Harbor Small Cap Growth Fund Investor Class (HISGX)

CLOSED TO NEW INVESTORS

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

 Harbor Small Cap Growth FundRussell 2000® Growth Index
Number of Holdings841,188
Weighted Avg. Market Cap ($Mil)2,870.232,255.86
Median Market Cap ($Mil)2,096.86890.72
Price/Book Ratio3.394.07
Adj. Trailing P/E Ratio41.5141.25
Forecasted P/E Ratio20.7020.70
Earnings Growth Rate (%)15.7921.05
Proj. Earnings Growth Rate (%)17.1017.31
Return on Equity (%)18.6618.27
Turnover (unannualized % since 10/31)32-
Beta vs. Russell 2000® Growth Index0.89-
Beta vs. Russell 3000® Index1.17-

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
AMAG Pharmaceuticals Inc. [AMAG]3.3
Icon plc [ICLR]2.7
Watsco Inc. [WSO]2.4
Fortinet Inc. [FTNT]2.2
Team Health Holdings Inc. [TMH]2.2
Restoration Hardware Holdings Inc. [RH]2.1
Steris Corp. [STE]2.0
PTC Therapeutics Inc. [PTCT]2.0
Masimo Corp. [MASI]1.9
Alexander & Baldwin Inc. [ALEX]1.9
% of Total Holdings:22.7

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
AMAG Pharmaceuticals Inc. [AMAG]US00163U10639554.6621,5913.3
Icon plc [ICLR]IEG4705A10025170.5317,6872.7
Watsco Inc. [WSO]US942622200129125.7016,1542.4
Fortinet Inc. [FTNT]US34959E10941934.9514,6452.2
Team Health Holdings Inc. [TMH]US87817A10724558.5114,3422.2
Restoration Hardware Holdings Inc. [RH]US76128310014299.1914,1092.1
Steris Corp. [STE]US85915210018970.2713,2842.0
PTC Therapeutics Inc. [PTCT]US69366J20021660.8513,1392.0
Masimo Corp. [MASI]US57479510038432.9812,6621.9
Alexander & Baldwin Inc. [ALEX]US01449110428743.1812,3791.9
Genesee & Wyoming Inc. [GWR]US37155910512696.4412,1221.8
Brunswick Corp. [BC]US11704310921551.4511,0461.7
Dynavax Technologies Corp. [DVAX]US26815820149222.4311,0371.7
Prothena Corp. plc [PRTA]IEG7280010828738.1410,9411.7
Neurocrine Biosciences Inc. [NBIX]US64125C10926939.7110,6641.6
Corporate Executive Board Co. [CEB]US21988R10213079.8610,3921.6
Advanced Energy Industries Inc. [AEIS]US00797310039425.6610,1061.5
CoStar Group Inc. [CSGP]US22160N10951197.8310,0581.5
Hexcel Corp. [HXL]US42829110819451.429,9561.5
Huron Consulting Group Inc. [HURN]US44746210214666.159,6431.5
Tesoro Corp. [TSO]US88160910110691.299,6421.5
Cavium Inc. [CAVM]US14964U10813470.829,4871.4
Bloomin' Brands Inc. [BLMN]US09423510838624.339,4001.4
Power Solutions International Inc. [PSIX]US73933G20214464.299,2801.4
Pacira Pharmaceuticals Inc. [PCRX]US69512710010288.859,0271.4
Lithia Motors Inc. [LAD]US5367971039199.419,0241.4
Chemtura Corp. [CHMT]US16389320932927.298,9911.4
Bright Horizons Family Solutions Inc. [BFAM]US10919410017551.278,9681.4
Standard Pacific Corp. [SPF]US85375C1019749.008,7671.3
Werner Enterprises Inc. [WERN]US95075510827631.418,6631.3
Steelcase Inc. [SCS]US85815520344818.948,4911.3
Monolithic Power Systems Inc. [MPWR]US60983910515852.658,3131.3
Finisar Corp. [FNSR]US31787A50738721.348,2531.2
Navigator Holdings Ltd. [NVGS]GBY6213210841019.107,8271.2
Electronics For Imaging Inc. [EFII]US28608210218541.757,7241.2
East West Bancorp Inc. [EWBC]US27579R10418940.467,6651.2
Wright Medical Group Inc. [WMGI]US98235T10729525.807,6051.2
Qorvo Inc. [QRVO]US74736K1019479.707,5041.1
XPO Logistics Inc. [XPO]US98379310016245.477,3851.1
Merrimack Pharmaceuticals Inc. [MACK]US59032810061311.887,2831.1
CNO Financial Group Inc. [CNO]US12621E10342217.227,2731.1
Stifel Financial Corp. [SF]US86063010213055.757,2441.1
Cogent Communications Holdings Inc. [CCOI]US19239V30220335.337,1781.1
Wex Inc. [WEX]US96208T10466107.367,0831.1
Vail Resorts Inc. [MTN]US91879Q10968103.427,0421.1
Matson Inc. [MATX]US57686G10516542.166,9491.1
QLIK Technologies Inc. [QLIK]US74733T10522031.136,8331.0
Ultimate Software Group Inc. [ULTI]US90385D10740169.966,7711.0
Aegerion Pharmaceuticals Inc. [AEGR]US00767E10225826.176,7481.0
TASER International Inc. [TASR]US87651B10427924.116,7251.0
JetBlue Airways Corp. [JBLU]US47714310134819.256,7061.0
Ariad Pharmaceuticals Inc. [ARIA]US04033A1007998.246,5851.0
Cirrus Logic Inc. [CRUS]US17275510019733.266,5571.0
BGC Partners Inc. [BGCP]US05541T1016839.456,4521.0
Demandware Inc. [DWRE]US24802Y10510560.906,4011.0
Wageworks Inc. [WAGE]US93042710911853.336,3161.0
Papa John's International Inc. [PZZA]US69881310210061.816,2070.9
PolyOne Corp. [POL]US73179P10616437.356,1260.9
Commvault Systems Inc. [CVLT]US20416610213843.706,0280.9
Sotheby's [BID]US83589810713642.265,7470.9
Superior Energy Services Inc. [SPN]US86815710825122.345,6120.8
National Health Investors Inc. [NHI]US63633D1047971.015,6030.8
Cardiome Pharma Corp. [CRME]CA14159U3015799.265,3640.8
HomeAway Inc. [AWAY]US43739Q10017030.175,1310.8
Saia Inc. [SAIA]US78709Y10511344.305,0140.8
Rent-A-Center Inc. [RCII]US76009N10017827.444,8720.7
Rush Enterprises Inc. [RUSHA]US78184620917427.364,7470.7
KapStone Paper and Packaging Corp. [KS]US48562P10313632.844,4790.7
ExamWorks Group Inc. [EXAM]US30066A10510641.624,4000.7
Trinseo SA [TSE]LUL9340P10122219.804,3980.7
Dave & Buster's Entertainment Inc. [PLAY]US23833710914030.464,2530.6
Boulder Brands Inc. [BDBD]US1014051084309.534,1010.6
Ruckus Wireless Inc. [RKUS]US78122010830812.873,9600.6
Del Frisco's Restaurant Group Inc. [DFRG]US24507710217420.153,5080.5
Puma Biotechnology Inc. [PBYI]US74587V10715236.113,4410.5
Malibu Boats Inc. [MBUU]US56117J10014223.353,3120.5
Gogo Inc. [GOGO]US38046C10917119.063,2570.5
Cadence Design Systems Inc. [CDNS]US12738710816818.443,1070.5
Tandem Diabetes Care Inc. [TNDM]US87537210423112.622,9100.4
Chemocentryx Inc. [CCXI]US16383L1063797.552,8640.4
Timkensteel Corp. [TMST]US88739910310826.472,8460.4
Five Below Inc. [FIVE]US33829M1018035.572,8420.4
Silicon Motion Technology Corp. ADR [SIMO]KY82706C1089626.882,5690.4
Zendesk Inc. [ZEN]US98936J1016722.691,5120.2
Total652,32998.8
Cash and Other Assets Less Liabilities1.2
Total Net Assets100%

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

As of Quarter Ended 03/31/2015
Economic SectorHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Health Care27.524.8
Information Technology20.524.6
Industrials19.514.6
Consumer Discretionary15.016.0
Financials7.17.6
Materials4.14.7
Energy3.52.5
Telecommunication Services1.10.9
Consumer Staples0.63.4
Utilities0.00.7

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

As of Quarter Ended 03/31/2015
Sector ReturnsHarbor Small Cap Growth Fund %Russell 2000® Growth Index %
Health Care18.912.9
Energy11.98.5
Information Technology9.76.7
Industrials5.62.5
Financials4.63.2
Materials3.21.4
Consumer Discretionary1.65.8
Cash0.00.0
Utilities0.018.4
Telecommunication Services-2.8-3.0
Consumer Staples-14.6-1.1

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.