Harbor International Fund Investor Class (HIINX)

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

 Harbor International FundMSCI EAFE (ND) Index
Number of Holdings77910
Weighted Avg. Market Cap ($Mil)63,414.8260,636.02
Median Market Cap ($Mil)31,270.088,706.23
Price/Book Ratio1.901.66
Adj. Trailing P/E Ratio16.5016.69
Forecasted P/E Ratio14.6714.13
Earnings Growth Rate (%)8.379.17
Proj. Earnings Growth Rate (%)11.419.75
Return on Equity (%)17.6312.25
Turnover (unannualized % since 10/31)2-
Beta vs. MSCI EAFE (ND) Index0.94-

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
Anheuser-Busch InBev NV [ABI]2.8
Lloyds Banking Group plc [LLOY]2.7
Roche Holding AG [ROG]2.7
Novartis AG [NOVN]2.7
Novo Nordisk AS [NOVOB]2.6
Schneider Electric SE [SU]2.6
AXA SA [CS]2.5
Banco Bilbao Vizcaya Argentaria SA [BBVA]2.4
Diageo plc [DGE]2.3
SAP SE [SAP]2.3
% of Total Holdings:25.6

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Anheuser-Busch InBev NV [ABI]BE11,484112.541,292,4592.8
Lloyds Banking Group plc [LLOY]GB1,074,8801.181,264,3372.7
Roche Holding AG [ROG]CH4,663270.941,263,3712.7
Novartis AG [NOVN]CH13,51892.741,253,6772.7
Novo Nordisk AS [NOVOB]DK28,58942.301,209,3142.6
Schneider Electric SE [SU]FR16,46172.831,198,8102.6
AXA SA [CS]FR50,25423.041,158,0072.5
Banco Bilbao Vizcaya Argentaria SA [BBVA]ES117,9609.441,114,0642.4
Diageo plc [DGE]GB38,04328.651,089,8262.3
SAP SE [SAP]DE15,49569.831,081,9692.3
Fanuc Corp. [6954]JP6,532164.881,077,0472.3
Rolls-Royce Holdings plc [RR.]GB80,05213.431,075,4012.3
Allianz SE [ALV]DE6,365165.631,054,2592.3
Essilor International SA [EI]FR8,742111.52974,9332.1
CIE Financiere Richemont SA [CFR]CH10,52288.66932,8432.0
Linde AG [LIN]DE4,802184.20884,4681.9
Atlas Copco AB [ATCO A_SEK]SE31,73227.83882,9581.9
Daimler AG [DAI]DE10,50883.05872,7631.9
Nestle SA [NESN]CH11,79072.90859,5321.8
Pernod Ricard SA [RI]FR7,648111.14849,9441.8
Unibail-Rodamco SE [UL]FR3,184256.54816,9201.7
Syngenta AG [SYNN]CH2,531321.66814,1631.7
ABB Ltd. [ABBN]CH37,80421.16799,8671.7
Holcim Ltd. [HOLN]CH11,17171.48798,5261.7
UBS Group AG [UBSG]CH44,70417.19768,4421.6
Heineken NV [HEIA]NL10,73471.01762,2111.6
Investor AB [INVE B_SEK]SE20,60236.36749,0491.6
L'Oreal SA [OR]FR4,446167.37744,1641.6
SMC Corp. [6273]JP2,811262.22737,1111.6
United Overseas Bank Ltd. [U11]SG39,15518.45722,5761.5
Banco Santander SA [SAN]ES84,4948.39709,1711.5
CRH plc [CRH]IE28,63723.98686,6871.5
Japan Tobacco Inc. [2914]JP24,92727.52686,0601.5
BG Group plc [BG.]GB50,15013.38671,0961.4
Volkswagen AG [VOW3]DE2,961222.26658,1851.4
Shire plc [SHP]GB8,72570.90618,6221.3
Reckitt Benckiser Group plc [RB.]GB7,57380.99613,3581.3
Swatch Group AG [UHR]CH1,336444.26593,7301.3
Freeport-McMoRan Inc. [FCX]US25,24323.36589,6681.3
Compagnie de Saint-Gobain [SGO]FR13,67142.36579,1251.2
Danone SA [BN]FR8,77765.38573,7931.2
Volvo AB [VOLV B_SEK]SE49,96210.78538,7621.2
LVMH Moet Hennessy Louis Vuitton SA [MC]FR3,292158.40521,4721.1
Glencore plc [GLEN]GB104,8674.62484,0481.0
Legrand SA [LR]FR9,16452.46480,7441.0
Komatsu Ltd. [6301]JP21,53722.11476,1451.0
Dentsu Inc. [4324]JP11,18642.04470,2631.0
Fresenius Se & Co. KGAA [FRE]DE8,38651.99436,0100.9
Cheung Kong Holdings Ltd. [1]HK25,28216.77424,0430.9
Accor SA [AC]FR9,41044.95422,9860.9
Standard Chartered plc [STAN]GB27,69514.96414,2020.9
Las Vegas Sands Corp. [LVS]US6,98158.16406,0430.9
Erste Group Bank AG [EBS]AT17,30823.26402,5580.9
Tokio Marine Holdings Inc. [8766]JP11,61632.48377,2510.8
Sandvik AB [SAND_SEK]SE37,0499.72360,2270.8
Banco Bradesco SA [BBDC4]BR24,87913.28330,5110.7
Genting Bhd [GENTING]MY130,3812.53330,2840.7
Fresenius Medical Care AG & Co. KGAA [FME]DE4,36774.64325,9380.7
Itau Unibanco Holding SA ADR [ITUB]BR24,79613.01322,5930.7
Air Liquide SA [AI]FR2,563123.74317,1740.7
Intesa Sanpaolo SpA [ISP]IT109,1512.90316,6350.7
Pirelli & C. SpA [PC]IT21,81913.49294,2880.6
JCDecaux SA [DEC]FR8,44634.43290,8120.6
Bancolombia SA ADR [CIB]CO4,83947.88231,6850.5
Pearson plc [PSON]GB11,75318.47217,0470.5
Anglo American plc [AAL]GB9,22618.50170,7140.4
Hang Lung Properties Ltd. [101]HK47,8232.79133,4120.3
Barrick Gold Corp. [ABX]CA11,09310.75119,2510.3
LIXIL Group Corp. [5938]JP5,45421.05114,7860.2
Unibail-Rodamco SE [UL]FR376256.5496,4920.2
Anglo American plc ADR [AAUKY]GB8,6989.1179,2420.2
Hermes International [RMS]FR161356.0857,1830.1
Indivior plc [INDV]GB18,8952.3343,9990.1
Genting Bhd [GENTING-WA]MY30,6340.8024,4440.1
Mitsubishi Estate Co. Ltd. [8802]JP89121.0718,7740.0
Banco Bilbao Vizcaya Argentaria SA [BBV.D]ES117,9600.1011,2760.0
Rolls-Royce Holdings plcGB6,829,6050.0010,6450.0
Total46,154,44598.7
Cash and Other Assets Less Liabilities1.3
Total Net Assets100%

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

As of Quarter Ended 12/31/2014
Economic SectorHarbor International Fund %MSCI EAFE (ND) Index %
Financials24.425.9
Industrials17.812.6
Consumer Staples16.011.1
Health Care13.111.0
Consumer Discretionary13.012.4
Materials10.67.6
Information Technology2.34.8
Energy1.45.7
Telecommunication Services0.05.0
Utilities0.03.9

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

As of Quarter Ended 12/31/2014
Sector ReturnsHarbor International Fund %MSCI EAFE (ND) Index %
Consumer Discretionary4.03.0
Telecommunication Services0.0-0.5
Utilities0.0-3.9
Cash-0.20.0
Consumer Staples-1.5-1.6
Information Technology-2.3-0.5
Health Care-3.3-5.3
Financials-3.6-3.1
Industrials-5.6-3.4
Materials-7.3-5.3
Energy-27.5-19.0

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

As of Quarter Ended 12/31/2014
CountryHarbor International Fund %MSCI EAFE (ND) Index %
France19.49.3
Switzerland17.39.2
United Kingdom14.421.7
Germany11.39.1
Japan8.521.2
Sweden5.43.0
Spain3.93.4
Belgium2.81.3
Denmark2.61.5
United States2.10.1
Other12.320.2

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