Harbor Capital Appreciation Fund Institutional Class (HACAX)

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

 Harbor Capital Appreciation FundRussell 1000® Growth Index
Number of Holdings67679
Weighted Avg. Market Cap ($Mil)128,279.49129,460.71
Median Market Cap ($Mil)37,349.199,203.95
Price/Book Ratio6.415.29
Adj. Trailing P/E Ratio31.3421.15
Forecasted P/E Ratio25.1518.42
Earnings Growth Rate (%)25.7720.21
Proj. Earnings Growth Rate (%)21.6514.01
Return on Equity (%)41.2728.01
Turnover (unannualized % since 10/31)16-
Beta vs. Russell 1000® Growth Index1.12-
Beta vs. Russell 3000® Index1.04-

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
Apple Inc. [AAPL]6.3
Facebook Inc. [FB]3.6
MasterCard Inc. [MA]3.4
Amazon.com Inc. [AMZN]2.8
Biogen Inc. [BIIB]2.7
VISA Inc. [V]2.6
Nike Inc. [NKE]2.5
Actavis plc [ACT]2.3
Bristol-Myers Squibb Co. [BMY]2.2
Walt Disney Co. [DIS]2.1
% of Total Holdings:30.5

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Apple Inc. [AAPL]US03783310013,204124.431,642,9536.3
Facebook Inc. [FB]US30303M10211,60382.22953,9753.6
MasterCard Inc. [MA]US57636Q10410,35786.39894,7173.4
Amazon.com Inc. [AMZN]US0231351061,986372.10738,8322.8
Biogen Inc. [BIIB]US09062X1031,697422.24716,4382.7
VISA Inc. [V]US92826C83910,44465.41683,1132.6
Nike Inc. [NKE]US6541061036,574100.33659,5622.5
Actavis plc [ACT]USG0083B1082,016297.62600,0252.3
Bristol-Myers Squibb Co. [BMY]US1101221089,09564.50586,6232.2
Walt Disney Co. [DIS]US2546871065,330104.89559,0362.1
Novo Nordisk AS ADR [NVO]DK6701002059,86053.39526,4172.0
LinkedIn Corp. [LNKD]US53578A1082,081249.86519,8702.0
Celgene Corp. [CELG]US1510201044,413115.28508,7101.9
Salesforce.com Inc. [CRM]US79466L3027,60266.81507,8591.9
Boeing Co. [BA]US0970231053,291150.08493,8611.9
Costco Wholesale Corp. [COST]US22160K1053,233151.50489,7371.9
Priceline Group Inc. [PCLN]US7415034034041164.15470,5871.8
Alibaba Group Holding Ltd. ADR [BABA]CN01609W1025,51083.24458,6231.7
Inditex SA [ITX]ESACI08XL6814,06432.11451,5291.7
Adobe Systems Inc. [ADBE]US00724F1016,03673.94446,3381.7
Google Inc. Class C [GOOG]US38259P706811548.00444,5041.7
Shire plc ADR [SHPG]IE82481R1061,837239.29439,6651.7
Abbott Laboratories [ABT]US0028241009,39446.33435,2091.7
Starbucks Corp. [SBUX]US8552441094,48894.70425,0581.6
Tencent Holdings Ltd. [700]CNBMMV2K90321,97919.00417,6591.6
Google Inc. Class A [GOOGL]US38259P508710554.70393,5761.5
Illumina Inc. [ILMN]US4523271092,117185.64392,9751.5
Red Hat Inc. [RHT]US7565771025,18675.75392,8251.5
NetFlix Inc. [NFLX]US64110L106940416.69391,8621.5
Monsanto Co. [MON]US61166W1013,472112.54390,7171.5
Marriott International Inc. [MAR]US5719032024,78880.32384,5781.5
Twitter Inc. [TWTR]US90184L1027,49550.08375,3281.4
ARM Holdings plc ADR [ARMH]GB0420681066,98649.30344,4211.3
Under Armour Inc. [UA]US9043111074,18480.75337,8791.3
O'reilly Automotive Inc. [ORLY]US67103H1071,558216.24336,9731.3
Gilead Sciences Inc. [GILD]US3755581033,39098.13332,6711.3
Union Pacific Corp. [UNP]US9078181083,064108.31331,8751.3
Alexion Pharmaceuticals Inc. [ALXN]US0153511091,903173.30329,8231.3
FleetCor Technologies Inc. [FLT]US3390411052,166150.92326,8331.2
Concho Resources Inc. [CXO]US20605P1012,737115.92317,2821.2
Tesla Motors Inc. [TSLA]US88160R1011,635188.77308,7131.2
American Tower Corp. [AMT]US03027X1003,25594.15306,4901.2
Canadian Pacific Railway Ltd. [CP]CA13645T1001,619182.70295,7761.1
TJX Cos. Inc. [TJX]US8725401094,21670.05295,3181.1
Workday Inc. [WDAY]US98138H1013,34484.41282,2621.1
Kroger Co. [KR]US5010441013,56076.66272,8991.0
Luxottica Group SpA [LUX]IT4800659034,28263.34271,1771.0
McGraw Hill Financial Inc. [MHFI]US5806451092,619103.40270,8171.0
Morgan Stanley [MS]US6174464487,57135.69270,2221.0
Schlumberger Ltd. [SLB]US8068571083,11183.44259,6211.0
EOG Resources Inc. [EOG]US26875P1012,78691.69255,4121.0
Vertex Pharmaceuticals Inc. [VRTX]US92532F1002,141117.97252,6171.0
Splunk Inc. [SPLK]US8486371044,21559.20249,5280.9
Chipotle Mexican Grill Inc. [CMG]US169656105374650.54243,5710.9
Time Warner Inc. [TWX]US8873173032,78684.44235,2290.9
Mondelez International Inc. [MDLZ]US6092071056,16236.09222,3870.8
Mead Johnson Nutrition Co. [MJN]US5828391062,135100.53214,6340.8
Tiffany & Co. [TIF]US8865471082,42388.01213,2050.8
VMware Inc. [VMW]US9285634022,06882.01169,6010.6
TripAdvisor Inc. [TRIP]US8969452011,96283.17163,1700.6
NXP Semiconductors NV [NXPI]NLN6596X1091,614100.36161,9740.6
FireEye Inc. [FEYE]US31816Q1013,79139.25148,7980.6
Sherwin-Williams Co. [SHW]US824348106434284.50123,4390.5
Vipshop Holdings Ltd. ADR [VIPS]KY92763W1033,25729.4495,8720.4
Incyte Corp. [INCY]US45337C10288091.6680,6650.3
LendingClub Corp. [LC]US52603A10954519.6510,7150.0
Total26,124,63099.3
Cash and Other Assets Less Liabilities0.7
Total Net Assets100%

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

As of Quarter Ended 03/31/2015
Economic SectorHarbor Capital Appreciation Fund %Russell 1000® Growth Index %
Information Technology37.428.5
Consumer Discretionary25.118.8
Health Care19.814.3
Consumer Staples4.610.6
Industrials4.311.8
Financials3.25.2
Energy3.24.5
Materials2.04.0
Telecommunication Services0.02.2
Utilities0.00.1

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

As of Quarter Ended 03/31/2015
Sector ReturnsHarbor Capital Appreciation Fund %Russell 1000® Growth Index %
Health Care9.77.0
Information Technology7.64.1
Consumer Staples5.94.1
Energy5.23.3
Consumer Discretionary4.34.7
Cash0.40.0
Telecommunication Services0.05.1
Utilities0.0-4.8
Financials-0.90.6
Industrials-1.80.3
Materials-4.91.4

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 1000® Growth Index is an unmanaged index generally representative of the U.S. market for larger capitalization growth stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 1000® Growth Index and Russell® are trademarks of Russell Investments.

The S&P 500 Index is an unmanaged index generally representative of the U.S. stock market. This unmanaged index does not reflect fees and expenses and is not available for direct investment.