Harbor Emerging Markets Equity Fund Investor Class (HIEEX)

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

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings74838
Weighted Avg. Market Cap ($Mil)52,331.7850,753.68
Median Market Cap ($Mil)12,900.295,763.10
Price/Book Ratio1.661.57
Adj. Trailing P/E Ratio14.5714.52
Forecasted P/E Ratio11.4911.72
Earnings Growth Rate (%)15.5413.02
Proj. Earnings Growth Rate (%)16.9712.79
Return on Equity (%)17.8814.61
Turnover (unannualized % since 10/31)38-
Beta vs. MSCI Emerging Markets (ND) Index0.92-
Beta vs. MSCI EAFE (ND) Index0.69-

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
Samsung Electronics Co. Ltd. [A005930]5.5
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]3.6
Industrial & Commercial Bank of China Ltd. [1398]3.0
Naspers Ltd. [NPN]2.5
Petroleo Brasileiro SA ADR [PBR]2.5
BRF SA ADR [BRFS]2.1
China Unicom Hong Kong Ltd. [762]2.1
Itau Unibanco Holding SA ADR [ITUB]2.0
Cemex SAB de CV ADR [CX]2.0
China Construction Bank Corp. [939]2.0
% of Total Holdings:27.3

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR21134.592,4965.5
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW7222.711,6373.6
Industrial & Commercial Bank of China Ltd. [1398]CN1,6880.791,3373.0
Naspers Ltd. [NPN]ZA7155.501,1212.5
Petroleo Brasileiro SA ADR [PBR]BR1239.051,1172.5
BRF SA ADR [BRFS]BR4520.919452.1
China Unicom Hong Kong Ltd. [762]CN5981.569332.1
Itau Unibanco Holding SA ADR [ITUB]BR8310.959082.0
Cemex SAB de CV ADR [CX]MX999.169072.0
China Construction Bank Corp. [939]CN9850.919002.0
Grupo Televisa SAB ADR [TV]MX2338.828932.0
China Pacific Insurance Group Co. Ltd. [2601]CN1834.808771.9
Dufry AG [DUFN]CH6139.348581.9
Magnit PJSC GDR [MGNT]RU1555.628451.9
Tencent Holdings Ltd. [700]CN4020.018081.8
Vale SA ADR [VALE/P]BR1505.057581.7
Reliance Industries Ltd. PN [JPMCW1N5]IN4715.717421.6
China Overseas Land & Investment Ltd. [688]CN2083.537351.6
ICICI Bank Ltd. ADR [IBN]IN6910.427161.6
Trina Solar Ltd. ADR [TSL]CN5811.646691.5
Hyundai Motor Co. [A005380]KR5121.746641.5
Larsen & Toubro Ltd. [JPMCW21K]IN2428.006581.5
Turkiye Halk Bankasi As [HALKB]TR1344.616171.4
Lukoil OAO ADR [LKOD]RU1444.066171.4
JD.Com Inc. ADR [JD]CN1734.105951.3
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX1065.505821.3
Galaxy Entertainment Group Ltd. [27]CN1453.975751.3
Grupo Mexico SAB de CV [GMEXICO B]MX1903.015731.3
Axis Bank Ltd. PNIN658.785681.3
Coal India Ltd. PN [JPMCW1WR]IN846.625551.2
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID7160.775541.2
Discovery Ltd. [DSY]ZA5310.395541.2
China Shenhua Energy Co. Ltd. [1088]CN2422.285501.2
PetroChina Co. Ltd. [857]CN4841.115381.2
China Cinda Asset Management Co. Ltd. [1359]CN9630.565361.2
America Movil SAB de CV ADR [AMX]MX2421.315201.2
Airports of Thailand plc [AOT-F]TH588.955191.2
Mobile Telesystems OJSC ADR [MBT]RU529.785111.1
Haier Electronics Group Co. Ltd. [1169]CN1902.695101.1
Bharti Airtel Ltd. PN [JPMCW1NF]IN776.605061.1
Luye Pharma Group Ltd. [2186]CN4711.075041.1
Mega Financial Holding Co. Ltd. [2886]TW5500.904951.1
Asm Pacific Technology Ltd. [522]CN509.874951.1
Yuanta Financial Holding Co. Ltd. [2885]TW9000.544871.1
BB Seguridade Participacoes SA [BBSE3]BR4410.974771.1
SK Hynix Inc. [A000660]KR1237.904731.1
OTP Bank plc [OTP]HU2419.764701.0
Coca-Cola Icecek AS [CCOLA]TR2816.644661.0
China Everbright International Ltd. [257]CN2541.804581.0
Lenovo Group Ltd. [992]CN3281.384531.0
Huadian Fuxin Energy Corp. Ltd. [816]CN9440.484521.0
Epistar Corp. [2448]TW3331.344451.0
Telefonica Brasil SA ADR [VIV]BR3213.934401.0
Anhui Conch Cement Co. Ltd. [914]CN1223.504260.9
Cia Energetica de Minas Gerais ADR [CIG]BR1093.814160.9
Delta Electronics Inc. [2308]TW815.124140.9
B2W Cia Digital [BTOW3]BR606.563940.9
Gcl-Poly Energy Holdings Ltd. [3800]CN1,6590.233820.8
Hotel Shilla Co. Ltd. [A008770]KR499.973810.8
Phosagro OAO GDR [PHOR]RU2912.813780.8
Yandex NV [YNDX]RU2515.223740.8
Sands China Ltd. [1928]CN1063.353540.8
Universal Robina Corp. [URC]PH774.303320.7
Banco Santander Chile ADR [BSAC]CL1520.253100.7
Reliance Industries Ltd. PN [JPMCW121]IN1915.713050.7
Industries Qatar Qsc [IQCD]QA739.322920.6
AngloGold Ashanti Ltd. ADR [AU]ZA318.952810.6
United Bank Ltd. PN [JPMCW1M3]PK1541.682590.6
Tianhe Chemicals Group Ltd. [1619]CN2,6840.092420.5
TPK Holding Co. Ltd. [3673]TW355.792020.4
YPF SA ADR [YPF]AR727.431960.4
Bharti Airtel Ltd. PNIN286.601850.4
United Bank Ltd. [UBL]PK731.681230.3
Indofood CBP Sukses Makmur Tbk PT [ICBP]ID1280.931190.3
Total43,98497.4
Cash and Other Assets Less Liabilities2.6
Total Net Assets100%

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

As of Quarter Ended 06/30/2015
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials25.629.7
Information Technology19.717.9
Consumer Discretionary14.19.0
Energy10.38.4
Materials7.96.9
Telecommunication Services6.97.3
Consumer Staples6.08.1
Industrials4.36.9
Utilities1.93.3
Health Care1.12.5

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

As of Quarter Ended 06/30/2015
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Energy15.58.7
Industrials7.11.1
Financials3.23.1
Telecommunication Services2.90.3
Cash0.90.0
Materials0.81.4
Consumer Staples-0.12.4
Utilities-1.6-0.1
Consumer Discretionary-2.5-3.1
Information Technology-9.6-3.8
Health Care-11.4-1.7

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

As of Quarter Ended 06/30/2015
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China29.60.1
Brazil12.17.5
India9.47.6
South Korea8.914.3
Taiwan8.212.6
Mexico7.74.5
Russia6.13.8
South Africa4.37.9
Turkey2.41.4
Switzerland1.90.0
Other9.440.3

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.