Harbor Emerging Markets Equity Fund Institutional Class (HAEMX)

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

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings78833
Weighted Avg. Market Cap ($Mil)72,690.8460,074.94
Median Market Cap ($Mil)17,201.745,540.75
Price/Book Ratio1.621.79
Adj. Trailing P/E Ratio14.5315.38
Forecasted P/E Ratio12.7613.90
Earnings Growth Rate (%)6.539.27
Proj. Earnings Growth Rate (%)11.0012.21
Return on Equity (%)14.5414.65
Turnover (unannualized % since 10/31)47-
Beta vs. MSCI Emerging Markets (ND) Index0.94-
Beta vs. MSCI EAFE (ND) Index0.79-

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
Samsung Electronics Co. Ltd. [A005930]6.1
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]4.9
Tencent Holdings Ltd. [700]3.4
Itau Unibanco Holding SA ADR [ITUB]2.9
Alibaba Group Holding Ltd. ADR [BABA]2.9
Industrial & Commercial Bank of China Ltd. [1398]2.5
Sands China Ltd. [1928]2.4
SK Hynix Inc. [A000660]2.3
China Overseas Land & Investment Ltd. [688]2.3
Bank Rakyat Indonesia Persero Tbk PT [BBRI]2.2
% of Total Holdings:31.9

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR21456.762,4666.1
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW6530.591,9804.9
Tencent Holdings Ltd. [700]CN4927.801,3733.4
Itau Unibanco Holding SA ADR [ITUB]BR10710.941,1682.9
Alibaba Group Holding Ltd. ADR [BABA]CN11105.791,1552.9
Industrial & Commercial Bank of China Ltd. [1398]CN1,5700.639962.5
Sands China Ltd. [1928]CN2184.389572.4
SK Hynix Inc. [A000660]KR2536.719142.3
China Overseas Land & Investment Ltd. [688]CN2643.449082.3
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID9290.948712.2
Naspers Ltd. [NPN]ZA5173.078432.1
ICICI Bank Ltd. ADR [IBN]IN1117.478282.1
LUKOIL Pjsc ADR [LKOD]RU1648.768022.0
China Mobile Ltd. [941]CN6512.287962.0
Cemex SAB de CV ADR [CX]MX977.947741.9
Reliance Industries Ltd. [JPMCW1N5]IN4716.287691.9
Sberbank of Russia PJSC ADR [SBER]RU819.397641.9
China Pacific Insurance Group Co. Ltd. [2601]CN1933.747231.8
Vale SA ADR [VALE/P]BR1464.716881.7
Kasikornbank PCL NVDR [KBANK]TH1225.436611.6
Delta Electronics Inc. [2308]TW1165.366241.5
China Construction Bank Corp. [939]CN7930.755961.5
Hana Financial Group Inc. [A086790]KR2225.465711.4
Brilliance China Automotive Holdings Ltd. [1114]CN4561.135141.3
Aurobindo Pharma Ltd. [ARBP]IN3812.904881.2
Turkiye Halk Bankasi As [HALKB.E]TR1563.044741.2
Grupo Mexico SAB de CV [GMEXICO B]MX1912.454661.2
Trina Solar Ltd. ADR [TSL]CN4510.244591.1
Telefonica Brasil SA ADR [VIV]BR3214.474571.1
AngloGold Ashanti Ltd. ADR [AU]ZA2815.924491.1
China Life Insurance Co. Ltd. [2628]CN1712.624481.1
China Longyuan Power Group Corp. Ltd. [916]CN5360.824391.1
China Everbright International Ltd. [257]CN3531.204231.0
Fomento Economico Mexicano SAB de CV ADR [FMX]MX592.044221.0
Anhui Conch Cement Co. Ltd. [914]CN1522.764211.0
Firstrand Ltd. [FSR]ZA1193.464131.0
AMBEV SA ADR [ABEV]BR686.094121.0
China Merchants Bank Co. Ltd. [3968]CN1622.544111.0
Axis Bank Ltd.IN508.134101.0
Samsung Life Insurance Co. Ltd. [A032830]KR496.044071.0
China Shenhua Energy Co. Ltd. [1088]CN2061.984061.0
Sasol Ltd. [SOL]ZA1527.323981.0
Gerdau SA ADR [GGB]BR1452.723951.0
Amorepacific Corp. [A090430]KR1354.623941.0
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX755.253921.0
UltraTech Cement Ltd. [ULTRACEMCO]IN757.933790.9
Alpha Bank AE [ALPHA]GR2261.673780.9
China Galaxy Securities Co. Ltd. [6881]CN4060.923730.9
PhosAgro OJSC GDR [PHOR]RU2912.903690.9
CNOOC Ltd. ADR [CEO]CN3126.493630.9
POSCO [A005490]KR2207.273630.9
Bharti Airtel Ltd. [JPMCW1NF]IN774.723620.9
PetroChina Co. Ltd. [857]CN5000.663310.8
Haier Electronics Group Co. Ltd. [1169]CN1931.663210.8
Cvc Brasil Operadora E Agencia de Viagens SA [CVCB3]BR437.403210.8
Natura Cosmeticos SA [NATU3]BR319.603010.7
Dufry AG [DUFN]CH2125.372850.7
E.Sun Financial Holding Co. Ltd. [2884]TW4690.572680.7
Tianhe Chemicals Group Ltd. [1619]CN2,6840.092420.6
Reliance Industries Ltd. [RELIANCE]IN1516.332400.6
United Bank Ltd. [UBL]PK1241.912350.6
Industries Qatar Qsc [IQCD]QA729.652200.5
Advantech Co. Ltd. [2395]TW258.612170.5
ICICI Prudential Life Insurance Co. Ltd. [IPRU]IN464.642130.5
Vimpelcom Ltd. ADR [VIP]RU593.482070.5
MMC Norilsk Nickel Pjsc ADR ADR [MNOD]RU1315.982050.5
Larsen & Toubro Ltd. [JPMCW21K]IN921.532040.5
United Bank Ltd. [JPMCW1M3]PK1041.901980.5
Mexichem SAB de CV [MEXCHEM *]MX852.231910.5
Gcl-Poly Energy Holdings Ltd. [3800]CN1,3950.131870.5
BOC Aviation Ltd. [2588]CN355.161820.5
Axis Bank Ltd. [AXSB]IN148.181180.3
Bharti Airtel Ltd. [BHARTIARTL]IN234.721100.3
Reliance Industries Ltd. [JPMCW121]IN516.28760.2
Energisa SA [ENGI11]BR106.38610.2
L&T Technology Services Ltd. [LTTS]IN312.71390.1
Bharti Airtel Ltd.IN54.72230.1
Total39,30797.5
Cash and Other Assets Less Liabilities2.5
Total Net Assets100%

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

As of Quarter Ended 09/30/2016
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials29.623.7
Information Technology23.324.0
Materials12.36.4
Energy8.47.3
Consumer Discretionary8.010.6
Telecommunication Services4.86.1
Consumer Staples3.87.9
Industrials2.75.9
Real Estate2.32.7
Utilities1.22.9
Health Care1.22.6

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

As of Quarter Ended 09/30/2016
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Information Technology19.816.3
Health Care16.61.9
Consumer Discretionary13.99.7
Materials13.410.4
Energy9.68.3
Financials9.210.3
Real Estate8.86.3
Consumer Staples3.21.3
Industrials3.14.9
Telecommunication Services0.82.5
Utilities-1.61.0
Cash-5.40.0

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

As of Quarter Ended 09/30/2016
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China32.327.1
South Korea12.714.8
India10.68.5
Brazil9.47.4
Taiwan7.712.1
Russia5.83.7
Mexico5.63.7
South Africa5.27.1
Indonesia2.22.7
Thailand1.62.2
Other6.910.7

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.