Harbor International Fund Institutional Class (HAINX)

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

 Harbor International FundMSCI EAFE (ND) Index
Number of Holdings73901
Weighted Avg. Market Cap ($Mil)68,782.2365,102.30
Median Market Cap ($Mil)33,923.358,680.14
Price/Book Ratio1.901.67
Adj. Trailing P/E Ratio16.5016.50
Forecasted P/E Ratio14.3813.83
Earnings Growth Rate (%)7.477.48
Proj. Earnings Growth Rate (%)11.939.87
Return on Equity (%)17.1812.08
Turnover (unannualized % since 10/31)8-
Beta vs. MSCI EAFE (ND) Index0.96-

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
Banco Bilbao Vizcaya Argentaria SA [BBVA]2.8
Roche Holding AG [ROG]2.8
Novo Nordisk AS [NOVOB]2.7
Lloyds Banking Group plc [LLOY]2.7
Anheuser-Busch InBev NV [ABI]2.6
Novartis AG [NOVN]2.6
Schneider Electric SE [SU]2.5
AXA SA [CS]2.5
Fanuc Corp. [6954]2.4
Rolls-Royce Holdings plc [RR.]2.3
% of Total Holdings:25.9

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Banco Bilbao Vizcaya Argentaria SA [BBVA]ES116,98512.041,407,9732.8
Roche Holding AG [ROG]CH4,663295.301,376,9622.8
Novo Nordisk AS [NOVOB]DK28,58947.611,361,1812.7
Lloyds Banking Group plc [LLOY]GB1,074,8801.241,337,2232.7
Anheuser-Busch InBev NV [ABI]BE11,484110.901,273,5852.6
Novartis AG [NOVN]CH13,51894.171,272,9382.6
Schneider Electric SE [SU]FR16,46176.721,262,8952.5
AXA SA [CS]FR50,25424.631,237,8872.5
Fanuc Corp. [6954]JP6,532180.851,181,3842.4
Rolls-Royce Holdings plc [RR.]GB72,24015.561,124,3242.3
SAP SE [SAP]DE15,49572.171,118,2472.2
Diageo plc [DGE]GB37,37128.841,077,8712.2
Allianz SE [ALV]DE6,365161.431,027,5602.1
Essilor International SA [EI]FR8,742109.67958,7451.9
BG Group plc [BG.]GB50,15018.46925,8161.9
Linde AG [LIN]DE4,802191.41919,0741.8
Atlas Copco AB [ATCO A_SEK]SE31,73228.53905,4251.8
SMC Corp. [6273]JP3,198275.74881,9581.8
Nestle SA [NESN]CH11,79073.49866,4891.7
Pernod Ricard SA [RI]FR7,648113.18865,5691.7
CIE Financiere Richemont SA [CFR]CH10,52281.74860,0591.7
ABB Ltd. [ABBN]CH37,80422.37845,6641.7
Freeport-McMoRan Inc. [FCX]US25,24332.65824,1711.7
Unibail-Rodamco SE [UL]FR3,184257.16818,9011.6
Japan Tobacco Inc. [2914]JP24,92732.50810,0141.6
Daimler AG [DAI]DE10,50876.37802,4921.6
Heineken NV [HEIA]NL10,73474.68801,6741.6
Banco Santander SA [SAN]ES82,6979.57791,7061.6
UBS AG [UBSN]CH44,70417.38777,0751.6
Holcim Ltd. [HOLN]CH10,45972.75760,9431.5
Investor AB [INVE B_SEK]SE20,60235.21725,3941.5
L'Oreal SA [OR]FR4,446158.59705,1401.4
United Overseas Bank Ltd. [U11]SG39,15517.53686,4231.4
Danone SA [BN]FR10,20366.97683,2751.4
CRH plc [CRH]IE28,63722.72650,7121.3
Reckitt Benckiser Group plc [RB.]GB7,48986.46647,5001.3
Swatch Group AG [UHR]CH1,336473.90633,3441.3
Syngenta AG [SYNN]CH1,988316.65629,3921.3
Compagnie de Saint-Gobain [SGO]FR13,67145.69624,6591.3
Volkswagen AG [VOW3]DE2,961206.51611,5511.2
Glencore plc [GLEN]GB104,8675.54580,7891.2
Pearson plc [PSON]GB27,08520.08543,9531.1
Volvo AB [VOLV B_SEK]SE49,96210.82540,5311.1
LVMH Moet Hennessy Louis Vuitton SA [MC]FR3,292162.38534,5761.1
Cheung Kong Holdings Ltd. [1]HK30,44116.44500,3611.0
Komatsu Ltd. [6301]JP21,53723.11497,7521.0
Intesa Sanpaolo SpA [ISP]IT163,8593.02494,6451.0
Legrand SA [LR]FR9,16451.96476,2111.0
Royal Dutch Shell plc [RDSA]NL12,04338.17459,7170.9
Dentsu Inc. [4324]JP11,18638.09426,0660.9
Accor SA [AC]FR9,41044.29416,7490.8
Fresenius Se & Co. KGAA [FRE]DE8,38649.37413,9970.8
Erste Group Bank AG [EBS]AT17,30822.83395,1820.8
Genting Bhd [GENTING]MY130,3812.89376,9760.8
Tokio Marine Holdings Inc. [8766]JP11,61631.03360,4070.7
Banco Bradesco SA [BBDC4]BR24,87914.23354,1150.7
Itau Unibanco Holding SA ADR [ITUB]BR24,79613.88344,1650.7
Sandvik AB [SAND_SEK]SE29,52911.23331,6470.7
Air Liquide SA [AI]FR2,563121.92312,5120.6
Fresenius Medical Care AG & Co. KGAA [FME]DE4,36769.66304,1840.6
Potash Corp. of Saskatchewan Inc. [POT]CA8,71834.56301,2870.6
Pirelli & C. SpA [PC]IT21,81913.79300,8700.6
JCDecaux SA [DEC]FR8,44631.54266,3820.5
Anglo American plc [AAL]GB9,22622.30205,7460.4
Royal Dutch Shell plc ADR [RDS/A]NL2,68576.13204,4430.4
Barrick Gold Corp. [ABX]CA11,09314.66162,6250.3
Hang Lung Properties Ltd. [101]HK47,8232.84135,6240.3
LIXIL Group Corp. [5938]JP5,45421.33116,3580.2
Anglo American plc ADR [AAUKY]GB8,69811.1797,1170.2
Potash Corp. of Saskatchewan Inc. [POT]CA1,25134.6343,3340.1
Genting Bhd [GENTING-WA]MY30,6340.8827,0810.1
Mitsubishi Estate Co. Ltd. [8802]JP89122.5420,0810.0
Banco Bilbao Vizcaya Argentaria SA [BBV.D]ES116,9850.1011,6730.0
Total47,630,35195.8
Cash and Other Assets Less Liabilities4.2
Total Net Assets100%

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

As of Quarter Ended 09/30/2014
Economic SectorHarbor International Fund %MSCI EAFE (ND) Index %
Financials23.025.7
Industrials17.712.5
Consumer Staples15.510.9
Consumer Discretionary11.711.6
Health Care11.411.2
Materials11.07.7
Energy3.26.9
Information Technology2.24.7
Utilities0.03.9
Telecommunication Services0.04.9

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

As of Quarter Ended 09/30/2014
Sector ReturnsHarbor International Fund %MSCI EAFE (ND) Index %
Health Care2.50.4
Cash0.00.0
Telecommunication Services0.0-5.2
Utilities0.0-5.5
Financials-4.8-4.6
Consumer Staples-4.9-6.9
Information Technology-7.4-0.7
Industrials-9.3-7.0
Energy-9.6-11.1
Materials-10.4-9.3
Consumer Discretionary-14.0-8.4

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

As of Quarter Ended 09/30/2014
CountryHarbor International Fund %MSCI EAFE (ND) Index %
France18.49.4
Switzerland16.19.1
United Kingdom13.122.1
Germany10.48.7
Japan8.621.0
Sweden5.03.0
Spain4.43.6
Netherlands2.93.1
Denmark2.71.6
Belgium2.61.3
Other15.817.1

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 MSCI EAFE (ND) Index is an unmanaged index generally representative of major overseas stock markets. This unmanaged index does not reflect fees and expenses and is not available for direct investment.