Harbor Emerging Markets Equity Fund Administrative Class (HREMX)

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

 Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings72832
Weighted Avg. Market Cap ($Mil)70,751.3455,260.61
Median Market Cap ($Mil)16,470.345,400.63
Price/Book Ratio1.461.64
Adj. Trailing P/E Ratio14.4614.80
Forecasted P/E Ratio10.9513.07
Earnings Growth Rate (%)5.999.08
Proj. Earnings Growth Rate (%)12.7712.81
Return on Equity (%)14.5414.58
Turnover (unannualized % since 10/31)8-
Beta vs. MSCI Emerging Markets (ND) Index1.08-
Beta vs. MSCI EAFE (ND) Index1.03-

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
Samsung Electronics Co. Ltd. [A005930]7.4
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]5.4
Tencent Holdings Ltd. [700]3.5
Itau Unibanco Holding SA ADR [ITUB]3.3
Alibaba Group Holding Ltd. ADR [BABA]2.8
LUKOIL Pjsc ADR [LKOD]2.7
SK Hynix Inc. [A000660]2.6
Industrial & Commercial Bank of China Ltd. [1398]2.6
Sberbank of Russia PJSC ADR [SBER]2.5
ICICI Bank Ltd. ADR [IBN]2.3
% of Total Holdings:35.1

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR21488.312,6807.4
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW6828.751,9485.4
Tencent Holdings Ltd. [700]CN5224.251,2543.5
Itau Unibanco Holding SA ADR [ITUB]BR11810.281,2103.3
Alibaba Group Holding Ltd. ADR [BABA]CN1187.811,0012.8
LUKOIL Pjsc ADR [LKOD]RU1756.029652.7
SK Hynix Inc. [A000660]KR2636.809592.6
Industrial & Commercial Bank of China Ltd. [1398]CN1,5830.609442.6
Sberbank of Russia PJSC ADR [SBER]RU7911.519072.5
ICICI Bank Ltd. ADR [IBN]IN1127.498372.3
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID9360.868092.2
PetroChina Co. Ltd. [857]CN1,0340.747682.1
Reliance Industries Ltd. [JPMCW1N5]IN4715.957532.1
Naspers Ltd. [NPN]ZA5145.997452.1
China Overseas Land & Investment Ltd. [688]CN2762.637262.0
China Mobile Ltd. [941]CN6810.547152.0
China Pacific Insurance Group Co. Ltd. [2601]CN2033.467011.9
Cemex SAB de CV ADR [CX]MX878.037011.9
Brilliance China Automotive Holdings Ltd. [1114]CN4781.376561.8
Vale SA ADR [VALE/P]BR896.896151.7
China Construction Bank Corp. [939]CN8000.776131.7
Kasikornbank PCL NVDR [KBANK]TH1234.946061.7
Hana Financial Group Inc. [A086790]KR2325.815831.6
Delta Electronics Inc. [2308]TW1104.925431.5
PhosAgro OJSC GDR [PHOR]RU3515.235401.5
America Movil SAB de CV ADR [AMX]MX4212.575301.5
Sands China Ltd. [1928]CN1224.315251.4
Alpha Bank AE [ALPHA]GR2472.004941.4
Telefonica Brasil SA ADR [VIV]BR3613.384841.3
Firstrand Ltd. [FSR]ZA1203.864641.3
China Life Insurance Co. Ltd. [2628]CN1782.584601.3
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX914.934471.2
Sasol Ltd. [SOL]ZA1528.704381.2
China Longyuan Power Group Corp. Ltd. [916]CN5610.784361.2
Anhui Conch Cement Co. Ltd. [914]CN1602.714321.2
China Everbright International Ltd. [257]CN3701.134171.1
Turkiye Halk Bankasi As [HALKB.E]TR1572.644161.1
Samsung Life Insurance Co. Ltd. [A032830]KR493.084131.1
China Shenhua Energy Co. Ltd. [1088]CN2161.874031.1
Cvc Brasil Operadora E Agencia de Viagens SA [CVCB3]BR557.274001.1
AngloGold Ashanti Ltd. ADR [AU]ZA3810.513991.1
Natura Cosmeticos SA [NATU3]BR557.063901.1
POSCO [A005490]KR2212.313891.1
Aurobindo Pharma Ltd. [ARBP]IN409.823891.1
AMBEV SA ADR [ABEV]BR794.913871.1
China Galaxy Securities Co. Ltd. [6881]CN4240.903811.0
China Merchants Bank Co. Ltd. [3968]CN1632.333801.0
CNOOC Ltd. ADR [CEO]CN3123.963721.0
Gerdau SA ADR [GGB]BR1073.143360.9
Axis Bank Ltd.IN496.633280.9
Haier Electronics Group Co. Ltd. [1169]CN2021.573170.9
Reliance Industries Ltd. [RELIANCE]IN1915.882990.8
Trina Solar Ltd. ADR [TSL]CN329.302970.8
United Bank Ltd. [UBL]PK1292.282940.8
E.Sun Financial Holding Co. Ltd. [2884]TW4730.572680.7
Industries Qatar Qsc [IQCD]QA832.202510.7
Tianhe Chemicals Group Ltd. [1619]CN2,6840.092420.7
United Bank Ltd. [JPMCW1M3]PK1002.292300.6
MMC Norilsk Nickel Pjsc ADR ADR [MNOD]RU1316.642240.6
ICICI Prudential Life Insurance Co. Ltd. [IPRU]IN494.422160.6
Advantech Co. Ltd. [2395]TW277.892140.6
Mexichem SAB de CV [MEXCHEM *]MX922.272080.6
Vimpelcom Ltd. ADR [VIP]RU533.852030.6
BOC Aviation Ltd. [2588]CN374.901810.5
Gcl-Poly Energy Holdings Ltd. [3800]CN1,2340.121470.4
Fomento Economico Mexicano SAB de CV ADR [FMX]MX276.211450.4
Axis Bank Ltd. [AXSB]IN166.601050.3
L&T Technology Services Ltd. [LTTS]IN711.55780.2
Reliance Industries Ltd. [JPMCW121]IN415.95580.2
Total37,266102.7
Cash and Other Assets Less Liabilities-2.7
Total Net Assets100%

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

As of Quarter Ended 12/31/2016
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials33.324.4
Information Technology24.923.2
Materials11.37.4
Energy11.27.9
Consumer Discretionary7.310.3
Telecommunication Services5.35.9
Industrials2.65.8
Consumer Staples2.57.2
Real Estate2.02.6
Utilities1.22.9
Health Care1.12.5

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

As of Quarter Ended 12/31/2016
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Materials6.83.9
Energy4.38.3
Financials0.9-0.6
Consumer Discretionary-0.2-9.3
Industrials-1.0-6.1
Utilities-1.9-6.6
Cash-2.80.0
Information Technology-4.6-6.3
Telecommunication Services-5.1-6.2
Real Estate-21.8-10.4
Health Care-23.1-9.7
Consumer Staples-26.1-10.4

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

As of Quarter Ended 12/31/2016
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China34.126.5
South Korea13.814.4
Brazil10.57.7
India8.48.3
Taiwan8.212.2
Russia7.84.5
South Africa5.67.1
Mexico5.63.5
Indonesia2.22.6
Thailand1.72.3
Other2.110.9

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.