Harbor International Growth Fund Institutional Class (HAIGX)

Portfolio Characteristics (As of Quarter Ended 12/31/2015)

 Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings801,858
Weighted Avg. Market Cap ($Mil)39,224.3952,101.59
Median Market Cap ($Mil)13,395.186,778.18
Price/Book Ratio2.721.58
Adj. Trailing P/E Ratio18.9315.23
Forecasted P/E Ratio19.5613.80
Earnings Growth Rate (%)16.3511.76
Proj. Earnings Growth Rate (%)13.419.86
Return on Equity (%)17.8211.55
Turnover (unannualized % since 10/31)3-
Beta vs. MSCI EAFE (ND) Index0.95-
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 12/31/2015)

Company Name [Ticker]% of Net Assets
Novo Nordisk AS [NOVOB]3.0
Hargreaves Lansdown plc [HL.]2.5
KAO Corp. [4452]2.4
Investment AB Kinnevik [KINV B_SEK]2.4
Shimano Inc. [7309]2.3
MS&AD Insurance Group Holdings Inc. [8725]2.3
Naspers Ltd. [NPN]2.1
Cochlear Ltd. [COH]2.1
Asos plc [ASC]2.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]2.0
% of Total Holdings:23.1

Full Holdings (As of Quarter Ended 12/31/2015)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Novo Nordisk AS [NOVOB]DK14557.908,3963.0
Hargreaves Lansdown plc [HL.]GB31122.206,9092.5
KAO Corp. [4452]JP13351.396,8192.4
Investment AB Kinnevik [KINV B_SEK]SE21630.806,6532.4
Shimano Inc. [7309]JP42153.566,3732.3
MS&AD Insurance Group Holdings Inc. [8725]JP21529.326,3172.3
Naspers Ltd. [NPN]ZA43136.685,9352.1
Cochlear Ltd. [COH]AU8469.205,8372.1
Asos plc [ASC]GB10950.815,5582.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW24122.755,4892.0
Unilever plc [ULVR]GB12742.895,4652.0
Svenska Handelsbanken AB [SHBA]SE41013.285,4512.0
Baidu Inc. ADR [BIDU]CN29189.045,4402.0
Carlsberg AS [CARL B]DK6088.595,3001.9
Rightmove plc [RMV]GB8560.775,1911.9
ARM Holdings plc [ARM]GB33315.245,0811.8
Nestlé SA [NESN]CH6874.245,0451.8
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR19261.415,0191.8
Roche Holding AG [ROG]CH18277.114,8691.7
Industria de Diseno Textil SA [ITX]ES13034.354,4721.6
Samsung Electronics Co. Ltd. [A005930]KR41066.584,3361.6
Olympus Corp. [7733]JP11039.374,3151.5
Mettler-Toledo International Inc. [MTD]CH13339.134,2951.5
Rakuten Inc. [4755]JP36211.524,1721.5
Capita plc [CPI]GB23417.794,1711.5
Johnson Matthey plc [JMAT]GB10639.124,1641.5
United Overseas Bank Ltd. [U11]SG29913.794,1251.5
Atlas Copco AB [ATCOB]SE17722.994,0671.5
Mahindra & Mahindra Ltd. GDR [MHID]IN20419.113,8911.4
Shiseido Co. Ltd. [4911]JP18420.753,8161.4
Asahi Group Holdings Ltd. [2502]JP11931.303,7351.3
Adidas AG [ADS]DE3897.063,7121.3
Investor AB [INVE B_SEK]SE9536.753,5031.3
Jardine Matheson Holdings Ltd. [J36]SG7248.433,4721.2
Zalando Se [ZAL]DE8739.493,4461.2
Japan Exchange Group Inc. [8697]JP21815.633,4031.2
Hon Hai Precision Industry Co. Ltd. GDR [HHPD]TW6635.073,3611.2
Kone OYJ [KNEBV]FI7942.343,3591.2
Auto Trader Group plc [AUTO]GB5006.523,2581.2
Schindler Holding AG [SCHP]CH19167.303,2491.2
Alibaba Group Holding Ltd. ADR [BABA]CN4081.273,2151.2
Distribuidora Internacional de Alimentacion SA [DIA]ES5345.903,1481.1
THK Co. Ltd. [6481]JP16718.533,1031.1
Seek Ltd. [SEK]AU27811.133,0911.1
JD.Com Inc. ADR [JD]CN9432.273,0181.1
BG Group plc [BG.]GB20314.502,9351.1
Denso Corp. [6902]JP6147.792,8961.0
Jupiter Fund Management plc [JUP]GB4336.652,8801.0
Intertek Group plc [ITRK]GB7040.912,8601.0
CIE Financiere Richemont SA [CFR]CH4071.572,8571.0
Treasury Wine Estates Ltd. [TWE]AU4746.002,8441.0
Brambles Ltd. [BXB]AU3288.372,7511.0
Jeronimo Martins SGPS SA [JMT]PT20913.012,7131.0
Tsingtao Brewery Co. Ltd. [168]CN6004.502,7031.0
Burberry Group plc [BRBY]GB15217.592,6711.0
SMC Corp. [6273]JP10259.732,5970.9
Novozymes AS [NZYM B]DK4647.882,2200.8
Legrand SA [LR]FR3956.572,1920.8
Wal-Mart de Mexico SAB de CV [WALMEX *]MX8512.522,1470.8
Kakaku.com Inc. [2371]JP10619.672,0930.8
Clicks Group Ltd. [CLS]ZA3615.762,0770.7
John Wood Group plc [WG.]GB2269.012,0390.7
Sugi Holdings Co. Ltd. [7649]JP3655.172,0080.7
Cafe de Coral Holdings Ltd. [341]HK6602.941,9380.7
Thai Beverage PCL [Y92]TH3,7760.491,8330.7
BOC Hong Kong Holdings Ltd. [2388]HK5283.041,6030.6
Delta Electronics Inc. [2308]TW3284.701,5430.6
Ctrip.com International Ltd. ADR [CTRP]CN3246.331,4910.5
Corp. Financiera Alba SA [ALB]ES3243.161,4010.5
Mitchells & Butlers plc [MAB]GB2665.051,3430.5
Puregold Price Club Inc. [PGOLD]PH1,7100.741,2600.5
Jardine Strategic Holdings Ltd. [J37]SG4327.261,1720.4
BHP Billiton plc [BLT]GB9911.151,1090.4
Imagination Technologies Group plc [IMG]GB5591.971,1000.4
Itau Unibanco Holding SA ADR [ITUB]BR1686.511,0940.4
Weir Group plc [WEIR]GB6114.698910.3
Atlas Copco AB [ATCOA]SE3224.527840.3
Mesoblast Ltd. [MSB]AU2971.343980.1
Protalix BioTherapeutics Inc. [PLX]IL3001.023060.1
Li & Fung Ltd. [494]HK3220.682180.1
Total272,01197.8
Cash and Other Assets Less Liabilities2.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Consumer Discretionary19.412.2
Consumer Staples18.310.7
Financials17.327.1
Information Technology14.48.3
Industrials13.511.2
Health Care10.29.5
Materials2.76.4
Energy1.86.0
Telecommunication Services0.05.2
Utilities0.03.5

Sector Returns (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Health Care12.63.4
Information Technology12.58.4
Industrials10.94.6
Consumer Discretionary7.04.5
Financials6.72.5
Consumer Staples5.93.8
Materials1.50.4
Cash0.30.0
Telecommunication Services0.02.6
Utilities0.01.4
Energy-1.0-0.5

Country Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
United Kingdom20.714.5
Japan18.517.2
Sweden7.32.1
Switzerland7.36.9
Denmark5.71.4
China5.75.5
Australia5.34.8
Taiwan3.72.5
South Korea3.43.2
Spain3.22.3
Other19.239.6

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.