The Harvard College Fund yesterday reported a possible record total of over $4.8 million in gifts for the 1974-75 fiscal year ending June 30, but fell short of the fund's fall goal of $5 million.

Rufus W. Peebles Jr. '61, associate director of the fund, said yesterday that giving for the fund fell short of its goal because of "people's feelings about the state of the economy"--and particularly, the depressed state of the stock market for much of this year.

The Fund, according to its own estimates, may better last year's record gifts of $4,822,000 by June 30, when the fund fell short of original budgeted goals by an almost identical amount as this year.

The Class of 1950 gift--which will be the third ever to be over $1 million--may by June 30 surpass last year's 25th gift of the Class of 1949, which was $1,175,049.

The Class of 1925 gift of about $600,000 included contributions from 77 per cent of the class, a new record for participation, the Fund office reported.

The Fund's projected total also fell short of earlier goals--ranging as high as $5.5 million in November--made by Dean Rosovsky's office. The Fund usually pays for about one-tenth of the Faculty's unrestricted income.

Hale Champion, financial vice president, said yesterday that the Dean's office had scaled down budgeted goals for the Fund since November to accommodate the expected shortfall.