Harbor Emerging Markets Equity Fund Administrative Class (HREMX)

Portfolio Characteristics (As of Quarter Ended 12/31/2015)

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings74838
Weighted Avg. Market Cap ($Mil)49,367.6945,113.20
Median Market Cap ($Mil)13,426.415,064.54
Price/Book Ratio1.431.42
Adj. Trailing P/E Ratio10.3212.91
Forecasted P/E Ratio9.8511.14
Earnings Growth Rate (%)18.0414.47
Proj. Earnings Growth Rate (%)15.9213.82
Return on Equity (%)19.1614.60
Turnover (unannualized % since 10/31)4-
Beta vs. MSCI Emerging Markets (ND) Index0.94-
Beta vs. MSCI EAFE (ND) Index0.81-

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

Top Ten Holdings (As of Quarter Ended 12/31/2015)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [A005930]5.9
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]4.7
Naspers Ltd. [NPN]4.5
Industrial & Commercial Bank of China Ltd. [1398]2.9
China Overseas Land & Investment Ltd. [688]2.2
Bank Rakyat Indonesia Persero Tbk PT [BBRI]2.1
Reliance Industries Ltd. PN [JPMCW1N5]2.1
China Pacific Insurance Group Co. Ltd. [2601]2.1
JD.Com Inc. ADR [JD]2.1
Sberbank of Russia PJSC ADR [SBER]2.1
% of Total Holdings:30.7

Full Holdings (As of Quarter Ended 12/31/2015)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR21066.582,0035.9
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW6922.751,5704.7
Naspers Ltd. [NPN]ZA11136.681,5124.5
Industrial & Commercial Bank of China Ltd. [1398]CN1,6160.609692.9
China Overseas Land & Investment Ltd. [688]CN2163.477492.2
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID8830.827252.1
Reliance Industries Ltd. PN [JPMCW1N5]IN4715.347242.1
China Pacific Insurance Group Co. Ltd. [2601]CN1754.097142.1
JD.Com Inc. ADR [JD]CN2232.277092.1
Sberbank of Russia PJSC ADR [SBER]RU1205.877052.1
China Construction Bank Corp. [939]CN1,0140.686922.1
Dufry AG [DUFN]CH6118.986672.0
Hyundai Motor Co. [A005380]KR5126.126582.0
Tencent Holdings Ltd. [700]CN3319.616511.9
Itau Unibanco Holding SA ADR [ITUB]BR976.516311.9
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX1145.506261.9
Trina Solar Ltd. ADR [TSL]CN5511.026071.8
BRF SA ADR [BRFS]BR4313.825991.8
Tata Consultancy Services Ltd. [TCS]IN1536.665411.6
Cemex SAB de CV ADR [CX]MX955.575281.6
Delta Electronics Inc. [2308]TW1114.705241.6
ICICI Bank Ltd. ADR [IBN]IN667.835151.5
Petroleo Brasileiro SA ADR [PBR/A]BR1483.405041.5
China Life Insurance Co. Ltd. [2628]CN1503.224821.4
OTP Bank plc [OTP]HU2320.564681.4
LUKOIL Pjsc ADR [LKOD]RU1432.374661.4
Lenovo Group Ltd. [992]CN4601.014641.4
Airports of Thailand plc [AOT-F]TH489.564611.4
Turkiye Halk Bankasi As [HALKB.E]TR1303.554611.4
SK Hynix Inc. [A000660]KR1725.834391.3
Galaxy Entertainment Group Ltd. [27]CN1393.134361.3
China Everbright International Ltd. [257]CN3381.284321.3
Magnit PJSC GDR [MGNT]RU1140.214271.3
Hotel Shilla Co. Ltd. [A008770]KR665.484151.2
Brilliance China Automotive Holdings Ltd. [1114]CN3261.254071.2
Bharti Airtel Ltd. PN [JPMCW1NF]IN775.153951.2
Grupo Mexico SAB de CV [GMEXICO B]MX1822.133891.2
Kasikornbank PCL [KBANK]TH904.163741.1
Haier Electronics Group Co. Ltd. [1169]CN1852.023731.1
Mega Financial Holding Co. Ltd. [2886]TW5760.643711.1
Luye Pharma Group Ltd. [2186]CN3551.043691.1
Larsen & Toubro Ltd. PN [JPMCW21K]IN1919.283671.1
Vale SA ADR [VALE/P]BR1442.553661.1
Phosagro OAO GDR [PHOR]RU2812.833621.1
China Shenhua Energy Co. Ltd. [1088]CN2301.563611.1
Sasol Ltd. [SOL]ZA1327.003591.1
China Cinda Asset Management Co. Ltd. [1359]CN9600.373551.1
Axis Bank Ltd. PNIN526.793541.1
China Mobile Ltd. [941]CN3111.263521.0
Anhui Conch Cement Co. Ltd. [914]CN1302.673491.0
UltraTech Cement Ltd. [ULTRACEMCO]IN841.833331.0
Sands China Ltd. [1928]CN963.383241.0
Yuanta Financial Holding Co. Ltd. [2885]TW8840.373241.0
BB Seguridade Participacoes SA [BBSE3]BR516.113120.9
Huadian Fuxin Energy Corp. Ltd. [816]CN1,0500.282990.9
Discovery Ltd. [DSY]ZA348.582960.9
Telefonica Brasil SA ADR [VIV]BR309.032730.8
Banco Santander Chile ADR [BSAC]CL1517.642590.8
Tianhe Chemicals Group Ltd. [1619]CN2,6840.092420.7
Gcl-Poly Energy Holdings Ltd. [3800]CN1,5880.152380.7
B2W Cia Digital [BTOW3]BR583.842210.7
Industries Qatar Qsc [IQCD]QA730.412160.6
AngloGold Ashanti Ltd. ADR [AU]ZA307.102130.6
YPF SA ADR [YPF]AR1315.722040.6
United Bank Ltd. PN [JPMCW1M3]PK1101.481630.5
Gerdau SA ADR [GGB]BR1341.201610.5
United Bank Ltd. [UBL]PK1071.481590.5
Reliance Industries Ltd. [RELIANCE]IN1015.251510.4
Reliance Industries Ltd. PN [JPMCW121]IN715.341010.3
Bharti Airtel Ltd. [BHARTIARTL]IN165.09800.2
Larsen & Toubro Ltd. [LT]IN319.24670.2
Axis Bank Ltd. [AXSB]IN106.76660.2
Bharti Airtel Ltd. PNIN85.15400.1
GCL-Poly Energy Holdings Ltd.CN3180.0120.0
Total33,721100.5
Cash and Other Assets Less Liabilities-0.5
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials31.928.0
Information Technology20.920.8
Consumer Discretionary17.010.0
Materials8.76.0
Energy8.57.1
Industrials4.67.0
Telecommunication Services3.46.8
Consumer Staples3.08.3
Health Care1.12.9
Utilities0.93.2

Sector Returns (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Health Care17.32.2
Information Technology9.26.5
Financials4.90.9
Consumer Discretionary3.72.2
Energy3.1-0.3
Telecommunication Services-2.5-6.1
Industrials-3.7-3.2
Cash-10.60.0
Materials-13.8-1.8
Utilities-16.9-1.3
Consumer Staples-18.5-1.7

Country Allocation (As of Quarter Ended 12/31/2015)

As of Quarter Ended 12/31/2015
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China31.426.5
India11.18.7
South Korea10.415.5
Brazil9.15.5
Taiwan8.312.1
South Africa7.16.8
Russia5.83.4
Mexico4.64.5
Thailand2.52.0
Indonesia2.12.6
Other7.612.4

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.