Harbor Capital recommended, and Harbor Funds’ Board of Trustees approved a change in investment subadviser for Harbor Emerging Markets Equity Fund from Oaktree Capital Management L.P. to Marathon Asset Management LLP (Marathon-London) expected to occur on September 23, 2020.

If you have any questions, please contact one of our Shareholder Services Representatives at 800-422-1050, Monday through Friday, from 8:00 a.m. to 6:00 p.m., Eastern time.

Harbor Capital is permitted to enter into new investment subadvisory agreements and make changes to existing investment subadvisory agreements with the approval of the Board, but without shareholder approval, pursuant to the terms of an exemptive order that Harbor Funds and Harbor Capital received from the SEC. This type of order is commonly issued to managers of managers like Harbor Capital. Shareholders will, therefore, receive an Information Statement containing additional information about the subadviser change but will not receive a proxy statement or be asked to vote on the matter.