Harbor Capital Appreciation Fund Investor Class (HCAIX)

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

 Harbor Capital Appreciation FundRussell 1000® Growth Index
Number of Holdings66682
Weighted Avg. Market Cap ($Mil)113,387.95121,294.53
Median Market Cap ($Mil)38,304.258,922.93
Price/Book Ratio5.935.11
Adj. Trailing P/E Ratio34.6223.06
Forecasted P/E Ratio23.8917.95
Earnings Growth Rate (%)13.7912.38
Proj. Earnings Growth Rate (%)20.6214.56
Return on Equity (%)17.0820.21
Turnover (unannualized % since 10/31)7-
Beta vs. Russell 1000® Growth Index1.17-
Beta vs. Russell 3000® Index1.12-

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
Apple Inc. [AAPL]5.8
MasterCard Inc. [MA]3.6
Facebook Inc. [FB]3.6
VISA Inc. [V]2.8
Biogen Idec Inc. [BIIB]2.6
Amazon.com Inc. [AMZN]2.5
Celgene Corp. [CELG]2.4
Nike Inc. [NKE]2.4
Bristol-Myers Squibb Co. [BMY]2.2
Walt Disney Co. [DIS]2.1
% of Total Holdings:30.0

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Apple Inc. [AAPL]US03783310012,968110.381,431,3875.8
MasterCard Inc. [MA]US57636Q10410,40286.16896,2443.6
Facebook Inc. [FB]US30303M10211,43278.02891,9283.6
VISA Inc. [V]US92826C8392,670262.20699,9932.8
Biogen Idec Inc. [BIIB]US09062X1031,905339.45646,6052.6
Amazon.com Inc. [AMZN]US0231351062,030310.35630,1012.5
Celgene Corp. [CELG]US1510201045,317111.86594,7622.4
Nike Inc. [NKE]US6541061036,15696.15591,9152.4
Bristol-Myers Squibb Co. [BMY]US1101221089,17959.03541,8362.2
Walt Disney Co. [DIS]US2546871065,45094.19513,3142.1
Monsanto Co. [MON]US61166W1013,939119.47470,5761.9
Alibaba Group Holding Ltd. ADR [BABA]CN01609W1024,513103.94469,1311.9
Costco Wholesale Corp. [COST]US22160K1053,305141.75468,5541.9
Priceline Group Inc. [PCLN]US7415034034081140.21465,3801.9
Salesforce.com Inc. [CRM]US79466L3027,77359.31461,0011.9
LinkedIn Corp. [LNKD]US53578A1081,963229.71450,9721.8
Actavis plc [ACT]IEG0083B1081,751257.41450,8031.8
Boeing Co. [BA]US0970231053,365129.98437,3521.8
Abbott Laboratories [ABT]US0028241009,60545.02432,4281.7
Novo Nordisk AS ADR [NVO]DK67010020510,08242.32426,6701.7
Union Pacific Corp. [UNP]US9078181083,548119.13422,6701.7
Morgan Stanley [MS]US61744644810,45038.80405,4781.6
Illumina Inc. [ILMN]US4523271092,165184.58399,5311.6
Marriott International Inc. [MAR]US5719032025,08278.03396,5301.6
Adobe Systems Inc. [ADBE]US00724F1015,34072.70388,1901.6
Alexion Pharmaceuticals Inc. [ALXN]US0153511092,081185.03385,1281.6
Starbucks Corp. [SBUX]US8552441094,62482.05379,3691.5
Tiffany & Co. [TIF]US8865471083,486106.86372,5671.5
Inditex SA [ITX]ESACI08XL6813,05828.53372,4701.5
Precision Castparts Corp. [PCP]US7401891051,543240.88371,7121.5
Twenty-First Century Fox Inc. [FOXA]US90130A1019,66438.41371,1401.5
Red Hat Inc. [RHT]US7565771025,30369.14366,6231.5
Canadian Pacific Railway Ltd. [CP]CA13645T1001,889192.69364,0311.5
Gilead Sciences Inc. [GILD]US3755581033,68594.26347,3361.4
Google Inc. Class A [GOOGL]US38259P508641530.66340,0661.4
Google Inc. Class C [GOOG]US38259P706644526.40339,1471.4
NetFlix Inc. [NFLX]US64110L106962341.61328,4911.3
FleetCor Technologies Inc. [FLT]US3390411052,195148.71326,4851.3
Mondelez International Inc. [MDLZ]US6092071058,88036.33322,5531.3
O'reilly Automotive Inc. [ORLY]US67103H1071,661192.62320,0131.3
Concho Resources Inc. [CXO]US20605P1013,09999.75309,0991.2
American Tower Corp. [AMT]US03027X1002,98198.85294,6961.2
Shire plc ADR [SHPG]IE82481R1061,382212.54293,6911.2
Under Armour Inc. [UA]US9043111074,27967.90290,5111.2
ARM Holdings plc ADR [ARMH]GB0420681066,15446.30284,9141.2
Schlumberger Ltd. [SLB]US8068571083,18285.41271,7361.1
Chipotle Mexican Grill Inc. [CMG]US169656105389684.51266,2441.1
EOG Resources Inc. [EOG]US26875P1012,84892.07262,2471.1
Tesla Motors Inc. [TSLA]US88160R1011,176222.41261,6591.1
Vertex Pharmaceuticals Inc. [VRTX]US92532F1002,190118.80260,1241.0
Twitter Inc. [TWTR]US90184L1027,04635.87252,7321.0
TJX Cos. Inc. [TJX]US8725401093,57368.58245,0231.0
Luxottica Group SpA [LUX]IT4800659034,38454.82240,2991.0
McGraw Hill Financial Inc. [MHFI]US5806451092,67888.98238,2981.0
Workday Inc. [WDAY]US98138H1012,89081.61235,8711.0
Splunk Inc. [SPLK]US8486371043,94258.95232,4070.9
Mead Johnson Nutrition Co. [MJN]US5828391062,183100.54219,4900.9
TripAdvisor Inc. [TRIP]US8969452012,60974.66194,8050.8
VMware Inc. [VMW]US9285634022,11582.52174,5000.7
Michael Kors Holdings Ltd. [KORS]USG607541011,81075.10135,9550.5
Incyte Corp. [INCY]US45337C1021,53073.11111,8850.5
FireEye Inc. [FEYE]US31816Q1013,46731.58109,4860.4
Perrigo Co. plc [PRGO]IEG97822103591167.1698,7910.4
Dunkin' Brands Group Inc. [DNKN]US2655041001,69842.6572,4370.3
Tencent Holdings Ltd. [700]CNBMMV2K9034,42914.4764,0870.3
LendingClub Corp. [LC]US52603A10954525.3013,7960.1
Total24,725,265100.1
Cash and Other Assets Less Liabilities-0.1
Total Net Assets100%

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

As of Quarter Ended 12/31/2014
Economic SectorHarbor Capital Appreciation Fund %Russell 1000® Growth Index %
Information Technology34.028.2
Consumer Discretionary26.018.7
Health Care20.114.2
Industrials6.412.2
Consumer Staples4.110.6
Financials3.85.4
Energy3.44.5
Materials1.94.0
Telecommunication Services0.02.1
Utilities0.00.1

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

As of Quarter Ended 12/31/2014
Sector ReturnsHarbor Capital Appreciation Fund %Russell 1000® Growth Index %
Consumer Staples9.27.1
Financials8.78.0
Materials6.70.8
Health Care6.58.8
Information Technology4.24.3
Consumer Discretionary3.27.3
Industrials1.98.4
Telecommunication Services0.0-4.7
Utilities0.06.8
Cash-0.10.0
Energy-14.4-18.5

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.