Harbor Emerging Markets Equity Fund Investor Class (HIEEX)

Portfolio Characteristics (As of Quarter Ended 12/31/2017)

Harbor Emerging Markets Equity FundMSCI Emerging Markets (ND) Index
Number of Holdings68846
Weighted Avg. Market Cap ($Mil)105,502.3998,797.66
Median Market Cap ($Mil)16,890.756,979.99
Price/Book Ratio1.842.14
Adj. Trailing P/E Ratio16.4317.84
Forecasted P/E Ratio11.3914.64
Earnings Growth Rate (%)6.5312.18
Proj. Earnings Growth Rate (%)16.7518.76
Return on Equity (%)14.1314.71
Turnover (unannualized % since 10/31)8-
Beta vs. Fund Benchmark1.07-

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

Top Ten Holdings (As of Quarter Ended 12/31/2017)

Company Name [Ticker]% of Net Assets
Samsung Electronics Co. Ltd. [005930]6.3
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]4.9
Tencent Holdings Ltd. [700]4.6
Itau Unibanco Holding SA ADR [ITUB]3.4
Vale SA ADR [VALEW]3.3
China Construction Bank Corp. [939]3.2
Alibaba Group Holding Ltd. ADR [BABA]3.0
ICICI Bank Ltd. ADR [IBN]2.8
Hana Financial Group Inc. [A086790]2.2
LUKOIL Pjsc ADR [LKOD]2.1
% of Total Holdings:35.8

Full Holdings (As of Quarter Ended 12/31/2017)

Company Name [Ticker]CountryShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Samsung Electronics Co. Ltd. [A005930]KR22375.913,6306.3
Taiwan Semiconductor Manufacturing Co. Ltd. ADR [TSM]TW7139.652,8134.9
Tencent Holdings Ltd. [700]CN5151.762,6404.6
Itau Unibanco Holding SA ADR [ITUB]BR14913.001,9403.4
Vale SA ADR [VALEW]BR15512.231,9003.3
China Construction Bank Corp. [939]CN1,9780.921,8213.2
Alibaba Group Holding Ltd. ADR [BABA]CN10172.431,7203.0
ICICI Bank Ltd. ADR [IBN]IN1699.731,6462.8
Hana Financial Group Inc. [A086790]KR2846.481,2932.2
LUKOIL Pjsc ADR [LKOD]RU2156.981,2072.1
China Pacific Insurance Group Co. Ltd. [2601]CN2494.791,1942.1
Petroleo Brasileiro SA ADR [PBR.A]BR1189.831,1622.0
Naspers Ltd. [NPN]ZA4277.051,0951.9
Industrial & Commercial Bank of China Ltd. [1398]CN1,3510.801,0831.9
Sberbank of Russia PJSC ADR [SBER]RU6316.861,0651.8
United Microelectronics Corp. [2303]TW2,2310.471,0591.8
China Telecom Corp. Ltd. [728]CN2,0980.479951.7
Rosneft Oil Co PJSC GDR [ROSN]RU1944.989671.7
Bank Rakyat Indonesia Persero Tbk PT [BBRI]ID3,4940.279381.6
Anhui Conch Cement Co. Ltd. [914]CN1964.699181.6
Amorepacific Corp. [A090430]KR3284.249101.6
Infosys Ltd. ADR [INFY]IN5616.229071.6
Mr Price Group Ltd. [MRP]ZA4519.728881.5
BRF SA ADR [BRFS]BR7811.268791.5
Brilliance China Automotive Holdings Ltd. [1114]CN3302.668771.5
China Overseas Land & Investment Ltd. [688]CN2443.217831.4
Alpha Bank AE [ALPHA]GR3632.147781.3
Reliance Industries Ltd. [RELIANCE]IN5414.407721.3
China Merchants Bank Co. Ltd. [3968]CN1943.967681.3
Cvc Brasil Operadora E Agencia de Viagens SA [CVCB3]BR5214.637631.3
Hyundai Motor Co. [A005380]KR5145.547241.3
AMBEV SA ADR [ABEV]BR1066.466861.2
AngloGold Ashanti Ltd. ADR [AU]ZA6410.196481.1
Petrobras Distribuidora SA [BRDT3]BR1255.166451.1
CNOOC Ltd. ADR [CEO]CN4143.566071.1
Guangzhou R&f Properties Co. Ltd. [2777]CN2692.256051.0
China Life Insurance Co. Ltd. [2628]CN1913.125961.0
Charoen Pokphand Foods PCL [CPF-F]TH8080.745951.0
Indiabulls Housing Finance Ltd. [IHFL]IN3218.675931.0
Turkiye Halk Bankasi As [HALKB.E]TR2092.845931.0
Cemex SAB de CV ADR [CX]MX767.505731.0
Ctrip.com International Ltd. ADR [CTRP]CN1344.105651.0
Grupo Televisa SAB ADR [TV]MX3018.675581.0
China Railway Group Ltd. [390]CN7480.745521.0
Murata Manufacturing Co. Ltd. [6981]JP4133.895491.0
Azul SA ADR [AZUL]BR2323.835410.9
China Shenhua Energy Co. Ltd. [1088]CN2042.585280.9
Datang International Power Generation Co. Ltd. [991]CN1,7840.305270.9
PhosAgro PJSC GDR [PHOR]RU3415.295260.9
OTP Bank plc [OTP]HU1241.305130.9
Grupo Financiero Banorte SAB de CV [GFNORTE O]MX935.495120.9
Hon Hai Precision Industry Co. Ltd. [2317]TW1613.185120.9
China Longyuan Power Group Corp. Ltd. [916]CN6900.714900.8
China International Travel Service Corp. Ltd.CN736.654870.8
Semen Indonesia Persero Tbk PT [SMGR]ID6480.734730.8
China Oilfield Services Ltd. [2883]CN4860.974720.8
Sands China Ltd. [1928]CN905.154650.8
Shimao Property Holdings Ltd. [813]CN1742.173760.7
Alpek SAB de CV [ALPEK A]MX2701.193230.6
Siam Commercial Bank PCL [SCB-F]TH644.592960.5
West China Cement Ltd. [2233]CN1,8300.152740.5
United Bank Ltd. [UBL]PK1381.702350.4
Sarana Menara Nusantara TBK PT [TOWR]ID6600.291950.3
L&T Technology Services Ltd. [LTTS]IN616.031030.2
United Bank Ltd. [JPMCW1M3]PK571.70970.2
Huadian Power International Corp. Ltd. [1071]CN2040.36740.1
Reliance Industries Ltd. [JPMCW1N5]IN014.4200.0
Tianhe Chemicals Group Ltd. [1619]CN2,6840.0000.0
Total56,51997.8
Cash and Other Assets Less Liabilities2.2
Total Net Assets100%

Sector Allocation (As of Quarter Ended 12/31/2017)

As of Quarter Ended 12/31/2017
Economic SectorHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Financials27.623.5
Information Technology24.027.6
Consumer Discretionary12.210.2
Energy9.96.8
Materials9.87.4
Consumer Staples5.36.6
Real Estate3.12.8
Industrials2.15.3
Telecommunication Services2.14.8
Utilities1.92.4
Health Care0.02.7

Sector Returns (As of Quarter Ended 12/31/2017)

As of Quarter Ended 12/31/2017
Sector ReturnsHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
Consumer Discretionary13.09.0
Materials9.58.8
Energy6.27.9
Information Technology5.97.1
Financials5.98.3
Cash1.40.0
Health Care0.016.6
Real Estate-1.63.1
Consumer Staples-4.38.2
Utilities-6.71.6
Telecommunication Services-7.73.1
Industrials-9.25.3

Country Allocation (As of Quarter Ended 12/31/2017)

As of Quarter Ended 12/31/2017
CountryHarbor Emerging Markets Equity Fund %MSCI Emerging Markets (ND) Index %
China33.629.7
Brazil14.76.8
South Korea11.415.4
Taiwan7.611.3
India7.08.8
Russia6.53.3
South Africa4.67.1
Mexico3.42.9
Indonesia2.82.2
Thailand1.52.3
Other6.910.2

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.