Harbor International Growth Fund Institutional Class (HAIGX)

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

 Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings791,829
Weighted Avg. Market Cap ($Mil)41,732.9658,122.15
Median Market Cap ($Mil)13,020.097,234.06
Price/Book Ratio2.241.66
Adj. Trailing P/E Ratio17.4915.65
Forecasted P/E Ratio16.6213.07
Earnings Growth Rate (%)13.749.13
Proj. Earnings Growth Rate (%)12.6610.76
Return on Equity (%)14.9312.62
Turnover (unannualized % since 10/31)19-
Beta vs. MSCI EAFE (ND) Index0.98-
Beta vs. MSCI All Country World Ex. US (ND) Index 0.99-

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
Roche Holding AG [ROG]3.1
Investment AB Kinnevik [KINV B_SEK]3.0
Novo Nordisk AS [NOVOB]2.6
BG Group plc [BG.]2.4
Svenska Handelsbanken AB [SHB A_SEK]2.3
Baidu Inc ADR [BIDU]2.2
Shimano Inc. [7309]2.2
Cochlear Ltd. [COH]2.0
Carlsberg AS [CARL B]2.0
Unilever plc [ULVR]1.9
% of Total Holdings:23.7

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

Company Name [Ticker]CountrySEDOLShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Roche Holding AG [ROG]CH711038824295.307,1333.1
Investment AB Kinnevik [KINV B_SEK]SEB00GC1218836.066,7633.0
Novo Nordisk AS [NOVOB]DKBHC8X9012247.615,8022.6
BG Group plc [BG.]GB087628929018.465,3452.4
Svenska Handelsbanken AB [SHB A_SEK]SE570366111246.835,2562.3
Baidu Inc ADR [BIDU]CNB0FXT1723218.235,0852.2
Shimano Inc. [7309]JP680482041121.645,0002.2
Cochlear Ltd. [COH]AU62117987560.814,5712.0
Carlsberg AS [CARL B]DK41692195088.814,4702.0
Unilever plc [ULVR]GBB10RZP710441.864,3481.9
Atlas Copco AB [ATCO B_SEK]SEB1QGR7416625.844,2821.9
Naspers Ltd. [NPN]ZA662269139109.524,2401.9
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR615525016267.654,2261.9
KAO Corp. [4452]JP648380910639.024,1251.8
Nestle SA [NESN]CH71238705573.494,0491.8
Standard Chartered plc [STAN]GB040828421718.444,0011.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW211338219820.183,9881.8
Hargreaves Lansdown plc [HL.]GBB1VZ0M226115.263,9871.8
United Overseas Bank Ltd. [U11]SG691678122317.533,9141.7
MS&AD Insurance Group Holdings [8725]JPB2Q4CS117921.813,9001.7
Mahindra & Mahindra Ltd. GDR [MHID]INB163GT017322.053,8131.7
Samsung Electronics Co. Ltd. [A005930]KR677172031120.013,8051.7
Johnson Matthey plc [JMAT]GBB70FPS67747.163,6161.6
Distribuidora Internacional de Alimentacion SA [DIA]ESB55ZR924977.173,5651.6
THK Co. Ltd. [6481]JP686913114024.923,5011.5
Jardine Matheson Holdings Ltd. [J36]SG64721195759.593,4081.5
Hon Hai Precision Industry Co. Ltd. GDR [HHPD]TW57582185386.223,3511.5
Rakuten Inc. [4755]JP622959728911.513,3251.5
Olympus Corp. [7733]JP66588018735.863,1311.4
Seek Ltd. [SEK]AUB0767Y321814.153,0901.4
Inditex SA [ITX]ESBP9DL9011227.603,0811.4
Coca-Cola Enterprises Inc. [CCE]USB42BPG96844.363,0101.3
Rightmove plc [RMV]GBB2987V88434.782,9181.3
Exor SpA [EXO]ITB06HZC17538.662,9101.3
Geberit AG [GEBN]CHB1WGG939322.312,8761.3
Investor AB [INVE B_SEK]SE56795918035.212,8011.2
Asahi Group Holdings Ltd. [2502]JP60544099528.932,7511.2
Turkiye Garanti Bankasi As ADR [TGBD]TR25998188523.212,7391.2
Asos plc [ASC]GB30927257536.342,7351.2
Kone OYJ [KNEBV]FIB09M9D26740.042,6821.2
Mettler-Toledo International Inc. [MTD]CH212624910256.132,6441.2
Intertek Group plc [ITRK]GB31638365842.382,4691.1
Tsingtao Brewery Co. Ltd. [168]CN69058083447.102,4441.1
John Wood Group plc [WG.]GBB5N0P8419512.262,3881.1
BHP Billiton plc [BLT]GB00566508527.662,3401.0
CNH Industrial NV [CNHI]ITBDSV2V02937.922,3241.0
Schindler Holding AG [SCHP]CHB11TCY017135.462,2791.0
Brambles Ltd. [BXB]AUB1FJ0C02708.322,2451.0
SMC Corp. [6273]JP67639658275.742,2341.0
Cafe de Coral Holdings Ltd. [341]HK61609536603.372,2261.0
Trade Me Group Ltd. [TME]NZB76CYL77902.732,1581.0
Total SA [FP]FRB15C5573364.752,1150.9
Mitchells & Butlers plc [MAB]GBB1FP6H53555.792,0560.9
Weir Group plc [WEIR]GB09465805140.392,0510.9
Imperial Tobacco Group plc [IMT]GB04544924643.061,9800.9
Woolworths Ltd. [WOW]AU69812396329.941,8830.8
Clicks Group Ltd. [CLS]ZA61055783055.931,8080.8
Wal-Mart de Mexico SAB de CV [WALMEXV]MXB02YZ046932.521,7450.8
Itau Unibanco Holding SA ADR [ITUB]BR284973912413.881,7220.8
Adidas AG [ADS]DE40319762374.621,7220.8
Corp. Financiera Alba SA [ALB]ES57304093252.901,7170.8
Legrand SA [LR]FRB11ZRK93251.961,6770.7
Novozymes AS [NZYM B]DKB798FW03943.281,6680.7
UBS AG [UBSN]CHB18YFJ48717.381,5100.7
Jardine Strategic Holdings Ltd. [J37]SG64729604334.811,4970.7
Mindray Medical International Ltd. ADR [MR]CNB1FCP244830.161,4580.6
Imagination Technologies Group plc [IMG]GB09303124763.031,4430.6
BOC Hong Kong Holdings Ltd. [2388]HK65361124533.181,4420.6
Sugi Holdings Co. Ltd. [7649]JP62590113141.991,3190.6
Sankyo Co. Ltd. [6417]JP67754323635.841,2790.6
Li & Fung Ltd. [494]HK62862571,1061.131,2550.6
Kazakhmys plc [KAZ]GBB0HZPV32884.261,2260.5
JD.Com Inc. ADR [JD]CNBMM27D94425.821,1490.5
Puregold Price Club Inc. [PGOLD]PHB725S291,3810.771,0670.5
Treasury Wine Estates Ltd. [TWE]AUB61JC672813.701,0400.5
Mesoblast Ltd. [MSB]AUB04SF482563.779660.4
Shiseido Co. Ltd. [4911]JP68052655416.508840.4
Protalix BioTherapeutics Inc. [PLX]ILB1LJRM32452.425940.3
Global Brands Group Holding Ltd.HKBNN6B804300.22950.0
Total223,71299.2
Cash and Other Assets Less Liabilities0.8
Total Net Assets100%

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

As of Quarter Ended 09/30/2014
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Financials20.627.0
Consumer Staples17.89.8
Consumer Discretionary16.310.6
Industrials16.110.9
Health Care11.68.7
Information Technology7.87.0
Energy4.39.1
Materials3.98.0
Utilities0.03.6
Telecommunication Services0.05.3

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

As of Quarter Ended 09/30/2014
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Health Care0.60.9
Telecommunication Services0.0-1.9
Utilities0.0-5.2
Information Technology-1.5-3.5
Cash-2.50.0
Consumer Discretionary-5.2-7.7
Industrials-5.3-5.7
Financials-9.2-3.6
Consumer Staples-9.4-5.8
Energy-10.8-10.0
Materials-12.7-9.5

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

As of Quarter Ended 09/30/2014
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
United Kingdom18.915.6
Japan13.814.8
Switzerland9.06.4
Sweden8.42.1
Australia6.14.8
Denmark5.31.1
China4.52.9
Singapore3.91.0
Spain3.72.5
South Korea3.53.3
Other22.945.5

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 MSCI All Country World Ex. US (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

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

As a result of the appointment of a new subadviser, the International Growth Fund changed its benchmark index from the MSCI EAFE Growth (ND) Index to the MSCI All Country World Ex. US (ND) Index. The MSCI All Country World Ex. US (ND) Index better reflects the new subadviser's investment strategy.