Harbor Emerging Markets Equity Fund Administrative Class (HREMX)

Portfolio Characteristics (As of Quarter Ended 09/30/2017)

Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings76839
Weighted Avg. Market Cap ($Mil)106,133.3989,493.51
Median Market Cap ($Mil)18,437.016,509.74
Price/Book Ratio1.832.14
Adj. Trailing P/E Ratio16.5316.80
Forecasted P/E Ratio12.6214.12
Earnings Growth Rate (%)8.4012.05
Proj. Earnings Growth Rate (%)14.3819.04
Return on Equity (%)14.2514.52
Turnover (unannualized % since 10/31)52-
Beta vs. Fund Benchmark1.09-

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

Top Ten Holdings (As of Quarter Ended 09/30/2017)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [005930]6.9
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]5.5
Tencent Holdings Ltd. [700]5.1
Alibaba Group Holding Ltd. ADR [BABA]4.3
Itau Unibanco Holding SA ADR [ITUB]3.6
Industrial & Commercial Bank of China Ltd. [1398]2.7
Vale SA ADR [VALE]2.7
China Overseas Land & Investment Ltd. [688]2.5
ICICI Bank Ltd. ADR [IBN]2.3
Hana Financial Group Inc. [A086790]2.1
% of Total Holdings:37.7

Full Holdings (As of Quarter Ended 09/30/2017)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [005930]KR22250.223,8436.9
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW8237.553,0675.5
Tencent Holdings Ltd. [700]CN6543.722,8375.1
Alibaba Group Holding Ltd. ADR [BABA]CN14172.712,4224.3
Itau Unibanco Holding SA ADR [ITUB]BR14913.702,0443.6
Industrial & Commercial Bank of China Ltd. [1398]CN2,0540.751,5352.7
Vale SA ADR [VALE]BR15010.071,5082.7
China Overseas Land & Investment Ltd. [688]CN4243.261,3832.5
ICICI Bank Ltd. ADR [IBN]IN1518.561,2942.3
Hana Financial Group Inc. [A086790]KR2841.491,1542.1
Petroleo Brasileiro SA ADR [PBR/A]BR1189.661,1422.0
LUKOIL Pjsc ADR [LKOD]RU2153.041,1242.0
United Microelectronics Corp. [2303]TW2,2310.501,1182.0
China Construction Bank Corp. [939]CN1,3320.841,1132.0
China Pacific Insurance Group Co. Ltd. [2601]CN2494.331,0811.9
China Telecom Corp. Ltd. [728]CN2,0980.511,0791.9
Sberbank of Russia PJSC ADR [SBER]RU6314.269011.6
Brilliance China Automotive Holdings Ltd. [1114]CN3302.678821.6
BRF SA ADR [BRFS]BR6014.418711.6
Naspers Ltd. [NPN]ZA4216.178541.5
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID7431.148441.5
Anhui Conch Cement Co. Ltd. [914]CN1964.017851.4
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX1126.887691.4
Firstrand Ltd. [FSR]ZA1973.857581.4
Amorepacific Corp. [A090430]KR3227.007271.3
Alpha Bank AE [ALPHA]GR3631.987191.3
AMBEV SA ADR [ABEV]BR1066.597001.2
Tata Consultancy Services Ltd. [TCS]IN1937.366931.2
China Merchants Bank Co. Ltd. [3968]CN1943.546871.2
Cvc Brasil Operadora E Agencia de Viagens SA [CVCB3]BR5212.936741.2
Turkiye Halk Bankasi As [HALKB.E]TR1903.406461.2
Reliance Industries Ltd. [RELIANCE]IN5411.986421.1
Cemex SAB de CV ADR [CX]MX709.086381.1
Rosneft Oil Co PJSC GDR [ROSN]RU1145.566371.1
Azul SA ADR [AZUL]BR2327.456231.1
China Railway Group Ltd. [390]CN7480.836221.1
Mr Price Group Ltd. [MRP]ZA4513.305991.1
Hyundai Motor Co. [A005380]KR5131.555991.1
Delta Electronics Inc. [2308]TW1155.165951.1
AngloGold Ashanti Ltd. ADR [AU]ZA649.295911.1
Indiabulls Housing Finance Ltd. [IHFL]IN3218.355831.0
Datang International Power Generation Co. Ltd. [991]CN1,7840.325731.0
China Life Insurance Co. Ltd. [2628]CN1913.005731.0
CNOOC Ltd. ADR [CEO]CN4129.705481.0
China Longyuan Power Group Corp. Ltd. [916]CN6900.755170.9
PhosAgro PJSC GDR [PHOR]RU3414.264910.9
China Shenhua Energy Co. Ltd. [1088]CN2042.364840.9
Sands China Ltd. [1928]CN905.234730.8
China Galaxy Securities Co. Ltd. [6881]CN5220.884600.8
Charoen Pokphand Foods PCL [CPF-F]TH5610.804510.8
Semen Indonesia Persero Tbk PT [SMGR]ID5680.754270.8
China Oilfield Services Ltd. [2883]CN4280.923940.7
Shimao Property Holdings Ltd. [813]CN1742.183780.7
Hon Hai Precision Industry Co. Ltd. [2317]TW1083.473750.7
Samsung Life Insurance Co. Ltd. [A032830]KR498.853670.7
Axis Bank Ltd.IN467.793620.6
Gerdau SA ADR [GGB]BR1003.433420.6
West China Cement Ltd. [2233]CN1,8300.162990.5
Ctrip.com International Ltd. ADR [CTRP]CN652.742920.5
Huadian Power International Corp. Ltd. [1071]CN6920.412810.5
Polyus Pjsc GDRRU738.602720.5
Axis Bank Ltd. [AXSB]IN347.822650.5
United Bank Ltd. [UBL]PK1381.792470.4
Sarana Menara Nusantara TBK PT [TOWR]ID6600.332190.4
Tianhe Chemicals Group Ltd. [1619]CN2,6840.061510.3
ICICI Prudential Life Insurance Co. Ltd. [IPRU]IN245.961430.3
United Bank Ltd. [JPMCW1M3]PK571.801030.2
L&T Technology Services Ltd. [LTTS]IN611.97770.1
Polyus Pjsc GDR [PLZLUSD]RU238.74660.1
Advantech Co. Ltd. [2395]TW97.14640.1
Bumi Serpong Damai Tbk PT [BSDE]ID2710.13360.1
Reliance Industries Ltd. [JPMCW1N5]IN011.9600.0
Total55,11398.4
Cash and Other Assets Less Liabilities1.6
Total Net Assets100%

Sector Allocation (As of Quarter Ended 09/30/2017)

As of Quarter Ended 09/30/2017
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials29.723.4
Information Technology26.827.7
Materials9.97.2
Energy8.96.8
Consumer Discretionary7.810.3
Consumer Staples4.96.5
Real Estate3.22.9
Utilities2.42.6
Industrials2.45.4
Telecommunication Services2.35.1
Health Care0.02.3

Sector Returns (As of Quarter Ended 09/30/2017)

As of Quarter Ended 09/30/2017
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Energy15.813.4
Consumer Discretionary15.05.0
Industrials11.81.7
Telecommunication Services10.43.6
Information Technology9.611.0
Real Estate8.618.0
Materials7.410.4
Consumer Staples7.12.7
Financials4.87.4
Cash0.20.0
Health Care0.23.4
Utilities-0.06.4

Country Allocation (As of Quarter Ended 09/30/2017)

As of Quarter Ended 09/30/2017
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China35.429.6
Brazil14.17.5
South Korea11.915.0
Taiwan9.311.5
India7.28.4
Russia6.23.4
South Africa5.06.4
Indonesia2.72.3
Mexico2.53.5
Greece1.30.3
Other4.412.1

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 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.