Harbor Small Cap Growth Opportunities Fund Investor Class (HISOX)

Portfolio Characteristics (As of Quarter Ended 12/31/2015)

 Harbor Small Cap Growth Opportunities FundRussell 2000® Growth Index
Number of Holdings911,194
Weighted Avg. Market Cap ($Mil)1,279.512,067.83
Median Market Cap ($Mil)1,096.20758.00
Price/Book Ratio2.693.70
Adj. Trailing P/E Ratio55.8545.31
Forecasted P/E Ratio19.5318.08
Earnings Growth Rate (%)23.0219.90
Proj. Earnings Growth Rate (%)15.5518.04
Return on Equity (%)21.2020.06
Turnover (unannualized % since 10/31)12-
Beta vs. Russell 2000® Growth Index0.94-
Beta vs. Russell 3000® Index1.09-

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

Top Ten Holdings (As of Quarter Ended 12/31/2015)

Company Name [Ticker]% of Net Assets
Maxlinear Inc. [MXL]3.2
Synchronoss Technologies Inc. [SNCR]2.8
Gogo Inc. [GOGO]2.6
Wageworks Inc. [WAGE]2.3
Cerus Corp. [CERS]2.1
MDC Partners Inc. [MDCA]2.0
WNS Holdings Ltd. ADR [WNS]1.8
Pacira Pharmaceuticals Inc. [PCRX]1.8
Korn/Ferry International [KFY]1.8
Webmd Health Corp. [WBMD]1.7
% of Total Holdings:22.1

Full Holdings (As of Quarter Ended 12/31/2015)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Maxlinear Inc. [MXL]US57776J10046714.736,8843.2
Synchronoss Technologies Inc. [SNCR]US87157B10316735.235,8972.8
Gogo Inc. [GOGO]US38046C10930717.805,4702.6
Wageworks Inc. [WAGE]US93042710910845.374,8882.3
Cerus Corp. [CERS]US1570851016956.324,3942.1
MDC Partners Inc. [MDCA]CA55269710419821.724,3042.0
WNS Holdings Ltd. ADR [WNS]IN92932M10112631.193,9251.8
Pacira Pharmaceuticals Inc. [PCRX]US6951271005076.793,8731.8
Korn/Ferry International [KFY]US50064320011633.183,8391.8
Webmd Health Corp. [WBMD]US94770V1027648.303,6561.7
ExamWorks Group Inc. [EXAM]US30066A10513526.603,6041.7
Blackhawk Network Holdings Inc. [HAWK]US09238E1047944.213,4851.6
Churchill Downs Inc. [CHDN]US17148410824141.493,3381.6
National General Holdings Corp. [NGHC]US63622030315221.863,3171.6
Livanova plc [LIVN]GBG5509L1015559.373,2511.5
Innerworkings Inc. [INWK]US45773Y1054117.503,0821.4
QLIK Technologies Inc. [QLIK]US74733T1059731.663,0731.4
Mobile Mini Inc. [MINI]US60740F1059931.133,0711.4
Clubcorp Holdings Inc. [MYCC]US18948M10816818.273,0661.4
Shutterfly Inc. [SFLY]US82568P3046744.562,9861.4
Merit Medical Systems Inc. [MMSI]US58988910415918.592,9551.4
On Assignment Inc. [ASGN]US6821591086544.952,9001.4
ICU Medical Inc. [ICUI]US44930G10725112.782,7711.3
Callidus Software Inc. [CALD]US13123E50014618.572,7091.3
Interxion Holding NV [INXN]NLN472791098930.152,6801.3
Wright Medical Group NV [WMGI]NLN9661711811124.182,6761.3
Penn National Gaming Inc. [PENN]US70756910916716.022,6751.3
Caesarstone Sdot-Yam Ltd. [CSTE]ILM205981046143.342,6651.3
Novadaq Technologies Inc. [NVDQ]CA66987G10220512.742,6161.2
Endologix Inc. [ELGX]US29266S1062639.902,6011.2
Financial Engines Inc. [FNGN]US3174851007233.672,4141.1
OSI Systems Inc. [OSIS]US6710441052788.662,3821.1
Teligent Inc. [TLGT]US87960W1042618.902,3261.1
Medicines Co. [MDCO]US5846881056137.342,2761.1
Bankrate Inc. [RATE]US06647F10216813.302,2341.1
Ruckus Wireless Inc. [RKUS]US78122010820610.712,2091.0
Ceb Inc. [CEB]US1251341063661.392,1961.0
POZEN Inc. [POZN]US73941U1023166.832,1581.0
Tubemogul Inc. [TUBE]US89857010615813.602,1501.0
Barnes Group Inc. [B]US0678061096135.392,1421.0
Accuray Inc. [ARAY]US0043971053166.752,1301.0
Vasco Data Security International Inc. [VDSI]US92230Y10412616.732,1031.0
National CineMedia Inc. [NCMI]US63530910713315.712,0881.0
Teladoc Inc. [TDOC]US87918A10511517.962,0721.0
Encore Capital Group Inc. [ECPG]US2925541027129.082,0591.0
On Deck Capital Inc. [ONDK]US68216310019910.302,0491.0
Chegg Inc. [CHGG]US1630921093046.732,0491.0
Perficient Inc. [PRFT]US71375U10111917.122,0311.0
Gigamon Inc. [GIMO]US37518B1027426.571,9540.9
Exlservice Holdings Inc. [EXLS]US3020811044244.931,9020.9
Century Communities Inc. [CCS]US15650430010517.711,8670.9
Infoblox Inc. [BLOX]US45672H10410118.391,8510.9
Belmond Ltd. [BEL]BMG1154H1071929.501,8280.9
H&E Equipment Services Inc. [HEES]US40403010810317.481,8050.8
Beacon Roofing Supply Inc. [BECN]US0736851094341.181,7560.8
Vocera Communications Inc. [VCRA]US92857F10714312.201,7430.8
Iridium Communications Inc. [IRDM]US46269C1022078.411,7420.8
Dave & Buster's Entertainment Inc. [PLAY]US2383371094141.741,7220.8
Ixia [XXIA]US45071R10913812.431,7120.8
Pandora Media Inc. [P]US69835410712713.411,7040.8
Logmein Inc. [LOGM]US54142L1092567.101,6700.8
Tuesday Morning Corp. [TUES]US8990355052516.501,6330.8
Circor International Inc. [CIR]US17273K1093942.151,6240.8
Greatbatch Inc. [GB]US39153L1063152.501,6040.8
DigitalGlobe Inc. [DGI]US25389M87710215.661,5920.7
Party City Holdco Inc. [PRTY]US70214910512312.911,5880.7
United Natural Foods Inc. [UNFI]US9111631034039.361,5830.7
Ariad Pharmaceuticals Inc. [ARIA]US04033A1002506.251,5600.7
Fox Factory Holding Corp. [FOXF]US35138V1029416.531,5470.7
Pernix Therapeutics Holdings Inc. [PTX]US71426V1085202.951,5340.7
Cynosure Inc. [CYNO]US2325772053444.671,5190.7
HMS Holdings Corp. [HMSY]US40425J10112212.341,5080.7
Textura Corp. [TXTR]US8832111047021.581,5050.7
Papa Murphy's Holdings Inc. [FRSH]US69881410012911.261,4580.7
Shutterstock Inc. [SSTK]US8256901004532.341,4460.7
Global Eagle Entertainment Inc. [ENT]US37951D1021439.871,4130.7
Nobilis Health Corp. [HLTH]CA65500B1034992.821,4060.7
Malibu Boats Inc. [MBUU]US56117J1008516.371,3960.7
La Quinta Holdings Inc. [LQ]US50420D1089513.611,2940.6
Methode Electronics Inc. [MEI]US5915202004031.831,2640.6
Power Solutions International Inc. [PSIX]US73933G2026618.251,2020.6
Bofi Holding Inc. [BOFI]US05566U1085521.051,1640.5
FARO Technologies Inc. [FARO]US3116421023829.521,1230.5
HUB Group Inc. [HUBG]US4433201063432.951,1120.5
Arctic Cat Inc. [ACAT]US0396701046716.381,1010.5
Talmer Bancorp Inc. [TLMR]US87482X1016018.111,0840.5
BioSpecifics Technologies Corp. [BSTC]US0909311062442.971,0120.5
Evolent Health Inc. [EVH]US30050B1018212.119930.5
Rush Enterprises Inc. [RUSHA]US7818462094521.899870.5
Fleetmatics Group plc [FLTX]IEG355691051650.798110.4
EVINE Live Inc. [EVLV]US3004871053771.786710.3
Total208,70998.2
Cash and Other Assets Less Liabilities1.8
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Economic SectorHarbor Small Cap Growth Opportunities Fund %Russell 2000® Growth Index %
Information Technology31.925.1
Health Care24.728.2
Consumer Discretionary17.916.7
Industrials16.412.6
Financials5.77.8
Telecommunication Services0.80.8
Consumer Staples0.73.5
Energy0.01.0
Materials0.04.1
Utilities0.00.1

Sector Returns (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Sector ReturnsHarbor Small Cap Growth Opportunities Fund %Russell 2000® Growth Index %
Telecommunication Services36.76.5
Health Care11.010.3
Information Technology10.26.5
Industrials5.21.8
Consumer Discretionary1.5-4.2
Cash0.00.0
Energy0.0-13.8
Materials0.05.1
Utilities0.04.9
Financials-1.33.1
Consumer Staples-18.94.6

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.