Harbor Mid Cap Value Fund Investor Class (HIMVX)

Portfolio Characteristics (As of Quarter Ended 03/31/2018)

Harbor Mid Cap Value FundRussell Midcap® Value Index
Number of Holdings196582
Weighted Avg. Market Cap ($Mil)12,839.1013,941.10
Median Market Cap ($Mil)4,804.447,316.54
Price/Book Ratio1.832.11
Adj. Trailing P/E Ratio13.9618.91
Forecasted P/E Ratio12.0915.96
Earnings Growth Rate (%)11.6110.05
Proj. Earnings Growth Rate (%)9.6510.54
Return on Equity (%)13.0810.34
Turnover (unannualized % since 10/31)8-
Beta vs. Fund Benchmark1.08-

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

Top Ten Holdings (As of Quarter Ended 03/31/2018)

Company Name [Ticker]% of Net Assets
Eastman Chemical Co. [EMN]1.6
Public Service Enterprise Group Inc. [PEG]1.6
Valero Energy Corp. [VLO]1.6
Regions Financial Corp. [RF]1.5
Ameriprise Financial Inc. [AMP]1.5
FirstEnergy Corp. [FE]1.5
SunTrust Banks Inc. [STI]1.4
LAM Research Corp. [LRCX]1.4
Marathon Petroleum Corp. [MPC]1.4
Cummins Inc. [CMI]1.3
% of Total Holdings:14.8

Full Holdings (As of Quarter Ended 03/31/2018)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Eastman Chemical Co. [EMN]US164105.5817,2941.6
Public Service Enterprise Group Inc. [PEG]US34050.2417,0971.6
Valero Energy Corp. [VLO]US18392.7717,0141.6
Regions Financial Corp. [RF]US90518.5816,8201.5
Ameriprise Financial Inc. [AMP]US111147.9416,4211.5
FirstEnergy Corp. [FE]US46834.0115,9061.5
SunTrust Banks Inc. [STI]US22568.0415,3161.4
LAM Research Corp. [LRCX]US75203.1615,1961.4
Marathon Petroleum Corp. [MPC]US20373.1114,8491.4
Cummins Inc. [CMI]US87162.0914,0371.3
Lincoln National Corp. [LNC]US18073.0613,1361.2
Entergy Corp. [ETR]US16278.7812,7781.2
Discover Financial Services [DFS]US17671.9312,6741.2
Spirit Aerosystems Holdings Inc. [SPR]US13683.7011,4171.0
HCA Holdings Inc. [HCA]US11797.0011,3101.0
JM Smucker Co. [SJM]US90124.0111,1361.0
Tyson Foods Inc. [TSN]US14473.1910,5251.0
United Continental Holdings Inc. [UAL]US15169.4710,4901.0
Fifth Third Bancorp [FITB]US32831.7510,4111.0
On Semiconductor Corp. [ON]US41024.4610,0260.9
Celanese Corp. [CE]US98100.219,8110.9
Kohl's Corp. [KSS]US15065.519,8000.9
Western Digital Corp. [WDC]US10692.279,7990.9
KeyCorp [KEY]US49519.559,6810.9
Host Hotels & Resorts Inc. [HST]US51218.649,5470.9
Kroger Co. [KR]US38623.949,2290.8
Citizens Financial Group Inc. [CFG]US22041.989,2150.8
Manpowergroup Inc. [MAN]US79115.109,1390.8
American Airlines Group Inc. [AAL]US17651.969,1290.8
Zions Bancorporation [ZION]US16552.738,6950.8
XL Group Ltd. [XL]BM15755.268,6540.8
Lear Corp. [LEA]US46186.098,6160.8
Everest Re Group Ltd. [RE]BM33256.828,5780.8
Huntsman Corp. [HUN]US29029.258,4740.8
Seagate Technology plc [STX]IE14458.528,4150.8
Hartford Financial Services Group Inc. [HIG]US15151.527,7690.7
Huntington Ingalls Industries Inc. [HII]US30257.767,6550.7
JetBlue Airways Corp. [JBLU]US37520.327,6240.7
Lazard Ltd. [LAZ]BM14452.567,5760.7
Jazz Pharmaceuticals plc [JAZZ]IE50150.997,5340.7
Whirlpool Corp. [WHR]US48153.117,3950.7
Goodyear Tire & Rubber Co. [GT]US27726.587,3680.7
Ingredion Inc. [INGR]US54128.926,9870.6
Medical Properties Trust Inc. [MPW]US53513.006,9580.6
Piedmont Office Realty Trust Inc. [PDM]US39617.596,9570.6
NetApp Inc. [NTAP]US11361.696,9460.6
CIT Group Inc. [CIT]US13551.506,9420.6
Applied Materials Inc. [AMAT]US12355.616,8510.6
Wabash National Corp. [WNC]US32720.816,8130.6
OMEGA Healthcare Investors Inc. [OHI]US25227.046,8010.6
Reliance Steel & Aluminum Co. [RS]US7885.746,7310.6
Laboratory Corp. of America Holdings [LH]US42161.756,7290.6
Allstate Corp. [ALL]US7194.806,7120.6
Unum Group [UNM]US13947.616,6180.6
Corning Inc. [GLW]US23627.886,5660.6
Annaly Capital Management Inc. [NLY]US62410.436,5080.6
Senior Housing Properties Trust [SNH]US41115.666,4380.6
Juniper Networks Inc. [JNPR]US25924.336,2920.6
Best Buy Co. Inc. [BBY]US8969.996,2290.6
NCR Corp. [NCR]US19831.526,2280.6
Flex Ltd. [FLEX]SG38016.336,2140.6
Brinker International Inc. [EAT]US17236.106,1950.6
Owens Corning Inc. [OC]US7780.406,1590.6
WestRock Co. [WRK]US9664.176,1540.6
Magellan Health Inc. [MGLN]US57107.106,1420.6
Voya Financial Inc. [VOYA]US12050.506,0700.6
AMC Networks Inc. [AMCX]US11651.705,9770.5
Cardinal Health Inc. [CAH]US9562.685,9300.5
Hospitality Properties Trust [HPT]US23025.345,8180.5
Wyndham Worldwide Corp. [WYN]US51114.435,8140.5
PPL Corp. [PPL]US20528.295,8070.5
Foot Locker Inc. [FL]US12745.545,8020.5
Toll Brothers Inc. [TOL]US13443.255,7740.5
Lexington Realty Trust [LXP]US7347.875,7730.5
Aflac Inc. [AFL]US13043.765,6980.5
Autonation Inc. [AN]US12146.785,6600.5
Owens-Illinois Inc. [OI]US26121.665,6520.5
PBF Energy Inc. [PBF]US16433.905,5490.5
Raymond James Financial Inc. [RJF]US6289.415,5260.5
Michael Kors Holdings Ltd. [KORS]US8862.085,4940.5
Xerox Corp. [XRX]US19028.785,4650.5
Pulte Group Inc. [PHM]US18329.495,4100.5
American Financial Group Inc. [AFG]US48112.225,3390.5
Gap Inc. [GPS]US17031.205,3200.5
HP Inc. [HPQ]US24221.925,3120.5
Edison International [EIX]US8263.665,2460.5
Validus Holdings Ltd. [VR]BM7867.455,2340.5
Trinseo SA [TSE]LU7074.055,2130.5
Oshkosh Corp. [OSK]US6777.275,1850.5
Scana Corp. [SCG]US13737.555,1380.5
Legg Mason Inc. [LM]US12140.654,9310.5
Alaska Air Group Inc. [ALK]US7961.964,8980.4
Xenia Hotels & Resorts Inc. [XHR]US24519.724,8250.4
Group 1 Automotive Inc. [GPI]US7465.344,8160.4
Amkor Technology Inc. [AMKR]US47510.134,8120.4
Cabot Corp. [CBT]US8655.724,7920.4
Andeavor Corp. [ANDV]US47100.564,7360.4
Vereit Inc. [VER]US6636.964,6140.4
Ryder System Inc. [R]US6372.794,5710.4
Summit Hotel Properties Inc. [INN]US33513.614,5540.4
Atlas Air Worldwide Holdings Inc. [AAWW]US7460.454,4860.4
Macy's Inc. [M]US15129.744,4790.4
SRC Energy Inc. [SRCI]US4749.434,4700.4
Murphy USA Inc. [MUSA]US6172.804,4450.4
Western Union Co. [WU]US22819.234,3860.4
Moog Inc. [MOG.A]US5382.414,3760.4
Snap-on Inc. [SNA]US29147.544,3230.4
Universal Insurance Holdings Inc. [UVE]US13531.904,2940.4
Franklin Street Properties Corp. [FSP]US5088.414,2710.4
Spirit Realty Capital Inc. [SRC]US5507.764,2700.4
AES Corp. [AES]US37011.374,2050.4
DDR Corp. [DDR]US5727.334,1960.4
Domtar Corp. [UFS]US9942.544,1940.4
CIGNA Corp. [CI]US25167.744,1600.4
Dick's Sporting Goods Inc. [DKS]US11735.054,0900.4
Select Income REIT [SIR]US21019.484,0870.4
Dillard's Inc. [DDS]US5180.344,0810.4
Mack-Cali Realty Corp. [CLI]US24416.714,0690.4
Cooper-Standard Holdings Inc. [CPS]US33122.814,0400.4
Assurant Inc. [AIZ]US4491.413,9950.4
MGIC Investment Corp. [MTG]US30713.003,9870.4
Harley-Davidson Inc. [HOG]US9242.883,9280.4
Piper Jaffray Cos. [PJC]US4783.053,9140.4
Plantronics Inc. [PLT]US6560.373,9000.4
A. Schulman Inc. [SHLM]US9043.003,8830.4
Carrizo Oil & Gas Inc. [CRZO]US24016.003,8420.4
McDermott International Inc. [MDR]PA6306.093,8340.4
Nelnet Inc. [NNI]US7252.413,7880.3
Tenneco Inc. [TEN]US6854.873,7590.3
Ally Financial Inc. [ALLY]US13727.153,7110.3
Principal Financial Group Inc. [PFG]US6160.913,7030.3
Briggs & Stratton Corp. [BGG]US17021.413,6440.3
Trinity Industries Inc. [TRN]US11132.633,6280.3
The Children's Place Retail Stores Inc. [PLCE]US27135.253,6110.3
Tech Data Corp. [TECD]US4285.133,5580.3
Radian Group Inc. [RDN]US18619.043,5400.3
Eagle Pharmaceuticals Inc. [EGRX]US6652.693,4930.3
Mylan NV [MYL]NL8441.173,4790.3
Cirrus Logic Inc. [CRUS]US8540.633,4490.3
PennyMac Mortgage Investment Trust [PMT]US19118.033,4490.3
Banco Latinoamericano de Comercio Exterior SA [BLX]PA12028.503,4200.3
Penske Automotive Group Inc. [PAG]US7744.333,4000.3
Viacom Inc. [VIAB]US10931.063,3790.3
Hersha Hospitality Trust [HT]US18917.903,3780.3
Meritor Inc. [MTOR]US16220.563,3290.3
Pitney Bowes Inc. [PBI]US30510.893,3200.3
Bunge Ltd. [BG]BM4473.943,2370.3
Assured Guaranty Ltd. [AGO]BM8836.203,2000.3
Avnet Inc. [AVT]US7641.763,1900.3
Outfront Media Inc. [OUT]US16618.743,1120.3
Sabra Health Care REIT Inc. [SBRA]US17017.653,0060.3
TTM Technologies Inc. [TTMI]US19615.293,0000.3
Axis Capital Holdings Ltd. [AXS]BM5257.572,9880.3
CA Inc. [CA]US8833.902,9730.3
Navient Corp. [NAVI]US22513.122,9550.3
Timken Co. [TKR]US6545.602,9500.3
Meritage Homes Corp. [MTH]US6545.252,9500.3
Archer Daniels Midland Co. [ADM]US6843.372,9270.3
Gannett Co. Inc. [GCI]US2919.982,9030.3
Government Properties Income Trust [GOV]US21113.662,8820.3
LifePoint Health Inc. [LPNT]US6147.002,8800.3
Vishay Intertechnology Inc. [VSH]US15418.602,8680.3
Invesco Mortgage Capital Inc. [IVR]US17116.382,8010.3
AGCO Corp. [AGCO]US4264.852,7560.3
Newfield Exploration Co. [NFX]US11324.422,7550.3
Convergys Corp. [CVG]US11122.622,5050.2
Two Harbors Investment Corp. [TWO]US15815.372,4290.2
Murphy Oil Corp. [MUR]US9225.842,3670.2
Ethan Allen Interiors Inc. [ETH]US10122.952,3290.2
Aircastle Ltd. [AYR]BM11419.862,2560.2
MFA Financial Inc. [MFA]US2987.532,2460.2
Triumph Group Inc. [TGI]US8625.202,1620.2
Ingles Markets Inc. [IMKTA]US6233.852,1050.2
Bed Bath & Beyond Inc. [BBBY]US9320.991,9480.2
American Outdoor Brands Corp. [AOBC]US18410.321,9040.2
American Axle & Manufacturing Holdings Inc. [AXL]US11815.221,7990.2
Prospect Capital Corp. [PSEC]US2726.551,7830.2
Lannett Co. Inc. [LCI]US11016.051,7680.2
Finish Line Inc. [FINL]US12413.541,6780.2
TEGNA Inc. [TGNA]US14411.391,6410.1
Office Depot Inc. [ODP]US6782.151,4570.1
Oceaneering International Inc. [OII]US7518.541,3870.1
Maiden Holdings Ltd. [MHLD]BM1866.501,2120.1
CBL & Associates Properties Inc. [CBL]US2864.171,1940.1
Packaging Corp. of America [PKG]US10112.701,1610.1
Owens & Minor Inc. [OMI]US7315.551,1350.1
GameStop Corp. [GME]US8912.621,1240.1
Supervalu Inc. [SVU]US7415.231,1240.1
Amtrust Financial Services Inc. [AFSI]US8312.311,0220.1
Ship Finance International Ltd. [SFL]BM6614.309480.1
Granite Point Mortgage Trust Inc. [GPMT]US3016.544950.0
RR Donnelley & Sons Co. [RRD]US558.734820.0
Tutor Perini Corp. [TPC]US1922.054190.0
Lsc Communications Inc. [LKSD]US2117.453610.0
Dhi Group Inc. [DHX]US1911.603050.0
Diamond Offshore Drilling Inc. [DO]US1214.661830.0
Total1,081,98699.3
Cash and Other Assets Less Liabilities0.7
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2018)

As of Quarter Ended 03/31/2018
Economic SectorHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Financials24.121.0
Consumer Discretionary14.111.8
Industrials12.412.1
Information Technology11.76.7
Real Estate8.813.6
Materials6.75.6
Utilities6.010.2
Energy5.78.1
Health Care5.06.4
Consumer Staples4.33.9
Telecommunication Services0.00.5

Sector Returns (As of Quarter Ended 03/31/2018)

As of Quarter Ended 03/31/2018
Sector ReturnsHarbor Mid Cap Value Fund %Russell Midcap® Value Index %
Information Technology3.67.0
Utilities1.2-2.2
Financials1.10.8
Health Care0.9-2.2
Cash0.40.0
Telecommunication Services0.01.7
Materials-0.2-4.1
Energy-3.7-5.4
Consumer Discretionary-4.3-3.0
Consumer Staples-5.3-4.5
Industrials-6.4-3.8
Real Estate-11.3-7.4

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 Frank Russell Company.