Harbor Emerging Markets Equity Fund Institutional Class (HAEMX)

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

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings62822
Weighted Avg. Market Cap ($Mil)46,558.7742,626.30
Median Market Cap ($Mil)16,551.565,333.67
Price/Book Ratio1.751.52
Adj. Trailing P/E Ratio11.8411.98
Forecasted P/E Ratio10.2310.40
Earnings Growth Rate (%)19.4213.94
Proj. Earnings Growth Rate (%)15.7512.73
Return on Equity (%)19.8614.02
Beta vs. MSCI Emerging Markets (ND) Index0.86-
Beta vs. MSCI EAFE (ND) Index0.79-

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
Samsung Electronics Co. Ltd. [A005930]5.7
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]3.8
Petroleo Brasileiro SA ADR [PBR]3.4
Vale SA ADR [VALE/P]2.5
Industrial & Commercial Bank of China Ltd. [1398]2.4
MediaTek Inc [2454]2.3
Tata Motors Ltd. ADR [TTM]2.3
China Construction Bank Corp. [939]2.2
Galaxy Entertainment Group Ltd. [27]2.1
Cemex SAB de CV ADR [CX]2.1
% of Total Holdings:28.8

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

Company Name [Ticker]CountrySEDOLShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR677172011264.178575.7
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW21133822920.025733.8
Petroleo Brasileiro SA ADR [PBR]BR26165803913.155133.4
Vale SA ADR [VALE/P]BR29339003112.453832.5
Industrial & Commercial Bank of China Ltd. [1398]CNB1G1QD85920.623652.4
MediaTek Inc [2454]TW63724802414.803552.3
Tata Motors Ltd. ADR [TTM]INB02ZP961035.413432.3
China Construction Bank Corp. [939]CNB0LMTQ34720.703312.2
Galaxy Entertainment Group Ltd. [27]CN6465874378.733232.1
Cemex SAB de CV ADR [CX]MX24886712512.633142.1
Grupo Televisa SAB ADR [TV]MX2399450933.293032.0
Naspers Ltd. [NPN]ZA66226913110.192982.0
Reliance Industries Ltd. PN [JPMCW121]INB75KH021915.582901.9
China Pacific Insurance Group Co. Ltd. [2601]CNB2Q5H56803.592871.9
BB Seguridade Participacoes SA [BBSE3]BRB9N3SQ02611.072861.9
Hyundai Motor Co. [A005380]KR64510551236.452811.9
ITC Ltd. PN [JPMCW12C]INB7LRXH6465.912691.8
China Cinda Asset Management Co. Ltd. [1359]CNBGY6SV24570.572601.7
Discovery Ltd. [DSY]ZA6177878328.012571.7
Emaar Properties PJSC [EMAAR]AEB01RM25932.722531.7
Lenovo Group Ltd. [992]CN62180892241.102461.6
China Shenhua Energy Co. Ltd. [1088]CNB09N7M0852.902461.6
Tingyi Cayman Islands Holding Corp. [322]CN6903556842.882421.6
Delta Electronics Inc [2308]TW6260734386.192351.6
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID67090992690.852291.5
AMBEV SA ADR [ABEV]BRBG804F6307.412231.5
Trina Solar Ltd. ADR [TSL]CNB1L87F31613.452211.5
Grupo Mexico SAB de CV [GMEXICO O B]MX2643674693.162161.4
Indofood CBP Sukses Makmur Tbk PT [ICBP]IDB4LD3M82390.892131.4
CNOOC Ltd. [883]CNB00G0S51391.512101.4
Phosagro OAO GDR [PHOR]RUB62QPJ11911.162101.4
Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR [CBD]BR2228532543.762101.4
Magnit OJSC GDR [MGNT]RUB2QKYZ0454.761991.3
Grupo Financiero Banorte SAB de CV [GFNORTE E O]MX2421041296.761981.3
Telefonica Brasil SA ADR [VIV]BRB7395C9921.241981.3
Lukoil OAO ADR [LKOD]RU3189876455.621951.3
Bharti Airtel Ltd. PNINB4M7M11355.321861.2
Turkiye Halk Bankasi As [HALKB]TRB1WTMP0306.191831.2
Sberbank of Russia ADR [SBER]RUB5SC091199.741831.2
Dufry AG [DUFN]CHB0R80X91172.051801.2
Longfor Properties Co. Ltd. [960]CNB56KLY91261.391751.2
Universal Robina Corp. [URC]PH6919519543.171721.1
Mega Financial Holding Co. Ltd. [2886]TW64440662210.781721.1
Rosneft OAO GDR [ROSN]RUB17FSC2266.671711.1
Haier Electronics Group Co. Ltd. [1169]CNB1TL3R8632.711711.1
Industries Qatar Qsc [IQCD]QA6673570351.291701.1
Coca-Cola Icecek AS [CCOLA]TRB058ZV4724.061701.1
Odontoprev SA [ODPV3]BRB1H6R62423.981691.1
Great Wall Motor Co. Ltd. [2333]CN6718255325.041641.1
Airports of Thailand PCL [AOT-F]TH6741198276.001631.1
AngloGold Ashanti Ltd. ADR [AU]ZA22574951017.081621.1
Gazprom OAO ADR [OGZD]RU5140989217.711611.1
Mobile Telesystems OJSC ADR [MBT]RU2603225917.491591.1
B2W Cia Digital [BTOW3]BRB1LH3Y11312.201581.0
Asm Pacific Technology Ltd. [522]CN6002453169.781551.0
Gcl-Poly Energy Holdings Ltd. [3800]CNB28XTR44160.361501.0
Weichai Power Co. Ltd. [2338]CN6743956393.791481.0
Tsingtao Brewery Co. Ltd. [168]CN6905808207.351471.0
Yuanta Financial Holding Co. Ltd. [2885]TW64241102820.511430.9
Sands China Ltd. [1928]CNB5B23W2197.491410.9
Samsung SDI Co. Ltd. [A006400]KR67716451151.851310.9
Via Varejo SA [VVAR11]BRBGSHPP4610.47680.4
Total14,78497.7
Cash and Other Assets Less Liabilities2.3
Total Net Assets100%

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

As of Quarter Ended 03/31/2014
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials21.926.7
Information Technology19.316.7
Consumer Discretionary16.09.2
Consumer Staples12.28.5
Energy11.810.8
Materials8.59.4
Telecommunication Services3.66.9
Industrials3.26.5
Health Care1.11.7
Utilities0.03.5

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

As of Quarter Ended 03/31/2014
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Consumer Discretionary4.83.6
Industrials3.0-0.3
Information Technology1.83.7
Utilities0.02.8
Consumer Staples-0.0-1.5
Cash-0.10.0
Materials-1.2-3.8
Telecommunication Services-2.2-5.8
Financials-3.5-0.4
Health Care-3.91.6
Energy-7.6-4.5

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

As of Quarter Ended 03/31/2014
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China26.313.3
Brazil14.611.0
Taiwan9.711.9
Russia8.45.3
South Korea8.415.8
India7.20.0
Mexico6.85.1
South Africa4.77.8
Indonesia2.92.7
Turkey2.31.6
Other8.725.5

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 Emerging Markets (ND) Index is a market capitalization weighted index of equity securities in more than 20 emerging market economies. This unmanaged index does not reflect fees and expenses and is not available for direct investment.