Harbor International Small Cap Fund Institutional Class (HAISX)

Portfolio Characteristics (As of Quarter Ended 12/31/2016)

 Harbor International Small Cap FundMSCI EAFE Small Cap (ND) Index
Number of Holdings1012,228
Weighted Avg. Market Cap ($Mil)2,846.592,139.27
Median Market Cap ($Mil)2,578.23945.30
Price/Book Ratio2.951.92
Adj. Trailing P/E Ratio20.5118.23
Forecasted P/E Ratio16.4816.17
Earnings Growth Rate (%)16.8410.22
Proj. Earnings Growth Rate (%)13.8214.58
Return on Equity (%)13.1910.53
Turnover (unannualized % since 10/31)9-
Beta vs. MSCI EAFE Small Cap NR USD0.80-
Beta vs. MSCI EAFE (ND) Index0.75-

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

Top Ten Holdings (As of Quarter Ended 12/31/2016)

Company Name [Ticker]% of Net Assets
Chiba Bank Ltd. [8331]1.4
Minebea Co. Ltd. [6479]1.3
RPC Group plc [RPC]1.3
Applus Services SA [APPS]1.2
Cargotec OYJ [CGCBV]1.1
Mabuchi Motor Co. Ltd. [6592]1.1
Skylark Co. Ltd. [3197]1.1
Shimadzu Corp. [7701]1.1
Ssp Group plc [SSPG]1.1
Hikari Tsushin Inc. [9435]1.1
% of Total Holdings:11.8

Full Holdings (As of Quarter Ended 12/31/2016)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Chiba Bank Ltd. [8331]JP416.132511.4
Minebea Co. Ltd. [6479]JP269.332441.3
RPC Group plc [RPC]GB1813.112421.3
Applus Services SA [APPS]ES2110.132101.2
Cargotec OYJ [CGCBV]FI545.022091.1
Mabuchi Motor Co. Ltd. [6592]JP451.962081.1
Skylark Co. Ltd. [3197]JP1613.192071.1
Shimadzu Corp. [7701]JP1315.892071.1
Ssp Group plc [SSPG]GB434.782051.1
Hikari Tsushin Inc. [9435]JP293.092051.1
Daifuku Co. Ltd. [6383]JP1021.242041.1
NMC Health plc [NMC]GB1119.022021.1
Intrum Justitia AB [IJ_SEK]SE633.712011.1
Iriso Electronics Co. Ltd. [6908]JP457.142001.1
Nihon M&A Center Inc. [2127]JP727.701991.1
ASM International NV [ASM]NL444.831971.1
Kansai Paint Co. Ltd. [4613]JP1118.391971.1
Imerys SA [NK]FR375.761961.1
Worldline SA [WLN]FR728.171941.1
IMCD Group NV [IMCD]NL542.611941.1
Hera SpA [HER]IT842.301941.1
Synthomer plc [SYNT]GB414.721931.1
Euronext NV [ENX]NL541.221931.1
Dalata Hotel Group plc [DHG]IE424.621921.1
Homeserve plc [HSV]GB257.641911.0
Tarkett SA [TKTT]FR535.871911.0
Suruga Bank Ltd. [8358]JP822.331901.0
Trigano SA [TRI]FR278.211891.0
Technopro Holdings Inc. [6028]JP631.961891.0
SCSK Corp. [9719]JP534.901881.0
Start Today Co. Ltd. [3092]JP1117.231861.0
Sato Holdings Corp. [6287]JP919.981861.0
SEB SA [SK]FR1135.501861.0
AAK AB [AAK_SEK]SE365.761851.0
Relo Group Inc. [8876]JP1142.341851.0
Temenos Group AG [TEMN]CH369.511851.0
Marr SpA [MARR]IT1018.231851.0
China Medical System Holdings Ltd. [867]CN1161.581831.0
McBride plc [MCB]GB822.231831.0
Elior Group SA [ELIOR]FR822.841831.0
Carl Zeiss Meditec AG [AFX]DE536.801821.0
Amer Sports OYJ [AMEAS]FI726.541821.0
Stabilus SA [STM]LU353.721821.0
Cineworld Group plc [CINE]GB266.951811.0
Teleperformance [RCF]FR2100.261811.0
Takkt AG [TTK]DE822.601811.0
Aareal Bank AG [ARL]DE537.511811.0
Ascom Holding AG [ASCN]CH1115.691801.0
Ontex Group NV [ONTEX]BE629.691791.0
Nifco Inc. [7988]JP352.691791.0
Tate & Lyle plc [TATE]GB218.701791.0
Just Eat plc [JE.]GB257.191781.0
Entertainment One Ltd. [ETO]CA632.841781.0
Credit Corp. Group Ltd. [CCP]AU1412.911761.0
Intermediate Capital Group plc [ICP]GB208.611761.0
Sophos Group plc [SOPH]GB543.231751.0
Thule Group AB [THULE]SE1115.611751.0
Resorttrust Inc. [4681]JP1018.421751.0
Hulic Co. Ltd. [3003]JP208.871741.0
Nexity SA [NXI]FR446.771730.9
UNITE Group plc [UTG]GB237.471710.9
Gerresheimer AG [GXI]DE274.171710.9
Ascential plc [ASCL]GB513.321680.9
Refresco Gerber NV [RFRG]NL1115.181680.9
UDG Healthcare plc [UDG]GB208.231680.9
Valmet OYJ [VALMT]FI1114.681670.9
Samsonite International SA [1910]HK582.851670.9
Hoshizaki Corp. [6465]JP279.171660.9
Pola Orbis Holdings Inc. [4927]JP282.441650.9
Link Administration Holdings Ltd. [LNK]AU305.451650.9
L'occitane International SA [973]HK871.891640.9
Daicel Corp. [4202]JP1510.991640.9
Huhtamaki OYJ [HUH1V]FI437.061640.9
Daikokutenbussan Co. Ltd. [2791]JP441.921640.9
Plastic Omnium SA [POM]FR531.891630.9
Pigeon Corp. [7956]JP625.501630.9
Micro Focus International plc [MCRO]GB626.861620.9
Domino's Pizza Enterprises Ltd. [DMP]AU346.761620.9
Arrow Global Group plc [ARW]GB433.671590.9
China Resources Beer Holdings Co. Ltd. [291]CN801.981580.9
Nabtesco Corp. [6268]JP723.181580.9
Attendo AB [ATT]SE178.631510.8
Ezaki Glico Co. Ltd. [2206]JP346.801500.8
OSG Corp. [6136]JP819.631490.8
Virgin Money Holdings UK plc [VM.]GB393.731470.8
Dksh Holding AG [DKSH]CH268.641460.8
DS Smith plc [SMDS]GB295.021450.8
Xinyi Glass Holdings Ltd. [868]HK1740.811420.8
Kinepolis Group NV [KIN]BE344.691380.8
Orora Ltd. [ORA]AU642.151370.7
Gud Holdings Ltd. [GUD]AU187.541330.7
HIS Co. Ltd. [9603]JP526.221310.7
Gaztransport Et Technigaz SA [GTT]FR343.201270.7
Orpea SA [ORP]FR280.731240.7
Nobina AB [NOBINA]SE225.571210.7
OVS SpA [OVS]IT245.021200.7
Greencore Group plc [GNC]GB383.031170.6
oOh! Media Ltd. [OML]AU353.291140.6
Uni-President China Holdings Ltd. [220]CN1500.701060.6
W-Scope Corp. [6619]JP614.98910.5
Nexteer Automotive Group Ltd. [1316]CN661.18780.4
Total17,52096.0
Cash and Other Assets Less Liabilities4.0
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
Economic SectorHarbor International Small Cap Fund %MSCI EAFE Small Cap (ND) Index %
Consumer Discretionary24.516.1
Industrials19.121.9
Consumer Staples11.56.9
Information Technology11.110.4
Financials9.111.3
Materials8.49.3
Health Care6.57.0
Real Estate3.811.1
Utilities1.11.9
Energy0.73.0
Telecommunication Services0.01.1

Sector Returns (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
Sector ReturnsHarbor International Small Cap Fund %MSCI EAFE Small Cap (ND) Index %
Energy35.39.4
Utilities6.3-4.5
Financials4.52.9
Cash0.40.0
Telecommunication Services0.0-8.7
Consumer Discretionary-4.0-2.3
Health Care-5.0-8.5
Industrials-5.2-1.6
Materials-6.51.4
Information Technology-6.6-4.4
Consumer Staples-9.8-6.4
Real Estate-11.3-8.7

Country Allocation (As of Quarter Ended 12/31/2016)

As of Quarter Ended 12/31/2016
CountryHarbor International Small Cap Fund %MSCI EAFE Small Cap (ND) Index %
Japan28.931.7
United Kingdom18.317.6
France10.44.2
Australia4.96.7
Sweden4.65.2
Netherlands4.12.1
Finland3.91.6
Germany3.96.2
China2.90.0
Switzerland2.84.6
Other15.320.1

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.