Harbor Small Cap Value Fund Administrative Class (HSVRX)

Portfolio Characteristics (As of Quarter Ended 06/30/2014)

 Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings591,321
Weighted Avg. Market Cap ($Mil)3,635.381,644.39
Median Market Cap ($Mil)2,064.72650.37
Price/Book Ratio2.021.54
Adj. Trailing P/E Ratio20.6027.61
Forecasted P/E Ratio16.6316.89
Earnings Growth Rate (%)12.477.63
Proj. Earnings Growth Rate (%)12.5611.87
Return on Equity (%)12.7211.79
Turnover (unannualized % since 10/31)6-
Beta vs. Russell 2000® Value Index0.95-
Beta vs. Russell 3000® Index1.19-

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

Top Ten Holdings (As of Quarter Ended 06/30/2014)

Company Name [Ticker]% of Net Assets
Bristow Group Inc. [BRS]3.2
Hexcel Corp. [HXL]3.1
Protective Life Corp. [PL]3.1
Core Laboratories NV [CLB]3.0
EnerSys [ENS]2.8
Snap-on Inc. [SNA]2.8
Valspar Corp. [VAL]2.6
GATX Corp. [GMT]2.5
Timken Co. [TKR]2.3
SBA Communications Corp. [SBAC]2.3
% of Total Holdings:27.7

Full Holdings (As of Quarter Ended 06/30/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Bristow Group Inc. [BRS]US11039410322980.6218,4933.2
Hexcel Corp. [HXL]US42829110845140.9018,4493.1
Protective Life Corp. [PL]US74367410325869.3317,9163.1
Core Laboratories NV [CLB]USN22717107105167.0617,5963.0
EnerSys [ENS]US29275Y10224068.7916,5372.8
Snap-on Inc. [SNA]US833034101138118.5216,2982.8
Valspar Corp. [VAL]US92035510419676.1914,9452.6
GATX Corp. [GMT]US36144810322166.9414,8152.5
Timken Co. [TKR]US88738910420067.8413,5792.3
SBA Communications Corp. [SBAC]US78388J106132102.3013,5542.3
Raymond James Financial Inc. [RJF]US75473010926150.7313,2462.3
Mednax Inc. [MD]US58502B10622258.1512,9032.2
Franklin Electric Co. Inc. [FELE]US35351410230540.3312,3102.1
Cantel Medical Corp. [CMN]US13809810831736.6211,6242.0
FLIR Systems Inc. [FLIR]US30244510132834.7311,4061.9
Entegris Inc. [ENTG]US29362U10481913.7511,2621.9
Reinsurance Group of America Inc. [RGA]US75935160414178.9011,1371.9
Teledyne Technologies Inc. [TDY]US87936010511397.1710,9841.9
Global Payments Inc. [GPN]US37940X10214972.8510,8731.9
Moog Inc. [MOG/A]US61539420214872.8910,8091.8
Littelfuse Inc. [LFUS]US53700810411292.9510,4411.8
Cabot Microelectronics Corp. [CCMP]US12709P10322844.6510,1701.7
American Equity Investment Life Holding Co. [AEL]US02567620641324.6010,1541.7
Monolithic Power Systems Inc. [MPWR]US60983910523542.359,9621.7
Covance Inc. [CVD]US22281610011585.589,8761.7
Life Time Fitness Inc. [LTM]US53217R20719948.749,6981.7
Stifel Financial Corp. [SF]US86063010220447.359,6581.6
South Jersey Industries Inc. [SJI]US83851810815860.419,5731.6
Coherent Inc. [COHR]US19247910314266.179,4161.6
WGL Holdings Inc. [WGL]US92924F10621543.109,2691.6
Medical Properties Trust Inc. [MPW]US58463J30467613.248,9511.5
Centene Corp. [CNC]US15135B10111775.618,8231.5
Meritage Homes Corp. [MTH]US59001A10220842.218,7941.5
Newpark Resources Inc. [NR]US65171850466012.468,2261.4
Sapient Corp. [SAPE]US80306210849516.258,0371.4
United Fire Group Inc. [UFCS]US91034010827029.327,9291.4
First Potomac Realty Trust [FPO]US33610F10959513.127,8121.3
Eaton Vance Corp. [EV]US27826510320437.797,7141.3
Cash America International Inc. [CSH]US14754D10017044.437,5501.3
Oneok Inc. [OKE]US68268010311068.087,5011.3
Scotts Miracle-Gro Co. [SMG]US81018610612956.867,3201.2
Tal International Group Inc. [TAL]US87408310816444.367,2821.2
Trustmark Corp. [TRMK]US89840210228824.697,1081.2
United Bankshares Inc. [UBSI]US90990710721332.336,8941.2
International Speedway Corp. [ISCA]US46033520120633.286,8471.2
Itron Inc. [ITRI]US46574110615940.556,4361.1
Albany International Corp. [AIN]US01234810816437.966,2101.1
URS Corp. [URS]US90323610713445.856,1601.1
Horace Mann Educators Corp. [HMN]US44032710418531.275,7841.0
Healthways Inc. [HWAY]US42224510032917.545,7701.0
Sanmina Corp. [SANM]US80105610225222.785,7431.0
Checkpoint Systems Inc. [CKP]US16282510338613.995,3990.9
Cai International Inc. [CAP]US12477X10623822.015,2410.9
Swift Energy Co. [SFY]US87073810139912.985,1850.9
Astoria Financial Corp. [AF]US04626510436913.454,9590.8
Digital River Inc. [DRIV]US25388B10425715.433,9730.7
Epiq Systems Inc. [EPIQ]US26882D10927314.053,8320.7
State Auto Financial Corp. [STFC]US85570710514223.433,3180.6
Molina Healthcare Inc. [MOH]US60855R1005344.632,3770.4
Total564,12896.4
Cash and Other Assets Less Liabilities3.6
Total Net Assets100%

Sector Allocation (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Industrials23.713.2
Financials22.239.1
Information Technology18.39.8
Energy9.76.4
Health Care8.84.8
Consumer Discretionary4.311.9
Materials3.84.9
Utilities3.26.6
Telecommunication Services2.30.8
Consumer Staples0.02.6

Sector Returns (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Telecommunication Services12.5-4.0
Utilities8.79.6
Information Technology3.90.8
Financials3.61.5
Materials1.5-0.8
Industrials1.41.2
Energy1.27.4
Health Care0.13.8
Cash0.00.0
Consumer Staples0.0-0.2
Consumer Discretionary-0.73.1

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.