Harbor Target Retirement 2020 Fund Institutional Class (HARJX)

Portfolio Characteristics (As of Month-Ended 01/31/2012)

 Target Retirement 2020 Fund Value
Number of Underlying Funds14

Actual Allocations (As of Month-Ended 12/31/2011)

As of Month-Ended 12/31/2011
As of Month-Ended 12/31/2011
Harbor Fund% of Market Value
Equity and Strategic Markets
Capital Appreciation Fund3.8%
Mid Cap Growth Fund2.5%
Small Cap Growth Fund2.0%
Large Cap Value Fund5.7%
Mid Cap Value Fund3.7%
Small Cap Value Fund3.0%
International Fund9.3%
International Growth Fund4.0%
Global Value Fund2.0%
Global Growth Fund2.0%
Commodity Real Return Strategy Fund3.6%
Fixed Income
High-Yield Bond Fund13.1%
Bond Fund35.1%
Real Return Fund10.2%

The Harbor Target Retirement Income Fund is designed for investors currently in retirement, and its investments are expected to remain stable over time. The other Harbor Target Retirement Funds are designed for investors who plan to retire close to the year indicated in the Funds' names. These Funds' asset allocations will change over time and become more conservative as time elapses. The principal value of the Funds is not guaranteed at any time, including the target retirement date.