Harbor Funds' Board of Trustees appointed Marathon Asset Management LLP (Marathon-London) to serve as subadviser to Harbor International Fund effective August 22, 2018. Marathon-London immediately began transitioning the Fund's portfolio pursuant to a plan that was developed jointly with Harbor Capital Advisors and the Fund's Board of Trustees. While the portfolio transition was substantially completed by November of 2018, a very small number of legacy securities remained while Marathon-London sought opportunities to sell those securities at competitive pricing levels.

The transition of the Harbor International Fund's portfolio is now fully complete. 100% of the Fund's portfolio now reflects Marathon-London's selected securities.

If you have questions, please call Harbor Shareholder Services at 800-422-1050, Monday through Friday, between 8:00 a.m. and 6:00 p.m. Eastern time.

The Harbor Funds lineup of actively managed, no-load mutual funds had combined net assets of approximately $47 billion as of March 31, 2019. Each Harbor fund is managed by an institutional investment firm selected by Harbor Capital Advisors, Inc. and approved by the Harbor Funds Board of Trustees based on the firm's experience in a specific asset class. Fees and expenses apply to an investment in Harbor Funds and are described in each fund's current prospectus.

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. Investing in international markets poses special risks, including potentially greater price volatility due to social, political and economic factors, as well as currency exchange rate fluctuations. These risks are more severe for securities of issuers in emerging market regions. Stocks of small and mid cap companies also pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. The subadviser's assessment of the capital cycle for a particular industry or company may be incorrect. Investing in companies at inopportune phases of the capital cycle can result in the Fund purchasing company stock at pricing levels that are higher than the market dynamics would support and therefore subject the Fund to greater risk that the stock price would decline rather than increase over time.