Harbor Emerging Markets Equity Fund Administrative Class (HREMX)

Portfolio Characteristics (As of Quarter Ended 03/31/2016)

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings74835
Weighted Avg. Market Cap ($Mil)53,229.1345,315.78
Median Market Cap ($Mil)16,113.925,315.16
Price/Book Ratio1.491.44
Adj. Trailing P/E Ratio13.2913.63
Forecasted P/E Ratio11.0311.79
Earnings Growth Rate (%)10.929.21
Proj. Earnings Growth Rate (%)12.6511.64
Return on Equity (%)18.4213.46
Turnover (unannualized % since 10/31)15-
Beta vs. MSCI Emerging Markets (ND) Index0.93-
Beta vs. MSCI EAFE (ND) Index0.82-

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

Top Ten Holdings (As of Quarter Ended 03/31/2016)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [A005930]6.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]5.1
Tencent Holdings Ltd. [700]3.2
Naspers Ltd. [NPN]3.2
Industrial & Commercial Bank of China Ltd. [1398]2.4
Itau Unibanco Holding SA ADR [ITUB]2.4
China Overseas Land & Investment Ltd. [688]2.2
Bank Rakyat Indonesia Persero Tbk PT [BBRI]2.2
Reliance Industries Ltd. [JPMCW1N5]2.1
Sberbank of Russia PJSC ADR [SBER]2.0
% of Total Holdings:30.8

Full Holdings (As of Quarter Ended 03/31/2016)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR21147.612,1696.0
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW7126.201,8655.1
Tencent Holdings Ltd. [700]CN5720.461,1583.2
Naspers Ltd. [NPN]ZA8139.401,1473.2
Industrial & Commercial Bank of China Ltd. [1398]CN1,5490.568702.4
Itau Unibanco Holding SA ADR [ITUB]BR1018.598632.4
China Overseas Land & Investment Ltd. [688]CN2503.177922.2
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID9120.867842.2
Reliance Industries Ltd. [JPMCW1N5]IN4715.787452.1
Sberbank of Russia PJSC ADR [SBER]RU1076.947402.0
Hyundai Motor Co. [A005380]KR5133.467192.0
China Mobile Ltd. [941]CN6411.077122.0
China Pacific Insurance Group Co. Ltd. [2601]CN1803.766771.9
Cemex SAB de CV ADR [CX]MX927.286731.9
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX1175.676661.8
Dufry AG [DUFN]CH5122.816531.8
OTP Bank plc [OTP]HU2325.095891.6
Tata Consultancy Services Ltd. [TCS]IN1538.205831.6
LUKOIL Pjsc ADR [LKOD]RU1538.335731.6
Trina Solar Ltd. ADR [TSL]CN579.945661.6
Turkiye Halk Bankasi As [HALKB.E]TR1433.725331.5
Galaxy Entertainment Group Ltd. [27]CN1403.755251.4
Airports of Thailand plc [AOT-F]TH4511.425141.4
Delta Electronics Inc. [2308]TW1154.415091.4
China Construction Bank Corp. [939]CN7830.645021.4
Kasikornbank plc [KBANK]TH1014.914971.4
ICICI Bank Ltd. ADR [IBN]IN687.164861.3
JD.Com Inc. ADR [JD]CN1826.504841.3
Grupo Mexico SAB de CV [GMEXICO B]MX1882.414541.3
Vale SA ADR [VALE/P]BR1413.124401.2
Magnit PJSC GDR [MGNT]RU1139.894371.2
BB Seguridade Participacoes SA [BBSE3]BR538.264361.2
BRF SA ADR [BRFS]BR3114.224341.2
SK Hynix Inc. [A000660]KR1824.624321.2
Samsung Life Insurance Co. Ltd. [A032830]KR4102.884311.2
Phosagro OAO GDR [PHOR]RU3114.084301.2
Mega Financial Holding Co. Ltd. [2886]TW5950.714231.2
China Life Insurance Co. Ltd. [2628]CN1682.464131.1
China Shenhua Energy Co. Ltd. [1088]CN2601.584101.1
Bharti Airtel Ltd. [JPMCW1NF]IN775.304071.1
Anhui Conch Cement Co. Ltd. [914]CN1502.684041.1
UltraTech Cement Ltd. [ULTRACEMCO]IN848.864011.1
China Longyuan Power Group Corp. Ltd. [916]CN5290.743931.1
China Everbright International Ltd. [257]CN3491.123911.1
Telefonica Brasil SA ADR [VIV]BR3112.493901.1
Brilliance China Automotive Holdings Ltd. [1114]CN3741.043881.1
AMBEV SA ADR [ABEV]BR725.183731.0
AngloGold Ashanti Ltd. ADR [AU]ZA2713.693711.0
Lenovo Group Ltd. [992]CN4740.783711.0
Sands China Ltd. [1928]CN904.083671.0
Aurobindo Pharma Ltd. [ARBP]IN3211.253551.0
Sasol Ltd. [SOL]ZA1229.673511.0
Axis Bank Ltd.IN526.713501.0
Larsen & Toubro Ltd. [JPMCW21K]IN1918.373501.0
China Cinda Asset Management Co. Ltd. [1359]CN9910.353471.0
Haier Electronics Group Co. Ltd. [1169]CN1911.743310.9
Yuanta Financial Holding Co. Ltd. [2885]TW9130.363260.9
Banco Santander Chile ADR [BSAC]CL1519.352940.8
Discovery Ltd. [DSY]ZA368.222920.8
Gcl-Poly Energy Holdings Ltd. [3800]CN1,6400.172710.7
Gerdau SA ADR [GGB]BR1501.782670.7
Tianhe Chemicals Group Ltd. [1619]CN2,6840.092420.7
B2W Cia Digital [BTOW3]BR593.982360.7
Industries Qatar Qsc [IQCD]QA729.742180.6
CNOOC Ltd. ADR [CEO]CN2117.061990.5
Reliance Industries Ltd. [RELIANCE]IN1215.781880.5
United Bank Ltd. [UBL]PK1141.441650.5
United Bank Ltd. [JPMCW1M3]PK1101.441590.4
Reliance Industries Ltd. [JPMCW121]IN715.781040.3
Bharti Airtel Ltd. [BHARTIARTL]IN195.281000.3
Axis Bank Ltd. [AXSB]IN126.73790.2
Larsen & Toubro Ltd. [LT]IN418.50770.2
Bharti Airtel Ltd.IN85.30410.1
Total35,93299.3
Cash and Other Assets Less Liabilities0.7
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials32.327.4
Information Technology21.820.6
Consumer Discretionary13.49.8
Materials10.16.6
Energy7.17.7
Telecommunication Services4.56.9
Industrials4.36.8
Consumer Staples3.48.2
Utilities1.13.2
Health Care1.02.6

Sector Returns (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Materials25.015.3
Telecommunication Services9.56.7
Industrials3.83.2
Consumer Staples3.36.3
Energy3.214.9
Information Technology2.84.8
Financials2.83.4
Consumer Discretionary0.13.0
Utilities-14.98.9
Health Care-16.5-0.6
Cash-37.70.0

Country Allocation (As of Quarter Ended 03/31/2016)

As of Quarter Ended 03/31/2016
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China29.823.9
India11.88.1
South Korea10.315.6
Brazil9.56.6
Taiwan8.612.3
Russia6.03.8
South Africa6.07.3
Mexico4.94.5
Thailand2.82.2
Indonesia2.22.7
Other8.113.0

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.