Harbor Emerging Markets Equity Fund Institutional Class (HAEMX)

Portfolio Characteristics (As of Quarter Ended 03/31/2015)

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings73836
Weighted Avg. Market Cap ($Mil)47,422.3048,231.71
Median Market Cap ($Mil)16,687.155,420.32
Price/Book Ratio1.711.59
Adj. Trailing P/E Ratio13.4213.54
Forecasted P/E Ratio11.5711.84
Earnings Growth Rate (%)13.3513.02
Proj. Earnings Growth Rate (%)15.3113.24
Return on Equity (%)16.1213.91
Turnover (unannualized % since 10/31)21-
Beta vs. MSCI Emerging Markets (ND) Index0.90-
Beta vs. MSCI EAFE (ND) Index0.70-

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

Top Ten Holdings (As of Quarter Ended 03/31/2015)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [A005930]6.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]3.4
Industrial & Commercial Bank of China Ltd. [1398]2.7
Naspers Ltd. [NPN]2.4
Lukoil OAO ADR [LKOD]2.2
Bank Rakyat Indonesia Persero Tbk PT [BBRI]2.0
Cemex SAB de CV ADR [CX]2.0
ICICI Bank Ltd. ADR [IBN]1.9
China Pacific Insurance Group Co. Ltd. [2601]1.9
Universal Robina Corp. [URC]1.9
% of Total Holdings:27.2

Full Holdings (As of Quarter Ended 03/31/2015)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR21296.752,9626.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW6423.481,4933.4
Industrial & Commercial Bank of China Ltd. [1398]CN1,6240.741,1992.7
Naspers Ltd. [NPN]ZA7153.391,0632.4
Lukoil OAO ADR [LKOD]RU2146.229682.2
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID8561.018682.0
Cemex SAB de CV ADR [CX]MX929.478672.0
ICICI Bank Ltd. ADR [IBN]IN8210.368521.9
China Pacific Insurance Group Co. Ltd. [2601]CN1764.748321.9
Universal Robina Corp. [URC]PH1605.058101.9
China Unicom Hong Kong Ltd. [762]CN5181.527891.8
BRF SA ADR [BRFS]BR4019.787821.8
Itau Unibanco Holding SA ADR [ITUB]BR6911.067601.7
Magnit PJSC GDR [MGNT]RU1550.897441.7
Petroleo Brasileiro SA ADR [PBR]BR1226.017341.7
Grupo Televisa SAB ADR [TV]MX2233.017301.7
China Cinda Asset Management Co. Ltd. [1359]CN1,4570.507221.7
Trina Solar Ltd. ADR [TSL]CN5912.097171.6
BB Seguridade Participacoes SA [BBSE3]BR6910.287101.6
China Overseas Land & Investment Ltd. [688]CN2003.216421.5
JD.Com Inc. ADR [JD]CN2229.386391.5
Galaxy Entertainment Group Ltd. [27]CN1394.536291.4
Hyundai Motor Co. [A005380]KR4151.446281.4
Tata Motors Ltd. ADR [TTM]IN1445.066261.4
Vale SA ADR [VALE/P]BR1224.855921.4
Reliance Industries Ltd. PN [JPMCW1N5]IN4513.205891.3
Axis Bank Ltd. PNIN628.955571.3
Turkiye Halk Bankasi As [HALKB]TR1134.925571.3
Anhui Conch Cement Co. Ltd. [914]CN1463.785531.3
Luye Pharma Group Ltd. [2186]CN4531.215491.3
OTP Bank plc [OTP]HU2918.885421.2
Grupo Mexico SAB de CV [GMEXICO B]MX1832.955401.2
Dufry AG [DUFN]CH4147.855391.2
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX935.805381.2
Asm Pacific Technology Ltd. [522]CN5110.435281.2
Discovery Ltd. [DSY]ZA5110.265261.2
China Construction Bank Corp. [939]CN6300.835221.2
MediaTek Inc. [2454]TW3813.515131.2
Delta Electronics Inc. [2308]TW786.304921.1
America Movil SAB de CV ADR [AMX]MX2420.464811.1
Airports of Thailand plc [AOT-F]TH568.594801.1
Haier Electronics Group Co. Ltd. [1169]CN1832.624791.1
Mobile Telesystems OJSC ADR [MBT]RU4710.104701.1
Lenovo Group Ltd. [992]CN3161.454601.1
Bharti Airtel Ltd. PN [JPMCW1NF]IN736.284571.0
Larsen & Toubro Ltd. [JPMCW21K]IN1627.484511.0
Coca-Cola Icecek AS [CCOLA]TR2616.894451.0
Mega Financial Holding Co. Ltd. [2886]TW5290.834381.0
Baidu Inc. ADR [BIDU]CN2208.404371.0
China Shenhua Energy Co. Ltd. [1088]CN1722.554371.0
SK Hynix Inc. [A000660]KR1140.854371.0
Yuanta Financial Holding Co. Ltd. [2885]TW8660.504351.0
Alibaba Group Holding Ltd. ADR [BABA]CN583.244331.0
Epistar Corp. [2448]TW2691.614321.0
ITC Ltd. PN [JPMCW1NG]IN835.214321.0
Cia Energetica de Minas Gerais ADR [CIG]BR1054.094291.0
China Shipping Container Lines Co. Ltd. [2866]CN1,3530.324281.0
Gcl-Poly Energy Holdings Ltd. [3800]CN1,5960.274271.0
Phosagro OAO GDR [PHOR]RU3811.304261.0
Coal India Ltd. PN [JPMCW1WR]IN735.804231.0
Sands China Ltd. [1928]CN1024.144211.0
Indofood CBP Sukses Makmur Tbk PT [ICBP]ID3261.123650.8
B2W Cia Digital [BTOW3]BR586.253610.8
Huadian Fuxin Energy Corp. Ltd. [816]CN5880.492880.7
AngloGold Ashanti Ltd. ADR [AU]ZA309.342820.6
Industries Qatar Qsc [IQCD]QA738.112720.6
Reliance Industries Ltd. PN [JPMCW121]IN1913.202560.6
Tianhe Chemicals Group Ltd. [1619]CN2,6840.092420.6
United Bank Ltd. PN [JPMCW1M3]PK1541.512320.5
Banco Santander Chile ADR [BSAC]CL921.681910.4
Bharti Airtel Ltd. PNIN286.281760.4
United Bank Ltd. [UBL]PK641.51970.2
GF Securities Co. Ltd. [1776]CN112.43280.1
Fuyao Glass Industry Group Co. Ltd. [3606]CN52.45130.0
Total42,46497.1
Cash and Other Assets Less Liabilities2.9
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials25.728.5
Information Technology21.419.1
Consumer Discretionary14.09.4
Consumer Staples8.28.1
Materials8.07.0
Energy6.88.0
Telecommunication Services6.47.4
Industrials3.76.8
Utilities1.63.3
Health Care1.32.4

Sector Returns (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Industrials12.61.3
Telecommunication Services10.11.5
Information Technology2.98.4
Consumer Discretionary0.94.0
Financials-0.2-0.3
Cash-0.30.0
Utilities-1.6-3.2
Consumer Staples-2.72.0
Energy-4.32.4
Materials-5.1-2.0
Health Care-6.26.7

Country Allocation (As of Quarter Ended 03/31/2015)

As of Quarter Ended 03/31/2015
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China28.416.3
India11.07.5
Brazil10.07.3
South Korea9.215.0
Taiwan8.712.8
Mexico7.24.7
Russia6.03.7
South Africa4.37.9
Indonesia2.82.8
Turkey2.31.5
Other10.120.5

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.