Harbor International Growth Fund Investor Class (HIIGX)

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

 Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings791,841
Weighted Avg. Market Cap ($Mil)39,512.5957,017.45
Median Market Cap ($Mil)12,587.277,278.14
Price/Book Ratio2.481.74
Adj. Trailing P/E Ratio18.4016.31
Forecasted P/E Ratio19.4314.77
Earnings Growth Rate (%)16.1511.69
Proj. Earnings Growth Rate (%)13.2610.76
Return on Equity (%)16.7311.32
Turnover (unannualized % since 10/31)5-
Beta vs. MSCI EAFE (ND) Index0.91-
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 03/31/2015)

Company Name [Ticker]% of Net Assets
Roche Holding AG [ROG]2.8
Novo Nordisk AS [NOVOB]2.6
Naspers Ltd. [NPN]2.5
Investment AB Kinnevik [KINV B_SEK]2.5
Shimano Inc. [7309]2.4
KAO Corp. [4452]2.2
Rakuten Inc. [4755]2.2
Svenska Handelsbanken AB [SHB A_SEK]2.2
Cochlear Ltd. [COH]2.2
Atlas Copco AB [ATCO B_SEK]2.1
% of Total Holdings:23.7

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Roche Holding AG [ROG]CH25274.796,8192.8
Novo Nordisk AS [NOVOB]DK12053.386,4072.6
Naspers Ltd. [NPN]ZA40153.396,1272.5
Investment AB Kinnevik [KINV B_SEK]SE18233.386,0782.5
Shimano Inc. [7309]JP40148.605,9002.4
KAO Corp. [4452]JP11049.935,4732.2
Rakuten Inc. [4755]JP30517.615,3672.2
Svenska Handelsbanken AB [SHB A_SEK]SE11845.045,3232.2
Cochlear Ltd. [COH]AU7768.755,2832.2
Atlas Copco AB [ATCO B_SEK]SE17729.535,2242.1
Baidu Inc. ADR [BIDU]CN25208.405,1472.1
MS&AD Insurance Group Holdings Inc. [8725]JP17828.004,9752.0
Asos plc [ASC]GB9253.534,8982.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW20623.484,8322.0
Hargreaves Lansdown plc [HL.]GB27717.064,7201.9
Samsung Electronics Co. Ltd. [A005930]KR31296.754,5101.8
Unilever plc [ULVR]GB10341.724,2851.7
Carlsberg AS [CARL B]DK5282.464,2761.7
Nestlé SA [NESN]CH5575.304,1491.7
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR16240.953,9161.6
Distribuidora Internacional de Alimentacion SA [DIA]ES4827.803,7581.5
Rightmove plc [RMV]GB8444.363,7221.5
Johnson Matthey plc [JMAT]GB7450.103,7071.5
United Overseas Bank Ltd. [U11]SG22016.763,6921.5
BG Group plc [BG.]GB30012.273,6821.5
Jardine Matheson Holdings Ltd. [J36]SG5763.193,6151.5
THK Co. Ltd. [6481]JP14025.413,5701.5
Standard Chartered plc [STAN]GB21716.203,5161.4
Inditex SA [ITX]ES10932.113,4901.4
Mettler-Toledo International Inc. [MTD]CH10328.653,3921.4
Olympus Corp. [7733]JP9137.083,3661.4
Geberit AG [GEBN]CH9374.223,3391.4
Exor SpA [EXO]IT7245.363,2671.3
Asahi Group Holdings Ltd. [2502]JP10331.713,2561.3
Mahindra & Mahindra Ltd. GDR [MHID]IN17019.093,2551.3
Investor AB [INVE B_SEK]SE8039.813,1671.3
Hon Hai Precision Industry Co. Ltd. GDR [HHPD]TW5345.763,0721.3
Coca-Cola Enterprises Inc. [CCE]US6844.202,9991.2
Kone OYJ [KNEBV]FI6544.342,8751.2
Turkiye Garanti Bankasi As ADR [TGBD]TR8603.322,8581.2
Schindler Holding AG [SCHP]CH17165.962,8041.1
Shiseido Co. Ltd. [4911]JP15417.742,7251.1
Adidas AG [ADS]DE3278.962,5211.0
Seek Ltd. [SEK]AU19112.972,4731.0
SMC Corp. [6273]JP8297.762,4121.0
Cafe de Coral Holdings Ltd. [341]HK6603.582,3631.0
Brambles Ltd. [BXB]AU2708.752,3601.0
Tsingtao Brewery Co. Ltd. [168]CN3446.692,3020.9
Clicks Group Ltd. [CLS]ZA3057.532,2950.9
Mitchells & Butlers plc [MAB]GB3556.202,2020.9
CNH Industrial NV [CNHI]IT2678.202,1880.9
Trade Me Group Ltd. [TME]NZ7902.762,1820.9
Intertek Group plc [ITRK]GB5837.042,1580.9
Jeronimo Martins SGPS SA [JMT]PT16912.582,1280.9
Jupiter Fund Management plc [JUP]GB3106.071,8780.8
Sugi Holdings Co. Ltd. [7649]JP3849.461,8690.8
John Wood Group plc [WG.]GB1959.391,8280.7
Novozymes AS [NZYM B]DK3945.651,7590.7
Burberry Group plc [BRBY]GB6825.681,7520.7
Legrand SA [LR]FR3254.171,7480.7
Wal-Mart de Mexico SAB de CV [WALMEX *]MX6932.491,7280.7
Itau Unibanco Holding SA ADR [ITUB]BR15311.061,6900.7
Auto Trader Group plc [AUTO]GB4493.731,6760.7
BHP Billiton plc [BLT]GB7621.951,6590.7
UBS Group AG [UBSG]CH8718.751,6290.7
BOC Hong Kong Holdings Ltd. [2388]HK4533.551,6100.7
Corp. Financiera Alba SA [ALB]ES3248.561,5770.6
Treasury Wine Estates Ltd. [TWE]AU3893.891,5110.6
Jardine Strategic Holdings Ltd. [J37]SG4334.931,5020.6
Imagination Technologies Group plc [IMG]GB4763.121,4830.6
Li & Fung Ltd. [494]HK1,3580.981,3260.5
Mindray Medical International Ltd. ADR [MR]CN4827.351,3220.5
JD.Com Inc. ADR [JD]CN4429.381,3070.5
Puregold Price Club Inc. [PGOLD]PH1,3810.931,2830.5
Weir Group plc [WEIR]GB5125.231,2810.5
Sankyo Co. Ltd. [6417]JP3635.521,2680.5
KAZ Minerals PLC [KAZ]GB2883.189150.4
Mesoblast Ltd. [MSB]AU2562.767060.3
Protalix BioTherapeutics Inc. [PLX]IL2451.784370.2
Total241,16498.2
Cash and Other Assets Less Liabilities1.8
Total Net Assets100%

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

As of Quarter Ended 03/31/2015
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Financials20.427.3
Consumer Discretionary19.511.8
Consumer Staples18.09.9
Industrials15.311.1
Health Care11.39.1
Information Technology8.57.8
Materials3.37.6
Energy2.26.9
Telecommunication Services0.05.1
Utilities0.03.4

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

As of Quarter Ended 03/31/2015
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Consumer Discretionary14.27.1
Consumer Staples10.03.9
Health Care9.610.6
Industrials6.74.8
Financials3.32.2
Telecommunication Services0.02.0
Utilities0.0-4.6
Information Technology-0.17.6
Cash-0.70.0
Materials-2.71.6
Energy-6.4-4.0

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

As of Quarter Ended 03/31/2015
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
United Kingdom18.514.6
Japan16.415.9
Switzerland9.06.6
Sweden8.12.2
Denmark5.11.2
Australia5.04.8
China4.13.5
Spain3.62.5
Singapore3.61.0
South Korea3.43.2
Other23.244.5

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 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.

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.