Harbor Small Cap Value Fund Institutional Class (HASCX)

Portfolio Characteristics (As of Quarter Ended 12/31/2016)

 Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings561,369
Weighted Avg. Market Cap ($Mil)4,259.562,006.70
Median Market Cap ($Mil)3,091.03714.91
Price/Book Ratio2.821.72
Adj. Trailing P/E Ratio21.4620.42
Forecasted P/E Ratio18.9018.69
Earnings Growth Rate (%)13.0110.42
Proj. Earnings Growth Rate (%)12.5911.23
Return on Equity (%)11.807.48
Turnover (unannualized % since 10/31)0-
Beta vs. Russell 2000® Value Index0.92-
Beta vs. Russell 3000® Index1.23-

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

Top Ten Holdings (As of Quarter Ended 12/31/2016)

Company Name [Ticker]% of Net Assets
Snap-on Inc. [SNA]3.2
Hexcel Corp. [HXL]3.1
Global Payments Inc. [GPN]2.8
Valspar Corp. [VAL]2.7
Coherent Inc. [COHR]2.7
Monolithic Power Systems Inc. [MPWR]2.6
EnerSys [ENS]2.6
Entegris Inc. [ENTG]2.5
Advanced Energy Industries Inc. [AEIS]2.5
Raymond James Financial Inc. [RJF]2.4
% of Total Holdings:27.1

Full Holdings (As of Quarter Ended 12/31/2016)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Snap-on Inc. [SNA]US159171.2727,1933.2
Hexcel Corp. [HXL]US52451.4426,9343.1
Global Payments Inc. [GPN]US34569.4123,9132.8
Valspar Corp. [VAL]US226103.6123,4562.7
Coherent Inc. [COHR]US166137.3922,8412.7
Monolithic Power Systems Inc. [MPWR]US27381.9322,3732.6
EnerSys [ENS]US28078.1021,8852.6
Entegris Inc. [ENTG]US1,21617.9021,7732.5
Advanced Energy Industries Inc. [AEIS]US39154.7521,4122.5
Raymond James Financial Inc. [RJF]US30169.2720,8772.4
Reinsurance Group of America Inc. [RGA]US164125.8320,6162.4
Littelfuse Inc. [LFUS]US130151.7719,7882.3
Scotts Miracle-Gro Co. [SMG]US20595.5519,5902.3
WGL Holdings Inc. [WGL]US25076.2819,0442.2
Mueller Water Products Inc. [MWA]US1,35213.3118,0002.1
Franklin Electric Co. Inc. [FELE]US46138.9017,9252.1
Mednax Inc. [MD]US25866.6617,1712.0
Cabot Microelectronics Corp. [CCMP]US26663.1716,7792.0
OSI Systems Inc. [OSIS]US21576.1216,3821.9
Teledyne Technologies Inc. [TDY]US131123.0016,1411.9
GATX Corp. [GATX]US25761.5815,8221.8
Catalent Inc. [CTLT]US58326.9615,7281.8
United Fire Group Inc. [UFCS]US31449.1715,4351.8
Centene Corp. [CNC]US27256.5115,3721.8
Molina Healthcare Inc. [MOH]US27254.2614,7781.7
South Jersey Industries Inc. [SJI]US43133.6914,5121.7
Sanmina Corp. [SANM]US38436.6514,0831.6
FLIR Systems Inc. [FLIR]US38136.1913,7971.6
ManTech International Corp. [MANT]US32142.2513,5751.6
SBA Communications Corp. [SBAC]US131103.2613,5581.6
Cantel Medical Corp. [CMD]US16978.7513,2771.6
Firstcash Inc. [FCFS]US28147.0013,2211.5
Altra Industrial Motion Corp. [AIMC]US35236.9012,9941.5
Timken Co. [TKR]US32439.7012,8571.5
Horace Mann Educators Corp. [HMN]US28942.8012,3691.4
Stifel Financial Corp. [SF]US24149.9512,0311.4
Trustmark Corp. [TRMK]US33435.6511,9151.4
Pdc Energy Inc. [PDCE]US16172.5811,6741.4
United Bankshares Inc. [UBSI]US25246.2511,6541.4
Wesbanco Inc. [WSBC]US26343.0611,3411.3
Bloomin' Brands Inc. [BLMN]US62718.0311,3061.3
Moog Inc. [MOG/A]US17265.6811,3061.3
Core Laboratories NV [CLB]US93120.0411,2081.3
American Equity Investment Life Holding Co. [AEL]US47922.5410,8001.3
Albany International Corp. [AIN]US23046.3010,6311.2
Everbank Financial Corp. [EVER]US52819.4510,2651.2
Eaton Vance Corp. [EV]US23741.889,9291.2
United Natural Foods Inc. [UNFI]US20447.729,7341.1
Medical Properties Trust Inc. [MPW]US78512.309,6521.1
Meritage Homes Corp. [MTH]US24934.808,6601.0
Astoria Financial Corp. [AF]US43218.658,0590.9
Cabot Corp. [CBT]US15850.547,9790.9
First Potomac Realty Trust [FPO]US69110.977,5830.9
Gulfport Energy Corp. [GPOR]US33321.647,2100.8
Oneok Inc. [OKE]US10457.415,9580.7
State Auto Financial Corp. [STFC]US16426.814,4070.5
Total828,77396.4
Cash and Other Assets Less Liabilities3.6
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Information Technology24.210.4
Industrials22.412.6
Financials20.232.7
Health Care8.94.3
Materials6.04.6
Energy4.25.9
Utilities3.96.0
Consumer Discretionary2.310.0
Real Estate2.010.1
Telecommunication Services1.60.7
Consumer Staples1.12.8

Sector Returns (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Utilities19.24.9
Consumer Staples19.29.6
Financials18.123.9
Industrials13.414.2
Information Technology11.012.9
Materials3.915.3
Consumer Discretionary2.98.1
Energy0.820.5
Cash0.10.0
Real Estate-2.34.5
Health Care-3.9-1.7
Telecommunication Services-7.95.7

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 Frank Russell Company.