Mutual Fund Summary Prospectus (497k)
31 1월 2014 - 3:34AM
Edgar (US Regulatory)
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Harbor Small Cap Growth Opportunities Fund
Summary Prospectus – February 1, 2014
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Institutional Class
HASOX
Administrative Class
HRSOX
Investor Class
HISOX
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Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s
prospectus and other information about the Fund online at
harborfunds.com/prospectus
. You can also get this information at no cost by calling 800-422-1050 or by sending an e-mail request to funddocuments@harborfunds.com. If you purchase
shares of the Fund through a financial intermediary, the prospectus and other information will also be available from your financial intermediary. The current prospectus and statement of additional information, dated February 1, 2014, are
incorporated by referenced into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
Investment Objective
The Fund seeks long-term growth of capital.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Institutional
Class
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Administrative
Class
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Investor
Class
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Management Fees
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0.75%
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0.75%
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0.75%
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Distribution and/or Service
(12b-1)
Fees
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None
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0.25%
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0.25%
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Other Expenses
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0.80%
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0.80%
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0.92%
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Total Annual Fund Operating Expenses
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1.55%
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1.80%
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1.92%
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Expense
Reimbursement
1
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0.65%
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0.65%
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0.65%
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Total Annual Fund Operating Expenses after Expense Reimbursement
1
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0.90%
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1.15%
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1.27%
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1
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The Adviser has contractually agreed to limit the Fund’s operating expenses through February 28, 2015. Only the Board of Trustees may
modify or terminate this agreement.
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Expense Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that
you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower,
under these assumptions, your costs would be:
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One
Year
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Three
Years
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Five
Years
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Ten
Years
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Institutional
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$
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92
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$
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425
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$
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781
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$
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1,786
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Administrative
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$
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117
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$
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502
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$
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912
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$
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2,058
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Investor
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$
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129
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$
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539
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$
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975
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$
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2,186
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover may indicate higher transaction costs and may
result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.
Principal Investment Strategy
Principal Style Characteristics:
Small cap stocks with above average growth potential
The Fund invests primarily in equity securities, principally common and preferred stocks, of small cap companies. We define small cap companies as those with market capitalizations that fall within the
range of the Russell 2000
®
Growth Index, provided that if the upper end of the capitalization range of that
Index falls below $2.5 billion, we will continue to define those companies with market capitalizations between the upper end of the range of the Index and $2.5 billion as small cap companies. As of December 31, 2013, the range of the Index was
$36 million to $5.3 billion, but it is expected to change frequently.
The Subadviser’s investment strategy focuses on identifying rapidly
growing small cap companies that are in an early or transitional stage of their development, before their full potential is discovered by the market. The Subadviser utilizes bottom-up, fundamental research involving both quantitative and qualitative
aspects to identify companies for investment. The Subadviser uses quantitative analysis to identify potential companies for growth characteristics, such as:
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Material revenue growth
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Sustainable and/or expanding margins
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Strong free cash flow generation
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The Subadviser assesses the attractiveness of the valuation of these growth companies by analyzing a variety of valuation metrics, such as enterprise values relative to earnings and free cash flows, and
price-to-earnings ratios, among others. The Subadviser then uses detailed qualitative analysis to further identify companies that possess the following characteristics:
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Well-defined business plan
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Defensible market positions, such as through higher barriers to entry
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Potential for growth in the market for the company’s products and/or services
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The Subadviser may sell a holding if the price target for the company is reached, the investment thesis for the company has fundamentally changed, the
Subadviser becomes less comfortable with the company’s management team and/or the Subadviser identifies more attractive investment opportunities.
Under normal market conditions, the Fund expects to invest in approximately 80 to 100 companies with at least 80% of its net assets, plus borrowings for investment purposes, in a diversified portfolio of
equity securities of small cap companies.
1
Summary Prospectus
HARBOR SMALL CAP GROWTH OPPORTUNITIES FUND
Principal Risks
There is no guarantee that the investment objective of the Fund will be achieved. Stocks fluctuate in price and the value of your investment in the Fund
may go down. This means that you could lose money on your investment in the Fund or the Fund may not perform as well as other possible investments. Principal risks include:
Market and Issuer risk:
Securities markets are volatile and can decline significantly in response to adverse market, economic, political or regulatory developments, which may lower the value of
securities held by the Fund, sometimes rapidly or unpredictably. Additionally, an adverse event, such as an unfavorable earnings report, may depress the value of a particular issuer’s stock.
Growth style risk:
Over time, a growth oriented investing style may go in and out of favor, which may cause the Fund to underperform other equity
funds that use different investing styles.
Selection risk:
The Subadviser’s judgment about the attractiveness, value and potential
appreciation of a particular security may be incorrect.
Small cap risk:
The Fund’s performance may be more volatile because it
invests primarily in small cap stocks. Smaller companies may have limited product lines, markets and financial resources. They are usually less stable in price and less liquid than those of larger, more established companies. Additionally, small cap
stocks may fall out of favor relative to mid or large cap stocks, which may cause the Fund to underperform other equity funds that focus on mid or large cap stocks.
Performance
Because the Fund is newly organized and does not yet have a complete
calendar year of performance history, the bar chart and total return tables are not provided. To obtain performance information please visit the Fund’s website at
harborfunds.com
or call 800-422-1050.
Portfolio Management
Investment Adviser
Harbor Capital Advisors, Inc.
Subadviser
Elk Creek Partners,
LLC has subadvised the Fund since its inception in 2014.
Portfolio Managers
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Cam Philpott, CFA
Elk
Creek Partners, LLC
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Mr. Philpott is a Portfolio Manager and Principal of Elk Creek and has co-managed the Fund since 2014.
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Lance Marx, CFA
Elk
Creek Partners, LLC
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Mr. Marx is a Portfolio Manager and Principal of Elk Creek and has co-managed the Fund since 2014.
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David Hand, CFA
Elk
Creek Partners, LLC
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Mr. Hand is a Portfolio Manager and Principal of Elk Creek and has co-managed the Fund since
2014.
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Hiren Patel, Ph.D.
Elk
Creek Partners, LLC
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Mr. Patel is a Portfolio Manager and Principal of Elk Creek and has co-managed the Fund since 2014.
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Sean McGinnis, CFA
Elk
Creek Partners, LLC
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Mr. McGinnis is a Portfolio Manager and Principal of Elk Creek and has co-managed the Fund since 2014.
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Buying and Selling Fund Shares
Shareholders may purchase or sell (redeem) Fund shares on any business day (normally any day the New York Stock Exchange is open). You may conduct transactions by mail, by telephone or through our
website.
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By Mail
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Harbor Funds
P.O. Box 804660
Chicago, IL 60680-4108
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By Telephone
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800-422-1050
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By Visiting Our Website
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Harborfunds.com
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Investors who
wish to purchase, exchange or redeem shares held through a financial intermediary should contact the financial intermediary directly.
The
minimum initial investment amounts are shown below. The minimums may be reduced or waived in some cases. There are no minimums for subsequent investments.
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Type of Account
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Institutional
Class
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Administrative
Class*
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Investor
Class
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Regular
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$
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50,000
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$
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50,000
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$
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2,500
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Individual Retirement Account (IRA)
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$
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50,000
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N/A
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$
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1,000
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Custodial
(UGMA/UTMA)
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$
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50,000
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N/A
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$
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1,000
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*
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Limited only to eligible retirement plans and financial intermediaries. There is no minimum investment for qualified retirement plans and Section 457 plans.
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2
Summary Prospectus
HARBOR SMALL CAP GROWTH OPPORTUNITIES FUND
Tax Information
Distributions you receive from the fund are subject to federal income tax and may also be subject to state and local taxes. These distributions will
generally be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred retirement account, such as a 401(k) plan or individual retirement account. Investments in tax-deferred accounts may be subject to tax when they
are withdrawn.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary, the Fund and/or its related companies may pay the intermediary for the
sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your sales representative to recommend the Fund over another investment. Ask your sales
representative or visit your financial intermediary’s website for more information.
3
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