Harbor Small Cap Value Fund Institutional Class (HASCX)

Portfolio Characteristics (As of Quarter Ended 03/31/2016)

 Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings581,325
Weighted Avg. Market Cap ($Mil)3,534.951,738.79
Median Market Cap ($Mil)2,023.66594.86
Price/Book Ratio2.081.39
Adj. Trailing P/E Ratio19.0721.10
Forecasted P/E Ratio16.6415.69
Earnings Growth Rate (%)11.277.27
Proj. Earnings Growth Rate (%)12.5110.21
Return on Equity (%)13.8810.76
Turnover (unannualized % since 10/31)4-
Beta vs. Russell 2000® Value Index0.99-
Beta vs. Russell 3000® Index1.16-

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

Top Ten Holdings (As of Quarter Ended 03/31/2016)

Company Name [Ticker]% of Net Assets
Valspar Corp. [VAL]3.5
Cantel Medical Corp. [CMN]3.4
Hexcel Corp. [HXL]3.3
Global Payments Inc. [GPN]3.3
Snap-on Inc. [SNA]3.1
WGL Holdings Inc. [WGL]2.7
Molina Healthcare Inc. [MOH]2.6
Monolithic Power Systems Inc. [MPWR]2.5
Mednax Inc. [MD]2.4
Littelfuse Inc. [LFUS]2.4
% of Total Holdings:29.2

Full Holdings (As of Quarter Ended 03/31/2016)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Valspar Corp. [VAL]US920355104279107.0229,9053.5
Cantel Medical Corp. [CMN]US13809810840571.3628,9263.4
Hexcel Corp. [HXL]US42829110863843.7127,8903.3
Global Payments Inc. [GPN]US37940X10242465.3027,7113.3
Snap-on Inc. [SNA]US833034101168156.9926,3193.1
WGL Holdings Inc. [WGL]US92924F10631172.3722,5042.7
Molina Healthcare Inc. [MOH]US60855R10033564.4921,6262.6
Monolithic Power Systems Inc. [MPWR]US60983910532563.6420,7082.5
Mednax Inc. [MD]US58502B10631664.6220,4282.4
Littelfuse Inc. [LFUS]US537008104163123.1120,0902.4
Entegris Inc. [ENTG]US29362U1041,43613.6219,5632.3
EnerSys [ENS]US29275Y10234355.7219,1302.3
Reinsurance Group of America Inc. [RGA]US75935160419596.2518,7922.2
Coherent Inc. [COHR]US19247910319791.9018,0902.1
Franklin Electric Co. Inc. [FELE]US35351410255832.1717,9602.1
Scotts Miracle-Gro Co. [SMG]US81018610624372.7717,6812.1
Centene Corp. [CNC]US15135B10128661.5717,6102.1
Advanced Energy Industries Inc. [AEIS]US00797310047034.7916,3661.9
OSI Systems Inc. [OSIS]US67104410524965.4916,3181.9
United Fire Group Inc. [UFCS]US91034010837243.8216,2901.9
Mueller Water Products Inc. [MWA]US6247581081,6039.8815,8361.9
Cash America International Inc. [CSH]US14754D10039738.6415,3241.8
Raymond James Financial Inc. [RJF]US75473010931847.6115,1551.8
FLIR Systems Inc. [FLIR]US30244510145432.9514,9681.8
GATX Corp. [GMT]US36144810330647.5014,5421.7
Teledyne Technologies Inc. [TDY]US87936010515688.1413,7831.6
Cabot Microelectronics Corp. [CCMP]US12709P10333340.9113,6081.6
South Jersey Industries Inc. [SJI]US83851810846828.4513,3181.6
SBA Communications Corp. [SBAC]US78388J106131100.1713,1521.6
Medical Properties Trust Inc. [MPW]US58463J30499612.9812,9301.5
Timken Co. [TKR]US88738910438433.4912,8451.5
Bloomin' Brands Inc. [BLMN]US09423510874116.8712,5051.5
Core Laboratories NV [CLB]USN22717107109112.4112,2161.4
ManTech International Corp. [MANT]US56456310438031.9912,1591.4
Sanmina Corp. [SANM]US80105610249623.3811,6001.4
Meritage Homes Corp. [MTH]US59001A10230736.4611,1811.3
Gulfport Energy Corp. [GPOR]US40263530438128.3410,7951.3
United Bankshares Inc. [UBSI]US90990710729336.7010,7581.3
Horace Mann Educators Corp. [HMN]US44032710433531.6910,6271.3
Eaton Vance Corp. [EV]US27826510330233.5210,1371.2
American Equity Investment Life Holding Co. [AEL]US02567620659916.8010,0611.2
Trustmark Corp. [TRMK]US89840210243223.039,9481.2
Moog Inc. [MOG/A]US61539420221645.689,8671.2
Altra Industrial Motion Corp. [AIMC]US02208R10635427.789,8341.2
Cabot Corp. [CBT]US12705510120148.339,6941.1
Everbank Financial Corp. [EVER]US29977G10262915.099,4901.1
Albany International Corp. [AIN]US01234810824737.599,2941.1
Stifel Financial Corp. [SF]US86063010229629.608,7731.0
Pdc Energy Inc. [PDCE]US69327R10114659.458,6791.0
United Natural Foods Inc. [UNFI]US91116310320940.308,4141.0
Astoria Financial Corp. [AF]US04626510450715.848,0281.0
Wesbanco Inc. [WSBC]US95081010126129.717,7460.9
First Potomac Realty Trust [FPO]US33610F1098199.067,4160.9
Epiq Systems Inc. [EPIQ]US26882D10937515.025,6320.7
Checkpoint Systems Inc. [CKP]US16282510353110.125,3690.6
State Auto Financial Corp. [STFC]US85570710519522.064,2950.5
Oneok Inc. [OKE]US68268010310929.863,2600.4
Newpark Resources Inc. [NR]US6517185041494.326430.1
Total817,78996.8
Cash and Other Assets Less Liabilities3.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Information Technology24.010.8
Industrials21.011.9
Financials20.843.0
Health Care10.54.2
Materials6.83.4
Utilities4.28.2
Energy4.24.1
Consumer Discretionary2.810.0
Telecommunication Services1.60.9
Consumer Staples1.03.6

Sector Returns (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Materials22.410.6
Utilities18.112.3
Information Technology6.64.2
Consumer Discretionary3.51.1
Health Care2.5-8.9
Consumer Staples2.46.0
Industrials1.03.4
Cash0.10.0
Financials-2.10.1
Telecommunication Services-4.70.8
Energy-8.2-7.3

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.