Harbor Emerging Markets Equity Fund Investor Class (HIEEX)

Portfolio Characteristics (As of Quarter Ended 03/31/2018)

Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings69847
Weighted Avg. Market Cap ($Mil)103,879.69102,800.00
Median Market Cap ($Mil)14,022.466,869.19
Price/Book Ratio1.682.18
Adj. Trailing P/E Ratio15.3116.10
Forecasted P/E Ratio11.5013.64
Earnings Growth Rate (%)9.4914.98
Proj. Earnings Growth Rate (%)15.6317.76
Return on Equity (%)14.7316.43
Turnover (unannualized % since 10/31)26-
Beta vs. Fund Benchmark1.09-

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

Top Ten Holdings (As of Quarter Ended 03/31/2018)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [005930]6.5
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]4.4
China Construction Bank Corp. [939]3.5
Alibaba Group Holding Ltd. ADR [BABA]3.3
Petroleo Brasileiro SA ADR [PBR.A]3.2
Itau Unibanco Holding SA ADR [ITUB]3.1
Tencent Holdings Ltd. [700]3.1
LUKOIL Pjsc ADR [LKOD]2.7
ICICI Bank Ltd. ADR [IBN]2.5
United Microelectronics Corp. [2303]2.4
% of Total Holdings:34.7

Full Holdings (As of Quarter Ended 03/31/2018)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [005930]KR22336.484,2626.5
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW6643.762,8994.4
China Construction Bank Corp. [939]CN2,2051.042,3033.5
Alibaba Group Holding Ltd. ADR [BABA]CN12183.542,1843.3
Petroleo Brasileiro SA ADR [PBR.A]BR16212.992,1063.2
Itau Unibanco Holding SA ADR [ITUB]BR13215.602,0593.1
Tencent Holdings Ltd. [700]CN3853.682,0513.1
LUKOIL Pjsc ADR [LKOD]RU2569.041,7462.7
ICICI Bank Ltd. ADR [IBN]IN1898.851,6692.5
United Microelectronics Corp. [2303]TW2,9520.531,5562.4
Infosys Ltd. ADR [INFY]IN8217.851,4682.2
China Pacific Insurance Group Co. Ltd. [2601]CN2984.541,3512.1
Hana Financial Group Inc. [A086790]KR3143.101,3362.0
Sberbank of Russia PJSC ADR [SBER]RU7018.681,3162.0
Industrial & Commercial Bank of China Ltd. [1398]CN1,5060.871,3122.0
Rosneft Oil Co PJSC GDR [ROSN]RU2325.491,2741.9
Mr Price Group Ltd. [MRP]ZA4824.051,1581.8
Cvc Brasil Operadora E Agencia de Viagens SA [CVCB3]BR6218.371,1421.7
Amorepacific Corp. [A090430]KR4288.981,1041.7
Guangzhou R&f Properties Co. Ltd. [2777]CN4332.531,0951.7
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID3,8950.261,0221.6
China Mobile Ltd. [941]CN1109.171,0081.5
AMBEV SA ADR [ABEV]BR1277.279211.4
China National Building Material Co. Ltd. [3323]CN8041.108851.3
Alpha Bank AE [ALPHA]GR4052.148641.3
Petrobras Distribuidora SA [BRDT3]BR1226.998501.3
Reliance Industries Ltd. [RELIANCE]IN6213.638461.3
Anhui Conch Cement Co. Ltd. [914]CN1535.508421.3
Azul SA ADR [AZUL]BR2434.758411.3
Bank of China Ltd. [3988]CN1,5120.558261.3
Hyundai Motor Co. [A005380]KR6135.018021.2
Charoen Pokphand Foods PCL [CPF-F]TH9650.817801.2
Shoprite Holdings Ltd. [SHP]ZA3621.357671.2
CNOOC Ltd. ADR [CEO]CN5147.877451.1
Want Want China Holdings Ltd. [151]CN9020.807261.1
AngloGold Ashanti Ltd. ADR [AU]ZA769.497201.1
Ctrip.com International Ltd. ADR [CTRP]CN1546.627121.1
China International Travel Service Corp. Ltd. [601888]CN838.597111.1
Indiabulls Housing Finance Ltd. [IHFL]IN3719.167051.1
Foschini Group Ltd. [TFG]ZA3718.866941.1
Baic Motor Corp. Ltd. [1958]CN5541.246851.0
China Oilfield Services Ltd. [2883]CN6421.056731.0
Murata Manufacturing Co. Ltd. [6981]JP5138.036631.0
China Shenhua Energy Co. Ltd. [1088]CN2622.516581.0
OTP Bank plc [OTP]HU1444.936220.9
Vale SA ADR [VALE]BR4812.726160.9
China Merchants Bank Co. Ltd. [3968]CN1484.156120.9
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX1016.066120.9
Datang International Power Generation Co. Ltd. [991]CN1,9880.306000.9
China Longyuan Power Group Corp. Ltd. [916]CN7700.775950.9
Shimao Property Holdings Ltd. [813]CN2072.875940.9
Sands China Ltd. [1928]CN1085.435850.9
China Railway Group Ltd. [390]CN8340.705810.9
BRF SA ADR [BRFS]BR806.925570.8
PhosAgro PJSC GDR [PHORUS]RU3814.615520.8
Semen Indonesia Persero Tbk PT [SMGR]ID7310.755510.8
Turkiye Halk Bankasi As [HALKB.E]TR2332.315360.8
Brilliance China Automotive Holdings Ltd. [1114]CN2402.115070.8
Samsung Heavy Industries Co. Ltd. [A010140]KR677.444950.8
Alpek SAB de CV [ALPEK A]MX3131.394360.7
West China Cement Ltd. [2233]CN1,9580.193740.6
Siam Commercial Bank PCL [SCB-F]TH724.603300.5
United Bank Ltd. [UBL]PK1611.792880.4
Sarana Menara Nusantara TBK PT [TOWR]ID6600.261720.3
L&T Technology Services Ltd. [LTTS]IN618.941220.2
United Bank Ltd. [JPMCW1M3]PK571.781020.2
Samsung Heavy Industries Co. LT Right [J01014018]KR341.95660.1
Reliance Industries Ltd. [JPMCW1N5]IN013.5300.0
Tianhe Chemicals Group Ltd. [1619]CN2,6840.0000.0
Total64,84298.6
Cash and Other Assets Less Liabilities1.4
Total Net Assets100%

Sector Allocation (As of Quarter Ended 03/31/2018)

As of Quarter Ended 03/31/2018
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials27.124.0
Information Technology22.927.8
Energy12.27.2
Consumer Discretionary11.99.5
Materials7.67.3
Consumer Staples7.46.4
Industrials3.25.2
Real Estate2.62.8
Utilities1.82.4
Telecommunication Services1.84.6
Health Care0.02.8

Sector Returns (As of Quarter Ended 03/31/2018)

As of Quarter Ended 03/31/2018
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Real Estate14.8-2.1
Industrials14.1-0.9
Energy12.57.6
Consumer Discretionary8.1-6.0
Materials5.60.9
Utilities4.53.1
Information Technology4.21.7
Financials3.04.1
Cash0.70.0
Health Care0.07.4
Consumer Staples-4.0-1.1
Telecommunication Services-9.8-3.8

Country Allocation (As of Quarter Ended 03/31/2018)

As of Quarter Ended 03/31/2018
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China35.330.1
Brazil13.87.5
South Korea12.215.1
Russia7.43.6
India7.38.1
Taiwan6.811.7
South Africa5.16.7
Indonesia2.72.0
Thailand1.72.4
Mexico1.62.9
Other6.19.9

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.

All holdings-related data except for Number of Holdings, Turnover, Beta vs Fund Benchmark, Top Holdings, Sector Allocation (for the Portfolio) and Country Allocation (for the Portfolio) is provided by FactSet, and is as of 03/29/2018.

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.