Harbor Small Cap Value Fund Institutional Class (HASCX)

Portfolio Characteristics (As of Quarter Ended 12/31/2014)

 Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings631,377
Weighted Avg. Market Cap ($Mil)3,569.911,726.78
Median Market Cap ($Mil)2,167.93639.42
Price/Book Ratio2.071.51
Adj. Trailing P/E Ratio20.5626.81
Forecasted P/E Ratio16.3416.68
Earnings Growth Rate (%)13.919.05
Proj. Earnings Growth Rate (%)12.1711.26
Return on Equity (%)13.0411.42
Turnover (unannualized % since 10/31)3-
Beta vs. Russell 2000® Value Index0.89-
Beta vs. Russell 3000® Index1.17-

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

Top Ten Holdings (As of Quarter Ended 12/31/2014)

Company Name [Ticker]% of Net Assets
Hexcel Corp. [HXL]3.1
Snap-on Inc. [SNA]3.1
Valspar Corp. [VAL]2.8
Bristow Group Inc. [BRS]2.5
Raymond James Financial Inc. [RJF]2.5
EnerSys [ENS]2.5
Mednax Inc. [MD]2.4
Cantel Medical Corp. [CMN]2.3
GATX Corp. [GMT]2.1
Core Laboratories NV [CLB]2.1
% of Total Holdings:25.4

Full Holdings (As of Quarter Ended 12/31/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Hexcel Corp. [HXL]US42829110855341.4922,9363.1
Snap-on Inc. [SNA]US833034101168136.7422,9243.1
Valspar Corp. [VAL]US92035510424086.4820,7902.8
Bristow Group Inc. [BRS]US11039410328165.7918,4962.5
Raymond James Financial Inc. [RJF]US75473010931857.2918,2372.5
EnerSys [ENS]US29275Y10229561.7218,1842.5
Mednax Inc. [MD]US58502B10627266.1117,9802.4
Cantel Medical Corp. [CMN]US13809810838943.2616,8302.3
GATX Corp. [GMT]US36144810327157.5415,6092.1
Core Laboratories NV [CLB]USN22717107129120.3415,5342.1
Molina Healthcare Inc. [MOH]US60855R10028853.5315,3922.1
Reinsurance Group of America Inc. [RGA]US75935160417387.6215,1582.1
Protective Life Corp. [PL]US74367410321469.6514,9172.0
Centene Corp. [CNC]US15135B101143103.8514,8512.0
Global Payments Inc. [GPN]US37940X10218380.7314,7682.0
American Equity Investment Life Holding Co. [AEL]US02567620650629.1914,7662.0
Covance Inc. [CVD]US222816100141103.8414,6862.0
SBA Communications Corp. [SBAC]US78388J106131110.7614,5422.0
WGL Holdings Inc. [WGL]US92924F10626454.6214,3971.9
Monolithic Power Systems Inc. [MPWR]US60983910528849.7414,3401.9
Teledyne Technologies Inc. [TDY]US879360105139102.7414,2341.9
Franklin Electric Co. Inc. [FELE]US35351410237437.5314,0401.9
Life Time Fitness Inc. [LTM]US53217R20724456.6213,8071.9
Moog Inc. [MOG/A]US61539420218274.0313,4531.8
Littelfuse Inc. [LFUS]US53700810413896.6713,3071.8
Entegris Inc. [ENTG]US29362U1041,00413.2113,2661.8
Cabot Microelectronics Corp. [CCMP]US12709P10327947.3213,2091.8
FLIR Systems Inc. [FLIR]US30244510140232.3113,0041.8
Stifel Financial Corp. [SF]US86063010225051.0212,7551.7
South Jersey Industries Inc. [SJI]US83851810819458.9311,4451.5
Medical Properties Trust Inc. [MPW]US58463J30482913.7811,4171.5
Sapient Corp. [SAPE]US80306210845224.8811,2331.5
Coherent Inc. [COHR]US19247910317460.7210,5901.4
Timken Co. [TKR]US88738910424342.6810,3701.4
Fairchild Semiconductor International Inc. [FCS]US30372610360816.8810,2601.4
Eaton Vance Corp. [EV]US27826510325040.9310,2391.4
United Fire Group Inc. [UFCS]US91034010833129.739,8541.3
Scotts Miracle-Gro Co. [SMG]US81018610615862.329,8341.3
United Bankshares Inc. [UBSI]US90990710726137.459,7881.3
Meritage Homes Corp. [MTH]US59001A10225535.999,1891.2
First Potomac Realty Trust [FPO]US33610F10973012.369,0201.2
Tal International Group Inc. [TAL]US87408310820143.578,7671.2
Trustmark Corp. [TRMK]US89840210235324.548,6591.2
Itron Inc. [ITRI]US46574110619542.298,2251.1
Healthways Inc. [HWAY]US42224510040319.888,0151.1
Newpark Resources Inc. [NR]US6517185048099.547,7191.0
Albany International Corp. [AIN]US01234810820037.997,6171.0
Horace Mann Educators Corp. [HMN]US44032710422733.187,5211.0
Sanmina Corp. [SANM]US80105610230923.537,2701.0
Cabot Corp. [CBT]US12705510116143.867,0801.0
Cai International Inc. [CAP]US12477X10629223.206,7700.9
Altra Industrial Motion Corp. [AIMC]US02208R10623628.396,7110.9
Checkpoint Systems Inc. [CKP]US16282510347313.736,4940.9
Astoria Financial Corp. [AF]US04626510445213.366,0370.8
Epiq Systems Inc. [EPIQ]US26882D10933417.085,7100.8
Oneok Inc. [OKE]US68268010310949.795,4360.7
First Interstate BancSystem Inc. [FIBK]US32055Y20117927.824,9780.7
Cash America International Inc. [CSH]US14754D10020822.624,7110.6
Timkensteel Corp. [TMST]US88739910312237.034,4990.6
Enova International Inc. [ENVA]US29357K10319122.264,2420.6
State Auto Financial Corp. [STFC]US85570710517422.223,8570.5
Swift Energy Co. [SFY]US8707381014904.051,9830.3
International Speedway Corp. [ISCA]US4603352016031.651,8870.3
Total713,83996.4
Cash and Other Assets Less Liabilities3.6
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Financials22.541.5
Industrials21.912.9
Information Technology19.29.9
Health Care11.95.3
Energy6.73.3
Materials5.74.6
Utilities3.56.9
Consumer Discretionary3.412.2
Telecommunication Services2.00.7
Consumer Staples0.02.7

Sector Returns (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Health Care25.619.0
Utilities21.517.0
Information Technology19.611.4
Financials9.811.5
Industrials6.29.7
Consumer Discretionary5.513.5
Materials4.33.6
Cash0.00.0
Consumer Staples0.015.1
Telecommunication Services-0.15.1
Energy-17.3-33.2

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.