Harbor International Growth Fund Investor Class (HIIGX)

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

 Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings781,839
Weighted Avg. Market Cap ($Mil)37,734.3555,407.51
Median Market Cap ($Mil)12,144.756,994.34
Price/Book Ratio2.231.65
Adj. Trailing P/E Ratio18.2215.80
Forecasted P/E Ratio17.6013.52
Earnings Growth Rate (%)14.8210.92
Proj. Earnings Growth Rate (%)13.7410.72
Return on Equity (%)15.5612.81
Turnover (unannualized % since 10/31)2-
Beta vs. MSCI EAFE (ND) Index0.93-
Beta vs. MSCI All Country World Ex. US (ND) Index 0.97-

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
Roche Holding AG [ROG]2.5
Investment AB Kinnevik [KINV B_SEK]2.3
Shimano Inc. [7309]2.1
Naspers Ltd. [NPN]2.0
Baidu Inc ADR [BIDU]1.9
Novo Nordisk AS [NOVOB]1.9
Svenska Handelsbanken AB [SHB A_SEK]1.9
Hargreaves Lansdown plc [HL.]1.9
Atlas Copco AB [ATCO B_SEK]1.8
Nestle SA [NESN]1.8
% of Total Holdings:20.1

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Roche Holding AG [ROG]CH21270.945,5632.5
Investment AB Kinnevik [KINV B_SEK]SE15432.525,0062.3
Shimano Inc. [7309]JP36129.524,6242.1
Naspers Ltd. [NPN]ZA35129.364,4912.0
Baidu Inc ADR [BIDU]CN18227.974,2171.9
Novo Nordisk AS [NOVOB]DK10042.304,2171.9
Svenska Handelsbanken AB [SHB A_SEK]SE9046.794,1931.9
Hargreaves Lansdown plc [HL.]GB26115.654,0871.9
Atlas Copco AB [ATCO B_SEK]SE15825.604,0361.8
Nestle SA [NESN]CH5572.904,0171.8
Rakuten Inc. [4755]JP28913.914,0161.8
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW17722.383,9681.8
Cochlear Ltd. [COH]AU6163.093,8591.8
MS&AD Insurance Group Holdings [8725]JP15923.703,7731.7
KAO Corp. [4452]JP9539.433,7621.7
United Overseas Bank Ltd. [U11]SG19818.453,6591.7
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR14256.613,6261.7
Samsung Electronics Co. Ltd. [A005930]KR31202.243,6201.6
Unilever plc [ULVR]GB8940.633,5991.6
Jardine Matheson Holdings Ltd. [J36]SG5760.763,4761.6
BG Group plc [BG.]GB25313.383,3791.5
THK Co. Ltd. [6481]JP14024.033,3761.5
Carlsberg AS [CARL B]DK4376.803,3191.5
Johnson Matthey plc [JMAT]GB6352.613,3141.5
Mettler-Toledo International Inc. [MTD]CH10302.463,1221.4
Standard Chartered plc [STAN]GB20214.963,0221.4
Geberit AG [GEBN]CH9338.303,0191.4
Mahindra & Mahindra Ltd. GDR [MHID]IN15419.623,0141.4
Coca-Cola Enterprises Inc. [CCE]US6844.223,0011.4
Asos plc [ASC]GB7539.762,9931.4
Inditex SA [ITX]ES10428.532,9681.4
Distribuidora Internacional de Alimentacion SA [DIA]ES4376.782,9591.3
Asahi Group Holdings Ltd. [2502]JP9530.942,9421.3
Rightmove plc [RMV]GB8434.872,9261.3
Investor AB [INVE B_SEK]SE8036.362,8921.3
Turkiye Garanti Bankasi As ADR [TGBD]TR8003.422,7331.2
Olympus Corp. [7733]JP7535.032,6381.2
Hon Hai Precision Industry Co. Ltd. GDR [HHPD]TW4745.562,6371.2
Seek Ltd. [SEK]AU18913.942,6351.2
Exor SpA [EXO]IT6441.032,6261.2
Kone OYJ [KNEBV]FI5145.532,3381.1
Tsingtao Brewery Co. Ltd. [168]CN3446.762,3271.1
Brambles Ltd. [BXB]AU2708.612,3241.1
Cafe de Coral Holdings Ltd. [341]HK6603.452,2791.0
Trade Me Group Ltd. [TME]NZ7902.842,2441.0
Schindler Holding AG [SCHP]CH15144.362,2131.0
CNH Industrial NV [CNHI]IT2678.102,1621.0
Clicks Group Ltd. [CLS]ZA3056.992,1321.0
SMC Corp. [6273]JP8262.222,1241.0
Mitchells & Butlers plc [MAB]GB3555.962,1151.0
Intertek Group plc [ITRK]GB5836.192,1081.0
Shiseido Co. Ltd. [4911]JP13614.021,9090.9
John Wood Group plc [WG.]GB1959.251,8020.8
Legrand SA [LR]FR3252.461,6930.8
Imagination Technologies Group plc [IMG]GB4763.531,6790.8
Novozymes AS [NZYM B]DK3942.091,6220.7
BHP Billiton plc [BLT]GB7621.431,6200.7
Adidas AG [ADS]DE2369.451,6020.7
Corp. Financiera Alba SA [ALB]ES3248.891,5870.7
BOC Hong Kong Holdings Ltd. [2388]HK4533.331,5070.7
UBS Group AG [UBSG]CH8717.191,4940.7
Wal-Mart de Mexico SAB de CV [WALMEXV]MX6932.151,4910.7
Jardine Strategic Holdings Ltd. [J37]SG4334.011,4620.7
Weir Group plc [WEIR]GB5128.681,4560.7
Itau Unibanco Holding SA ADR [ITUB]BR10813.011,4070.6
Total SA [FP]FR2651.231,3270.6
Sugi Holdings Co. Ltd. [7649]JP3140.821,2820.6
Mindray Medical International Ltd. ADR [MR]CN4826.401,2760.6
Burberry Group plc [BRBY]GB5025.371,2710.6
Sankyo Co. Ltd. [6417]JP3634.301,2250.6
Puregold Price Club Inc. [PGOLD]PH1,3810.861,1830.5
KAZ Minerals PLC [KAZ]GB2883.991,1490.5
Treasury Wine Estates Ltd. [TWE]AU2813.861,0860.5
Jupiter Fund Management plc [JUP]GB1875.651,0580.5
Li & Fung Ltd. [494]HK1,1060.931,0320.5
JD.Com Inc. ADR [JD]CN4423.141,0300.5
Mesoblast Ltd. [MSB]AU2563.559100.4
Protalix BioTherapeutics Inc. [PLX]IL2451.844510.2
Total202,30192.2
Cash and Other Assets Less Liabilities7.8
Total Net Assets100%

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

As of Quarter Ended 12/31/2014
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Financials19.427.6
Consumer Discretionary17.211.2
Consumer Staples16.09.9
Industrials15.711.0
Health Care10.08.6
Information Technology7.37.5
Materials3.57.7
Energy3.07.5
Telecommunication Services0.05.4
Utilities0.03.6

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

As of Quarter Ended 12/31/2014
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Information Technology5.10.7
Consumer Discretionary4.82.4
Telecommunication Services0.0-2.2
Utilities0.0-4.1
Industrials-0.5-3.6
Financials-1.4-1.9
Materials-1.7-7.5
Consumer Staples-2.1-1.8
Cash-2.40.0
Health Care-3.5-4.5
Energy-24.9-19.8

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

As of Quarter Ended 12/31/2014
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
United Kingdom17.115.4
Japan14.415.0
Switzerland8.96.5
Sweden7.42.2
Australia4.94.9
Denmark4.21.1
China4.03.4
Singapore3.91.1
Spain3.42.4
South Korea3.33.2
Other28.544.8

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.