Harbor Small Cap Value Fund Investor Class (HISVX)

Portfolio Characteristics (As of Quarter Ended 09/30/2014)

 Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings601,307
Weighted Avg. Market Cap ($Mil)3,436.871,535.95
Median Market Cap ($Mil)1,976.64594.82
Price/Book Ratio1.861.38
Adj. Trailing P/E Ratio19.2924.82
Forecasted P/E Ratio15.2915.25
Earnings Growth Rate (%)11.937.53
Proj. Earnings Growth Rate (%)12.1711.97
Return on Equity (%)12.3911.76
Turnover (unannualized % since 10/31)9-
Beta vs. Russell 2000® Value Index0.93-
Beta vs. Russell 3000® Index1.21-

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

Top Ten Holdings (As of Quarter Ended 09/30/2014)

Company Name [Ticker]% of Net Assets
Protective Life Corp. [PL]3.2
Hexcel Corp. [HXL]3.2
Snap-on Inc. [SNA]3.0
Valspar Corp. [VAL]2.8
Core Laboratories NV [CLB]2.8
Bristow Group Inc. [BRS]2.8
EnerSys [ENS]2.5
Raymond James Financial Inc. [RJF]2.5
GATX Corp. [GMT]2.3
Mednax Inc. [MD]2.2
% of Total Holdings:27.3

Full Holdings (As of Quarter Ended 09/30/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Protective Life Corp. [PL]US74367410331669.4121,9373.2
Hexcel Corp. [HXL]US42829110855239.7021,9013.2
Snap-on Inc. [SNA]US833034101168121.0820,3643.0
Valspar Corp. [VAL]US92035510424078.9918,9502.8
Core Laboratories NV [CLB]USN22717107129146.3518,8542.8
Bristow Group Inc. [BRS]US11039410328167.2018,8532.8
EnerSys [ENS]US29275Y10229458.6417,2412.5
Raymond James Financial Inc. [RJF]US75473010931953.5817,1102.5
GATX Corp. [GMT]US36144810327158.3715,8002.3
Mednax Inc. [MD]US58502B10627154.8214,8782.2
SBA Communications Corp. [SBAC]US78388J106131110.9014,5612.1
Reinsurance Group of America Inc. [RGA]US75935160417380.1313,8332.0
Cantel Medical Corp. [CMN]US13809810838834.3813,3472.0
Teledyne Technologies Inc. [TDY]US87936010513894.0112,9981.9
Franklin Electric Co. Inc. [FELE]US35351410237334.7412,9691.9
Global Payments Inc. [GPN]US37940X10218369.8812,7561.9
Monolithic Power Systems Inc. [MPWR]US60983910528844.0512,6731.9
FLIR Systems Inc. [FLIR]US30244510140231.3412,5881.8
Moog Inc. [MOG/A]US61539420218168.4012,4051.8
Life Time Fitness Inc. [LTM]US53217R20724350.4412,2741.8
Molina Healthcare Inc. [MOH]US60855R10028742.3012,1381.8
Centene Corp. [CNC]US15135B10114382.7111,8041.7
Littelfuse Inc. [LFUS]US53700810413785.1811,7011.7
Stifel Financial Corp. [SF]US86063010224946.8911,6981.7
American Equity Investment Life Holding Co. [AEL]US02567620650522.8811,5501.7
Cabot Microelectronics Corp. [CCMP]US12709P10327941.4511,5461.7
Entegris Inc. [ENTG]US29362U1041,00211.5011,5241.7
Covance Inc. [CVD]US22281610014178.7011,1081.6
WGL Holdings Inc. [WGL]US92924F10626342.1211,0791.6
Sapient Corp. [SAPE]US80306210876514.0010,7161.6
Coherent Inc. [COHR]US19247910317461.3710,6811.6
South Jersey Industries Inc. [SJI]US83851810819453.3610,3421.5
Timken Co. [TKR]US88738910424242.3910,2791.5
Medical Properties Trust Inc. [MPW]US58463J30482712.2610,1361.5
Newpark Resources Inc. [NR]US65171850480712.4410,0451.5
URS Corp. [URS]US90323610716457.619,4671.4
Eaton Vance Corp. [EV]US27826510325037.739,4191.4
United Fire Group Inc. [UFCS]US91034010833127.779,1851.3
Cash America International Inc. [CSH]US14754D10020843.809,1031.3
Meritage Homes Corp. [MTH]US59001A10225535.509,0451.3
Scotts Miracle-Gro Co. [SMG]US81018610615755.008,6601.3
First Potomac Realty Trust [FPO]US33610F10972811.758,5571.3
Tal International Group Inc. [TAL]US87408310820141.258,2821.2
Trustmark Corp. [TRMK]US89840210235223.048,1111.2
United Bankshares Inc. [UBSI]US90990710726130.938,0671.2
International Speedway Corp. [ISCA]US46033520125231.647,9611.2
Itron Inc. [ITRI]US46574110619439.317,6301.1
Oneok Inc. [OKE]US68268010310965.557,1571.1
Albany International Corp. [AIN]US01234810820034.046,8111.0
Horace Mann Educators Corp. [HMN]US44032710422628.516,4490.9
Healthways Inc. [HWAY]US42224510040216.026,4450.9
Sanmina Corp. [SANM]US80105610230820.866,4310.9
Epiq Systems Inc. [EPIQ]US26882D10933417.565,8580.9
Checkpoint Systems Inc. [CKP]US16282510347212.235,7730.8
Timkensteel Corp. [TMST]US88739910312146.495,6370.8
Cai International Inc. [CAP]US12477X10629119.355,6350.8
Astoria Financial Corp. [AF]US04626510445112.395,5860.8
Swift Energy Co. [SFY]US8707381014899.604,6900.7
Digital River Inc. [DRIV]US25388B10431514.524,5720.7
State Auto Financial Corp. [STFC]US85570710517320.513,5510.5
Total660,72196.8
Cash and Other Assets Less Liabilities3.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Financials22.740.7
Industrials22.613.0
Information Technology18.310.0
Health Care10.24.8
Energy8.85.4
Materials4.94.8
Consumer Discretionary4.311.8
Utilities3.16.2
Telecommunication Services2.10.8
Consumer Staples0.02.6

Sector Returns (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Telecommunication Services8.4-8.9
Materials5.6-11.0
Cash0.00.0
Consumer Staples0.0-8.9
Financials-3.0-5.1
Health Care-4.3-6.7
Consumer Discretionary-5.5-9.8
Industrials-6.0-11.0
Utilities-6.2-10.7
Information Technology-6.5-6.0
Energy-11.8-23.3

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.