Harbor International Growth Fund Investor Class (HIIGX)

Portfolio Characteristics (As of Quarter Ended 06/30/2015)

 Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings821,843
Weighted Avg. Market Cap ($Mil)39,555.5156,444.15
Median Market Cap ($Mil)12,196.487,523.59
Price/Book Ratio2.431.63
Adj. Trailing P/E Ratio18.3116.31
Forecasted P/E Ratio18.7914.23
Earnings Growth Rate (%)15.9111.96
Proj. Earnings Growth Rate (%)12.8110.53
Return on Equity (%)20.6811.54
Turnover (unannualized % since 10/31)9-
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 06/30/2015)

Company Name [Ticker]% of Net Assets
Roche Holding AG [ROG]2.9
Novo Nordisk AS [NOVOB]2.7
Naspers Ltd. [NPN]2.5
Investment AB Kinnevik [KINV B_SEK]2.4
MS&AD Insurance Group Holdings Inc. [8725]2.3
Shimano Inc. [7309]2.2
Asos plc [ASC]2.2
KAO Corp. [4452]2.1
BG Group plc [BG.]2.1
Svenska Handelsbanken AB [SHBA]2.1
% of Total Holdings:23.5

Full Holdings (As of Quarter Ended 06/30/2015)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Roche Holding AG [ROG]CH28280.397,9662.9
Novo Nordisk AS [NOVOB]DK13954.877,6082.7
Naspers Ltd. [NPN]ZA45155.507,0752.5
Investment AB Kinnevik [KINV B_SEK]SE20931.636,6152.4
MS&AD Insurance Group Holdings Inc. [8725]JP20931.136,5032.3
Shimano Inc. [7309]JP45136.466,1542.2
Asos plc [ASC]GB10160.976,1402.2
KAO Corp. [4452]JP12846.515,9442.1
BG Group plc [BG.]GB35016.655,8292.1
Svenska Handelsbanken AB [SHBA]SE39814.605,8042.1
Rakuten Inc. [4755]JP34716.145,6002.0
Baidu Inc. ADR [BIDU]CN28199.085,5342.0
Hargreaves Lansdown plc [HL.]GB29918.125,4231.9
Cochlear Ltd. [COH]AU8761.805,4021.9
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW23122.715,2511.9
Carlsberg AS [CARL B]DK5790.615,1861.9
Unilever plc [ULVR]GB11542.944,9231.8
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR18263.504,7951.7
Rightmove plc [RMV]GB9351.454,7741.7
Nestlé SA [NESN]CH6572.154,6571.7
Samsung Electronics Co. Ltd. [A005930]KR41134.594,5111.6
United Overseas Bank Ltd. [U11]SG26117.114,4701.6
Atlas Copco AB [ATCOB]SE17724.914,4071.6
Distribuidora Internacional de Alimentacion SA [DIA]ES5547.664,2461.5
Johnson Matthey plc [JMAT]GB8747.694,1671.5
Inditex SA [ITX]ES12732.624,1411.5
Mettler-Toledo International Inc. [MTD]CH12341.464,1271.5
Mahindra & Mahindra Ltd. GDR [MHID]IN19920.314,0511.5
Hon Hai Precision Industry Co. Ltd. GDR [HHPD]TW5876.834,0081.4
Shiseido Co. Ltd. [4911]JP17622.683,9901.4
Burberry Group plc [BRBY]GB15924.673,9231.4
Jardine Matheson Holdings Ltd. [J36]SG6656.693,7641.3
Standard Chartered plc [STAN]GB23316.013,7241.3
Olympus Corp. [7733]JP10634.533,6731.3
Asahi Group Holdings Ltd. [2502]JP11631.763,6711.3
THK Co. Ltd. [6481]JP16721.583,6131.3
Coca-Cola Enterprises Inc. [CCE]US7943.443,4531.2
Investor AB [INVE B_SEK]SE9137.293,4111.2
Turkiye Garanti Bankasi As ADR [TGBD]TR1,0033.323,3281.2
JD.Com Inc. ADR [JD]CN8934.103,0311.1
Schindler Holding AG [SCHP]CH18163.553,0061.1
Kone OYJ [KNEBV]FI7440.592,9981.1
SMC Corp. [6273]JP10300.922,8891.0
Denso Corp. [6902]JP5749.752,8261.0
CNH Industrial NV [CNHI]IT3069.122,7891.0
Mitchells & Butlers plc [MAB]GB3777.172,7031.0
Jeronimo Martins SGPS SA [JMT]PT20912.892,6901.0
Jupiter Fund Management plc [JUP]GB3757.012,6300.9
Adidas AG [ADS]DE3476.512,5950.9
ARM Holdings plc [ARM]GB15716.362,5680.9
Clicks Group Ltd. [CLS]ZA3457.402,5490.9
Intertek Group plc [ITRK]GB6638.452,5440.9
Brambles Ltd. [BXB]AU3078.162,5080.9
Tsingtao Brewery Co. Ltd. [168]CN4106.062,4860.9
Auto Trader Group plc [AUTO]GB4984.812,3980.9
Seek Ltd. [SEK]AU22110.842,3960.9
Cafe de Coral Holdings Ltd. [341]HK6603.602,3750.9
BOC Hong Kong Holdings Ltd. [2388]HK5284.172,2040.8
John Wood Group plc [WG.]GB21410.122,1680.8
Novozymes AS [NZYM B]DK4447.512,0960.8
Legrand SA [LR]FR3556.281,9820.7
Sugi Holdings Co. Ltd. [7649]JP3851.021,9290.7
Wal-Mart de Mexico SAB de CV [WALMEX *]MX7482.441,8270.7
BHP Billiton plc [BLT]GB9019.661,7670.6
Imagination Technologies Group plc [IMG]GB5083.481,7660.6
Itau Unibanco Holding SA ADR [ITUB]BR15310.951,6730.6
Weir Group plc [WEIR]GB6126.651,6170.6
Treasury Wine Estates Ltd. [TWE]AU4203.841,6130.6
Exor SpA [EXO]IT3247.771,5450.6
Corp. Financiera Alba SA [ALB]ES3246.341,5040.5
Puregold Price Club Inc. [PGOLD]PH1,7940.821,4710.5
Sankyo Co. Ltd. [6417]JP4035.401,4160.5
Trade Me Group Ltd. [TME]NZ6122.301,4070.5
Qunar Cayman Islands Ltd. ADR [QUNR]KY3242.851,3930.5
Jardine Strategic Holdings Ltd. [J37]SG4330.251,3010.5
Li & Fung Ltd. [494]HK1,3580.791,0770.4
KAZ Minerals PLC [KAZ]GB3043.199710.3
Thai Beverage PCL [Y92]TH1,6160.579180.3
Mindray Medical International Ltd. ADR [MR]CN3128.508970.3
Mesoblast Ltd. [MSB]AU2752.907960.3
Atlas Copco AB [ATCOA]SE2127.986010.2
Protalix BioTherapeutics Inc. [PLX]IL3001.955850.2
Total276,36699.0
Cash and Other Assets Less Liabilities1.0
Total Net Assets100%

Sector Allocation (As of Quarter Ended 06/30/2015)

As of Quarter Ended 06/30/2015
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Consumer Discretionary21.711.8
Financials19.227.8
Consumer Staples18.59.9
Industrials13.011.0
Health Care11.19.0
Information Technology9.37.4
Materials3.27.5
Energy2.97.0
Utilities0.03.4
Telecommunication Services0.05.2

Sector Returns (As of Quarter Ended 06/30/2015)

As of Quarter Ended 06/30/2015
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Energy27.62.6
Financials2.12.1
Consumer Staples1.20.9
Consumer Discretionary0.0-0.2
Telecommunication Services0.03.5
Utilities0.01.2
Cash-0.30.0
Information Technology-0.5-2.5
Health Care-1.2-0.9
Materials-1.3-0.5
Industrials-4.1-0.0

Country Allocation (As of Quarter Ended 06/30/2015)

As of Quarter Ended 06/30/2015
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
United Kingdom21.514.9
Japan17.316.3
Sweden7.52.1
Switzerland7.16.6
Denmark5.31.2
Australia4.64.5
China4.30.0
Spain3.52.5
South Africa3.41.7
Singapore3.41.0
Other22.149.2

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 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.