Harbor International Growth Fund Institutional Class (HAIGX)

Portfolio Characteristics (As of Quarter Ended 09/30/2016)

 Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings761,853
Weighted Avg. Market Cap ($Mil)39,249.9354,885.03
Median Market Cap ($Mil)13,748.767,190.51
Price/Book Ratio4.271.96
Adj. Trailing P/E Ratio22.5817.23
Forecasted P/E Ratio21.8615.58
Earnings Growth Rate (%)14.076.51
Proj. Earnings Growth Rate (%)10.6210.09
Return on Equity (%)16.4712.72
Turnover (unannualized % since 10/31)18-
Beta vs. MSCI EAFE (ND) Index0.99-
Beta vs. MSCI All Country World Ex. US (ND) Index 0.99-

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

Top Ten Holdings (As of Quarter Ended 09/30/2016)

Company Name [Ticker]% of Net Assets
Cochlear Ltd. [COH]3.1
Naspers Ltd. [NPN]2.5
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]2.4
KAO Corp. [4452]2.1
Shimano Inc. [7309]2.1
Hargreaves Lansdown plc [HL.]2.1
Novo Nordisk AS [NOVOB]2.0
MS&AD Insurance Group Holdings Inc. [8725]2.0
Japan Exchange Group Inc. [8697]1.9
Svenska Handelsbanken AB [SHBA]1.9
% of Total Holdings:22.1

Full Holdings (As of Quarter Ended 09/30/2016)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Cochlear Ltd. [COH]AU87108.399,4843.1
Naspers Ltd. [NPN]ZA44173.077,6572.5
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW24330.597,4212.4
KAO Corp. [4452]JP11656.546,5872.1
Shimano Inc. [7309]JP44148.526,5202.1
Hargreaves Lansdown plc [HL.]GB39216.476,4552.1
Novo Nordisk AS [NOVOB]DK14841.686,1732.0
MS&AD Insurance Group Holdings Inc. [8725]JP21727.876,0542.0
Japan Exchange Group Inc. [8697]JP38115.645,9621.9
Svenska Handelsbanken AB [SHBA]SE42513.755,8421.9
Zalando Se [ZAL]DE13941.785,8101.9
Unilever plc [ULVR]GB11647.325,4961.8
Mettler-Toledo International Inc. [MTD]CH13419.835,4621.8
Baidu Inc. ADR [BIDU]CN30182.075,3841.8
Asos plc [ASC]GB8462.935,3001.7
Samsung Electronics Co. Ltd. [A005930]KR41456.765,2871.7
Adidas AG [ADS]DE30173.925,1861.7
Shiseido Co. Ltd. [4911]JP19426.495,1441.7
Industria de Diseno Textil SA [ITX]ES13637.085,0521.6
Pigeon Corp. [7956]JP16630.295,0221.6
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR19254.704,9581.6
Rakuten Inc. [4755]JP38013.054,9581.6
Rightmove plc [RMV]GB9054.724,9361.6
Carlsberg AS [CARL B]DK5195.574,9001.6
Auto Trader Group plc [AUTO]GB9245.264,8571.6
Johnson Matthey plc [JMAT]GB11442.654,8421.6
Atlas Copco AB [ATCOB]SE17727.324,8341.6
Nestlé SA [NESN]CH6178.964,8321.6
Brambles Ltd. [BXB]AU5159.224,7481.5
Kakaku.com Inc. [2371]JP25418.114,6031.5
Ctrip.com International Ltd. ADR [CTRP]CN9846.574,5481.5
Mahindra & Mahindra Ltd. GDR [MHID]IN21121.224,4811.5
Roche Holding AG [ROG]CH18248.504,3881.4
United Overseas Bank Ltd. [U11]SG31413.874,3631.4
Asahi Group Holdings Ltd. [2502]JP11836.434,3021.4
Alibaba Group Holding Ltd. ADR [BABA]CN40105.794,2791.4
SMC Corp. [6273]JP15288.734,2441.4
Capita plc [CPI]GB4818.664,1651.4
Olympus Corp. [7733]JP11734.924,0751.3
Jardine Matheson Holdings Ltd. [J36]HK6760.704,0481.3
Kone OYJ [KNEBV]FI7950.774,0281.3
Tsingtao Brewery Co. Ltd. [168]CN1,0263.914,0161.3
Jeronimo Martins SGPS SA [JMT]PT21517.333,7311.2
Schindler Holding AG [SCHP]CH20187.783,7181.2
Suruga Bank Ltd. [8358]JP15223.973,6531.2
Delta Electronics Inc. [2308]TW6515.363,4871.1
Investor AB [INVE B_SEK]SE9536.563,4861.1
Clicks Group Ltd. [CLS]ZA3719.293,4451.1
Seek Ltd. [SEK]AU28511.993,4121.1
Treasury Wine Estates Ltd. [TWE]AU3798.493,2191.0
CIE Financiere Richemont SA [CFR]CH5360.993,2081.0
Intertek Group plc [ITRK]GB7045.143,1561.0
Distribuidora Internacional de Alimentacion SA [DIA]ES4886.193,0251.0
Jupiter Fund Management plc [JUP]GB5415.512,9811.0
Legrand SA [LR]FR4858.952,8400.9
Burberry Group plc [BRBY]GB15217.842,7090.9
Thai Beverage PCL [Y92]TH3,7760.712,6900.9
JD.Com Inc. ADR [JD]CN9726.092,5240.8
Hon Hai Precision Industry Co. Ltd. GDR [HHPD]TW4915.042,4730.8
Denso Corp. [6902]JP6139.902,4180.8
John Wood Group plc [WG.]GB2269.842,2280.7
Public Bank BHD [PBBANK]MY4634.792,2210.7
Cafe de Coral Holdings Ltd. [341]HK6603.332,2000.7
Swatch Group AG [UHR]CH8283.492,1840.7
Novozymes AS [NZYM B]DK4844.112,1130.7
Imagination Technologies Group plc [IMG]GB6273.202,0070.7
Sugi Holdings Co. Ltd. [7649]JP3654.401,9800.6
Wal-Mart de Mexico SAB de CV [WALMEX *]MX8792.191,9240.6
THK Co. Ltd. [6481]JP8419.671,6490.5
Weir Group plc [WEIR]GB6922.031,5300.5
Puregold Price Club Inc. [PGOLD]PH1,7100.881,4990.5
Jardine Strategic Holdings Ltd. [J37]HK4332.781,4100.5
Pax Global Technology Ltd. [327]CN1,7650.741,3060.4
Atlas Copco AB [ATCOA]SE4130.101,2360.4
Mesoblast Ltd. [MSB]AU2970.862560.1
Protalix BioTherapeutics Inc. [PLX]IL3000.561680.1
Total302,78998.3
Cash and Other Assets Less Liabilities1.7
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2016)

As of Quarter Ended 09/30/2016
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Consumer Discretionary21.111.4
Consumer Staples20.211.1
Information Technology15.09.6
Financials15.021.6
Industrials14.711.7
Health Care9.88.6
Materials2.37.5
Energy0.76.6
Utilities0.03.4
Real Estate0.03.5
Telecommunication Services0.04.9

Sector Returns (As of Quarter Ended 09/30/2016)

As of Quarter Ended 09/30/2016
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Information Technology18.815.6
Consumer Discretionary14.010.8
Financials10.110.1
Energy8.52.3
Materials6.512.6
Consumer Staples4.41.9
Industrials3.88.3
Health Care0.5-1.9
Real Estate0.05.1
Telecommunication Services0.00.6
Utilities0.00.2
Cash-3.80.0

Country Allocation (As of Quarter Ended 09/30/2016)

As of Quarter Ended 09/30/2016
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Japan21.916.8
United Kingdom16.513.5
Switzerland7.86.3
China7.26.3
Australia6.94.8
Sweden5.02.0
Taiwan4.42.8
Denmark4.31.2
South Africa3.61.6
Germany3.66.3
Other18.838.4

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.