc. [NNI]US5650.752,8670.3
Pitney Bowes Inc. [PBI]US18715.192,8470.3
Corporate Office Properties Trust [OFC]US9131.222,8380.3
Allstate Corp. [ALL]US3874.122,8240.3
Bristow Group Inc. [BRS]US13720.482,8050.3
Aetna Inc. [AET]US22124.012,7780.3
Convergys Corp. [CVG]US11124.562,7200.3
Netgear Inc. [NTGR]US4954.352,6790.3
Navient Corp. [NAVI]US16316.432,6780.3
Principal Financial Group Inc. [PFG]US4657.862,6620.3
Owens & Minor Inc. [OMI]US7335.292,5760.3
MGIC Investment Corp. [MTG]US24910.192,5410.3
Amdocs Ltd. [DOX]US4358.252,5050.3
Vishay Intertechnology Inc. [VSH]US15416.202,4980.3
Rowan Cos. plc [RDC]GB13218.892,4900.3
Harris Corp. [HRS]US24102.472,4590.3
Endurance Specialty Holdings Ltd. [ENH]BM2792.402,4590.3
AGCO Corp. [AGCO]US4257.862,4590.3
Lannett Co. Inc. [LCI]US11022.052,4290.3
CA Inc. [CA]US7631.772,4240.3
SUPERVALU Inc. [SVU]US5174.672,4130.3
PennyMac Mortgage Investment Trust [PMT]US14516.372,3700.3
Aircastle Ltd. [AYR]BM11420.852,3690.3
A. Schulman Inc. [SHLM]US7033.452,3550.3
Finish Line Inc. [FINL]US12418.812,3310.3
Maiden Holdings Ltd. [MHLD]BM13317.452,3260.3
American Axle & Manufacturing Holdings Inc. [AXL]US11819.302,2810.3
MFA Financial Inc. [MFA]US2987.632,2760.3
Triumph Group Inc. [TGI]US8626.502,2740.3
Amtrust Financial Services Inc. [AFSI]US8327.382,2730.3
Meritage Homes Corp. [MTH]US6534.802,2690.3
Corecivic Inc. [CXW]US9224.462,2600.3
GameStop Corp. [GME]US8925.262,2510.3
Timken Co. [TKR]US5539.702,1950.2
CF Industries Holdings Inc. [CF]US6931.482,1720.2
Oceaneering International Inc. [OII]US7528.212,1100.2
TEGNA Inc. [TGNA]US9821.392,1070.2
Dillard's Inc. [DDS]US3462.692,1060.2
Capstead Mortgage Corp. [CMO]US20310.192,0670.2
Kindred Healthcare Inc. [KND]US2637.852,0640.2
Calatlantic Group Inc. [CAA]US6134.012,0620.2
Arcbest Corp. [ARCB]US7427.652,0520.2
Meritor Inc. [MTOR]US16212.422,0110.2
Owens-Illinois Inc. [OI]US9417.411,6370.2
Select Medical Holdings Corp. [SEM]US9813.251,2960.1
Dhi Group Inc. [DHX]US1916.251,1920.1
Tutor Perini Corp. [TPC]US4228.001,1900.1
Parkway Inc. [PKY]US4822.251,0660.1
Two Harbors Investment Corp. [TWO]US1218.721,0550.1
Ship Finance International Ltd. [SFL]BM6614.859850.1
Ensco plc [ESV]GB1019.729780.1
RR Donnelley & Sons Co. [RRD]US5516.329010.1
Noble Corp. plc [NE]GB1305.927690.1
Lsc Communications Inc. [LKSD]US2129.686150.1
Community Health Systems Inc. [CYH]US935.595190.1
Donnelley Financial Solutions Inc. [DFIN]US2122.984760.1
WestRock Co. [WRK]US850.774030.0
Gannett Co. Inc. [GCI]US269.712570.0
Vectrus Inc. [VEC]US423.85840.0
Energy XXI Ltd. [EXXIQ]BM540.0310.0
Total881,65898.7
Cash and Other Assets Less Liabilities1.3
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials22.319.9
Industrials13.412.6
Information Technology12.98.8
Consumer Discretionary12.18.5
Real Estate9.813.9
Energy6.910.6
Utilities6.810.9
Materials6.66.0
Health Care4.94.2
Consumer Staples3.03.2
Telecommunication Services0.01.4

Sector Returns (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials23.519.4
Energy19.57.0
Industrials17.28.5
Materials8.08.9
Consumer Staples7.5-5.7
Information Technology7.06.7
Real Estate2.9-3.6
Consumer Discretionary2.02.5
Cash0.10.0
Health Care0.1-7.2
Telecommunication Services0.03.6
Utilities-0.60.5

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 Frank Russell Company.