Harbor Mid Cap Growth Fund Institutional Class (HAMGX)

Portfolio Characteristics (As of Quarter-Ended 12/31/2011)

 Harbor Mid Cap Growth FundRussell Midcap® Growth Index
Number of Holdings102466
Weighted Avg. Market Cap ($Mil)5,352.707,750.28
Median Market Cap ($Mil)2,970.324,164.19
Price/Book Ratio2.463.33
Adj. Trailing P/E Ratio23.2520.05
Forecasted P/E Ratio14.1114.40
Earnings Growth Rate (%)14.7912.03
Proj. Earnings Growth Rate (%)19.8614.62
Return on Equity (%)15.4517.99
Turnover (unannualized % since 10/31)18-
Beta vs. Russell Midcap® Growth Index1-
Beta vs. Russell 3000® Index1.05-

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

Top Ten Holdings (As of Quarter-Ended 12/31/2011)

Company Name [Ticker]% of Net Assets
Cadence Design Systems Inc. [CDNS]2.3
Edwards Lifesciences Corp. [EW]2.1
Intuitive Surgical Inc. [ISRG]2.0
Hologic Inc. [HOLX]1.9
SXC Health Solutions Corporation [SXCI]1.8
Gen-Probe Inc. [GPRO]1.6
GNC Holdings Inc. [GNC]1.6
Ross Stores Inc. [ROST]1.5
Salesforce.com Inc. [CRM]1.5
Concur Technologies Inc. [CNQR]1.5
% of Total Holdings:17.8

Full Holdings (As of Quarter-Ended 12/31/2011)

Company Name [Ticker]CountryCUSIPShares (000's)Current Price ($)Market Value ($000's)% of Net Assets
Cadence Design Systems Inc. [CDNS]US1273871081,40010.4014,5602.3
Edwards Lifesciences Corp. [EW]US28176E10819070.7013,4442.1
Intuitive Surgical Inc. [ISRG]US46120E60228463.0112,7512.0
Hologic Inc. [HOLX]US43644010168717.5112,0281.9
SXC Health Solutions Corporation [SXCI]CA78505P10020356.4811,4891.8
Gen-Probe Inc. [GPRO]US36866T10317559.1210,3581.6
GNC Holdings Inc. [GNC]US36191G10735528.9510,2761.6
Ross Stores Inc. [ROST]US77829610320847.539,8941.5
Salesforce.com Inc. [CRM]US79466L30296101.469,7581.5
Concur Technologies Inc. [CNQR]US20670810918650.799,4301.5
Western Union Co. [WU]US95980210949618.269,0631.4
Hanesbrands Inc. [HBI]US41034510239721.868,6811.3
IAC [IACI]US44919P50820342.608,6671.3
AECOM Technology Corporation [ACM]US00766T10041420.578,5191.3
Jarden Corporation [JAH]US47110910828329.888,4441.3
Sirius XM Radio Inc. [SIRI]US82967N1084,6111.828,3931.3
HeartWare International Inc. [HTWR]US42236810012069.008,2811.3
Pioneer Natural Resources Co. [PXD]US7237871079189.488,1791.3
Tempur-Pedic International Inc. [TPX]US88023U10115452.538,0931.3
Coach Inc. [COH]US18975410413261.048,0741.2
TIBCO Software Inc. [TIBX]US88632Q10333223.917,9431.2
Express Inc. [EXPR]US30219E10339419.947,8511.2
DigitalGlobe Inc. [DGI]US25389M87745717.117,8191.2
F5 Networks Inc. [FFIV]US31561610274106.127,8111.2
Regions Financial Corporation [RF]US7591EP1001,8124.307,7931.2
Allscripts-Misys Healthcare Solutions Inc. [MDRX]US01988P10839718.947,5241.2
Ball Corp. [BLL]US05849810621035.717,5021.2
Activision Blizzard Inc. [ATVI]US00507V10960812.327,4931.2
VeriFone Holdings Inc. [PAY]US92342Y10920835.527,3971.1
LinkedIn Corporation [LNKD]US53578A10811663.017,3371.1
Priceline.com Inc. [PCLN]US74150340316467.717,3291.1
M&T Bank Corp [MTB]US55261F1049576.347,2671.1
Deckers Outdoor Corp. [DECK]US2435371079575.577,1921.1
Owens Corning [OC]US69074210124928.727,1471.1
WABCO Holdings Inc. [WBC]US92927K10216343.407,0891.1
Brunswick Corporation [BC]US11704310938818.067,0101.1
Skyworks Solutions Inc. [SWKS]US83088M10243016.226,9731.1
Catalyst Health Solutions Inc. [CHSI]US14888B10313352.006,9151.1
Whiting Petroleum Corp. [WLL]US96638710214646.696,8311.1
Finisar Corporation [FNSR]US31787A50740716.756,8171.1
United Rentals Inc. [URI]US91136310922829.556,7371.0
Domino's Pizza UK & IRL plc [DOM]GBB1S49Q9031,0786.256,7341.0
Signature Bank [SBNY]US82669G10411259.996,7221.0
Jabil Circuit Inc. [JBL]US46631310333719.666,6301.0
Ensco plc ADR [ESV]GB29358Q10913946.926,5041.0
Red Hat Inc. [RHT]US75657710215541.296,3931.0
JetBlue Airways Corporation [JBLU]US4771431011,1915.206,1921.0
Gartner Inc. [IT]US36665110717834.776,1801.0
Gentex Corporation [GNTX]US37190110920829.596,1440.9
Navistar International Corporation [NAV]US63934E10816237.886,1420.9
Cabot Oil & Gas Corporation [COG]US1270971038075.906,0930.9
Cypress Semiconductors Corporation [CY]US23280610935916.896,0700.9
Newfield Exploration Co. [NFX]US65129010816037.736,0270.9
Tidewater Inc. [TDW]US88642310212249.306,0140.9
Parexel International Corporation [PRXL]US69946210728920.745,9860.9
Juniper Networks Inc. [JNPR]US48203R10429320.415,9720.9
Green Mountain Coffee Roasters Inc. [GMCR]US39312210613344.855,9450.9
Ingersoll-Rand plc [IR]USG4779110119530.475,9350.9
BroadSoft Inc. [BSFT]US11133B40919530.205,8980.9
Localiza Rent A Car Ltd. [RENT3]BRB08K3S90342813.725,8810.9
Cardinal Health Inc. [CAH]US14149Y10814340.615,8230.9
Chesapeake Energy Corp. [CHK]US16516710725822.295,7440.9
Shutterfly Inc. [SFLY]US82568P30424922.765,6720.9
Genel Energy plc [GENL]GBB55Q3P90846112.045,5440.9
The Children's Place Retail Stores Inc. [PLCE]US16890510710353.125,4640.8
Aruba Networks Inc. [ARUN]US04317610629018.525,3770.8
Teradata Corporation [TDC]US88076W10310948.515,2860.8
Consol Energy Inc. [CNX]US20854P10914136.705,1780.8
Cavium Inc. [CAVM]US14964U10818128.435,1560.8
Colfax Corporation [CFX]US19401410617628.485,0180.8
Southwestern Energy Company [SWN]US84546710915631.944,9940.8
MicroStrategy Inc. [MSTR]US59497240846108.324,9740.8
Estacio Participacoes SA [ESTC3]BRB23PBF9025159.644,9680.8
Genpact Ltd. [G]USG3922B10733114.954,9460.8
Altera Corp. [ALTR]US02144110013337.104,9320.8
Xilinx Inc. [XLNX]US98391910115332.064,9080.8
Methanex Corporation [MEOH]CA59151K10821422.824,8930.8
Fluor Corp. [FLR]US3434121029650.254,8220.7
Waters Corporation [WAT]US9418481036474.054,7470.7
DreamWorks Animation SKG Inc. [DWA]US26153C10328216.604,6860.7
Columbia Sportswear Company [COLM]US1985161069946.554,6070.7
Foster Wheeler AG [FWLT]USH2717810423719.144,5450.7
Ariba Inc. [ARBA]US04033V20315928.084,4520.7
Salix Pharmaceuticals Ltd. [SLXP]US7954351069347.854,4310.7
Weight Watchers International Inc. [WTW]US9486261067955.014,3470.7
Justice Holdings Ltd. [JUSH]GBB437FQ90032513.324,3270.7
Auxilium Pharmaceuticals Inc. [AUXL]US05334D10719519.933,8770.6
Micros Systems Inc. [MCRS]US5949011007846.583,6550.6
Diamond Foods Inc. [DMND]US25260310511132.273,5880.6
Jive Software Inc. [JIVE]US47760A10822016.003,5150.5
Universal Display Corporation [PANL]US91347P1058736.693,2020.5
Cobalt International Energy Inc. [CIE]US19075F10620515.523,1850.5
Urban Outfitters Inc. [URBN]US91704710210827.562,9880.5
Corrections Corp. of America [CXW]US22025Y40713020.372,6410.4
Bumi plc [BUMI]GBACI00KL6418713.652,5560.4
The GEO Group Inc. [GEO]US36159R10313516.752,2660.4
Onyx Pharmaceuticals Inc. [ONXX]US6833991095143.952,2630.3
Molycorp Inc. [MCP]US6087531099123.982,1860.3
Regeneron Pharmaceuticals Inc. [REGN]US75886F1073555.431,9380.3
Amylin Pharmaceuticals Inc. [AMLN]US03234610810811.381,2310.2
Buffalo Wild Wings Inc. [BWLD]US1198481091667.511,0750.2
Karoon Gas Australia Ltd. [KAR]AUB00SV09042274.611,0450.2
Total640,67399.2
Cash and Other Assets Less Liabilities0.8
Total Net Assets100%

Sector Allocation (As of Quarter-Ended 12/31/2011)

As of Quarter-Ended 12/31/2011
Economic SectorHarbor Mid Cap Growth Fund %Russell Midcap® Growth Index %
Information Technology29.517.9
Consumer Discretionary21.320.3
Health Care17.513.4
Industrials12.515.1
Energy10.59.8
Financials4.06.9
Materials2.38.7
Consumer Staples1.56.0
Telecommunication Services0.01.6
Utilities0.00.3

Sector Returns (As of Quarter-Ended 12/31/2011)

As of Quarter-Ended 12/31/2011
Sector ReturnsHarbor Mid Cap Growth Fund %Russell Midcap® Growth Index %
Energy12.922.8
Industrials12.417.3
Health Care9.76.3
Materials8.314.8
Consumer Discretionary3.110.3
Information Technology2.58.5
Cash0.90.0
Financials0.312.9
Telecommunication Services0.05.7
Utilities0.03.6
Consumer Staples-30.8-0.2

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 Russell Midcap® Growth Index is an unmanaged index generally representative of the U.S. market for medium capitalization growth stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell Midcap® Growth Index and Russell® are trademarks of Russell Investments.