Harbor Small Cap Growth Opportunities Fund Administrative Class (HRSOX)

Portfolio Characteristics (As of Quarter Ended 03/31/2015)

 Harbor Small Cap Growth Opportunities FundRussell 2000® Growth Index
Number of Holdings981,188
Weighted Avg. Market Cap ($Mil)1,321.072,255.86
Median Market Cap ($Mil)1,205.31890.72
Price/Book Ratio3.044.07
Adj. Trailing P/E Ratio47.1241.25
Forecasted P/E Ratio22.1920.70
Earnings Growth Rate (%)17.2321.05
Proj. Earnings Growth Rate (%)22.7517.31
Return on Equity (%)22.0318.27
Turnover (unannualized % since 10/31)45-
Beta vs. Russell 2000® Growth Index0.97-
Beta vs. Russell 3000® Index1.24-

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

Top Ten Holdings (As of Quarter Ended 03/31/2015)

Company Name [Ticker]% of Net Assets
Synchronoss Technologies Inc. [SNCR]2.6
Webmd Health Corp. [WBMD]2.0
Gogo Inc. [GOGO]2.0
DigitalGlobe Inc. [DGI]1.8
Wageworks Inc. [WAGE]1.8
Shutterfly Inc. [SFLY]1.6
Dealertrack Technologies Inc. [TRAK]1.6
Korn/Ferry International [KFY]1.6
Mobile Mini Inc. [MINI]1.6
Pernix Therapeutics Holdings Inc. [PTX]1.5
% of Total Holdings:18.1

Full Holdings (As of Quarter Ended 03/31/2015)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Synchronoss Technologies Inc. [SNCR]US87157B1038747.464,1252.6
Webmd Health Corp. [WBMD]US94770V1027343.843,2002.0
Gogo Inc. [GOGO]US38046C10916519.063,1462.0
DigitalGlobe Inc. [DGI]US25389M8778534.072,9051.8
Wageworks Inc. [WAGE]US9304271095453.332,8591.8
Shutterfly Inc. [SFLY]US82568P3045745.242,5891.6
Dealertrack Technologies Inc. [TRAK]US2423091026738.522,5881.6
Korn/Ferry International [KFY]US5006432007832.872,5721.6
Mobile Mini Inc. [MINI]US60740F1056042.642,5701.6
Pernix Therapeutics Holdings Inc. [PTX]US71426V10822910.692,4481.5
On Assignment Inc. [ASGN]US6821591086238.372,3721.5
H&E Equipment Services Inc. [HEES]US4040301089124.992,2631.4
Cerus Corp. [CERS]US1570851015374.172,2401.4
Churchill Downs Inc. [CHDN]US17148410819114.972,1371.3
ExamWorks Group Inc. [EXAM]US30066A1055141.622,1211.3
WNS Holdings Ltd. ADR [WNS]IN92932M1018624.322,0961.3
Innerworkings Inc. [INWK]US45773Y1053116.722,0891.3
Cynosure Inc. [CYNO]US2325772056830.672,0721.3
Corporate Executive Board Co. [CEB]US21988R1022679.862,0611.3
Retailmenot Inc. [SALE]US76132B10611318.012,0301.3
LendingTree Inc. [TREE]US52603B1073656.012,0261.3
Accuray Inc. [ARAY]US0043971052079.301,9211.2
Maxlinear Inc. [MXL]US57776J1002348.131,9051.2
Barnes Group Inc. [B]US0678061094640.491,8741.2
Caesarstone Sdot-Yam Ltd. [CSTE]ILM205981043060.711,8151.1
Cyberonics Inc. [CYBX]US23251P1022864.921,7971.1
Tuesday Morning Corp. [TUES]US89903550511116.101,7831.1
Perficient Inc. [PRFT]US71375U1018520.691,7571.1
Encore Capital Group Inc. [ECPG]US2925541024241.591,7571.1
OSI Systems Inc. [OSIS]US6710441052374.261,7441.1
MDC Partners Inc. [MDCA]CA5526971046028.351,7091.1
Power Solutions International Inc. [PSIX]US73933G2022664.291,6731.1
Novadaq Technologies Inc. [NVDQ]CA66987G10210216.241,6641.1
Belmond Ltd. [BEL]BMG1154H10713412.281,6471.0
Depomed Inc. [DEPO]US2499081047322.411,6311.0
Procera Networks Inc. [PKT]US74269U2031739.391,6281.0
Logmein Inc. [LOGM]US54142L1092955.991,6191.0
Iridium Communications Inc. [IRDM]US46269C1021669.711,6091.0
Blackhawk Network Holdings Inc. [HAWKB]US09238E2034435.551,5791.0
Ixia [XXIA]US45071R10912612.131,5251.0
IGI Laboratories Inc. [IG]US4495751091868.161,5211.0
Merit Medical Systems Inc. [MMSI]US5898891047819.251,4990.9
Century Communities Inc. [CCS]US1565043007719.331,4900.9
QLIK Technologies Inc. [QLIK]US74733T1054831.131,4880.9
Exlservice Holdings Inc. [EXLS]US3020811044037.201,4720.9
La Quinta Holdings Inc. [LQ]US50420D1086223.681,4710.9
Ariad Pharmaceuticals Inc. [ARIA]US04033A1001788.241,4700.9
Medicines Co. [MDCO]US5846881055228.021,4520.9
Quality Distribution Inc. [QLTY]US74756M10214110.331,4510.9
FARO Technologies Inc. [FARO]US3116421022362.131,4500.9
Francesca's Holdings Corp. [FRAN]US3517931048117.801,4490.9
Fleetmatics Group plc [FLTX]IEG355691053244.851,4140.9
HomeAway Inc. [AWAY]US43739Q1004730.171,4110.9
Motorcar Parts of America Inc. [MPAA]US6200711005127.791,4060.9
Trimas Corp. [TRS]US8962152094530.791,3980.9
Finisar Corp. [FNSR]US31787A5076521.341,3970.9
Textura Corp. [TXTR]US8832111045127.181,3950.9
Quality Systems Inc. [QSII]US7475821048215.981,3030.8
Trueblue Inc. [TBI]US89785X1015324.351,2900.8
Cross Country Healthcare Inc. [CCRN]US22748310410811.861,2820.8
Wright Medical Group Inc. [WMGI]US98235T1074925.801,2530.8
HMS Holdings Corp. [HMSY]US40425J1018115.451,2480.8
Exact Sciences Corp. [EXAS]US30063P1055622.021,2410.8
Marcus & Millichap Inc. [MMI]US5663241093337.481,2290.8
Park-Ohio Holdings Corp. [PKOH]US7006661002352.671,2020.8
National General Holdings Corp. [NGHC]US6362203036418.701,1880.7
National CineMedia Inc. [NCMI]US6353091077815.101,1830.7
FTI Consulting Inc. [FCN]US3029411093137.461,1720.7
Fluidigm Corp. [FLDM]US34385P1082842.101,1700.7
Arcbest Corp. [ARCB]US03937C1053137.891,1590.7
Del Frisco's Restaurant Group Inc. [DFRG]US2450771025720.151,1540.7
Healthcare Services Group Inc. [HCSG]US4219061083632.131,1520.7
Xoom Corp. [XOOM]US98419Q1017814.691,1520.7
Vince Holding Corp. [VNCE]US92719W1086118.551,1370.7
Boulder Brands Inc. [BDBD]US1014051081189.531,1260.7
Mueller Water Products Inc. [MWA]US6247581081099.851,0710.7
On Deck Capital Inc. [ONDK]US6821631004921.291,0520.7
NutriSystem Inc. [NTRI]US67069D1085319.981,0510.7
Penn National Gaming Inc. [PENN]US7075691096715.661,0460.7
Financial Engines Inc. [FNGN]US3174851002541.831,0310.7
Argo Group International Holdings Ltd. [AGII]BMG0464B1072050.151,0240.6
Vail Resorts Inc. [MTN]US91879Q10910103.421,0230.6
Vocera Communications Inc. [VCRA]US92857F1071039.921,0200.6
EVINE Live Inc. [EVLV]US3004871051526.711,0180.6
Callidus Software Inc. [CALD]US13123E5007912.689970.6
Circor International Inc. [CIR]US17273K1091854.709910.6
Dave & Buster's Entertainment Inc. [PLAY]US2383371093230.469840.6
Tivo Inc. [TIVO]US8887061089110.619670.6
Nortek Inc. [NTK]US6565593091188.259380.6
Lumber Liquidators Holdings Inc. [LL]US55003T1072930.789020.6
Rush Enterprises Inc. [RUSHA]US7818462093127.368610.5
Adeptus Health Inc. [ADPT]US0068551001750.228520.5
Lithia Motors Inc. [LAD]US536797103899.418090.5
Inventure Foods Inc. [SNAK]US4612121027211.198030.5
Fox Factory Holding Corp. [FOXF]US35138V1025215.348020.5
MaxPoint Interactive Inc. [MXPT]US57777M102839.587980.5
BioSpecifics Technologies Corp. [BSTC]US0909311062039.157660.5
Infoblox Inc. [BLOX]US45672H1042823.876770.4
Total152,90495.5
Cash and Other Assets Less Liabilities4.5
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Economic SectorHarbor Small Cap Growth Opportunities Fund %Russell 2000® Growth Index %
Information Technology26.624.6
Industrials23.814.6
Health Care20.224.8
Consumer Discretionary16.916.0
Financials5.97.6
Consumer Staples1.23.4
Telecommunication Services1.00.9
Utilities0.00.7
Materials0.04.7
Energy0.02.5

Sector Returns (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Sector ReturnsHarbor Small Cap Growth Opportunities Fund %Russell 2000® Growth Index %
Energy26.98.5
Telecommunication Services15.3-3.0
Information Technology12.06.7
Health Care4.212.9
Materials1.51.4
Industrials1.22.5
Financials1.23.2
Consumer Discretionary0.75.8
Cash0.00.0
Utilities0.018.4
Consumer Staples-11.9-1.1

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.