Harbor Emerging Markets Equity Fund Administrative Class (HREMX)

Portfolio Characteristics (As of Quarter Ended 12/31/2014)

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings65834
Weighted Avg. Market Cap ($Mil)47,527.4444,406.10
Median Market Cap ($Mil)18,686.855,428.65
Price/Book Ratio1.731.54
Adj. Trailing P/E Ratio13.5113.08
Forecasted P/E Ratio11.1211.42
Earnings Growth Rate (%)20.8016.57
Proj. Earnings Growth Rate (%)18.7213.83
Return on Equity (%)18.7413.96
Turnover (unannualized % since 10/31)6-
Beta vs. MSCI Emerging Markets (ND) Index0.89-
Beta vs. MSCI EAFE (ND) Index0.71-

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

Top Ten Holdings (As of Quarter Ended 12/31/2014)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [A005930]6.2
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]4.6
China Pacific Insurance Group Co. Ltd. [2601]2.9
Industrial & Commercial Bank of China Ltd. [1398]2.7
Naspers Ltd. [NPN]2.5
Tata Motors Ltd. ADR [TTM]2.1
BRF SA ADR [BRFS]2.1
Itau Unibanco Holding SA ADR [ITUB]2.0
Petroleo Brasileiro SA ADR [PBR]2.0
Vale SA ADR [VALE/P]2.0
% of Total Holdings:29.1

Full Holdings (As of Quarter Ended 12/31/2014)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR11202.241,7196.2
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW5722.381,2804.6
China Pacific Insurance Group Co. Ltd. [2601]CN1595.007932.9
Industrial & Commercial Bank of China Ltd. [1398]CN1,0170.737432.7
Naspers Ltd. [NPN]ZA5129.366982.5
Tata Motors Ltd. ADR [TTM]IN1442.285882.1
BRF SA ADR [BRFS]BR2523.355772.1
Itau Unibanco Holding SA ADR [ITUB]BR4313.015602.0
Petroleo Brasileiro SA ADR [PBR]BR767.305582.0
Vale SA ADR [VALE/P]BR767.265552.0
Lenovo Group Ltd. [992]CN4041.315311.9
ICICI Bank Ltd. ADR [IBN]IN4611.555301.9
BB Seguridade Participacoes SA [BBSE3]BR4312.075241.9
Cemex SAB de CV ADR [CX]MX5110.195221.9
Lukoil OAO ADR [LKOD]RU1339.565191.9
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID5360.945041.8
MediaTek Inc. [2454]TW3414.544941.8
Galaxy Entertainment Group Ltd. [27]CN875.564831.8
Grupo Televisa SAB ADR [TV]MX1434.064731.7
Universal Robina Corp. [URC]PH1084.364721.7
Delta Electronics Inc. [2308]TW785.914611.7
Discovery Ltd. [DSY]ZA479.574491.6
China Cinda Asset Management Co. Ltd. [1359]CN9120.494441.6
China Unicom Hong Kong Ltd. [762]CN3241.344331.6
Grupo Mexico SAB de CV [GMEXICO B]MX1372.903971.4
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX715.533941.4
Turkiye Halk Bankasi As [HALKB]TR655.923861.4
Trina Solar Ltd. ADR [TSL]CN419.263761.4
China Overseas Land & Investment Ltd. [688]CN1262.963741.4
Airports of Thailand PCL [AOT-F]TH438.523681.3
Hyundai Motor Co. [A005380]KR2152.763631.3
Luye Pharma Group Ltd. [2186]CN2841.283631.3
Coca-Cola Icecek AS [CCOLA]TR1721.633571.3
China Shipping Container Lines Co. Ltd. [2866]CN1,1290.313531.3
JD.Com Inc. ADR [JD]CN1523.143461.3
Dufry AG [DUFN]CH2149.463411.2
Mega Financial Holding Co. Ltd. [2886]TW4410.773401.2
Baidu Inc ADR [BIDU]CN1227.973391.2
Anhui Conch Cement Co. Ltd. [914]CN923.713391.2
Phosagro OAO GDR [PHOR]RU3310.223331.2
Epistar Corp. [2448]TW1671.983301.2
China Construction Bank Corp. [939]CN3950.813221.2
China Shenhua Energy Co. Ltd. [1088]CN1082.943171.1
Axis Bank Ltd. PNIN397.963101.1
Sands China Ltd. [1928]CN644.873101.1
Asm Pacific Technology Ltd. [522]CN329.523031.1
ITC Ltd. PN [JPMCW12C]IN505.842941.1
Reliance Industries Ltd. PN [JPMCW121]IN2014.122881.0
Yuanta Financial Holding Co. Ltd. [2885]TW5790.492811.0
Reliance Industries Ltd. PN [JPMCW1N5]IN2014.122771.0
Haier Electronics Group Co. Ltd. [1169]CN1152.382731.0
B2W Cia Digital [BTOW3]BR318.512651.0
Magnit PJSC GDR [MGNT]RU645.192631.0
OTP Bank plc [OTP]HU1814.422600.9
Tianhe Chemicals Group Ltd. [1619]CN1,7160.152580.9
Indofood CBP Sukses Makmur Tbk PT [ICBP]ID2391.052520.9
United Bank Ltd. PN [JPMCW1M3]PK1391.762450.9
ITC Ltd. PN [JPMCW1NG]IN405.842370.9
Gcl-Poly Energy Holdings Ltd. [3800]CN9990.232330.8
Bharti Airtel Ltd. PNIN395.592160.8
Industries Qatar Qsc [IQCD]QA445.542040.7
Bharti Airtel Ltd. PN [JPMCW1NF]IN315.591740.6
AngloGold Ashanti Ltd. ADR [AU]ZA198.701640.6
Huadian Fuxin Energy Corp. Ltd. [816]CN3180.471490.5
Tsingtao Brewery Co. Ltd. [168]CN126.76840.3
Total26,98897.4
Cash and Other Assets Less Liabilities2.6
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials27.129.3
Information Technology22.018.0
Consumer Discretionary15.09.1
Materials9.37.4
Consumer Staples9.28.2
Energy7.18.0
Industrials3.46.7
Telecommunication Services3.07.5
Health Care1.32.3
Utilities0.53.5

Sector Returns (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials7.01.7
Cash-0.30.0
Information Technology-1.11.4
Consumer Staples-3.1-4.9
Health Care-4.3-0.9
Consumer Discretionary-6.0-2.6
Industrials-7.4-4.3
Utilities-19.7-5.9
Materials-21.3-12.2
Telecommunication Services-22.1-6.7
Energy-24.8-24.3

Country Allocation (As of Quarter Ended 12/31/2014)

As of Quarter Ended 12/31/2014
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China29.715.6
Taiwan11.612.6
Brazil11.08.9
India10.67.2
South Korea7.614.7
Mexico6.54.9
South Africa4.87.9
Russia4.03.2
Indonesia2.72.8
Turkey2.71.8
Other8.820.4

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.