Harbor Small Cap Growth Opportunities Fund Administrative Class (HRSOX)

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

 Harbor Small Cap Growth Opportunities FundRussell 2000® Growth Index
Number of Holdings1011,151
Weighted Avg. Market Cap ($Mil)1,373.981,851.05
Median Market Cap ($Mil)1,210.81799.04
Price/Book Ratio2.663.69
Adj. Trailing P/E Ratio41.1168.72
Forecasted P/E Ratio19.4818.23
Earnings Growth Rate (%)8.1616.88
Proj. Earnings Growth Rate (%)19.9817.30
Return on Equity (%)23.0421.21
Turnover (unannualized % since 10/31)39-
Beta vs. Russell 2000® Growth Index0.96-
Beta vs. Russell 3000® Index1.43-

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
Synchronoss Technologies Inc. [SNCR]2.1
Shutterfly Inc. [SFLY]2.1
Aruba Networks Inc. [ARUN]2.0
Wageworks Inc. [WAGE]1.8
Gogo Inc. [GOGO]1.8
Dealertrack Technologies Inc. [TRAK]1.7
On Assignment Inc. [ASGN]1.7
ExamWorks Group Inc. [EXAM]1.6
Korn/Ferry International [KFY]1.6
Webmd Health Corp. [WBMD]1.6
% of Total Holdings:18.0

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Synchronoss Technologies Inc. [SNCR]US87157B1031645.787192.1
Shutterfly Inc. [SFLY]US82568P3041548.747142.1
Aruba Networks Inc. [ARUN]US0431761063221.586812.0
Wageworks Inc. [WAGE]US9304271091445.536221.8
Gogo Inc. [GOGO]US38046C1093616.866071.8
Dealertrack Technologies Inc. [TRAK]US2423091021343.415821.7
On Assignment Inc. [ASGN]US6821591082126.855771.7
ExamWorks Group Inc. [EXAM]US30066A1051732.755701.6
Korn/Ferry International [KFY]US5006432002324.905651.6
Webmd Health Corp. [WBMD]US94770V1021341.815571.6
H&E Equipment Services Inc. [HEES]US4040301081340.285371.5
WNS Holdings Ltd. ADR [WNS]IN92932M1012422.515291.5
DigitalGlobe Inc. [DGI]US25389M8771728.504821.4
Logmein Inc. [LOGM]US54142L1091046.074781.4
Circor International Inc. [CIR]US17273K109767.334571.3
Tuesday Morning Corp. [TUES]US8990355052319.414461.3
Innerworkings Inc. [INWK]US45773Y105548.094381.3
Microsemi Corp. [MSCC]US5951371001725.414341.3
Mobile Mini Inc. [MINI]US60740F1051234.974341.3
OSI Systems Inc. [OSIS]US671044105763.484301.2
Heartland Payment Systems Inc. [HPY]US42235N108947.724261.2
QLIK Technologies Inc. [QLIK]US74733T1051527.044061.2
Fleetmatics Group plc [FLTX]IEG355691051330.504051.2
Trimas Corp. [TRS]US8962152091724.334021.2
Quality Distribution Inc. [QLTY]US74756M1023112.783911.1
Encore Capital Group Inc. [ECPG]US292554102944.313871.1
Corporate Executive Board Co. [CEB]US21988R102660.073861.1
Cynosure Inc. [CYNO]US2325772051821.003841.1
Auxilium Pharmaceuticals Inc. [AUXL]US05334D1071229.853731.1
Caesarstone Sdot-Yam Ltd. [CSTE]ILM20598104751.683681.1
Amtrust Financial Services Inc. [AFSI]US032359309939.823671.1
Textura Corp. [TXTR]US8832111041426.403651.1
Accuray Inc. [ARAY]US004397105507.263641.1
Power Solutions International Inc. [PSIX]US73933G202569.003551.0
Procera Networks Inc. [PKT]US74269U203379.583521.0
Interxion Holding NV [INXN]NLN472791091327.693491.0
HMS Holdings Corp. [HMSY]US40425J1011818.853381.0
Retailmenot Inc. [SALE]US76132B1062116.163381.0
Argo Group International Holdings Ltd. [AGII]BMG0464B107750.313311.0
Iridium Communications Inc. [IRDM]US46269C102378.853280.9
Blackhawk Network Holdings Inc. [HAWKB]US09238E2031032.303280.9
Medicines Co. [MDCO]US5846881051422.323220.9
Matador Resources Co. [MTDR]US5764852051225.853170.9
Marcus & Millichap Inc. [MMI]US5663241091030.263150.9
AMN Healthcare Services Inc. [AHS]US0017441012015.703140.9
Perficient Inc. [PRFT]US71375U1012114.993110.9
Belmond Ltd. [BEL]BMG1154H1072711.663100.9
Ariad Pharmaceuticals Inc. [ARIA]US04033A100575.403100.9
Exlservice Holdings Inc. [EXLS]US3020811041324.413090.9
Allscripts Healthcare Solutions Inc. [MDRX]US01988P1082213.423000.9
La Quinta Holdings Inc. [LQ]US50420D1081618.992980.9
Lithia Motors Inc. [LAD]US536797103475.692890.8
Popeyes Louisiana Kitchen Inc. [PLKI]US732872106740.502870.8
Tivo Inc. [TIVO]US8887061082212.802830.8
InvenSense Inc. [INVN]US46123D2051419.732800.8
Ixia [XXIA]US45071R109309.142780.8
Advanced Drainage Systems Inc. [WMS]US00790R1041320.952780.8
Barnes Group Inc. [B]US067806109930.352750.8
Integra Lifesciences Holding Corp. [IART]US457985208649.642740.8
Trueblue Inc. [TBI]US89785X1011125.262720.8
Pdc Energy Inc. [PDCE]US69327R101550.292720.8
Fluidigm Corp. [FLDM]US34385P1081124.502720.8
Cerus Corp. [CERS]US157085101674.012690.8
Steris Corp. [STE]US859152100553.962650.8
Movado Group Inc. [MOV]US624580106833.062630.8
MDC Partners Inc. [MDCA]CA5526971041419.192620.8
Vail Resorts Inc. [MTN]US91879Q109386.762620.8
XPO Logistics Inc. [XPO]US983793100737.672560.7
South State Corp. [SSB]US840441109555.922520.7
Bonanza Creek Energy Inc. [BCEI]US097793103456.902500.7
Park-Ohio Holdings Corp. [PKOH]US700666100547.862470.7
Thoratec Corp. [THOR]US885175307926.732460.7
Finisar Corp. [FNSR]US31787A5071516.632440.7
Fox Factory Holding Corp. [FOXF]US35138V1021615.502430.7
Churchill Downs Inc. [CHDN]US171484108297.502420.7
Red Robin Gourmet Burgers Inc. [RRGB]US75689M101456.902420.7
Arcbest Corp. [ARCB]US03937C105637.302410.7
Proto Labs Inc. [PRLB]US743713109369.002410.7
Mueller Water Products Inc. [MWA]US624758108298.282400.7
Restoration Hardware Holdings Inc. [RH]US761283100379.552390.7
Goodrich Petroleum Corp. [GDP]US3824104051514.822270.7
Inventure Foods Inc. [SNAK]US4612121021712.962260.7
Quality Systems Inc. [QSII]US7475821041613.772240.6
Houston Wire & Cable Co. [HWCC]US44244K1091911.982240.6
Multimedia Games Holding Co. Inc. [MGAM]US625453105636.012220.6
Del Frisco's Restaurant Group Inc. [DFRG]US2450771021119.142190.6
AMC Entertainment Holdings Inc. [AMC]US00165C104922.992160.6
Motorcar Parts of America Inc. [MPAA]US620071100827.212160.6
Cyberonics Inc. [CYBX]US23251P102451.162160.6
FTI Consulting Inc. [FCN]US302941109634.962100.6
Healthcare Services Group Inc. [HCSG]US421906108728.612100.6
Merit Medical Systems Inc. [MMSI]US5898891041811.882080.6
Boulder Brands Inc. [BDBD]US1014051081513.632010.6
Pernix Therapeutics Holdings Inc. [PTX]US71426V108257.681940.6
Nortek Inc. [NTK]US656559309374.501920.6
Maxlinear Inc. [MXL]US57776J100276.881890.5
Century Communities Inc. [CCS]US1565043001017.351800.5
NutriSystem Inc. [NTRI]US67069D1081115.371690.5
Ehealth Inc. [EHTH]US28238P109724.131650.5
Total33,18096.1
Cash and Other Assets Less Liabilities3.9
Total Net Assets100%

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

As of Quarter Ended 09/30/2014
Economic SectorHarbor Small Cap Growth Opportunities Fund %Russell 2000® Growth Index %
Information Technology27.524.8
Industrials24.614.9
Consumer Discretionary16.315.6
Health Care15.721.9
Financials5.27.7
Energy3.14.1
Consumer Staples1.23.6
Materials1.15.6
Telecommunication Services0.91.0
Utilities0.00.7

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

As of Quarter Ended 09/30/2014
Sector ReturnsHarbor Small Cap Growth Opportunities Fund %Russell 2000® Growth Index %
Materials5.3-8.6
Information Technology0.8-5.3
Consumer Staples0.40.8
Cash0.00.0
Utilities0.0-2.2
Industrials-6.5-7.3
Financials-8.5-6.2
Health Care-10.0-2.7
Consumer Discretionary-10.7-8.2
Telecommunication Services-13.8-4.7
Energy-18.6-18.6

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.