Harbor International Growth Fund Investor Class (HIIGX)

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

 Harbor International Growth FundMSCI All Country World Ex. US (ND) Index
Number of Holdings751,856
Weighted Avg. Market Cap ($Mil)35,814.8953,166.00
Median Market Cap ($Mil)14,005.917,118.35
Price/Book Ratio4.241.93
Adj. Trailing P/E Ratio22.0917.31
Forecasted P/E Ratio21.0514.99
Earnings Growth Rate (%)14.316.05
Proj. Earnings Growth Rate (%)10.5710.48
Return on Equity (%)15.2012.10
Turnover (unannualized % since 10/31)2-
Beta vs. MSCI EAFE (ND) Index0.98-
Beta vs. MSCI All Country World Ex. US (ND) Index 1-

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
Cochlear Ltd. [COH]2.6
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]2.4
MS&AD Insurance Group Holdings Inc. [8725]2.3
Naspers Ltd. [NPN]2.2
Hargreaves Lansdown plc [HL.]2.0
Svenska Handelsbanken AB [SHBA]2.0
Shimano Inc. [7309]1.9
KAO Corp. [4452]1.9
Mettler-Toledo International Inc. [MTD]1.9
Japan Exchange Group Inc. [8697]1.9
% of Total Holdings:21.1

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

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Cochlear Ltd. [COH]AU8788.267,6392.6
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW24328.756,9742.4
MS&AD Insurance Group Holdings Inc. [8725]JP21530.976,6462.3
Naspers Ltd. [NPN]ZA44145.996,4592.2
Hargreaves Lansdown plc [HL.]GB38314.885,6982.0
Svenska Handelsbanken AB [SHBA]SE41013.855,6802.0
Shimano Inc. [7309]JP36156.635,6231.9
KAO Corp. [4452]JP11547.335,4291.9
Mettler-Toledo International Inc. [MTD]CH13418.565,3621.9
Japan Exchange Group Inc. [8697]JP37614.265,3581.9
Samsung Electronics Co. Ltd. [A005930]KR41488.315,2851.8
Zalando Se [ZAL]DE13638.095,1971.8
Rightmove plc [RMV]GB10848.045,1781.8
Novo Nordisk AS [NOVOB]DK14235.875,1011.8
Asos plc [ASC]GB8261.105,0141.7
United Overseas Bank Ltd. [U11]SG34014.054,7781.7
Shiseido Co. Ltd. [4911]JP18525.274,6711.6
Baidu Inc. ADR [BIDU]CN28164.414,6431.6
Unilever plc [ULVR]GB11340.444,5891.6
Brambles Ltd. [BXB]AU4998.924,4521.5
Auto Trader Group plc [AUTO]GB8775.034,4111.5
Atlas Copco AB [ATCOB]SE16127.194,3871.5
Industria de Diseno Textil SA [ITX]ES12834.074,3581.5
Carlsberg AS [CARL B]DK5086.134,2841.5
Schindler Holding AG [SCHP]CH24176.114,2781.5
Nestlé SA [NESN]CH6071.644,2651.5
Samsung Fire & Marine Insurance Co. Ltd. [A000810]KR19222.204,2501.5
Johnson Matthey plc [JMAT]GB10739.134,1821.4
Adidas AG [ADS]DE26157.724,1541.4
Kakaku.com Inc. [2371]JP24816.524,1041.4
Roche Holding AG [ROG]CH18227.954,0261.4
Pigeon Corp. [7956]JP15225.503,8761.3
Tsingtao Brewery Co. Ltd. [168]CN9963.773,7521.3
Ctrip.com International Ltd. ADR [CTRP]CN9340.003,7341.3
Rakuten Inc. [4755]JP3809.803,7211.3
Asahi Group Holdings Ltd. [2502]JP11831.493,7181.3
Olympus Corp. [7733]JP10834.453,7111.3
Mahindra & Mahindra Ltd. GDR [MHID]IN20617.553,6221.3
Investor AB [INVE B_SEK]SE9537.263,5521.2
Kone OYJ [KNEBV]FI7944.683,5451.2
SMC Corp. [6273]JP15237.923,4971.2
Alibaba Group Holding Ltd. ADR [BABA]CN3987.813,4431.2
Jardine Matheson Holdings Ltd. [J36]HK6155.183,3711.2
Suruga Bank Ltd. [8358]JP14922.333,3251.1
CIE Financiere Richemont SA [CFR]CH5066.093,2841.1
Jeronimo Martins SGPS SA [JMT]PT20815.513,2281.1
Novozymes AS [NZYM B]DK9134.413,1401.1
Delta Electronics Inc. [2308]TW6354.923,1221.1
Clicks Group Ltd. [CLS]ZA3718.393,1131.1
Seek Ltd. [SEK]AU28510.713,0481.1
Capita plc [CPI]GB4626.543,0181.0
Intertek Group plc [ITRK]GB6742.862,8771.0
Jupiter Fund Management plc [JUP]GB5245.452,8551.0
Treasury Wine Estates Ltd. [TWE]AU3677.692,8231.0
Burberry Group plc [BRBY]GB15218.432,7981.0
Infineon Technologies AG [IFX]DE16117.302,7771.0
Denso Corp. [6902]JP6143.262,6210.9
Legrand SA [LR]FR4656.742,6200.9
Hon Hai Precision Industry Co. Ltd. GDR [HHPD]TW4915.092,4970.9
John Wood Group plc [WG.]GB22610.802,4450.8
Swatch Group AG [UHR]CH8310.362,3910.8
JD.Com Inc. ADR [JD]CN9325.442,3740.8
Distribuidora Internacional de Alimentacion SA [DIA]ES4654.902,2810.8
Cafe de Coral Holdings Ltd. [341]HK6603.242,1360.7
Thai Beverage PCL [Y92]TH3,5910.592,1040.7
Public Bank BHD [PBBANK]MY4354.391,9100.7
Imagination Technologies Group plc [IMG]GB5883.101,8220.6
Sugi Holdings Co. Ltd. [7649]JP3647.441,7270.6
Weir Group plc [WEIR]GB7023.241,6300.6
Wal-Mart de Mexico SAB de CV [WALMEX *]MX8331.791,4910.5
Jardine Strategic Holdings Ltd. [J37]HK4333.091,4230.5
Puregold Price Club Inc. [PGOLD]PH1,7100.781,3400.5
Atlas Copco AB [ATCOA]SE4130.341,2460.4
Pax Global Technology Ltd. [327]CN1,7650.661,1640.4
Mesoblast Ltd. [MSB]AU2971.033060.1
Total274,95395.1
Cash and Other Assets Less Liabilities4.9
Total Net Assets100%

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

As of Quarter Ended 12/31/2016
Economic SectorHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Consumer Discretionary19.911.5
Consumer Staples18.29.8
Information Technology15.79.3
Financials15.223.4
Industrials13.611.7
Health Care9.08.1
Materials2.58.0
Energy0.87.3
Utilities0.03.2
Telecommunication Services0.04.7
Real Estate0.03.3

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

As of Quarter Ended 12/31/2016
Sector ReturnsHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Energy9.78.4
Cash0.30.0
Real Estate0.0-7.8
Telecommunication Services0.0-6.6
Utilities0.0-7.0
Financials-2.16.9
Consumer Discretionary-6.1-0.8
Information Technology-6.6-5.0
Industrials-7.2-2.2
Health Care-9.5-8.1
Consumer Staples-11.2-10.1
Materials-12.92.6

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

As of Quarter Ended 12/31/2016
CountryHarbor International Growth Fund %MSCI All Country World Ex. US (ND) Index %
Japan20.017.0
United Kingdom16.113.2
Switzerland8.26.1
China6.66.0
Australia6.34.9
Sweden5.12.0
Taiwan4.42.8
Denmark4.31.2
Germany4.26.5
South Africa3.31.6
Other21.538.7

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 All Country World Ex. US (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the United States. This unmanaged index does not reflect fees and expenses and is not available for direct investment.