Harbor Small Cap Value Fund Institutional Class (HASCX)

Portfolio Characteristics (As of Quarter Ended 03/31/2014)

 Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings591,374
Weighted Avg. Market Cap ($Mil)3,588.061,601.67
Median Market Cap ($Mil)2,028.84626.40
Price/Book Ratio2.081.55
Adj. Trailing P/E Ratio20.1730.08
Forecasted P/E Ratio16.7517.13
Earnings Growth Rate (%)12.027.54
Proj. Earnings Growth Rate (%)12.5011.21
Return on Equity (%)12.9611.64
Beta vs. Russell 2000® Value Index0.94-
Beta vs. Russell 3000® Index1.16-

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

Top Ten Holdings (As of Quarter Ended 03/31/2014)

Company Name [Ticker]% of Net Assets
Core Laboratories NV [CLB]3.5
Hexcel Corp. [HXL]3.5
Bristow Group Inc. [BRS]3.1
EnerSys [ENS]2.9
Snap-on Inc. [SNA]2.8
GATX Corp. [GMT]2.7
Raymond James Financial Inc. [RJF]2.5
Mednax Inc. [MD]2.4
Protective Life Corp. [PL]2.4
Valspar Corp. [VAL]2.4
% of Total Holdings:28.2

Full Holdings (As of Quarter Ended 03/31/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Core Laboratories NV [CLB]USN22717107106198.4421,0293.5
Hexcel Corp. [HXL]US42829110847343.5420,5813.5
Bristow Group Inc. [BRS]US11039410324075.5218,1553.1
EnerSys [ENS]US29275Y10225269.2917,4562.9
Snap-on Inc. [SNA]US833034101144113.4816,3542.8
GATX Corp. [GMT]US36144810323267.8815,7442.7
Raymond James Financial Inc. [RJF]US75473010926355.9314,6932.5
Mednax Inc. [MD]US58502B10623361.9814,4142.4
Protective Life Corp. [PL]US74367410327152.5914,2422.4
Valspar Corp. [VAL]US92035510419772.1214,2332.4
Franklin Electric Co. Inc. [FELE]US35351410232042.5213,6012.3
Covance Inc. [CVD]US222816100121103.9012,5662.1
FLIR Systems Inc. [FLIR]US30244510134436.0012,3902.1
Timken Co. [TKR]US88738910420858.7812,2122.1
SBA Communications Corp. [SBAC]US78388J10613390.9612,1252.0
Reinsurance Group of America Inc. [RGA]US75935160414879.6311,7782.0
Cantel Medical Corp. [CMN]US13809810833333.7211,2181.9
Global Payments Inc. [GPN]US37940X10215671.1111,1231.9
Littelfuse Inc. [LFUS]US53700810411893.6411,0221.9
Stifel Financial Corp. [SF]US86063010221449.7610,6371.8
Cabot Microelectronics Corp. [CCMP]US12709P10323944.0010,5031.8
Entegris Inc. [ENTG]US29362U10485912.1110,3991.8
American Equity Investment Life Holding Co. [AEL]US02567620643323.6210,2171.7
Moog Inc. [MOG/A]US61539420215565.5110,1811.7
Life Time Fitness Inc. [LTM]US53217R20720948.1010,0291.7
Teledyne Technologies Inc. [TDY]US8793601059997.339,6231.6
Monolithic Power Systems Inc. [MPWR]US60983910524738.779,5571.6
South Jersey Industries Inc. [SJI]US83851810816656.099,3151.6
Meritage Homes Corp. [MTH]US59001A10221841.889,1431.5
Medical Properties Trust Inc. [MPW]US58463J30470812.799,0611.5
WGL Holdings Inc. [WGL]US92924F10622540.069,0291.5
Sapient Corp. [SAPE]US80306210851817.068,8421.5
United Fire Group Inc. [UFCS]US91034010828330.358,6011.4
Coherent Inc. [COHR]US19247910312765.358,2971.4
Scotts Miracle-Gro Co. [SMG]US81018610613561.288,2681.4
Eaton Vance Corp. [EV]US27826510321438.168,1621.4
First Potomac Realty Trust [FPO]US33610F10962412.928,0621.4
Newpark Resources Inc. [NR]US65171850469211.457,9221.3
Trustmark Corp. [TRMK]US89840210230225.357,6491.3
Centene Corp. [CNC]US15135B10112262.257,6121.3
International Speedway Corp. [ISCA]US46033520121633.997,3281.2
Cash America International Inc. [CSH]US14754D10017838.726,8961.2
United Bankshares Inc. [UBSI]US90990710722330.626,8431.2
URS Corp. [URS]US90323610714147.066,6251.1
Oneok Inc. [OKE]US68268010311159.256,5671.1
Cai International Inc. [CAP]US12477X10624924.676,1541.0
Itron Inc. [ITRI]US46574110616635.545,9111.0
Healthways Inc. [HWAY]US42224510034517.145,9091.0
AMCOL International Corp. [ACO]US02341W10312745.785,8311.0
Horace Mann Educators Corp. [HMN]US44032710419429.005,6210.9
Checkpoint Systems Inc. [CKP]US16282510340413.425,4280.9
Astoria Financial Corp. [AF]US04626510438613.825,3390.9
Tal International Group Inc. [TAL]US87408310812442.875,3230.9
Digital River Inc. [DRIV]US25388B10427017.434,7030.8
Sanmina Corp. [SANM]US80105610226417.454,6100.8
Swift Energy Co. [SFY]US87073810141910.764,5040.8
Epiq Systems Inc. [EPIQ]US26882D10928613.633,8960.7
State Auto Financial Corp. [STFC]US85570710514821.313,1630.5
Helen of Troy Ltd. [HELE]USG4388N1064069.232,7550.5
Total569,45196.2
Cash and Other Assets Less Liabilities3.8
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Industrials22.513.1
Financials22.040.2
Information Technology18.010.2
Energy9.86.7
Health Care8.74.8
Consumer Discretionary4.910.8
Materials4.85.0
Utilities3.16.2
Telecommunication Services2.00.5
Consumer Staples0.02.4

Sector Returns (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Health Care10.42.5
Materials10.00.7
Industrials2.70.3
Telecommunication Services1.20.3
Utilities0.95.7
Information Technology0.22.0
Energy0.16.6
Cash0.00.0
Consumer Staples0.02.6
Financials-0.01.7
Consumer Discretionary-1.3-0.9

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.