Harbor Mid Cap Value Fund Investor Class (HIMVX)

Portfolio Characteristics (As of Quarter Ended 03/31/2017)

Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings198565
Weighted Avg. Market Cap ($Mil)10,997.5113,770.77
Median Market Cap ($Mil)4,749.646,536.95
Price/Book Ratio1.902.14
Adj. Trailing P/E Ratio15.2619.46
Forecasted P/E Ratio13.5117.96
Earnings Growth Rate (%)9.818.72
Proj. Earnings Growth Rate (%)7.2710.88
Return on Equity (%)11.629.68
Turnover (unannualized % since 10/31)9-
Beta vs. Fund Benchmark1.06-

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

Top Ten Holdings (As of Quarter Ended 03/31/2017)

Company Name [Ticker]% of Net Assets
Public Service Enterprise Group Inc. [PEG]1.7
Ameriprise Financial Inc. [AMP]1.5
Regions Financial Corp. [RF]1.4
FirstEnergy Corp. [FE]1.4
SunTrust Banks Inc. [STI]1.3
Entergy Corp. [ETR]1.3
Lincoln National Corp. [LNC]1.3
Quest Diagnostics Inc. [DGX]1.2
Eastman Chemical Co. [EMN]1.2
LAM Research Corp. [LRCX]1.2
% of Total Holdings:13.5

Full Holdings (As of Quarter Ended 03/31/2017)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Public Service Enterprise Group Inc. [PEG]US36844.3516,3391.7
Ameriprise Financial Inc. [AMP]US111129.6814,3941.5
Regions Financial Corp. [RF]US90514.5313,1541.4
FirstEnergy Corp. [FE]US41031.8213,0301.4
SunTrust Banks Inc. [STI]US22555.3012,4481.3
Entergy Corp. [ETR]US16275.9612,3211.3
Lincoln National Corp. [LNC]US18065.4511,7681.3
Quest Diagnostics Inc. [DGX]US11898.1911,6061.2
Eastman Chemical Co. [EMN]US14180.8011,4011.2
LAM Research Corp. [LRCX]US88128.3611,3091.2
Valero Energy Corp. [VLO]US16466.2910,8711.2
Everest Re Group Ltd. [RE]BM45233.8110,4981.1
Cardinal Health Inc. [CAH]US12781.5510,3411.1
Goodyear Tire & Rubber Co. [GT]US27736.009,9791.1
Discover Financial Services [DFS]US14468.399,8761.1
United Continental Holdings Inc. [UAL]US13970.649,8401.1
Cummins Inc. [CMI]US62151.209,4051.0
Spirit Aerosystems Holdings Inc. [SPR]US16157.929,3311.0
NCR Corp. [NCR]US19845.689,0261.0
KeyCorp [KEY]US49517.788,8050.9
Tesoro Corp. [TSO]US10681.068,6000.9
Fifth Third Bancorp [FITB]US32825.408,3290.9
Senior Housing Properties Trust [SNH]US41120.258,3250.9
Applied Materials Inc. [AMAT]US21338.908,2900.9
Flex Ltd. [FLEX]SG48016.808,0720.9
American Electric Power Co. Inc. [AEP]US11567.137,7270.8
Brinker International Inc. [EAT]US17243.967,5440.8
Wyndham Worldwide Corp. [WYN]US8884.297,3750.8
Lexington Realty Trust [LXP]US7349.987,3200.8
Alaska Air Group Inc. [ALK]US7992.227,2910.8
Hartford Financial Services Group Inc. [HIG]US15148.077,2490.8
Hospitality Properties Trust [HPT]US23031.537,2390.8
Huntsman Corp. [HUN]US29024.547,1090.8
Huntington Ingalls Industries Inc. [HII]US36200.247,1090.8
Packaging Corp. of America [PKG]US7791.627,0770.8
Bunge Ltd. [BG]BM8979.267,0620.8
Annaly Capital Management Inc. [NLY]US62411.116,9330.7
Piedmont Office Realty Trust Inc. [PDM]US32121.386,8610.7
Wabash National Corp. [WNC]US32720.696,7740.7
Marathon Petroleum Corp. [MPC]US13450.546,7670.7
Seagate Technology plc [STX]IE14445.936,6050.7
Mack-Cali Realty Corp. [CLI]US24426.946,5600.7
Edison International [EIX]US8279.616,5600.7
Unum Group [UNM]US13946.896,5180.7
Juniper Networks Inc. [JNPR]US23327.836,4730.7
Whirlpool Corp. [WHR]US37171.336,4080.7
Corning Inc. [GLW]US23627.006,3590.7
Murphy Oil Corp. [MUR]US22028.596,3020.7
Reliance Steel & Aluminum Co. [RS]US7880.026,2820.7
Franklin Street Properties Corp. [FSP]US50812.146,1650.7
Textron Inc. [TXT]US12547.595,9440.6
Oshkosh Corp. [OSK]US8668.595,9120.6
CIT Group Inc. [CIT]US13542.935,7870.6
Lear Corp. [LEA]US40141.585,6920.6
Xerox Corp. [XRX]US7607.345,5750.6
Harley-Davidson Inc. [HOG]US9260.505,5420.6
Amkor Technology Inc. [AMKR]US47511.595,5050.6
Brocade Communications Systems Inc. [BRCD]US43912.485,4770.6
Group 1 Automotive Inc. [GPI]US7474.085,4600.6
Select Income REIT [SIR]US21025.795,4110.6
Western Digital Corp. [WDC]US6582.535,3810.6
Tyson Foods Inc. [TSN]US8761.715,3630.6
PPL Corp. [PPL]US14337.395,3540.6
Summit Hotel Properties Inc. [INN]US33515.985,3470.6
American Airlines Group Inc. [AAL]US12442.305,2280.6
Lazard Ltd. [LAZ]BM11345.995,1880.6
Cabot Corp. [CBT]US8659.915,1520.6
CIGNA Corp. [CI]US35146.495,1270.5
Viacom Inc. [VIAB]US10946.625,0720.5
Celanese Corp. [CE]US5689.854,9960.5
Kohl's Corp. [KSS]US12539.814,9680.5
Manpowergroup Inc. [MAN]US48102.574,8930.5
Zions Bancorporation [ZION]US11342.004,7630.5
Sabra Health Care REIT Inc. [SBRA]US17027.934,7510.5
Ryder System Inc. [R]US6375.444,7380.5
Aflac Inc. [AFL]US6572.424,7150.5
NetApp Inc. [NTAP]US11341.854,7120.5
Western Union Co. [WU]US22820.354,6420.5
Voya Financial Inc. [VOYA]US12037.964,5630.5
American Financial Group Inc. [AFG]US4895.424,5400.5
Murphy USA Inc. [MUSA]US6173.424,4830.5
Teradyne Inc. [TER]US14131.104,3880.5
Validus Holdings Ltd. [VR]BM7856.394,3760.5
HP Inc. [HPQ]US24217.884,3330.5
AES Corp. [AES]US38011.184,2530.5
McDermott International Inc. [MDR]PA6306.754,2500.5
Teradata Corp. [TDC]US13631.124,2310.5
United Therapeutics Corp. [UTHR]US31135.384,1970.4
Universal Corp. [UVV]US5970.754,1570.4
JetBlue Airways Corp. [JBLU]US20020.614,1320.4
Chicago Bridge & Iron Co. NV [CBI]NL13430.754,1240.4
Atlas Air Worldwide Holdings Inc. [AAWW]US7455.454,1150.4
Diamond Offshore Drilling Inc. [DO]US24116.714,0330.4
LifePoint Health Inc. [LPNT]US6165.504,0140.4
Foot Locker Inc. [FL]US5474.814,0100.4
OMEGA Healthcare Investors Inc. [OHI]US12032.993,9690.4
Tech Data Corp. [TECD]US4293.903,9250.4
Principal Financial Group Inc. [PFG]US6163.113,8370.4
Assurant Inc. [AIZ]US4095.673,8360.4
Briggs & Stratton Corp. [BGG]US17022.453,8210.4
American Outdoor Brands Corp. [AOBC]US18419.813,6550.4
Sonoco Products Co. [SON]US6952.923,6300.4
PBF Energy Inc. [PBF]US16422.173,6290.4
Domtar Corp. [UFS]US9936.523,6010.4
Penske Automotive Group Inc. [PAG]US7746.813,5900.4
Trinseo SA [TSE]LU5367.103,5830.4
Moog Inc. [MOG/A]US5367.353,5760.4
XL Group Ltd. [XL]BM9039.863,5750.4
Hersha Hospitality Trust [HT]US18918.793,5460.4
Government Properties Income Trust [GOV]US16920.933,5390.4
Plantronics Inc. [PLT]US6554.113,4960.4
Axis Capital Holdings Ltd. [AXS]BM5267.033,4790.4
Primerica Inc. [PRI]US4282.203,4770.4
Ameren Corp. [AEE]US6254.593,4060.4
Medical Properties Trust Inc. [MPW]US26312.893,3900.4
Gap Inc. [GPS]US13924.293,3740.4
HollyFrontier Corp. [HFC]US11928.343,3720.4
Dick's Sporting Goods Inc. [DKS]US6948.663,3480.4
National Oilwell Varco Inc. [NOV]US8340.093,3440.4
Radian Group Inc. [RDN]US18617.963,3390.4
Banco Latinoamericano de Comercio Exterior SA [BLX]PA12027.743,3290.4
Navient Corp. [NAVI]US22514.763,3240.4
Piper Jaffray Cos. [PJC]US5263.853,3010.4
Universal Insurance Holdings Inc. [UVE]US13524.503,2980.4
Mylan NV [MYL]NL8438.993,2940.4
Cooper-Standard Holdings Inc. [CPS]US30110.933,2840.4
Assured Guaranty Ltd. [AGO]BM8837.113,2810.4
Hillenbrand Inc. [HI]US9035.853,2190.3
Sunstone Hotel Investors Inc. [SHO]US21015.333,2170.3
Ethan Allen Interiors Inc. [ETH]US10130.653,1100.3
Archer Daniels Midland Co. [ADM]US6846.043,1080.3
Aspen Insurance Holdings Ltd. [AHL]BM6052.053,1070.3
Allstate Corp. [ALL]US3881.493,1050.3
AAR Corp. [AIR]US9133.633,0610.3
Macy's Inc. [M]US10329.643,0470.3
Corporate Office Properties Trust [OFC]US9133.103,0090.3
Avnet Inc. [AVT]US6645.762,9970.3
Trinity Industries Inc. [TRN]US11126.552,9520.3
Brandywine Realty Trust [BDN]US18216.232,9490.3
Owens-Illinois Inc. [OI]US14420.382,9390.3
Corecivic Inc. [CXW]US9231.422,9030.3
Bed Bath & Beyond Inc. [BBBY]US7339.462,8690.3
Aetna Inc. [AET]US22127.552,8570.3
Meritor Inc. [MTOR]US16217.132,7730.3
Aircastle Ltd. [AYR]BM11424.132,7410.3
CBL & Associates Properties Inc. [CBL]US2869.542,7310.3
Ingles Markets Inc. [IMKTA]US6243.152,6840.3
Harris Corp. [HRS]US24111.272,6700.3
Cousins Properties Inc. [CUZ]US3228.272,6600.3
Amdocs Ltd. [DOX]GG4360.992,6230.3
Maiden Holdings Ltd. [MHLD]BM18614.002,6110.3
PennyMac Mortgage Investment Trust [PMT]US14517.752,5700.3
AGCO Corp. [AGCO]US4260.182,5580.3
Conduent Inc. [CNDT]US15216.782,5490.3
Vishay Intertechnology Inc. [VSH]US15416.452,5370.3
MGIC Investment Corp. [MTG]US24910.132,5260.3
Owens & Minor Inc. [OMI]US7334.602,5260.3
TEGNA Inc. [TGNA]US9825.622,5240.3
Clearwater Paper Corp. [CLW]US4556.002,5090.3
Timken Co. [TKR]US5545.202,5000.3
Kroger Co. [KR]US8529.492,4970.3
Nelnet Inc. [NNI]US5643.862,4780.3
Lannett Co. Inc. [LCI]US11022.352,4620.3
Pitney Bowes Inc. [PBI]US18713.112,4570.3
Netgear Inc. [NTGR]US4949.552,4430.3
CA Inc. [CA]US7631.722,4200.3
MFA Financial Inc. [MFA]US2988.082,4100.3
Meritage Homes Corp. [MTH]US6536.802,3990.3
Convergys Corp. [CVG]US11121.152,3420.3
Calatlantic Group Inc. [CAA]US6137.452,2710.2
DDR Corp. [DDR]US18012.532,2570.2
American Axle & Manufacturing Holdings Inc. [AXL]US11818.782,2200.2
A. Schulman Inc. [SHLM]US7031.452,2140.2
Triumph Group Inc. [TGI]US8625.752,2090.2
Kindred Healthcare Inc. [KND]US2638.352,1960.2
Rowan Cos. plc [RDC]GB13215.582,0530.2
Oceaneering International Inc. [OII]US7527.082,0260.2
GameStop Corp. [GME]US8922.552,0090.2
SUPERVALU Inc. [SVU]US5173.861,9940.2
Arcbest Corp. [ARCB]US7426.001,9290.2
Finish Line Inc. [FINL]US12414.231,7630.2
Dillard's Inc. [DDS]US3452.241,7550.2
Amtrust Financial Services Inc. [AFSI]US8318.461,5320.2
Tutor Perini Corp. [TPC]US4231.801,3520.1
Select Medical Holdings Corp. [SEM]US9813.351,3060.1
Two Harbors Investment Corp. [TWO]US1219.591,1600.1
Ship Finance International Ltd. [SFL]BM6614.709750.1
Parkway Inc. [PKY]US4819.899530.1
Ensco plc [ESV]GB1018.959000.1
Community Health Systems Inc. [CYH]US938.878240.1
Noble Corp. plc [NE]GB1306.198040.1
Dhi Group Inc. [DHX]US1913.957530.1
RR Donnelley & Sons Co. [RRD]US5512.116690.1
Lsc Communications Inc. [LKSD]US2125.165210.1
WestRock Co. [WRK]US852.034130.0
Donnelley Financial Solutions Inc. [DFIN]US2119.294000.0
Gannett Co. Inc. [GCI]US268.382220.0
Energy XXI Ltd. [EXXIQ]BM540.0000.0
Total924,69899.9
Cash and Other Assets Less Liabilities0.1
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2017)

As of Quarter Ended 03/31/2017
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials21.819.6
Information Technology13.89.5
Industrials13.412.9
Consumer Discretionary11.58.6
Real Estate10.013.9
Utilities7.411.2
Materials6.56.1
Energy6.29.6
Health Care5.44.1
Consumer Staples2.93.3
Telecommunication Services0.01.2

Sector Returns (As of Quarter Ended 03/31/2017)

As of Quarter Ended 03/31/2017
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Information Technology10.612.4
Materials8.34.3
Health Care7.16.4
Utilities4.86.8
Industrials3.55.7
Financials1.92.4
Real Estate0.82.0
Consumer Staples0.55.3
Consumer Discretionary0.35.7
Cash0.10.0
Telecommunication Services0.0-2.3
Energy-5.8-6.6

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.