Harbor Small Cap Value Fund Institutional Class (HASCX)

Portfolio Characteristics (As of Quarter Ended 03/31/2015)

 Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings591,357
Weighted Avg. Market Cap ($Mil)3,617.611,820.76
Median Market Cap ($Mil)2,044.50649.75
Price/Book Ratio2.161.55
Adj. Trailing P/E Ratio19.2426.11
Forecasted P/E Ratio16.9417.20
Earnings Growth Rate (%)15.968.25
Proj. Earnings Growth Rate (%)11.6610.14
Return on Equity (%)13.5310.48
Turnover (unannualized % since 10/31)5-
Beta vs. Russell 2000® Value Index0.94-
Beta vs. Russell 3000® Index1.20-

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

Top Ten Holdings (As of Quarter Ended 03/31/2015)

Company Name [Ticker]% of Net Assets
Hexcel Corp. [HXL]3.7
Snap-on Inc. [SNA]3.0
Valspar Corp. [VAL]2.7
Mednax Inc. [MD]2.6
Molina Healthcare Inc. [MOH]2.6
EnerSys [ENS]2.5
Centene Corp. [CNC]2.5
Franklin Electric Co. Inc. [FELE]2.5
Cantel Medical Corp. [CMN]2.5
Life Time Fitness Inc. [LTM]2.3
% of Total Holdings:26.9

Full Holdings (As of Quarter Ended 03/31/2015)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Hexcel Corp. [HXL]US42829110859451.4230,5193.7
Snap-on Inc. [SNA]US833034101168147.0624,6543.0
Valspar Corp. [VAL]US92035510426084.0321,8822.7
Mednax Inc. [MD]US58502B10629672.5121,4612.6
Molina Healthcare Inc. [MOH]US60855R10031367.2921,0922.6
EnerSys [ENS]US29275Y10232064.2420,5772.5
Centene Corp. [CNC]US15135B10128670.6920,2182.5
Franklin Electric Co. Inc. [FELE]US35351410252938.1420,1682.5
Cantel Medical Corp. [CMN]US13809810842347.5020,1092.5
Life Time Fitness Inc. [LTM]US53217R20726670.9618,9012.3
Global Payments Inc. [GPN]US37940X10220091.6818,3662.2
Raymond James Financial Inc. [RJF]US75473010931856.7818,0742.2
Reinsurance Group of America Inc. [RGA]US75935160418993.1917,6312.2
GATX Corp. [GMT]US36144810329757.9817,2362.1
Entegris Inc. [ENTG]US29362U1041,22913.6916,8312.1
Bristow Group Inc. [BRS]US11039410330954.4516,8002.1
Monolithic Power Systems Inc. [MPWR]US60983910531752.6516,6852.0
WGL Holdings Inc. [WGL]US92924F10629056.4016,3502.0
Teledyne Technologies Inc. [TDY]US879360105153106.7316,3032.0
American Equity Investment Life Holding Co. [AEL]US02567620655629.1316,1872.0
Timken Co. [TKR]US88738910437642.1415,8521.9
SBA Communications Corp. [SBAC]US78388J106131117.1015,3751.9
Stifel Financial Corp. [SF]US86063010227655.7515,3701.9
Cabot Microelectronics Corp. [CCMP]US12709P10330749.9715,3631.9
Littelfuse Inc. [LFUS]US53700810415299.3915,0931.8
Moog Inc. [MOG/A]US61539420220175.0515,0651.8
Core Laboratories NV [CLB]USN22717107143104.4914,9511.8
FLIR Systems Inc. [FLIR]US30244510144631.2813,9471.7
Meritage Homes Corp. [MTH]US59001A10228448.6413,8301.7
Medical Properties Trust Inc. [MPW]US58463J30492114.7413,5761.7
Fairchild Semiconductor International Inc. [FCS]US30372610373218.1813,3131.6
Coherent Inc. [COHR]US19247910319464.9612,5841.5
Scotts Miracle-Gro Co. [SMG]US81018610617867.1711,9291.5
South Jersey Industries Inc. [SJI]US83851810821754.2811,8011.4
Eaton Vance Corp. [EV]US27826510328041.6411,6701.4
Mueller Water Products Inc. [MWA]US6247581081,1169.8510,9971.3
United Fire Group Inc. [UFCS]US91034010834631.7710,9941.3
Horace Mann Educators Corp. [HMN]US44032710430934.2010,5601.3
United Bankshares Inc. [UBSI]US90990710727337.5810,2541.3
Trustmark Corp. [TRMK]US89840210240324.289,7741.2
Sanmina Corp. [SANM]US80105610239724.199,6131.2
Tal International Group Inc. [TAL]US87408310822940.739,3191.1
Albany International Corp. [AIN]US01234810823039.759,1581.1
Altra Industrial Motion Corp. [AIMC]US02208R10632927.649,1071.1
First Potomac Realty Trust [FPO]US33610F10976211.899,0601.1
Cash America International Inc. [CSH]US14754D10036923.308,6021.1
Cabot Corp. [CBT]US12705510118845.008,4611.0
Itron Inc. [ITRI]US46574110622636.518,2441.0
OSI Systems Inc. [OSIS]US67104410510574.267,8171.0
Newpark Resources Inc. [NR]US6517185048459.117,6960.9
Cai International Inc. [CAP]US12477X10630524.577,4870.9
Astoria Financial Corp. [AF]US04626510453412.956,9090.8
Epiq Systems Inc. [EPIQ]US26882D10934917.936,2590.8
First Interstate BancSystem Inc. [FIBK]US32055Y20121227.825,8880.7
Checkpoint Systems Inc. [CKP]US16282510349410.825,3440.7
Oneok Inc. [OKE]US68268010310948.245,2670.6
State Auto Financial Corp. [STFC]US85570710518124.294,4030.5
Enova International Inc. [ENVA]US29357K10319919.693,9180.5
Timkensteel Corp. [TMST]US88739910312726.473,3590.4
Total788,25396.2
Cash and Other Assets Less Liabilities3.8
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Industrials25.212.8
Financials21.141.3
Information Technology19.59.6
Health Care10.15.9
Materials5.64.6
Energy5.52.9
Consumer Discretionary4.012.7
Utilities3.46.8
Telecommunication Services1.90.7
Consumer Staples0.02.7

Sector Returns (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Consumer Discretionary29.13.9
Health Care18.810.2
Industrials6.52.6
Telecommunication Services5.72.3
Financials3.11.2
Information Technology3.12.6
Cash0.00.0
Consumer Staples0.02.8
Utilities-0.90.2
Materials-1.71.4
Energy-13.0-9.6

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 2000® Value Index is an unmanaged index representing the smallest 2000 stocks with the lowest price-to-book ratio and future earnings. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 2000® Value Index and Russell® are trademarks of Russell Investments.