Harbor International Small Cap Fund Institutional Class (HAISX)

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

Harbor International Small Cap FundMSCI EAFE Small Cap (ND) Index
Number of Holdings1042,218
Weighted Avg. Market Cap ($Mil)3,018.912,371.06
Median Market Cap ($Mil)2,697.691,006.11
Price/Book Ratio2.851.92
Adj. Trailing P/E Ratio20.5918.70
Forecasted P/E Ratio17.1916.55
Earnings Growth Rate (%)17.2212.39
Proj. Earnings Growth Rate (%)12.1514.64
Return on Equity (%)13.3410.41
Turnover (unannualized % since 10/31)27-
Beta vs. Fund Benchmark0.77-

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
Minebea Mitsumi Inc. [6479]1.7
Chiba Bank Ltd. [8331]1.3
ASM International NV [ASM]1.2
Synthomer plc [SYNT]1.2
Daifuku Co. Ltd. [6383]1.2
NMC Health plc [NMC]1.2
Hera SpA [HER]1.2
Skylark Co. Ltd. [3197]1.1
Tarkett SA [TKTT]1.1
Cargotec OYJ [CGCBV]1.1
% of Total Holdings:12.3

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Minebea Mitsumi Inc. [6479]JP2613.373501.7
Chiba Bank Ltd. [8331]JP416.432641.3
ASM International NV [ASM]NL456.072461.2
Synthomer plc [SYNT]GB415.962441.2
Daifuku Co. Ltd. [6383]JP1025.012401.2
NMC Health plc [NMC]GB1122.172351.2
Hera SpA [HER]IT842.782341.2
Skylark Co. Ltd. [3197]JP1614.662301.1
Tarkett SA [TKTT]FR543.202301.1
Cargotec OYJ [CGCBV]FI549.472291.1
Technopro Holdings Inc. [6028]JP638.732281.1
Kansai Paint Co. Ltd. [4613]JP1121.342281.1
Mabuchi Motor Co. Ltd. [6592]JP456.452261.1
Iriso Electronics Co. Ltd. [6908]JP464.242251.1
Ssp Group plc [SSPG]GB435.222241.1
IMCD Group NV [IMCD]NL549.132241.1
Intrum Justitia AB [IJ_SEK]SE637.342231.1
Marr SpA [MARR]IT1021.622191.1
Wienerberger AG [WIE]AT1021.192181.1
Stabilus SA [STM]DE364.452181.1
Cineworld Group plc [CINE]GB268.302161.1
Relo Group Inc. [8876]JP1316.632161.1
Hikari Tsushin Inc. [9435]JP297.642151.1
Worldline SA [WLN]FR731.142151.1
SCSK Corp. [9719]JP539.712141.1
Amplifon SpA [AMP]IT1812.042131.1
Samsonite International SA [1910]HK583.642131.1
Nihon M&A Center Inc. [2127]JP632.632121.0
Temenos Group AG [TEMN]CH379.422111.0
Carl Zeiss Meditec AG [AFX]DE542.682111.0
Saf-Holland SA [SFQ]LU1316.702101.0
Istyle Inc. [3660]JP258.262101.0
THK Co. Ltd. [6481]JP825.232091.0
Applus Services SA [APPS]ES1712.002081.0
Shimadzu Corp. [7701]JP1315.912071.0
Pigeon Corp. [7956]JP632.092051.0
Euronext NV [ENX]NL543.602041.0
McBride plc [MCB]GB822.482031.0
Ascential plc [ASCL]GB514.012031.0
Ascom Holding AG [ASCN]CH1117.672031.0
Beazley plc [BEZ]GB375.352001.0
Dalata Hotel Group plc [DHG]IE424.781991.0
Sato Holdings Corp. [6287]JP921.391991.0
Start Today Co. Ltd. [3092]JP922.221981.0
Tate & Lyle plc [TATE]GB219.581971.0
Teleperformance [RCF]FR2107.971951.0
Ontex Group NV [ONTEX]BE632.091941.0
Arrow Global Group plc [ARW]GB434.481931.0
Pola Orbis Holdings Inc. [4927]JP824.161931.0
Entertainment One Ltd. [ETO]CA633.061920.9
Storebrand ASA [STB]NO296.651910.9
Bravida Holding AB [BRAV]SE296.481910.9
Dignity plc [DTY]GB629.831890.9
Thule Group AB [THULE]SE1116.771880.9
Cie Plastic Omnium SA [POM]FR536.351860.9
Aareal Bank AG [ARL]DE538.661860.9
AAK AB [AAK_SEK]SE365.831850.9
Hulic Co. Ltd. [3003]JP209.441850.9
Sophos Group plc [SOPH]GB543.401840.9
Gerresheimer AG [GXI]DE279.171820.9
Nexity SA [NXI]FR449.151820.9
Elior Group SA [ELIOR]FR822.661810.9
Intermediate Capital Group plc [ICP]GB208.861810.9
RPC Group plc [RPC]GB189.791810.9
Nabtesco Corp. [6268]JP726.611810.9
Credit Corp. Group Ltd. [CCP]AU1413.211800.9
Daicel Corp. [4202]JP1512.081800.9
Suruga Bank Ltd. [8358]JP821.111790.9
UDG Healthcare plc [UDG]GB208.781790.9
Link Administration Holdings Ltd. [LNK]AU305.911780.9
Valmet OYJ [VALMT]FI1115.521770.9
Homeserve plc [HSV]GB257.061770.9
Micro Focus International plc [MCRO]GB628.521730.9
Attendo AB [ATT]SE179.841720.9
Nifco Inc. [7988]JP350.261710.8
Imerys SA [NK]FR284.811690.8
Resorttrust Inc. [4681]JP1017.631680.8
Hoshizaki Corp. [6465]JP279.041660.8
Dksh Holding AG [DKSH]CH277.461640.8
Gud Holdings Ltd. [GUD]AU189.041600.8
Virgin Money Holdings UK plc [VM.]GB394.021590.8
Kinepolis Group NV [KIN]BE350.991570.8
DS Smith plc [SMDS]GB295.441570.8
Ezaki Glico Co. Ltd. [2206]JP348.631560.8
OSG Corp. [6136]JP820.451550.8
Domino's Pizza Enterprises Ltd. [DMP]AU344.391530.8
Xinyi Glass Holdings Ltd. [868]HK1740.881530.8
Postnl NV [PNL]NL324.721500.7
Orora Ltd. [ORA]AU642.261440.7
Takkt AG [TTK]DE623.191400.7
Minth Group Ltd. [425]KY304.031210.6
Anicom Holdings Inc. [8715]JP621.111180.6
Gaztransport Et Technigaz SA [GTT]FR337.571110.5
Hugo Boss AG [BOSS]DE172.921070.5
Okamoto Industries Inc. [5122]JP1010.711070.5
Ahlsell AB [AHSL]SE156.741040.5
Sfs Group AG [SFSN]CH194.711030.5
Daetwyler Holding AG [DAE]CH1154.281020.5
Elis SA [ELIS]FR519.651020.5
Diasorin SpA [DIA]IT167.451000.5
Incitec Pivot Ltd. [IPL]AU352.871000.5
Cafe de Coral Holdings Ltd. [341]HK303.28980.5
KBC Ancora [KBCA]BE244.46950.5
Tgs Nopec Geophysical Co. ASA [TGS]NO421.23950.5
Total19,24695.2
Cash and Other Assets Less Liabilities4.8
Total Net Assets100%

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

As of Quarter Ended 03/31/2017
Economic SectorHarbor International Small Cap Fund %MSCI EAFE Small Cap (ND) Index %
Industrials24.522.0
Consumer Discretionary21.115.9
Information Technology11.210.8
Financials10.611.3
Materials8.59.4
Consumer Staples7.76.7
Health Care6.47.2
Real Estate2.910.8
Utilities1.22.0
Energy1.02.8
Telecommunication Services0.01.1

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

As of Quarter Ended 03/31/2017
Sector ReturnsHarbor International Small Cap Fund %MSCI EAFE Small Cap (ND) Index %
Utilities20.610.1
Industrials13.89.3
Health Care12.610.3
Information Technology9.313.2
Consumer Discretionary9.17.0
Consumer Staples8.87.1
Materials8.59.6
Real Estate7.84.5
Financials4.75.8
Cash1.20.0
Telecommunication Services0.012.6
Energy-15.0-1.4

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

As of Quarter Ended 03/31/2017
CountryHarbor International Small Cap Fund %MSCI EAFE Small Cap (ND) Index %
Japan29.830.9
United Kingdom17.317.6
France7.84.3
Sweden5.35.1
Germany5.26.4
Australia4.56.8
Netherlands4.12.1
Switzerland3.94.8
Italy3.84.1
Hong Kong2.32.3
Other16.015.6

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 EAFE Small Cap (ND) Index is an equity index which captures small cap representation across developed markets countries around the world, excluding the US and Canada. This unmanaged index does not reflect fees and expenses and is not available for direct investment.