Harbor Small Cap Growth Fund Administrative Class (HRSGX)

CLOSED TO NEW INVESTORS

Portfolio Characteristics (As of Quarter Ended 12/31/2014)

 Harbor Small Cap Growth FundRussell 2000® Growth Index
Number of Holdings851,205
Weighted Avg. Market Cap ($Mil)2,857.642,092.60
Median Market Cap ($Mil)2,040.22835.62
Price/Book Ratio3.034.01
Adj. Trailing P/E Ratio54.8575.21
Forecasted P/E Ratio19.7619.80
Earnings Growth Rate (%)9.2517.17
Proj. Earnings Growth Rate (%)15.6717.54
Return on Equity (%)16.5820.34
Turnover (unannualized % since 10/31)9-
Beta vs. Russell 2000® Growth Index0.89-
Beta vs. Russell 3000® Index1.18-

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

Top Ten Holdings (As of Quarter Ended 12/31/2014)

Company Name [Ticker]% of Net Assets
Cubist Pharmaceuticals Inc. [CBST]3.0
AMAG Pharmaceuticals Inc. [AMAG]2.4
Team Health Holdings Inc. [TMH]2.3
Watsco Inc. [WSO]2.2
Restoration Hardware Holdings Inc. [RH]2.2
Fortinet Inc. [FTNT]2.1
Icon plc [ICLR]2.1
Steris Corp. [STE]2.0
XPO Logistics Inc. [XPO]1.9
Mwi Veterinary Supply Inc. [MWIV]1.9
% of Total Holdings:22.1

Full Holdings (As of Quarter Ended 12/31/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Cubist Pharmaceuticals Inc. [CBST]US229678107183100.6518,4583.0
AMAG Pharmaceuticals Inc. [AMAG]US00163U10635142.6214,9712.4
Team Health Holdings Inc. [TMH]US87817A10724857.5314,2472.3
Watsco Inc. [WSO]US942622200130107.0013,9042.2
Restoration Hardware Holdings Inc. [RH]US76128310014496.0113,7842.2
Fortinet Inc. [FTNT]US34959E10942430.6612,9912.1
Icon plc [ICLR]IEG4705A10025450.9912,9292.1
Steris Corp. [STE]US85915210019164.8512,3962.0
XPO Logistics Inc. [XPO]US98379310028940.8811,8001.9
Mwi Veterinary Supply Inc. [MWIV]US55402X10569169.9111,6801.9
Genesee & Wyoming Inc. [GWR]US37155910512789.9211,4271.8
PTC Therapeutics Inc. [PTCT]US69366J20022051.7711,4051.8
Alexander & Baldwin Inc. [ALEX]US01449110429039.2611,3801.8
Cavium Inc. [CAVM]US14964U10816561.8210,2021.6
Huron Consulting Group Inc. [HURN]US44746210214768.3910,0801.6
Tesoro Corp. [TSO]US88160910113574.3510,0021.6
East West Bancorp Inc. [EWBC]US27579R10425838.719,9741.6
Corporate Executive Board Co. [CEB]US21988R10213272.539,5431.5
Brunswick Corp. [BC]US11704310918551.269,5051.5
Advanced Energy Industries Inc. [AEIS]US00797310039823.709,4371.5
Wex Inc. [WEX]US96208T1049598.929,3831.5
Hexcel Corp. [HXL]US42829110822241.499,2001.5
Werner Enterprises Inc. [WERN]US95075510827931.158,6861.4
Stifel Financial Corp. [SF]US86063010216951.028,6281.4
JetBlue Airways Corp. [JBLU]US47714310154315.868,6061.4
Dynavax Technologies Corp. [DVAX]US26815820149816.868,3881.4
Bright Horizons Family Solutions Inc. [BFAM]US10919410017747.018,3141.3
CNO Financial Group Inc. [CNO]US12621E10348117.228,2801.3
Chemtura Corp. [CHMT]US16389320933324.738,2381.3
Electronics For Imaging Inc. [EFII]US28608210218742.838,0121.3
Wright Medical Group Inc. [WMGI]US98235T10729826.878,0081.3
Lithia Motors Inc. [LAD]US5367971039286.697,9581.3
Masimo Corp. [MASI]US57479510029626.347,8081.3
Wageworks Inc. [WAGE]US93042710912064.577,7321.2
Benchmark Electronics Inc. [BHE]US08160H10130225.447,6701.2
Standard Pacific Corp. [SPF]US85375C1019857.297,1801.2
Shutterfly Inc. [SFLY]US82568P30417041.707,0851.1
Power Solutions International Inc. [PSIX]US73933G20213551.616,9491.1
QLIK Technologies Inc. [QLIK]US74733T10522230.896,8561.1
Bloomin' Brands Inc. [BLMN]US09423510826724.766,6021.1
CoStar Group Inc. [CSGP]US22160N10936183.636,5351.1
Rent-A-Center Inc. [RCII]US76009N10018036.326,5201.1
B&G Foods Inc. [BGS]US05508R10621329.906,3561.0
Saia Inc. [SAIA]US78709Y10511455.366,3361.0
Cogent Communications Holdings Inc. [CCOI]US19239V30217835.396,3171.0
PolyOne Corp. [POL]US73179P10616637.916,2871.0
Prothena Corp. plc [PRTA]IEG7280010829520.766,1241.0
Demandware Inc. [DWRE]US24802Y10510657.546,1151.0
Aegerion Pharmaceuticals Inc. [AEGR]US00767E10229220.946,1131.0
Sotheby's [BID]US83589810713743.185,9371.0
Ultimate Software Group Inc. [ULTI]US90385D10740146.825,9151.0
Navigator Holdings Ltd. [NVGS]GBY6213210827421.065,7650.9
Ruckus Wireless Inc. [RKUS]US78122010845712.025,4900.9
KapStone Paper and Packaging Corp. [KS]US48562P10318629.315,4590.9
Del Frisco's Restaurant Group Inc. [DFRG]US24507710222923.745,4430.9
Ariad Pharmaceuticals Inc. [ARIA]US04033A1007546.875,1810.8
HomeAway Inc. [AWAY]US43739Q10017229.785,1210.8
Superior Energy Services Inc. [SPN]US86815710825420.155,1170.8
Rush Enterprises Inc. [RUSHA]US78184620915532.054,9620.8
Dave & Buster's Entertainment Inc. [PLAY]US23833710918127.304,9450.8
RF Micro Devices Inc. [RFMD]US74994110029616.594,9130.8
Papa John's International Inc. [PZZA]US6988131028755.804,8720.8
Oil States International Inc. [OIS]US6780261059848.904,7680.8
LPL Financial Holdings Inc. [LPLA]US50212V10010744.554,7620.8
BGC Partners Inc. [BGCP]US05541T1014939.154,5080.7
Cadence Design Systems Inc. [CDNS]US12738710823518.974,4500.7
ExamWorks Group Inc. [EXAM]US30066A10510741.594,4460.7
Steelcase Inc. [SCS]US85815520323217.954,1560.7
Five Below Inc. [FIVE]US33829M10110040.834,0980.7
Timkensteel Corp. [TMST]US88739910310937.034,0260.7
Trinseo SA [TSE]LUL9340P10122517.453,9190.6
Boulder Brands Inc. [BDBD]US10140510835111.063,8780.6
Matson Inc. [MATX]US57686G10511234.523,8520.6
Coherus Biosciences Inc. [CHRS]US19249H10323316.323,8070.6
Monolithic Power Systems Inc. [MPWR]US6098391057649.743,7930.6
Finisar Corp. [FNSR]US31787A50718419.413,5690.6
Interxion Holding NV [INXN]NLN4727910913027.343,5470.6
Cardiome Pharma Corp. [CRME]CA14159U3013679.253,3970.5
Western Refining Inc. [WNR]US9593191047937.782,9750.5
Malibu Boats Inc. [MBUU]US56117J10014319.272,7640.4
Chemocentryx Inc. [CCXI]US16383L1063846.832,6190.4
Cornerstone Ondemand Inc. [CSOD]US21925Y1035435.201,9080.3
Cumulus Media Inc. [CMLS]US2310821084414.231,8640.3
National General Holdings Corp. [NGHC]US6362203038318.611,5380.2
Tandem Diabetes Care Inc. [TNDM]US8753721042712.703400.1
Total604,50597.2
Cash and Other Assets Less Liabilities2.8
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Economic SectorHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Health Care24.624.0
Industrials18.915.0
Information Technology18.724.7
Consumer Discretionary15.715.9
Financials7.97.9
Energy4.62.4
Materials4.54.9
Consumer Staples1.73.6
Telecommunication Services1.01.0
Utilities0.00.6

Sector Returns (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Sector ReturnsHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Health Care14.117.4
Industrials12.19.9
Consumer Discretionary10.313.1
Consumer Staples9.411.0
Financials9.110.8
Telecommunication Services6.212.0
Information Technology5.011.7
Materials2.44.8
Cash0.00.0
Utilities0.0-14.9
Energy-5.5-36.7

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® Growth Index is an unmanaged index representing the smallest 2000 stocks with the highest 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® Growth Index and Russell® are trademarks of Russell Investments.