Harbor International Growth Fund Institutional Class (HAIGX)

Portfolio Characteristics (As of Quarter Ended 03/31/2014)

 Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings811,824
Weighted Avg. Market Cap ($Mil)41,913.6558,974.49
Median Market Cap ($Mil)12,302.847,200.59
Price/Book Ratio2.391.64
Adj. Trailing P/E Ratio17.6915.95
Forecasted P/E Ratio16.9813.03
Earnings Growth Rate (%)10.614.90
Proj. Earnings Growth Rate (%)14.0311.46
Return on Equity (%)14.6212.36
Beta vs. MSCI EAFE (ND) Index0.94-
Beta vs. MSCI All Country World Ex. US (ND) Index 0.98-

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

Top Ten Holdings (As of Quarter Ended 03/31/2014)

Company Name [Ticker]% of Net Assets
Roche Holding AG [ROG]3.1
Investment AB Kinnevik [KINV B_SEK]2.4
Svenska Handelsbanken AB [SHB A_SEK]2.4
BG Group plc [BG/]2.3
Novo Nordisk AS [NOVOB]2.3
Hargreaves Lansdown plc [HL/]2.1
Carlsberg AS [CARL B]2.1
Asos plc [ASC]2.0
Atlas Copco AB [ATCO B_SEK]1.9
Distribuidora Internacional de Alimentacion SA [DIA]1.9
% of Total Holdings:22.5

Full Holdings (As of Quarter Ended 03/31/2014)

Company Name [Ticker]CountrySEDOLShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Roche Holding AG [ROG]CH711038823300.766,8893.1
Investment AB Kinnevik [KINV B_SEK]SEB00GC1214736.945,4262.4
Svenska Handelsbanken AB [SHB A_SEK]SE570366110550.255,2982.4
BG Group plc [BG/]GB087628927718.675,1622.3
Novo Nordisk AS [NOVOB]DKBHC8X9011245.535,0872.3
Hargreaves Lansdown plc [HL/]GBB1VZ0M219124.334,6352.1
Carlsberg AS [CARL B]DK41692194699.414,6222.1
Asos plc [ASC]GB30927255286.444,5362.0
Atlas Copco AB [ATCO B_SEK]SEB1QGR7415727.394,3111.9
Distribuidora Internacional de Alimentacion SA [DIA]ESB55ZR924509.144,1201.9
Unilever plc [ULVR]GBB10RZP79542.774,0631.8
Samsung Electronics Co. Ltd. [A005930]KR677172031264.173,9971.8
Shimano Inc. [7309]JP680482040100.593,9831.8
Naspers Ltd. [NPN]ZA662269136110.193,9431.8
Johnson Matthey plc [JMAT]GBB70FPS67154.603,8591.7
Nestle SA [NESN]CH71238705175.273,8381.7
MS&AD Insurance Group Holdings [8725]JPB2Q4CS116422.893,7561.7
Cochlear Ltd. [COH]AU62117986952.933,6651.6
Rakuten Inc. [4755]JP622959727113.363,6211.6
KAO Corp. [4452]JP648380910135.413,5631.6
United Overseas Bank Ltd. [U11]SG691678120617.253,5531.6
Baidu Inc ADR [BIDU]CNB0FXT1722152.383,3681.5
Seek Ltd. [SEK]AUB0767Y320316.353,3141.5
Rightmove plc [RMV]GBB2987V87444.003,2681.5
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR615525014225.253,2331.5
THK Co. Ltd. [6481]JP686913114022.423,1341.4
Inditex SA [ITX]ES711131420150.033,0361.4
CNH Industrial NV [CNHI]ITBDSV2V026311.513,0291.4
Exor SpA [EXO]ITB06HZC16744.883,0121.4
Coca-Cola Enterprises Inc. [CCE]USB42BPG96347.762,9911.3
Geberit AG [GEBN]CHB1WGG939327.682,8101.3
Investor AB [INVE B_SEK]SE56795917536.222,7271.2
Intertek Group plc [ITRK]GB31638365251.342,6831.2
Kone OYJ [KNEBV]FIB09M9D26441.992,6731.2
Olympus Corp. [7733]JP66588018331.932,6501.2
Asahi Group Holdings Ltd. [2502]JP60544099128.042,5541.1
Bank Negara Indonesia Persero Tbk PT [BBNI]ID67271215,7600.442,5381.1
Hon Hai Precision Industry Co. Ltd. GDR [HHPD]TW57582184415.742,5311.1
Aristocrat Leisure Ltd. [ALL]AU62539835055.002,5221.1
BHP Billiton plc [BLT]GB00566508130.882,4951.1
Trade Me Group Ltd. [TME]NZB76CYL77043.542,4911.1
Mitchells & Butlers plc [MAB]GBB1FP6H53167.602,4031.1
Mahindra & Mahindra Ltd. GDR [MHID]INB163GT014716.362,3981.1
Turkiye Garanti Bankasi As ADR [TGBD]TR25998187943.012,3901.1
Schindler Holding AG [SCHP]CHB11TCY016147.422,3451.1
John Wood Group plc [WG]GBB5N0P8418312.802,3451.1
Mettler-Toledo International Inc. [MTD]CH212624910235.682,2691.0
Tsingtao Brewery Co. Ltd. [168]CN69058083087.352,2651.0
Jardine Strategic Holdings Ltd. [J37]SG64729606135.902,1901.0
Standard Chartered plc [STAN]GB040828410320.912,1631.0
Weir Group plc [WEIR]GB09465805042.302,1201.0
Brambles Ltd. [BXB]AUB1FJ0C02408.602,0660.9
Total SA [FP]FRB15C5573165.822,0390.9
Cafe de Coral Holdings Ltd. [341]HK61609536603.031,9970.9
Legrand SA [LR]FRB11ZRK93262.121,9570.9
Corp. Financiera Alba SA [ALB]ES57304093259.691,9380.9
SMC Corp. [6273]JP67639657263.731,9250.9
Woolworths Ltd. [WOW]AU69812395833.161,9240.9
Clicks Group Ltd. [CLS]ZA61055782866.221,7800.8
Li & Fung Ltd. [494]HK62862571,1981.481,7750.8
Itau Unibanco Holding SA ADR [ITUB]BR284973911914.861,7670.8
UBS AG [UBSN]CHB18YFJ48420.691,7410.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW21133828620.021,7140.8
Adidas AG [ADS]DE403197616108.131,7020.8
Imperial Tobacco Group plc [IMT]GB04544924140.441,6570.7
Wal-Mart de Mexico SAB de CV [WALMEXV]MXB02YZ046672.381,5880.7
Imagination Technologies Group plc [IMG]GB09303124583.401,5580.7
Sankyo Co. Ltd. [6417]JP67754323742.091,5530.7
Mindray Medical International Ltd. ADR [MR]CNB1FCP244632.361,4760.7
bioMerieux [BIM]FRB01MJR413109.621,4140.6
Colruyt SA [COLR]BE58062252455.121,3040.6
Puregold Price Club Inc. [PGOLD]PHB725S291,2910.981,2680.6
Jardine Matheson Holdings Ltd. [J36]SG64721192063.171,2380.6
Treasury Wine Estates Ltd. [TWE]AUB61JC673743.281,2300.6
BOC Hong Kong Holdings Ltd. [2388]HK65361124122.851,1720.5
Kazakhmys plc [KAZ]GBB0HZPV32604.411,1460.5
Mesoblast Ltd. [MSB]AUB04SF482225.091,1270.5
Protalix Bio Therapeutics Inc. [PLX]ILB1LJRM32054.589400.4
Sugi Holdings Co. Ltd. [7649]JP62590111044.464400.2
Recall Holdings Ltd. [REC]AUBH23HT3524.312230.1
Mahindra & Mahindra Ltd. [M&M]IN61001861316.442090.1
Total215,74297.2
Cash and Other Assets Less Liabilities2.8
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Financials20.426.6
Consumer Discretionary17.710.8
Consumer Staples17.69.9
Industrials16.211.2
Health Care11.58.2
Information Technology5.96.8
Energy4.39.1
Materials3.48.7
Utilities0.03.5
Telecommunication Services0.05.2

Sector Returns (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Industrials10.40.4
Health Care7.16.0
Materials3.60.2
Information Technology0.91.7
Consumer Staples0.60.3
Telecommunication Services0.0-2.8
Utilities0.06.1
Financials-0.2-0.4
Consumer Discretionary-1.4-0.8
Energy-3.20.7
Cash-75.10.0

Country Allocation (As of Quarter Ended 03/31/2014)

As of Quarter Ended 03/31/2014
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
United Kingdom19.815.8
Japan12.214.2
Switzerland8.96.6
Sweden8.02.3
Australia7.25.1
Denmark4.41.0
Spain4.12.5
South Korea3.33.3
China3.22.7
Singapore3.11.0
Other25.845.5

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.