Harbor Capital Appreciation Fund Investor Class (HCAIX)

Portfolio Characteristics (As of Quarter Ended 09/30/2014)

 Harbor Capital Appreciation FundRussell 1000® Growth Index
Number of Holdings64674
Weighted Avg. Market Cap ($Mil)113,313.57119,092.09
Median Market Cap ($Mil)40,675.488,533.92
Price/Book Ratio5.884.93
Adj. Trailing P/E Ratio34.0422.71
Forecasted P/E Ratio23.0917.33
Earnings Growth Rate (%)16.2614.86
Proj. Earnings Growth Rate (%)23.1215.33
Return on Equity (%)17.4819.72
Turnover (unannualized % since 10/31)27-
Beta vs. Russell 1000® Growth Index1.15-
Beta vs. Russell 3000® Index1.09-

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

Top Ten Holdings (As of Quarter Ended 09/30/2014)

Company Name [Ticker]% of Net Assets
Apple Inc. [AAPL]5.3
Facebook Inc. [FB]3.8
MasterCard Inc. [MA]3.3
Biogen Idec Inc. [BIIB]2.6
Amazon.com Inc. [AMZN]2.6
Schlumberger Ltd. [SLB]2.3
Nike Inc. [NKE]2.2
Google Inc. Class A [GOOGL]2.2
Google Inc. Class C [GOOG]2.2
VISA Inc. [V]2.2
% of Total Holdings:28.7

Full Holdings (As of Quarter Ended 09/30/2014)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Apple Inc. [AAPL]US03783310012,750100.751,284,5165.3
Facebook Inc. [FB]US30303M10211,60579.04917,2603.8
MasterCard Inc. [MA]US57636Q10410,90873.92806,3163.3
Biogen Idec Inc. [BIIB]US09062X1031,891330.81625,5212.6
Amazon.com Inc. [AMZN]US0231351061,935322.44623,9272.6
Schlumberger Ltd. [SLB]US8068571085,402101.69549,2812.3
Nike Inc. [NKE]US6541061036,11189.20545,0712.2
Google Inc. Class A [GOOGL]US38259P508904588.41531,9192.2
Google Inc. Class C [GOOG]US38259P706916577.36528,9812.2
VISA Inc. [V]US92826C8392,476213.37528,2802.2
Celgene Corp. [CELG]US1510201045,39794.78511,5722.1
Novo Nordisk AS ADR [NVO]DK67010020510,38847.62494,6972.0
Walt Disney Co. [DIS]US2546871065,53289.03492,5352.0
Priceline Group Inc. [PCLN]US7415034034141158.58480,0322.0
Gilead Sciences Inc. [GILD]US3755581034,417106.45470,2001.9
Boeing Co. [BA]US0970231053,416127.38435,0881.8
Monsanto Co. [MON]US61166W1013,849112.51433,0401.8
Bristol-Myers Squibb Co. [BMY]US1101221088,36651.18428,1711.8
LinkedIn Corp. [LNKD]US53578A1082,044207.79424,6711.7
Salesforce.com Inc. [CRM]US79466L3027,35757.53423,2671.7
Alexion Pharmaceuticals Inc. [ALXN]US0153511092,414165.82400,2901.6
Canadian Pacific Railway Ltd. [CP]CA13645T1001,918207.47397,8841.6
Illumina Inc. [ILMN]US4523271092,397163.92392,9441.6
Abbott Laboratories [ABT]US0028241009,41441.59391,5211.6
Precision Castparts Corp. [PCP]US7401891051,651236.88391,0771.6
Costco Wholesale Corp. [COST]US22160K1053,072125.32385,0251.6
Union Pacific Corp. [UNP]US9078181083,467108.42375,9011.5
Red Hat Inc. [RHT]US7565771026,54156.15367,3041.5
TJX Cos. Inc. [TJX]US8725401096,15859.17364,3951.5
Merck & Co. Inc. [MRK]US58933Y1056,12359.28362,9791.5
NetFlix Inc. [NFLX]US64110L106794451.18358,2101.5
Inditex SA [ITX]ESACI08XL6812,79327.60353,1371.5
Vertex Pharmaceuticals Inc. [VRTX]US92532F1003,142112.31352,8681.5
Twenty-First Century Fox Inc. [FOXA]US90130A10110,23034.29350,7931.4
Under Armour Inc. [UA]US9043111075,05669.10349,3871.4
Starbucks Corp. [SBUX]US8552441094,61875.46348,4541.4
Concho Resources Inc. [CXO]US20605P1012,726125.39341,8181.4
Marriott International Inc. [MAR]US5719032024,68969.90327,7271.3
Twitter Inc. [TWTR]US90184L1026,27551.58323,6561.3
Adobe Systems Inc. [ADBE]US00724F1014,57769.19316,7011.3
Mondelez International Inc. [MDLZ]US6092071059,01434.27308,8641.3
EOG Resources Inc. [EOG]US26875P1013,04399.02301,2881.2
Tesla Motors Inc. [TSLA]US88160R1011,212242.68294,1591.2
American Tower Corp. [AMT]US03027X1003,02693.63283,3571.2
Chipotle Mexican Grill Inc. [CMG]US169656105422666.59281,0561.2
Tiffany & Co. [TIF]US8865471082,87296.31276,6051.1
VMware Inc. [VMW]US9285634022,77593.84260,4341.1
Allergan Inc. [AGN]US0184901021,410178.19251,2921.0
Morgan Stanley [MS]US6174464487,15034.57247,1711.0
FleetCor Technologies Inc. [FLT]US3390411051,727142.12245,4571.0
TripAdvisor Inc. [TRIP]US8969452012,64991.42242,1451.0
O'reilly Automotive Inc. [ORLY]US67103H1071,604150.36241,1581.0
Actavis plc [ACT]IEG0083B108991241.28239,2011.0
Luxottica Group SpA [LUX]IT4800659034,28251.98222,5700.9
Workday Inc. [WDAY]US98138H1012,65882.50219,3160.9
Splunk Inc. [SPLK]US8486371043,93455.36217,7690.9
Alibaba Group Holding Ltd. ADR [BABA]KY01609W1022,39988.85213,1070.9
Mead Johnson Nutrition Co. [MJN]US5828391062,02496.22194,7630.8
Michael Kors Holdings Ltd. [KORS]USG607541012,65871.39189,7680.8
Dunkin' Brands Group Inc. [DNKN]US2655041003,73744.82167,4970.7
ARM Holdings plc ADR [ARMH]GB0420681062,98843.69130,5460.5
FireEye Inc. [FEYE]US31816Q1013,34130.56102,1110.4
Incyte Corp. [INCY]US45337C1021,55449.0576,2000.3
Pandora Media Inc. [P]US6983541072,61324.1663,1300.3
Total24,055,38098.8
Cash and Other Assets Less Liabilities1.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Economic SectorHarbor Capital Appreciation Fund %Russell 1000® Growth Index %
Information Technology32.528.4
Consumer Discretionary26.818.3
Health Care20.613.6
Industrials6.611.8
Energy4.95.7
Consumer Staples3.710.4
Financials2.25.1
Materials1.84.3
Utilities0.00.1
Telecommunication Services0.02.4

Sector Returns (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Sector ReturnsHarbor Capital Appreciation Fund %Russell 1000® Growth Index %
Health Care6.68.0
Financials5.6-1.4
Information Technology4.24.1
Industrials3.0-1.4
Consumer Staples1.10.8
Consumer Discretionary0.50.5
Cash0.30.0
Telecommunication Services0.03.8
Utilities0.0-5.5
Materials-9.5-0.2
Energy-13.8-10.3

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.