Harbor Large Cap Value Fund Investor Class (HILVX)

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

 Harbor Large Cap Value FundRussell 1000® Value Index
Number of Holdings40704
Weighted Avg. Market Cap ($Mil)73,651.78112,631.48
Median Market Cap ($Mil)42,646.387,332.27
Price/Book Ratio2.521.85
Adj. Trailing P/E Ratio18.8416.57
Forecasted P/E Ratio15.8915.39
Earnings Growth Rate (%)11.447.86
Proj. Earnings Growth Rate (%)11.218.83
Return on Equity (%)12.7611.05
Turnover (unannualized % since 10/31)1-
Beta vs. Russell 1000® Value Index1.05-
Beta vs. Russell 3000® Index1.05-

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
Time Warner Inc. [TWX]3.5
TE Connectivity Ltd. [TEL]3.4
Home Depot Inc. [HD]3.3
Walgreens Boots Alliance Inc. [WBA]3.1
Medtronic Inc. [MDT]3.1
Lennar Corp. [LEN]3.0
AbbVie Inc. [ABBV]2.9
Bank of America Corp. [BAC]2.8
Adobe Systems Inc. [ADBE]2.8
Phillips 66 [PSX]2.8
% of Total Holdings:30.7

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

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Time Warner Inc. [TWX]US88731730310385.428,7983.5
TE Connectivity Ltd. [TEL]CHH8498910413363.258,3873.4
Home Depot Inc. [HD]US43707610278104.978,1673.3
Walgreens Boots Alliance Inc. [WBA]US93142710810276.207,8113.1
Medtronic Inc. [MDT]US58505510610772.207,6973.1
Lennar Corp. [LEN]US52605710416644.817,4613.0
AbbVie Inc. [ABBV]US00287Y10911265.447,3232.9
Bank of America Corp. [BAC]US06050510438717.896,9252.8
Adobe Systems Inc. [ADBE]US00724F1019572.706,8922.8
Phillips 66 [PSX]US7185461049571.706,8402.8
ITC Holdings Corp. [ITC]US46568510516740.436,7602.7
eBay Inc. [EBAY]US27864210311956.126,6902.7
Hospira Inc. [HSP]US44106010010961.256,6762.7
JPMorgan Chase & Co. [JPM]US46625H10010662.586,6402.7
General Dynamics Corp. [GD]US36955010848137.626,5782.6
Microsoft Corp. [MSFT]US59491810413946.456,4662.6
Texas Instruments Inc. [TXN]US88250810411553.476,1272.5
Oracle Corp. [ORCL]US68389X10513644.976,1202.5
EMC Corp. [EMC]US26864810220529.746,1062.5
Illinois Tool Works Inc. [ITW]US4523081096394.705,9762.4
Unilever NV [UN]NL90478470915139.045,9032.4
Mondelez International Inc. [MDLZ]US60920710515936.335,7792.3
Banco Santander SA ADR [SAN]ES05964H1056798.335,6602.3
General Electric Co. [GE]US36960410321825.275,5062.2
Diageo plc ADR [DEO]GB25243Q20548114.095,4882.2
First Republic Bank [FRC]US33616C10010352.125,3682.2
Dow Chemical Co. [DOW]US26054310311645.615,3002.1
Coty Inc. [COTY]US22207020325220.665,2172.1
M&T Bank Corp. [MTB]US55261F10441125.625,1382.1
Martin Marietta Materials Inc. [MLM]US57328410646110.325,1192.1
Oshkosh Corp. [OSK]US68823920110348.655,0302.0
Ecolab Inc. [ECL]US27886510045104.524,6771.9
Hershey Co. [HSY]US42786610845103.934,6561.9
Deere & Co. [DE]US2441991055288.474,6361.9
Halliburton Co. [HAL]US40621610111639.334,5581.8
Mitsubishi UFJ Financial Group Inc. ADR [MTU]JP6068221048095.534,4741.8
General Mills Inc. [GIS]US3703341048253.334,3611.8
Pioneer Natural Resources Co. [PXD]US72378710729148.854,2571.7
AES Corp. [AES]US00130H10530813.774,2471.7
National Fuel Gas Co. [NFG]US6361801013369.532,3070.9
Total238,12196.0
Cash and Other Assets Less Liabilities4.0
Total Net Assets100%

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

As of Quarter Ended 12/31/2014
Economic SectorHarbor Large Cap Value Fund %Russell 1000® Value Index %
Information Technology18.89.5
Consumer Staples15.87.4
Financials13.829.9
Industrials11.210.0
Consumer Discretionary9.86.6
Health Care8.713.7
Energy6.311.2
Materials6.13.1
Utilities5.46.5
Telecommunication Services0.02.1

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

As of Quarter Ended 12/31/2014
Sector ReturnsHarbor Large Cap Value Fund %Russell 1000® Value Index %
Health Care16.46.9
Consumer Discretionary14.811.4
Consumer Staples10.410.1
Industrials7.94.5
Information Technology7.26.9
Utilities7.012.7
Financials0.97.3
Cash0.00.0
Telecommunication Services0.0-3.5
Materials-11.6-3.4
Energy-24.7-9.3

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® 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.