Harbor Emerging Markets Equity Fund Institutional Class (HAEMX)

Portfolio Characteristics (As of Quarter Ended 03/31/2017)

Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings70830
Weighted Avg. Market Cap ($Mil)81,259.5564,378.10
Median Market Cap ($Mil)18,860.076,091.19
Price/Book Ratio1.641.85
Adj. Trailing P/E Ratio14.9514.77
Forecasted P/E Ratio13.0913.29
Earnings Growth Rate (%)2.938.48
Proj. Earnings Growth Rate (%)15.2214.37
Return on Equity (%)12.4813.23
Turnover (unannualized % since 10/31)21-
Beta vs. Fund Benchmark1.25-

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

Top Ten Holdings (As of Quarter Ended 03/31/2017)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [005930]7.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]5.1
Tencent Holdings Ltd. [700]3.5
Alibaba Group Holding Ltd. ADR [BABA]2.9
Itau Unibanco Holding SA ADR [ITUB]2.9
ICICI Bank Ltd. ADR [IBN]2.3
China Overseas Land & Investment Ltd. [688]2.2
LUKOIL Pjsc ADR [LKOD]2.2
SK Hynix Inc. [A000660]2.1
Sberbank of Russia PJSC ADR [SBER]1.9
% of Total Holdings:32.1

Full Holdings (As of Quarter Ended 03/31/2017)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [005930]KR21840.413,2347.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW7232.842,3725.1
Tencent Holdings Ltd. [700]CN5628.811,6193.5
Alibaba Group Holding Ltd. ADR [BABA]CN12107.831,3372.9
Itau Unibanco Holding SA ADR [ITUB]BR10912.071,3162.9
ICICI Bank Ltd. ADR [IBN]IN1228.601,0452.3
China Overseas Land & Investment Ltd. [688]CN3522.861,0062.2
LUKOIL Pjsc ADR [LKOD]RU1953.019932.2
SK Hynix Inc. [A000660]KR2145.179602.1
Sberbank of Russia PJSC ADR [SBER]RU7611.568771.9
Cemex SAB de CV ADR [CX]MX959.078611.9
Industrial & Commercial Bank of China Ltd. [1398]CN1,2720.658321.8
China Merchants Bank Co. Ltd. [3968]CN3132.658281.8
Vale SA ADR [VALE/P]BR928.988271.8
PetroChina Co. Ltd. [857]CN1,1240.738231.8
China Mobile Ltd. [941]CN7411.008121.8
Hana Financial Group Inc. [A086790]KR2533.008121.8
China Pacific Insurance Group Co. Ltd. [2601]CN2203.617971.7
Brilliance China Automotive Holdings Ltd. [1114]CN4681.677831.7
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID7640.977441.6
Reliance Industries Ltd. [JPMCW1N5]IN3620.347371.6
Kasikornbank PCL NVDR [KBANK]TH1345.507351.6
China Life Insurance Co. Ltd. [2628]CN2333.067131.5
China Construction Bank Corp. [939]CN8710.817021.5
America Movil SAB de CV ADR [AMX]MX4614.176511.4
Sands China Ltd. [1928]CN1324.646141.3
Tata Consultancy Services Ltd. [TCS]IN1637.316121.3
Naspers Ltd. [NPN]ZA3172.316021.3
Anhui Conch Cement Co. Ltd. [914]CN1733.405881.3
Telefonica Brasil SA ADR [VIV]BR3914.855841.3
Reliance Industries Ltd. [RELIANCE]IN2920.345821.3
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX995.755681.2
Turkiye Halk Bankasi As [HALKB.E]TR1962.855591.2
Natura Cosmeticos SA [NATU3]BR609.275571.2
Cvc Brasil Operadora E Agencia de Viagens SA [CVCB3]BR609.235521.2
Delta Electronics Inc. [2308]TW1015.365431.2
AMBEV SA ADR [ABEV]BR945.765411.2
AngloGold Ashanti Ltd. ADR [AU]ZA5010.775381.2
PhosAgro PJSC GDR [PHOR]RU3614.535201.1
POSCO [A005490]KR2259.735181.1
China Everbright International Ltd. [257]CN3671.354941.1
Sasol Ltd. [SOL]ZA1729.314871.1
Alpha Bank AE [ALPHA]GR2691.794811.0
China Longyuan Power Group Corp. Ltd. [916]CN6100.784741.0
Samsung Life Insurance Co. Ltd. [A032830]KR597.014691.0
China Railway Group Ltd. [390]CN5110.904581.0
Firstrand Ltd. [FSR]ZA1313.464531.0
Aurobindo Pharma Ltd. [ARBP]IN4310.404481.0
CNOOC Ltd. ADR [CEO]CN4119.804481.0
China Galaxy Securities Co. Ltd. [6881]CN4620.924260.9
China Shenhua Energy Co. Ltd. [1088]CN1802.334200.9
China Telecom Corp. Ltd. [728]CN8280.494040.9
Gerdau SA ADR [GGB]BR1173.454020.9
ICICI Prudential Life Insurance Co. Ltd. [IPRU]IN645.923800.8
Haier Electronics Group Co. Ltd. [1169]CN1572.293600.8
Axis Bank Ltd.IN467.563510.8
Semen Indonesia Persero Tbk PT [SMGR]ID5020.683390.7
United Bank Ltd. [UBL]PK1292.192830.6
Mexichem SAB de CV [MEXCHEM *]MX1002.722710.6
Industries Qatar Qsc [IQCD]QA830.332570.6
Advantech Co. Ltd. [2395]TW308.372530.5
Tianhe Chemicals Group Ltd. [1619]CN2,6840.092420.5
Rosneft Oil Co PJSC GDR [ROSN]RU425.702410.5
Bumi Serpong Damai Tbk PT [BSDE]ID1,6130.142280.5
NetEase Inc. ADR [NTES]CN1284.002190.5
Axis Bank Ltd. [AXSB]IN257.561860.4
United Bank Ltd. [JPMCW1M3]PK822.171780.4
West China Cement Ltd. [2233]CN1,2080.151760.4
Gcl-Poly Energy Holdings Ltd. [3800]CN7250.13960.2
L&T Technology Services Ltd. [LTTS]IN612.02770.2
Total44,89597.6
Cash and Other Assets Less Liabilities2.4
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2017)

As of Quarter Ended 03/31/2017
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials29.824.1
Information Technology24.424.5
Materials12.57.5
Energy9.27.3
Consumer Discretionary6.310.4
Telecommunication Services5.35.6
Industrials2.85.9
Real Estate2.72.6
Consumer Staples2.46.9
Utilities1.02.8
Health Care1.02.4

Sector Returns (As of Quarter Ended 03/31/2017)

As of Quarter Ended 03/31/2017
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Consumer Staples21.57.6
Consumer Discretionary21.212.9
Information Technology18.716.9
Materials13.112.1
Industrials10.413.7
Financials9.510.1
Real Estate8.810.5
Telecommunication Services8.87.7
Energy8.44.3
Health Care5.55.6
Cash-0.10.0
Utilities-0.610.2

Country Allocation (As of Quarter Ended 03/31/2017)

As of Quarter Ended 03/31/2017
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China34.026.9
South Korea13.015.1
Brazil10.47.6
India9.68.9
Taiwan6.912.3
Russia5.73.8
Mexico5.13.7
South Africa4.56.6
Indonesia2.82.5
Thailand1.62.3
Other6.410.3

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.