Harbor Emerging Markets Equity Fund Investor Class (HIEEX)

Portfolio Characteristics (As of Quarter Ended 06/30/2014)

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings65835
Weighted Avg. Market Cap ($Mil)48,466.6344,437.45
Median Market Cap ($Mil)19,629.765,682.19
Price/Book Ratio1.821.55
Adj. Trailing P/E Ratio13.9412.78
Forecasted P/E Ratio10.9910.92
Earnings Growth Rate (%)20.3415.15
Proj. Earnings Growth Rate (%)17.3213.54
Return on Equity (%)19.7613.77
Turnover (unannualized % since 10/31)37-
Beta vs. MSCI Emerging Markets (ND) Index0.85-
Beta vs. MSCI EAFE (ND) Index0.69-

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

Top Ten Holdings (As of Quarter Ended 06/30/2014)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [A005930]5.5
Petroleo Brasileiro SA ADR [PBR]4.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]3.8
BB Seguridade Participacoes SA [BBSE3]2.4
Vale SA ADR [VALE/P]2.3
Cemex SAB de CV ADR [CX]2.1
China Construction Bank Corp. [939]2.1
Industrial & Commercial Bank of China Ltd. [1398]2.0
Naspers Ltd. [NPN]2.0
Reliance Industries Ltd. PN [JPMCW121]1.9
% of Total Holdings:28.1

Full Holdings (As of Quarter Ended 06/30/2014)

Company Name [Ticker]CountrySEDOLShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR677172011305.959775.5
Petroleo Brasileiro SA ADR [PBR]BR26165804814.637104.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW21133823221.396763.8
BB Seguridade Participacoes SA [BBSE3]BRB9N3SQ02814.684172.4
Vale SA ADR [VALE/P]BR29339003411.904032.3
Cemex SAB de CV ADR [CX]MX24886712813.233772.1
China Construction Bank Corp. [939]CNB0LMTQ34890.763702.1
Industrial & Commercial Bank of China Ltd. [1398]CNB1G1QD85630.633562.0
Naspers Ltd. [NPN]ZA66226913117.743512.0
Reliance Industries Ltd. PN [JPMCW121]INB75KH022016.883441.9
Grupo Televisa SAB ADR [TV]MX23994501034.313431.9
Tata Motors Ltd. ADR [TTM]INB02ZP96939.063401.9
Lenovo Group Ltd. [992]CN62180892461.363341.9
Discovery Ltd. [DSY]ZA6177878359.143231.8
MediaTek Inc [2454]TW63724801916.923211.8
Galaxy Entertainment Group Ltd. [27]CN6465874407.973191.8
Delta Electronics Inc [2308]TW6260734437.283131.8
China Pacific Insurance Group Co. Ltd. [2601]CNB2Q5H56883.543101.8
Lukoil OAO ADR [LKOD]RU3189876559.573051.7
Hyundai Motor Co. [A005380]KR64510551226.722981.7
China Unicom Hong Kong Ltd. [762]CN62638301781.542741.5
ITC Ltd. PN [JPMCW12C]INB7LRXH6505.402721.5
Trina Solar Ltd. ADR [TSL]CNB1L87F32112.832661.5
Tingyi Cayman Islands Holding Corp. [322]CN6903556942.802631.5
Phosagro OAO GDR [PHOR]RUB62QPJ12112.522601.5
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID67090992960.872581.5
Grupo Mexico SAB de CV [GMEXICO O B]MX2643674763.342521.4
China Cinda Asset Management Co. Ltd. [1359]CNBGY6SV25040.502501.4
Turkiye Halk Bankasi As [HALKB]TRB1WTMP0337.512451.4
Sands China Ltd. [1928]CNB5B23W2327.572421.4
Magnit OJSC GDR [MGNT]RUB2QKYZ0458.942371.3
JD.Com Inc. ADR [JD]CNBMM27D9828.512361.3
AMBEV SA ADR [ABEV]BRBG804F6337.042341.3
Grupo Financiero Banorte SAB de CV [GFNORTE E O]MX2421041327.152311.3
Tianhe Chemicals Group Ltd. [1619]CNBN7ZDG58580.272301.3
Dufry AG [DUFN]CHB0R80X91181.672291.3
BRF SA ADR [BRFS]BR2605210924.312261.3
Indofood CBP Sukses Makmur Tbk PT [ICBP]IDB4LD3M82640.852231.3
Bharti Airtel Ltd. PNINB4M7M11395.602161.2
Universal Robina Corp. [URC]PH6919519603.532121.2
Sberbank of Russia ADR [SBER]RUB5SC0912110.102101.2
Telefonica Brasil SA ADR [VIV]BRB7395C91020.512091.2
Rosneft OAO GDR [ROSN]RUB17FSC2287.302071.2
Mega Financial Holding Co. Ltd. [2886]TW64440662440.832031.1
Odontoprev SA [ODPV3]BRB1H6R62474.302021.1
Mobile Telesystems OJSC ADR [MBT]RU26032251019.741971.1
LG Chem Ltd. [A051910]KR63469131292.451951.1
Asm Pacific Technology Ltd. [522]CN60024531810.921921.1
Coca-Cola Icecek AS [CCOLA]TRB058ZV4824.701921.1
Tencent Holdings Ltd. [700]CNBMMV2K81215.251911.1
Gcl-Poly Energy Holdings Ltd. [3800]CNB28XTR45530.331841.0
Airports of Thailand PCL [AOT-F]TH6741198306.121841.0
Haier Electronics Group Co. Ltd. [1169]CNB1TL3R8692.621811.0
AngloGold Ashanti Ltd. ADR [AU]ZA22574951017.211791.0
Tsingtao Brewery Co. Ltd. [168]CN6905808227.831721.0
China Shipping Container Lines Co. Ltd. [2866]CNB018L766630.261721.0
China Shenhua Energy Co. Ltd. [1088]CNB09N7M0602.891721.0
Longfor Properties Co. Ltd. [960]CNB56KLY91391.221701.0
Industries Qatar Qsc [IQCD]QA6673570446.401701.0
Yuanta Financial Holding Co. Ltd. [2885]TW64241103120.541691.0
China Overseas Land & Investment Ltd. [688]CN6192150682.431650.9
B2W Cia Digital [BTOW3]BRB1LH3Y11012.671230.7
United Bank Ltd. PN [JPMCW1M3]PKBNFXC75411.71700.4
B2W Cia Digital [BTOW1]BRBN7SP2470.8870.0
Total17,15996.9
Cash and Other Assets Less Liabilities3.1
Total Net Assets100%

Sector Allocation (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials21.227.0
Information Technology19.517.3
Consumer Discretionary15.19.1
Consumer Staples11.58.2
Materials10.78.7
Energy9.810.8
Telecommunication Services5.17.0
Industrials3.06.5
Health Care1.11.8
Utilities0.03.6

Sector Returns (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Health Care10.48.1
Energy10.310.2
Information Technology9.211.2
Financials8.55.4
Materials7.43.9
Telecommunication Services5.75.7
Consumer Discretionary3.44.2
Consumer Staples1.64.1
Utilities0.010.5
Cash-0.30.0
Industrials-5.64.9

Country Allocation (As of Quarter Ended 06/30/2014)

As of Quarter Ended 06/30/2014
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China28.512.8
Brazil14.310.9
Taiwan9.512.2
South Korea8.315.6
Russia8.05.4
Mexico6.85.1
India6.66.8
South Africa4.87.5
Indonesia2.72.5
Turkey2.51.7
Other8.019.5

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 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.