Harbor Mid Cap Value Fund Investor Class (HIMVX)

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

 Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings201559
Weighted Avg. Market Cap ($Mil)9,008.2911,139.63
Median Market Cap ($Mil)3,962.965,586.40
Price/Book Ratio1.451.59
Adj. Trailing P/E Ratio12.2015.99
Forecasted P/E Ratio11.4916.06
Earnings Growth Rate (%)13.0811.91
Proj. Earnings Growth Rate (%)7.297.59
Return on Equity (%)12.5710.50
Turnover (unannualized % since 10/31)3-
Beta vs. Russell Midcap® Value Index1.08-
Beta vs. Russell 3000® Index1.06-

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

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

Company Name [Ticker]% of Net Assets
Public Service Enterprise Group Inc. [PEG]1.6
Regions Financial Corp. [RF]1.3
CIGNA Corp. [CI]1.2
Brinker International Inc. [EAT]1.2
Quest Diagnostics Inc. [DGX]1.1
Tesoro Corp. [TSO]1.0
Goodyear Tire & Rubber Co. [GT]1.0
Everest Re Group Ltd. [RE]1.0
American Electric Power Co. Inc. [AEP]1.0
FirstEnergy Corp. [FE]1.0
% of Total Holdings:11.4

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Public Service Enterprise Group Inc. [PEG]US74457310627938.6910,7951.6
Regions Financial Corp. [RF]US7591EP1009059.608,6911.3
CIGNA Corp. [CI]US12550910957146.338,2971.2
Brinker International Inc. [EAT]US10964110017247.958,2281.2
Quest Diagnostics Inc. [DGX]US74834L1009971.147,0711.1
Tesoro Corp. [TSO]US88160910166105.376,9541.0
Goodyear Tire & Rubber Co. [GT]US38255010121232.676,9261.0
Everest Re Group Ltd. [RE]BMG3223R10837183.096,7561.0
American Electric Power Co. Inc. [AEP]US02553710111558.276,7071.0
FirstEnergy Corp. [FE]US33793210721131.736,7011.0
Fifth Third Bancorp [FITB]US31677310032820.106,5911.0
Hartford Financial Services Group Inc. [HIG]US41651510415143.466,5541.0
KeyCorp [KEY]US49326710849513.196,5321.0
SunTrust Banks Inc. [STI]US86791410315242.846,5291.0
Eastman Chemical Co. [EMN]US2774321009567.516,4341.0
Endurance Specialty Holdings Ltd. [ENH]BMG303971069963.996,3290.9
Xerox Corp. [XRX]US98412110358510.636,2170.9
Edison International [EIX]US28102010710559.216,1990.9
Entergy Corp. [ETR]US29364G1038968.366,0770.9
Piedmont Office Realty Trust Inc. [PDM]US72019020632118.886,0590.9
PBF Energy Inc. [PBF]US69318G10616436.816,0260.9
Hospitality Properties Trust [HPT]US44106M10223026.156,0040.9
Tyson Foods Inc. [TSN]US90249410311253.335,9570.9
Kohl's Corp. [KSS]US50025510412547.635,9440.9
Annaly Capital Management Inc. [NLY]US0357104096249.385,8530.9
PPL Corp. [PPL]US69351T10616034.135,4740.8
Cummins Inc. [CMI]US2310211066288.015,4740.8
Ameren Corp. [AEE]US02360810212543.235,3950.8
Lincoln National Corp. [LNC]US53418710910650.265,3070.8
Dupont Fabros Technology Inc. [DFT]US26613Q10616731.795,3040.8
Franklin Street Properties Corp. [FSP]US35471R10650810.355,2560.8
Mosaic Co. [MOS]US61945C10318627.595,1460.8
Marathon Petroleum Corp. [MPC]US56585A1029851.845,1010.8
Corning Inc. [GLW]US21935010527718.285,0690.8
Sonoco Products Co. [SON]US83549510212240.874,9990.7
Lear Corp. [LEA]US52186520440122.834,9380.7
Discover Financial Services [DFS]US2547091089253.624,9120.7
Hancock Holding Co. [HBHC]US41012010919525.174,9030.7
Alaska Air Group Inc. [ALK]US0116591096080.514,8140.7
Juniper Networks Inc. [JNPR]US48203R10417227.604,7440.7
Brocade Communications Systems Inc. [BRCD]US1116213065089.184,6680.7
Digital Realty Trust Inc. [DLR]US2538681036275.624,6660.7
Avery Dennison Corp. [AVY]US0536111097462.664,6470.7
Unum Group [UNM]US91529Y10613933.294,6270.7
NCR Corp. [NCR]US62886E10818724.464,5690.7
Reliance Steel & Aluminum Co. [RS]US7595091027857.914,5460.7
JetBlue Airways Corp. [JBLU]US47714310120022.654,5410.7
Scana Corp. [SCG]US80589M1027560.494,5250.7
Huntington Ingalls Industries Inc. [HII]US44641310636126.854,5030.7
Flextronics International Ltd. [FLEX]SGY2573F10239811.214,4590.7
Voya Financial Inc. [VOYA]US92908910012036.914,4370.7
Huntington Bancshares Inc. [HBAN]US44615010438911.064,2990.6
OMEGA Healthcare Investors Inc. [OHI]US68193610012034.984,2080.6
Harley-Davidson Inc. [HOG]US4128221089245.394,1580.6
Symantec Corp. [SYMC]US87150310819621.004,1180.6
Western Union Co. [WU]US95980210922817.914,0850.6
Lexington Realty Trust [LXP]US5290431015108.004,0810.6
Smith & Wesson Holding Corp. [SWHC]US83175610118421.984,0550.6
Whirlpool Corp. [WHR]US96332010628146.874,0540.6
Viacom Inc. [VIAB]US92553P2019841.164,0420.6
Bunge Ltd. [BG]BMG169621055968.284,0350.6
Vereit Inc. [VER]US92339V1005027.923,9730.6
Amkor Technology Inc. [AMKR]US0316521006486.083,9370.6
CIT Group Inc. [CIT]US1255818019939.703,9180.6
Cal-Maine Foods Inc. [CALM]US1280302028446.343,9160.6
Western Digital Corp. [WDC]US9581021056560.053,9150.6
L-3 Communications Holdings Inc. [LLL]US50242410433119.513,8960.6
Wabash National Corp. [WNC]US92956610732711.833,8730.6
Valero Energy Corp. [VLO]US91913Y1005470.713,8320.6
Celanese Corp. [CE]US1508701035667.333,7440.6
Teradyne Inc. [TER]US88077010218020.673,7160.6
Domtar Corp. [UFS]US2575592039936.953,6430.5
AES Corp. [AES]US00130H1053809.573,6400.5
HollyFrontier Corp. [HFC]US4361061089139.893,6260.5
Macy's Inc. [M]US55616P10410334.983,5960.5
Validus Holdings Ltd. [VR]BMG9319H1027846.293,5920.5
Kroger Co. [KR]US5010441018541.833,5420.5
CBL & Associates Properties Inc. [CBL]US12483010028612.373,5420.5
XL Group plc [XL]IEG982901029039.183,5140.5
Bed Bath & Beyond Inc. [BBBY]US0758961007348.253,5080.5
SUPERVALU Inc. [SVU]US8685361035176.783,5030.5
Harris Corp. [HRS]US4138751054086.903,4930.5
Owens & Minor Inc. [OMI]US6907321029735.983,4760.5
Fluor Corp. [FLR]US3434121027347.223,4380.5
Gap Inc. [GPS]US36476010813924.703,4310.5
American Financial Group Inc. [AFG]US0259321044872.083,4290.5
Triumph Group Inc. [TGI]US8968181018639.753,4110.5
Oshkosh Corp. [OSK]US6882392018639.043,3650.5
Ingredion Inc. [INGR]US4571871023595.843,3640.5
Select Income REIT [SIR]US81618T10016819.823,3380.5
Universal Corp. [UVV]US9134561095956.083,2950.5
ADT Corp. [ADT]US00101J1069832.983,2320.5
Assurant Inc. [AIZ]US04621X1084080.543,2300.5
Ingram Micro Inc. [IM]US45715310410630.383,2170.5
Rouse Properties Inc. [RSE]US77928710121714.563,1650.5
Group 1 Automotive Inc. [GPI]US3989051094075.703,0510.5
Avista Corp. [AVA]US05379B1078335.372,9440.4
Axis Capital Holdings Ltd. [AXS]BMG0692U1095256.222,9180.4
Portland General Electric Co. [POR]US7365088478036.372,8950.4
Chicago Bridge & Iron Co. NV [CBI]NL1672501097438.992,8890.4
Aspen Insurance Holdings Ltd. [AHL]BMG053841056048.302,8840.4
Senior Housing Properties Trust [SNH]US81721M10919414.842,8770.4
Ameriprise Financial Inc. [AMP]US03076C10627106.422,8730.4
Netgear Inc. [NTGR]US64111Q1046841.912,8460.4
CF Industries Holdings Inc. [CF]US1252691006940.812,8160.4
Pitney Bowes Inc. [PBI]US72447910013620.652,8150.4
Oceaneering International Inc. [OII]US6752321027537.522,8060.4
Avnet Inc. [AVT]US0538071036642.842,8060.4
United Therapeutics Corp. [UTHR]US91307C10218156.612,8030.4
National Oilwell Varco Inc. [NOV]US6370711018333.492,7930.4
Tech Data Corp. [TECD]US8782371064266.382,7750.4
Parker-Hannifin Corp. [PH]US7010941042996.982,7740.4
Washington Federal Inc. [WAFD]US93882410911623.832,7640.4
Convergys Corp. [CVG]US21248510611124.892,7570.4
LAM Research Corp. [LRCX]US5128071083479.422,7160.4
Hersha Hospitality Trust [HT]US42782550012521.762,7140.4
Allied World Assurance Co. Holdings AG [AWH]CHH015311047337.192,7000.4
Trinity Industries Inc. [TRN]US89652210911124.022,6710.4
Summit Hotel Properties Inc. [INN]US86608210022211.952,6550.4
Amtrust Financial Services Inc. [AFSI]US0323593094261.582,5560.4
Sunstone Hotel Investors Inc. [SHO]US86789210120412.492,5420.4
TEGNA Inc. [TGNA]US87901J1059825.522,5140.4
Seagate Technology plc [STX]IEG7945M1076836.662,5080.4
GameStop Corp. [GME]US36467W1098928.042,4980.4
Brandywine Realty Trust [BDN]US10536820318213.662,4820.4
Archer-Daniels-Midland Co. [ADM]US0394831026836.682,4760.4
Ship Finance International Ltd. [SFL]BMG8107510614816.572,4580.4
Atlas Air Worldwide Holdings Inc. [AAWW]US0491642055941.342,4560.4
R.R. Donnelley & Sons Co. [RRD]US25786710116614.722,4390.4
Foot Locker Inc. [FL]US3448491043765.092,4340.4
Aetna Inc. [AET]US00817Y10822108.122,4220.4
Allstate Corp. [ALL]US0200021013862.092,3660.4
Amdocs Ltd. [DOX]USG026021034354.572,3470.3
Calatlantic Group Inc. [CAA]US1281951046137.922,2990.3
Finish Line Inc. [FINL]US31792310012418.082,2400.3
American Axle & Manufacturing Holdings Inc. [AXL]US02406110311818.942,2390.3
Rowan Cos. plc [RDC]GBG7665A10113216.952,2340.3
Meritage Homes Corp. [MTH]US59001A1026533.992,2160.3
PennyMac Mortgage Investment Trust [PMT]US70931T10314515.262,2100.3
Dillard's Inc. [DDS]US2540671013465.712,2080.3
MGIC Investment Corp. [MTG]US5528481032498.832,2020.3
Moog Inc. [MOG/A]US6153942023660.602,1940.3
CA Inc. [CA]US12673P1057628.562,1790.3
Banco Latinoamericano de Comercio Exterior SA [BLX]PAP169941328425.932,1680.3
Universal Insurance Holdings Inc. [UVE]US91359V1079323.182,1550.3
Northrop Grumman Corp. [NOC]US66680710211188.812,1520.3
Brink's Co. [BCO]US1096961047428.862,1330.3
Government Properties Income Trust [GOV]US38376A10313415.872,1270.3
Principal Financial Group Inc. [PFG]US74251V1024644.982,0690.3
Huntsman Corp. [HUN]US44701110718011.372,0450.3
Cabot Corp. [CBT]US1270551014940.881,9910.3
Maiden Holdings Ltd. [MHLD]BMG5753U11213314.911,9880.3
Briggs & Stratton Corp. [BGG]US10904310911217.301,9390.3
AGCO Corp. [AGCO]US0010841024245.391,9290.3
Omnivision Technologies Inc. [OVTI]US6821281036629.021,9070.3
Kindred Healthcare Inc. [KND]US49458010315711.911,8730.3
Vishay Intertechnology Inc. [VSH]US92829810815412.051,8580.3
Fresh Del Monte Produce Inc. [FDP]USG367381054638.881,7960.3
Lannett Co. Inc. [LCI]US5160121014440.121,7730.3
Deckers Outdoor Corp. [DECK]US2435371073747.201,7610.3
Dhi Group Inc. [DHX]US23331S1001919.171,7490.3
NetApp Inc. [NTAP]US64110D1046526.531,7290.3
A. Schulman Inc. [SHLM]US8081941045530.641,6760.2
Radian Group Inc. [RDN]US75023610112413.391,6630.2
Owens-Illinois Inc. [OI]US6907684039417.421,6370.2
H&E Equipment Services Inc. [HEES]US4040301089317.481,6200.2
Mentor Graphics Corp. [MENT]US5872001068718.421,5970.2
Arcbest Corp. [ARCB]US03937C1057421.391,5870.2
Timken Co. [TKR]US8873891045528.591,5810.2
Community Health Systems Inc. [CYH]US2036681086026.531,5790.2
Ensco plc [ESV]GBG3157S10610115.391,5480.2
Raytheon Co. [RTN]US75511150712124.531,4690.2
QLogic Corp. [QLGC]US74727710111612.201,4100.2
Questar Corp. [STR]US7483561027119.481,3810.2
Noble Corp. plc [NE]GBG6543110113010.551,3700.2
Meritor Inc. [MTOR]US59001K1001628.351,3520.2
MFA Financial Inc. [MFA]US55272X1022036.601,3380.2
Capstead Mortgage Corp. [CMO]US14067E5061528.741,3280.2
Bristow Group Inc. [BRS]US1103941034625.901,1860.2
Select Medical Holdings Corp. [SEM]US81619Q1059811.911,1650.2
Inland Real Estate Corp. [IRC]US45746120010510.621,1130.2
Aflac Inc. [AFL]US0010551021859.901,0660.2
Lexmark International Inc. [LXK]US5297711073232.451,0550.2
Two Harbors Investment Corp. [TWO]US90187B1011218.109800.1
Hess Corp. [HES]US42809H1072048.489450.1
Navient Corp. [NAVI]US63938C1087611.458690.1
Outerwall Inc. [OUTR]US6900701072436.548660.1
SJW Corp. [SJW]US7843051042929.658560.1
Olin Corp. [OLN]US6806652054917.268390.1
Nelnet Inc. [NNI]US64031N1082333.577750.1
Tutor Perini Corp. [TPC]US9011091084216.747110.1
PNC Financial Services Group Inc. [PNC]US693475105595.314570.1
Gannett Co. Inc. [GCI]US36473H1042616.294310.1
Atwood Oceanics Inc. [ATW]US0500951083810.233870.1
WestRock Co. [WRK]US96145D105845.623620.1
Journal Media Group Inc. [JMG]US48114A1092112.022540.0
RMR Group Inc. [RMR]US74967R1061014.411500.0
Vectrus Inc. [VEC]US92242T101420.89730.0
Energy XXI Ltd. [EXXI]BMG10082140541.01540.0
Cliffs Natural Resources Inc. [CLF]US18683K10191.58150.0
Paragon Offshore plc [PGNPF]GBG6S01W108220.0920.0
Total660,05097.8
Cash and Other Assets Less Liabilities2.2
Total Net Assets100%

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

As of Quarter Ended 12/31/2015
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials30.734.8
Information Technology13.19.8
Consumer Discretionary11.68.2
Industrials11.29.7
Utilities9.412.0
Materials6.65.6
Energy6.18.1
Consumer Staples4.74.1
Health Care4.56.2
Telecommunication Services0.01.6

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

As of Quarter Ended 12/31/2015
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Health Care10.54.2
Energy5.4-7.8
Information Technology5.110.0
Materials3.91.9
Consumer Staples3.67.3
Financials3.24.3
Industrials1.64.8
Utilities1.31.3
Cash0.00.0
Telecommunication Services0.07.1
Consumer Discretionary-5.40.0

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.