Harbor Small Cap Growth Fund Administrative Class (HRSGX)

CLOSED TO NEW INVESTORS

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

 Harbor Small Cap Growth FundRussell 2000® Growth Index
Number of Holdings811,151
Weighted Avg. Market Cap ($Mil)2,667.961,851.05
Median Market Cap ($Mil)2,028.49799.04
Price/Book Ratio2.803.69
Adj. Trailing P/E Ratio46.0768.72
Forecasted P/E Ratio18.4618.23
Earnings Growth Rate (%)9.0616.88
Proj. Earnings Growth Rate (%)19.9317.30
Return on Equity (%)19.7421.21
Turnover (unannualized % since 10/31)59-
Beta vs. Russell 2000® Growth Index0.96-
Beta vs. Russell 3000® Index1.32-

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
Cubist Pharmaceuticals Inc. [CBST]2.6
Icon plc [ICLR]2.5
Team Health Holdings Inc. [TMH]2.5
Tesoro Corp. [TSO]2.5
XPO Logistics Inc. [XPO]2.3
Watsco Inc. [WSO]2.3
Restoration Hardware Holdings Inc. [RH]2.0
Amag Pharmaceuticals Inc. [AMAG]1.9
Fortinet Inc. [FTNT]1.9
Wex Inc. [WEX]1.8
% of Total Holdings:22.3

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Cubist Pharmaceuticals Inc. [CBST]US22967810724066.3415,9282.6
Icon plc [ICLR]IEG4705A10026957.2315,3942.5
Team Health Holdings Inc. [TMH]US87817A10726357.9915,2332.5
Tesoro Corp. [TSO]US88160910124360.9814,8272.5
XPO Logistics Inc. [XPO]US98379310037737.6714,1872.3
Watsco Inc. [WSO]US94262220015986.1813,7062.3
Restoration Hardware Holdings Inc. [RH]US76128310015379.5512,1392.0
AMAG Pharmaceuticals Inc. [AMAG]US00163U10636731.9111,7021.9
Fortinet Inc. [FTNT]US34959E10944925.2711,3561.9
Wex Inc. [WEX]US96208T104101110.3211,1111.8
Alexander & Baldwin Inc. [ALEX]US01449110430735.9711,0581.8
Huron Consulting Group Inc. [HURN]US44746210217960.9710,8861.8
Mwi Veterinary Supply Inc. [MWIV]US55402X10573148.4010,8101.8
Oil States International Inc. [OIS]US67802610517061.9010,5041.7
Wright Medical Group Inc. [WMGI]US98235T10734330.3010,3941.7
Aegerion Pharmaceuticals Inc. [AEGR]US00767E10231033.3810,3371.7
CNO Financial Group Inc. [CNO]US12621E10359816.9610,1381.7
PTC Therapeutics Inc. [PTCT]US69366J20022144.019,7161.6
Interface Inc. [TILE]US45866530459816.149,6551.6
Hexcel Corp. [HXL]US42829110823539.709,3301.5
East West Bancorp Inc. [EWBC]US27579R10427334.009,2911.5
PolyOne Corp. [POL]US73179P10625135.588,9301.5
Steris Corp. [STE]US85915210016553.968,9301.5
Cogent Communications Holdings Inc. [CCOI]US19239V30226533.618,8901.5
Shutterfly Inc. [SFLY]US82568P30418048.748,7861.5
Cavium Inc. [CAVM]US14964U10817349.738,6191.4
Stifel Financial Corp. [SF]US86063010217946.898,3961.4
Chemtura Corp. [CHMT]US16389320935323.338,2411.4
Bright Horizons Family Solutions Inc. [BFAM]US10919410018842.067,8901.3
Superior Energy Services Inc. [SPN]US86815710824032.877,8781.3
Abercrombie & Fitch Co. [ANF]US00289620721236.347,7041.3
Dynavax Technologies Corp. [DVAX]US2681581025,2781.437,5481.2
ExamWorks Group Inc. [EXAM]US30066A10522832.757,4831.2
Ruckus Wireless Inc. [RKUS]US78122010855813.367,4561.2
Werner Enterprises Inc. [WERN]US95075510829625.207,4551.2
Lithia Motors Inc. [LAD]US5367971039775.697,3771.2
Electronics For Imaging Inc. [EFII]US28608210216244.177,1631.2
JetBlue Airways Corp. [JBLU]US47714310165710.626,9771.2
Prothena Corp. plc [PRTA]IEG7280010831322.166,9331.1
Corporate Executive Board Co. [CEB]US21988R10211560.076,8811.1
Interxion Holding NV [INXN]NLN4727910924827.696,8791.1
Genesee & Wyoming Inc. [GWR]US3715591057295.316,8621.1
Masimo Corp. [MASI]US57479510030521.286,4901.1
HomeAway Inc. [AWAY]US43739Q10018235.506,4721.1
QLIK Technologies Inc. [QLIK]US74733T10523527.046,3601.1
Standard Pacific Corp. [SPF]US85375C1018447.496,3181.0
Herman Miller Inc. [MLHR]US60054410020929.856,2371.0
Western Refining Inc. [WNR]US95931910414841.996,2201.0
B&G Foods Inc. [BGS]US05508R10622527.556,2051.0
Rush Enterprises Inc. [RUSHA]US78184620918133.456,0501.0
Saia Inc. [SAIA]US78709Y10512249.566,0331.0
Ultimate Software Group Inc. [ULTI]US90385D10743141.516,0321.0
CoStar Group Inc. [CSGP]US22160N10938155.545,9181.0
Power Solutions International Inc. [PSIX]US73933G2028669.005,9101.0
Benchmark Electronics Inc. [BHE]US08160H10125422.215,6400.9
KapStone Paper and Packaging Corp. [KS]US48562P10319727.975,5100.9
Navigator Holdings Ltd. [NVGS]GBY6213210819827.835,5100.9
Cadence Design Systems Inc. [CDNS]US12738710831917.215,4840.9
Timkensteel Corp. [TMST]US88739910311546.495,3640.9
LPL Financial Holdings Inc. [LPLA]US50212V10011346.055,2190.9
Sotheby's [BID]US83589810714635.725,2110.9
Crocs Inc. [CROX]US22704610939312.584,9400.8
Del Frisco's Restaurant Group Inc. [DFRG]US24507710224319.144,6540.8
Advanced Energy Industries Inc. [AEIS]US00797310024718.794,6320.8
Demandware Inc. [DWRE]US24802Y1058550.924,3320.7
Atmel Corp. [ATML]US0495131045348.084,3120.7
Five Below Inc. [FIVE]US33829M10110639.614,2150.7
Steelcase Inc. [SCS]US85815520324616.193,9770.7
BGC Partners Inc. [BGCP]US05541T1015287.433,9230.6
Rackspace Hosting Inc. [RAX]US75008610012032.553,8940.6
Trinseo SA [TSE]LUL9340P10123815.733,7450.6
Riverbed Technology Inc. [RVBD]US76857310719518.553,6160.6
Avanir Pharmaceuticals Inc. [AVNR]US05348P40125711.923,0670.5
Malibu Boats Inc. [MBUU]US56117J10015218.522,8190.5
Cornerstone Ondemand Inc. [CSOD]US21925Y1037434.412,5480.4
Cumulus Media Inc. [CMLS]US2310821084674.031,8830.3
Chemocentryx Inc. [CCXI]US16383L1064074.501,8290.3
Extended Stay America Inc. [STAY]US30224P2006823.741,6130.3
National General Holdings Corp. [NGHC]US6362203038716.891,4780.2
A10 Networks Inc. [ATEN]US0021211011359.111,2330.2
Cardiome Pharma Corp. [CRME]CA14159U3011378.931,2200.2
Total587,09396.7
Cash and Other Assets Less Liabilities3.3
Total Net Assets100%

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

As of Quarter Ended 09/30/2014
Economic SectorHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Health Care23.621.9
Industrials18.914.9
Information Technology17.624.8
Consumer Discretionary13.615.6
Financials8.27.7
Energy7.44.1
Materials5.35.6
Telecommunication Services1.51.0
Consumer Staples1.03.6
Utilities0.00.7

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

As of Quarter Ended 09/30/2014
Sector ReturnsHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Health Care9.6-2.7
Energy0.7-18.6
Information Technology0.7-5.3
Cash0.00.0
Utilities0.0-2.2
Telecommunication Services-1.9-4.7
Industrials-5.0-7.3
Financials-5.1-6.2
Materials-11.9-8.6
Consumer Staples-14.70.8
Consumer Discretionary-14.8-8.2

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.