Harbor Small Cap Value Fund Investor Class (HISVX)

Portfolio Characteristics (As of Quarter Ended 12/31/2017)

Harbor Small Cap Value FundRussell 2000® Value Index
Number of Holdings591,387
Weighted Avg. Market Cap ($Mil)4,012.122,066.02
Median Market Cap ($Mil)3,042.45737.79
Price/Book Ratio2.931.69
Adj. Trailing P/E Ratio23.9719.48
Forecasted P/E Ratio18.7017.23
Earnings Growth Rate (%)4.357.39
Proj. Earnings Growth Rate (%)11.708.82
Return on Equity (%)11.987.31
Turnover (unannualized % since 10/31)15-
Beta vs. Fund Benchmark0.86-

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

Top Ten Holdings (As of Quarter Ended 12/31/2017)

Company Name [Ticker]% of Net Assets
Hexcel Corp. [HXL]3.1
Entegris Inc. [ENTG]2.9
Coherent Inc. [COHR]2.8
Catalent Inc. [CTLT]2.3
Teledyne Technologies Inc. [TDY]2.3
Snap-on Inc. [SNA]2.2
Littelfuse Inc. [LFUS]2.2
Bloomin' Brands Inc. [BLMN]2.2
Cabot Microelectronics Corp. [CCMP]2.2
Raymond James Financial Inc. [RJF]2.1
% of Total Holdings:24.3

Full Holdings (As of Quarter Ended 12/31/2017)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Hexcel Corp. [HXL]US64861.8540,1093.1
Entegris Inc. [ENTG]US1,21830.4537,0742.9
Coherent Inc. [COHR]US128282.2236,2362.8
Catalent Inc. [CTLT]US71841.0829,4812.3
Teledyne Technologies Inc. [TDY]US163181.1529,4442.3
Snap-on Inc. [SNA]US166174.3028,9652.2
Littelfuse Inc. [LFUS]US145197.8228,7012.2
Bloomin' Brands Inc. [BLMN]US1,30621.3427,8732.2
Cabot Microelectronics Corp. [CCMP]US29494.0827,7032.2
Raymond James Financial Inc. [RJF]US31089.3027,6902.1
Mednax Inc. [MD]US51253.4427,3672.1
Meritage Homes Corp. [MTH]US53151.2027,1842.1
Scotts Miracle-Gro Co. [SMG]US254106.9927,1672.1
Reinsurance Group of America Inc. [RGA]US171155.9326,7322.1
Altra Industrial Motion Corp. [AIMC]US52350.4026,3592.0
Sanmina Corp. [SANM]US79633.0026,2702.0
EnerSys [ENS]US37769.6326,2692.0
Franklin Electric Co. Inc. [FELE]US57145.9026,1942.0
Mueller Water Products Inc. [MWA]US2,05912.5325,7952.0
WGL Holdings Inc. [WGL]US28985.8424,8171.9
Timken Co. [TKR]US50249.1524,6911.9
Albany International Corp. [AIN]US39061.4523,9571.9
Firstcash Inc. [FCFS]US34867.4523,4991.8
Monolithic Power Systems Inc. [MPWR]US207112.3623,3071.8
FLIR Systems Inc. [FLIR]US47246.6222,0111.7
Cantel Medical Corp. [CMN]US208102.8721,4071.7
OSI Systems Inc. [OSIS]US32364.3820,7981.6
Darling Ingredients Inc. [DAR]US1,12118.1320,3231.6
Pdc Energy Inc. [PDCE]US38851.5419,9921.6
United Natural Foods Inc. [UNFI]US40449.2719,9231.5
ManTech International Corp. [MANT]US39650.1919,8631.5
Pacific Premier Bancorp Inc. [PPBI]US49640.0019,8421.5
Cabot Corp. [CBT]US32261.5919,8081.5
GATX Corp. [GMT]US31862.1619,7801.5
Welbilt Inc. [WBT]US83523.5119,6321.5
Core Laboratories NV [CLB]US178109.5519,4791.5
United Bankshares Inc. [UBSI]US54834.7519,0381.5
Trustmark Corp. [TRMK]US58731.8618,6901.5
Moog Inc. [MOG/A]US21386.8518,5161.4
EastGroup Properties Inc. [EGP]US20788.3818,2511.4
American Equity Investment Life Holding Co. [AEL]US59330.7318,2361.4
United Fire Group Inc. [UFCS]US38545.5817,5301.4
Stifel Financial Corp. [SF]US29359.5617,4661.4
Eaton Vance Corp. [EV]US29356.3916,5471.3
South Jersey Industries Inc. [SJI]US52831.2316,4811.3
Oil States International Inc. [OIS]US57728.3016,3241.3
Wesbanco Inc. [WSBC]US39440.6516,0231.2
Advanced Energy Industries Inc. [AEIS]US22967.4815,4781.2
Horace Mann Educators Corp. [HMN]US35044.1015,4361.2
Anixter International Inc. [AXE]US18076.0013,6461.1
Medical Properties Trust Inc. [MPW]US97213.7813,3931.0
Molina Healthcare Inc. [MOH]US16976.6812,9431.0
Wolverine World Wide Inc. [WWW]US38831.8812,3761.0
Cadence Bancorp [CADE]US44827.1212,1560.9
Heartland Financial USA Inc. [HTLF]US20253.6510,8210.8
Sterling Bancorp [STL]US42324.6010,4120.8
State Auto Financial Corp. [STFC]US20129.125,8560.5
Enterprise Financial Services Corp. [EFSC]US11845.155,3200.4
Total1,236,68195.7
Cash and Other Assets Less Liabilities4.3
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2017)

As of Quarter Ended 12/31/2017
Economic SectorHarbor Small Cap Value Fund %Russell 2000® Value Index %
Industrials24.012.1
Financials21.830.6
Information Technology21.09.0
Health Care7.16.2
Consumer Discretionary5.210.9
Energy4.36.7
Materials3.64.5
Utilities3.26.6
Consumer Staples3.12.8
Real Estate2.510.1
Telecommunication Services0.00.5

Sector Returns (As of Quarter Ended 12/31/2017)

As of Quarter Ended 12/31/2017
Sector ReturnsHarbor Small Cap Value Fund %Russell 2000® Value Index %
Consumer Discretionary19.86.9
Materials10.73.7
Consumer Staples10.35.9
Health Care8.6-0.2
Energy7.66.4
Real Estate6.4-1.3
Financials6.10.8
Industrials6.04.4
Information Technology4.4-0.2
Cash0.30.0
Telecommunication Services0.0-7.2
Utilities-2.20.5

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 Frank Russell Company.