Harbor Emerging Markets Equity Fund Investor Class (HIEEX)

Portfolio Characteristics (As of Quarter Ended 09/30/2014)

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings67834
Weighted Avg. Market Cap ($Mil)40,088.4742,118.74
Median Market Cap ($Mil)15,963.625,581.28
Price/Book Ratio1.641.54
Adj. Trailing P/E Ratio14.0112.80
Forecasted P/E Ratio10.9110.77
Earnings Growth Rate (%)16.0215.05
Proj. Earnings Growth Rate (%)17.9613.75
Return on Equity (%)20.1213.63
Turnover (unannualized % since 10/31)40-
Beta vs. MSCI Emerging Markets (ND) Index0.88-
Beta vs. MSCI EAFE (ND) Index0.72-

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

Top Ten Holdings (As of Quarter Ended 09/30/2014)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [A005930]5.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]3.8
Petroleo Brasileiro SA ADR [PBR]3.7
Tata Motors Ltd. ADR [TTM]2.3
Vale SA ADR [VALE/P]2.3
Cemex SAB de CV ADR [CX]2.2
Industrial & Commercial Bank of China Ltd. [1398]2.1
China Construction Bank Corp. [939]2.0
Lukoil OAO ADR [LKOD]2.0
Lenovo Group Ltd. [992]2.0
% of Total Holdings:27.4

Full Holdings (As of Quarter Ended 09/30/2014)

Company Name [Ticker]CountrySEDOLShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR677172011120.011,2615.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW21133824820.189613.8
Petroleo Brasileiro SA ADR [PBR]BR26165806614.199313.7
Tata Motors Ltd. ADR [TTM]INB02ZP961343.715772.3
Vale SA ADR [VALE/P]BR2933900599.715732.3
Cemex SAB de CV ADR [CX]MX24886714313.045582.2
Industrial & Commercial Bank of China Ltd. [1398]CNB1G1QD88470.625282.1
China Construction Bank Corp. [939]CNB0LMTQ37360.705162.0
Lukoil OAO ADR [LKOD]RU31898761050.945032.0
Lenovo Group Ltd. [992]CN62180893361.495002.0
Naspers Ltd. [NPN]ZA66226914109.524922.0
BB Seguridade Participacoes SA [BBSE3]BRB9N3SQ03613.154761.9
China Pacific Insurance Group Co. Ltd. [2601]CNB2Q5H561323.514651.8
Discovery Ltd. [DSY]ZA6177878538.694621.8
MediaTek Inc [2454]TW63724802814.814151.6
Delta Electronics Inc. [2308]TW6260734656.324111.6
China Unicom Hong Kong Ltd. [762]CN62638302681.504021.6
Galaxy Entertainment Group Ltd. [27]CN6465874685.813951.6
Grupo Televisa SAB ADR [TV]MX23994501233.883901.5
Grupo Mexico SAB de CV [GMEXICO B]MX26436741143.363821.5
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID67090994460.853811.5
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX2421041596.403801.5
Trina Solar Ltd. ADR [TSL]CNB1L87F33112.073771.5
Universal Robina Corp. [URC]PH6919519904.153741.5
Hyundai Motor Co. [A005380]KR64510552180.173561.4
Magnit OJSC GDR [MGNT]RUB2QKYZ0657.523471.4
B2W Cia Digital [BTOW3]BRB1LH3Y12613.403471.4
China Cinda Asset Management Co. Ltd. [1359]CNBGY6SV27580.443331.3
BRF SA ADR [BRFS]BR26052101423.793331.3
Airports of Thailand PCL [AOT-F]TH6741198457.353321.3
Luye Pharma Group Ltd. [2186]CNBNQ4GF32521.293241.3
Reliance Industries Ltd. PN [JPMCW121]INB75KH022015.313121.2
Phosagro OAO GDR [PHOR]RUB62QPJ12811.153081.2
Gcl-Poly Energy Holdings Ltd. [3800]CNB28XTR48320.373071.2
Telefonica Brasil SA ADR [VIV]BRB7395C91519.683031.2
ITC Ltd. PN [JPMCW12C]INB7LRXH6505.993021.2
Mega Financial Holding Co. Ltd. [2886]TW64440663670.823011.2
Turkiye Halk Bankasi As [HALKB]TRB1WTMP0496.022961.2
JD.Com Inc. ADR [JD]CNBMM27D91125.822931.2
Dufry AG [DUFN]CHB0R80X92152.072891.1
Tencent Holdings Ltd. [700]CNBMMV2K81914.862791.1
China Shipping Container Lines Co. Ltd. [2866]CNB018L761,0460.272781.1
Haier Electronics Group Co. Ltd. [1169]CNB1TL3R81032.642711.1
China Overseas Land & Investment Ltd. [688]CN61921501042.562671.1
Asm Pacific Technology Ltd. [522]CN6002453269.892621.0
Itau Unibanco Holding SA ADR [ITUB]BR28497391913.882611.0
Epistar Corp. [2448]TW63541541391.872601.0
Odontoprev SA [ODPV3]BRB1H6R62713.642571.0
ICICI Bank Ltd. ADR [IBN]IN2569286549.102561.0
Bharti Airtel Ltd. PNINB4M7M11396.562541.0
Coca-Cola Icecek AS [CCOLA]TRB058ZV41221.522521.0
Yandex NV [YNDX]RUB5BSZB3927.802501.0
Indofood CBP Sukses Makmur Tbk PT [ICBP]IDB4LD3M82680.932491.0
China Shenhua Energy Co. Ltd. [1088]CNB09N7M0902.782491.0
LG Chem Ltd. [A051910]KR63469131242.062431.0
Yuanta Financial Holding Co. Ltd. [2885]TW64241104820.492370.9
Tsingtao Brewery Co. Ltd. [168]CN6905808327.102270.9
Mobile Telesystems OJSC ADR [MBT]RU26032251514.942260.9
Tianhe Chemicals Group Ltd. [1619]CNBN7ZDG58740.262250.9
United Bank Ltd. PN [JPMCW1M3]PKBNFXC751161.842130.8
WH Group Ltd.CNBLLHKZ12580.822120.8
Reliance Industries Ltd. PN [JPMCW1N5]INBP40XQ71315.312040.8
Industries Qatar Qsc [IQCD]QA6673570451.001900.8
AngloGold Ashanti Ltd. ADR [AU]ZA22574951612.001880.7
Huadian Fuxin Energy Corp. Ltd. [816]CNB8L1BL52640.591550.6
ITC Ltd. PN [JPMCW1NG]INBP4VP20255.991520.6
Bharti Airtel Ltd. PN [JPMCW1NF]INBP4VP53206.561280.5
Total24,03895.0
Cash and Other Assets Less Liabilities5.0
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials21.327.5
Information Technology21.016.7
Consumer Discretionary13.58.9
Materials9.88.3
Consumer Staples9.78.3
Energy8.710.2
Telecommunication Services5.27.7
Industrials3.26.6
Health Care2.32.1
Utilities0.63.5

Sector Returns (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Health Care12.69.9
Industrials9.7-3.0
Utilities9.2-3.8
Consumer Staples0.5-2.4
Cash-0.10.0
Telecommunication Services-2.06.1
Financials-5.7-1.2
Information Technology-6.7-6.0
Energy-7.2-7.6
Materials-8.9-8.2
Consumer Discretionary-9.0-6.4

Country Allocation (As of Quarter Ended 09/30/2014)

As of Quarter Ended 09/30/2014
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China27.213.2
Brazil13.810.3
Taiwan10.312.0
India8.77.1
South Korea7.415.0
Mexico6.85.4
Russia6.54.6
South Africa4.57.4
Indonesia2.52.7
Turkey2.21.6
Other10.120.7

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.