Harbor Small Cap Growth Opportunities Fund Investor Class (HISOX)

Portfolio Characteristics (As of Quarter Ended 12/31/2014)

 Harbor Small Cap Growth Opportunities FundRussell 2000® Growth Index
Number of Holdings991,205
Weighted Avg. Market Cap ($Mil)1,405.282,092.60
Median Market Cap ($Mil)1,279.62835.62
Price/Book Ratio2.874.01
Adj. Trailing P/E Ratio47.4375.21
Forecasted P/E Ratio20.5019.80
Earnings Growth Rate (%)9.7017.17
Proj. Earnings Growth Rate (%)13.6917.54
Return on Equity (%)17.5920.34
Turnover (unannualized % since 10/31)11-
Beta vs. Russell 2000® Growth Index0.97-
Beta vs. Russell 3000® Index1.31-

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

Top Ten Holdings (As of Quarter Ended 12/31/2014)

Company Name [Ticker]% of Net Assets
Synchronoss Technologies Inc. [SNCR]2.2
Wageworks Inc. [WAGE]2.1
Webmd Health Corp. [WBMD]2.0
Korn/Ferry International [KFY]1.8
Aruba Networks Inc. [ARUN]1.8
Shutterfly Inc. [SFLY]1.8
Dealertrack Technologies Inc. [TRAK]1.7
Gogo Inc. [GOGO]1.7
DigitalGlobe Inc. [DGI]1.7
H&E Equipment Services Inc. [HEES]1.5
% of Total Holdings:18.3

Full Holdings (As of Quarter Ended 12/31/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Synchronoss Technologies Inc. [SNCR]US87157B1034541.861,8692.2
Wageworks Inc. [WAGE]US9304271092764.571,7692.1
Webmd Health Corp. [WBMD]US94770V1024239.551,6662.0
Korn/Ferry International [KFY]US5006432005328.761,5281.8
Aruba Networks Inc. [ARUN]US0431761068318.181,5101.8
Shutterfly Inc. [SFLY]US82568P3043641.701,5071.8
Dealertrack Technologies Inc. [TRAK]US2423091023344.311,4831.7
Gogo Inc. [GOGO]US38046C1098816.531,4491.7
DigitalGlobe Inc. [DGI]US25389M8774630.971,4231.7
H&E Equipment Services Inc. [HEES]US4040301084528.091,2611.5
On Assignment Inc. [ASGN]US6821591083833.191,2601.5
Cerus Corp. [CERS]US1570851011946.241,2121.4
Innerworkings Inc. [INWK]US45773Y1051507.791,1681.4
ExamWorks Group Inc. [EXAM]US30066A1052841.591,1611.4
OSI Systems Inc. [OSIS]US6710441051670.771,0981.3
Mobile Mini Inc. [MINI]US60740F1052740.511,0781.3
Tuesday Morning Corp. [TUES]US8990355054921.701,0721.3
QLIK Technologies Inc. [QLIK]US74733T1053430.891,0631.3
Corporate Executive Board Co. [CEB]US21988R1021572.531,0561.2
Microsemi Corp. [MSCC]US5951371003728.381,0461.2
Cynosure Inc. [CYNO]US2325772053727.421,0271.2
WNS Holdings Ltd. ADR [WNS]IN92932M1014920.661,0101.2
Caesarstone Sdot-Yam Ltd. [CSTE]ILM205981041659.829751.1
Medicines Co. [MDCO]US5846881053527.679621.1
Fleetmatics Group plc [FLTX]IEG355691052735.499541.1
Ariad Pharmaceuticals Inc. [ARIA]US04033A1001376.879411.1
MDC Partners Inc. [MDCA]CA5526971044122.729371.1
Churchill Downs Inc. [CHDN]US1714841081095.309341.1
La Quinta Holdings Inc. [LQ]US50420D1084222.069331.1
Blackhawk Network Holdings Inc. [HAWKB]US09238E2032537.699311.1
Barnes Group Inc. [B]US0678061092537.019301.1
Fluidigm Corp. [FLDM]US34385P1082733.739091.1
HMS Holdings Corp. [HMSY]US40425J1014321.149031.1
Retailmenot Inc. [SALE]US76132B1066214.629021.1
Encore Capital Group Inc. [ECPG]US2925541022044.408971.1
Perficient Inc. [PRFT]US71375U1014718.638771.0
Accuray Inc. [ARAY]US0043971051157.558671.0
Quality Distribution Inc. [QLTY]US74756M1028010.648531.0
Marcus & Millichap Inc. [MMI]US5663241092533.258421.0
Argo Group International Holdings Ltd. [AGII]BMG0464B1071555.478411.0
Exlservice Holdings Inc. [EXLS]US3020811042928.718361.0
Iridium Communications Inc. [IRDM]US46269C102859.758301.0
Mueller Water Products Inc. [MWA]US6247581088010.248191.0
Textura Corp. [TXTR]US8832111042828.478091.0
Park-Ohio Holdings Corp. [PKOH]US7006661001363.037980.9
South State Corp. [SSB]US8404411091267.087910.9
Trimas Corp. [TRS]US8962152092531.297870.9
Interxion Holding NV [INXN]NLN472791092927.347840.9
Ixia [XXIA]US45071R1097011.257830.9
Merit Medical Systems Inc. [MMSI]US5898891044517.337740.9
Popeyes Louisiana Kitchen Inc. [PLKI]US7328721061456.277660.9
Pernix Therapeutics Holdings Inc. [PTX]US71426V108819.397560.9
Belmond Ltd. [BEL]BMG1154H1076112.377530.9
Novadaq Technologies Inc. [NVDQ]CA66987G1024516.627480.9
Steris Corp. [STE]US8591521001164.857360.9
Logmein Inc. [LOGM]US54142L1091549.347310.9
Allscripts Healthcare Solutions Inc. [MDRX]US01988P1085712.777280.9
Arcbest Corp. [ARCB]US03937C1051646.377240.9
Del Frisco's Restaurant Group Inc. [DFRG]US2450771023023.747180.8
FTI Consulting Inc. [FCN]US3029411091838.637130.8
AMN Healthcare Services Inc. [AHS]US0017441013619.607090.8
Quality Systems Inc. [QSII]US7475821044515.597040.8
Finisar Corp. [FNSR]US31787A5073619.417030.8
Power Solutions International Inc. [PSIX]US73933G2021451.617020.8
Red Robin Gourmet Burgers Inc. [RRGB]US75689M101976.987010.8
Procera Networks Inc. [PKT]US74269U203967.196920.8
AMC Entertainment Holdings Inc. [AMC]US00165C1042626.186880.8
Circor International Inc. [CIR]US17273K1091160.286790.8
Vail Resorts Inc. [MTN]US91879Q109791.136710.8
Lithia Motors Inc. [LAD]US536797103886.696540.8
Maxlinear Inc. [MXL]US57776J100887.416490.8
HomeAway Inc. [AWAY]US43739Q1002229.786480.8
Wright Medical Group Inc. [WMGI]US98235T1072426.876360.7
NutriSystem Inc. [NTRI]US67069D1083219.556340.7
Cyberonics Inc. [CYBX]US23251P1021155.686320.7
Healthcare Services Group Inc. [HCSG]US4219061082030.936110.7
Tivo Inc. [TIVO]US8887061085011.845970.7
Matador Resources Co. [MTDR]US5764852052920.235960.7
National General Holdings Corp. [NGHC]US6362203033218.615920.7
Fox Factory Holding Corp. [FOXF]US35138V1023516.235750.7
Boulder Brands Inc. [BDBD]US1014051085211.065740.7
Tree.com Inc. [TREE]US8946751071248.345660.7
National CineMedia Inc. [NCMI]US6353091073914.375630.7
Pdc Energy Inc. [PDCE]US69327R1011341.275550.7
Trueblue Inc. [TBI]US89785X1012522.255480.6
Century Communities Inc. [CCS]US1565043003117.285360.6
Inventure Foods Inc. [SNAK]US4612121024012.745060.6
Motorcar Parts of America Inc. [MPAA]US6200711001631.095050.6
Nortek Inc. [NTK]US656559309681.334790.6
Financial Engines Inc. [FNGN]US3174851001336.554690.6
IGI Laboratories Inc. [IG]US449575109538.804670.5
Vince Holding Corp. [VNCE]US92719W1081826.144620.5
Rush Enterprises Inc. [RUSHA]US7818462091432.054560.5
Movado Group Inc. [MOV]US6245801061628.374430.5
Houston Wire & Cable Co. [HWCC]US44244K1093611.954320.5
BioSpecifics Technologies Corp. [BSTC]US0909311061138.624180.5
US Silica Holdings Inc. [SLCA]US90346E1031525.693920.5
Ehealth Inc. [EHTH]US28238P1091624.923910.5
Francesca's Holdings Corp. [FRAN]US3517931042316.703810.4
Total82,70497.5
Cash and Other Assets Less Liabilities2.5
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Economic SectorHarbor Small Cap Growth Opportunities Fund %Russell 2000® Growth Index %
Information Technology26.124.7
Industrials23.615.0
Consumer Discretionary18.115.9
Health Care17.524.0
Financials6.37.9
Consumer Staples1.83.6
Energy1.82.4
Materials1.14.9
Telecommunication Services1.01.0
Utilities0.00.6

Sector Returns (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Sector ReturnsHarbor Small Cap Growth Opportunities Fund %Russell 2000® Growth Index %
Health Care23.817.4
Materials16.84.8
Financials16.110.8
Consumer Discretionary9.513.1
Industrials9.19.9
Information Technology2.511.7
Cash0.00.0
Utilities0.0-14.9
Telecommunication Services-2.012.0
Consumer Staples-10.911.0
Energy-40.9-36.7

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.