Harbor Small Cap Growth Fund Administrative Class (HRSGX)

CLOSED TO NEW INVESTORS

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

 Harbor Small Cap Growth FundRussell 2000® Growth Index
Number of Holdings691,194
Weighted Avg. Market Cap ($Mil)2,937.092,067.83
Median Market Cap ($Mil)2,503.25758.00
Price/Book Ratio3.313.70
Adj. Trailing P/E Ratio42.8545.31
Forecasted P/E Ratio18.8718.08
Earnings Growth Rate (%)13.7519.90
Proj. Earnings Growth Rate (%)23.9918.04
Return on Equity (%)13.4620.06
Turnover (unannualized % since 10/31)16-
Beta vs. Russell 2000® Growth Index0.93-
Beta vs. Russell 3000® Index1.13-

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
Bright Horizons Family Solutions Inc. [BFAM]2.3
Icon plc [ICLR]2.2
Vail Resorts Inc. [MTN]2.2
Watsco Inc. [WSO]2.1
Brunswick Corp. [BC]2.1
CoStar Group Inc. [CSGP]2.1
Electronics For Imaging Inc. [EFII]2.1
Chemtura Corp. [CHMT]2.0
Steris plc [STE]2.0
Neurocrine Biosciences Inc. [NBIX]1.9
% of Total Holdings:21.0

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Bright Horizons Family Solutions Inc. [BFAM]US10919410020266.8013,5122.3
Icon plc [ICLR]IEG4705A10017177.7013,2572.2
Vail Resorts Inc. [MTN]US91879Q109103127.9913,1602.2
Watsco Inc. [WSO]US942622200109117.1312,7892.1
Brunswick Corp. [BC]US11704310925250.5112,7472.1
CoStar Group Inc. [CSGP]US22160N10962206.6912,7272.1
Electronics For Imaging Inc. [EFII]US28608210226546.7412,3642.1
Chemtura Corp. [CHMT]US16389320944127.2712,0332.0
Steris plc [STE]GBG8472010415575.3411,6442.0
Neurocrine Biosciences Inc. [NBIX]US64125C10920056.5711,3071.9
Fortinet Inc. [FTNT]US34959E10935831.1711,1431.9
Team Health Holdings Inc. [TMH]US87817A10725143.8911,0321.9
Restoration Hardware Holdings Inc. [RH]US76128310013979.4511,0181.9
Ultimate Software Group Inc. [ULTI]US90385D10756195.5110,8721.8
Alexander & Baldwin Inc. [ALEX]US01449110430135.3110,6281.8
AMAG Pharmaceuticals Inc. [AMAG]US00163U10634630.1910,4331.8
Steelcase Inc. [SCS]US85815520367714.9010,0901.7
American Eagle Outfitters Inc. [AEO]US02553E10664015.509,9261.7
Integra LifeSciences Holdings Corp. [IART]US45798520814567.789,8351.7
BroadSoft Inc. [BSFT]US11133B40927335.369,6501.6
Cardiome Pharma Corp. [CRME]CA14159U3011,1878.119,6261.6
Acadia Pharmaceuticals Inc. [ACAD]US00422510826735.659,5341.6
Cirrus Logic Inc. [CRUS]US17275510031929.539,4201.6
East West Bancorp Inc. [EWBC]US27579R10422341.569,2531.6
Nexstar Broadcasting Group Inc. [NXST]US65336K10315458.709,0271.5
Interxion Holding NV [INXN]NLN4727910929930.159,0211.5
Madison Square Garden Co. [MSG]US55825T10355161.808,8881.5
Hexcel Corp. [HXL]US42829110818946.458,7731.5
Installed Building Products Inc. [IBP]US45780R10135324.838,7541.5
Huron Consulting Group Inc. [HURN]US44746210214659.408,6911.5
National Health Investors Inc. [NHI]US63633D10414360.878,6891.5
Heartland Payment Systems Inc. [HPY]US42235N1089194.828,6671.5
Monolithic Power Systems Inc. [MPWR]US60983910513663.718,6491.5
Merrimack Pharmaceuticals Inc. [MACK]US5903281001,0767.908,5001.4
Dave & Buster's Entertainment Inc. [PLAY]US23833710919841.748,2831.4
Anacor Pharmaceuticals Inc. [ANAC]US03242010172112.978,1771.4
Bruker Corp. [BRKR]US11679410833524.278,1251.4
Lithia Motors Inc. [LAD]US53679710376106.678,1051.4
Pacira Pharmaceuticals Inc. [PCRX]US69512710010276.797,8061.3
Matson Inc. [MATX]US57686G10518042.637,6681.3
Arris Group Inc. [ARRS]US04270V10624830.577,5881.3
Starz [STRZA]US85571Q10222233.507,4291.2
Navigator Holdings Ltd. [NVGS]GBY6213210854013.657,3661.2
Masimo Corp. [MASI]US57479510017741.517,3541.2
Ariad Pharmaceuticals Inc. [ARIA]US04033A1001,1756.257,3411.2
Rush Enterprises Inc. [RUSHA]US78184620932721.897,1651.2
Zendesk Inc. [ZEN]US98936J10125826.446,8211.1
QLIK Technologies Inc. [QLIK]US74733T10521431.666,7781.1
CNO Financial Group Inc. [CNO]US12621E10335219.096,7171.1
BGC Partners Inc. [BGCP]US05541T1016749.816,6141.1
Wright Medical Group NV [WMGI]NLN9661711827124.186,5601.1
Demandware Inc. [DWRE]US24802Y10511753.976,3301.1
Ciena Corp. [CIEN]US17177930930120.696,2271.0
Ceb Inc. [CEB]US1251341069761.395,9711.0
Microsemi Corp. [MSCC]US59513710017932.595,8341.0
PTC Therapeutics Inc. [PTCT]US69366J20018032.405,8211.0
Texas Roadhouse Inc. [TXRH]US88268110916035.775,7101.0
Commvault Systems Inc. [CVLT]US20416610213839.355,4380.9
PolyOne Corp. [POL]US73179P10617031.765,4050.9
Five Below Inc. [FIVE]US33829M10116732.105,3690.9
Tyler Technologies Inc. [TYL]US90225210526174.324,5130.8
Tandem Diabetes Care Inc. [TNDM]US87537210438011.814,4830.8
Cypress Semiconductors Corp. [CY]US2328061094479.814,3820.7
Manhattan Associates Inc. [MANH]US5627501096166.174,0520.7
Rapid7 Inc. [RPD]US75342210425515.133,8550.6
John Bean Technologies Corp. [JBT]US4778391046949.833,4400.6
Chemocentryx Inc. [CCXI]US16383L1063708.102,9980.5
Power Solutions International Inc. [PSIX]US73933G20215618.252,8390.5
Gigamon Inc. [GIMO]US37518B1027426.571,9610.3
Total566,18495.4
Cash and Other Assets Less Liabilities4.6
Total Net Assets100%

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

As of Quarter Ended 12/31/2015
Economic SectorHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Information Technology26.325.1
Health Care25.828.2
Consumer Discretionary20.516.7
Industrials11.312.6
Financials7.07.8
Materials2.94.1
Energy1.21.0
Utilities0.00.1
Consumer Staples0.03.5
Telecommunication Services0.00.8

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

As of Quarter Ended 12/31/2015
Sector ReturnsHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Health Care15.010.3
Information Technology7.96.5
Financials7.43.1
Energy2.2-13.8
Cash0.00.0
Telecommunication Services0.06.5
Utilities0.04.9
Consumer Staples0.04.6
Materials-0.55.1
Consumer Discretionary-1.1-4.2
Industrials-7.81.8

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.