Harbor Small Cap Growth Fund Administrative Class (HRSGX)

CLOSED TO NEW INVESTORS

Portfolio Characteristics (As of Quarter Ended 03/31/2014)

 Harbor Small Cap Growth FundRussell 2000® Growth Index
Number of Holdings841,156
Weighted Avg. Market Cap ($Mil)2,659.272,100.77
Median Market Cap ($Mil)2,144.19879.29
Price/Book Ratio3.203.94
Adj. Trailing P/E Ratio41.9644.70
Forecasted P/E Ratio21.2920.71
Earnings Growth Rate (%)11.7214.98
Proj. Earnings Growth Rate (%)17.0718.29
Return on Equity (%)14.2021.93
Beta vs. Russell 2000® Growth Index1.07-
Beta vs. Russell 3000® Index1.40-

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

Top Ten Holdings (As of Quarter Ended 03/31/2014)

Company Name [Ticker]% of Net Assets
Icon plc [ICLR]3.0
Watsco Inc. [WSO]2.8
Cubist Pharmaceuticals Inc. [CBST]2.3
KapStone Paper and Packaging Corp. [KS]2.2
Alexander & Baldwin Inc. [ALEX]2.1
Tesoro Corp. [TSO]2.0
Team Health Holdings Inc. [TMH]1.9
Corporate Executive Board Co. [CEB]1.9
Huron Consulting Group Inc. [HURN]1.8
Mwi Veterinary Supply Inc. [MWIV]1.8
% of Total Holdings:21.8

Full Holdings (As of Quarter Ended 03/31/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Icon plc [ICLR]IEG4705A10041747.5519,8263.0
Watsco Inc. [WSO]US94262220018699.9118,5912.8
Cubist Pharmaceuticals Inc. [CBST]US22967810720673.1515,0952.3
KapStone Paper and Packaging Corp. [KS]US48562P10350228.8414,4862.2
Alexander & Baldwin Inc. [ALEX]US01449110432642.5613,8892.1
Tesoro Corp. [TSO]US88160910125850.5913,0542.0
Team Health Holdings Inc. [TMH]US87817A10727944.7512,4821.9
Corporate Executive Board Co. [CEB]US21988R10216774.2312,4131.9
Huron Consulting Group Inc. [HURN]US44746210219063.3812,0191.8
Mwi Veterinary Supply Inc. [MWIV]US55402X10577155.6212,0181.8
Restoration Hardware Holdings Inc. [RH]US76128310016273.5911,9191.8
Masimo Corp. [MASI]US57479510043027.3111,7301.8
Interface Inc. [TILE]US45866530456420.5511,5881.8
Hexcel Corp. [HXL]US42829110825043.5410,8641.7
Standard Pacific Corp. [SPF]US85375C1011,2888.3110,7001.6
CoStar Group Inc. [CSGP]US22160N10957186.7410,5611.6
PolyOne Corp. [POL]US73179P10628036.6610,2701.6
Arthrocare Corp. [ARTC]US04313610021148.1910,1641.6
CNO Financial Group Inc. [CNO]US12621E10355718.1010,0781.5
Wright Medical Group Inc. [WMGI]US98235T10731731.079,8481.5
Cavium Inc. [CAVM]US14964U10822443.739,8041.5
Stifel Financial Corp. [SF]US86063010219049.769,4611.4
Interxion Holding NV [INXN]NLN4727910939323.989,4201.4
Cyberonics Inc. [CYBX]US23251P10214165.259,2321.4
Herman Miller Inc. [MLHR]US60054410028632.139,1831.4
Steelcase Inc. [SCS]US85815520355116.619,1561.4
Madison Square Garden Co. [MSG]US55826P10016056.789,0581.4
Fortinet Inc. [FTNT]US34959E10940822.038,9941.4
East West Bancorp Inc. [EWBC]US27579R10424536.508,9521.4
Superior Energy Services Inc. [SPN]US86815710828330.768,7171.3
XPO Logistics Inc. [XPO]US98379310029429.418,6561.3
Aegerion Pharmaceuticals Inc. [AEGR]US00767E10218646.128,5731.3
Steris Corp. [STE]US85915210017747.758,4531.3
Cadence Design Systems Inc. [CDNS]US12738710854015.548,3981.3
B&G Foods Inc. [BGS]US05508R10627630.118,3251.3
Shutterfly Inc. [SFLY]US82568P30419142.688,1671.2
Lithia Motors Inc. [LAD]US53679710312166.468,0421.2
Bright Horizons Family Solutions Inc. [BFAM]US10919410019839.117,7591.2
Oil States International Inc. [OIS]US6780261057798.607,5951.2
Chemtura Corp. [CHMT]US16389320930025.297,5921.2
Dynavax Technologies Corp. [DVAX]US2681581024,2061.807,5711.2
Anacor Pharmaceuticals Inc. [ANAC]US03242010136420.017,2851.1
Generac Holdings Inc. [GNRC]US36873610412258.977,1721.1
Steven Madden Ltd. [SHOO]US55626910819835.987,1361.1
Emeritus Corp. [ESC]US29100510622731.447,1251.1
Guidewire Software Inc. [GWRE]US40171V10014049.056,8801.1
Mastec Inc. [MTZ]US57632310915743.446,8151.0
Sotheby's [BID]US83589810715643.556,7841.0
Cogent Communications Group Inc. [CCOI]US19239V30218935.536,6981.0
QLIK Technologies Inc. [QLIK]US74733T10525026.596,6401.0
Spansion Inc. [CODE]US84649R20037417.426,5151.0
Arkansas Best Corp. [ABFS]US04079010717536.956,4531.0
ExamWorks Group Inc. [EXAM]US30066A10518335.016,4221.0
LPL Financial Holdings Inc. [LPLA]US50212V10012052.546,3151.0
Ruckus Wireless Inc. [RKUS]US78122010850412.166,1250.9
BGC Partners Inc. [BGCP]US05541T1019306.546,0790.9
Prothena Corp. plc [PRTA]IEG7280010815638.315,9860.9
Del Frisco's Restaurant Group Inc. [DFRG]US24507710221027.905,8530.9
Ultimate Software Group Inc. [ULTI]US90385D10743137.005,8460.9
Acadia Pharmaceuticals Inc. [ACAD]US00422510823724.335,7550.9
HomeAway Inc. [AWAY]US43739Q10015237.675,7270.9
Navigator Holdings Ltd. [NVGS]GBY6213210821926.005,6870.9
Matson Inc. [MATX]US57686G10522124.695,4650.8
Alkermes plc [ALKS]IEG0176710512244.095,3760.8
InvenSense Inc. [INVN]US46123D20522223.675,2520.8
Western Refining Inc. [WNR]US95931910413038.605,0150.8
Electronics For Imaging Inc. [EFII]US28608210211343.314,8990.7
Crocs Inc. [CROX]US22704610930915.604,8160.7
Five Below Inc. [FIVE]US33829M10111342.484,7960.7
Power Solutions International Inc. [PSIX]US73933G2025575.174,1600.6
PTC Therapeutics Inc. [PTCT]US69366J20015726.144,1120.6
Cumulus Media Inc. [CMLS]US2310821084966.913,4290.5
Canadian Solar Inc. [CSIQ]CA13663510910532.043,3530.5
Silicon Laboratories Inc. [SLAB]US8269191026452.253,3470.5
McDermott International Inc. [MDR]PA5800371094237.823,3100.5
Natural Grocers By Vitamin Cottage Inc. [NGVC]US63888U1087243.663,1540.5
LifeLock Inc. [LOCK]US53224V10018417.113,1490.5
Chemocentryx Inc. [CCXI]US16383L1064326.632,8610.4
Wex Inc. [WEX]US96208T1042995.052,7360.4
Community Health Systems Inc. [CYH]US2036681086839.172,6530.4
Cornerstone Ondemand Inc. [CSOD]US21925Y1035547.872,6100.4
Quidel Corp. [QDEL]US74838J1018927.302,4200.4
Extended Stay America Inc. [STAY]US30224P2007222.771,6430.3
Green Dot Corp. [GDOT]US39304D1026919.531,3490.2
Total647,90698.7
Cash and Other Assets Less Liabilities1.3
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Economic SectorHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Health Care26.821.9
Industrials18.716.0
Information Technology15.523.4
Consumer Discretionary15.116.1
Financials8.67.6
Energy6.63.2
Materials4.95.9
Consumer Staples1.84.4
Telecommunication Services1.01.0
Utilities0.00.5

Sector Returns (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Sector ReturnsHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Health Care7.14.1
Information Technology4.90.2
Financials3.2-1.4
Industrials1.21.9
Materials0.80.5
Cash0.00.0
Utilities0.0-3.3
Consumer Discretionary-2.3-4.9
Energy-7.24.3
Consumer Staples-9.82.2
Telecommunication Services-12.4-0.3

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.