Harbor Small Cap Value Fund Investor Class (HISVX)

Portfolio Characteristics (As of Quarter Ended 12/31/2015)

 Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings581,351
Weighted Avg. Market Cap ($Mil)3,496.241,639.63
Median Market Cap ($Mil)1,988.59602.75
Price/Book Ratio1.911.35
Adj. Trailing P/E Ratio17.7419.33
Forecasted P/E Ratio15.7815.15
Earnings Growth Rate (%)14.988.31
Proj. Earnings Growth Rate (%)11.938.69
Return on Equity (%)11.279.78
Turnover (unannualized % since 10/31)2-
Beta vs. Russell 2000® Value Index0.98-
Beta vs. Russell 3000® Index1.15-

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

Top Ten Holdings (As of Quarter Ended 12/31/2015)

Company Name [Ticker]% of Net Assets
Hexcel Corp. [HXL]3.6
Snap-on Inc. [SNA]3.5
Cantel Medical Corp. [CMN]3.5
Global Payments Inc. [GPN]3.3
Valspar Corp. [VAL]2.8
Mednax Inc. [MD]2.8
OSI Systems Inc. [OSIS]2.7
Monolithic Power Systems Inc. [MPWR]2.5
Molina Healthcare Inc. [MOH]2.5
WGL Holdings Inc. [WGL]2.4
% of Total Holdings:29.6

Full Holdings (As of Quarter Ended 12/31/2015)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Hexcel Corp. [HXL]US42829110863846.4529,6393.6
Snap-on Inc. [SNA]US833034101168171.4328,7393.5
Cantel Medical Corp. [CMN]US13809810845562.1428,2773.5
Global Payments Inc. [GPN]US37940X10242464.5127,3763.3
Valspar Corp. [VAL]US92035510427982.9523,1792.8
Mednax Inc. [MD]US58502B10631671.6622,6542.8
OSI Systems Inc. [OSIS]US67104410524988.6622,0912.7
Monolithic Power Systems Inc. [MPWR]US60983910532563.7120,7312.5
Molina Healthcare Inc. [MOH]US60855R10033560.1320,1642.5
WGL Holdings Inc. [WGL]US92924F10631162.9919,5872.4
EnerSys [ENS]US29275Y10234355.9319,2022.3
Entegris Inc. [ENTG]US29362U1041,43613.2719,0612.3
Centene Corp. [CNC]US15135B10128665.8118,8222.3
Raymond James Financial Inc. [RJF]US75473010931857.9718,4532.3
Littelfuse Inc. [LFUS]US537008104163107.0117,4632.1
Reinsurance Group of America Inc. [RGA]US75935160419585.5516,7032.0
Core Laboratories NV [CLB]USN22717107146108.7415,8451.9
Scotts Miracle-Gro Co. [SMG]US81018610624364.5115,6741.9
Franklin Electric Co. Inc. [FELE]US35351410255827.0315,0911.8
Cabot Microelectronics Corp. [CCMP]US12709P10333343.7814,5621.8
American Equity Investment Life Holding Co. [AEL]US02567620659924.0314,3911.8
United Fire Group Inc. [UFCS]US91034010837238.3114,2421.7
Teledyne Technologies Inc. [TDY]US87936010515688.7013,8711.7
SBA Communications Corp. [SBAC]US78388J106131105.0713,7951.7
Mueller Water Products Inc. [MWA]US6247581081,6038.6013,7841.7
Advanced Energy Industries Inc. [AEIS]US00797310047028.2313,2801.6
Moog Inc. [MOG/A]US61539420221660.6013,0891.6
GATX Corp. [GMT]US36144810330642.5513,0271.6
Coherent Inc. [COHR]US19247910319765.1112,8171.6
FLIR Systems Inc. [FLIR]US30244510145428.0712,7511.6
Stifel Financial Corp. [SF]US86063010229642.3612,5551.5
Bloomin' Brands Inc. [BLMN]US09423510873216.8912,3711.5
Cash America International Inc. [CSH]US14754D10039729.9511,8771.5
ManTech International Corp. [MANT]US56456310438030.2411,4931.4
Medical Properties Trust Inc. [MPW]US58463J30499611.5111,4661.4
Horace Mann Educators Corp. [HMN]US44032710433533.1811,1271.4
South Jersey Industries Inc. [SJI]US83851810846823.5211,0101.3
Timken Co. [TKR]US88738910438428.5910,9651.3
United Bankshares Inc. [UBSI]US90990710729336.9910,8431.3
Meritage Homes Corp. [MTH]US59001A10230733.9910,4241.3
Sanmina Corp. [SANM]US80105610249620.5810,2111.2
Everbank Financial Corp. [EVER]US29977G10262915.9810,0501.2
Trustmark Corp. [TRMK]US89840210243223.049,9531.2
Eaton Vance Corp. [EV]US27826510330232.439,8071.2
First Potomac Realty Trust [FPO]US33610F10981911.409,3321.1
Albany International Corp. [AIN]US01234810824736.559,0371.1
Altra Industrial Motion Corp. [AIMC]US02208R10635425.088,8781.1
Bristow Group Inc. [BRS]US11039410331725.908,2181.0
United Natural Foods Inc. [UNFI]US91116310320939.368,2171.0
Cabot Corp. [CBT]US12705510120140.888,2001.0
Astoria Financial Corp. [AF]US04626510450715.858,0331.0
Wesbanco Inc. [WSBC]US95081010126130.027,8271.0
Epiq Systems Inc. [EPIQ]US26882D10937513.074,9010.6
Newpark Resources Inc. [NR]US6517185049085.284,7920.6
State Auto Financial Corp. [STFC]US85570710519520.594,0090.5
Tal International Group Inc. [TAL]US87408310822615.903,5880.4
Checkpoint Systems Inc. [CKP]US1628251035316.273,3270.4
Oneok Inc. [OKE]US68268010310924.662,6920.3
Total793,56396.7
Cash and Other Assets Less Liabilities3.3
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Information Technology23.210.8
Financials22.143.8
Industrials21.911.6
Health Care11.04.6
Materials5.83.1
Energy3.94.4
Utilities3.77.4
Consumer Discretionary2.810.1
Telecommunication Services1.70.9
Consumer Staples1.03.3

Sector Returns (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Materials15.00.7
Information Technology12.17.3
Industrials6.83.7
Utilities3.85.1
Energy2.5-6.3
Financials1.53.1
Health Care1.45.5
Telecommunication Services0.36.9
Cash0.00.0
Consumer Discretionary-6.1-1.5
Consumer Staples-18.91.9

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.