Not sure what you are referring to as 'it' but that is exactly what I would expect; i.e. the base operating frequency of the proc. The boost frequency will not be shown.
You have to understand what Turbo Boost is and how it is implemented. When some or all of the the processor cores are not fully utilized and depending on the current temperature and power consumption, it will boost the frequency of the active cores until they are running as fast as they can under the current workload. You get maximum boost (in this instance 3.4GHz) when just one core is active.
If you use a utility such as HWMonitor from CPUID, the CPU Clocks section may show instantaneous boost frequency, but you would have to be watching the window to catch it.