Harbor Large Cap Value Fund Institutional Class (HAVLX)

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

 Harbor Large Cap Value FundRussell 1000® Value Index
Number of Holdings40700
Weighted Avg. Market Cap ($Mil)76,883.23105,990.77
Median Market Cap ($Mil)47,910.627,611.84
Price/Book Ratio2.581.85
Adj. Trailing P/E Ratio17.9316.29
Forecasted P/E Ratio16.4315.69
Earnings Growth Rate (%)9.299.78
Proj. Earnings Growth Rate (%)10.028.35
Return on Equity (%)14.3811.33
Turnover (unannualized % since 10/31)6-
Beta vs. Russell 1000® Value Index1.07-
Beta vs. Russell 3000® Index1.12-

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
Home Depot Inc. [HD]3.4
Time Warner Inc. [TWX]3.4
Walgreens Boots Alliance Inc. [WBA]3.4
TE Connectivity Ltd. [TEL]3.3
Medtronic plc [MDT]3.2
Lennar Corp. [LEN]3.1
AbbVie Inc. [ABBV]2.9
General Dynamics Corp. [GD]2.8
Adobe Systems Inc. [ADBE]2.7
eBay Inc. [EBAY]2.7
% of Total Holdings:30.9

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Home Depot Inc. [HD]US43707610278113.618,8393.4
Time Warner Inc. [TWX]US88731730310384.448,6973.4
Walgreens Boots Alliance Inc. [WBA]US93142710810284.688,6803.4
TE Connectivity Ltd. [TEL]CHH8498910411771.628,3803.3
Medtronic plc [MDT]IEG5960L10310777.998,3143.2
Lennar Corp. [LEN]US52605710415151.817,8233.1
AbbVie Inc. [ABBV]US00287Y10912658.547,3762.9
General Dynamics Corp. [GD]US36955010853135.737,1942.8
Adobe Systems Inc. [ADBE]US00724F1019573.947,0102.7
eBay Inc. [EBAY]US27864210311957.686,8752.7
Phillips 66 [PSX]US7185461048578.606,6812.6
Microsoft Corp. [MSFT]US59491810416340.666,6272.6
Texas Instruments Inc. [TXN]US88250810411557.196,5532.6
Martin Marietta Materials Inc. [MLM]US57328410646139.806,4872.5
JP Morgan Chase & Co. [JPM]US46625H10010660.586,4282.5
Unilever NV [UN]NL90478470915141.766,3142.5
ITC Holdings Corp. [ITC]US46568510516737.436,2582.4
Illinois Tool Works Inc. [ITW]US4523081096397.146,1302.4
Novartis AG ADR [NVS]CH66987V1096298.616,0742.4
Bank of America Corp. [BAC]US06050510438715.395,9572.3
First Republic Bank [FRC]US33616C10010357.095,8802.3
Oracle Corp. [ORCL]US68389X10513643.155,8732.3
Oshkosh Corp. [OSK]US68823920112048.795,8552.3
Mondelez International Inc. [MDLZ]US60920710515936.095,7422.2
Dow Chemical Co. [DOW]US26054310311647.985,5752.2
General Electric Co. [GE]US36960410321824.815,4062.1
Diageo plc ADR [DEO]GB25243Q20548110.575,3182.1
EMC Corp. [EMC]US26864810220525.565,2472.0
M&T Bank Corp. [MTB]US55261F10441127.005,1942.0
Banco Santander SA ADR [SAN]ES05964H1056957.455,1772.0
Halliburton Co. [HAL]US40621610111643.885,0862.0
Mitsubishi UFJ Financial Group Inc. ADR [MTU]JP6068221048096.225,0322.0
National Fuel Gas Co. [NFG]US6361801018060.334,8261.9
Pioneer Natural Resources Co. [PXD]US72378710729163.514,6761.8
Coty Inc. [COTY]US22207020319024.274,6111.8
Deere & Co. [DE]US2441991055287.694,5951.8
Hershey Co. [HSY]US42786610845100.914,5211.8
Ecolab Inc. [ECL]US27886510039114.384,4841.7
AES Corp. [AES]US00130H10530812.853,9631.5
BOK Financial Corp. [BOKF]US05561Q201861.225170.2
Total240,27593.7
Cash and Other Assets Less Liabilities6.3
Total Net Assets100%

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

As of Quarter Ended 03/31/2015
Economic SectorHarbor Large Cap Value Fund %Russell 1000® Value Index %
Information Technology18.28.9
Consumer Staples13.77.2
Financials13.329.9
Industrials11.410.1
Consumer Discretionary9.96.9
Health Care8.514.7
Materials6.53.1
Energy6.410.9
Utilities5.96.2
Telecommunication Services0.02.1

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

As of Quarter Ended 03/31/2015
Sector ReturnsHarbor Large Cap Value Fund %Russell 1000® Value Index %
Materials14.50.8
Energy10.7-4.6
Health Care10.27.9
Consumer Discretionary7.54.4
Consumer Staples5.3-2.8
Industrials0.4-0.1
Information Technology0.0-7.1
Cash0.00.0
Telecommunication Services0.0-1.0
Financials-1.3-1.2
Utilities-8.2-5.1

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