October 29, 2009

The Fund was initially closed to new investors on June 30, 2005, in the interest of existing shareholders. Harbor Capital Advisors, Inc., investment adviser to the Harbor Small Cap Value Fund, said recent market conditions provide more attractive investment opportunities than when the Fund was closed.

The reopening of the Harbor Small Cap Value Fund to new investors, effective March 1, 2009, was authorized by the Harbor Funds board of trustees. As of July 31, 2009, the Fund's net assets were approximately $679 million.

Paul Viera, founder and chief executive officer of EARNEST Partners LLC, has been portfolio manager of the Harbor Small Cap Value Fund since the Fund's inception on December 14, 2001.

Stocks of small cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.