# EDGAR Filing Document

**Accession Number:** 0001860434
**File Stem:** 0001410368-25-012039
**Filing Date:** 2025-9
**Character Count:** 400766
**Document Hash:** b823df3b2582aa1b70b8d22ef8932ed4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-012039.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001410368-25-012039

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250926

**DATE AS OF CHANGE**: 20250926

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Harbor ETF Trust
- **CENTRAL INDEX KEY:** 0001860434

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23661
- **FILM NUMBER:** 251349024

**BUSINESS ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-443-4400

**MAIL ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE
- **STREET 2:** 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Harbor Multi-Asset Explorer ETF (Series ID: S000080799)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000243340 | Harbor Multi-Asset Explorer ETF | MAPP            |

## Nport-Ex

![](imgc80d7d811.jpg)

**Quarterly Portfolios of Investments**

**HARBOR ETF TRUST**

**July 31, 2025** 

---

| |
|:---|
| &nbsp;&nbsp; Harbor Active Small Cap ETF |
| &nbsp;&nbsp; Harbor AlphaEdge™ Large Cap Value ETF |
| &nbsp;&nbsp; Harbor AlphaEdge™ Next Generation REITs ETF |
| &nbsp;&nbsp; Harbor AlphaEdge™ Small Cap Earners ETF |
| &nbsp;&nbsp; Harbor Commodity All-Weather Strategy ETF (Consolidated) |
| &nbsp;&nbsp; Harbor Disciplined Bond ETF |
| &nbsp;&nbsp; Harbor Dividend Growth Leaders ETF |
| &nbsp;&nbsp; Harbor Emerging Markets Equity ETF |
| &nbsp;&nbsp; Harbor Emerging Markets Select ETF |
| &nbsp;&nbsp; Harbor Health Care ETF |
| &nbsp;&nbsp; Harbor Human Capital Factor Unconstrained ETF |
| &nbsp;&nbsp; Harbor Human Capital Factor US Large Cap ETF |
| &nbsp;&nbsp; Harbor Human Capital Factor US Small Cap ETF |
| &nbsp;&nbsp; Harbor International Compounders ETF |
| &nbsp;&nbsp; Harbor International Equity ETF |
| &nbsp;&nbsp; Harbor Long-Short Equity ETF |
| &nbsp;&nbsp; Harbor Long-Term Growers ETF |
| &nbsp;&nbsp; Harbor Mid Cap Core ETF |
| &nbsp;&nbsp; Harbor Mid Cap Value ETF |
| &nbsp;&nbsp; Harbor Multi-Asset Explorer ETF (Consolidated) |
| &nbsp;&nbsp; Harbor Osmosis Emerging Markets Resource Efficient ETF |
| &nbsp;&nbsp; Harbor Osmosis International Resource Efficient ETF |
| &nbsp;&nbsp; Harbor PanAgora Dynamic Large Cap Core ETF |
| &nbsp;&nbsp; Harbor Scientific Alpha High-Yield ETF |
| &nbsp;&nbsp; Harbor Scientific Alpha Income ETF |
| &nbsp;&nbsp; Harbor SMID Cap Core ETF |
| &nbsp;&nbsp; Harbor SMID Cap Value ETF |
| &nbsp;&nbsp; Harbor Transformative Technologies ETF |

---

![](img08247d672.gif)

------

**Table of Contents**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Portfolio of Investments** <br>|  |
| Harbor Active Small Cap ETF | 1  |
| Harbor AlphaEdge™ Large Cap Value ETF | 3  |
| Harbor AlphaEdge™ Next Generation REITs ETF | 5  |
| Harbor AlphaEdge™ Small Cap Earners ETF | 6  |
| Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED) | 15  |
| Harbor Disciplined Bond ETF | 17  |
| Harbor Dividend Growth Leaders ETF | 23  |
| Harbor Emerging Markets Equity ETF | 24  |
| Harbor Emerging Markets Select ETF | 26  |
| Harbor Health Care ETF | 28  |
| Harbor Human Capital Factor Unconstrained ETF | 29  |
| Harbor Human Capital Factor US Large Cap ETF | 31  |
| Harbor Human Capital Factor US Small Cap ETF | 34  |
| Harbor International Compounders ETF | 38  |
| Harbor International Equity ETF | 39  |
| Harbor Long-Short Equity ETF | 41  |
| Harbor Long-Term Growers ETF | 45  |
| Harbor Mid Cap Core ETF | 47  |
| Harbor Mid Cap Value ETF | 49  |
| Harbor Multi-Asset Explorer ETF (CONSOLIDATED) | 51  |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | 52  |
| Harbor Osmosis International Resource Efficient ETF | 54  |
| Harbor PanAgora Dynamic Large Cap Core ETF | 56  |
| Harbor Scientific Alpha High-Yield ETF | 59  |
| Harbor Scientific Alpha Income ETF | 66  |
| Harbor SMID Cap Core ETF | 71  |
| Harbor SMID Cap Value ETF | 73  |
| Harbor Transformative Technologies ETF | 75  |
| **Notes to Portfolios of Investments** | 77 |

---

------

**Harbor Active Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—94.8%** | **COMMON STOCKS—94.8%** | **COMMON STOCKS—94.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| 14178 | StandardAero, Inc. <sup>\*</sup> | $405 |
| **BANKS—7.5%** | **BANKS—7.5%** | **BANKS—7.5%** |
| 30363 | Northpointe Bancshares, Inc.  | 446 |
| 12811 | United Bankshares, Inc.  | 455 |
| 4803 | Wintrust Financial Corp.  | 614 |
|  |  | 1515 |
| **BEVERAGES—0.9%** | **BEVERAGES—0.9%** | **BEVERAGES—0.9%** |
| 847 | Boston Beer Co., Inc. Class A<sup>\*</sup> | 175 |
| **BUILDING PRODUCTS—8.1%** | **BUILDING PRODUCTS—8.1%** | **BUILDING PRODUCTS—8.1%** |
| 2971 | Fortune Brands Innovations, Inc.  | 162 |
| 29842 | Hayward Holdings, Inc. <sup>\*</sup> | 459 |
| 106835 | Janus International Group, Inc. <sup>\*</sup> | 915 |
| 8420 | Masterbrand, Inc. <sup>\*</sup> | 93 |
|  |  | 1629 |
| **CAPITAL MARKETS—5.2%** | **CAPITAL MARKETS—5.2%** | **CAPITAL MARKETS—5.2%** |
| 11415 | Artisan Partners Asset Management, Inc. Class A | 516 |
| 4119 | Moelis & Co. Class A | 289 |
| 896 | Morningstar, Inc.  | 248 |
|  |  | 1053 |
| **CONSTRUCTION & ENGINEERING—3.1%** | **CONSTRUCTION & ENGINEERING—3.1%** | **CONSTRUCTION & ENGINEERING—3.1%** |
| 21188 | WillScot Holdings Corp.  | 622 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** |
| 8534 | Guardian Pharmacy Services, Inc. Class A<sup>\*</sup> | 178 |
| 4539 | Maplebear, Inc. <sup>\*</sup> | 218 |
|  |  | 396 |
| **CONTAINERS & PACKAGING—2.2%** | **CONTAINERS & PACKAGING—2.2%** | **CONTAINERS & PACKAGING—2.2%** |
| 2834 | AptarGroup, Inc.  | 445 |
| **DISTRIBUTORS—2.9%** | **DISTRIBUTORS—2.9%** | **DISTRIBUTORS—2.9%** |
| 1917 | Pool Corp.  | 591 |
| **DIVERSIFIED CONSUMER SERVICES—0.9%** | **DIVERSIFIED CONSUMER SERVICES—0.9%** | **DIVERSIFIED CONSUMER SERVICES—0.9%** |
| 37968 | European Wax Center, Inc. Class A<sup>\*</sup> | 178 |
| **ENERGY EQUIPMENT & SERVICES—3.8%** | **ENERGY EQUIPMENT & SERVICES—3.8%** | **ENERGY EQUIPMENT & SERVICES—3.8%** |
| 62872 | Liberty Energy, Inc.  | 776 |
| **FINANCIAL SERVICES—5.6%** | **FINANCIAL SERVICES—5.6%** | **FINANCIAL SERVICES—5.6%** |
| 31476 | Remitly Global, Inc. <sup>\*</sup> | 519 |
| 5834 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 601 |
|  |  | 1120 |
| **GROUND TRANSPORTATION—2.4%** | **GROUND TRANSPORTATION—2.4%** | **GROUND TRANSPORTATION—2.4%** |
| 2244 | Landstar System, Inc.  | 299 |
| 13547 | Lyft, Inc. Class A<sup>\*</sup> | 191 |
|  |  | 490 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.0%** |
| 38649 | Treace Medical Concepts, Inc. <sup>\*</sup> | 208 |
| **HEALTH CARE PROVIDERS & SERVICES—1.5%** | **HEALTH CARE PROVIDERS & SERVICES—1.5%** | **HEALTH CARE PROVIDERS & SERVICES—1.5%** |
| 4109 | U.S. Physical Therapy, Inc.  | 301 |
| **HEALTH CARE TECHNOLOGY—4.8%** | **HEALTH CARE TECHNOLOGY—4.8%** | **HEALTH CARE TECHNOLOGY—4.8%** |
| 11907 | Doximity, Inc. Class A<sup>\*</sup> | 700 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE TECHNOLOGY—Continued** | **HEALTH CARE TECHNOLOGY—Continued** | **HEALTH CARE TECHNOLOGY—Continued** |
| 7491 | Waystar Holding Corp. <sup>\*</sup> | $277 |
|  |  | 977 |
| **HOTEL & RESORT REITS—3.9%** | **HOTEL & RESORT REITS—3.9%** | **HOTEL & RESORT REITS—3.9%** |
| 106557 | RLJ Lodging Trust  | 789 |
| **HOTELS, RESTAURANTS & LEISURE—1.5%** | **HOTELS, RESTAURANTS & LEISURE—1.5%** | **HOTELS, RESTAURANTS & LEISURE—1.5%** |
| 2845 | Monarch Casino & Resort, Inc.  | 293 |
| **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** |
| 5608 | Reynolds Consumer Products, Inc.  | 126 |
| **INSURANCE—1.2%** | **INSURANCE—1.2%** | **INSURANCE—1.2%** |
| 2252 | Accelerant Holdings Class A (Cayman Islands)<sup>\*</sup> | 62 |
| 422 | Kinsale Capital Group, Inc.  | 186 |
|  |  | 248 |
| **MACHINERY—9.8%** | **MACHINERY—9.8%** | **MACHINERY—9.8%** |
| 14987 | Douglas Dynamics, Inc.  | 429 |
| 81864 | Hillman Solutions Corp. <sup>\*</sup> | 646 |
| 2183 | Middleby Corp. <sup>\*</sup> | 317 |
| 706 | RBC Bearings, Inc. <sup>\*</sup> | 273 |
| 4334 | Toro Co.  | 322 |
|  |  | 1987 |
| **METALS & MINING—3.3%** | **METALS & MINING—3.3%** | **METALS & MINING—3.3%** |
| 2319 | Reliance, Inc.  | 673 |
| **OIL, GAS & CONSUMABLE FUELS—1.1%** | **OIL, GAS & CONSUMABLE FUELS—1.1%** | **OIL, GAS & CONSUMABLE FUELS—1.1%** |
| 5832 | Range Resources Corp.  | 214 |
| **PROFESSIONAL SERVICES—9.2%** | **PROFESSIONAL SERVICES—9.2%** | **PROFESSIONAL SERVICES—9.2%** |
| 3729 | Paylocity Holding Corp. <sup>\*</sup> | 689 |
| 13650 | SS&C Technologies Holdings, Inc.  | 1167 |
|  |  | 1856 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%** |
| 4538 | Zillow Group, Inc. Class A<sup>\*</sup> | 348 |
| **RETAIL REITS—1.8%** | **RETAIL REITS—1.8%** | **RETAIL REITS—1.8%** |
| 10977 | Phillips Edison & Co., Inc.  | 371 |
| **SOFTWARE—3.0%** | **SOFTWARE—3.0%** | **SOFTWARE—3.0%** |
| 29646 | Freshworks, Inc. Class A<sup>\*</sup> | 385 |
| 2702 | Q2 Holdings, Inc. <sup>\*</sup> | 220 |
|  |  | 605 |
| **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** |
| 9325 | Warby Parker, Inc. Class A<sup>\*</sup> | 223 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.5%** | **TEXTILES, APPAREL & LUXURY GOODS—1.5%** | **TEXTILES, APPAREL & LUXURY GOODS—1.5%** |
| 1039 | Ralph Lauren Corp.  | 310 |
| **TRADING COMPANIES & DISTRIBUTORS—1.2%** | **TRADING COMPANIES & DISTRIBUTORS—1.2%** | **TRADING COMPANIES & DISTRIBUTORS—1.2%** |
| 3899 | Core & Main, Inc. Class A<sup>\*</sup> | 248 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $18,957) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $18,957) | 19172 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—94.8%** <br>(Cost $18,957) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—94.8%** <br>(Cost $18,957) | 19172 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—5.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—5.2%** | 1048 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $20220 |

---

------

⬤

------

**Harbor Active Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor AlphaEdge™ Large Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—100.3%** | **COMMON STOCKS—100.3%** | **COMMON STOCKS—100.3%** |
| **Shares** |  | **Value** |
| **AUTOMOBILE COMPONENTS—3.0%** | **AUTOMOBILE COMPONENTS—3.0%** | **AUTOMOBILE COMPONENTS—3.0%** |
| 1025 | Autoliv, Inc. (Sweden) | $114 |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 396 | General Motors Co.  | 21 |
| **BANKS—8.6%** | **BANKS—8.6%** | **BANKS—8.6%** |
| 1986 | Bank of America Corp.  | 94 |
| 379 | Citigroup, Inc.  | 35 |
| 386 | JPMorgan Chase & Co.  | 114 |
| 1062 | Wells Fargo & Co.  | 86 |
|  |  | 329 |
| **BIOTECHNOLOGY—5.5%** | **BIOTECHNOLOGY—5.5%** | **BIOTECHNOLOGY—5.5%** |
| 3097 | Exelixis, Inc. <sup>\*</sup> | 112 |
| 851 | Gilead Sciences, Inc.  | 96 |
|  |  | 208 |
| **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** |
| 1128 | Bank of New York Mellon Corp.  | 115 |
| 401 | Federated Hermes, Inc.  | 20 |
| 742 | SEI Investments Co.  | 65 |
|  |  | 200 |
| **CHEMICALS—0.6%** | **CHEMICALS—0.6%** | **CHEMICALS—0.6%** |
| 244 | CF Industries Holdings, Inc.  | 23 |
| **CONSTRUCTION & ENGINEERING—3.0%** | **CONSTRUCTION & ENGINEERING—3.0%** | **CONSTRUCTION & ENGINEERING—3.0%** |
| 181 | EMCOR Group, Inc.  | 114 |
| **CONSTRUCTION MATERIALS—0.6%** | **CONSTRUCTION MATERIALS—0.6%** | **CONSTRUCTION MATERIALS—0.6%** |
| 224 | CRH PLC  | 21 |
| **CONSUMER FINANCE—4.2%** | **CONSUMER FINANCE—4.2%** | **CONSUMER FINANCE—4.2%** |
| 271 | American Express Co.  | 81 |
| 213 | Nelnet, Inc. Class A | 27 |
| 637 | SLM Corp.  | 20 |
| 444 | Synchrony Financial  | 31 |
|  |  | 159 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.1%** |
| 983 | Albertsons Cos., Inc. Class A | 19 |
| 1666 | Kroger Co.  | 117 |
| 246 | Sysco Corp.  | 19 |
|  |  | 155 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 206 | Crown Holdings, Inc.  | 21 |
| **DIVERSIFIED CONSUMER SERVICES—1.6%** | **DIVERSIFIED CONSUMER SERVICES—1.6%** | **DIVERSIFIED CONSUMER SERVICES—1.6%** |
| 350 | H&R Block, Inc.  | 19 |
| 1896 | Laureate Education, Inc. <sup>\*</sup> | 43 |
|  |  | 62 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—3.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—3.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—3.6%** |
| 4081 | AT&T, Inc.  | 112 |
| 591 | Verizon Communications, Inc.  | 25 |
|  |  | 137 |
| **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** |
| 527 | NRG Energy, Inc.  | 88 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.7%** |
| 1433 | Flex Ltd. <sup>\*</sup> | 71 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** |
| 304 | Jabil, Inc.  | $68 |
| 558 | TE Connectivity PLC (Switzerland) | 115 |
|  |  | 254 |
| **ENTERTAINMENT—3.0%** | **ENTERTAINMENT—3.0%** | **ENTERTAINMENT—3.0%** |
| 946 | Walt Disney Co.  | 113 |
| **FINANCIAL SERVICES—2.5%** | **FINANCIAL SERVICES—2.5%** | **FINANCIAL SERVICES—2.5%** |
| 67 | Berkshire Hathaway, Inc. Class B<sup>\*</sup> | 32 |
| 2480 | MGIC Investment Corp.  | 64 |
|  |  | 96 |
| **FOOD PRODUCTS—5.2%** | **FOOD PRODUCTS—5.2%** | **FOOD PRODUCTS—5.2%** |
| 929 | Cal-Maine Foods, Inc.  | 103 |
| 390 | General Mills, Inc.  | 19 |
| 144 | Ingredion, Inc.  | 19 |
| 404 | Pilgrim's Pride Corp.  | 19 |
| 789 | Smithfield Foods, Inc.  | 19 |
| 362 | Tyson Foods, Inc. Class A | 19 |
|  |  | 198 |
| **HEALTH CARE PROVIDERS & SERVICES—2.5%** | **HEALTH CARE PROVIDERS & SERVICES—2.5%** | **HEALTH CARE PROVIDERS & SERVICES—2.5%** |
| 65 | Cigna Group  | 17 |
| 306 | CVS Health Corp.  | 19 |
| 66 | Elevance Health, Inc.  | 19 |
| 61 | HCA Healthcare, Inc.  | 22 |
| 120 | Tenet Healthcare Corp. <sup>\*</sup> | 19 |
|  |  | 96 |
| **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** |
| 153 | Kimberly-Clark Corp.  | 19 |
| **INSURANCE—8.6%** | **INSURANCE—8.6%** | **INSURANCE—8.6%** |
| 100 | Allstate Corp.  | 20 |
| 1412 | American International Group, Inc.  | 110 |
| 72 | Chubb Ltd.  | 19 |
| 552 | Hartford Insurance Group, Inc.  | 69 |
| 131 | Progressive Corp.  | 32 |
| 74 | Travelers Cos., Inc.  | 19 |
| 545 | Unum Group  | 39 |
| 278 | W.R. Berkley Corp.  | 19 |
|  |  | 327 |
| **INTERACTIVE MEDIA & SERVICES—2.3%** | **INTERACTIVE MEDIA & SERVICES—2.3%** | **INTERACTIVE MEDIA & SERVICES—2.3%** |
| 461 | Alphabet, Inc. Class A | 89 |
| **IT SERVICES—4.3%** | **IT SERVICES—4.3%** | **IT SERVICES—4.3%** |
| 70 | Accenture PLC Class A (Ireland) | 19 |
| 223 | Amdocs Ltd.  | 19 |
| 1497 | Cognizant Technology Solutions Corp. Class A | 107 |
| 506 | Kyndryl Holdings, Inc. <sup>\*</sup> | 19 |
|  |  | 164 |
| **MARINE TRANSPORTATION—0.5%** | **MARINE TRANSPORTATION—0.5%** | **MARINE TRANSPORTATION—0.5%** |
| 181 | Matson, Inc.  | 19 |
| **MEDIA—3.4%** | **MEDIA—3.4%** | **MEDIA—3.4%** |
| 2349 | Comcast Corp. Class A | 78 |
| 886 | Fox Corp. Class A | 50 |
|  |  | 128 |

---

------

⬤

------

**Harbor AlphaEdge™ Large Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **METALS & MINING—0.6%** | **METALS & MINING—0.6%** | **METALS & MINING—0.6%** |
| 343 | Newmont Corp.  | $21 |
| **OIL, GAS & CONSUMABLE FUELS—8.0%** | **OIL, GAS & CONSUMABLE FUELS—8.0%** | **OIL, GAS & CONSUMABLE FUELS—8.0%** |
| 752 | Chevron Corp.  | 114 |
| 207 | ConocoPhillips  | 20 |
| 476 | EOG Resources, Inc.  | 57 |
| 1035 | Exxon Mobil Corp.  | 115 |
|  |  | 306 |
| **PHARMACEUTICALS—2.3%** | **PHARMACEUTICALS—2.3%** | **PHARMACEUTICALS—2.3%** |
| 422 | Bristol-Myers Squibb Co.  | 18 |
| 174 | Johnson & Johnson  | 29 |
| 243 | Merck & Co., Inc.  | 19 |
| 844 | Pfizer, Inc.  | 20 |
|  |  | 86 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** |
| 125 | QUALCOMM, Inc.  | 18 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—3.0%** | **SPECIALTY RETAIL—3.0%** | **SPECIALTY RETAIL—3.0%** |
| 292 | Best Buy Co., Inc.  | $19 |
| 339 | Lowe's Cos., Inc.  | 76 |
| 37 | Ulta Beauty, Inc. <sup>\*</sup> | 19 |
|  |  | 114 |
| **TOBACCO—3.0%** | **TOBACCO—3.0%** | **TOBACCO—3.0%** |
| 1878 | Altria Group, Inc.  | 116 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,618) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,618) | 3816 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.3%** <br>(Cost $3,618) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.3%** <br>(Cost $3,618) | 3816 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.3)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.3)%** | (10)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3806 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor AlphaEdge™ Next Generation REITs ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—95.9%** | **COMMON STOCKS—95.9%** | **COMMON STOCKS—95.9%** |
| **Shares** |  | **Value** |
| **HEALTH CARE REITS—22.3%** | **HEALTH CARE REITS—22.3%** | **HEALTH CARE REITS—22.3%** |
| 1396 | American Healthcare REIT, Inc.  | $54 |
| 5010 | Diversified Healthcare Trust  | 16 |
| 5145 | Healthcare Realty Trust, Inc.  | 79 |
| 2452 | Healthpeak Properties, Inc.  | 42 |
| 655 | LTC Properties, Inc.  | 22 |
| 1113 | Medical Properties Trust, Inc.  | 5 |
| 401 | Omega Healthcare Investors, Inc.  | 16 |
| 3733 | Sabra Health Care REIT, Inc.  | 67 |
| 1626 | Sila Realty Trust, Inc.  | 40 |
| 128 | Universal Health Realty Income Trust  | 5 |
| 534 | Ventas, Inc.  | 36 |
| 166 | Welltower, Inc.  | 27 |
|  |  | 409 |
| **HOTEL & RESORT REITS—13.9%** | **HOTEL & RESORT REITS—13.9%** | **HOTEL & RESORT REITS—13.9%** |
| 3040 | Apple Hospitality REIT, Inc.  | 36 |
| 1707 | Chatham Lodging Trust  | 12 |
| 8301 | DiamondRock Hospitality Co.  | 64 |
| 5866 | Host Hotels & Resorts, Inc.  | 92 |
| 1333 | Park Hotels & Resorts, Inc.  | 14 |
| 2083 | Pebblebrook Hotel Trust  | 21 |
| 90 | Ryman Hospitality Properties, Inc.  | 9 |
| 500 | Xenia Hotels & Resorts, Inc.  | 6 |
|  |  | 254 |
| **RESIDENTIAL REITS—5.0%** | **RESIDENTIAL REITS—5.0%** | **RESIDENTIAL REITS—5.0%** |
| 672 | Equity LifeStyle Properties, Inc.  | 40 |
| 1666 | Invitation Homes, Inc.  | 51 |
|  |  | 91 |
| **SPECIALIZED REITS—54.7%** | **SPECIALIZED REITS—54.7%** | **SPECIALIZED REITS—54.7%** |
| 452 | American Tower Corp.  | 94 |
| 576 | Crown Castle, Inc.  | 61 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALIZED REITS—Continued** | **SPECIALIZED REITS—Continued** | **SPECIALIZED REITS—Continued** |
| 1215 | CubeSmart  | $47 |
| 30 | Digital Realty Trust, Inc.  | 5 |
| 2136 | EPR Properties  | 118 |
| 12 | Equinix, Inc.  | 9 |
| 96 | Extra Space Storage, Inc.  | 13 |
| 1230 | Farmland Partners, Inc.  | 13 |
| 262 | Iron Mountain, Inc.  | 26 |
| 976 | Lamar Advertising Co. Class A | 119 |
| 278 | National Storage Affiliates Trust  | 8 |
| 1658 | Outfront Media, Inc.  | 29 |
| 358 | PotlatchDeltic Corp.  | 15 |
| 419 | Public Storage  | 114 |
| 4336 | Rayonier, Inc.  | 101 |
| 444 | SBA Communications Corp.  | 100 |
| 2905 | Uniti Group, Inc. <sup>\*</sup> | 15 |
| 347 | VICI Properties, Inc.  | 11 |
| 4070 | Weyerhaeuser Co.  | 102 |
|  |  | 1000 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,869) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,869) | 1754 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—4.0%** | **EXCHANGE-TRADED FUNDS—4.0%** | **EXCHANGE-TRADED FUNDS—4.0%** |
| &nbsp;&nbsp;&nbsp; (Cost $74) | &nbsp;&nbsp;&nbsp; (Cost $74) | &nbsp;&nbsp;&nbsp; (Cost $74) |
| **CAPITAL MARKETS—4.0%** | **CAPITAL MARKETS—4.0%** | **CAPITAL MARKETS—4.0%** |
| 1303 | iShares Core U.S. REIT ETF  | 73 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $1,943) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $1,943) | 1827 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 1 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1828 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.6%** | **COMMON STOCKS—99.6%** | **COMMON STOCKS—99.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.3%** | **AEROSPACE & DEFENSE—0.3%** | **AEROSPACE & DEFENSE—0.3%** |
| 88 | AAR Corp. <sup>\*</sup> | $6 |
| 112 | Moog, Inc. Class A | 22 |
| 44 | Park Aerospace Corp.  | 1 |
|  |  | 29 |
| **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** |
| 211 | Forward Air Corp. <sup>\*</sup> | 6 |
| 369 | Hub Group, Inc. Class A | 13 |
|  |  | 19 |
| **AUTOMOBILE COMPONENTS—2.3%** | **AUTOMOBILE COMPONENTS—2.3%** | **AUTOMOBILE COMPONENTS—2.3%** |
| 1038 | Adient PLC <sup>\*</sup> | 22 |
| 2142 | American Axle & Manufacturing Holdings, Inc. <sup>\*</sup> | 10 |
| 134 | Cooper-Standard Holdings, Inc. <sup>\*</sup> | 3 |
| 82 | Dorman Products, Inc. <sup>\*</sup> | 10 |
| 293 | Fox Factory Holding Corp. <sup>\*</sup> | 9 |
| 1977 | Garrett Motion, Inc. (Switzerland) | 26 |
| 3828 | Goodyear Tire & Rubber Co. <sup>\*</sup> | 39 |
| 1383 | Holley, Inc. <sup>\*</sup> | 3 |
| 156 | LCI Industries  | 15 |
| 136 | Modine Manufacturing Co. <sup>\*</sup> | 18 |
| 294 | Motorcar Parts of America, Inc. <sup>\*</sup> | 3 |
| 175 | Patrick Industries, Inc.  | 17 |
| 399 | Phinia, Inc.  | 20 |
| 206 | Standard Motor Products, Inc.  | 6 |
| 139 | Visteon Corp. <sup>\*</sup> | 16 |
|  |  | 217 |
| **AUTOMOBILES—0.1%** | **AUTOMOBILES—0.1%** | **AUTOMOBILES—0.1%** |
| 289 | Winnebago Industries, Inc.  | 9 |
| **BANKS—12.3%** | **BANKS—12.3%** | **BANKS—12.3%** |
| 239 | Amalgamated Financial Corp.  | 7 |
| 410 | Ameris Bancorp  | 28 |
| 694 | Associated Banc-Corp.  | 17 |
| 573 | Atlantic Union Bankshares Corp.  | 18 |
| 120 | BancFirst Corp.  | 15 |
| 210 | Bancorp, Inc. <sup>\*</sup> | 13 |
| 49 | Bank First Corp.  | 6 |
| 184 | Bank of Hawaii Corp.  | 11 |
| 281 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 13 |
| 89 | Bank7 Corp.  | 4 |
| 175 | Banner Corp.  | 11 |
| 173 | BayCom Corp.  | 5 |
| 657 | Brookline Bancorp, Inc.  | 7 |
| 285 | Byline Bancorp, Inc.  | 8 |
| 832 | Cadence Bank  | 29 |
| 152 | California BanCorp <sup>\*</sup> | 2 |
| 116 | Camden National Corp.  | 4 |
| 193 | Capital Bancorp, Inc.  | 6 |
| 172 | Carter Bankshares, Inc. <sup>\*</sup> | 3 |
| 309 | Cathay General Bancorp  | 14 |
| 88 | ChoiceOne Financial Services, Inc.  | 3 |
| 66 | City Holding Co.  | 8 |
| 213 | CNB Financial Corp.  | 5 |
| 66 | Coastal Financial Corp. <sup>\*</sup> | 6 |
| 115 | Colony Bankcorp, Inc.  | 2 |
| 186 | Community Financial System, Inc.  | 10 |
| 125 | Community West Bancshares  | 2 |
| 382 | ConnectOne Bancorp, Inc.  | 9 |
| 265 | Customers Bancorp, Inc. <sup>\*</sup> | 17 |
| 799 | CVB Financial Corp.  | 15 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 276 | Dime Community Bancshares, Inc.  | $8 |
| 323 | Eagle Bancorp, Inc.  | 5 |
| 258 | Eastern Bankshares, Inc.  | 4 |
| 230 | Enterprise Financial Services Corp.  | 13 |
| 254 | FB Financial Corp.  | 12 |
| 712 | First BanCorp (Puerto Rico) | 15 |
| 214 | First Bancorp/Southern Pines NC  | 11 |
| 378 | First Bank  | 6 |
| 547 | First Busey Corp.  | 12 |
| 647 | First Commonwealth Financial Corp.  | 11 |
| 569 | First Financial Bancorp  | 14 |
| 369 | First Financial Bankshares, Inc.  | 13 |
| 521 | First Interstate BancSystem, Inc. Class A | 15 |
| 319 | First Merchants Corp.  | 12 |
| 125 | First Western Financial, Inc. <sup>\*</sup> | 3 |
| 2673 | Flagstar Financial, Inc.  | 30 |
| 824 | Fulton Financial Corp.  | 15 |
| 165 | FVCBankcorp, Inc.  | 2 |
| 280 | Glacier Bancorp, Inc.  | 12 |
| 138 | Greene County Bancorp, Inc.  | 3 |
| 118 | Guaranty Bancshares, Inc.  | 5 |
| 418 | Hancock Whitney Corp.  | 25 |
| 394 | Hanmi Financial Corp.  | 9 |
| 375 | HarborOne Bancorp, Inc.  | 4 |
| 336 | HBT Financial, Inc.  | 8 |
| 76 | Home Bancorp, Inc.  | 4 |
| 728 | Home BancShares, Inc.  | 21 |
| 1128 | Hope Bancorp, Inc.  | 11 |
| 181 | Independent Bank Corp.  | 12 |
| 318 | International Bancshares Corp.  | 22 |
| 123 | John Marshall Bancorp, Inc.  | 2 |
| 107 | Lakeland Financial Corp.  | 7 |
| 141 | LINKBANCORP, Inc.  | 1 |
| 159 | Live Oak Bancshares, Inc.  | 5 |
| 222 | Metrocity Bankshares, Inc.  | 6 |
| 184 | Metropolitan Bank Holding Corp.  | 13 |
| 323 | Midland States Bancorp, Inc.  | 5 |
| 208 | National Bank Holdings Corp. Class A | 8 |
| 46 | National Bankshares, Inc.  | 1 |
| 219 | NBT Bancorp, Inc.  | 9 |
| 63 | Nicolet Bankshares, Inc.  | 8 |
| 853 | Northwest Bancshares, Inc.  | 10 |
| 50 | Norwood Financial Corp.  | 1 |
| 88 | Oak Valley Bancorp  | 2 |
| 529 | OceanFirst Financial Corp.  | 9 |
| 318 | OFG Bancorp (Puerto Rico) | 14 |
| 1252 | Old National Bancorp  | 26 |
| 82 | Orange County Bancorp, Inc.  | 2 |
| 504 | Pacific Premier Bancorp, Inc.  | 11 |
| 56 | Park National Corp.  | 9 |
| 126 | Pathward Financial, Inc.  | 10 |
| 212 | PCB Bancorp  | 4 |
| 348 | Peoples Bancorp, Inc.  | 10 |
| 224 | Peoples Financial Services Corp.  | 11 |
| 120 | Preferred Bank  | 11 |
| 622 | Provident Financial Services, Inc.  | 11 |
| 99 | QCR Holdings, Inc.  | 7 |
| 280 | RBB Bancorp  | 5 |
| 96 | Red River Bancshares, Inc.  | 6 |
| 428 | Renasant Corp.  | 16 |
| 264 | S&T Bancorp, Inc.  | 10 |
| 322 | Seacoast Banking Corp. of Florida  | 9 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 165 | ServisFirst Bancshares, Inc.  | $13 |
| 573 | Simmons First National Corp. Class A | 11 |
| 94 | SmartFinancial, Inc.  | 3 |
| 228 | Southside Bancshares, Inc.  | 7 |
| 266 | Stellar Bancorp, Inc.  | 8 |
| 103 | Stock Yards Bancorp, Inc.  | 8 |
| 158 | Texas Capital Bancshares, Inc. <sup>\*</sup> | 13 |
| 355 | Towne Bank  | 12 |
| 289 | TriCo Bancshares  | 12 |
| 83 | Triumph Financial, Inc. <sup>\*</sup> | 5 |
| 175 | TrustCo Bank Corp.  | 6 |
| 188 | UMB Financial Corp.  | 21 |
| 491 | United Bankshares, Inc.  | 17 |
| 485 | United Community Banks, Inc.  | 15 |
| 233 | Unity Bancorp, Inc.  | 11 |
| 216 | Univest Financial Corp.  | 6 |
| 3047 | Valley National Bancorp  | 28 |
| 362 | Veritex Holdings, Inc.  | 11 |
| 60 | Virginia National Bankshares Corp.  | 2 |
| 502 | WaFd, Inc.  | 15 |
| 493 | WesBanco, Inc.  | 15 |
| 203 | Westamerica BanCorp  | 10 |
| 318 | WSFS Financial Corp.  | 17 |
|  |  | 1160 |
| **BEVERAGES—0.2%** | **BEVERAGES—0.2%** | **BEVERAGES—0.2%** |
| 228 | MGP Ingredients, Inc.  | 6 |
| 253 | National Beverage Corp. <sup>\*</sup> | 12 |
|  |  | 18 |
| **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** |
| 235 | ADMA Biologics, Inc. <sup>\*</sup> | 4 |
| 230 | Alkermes PLC <sup>\*</sup> | 6 |
| 259 | Catalyst Pharmaceuticals, Inc. <sup>\*</sup> | 6 |
| 291 | Dynavax Technologies Corp. <sup>\*</sup> | 3 |
| 8437 | Ironwood Pharmaceuticals, Inc. <sup>\*</sup> | 7 |
|  |  | 26 |
| **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** |
| 2573 | Kohl's Corp.  | 28 |
| 487 | Savers Value Village, Inc. <sup>\*</sup> | 5 |
|  |  | 33 |
| **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** |
| 69 | American Woodmark Corp. <sup>\*</sup> | 4 |
| 114 | Apogee Enterprises, Inc.  | 5 |
| 127 | AZZ, Inc.  | 14 |
| 24 | CSW Industrials, Inc.  | 6 |
| 124 | Gibraltar Industries, Inc. <sup>\*</sup> | 8 |
| 363 | Griffon Corp.  | 29 |
| 168 | Insteel Industries, Inc.  | 6 |
| 2282 | JELD-WEN Holding, Inc. <sup>\*</sup> | 10 |
| 706 | Masterbrand, Inc. <sup>\*</sup> | 8 |
| 195 | Quanex Building Products Corp.  | 4 |
| 1136 | Resideo Technologies, Inc. <sup>\*</sup> | 31 |
| 363 | UFP Industries, Inc.  | 36 |
| 170 | Zurn Elkay Water Solutions Corp.  | 7 |
|  |  | 168 |
| **CAPITAL MARKETS—1.4%** | **CAPITAL MARKETS—1.4%** | **CAPITAL MARKETS—1.4%** |
| 302 | Acadian Asset Management, Inc.  | 13 |
| 721 | Artisan Partners Asset Management, Inc. Class A | 33 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 136 | Cohen & Steers, Inc.  | $10 |
| 110 | Donnelley Financial Solutions, Inc. <sup>\*</sup> | 6 |
| 368 | Marex Group PLC (United Kingdom) | 14 |
| 198 | MarketWise, Inc.  | 4 |
| 93 | Moelis & Co. Class A | 6 |
| 876 | Open Lending Corp. <sup>\*</sup> | 2 |
| 35 | Piper Sandler Cos.  | 11 |
| 69 | PJT Partners, Inc. Class A | 12 |
| 515 | Silvercrest Asset Management Group, Inc. Class A | 8 |
| 46 | Value Line, Inc.  | 2 |
| 82 | Virtus Investment Partners, Inc.  | 16 |
|  |  | 137 |
| **CHEMICALS—2.1%** | **CHEMICALS—2.1%** | **CHEMICALS—2.1%** |
| 282 | AdvanSix, Inc.  | 6 |
| 333 | Avient Corp.  | 10 |
| 49 | Balchem Corp.  | 7 |
| 432 | Cabot Corp.  | 31 |
| 1296 | Chemours Co.  | 16 |
| 747 | Ecovyst, Inc. <sup>\*</sup> | 6 |
| 354 | HB Fuller Co.  | 20 |
| 312 | Ingevity Corp. <sup>\*</sup> | 13 |
| 88 | Innospec, Inc.  | 7 |
| 290 | Koppers Holdings, Inc.  | 10 |
| 590 | Kronos Worldwide, Inc.  | 3 |
| 976 | LSB Industries, Inc. <sup>\*</sup> | 8 |
| 320 | Minerals Technologies, Inc.  | 19 |
| 620 | Orion SA (Germany) | 6 |
| 57 | Quaker Chemical Corp.  | 6 |
| 116 | Sensient Technologies Corp.  | 13 |
| 119 | Stepan Co.  | 6 |
| 1610 | Tronox Holdings PLC  | 5 |
| 422 | Valhi, Inc.  | 7 |
|  |  | 199 |
| **COMMERCIAL SERVICES & SUPPLIES—2.0%** | **COMMERCIAL SERVICES & SUPPLIES—2.0%** | **COMMERCIAL SERVICES & SUPPLIES—2.0%** |
| 434 | ABM Industries, Inc.  | 20 |
| 2302 | ACCO Brands Corp.  | 9 |
| 478 | BrightView Holdings, Inc. <sup>\*</sup> | 8 |
| 297 | Brink's Co.  | 26 |
| 92 | Cimpress PLC (Ireland)<sup>\*</sup> | 5 |
| 52 | CompX International, Inc.  | 1 |
| 476 | Deluxe Corp.  | 8 |
| 986 | Driven Brands Holdings, Inc. <sup>\*</sup> | 17 |
| 219 | Ennis, Inc.  | 4 |
| 609 | Enviri Corp. <sup>\*</sup> | 5 |
| 676 | GEO Group, Inc. <sup>\*</sup> | 18 |
| 153 | HNI Corp.  | 8 |
| 58 | Liquidity Services, Inc. <sup>\*</sup> | 1 |
| 377 | MillerKnoll, Inc.  | 7 |
| 329 | NL Industries, Inc.  | 2 |
| 345 | OPENLANE, Inc. <sup>\*</sup> | 8 |
| 918 | Pitney Bowes, Inc.  | 10 |
| 1349 | Quad/Graphics, Inc.  | 7 |
| 619 | Steelcase, Inc. Class A | 6 |
| 39 | UniFirst Corp.  | 7 |
| 1170 | Vestis Corp.  | 7 |
| 38 | VSE Corp.  | 6 |
|  |  | 190 |
| **COMMUNICATIONS EQUIPMENT—0.3%** | **COMMUNICATIONS EQUIPMENT—0.3%** | **COMMUNICATIONS EQUIPMENT—0.3%** |
| 65 | Aviat Networks, Inc. <sup>\*</sup> | 1 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** |
| 2902 | CommScope Holding Co., Inc. <sup>\*</sup> | $24 |
| 528 | Viavi Solutions, Inc. <sup>\*</sup> | 5 |
|  |  | 30 |
| **CONSTRUCTION & ENGINEERING—1.1%** | **CONSTRUCTION & ENGINEERING—1.1%** | **CONSTRUCTION & ENGINEERING—1.1%** |
| 148 | Arcosa, Inc.  | 13 |
| 33 | Argan, Inc.  | 8 |
| 416 | Concrete Pumping Holdings, Inc.  | 3 |
| 54 | Dycom Industries, Inc. <sup>\*</sup> | 14 |
| 216 | Fluor Corp. <sup>\*</sup> | 12 |
| 43 | IES Holdings, Inc. <sup>\*</sup> | 15 |
| 46 | MYR Group, Inc. <sup>\*</sup> | 9 |
| 216 | Primoris Services Corp.  | 20 |
| 47 | Sterling Infrastructure, Inc. <sup>\*</sup> | 13 |
|  |  | 107 |
| **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** |
| 94 | Knife River Corp. <sup>\*</sup> | 8 |
| **CONSUMER FINANCE—3.7%** | **CONSUMER FINANCE—3.7%** | **CONSUMER FINANCE—3.7%** |
| 577 | Bread Financial Holdings, Inc.  | 35 |
| 913 | Consumer Portfolio Services, Inc. <sup>\*</sup> | 7 |
| 301 | Encore Capital Group, Inc. <sup>\*</sup> | 11 |
| 427 | LendingClub Corp. <sup>\*</sup> | 7 |
| 554 | Medallion Financial Corp.  | 6 |
| 12526 | Navient Corp.  | 162 |
| 475 | Nelnet, Inc. Class A | 59 |
| 448 | OppFi, Inc.  | 5 |
| 556 | PRA Group, Inc. <sup>\*</sup> | 8 |
| 265 | PROG Holdings, Inc.  | 8 |
| 622 | Regional Management Corp.  | 21 |
| 131 | World Acceptance Corp. <sup>\*</sup> | 21 |
|  |  | 350 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.4%** |
| 587 | Grocery Outlet Holding Corp. <sup>\*</sup> | 8 |
| 186 | Natural Grocers by Vitamin Cottage, Inc.  | 7 |
| 201 | PriceSmart, Inc.  | 21 |
|  |  | 36 |
| **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** |
| 2807 | Ardagh Metal Packaging SA  | 11 |
| 298 | Myers Industries, Inc.  | 5 |
| 3074 | O-I Glass, Inc. <sup>\*</sup> | 40 |
| 143 | TriMas Corp.  | 5 |
|  |  | 61 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 224 | A-Mark Precious Metals, Inc.  | 5 |
| 222 | GigaCloud Technology, Inc. Class A (Hong Kong)<sup>\*</sup> | 5 |
|  |  | 10 |
| **DIVERSIFIED CONSUMER SERVICES—1.3%** | **DIVERSIFIED CONSUMER SERVICES—1.3%** | **DIVERSIFIED CONSUMER SERVICES—1.3%** |
| 97 | Adtalem Global Education, Inc. <sup>\*</sup> | 11 |
| 124 | American Public Education, Inc. <sup>\*</sup> | 4 |
| 165 | Carriage Services, Inc.  | 7 |
| 264 | European Wax Center, Inc. Class A<sup>\*</sup> | 1 |
| 297 | Frontdoor, Inc. <sup>\*</sup> | 17 |
| 18 | Graham Holdings Co. Class B | 17 |
| 1171 | Laureate Education, Inc. <sup>\*</sup> | 27 |
| 1214 | Mister Car Wash, Inc. <sup>\*</sup> | 7 |
| 126 | OneSpaWorld Holdings Ltd. (Bahamas) | 3 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **DIVERSIFIED CONSUMER SERVICES—Continued** | **DIVERSIFIED CONSUMER SERVICES—Continued** | **DIVERSIFIED CONSUMER SERVICES—Continued** |
| 297 | Perdoceo Education Corp.  | $9 |
| 81 | Strategic Education, Inc.  | 6 |
| 88 | Stride, Inc. <sup>\*</sup> | 11 |
|  |  | 120 |
| **DIVERSIFIED REITS—0.7%** | **DIVERSIFIED REITS—0.7%** | **DIVERSIFIED REITS—0.7%** |
| 313 | Alexander & Baldwin, Inc.  | 6 |
| 270 | Alpine Income Property Trust, Inc.  | 4 |
| 424 | American Assets Trust, Inc.  | 8 |
| 879 | Broadstone Net Lease, Inc.  | 14 |
| 270 | CTO Realty Growth, Inc.  | 5 |
| 373 | Essential Properties Realty Trust, Inc.  | 11 |
| 222 | Gladstone Commercial Corp.  | 3 |
| 1002 | Global Net Lease, Inc.  | 7 |
| 233 | One Liberty Properties, Inc.  | 5 |
|  |  | 63 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** |
| 76 | IDT Corp. Class B | 4 |
| 4195 | Liberty Latin America Ltd. Class C (Puerto Rico)<sup>\*</sup> | 30 |
| 12534 | Lumen Technologies, Inc. <sup>\*</sup> | 56 |
|  |  | 90 |
| **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** |
| 92 | MGE Energy, Inc.  | 8 |
| 549 | Portland General Electric Co.  | 23 |
| 411 | TXNM Energy, Inc.  | 23 |
|  |  | 54 |
| **ELECTRICAL EQUIPMENT—1.1%** | **ELECTRICAL EQUIPMENT—1.1%** | **ELECTRICAL EQUIPMENT—1.1%** |
| 913 | Array Technologies, Inc. <sup>\*</sup> | 6 |
| 530 | Atkore, Inc.  | 41 |
| 267 | EnerSys  | 25 |
| 200 | LSI Industries, Inc.  | 4 |
| 22 | Powell Industries, Inc.  | 5 |
| 45 | Power Solutions International, Inc. <sup>\*</sup> | 4 |
| 52 | Preformed Line Products Co.  | 8 |
| 1100 | Shoals Technologies Group, Inc. Class A<sup>\*</sup> | 6 |
| 217 | Thermon Group Holdings, Inc. <sup>\*</sup> | 6 |
|  |  | 105 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.7%** |
| 70 | Advanced Energy Industries, Inc.  | 10 |
| 34 | Badger Meter, Inc.  | 6 |
| 206 | Belden, Inc.  | 26 |
| 38 | Climb Global Solutions, Inc.  | 5 |
| 111 | ePlus, Inc. <sup>\*</sup> | 7 |
| 60 | Fabrinet (Thailand)<sup>\*</sup> | 19 |
| 164 | Insight Enterprises, Inc. <sup>\*</sup> | 20 |
| 42 | OSI Systems, Inc. <sup>\*</sup> | 9 |
| 98 | PC Connection, Inc.  | 6 |
| 64 | Plexus Corp. <sup>\*</sup> | 8 |
| 338 | Richardson Electronics Ltd.  | 3 |
| 66 | Rogers Corp. <sup>\*</sup> | 4 |
| 176 | ScanSource, Inc. <sup>\*</sup> | 7 |
| 1546 | Vishay Intertechnology, Inc.  | 25 |
| 186 | Vishay Precision Group, Inc. <sup>\*</sup> | 5 |
|  |  | 160 |
| **ENERGY EQUIPMENT & SERVICES—2.6%** | **ENERGY EQUIPMENT & SERVICES—2.6%** | **ENERGY EQUIPMENT & SERVICES—2.6%** |
| 390 | Archrock, Inc.  | 9 |
| 259 | Aris Water Solutions, Inc. Class A | 6 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** |
| 876 | Atlas Energy Solutions, Inc.  | $11 |
| 6463 | Borr Drilling Ltd. (Mexico)<sup>\*</sup> | 13 |
| 148 | Bristow Group, Inc. <sup>\*</sup> | 5 |
| 347 | Cactus, Inc. Class A | 15 |
| 429 | Expro Group Holdings NV <sup>\*</sup> | 5 |
| 190 | Flowco Holdings, Inc. Class A | 4 |
| 1301 | Helmerich & Payne, Inc.  | 21 |
| 443 | Kodiak Gas Services, Inc.  | 14 |
| 2541 | Liberty Energy, Inc.  | 31 |
| 300 | Nabors Industries Ltd. <sup>\*</sup> | 11 |
| 750 | National Energy Services Reunited Corp. <sup>\*</sup> | 5 |
| 1060 | Noble Corp. PLC  | 28 |
| 362 | Oceaneering International, Inc. <sup>\*</sup> | 8 |
| 1894 | Patterson-UTI Energy, Inc.  | 11 |
| 1424 | ProFrac Holding Corp. Class A<sup>\*</sup> | 10 |
| 1372 | ProPetro Holding Corp. <sup>\*</sup> | 7 |
| 129 | Seadrill Ltd. (Norway)<sup>\*</sup> | 4 |
| 62 | Solaris Energy Infrastructure, Inc.  | 2 |
| 1020 | TETRA Technologies, Inc. <sup>\*</sup> | 4 |
| 122 | Tidewater, Inc. <sup>\*</sup> | 6 |
| 264 | Valaris Ltd. <sup>\*</sup> | 13 |
|  |  | 243 |
| **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** |
| 429 | Cinemark Holdings, Inc.  | 11 |
| 5445 | Playtika Holding Corp.  | 24 |
| 265 | Starz Entertainment Corp. <sup>\*</sup> | 4 |
| 3009 | Vivid Seats, Inc. Class A<sup>\*</sup> | 5 |
|  |  | 44 |
| **FINANCIAL SERVICES—5.0%** | **FINANCIAL SERVICES—5.0%** | **FINANCIAL SERVICES—5.0%** |
| 1019 | Acacia Research Corp. <sup>\*</sup> | 4 |
| 212 | &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio Exterior SA <br> (Panama)<br>| 8 |
| 42 | Cass Information Systems, Inc.  | 2 |
| 2919 | Compass Diversified Holdings  | 19 |
| 988 | Essent Group Ltd.  | 55 |
| 251 | EVERTEC, Inc. (Puerto Rico) | 9 |
| 233 | Federal Agricultural Mortgage Corp. Class C | 40 |
| 2 | HA Sustainable Infrastructure Capital, Inc.  |  |
| 1330 | Jackson Financial, Inc. Class A | 116 |
| 759 | Merchants Bancorp  | 22 |
| 848 | NMI Holdings, Inc. <sup>\*</sup> | 32 |
| 594 | Onity Group, Inc. <sup>\*</sup> | 22 |
| 6348 | Pagseguro Digital Ltd. Class A (Brazil) | 50 |
| 620 | Paysafe Ltd. <sup>\*</sup> | 8 |
| 533 | PennyMac Financial Services, Inc.  | 50 |
| 25 | Sezzle, Inc. <sup>\*</sup> | 4 |
| 398 | SWK Holdings Corp.  | 6 |
| 755 | Velocity Financial, Inc. <sup>\*</sup> | 12 |
| 133 | Walker & Dunlop, Inc.  | 10 |
|  |  | 469 |
| **FOOD PRODUCTS—1.4%** | **FOOD PRODUCTS—1.4%** | **FOOD PRODUCTS—1.4%** |
| 2847 | B&G Foods, Inc.  | 12 |
| 394 | Cal-Maine Foods, Inc.  | 44 |
| 1509 | Dole PLC  | 21 |
| 3446 | Hain Celestial Group, Inc. <sup>\*</sup> | 5 |
| 40 | J&J Snack Foods Corp.  | 5 |
| 76 | John B Sanfilippo & Son, Inc.  | 5 |
| 102 | Marzetti Co.  | 18 |
| 287 | Simply Good Foods Co. <sup>\*</sup> | 9 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** |
| 529 | SunOpta, Inc. (Canada)<sup>\*</sup> | $3 |
| 145 | Utz Brands, Inc.  | 2 |
| 62 | Vital Farms, Inc. <sup>\*</sup> | 2 |
| 334 | WK Kellogg Co.  | 8 |
|  |  | 134 |
| **GAS UTILITIES—1.0%** | **GAS UTILITIES—1.0%** | **GAS UTILITIES—1.0%** |
| 66 | Chesapeake Utilities Corp.  | 8 |
| 493 | New Jersey Resources Corp.  | 22 |
| 220 | Northwest Natural Holding Co.  | 9 |
| 304 | Southwest Gas Holdings, Inc.  | 24 |
| 406 | Spire, Inc.  | 30 |
|  |  | 93 |
| **GROUND TRANSPORTATION—0.4%** | **GROUND TRANSPORTATION—0.4%** | **GROUND TRANSPORTATION—0.4%** |
| 179 | ArcBest Corp.  | 13 |
| 242 | Covenant Logistics Group, Inc.  | 6 |
| 230 | PAMT Corp. <sup>\*</sup> | 3 |
| 275 | Universal Logistics Holdings, Inc.  | 6 |
| 317 | Werner Enterprises, Inc.  | 9 |
|  |  | 37 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** |
| 124 | Artivion, Inc. <sup>\*</sup> | 4 |
| 205 | Avanos Medical, Inc. <sup>\*</sup> | 2 |
| 159 | CONMED Corp.  | 8 |
| 1327 | Embecta Corp.  | 13 |
| 120 | Haemonetics Corp. <sup>\*</sup> | 9 |
| 56 | Integer Holdings Corp. <sup>\*</sup> | 6 |
| 785 | Integra LifeSciences Holdings Corp. <sup>\*</sup> | 10 |
| 93 | iRadimed Corp.  | 5 |
| 223 | Lantheus Holdings, Inc. <sup>\*</sup> | 16 |
| 80 | LeMaitre Vascular, Inc.  | 7 |
| 63 | Merit Medical Systems, Inc. <sup>\*</sup> | 5 |
| 760 | Neogen Corp. <sup>\*</sup> | 4 |
| 437 | QuidelOrtho Corp. <sup>\*</sup> | 10 |
| 31 | Semler Scientific, Inc. <sup>\*</sup> | 1 |
| 11 | UFP Technologies, Inc. <sup>\*</sup> | 3 |
| 83 | Utah Medical Products, Inc.  | 5 |
| 291 | Varex Imaging Corp. <sup>\*</sup> | 2 |
|  |  | 110 |
| **HEALTH CARE PROVIDERS & SERVICES—2.1%** | **HEALTH CARE PROVIDERS & SERVICES—2.1%** | **HEALTH CARE PROVIDERS & SERVICES—2.1%** |
| 1308 | AdaptHealth Corp. <sup>\*</sup> | 12 |
| 681 | Ardent Health, Inc. <sup>\*</sup> | 7 |
| 239 | Astrana Health, Inc. <sup>\*</sup> | 6 |
| 1615 | Aveanna Healthcare Holdings, Inc. <sup>\*</sup> | 6 |
| 516 | BrightSpring Health Services, Inc. <sup>\*</sup> | 11 |
| 11184 | Community Health Systems, Inc. <sup>\*</sup> | 29 |
| 225 | Concentra Group Holdings Parent, Inc.  | 5 |
| 276 | Enhabit, Inc. <sup>\*</sup> | 2 |
| 122 | Ensign Group, Inc.  | 18 |
| 35 | HealthEquity, Inc. <sup>\*</sup> | 3 |
| 54 | National HealthCare Corp.  | 5 |
| 1407 | Owens & Minor, Inc. <sup>\*</sup> | 10 |
| 639 | PACS Group, Inc. <sup>\*</sup> | 7 |
| 809 | Pediatrix Medical Group, Inc. <sup>\*</sup> | 10 |
| 219 | Pennant Group, Inc. <sup>\*</sup> | 5 |
| 524 | Premier, Inc. Class A | 11 |
| 84 | Progyny, Inc. <sup>\*</sup> | 2 |
| 1819 | Select Medical Holdings Corp.  | 27 |
| 873 | Surgery Partners, Inc. <sup>\*</sup> | 19 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
| 77 | U.S. Physical Therapy, Inc.  | $6 |
|  |  | 201 |
| **HEALTH CARE REITS—0.4%** | **HEALTH CARE REITS—0.4%** | **HEALTH CARE REITS—0.4%** |
| 282 | CareTrust REIT, Inc.  | 9 |
| 386 | Global Medical REIT, Inc.  | 3 |
| 142 | National Health Investors, Inc.  | 10 |
| 825 | Sabra Health Care REIT, Inc.  | 15 |
| 229 | Strawberry Fields REIT, Inc.  | 2 |
| 61 | Universal Health Realty Income Trust  | 2 |
|  |  | 41 |
| **HEALTH CARE TECHNOLOGY—0.1%** | **HEALTH CARE TECHNOLOGY—0.1%** | **HEALTH CARE TECHNOLOGY—0.1%** |
| 178 | Claritev Corp. <sup>\*</sup> | 7 |
| 175 | HealthStream, Inc.  | 4 |
| 46 | Simulations Plus, Inc. <sup>\*</sup> | 1 |
|  |  | 12 |
| **HOTEL & RESORT REITS—1.0%** | **HOTEL & RESORT REITS—1.0%** | **HOTEL & RESORT REITS—1.0%** |
| 2485 | Apple Hospitality REIT, Inc.  | 29 |
| 1067 | Braemar Hotels & Resorts, Inc.  | 2 |
| 1141 | DiamondRock Hospitality Co.  | 9 |
| 503 | Pebblebrook Hotel Trust  | 5 |
| 1053 | RLJ Lodging Trust  | 8 |
| 320 | Ryman Hospitality Properties, Inc.  | 30 |
| 810 | Sunstone Hotel Investors, Inc.  | 7 |
| 584 | Xenia Hotels & Resorts, Inc.  | 8 |
|  |  | 98 |
| **HOTELS, RESTAURANTS & LEISURE—3.1%** | **HOTELS, RESTAURANTS & LEISURE—3.1%** | **HOTELS, RESTAURANTS & LEISURE—3.1%** |
| 357 | Bally's Corp. <sup>\*</sup> | 3 |
| 1665 | Bloomin' Brands, Inc.  | 15 |
| 3195 | Brightstar Lottery PLC  | 47 |
| 98 | Brinker International, Inc. <sup>\*</sup> | 16 |
| 136 | Cracker Barrel Old Country Store, Inc.  | 9 |
| 374 | Dine Brands Global, Inc.  | 9 |
| 481 | El Pollo Loco Holdings, Inc. <sup>\*</sup> | 5 |
| 135 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 2 |
| 388 | Golden Entertainment, Inc.  | 11 |
| 364 | Inspired Entertainment, Inc. <sup>\*</sup> | 3 |
| 708 | Jack in the Box, Inc.  | 14 |
| 474 | Marriott Vacations Worldwide Corp.  | 35 |
| 79 | Monarch Casino & Resort, Inc.  | 8 |
| 45 | Nathan's Famous, Inc.  | 4 |
| 186 | Papa John's International, Inc.  | 8 |
| 414 | Portillo's, Inc. Class A<sup>\*</sup> | 4 |
| 295 | Pursuit Attractions & Hospitality, Inc. <sup>\*</sup> | 9 |
| 184 | RCI Hospitality Holdings, Inc.  | 7 |
| 2604 | Sabre Corp. <sup>\*</sup> | 8 |
| 702 | Six Flags Entertainment Corp. <sup>\*</sup> | 21 |
| 565 | Super Group SGHC Ltd. (Guernsey) | 6 |
| 1464 | Target Hospitality Corp. <sup>\*</sup> | 11 |
| 652 | United Parks & Resorts, Inc. <sup>\*</sup> | 31 |
| 379 | Xponential Fitness, Inc. Class A<sup>\*</sup> | 4 |
|  |  | 290 |
| **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** |
| 384 | Beazer Homes USA, Inc. <sup>\*</sup> | 9 |
| 26 | Cavco Industries, Inc. <sup>\*</sup> | 11 |
| 898 | Cricut, Inc. Class A | 4 |
| 926 | Dream Finders Homes, Inc. Class A<sup>\*</sup> | 23 |
| 524 | Green Brick Partners, Inc. <sup>\*</sup> | 32 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 593 | Helen of Troy Ltd. <sup>\*</sup> | $13 |
| 1004 | KB Home  | 56 |
| 229 | La-Z-Boy, Inc.  | 8 |
| 150 | Legacy Housing Corp. <sup>\*</sup> | 3 |
| 1875 | Leggett & Platt, Inc.  | 18 |
| 200 | LGI Homes, Inc. <sup>\*</sup> | 11 |
| 392 | M/I Homes, Inc. <sup>\*</sup> | 47 |
| 1273 | Taylor Morrison Home Corp. <sup>\*</sup> | 76 |
| 1401 | Tri Pointe Homes, Inc. <sup>\*</sup> | 43 |
|  |  | 354 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 297 | Central Garden & Pet Co. <sup>\*</sup> | 11 |
| 1098 | Energizer Holdings, Inc.  | 25 |
|  |  | 36 |
| **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** |
| 156 | Innovative Industrial Properties, Inc.  | 8 |
| 1190 | LXP Industrial Trust  | 9 |
| 128 | Terreno Realty Corp.  | 7 |
|  |  | 24 |
| **INSURANCE—2.4%** | **INSURANCE—2.4%** | **INSURANCE—2.4%** |
| 1140 | Ambac Financial Group, Inc. <sup>\*</sup> | 10 |
| 873 | CNO Financial Group, Inc.  | 32 |
| 992 | F&G Annuities & Life, Inc.  | 32 |
| 591 | Fidelis Insurance Holdings Ltd. (United Kingdom) | 9 |
| 4423 | Genworth Financial, Inc. <sup>\*</sup> | 35 |
| 256 | Greenlight Capital Re Ltd. Class A<sup>\*</sup> | 3 |
| 858 | Hamilton Insurance Group Ltd. Class B (Bermuda)<sup>\*</sup> | 18 |
| 35 | HCI Group, Inc.  | 5 |
| 146 | Heritage Insurance Holdings, Inc. <sup>\*</sup> | 3 |
| 131 | Horace Mann Educators Corp.  | 6 |
| 12 | Investors Title Co.  | 3 |
| 499 | James River Group Holdings Ltd.  | 3 |
| 206 | Kingsway Financial Services, Inc. (Canada)<sup>\*</sup> | 3 |
| 49 | Palomar Holdings, Inc. <sup>\*</sup> | 6 |
| 262 | ProAssurance Corp. <sup>\*</sup> | 6 |
| 224 | Selective Insurance Group, Inc.  | 17 |
| 623 | SiriusPoint Ltd. (Sweden)<sup>\*</sup> | 12 |
| 171 | Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | 9 |
| 162 | Stewart Information Services Corp.  | 11 |
| 306 | Tiptree, Inc.  | 6 |
|  |  | 229 |
| **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** |
| 1208 | Bumble, Inc. Class A<sup>\*</sup> | 9 |
| 72 | Cargurus, Inc. <sup>\*</sup> | 2 |
| 600 | Cars.com, Inc. <sup>\*</sup> | 8 |
| 5210 | Getty Images Holdings, Inc. <sup>\*</sup> | 9 |
| 175 | Shutterstock, Inc.  | 3 |
| 512 | TripAdvisor, Inc. <sup>\*</sup> | 9 |
| 133 | Yelp, Inc. <sup>\*</sup> | 5 |
| 213 | Ziff Davis, Inc. <sup>\*</sup> | 7 |
| 894 | ZipRecruiter, Inc. Class A<sup>\*</sup> | 4 |
|  |  | 56 |
| **IT SERVICES—0.3%** | **IT SERVICES—0.3%** | **IT SERVICES—0.3%** |
| 427 | ASGN, Inc. <sup>\*</sup> | 21 |
| 583 | Information Services Group, Inc.  | 3 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **IT SERVICES—Continued** | **IT SERVICES—Continued** | **IT SERVICES—Continued** |
| 1615 | Unisys Corp. <sup>\*</sup> | $7 |
|  |  | 31 |
| **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** |
| 375 | Escalade, Inc.  | 5 |
| 196 | Malibu Boats, Inc. Class A<sup>\*</sup> | 6 |
| 448 | Marine Products Corp.  | 4 |
| 403 | MasterCraft Boat Holdings, Inc. <sup>\*</sup> | 8 |
| 540 | Polaris, Inc.  | 28 |
| 627 | Smith & Wesson Brands, Inc.  | 5 |
|  |  | 56 |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| 4380 | Maravai LifeSciences Holdings, Inc. Class A<sup>\*</sup> | 10 |
| **MACHINERY—3.1%** | **MACHINERY—3.1%** | **MACHINERY—3.1%** |
| 165 | Aebi Schmidt Holding AG (Switzerland)<sup>\*</sup> | 2 |
| 46 | Alamo Group, Inc.  | 10 |
| 106 | Albany International Corp. Class A | 6 |
| 176 | Atmus Filtration Technologies, Inc.  | 7 |
| 109 | Chart Industries, Inc. <sup>\*</sup> | 22 |
| 560 | Columbus McKinnon Corp.  | 8 |
| 182 | Douglas Dynamics, Inc.  | 5 |
| 36 | Enpro, Inc.  | 8 |
| 52 | ESCO Technologies, Inc.  | 10 |
| 79 | Federal Signal Corp.  | 10 |
| 131 | Franklin Electric Co., Inc.  | 12 |
| 124 | Gencor Industries, Inc. <sup>\*</sup> | 2 |
| 177 | Greenbrier Cos., Inc.  | 8 |
| 146 | Helios Technologies, Inc.  | 5 |
| 775 | Hillenbrand, Inc.  | 16 |
| 448 | Hillman Solutions Corp. <sup>\*</sup> | 4 |
| 65 | JBT Marel Corp.  | 9 |
| 23 | Kadant, Inc.  | 8 |
| 420 | Kennametal, Inc.  | 10 |
| 49 | Lindsay Corp.  | 7 |
| 205 | Luxfer Holdings PLC (United Kingdom) | 2 |
| 72 | Miller Industries, Inc.  | 3 |
| 302 | Mueller Water Products, Inc. Class A | 7 |
| 90 | Omega Flex, Inc.  | 3 |
| 226 | REV Group, Inc.  | 11 |
| 56 | SPX Technologies, Inc. <sup>\*</sup> | 10 |
| 74 | Tennant Co.  | 6 |
| 907 | Titan International, Inc. <sup>\*</sup> | 8 |
| 1028 | Trinity Industries, Inc.  | 24 |
| 1063 | Wabash National Corp.  | 11 |
| 88 | Watts Water Technologies, Inc. Class A | 23 |
| 331 | Worthington Enterprises, Inc.  | 20 |
|  |  | 297 |
| **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** |
| 3444 | Costamare, Inc. (Monaco) | 35 |
| 2175 | Golden Ocean Group Ltd. (Norway) | 18 |
| 655 | Pangaea Logistics Solutions Ltd.  | 3 |
| 2505 | Safe Bulkers, Inc. (Monaco) | 10 |
|  |  | 66 |
| **MEDIA—2.7%** | **MEDIA—2.7%** | **MEDIA—2.7%** |
| 4803 | Advantage Solutions, Inc. <sup>\*</sup> | 6 |
| 31381 | Altice USA, Inc. Class A<sup>\*</sup> | 81 |
| 3949 | AMC Networks, Inc. Class A<sup>\*</sup> | 24 |
| 225 | Cable One, Inc.  | 29 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MEDIA—Continued** | **MEDIA—Continued** | **MEDIA—Continued** |
| 1379 | Entravision Communications Corp. Class A | $3 |
| 4818 | EW Scripps Co. Class A<sup>\*</sup> | 14 |
| 754 | Gannett Co., Inc. <sup>\*</sup> | 3 |
| 7099 | Gray Media, Inc.  | 32 |
| 85 | Ibotta, Inc. Class A<sup>\*</sup> | 3 |
| 8375 | iHeartMedia, Inc. Class A<sup>\*</sup> | 16 |
| 353 | John Wiley & Sons, Inc. Class A | 14 |
| 149 | Scholastic Corp.  | 4 |
| 951 | Sinclair, Inc.  | 14 |
| 1200 | Stagwell, Inc. <sup>\*</sup> | 7 |
| 679 | Thryv Holdings, Inc. <sup>\*</sup> | 9 |
|  |  | 259 |
| **METALS & MINING—1.9%** | **METALS & MINING—1.9%** | **METALS & MINING—1.9%** |
| 301 | Alpha Metallurgical Resources, Inc. <sup>\*</sup> | 35 |
| 202 | Caledonia Mining Corp. PLC (South Africa) | 4 |
| 432 | Century Aluminum Co. <sup>\*</sup> | 9 |
| 681 | Commercial Metals Co.  | 35 |
| 875 | Constellium SE <sup>\*</sup> | 12 |
| 2297 | Ferroglobe PLC  | 10 |
| 47 | Kaiser Aluminum Corp.  | 4 |
| 68 | Materion Corp.  | 7 |
| 376 | Metallus, Inc. <sup>\*</sup> | 6 |
| 150 | Olympic Steel, Inc.  | 5 |
| 160 | Ramaco Resources, Inc. Class A | 3 |
| 723 | Ryerson Holding Corp.  | 15 |
| 808 | SunCoke Energy, Inc.  | 6 |
| 444 | Warrior Met Coal, Inc.  | 23 |
| 94 | Worthington Steel, Inc.  | 3 |
|  |  | 177 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%** |
| 482 | Apollo Commercial Real Estate Finance, Inc.  | 5 |
| 372 | Blackstone Mortgage Trust, Inc. Class A | 7 |
| 213 | Chicago Atlantic Real Estate Finance, Inc.  | 3 |
| 22 | Chimera Investment Corp.  |  |
| 297 | Ellington Financial, Inc.  | 4 |
| 344 | Franklin BSP Realty Trust, Inc.  | 3 |
| 750 | Ladder Capital Corp.  | 8 |
| 88 | MFA Financial, Inc.  | 1 |
| 221 | Nexpoint Real Estate Finance, Inc.  | 3 |
| 349 | PennyMac Mortgage Investment Trust  | 4 |
| 1300 | Ready Capital Corp.  | 5 |
| 296 | Two Harbors Investment Corp.  | 3 |
|  |  | 46 |
| **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** |
| 377 | Avista Corp.  | 14 |
| 490 | Black Hills Corp.  | 28 |
| 331 | Northwestern Energy Group, Inc.  | 18 |
|  |  | 60 |
| **OFFICE REITS—1.0%** | **OFFICE REITS—1.0%** | **OFFICE REITS—1.0%** |
| 1993 | Brandywine Realty Trust  | 8 |
| 812 | City Office REIT, Inc.  | 6 |
| 456 | COPT Defense Properties  | 12 |
| 1536 | Douglas Emmett, Inc.  | 23 |
| 238 | Easterly Government Properties, Inc.  | 5 |
| 1286 | Empire State Realty Trust, Inc. Class A | 9 |
| 1150 | Franklin Street Properties Corp.  | 2 |
| 1931 | Hudson Pacific Properties, Inc. <sup>\*</sup> | 5 |
| 1992 | Paramount Group, Inc. <sup>\*</sup> | 12 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **OFFICE REITS—Continued** | **OFFICE REITS—Continued** | **OFFICE REITS—Continued** |
| 1258 | Piedmont Realty Trust, Inc.  | $10 |
| 328 | Postal Realty Trust, Inc. Class A | 5 |
|  |  | 97 |
| **OIL, GAS & CONSUMABLE FUELS—9.4%** | **OIL, GAS & CONSUMABLE FUELS—9.4%** | **OIL, GAS & CONSUMABLE FUELS—9.4%** |
| 541 | Ardmore Shipping Corp. (Ireland) | 6 |
| 1390 | Berry Corp.  | 4 |
| 959 | California Resources Corp.  | 46 |
| 401 | Calumet, Inc. <sup>\*</sup> | 6 |
| 20 | Centrus Energy Corp. Class A<sup>\*</sup> | 4 |
| 1335 | CNX Resources Corp. <sup>\*</sup> | 40 |
| 1343 | Comstock Resources, Inc. <sup>\*</sup> | 24 |
| 437 | Core Natural Resources, Inc.  | 32 |
| 3875 | Crescent Energy Co. Class A | 36 |
| 1018 | CVR Energy, Inc.  | 27 |
| 626 | DHT Holdings, Inc.  | 7 |
| 434 | Dorian LPG Ltd.  | 12 |
| 633 | Evolution Petroleum Corp.  | 3 |
| 292 | Excelerate Energy, Inc. Class A | 7 |
| 426 | FLEX LNG Ltd. (Norway) | 11 |
| 446 | Golar LNG Ltd. (Cameroon) | 18 |
| 912 | Granite Ridge Resources, Inc.  | 5 |
| 137 | Gulfport Energy Corp. <sup>\*</sup> | 24 |
| 2139 | HighPeak Energy, Inc.  | 21 |
| 269 | Kinetik Holdings, Inc.  | 12 |
| 15771 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 34 |
| 1516 | Magnolia Oil & Gas Corp. Class A | 36 |
| 2241 | Murphy Oil Corp.  | 56 |
| 9733 | New Fortress Energy, Inc.  | 27 |
| 1585 | Northern Oil & Gas, Inc.  | 45 |
| 631 | Par Pacific Holdings, Inc. <sup>\*</sup> | 20 |
| 2873 | PBF Energy, Inc. Class A | 65 |
| 3193 | Peabody Energy Corp.  | 52 |
| 17 | PrimeEnergy Resources Corp. <sup>\*</sup> | 3 |
| 110 | REX American Resources Corp. <sup>\*</sup> | 6 |
| 237 | Riley Exploration Permian, Inc.  | 6 |
| 857 | Scorpio Tankers, Inc. (Monaco) | 39 |
| 1385 | SFL Corp. Ltd. (Norway) | 13 |
| 352 | Sitio Royalties Corp. Class A | 6 |
| 2222 | SM Energy Co.  | 61 |
| 2471 | Teekay Corp. Ltd. (Bermuda) | 18 |
| 1672 | VAALCO Energy, Inc.  | 6 |
| 1743 | Vital Energy, Inc. <sup>\*</sup> | 33 |
| 148 | Vitesse Energy, Inc.  | 4 |
| 4747 | W&T Offshore, Inc.  | 8 |
|  |  | 883 |
| **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** |
| 176 | Clearwater Paper Corp. <sup>\*</sup> | 4 |
| 500 | Sylvamo Corp.  | 23 |
|  |  | 27 |
| **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** |
| 228 | Allegiant Travel Co. <sup>\*</sup> | 12 |
| 96 | SkyWest, Inc. <sup>\*</sup> | 11 |
| 361 | Sun Country Airlines Holdings, Inc. <sup>\*</sup> | 4 |
|  |  | 27 |
| **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** |
| 356 | Edgewell Personal Care Co.  | 9 |
| 2475 | Herbalife Ltd. <sup>\*</sup> | 23 |
| 90 | Interparfums, Inc.  | 11 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PERSONAL CARE PRODUCTS—Continued** | **PERSONAL CARE PRODUCTS—Continued** | **PERSONAL CARE PRODUCTS—Continued** |
| 258 | Nature's Sunshine Products, Inc. <sup>\*</sup> | $4 |
| 650 | Nu Skin Enterprises, Inc. Class A | 5 |
| 7634 | Olaplex Holdings, Inc. <sup>\*</sup> | 10 |
|  |  | 62 |
| **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** |
| 1674 | Amneal Pharmaceuticals, Inc. <sup>\*</sup> | 13 |
| 273 | Amphastar Pharmaceuticals, Inc. <sup>\*</sup> | 6 |
| 174 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | 5 |
| 250 | Indivior PLC (United Kingdom)<sup>\*</sup> | 5 |
| 630 | Innoviva, Inc. <sup>\*</sup> | 11 |
| 181 | Pacira BioSciences, Inc. <sup>\*</sup> | 4 |
| 218 | Phibro Animal Health Corp. Class A | 6 |
| 231 | Prestige Consumer Healthcare, Inc. <sup>\*</sup> | 17 |
| 744 | SIGA Technologies, Inc.  | 5 |
|  |  | 72 |
| **PROFESSIONAL SERVICES—1.7%** | **PROFESSIONAL SERVICES—1.7%** | **PROFESSIONAL SERVICES—1.7%** |
| 116 | Barrett Business Services, Inc.  | 5 |
| 104 | CBIZ, Inc. <sup>\*</sup> | 6 |
| 18 | CRA International, Inc.  | 3 |
| 92 | Exponent, Inc.  | 6 |
| 226 | First Advantage Corp. <sup>\*</sup> | 4 |
| 167 | Forrester Research, Inc. <sup>\*</sup> | 2 |
| 106 | Heidrick & Struggles International, Inc.  | 5 |
| 165 | HireQuest, Inc.  | 2 |
| 52 | Huron Consulting Group, Inc. <sup>\*</sup> | 7 |
| 53 | ICF International, Inc.  | 4 |
| 152 | Insperity, Inc.  | 9 |
| 143 | Kforce, Inc.  | 5 |
| 363 | Korn Ferry  | 26 |
| 334 | Maximus, Inc.  | 25 |
| 191 | Mistras Group, Inc. <sup>\*</sup> | 1 |
| 147 | RCM Technologies, Inc. <sup>\*</sup> | 4 |
| 309 | Resources Connection, Inc.  | 2 |
| 253 | TriNet Group, Inc.  | 17 |
| 845 | TTEC Holdings, Inc. <sup>\*</sup> | 4 |
| 377 | Verra Mobility Corp. <sup>\*</sup> | 9 |
| 132 | WNS Holdings Ltd. (India)<sup>\*</sup> | 10 |
|  |  | 156 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.6%** |
| 1462 | Cushman & Wakefield PLC <sup>\*</sup> | 18 |
| 477 | Forestar Group, Inc. <sup>\*</sup> | 12 |
| 79 | FRP Holdings, Inc. <sup>\*</sup> | 2 |
| 1046 | Kennedy-Wilson Holdings, Inc.  | 8 |
| 667 | Newmark Group, Inc. Class A | 10 |
| 550 | RE/MAX Holdings, Inc. Class A<sup>\*</sup> | 4 |
| 131 | St. Joe Co.  | 6 |
|  |  | 60 |
| **RESIDENTIAL REITS—0.2%** | **RESIDENTIAL REITS—0.2%** | **RESIDENTIAL REITS—0.2%** |
| 90 | BRT Apartments Corp.  | 1 |
| 90 | Centerspace  | 5 |
| 417 | Clipper Realty, Inc.  | 2 |
| 607 | Independence Realty Trust, Inc.  | 10 |
|  |  | 18 |
| **RETAIL REITS—1.5%** | **RETAIL REITS—1.5%** | **RETAIL REITS—1.5%** |
| 279 | Acadia Realty Trust  | 5 |
| 17 | Curbline Properties Corp.  |  |
| 188 | Getty Realty Corp.  | 5 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **RETAIL REITS—Continued** | **RETAIL REITS—Continued** | **RETAIL REITS—Continued** |
| 181 | InvenTrust Properties Corp.  | $5 |
| 1538 | Kite Realty Group Trust  | 34 |
| 1489 | Macerich Co.  | 25 |
| 351 | NETSTREIT Corp.  | 7 |
| 819 | Phillips Edison & Co., Inc.  | 28 |
| 169 | Saul Centers, Inc.  | 6 |
| 472 | SITE Centers Corp.  | 5 |
| 313 | Tanger, Inc.  | 9 |
| 466 | Urban Edge Properties  | 9 |
| 178 | Whitestone REIT  | 2 |
|  |  | 140 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** |
| 240 | Axcelis Technologies, Inc. <sup>\*</sup> | 16 |
| 110 | FormFactor, Inc. <sup>\*</sup> | 3 |
| 203 | Kulicke & Soffa Industries, Inc. (Singapore) | 7 |
| 87 | NVE Corp.  | 5 |
| 469 | Ultra Clean Holdings, Inc. <sup>\*</sup> | 11 |
| 129 | Veeco Instruments, Inc. <sup>\*</sup> | 3 |
|  |  | 45 |
| **SOFTWARE—1.0%** | **SOFTWARE—1.0%** | **SOFTWARE—1.0%** |
| 253 | A10 Networks, Inc.  | 5 |
| 252 | ACI Worldwide, Inc. <sup>\*</sup> | 11 |
| 708 | Adeia, Inc.  | 9 |
| 20 | Commvault Systems, Inc. <sup>\*</sup> | 4 |
| 351 | Consensus Cloud Solutions, Inc. <sup>\*</sup> | 7 |
| 342 | eGain Corp. <sup>\*</sup> | 2 |
| 252 | I3 Verticals, Inc. Class A<sup>\*</sup> | 7 |
| 87 | InterDigital, Inc.  | 22 |
| 434 | Mitek Systems, Inc. <sup>\*</sup> | 4 |
| 128 | Progress Software Corp.  | 6 |
| 56 | Qualys, Inc. <sup>\*</sup> | 7 |
| 57 | Red Violet, Inc.  | 3 |
| 380 | Rimini Street, Inc. <sup>\*</sup> | 2 |
| 152 | Verint Systems, Inc. <sup>\*</sup> | 3 |
|  |  | 92 |
| **SPECIALIZED REITS—0.3%** | **SPECIALIZED REITS—0.3%** | **SPECIALIZED REITS—0.3%** |
| 242 | Farmland Partners, Inc.  | 3 |
| 278 | Four Corners Property Trust, Inc.  | 7 |
| 669 | Outfront Media, Inc.  | 12 |
| 276 | PotlatchDeltic Corp.  | 11 |
|  |  | 33 |
| **SPECIALTY RETAIL—4.3%** | **SPECIALTY RETAIL—4.3%** | **SPECIALTY RETAIL—4.3%** |
| 235 | Abercrombie & Fitch Co. Class A<sup>\*</sup> | 23 |
| 674 | Academy Sports & Outdoors, Inc.  | 34 |
| 1779 | American Eagle Outfitters, Inc.  | 19 |
| 86 | America's Car-Mart, Inc. <sup>\*</sup> | 4 |
| 586 | Arhaus, Inc. <sup>\*</sup> | 5 |
| 1370 | Arko Corp.  | 6 |
| 259 | Asbury Automotive Group, Inc. <sup>\*</sup> | 58 |
| 66 | Boot Barn Holdings, Inc. <sup>\*</sup> | 11 |
| 332 | Buckle, Inc.  | 17 |
| 105 | Build-A-Bear Workshop, Inc.  | 5 |
| 527 | Caleres, Inc.  | 7 |
| 1297 | Camping World Holdings, Inc. Class A | 18 |
| 906 | Designer Brands, Inc. Class A | 3 |
| 640 | Foot Locker, Inc. <sup>\*</sup> | 16 |
| 202 | Haverty Furniture Cos., Inc.  | 4 |
| 88 | J Jill, Inc.  | 1 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 346 | MarineMax, Inc. <sup>\*</sup> | $8 |
| 224 | Monro, Inc.  | 3 |
| 448 | ODP Corp. <sup>\*</sup> | 8 |
| 601 | OneWater Marine, Inc. Class A<sup>\*</sup> | 9 |
| 1912 | Petco Health & Wellness Co., Inc. <sup>\*</sup> | 6 |
| 144 | Revolve Group, Inc. <sup>\*</sup> | 3 |
| 1425 | Sally Beauty Holdings, Inc. <sup>\*</sup> | 14 |
| 140 | Shoe Carnival, Inc.  | 3 |
| 417 | Signet Jewelers Ltd.  | 33 |
| 187 | Sleep Number Corp. <sup>\*</sup> | 1 |
| 407 | Sonic Automotive, Inc. Class A | 30 |
| 255 | Tile Shop Holdings, Inc. <sup>\*</sup> | 2 |
| 537 | Torrid Holdings, Inc. <sup>\*</sup> | 1 |
| 642 | Upbound Group, Inc.  | 13 |
| 297 | Urban Outfitters, Inc. <sup>\*</sup> | 22 |
| 1025 | Victoria's Secret & Co. <sup>\*</sup> | 19 |
|  |  | 406 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** |
| 665 | CompoSecure, Inc. Class A<sup>\*</sup> | 10 |
| 125 | CPI Card Group, Inc. <sup>\*</sup> | 2 |
| 203 | Diebold Nixdorf, Inc. <sup>\*</sup> | 11 |
| 355 | Immersion Corp.  | 3 |
| 2492 | Xerox Holdings Corp.  | 10 |
|  |  | 36 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.0%** | **TEXTILES, APPAREL & LUXURY GOODS—1.0%** | **TEXTILES, APPAREL & LUXURY GOODS—1.0%** |
| 1160 | Capri Holdings Ltd. <sup>\*</sup> | 21 |
| 467 | Figs, Inc. Class A<sup>\*</sup> | 3 |
| 272 | G-III Apparel Group Ltd. <sup>\*</sup> | 6 |
| 5774 | Hanesbrands, Inc. <sup>\*</sup> | 24 |
| 357 | Kontoor Brands, Inc.  | 20 |
| 289 | Movado Group, Inc.  | 4 |
| 102 | Oxford Industries, Inc.  | 4 |
| 121 | Rocky Brands, Inc.  | 3 |
| 370 | Steven Madden Ltd.  | 9 |
|  |  | 94 |
| **TRADING COMPANIES & DISTRIBUTORS—2.3%** | **TRADING COMPANIES & DISTRIBUTORS—2.3%** | **TRADING COMPANIES & DISTRIBUTORS—2.3%** |
| 117 | BlueLinx Holdings, Inc. <sup>\*</sup> | 8 |
| 318 | Boise Cascade Co.  | 27 |
| 1312 | Custom Truck One Source, Inc. <sup>\*</sup> | 8 |
| 428 | DNOW, Inc. <sup>\*</sup> | 7 |
| 67 | DXP Enterprises, Inc. <sup>\*</sup> | 8 |
| 128 | GATX Corp.  | 19 |
| 169 | Global Industrial Co.  | 6 |
| 209 | GMS, Inc. <sup>\*</sup> | 23 |
| 298 | Herc Holdings, Inc.  | 35 |
| 721 | Hudson Technologies, Inc. <sup>\*</sup> | 7 |
| 117 | Karat Packaging, Inc.  | 3 |
| 92 | McGrath RentCorp  | 11 |
| 465 | MRC Global, Inc. <sup>\*</sup> | 7 |
| 616 | Rush Enterprises, Inc. Class A | 33 |
| 450 | Titan Machinery, Inc. <sup>\*</sup> | 9 |
| 37 | Willis Lease Finance Corp.  | 5 |
|  |  | 216 |
| **WATER UTILITIES—0.4%** | **WATER UTILITIES—0.4%** | **WATER UTILITIES—0.4%** |
| 147 | American States Water Co.  | 11 |
| 230 | California Water Service Group  | 10 |
| 231 | Global Water Resources, Inc.  | 2 |
| 183 | H2O America  | 9 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **WATER UTILITIES—Continued** | **WATER UTILITIES—Continued** | **WATER UTILITIES—Continued** |
| 267 | Pure Cycle Corp. <sup>\*</sup> | $3 |
| 121 | York Water Co.  | 4 |
|  |  | 39 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 459 | Gogo, Inc. <sup>\*</sup> | 7 |
| 147 | Telephone & Data Systems, Inc.  | 6 |
|  |  | 13 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $9,927) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $9,927) | 9388 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.6%** <br>(Cost $9,927) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.6%** <br>(Cost $9,927) | 9388 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | 33 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $9421 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Commodity All-Weather Strategy ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Principal Amount, Value, and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—88.2%** | **Short-Term Investments—88.2%** | **Short-Term Investments—88.2%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **U.S. TREASURY BILLS—88.2%** | **U.S. TREASURY BILLS—88.2%** | **U.S. TREASURY BILLS—88.2%** |
|  | U.S. Treasury Bills |  |
| $57133 | &nbsp;&nbsp;&nbsp; 4.079%—09/18/2025<sup>†</sup> | $56809 |
| 50741 | &nbsp;&nbsp;&nbsp; 4.117%—09/18/2025<sup>†</sup> | 50453 |
| 9146 | &nbsp;&nbsp;&nbsp; 4.141%—12/18/2025<sup>†</sup> | 8999 |
| 113841 | &nbsp;&nbsp;&nbsp; 4.145%—10/23/2025<sup>†</sup> | 112729 |
| 90194 | &nbsp;&nbsp;&nbsp; 4.211%—11/04/2025<sup>†</sup> | 89192 |
| 98368 | &nbsp;&nbsp;&nbsp; 4.213%—10/14/2025<sup>†</sup> | 97512 |
| 77180 | &nbsp;&nbsp;&nbsp; 4.230%—09/09/2025<sup>†</sup> | 76823 |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $492,572) | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $492,572) | 492517 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—88.2%** <br>(Cost $492,572) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—88.2%** <br>(Cost $492,572) | 492517 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—11.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—11.8%** | 65703 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $558220 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** |
| **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** |
| **Counterparty** | **Fixed** <br>**Rate**<br>| **Pay/Receive** <br>**Fixed Rate**<br>| **Reference Index**<sup>1</sup> | **Expiration** <br>**Date**<br>| **Payment** <br>**Frequency**<br>| **Notional** <br>**Amount** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>| **Upfront** <br>**Premiums** <br>**(Received)/** <br>**Paid** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Macquarie Bank Limited | 0.120% | Pay | Quantix Commodity Index | 08/29/2025 | Monthly | $558121 | $— | $— | $— |

---

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments and Swap Agreements schedule) were classified as Level 2.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in

Note 2 of the accompanying Notes to Portfolios of Investments.

------

⬤

------

**Harbor Commodity All-Weather Strategy ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | |
|:---|:---|
| † | Coupon represents yield to maturity |
| 1 | The reference index components are published daily on Harbor Capital's website at *harborcapital.com*. The index is comprised of publicly <br> traded futures contracts on physical commodities. The table below represents the reference index components as of July 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Gold | 31.5% |
| RBOB Gasoline | 11.1 |
| GasOil | 9.7 |
| Heating Oil | 8.0 |
| Brent Crude Oil | 5.6 |
| Corn | 3.1 |
| Sugar | 2.9 |
| Cocoa | 2.7 |
| Soybeans | 2.6 |
| Soybean Oil | 2.1 |
| Aluminum | 2.0 |
| Zinc | 2.0 |
| Coffee | 1.9 |
| Cotton | 1.9 |
| KC Wheat | 1.9 |
| Lean Hogs | 1.9 |
| Nickel | 1.9 |
| Soymeal | 1.9 |
| Wheat | 1.9 |
| Copper | 1.7 |
| Natural Gas (United States) | 1.7 |

---

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Principal Amount, Value, and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—12.6%** | **Asset-Backed Securities—12.6%** | **Asset-Backed Securities—12.6%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $250 | &nbsp;&nbsp;&nbsp; Apidos CLO XXXV Ltd. <br>Series 2021-35A Cl. A <br>5.637% (3 Month USD Term SOFR + 1.312%) <br> 04/20/2034<sup>1,2</sup><br>| $251 |
| 125 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC <br>Series 2024-3A Cl. A <br>5.230%—12/20/2030<sup>1</sup><br>| 128 |
| 250 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. <br>Series 2024-3A Cl. A1 <br>5.805% (3 Month USD Term SOFR + 1.480%) <br> 07/21/2037<sup>1,2</sup><br>| 251 |
| 88 | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer III LLC <br>Series 2025-3A Cl. A2 <br>5.286%—07/25/2050<sup>1</sup><br>| 88 |
| 145 | &nbsp;&nbsp;&nbsp; DB Master Finance LLC <br>Series 2021-1A Cl. A2II <br>2.493%—11/20/2051<sup>1</sup><br>| 134 |
| 149 | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 139 |
| 84 | &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC <br>Series 2024-1A Cl. A2 <br>5.636%—02/15/2055<sup>1</sup><br>| 85 |
| 110 | &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust <br>Series 2024-2A Cl. A2 <br>4.420%—09/15/2029<sup>1</sup><br>| 110 |
| 250 | &nbsp;&nbsp;&nbsp; Palmer Square CLO Ltd. <br>Series 2020-3A Cl. A1R2 <br>5.976% (3 Month USD Term SOFR + 1.650%) <br> 11/15/2036<sup>1,2</sup><br>| 251 |
| 236 | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC <br>Series 2019-1A Cl. A2 <br>3.858%—12/05/2049<sup>1</sup><br>| 225 |
| 100 | &nbsp;&nbsp;&nbsp; Progress Residential Trust <br>Series 2024-SFR3 Cl. A <br>3.000%—06/17/2041<sup>1</sup><br>| 94 |
| 122 | &nbsp;&nbsp;&nbsp; QTS Issuer ABS I LLC <br>Series 2025-1A Cl. A2 <br>5.439%—05/25/2055<sup>1</sup><br>| 123 |
| 146 | &nbsp;&nbsp;&nbsp; Sabey Data Center Issuer LLC <br>Series 2025-2 Cl. A2 <br>5.966%—04/20/2050<sup>1</sup><br>| 149 |
|  | SBA Small Business Investment Cos. |  |
| 122 | &nbsp;&nbsp;&nbsp; Series 2023-10A Cl. 1 <br>5.168%—03/10/2033<br>| 123 |
| 126 | &nbsp;&nbsp;&nbsp; Series 2023-10B Cl. 1 <br>5.688%—09/10/2033<br>| 130 |
|  |  | 253 |
|  | SBA Tower Trust |  |
| 100 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.631%—05/15/2051<sup>1</sup> | 96 |
| 102 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.599%—11/15/2052<sup>1</sup> | 105 |
|  |  | 201 |
| 127 | &nbsp;&nbsp;&nbsp; Servpro Master Issuer LLC <br>Series 2019-1A Cl. A2 <br>3.882%—10/25/2049<sup>1</sup><br>| 125 |
| 140 | &nbsp;&nbsp;&nbsp; Subway Funding LLC <br>Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 142 |
| 147 | &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC <br>Series 2021-1A Cl. A2II <br>2.294%—08/25/2051<sup>1</sup><br>| 134 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Tricon Residential Trust |  |
| $100 | &nbsp;&nbsp;&nbsp; Series 2024-SFR2 Cl. A <br>4.750%—06/17/2040<sup>1</sup><br>| $100 |
| 148 | &nbsp;&nbsp;&nbsp; Series 2023-SFR2 Cl. A <br>5.000%—12/17/2040<sup>1</sup><br>| 147 |
|  |  | 247 |
|  | U.S. Small Business Administration |  |
| 121 | &nbsp;&nbsp;&nbsp; Series 2017-20I Cl. 1 <br>2.590%—09/01/2037<br>| 110 |
| 79 | &nbsp;&nbsp;&nbsp; Series 2010-20G Cl. 1 <br>3.800%—07/01/2030<br>| 77 |
| 113 | &nbsp;&nbsp;&nbsp; Series 2024-25E Cl. 1 <br>5.240%—05/01/2049<br>| 115 |
| 125 | &nbsp;&nbsp;&nbsp; Series 2024-25D Cl. 1 <br>5.380%—04/01/2049<br>| 128 |
|  |  | 430 |
| 25 | &nbsp;&nbsp;&nbsp; Uniti Fiber ABS Issuer LLC <br>Series 2025-1A Cl. A2 <br>5.877%—04/20/2055<sup>1</sup><br>| 25 |
| 187 | &nbsp;&nbsp;&nbsp; VB-S1 Issuer LLC <br>Series 2022-1A Cl. C2I <br>3.156%—02/15/2052<sup>1</sup><br>| 180 |
| 115 | &nbsp;&nbsp;&nbsp; Wendy's Funding LLC <br>Series 2019-1A Cl. A2I <br>3.783%—06/15/2049<sup>1</sup><br>| 113 |
| &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $3,796) | &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $3,796) | 3878 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—11.3%** | **Collateralized Mortgage Obligations—11.3%** | **Collateralized Mortgage Obligations—11.3%** |
|  | Bank |  |
| 165 | &nbsp;&nbsp;&nbsp; Series 2020-BN30 Cl. A4 <br>1.925%—12/15/2053<br>| 142 |
| 102 | &nbsp;&nbsp;&nbsp; Series 2021-BN33 Cl. A3 <br>2.021%—05/15/2064<br>| 93 |
|  |  | 235 |
| 137 | &nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust <br>Series 2019-C3 Cl. A3 <br>3.319%—05/15/2052<br>| 131 |
|  | Benchmark Mortgage Trust |  |
| 150 | &nbsp;&nbsp;&nbsp; Series 2020-B22 Cl. ASB <br>1.731%—01/15/2054<br>| 138 |
| 169 | &nbsp;&nbsp;&nbsp; Series 2021-B28 Cl. A5 <br>2.224%—08/15/2054<br>| 146 |
| 126 | &nbsp;&nbsp;&nbsp; Series 2025-V14 Cl. A4 <br>5.660%—04/15/2057<br>| 131 |
|  |  | 415 |
| 150 | &nbsp;&nbsp;&nbsp; BMO Mortgage Trust <br>Series 2024-5C4 Cl. A3 <br>6.526%—05/15/2057<sup>2</sup><br>| 159 |
|  | BX Commercial Mortgage Trust |  |
| 110 | &nbsp;&nbsp;&nbsp; Series 2024-XL5 Cl. A <br>5.734% (1 Month USD Term SOFR + 1.392%) <br> 03/15/2041<sup>1,2</sup><br>| 111 |
| 95 | &nbsp;&nbsp;&nbsp; Series 2024-XL4 Cl. A <br>5.784% (1 Month USD Term SOFR + 1.442%) <br> 02/15/2039<sup>1,2</sup><br>| 95 |
|  |  | 206 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $125 | &nbsp;&nbsp;&nbsp; BX Trust <br>Series 2024-BIO Cl. A <br>5.984% (1 Month USD Term SOFR + 1.642%) <br> 02/15/2041<sup>1,2</sup><br>| $125 |
| 100 | &nbsp;&nbsp;&nbsp; CENT Trust <br>Series 2025-CITY Cl. A <br>5.091%—07/10/2040<sup>1,2</sup><br>| 100 |
|  | Citigroup Mortgage Loan Trust |  |
| 119 | &nbsp;&nbsp;&nbsp; Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,2</sup><br>| 119 |
| 123 | &nbsp;&nbsp;&nbsp; Series 2025-3 Cl. A11 <br>5.500%—06/25/2055<sup>1,2</sup><br>| 123 |
|  |  | 242 |
| 49 | &nbsp;&nbsp;&nbsp; EQT Trust <br>Series 2024-EXTR Cl. A <br>5.331%—07/05/2041<sup>1,2</sup><br>| 50 |
| 100 | &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC <br>Series 2024-SHOW Cl. A <br>5.104%—10/10/2041<sup>1,2</sup><br>| 100 |
| 154 | &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust <br>Series 2023-SHIP Cl. A <br>4.322%—09/10/2038<sup>1,2</sup><br>| 153 |
| 71 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust <br>Series 2024-PJ5 Cl. A15 <br>6.000%—09/25/2054<sup>1,2</sup><br>| 71 |
| 100 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities <br> Trust <br>Series 2024-OMNI Cl. A <br>5.797%—10/05/2039<sup>1,2</sup><br>| 102 |
|  | JP Morgan Mortgage Trust |  |
| 185 | &nbsp;&nbsp;&nbsp; Series 2024-3 Cl. A6 <br>3.000%—05/25/2054<sup>1,2</sup><br>| 171 |
| 106 | &nbsp;&nbsp;&nbsp; Series 2023-4 Cl. 1A4A <br>5.500%—11/25/2053<sup>1,2</sup><br>| 106 |
| 103 | &nbsp;&nbsp;&nbsp; Series 2025-5MPR Cl. A1D <br>5.500%—11/25/2055<sup>1,3</sup><br>| 103 |
| 91 | &nbsp;&nbsp;&nbsp; Series 2024-5 Cl. A4 <br>6.000%—11/25/2054<sup>1,2</sup><br>| 92 |
| 50 | &nbsp;&nbsp;&nbsp; Series 2024-6 Cl. A6 <br>6.000%—12/25/2054<sup>1,2</sup><br>| 50 |
|  |  | 522 |
| 132 | &nbsp;&nbsp;&nbsp; KIND Commercial Mortgage Trust <br>Series 2024-1 Cl. A <br>6.232% (1 Month USD Term SOFR + 1.890%) <br> 08/15/2041<sup>1,2</sup><br>| 132 |
|  | Sequoia Mortgage Trust |  |
| 145 | &nbsp;&nbsp;&nbsp; Series 2025-5 Cl. A5 <br>5.500%—06/25/2055<sup>1,2</sup><br>| 145 |
| 159 | &nbsp;&nbsp;&nbsp; Series 2025-7 Cl. A11 <br>5.500%—08/25/2055<sup>1,2</sup><br>| 159 |
| 71 | &nbsp;&nbsp;&nbsp; Series 2024-5 Cl. A5 <br>6.000%—06/25/2054<sup>1,2</sup><br>| 71 |
| 97 | &nbsp;&nbsp;&nbsp; Series 2024-6 Cl. A5 <br>6.000%—07/27/2054<sup>1,2</sup><br>| 98 |
| 72 | &nbsp;&nbsp;&nbsp; Series 2024-7 Cl. A11 <br>6.000%—08/25/2054<sup>1,2</sup><br>| 72 |
|  |  | 545 |
| 100 | &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust <br>Series 2025-DATA Cl. A <br>5.785% (1 Month USD Term SOFR + 1.443%) <br> 02/15/2042<sup>1,2</sup><br>| 100 |

---

---

| | |
|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>| **Value** |
| $80<br> &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust <br>Series 2018-3 Cl. A1 <br>3.750%—05/25/2058<sup>1,2</sup><br>| $78 |
| &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** <br>(Cost $3,422) | $3466 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—30.2%** | **Corporate Bonds & Notes—30.2%** | **Corporate Bonds & Notes—30.2%** |
| **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** |
| 112 | &nbsp;&nbsp;&nbsp; Embraer Netherlands Finance BV <br>5.980%—02/11/2035<br>| 115 |
| 114 | &nbsp;&nbsp;&nbsp; Hexcel Corp. <br>5.875%—02/26/2035<br>| 117 |
|  |  | 232 |
| **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** |
| 171 | &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. <br>4.150%—05/01/2052<br>| 123 |
| **AUTOMOBILES—1.0%** | **AUTOMOBILES—1.0%** | **AUTOMOBILES—1.0%** |
| 200 | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>6.125%—03/08/2034<br>| 195 |
| 102 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. <br>5.750%—02/08/2031<br>| 105 |
|  |  | 300 |
| **BANKS—2.7%** | **BANKS—2.7%** | **BANKS—2.7%** |
| 200 | &nbsp;&nbsp;&nbsp; Barclays PLC <br>6.490%—09/13/2029<sup>4</sup><br>| 211 |
| 83 | &nbsp;&nbsp;&nbsp; Citigroup, Inc. <br>4.952%—05/07/2031<sup>4</sup><br>| 84 |
| 200 | &nbsp;&nbsp;&nbsp; ING Groep NV <br>6.114%—09/11/2034<sup>4</sup><br>| 212 |
| 200 | &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC <br>6.068%—06/13/2036<sup>4</sup><br>| 205 |
| 99 | &nbsp;&nbsp;&nbsp; Truist Financial Corp. MTN <br>7.161%—10/30/2029<sup>4</sup><br>| 107 |
|  |  | 819 |
| **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** |
| 135 | &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc. <br>6.250%—08/01/2033<sup>1</sup><br>| 136 |
| **CAPITAL MARKETS—4.3%** | **CAPITAL MARKETS—4.3%** | **CAPITAL MARKETS—4.3%** |
| 124 | &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC <br>6.200%—04/22/2033<sup>1</sup><br>| 133 |
| 67 | &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp. <br>2.875%—06/11/2028<br>| 62 |
| 100 | &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp. <br>6.600%—09/15/2029<br>| 103 |
|  | Brookfield Finance, Inc. |  |
| 132 | &nbsp;&nbsp;&nbsp; 2.724%—04/15/2031 | 119 |
| 165 | &nbsp;&nbsp;&nbsp; 6.300%—01/15/2055<sup>4</sup> | 159 |
|  |  | 278 |
| 101 | &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund <br>5.800%—09/12/2029<br>| 101 |
| 84 | &nbsp;&nbsp;&nbsp; Hercules Capital, Inc. <br>6.000%—06/16/2030<br>| 84 |
| 140 | &nbsp;&nbsp;&nbsp; KKR Group Finance Co. VI LLC <br>3.750%—07/01/2029<sup>1</sup><br>| 136 |
| 60 | &nbsp;&nbsp;&nbsp; Main Street Capital Corp. <br>6.950%—03/01/2029<br>| 63 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| $45 | &nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp. <br>2.700%—01/15/2027<br>| $43 |
|  | Sixth Street Lending Partners |  |
| 50 | &nbsp;&nbsp;&nbsp; 5.750%—01/15/2030 | 50 |
| 86 | &nbsp;&nbsp;&nbsp; 6.500%—03/11/2029 | 89 |
|  |  | 139 |
| 200 | &nbsp;&nbsp;&nbsp; UBS Group AG <br>2.746%—02/11/2033<sup>1,4</sup><br>| 175 |
|  |  | 1317 |
| **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** |
| 75 | &nbsp;&nbsp;&nbsp; Brink's Co. <br>6.750%—06/15/2032<sup>1</sup><br>| 77 |
| 170 | &nbsp;&nbsp;&nbsp; Triton Container International Ltd./TAL International <br> Container Corp. <br>3.250%—03/15/2032<br>| 150 |
|  |  | 227 |
| **COMMUNICATIONS EQUIPMENT—0.5%** | **COMMUNICATIONS EQUIPMENT—0.5%** | **COMMUNICATIONS EQUIPMENT—0.5%** |
| 147 | &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II <br> LLC/Sprint Spectrum Co. III LLC <br>5.152%—09/20/2029<sup>1</sup><br>| 148 |
| **DIVERSIFIED FINANCIAL SERVICES—2.9%** | **DIVERSIFIED FINANCIAL SERVICES—2.9%** | **DIVERSIFIED FINANCIAL SERVICES—2.9%** |
| 150 | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust <br>5.100%—01/19/2029<br>| 152 |
| 99 | &nbsp;&nbsp;&nbsp; Air Lease Corp. <br>1.875%—08/15/2026<br>| 96 |
| 71 | &nbsp;&nbsp;&nbsp; Aircastle Ltd. <br>5.950%—02/15/2029<sup>1</sup><br>| 74 |
| 250 | &nbsp;&nbsp;&nbsp; Depository Trust & Clearing Corp. <br>3.375%—06/20/2026<sup>1,4</sup><br>| 242 |
| 86 | &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. <br>8.000%—02/15/2027<sup>1</sup><br>| 89 |
| 136 | &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc. <br>6.125%—11/01/2032<sup>1</sup><br>| 135 |
| 88 | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br>5.150%—03/17/2030<sup>1</sup><br>| 88 |
|  |  | 876 |
| **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** |
| 74 | &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. <br>6.125%—04/01/2036<br>| 79 |
| 123 | &nbsp;&nbsp;&nbsp; CMS Energy Corp. <br>3.750%—12/01/2050<sup>4</sup><br>| 111 |
| 58 | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. <br>6.875%—02/01/2055<sup>4</sup><br>| 61 |
| 40 | &nbsp;&nbsp;&nbsp; Exelon Corp. <br>4.450%—04/15/2046<br>| 33 |
| 79 | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. <br>7.125%—09/15/2053<sup>4</sup><br>| 83 |
| 115 | &nbsp;&nbsp;&nbsp; New England Power Co. <br>5.936%—11/25/2052<sup>1</sup><br>| 116 |
| 53 | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.375%—08/15/2055<sup>4</sup><br>| 54 |
|  |  | 537 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%** |
| 141 | &nbsp;&nbsp;&nbsp; COPT Defense Properties LP <br>2.000%—01/15/2029<br>| 129 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** |
| $141 | &nbsp;&nbsp;&nbsp; EPR Properties <br>4.500%—06/01/2027<br>| $140 |
| 67 | &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc. <br>4.000%—01/15/2030<br>| 64 |
| 91 | &nbsp;&nbsp;&nbsp; VICI Properties LP <br>5.750%—04/01/2034<br>| 93 |
|  |  | 426 |
| **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** |
| 80 | &nbsp;&nbsp;&nbsp; Charles Schwab Corp. <br>5.853%—05/19/2034<sup>4</sup><br>| 85 |
| 65 | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br>6.400%—03/26/2029<sup>1</sup><br>| 68 |
| 163 | &nbsp;&nbsp;&nbsp; Navient Corp. <br>4.875%—03/15/2028<br>| 159 |
|  |  | 312 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** |
| 109 | &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>5.300%—06/15/2035<br>| 110 |
| **HEALTH CARE PROVIDERS & SERVICES—0.9%** | **HEALTH CARE PROVIDERS & SERVICES—0.9%** | **HEALTH CARE PROVIDERS & SERVICES—0.9%** |
| 143 | &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust <br>5.926%—01/10/2034<sup>1</sup><br>| 144 |
| 50 | &nbsp;&nbsp;&nbsp; DaVita, Inc. <br>6.750%—07/15/2033<sup>1</sup><br>| 52 |
| 88 | &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. <br>5.375%—02/15/2030<sup>1</sup><br>| 86 |
|  |  | 282 |
| **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** |
| 200 | &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. <br>5.550%—05/30/2033<sup>1</sup><br>| 202 |
| **INSURANCE—2.1%** | **INSURANCE—2.1%** | **INSURANCE—2.1%** |
| 9 | &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. <br>5.550%—02/15/2055<br>| 9 |
| 111 | &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| 112 |
| 113 | &nbsp;&nbsp;&nbsp; Fortitude Group Holdings LLC <br>6.250%—04/01/2030<sup>1</sup><br>| 116 |
|  | Global Atlantic Fin Co. |  |
| 157 | &nbsp;&nbsp;&nbsp; 3.125%—06/15/2031<sup>1</sup> | 140 |
| 82 | &nbsp;&nbsp;&nbsp; 7.950%—06/15/2033<sup>1</sup> | 93 |
|  |  | 233 |
| 195 | &nbsp;&nbsp;&nbsp; SBL Holdings, Inc. <br>5.000%—02/18/2031<sup>1</sup><br>| 179 |
|  |  | 649 |
| **IT SERVICES—0.2%** | **IT SERVICES—0.2%** | **IT SERVICES—0.2%** |
| 65 | &nbsp;&nbsp;&nbsp; Genpact Luxembourg SARL/Genpact USA, Inc. <br>6.000%—06/04/2029<br>| 67 |
| **MACHINERY—0.1%** | **MACHINERY—0.1%** | **MACHINERY—0.1%** |
| 39 | &nbsp;&nbsp;&nbsp; Terex Corp. <br>6.250%—10/15/2032<sup>1</sup><br>| 39 |
| **MEDIA—0.4%** | **MEDIA—0.4%** | **MEDIA—0.4%** |
| 109 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 113 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—2.4%** | **OIL, GAS & CONSUMABLE FUELS—2.4%** | **OIL, GAS & CONSUMABLE FUELS—2.4%** |
|  | Columbia Pipelines Operating Co. LLC |  |
| $23 | &nbsp;&nbsp;&nbsp; 5.962%—02/15/2055<sup>1</sup> | $22 |
| 102 | &nbsp;&nbsp;&nbsp; 6.036%—11/15/2033<sup>1</sup> | 107 |
|  |  | 129 |
|  | ConocoPhillips Co. |  |
| 17 | &nbsp;&nbsp;&nbsp; 5.500%—01/15/2055 | 16 |
| 44 | &nbsp;&nbsp;&nbsp; 5.550%—03/15/2054 | 42 |
|  |  | 58 |
| 68 | &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>5.750%—07/15/2080<sup>4</sup><br>| 68 |
| 69 | &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC <br>5.750%—07/15/2035<sup>1</sup><br>| 70 |
| 58 | &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System LLC <br>5.600%—07/23/2035<sup>1</sup><br>| 58 |
| 142 | &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 147 |
| 107 | &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>5</sup><br>| 62 |
| 80 | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. <br>7.000%—01/15/2030<sup>1</sup><br>| 81 |
| 75 | &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC <br>6.500%—01/15/2034<sup>1</sup><br>| 77 |
|  |  | 750 |
| **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** |
| 38 | &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust <br>2.000%—12/10/2029<br>| 36 |
| 146 | &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust <br>2.700%—11/01/2033<br>| 131 |
|  |  | 167 |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| 28 | &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV <br>3.150%—10/01/2026<br>| 27 |
| **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** |
| 86 | &nbsp;&nbsp;&nbsp; KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 83 |
| 83 | &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. <br>5.250%—03/15/2035<br>| 83 |
|  |  | 166 |
| **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** |
| 71 | &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. <br>4.050%—08/15/2052<br>| 55 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** |
| 123 | &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.000%—04/15/2029<sup>1</sup><br>| 121 |
| 200 | &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC <br>6.150%—01/25/2032<sup>1</sup><br>| 210 |
| 61 | &nbsp;&nbsp;&nbsp; KLA Corp. <br>5.650%—11/01/2034<br>| 64 |
|  |  | 395 |
| **SOFTWARE—0.9%** | **SOFTWARE—0.9%** | **SOFTWARE—0.9%** |
| 134 | &nbsp;&nbsp;&nbsp; Oracle Corp. <br>3.600%—04/01/2040<br>| 106 |
| 172 | &nbsp;&nbsp;&nbsp; VMware LLC <br>1.400%—08/15/2026<br>| 167 |
|  |  | 273 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** |
| $62 | &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. <br>4.000%—08/15/2028<sup>1</sup><br>| $60 |
| 123 | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. <br>3.875%—06/01/2029<sup>1</sup><br>| 116 |
|  | Macy's Retail Holdings LLC |  |
| 20 | &nbsp;&nbsp;&nbsp; 5.875%—03/15/2030<sup>1</sup> | 20 |
| 34 | &nbsp;&nbsp;&nbsp; 7.375%—08/01/2033<sup>1</sup> | 34 |
|  |  | 54 |
| 40 | &nbsp;&nbsp;&nbsp; Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 41 |
|  |  | 271 |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; Ferguson Finance PLC <br>4.650%—04/20/2032<sup>1</sup><br>| 196 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** |
| 58 | &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. <br>7.500%—08/15/2038<br>| 67 |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $9,066) | &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $9,066) | 9282 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—24.2%** | **Mortgage Pass-Through—24.2%** | **Mortgage Pass-Through—24.2%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 186 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.000%—12/01/2051 | 146 |
| 852 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.500%—02/01/2035-04/01/2052 | 716 |
| 525 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.000%—12/01/2046-07/01/2051 | 459 |
| 334 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.500%—05/01/2033-05/01/2035 | 327 |
| 174 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.000%—06/01/2048 | 164 |
| 494 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.500%—01/01/2049-05/01/2053 | 478 |
| 272 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%—04/01/2053-01/01/2055 | 267 |
| 591 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%—09/01/2053-03/01/2054 | 596 |
|  |  | 3153 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| 215 | &nbsp;&nbsp;&nbsp; Series 5035 Cl. IJ <br>2.000%—02/25/2050<br>| 24 |
| 330 | &nbsp;&nbsp;&nbsp; Series 5462 <br>2.000%—05/25/2037<br>| 23 |
| 309 | &nbsp;&nbsp;&nbsp; Series 5347 Cl. AS <br>2.180% (30 day USD Average SOFR + 6.530%) <br> 10/25/2053<sup>2</sup><br>| 28 |
| 285 | &nbsp;&nbsp;&nbsp; Series 5158 Cl. BI <br>3.000%—05/25/2035<br>| 23 |
| 153 | &nbsp;&nbsp;&nbsp; Series 4733 Cl. EI <br>5.000%—07/15/2041<br>| 22 |
|  |  | 120 |
|  | Federal Home Loan Mortgage Corp. STRIPS |  |
| 433 | &nbsp;&nbsp;&nbsp; Series 414 Cl. C1 <br>1.500%—03/25/2037<br>| 24 |
| 326 | &nbsp;&nbsp;&nbsp; Series 400 Cl. C14 <br>2.000%—07/25/2037<br>| 23 |
| 500 | &nbsp;&nbsp;&nbsp; Series 414 Cl. C2 <br>2.000%—04/25/2037<br>| 36 |
|  |  | 83 |
|  | Federal National Mortgage Association |  |
| 1403 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.500%—08/01/2035-04/01/2052 | 1201 |
| 179 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.000%—06/01/2051 | 156 |
| 487 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.500%—10/01/2047-04/01/2050 | 444 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $470 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.000%—12/01/2047-04/01/2050 | $442 |
| 288 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.500%—07/01/2048-11/01/2048 | 279 |
| 483 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%—07/01/2052-09/01/2052 | 477 |
| 130 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%—02/01/2054 | 129 |
|  |  | 3128 |
|  | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Interest <br> STRIPS<br>|  |
| 461 | &nbsp;&nbsp;&nbsp; Series 427 Cl. C55 <br>1.500%—02/25/2037<br>| 26 |
| 493 | &nbsp;&nbsp;&nbsp; Series 429 Cl. C11 <br>1.500%—03/25/2038<br>| 25 |
| 493 | &nbsp;&nbsp;&nbsp; Series 433 Cl. C3 <br>2.000%—08/25/2037<br>| 35 |
| 411 | &nbsp;&nbsp;&nbsp; Series 444 Cl. C2 <br>2.000%—10/25/2037<br>| 25 |
| 228 | &nbsp;&nbsp;&nbsp; Series 435 Cl. C4 <br>3.000%—10/25/2037<br>| 16 |
|  |  | 127 |
|  | Federal National Mortgage Association REMICS |  |
| 857 | &nbsp;&nbsp;&nbsp; Series 2021-67 Cl. AI <br>0.649%—10/25/2051<sup>2</sup><br>| 39 |
| 443 | &nbsp;&nbsp;&nbsp; Series 2020-81 Cl. AI <br>1.500%—11/25/2035<br>| 23 |
|  |  | 62 |
|  | Government National Mortgage Association |  |
| 151 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.000%—02/20/2052 | 122 |
| 313 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.500%—09/20/2051 | 263 |
| 206 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.500%—05/20/2052 | 186 |
| 133 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.500%—08/20/2048 | 129 |
|  |  | 700 |
|  | &nbsp;&nbsp;&nbsp; Government National Mortgage Association <br> REMICS<br>|  |
| 500 | &nbsp;&nbsp;&nbsp; Series 2019-35 Cl. SE <br>1.696% (1 Month USD Term SOFR + 6.036%) <br> 01/16/2044<sup>2</sup><br>| 25 |
| 179 | &nbsp;&nbsp;&nbsp; Series 2021-137 Cl. NI <br>3.000%—08/20/2051<br>| 26 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $133 | &nbsp;&nbsp;&nbsp; Series 2020-146 Cl. IG <br>5.500%—09/20/2046<br>| $23 |
| 51 | &nbsp;&nbsp;&nbsp; Series 2024-107 <br>6.500%—06/20/2054<br>| 8 |
|  |  | 82 |
| &nbsp;&nbsp;&nbsp; **Total Mortgage Pass-Through** <br>(Cost $7,389) | &nbsp;&nbsp;&nbsp; **Total Mortgage Pass-Through** <br>(Cost $7,389) | $7455 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** | **Municipal Bonds—0.4%** |
| &nbsp;&nbsp;&nbsp; (Cost $118) | &nbsp;&nbsp;&nbsp; (Cost $118) | &nbsp;&nbsp;&nbsp; (Cost $118) |
| 118 | &nbsp;&nbsp;&nbsp; Texas Natural Gas Securitization Finance Corp. <br>5.102%—04/01/2035<br>| 121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—19.5%** | **U.S. Government Obligations—19.5%** | **U.S. Government Obligations—19.5%** |
|  | U.S. Treasury Bonds |  |
| 1796 | &nbsp;&nbsp;&nbsp; 4.250%—02/15/2054-08/15/2054 | 1615 |
| 1955 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.500%—02/15/2044 | 1868 |
| 1353 | &nbsp;&nbsp;&nbsp; 4.625%—11/15/2044-02/15/2055 | 1305 |
|  |  | 4788 |
|  | U.S. Treasury Notes |  |
| 623 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.000%—05/31/2030 | 624 |
| 587 | &nbsp;&nbsp;&nbsp; 4.250%—11/15/2034-05/15/2035 | 583 |
|  |  | 1207 |
| &nbsp;&nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $6,091) | &nbsp;&nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $6,091) | 5995 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.2%** <br>(Cost $29,882) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.2%** <br>(Cost $29,882) | 30197 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.8%** | 543 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $30740 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of July 31, 2025, the aggregate value of these securities was $9,685 or 32% of net assets.

Variable or floating rate security; the stated rate represents the rate in effect as of July 31, 2025. The variable rate for such securities may be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be determined by current interest rates, prepayments or other financial indicators.

Step coupon security; the stated rate represents the rate in effect as of July 31, 2025.

Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date.

Zero coupon bond

CLO

Collateralized Loan Obligation

MTN

Medium Term Note

REMICS

Real Estate Mortgage Investment Conduits

STRIPS

Separate Trading of Registered Interest and Principal of Securities

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Dividend Growth Leaders ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—93.7%** | **COMMON STOCKS—93.7%** | **COMMON STOCKS—93.7%** |
| **Shares** |  | **Value** |
| **BANKS—11.2%** | **BANKS—11.2%** | **BANKS—11.2%** |
| 117081 | Bank of America Corp.  | $5534 |
| 188730 | KeyCorp  | 3382 |
| 18153 | M&T Bank Corp.  | 3426 |
| 313649 | Mitsubishi UFJ Financial Group, Inc. ADR (Japan)<sup>1</sup> | 4360 |
| 278628 | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. ADR <br> (Japan)<sup>1</sup><br>| 4218 |
| 39423 | Wells Fargo & Co.  | 3179 |
|  |  | 24099 |
| **BEVERAGES—2.6%** | **BEVERAGES—2.6%** | **BEVERAGES—2.6%** |
| 81512 | Coca-Cola Co.  | 5534 |
| **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** |
| 8578 | Trane Technologies PLC  | 3758 |
| **CAPITAL MARKETS—7.3%** | **CAPITAL MARKETS—7.3%** | **CAPITAL MARKETS—7.3%** |
| 8803 | Ameriprise Financial, Inc.  | 4562 |
| 25029 | ARES Management Corp. Class A | 4644 |
| 168687 | Blue Owl Capital, Inc.  | 3264 |
| 17743 | Intercontinental Exchange, Inc.  | 3279 |
|  |  | 15749 |
| **COMMERCIAL SERVICES & SUPPLIES—5.3%** | **COMMERCIAL SERVICES & SUPPLIES—5.3%** | **COMMERCIAL SERVICES & SUPPLIES—5.3%** |
| 25832 | Cintas Corp.  | 5749 |
| 61046 | Rollins, Inc.  | 3496 |
| 9493 | Waste Management, Inc.  | 2175 |
|  |  | 11420 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.5%** |
| 29777 | Kroger Co.  | 2087 |
| 32804 | Walmart, Inc.  | 3214 |
|  |  | 5301 |
| **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** |
| 56549 | International Paper Co.  | 2643 |
| **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** |
| 56130 | NextEra Energy, Inc.  | 3989 |
| **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** |
| 36628 | Fidelity National Information Services, Inc.  | 2909 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** |
| 36756 | Medtronic PLC  | 3317 |
| **HEALTH CARE PROVIDERS & SERVICES—4.4%** | **HEALTH CARE PROVIDERS & SERVICES—4.4%** | **HEALTH CARE PROVIDERS & SERVICES—4.4%** |
| 10249 | Cencora, Inc.  | 2932 |
| 4209 | McKesson Corp.  | 2919 |
| 14703 | UnitedHealth Group, Inc.  | 3669 |
|  |  | 9520 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—1.6%** | **HOTELS, RESTAURANTS & LEISURE—1.6%** | **HOTELS, RESTAURANTS & LEISURE—1.6%** |
| 18108 | Texas Roadhouse, Inc.  | $3352 |
| **INDUSTRIAL REITS—1.3%** | **INDUSTRIAL REITS—1.3%** | **INDUSTRIAL REITS—1.3%** |
| 84180 | STAG Industrial, Inc.  | 2890 |
| **INSURANCE—6.3%** | **INSURANCE—6.3%** | **INSURANCE—6.3%** |
| 27856 | Arthur J Gallagher & Co.  | 8002 |
| 20688 | Primerica, Inc.  | 5495 |
|  |  | 13497 |
| **INTERACTIVE MEDIA & SERVICES—4.6%** | **INTERACTIVE MEDIA & SERVICES—4.6%** | **INTERACTIVE MEDIA & SERVICES—4.6%** |
| 12788 | Meta Platforms, Inc. Class A | 9891 |
| **MACHINERY—3.0%** | **MACHINERY—3.0%** | **MACHINERY—3.0%** |
| 76757 | Mueller Industries, Inc.  | 6553 |
| **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** |
| 106382 | Williams Cos., Inc.  | 6378 |
| **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** |
| 8161 | Eli Lilly & Co.  | 6040 |
| **PROFESSIONAL SERVICES—1.0%** | **PROFESSIONAL SERVICES—1.0%** | **PROFESSIONAL SERVICES—1.0%** |
| 50926 | Genpact Ltd.  | 2243 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.2%** |
| 68275 | Broadcom, Inc.  | 20052 |
| 59921 | NVIDIA Corp.  | 10658 |
|  |  | 30710 |
| **SOFTWARE—6.5%** | **SOFTWARE—6.5%** | **SOFTWARE—6.5%** |
| 21141 | Microsoft Corp.  | 11279 |
| 10763 | Salesforce, Inc.  | 2780 |
|  |  | 14059 |
| **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** | **SPECIALTY RETAIL—1.7%** |
| 29591 | TJX Cos., Inc.  | 3685 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.3%** |
| 44242 | Apple, Inc.  | 9183 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** |
| 50700 | Tapestry, Inc.  | 5477 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $157,327) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $157,327) | 202197 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—93.7%** <br>(Cost $157,327) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—93.7%** <br>(Cost $157,327) | 202197 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—6.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—6.3%** | 13548 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $215745 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Emerging Markets Equity ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.3%** | **COMMON STOCKS—98.3%** | **COMMON STOCKS—98.3%** |
| **Shares** |  | **Value** |
| **AUTOMOBILES—2.4%** | **AUTOMOBILES—2.4%** | **AUTOMOBILES—2.4%** |
| 8500 | BYD Co. Ltd. Class H (China) | $125 |
| **BANKS—20.4%** | **BANKS—20.4%** | **BANKS—20.4%** |
| 27930 | Banco Bradesco SA ADR (Brazil)<sup>1</sup> | 77 |
| 455600 | Bank Rakyat Indonesia Persero Tbk. PT (Indonesia) | 103 |
| 3790 | Grupo Cibest SA ADR (Colombia)<sup>1</sup> | 164 |
| 13000 | &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 116 |
| 1650 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 127 |
| 4380 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 148 |
| 60000 | &nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd. Class H <br> (China)<br>| 46 |
| 13070 | Itau Unibanco Holding SA ADR (Brazil)<sup>1</sup> | 82 |
| 15000 | Kasikornbank PCL (Thailand) | 48 |
| 3451 | Komercni Banka AS (Czech Republic) | 165 |
|  |  | 1076 |
| **BEVERAGES—2.0%** | **BEVERAGES—2.0%** | **BEVERAGES—2.0%** |
| 47600 | Ambev SA (Brazil) | 106 |
| **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** |
| 26490 | Ninety One Ltd. (South Africa) | 64 |
| 7310 | XP, Inc. Class A (Brazil) | 118 |
|  |  | 182 |
| **CHEMICALS—1.7%** | **CHEMICALS—1.7%** | **CHEMICALS—1.7%** |
| 26400 | PTT Global Chemical PCL (Thailand) | 8 |
| 2180 | &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA ADR <br> (Chile)<sup>\*,1</sup><br>| 80 |
|  |  | 88 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8%** |
| 25000 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 149 |
| **FINANCIAL SERVICES—2.3%** | **FINANCIAL SERVICES—2.3%** | **FINANCIAL SERVICES—2.3%** |
| 28170 | FirstRand Ltd. (South Africa) | 120 |
| **FOOD PRODUCTS—3.5%** | **FOOD PRODUCTS—3.5%** | **FOOD PRODUCTS—3.5%** |
| 176000 | Indofood Sukses Makmur Tbk. PT (Indonesia) | 91 |
| 35000 | Uni-President Enterprises Corp. (Taiwan) | 93 |
|  |  | 184 |
| **HEALTH CARE PROVIDERS & SERVICES—1.6%** | **HEALTH CARE PROVIDERS & SERVICES—1.6%** | **HEALTH CARE PROVIDERS & SERVICES—1.6%** |
| 36000 | Sinopharm Group Co. Ltd. Class H (China) | 86 |
| **HOTELS, RESTAURANTS & LEISURE—5.0%** | **HOTELS, RESTAURANTS & LEISURE—5.0%** | **HOTELS, RESTAURANTS & LEISURE—5.0%** |
| 90000 | TravelSky Technology Ltd. Class H (China) | 144 |
| 2600 | Yum China Holdings, Inc. (China) | 121 |
|  |  | 265 |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| 472 | CJ Corp. (South Korea) | 53 |
| **INTERACTIVE MEDIA & SERVICES—6.7%** | **INTERACTIVE MEDIA & SERVICES—6.7%** | **INTERACTIVE MEDIA & SERVICES—6.7%** |
| 790 | Baidu, Inc. ADR (China)<sup>\*,1</sup> | 70 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** |
| 4000 | Tencent Holdings Ltd. (China) | $280 |
|  |  | 350 |
| **MACHINERY—1.6%** | **MACHINERY—1.6%** | **MACHINERY—1.6%** |
| 40000 | Weichai Power Co. Ltd. Class H (China) | 85 |
| **METALS & MINING—1.9%** | **METALS & MINING—1.9%** | **METALS & MINING—1.9%** |
| 50000 | Jiangxi Copper Co. Ltd. Class H (China) | 100 |
| **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** |
| 83769 | Ecopetrol SA (Colombia) | 35 |
| 4390 | Petroleo Brasileiro SA - Petrobras ADR (Brazil)<sup>1</sup> | 56 |
| 22000 | PTT Exploration & Production PCL (Thailand) | 80 |
|  |  | 171 |
| **PERSONAL CARE PRODUCTS—4.6%** | **PERSONAL CARE PRODUCTS—4.6%** | **PERSONAL CARE PRODUCTS—4.6%** |
| 1339 | Cosmax, Inc. (South Korea) | 243 |
| **PHARMACEUTICALS—1.2%** | **PHARMACEUTICALS—1.2%** | **PHARMACEUTICALS—1.2%** |
| 25000 | &nbsp;&nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group Co. Ltd. <br> Class H (China)<br>| 61 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.9%** |
| 22000 | Poly Property Services Co. Ltd. Class H (China) | 98 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—20.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—20.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—20.4%** |
| 42000 | ASE Technology Holding Co. Ltd. (Taiwan) | 215 |
| 6000 | MediaTek, Inc. (Taiwan) | 275 |
| 15000 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 583 |
|  |  | 1073 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.6%** |
| 24000 | Micro-Star International Co. Ltd. (Taiwan) | 116 |
| 3472 | Samsung Electronics Co. Ltd. (South Korea) | 178 |
|  |  | 294 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.6%** | **TEXTILES, APPAREL & LUXURY GOODS—2.6%** | **TEXTILES, APPAREL & LUXURY GOODS—2.6%** |
| 14000 | Feng TAY Enterprise Co. Ltd. (Taiwan) | 56 |
| 11000 | Shenzhou International Group Holdings Ltd. (China) | 79 |
|  |  | 135 |
| **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** |
| 14000 | BOC Aviation Ltd. (China)<sup>2</sup> | 128 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,966) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,966) | 5172 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.3%** <br>(Cost $4,966) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.3%** <br>(Cost $4,966) | 5172 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.7%** | 89 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

⬤

------

**Harbor Emerging Markets Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of July 31, 2025, the aggregate value of these securities was $128 or 2% of net assets.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Emerging Markets Select ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—93.0%** | **COMMON STOCKS—93.0%** | **COMMON STOCKS—93.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.6%** | **AEROSPACE & DEFENSE—1.6%** | **AEROSPACE & DEFENSE—1.6%** |
| 2318 | Embraer SA ADR (Brazil)<sup>1</sup> | $134 |
| **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** |
| 3690 | Hesai Group ADR (China)<sup>\*,1</sup> | 70 |
| **AUTOMOBILES—1.6%** | **AUTOMOBILES—1.6%** | **AUTOMOBILES—1.6%** |
| 9500 | BYD Co. Ltd. Class H (China) | 140 |
| **BANKS—10.2%** | **BANKS—10.2%** | **BANKS—10.2%** |
| 448900 | Bank Rakyat Indonesia Persero Tbk. PT (Indonesia) | 101 |
| 28594 | BDO Unibank, Inc. (Philippines) | 70 |
| 3970 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 305 |
| 8313 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 280 |
| 9701 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 119 |
|  |  | 875 |
| **BROADLINE RETAIL—7.1%** | **BROADLINE RETAIL—7.1%** | **BROADLINE RETAIL—7.1%** |
| 24100 | Alibaba Group Holding Ltd. (China) | 355 |
| 109 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 259 |
|  |  | 614 |
| **CAPITAL MARKETS—1.6%** | **CAPITAL MARKETS—1.6%** | **CAPITAL MARKETS—1.6%** |
| 19500 | Banco BTG Pactual SA (Brazil) | 136 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** |
| 13640 | Dino Polska SA (Poland)<sup>\*,2</sup> | 181 |
| **ELECTRICAL EQUIPMENT—6.4%** | **ELECTRICAL EQUIPMENT—6.4%** | **ELECTRICAL EQUIPMENT—6.4%** |
| 5200 | &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. Class A <br> (China)<br>| 191 |
| 41529 | Electrical Industries Co. (Saudi Arabia) | 99 |
| 17299 | Triveni Turbine Ltd. (India) | 119 |
| 21900 | WEG SA (Brazil) | 145 |
|  |  | 554 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.3%** |
| 8000 | Chroma ATE, Inc. (Taiwan) | 115 |
| **ENTERTAINMENT—3.0%** | **ENTERTAINMENT—3.0%** | **ENTERTAINMENT—3.0%** |
| 12169 | Tencent Music Entertainment Group ADR (China)<sup>1</sup> | 255 |
| **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** |
| 47672 | Housing & Urban Development Corp. Ltd. (India) | 115 |
| **HOTELS, RESTAURANTS & LEISURE—5.2%** | **HOTELS, RESTAURANTS & LEISURE—5.2%** | **HOTELS, RESTAURANTS & LEISURE—5.2%** |
| 13300 | Meituan Class B (China)<sup>\*,2</sup> | 206 |
| 3850 | Trip.com Group Ltd. (China) | 241 |
|  |  | 447 |
| **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** |
| 2310 | Amber Enterprises India Ltd. (India)<sup>\*</sup> | 210 |
| 21800 | Cury Construtora e Incorporadora SA (Brazil) | 115 |
|  |  | 325 |
| **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** |
| 961 | Apar Industries Ltd. (India) | 97 |
| **INSURANCE—1.5%** | **INSURANCE—1.5%** | **INSURANCE—1.5%** |
| 13800 | Qualitas Controladora SAB de CV (Mexico) | 125 |
| **IT SERVICES—0.9%** | **IT SERVICES—0.9%** | **IT SERVICES—0.9%** |
| 318 | Elm Co. (Saudi Arabia) | 77 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—6.1%** | **MACHINERY—6.1%** | **MACHINERY—6.1%** |
| 6828 | Action Construction Equipment Ltd. (India) | $88 |
| 3076 | AIA Engineering Ltd. (India) | 110 |
| 5000 | Airtac International Group (China) | 144 |
| 633 | HD Hyundai Marine Solution Co. Ltd. (South Korea) | 93 |
| 1808 | Schaeffler India Ltd. (India) | 85 |
|  |  | 520 |
| **MEDIA—1.9%** | **MEDIA—1.9%** | **MEDIA—1.9%** |
| 7448 | Affle 3i Ltd. (India)<sup>\*</sup> | 165 |
| **PERSONAL CARE PRODUCTS—2.6%** | **PERSONAL CARE PRODUCTS—2.6%** | **PERSONAL CARE PRODUCTS—2.6%** |
| 452 | Cosmax, Inc. (South Korea) | 82 |
| 10800 | Mao Geping Cosmetics Co. Ltd. Class H (China) | 138 |
|  |  | 220 |
| **PROFESSIONAL SERVICES—2.1%** | **PROFESSIONAL SERVICES—2.1%** | **PROFESSIONAL SERVICES—2.1%** |
| 2032 | Computer Age Management Services Ltd. (India) | 86 |
| 1859 | L&T Technology Services Ltd. (India)<sup>2</sup> | 92 |
|  |  | 178 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.4%** |
| 7756 | KE Holdings, Inc. ADR (China)<sup>1</sup> | 143 |
| 8852 | Phoenix Mills Ltd. (India) | 150 |
|  |  | 293 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—20.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—20.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—20.3%** |
| 1000 | Alchip Technologies Ltd. (Taiwan) | 130 |
| 2958 | HPSP Co. Ltd. (South Korea) | 57 |
| 2000 | Jentech Precision Industrial Co. Ltd. (Taiwan) | 96 |
| 3258 | LEENO Industrial, Inc. (South Korea) | 112 |
| 4000 | MediaTek, Inc. (Taiwan) | 184 |
| 1768 | SK Hynix, Inc. (South Korea) | 349 |
| 21000 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 816 |
|  |  | 1744 |
| **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** |
| 1918900 | Map Aktif Adiperkasa PT (Indonesia) | 80 |
| **TEXTILES, APPAREL & LUXURY GOODS—4.3%** | **TEXTILES, APPAREL & LUXURY GOODS—4.3%** | **TEXTILES, APPAREL & LUXURY GOODS—4.3%** |
| 402000 | Bosideng International Holdings Ltd. (China) | 229 |
| 3719 | Titan Co. Ltd. (India) | 142 |
|  |  | 371 |
| **TRANSPORTATION INFRASTRUCTURE—1.9%** | **TRANSPORTATION INFRASTRUCTURE—1.9%** | **TRANSPORTATION INFRASTRUCTURE—1.9%** |
| 21110 | &nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. <br> (Philippines)<br>| 162 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $7,950) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $7,950) | 7993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—3.2%** | **PREFERRED STOCKS—3.2%** | **PREFERRED STOCKS—3.2%** |
| &nbsp;&nbsp;&nbsp; (Cost $221) | &nbsp;&nbsp;&nbsp; (Cost $221) | &nbsp;&nbsp;&nbsp; (Cost $221) |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.2%** |
| 6536 | Samsung Electronics Co. Ltd. (South Korea) | 272 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—96.2%** <br>(Cost $8,171) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—96.2%** <br>(Cost $8,171) | 8265 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.8%** | 329 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $8594 |

---

------

⬤

------

**Harbor Emerging Markets Select ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of July 31, 2025, the aggregate value of these securities was $479 or 6% of net assets.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Health Care ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.9%** | **COMMON STOCKS—97.9%** | **COMMON STOCKS—97.9%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—45.7%** | **BIOTECHNOLOGY—45.7%** | **BIOTECHNOLOGY—45.7%** |
| 9699 | 89bio, Inc. <sup>\*</sup> | $92 |
| 623 | Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | 244 |
| 17253 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 2994 |
| 17169 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 146 |
| 4207 | Dianthus Therapeutics, Inc. <sup>\*</sup> | 87 |
| 3227 | Insmed, Inc. <sup>\*</sup> | 346 |
| 4639 | Ionis Pharmaceuticals, Inc. <sup>\*</sup> | 200 |
| 21403 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 836 |
| 7609 | Merus NV (Netherlands)<sup>\*</sup> | 504 |
| 4611 | MoonLake Immunotherapeutics <sup>\*</sup> | 233 |
| 1809 | Natera, Inc. <sup>\*</sup> | 242 |
| 5130 | Revolution Medicines, Inc. <sup>\*</sup> | 191 |
| 4404 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 375 |
| 4930 | Soleno Therapeutics, Inc. <sup>\*</sup> | 426 |
| 2179 | TG Therapeutics, Inc. <sup>\*</sup> | 77 |
| 18009 | Vaxcyte, Inc. <sup>\*</sup> | 612 |
|  |  | 7605 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—19.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—19.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—19.1%** |
| 1922 | Boston Scientific Corp. <sup>\*</sup> | 202 |
| 7921 | Dexcom, Inc. <sup>\*</sup> | 640 |
| 3178 | GE HealthCare Technologies, Inc.  | 226 |
| 404 | IDEXX Laboratories, Inc. <sup>\*</sup> | 216 |
| 515 | Insulet Corp. <sup>\*</sup> | 148 |
| 694 | Intuitive Surgical, Inc. <sup>\*</sup> | 334 |
| 861 | iRhythm Technologies, Inc. <sup>\*</sup> | 121 |
| 4526 | Lantheus Holdings, Inc. <sup>\*</sup> | 322 |
| 4196 | Masimo Corp. <sup>\*</sup> | 645 |
| 6759 | PROCEPT BioRobotics Corp. <sup>\*</sup> | 328 |
|  |  | 3182 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—10.3%** | **HEALTH CARE PROVIDERS & SERVICES—10.3%** | **HEALTH CARE PROVIDERS & SERVICES—10.3%** |
| 2713 | GeneDx Holdings Corp. <sup>\*</sup> | $276 |
| 1690 | Guardant Health, Inc. <sup>\*</sup> | 69 |
| 2420 | HealthEquity, Inc. <sup>\*</sup> | 235 |
| 6743 | Option Care Health, Inc. <sup>\*</sup> | 198 |
| 3722 | UnitedHealth Group, Inc.  | 929 |
|  |  | 1707 |
| **LIFE SCIENCES TOOLS & SERVICES—5.5%** | **LIFE SCIENCES TOOLS & SERVICES—5.5%** | **LIFE SCIENCES TOOLS & SERVICES—5.5%** |
| 9008 | Avantor, Inc. <sup>\*</sup> | 121 |
| 2144 | Danaher Corp.  | 423 |
| 2200 | ICON PLC <sup>\*</sup> | 372 |
|  |  | 916 |
| **PHARMACEUTICALS—17.3%** | **PHARMACEUTICALS—17.3%** | **PHARMACEUTICALS—17.3%** |
| 3440 | Eli Lilly & Co.  | 2546 |
| 3504 | Novo Nordisk AS ADR (Denmark)<sup>1</sup> | 165 |
| 1634 | Verona Pharma PLC ADR (United Kingdom)<sup>\*,1</sup> | 172 |
|  |  | 2883 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $15,217) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $15,217) | 16293 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.9%** <br>(Cost $15,217) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.9%** <br>(Cost $15,217) | 16293 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.1%** | 344 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $16637 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Human Capital Factor Unconstrained ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—100.0%** | **COMMON STOCKS—100.0%** | **COMMON STOCKS—100.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.4%** | **AEROSPACE & DEFENSE—1.4%** | **AEROSPACE & DEFENSE—1.4%** |
| 67 | Axon Enterprise, Inc. <sup>\*</sup> | $51 |
| **BANKS—5.3%** | **BANKS—5.3%** | **BANKS—5.3%** |
| 376 | Cullen/Frost Bankers, Inc.  | 48 |
| 511 | East West Bancorp, Inc.  | 51 |
| 439 | Pinnacle Financial Partners, Inc.  | 39 |
| 535 | SouthState Corp.  | 50 |
|  |  | 188 |
| **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** | **BIOTECHNOLOGY—2.1%** |
| 411 | Neurocrine Biosciences, Inc. <sup>\*</sup> | 53 |
| 1390 | Sarepta Therapeutics, Inc. <sup>\*</sup> | 23 |
|  |  | 76 |
| **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** |
| 301 | Simpson Manufacturing Co., Inc.  | 54 |
| **CAPITAL MARKETS—7.4%** | **CAPITAL MARKETS—7.4%** | **CAPITAL MARKETS—7.4%** |
| 229 | Cboe Global Markets, Inc.  | 55 |
| 379 | KKR & Co., Inc.  | 56 |
| 232 | MarketAxess Holdings, Inc.  | 48 |
| 86 | MSCI, Inc.  | 48 |
| 603 | Nasdaq, Inc.  | 58 |
|  |  | 265 |
| **CHEMICALS—1.1%** | **CHEMICALS—1.1%** | **CHEMICALS—1.1%** |
| 1624 | Dow, Inc.  | 38 |
| **COMMUNICATIONS EQUIPMENT—1.6%** | **COMMUNICATIONS EQUIPMENT—1.6%** | **COMMUNICATIONS EQUIPMENT—1.6%** |
| 615 | Ciena Corp. <sup>\*</sup> | 57 |
| **CONSUMER FINANCE—2.9%** | **CONSUMER FINANCE—2.9%** | **CONSUMER FINANCE—2.9%** |
| 99 | Credit Acceptance Corp. <sup>\*</sup> | 48 |
| 800 | Synchrony Financial  | 56 |
|  |  | 104 |
| **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** |
| 1142 | OGE Energy Corp.  | 52 |
| **ENTERTAINMENT—1.4%** | **ENTERTAINMENT—1.4%** | **ENTERTAINMENT—1.4%** |
| 42 | Netflix, Inc. <sup>\*</sup> | 49 |
| **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** |
| 85 | Mastercard, Inc. Class A | 48 |
| **FOOD PRODUCTS—1.3%** | **FOOD PRODUCTS—1.3%** | **FOOD PRODUCTS—1.3%** |
| 599 | Bunge Global SA  | 48 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—8.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—8.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—8.0%** |
| 475 | Boston Scientific Corp. <sup>\*</sup> | 49 |
| 672 | GE HealthCare Technologies, Inc.  | 48 |
| 153 | Insulet Corp. <sup>\*</sup> | 44 |
| 87 | Intuitive Surgical, Inc. <sup>\*</sup> | 42 |
| 198 | ResMed, Inc.  | 54 |
| 127 | Stryker Corp.  | 50 |
|  |  | 287 |
| **HOTELS, RESTAURANTS & LEISURE—1.3%** | **HOTELS, RESTAURANTS & LEISURE—1.3%** | **HOTELS, RESTAURANTS & LEISURE—1.3%** |
| 356 | Airbnb, Inc. Class A<sup>\*</sup> | 47 |
| **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** |
| 479 | PulteGroup, Inc.  | 54 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD PRODUCTS—2.6%** | **HOUSEHOLD PRODUCTS—2.6%** | **HOUSEHOLD PRODUCTS—2.6%** |
| 559 | Colgate-Palmolive Co.  | $47 |
| 310 | Procter & Gamble Co.  | 47 |
|  |  | 94 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.4%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.4%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.4%** |
| 3908 | AES Corp.  | 51 |
| **INDUSTRIAL REITS—1.4%** | **INDUSTRIAL REITS—1.4%** | **INDUSTRIAL REITS—1.4%** |
| 455 | Prologis, Inc.  | 49 |
| **INSURANCE—6.7%** | **INSURANCE—6.7%** | **INSURANCE—6.7%** |
| 539 | Arch Capital Group Ltd.  | 46 |
| 335 | Cincinnati Financial Corp.  | 50 |
| 299 | Hanover Insurance Group, Inc.  | 51 |
| 665 | RLI Corp.  | 44 |
| 187 | Travelers Cos., Inc.  | 49 |
|  |  | 240 |
| **INTERACTIVE MEDIA & SERVICES—3.2%** | **INTERACTIVE MEDIA & SERVICES—3.2%** | **INTERACTIVE MEDIA & SERVICES—3.2%** |
| 296 | Alphabet, Inc. Class A | 57 |
| 1486 | Pinterest, Inc. Class A<sup>\*</sup> | 57 |
|  |  | 114 |
| **MACHINERY—1.7%** | **MACHINERY—1.7%** | **MACHINERY—1.7%** |
| 140 | Caterpillar, Inc.  | 61 |
| **METALS & MINING—4.4%** | **METALS & MINING—4.4%** | **METALS & MINING—4.4%** |
| 1251 | Freeport-McMoRan, Inc.  | 50 |
| 417 | Nucor Corp.  | 60 |
| 366 | Steel Dynamics, Inc.  | 47 |
|  |  | 157 |
| **OIL, GAS & CONSUMABLE FUELS—4.4%** | **OIL, GAS & CONSUMABLE FUELS—4.4%** | **OIL, GAS & CONSUMABLE FUELS—4.4%** |
| 717 | Chevron Corp.  | 109 |
| 529 | ConocoPhillips  | 50 |
|  |  | 159 |
| **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** |
| 966 | Delta Air Lines, Inc.  | 51 |
| **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** |
| 665 | Merck & Co., Inc.  | 52 |
| **PROFESSIONAL SERVICES—1.2%** | **PROFESSIONAL SERVICES—1.2%** | **PROFESSIONAL SERVICES—1.2%** |
| 882 | KBR, Inc.  | 41 |
| **RESIDENTIAL REITS—1.3%** | **RESIDENTIAL REITS—1.3%** | **RESIDENTIAL REITS—1.3%** |
| 423 | Camden Property Trust  | 46 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.5%** |
| 742 | Marvell Technology, Inc.  | 60 |
| 361 | NVIDIA Corp.  | 64 |
| 580 | Teradyne, Inc.  | 62 |
| 261 | Texas Instruments, Inc.  | 47 |
|  |  | 233 |
| **SOFTWARE—18.4%** | **SOFTWARE—18.4%** | **SOFTWARE—18.4%** |
| 123 | Adobe, Inc. <sup>\*</sup> | 44 |
| 166 | Autodesk, Inc. <sup>\*</sup> | 50 |
| 153 | Cadence Design Systems, Inc. <sup>\*</sup> | 56 |
| 112 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 51 |
| 23 | Fair Isaac Corp. <sup>\*</sup> | 33 |
| 228 | Guidewire Software, Inc. <sup>\*</sup> | 51 |

---

------

⬤

------

**Harbor Human Capital Factor Unconstrained ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 75 | Intuit, Inc.  | $59 |
| 108 | Microsoft Corp.  | 58 |
| 87 | Roper Technologies, Inc.  | 48 |
| 169 | Salesforce, Inc.  | 44 |
| 1030 | Samsara, Inc. Class A<sup>\*</sup> | 39 |
| 2424 | SentinelOne, Inc. Class A<sup>\*</sup> | 44 |
| 48 | ServiceNow, Inc. <sup>\*</sup> | 45 |
| 327 | SPS Commerce, Inc. <sup>\*</sup> | 36 |
|  |  | 658 |
| **SPECIALIZED REITS—2.7%** | **SPECIALIZED REITS—2.7%** | **SPECIALIZED REITS—2.7%** |
| 336 | Extra Space Storage, Inc.  | 45 |
| 422 | Lamar Advertising Co. Class A | 52 |
|  |  | 97 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.6%** |
| 2737 | Hewlett Packard Enterprise Co.  | $57 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,534) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,534) | 3578 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.0%** <br>(Cost $3,534) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.0%** <br>(Cost $3,534) | 3578 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | (1)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3577 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Human Capital Factor US Large Cap ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| 1040 | Axon Enterprise, Inc. <sup>\*</sup> | $786 |
| 15762 | General Electric Co.  | 4273 |
| 659 | HEICO Corp.  | 215 |
| 3025 | L3Harris Technologies, Inc.  | 831 |
| 3891 | Lockheed Martin Corp.  | 1638 |
| 2403 | Northrop Grumman Corp.  | 1386 |
|  |  | 9129 |
| **BANKS—5.6%** | **BANKS—5.6%** | **BANKS—5.6%** |
| 134321 | Bank of America Corp.  | 6349 |
| 55245 | JPMorgan Chase & Co.  | 16366 |
|  |  | 22715 |
| **BEVERAGES—1.2%** | **BEVERAGES—1.2%** | **BEVERAGES—1.2%** |
| 62017 | Coca-Cola Co.  | 4210 |
| 3039 | Constellation Brands, Inc. Class A | 508 |
|  |  | 4718 |
| **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** |
| 24833 | AbbVie, Inc.  | 4694 |
| 2245 | Biogen, Inc. <sup>\*</sup> | 287 |
| 1540 | Regeneron Pharmaceuticals, Inc.  | 840 |
|  |  | 5821 |
| **BROADLINE RETAIL—1.3%** | **BROADLINE RETAIL—1.3%** | **BROADLINE RETAIL—1.3%** |
| 17760 | eBay, Inc.  | 1630 |
| 1605 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 3810 |
|  |  | 5440 |
| **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** |
| 3354 | Trane Technologies PLC  | 1469 |
| **CAPITAL MARKETS—3.4%** | **CAPITAL MARKETS—3.4%** | **CAPITAL MARKETS—3.4%** |
| 1985 | Ameriprise Financial, Inc.  | 1029 |
| 3934 | ARES Management Corp. Class A | 730 |
| 2105 | Cboe Global Markets, Inc.  | 507 |
| 6956 | CME Group, Inc.  | 1936 |
| 826 | FactSet Research Systems, Inc.  | 333 |
| 16099 | KKR & Co., Inc.  | 2360 |
| 3022 | Moody's Corp.  | 1558 |
| 24912 | Morgan Stanley  | 3549 |
| 1669 | MSCI, Inc.  | 937 |
| 8438 | Nasdaq, Inc.  | 812 |
| 2003 | TPG, Inc.  | 114 |
|  |  | 13865 |
| **CHEMICALS—0.8%** | **CHEMICALS—0.8%** | **CHEMICALS—0.8%** |
| 5775 | Air Products & Chemicals, Inc.  | 1663 |
| 17574 | Dow, Inc.  | 409 |
| 8622 | DuPont de Nemours, Inc.  | 620 |
| 6253 | LyondellBasell Industries NV Class A | 362 |
|  |  | 3054 |
| **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** |
| 11542 | American Express Co.  | 3454 |
| 8437 | Synchrony Financial  | 588 |
|  |  | 4042 |
| **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** |
| 7469 | Constellation Energy Corp.  | 2598 |
| 19213 | Duke Energy Corp.  | 2337 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
| 10338 | Edison International  | $539 |
| 23414 | Exelon Corp.  | 1052 |
| 54585 | PG&E Corp.  | 765 |
|  |  | 7291 |
| **ELECTRICAL EQUIPMENT—1.7%** | **ELECTRICAL EQUIPMENT—1.7%** | **ELECTRICAL EQUIPMENT—1.7%** |
| 6214 | Eaton Corp. PLC  | 2391 |
| 12605 | Emerson Electric Co.  | 1834 |
| 4143 | GE Vernova, Inc.  | 2735 |
|  |  | 6960 |
| **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** |
| 20326 | Schlumberger NV  | 687 |
| **ENTERTAINMENT—4.6%** | **ENTERTAINMENT—4.6%** | **ENTERTAINMENT—4.6%** |
| 4778 | Electronic Arts, Inc.  | 728 |
| 8160 | Netflix, Inc. <sup>\*</sup> | 9461 |
| 69952 | Walt Disney Co.  | 8332 |
|  |  | 18521 |
| **FINANCIAL SERVICES—3.7%** | **FINANCIAL SERVICES—3.7%** | **FINANCIAL SERVICES—3.7%** |
| 11979 | Mastercard, Inc. Class A | 6786 |
| 2568 | Rocket Cos., Inc. Class A | 38 |
| 24008 | Visa, Inc. Class A | 8294 |
|  |  | 15118 |
| **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** |
| 2281 | Bunge Global SA  | 182 |
| 9793 | General Mills, Inc.  | 480 |
| 22045 | Mondelez International, Inc. Class A | 1426 |
|  |  | 2088 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.2%** |
| 4725 | Becton Dickinson & Co.  | 842 |
| 21029 | Boston Scientific Corp. <sup>\*</sup> | 2206 |
| 8469 | Edwards Lifesciences Corp. <sup>\*</sup> | 672 |
| 6034 | GE HealthCare Technologies, Inc.  | 430 |
| 5073 | Intuitive Surgical, Inc. <sup>\*</sup> | 2441 |
| 2176 | ResMed, Inc.  | 592 |
| 4796 | Stryker Corp.  | 1883 |
|  |  | 9066 |
| **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** |
| 8822 | Centene Corp. <sup>\*</sup> | 230 |
| **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** |
| 12994 | Airbnb, Inc. Class A<sup>\*</sup> | 1721 |
| 1183 | Booking Holdings, Inc.  | 6511 |
| 3936 | Expedia Group, Inc.  | 709 |
| 8732 | Hilton Worldwide Holdings, Inc.  | 2341 |
| 9122 | Marriott International, Inc. Class A | 2407 |
| 8450 | Royal Caribbean Cruises Ltd.  | 2686 |
|  |  | 16375 |
| **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** |
| 5428 | DR Horton, Inc.  | 775 |
| 3305 | Garmin Ltd.  | 723 |
| 3782 | PulteGroup, Inc.  | 427 |
|  |  | 1925 |

---

------

⬤

------

**Harbor Human Capital Factor US Large Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD PRODUCTS—2.1%** | **HOUSEHOLD PRODUCTS—2.1%** | **HOUSEHOLD PRODUCTS—2.1%** |
| 4238 | Church & Dwight Co., Inc.  | $397 |
| 14247 | Colgate-Palmolive Co.  | 1195 |
| 5704 | Kimberly-Clark Corp.  | 711 |
| 41303 | Procter & Gamble Co.  | 6215 |
|  |  | 8518 |
| **INDUSTRIAL CONGLOMERATES—0.9%** | **INDUSTRIAL CONGLOMERATES—0.9%** | **INDUSTRIAL CONGLOMERATES—0.9%** |
| 8315 | 3M Co.  | 1241 |
| 10714 | Honeywell International, Inc.  | 2382 |
|  |  | 3623 |
| **INDUSTRIAL REITS—0.6%** | **INDUSTRIAL REITS—0.6%** | **INDUSTRIAL REITS—0.6%** |
| 22129 | Prologis, Inc.  | 2363 |
| **INSURANCE—1.3%** | **INSURANCE—1.3%** | **INSURANCE—1.3%** |
| 7664 | Arch Capital Group Ltd.  | 660 |
| 3104 | Cincinnati Financial Corp.  | 458 |
| 4464 | Principal Financial Group, Inc.  | 347 |
| 11088 | Progressive Corp.  | 2684 |
| 4731 | Travelers Cos., Inc.  | 1231 |
|  |  | 5380 |
| **INTERACTIVE MEDIA & SERVICES—10.2%** | **INTERACTIVE MEDIA & SERVICES—10.2%** | **INTERACTIVE MEDIA & SERVICES—10.2%** |
| 105837 | Alphabet, Inc. Class A | 20310 |
| 26584 | Meta Platforms, Inc. Class A | 20561 |
| 10689 | Pinterest, Inc. Class A<sup>\*</sup> | 413 |
|  |  | 41284 |
| **IT SERVICES—0.1%** | **IT SERVICES—0.1%** | **IT SERVICES—0.1%** |
| 1658 | Gartner, Inc. <sup>\*</sup> | 561 |
| **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** |
| 4780 | Agilent Technologies, Inc.  | 549 |
| 2721 | IQVIA Holdings, Inc. <sup>\*</sup> | 506 |
|  |  | 1055 |
| **MACHINERY—1.5%** | **MACHINERY—1.5%** | **MACHINERY—1.5%** |
| 7567 | Caterpillar, Inc.  | 3314 |
| 1947 | Cummins, Inc.  | 716 |
| 3701 | Deere & Co.  | 1941 |
|  |  | 5971 |
| **MEDIA—0.3%** | **MEDIA—0.3%** | **MEDIA—0.3%** |
| 13817 | Trade Desk, Inc. Class A<sup>\*</sup> | 1202 |
| **METALS & MINING—0.6%** | **METALS & MINING—0.6%** | **METALS & MINING—0.6%** |
| 32250 | Freeport-McMoRan, Inc.  | 1298 |
| 5571 | Nucor Corp.  | 797 |
| 3420 | Steel Dynamics, Inc.  | 436 |
|  |  | 2531 |
| **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** |
| 15639 | CenterPoint Energy, Inc.  | 607 |
| 8544 | Consolidated Edison, Inc.  | 884 |
| 20762 | Dominion Energy, Inc.  | 1214 |
|  |  | 2705 |
| **OIL, GAS & CONSUMABLE FUELS—2.6%** | **OIL, GAS & CONSUMABLE FUELS—2.6%** | **OIL, GAS & CONSUMABLE FUELS—2.6%** |
| 4529 | Cheniere Energy, Inc.  | 1068 |
| 36406 | Chevron Corp.  | 5521 |
| 25494 | ConocoPhillips  | 2430 |
| 13307 | Occidental Petroleum Corp.  | 585 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
| 6075 | Valero Energy Corp.  | $834 |
|  |  | 10438 |
| **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** |
| 9933 | Delta Air Lines, Inc.  | 528 |
| 9071 | Southwest Airlines Co.  | 281 |
|  |  | 809 |
| **PHARMACEUTICALS—5.0%** | **PHARMACEUTICALS—5.0%** | **PHARMACEUTICALS—5.0%** |
| 12055 | Eli Lilly & Co.  | 8922 |
| 34716 | Johnson & Johnson  | 5719 |
| 45276 | Merck & Co., Inc.  | 3537 |
| 87457 | Pfizer, Inc.  | 2037 |
|  |  | 20215 |
| **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** |
| 170 | Amentum Holdings, Inc. <sup>\*</sup> | 4 |
| 2074 | Booz Allen Hamilton Holding Corp.  | 223 |
| 2815 | Jacobs Solutions, Inc.  | 399 |
| 2150 | Leidos Holdings, Inc.  | 343 |
| 2898 | Verisk Analytics, Inc.  | 808 |
|  |  | 1777 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** |
| 6188 | CBRE Group, Inc. Class A<sup>\*</sup> | 964 |
| **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** |
| 8144 | Equity Residential  | 515 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.9%** |
| 34945 | Advanced Micro Devices, Inc. <sup>\*</sup> | 6161 |
| 75322 | Intel Corp.  | 1491 |
| 18785 | Lam Research Corp.  | 1782 |
| 19250 | Marvell Technology, Inc.  | 1547 |
| 142289 | NVIDIA Corp.  | 25309 |
| 3526 | Teradyne, Inc.  | 379 |
| 19321 | Texas Instruments, Inc.  | 3498 |
|  |  | 40167 |
| **SOFTWARE—13.4%** | **SOFTWARE—13.4%** | **SOFTWARE—13.4%** |
| 8800 | Adobe, Inc. <sup>\*</sup> | 3148 |
| 4654 | Autodesk, Inc. <sup>\*</sup> | 1411 |
| 5838 | Cadence Design Systems, Inc. <sup>\*</sup> | 2128 |
| 4270 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 1941 |
| 530 | Fair Isaac Corp. <sup>\*</sup> | 761 |
| 5875 | Intuit, Inc.  | 4613 |
| 48105 | Microsoft Corp.  | 25664 |
| 2261 | Roper Technologies, Inc.  | 1244 |
| 20484 | Salesforce, Inc.  | 5292 |
| 3960 | Samsara, Inc. Class A<sup>\*</sup> | 151 |
| 4492 | ServiceNow, Inc. <sup>\*</sup> | 4236 |
| 3890 | Synopsys, Inc. <sup>\*</sup> | 2464 |
| 4489 | Workday, Inc. Class A<sup>\*</sup> | 1030 |
|  |  | 54083 |
| **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** |
| 7939 | Digital Realty Trust, Inc.  | 1401 |
| 2243 | Equinix, Inc.  | 1761 |
| 4214 | Extra Space Storage, Inc.  | 566 |
|  |  | 3728 |

---

------

⬤

------

**Harbor Human Capital Factor US Large Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—3.4%** | **SPECIALTY RETAIL—3.4%** | **SPECIALTY RETAIL—3.4%** |
| 37650 | Home Depot, Inc.  | $13837 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.5%** |
| 80357 | Apple, Inc.  | 16679 |
| 26670 | Hewlett Packard Enterprise Co.  | 552 |
| 19594 | HP, Inc.  | 486 |
| 4425 | NetApp, Inc.  | 461 |
|  |  | 18178 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** |
| 3020 | Deckers Outdoor Corp. <sup>\*</sup> | 321 |
| 4525 | Lululemon Athletica, Inc. <sup>\*</sup> | 907 |
| 21676 | NIKE, Inc. Class B | 1619 |
|  |  | 2847 |
| **TOBACCO—1.4%** | **TOBACCO—1.4%** | **TOBACCO—1.4%** |
| 29022 | Altria Group, Inc.  | 1798 |
| 23350 | Philip Morris International, Inc.  | 3830 |
|  |  | 5628 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** |
| 1374 | United Rentals, Inc.  | $1213 |
| 1715 | WW Grainger, Inc.  | 1783 |
|  |  | 2996 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $304,143) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $304,143) | 399889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—1.2%** | **EXCHANGE-TRADED FUNDS—1.2%** | **EXCHANGE-TRADED FUNDS—1.2%** |
| &nbsp;&nbsp;&nbsp; (Cost $2,748) | &nbsp;&nbsp;&nbsp; (Cost $2,748) | &nbsp;&nbsp;&nbsp; (Cost $2,748) |
| **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** |
| 45661 | Communication Services Select Sector SPDR Fund  | 4904 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $306,891) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $306,891) | 404793 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 271 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $405064 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Human Capital Factor US Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—94.9%** | **COMMON STOCKS—94.9%** | **COMMON STOCKS—94.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—5.0%** | **AEROSPACE & DEFENSE—5.0%** | **AEROSPACE & DEFENSE—5.0%** |
| 8216 | AAR Corp. <sup>\*</sup> | $614 |
| 6932 | AeroVironment, Inc. <sup>\*</sup> | 1855 |
| 53803 | Archer Aviation, Inc. Class A<sup>\*</sup> | 540 |
| 39425 | Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | 2314 |
| 30202 | Spirit AeroSystems Holdings, Inc. Class A<sup>\*</sup> | 1190 |
|  |  | 6513 |
| **AUTOMOBILE COMPONENTS—1.5%** | **AUTOMOBILE COMPONENTS—1.5%** | **AUTOMOBILE COMPONENTS—1.5%** |
| 17998 | Adient PLC <sup>\*</sup> | 386 |
| 2674 | Cooper-Standard Holdings, Inc. <sup>\*</sup> | 65 |
| 10348 | Modine Manufacturing Co. <sup>\*</sup> | 1392 |
| 5436 | Standard Motor Products, Inc.  | 165 |
|  |  | 2008 |
| **BANKS—5.8%** | **BANKS—5.8%** | **BANKS—5.8%** |
| 49183 | Banc of California, Inc.  | 714 |
| 27540 | BankUnited, Inc.  | 1004 |
| 13015 | Banner Corp.  | 808 |
| 9618 | Byline Bancorp, Inc.  | 253 |
| 2898 | First Business Financial Services, Inc.  | 138 |
| 17979 | Hilltop Holdings, Inc.  | 532 |
| 14423 | National Bank Holdings Corp. Class A | 535 |
| 21549 | OceanFirst Financial Corp.  | 362 |
| 10758 | Origin Bancorp, Inc.  | 393 |
| 9449 | Pathward Financial, Inc.  | 715 |
| 5367 | SmartFinancial, Inc.  | 184 |
| 44748 | United Community Banks, Inc.  | 1365 |
| 19718 | Veritex Holdings, Inc.  | 625 |
|  |  | 7628 |
| **BIOTECHNOLOGY—9.3%** | **BIOTECHNOLOGY—9.3%** | **BIOTECHNOLOGY—9.3%** |
| 25344 | 4D Molecular Therapeutics, Inc. <sup>\*</sup> | 114 |
| 37217 | Agios Pharmaceuticals, Inc. <sup>\*</sup> | 1385 |
| 24850 | Arcellx, Inc. <sup>\*</sup> | 1774 |
| 234473 | Ardelyx, Inc. <sup>\*</sup> | 994 |
| 32911 | Aura Biosciences, Inc. <sup>\*</sup> | 227 |
| 30602 | Emergent BioSolutions, Inc. <sup>\*</sup> | 180 |
| 15358 | Entrada Therapeutics, Inc. <sup>\*</sup> | 90 |
| 47258 | Kura Oncology, Inc. <sup>\*</sup> | 286 |
| 33648 | Kymera Therapeutics, Inc. <sup>\*</sup> | 1472 |
| 49022 | PTC Therapeutics, Inc. <sup>\*</sup> | 2555 |
| 35743 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 3046 |
|  |  | 12123 |
| **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** |
| 34795 | Resideo Technologies, Inc. <sup>\*</sup> | 950 |
| **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** |
| 6329 | Piper Sandler Cos.  | 1996 |
| 8393 | PJT Partners, Inc. Class A | 1499 |
| 21474 | StepStone Group, Inc. Class A | 1275 |
|  |  | 4770 |
| **CHEMICALS—1.6%** | **CHEMICALS—1.6%** | **CHEMICALS—1.6%** |
| 18687 | Cabot Corp.  | 1349 |
| 5301 | Koppers Holdings, Inc.  | 174 |
| 9404 | Minerals Technologies, Inc.  | 547 |
|  |  | 2070 |
| **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** |
| 10987 | Brady Corp. Class A | 775 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| 4124 | Cimpress PLC (Ireland)<sup>\*</sup> | $228 |
| 11336 | HNI Corp.  | 583 |
| 13602 | Interface, Inc.  | 281 |
| 22202 | Steelcase, Inc. Class A | 229 |
|  |  | 2096 |
| **COMMUNICATIONS EQUIPMENT—0.6%** | **COMMUNICATIONS EQUIPMENT—0.6%** | **COMMUNICATIONS EQUIPMENT—0.6%** |
| 14703 | Calix, Inc. <sup>\*</sup> | 834 |
| **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** |
| 11669 | Arcosa, Inc.  | 1002 |
| 11073 | Granite Construction, Inc.  | 1046 |
| 3087 | Limbach Holdings, Inc. <sup>\*</sup> | 423 |
|  |  | 2471 |
| **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** |
| 17313 | Bread Financial Holdings, Inc.  | 1061 |
| 7815 | Encore Capital Group, Inc. <sup>\*</sup> | 288 |
|  |  | 1349 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%** |
| 7653 | PriceSmart, Inc.  | 823 |
| **DIVERSIFIED CONSUMER SERVICES—3.5%** | **DIVERSIFIED CONSUMER SERVICES—3.5%** | **DIVERSIFIED CONSUMER SERVICES—3.5%** |
| 9223 | Adtalem Global Education, Inc. <sup>\*</sup> | 1054 |
| 33401 | Coursera, Inc. <sup>\*</sup> | 422 |
| 16796 | Frontdoor, Inc. <sup>\*</sup> | 983 |
| 7059 | Grand Canyon Education, Inc. <sup>\*</sup> | 1190 |
| 31856 | Laureate Education, Inc. <sup>\*</sup> | 720 |
| 20716 | Udemy, Inc. <sup>\*</sup> | 158 |
|  |  | 4527 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** |
| 5792 | Bandwidth, Inc. Class A<sup>\*</sup> | 80 |
| 3797 | IDT Corp. Class B | 224 |
| 29554 | Liberty Latin America Ltd. Class C (Puerto Rico)<sup>\*</sup> | 211 |
|  |  | 515 |
| **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** |
| 38570 | ALLETE, Inc.  | 2543 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.3%** |
| 8611 | Advanced Energy Industries, Inc.  | 1196 |
| 19170 | Arlo Technologies, Inc. <sup>\*</sup> | 311 |
| 8851 | Daktronics, Inc. <sup>\*</sup> | 144 |
| 12355 | Itron, Inc. <sup>\*</sup> | 1539 |
| 22571 | Knowles Corp. <sup>\*</sup> | 458 |
| 8258 | PAR Technology Corp. <sup>\*</sup> | 502 |
| 5310 | ScanSource, Inc. <sup>\*</sup> | 206 |
|  |  | 4356 |
| **ENERGY EQUIPMENT & SERVICES—2.0%** | **ENERGY EQUIPMENT & SERVICES—2.0%** | **ENERGY EQUIPMENT & SERVICES—2.0%** |
| 40564 | Archrock, Inc.  | 947 |
| 6413 | Bristow Group, Inc. <sup>\*</sup> | 222 |
| 26254 | Helmerich & Payne, Inc.  | 426 |
| 39223 | Liberty Energy, Inc.  | 484 |
| 23727 | Oceaneering International, Inc. <sup>\*</sup> | 515 |
|  |  | 2594 |
| **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** |
| 12565 | Atlanta Braves Holdings, Inc. Class C<sup>\*</sup> | 560 |

---

------

⬤

------

**Harbor Human Capital Factor US Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENTERTAINMENT—Continued** | **ENTERTAINMENT—Continued** | **ENTERTAINMENT—Continued** |
| 6634 | Marcus Corp.  | $108 |
|  |  | 668 |
| **FINANCIAL SERVICES—3.9%** | **FINANCIAL SERVICES—3.9%** | **FINANCIAL SERVICES—3.9%** |
| 23635 | EVERTEC, Inc. (Puerto Rico) | 854 |
| 37689 | Flywire Corp. <sup>\*</sup> | 410 |
| 6539 | Merchants Bancorp  | 192 |
| 57307 | Radian Group, Inc.  | 1869 |
| 55393 | Rocket Cos., Inc. Class A | 818 |
| 13462 | Walker & Dunlop, Inc.  | 1010 |
|  |  | 5153 |
| **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** |
| 5211 | ArcBest Corp.  | 381 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.3%** |
| 26964 | AtriCure, Inc. <sup>\*</sup> | 946 |
| 28552 | Avanos Medical, Inc. <sup>\*</sup> | 319 |
| 24611 | Bioventus, Inc. Class A<sup>\*</sup> | 160 |
| 15868 | CONMED Corp.  | 812 |
| 28658 | Haemonetics Corp. <sup>\*</sup> | 2122 |
|  |  | 4359 |
| **HEALTH CARE PROVIDERS & SERVICES—1.9%** | **HEALTH CARE PROVIDERS & SERVICES—1.9%** | **HEALTH CARE PROVIDERS & SERVICES—1.9%** |
| 20506 | Castle Biosciences, Inc. <sup>\*</sup> | 311 |
| 69332 | Concentra Group Holdings Parent, Inc.  | 1384 |
| 37277 | Privia Health Group, Inc. <sup>\*</sup> | 728 |
|  |  | 2423 |
| **HEALTH CARE TECHNOLOGY—0.7%** | **HEALTH CARE TECHNOLOGY—0.7%** | **HEALTH CARE TECHNOLOGY—0.7%** |
| 28820 | Certara, Inc. <sup>\*</sup> | 284 |
| 8390 | HealthStream, Inc.  | 219 |
| 19116 | Schrodinger, Inc. <sup>\*</sup> | 389 |
|  |  | 892 |
| **HOTEL & RESORT REITS—1.8%** | **HOTEL & RESORT REITS—1.8%** | **HOTEL & RESORT REITS—1.8%** |
| 204510 | Apple Hospitality REIT, Inc.  | 2403 |
| **HOTELS, RESTAURANTS & LEISURE—3.2%** | **HOTELS, RESTAURANTS & LEISURE—3.2%** | **HOTELS, RESTAURANTS & LEISURE—3.2%** |
| 20852 | Bloomin' Brands, Inc.  | 190 |
| 13407 | Cheesecake Factory, Inc.  | 857 |
| 12593 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 218 |
| 41615 | Global Business Travel Group I <sup>\*</sup> | 267 |
| 7636 | Marriott Vacations Worldwide Corp.  | 569 |
| 8776 | Shake Shack, Inc. Class A<sup>\*</sup> | 1056 |
| 17137 | Travel & Leisure Co.  | 1015 |
|  |  | 4172 |
| **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** |
| 7410 | Beazer Homes USA, Inc. <sup>\*</sup> | 174 |
| 7754 | Century Communities, Inc.  | 436 |
| 15719 | Champion Homes, Inc. <sup>\*</sup> | 957 |
| 1143 | Hovnanian Enterprises, Inc. Class A<sup>\*</sup> | 137 |
| 7371 | iRobot Corp. <sup>\*</sup> | 31 |
| 39450 | Leggett & Platt, Inc.  | 377 |
| 5700 | LGI Homes, Inc. <sup>\*</sup> | 304 |
| 7456 | M/I Homes, Inc. <sup>\*</sup> | 896 |
| 28636 | Sonos, Inc. <sup>\*</sup> | 310 |
|  |  | 3622 |
| **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** |
| 22305 | Energizer Holdings, Inc.  | 502 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD PRODUCTS—Continued** | **HOUSEHOLD PRODUCTS—Continued** | **HOUSEHOLD PRODUCTS—Continued** |
| 2955 | Oil-Dri Corp. of America  | $167 |
|  |  | 669 |
| **INSURANCE—2.7%** | **INSURANCE—2.7%** | **INSURANCE—2.7%** |
| 29507 | Baldwin Insurance Group, Inc. <sup>\*</sup> | 1087 |
| 23285 | Brighthouse Financial, Inc. <sup>\*</sup> | 1114 |
| 9801 | Palomar Holdings, Inc. <sup>\*</sup> | 1299 |
|  |  | 3500 |
| **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** |
| 15263 | QuinStreet, Inc. <sup>\*</sup> | 250 |
| 18533 | Teads Holding Co. <sup>\*</sup> | 47 |
| 25738 | TripAdvisor, Inc. <sup>\*</sup> | 450 |
|  |  | 747 |
| **IT SERVICES—0.3%** | **IT SERVICES—0.3%** | **IT SERVICES—0.3%** |
| 10886 | Couchbase, Inc. <sup>\*</sup> | 264 |
| 17685 | Grid Dynamics Holdings, Inc. <sup>\*</sup> | 168 |
|  |  | 432 |
| **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** |
| 20717 | YETI Holdings, Inc. <sup>\*</sup> | 761 |
| **MACHINERY—3.6%** | **MACHINERY—3.6%** | **MACHINERY—3.6%** |
| 10173 | Franklin Electric Co., Inc.  | 956 |
| 55499 | Gates Industrial Corp. PLC <sup>\*</sup> | 1376 |
| 12321 | JBT Marel Corp.  | 1698 |
| 13742 | Stratasys Ltd. <sup>\*</sup> | 149 |
| 20530 | Trinity Industries, Inc.  | 478 |
|  |  | 4657 |
| **MEDIA—1.3%** | **MEDIA—1.3%** | **MEDIA—1.3%** |
| 6445 | AMC Networks, Inc. Class A<sup>\*</sup> | 39 |
| 1621 | Cable One, Inc.  | 207 |
| 28556 | DoubleVerify Holdings, Inc. <sup>\*</sup> | 437 |
| 26751 | EchoStar Corp. Class A<sup>\*</sup> | 872 |
| 25672 | Stagwell, Inc. <sup>\*</sup> | 147 |
|  |  | 1702 |
| **METALS & MINING—0.4%** | **METALS & MINING—0.4%** | **METALS & MINING—0.4%** |
| 9565 | Ryerson Holding Corp.  | 197 |
| 10106 | Worthington Steel, Inc.  | 308 |
|  |  | 505 |
| **PAPER & FOREST PRODUCTS—0.4%** | **PAPER & FOREST PRODUCTS—0.4%** | **PAPER & FOREST PRODUCTS—0.4%** |
| 4077 | Clearwater Paper Corp. <sup>\*</sup> | 92 |
| 9924 | Sylvamo Corp.  | 457 |
|  |  | 549 |
| **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** |
| 3542 | Allegiant Travel Co. <sup>\*</sup> | 183 |
| 7419 | Copa Holdings SA Class A (Panama) | 821 |
|  |  | 1004 |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| 15230 | Edgewell Personal Care Co.  | 385 |
| 12417 | Nu Skin Enterprises, Inc. Class A | 104 |
| 6710 | USANA Health Sciences, Inc. <sup>\*</sup> | 197 |
|  |  | 686 |

---

------

⬤

------

**Harbor Human Capital Factor US Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** |
| 17805 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | $531 |
| 9723 | Phibro Animal Health Corp. Class A | 258 |
| 24394 | Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | 947 |
|  |  | 1736 |
| **PROFESSIONAL SERVICES—2.4%** | **PROFESSIONAL SERVICES—2.4%** | **PROFESSIONAL SERVICES—2.4%** |
| 10447 | Concentrix Corp.  | 543 |
| 7489 | CSG Systems International, Inc.  | 468 |
| 4252 | Huron Consulting Group, Inc. <sup>\*</sup> | 562 |
| 8919 | Insperity, Inc.  | 531 |
| 4496 | Kforce, Inc.  | 157 |
| 12276 | ManpowerGroup, Inc.  | 506 |
| 4120 | TaskUS, Inc. Class A (Philippines)<sup>\*</sup> | 70 |
| 25142 | Upwork, Inc. <sup>\*</sup> | 301 |
|  |  | 3138 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%** |
| 155502 | Compass, Inc. Class A<sup>\*</sup> | 1235 |
| 6813 | RE/MAX Holdings, Inc. Class A<sup>\*</sup> | 52 |
|  |  | 1287 |
| **RETAIL REITS—3.4%** | **RETAIL REITS—3.4%** | **RETAIL REITS—3.4%** |
| 72539 | InvenTrust Properties Corp.  | 2000 |
| 71745 | Phillips Edison & Co., Inc.  | 2424 |
|  |  | 4424 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** |
| 6735 | Axcelis Technologies, Inc. <sup>\*</sup> | 456 |
| 6924 | Silicon Laboratories, Inc. <sup>\*</sup> | 912 |
| 13688 | Veeco Instruments, Inc. <sup>\*</sup> | 285 |
|  |  | 1653 |
| **SOFTWARE—6.5%** | **SOFTWARE—6.5%** | **SOFTWARE—6.5%** |
| 31562 | ACI Worldwide, Inc. <sup>\*</sup> | 1343 |
| 15642 | Alkami Technology, Inc. <sup>\*</sup> | 349 |
| 20730 | Asana, Inc. Class A<sup>\*</sup> | 304 |
| 38609 | Box, Inc. Class A<sup>\*</sup> | 1239 |
| 17154 | Braze, Inc. Class A<sup>\*</sup> | 478 |
| 18783 | Five9, Inc. <sup>\*</sup> | 485 |
| 20829 | JFrog Ltd. (Israel)<sup>\*</sup> | 904 |
| 10707 | Mitek Systems, Inc. <sup>\*</sup> | 97 |
| 15572 | N-able, Inc. <sup>\*</sup> | 126 |
| 6924 | NextNav, Inc. <sup>\*</sup> | 102 |
| 22593 | PagerDuty, Inc. <sup>\*</sup> | 364 |
| 11694 | Progress Software Corp.  | 562 |
| 12179 | Sprout Social, Inc. Class A<sup>\*</sup> | 209 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 24771 | Teradata Corp. <sup>\*</sup> | $519 |
| 16468 | Verint Systems, Inc. <sup>\*</sup> | 351 |
| 16105 | Workiva, Inc. <sup>\*</sup> | 1028 |
|  |  | 8460 |
| **SPECIALTY RETAIL—2.2%** | **SPECIALTY RETAIL—2.2%** | **SPECIALTY RETAIL—2.2%** |
| 5461 | Asbury Automotive Group, Inc. <sup>\*</sup> | 1213 |
| 7093 | Boot Barn Holdings, Inc. <sup>\*</sup> | 1219 |
| 12611 | Camping World Holdings, Inc. Class A | 175 |
| 3410 | Lands' End, Inc. <sup>\*</sup> | 40 |
| 3903 | Sonic Automotive, Inc. Class A | 282 |
|  |  | 2929 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** |
| 26102 | Levi Strauss & Co. Class A | 514 |
| 3599 | Movado Group, Inc.  | 56 |
| 49161 | Under Armour, Inc. Class A<sup>\*</sup> | 326 |
|  |  | 896 |
| **TRADING COMPANIES & DISTRIBUTORS—1.4%** | **TRADING COMPANIES & DISTRIBUTORS—1.4%** | **TRADING COMPANIES & DISTRIBUTORS—1.4%** |
| 12981 | Boise Cascade Co.  | 1088 |
| 3888 | DXP Enterprises, Inc. <sup>\*</sup> | 441 |
| 22707 | MRC Global, Inc. <sup>\*</sup> | 333 |
|  |  | 1862 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** |
| 3425 | U.S. Cellular Corp. <sup>\*</sup> | 250 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $120,760) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $120,760) | 124090 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—5.1%** | **EXCHANGE-TRADED FUNDS—5.1%** | **EXCHANGE-TRADED FUNDS—5.1%** |
| **CAPITAL MARKETS—5.1%** | **CAPITAL MARKETS—5.1%** | **CAPITAL MARKETS—5.1%** |
| 78061 | Invesco S&P SmallCap Energy ETF  | 3101 |
| 38835 | Invesco S&P SmallCap Financials ETF  | 2111 |
| 25089 | &nbsp;&nbsp;&nbsp; Invesco S&P SmallCap Utilities & Communication <br> Services ETF <br>| 1401 |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $7,308) | &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $7,308) | 6613 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.0%** <br>(Cost $128,068) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.0%** <br>(Cost $128,068) | 130703 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | (8)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $130695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

⬤

------

**Harbor Human Capital Factor US Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** |
| Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through July 31, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through July 31, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through July 31, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through July 31, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through July 31, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through July 31, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through July 31, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through July 31, 2025. Transactions during the period in securities of these companies were as <br> follows: |
| **Security Name** | **Beginning** <br>**Balance** <br>**as of** <br>**11/01/2024** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Net** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Net** <br>**Dividend** <br>**Income** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**07/31/2025** <br>**(000s)**<br>|
| Invesco S&P SmallCap Energy ETF | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $3729 | &nbsp;&nbsp; $(35) | &nbsp;&nbsp; $(10) | &nbsp;&nbsp; $(600) | &nbsp;&nbsp; $41 | &nbsp;&nbsp; $3101 |
| Invesco S&P SmallCap Financials ETF | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 1927 | (3) | (1) | (75) | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 2111 |
| Invesco S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 1449 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (48) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1401 |
| Total | &nbsp;&nbsp; $280 | &nbsp;&nbsp; $7105 | &nbsp;&nbsp; $(38) | &nbsp;&nbsp; $(11) | &nbsp;&nbsp; $(723) | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $6613 |

---

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor International Compounders ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** |
| **Shares** |  | **Value** |
| **BANKS—8.4%** | **BANKS—8.4%** | **BANKS—8.4%** |
| 21401900 | Bank Central Asia Tbk. PT (Indonesia) | $10763 |
| 383287 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 29425 |
|  |  | 40188 |
| **BEVERAGES—1.7%** | **BEVERAGES—1.7%** | **BEVERAGES—1.7%** |
| 331949 | Diageo PLC (United Kingdom) | 8123 |
| **BUILDING PRODUCTS—3.3%** | **BUILDING PRODUCTS—3.3%** | **BUILDING PRODUCTS—3.3%** |
| 477666 | Assa Abloy AB Class B (Sweden) | 15800 |
| **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** |
| 64539 | Deutsche Boerse AG (Germany) | 18715 |
| **CHEMICALS—4.7%** | **CHEMICALS—4.7%** | **CHEMICALS—4.7%** |
| 48951 | Linde PLC (United States) | 22530 |
| **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** |
| 88096 | Vinci SA (France) | 12225 |
| **CONSTRUCTION MATERIALS—2.3%** | **CONSTRUCTION MATERIALS—2.3%** | **CONSTRUCTION MATERIALS—2.3%** |
| 46620 | Heidelberg Materials AG (Germany) | 10773 |
| **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** |
| 531732 | SSE PLC (United Kingdom) | 12981 |
| **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** |
| 63321 | Schneider Electric SE (France) | 16494 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** |
| 30700 | Keyence Corp. (Japan) | 11238 |
| **FOOD PRODUCTS—3.1%** | **FOOD PRODUCTS—3.1%** | **FOOD PRODUCTS—3.1%** |
| 168917 | Nestle SA (United States) | 14786 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.7%** |
| 139700 | Hoya Corp. (Japan) | 17768 |
| **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** |
| 462863 | Compass Group PLC (United Kingdom) | 16291 |
| **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** |
| 743103 | Sony Group Corp. (Japan) | 18144 |
| **INDUSTRIAL CONGLOMERATES—4.1%** | **INDUSTRIAL CONGLOMERATES—4.1%** | **INDUSTRIAL CONGLOMERATES—4.1%** |
| 75480 | Siemens AG (Germany) | 19372 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—3.9%** | **INSURANCE—3.9%** | **INSURANCE—3.9%** |
| 1969000 | AIA Group Ltd. (Hong Kong) | $18411 |
| **MACHINERY—6.8%** | **MACHINERY—6.8%** | **MACHINERY—6.8%** |
| 799997 | Atlas Copco AB Class A (Sweden) | 12209 |
| 470385 | Epiroc AB Class A (Sweden) | 9589 |
| 30300 | SMC Corp. (Japan) | 10589 |
|  |  | 32387 |
| **PERSONAL CARE PRODUCTS—3.1%** | **PERSONAL CARE PRODUCTS—3.1%** | **PERSONAL CARE PRODUCTS—3.1%** |
| 33144 | L'Oreal SA (France) | 14727 |
| **PHARMACEUTICALS—8.5%** | **PHARMACEUTICALS—8.5%** | **PHARMACEUTICALS—8.5%** |
| 119725 | AstraZeneca PLC (United Kingdom) | 17905 |
| 76664 | Galderma Group AG (Switzerland) | 12034 |
| 225241 | Novo Nordisk AS Class B (Denmark) | 10830 |
|  |  | 40769 |
| **PROFESSIONAL SERVICES—3.7%** | **PROFESSIONAL SERVICES—3.7%** | **PROFESSIONAL SERVICES—3.7%** |
| 343452 | RELX PLC (United Kingdom) | 17853 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.4%** |
| 17330 | ASML Holding NV (Netherlands) | 12125 |
| 115778 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 27974 |
|  |  | 40099 |
| **SOFTWARE—4.5%** | **SOFTWARE—4.5%** | **SOFTWARE—4.5%** |
| 74760 | SAP SE (Germany) | 21397 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** |
| 19846 | LVMH Moet Hennessy Louis Vuitton SE (France) | 10698 |
| **TRADING COMPANIES & DISTRIBUTORS—4.9%** | **TRADING COMPANIES & DISTRIBUTORS—4.9%** | **TRADING COMPANIES & DISTRIBUTORS—4.9%** |
| 104850 | Ferguson Enterprises, Inc. (United States) | 23443 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $457,976) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $457,976) | 475212 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.5%** <br>(Cost $457,976) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.5%** <br>(Cost $457,976) | 475212 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | 2299 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $477511 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor International Equity ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.3%** | **COMMON STOCKS—97.3%** | **COMMON STOCKS—97.3%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—13.0%** | **AEROSPACE & DEFENSE—13.0%** | **AEROSPACE & DEFENSE—13.0%** |
| 5305 | BAE Systems PLC (United Kingdom) | $126 |
| 3100 | CAE, Inc. (Canada)<sup>\*</sup> | 89 |
| 2487 | Leonardo SpA (Italy) | 134 |
| 10840 | Melrose Industries PLC (United Kingdom) | 73 |
| 250 | MTU Aero Engines AG (Germany) | 108 |
| 430 | Safran SA (France) | 142 |
|  |  | 672 |
| **AUTOMOBILE COMPONENTS—2.7%** | **AUTOMOBILE COMPONENTS—2.7%** | **AUTOMOBILE COMPONENTS—2.7%** |
| 810 | Continental AG (Germany) | 70 |
| 5000 | Denso Corp. (Japan) | 68 |
|  |  | 138 |
| **AUTOMOBILES—1.1%** | **AUTOMOBILES—1.1%** | **AUTOMOBILES—1.1%** |
| 4000 | BYD Co. Ltd. Class H (China) | 59 |
| **BANKS—16.8%** | **BANKS—16.8%** | **BANKS—16.8%** |
| 13440 | Banco Bradesco SA ADR (Brazil)<sup>1</sup> | 37 |
| 31835 | Barclays PLC (United Kingdom) | 156 |
| 3000 | DBS Group Holdings Ltd. (Singapore) | 111 |
| 3430 | DNB Bank ASA (Norway) | 87 |
| 1671 | Erste Group Bank AG (Austria) | 153 |
| 1630 | Grupo Cibest SA ADR (Colombia)<sup>1</sup> | 71 |
| 9000 | &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 80 |
| 920 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 71 |
| 3000 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 101 |
|  |  | 867 |
| **BEVERAGES—3.0%** | **BEVERAGES—3.0%** | **BEVERAGES—3.0%** |
| 20600 | Ambev SA (Brazil) | 46 |
| 2610 | Diageo PLC (United Kingdom) | 64 |
| 580 | Heineken NV (Netherlands) | 45 |
|  |  | 155 |
| **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** |
| 920 | Julius Baer Group Ltd. (Switzerland) | 63 |
| **CHEMICALS—3.8%** | **CHEMICALS—3.8%** | **CHEMICALS—3.8%** |
| 2000 | Nippon Sanso Holdings Corp. (Japan) | 71 |
| 1330 | &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA ADR <br> (Chile)<sup>\*,1</sup><br>| 49 |
| 970 | Syensqo SA (Belgium) | 78 |
|  |  | 198 |
| **ELECTRICAL EQUIPMENT—2.2%** | **ELECTRICAL EQUIPMENT—2.2%** | **ELECTRICAL EQUIPMENT—2.2%** |
| 1400 | Prysmian SpA (Italy) | 113 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1%** |
| 1121 | Halma PLC (United Kingdom) | 48 |
| 10000 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 60 |
| 3500 | Murata Manufacturing Co. Ltd. (Japan) | 52 |
|  |  | 160 |
| **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** |
| 730 | Canadian National Railway Co. (Canada) | 68 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** |
| 1423 | Siemens Healthineers AG (Germany)<sup>2</sup> | 77 |
| **HOTELS, RESTAURANTS & LEISURE—8.0%** | **HOTELS, RESTAURANTS & LEISURE—8.0%** | **HOTELS, RESTAURANTS & LEISURE—8.0%** |
| 1230 | Amadeus IT Group SA (Spain) | 99 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** |
| 3300 | Carnival Corp. (United States)<sup>\*</sup> | $98 |
| 7320 | Entain PLC (United Kingdom) | 99 |
| 32000 | TravelSky Technology Ltd. Class H (China) | 51 |
| 1400 | Yum China Holdings, Inc. (China) | 65 |
|  |  | 412 |
| **INDUSTRIAL CONGLOMERATES—2.4%** | **INDUSTRIAL CONGLOMERATES—2.4%** | **INDUSTRIAL CONGLOMERATES—2.4%** |
| 4000 | Hitachi Ltd. (Japan) | 125 |
| **INSURANCE—1.7%** | **INSURANCE—1.7%** | **INSURANCE—1.7%** |
| 11000 | China Life Insurance Co. Ltd. Class H (China) | 32 |
| 170 | Everest Group Ltd. (United States) | 57 |
|  |  | 89 |
| **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** |
| 578 | Baidu, Inc. ADR (China)<sup>\*,1</sup> | 51 |
| **IT SERVICES—1.3%** | **IT SERVICES—1.3%** | **IT SERVICES—1.3%** |
| 470 | Capgemini SE (France) | 70 |
| **LIFE SCIENCES TOOLS & SERVICES—5.2%** | **LIFE SCIENCES TOOLS & SERVICES—5.2%** | **LIFE SCIENCES TOOLS & SERVICES—5.2%** |
| 1000 | Eurofins Scientific SE (France) | 77 |
| 502 | ICON PLC (United States)<sup>\*</sup> | 85 |
| 150 | Lonza Group AG (Switzerland) | 105 |
|  |  | 267 |
| **METALS & MINING—2.3%** | **METALS & MINING—2.3%** | **METALS & MINING—2.3%** |
| 10790 | Norsk Hydro ASA (Norway) | 64 |
| 890 | Rio Tinto PLC ADR (Australia)<sup>1</sup> | 53 |
|  |  | 117 |
| **OIL, GAS & CONSUMABLE FUELS—4.1%** | **OIL, GAS & CONSUMABLE FUELS—4.1%** | **OIL, GAS & CONSUMABLE FUELS—4.1%** |
| 2590 | Equinor ASA ADR (Norway)<sup>1</sup> | 66 |
| 4296 | Petroleo Brasileiro SA - Petrobras ADR (Brazil)<sup>1</sup> | 55 |
| 2530 | Shell PLC (United States) | 91 |
|  |  | 212 |
| **PHARMACEUTICALS—3.4%** | **PHARMACEUTICALS—3.4%** | **PHARMACEUTICALS—3.4%** |
| 430 | Merck KGaA (Germany) | 54 |
| 570 | Novartis AG ADR (United States)<sup>1</sup> | 65 |
| 180 | Roche Holding AG (United States) | 57 |
|  |  | 176 |
| **PROFESSIONAL SERVICES—3.5%** | **PROFESSIONAL SERVICES—3.5%** | **PROFESSIONAL SERVICES—3.5%** |
| 1120 | Intertek Group PLC (United Kingdom) | 73 |
| 2120 | RELX PLC (United Kingdom) | 110 |
|  |  | 183 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.3%** |
| 16000 | ASE Technology Holding Co. Ltd. (Taiwan) | 82 |
| 150 | ASML Holding NV (Netherlands) | 105 |
| 2000 | MediaTek, Inc. (Taiwan) | 92 |
| 9000 | SUMCO Corp. (Japan) | 71 |
| 6000 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 233 |
|  |  | 583 |
| **SOFTWARE—1.7%** | **SOFTWARE—1.7%** | **SOFTWARE—1.7%** |
| 470 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 88 |

---

------

⬤

------

**Harbor International Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.7%** |
| 1694 | Samsung Electronics Co. Ltd. (South Korea) | $87 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,879) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,879) | 5030 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.3%** <br>(Cost $4,879) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.3%** <br>(Cost $4,879) | 5030 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.7%** | 139 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5169 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of July 31, 2025, the aggregate value of these securities was $77 or 1% of net assets.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—115.8%** | **COMMON STOCKS—115.8%** | **COMMON STOCKS—115.8%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** |
| 407 | Alnylam Pharmaceuticals, Inc. <sup>\*,1</sup> | $160 |
| 1411 | Gilead Sciences, Inc. <sup>1</sup> | 158 |
| 2246 | Halozyme Therapeutics, Inc. <sup>\*,1</sup> | 135 |
|  |  | 453 |
| **BROADLINE RETAIL—2.4%** | **BROADLINE RETAIL—2.4%** | **BROADLINE RETAIL—2.4%** |
| 267 | Dillard's, Inc. Class A | 124 |
| 2319 | eBay, Inc. <sup>1</sup> | 213 |
| 964 | Ollie's Bargain Outlet Holdings, Inc. <sup>\*</sup> | 132 |
|  |  | 469 |
| **CHEMICALS—5.3%** | **CHEMICALS—5.3%** | **CHEMICALS—5.3%** |
| 1408 | CF Industries Holdings, Inc. <sup>1</sup> | 131 |
| 2161 | Corteva, Inc. <sup>1</sup> | 156 |
| 18170 | Element Solutions, Inc.  | 429 |
| 4199 | Mosaic Co. <sup>1</sup> | 151 |
| 2510 | Scotts Miracle-Gro Co.  | 157 |
|  |  | 1024 |
| **COMMUNICATIONS EQUIPMENT—2.5%** | **COMMUNICATIONS EQUIPMENT—2.5%** | **COMMUNICATIONS EQUIPMENT—2.5%** |
| 1713 | Arista Networks, Inc. <sup>\*,1</sup> | 211 |
| 1850 | Cisco Systems, Inc. <sup>1</sup> | 126 |
| 441 | F5, Inc. <sup>\*</sup> | 138 |
|  |  | 475 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—5.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—5.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—5.1%** |
| 308 | Casey's General Stores, Inc. <sup>1</sup> | 160 |
| 1233 | Dollar General Corp.  | 129 |
| 1266 | Dollar Tree, Inc. <sup>\*,1</sup> | 144 |
| 1794 | Kroger Co. <sup>1</sup> | 126 |
| 2581 | U.S. Foods Holding Corp. <sup>\*,1</sup> | 215 |
| 2135 | Walmart, Inc. <sup>1</sup> | 209 |
|  |  | 983 |
| **CONTAINERS & PACKAGING—2.1%** | **CONTAINERS & PACKAGING—2.1%** | **CONTAINERS & PACKAGING—2.1%** |
| 821 | AptarGroup, Inc. <sup>1</sup> | 129 |
| 1538 | Crown Holdings, Inc. <sup>1</sup> | 153 |
| 4343 | Sealed Air Corp.  | 127 |
|  |  | 409 |
| **DIVERSIFIED CONSUMER SERVICES—1.5%** | **DIVERSIFIED CONSUMER SERVICES—1.5%** | **DIVERSIFIED CONSUMER SERVICES—1.5%** |
| 34884 | ADT, Inc. <sup>1</sup> | 291 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** |
| 6605 | AT&T, Inc. <sup>1</sup> | 181 |
| **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** |
| 978 | NRG Energy, Inc. <sup>1</sup> | 163 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.8%** |
| 1699 | Amphenol Corp. Class A<sup>1</sup> | 181 |
| 3382 | Corning, Inc.  | 214 |
| 2574 | Flex Ltd. <sup>\*</sup> | 128 |
| 900 | Jabil, Inc.  | 201 |
| 896 | TD SYNNEX Corp.  | 129 |
| 239 | Teledyne Technologies, Inc. <sup>\*</sup> | 132 |
| 3335 | Vontier Corp.  | 138 |
|  |  | 1123 |
| **ENERGY EQUIPMENT & SERVICES—0.9%** | **ENERGY EQUIPMENT & SERVICES—0.9%** | **ENERGY EQUIPMENT & SERVICES—0.9%** |
| 4914 | TechnipFMC PLC (United Kingdom)<sup>1</sup> | 179 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENTERTAINMENT—6.0%** | **ENTERTAINMENT—6.0%** | **ENTERTAINMENT—6.0%** |
| 1218 | Liberty Media Corp.-Liberty Formula One Class C<sup>\*,1</sup> | $122 |
| 1127 | Live Nation Entertainment, Inc. <sup>\*,1</sup> | 166 |
| 169 | Netflix, Inc. <sup>\*,1</sup> | 196 |
| 1211 | ROBLOX Corp. Class A<sup>\*,1</sup> | 167 |
| 2047 | Roku, Inc. <sup>\*</sup> | 193 |
| 309 | Spotify Technology SA <sup>\*,1</sup> | 194 |
| 790 | TKO Group Holdings, Inc. <sup>1</sup> | 133 |
|  |  | 1171 |
| **GAS UTILITIES—4.1%** | **GAS UTILITIES—4.1%** | **GAS UTILITIES—4.1%** |
| 26428 | MDU Resources Group, Inc.  | 456 |
| 2117 | National Fuel Gas Co.  | 184 |
| 4237 | UGI Corp.  | 153 |
|  |  | 793 |
| **GROUND TRANSPORTATION—3.7%** | **GROUND TRANSPORTATION—3.7%** | **GROUND TRANSPORTATION—3.7%** |
| 8313 | CSX Corp. <sup>1</sup> | 295 |
| 1172 | Ryder System, Inc. <sup>1</sup> | 208 |
| 2422 | Uber Technologies, Inc. <sup>\*,1</sup> | 213 |
|  |  | 716 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.0%** |
| 677 | Align Technology, Inc. <sup>\*,1</sup> | 87 |
| 1921 | Boston Scientific Corp. <sup>\*,1</sup> | 202 |
| 11487 | Envista Holdings Corp. <sup>\*,1</sup> | 217 |
| 240 | IDEXX Laboratories, Inc. <sup>\*,1</sup> | 128 |
| 499 | ResMed, Inc. <sup>1</sup> | 136 |
|  |  | 770 |
| **HEALTH CARE PROVIDERS & SERVICES—4.9%** | **HEALTH CARE PROVIDERS & SERVICES—4.9%** | **HEALTH CARE PROVIDERS & SERVICES—4.9%** |
| 1224 | Cardinal Health, Inc. <sup>1</sup> | 190 |
| 528 | Cencora, Inc. <sup>1</sup> | 151 |
| 1473 | Encompass Health Corp. <sup>1</sup> | 162 |
| 185 | McKesson Corp. <sup>1</sup> | 128 |
| 995 | Quest Diagnostics, Inc. <sup>1</sup> | 167 |
| 896 | Tenet Healthcare Corp. <sup>\*,1</sup> | 145 |
|  |  | 943 |
| **HEALTH CARE TECHNOLOGY—2.5%** | **HEALTH CARE TECHNOLOGY—2.5%** | **HEALTH CARE TECHNOLOGY—2.5%** |
| 12408 | Certara, Inc. <sup>\*,1</sup> | 122 |
| 3227 | Doximity, Inc. Class A<sup>\*,1</sup> | 190 |
| 588 | Veeva Systems, Inc. Class A<sup>\*,1</sup> | 167 |
|  |  | 479 |
| **HOTELS, RESTAURANTS & LEISURE—6.5%** | **HOTELS, RESTAURANTS & LEISURE—6.5%** | **HOTELS, RESTAURANTS & LEISURE—6.5%** |
| 3049 | Aramark <sup>1</sup> | 130 |
| 37 | Booking Holdings, Inc. <sup>1</sup> | 203 |
| 1551 | Boyd Gaming Corp. <sup>1</sup> | 132 |
| 306 | Domino's Pizza, Inc. <sup>1</sup> | 142 |
| 852 | DoorDash, Inc. Class A<sup>\*,1</sup> | 213 |
| 1647 | Planet Fitness, Inc. Class A<sup>\*,1</sup> | 180 |
| 420 | Royal Caribbean Cruises Ltd. <sup>1</sup> | 133 |
| 2300 | Viking Holdings Ltd. <sup>\*,1</sup> | 135 |
|  |  | 1268 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%** |
| 17575 | AES Corp.  | 231 |
| 372 | Talen Energy Corp. <sup>\*</sup> | 141 |
|  |  | 372 |

---

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—2.3%** | **INTERACTIVE MEDIA & SERVICES—2.3%** | **INTERACTIVE MEDIA & SERVICES—2.3%** |
| 8059 | Angi, Inc. <sup>\*</sup> | $131 |
| 5002 | Match Group, Inc.  | 171 |
| 929 | Reddit, Inc. Class A<sup>\*,1</sup> | 149 |
|  |  | 451 |
| **IT SERVICES—3.1%** | **IT SERVICES—3.1%** | **IT SERVICES—3.1%** |
| 692 | International Business Machines Corp. <sup>1</sup> | 175 |
| 1291 | Okta, Inc. <sup>\*,1</sup> | 126 |
| 1292 | Twilio, Inc. Class A<sup>\*,1</sup> | 167 |
| 474 | VeriSign, Inc. <sup>1</sup> | 128 |
|  |  | 596 |
| **LIFE SCIENCES TOOLS & SERVICES—5.9%** | **LIFE SCIENCES TOOLS & SERVICES—5.9%** | **LIFE SCIENCES TOOLS & SERVICES—5.9%** |
| 27994 | 10X Genomics, Inc. Class A<sup>\*,1</sup> | 376 |
| 1381 | Agilent Technologies, Inc. <sup>1</sup> | 159 |
| 6521 | Azenta, Inc. <sup>\*,1</sup> | 213 |
| 844 | Charles River Laboratories International, Inc. <sup>\*,1</sup> | 143 |
| 299 | Medpace Holdings, Inc. <sup>\*,1</sup> | 128 |
| 2588 | Qiagen NV <sup>1</sup> | 128 |
|  |  | 1147 |
| **METALS & MINING—3.1%** | **METALS & MINING—3.1%** | **METALS & MINING—3.1%** |
| 6672 | Anglogold Ashanti PLC (United Kingdom)<sup>1</sup> | 309 |
| 2167 | MP Materials Corp. <sup>\*</sup> | 133 |
| 567 | Reliance, Inc.  | 164 |
|  |  | 606 |
| **MULTI-UTILITIES—1.6%** | **MULTI-UTILITIES—1.6%** | **MULTI-UTILITIES—1.6%** |
| 3861 | CenterPoint Energy, Inc. <sup>1</sup> | 150 |
| 3644 | NiSource, Inc. <sup>1</sup> | 155 |
|  |  | 305 |
| **OIL, GAS & CONSUMABLE FUELS—6.9%** | **OIL, GAS & CONSUMABLE FUELS—6.9%** | **OIL, GAS & CONSUMABLE FUELS—6.9%** |
| 9613 | Antero Midstream Corp. <sup>1</sup> | 176 |
| 17696 | Coterra Energy, Inc. <sup>1</sup> | 432 |
| 2983 | HF Sinclair Corp. <sup>1</sup> | 131 |
| 770 | Marathon Petroleum Corp. <sup>1</sup> | 131 |
| 6831 | Ovintiv, Inc. <sup>1</sup> | 281 |
| 3021 | Williams Cos., Inc. <sup>1</sup> | 181 |
|  |  | 1332 |
| **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** |
| 2409 | Delta Air Lines, Inc. <sup>1</sup> | 128 |
| 1907 | United Airlines Holdings, Inc. <sup>\*,1</sup> | 169 |
|  |  | 297 |
| **PHARMACEUTICALS—3.9%** | **PHARMACEUTICALS—3.9%** | **PHARMACEUTICALS—3.9%** |
| 1022 | Johnson & Johnson <sup>1</sup> | 168 |
| 19550 | Organon & Co. <sup>1</sup> | 190 |
| 8346 | Perrigo Co. PLC <sup>1</sup> | 223 |
| 4624 | Royalty Pharma PLC Class A<sup>1</sup> | 170 |
|  |  | 751 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—14.1%** | **SOFTWARE—14.1%** | **SOFTWARE—14.1%** |
| 605 | Autodesk, Inc. <sup>\*,1</sup> | $183 |
| 253 | Crowdstrike Holdings, Inc. Class A<sup>\*,1</sup> | 115 |
| 1659 | Docusign, Inc. <sup>\*,1</sup> | 126 |
| 1793 | Fortinet, Inc. <sup>\*,1</sup> | 179 |
| 5347 | Gen Digital, Inc. <sup>1</sup> | 158 |
| 883 | Guidewire Software, Inc. <sup>\*,1</sup> | 200 |
| 200 | Intuit, Inc. <sup>1</sup> | 157 |
| 602 | Manhattan Associates, Inc. <sup>\*</sup> | 132 |
| 535 | Oracle Corp. <sup>1</sup> | 136 |
| 2406 | Pegasystems, Inc.  | 141 |
| 651 | PTC, Inc. <sup>\*,1</sup> | 140 |
| 134 | ServiceNow, Inc. <sup>\*,1</sup> | 126 |
| 40437 | UiPath, Inc. Class A<sup>\*</sup> | 475 |
| 6025 | Unity Software, Inc. <sup>\*</sup> | 201 |
| 1860 | Zoom Communications, Inc. <sup>\*,1</sup> | 138 |
| 404 | Zscaler, Inc. <sup>\*,1</sup> | 115 |
|  |  | 2722 |
| **SPECIALTY RETAIL—6.9%** | **SPECIALTY RETAIL—6.9%** | **SPECIALTY RETAIL—6.9%** |
| 687 | AutoNation, Inc. <sup>\*</sup> | 132 |
| 45 | AutoZone, Inc. <sup>\*,1</sup> | 170 |
| 769 | Carvana Co. <sup>\*,1</sup> | 300 |
| 960 | Five Below, Inc. <sup>\*</sup> | 131 |
| 1890 | O'Reilly Automotive, Inc. <sup>\*,1</sup> | 186 |
| 360 | Ulta Beauty, Inc. <sup>\*</sup> | 185 |
| 1227 | Williams-Sonoma, Inc.  | 230 |
|  |  | 1334 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%** |
| 2016 | Western Digital Corp.  | 159 |
| **WIRELESS TELECOMMUNICATION SERVICES—2.5%** | **WIRELESS TELECOMMUNICATION SERVICES—2.5%** | **WIRELESS TELECOMMUNICATION SERVICES—2.5%** |
| 1871 | GCI Liberty, Inc. <sup>\*</sup> | — <br><sup>x</sup><br>|
| 7335 | Millicom International Cellular SA (Sweden) | 294 |
| 771 | T-Mobile U.S., Inc. <sup>1</sup> | 184 |
|  |  | 478 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $19,489) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $19,489) | 22440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **EXCHANGE-TRADED FUNDS—3.7%** | **EXCHANGE-TRADED FUNDS—3.7%** |
| &nbsp;&nbsp;&nbsp; (Cost $649) | &nbsp;&nbsp;&nbsp; (Cost $649) |
| **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** |
| 2388<br> SPDR Gold Shares <sup>\*,1</sup> | 723 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—119.5%** <br>(Cost $20,138) | 23163 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(19.5)%** | (3777)<br>|
| **TOTAL NET ASSETS—100%** | $19386 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**INVESTMENTS SOLD SHORT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—(63.3)%** | **COMMON STOCKS—(63.3)%** | **COMMON STOCKS—(63.3)%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—(8.5)%** | **BIOTECHNOLOGY—(8.5)%** | **BIOTECHNOLOGY—(8.5)%** |
| (10780)<br>| Moderna, Inc. <sup>\*</sup> | $(319)<br>|
| (630)<br>| Regeneron Pharmaceuticals, Inc.  | (343)<br>|
| (32284)<br>| Sarepta Therapeutics, Inc. <sup>\*</sup> | (530)<br>|
| (16766)<br>| Ultragenyx Pharmaceutical, Inc. <sup>\*</sup> | (458)<br>|
|  |  | (1650)<br>|
| **BROADLINE RETAIL—(1.9)%** | **BROADLINE RETAIL—(1.9)%** | **BROADLINE RETAIL—(1.9)%** |
| (1563)<br>| Amazon.com, Inc. <sup>\*</sup> | (366)<br>|
| **CHEMICALS—(3.5)%** | **CHEMICALS—(3.5)%** | **CHEMICALS—(3.5)%** |
| (1301)<br>| Air Products & Chemicals, Inc.  | (375)<br>|
| (31373)<br>| Huntsman Corp.  | (304)<br>|
|  |  | (679)<br>|
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.7)%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.7)%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.7)%** |
| (24356)<br>| Grocery Outlet Holding Corp. <sup>\*</sup> | (321)<br>|
| **GROUND TRANSPORTATION—(1.7)%** | **GROUND TRANSPORTATION—(1.7)%** | **GROUND TRANSPORTATION—(1.7)%** |
| (1112)<br>| Saia, Inc. <sup>\*</sup> | (336)<br>|
| **HEALTH CARE PROVIDERS & SERVICES—(11.3)%** | **HEALTH CARE PROVIDERS & SERVICES—(11.3)%** | **HEALTH CARE PROVIDERS & SERVICES—(11.3)%** |
| (16958)<br>| Acadia Healthcare Co., Inc. <sup>\*</sup> | (369)<br>|
| (17878)<br>| Centene Corp. <sup>\*</sup> | (466)<br>|
| (1215)<br>| Elevance Health, Inc.  | (344)<br>|
| (1535)<br>| Humana, Inc.  | (384)<br>|
| (2154)<br>| Molina Healthcare, Inc. <sup>\*</sup> | (340)<br>|
| (1159)<br>| UnitedHealth Group, Inc.  | (289)<br>|
|  |  | (2192)<br>|
| **HOTELS, RESTAURANTS & LEISURE—(7.9)%** | **HOTELS, RESTAURANTS & LEISURE—(7.9)%** | **HOTELS, RESTAURANTS & LEISURE—(7.9)%** |
| (4163)<br>| Cava Group, Inc. <sup>\*</sup> | (366)<br>|
| (6032)<br>| Dutch Bros, Inc. Class A<sup>\*</sup> | (358)<br>|
| (2355)<br>| Vail Resorts, Inc.  | (354)<br>|
| (1219)<br>| Wingstop, Inc.  | (460)<br>|
|  |  | (1538)<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—(1.8)%** | **INTERACTIVE MEDIA & SERVICES—(1.8)%** | **INTERACTIVE MEDIA & SERVICES—(1.8)%** |
| (1784)<br>| Alphabet, Inc. Class A | $(342)<br>|
| **IT SERVICES—(5.2)%** | **IT SERVICES—(5.2)%** | **IT SERVICES—(5.2)%** |
| (1910)<br>| Cloudflare, Inc. Class A<sup>\*</sup> | (397)<br>|
| (907)<br>| Gartner, Inc. <sup>\*</sup> | (307)<br>|
| (3499)<br>| Globant SA <sup>\*</sup> | (295)<br>|
|  |  | (999)<br>|
| **MEDIA—(1.7)%** | **MEDIA—(1.7)%** | **MEDIA—(1.7)%** |
| (1219)<br>| Charter Communications, Inc. Class A<sup>\*</sup> | (328)<br>|
| **OIL, GAS & CONSUMABLE FUELS—(10.1)%** | **OIL, GAS & CONSUMABLE FUELS—(10.1)%** | **OIL, GAS & CONSUMABLE FUELS—(10.1)%** |
| (25929)<br>| APA Corp.  | (500)<br>|
| (10210)<br>| Civitas Resources, Inc.  | (310)<br>|
| (13718)<br>| Devon Energy Corp.  | (456)<br>|
| (2314)<br>| Diamondback Energy, Inc.  | (344)<br>|
| (4308)<br>| ONEOK, Inc.  | (354)<br>|
|  |  | (1964)<br>|
| **PASSENGER AIRLINES—(1.8)%** | **PASSENGER AIRLINES—(1.8)%** | **PASSENGER AIRLINES—(1.8)%** |
| (6607)<br>| Alaska Air Group, Inc. <sup>\*</sup> | (350)<br>|
| **PHARMACEUTICALS—(1.4)%** | **PHARMACEUTICALS—(1.4)%** | **PHARMACEUTICALS—(1.4)%** |
| (373)<br>| Eli Lilly & Co.  | (276)<br>|
| **SOFTWARE—(4.8)%** | **SOFTWARE—(4.8)%** | **SOFTWARE—(4.8)%** |
| (820)<br>| Adobe, Inc. <sup>\*</sup> | (293)<br>|
| (204)<br>| Fair Isaac Corp. <sup>\*</sup> | (293)<br>|
| (18630)<br>| SentinelOne, Inc. Class A<sup>\*</sup> | (342)<br>|
|  |  | (928)<br>|
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds - $13,596) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds - $13,596) | (12269)<br>|
| **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS - $13,596)** | **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS - $13,596)** | $(12269)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** | **PURCHASED OPTIONS** |
| **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** |
| **Description** | **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br> **Amount** <br> **(000s)**<br>| **Cost** <br>**(000s)**<br>|
| Roundhill Magnificent Seven ETF | $39.00 | 09/19/2025 | 1150 | $6738 | $330<br> $6 <br><sup>x</sup><br>|

---

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

As of July 31, 2025, the investments in GCI Liberty, Inc. and Roundhill Magnificent Seven ETF (as disclosed in the preceding Portfolio of Investments and Purchased Options schedule) were classified as Level 3 and all other investments were classified as Level 1.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

The following is a rollforward of the Fund's Level 3 investments during the period ended July 31, 2025. Transfers into or out of Level 3, if any, are recognized as of the last day in the fiscal quarter of the period in which the event or change in circumstances that caused the reclassification occurred.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Valuation** <br>**Description**<br>| **Beginning** <br>**Balance** <br>**as of** <br>**11/01/2024** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Discount/** <br>**(Premium)** <br>**(000s)**<br>| **Total** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Transfers** <br>**Into** <br>**Level 3**<sup>h</sup> <br>**(000s)**<br>| **Transfers** <br>**Out of** <br>**Level 3** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**07/31/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**07/31/2025** <br>**(000s)**<br>|
| Common Stock | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Options | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; (324)<br>|
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6 | &nbsp;&nbsp; $(324)<br>|

---

The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Descriptions** | **Ending Balance** <br>**as of 07/31/2025** <br>**(000s)**<br>| **Valuation** <br>**Technique**<br>| **Unobservable** <br>**Input(s)**<br>| **Input** <br>**Value(s)**<br>|
| Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc.\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | &nbsp;&nbsp; $0.00 |
| &nbsp;&nbsp;&nbsp; Options |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Roundhill Magnificent Seven ETF | &nbsp;&nbsp; $6 | Market Approach | Estimated Recovery Value | &nbsp;&nbsp; $0.05 |
|  | &nbsp;&nbsp; $6 |  |  |  |

---

------

\*

Non-income producing security

x

Fair valued in accordance with the fair value pricing procedures applicable to the Funds.

h

Transferred into Level 3 due to the unavailability of observable market data for pricing or transferred out of Level 3 due to availability of observable market data for pricing.

As of July 31, 2025, all or a portion of this security was pledged as collateral for investments sold short. The securities pledged had an aggregate value of $16,948.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Long-Term Growers ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.9%** | **COMMON STOCKS—97.9%** | **COMMON STOCKS—97.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—4.1%** | **AEROSPACE & DEFENSE—4.1%** | **AEROSPACE & DEFENSE—4.1%** |
| 6775 | Axon Enterprise, Inc. <sup>\*</sup> | $5118 |
| 71898 | Boeing Co. <sup>\*</sup> | 15950 |
| 69636 | General Electric Co.  | 18877 |
|  |  | 39945 |
| **AUTOMOBILES—1.4%** | **AUTOMOBILES—1.4%** | **AUTOMOBILES—1.4%** |
| 43747 | Tesla, Inc. <sup>\*</sup> | 13486 |
| **BANKS—1.0%** | **BANKS—1.0%** | **BANKS—1.0%** |
| 19316 | JPMorgan Chase & Co.  | 5722 |
| 303854 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 3713 |
|  |  | 9435 |
| **BEVERAGES—0.4%** | **BEVERAGES—0.4%** | **BEVERAGES—0.4%** |
| 53206 | Coca-Cola Co.  | 3612 |
| **BIOTECHNOLOGY—1.1%** | **BIOTECHNOLOGY—1.1%** | **BIOTECHNOLOGY—1.1%** |
| 18727 | Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | 7346 |
| 8178 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 3736 |
|  |  | 11082 |
| **BROADLINE RETAIL—8.7%** | **BROADLINE RETAIL—8.7%** | **BROADLINE RETAIL—8.7%** |
| 322162 | Amazon.com, Inc. <sup>\*</sup> | 75422 |
| 4002 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 9500 |
|  |  | 84922 |
| **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** |
| 3874 | Goldman Sachs Group, Inc.  | 2803 |
| 13508 | KKR & Co., Inc.  | 1980 |
| 6077 | LPL Financial Holdings, Inc.  | 2405 |
| 6303 | Moody's Corp.  | 3251 |
|  |  | 10439 |
| **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** |
| 87712 | Arista Networks, Inc. <sup>\*</sup> | 10808 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.8%** |
| 23497 | Costco Wholesale Corp.  | 22079 |
| 50241 | Walmart, Inc.  | 4922 |
|  |  | 27001 |
| **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** |
| 18179 | Constellation Energy Corp.  | 6323 |
| **ENTERTAINMENT—6.3%** | **ENTERTAINMENT—6.3%** | **ENTERTAINMENT—6.3%** |
| 38795 | Netflix, Inc. <sup>\*</sup> | 44979 |
| 12886 | Spotify Technology SA <sup>\*</sup> | 8074 |
| 65397 | Walt Disney Co.  | 7789 |
|  |  | 60842 |
| **FINANCIAL SERVICES—4.3%** | **FINANCIAL SERVICES—4.3%** | **FINANCIAL SERVICES—4.3%** |
| 30290 | Apollo Global Management, Inc.  | 4402 |
| 42750 | Mastercard, Inc. Class A | 24216 |
| 98570 | Toast, Inc. Class A<sup>\*</sup> | 4814 |
| 23388 | Visa, Inc. Class A | 8080 |
|  |  | 41512 |
| **GROUND TRANSPORTATION—1.2%** | **GROUND TRANSPORTATION—1.2%** | **GROUND TRANSPORTATION—1.2%** |
| 128320 | Uber Technologies, Inc. <sup>\*</sup> | 11260 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** |
| 22611 | Boston Scientific Corp. <sup>\*</sup> | 2372 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** | **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** | **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** |
| 26277 | Dexcom, Inc. <sup>\*</sup> | $2122 |
| 57504 | Edwards Lifesciences Corp. <sup>\*</sup> | 4561 |
| 62188 | GE HealthCare Technologies, Inc.  | 4435 |
| 3990 | Intuitive Surgical, Inc. <sup>\*</sup> | 1920 |
|  |  | 15410 |
| **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** |
| 16083 | Veeva Systems, Inc. Class A<sup>\*</sup> | 4571 |
| **HOTELS, RESTAURANTS & LEISURE—1.3%** | **HOTELS, RESTAURANTS & LEISURE—1.3%** | **HOTELS, RESTAURANTS & LEISURE—1.3%** |
| 25544 | Airbnb, Inc. Class A<sup>\*</sup> | 3382 |
| 17971 | Hilton Worldwide Holdings, Inc.  | 4818 |
| 46374 | Starbucks Corp.  | 4135 |
|  |  | 12335 |
| **INSURANCE—0.2%** | **INSURANCE—0.2%** | **INSURANCE—0.2%** |
| 9518 | Progressive Corp.  | 2304 |
| **INTERACTIVE MEDIA & SERVICES—8.0%** | **INTERACTIVE MEDIA & SERVICES—8.0%** | **INTERACTIVE MEDIA & SERVICES—8.0%** |
| 128726 | Alphabet, Inc. Class A | 24702 |
| 69184 | Meta Platforms, Inc. Class A | 53510 |
|  |  | 78212 |
| **IT SERVICES—1.8%** | **IT SERVICES—1.8%** | **IT SERVICES—1.8%** |
| 24344 | Cloudflare, Inc. Class A<sup>\*</sup> | 5056 |
| 49972 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 6107 |
| 30185 | Snowflake, Inc. Class A<sup>\*</sup> | 6746 |
|  |  | 17909 |
| **LIFE SCIENCES TOOLS & SERVICES—1.4%** | **LIFE SCIENCES TOOLS & SERVICES—1.4%** | **LIFE SCIENCES TOOLS & SERVICES—1.4%** |
| 38574 | Agilent Technologies, Inc.  | 4429 |
| 19753 | Danaher Corp.  | 3894 |
| 10892 | Thermo Fisher Scientific, Inc.  | 5094 |
|  |  | 13417 |
| **MEDIA—0.3%** | **MEDIA—0.3%** | **MEDIA—0.3%** |
| 34555 | Trade Desk, Inc. Class A<sup>\*</sup> | 3005 |
| **OIL, GAS & CONSUMABLE FUELS—0.4%** | **OIL, GAS & CONSUMABLE FUELS—0.4%** | **OIL, GAS & CONSUMABLE FUELS—0.4%** |
| 16358 | Cheniere Energy, Inc.  | 3858 |
| **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** |
| 38883 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 2842 |
| 30505 | Eli Lilly & Co.  | 22576 |
|  |  | 25418 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—18.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—18.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—18.2%** |
| 22489 | Advanced Micro Devices, Inc. <sup>\*</sup> | 3965 |
| 146535 | Broadcom, Inc.  | 43037 |
| 180622 | Intel Corp.  | 3576 |
| 77286 | Lam Research Corp.  | 7330 |
| 639758 | NVIDIA Corp.  | 113794 |
| 13240 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 3199 |
| 10776 | Texas Instruments, Inc.  | 1951 |
|  |  | 176852 |
| **SOFTWARE—17.9%** | **SOFTWARE—17.9%** | **SOFTWARE—17.9%** |
| 6716 | AppLovin Corp. Class A<sup>\*</sup> | 2624 |
| 28903 | Cadence Design Systems, Inc. <sup>\*</sup> | 10537 |
| 13339 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 6064 |
| 16024 | Datadog, Inc. Class A<sup>\*</sup> | 2243 |

---

------

⬤

------

**Harbor Long-Term Growers ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 17154 | HubSpot, Inc. <sup>\*</sup> | $8914 |
| 183243 | Microsoft Corp.  | 97760 |
| 19583 | Oracle Corp.  | 4970 |
| 33815 | Palo Alto Networks, Inc. <sup>\*</sup> | 5870 |
| 7347 | Salesforce, Inc.  | 1898 |
| 19321 | ServiceNow, Inc. <sup>\*</sup> | 18222 |
| 16269 | Synopsys, Inc. <sup>\*</sup> | 10306 |
| 14691 | Zscaler, Inc. <sup>\*</sup> | 4195 |
|  |  | 173603 |
| **SPECIALIZED REITS—0.5%** | **SPECIALIZED REITS—0.5%** | **SPECIALIZED REITS—0.5%** |
| 21360 | American Tower Corp.  | 4451 |
| **SPECIALTY RETAIL—1.9%** | **SPECIALTY RETAIL—1.9%** | **SPECIALTY RETAIL—1.9%** |
| 232044 | Industria de Diseno Textil SA ADR (Spain)<sup>1</sup> | 2764 |
| 24581 | O'Reilly Automotive, Inc. <sup>\*</sup> | 2417 |
| 106813 | TJX Cos., Inc.  | 13301 |
|  |  | 18482 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.4%** |
| 297493 | Apple, Inc.  | $61751 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** |
| 33733 | adidas AG ADR (Germany)<sup>1</sup> | 3214 |
| 57400 | NIKE, Inc. Class B | 4287 |
|  |  | 7501 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $714,616) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $714,616) | 949746 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.9%** <br>(Cost $714,616) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.9%** <br>(Cost $714,616) | 949746 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.1%** | 20855 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $970601 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Mid Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—6.1%** | **AEROSPACE & DEFENSE—6.1%** | **AEROSPACE & DEFENSE—6.1%** |
| 189 | General Dynamics Corp.  | $59 |
| 1162 | Hexcel Corp.  | 70 |
| 399 | Woodward, Inc.  | 102 |
|  |  | 231 |
| **BANKS—3.3%** | **BANKS—3.3%** | **BANKS—3.3%** |
| 609 | East West Bancorp, Inc.  | 61 |
| 511 | Wintrust Financial Corp.  | 65 |
|  |  | 126 |
| **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** |
| 1267 | Masco Corp.  | 86 |
| **CAPITAL MARKETS—9.9%** | **CAPITAL MARKETS—9.9%** | **CAPITAL MARKETS—9.9%** |
| 364 | Houlihan Lokey, Inc.  | 69 |
| 560 | Intercontinental Exchange, Inc.  | 104 |
| 630 | Raymond James Financial, Inc.  | 105 |
| 854 | Stifel Financial Corp.  | 98 |
|  |  | 376 |
| **CHEMICALS—3.8%** | **CHEMICALS—3.8%** | **CHEMICALS—3.8%** |
| 462 | Albemarle Corp.  | 31 |
| 560 | Eastman Chemical Co.  | 41 |
| 1183 | Scotts Miracle-Gro Co.  | 74 |
|  |  | 146 |
| **COMMERCIAL SERVICES & SUPPLIES—2.5%** | **COMMERCIAL SERVICES & SUPPLIES—2.5%** | **COMMERCIAL SERVICES & SUPPLIES—2.5%** |
| 413 | Republic Services, Inc.  | 95 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** |
| 644 | Sysco Corp.  | 51 |
| **CONTAINERS & PACKAGING—2.2%** | **CONTAINERS & PACKAGING—2.2%** | **CONTAINERS & PACKAGING—2.2%** |
| 266 | Packaging Corp. of America  | 51 |
| 1113 | Sealed Air Corp.  | 33 |
|  |  | 84 |
| **ELECTRICAL EQUIPMENT—1.2%** | **ELECTRICAL EQUIPMENT—1.2%** | **ELECTRICAL EQUIPMENT—1.2%** |
| 1512 | Sensata Technologies Holding PLC  | 47 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** |
| 483 | Arrow Electronics, Inc. <sup>\*</sup> | 56 |
| 462 | Keysight Technologies, Inc. <sup>\*</sup> | 76 |
|  |  | 132 |
| **ENERGY EQUIPMENT & SERVICES—1.2%** | **ENERGY EQUIPMENT & SERVICES—1.2%** | **ENERGY EQUIPMENT & SERVICES—1.2%** |
| 973 | Helmerich & Payne, Inc.  | 16 |
| 884 | Schlumberger NV  | 30 |
|  |  | 46 |
| **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** |
| 546 | Global Payments, Inc.  | 44 |
| **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** |
| 1792 | CSX Corp.  | 64 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** |
| 1239 | Dentsply Sirona, Inc.  | 18 |
| **HEALTH CARE PROVIDERS & SERVICES—4.2%** | **HEALTH CARE PROVIDERS & SERVICES—4.2%** | **HEALTH CARE PROVIDERS & SERVICES—4.2%** |
| 231 | Cencora, Inc.  | 66 |
| 1008 | Centene Corp. <sup>\*</sup> | 26 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
| 259 | Labcorp Holdings, Inc.  | $68 |
|  |  | 160 |
| **HOTELS, RESTAURANTS & LEISURE—2.1%** | **HOTELS, RESTAURANTS & LEISURE—2.1%** | **HOTELS, RESTAURANTS & LEISURE—2.1%** |
| 385 | Darden Restaurants, Inc.  | 78 |
| **HOUSEHOLD DURABLES—2.1%** | **HOUSEHOLD DURABLES—2.1%** | **HOUSEHOLD DURABLES—2.1%** |
| 553 | DR Horton, Inc.  | 79 |
| **INDUSTRIAL REITS—1.1%** | **INDUSTRIAL REITS—1.1%** | **INDUSTRIAL REITS—1.1%** |
| 2667 | Americold Realty Trust, Inc.  | 43 |
| **INSURANCE—5.4%** | **INSURANCE—5.4%** | **INSURANCE—5.4%** |
| 219 | Progressive Corp.  | 53 |
| 441 | Reinsurance Group of America, Inc.  | 85 |
| 280 | RenaissanceRe Holdings Ltd. (Bermuda) | 68 |
|  |  | 206 |
| **IT SERVICES—1.4%** | **IT SERVICES—1.4%** | **IT SERVICES—1.4%** |
| 693 | Akamai Technologies, Inc. <sup>\*</sup> | 53 |
| **LIFE SCIENCES TOOLS & SERVICES—6.8%** | **LIFE SCIENCES TOOLS & SERVICES—6.8%** | **LIFE SCIENCES TOOLS & SERVICES—6.8%** |
| 476 | Agilent Technologies, Inc.  | 55 |
| 168 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 41 |
| 455 | IQVIA Holdings, Inc. <sup>\*</sup> | 84 |
| 1589 | Qiagen NV  | 78 |
|  |  | 258 |
| **MACHINERY—5.7%** | **MACHINERY—5.7%** | **MACHINERY—5.7%** |
| 196 | Cummins, Inc.  | 72 |
| 399 | Dover Corp.  | 72 |
| 224 | Snap-on, Inc.  | 72 |
|  |  | 216 |
| **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** |
| 665 | WEC Energy Group, Inc.  | 73 |
| **OFFICE REITS—1.4%** | **OFFICE REITS—1.4%** | **OFFICE REITS—1.4%** |
| 833 | BXP, Inc.  | 54 |
| **OIL, GAS & CONSUMABLE FUELS—2.0%** | **OIL, GAS & CONSUMABLE FUELS—2.0%** | **OIL, GAS & CONSUMABLE FUELS—2.0%** |
| 2233 | Coterra Energy, Inc.  | 54 |
| 798 | Murphy Oil Corp.  | 20 |
|  |  | 74 |
| **PROFESSIONAL SERVICES—1.8%** | **PROFESSIONAL SERVICES—1.8%** | **PROFESSIONAL SERVICES—1.8%** |
| 280 | Broadridge Financial Solutions, Inc.  | 69 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.3%** |
| 798 | CBRE Group, Inc. Class A<sup>\*</sup> | 124 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.6%** |
| 217 | Applied Materials, Inc.  | 39 |
| 966 | Entegris, Inc.  | 76 |
| 868 | Skyworks Solutions, Inc.  | 59 |
|  |  | 174 |
| **SOFTWARE—2.9%** | **SOFTWARE—2.9%** | **SOFTWARE—2.9%** |
| 174 | Synopsys, Inc. <sup>\*</sup> | 110 |
| **SPECIALIZED REITS—1.3%** | **SPECIALIZED REITS—1.3%** | **SPECIALIZED REITS—1.3%** |
| 217 | SBA Communications Corp.  | 49 |

---

------

⬤

------

**Harbor Mid Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** |
| 434 | Ross Stores, Inc.  | $59 |
| 399 | TJX Cos., Inc.  | 50 |
| 161 | Ulta Beauty, Inc. <sup>\*</sup> | 83 |
|  |  | 192 |
| **TRADING COMPANIES & DISTRIBUTORS—3.9%** | **TRADING COMPANIES & DISTRIBUTORS—3.9%** | **TRADING COMPANIES & DISTRIBUTORS—3.9%** |
| 1610 | Air Lease Corp.  | 89 |
| 378 | GATX Corp.  | 58 |
|  |  | 147 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,467) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,467) | 3705 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.7%** <br>(Cost $3,467) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.7%** <br>(Cost $3,467) | 3705 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.3%** | 86 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Mid Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** | **COMMON STOCKS—98.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| 306 | Huntington Ingalls Industries, Inc.  | $85 |
| **AUTOMOBILE COMPONENTS—1.1%** | **AUTOMOBILE COMPONENTS—1.1%** | **AUTOMOBILE COMPONENTS—1.1%** |
| 1146 | BorgWarner, Inc.  | 42 |
| **BANKS—6.5%** | **BANKS—6.5%** | **BANKS—6.5%** |
| 1224 | Bank OZK  | 60 |
| 598 | Pinnacle Financial Partners, Inc.  | 53 |
| 672 | Popular, Inc. (Puerto Rico) | 77 |
| 1055 | Webster Financial Corp.  | 61 |
|  |  | 251 |
| **BUILDING PRODUCTS—1.4%** | **BUILDING PRODUCTS—1.4%** | **BUILDING PRODUCTS—1.4%** |
| 789 | Masco Corp.  | 54 |
| **CAPITAL MARKETS—10.5%** | **CAPITAL MARKETS—10.5%** | **CAPITAL MARKETS—10.5%** |
| 183 | FactSet Research Systems, Inc.  | 74 |
| 717 | Intercontinental Exchange, Inc.  | 133 |
| 565 | Raymond James Financial, Inc.  | 94 |
| 905 | Stifel Financial Corp.  | 103 |
|  |  | 404 |
| **CHEMICALS—4.2%** | **CHEMICALS—4.2%** | **CHEMICALS—4.2%** |
| 413 | Albemarle Corp.  | 28 |
| 567 | CF Industries Holdings, Inc.  | 52 |
| 477 | Eastman Chemical Co.  | 35 |
| 754 | Scotts Miracle-Gro Co.  | 47 |
|  |  | 162 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** |
| 649 | Sysco Corp.  | 52 |
| **CONTAINERS & PACKAGING—1.4%** | **CONTAINERS & PACKAGING—1.4%** | **CONTAINERS & PACKAGING—1.4%** |
| 893 | Sealed Air Corp.  | 26 |
| 634 | Sonoco Products Co.  | 29 |
|  |  | 55 |
| **DISTRIBUTORS—1.0%** | **DISTRIBUTORS—1.0%** | **DISTRIBUTORS—1.0%** |
| 1343 | LKQ Corp.  | 40 |
| **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** |
| 797 | NEXTracker, Inc. Class A<sup>\*</sup> | 46 |
| 385 | Regal Rexnord Corp.  | 59 |
|  |  | 105 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.6%** |
| 1174 | Avnet, Inc.  | 62 |
| 3097 | Flex Ltd. <sup>\*</sup> | 155 |
|  |  | 217 |
| **ENERGY EQUIPMENT & SERVICES—1.2%** | **ENERGY EQUIPMENT & SERVICES—1.2%** | **ENERGY EQUIPMENT & SERVICES—1.2%** |
| 3669 | NOV, Inc.  | 46 |
| **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** |
| 664 | Global Payments, Inc.  | 53 |
| **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** |
| 391 | Atmos Energy Corp.  | 61 |
| **GROUND TRANSPORTATION—3.0%** | **GROUND TRANSPORTATION—3.0%** | **GROUND TRANSPORTATION—3.0%** |
| 2008 | CSX Corp.  | 72 |
| 1771 | Schneider National, Inc. Class B | 43 |
|  |  | 115 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—3.2%** | **HEALTH CARE PROVIDERS & SERVICES—3.2%** | **HEALTH CARE PROVIDERS & SERVICES—3.2%** |
| 861 | Centene Corp. <sup>\*</sup> | $23 |
| 123 | Humana, Inc.  | 31 |
| 259 | Labcorp Holdings, Inc.  | 67 |
|  |  | 121 |
| **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** |
| 370 | Alexandria Real Estate Equities, Inc.  | 28 |
| **HOTELS, RESTAURANTS & LEISURE—6.2%** | **HOTELS, RESTAURANTS & LEISURE—6.2%** | **HOTELS, RESTAURANTS & LEISURE—6.2%** |
| 491 | Darden Restaurants, Inc.  | 99 |
| 441 | Royal Caribbean Cruises Ltd.  | 140 |
|  |  | 239 |
| **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** |
| 420 | DR Horton, Inc.  | 60 |
| **INSURANCE—5.9%** | **INSURANCE—5.9%** | **INSURANCE—5.9%** |
| 380 | Progressive Corp.  | 92 |
| 381 | Reinsurance Group of America, Inc.  | 73 |
| 247 | RenaissanceRe Holdings Ltd. (Bermuda) | 60 |
|  |  | 225 |
| **IT SERVICES—1.2%** | **IT SERVICES—1.2%** | **IT SERVICES—1.2%** |
| 603 | Akamai Technologies, Inc. <sup>\*</sup> | 46 |
| **LIFE SCIENCES TOOLS & SERVICES—2.9%** | **LIFE SCIENCES TOOLS & SERVICES—2.9%** | **LIFE SCIENCES TOOLS & SERVICES—2.9%** |
| 295 | Charles River Laboratories International, Inc. <sup>\*</sup> | 50 |
| 331 | IQVIA Holdings, Inc. <sup>\*</sup> | 62 |
|  |  | 112 |
| **MACHINERY—5.7%** | **MACHINERY—5.7%** | **MACHINERY—5.7%** |
| 279 | Cummins, Inc.  | 103 |
| 925 | Flowserve Corp.  | 52 |
| 204 | Snap-on, Inc.  | 65 |
|  |  | 220 |
| **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** |
| 512 | WEC Energy Group, Inc.  | 56 |
| **OFFICE REITS—3.4%** | **OFFICE REITS—3.4%** | **OFFICE REITS—3.4%** |
| 720 | BXP, Inc.  | 47 |
| 2215 | Vornado Realty Trust  | 85 |
|  |  | 132 |
| **OIL, GAS & CONSUMABLE FUELS—2.8%** | **OIL, GAS & CONSUMABLE FUELS—2.8%** | **OIL, GAS & CONSUMABLE FUELS—2.8%** |
| 1735 | Murphy Oil Corp.  | 43 |
| 804 | ONEOK, Inc.  | 66 |
|  |  | 109 |
| **PROFESSIONAL SERVICES—1.7%** | **PROFESSIONAL SERVICES—1.7%** | **PROFESSIONAL SERVICES—1.7%** |
| 259 | Broadridge Financial Solutions, Inc.  | 64 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.6%** |
| 646 | CBRE Group, Inc. Class A<sup>\*</sup> | 101 |
| **RESIDENTIAL REITS—1.3%** | **RESIDENTIAL REITS—1.3%** | **RESIDENTIAL REITS—1.3%** |
| 197 | Essex Property Trust, Inc.  | 51 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.5%** |
| 274 | Applied Materials, Inc.  | 49 |
| 1522 | ON Semiconductor Corp. <sup>\*</sup> | 86 |
|  |  | 135 |

---

------

⬤

------

**Harbor Mid Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—4.3%** | **SOFTWARE—4.3%** | **SOFTWARE—4.3%** |
| 261 | Synopsys, Inc. <sup>\*</sup> | $165 |
| **SPECIALTY RETAIL—3.5%** | **SPECIALTY RETAIL—3.5%** | **SPECIALTY RETAIL—3.5%** |
| 1262 | Bath & Body Works, Inc.  | 37 |
| 303 | Ross Stores, Inc.  | 41 |
| 470 | TJX Cos., Inc.  | 58 |
|  |  | 136 |
| **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** |
| 399 | GATX Corp.  | 61 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,494) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,494) | 3803 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.8%** <br>(Cost $3,494) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.8%** <br>(Cost $3,494) | 3803 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | 47 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Multi-Asset Explorer ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—99.7%** | **EXCHANGE-TRADED FUNDS—99.7%** | **EXCHANGE-TRADED FUNDS—99.7%** |
| **Shares** |  | **Value** |
| **COMMODITY FUNDS—6.6%** | **COMMODITY FUNDS—6.6%** | **COMMODITY FUNDS—6.6%** |
| 5766 | Goldman Sachs Physical Gold ETF <sup>\*</sup> | $187 |
| 588 | SPDR Gold Shares <sup>\*</sup> | 178 |
|  |  | 365 |
| **EQUITY FUNDS—71.2%** | **EQUITY FUNDS—71.2%** | **EQUITY FUNDS—71.2%** |
| 2928 | Communication Services Select Sector SPDR Fund  | 314 |
| 5800 | Financial Select Sector SPDR Fund  | 304 |
| 4761 | Franklin FTSE United Kingdom ETF  | 146 |
| 305 | Health Care Select Sector SPDR Fund  | 40 |
| 2864 | iShares Core S&P 500 ETF  | 1818 |
| 1918 | iShares MSCI EAFE ETF  | 168 |
| 10657 | iShares MSCI Emerging Markets ETF  | 518 |
| 3537 | iShares MSCI Japan ETF  | 260 |
| 5038 | Vanguard FTSE Europe ETF  | 381 |
|  |  | 3949 |
| **FIXED INCOME FUNDS—21.9%** | **FIXED INCOME FUNDS—21.9%** | **FIXED INCOME FUNDS—21.9%** |
| 2498 | iShares 20+ Year Treasury Bond ETF  | 217 |
| 681 | iShares 7-10 Year Treasury Bond ETF  | 65 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—Continued** | **EXCHANGE-TRADED FUNDS—Continued** | **EXCHANGE-TRADED FUNDS—Continued** |
| **Shares** |  | **Value** |
| **FIXED INCOME FUNDS—Continued** | **FIXED INCOME FUNDS—Continued** | **FIXED INCOME FUNDS—Continued** |
| 12391 | iShares Broad USD High Yield Corporate Bond ETF  | $463 |
| 2696 | &nbsp;&nbsp;&nbsp; iShares Broad USD Investment Grade Corporate <br> Bond ETF <br>| 138 |
| 2272 | &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond <br> ETF <br>| 211 |
| 1276 | iShares MBS ETF  | 119 |
|  |  | 1213 |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $4,891) | &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $4,891) | 5527 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.7%** <br>(Cost $4,891) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.7%** <br>(Cost $4,891) | 5527 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | 16 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5543 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Osmosis Emerging Markets Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** |
| **Shares** |  | **Value** |
| **AIR FREIGHT & LOGISTICS—1.0%** | **AIR FREIGHT & LOGISTICS—1.0%** | **AIR FREIGHT & LOGISTICS—1.0%** |
| 659900 | JD Logistics, Inc. (China)<sup>\*,1</sup> | $1148 |
| **AUTOMOBILES—8.9%** | **AUTOMOBILES—8.9%** | **AUTOMOBILES—8.9%** |
| 54208 | Kia Corp. (South Korea) | 3999 |
| 192958 | Li Auto, Inc. Class A (China)<sup>\*</sup> | 2551 |
| 6700 | Seres Group Co. Ltd. Class A (China) | 118 |
| 511696 | Tata Motors Ltd. (India) | 3893 |
|  |  | 10561 |
| **BANKS—17.6%** | **BANKS—17.6%** | **BANKS—17.6%** |
| 113333 | Al Rajhi Bank (Saudi Arabia) | 2863 |
| 1639112 | Banco de Chile (Chile) | 226 |
| 2286354 | Bank Central Asia Tbk. PT (Indonesia) | 1150 |
| 5114550 | Bank of China Ltd. Class H (China) | 2958 |
| 2212 | Bank Polska Kasa Opieki SA (Poland) | 121 |
| 1027000 | China CITIC Bank Corp. Ltd. Class H (China) | 956 |
| 2767656 | China Construction Bank Corp. Class H (China) | 2838 |
| 1375 | Credicorp Ltd. (Peru) | 326 |
| 35595 | &nbsp;&nbsp;&nbsp; Eurobank Ergasias Services & Holdings SA <br> (Greece)<br>| 132 |
| 49397 | &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 440 |
| 59900 | Hong Leong Bank Bhd. (Malaysia) | 267 |
| 135146 | ICICI Bank Ltd. (India) | 2291 |
| 4902 | Komercni Banka AS (Czech Republic) | 234 |
| 381254 | Kuwait Finance House KSCP (Kuwait) | 1005 |
| 558946 | Malayan Banking Bhd. (Malaysia) | 1231 |
| 41595 | National Bank of Greece SA (Greece) | 583 |
| 53086 | Nedbank Group Ltd. (South Africa) | 724 |
| 3757 | OTP Bank Nyrt (Hungary) | 306 |
| 55788 | &nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA <br> (Poland)<br>| 1226 |
| 196787 | Qatar National Bank QPSC (Qatar) | 1013 |
|  |  | 20890 |
| **BEVERAGES—1.4%** | **BEVERAGES—1.4%** | **BEVERAGES—1.4%** |
| 157500 | Arca Continental SAB de CV (Mexico) | 1642 |
| **BIOTECHNOLOGY—0.6%** | **BIOTECHNOLOGY—0.6%** | **BIOTECHNOLOGY—0.6%** |
| 53500 | Innovent Biologics, Inc. (China)<sup>\*,1</sup> | 668 |
| **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** |
| 98500 | B3 SA - Brasil Bolsa Balcao (Brazil) | 222 |
| 32500 | Banco BTG Pactual SA (Brazil) | 227 |
| 27068 | HDFC Asset Management Co. Ltd. (India)<sup>1</sup> | 1740 |
|  |  | 2189 |
| **CHEMICALS—3.9%** | **CHEMICALS—3.9%** | **CHEMICALS—3.9%** |
| 122651 | Asian Paints Ltd. (India) | 3348 |
| 4851 | LG Chem Ltd. (South Korea) | 1054 |
| 45478 | Sasol Ltd. (South Africa)<sup>\*</sup> | 234 |
|  |  | 4636 |
| **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** |
| 8422 | Larsen & Toubro Ltd. (India) | 349 |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| 22281 | Bajaj Finance Ltd. (India) | 224 |
| 6036 | Qifu Technology, Inc. ADR (China)<sup>2</sup> | 207 |
|  |  | 431 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.7%** |
| 82706 | Bid Corp. Ltd. (South Africa) | $2079 |
| **CONTAINERS & PACKAGING—0.8%** | **CONTAINERS & PACKAGING—0.8%** | **CONTAINERS & PACKAGING—0.8%** |
| 276641 | Klabin SA (Brazil) | 919 |
| **DIVERSIFIED REITS—0.1%** | **DIVERSIFIED REITS—0.1%** | **DIVERSIFIED REITS—0.1%** |
| 101000 | Fibra Uno Administracion SA de CV (Mexico) | 144 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** |
| 184912 | &nbsp;&nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC <br> (United Arab Emirates)<br>| 938 |
| **ELECTRICAL EQUIPMENT—3.2%** | **ELECTRICAL EQUIPMENT—3.2%** | **ELECTRICAL EQUIPMENT—3.2%** |
| 379600 | Sungrow Power Supply Co. Ltd. Class A (China) | 3800 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.2%** |
| 106033 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 632 |
| 1876186 | Synnex Technology International Corp. (Taiwan) | 4174 |
| 66500 | WPG Holdings Ltd. (Taiwan) | 148 |
|  |  | 4954 |
| **ENTERTAINMENT—2.4%** | **ENTERTAINMENT—2.4%** | **ENTERTAINMENT—2.4%** |
| 134227 | Tencent Music Entertainment Group ADR (China)<sup>2</sup> | 2817 |
| **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** |
| 133000 | Far East Horizon Ltd. (China) | 136 |
| 145189 | FirstRand Ltd. (South Africa) | 617 |
|  |  | 753 |
| **FOOD PRODUCTS—0.2%** | **FOOD PRODUCTS—0.2%** | **FOOD PRODUCTS—0.2%** |
| 25287 | Marico Ltd. (India) | 205 |
| **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** |
| 27421 | ENN Energy Holdings Ltd. (China) | 224 |
| 1576000 | Kunlun Energy Co. Ltd. (China) | 1520 |
|  |  | 1744 |
| **HOTELS, RESTAURANTS & LEISURE—1.7%** | **HOTELS, RESTAURANTS & LEISURE—1.7%** | **HOTELS, RESTAURANTS & LEISURE—1.7%** |
| 130912 | Meituan Class B (China)<sup>\*,1</sup> | 2028 |
| **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** |
| 15362 | Dixon Technologies India Ltd. (India) | 2950 |
| 5800 | LG Electronics, Inc. (South Korea) | 324 |
|  |  | 3274 |
| **INSURANCE—3.0%** | **INSURANCE—3.0%** | **INSURANCE—3.0%** |
| 914656 | China Life Insurance Co. Ltd. Class H (China) | 2651 |
| 467904 | PICC Property & Casualty Co. Ltd. Class H (China) | 973 |
|  |  | 3624 |
| **METALS & MINING—0.1%** | **METALS & MINING—0.1%** | **METALS & MINING—0.1%** |
| 700 | CMOC Group Ltd. Class A (China) | 1 |
| 15284 | JSW Steel Ltd. (India) | 184 |
|  |  | 185 |
| **OIL, GAS & CONSUMABLE FUELS—4.0%** | **OIL, GAS & CONSUMABLE FUELS—4.0%** | **OIL, GAS & CONSUMABLE FUELS—4.0%** |
| 583474 | Petronet LNG Ltd. (India) | 1917 |
| 1311255 | PTT PCL (Thailand) | 1324 |
| 197601 | Saudi Arabian Oil Co. (Saudi Arabia)<sup>1</sup> | 1280 |
| 147000 | United Tractors Tbk. PT (Indonesia) | 216 |
|  |  | 4737 |

---

------

⬤

------

**Harbor Osmosis Emerging Markets Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PASSENGER AIRLINES—3.2%** | **PASSENGER AIRLINES—3.2%** | **PASSENGER AIRLINES—3.2%** |
| 2350357 | Eva Airways Corp. (Taiwan) | $2981 |
| 5680713 | Latam Airlines Group SA (Chile) | 124 |
| 92463 | Turk Hava Yollari AO (Turkey) | 656 |
|  |  | 3761 |
| **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** |
| 4652 | LG H&H Co. Ltd. (South Korea) | 1060 |
| **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** |
| 58062 | SK Biopharmaceuticals Co. Ltd. (South Korea)<sup>\*</sup> | 4132 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%** |
| 285103 | Emaar Properties PJSC (United Arab Emirates) | 1184 |
| 24382 | NEPI Rockcastle NV (Romania) | 186 |
| 1101398 | SM Prime Holdings, Inc. (Philippines) | 438 |
|  |  | 1808 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.2%** |
| 103389 | Global Unichip Corp. (Taiwan) | 4209 |
| 91633 | MediaTek, Inc. (Taiwan) | 4206 |
| 42991 | Montage Technology Co. Ltd. Class A (China) | 508 |
| 41732 | Realtek Semiconductor Corp. (Taiwan) | 804 |
|  |  | 9727 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—11.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—11.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—11.7%** |
| 192256 | Asustek Computer, Inc. (Taiwan) | 4264 |
| 3144047 | Lenovo Group Ltd. (China) | 4053 |
| 17093 | Wiwynn Corp. (Taiwan) | 1584 |
| 598037 | Xiaomi Corp. Class B (China)<sup>\*,1</sup> | 4049 |
|  |  | 13950 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TEXTILES, APPAREL & LUXURY GOODS—0.2%** | **TEXTILES, APPAREL & LUXURY GOODS—0.2%** | **TEXTILES, APPAREL & LUXURY GOODS—0.2%** |
| 18600 | ANTA Sports Products Ltd. (China) | $213 |
| **WIRELESS TELECOMMUNICATION SERVICES—7.1%** | **WIRELESS TELECOMMUNICATION SERVICES—7.1%** | **WIRELESS TELECOMMUNICATION SERVICES—7.1%** |
| 133516 | Bharti Airtel Ltd. (India) | 2914 |
| 53309 | SK Telecom Co. Ltd. (South Korea) | 2157 |
| 919000 | TIM SA (Brazil) | 3399 |
|  |  | 8470 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $107,630) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $107,630) | 117836 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** |
| **BANKS—0.5%** | **BANKS—0.5%** | **BANKS—0.5%** |
| 15810 | Grupo Cibest SA (Colombia) | 173 |
| 52900 | Itau Unibanco Holding SA (Brazil) | 332 |
|  |  | 505 |
| **CHEMICALS—0.1%** | **CHEMICALS—0.1%** | **CHEMICALS—0.1%** |
| 3519 | &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA Class B <br> (Chile)<sup>\*</sup><br>| 130 |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $606) | &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $606) | 635 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $108,236) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $108,236) | 118471 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 172 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $118643 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of July 31, 2025, the aggregate value of these securities was $10,913 or 9% of net assets.

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Osmosis International Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.6%** | **COMMON STOCKS—97.6%** | **COMMON STOCKS—97.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** |
| 1923 | Thales SA (France) | $517 |
| **AUTOMOBILE COMPONENTS—2.7%** | **AUTOMOBILE COMPONENTS—2.7%** | **AUTOMOBILE COMPONENTS—2.7%** |
| 243604 | Denso Corp. (Japan) | 3321 |
| **AUTOMOBILES—2.6%** | **AUTOMOBILES—2.6%** | **AUTOMOBILES—2.6%** |
| 55690 | Mercedes-Benz Group AG (Germany) | 3184 |
| **BANKS—9.0%** | **BANKS—9.0%** | **BANKS—9.0%** |
| 39371 | Banco BPM SpA (Italy) | 503 |
| 197225 | Banco Santander SA (Spain) | 1696 |
| 296272 | Barclays PLC (United Kingdom) | 1453 |
| 63001 | BOC Hong Kong Holdings Ltd. (China) | 283 |
| 10 | DBS Group Holdings Ltd. (Singapore) |  |
| 3113 | KBC Group NV (Belgium) | 326 |
| 44190 | NatWest Group PLC (United Kingdom) | 308 |
| 19476 | Royal Bank of Canada (Canada) | 2499 |
| 18092 | Societe Generale SA (France) | 1156 |
| 40188 | UniCredit SpA (Italy) | 2964 |
|  |  | 11188 |
| **BIOTECHNOLOGY—2.6%** | **BIOTECHNOLOGY—2.6%** | **BIOTECHNOLOGY—2.6%** |
| 118372 | Swedish Orphan Biovitrum AB (Sweden)<sup>\*</sup> | 3260 |
| **CAPITAL MARKETS—4.7%** | **CAPITAL MARKETS—4.7%** | **CAPITAL MARKETS—4.7%** |
| 43604 | 3i Group PLC (United Kingdom) | 2390 |
| 9572 | EQT AB (Sweden) | 322 |
| 5550 | Futu Holdings Ltd. ADR (Hong Kong)<sup>1</sup> | 853 |
| 178800 | Singapore Exchange Ltd. (Singapore) | 2203 |
|  |  | 5768 |
| **CHEMICALS—1.1%** | **CHEMICALS—1.1%** | **CHEMICALS—1.1%** |
| 8577 | Akzo Nobel NV (Netherlands) | 539 |
| 70400 | Nippon Paint Holdings Co. Ltd. (Japan) | 601 |
| 13300 | Nitto Denko Corp. (Japan) | 277 |
|  |  | 1417 |
| **COMMERCIAL SERVICES & SUPPLIES—1.7%** | **COMMERCIAL SERVICES & SUPPLIES—1.7%** | **COMMERCIAL SERVICES & SUPPLIES—1.7%** |
| 137380 | Brambles Ltd. (Australia) | 2111 |
| **COMMUNICATIONS EQUIPMENT—1.2%** | **COMMUNICATIONS EQUIPMENT—1.2%** | **COMMUNICATIONS EQUIPMENT—1.2%** |
| 212782 | Telefonaktiebolaget LM Ericsson Class B (Sweden) | 1551 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.0%** |
| 19500 | George Weston Ltd. (Canada) | 3705 |
| **DIVERSIFIED CONSUMER SERVICES—0.8%** | **DIVERSIFIED CONSUMER SERVICES—0.8%** | **DIVERSIFIED CONSUMER SERVICES—0.8%** |
| 72366 | Pearson PLC (United Kingdom) | 1025 |
| **ELECTRIC UTILITIES—0.0%** | **ELECTRIC UTILITIES—0.0%** | **ELECTRIC UTILITIES—0.0%** |
| 12 | Fortum OYJ (Finland) |  |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.0%** |
| 12 | Celestica, Inc. (Canada)<sup>\*</sup> | 2 |
| **ENTERTAINMENT—3.2%** | **ENTERTAINMENT—3.2%** | **ENTERTAINMENT—3.2%** |
| 46808 | Nintendo Co. Ltd. (Japan) | 3939 |
| **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** |
| 20476 | Groupe Bruxelles Lambert NV (Belgium) | 1720 |
| **FOOD PRODUCTS—0.0%** | **FOOD PRODUCTS—0.0%** | **FOOD PRODUCTS—0.0%** |
| 4 | Yakult Honsha Co. Ltd. (Japan) |  |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GAS UTILITIES—0.4%** | **GAS UTILITIES—0.4%** | **GAS UTILITIES—0.4%** |
| 16400 | Tokyo Gas Co. Ltd. (Japan) | $549 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.7%** |
| 7 | Koninklijke Philips NV (Netherlands) |  |
| 2061 | Sonova Holding AG (Switzerland) | 564 |
| 32643 | Straumann Holding AG (Switzerland) | 3985 |
|  |  | 4549 |
| **HOTELS, RESTAURANTS & LEISURE—0.6%** | **HOTELS, RESTAURANTS & LEISURE—0.6%** | **HOTELS, RESTAURANTS & LEISURE—0.6%** |
| 9123 | Amadeus IT Group SA (Spain) | 733 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.7%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.7%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.7%** |
| 22726 | Brookfield Renewable Corp. (Canada) | 831 |
| 27129 | Orsted AS (Denmark)<sup>\*,2</sup> | 1279 |
|  |  | 2110 |
| **INDUSTRIAL CONGLOMERATES—1.2%** | **INDUSTRIAL CONGLOMERATES—1.2%** | **INDUSTRIAL CONGLOMERATES—1.2%** |
| 4840 | Siemens AG (Germany) | 1242 |
| 8238 | Smiths Group PLC (United Kingdom) | 256 |
|  |  | 1498 |
| **INSURANCE—10.2%** | **INSURANCE—10.2%** | **INSURANCE—10.2%** |
| 4424 | Ageas SA (Belgium) | 302 |
| 199250 | Aviva PLC (United Kingdom) | 1707 |
| 47116 | Manulife Financial Corp. (Canada) | 1458 |
| 487730 | Medibank Pvt Ltd. (Australia) | 1598 |
| 1242 | &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen (Germany)<br>| 816 |
| 178768 | Sampo OYJ Class A (Finland) | 1921 |
| 23315 | Sun Life Financial, Inc. (Canada) | 1421 |
| 71417 | Suncorp Group Ltd. (Australia) | 962 |
| 3623 | Zurich Insurance Group AG (Switzerland) | 2483 |
|  |  | 12668 |
| **IT SERVICES—0.0%** | **IT SERVICES—0.0%** | **IT SERVICES—0.0%** |
| 1414 | Obic Co. Ltd. (Japan) | 51 |
| **MARINE TRANSPORTATION—3.5%** | **MARINE TRANSPORTATION—3.5%** | **MARINE TRANSPORTATION—3.5%** |
| 122800 | Nippon Yusen KK (Japan) | 4317 |
| **METALS & MINING—6.1%** | **METALS & MINING—6.1%** | **METALS & MINING—6.1%** |
| 39234 | Antofagasta PLC (Chile) | 973 |
| 275108 | BlueScope Steel Ltd. (Australia) | 4202 |
| 35808 | Lundin Gold, Inc. (Canada) | 1657 |
| 29316 | Pan American Silver Corp. (Canada) | 792 |
|  |  | 7624 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 122732 | Centrica PLC (United Kingdom) | 267 |
| **OIL, GAS & CONSUMABLE FUELS—4.5%** | **OIL, GAS & CONSUMABLE FUELS—4.5%** | **OIL, GAS & CONSUMABLE FUELS—4.5%** |
| 18556 | Enbridge, Inc. (Canada) | 841 |
| 49606 | Galp Energia SGPS SA (Portugal) | 946 |
| 63390 | TotalEnergies SE (France) | 3763 |
|  |  | 5550 |
| **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** |
| 134900 | Singapore Airlines Ltd. (Singapore) | 707 |
| **PERSONAL CARE PRODUCTS—3.7%** | **PERSONAL CARE PRODUCTS—3.7%** | **PERSONAL CARE PRODUCTS—3.7%** |
| 10196 | L'Oreal SA (France) | 4530 |

---

------

⬤

------

**Harbor Osmosis International Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** |
| 21701 | AstraZeneca PLC (United Kingdom) | $3245 |
| 7402 | Roche Holding AG (United States) | 2343 |
|  |  | 5588 |
| **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** |
| 26504 | Recruit Holdings Co. Ltd. (Japan) | 1591 |
| 5915 | RELX PLC (United Kingdom) | 307 |
|  |  | 1898 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** |
| 137710 | CapitaLand Investment Ltd. (Singapore) | 295 |
| 4 | Daito Trust Construction Co. Ltd. (Japan) |  |
| 27000 | Sun Hung Kai Properties Ltd. (Hong Kong) | 322 |
|  |  | 617 |
| **RETAIL REITS—0.2%** | **RETAIL REITS—0.2%** | **RETAIL REITS—0.2%** |
| 6746 | Klepierre SA (France) | 258 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.5%** |
| 808 | ASML Holding NV (Netherlands) | 566 |
| 24100 | Lasertec Corp. (Japan) | 2480 |
|  |  | 3046 |
| **SOFTWARE—5.4%** | **SOFTWARE—5.4%** | **SOFTWARE—5.4%** |
| 10733 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 1999 |
| 115100 | Sage Group PLC (United Kingdom) | 1854 |
| 9826 | SAP SE (Germany) | 2812 |
|  |  | 6665 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** |
| 26435 | Moncler SpA (Italy) | $1416 |
| **TRADING COMPANIES & DISTRIBUTORS—8.5%** | **TRADING COMPANIES & DISTRIBUTORS—8.5%** | **TRADING COMPANIES & DISTRIBUTORS—8.5%** |
| 39941 | AerCap Holdings NV (Ireland) | 4284 |
| 5747 | IMCD NV (Netherlands) | 632 |
| 39507 | Rexel SA (France) | 1198 |
| 190208 | Toyota Tsusho Corp. (Japan) | 4378 |
|  |  | 10492 |
| **WIRELESS TELECOMMUNICATION SERVICES—2.6%** | **WIRELESS TELECOMMUNICATION SERVICES—2.6%** | **WIRELESS TELECOMMUNICATION SERVICES—2.6%** |
| 21810 | SoftBank Group Corp. (Japan) | 1708 |
| 1372747 | Vodafone Group PLC (United Kingdom) | 1487 |
|  |  | 3195 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $107,869) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $107,869) | 121036 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—1.9%** | **PREFERRED STOCKS—1.9%** | **PREFERRED STOCKS—1.9%** |
| &nbsp;&nbsp;&nbsp; (Cost $2,109) | &nbsp;&nbsp;&nbsp; (Cost $2,109) | &nbsp;&nbsp;&nbsp; (Cost $2,109) |
| **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** |
| 22355 | Volkswagen AG (Germany) | 2350 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.5%** <br>(Cost $109,978) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.5%** <br>(Cost $109,978) | 123386 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | 596 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $123982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of July 31, 2025, the aggregate value of these securities was $1,279 or 1% of net assets.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** |
| 16188 | General Dynamics Corp.  | $5044 |
| 15214 | General Electric Co.  | 4124 |
| 31470 | RTX Corp.  | 4959 |
|  |  | 14127 |
| **AUTOMOBILE COMPONENTS—0.1%** | **AUTOMOBILE COMPONENTS—0.1%** | **AUTOMOBILE COMPONENTS—0.1%** |
| 9187 | Aptiv PLC (Jersey)<sup>\*</sup> | 631 |
| **AUTOMOBILES—2.5%** | **AUTOMOBILES—2.5%** | **AUTOMOBILES—2.5%** |
| 93256 | General Motors Co.  | 4974 |
| 29381 | Tesla, Inc. <sup>\*</sup> | 9058 |
|  |  | 14032 |
| **BANKS—3.7%** | **BANKS—3.7%** | **BANKS—3.7%** |
| 21281 | Commerce Bancshares, Inc.  | 1302 |
| 33479 | JPMorgan Chase & Co.  | 9918 |
| 17276 | Popular, Inc. (Puerto Rico) | 1980 |
| 76047 | Wells Fargo & Co.  | 6132 |
| 35442 | Zions Bancorp NA  | 1900 |
|  |  | 21232 |
| **BEVERAGES—0.6%** | **BEVERAGES—0.6%** | **BEVERAGES—0.6%** |
| 10168 | Coca-Cola Co.  | 691 |
| 20282 | PepsiCo, Inc.  | 2797 |
|  |  | 3488 |
| **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** |
| 7098 | Amgen, Inc.  | 2094 |
| 53803 | Exelixis, Inc. <sup>\*</sup> | 1949 |
| 43647 | Incyte Corp. <sup>\*</sup> | 3269 |
|  |  | 7312 |
| **BROADLINE RETAIL—4.9%** | **BROADLINE RETAIL—4.9%** | **BROADLINE RETAIL—4.9%** |
| 95298 | Amazon.com, Inc. <sup>\*</sup> | 22310 |
| 60887 | eBay, Inc.  | 5587 |
|  |  | 27897 |
| **BUILDING PRODUCTS—1.1%** | **BUILDING PRODUCTS—1.1%** | **BUILDING PRODUCTS—1.1%** |
| 64955 | Carrier Global Corp.  | 4457 |
| 19322 | Johnson Controls International PLC  | 2029 |
|  |  | 6486 |
| **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** |
| 53748 | Bank of New York Mellon Corp.  | 5453 |
| 2982 | Goldman Sachs Group, Inc.  | 2158 |
| 28359 | State Street Corp.  | 3169 |
|  |  | 10780 |
| **CHEMICALS—0.6%** | **CHEMICALS—0.6%** | **CHEMICALS—0.6%** |
| 45596 | DuPont de Nemours, Inc.  | 3278 |
| **COMMUNICATIONS EQUIPMENT—2.7%** | **COMMUNICATIONS EQUIPMENT—2.7%** | **COMMUNICATIONS EQUIPMENT—2.7%** |
| 47699 | Arista Networks, Inc. <sup>\*</sup> | 5877 |
| 16201 | Cisco Systems, Inc.  | 1103 |
| 15170 | F5, Inc. <sup>\*</sup> | 4755 |
| 8113 | Motorola Solutions, Inc.  | 3561 |
|  |  | 15296 |
| **CONSTRUCTION & ENGINEERING—0.4%** | **CONSTRUCTION & ENGINEERING—0.4%** | **CONSTRUCTION & ENGINEERING—0.4%** |
| 20218 | AECOM  | 2279 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CONSUMER FINANCE—2.1%** | **CONSUMER FINANCE—2.1%** | **CONSUMER FINANCE—2.1%** |
| 5033 | American Express Co.  | $1506 |
| 23323 | Capital One Financial Corp.  | 5015 |
| 74003 | Synchrony Financial  | 5156 |
|  |  | 11677 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.0%** |
| 9119 | Costco Wholesale Corp.  | 8569 |
| 7134 | Kroger Co.  | 500 |
| 25326 | U.S. Foods Holding Corp. <sup>\*</sup> | 2110 |
| 61829 | Walmart, Inc.  | 6058 |
|  |  | 17237 |
| **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** |
| 12211 | AptarGroup, Inc.  | 1919 |
| **DIVERSIFIED CONSUMER SERVICES—0.2%** | **DIVERSIFIED CONSUMER SERVICES—0.2%** | **DIVERSIFIED CONSUMER SERVICES—0.2%** |
| 20292 | H&R Block, Inc.  | 1103 |
| **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** |
| 103444 | Exelon Corp.  | 4649 |
| 22324 | NRG Energy, Inc.  | 3732 |
| 97405 | PG&E Corp.  | 1366 |
|  |  | 9747 |
| **ELECTRICAL EQUIPMENT—0.6%** | **ELECTRICAL EQUIPMENT—0.6%** | **ELECTRICAL EQUIPMENT—0.6%** |
| 18208 | AMETEK, Inc.  | 3366 |
| **ENERGY EQUIPMENT & SERVICES—0.8%** | **ENERGY EQUIPMENT & SERVICES—0.8%** | **ENERGY EQUIPMENT & SERVICES—0.8%** |
| 95360 | Baker Hughes Co.  | 4296 |
| **ENTERTAINMENT—1.4%** | **ENTERTAINMENT—1.4%** | **ENTERTAINMENT—1.4%** |
| 7098 | Netflix, Inc. <sup>\*</sup> | 8229 |
| **FINANCIAL SERVICES—5.1%** | **FINANCIAL SERVICES—5.1%** | **FINANCIAL SERVICES—5.1%** |
| 11180 | Berkshire Hathaway, Inc. Class B<sup>\*</sup> | 5276 |
| 54816 | Corebridge Financial, Inc.  | 1949 |
| 16239 | Mastercard, Inc. Class A | 9199 |
| 26371 | PayPal Holdings, Inc. <sup>\*</sup> | 1813 |
| 30395 | Visa, Inc. Class A | 10501 |
|  |  | 28738 |
| **FOOD PRODUCTS—0.6%** | **FOOD PRODUCTS—0.6%** | **FOOD PRODUCTS—0.6%** |
| 16214 | Mondelez International, Inc. Class A | 1049 |
| 40575 | Tyson Foods, Inc. Class A | 2122 |
|  |  | 3171 |
| **GAS UTILITIES—0.1%** | **GAS UTILITIES—0.1%** | **GAS UTILITIES—0.1%** |
| 7086 | National Fuel Gas Co.  | 615 |
| **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** |
| 22294 | Uber Technologies, Inc. <sup>\*</sup> | 1956 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** |
| 50748 | Boston Scientific Corp. <sup>\*</sup> | 5325 |
| 51681 | Hologic, Inc. <sup>\*</sup> | 3453 |
|  |  | 8778 |
| **HEALTH CARE PROVIDERS & SERVICES—1.8%** | **HEALTH CARE PROVIDERS & SERVICES—1.8%** | **HEALTH CARE PROVIDERS & SERVICES—1.8%** |
| 13209 | Cigna Group  | 3532 |
| 7127 | McKesson Corp.  | 4943 |
| 9101 | Tenet Healthcare Corp. <sup>\*</sup> | 1468 |

---

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
| 2053 | UnitedHealth Group, Inc.  | $512 |
|  |  | 10455 |
| **HEALTH CARE REITS—0.2%** | **HEALTH CARE REITS—0.2%** | **HEALTH CARE REITS—0.2%** |
| 18213 | Ventas, Inc.  | 1224 |
| **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** |
| 4055 | Veeva Systems, Inc. Class A<sup>\*</sup> | 1152 |
| **HOTELS, RESTAURANTS & LEISURE—0.9%** | **HOTELS, RESTAURANTS & LEISURE—0.9%** | **HOTELS, RESTAURANTS & LEISURE—0.9%** |
| 55 | Booking Holdings, Inc.  | 303 |
| 12188 | DoorDash, Inc. Class A<sup>\*</sup> | 3050 |
| 5077 | Royal Caribbean Cruises Ltd.  | 1614 |
|  |  | 4967 |
| **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** |
| 34429 | Colgate-Palmolive Co.  | 2887 |
| **INSURANCE—2.5%** | **INSURANCE—2.5%** | **INSURANCE—2.5%** |
| 13165 | Allstate Corp.  | 2676 |
| 20326 | Axis Capital Holdings Ltd.  | 1908 |
| 7052 | Hanover Insurance Group, Inc.  | 1210 |
| 36491 | Hartford Insurance Group, Inc.  | 4539 |
| 8153 | Travelers Cos., Inc.  | 2122 |
| 26421 | Unum Group  | 1897 |
|  |  | 14352 |
| **INTERACTIVE MEDIA & SERVICES—7.7%** | **INTERACTIVE MEDIA & SERVICES—7.7%** | **INTERACTIVE MEDIA & SERVICES—7.7%** |
| 113545 | Alphabet, Inc. Class A | 21789 |
| 28395 | Meta Platforms, Inc. Class A | 21962 |
|  |  | 43751 |
| **IT SERVICES—0.7%** | **IT SERVICES—0.7%** | **IT SERVICES—0.7%** |
| 4033 | GoDaddy, Inc. Class A<sup>\*</sup> | 652 |
| 9093 | Snowflake, Inc. Class A<sup>\*</sup> | 2032 |
| 9124 | Twilio, Inc. Class A<sup>\*</sup> | 1177 |
|  |  | 3861 |
| **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** |
| 31393 | Agilent Technologies, Inc.  | 3604 |
| **MACHINERY—2.0%** | **MACHINERY—2.0%** | **MACHINERY—2.0%** |
| 22333 | Oshkosh Corp.  | 2826 |
| 41620 | Pentair PLC  | 4254 |
| 22267 | Westinghouse Air Brake Technologies Corp.  | 4276 |
|  |  | 11356 |
| **MEDIA—0.6%** | **MEDIA—0.6%** | **MEDIA—0.6%** |
| 102415 | Comcast Corp. Class A | 3403 |
| **METALS & MINING—0.7%** | **METALS & MINING—0.7%** | **METALS & MINING—0.7%** |
| 64919 | Newmont Corp.  | 4031 |
| **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** |
| 23281 | Consolidated Edison, Inc.  | 2409 |
| 34468 | DTE Energy Co.  | 4771 |
|  |  | 7180 |
| **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** |
| 39605 | EOG Resources, Inc.  | 4753 |
| 48656 | Exxon Mobil Corp.  | 5432 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
| 2999 | Marathon Petroleum Corp.  | $511 |
|  |  | 10696 |
| **PASSENGER AIRLINES—0.9%** | **PASSENGER AIRLINES—0.9%** | **PASSENGER AIRLINES—0.9%** |
| 74069 | Delta Air Lines, Inc.  | 3941 |
| 13173 | United Airlines Holdings, Inc. <sup>\*</sup> | 1163 |
|  |  | 5104 |
| **PHARMACEUTICALS—3.1%** | **PHARMACEUTICALS—3.1%** | **PHARMACEUTICALS—3.1%** |
| 83199 | Bristol-Myers Squibb Co.  | 3604 |
| 8079 | Eli Lilly & Co.  | 5979 |
| 13244 | Jazz Pharmaceuticals PLC <sup>\*</sup> | 1518 |
| 25361 | Johnson & Johnson  | 4178 |
| 33452 | Merck & Co., Inc.  | 2613 |
|  |  | 17892 |
| **PROFESSIONAL SERVICES—0.2%** | **PROFESSIONAL SERVICES—0.2%** | **PROFESSIONAL SERVICES—0.2%** |
| 23273 | Genpact Ltd.  | 1025 |
| **RETAIL REITS—0.5%** | **RETAIL REITS—0.5%** | **RETAIL REITS—0.5%** |
| 16163 | Simon Property Group, Inc.  | 2647 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.5%** |
| 10192 | Advanced Micro Devices, Inc. <sup>\*</sup> | 1797 |
| 14219 | Applied Materials, Inc.  | 2560 |
| 43600 | Broadcom, Inc.  | 12805 |
| 52752 | Lam Research Corp.  | 5003 |
| 10174 | Marvell Technology, Inc.  | 818 |
| 18273 | Micron Technology, Inc.  | 1994 |
| 261598 | NVIDIA Corp.  | 46531 |
| 35492 | QUALCOMM, Inc.  | 5209 |
|  |  | 76717 |
| **SOFTWARE—11.5%** | **SOFTWARE—11.5%** | **SOFTWARE—11.5%** |
| 3999 | AppLovin Corp. Class A<sup>\*</sup> | 1562 |
| 8155 | Datadog, Inc. Class A<sup>\*</sup> | 1142 |
| 5024 | Guidewire Software, Inc. <sup>\*</sup> | 1137 |
| 9088 | Intuit, Inc.  | 7135 |
| 76044 | Microsoft Corp.  | 40569 |
| 9067 | Palantir Technologies, Inc. Class A<sup>\*</sup> | 1436 |
| 20225 | Salesforce, Inc.  | 5225 |
| 6067 | ServiceNow, Inc. <sup>\*</sup> | 5722 |
| 22351 | Zoom Communications, Inc. <sup>\*</sup> | 1655 |
|  |  | 65583 |
| **SPECIALIZED REITS—0.6%** | **SPECIALIZED REITS—0.6%** | **SPECIALIZED REITS—0.6%** |
| 11180 | American Tower Corp.  | 2330 |
| 6142 | Digital Realty Trust, Inc.  | 1083 |
|  |  | 3413 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.0%** |
| 158162 | Apple, Inc.  | 32829 |
| 10196 | NetApp, Inc.  | 1062 |
|  |  | 33891 |
| **TOBACCO—1.2%** | **TOBACCO—1.2%** | **TOBACCO—1.2%** |
| 42568 | Philip Morris International, Inc.  | 6983 |

---

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **WIRELESS TELECOMMUNICATION SERVICES—0.4%** | **WIRELESS TELECOMMUNICATION SERVICES—0.4%** | **WIRELESS TELECOMMUNICATION SERVICES—0.4%** |
| 10093 | T-Mobile U.S., Inc.  | $2406 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $564,471) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $564,471) | $566250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.1%** | **EXCHANGE-TRADED FUNDS—0.1%** | **EXCHANGE-TRADED FUNDS—0.1%** |
| &nbsp;&nbsp;&nbsp; (Cost $656) | &nbsp;&nbsp;&nbsp; (Cost $656) | &nbsp;&nbsp;&nbsp; (Cost $656) |
| **CAPITAL MARKETS—0.1%** | **CAPITAL MARKETS—0.1%** | **CAPITAL MARKETS—0.1%** |
| 1034 | SPDR S&P 500 ETF Trust  | 653 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.6%** <br>(Cost $565,127) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.6%** <br>(Cost $565,127) | 566903 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | 2043 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $568946 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Principal Amount, Value, and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—97.5%** | **Corporate Bonds & Notes—97.5%** | **Corporate Bonds & Notes—97.5%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| $200 | &nbsp;&nbsp;&nbsp; Bombardier, Inc. <br>7.450%—05/01/2034<sup>1</sup><br>| $217 |
| 800 | &nbsp;&nbsp;&nbsp; Moog, Inc. <br>4.250%—12/15/2027<sup>1</sup><br>| 782 |
|  | TransDigm, Inc. |  |
| 700 | &nbsp;&nbsp;&nbsp; 4.625%—01/15/2029 | 685 |
| 1000 | &nbsp;&nbsp;&nbsp; 4.875%—05/01/2029 | 982 |
| 500 | &nbsp;&nbsp;&nbsp; 6.375%—03/01/2029<sup>1</sup> | 512 |
|  |  | 2179 |
|  |  | 3178 |
| **AUTOMOBILES—3.5%** | **AUTOMOBILES—3.5%** | **AUTOMOBILES—3.5%** |
|  | Allison Transmission, Inc. |  |
| 1716 | &nbsp;&nbsp;&nbsp; 3.750%—01/30/2031<sup>1</sup> | 1569 |
| 300 | &nbsp;&nbsp;&nbsp; 5.875%—06/01/2029<sup>1</sup> | 302 |
|  |  | 1871 |
| 1800 | &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd. <br>10.000%—03/31/2029<sup>1</sup><br>| 1718 |
| 500 | &nbsp;&nbsp;&nbsp; Jaguar Land Rover Automotive PLC <br>7.750%—10/15/2025<sup>1</sup><br>| 500 |
| 967 | &nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc. <br>9.250%—07/01/2030<sup>1</sup><br>| 1030 |
| 400 | &nbsp;&nbsp;&nbsp; Wabash National Corp. <br>4.500%—10/15/2028<sup>1</sup><br>| 359 |
|  |  | 5478 |
| **BANKS—0.5%** | **BANKS—0.5%** | **BANKS—0.5%** |
| 800 | &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA <br>4.950%—06/01/2042<sup>1,2</sup><br>| 658 |
| 100 | &nbsp;&nbsp;&nbsp; UniCredit SpA <br>5.459%—06/30/2035<sup>1,2</sup><br>| 99 |
|  |  | 757 |
| **BEVERAGES—0.6%** | **BEVERAGES—0.6%** | **BEVERAGES—0.6%** |
| 1050 | &nbsp;&nbsp;&nbsp; Primo Water Holdings, Inc./Triton Water Holdings, <br> Inc. <br>4.375%—04/30/2029<sup>1</sup><br>| 1014 |
| **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** |
| 809 | &nbsp;&nbsp;&nbsp; Griffon Corp. <br>5.750%—03/01/2028<br>| 806 |
| 288 | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc. <br>7.000%—09/01/2032<sup>1</sup><br>| 216 |
| 200 | &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. <br>5.700%—06/15/2028<br>| 203 |
|  |  | 1225 |
| **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** |
|  | &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp.<br>|  |
| 1000 | &nbsp;&nbsp;&nbsp; 9.000%—06/15/2030 | 972 |
| 700 | &nbsp;&nbsp;&nbsp; 9.750%—01/15/2029 | 708 |
| 500 | &nbsp;&nbsp;&nbsp; 10.000%—11/15/2029<sup>1</sup> | 507 |
|  |  | 2187 |
| 400 | &nbsp;&nbsp;&nbsp; StoneX Group, Inc. <br>7.875%—03/01/2031<sup>1</sup><br>| 421 |
|  |  | 2608 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CHEMICALS—0.8%** | **CHEMICALS—0.8%** | **CHEMICALS—0.8%** |
| $100 | &nbsp;&nbsp;&nbsp; CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%—06/15/2028<sup>1</sup><br>| $100 |
| 200 | &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. <br>5.000%—07/01/2028<sup>1</sup><br>| 197 |
| 800 | &nbsp;&nbsp;&nbsp; Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| 862 |
| 200 | &nbsp;&nbsp;&nbsp; Tronox, Inc. <br>4.625%—03/15/2029<sup>1</sup><br>| 156 |
|  |  | 1315 |
| **COMMERCIAL SERVICES & SUPPLIES—7.1%** | **COMMERCIAL SERVICES & SUPPLIES—7.1%** | **COMMERCIAL SERVICES & SUPPLIES—7.1%** |
| 700 | &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc. <br>5.500%—03/01/2028<sup>1</sup><br>| 692 |
| 525 | &nbsp;&nbsp;&nbsp; APi Group DE, Inc. <br>4.125%—07/15/2029<sup>1</sup><br>| 499 |
|  | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<br>|  |
| 300 | &nbsp;&nbsp;&nbsp; 8.250%—01/15/2030<sup>1</sup> | 309 |
| 912 | &nbsp;&nbsp;&nbsp; 8.375%—06/15/2032<sup>1</sup> | 942 |
|  |  | 1251 |
| 800 | &nbsp;&nbsp;&nbsp; Cimpress PLC <br>7.375%—09/15/2032<sup>1</sup><br>| 783 |
| 700 | &nbsp;&nbsp;&nbsp; Clean Harbors, Inc. <br>4.875%—07/15/2027<sup>1</sup><br>| 695 |
|  | Deluxe Corp. |  |
| 900 | &nbsp;&nbsp;&nbsp; 8.000%—06/01/2029<sup>1</sup> | 864 |
| 490 | &nbsp;&nbsp;&nbsp; 8.125%—09/15/2029<sup>1</sup> | 505 |
|  |  | 1369 |
|  | GEO Group, Inc. |  |
| 500 | &nbsp;&nbsp;&nbsp; 8.625%—04/15/2029 | 531 |
| 1000 | &nbsp;&nbsp;&nbsp; 10.250%—04/15/2031 | 1100 |
|  |  | 1631 |
| 286 | &nbsp;&nbsp;&nbsp; Hertz Corp. <br>12.625%—07/15/2029<sup>1</sup><br>| 299 |
|  | Pitney Bowes, Inc. |  |
| 400 | &nbsp;&nbsp;&nbsp; 6.875%—03/15/2027<sup>1</sup> | 400 |
| 600 | &nbsp;&nbsp;&nbsp; 7.250%—03/15/2029<sup>1</sup> | 603 |
|  |  | 1003 |
|  | &nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime <br> Finance, Inc.<br>|  |
| 106 | &nbsp;&nbsp;&nbsp; 5.750%—04/15/2026<sup>1</sup> | 107 |
| 490 | &nbsp;&nbsp;&nbsp; 6.250%—01/15/2028<sup>1</sup> | 490 |
|  |  | 597 |
| 950 | &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 918 |
| 353 | &nbsp;&nbsp;&nbsp; Sabre GLBL, Inc. <br>10.750%—11/15/2029<sup>1</sup><br>| 365 |
| 400 | &nbsp;&nbsp;&nbsp; Steelcase, Inc. <br>5.125%—01/18/2029<br>| 395 |
| 900 | &nbsp;&nbsp;&nbsp; ZipRecruiter, Inc. <br>5.000%—01/15/2030<sup>1</sup><br>| 682 |
|  |  | 11179 |
| **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** |
| 400 | &nbsp;&nbsp;&nbsp; Ciena Corp. <br>4.000%—01/31/2030<sup>1</sup><br>| 378 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** |
| $1000 | &nbsp;&nbsp;&nbsp; Viasat, Inc. <br>7.500%—05/30/2031<sup>1</sup><br>| $872 |
|  |  | 1250 |
| **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** |
| 300 | &nbsp;&nbsp;&nbsp; Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 290 |
| 650 | &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. <br>4.500%—04/15/2029<sup>1</sup><br>| 630 |
| 575 | &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp. <br>5.250%—06/01/2029<sup>1</sup><br>| 545 |
| 700 | &nbsp;&nbsp;&nbsp; Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 788 |
| 500 | &nbsp;&nbsp;&nbsp; VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| 491 |
|  |  | 2744 |
| **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** |
| 268 | &nbsp;&nbsp;&nbsp; SLM Corp. <br>6.500%—01/31/2030<br>| 279 |
| **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** |
| 400 | &nbsp;&nbsp;&nbsp; OI European Group BV <br>4.750%—02/15/2030<sup>1</sup><br>| 379 |
| **DIVERSIFIED CONSUMER SERVICES—0.4%** | **DIVERSIFIED CONSUMER SERVICES—0.4%** | **DIVERSIFIED CONSUMER SERVICES—0.4%** |
| 600 | &nbsp;&nbsp;&nbsp; Carriage Services, Inc. <br>4.250%—05/15/2029<sup>1</sup><br>| 562 |
| **DIVERSIFIED FINANCIAL SERVICES—2.2%** | **DIVERSIFIED FINANCIAL SERVICES—2.2%** | **DIVERSIFIED FINANCIAL SERVICES—2.2%** |
| 400 | &nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. <br>4.800%—07/27/2026<br>| 396 |
| 600 | &nbsp;&nbsp;&nbsp; Credit Acceptance Corp. <br>6.625%—03/15/2030<sup>1</sup><br>| 609 |
|  | Enova International, Inc. |  |
| 850 | &nbsp;&nbsp;&nbsp; 9.125%—08/01/2029<sup>1</sup> | 891 |
| 600 | &nbsp;&nbsp;&nbsp; 11.250%—12/15/2028<sup>1</sup> | 639 |
|  |  | 1530 |
|  | goeasy Ltd. |  |
| 200 | &nbsp;&nbsp;&nbsp; 7.625%—07/01/2029<sup>1</sup> | 206 |
| 500 | &nbsp;&nbsp;&nbsp; 9.250%—12/01/2028<sup>1</sup> | 530 |
|  |  | 736 |
| 200 | &nbsp;&nbsp;&nbsp; LD Holdings Group LLC <br>8.750%—11/01/2027<sup>1</sup><br>| 188 |
|  |  | 3459 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.5%** |
| 500 | &nbsp;&nbsp;&nbsp; CommScope LLC <br>9.500%—12/15/2031<sup>1</sup><br>| 527 |
| 1100 | &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC <br>9.000%—09/15/2029<sup>1</sup><br>| 1112 |
|  | EchoStar Corp. |  |
| 335 | &nbsp;&nbsp;&nbsp; 6.750%—11/30/2030 | 317 |
| 700 | &nbsp;&nbsp;&nbsp; 10.750%—11/30/2029 | 738 |
|  |  | 1055 |
|  | Hughes Satellite Systems Corp. |  |
| 1000 | &nbsp;&nbsp;&nbsp; 5.250%—08/01/2026 | 923 |
| 46 | &nbsp;&nbsp;&nbsp; 6.625%—08/01/2026 | 35 |
|  |  | 958 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** | **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** | **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** |
| $300 | &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. <br>3.750%—10/01/2029<sup>1</sup><br>| $278 |
|  |  | 3930 |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| 175 | &nbsp;&nbsp;&nbsp; EUSHI Finance, Inc. <br>7.625%—12/15/2054<sup>2</sup><br>| 183 |
| 1100 | &nbsp;&nbsp;&nbsp; NRG Energy, Inc. <br>5.750%—07/15/2029<sup>1</sup><br>| 1096 |
|  | Vistra Operations Co. LLC |  |
| 700 | &nbsp;&nbsp;&nbsp; 5.500%—09/01/2026<sup>1</sup> | 700 |
| 100 | &nbsp;&nbsp;&nbsp; 5.625%—02/15/2027<sup>1</sup> | 100 |
|  |  | 800 |
|  |  | 2079 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** |
| 600 | &nbsp;&nbsp;&nbsp; TTM Technologies, Inc. <br>4.000%—03/01/2029<sup>1</sup><br>| 572 |
| **ENERGY EQUIPMENT & SERVICES—1.0%** | **ENERGY EQUIPMENT & SERVICES—1.0%** | **ENERGY EQUIPMENT & SERVICES—1.0%** |
| 200 | &nbsp;&nbsp;&nbsp; Bristow Group, Inc. <br>6.875%—03/01/2028<sup>1</sup><br>| 201 |
| 500 | &nbsp;&nbsp;&nbsp; Enerflex Ltd. <br>9.000%—10/15/2027<sup>1</sup><br>| 516 |
| 200 | &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression <br> Finance Corp. <br>6.875%—09/01/2027<br>| 200 |
| 600 | &nbsp;&nbsp;&nbsp; Weatherford International Ltd. <br>8.625%—04/30/2030<sup>1</sup><br>| 617 |
|  |  | 1534 |
| **ENTERTAINMENT—3.9%** | **ENTERTAINMENT—3.9%** | **ENTERTAINMENT—3.9%** |
| 255 | &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc. <br>7.500%—02/15/2029<sup>1</sup><br>| 218 |
| 100 | &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. <br>5.500%—04/01/2027<sup>1</sup><br>| 100 |
| 200 | &nbsp;&nbsp;&nbsp; Light & Wonder International, Inc. <br>7.500%—09/01/2031<sup>1</sup><br>| 209 |
|  | Live Nation Entertainment, Inc. |  |
| 1100 | &nbsp;&nbsp;&nbsp; 4.750%—10/15/2027<sup>1</sup> | 1084 |
| 500 | &nbsp;&nbsp;&nbsp; 6.500%—05/15/2027<sup>1</sup> | 506 |
|  |  | 1590 |
| 400 | &nbsp;&nbsp;&nbsp; Odeon Finco PLC <br>12.750%—11/01/2027<sup>1</sup><br>| 417 |
|  | Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |
| 1300 | &nbsp;&nbsp;&nbsp; 4.625%—04/16/2029-04/06/2031<sup>1</sup> | 1121 |
| 200 | &nbsp;&nbsp;&nbsp; 8.450%—07/27/2030<sup>1</sup> | 199 |
|  |  | 1320 |
| 900 | &nbsp;&nbsp;&nbsp; Starz Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| 746 |
|  | Warnermedia Holdings, Inc. |  |
| 1247 | &nbsp;&nbsp;&nbsp; 4.279%—03/15/2032 | 1048 |
| 700 | &nbsp;&nbsp;&nbsp; 5.141%—03/15/2052 | 433 |
|  |  | 1481 |
|  |  | 6081 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.6%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.6%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.6%** |
| 700 | &nbsp;&nbsp;&nbsp; CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| 676 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** |
| $700 | &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, <br> Inc. <br>5.000%—07/15/2032<sup>1</sup><br>| $669 |
|  | Iron Mountain, Inc. |  |
| 400 | &nbsp;&nbsp;&nbsp; 4.500%—02/15/2031<sup>1</sup> | 379 |
| 200 | &nbsp;&nbsp;&nbsp; 5.250%—07/15/2030<sup>1</sup> | 197 |
|  |  | 576 |
| 300 | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>4.250%—02/01/2027<sup>1</sup><br>| 295 |
|  | MPT Operating Partnership LP/MPT Finance Corp. |  |
| 700 | &nbsp;&nbsp;&nbsp; 3.500%—03/15/2031 | 477 |
| 900 | &nbsp;&nbsp;&nbsp; 4.625%—08/01/2029 | 685 |
| 800 | &nbsp;&nbsp;&nbsp; 5.000%—10/15/2027 | 734 |
|  |  | 1896 |
|  |  | 4112 |
| **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** |
| 450 | &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. <br>3.375%—10/01/2028<sup>1</sup><br>| 424 |
| 147 | &nbsp;&nbsp;&nbsp; EZCORP, Inc. <br>7.375%—04/01/2032<sup>1</sup><br>| 153 |
| 600 | &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc. <br>6.000%—01/15/2027<sup>1</sup><br>| 601 |
|  | OneMain Finance Corp. |  |
| 200 | &nbsp;&nbsp;&nbsp; 4.000%—09/15/2030 | 184 |
| 300 | &nbsp;&nbsp;&nbsp; 5.375%—11/15/2029 | 294 |
| 200 | &nbsp;&nbsp;&nbsp; 9.000%—01/15/2029 | 210 |
|  |  | 688 |
| 400 | &nbsp;&nbsp;&nbsp; World Acceptance Corp. <br>7.000%—11/01/2026<sup>1</sup><br>| 407 |
|  |  | 2273 |
| **FOOD & STAPLES RETAILING—0.2%** | **FOOD & STAPLES RETAILING—0.2%** | **FOOD & STAPLES RETAILING—0.2%** |
| 300 | &nbsp;&nbsp;&nbsp; United Natural Foods, Inc. <br>6.750%—10/15/2028<sup>1</sup><br>| 299 |
| **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** |
| 100 | &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. <br>6.250%—07/01/2033<br>| 105 |
|  | Post Holdings, Inc. |  |
| 400 | &nbsp;&nbsp;&nbsp; 4.500%—09/15/2031<sup>1</sup> | 370 |
| 150 | &nbsp;&nbsp;&nbsp; 4.625%—04/15/2030<sup>1</sup> | 144 |
|  |  | 514 |
|  | U.S. Foods, Inc. |  |
| 500 | &nbsp;&nbsp;&nbsp; 4.750%—02/15/2029<sup>1</sup> | 490 |
| 400 | &nbsp;&nbsp;&nbsp; 5.750%—04/15/2033<sup>1</sup> | 397 |
|  |  | 887 |
|  |  | 1506 |
| **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** |
| 550 | &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc. <br>4.000%—03/15/2031<sup>1</sup><br>| 505 |
| 600 | &nbsp;&nbsp;&nbsp; DaVita, Inc. <br>3.750%—02/15/2031<sup>1</sup><br>| 545 |
| 799 | &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. <br>8.375%—09/12/2055<sup>2</sup><br>| 808 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
|  | Encompass Health Corp. |  |
| $1200 | &nbsp;&nbsp;&nbsp; 4.500%—02/01/2028 | $1181 |
| 700 | &nbsp;&nbsp;&nbsp; 4.625%—04/01/2031 | 669 |
|  |  | 1850 |
| 100 | &nbsp;&nbsp;&nbsp; IQVIA, Inc. <br>5.000%—05/15/2027<sup>1</sup><br>| 99 |
| 308 | &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC <br>11.500%—12/31/2030<sup>1</sup><br>| 304 |
|  |  | 4111 |
| **HOTELS, RESTAURANTS & LEISURE—5.4%** | **HOTELS, RESTAURANTS & LEISURE—5.4%** | **HOTELS, RESTAURANTS & LEISURE—5.4%** |
| 800 | &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. <br>4.750%—06/15/2031<sup>1</sup><br>| 762 |
|  | Carnival Corp. |  |
| 236 | &nbsp;&nbsp;&nbsp; 5.750%—03/01/2027<sup>1</sup> | 238 |
| 971 | &nbsp;&nbsp;&nbsp; 5.875%—06/15/2031<sup>1</sup> | 986 |
|  |  | 1224 |
| 200 | &nbsp;&nbsp;&nbsp; Full House Resorts, Inc. <br>8.250%—02/15/2028<sup>1</sup><br>| 194 |
|  | Hilton Domestic Operating Co., Inc. |  |
| 500 | &nbsp;&nbsp;&nbsp; 3.625%—02/15/2032<sup>1</sup> | 451 |
| 1500 | &nbsp;&nbsp;&nbsp; 4.000%—05/01/2031<sup>1</sup> | 1400 |
|  |  | 1851 |
| 600 | &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc. <br>4.875%—07/01/2031<sup>1</sup><br>| 552 |
| 400 | &nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc. <br>4.750%—01/15/2028<br>| 391 |
| 352 | &nbsp;&nbsp;&nbsp; NCL Corp. Ltd. <br>5.875%—03/15/2026-02/15/2027<sup>1</sup><br>| 354 |
|  | New Red Finance, Inc. |  |
| 500 | &nbsp;&nbsp;&nbsp; 3.500%—02/15/2029<sup>1</sup> | 474 |
| 641 | &nbsp;&nbsp;&nbsp; 3.875%—01/15/2028<sup>1</sup> | 619 |
| 200 | &nbsp;&nbsp;&nbsp; 4.375%—01/15/2028<sup>1</sup> | 196 |
|  |  | 1289 |
|  | Royal Caribbean Cruises Ltd. |  |
| 100 | &nbsp;&nbsp;&nbsp; 4.250%—07/01/2026<sup>1</sup> | 100 |
| 1300 | &nbsp;&nbsp;&nbsp; 5.500%—08/31/2026<sup>1</sup> | 1305 |
|  |  | 1405 |
| 200 | &nbsp;&nbsp;&nbsp; Travel & Leisure Co. <br>6.625%—07/31/2026<sup>1</sup><br>| 201 |
| 300 | &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. <br>4.375%—08/15/2028<sup>1</sup><br>| 291 |
|  |  | 8514 |
| **HOUSEHOLD DURABLES—0.7%** | **HOUSEHOLD DURABLES—0.7%** | **HOUSEHOLD DURABLES—0.7%** |
| 200 | &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc. <br>7.250%—10/15/2029<br>| 202 |
| 200 | &nbsp;&nbsp;&nbsp; Installed Building Products, Inc. <br>5.750%—02/01/2028<sup>1</sup><br>| 200 |
| 300 | &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. <br>4.000%—04/15/2029<sup>1</sup><br>| 285 |
| 400 | &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc. <br>5.125%—08/01/2030<sup>1</sup><br>| 395 |
|  |  | 1082 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| $700 | &nbsp;&nbsp;&nbsp; ACCO Brands Corp. <br>4.250%—03/15/2029<sup>1</sup><br>| $621 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.3%** |
| 500 | &nbsp;&nbsp;&nbsp; Clearway Energy Operating LLC <br>4.750%—03/15/2028<sup>1</sup><br>| 492 |
| **INTERACTIVE MEDIA & SERVICES—1.3%** | **INTERACTIVE MEDIA & SERVICES—1.3%** | **INTERACTIVE MEDIA & SERVICES—1.3%** |
|  | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |
| 1350 | &nbsp;&nbsp;&nbsp; 3.500%—03/01/2029<sup>1</sup> | 1268 |
| 800 | &nbsp;&nbsp;&nbsp; 5.250%—12/01/2027<sup>1</sup> | 798 |
|  |  | 2066 |
| **INTERNET & CATALOG RETAIL—1.3%** | **INTERNET & CATALOG RETAIL—1.3%** | **INTERNET & CATALOG RETAIL—1.3%** |
| 900 | &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent <br> Finance, Inc. <br>6.500%—07/01/2032<sup>1</sup><br>| 883 |
|  | Match Group Holdings II LLC |  |
| 300 | &nbsp;&nbsp;&nbsp; 3.625%—10/01/2031<sup>1</sup> | 269 |
| 450 | &nbsp;&nbsp;&nbsp; 4.625%—06/01/2028<sup>1</sup> | 440 |
|  |  | 709 |
|  | Rakuten Group, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 9.750%—04/15/2029<sup>1</sup> | 330 |
| 100 | &nbsp;&nbsp;&nbsp; 11.250%—02/15/2027<sup>1</sup> | 109 |
|  |  | 439 |
|  |  | 2031 |
| **IT SERVICES—2.0%** | **IT SERVICES—2.0%** | **IT SERVICES—2.0%** |
| 196 | &nbsp;&nbsp;&nbsp; ASGN, Inc. <br>4.625%—05/15/2028<sup>1</sup><br>| 191 |
| 600 | &nbsp;&nbsp;&nbsp; Crane NXT Co. <br>4.200%—03/15/2048<br>| 351 |
| 300 | &nbsp;&nbsp;&nbsp; Science Applications International Corp. <br>4.875%—04/01/2028<sup>1</sup><br>| 296 |
|  | Seagate Data Storage Technology Pte. Ltd. |  |
| 400 | &nbsp;&nbsp;&nbsp; 4.091%—06/01/2029<sup>1</sup> | 383 |
| 533 | &nbsp;&nbsp;&nbsp; 5.750%—12/01/2034<sup>1</sup> | 502 |
|  |  | 885 |
|  | Twilio, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 3.625%—03/15/2029 | 190 |
| 650 | &nbsp;&nbsp;&nbsp; 3.875%—03/15/2031 | 605 |
|  |  | 795 |
| 548 | &nbsp;&nbsp;&nbsp; Unisys Corp. <br>10.625%—01/15/2031<sup>1</sup><br>| 576 |
|  |  | 3094 |
| **LEISURE PRODUCTS—0.5%** | **LEISURE PRODUCTS—0.5%** | **LEISURE PRODUCTS—0.5%** |
| 300 | &nbsp;&nbsp;&nbsp; Amer Sports Co. <br>6.750%—02/16/2031<sup>1</sup><br>| 312 |
| 400 | &nbsp;&nbsp;&nbsp; Life Time, Inc. <br>6.000%—11/15/2031<sup>1</sup><br>| 403 |
|  |  | 715 |
| **MACHINERY—2.2%** | **MACHINERY—2.2%** | **MACHINERY—2.2%** |
| 1400 | &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. <br>4.125%—06/30/2028-04/15/2029<sup>1</sup><br>| 1350 |
| 900 | &nbsp;&nbsp;&nbsp; GrafTech Finance, Inc. <br>4.625%—12/23/2029<sup>1</sup><br>| 644 |
| 238 | &nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc. <br>9.875%—12/23/2029<sup>1</sup><br>| 211 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| $500 | &nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. <br>9.250%—10/01/2031<sup>1</sup><br>| $532 |
| 800 | &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. <br>4.000%—06/15/2029<sup>1</sup><br>| 765 |
|  |  | 3502 |
| **MEDIA—2.8%** | **MEDIA—2.8%** | **MEDIA—2.8%** |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 450 | &nbsp;&nbsp;&nbsp; 4.250%—02/01/2031<sup>1</sup> | 411 |
| 200 | &nbsp;&nbsp;&nbsp; 5.125%—05/01/2027<sup>1</sup> | 198 |
|  |  | 609 |
|  | CSC Holdings LLC |  |
| 200 | &nbsp;&nbsp;&nbsp; 3.375%—02/15/2031<sup>1</sup> | 131 |
| 300 | &nbsp;&nbsp;&nbsp; 5.500%—04/15/2027<sup>1</sup> | 291 |
| 200 | &nbsp;&nbsp;&nbsp; 11.750%—01/31/2029<sup>1</sup> | 187 |
|  |  | 609 |
| 300 | &nbsp;&nbsp;&nbsp; DISH DBS Corp. <br>5.250%—12/01/2026<sup>1</sup><br>| 283 |
| 900 | &nbsp;&nbsp;&nbsp; LCPR Senior Secured Financing DAC <br>6.750%—10/15/2027<sup>1</sup><br>| 692 |
| 200 | &nbsp;&nbsp;&nbsp; News Corp. <br>3.875%—05/15/2029<sup>1</sup><br>| 191 |
|  | Sinclair Television Group, Inc. |  |
| 404 | &nbsp;&nbsp;&nbsp; 4.375%—12/31/2032<sup>1</sup> | 302 |
| 297 | &nbsp;&nbsp;&nbsp; 5.500%—03/01/2030<sup>1</sup> | 247 |
|  |  | 549 |
|  | TEGNA, Inc. |  |
| 500 | &nbsp;&nbsp;&nbsp; 4.625%—03/15/2028 | 487 |
| 1000 | &nbsp;&nbsp;&nbsp; 5.000%—09/15/2029 | 962 |
|  |  | 1449 |
|  |  | 4382 |
| **METALS & MINING—4.4%** | **METALS & MINING—4.4%** | **METALS & MINING—4.4%** |
| 500 | &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. <br>7.625%—03/15/2030<br>| 516 |
| 400 | &nbsp;&nbsp;&nbsp; Coeur Mining, Inc. <br>5.125%—02/15/2029<sup>1</sup><br>| 390 |
|  | Commercial Metals Co. |  |
| 500 | &nbsp;&nbsp;&nbsp; 3.875%—02/15/2031 | 462 |
| 300 | &nbsp;&nbsp;&nbsp; 4.125%—01/15/2030 | 285 |
|  |  | 747 |
| 257 | &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. <br>8.000%—07/01/2030<sup>1</sup><br>| 267 |
| 750 | &nbsp;&nbsp;&nbsp; Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 752 |
|  | Fortescue Treasury Pty. Ltd. |  |
| 300 | &nbsp;&nbsp;&nbsp; 4.375%—04/01/2031<sup>1</sup> | 281 |
| 100 | &nbsp;&nbsp;&nbsp; 5.875%—04/15/2030<sup>1</sup> | 101 |
| 600 | &nbsp;&nbsp;&nbsp; 6.125%—04/15/2032<sup>1</sup> | 612 |
|  |  | 994 |
| 825 | &nbsp;&nbsp;&nbsp; Hecla Mining Co. <br>7.250%—02/15/2028<br>| 835 |
| 600 | &nbsp;&nbsp;&nbsp; IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| 594 |
| 1300 | &nbsp;&nbsp;&nbsp; Novelis Corp. <br>4.750%—01/30/2030<sup>1</sup><br>| 1246 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **METALS & MINING—Continued** | **METALS & MINING—Continued** | **METALS & MINING—Continued** |
| $500 | &nbsp;&nbsp;&nbsp; Park-Ohio Industries, Inc. <br>6.625%—04/15/2027<br>| $500 |
|  |  | 6841 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%** |
| 2100 | &nbsp;&nbsp;&nbsp; Rithm Capital Corp. <br>8.000%—04/01/2029-07/15/2030<sup>1</sup><br>| 2144 |
| **OIL, GAS & CONSUMABLE FUELS—14.8%** | **OIL, GAS & CONSUMABLE FUELS—14.8%** | **OIL, GAS & CONSUMABLE FUELS—14.8%** |
| 600 | &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 636 |
| 162 | &nbsp;&nbsp;&nbsp; AltaGas Ltd. <br>7.200%—10/15/2054<sup>1,2</sup><br>| 164 |
|  | AmeriGas Partners LP/AmeriGas Finance Corp. |  |
| 600 | &nbsp;&nbsp;&nbsp; 5.750%—05/20/2027 | 597 |
| 1000 | &nbsp;&nbsp;&nbsp; 9.375%—06/01/2028<sup>1</sup> | 1031 |
|  |  | 1628 |
|  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<br>|  |
| 1000 | &nbsp;&nbsp;&nbsp; 5.375%—06/15/2029<sup>1</sup> | 992 |
| 600 | &nbsp;&nbsp;&nbsp; 5.750%—01/15/2028<sup>1</sup> | 600 |
|  |  | 1592 |
| 1500 | &nbsp;&nbsp;&nbsp; California Resources Corp. <br>8.250%—06/15/2029<sup>1</sup><br>| 1542 |
|  | &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet <br> Finance Corp.<br>|  |
| 200 | &nbsp;&nbsp;&nbsp; 8.125%—01/15/2027<sup>1</sup> | 198 |
| 200 | &nbsp;&nbsp;&nbsp; 9.750%—07/15/2028<sup>1</sup> | 192 |
|  |  | 390 |
| 600 | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc. <br>6.750%—03/01/2029<sup>1</sup><br>| 593 |
|  | CVR Energy, Inc. |  |
| 600 | &nbsp;&nbsp;&nbsp; 5.750%—02/15/2028<sup>1</sup> | 576 |
| 900 | &nbsp;&nbsp;&nbsp; 8.500%—01/15/2029<sup>1</sup> | 885 |
|  |  | 1461 |
|  | &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<br>|  |
| 300 | &nbsp;&nbsp;&nbsp; 7.125%—06/01/2028<sup>1</sup> | 302 |
| 1800 | &nbsp;&nbsp;&nbsp; 8.625%—03/15/2029<sup>1</sup> | 1875 |
|  |  | 2177 |
| 300 | &nbsp;&nbsp;&nbsp; Diamond Foreign Asset Co./Diamond Finance LLC <br>8.500%—10/01/2030<sup>1</sup><br>| 313 |
|  | DT Midstream, Inc. |  |
| 500 | &nbsp;&nbsp;&nbsp; 4.125%—06/15/2029<sup>1</sup> | 482 |
| 1000 | &nbsp;&nbsp;&nbsp; 4.375%—06/15/2031<sup>1</sup> | 952 |
|  |  | 1434 |
| 300 | &nbsp;&nbsp;&nbsp; Energy Transfer LP <br>8.000%—05/15/2054<sup>2</sup><br>| 320 |
|  | Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 900 | &nbsp;&nbsp;&nbsp; 7.750%—02/01/2028 | 910 |
| 300 | &nbsp;&nbsp;&nbsp; 8.250%—01/15/2029 | 313 |
|  |  | 1223 |
| 400 | &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc. <br>9.750%—03/01/2029<sup>1</sup><br>| 418 |
| 800 | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP <br>6.500%—06/01/2029<sup>1</sup><br>| 825 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
|  | Murphy Oil USA, Inc. |  |
| $600 | &nbsp;&nbsp;&nbsp; 3.750%—02/15/2031<sup>1</sup> | $552 |
| 300 | &nbsp;&nbsp;&nbsp; 4.750%—09/15/2029 | 294 |
|  |  | 846 |
| 266 | &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc. <br>8.750%—03/15/2029<sup>1</sup><br>| 62 |
| 476 | &nbsp;&nbsp;&nbsp; NFE Financing LLC <br>12.000%—11/15/2029<sup>1</sup><br>| 169 |
| 500 | &nbsp;&nbsp;&nbsp; Parkland Corp. <br>4.500%—10/01/2029<sup>1</sup><br>| 482 |
|  | PBF Holding Co. LLC/PBF Finance Corp. |  |
| 700 | &nbsp;&nbsp;&nbsp; 6.000%—02/15/2028 | 674 |
| 800 | &nbsp;&nbsp;&nbsp; 7.875%—09/15/2030<sup>1</sup> | 730 |
| 424 | &nbsp;&nbsp;&nbsp; 9.875%—03/15/2030<sup>1</sup> | 421 |
|  |  | 1825 |
|  | PG&E Corp. |  |
| 800 | &nbsp;&nbsp;&nbsp; 5.000%—07/01/2028 | 781 |
| 800 | &nbsp;&nbsp;&nbsp; 5.250%—07/01/2030 | 768 |
| 787 | &nbsp;&nbsp;&nbsp; 7.375%—03/15/2055<sup>2</sup> | 761 |
|  |  | 2310 |
| 192 | &nbsp;&nbsp;&nbsp; Saturn Oil & Gas, Inc. <br>9.625%—06/15/2029<sup>1</sup><br>| 190 |
| 700 | &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. <br>4.875%—06/30/2029<sup>1</sup><br>| 641 |
| 300 | &nbsp;&nbsp;&nbsp; Sunoco LP/Sunoco Finance Corp. <br>7.000%—09/15/2028<sup>1</sup><br>| 309 |
|  | Talos Production, Inc. |  |
| 1000 | &nbsp;&nbsp;&nbsp; 9.000%—02/01/2029<sup>1</sup> | 1026 |
| 500 | &nbsp;&nbsp;&nbsp; 9.375%—02/01/2031<sup>1</sup> | 510 |
|  |  | 1536 |
| 136 | &nbsp;&nbsp;&nbsp; W&T Offshore, Inc. <br>10.750%—02/01/2029<sup>1</sup><br>| 125 |
|  |  | 23211 |
| **PAPER & FOREST PRODUCTS—0.5%** | **PAPER & FOREST PRODUCTS—0.5%** | **PAPER & FOREST PRODUCTS—0.5%** |
|  | Mercer International, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 5.125%—02/01/2029 | 242 |
| 600 | &nbsp;&nbsp;&nbsp; 12.875%—10/01/2028<sup>1</sup> | 606 |
|  |  | 848 |
| **PASSENGER AIRLINES—1.6%** | **PASSENGER AIRLINES—1.6%** | **PASSENGER AIRLINES—1.6%** |
| 100 | &nbsp;&nbsp;&nbsp; Allegiant Travel Co. <br>7.250%—08/15/2027<sup>1</sup><br>| 100 |
| 1118 | &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%—09/20/2031<sup>1</sup><br>| 1082 |
| 1400 | &nbsp;&nbsp;&nbsp; United Airlines, Inc. <br>4.625%—04/15/2029<sup>1</sup><br>| 1368 |
|  |  | 2550 |
| **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** |
|  | Bausch Health Cos., Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 4.875%—06/01/2028<sup>1</sup> | 266 |
| 100 | &nbsp;&nbsp;&nbsp; 6.250%—02/15/2029<sup>1</sup> | 73 |
|  |  | 339 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
|  | &nbsp;&nbsp;&nbsp; HLF Financing SARL LLC/Herbalife International, <br> Inc.<br>|  |
| $1100 | &nbsp;&nbsp;&nbsp; 4.875%—06/01/2029<sup>1</sup> | $922 |
| 200 | &nbsp;&nbsp;&nbsp; 12.250%—04/15/2029<sup>1</sup> | 218 |
|  |  | 1140 |
| 700 | &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV <br>7.875%—05/15/2034<sup>1</sup><br>| 627 |
|  |  | 2106 |
| **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** |
| 400 | &nbsp;&nbsp;&nbsp; KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 387 |
| 800 | &nbsp;&nbsp;&nbsp; TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 745 |
|  |  | 1132 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** |
| 500 | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp. <br>7.000%—04/15/2030<sup>1</sup><br>| 479 |
|  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |
| 300 | &nbsp;&nbsp;&nbsp; 5.250%—04/15/2030<sup>1</sup> | 252 |
| 500 | &nbsp;&nbsp;&nbsp; 5.750%—01/15/2029<sup>1</sup> | 447 |
| 188 | &nbsp;&nbsp;&nbsp; 9.750%—04/15/2030<sup>1</sup> | 196 |
|  |  | 895 |
|  | Howard Hughes Corp. |  |
| 400 | &nbsp;&nbsp;&nbsp; 4.125%—02/01/2029<sup>1</sup> | 382 |
| 900 | &nbsp;&nbsp;&nbsp; 4.375%—02/01/2031<sup>1</sup> | 830 |
|  |  | 1212 |
|  |  | 2586 |
| **ROAD & RAIL—0.3%** | **ROAD & RAIL—0.3%** | **ROAD & RAIL—0.3%** |
| 500 | &nbsp;&nbsp;&nbsp; RXO, Inc. <br>7.500%—11/15/2027<sup>1</sup><br>| 509 |
| **SOFTWARE—3.0%** | **SOFTWARE—3.0%** | **SOFTWARE—3.0%** |
| 200 | &nbsp;&nbsp;&nbsp; Elastic NV <br>4.125%—07/15/2029<sup>1</sup><br>| 190 |
|  | Fair Isaac Corp. |  |
| 800 | &nbsp;&nbsp;&nbsp; 4.000%—06/15/2028<sup>1</sup> | 773 |
| 400 | &nbsp;&nbsp;&nbsp; 5.250%—05/15/2026<sup>1</sup> | 400 |
|  |  | 1173 |
| 200 | &nbsp;&nbsp;&nbsp; Gen Digital, Inc. <br>6.750%—09/30/2027<sup>1</sup><br>| 204 |
| 750 | &nbsp;&nbsp;&nbsp; Open Text Corp. <br>3.875%—02/15/2028<sup>1</sup><br>| 723 |
| 700 | &nbsp;&nbsp;&nbsp; Pagaya U.S. Holdings Co. LLC <br>8.875%—08/01/2030<sup>1</sup><br>| 697 |
| 1700 | &nbsp;&nbsp;&nbsp; ROBLOX Corp. <br>3.875%—05/01/2030<sup>1</sup><br>| 1602 |
| 200 | &nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <br>3.875%—02/01/2029<sup>1</sup><br>| 188 |
|  |  | 4777 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SPECIALTY RETAIL—9.0%** | **SPECIALTY RETAIL—9.0%** | **SPECIALTY RETAIL—9.0%** |
|  | Advance Auto Parts, Inc. |  |
| $750 | &nbsp;&nbsp;&nbsp; 7.000%—08/01/2030<sup>1</sup> | $754 |
| 500 | &nbsp;&nbsp;&nbsp; 7.375%—08/01/2033<sup>1</sup> | 503 |
|  |  | 1257 |
| 492 | &nbsp;&nbsp;&nbsp; Arko Corp. <br>5.125%—11/15/2029<sup>1</sup><br>| 404 |
| 700 | &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. <br>6.750%—07/01/2036<br>| 710 |
| 1991 | &nbsp;&nbsp;&nbsp; Carvana Co. <br>9.000%—12/01/2028-06/01/2031<sup>1</sup><br>| 2337 |
|  | FirstCash, Inc. |  |
| 600 | &nbsp;&nbsp;&nbsp; 4.625%—09/01/2028<sup>1</sup> | 587 |
| 700 | &nbsp;&nbsp;&nbsp; 5.625%—01/01/2030<sup>1</sup> | 693 |
| 500 | &nbsp;&nbsp;&nbsp; 6.875%—03/01/2032<sup>1</sup> | 513 |
|  |  | 1793 |
| 500 | &nbsp;&nbsp;&nbsp; Foot Locker, Inc. <br>4.000%—10/01/2029<sup>1</sup><br>| 472 |
| 300 | &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC <br>7.000%—06/15/2032<sup>1</sup><br>| 311 |
|  | Gap, Inc. |  |
| 1000 | &nbsp;&nbsp;&nbsp; 3.625%—10/01/2029<sup>1</sup> | 924 |
| 800 | &nbsp;&nbsp;&nbsp; 3.875%—10/01/2031<sup>1</sup> | 715 |
|  |  | 1639 |
| 300 | &nbsp;&nbsp;&nbsp; Kohl's Corp. <br>5.125%—05/01/2031<br>| 218 |
|  | Macy's Retail Holdings LLC |  |
| 700 | &nbsp;&nbsp;&nbsp; 6.125%—03/15/2032<sup>1</sup> | 671 |
| 700 | &nbsp;&nbsp;&nbsp; 7.375%—08/01/2033<sup>1</sup> | 704 |
|  |  | 1375 |
| 200 | &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. <br>3.750%—06/15/2029<br>| 189 |
| 600 | &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy <br> Finance Corp. <br>5.000%—06/01/2031<sup>1</sup><br>| 564 |
| 500 | &nbsp;&nbsp;&nbsp; Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| 488 |
|  | Wayfair LLC |  |
| 697 | &nbsp;&nbsp;&nbsp; 7.250%—10/31/2029<sup>1</sup> | 711 |
| 973 | &nbsp;&nbsp;&nbsp; 7.750%—09/15/2030<sup>1</sup> | 1000 |
|  |  | 1711 |
|  | Yum! Brands, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 5.350%—11/01/2043 | 189 |
| 500 | &nbsp;&nbsp;&nbsp; 6.875%—11/15/2037 | 538 |
|  |  | 727 |
|  |  | 14195 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** |
| 300 | &nbsp;&nbsp;&nbsp; Xerox Corp. <br>13.500%—04/15/2031<sup>1</sup><br>| 293 |
|  | Xerox Holdings Corp. |  |
| 450 | &nbsp;&nbsp;&nbsp; 5.500%—08/15/2028<sup>1</sup> | 299 |
| 478 | &nbsp;&nbsp;&nbsp; 8.875%—11/30/2029<sup>1</sup> | 314 |
|  |  | 613 |
|  |  | 906 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** |
|  | Crocs, Inc. |  |
| $300 | &nbsp;&nbsp;&nbsp; 4.125%—08/15/2031<sup>1</sup> | $272 |
| 100 | &nbsp;&nbsp;&nbsp; 4.250%—03/15/2029<sup>1</sup> | 95 |
|  |  | 367 |
| 950 | &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. <br>4.000%—08/15/2029<sup>1</sup><br>| 857 |
|  |  | 1224 |
| **TOBACCO—0.3%** | **TOBACCO—0.3%** | **TOBACCO—0.3%** |
| 500 | &nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 525 |
| **TRADING COMPANIES & DISTRIBUTORS—0.9%** | **TRADING COMPANIES & DISTRIBUTORS—0.9%** | **TRADING COMPANIES & DISTRIBUTORS—0.9%** |
| 700 | &nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. <br>9.000%—06/01/2029<sup>1</sup><br>| 665 |

---

---

| | |
|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>| **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** |
| $650<br> &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. <br>6.750%—03/15/2028<sup>1</sup><br>| $666 |
|  | 1331 |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $150,597) | 153308 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.5%** <br>(Cost $150,597) | 153308 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.5%** | 3918 |
| **TOTAL NET ASSETS—100.0%** | $157226 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of July 31, 2025, the aggregate value of these securities was $123,737 or 79% of net assets.

Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Principal Amount, Value, and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—93.2%** | **Corporate Bonds & Notes—93.2%** | **Corporate Bonds & Notes—93.2%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—3.2%** | **AEROSPACE & DEFENSE—3.2%** | **AEROSPACE & DEFENSE—3.2%** |
| $200 | &nbsp;&nbsp;&nbsp; BAE Systems PLC <br>5.125%—03/26/2029<sup>1</sup><br>| $205 |
|  | Howmet Aerospace, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 3.000%—01/15/2029 | 191 |
| 100 | &nbsp;&nbsp;&nbsp; 5.900%—02/01/2027 | 102 |
|  |  | 293 |
| 200 | &nbsp;&nbsp;&nbsp; Moog, Inc. <br>4.250%—12/15/2027<sup>1</sup><br>| 196 |
|  | TransDigm, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 4.875%—05/01/2029 | 196 |
| 200 | &nbsp;&nbsp;&nbsp; 6.375%—03/01/2029<sup>1</sup> | 205 |
|  |  | 401 |
|  |  | 1095 |
| **AUTOMOBILES—2.7%** | **AUTOMOBILES—2.7%** | **AUTOMOBILES—2.7%** |
| 300 | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc. <br>3.750%—01/30/2031<sup>1</sup><br>| 274 |
| 300 | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>5.113%—05/03/2029<br>| 294 |
| 100 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. <br>5.850%—04/06/2030<br>| 103 |
| 229 | &nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc. <br>9.250%—07/01/2030<sup>1</sup><br>| 244 |
|  |  | 915 |
| **BANKS—0.5%** | **BANKS—0.5%** | **BANKS—0.5%** |
| 200 | &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA <br>4.198%—06/01/2032<sup>1,2</sup><br>| 186 |
| **BEVERAGES—0.8%** | **BEVERAGES—0.8%** | **BEVERAGES—0.8%** |
| 300 | &nbsp;&nbsp;&nbsp; Coca-Cola Co. <br>1.375%—03/15/2031<br>| 257 |
| **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** |
| 200 | &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. <br>3.750%—12/01/2027<br>| 197 |
| 200 | &nbsp;&nbsp;&nbsp; Lennox International, Inc. <br>5.500%—09/15/2028<br>| 205 |
| 200 | &nbsp;&nbsp;&nbsp; NVR, Inc. <br>3.000%—05/15/2030<br>| 187 |
|  |  | 589 |
| **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** |
| 400 | &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp. <br>9.000%—06/15/2030<br>| 389 |
| **CHEMICALS—1.8%** | **CHEMICALS—1.8%** | **CHEMICALS—1.8%** |
| 100 | &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. <br>5.000%—07/01/2028<sup>1</sup><br>| 99 |
| 300 | &nbsp;&nbsp;&nbsp; Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| 323 |
| 200 | &nbsp;&nbsp;&nbsp; Yara International ASA <br>3.148%—06/04/2030<sup>1</sup><br>| 185 |
|  |  | 607 |
| **COMMERCIAL SERVICES & SUPPLIES—5.9%** | **COMMERCIAL SERVICES & SUPPLIES—5.9%** | **COMMERCIAL SERVICES & SUPPLIES—5.9%** |
| 200 | &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc. <br>5.500%—03/01/2028<sup>1</sup><br>| 198 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| $200 | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc. <br>8.375%—06/15/2032<sup>1</sup><br>| $206 |
| 300 | &nbsp;&nbsp;&nbsp; Deluxe Corp. <br>8.000%—06/01/2029<sup>1</sup><br>| 288 |
| 200 | &nbsp;&nbsp;&nbsp; Element Fleet Management Corp. <br>6.271%—06/26/2026<sup>1</sup><br>| 203 |
| 300 | &nbsp;&nbsp;&nbsp; GEO Group, Inc. <br>10.250%—04/15/2031<br>| 330 |
|  | Pitney Bowes, Inc. |  |
| 100 | &nbsp;&nbsp;&nbsp; 6.875%—03/15/2027<sup>1</sup> | 100 |
| 200 | &nbsp;&nbsp;&nbsp; 7.250%—03/15/2029<sup>1</sup> | 201 |
|  |  | 301 |
| 300 | &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 290 |
| 100 | &nbsp;&nbsp;&nbsp; Republic Services, Inc. <br>1.750%—02/15/2032<br>| 84 |
| 100 | &nbsp;&nbsp;&nbsp; TR Finance LLC <br>3.350%—05/15/2026<br>| 99 |
|  |  | 1999 |
| **COMMUNICATIONS EQUIPMENT—2.2%** | **COMMUNICATIONS EQUIPMENT—2.2%** | **COMMUNICATIONS EQUIPMENT—2.2%** |
| 100 | &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. <br>4.950%—02/26/2031<br>| 102 |
|  | Motorola Solutions, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 2.300%—11/15/2030 | 178 |
| 200 | &nbsp;&nbsp;&nbsp; 4.600%—02/23/2028 | 201 |
|  |  | 379 |
| 165 | &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II <br> LLC/Sprint Spectrum Co. III LLC <br>5.152%—09/20/2029<sup>1</sup><br>| 166 |
| 100 | &nbsp;&nbsp;&nbsp; Viasat, Inc. <br>7.500%—05/30/2031<sup>1</sup><br>| 87 |
|  |  | 734 |
| **CONSTRUCTION & ENGINEERING—1.8%** | **CONSTRUCTION & ENGINEERING—1.8%** | **CONSTRUCTION & ENGINEERING—1.8%** |
| 200 | &nbsp;&nbsp;&nbsp; Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 193 |
| 200 | &nbsp;&nbsp;&nbsp; Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 225 |
| 200 | &nbsp;&nbsp;&nbsp; VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| 197 |
|  |  | 615 |
| **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** |
| 100 | &nbsp;&nbsp;&nbsp; Amcor Finance USA, Inc. <br>3.625%—04/28/2026<br>| 99 |
| 100 | &nbsp;&nbsp;&nbsp; CCL Industries, Inc. <br>3.050%—06/01/2030<sup>1</sup><br>| 93 |
|  |  | 192 |
| **DIVERSIFIED FINANCIAL SERVICES—2.1%** | **DIVERSIFIED FINANCIAL SERVICES—2.1%** | **DIVERSIFIED FINANCIAL SERVICES—2.1%** |
| 200 | &nbsp;&nbsp;&nbsp; Credit Acceptance Corp. <br>6.625%—03/15/2030<sup>1</sup><br>| 203 |
|  | Enova International, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 9.125%—08/01/2029<sup>1</sup> | 210 |
| 100 | &nbsp;&nbsp;&nbsp; 11.250%—12/15/2028<sup>1</sup> | 106 |
|  |  | 316 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** |
| $200 | &nbsp;&nbsp;&nbsp; goeasy Ltd. <br>7.625%—07/01/2029<sup>1</sup><br>| $206 |
|  |  | 725 |
| **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** |
| 100 | &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. <br>4.750%—01/15/2028<br>| 100 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.5%** |
| 300 | &nbsp;&nbsp;&nbsp; Connect Finco SARL/Connect U.S. Finco LLC <br>9.000%—09/15/2029<sup>1</sup><br>| 303 |
| 300 | &nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance BV <br>8.750%—06/15/2030<br>| 352 |
| 100 | &nbsp;&nbsp;&nbsp; EchoStar Corp. <br>10.750%—11/30/2029<br>| 106 |
| 100 | &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. <br>5.250%—08/01/2026<br>| 92 |
|  |  | 853 |
| **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** |
| 100 | &nbsp;&nbsp;&nbsp; Alexander Funding Trust II <br>7.467%—07/31/2028<sup>1</sup><br>| 106 |
| 35 | &nbsp;&nbsp;&nbsp; EUSHI Finance, Inc. <br>7.625%—12/15/2054<sup>2</sup><br>| 37 |
| 200 | &nbsp;&nbsp;&nbsp; Pacific Gas & Electric Co. <br>3.300%—12/01/2027<br>| 193 |
|  |  | 336 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; TTM Technologies, Inc. <br>4.000%—03/01/2029<sup>1</sup><br>| 191 |
| **ENTERTAINMENT—1.8%** | **ENTERTAINMENT—1.8%** | **ENTERTAINMENT—1.8%** |
| 200 | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. <br>6.500%—05/15/2027<sup>1</sup><br>| 202 |
| 200 | &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%—04/16/2029<sup>1</sup><br>| 178 |
| 300 | &nbsp;&nbsp;&nbsp; Starz Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| 249 |
|  |  | 629 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%** |
| 200 | &nbsp;&nbsp;&nbsp; CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| 193 |
|  | MPT Operating Partnership LP/MPT Finance Corp. |  |
| 93 | &nbsp;&nbsp;&nbsp; 3.500%—03/15/2031 | 63 |
| 300 | &nbsp;&nbsp;&nbsp; 4.625%—08/01/2029 | 228 |
|  |  | 291 |
| 200 | &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc. <br>3.750%—02/15/2027<sup>1</sup><br>| 197 |
|  |  | 681 |
| **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; World Acceptance Corp. <br>7.000%—11/01/2026<sup>1</sup><br>| 203 |
| **FOOD & STAPLES RETAILING—0.6%** | **FOOD & STAPLES RETAILING—0.6%** | **FOOD & STAPLES RETAILING—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp. <br>3.250%—02/15/2029<br>| 190 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** |
| $300 | &nbsp;&nbsp;&nbsp; XPO, Inc. <br>6.250%—06/01/2028<sup>1</sup><br>| $305 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; Stryker Corp. <br>3.375%—11/01/2025<br>| 199 |
| **HEALTH CARE PROVIDERS & SERVICES—3.0%** | **HEALTH CARE PROVIDERS & SERVICES—3.0%** | **HEALTH CARE PROVIDERS & SERVICES—3.0%** |
| 200 | &nbsp;&nbsp;&nbsp; DaVita, Inc. <br>3.750%—02/15/2031<sup>1</sup><br>| 181 |
| 88 | &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. <br>8.375%—09/12/2055<sup>2</sup><br>| 89 |
| 300 | &nbsp;&nbsp;&nbsp; HCA, Inc. <br>3.125%—03/15/2027<br>| 293 |
| 200 | &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. <br>3.875%—11/15/2030<sup>1</sup><br>| 181 |
| 200 | &nbsp;&nbsp;&nbsp; STERIS Irish FinCo UnLtd Co. <br>2.700%—03/15/2031<br>| 179 |
| 100 | &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. <br>1.650%—09/01/2026<br>| 97 |
|  |  | 1020 |
| **HOTELS, RESTAURANTS & LEISURE—3.6%** | **HOTELS, RESTAURANTS & LEISURE—3.6%** | **HOTELS, RESTAURANTS & LEISURE—3.6%** |
|  | Carnival Corp. |  |
| 300 | &nbsp;&nbsp;&nbsp; 4.000%—08/01/2028<sup>1</sup> | 291 |
| 37 | &nbsp;&nbsp;&nbsp; 5.875%—06/15/2031<sup>1</sup> | 38 |
|  |  | 329 |
| 300 | &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. <br>4.875%—01/15/2030<br>| 296 |
| 200 | &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. <br>3.500%—08/18/2026<br>| 197 |
| 200 | &nbsp;&nbsp;&nbsp; New Red Finance, Inc. <br>3.875%—01/15/2028<sup>1</sup><br>| 193 |
| 100 | &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. <br>4.200%—04/01/2030<br>| 99 |
| 100 | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <br>5.625%—09/30/2031<sup>1</sup><br>| 101 |
|  |  | 1215 |
| **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** |
| 100 | &nbsp;&nbsp;&nbsp; ACCO Brands Corp. <br>4.250%—03/15/2029<sup>1</sup><br>| 89 |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| 300 | &nbsp;&nbsp;&nbsp; Go Daddy Operating Co. LLC/GD Finance Co., Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 282 |
| **IT SERVICES—3.6%** | **IT SERVICES—3.6%** | **IT SERVICES—3.6%** |
|  | Booz Allen Hamilton, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 3.875%—09/01/2028<sup>1</sup> | 194 |
| 100 | &nbsp;&nbsp;&nbsp; 4.000%—07/01/2029<sup>1</sup> | 97 |
|  |  | 291 |
| 100 | &nbsp;&nbsp;&nbsp; Crane NXT Co. <br>4.200%—03/15/2048<br>| 59 |
| 300 | &nbsp;&nbsp;&nbsp; International Business Machines Corp. <br>3.500%—05/15/2029<br>| 291 |
| 200 | &nbsp;&nbsp;&nbsp; Leidos, Inc. <br>4.375%—05/15/2030<br>| 197 |
| 133 | &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd. <br>5.750%—12/01/2034<sup>1</sup><br>| 125 |
| 84 | &nbsp;&nbsp;&nbsp; Unisys Corp. <br>10.625%—01/15/2031<sup>1</sup><br>| 88 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **IT SERVICES—Continued** | **IT SERVICES—Continued** | **IT SERVICES—Continued** |
| $200 | &nbsp;&nbsp;&nbsp; VeriSign, Inc. <br>2.700%—06/15/2031<br>| $178 |
|  |  | 1229 |
| **MACHINERY—0.3%** | **MACHINERY—0.3%** | **MACHINERY—0.3%** |
| 100 | &nbsp;&nbsp;&nbsp; IDEX Corp. <br>3.000%—05/01/2030<br>| 93 |
| **MEDIA—2.8%** | **MEDIA—2.8%** | **MEDIA—2.8%** |
| 50 | &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp. <br>4.250%—02/01/2031<sup>1</sup><br>| 46 |
| 300 | &nbsp;&nbsp;&nbsp; News Corp. <br>3.875%—05/15/2029<sup>1</sup><br>| 286 |
| 300 | &nbsp;&nbsp;&nbsp; RELX Capital, Inc. <br>4.000%—03/18/2029<br>| 297 |
| 261 | &nbsp;&nbsp;&nbsp; Sinclair Television Group, Inc. <br>5.500%—03/01/2030<sup>1</sup><br>| 217 |
| 100 | &nbsp;&nbsp;&nbsp; TEGNA, Inc. <br>5.000%—09/15/2029<br>| 96 |
|  |  | 942 |
| **METALS & MINING—1.8%** | **METALS & MINING—1.8%** | **METALS & MINING—1.8%** |
| 100 | &nbsp;&nbsp;&nbsp; Coeur Mining, Inc. <br>5.125%—02/15/2029<sup>1</sup><br>| 98 |
|  | Commercial Metals Co. |  |
| 100 | &nbsp;&nbsp;&nbsp; 3.875%—02/15/2031 | 92 |
| 100 | &nbsp;&nbsp;&nbsp; 4.125%—01/15/2030 | 95 |
| 100 | &nbsp;&nbsp;&nbsp; 4.375%—03/15/2032 | 93 |
|  |  | 280 |
| 150 | &nbsp;&nbsp;&nbsp; Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 150 |
| 100 | &nbsp;&nbsp;&nbsp; IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| 99 |
|  |  | 627 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.7%** |
| 220 | &nbsp;&nbsp;&nbsp; Rithm Capital Corp. <br>8.000%—04/01/2029-07/15/2030<sup>1</sup><br>| 225 |
| **OIL, GAS & CONSUMABLE FUELS—14.3%** | **OIL, GAS & CONSUMABLE FUELS—14.3%** | **OIL, GAS & CONSUMABLE FUELS—14.3%** |
| 200 | &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 212 |
| 300 | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp. <br>9.375%—06/01/2028<sup>1</sup><br>| 309 |
| 100 | &nbsp;&nbsp;&nbsp; Antero Resources Corp. <br>5.375%—03/01/2030<sup>1</sup><br>| 100 |
| 200 | &nbsp;&nbsp;&nbsp; BP Capital Markets PLC <br>4.875%—03/22/2030<sup>2</sup><br>| 197 |
| 300 | &nbsp;&nbsp;&nbsp; California Resources Corp. <br>8.250%—06/15/2029<sup>1</sup><br>| 308 |
| 100 | &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet <br> Finance Corp. <br>8.125%—01/15/2027<sup>1</sup><br>| 99 |
| 300 | &nbsp;&nbsp;&nbsp; CVR Energy, Inc. <br>8.500%—01/15/2029<sup>1</sup><br>| 295 |
|  | &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<br>|  |
| 100 | &nbsp;&nbsp;&nbsp; 7.125%—06/01/2028<sup>1</sup> | 101 |
| 200 | &nbsp;&nbsp;&nbsp; 8.625%—03/15/2029<sup>1</sup> | 208 |
|  |  | 309 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
| $300 | &nbsp;&nbsp;&nbsp; DT Midstream, Inc. <br>4.375%—06/15/2031<sup>1</sup><br>| $286 |
| 200 | &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>6.000%—01/15/2077<sup>2</sup><br>| 200 |
| 100 | &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC <br>5.250%—08/16/2077<sup>2</sup><br>| 99 |
| 300 | &nbsp;&nbsp;&nbsp; Genesis Energy LP/Genesis Energy Finance Corp. <br>7.750%—02/01/2028<br>| 303 |
| 200 | &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc. <br>9.750%—03/01/2029<sup>1</sup><br>| 209 |
| 104 | &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP <br>5.875%—03/01/2028<sup>1</sup><br>| 106 |
| 100 | &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.000%—02/01/2029<br>| 101 |
| 200 | &nbsp;&nbsp;&nbsp; MPLX LP <br>2.650%—08/15/2030<br>| 181 |
| 200 | &nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc. <br>3.750%—02/15/2031<sup>1</sup><br>| 184 |
| 122 | &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc. <br>8.750%—03/15/2029<sup>1</sup><br>| 29 |
|  | PBF Holding Co. LLC/PBF Finance Corp. |  |
| 200 | &nbsp;&nbsp;&nbsp; 7.875%—09/15/2030<sup>1</sup> | 183 |
| 158 | &nbsp;&nbsp;&nbsp; 9.875%—03/15/2030<sup>1</sup> | 157 |
|  |  | 340 |
| 300 | &nbsp;&nbsp;&nbsp; PG&E Corp. <br>7.375%—03/15/2055<sup>2</sup><br>| 290 |
| 100 | &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. <br>7.150%—02/01/2032<br>| 111 |
| 100 | &nbsp;&nbsp;&nbsp; Talos Production, Inc. <br>9.000%—02/01/2029<sup>1</sup><br>| 103 |
|  | &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |
| 100 | &nbsp;&nbsp;&nbsp; 4.000%—01/15/2032 | 93 |
| 300 | &nbsp;&nbsp;&nbsp; 4.875%—02/01/2031 | 297 |
|  |  | 390 |
| 100 | &nbsp;&nbsp;&nbsp; TC PipeLines LP <br>3.900%—05/25/2027<br>| 99 |
|  |  | 4860 |
| **PAPER & FOREST PRODUCTS—0.6%** | **PAPER & FOREST PRODUCTS—0.6%** | **PAPER & FOREST PRODUCTS—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; Mercer International, Inc. <br>12.875%—10/01/2028<sup>1</sup><br>| 202 |
| **PASSENGER AIRLINES—1.7%** | **PASSENGER AIRLINES—1.7%** | **PASSENGER AIRLINES—1.7%** |
| 194 | &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust <br>4.800%—02/15/2029<sup>1</sup><br>| 195 |
| 300 | &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.750%—10/20/2028<sup>1</sup><br>| 300 |
| 74 | &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust <br>5.875%—04/15/2029<br>| 75 |
|  |  | 570 |
| **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** |
| 200 | &nbsp;&nbsp;&nbsp; Cencora, Inc. <br>2.700%—03/15/2031<br>| 181 |
| 300 | &nbsp;&nbsp;&nbsp; HLF Financing SARL LLC/Herbalife International, <br> Inc. <br>4.875%—06/01/2029<sup>1</sup><br>| 251 |
|  |  | 432 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PROFESSIONAL SERVICES—2.2%** | **PROFESSIONAL SERVICES—2.2%** | **PROFESSIONAL SERVICES—2.2%** |
|  | Gartner, Inc. |  |
| $100 | &nbsp;&nbsp;&nbsp; 3.750%—10/01/2030<sup>1</sup> | $94 |
| 300 | &nbsp;&nbsp;&nbsp; 4.500%—07/01/2028<sup>1</sup> | 295 |
|  |  | 389 |
| 100 | &nbsp;&nbsp;&nbsp; KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 97 |
| 300 | &nbsp;&nbsp;&nbsp; TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 279 |
|  |  | 765 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%** |
| 100 | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy <br> Co-Issuer Corp. <br>5.750%—01/15/2029<sup>1</sup><br>| 89 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.7%** |
|  | Broadcom, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 1.950%—02/15/2028<sup>1</sup> | 283 |
| 100 | &nbsp;&nbsp;&nbsp; 4.000%—04/15/2029<sup>1</sup> | 98 |
|  |  | 381 |
| 100 | &nbsp;&nbsp;&nbsp; Entegris, Inc. <br>4.750%—04/15/2029<sup>1</sup><br>| 98 |
| 300 | &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. <br>4.250%—09/01/2025<br>| 300 |
| 200 | &nbsp;&nbsp;&nbsp; NVIDIA Corp. <br>2.850%—04/01/2030<br>| 189 |
| 100 | &nbsp;&nbsp;&nbsp; Qorvo, Inc. <br>3.375%—04/01/2031<sup>1</sup><br>| 90 |
| 200 | &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. <br>2.250%—09/04/2029<br>| 185 |
|  |  | 1243 |
| **SOFTWARE—5.0%** | **SOFTWARE—5.0%** | **SOFTWARE—5.0%** |
| 200 | &nbsp;&nbsp;&nbsp; Autodesk, Inc. <br>2.400%—12/15/2031<br>| 175 |
| 200 | &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. <br>2.900%—12/01/2029<br>| 186 |
| 300 | &nbsp;&nbsp;&nbsp; Fair Isaac Corp. <br>4.000%—06/15/2028<sup>1</sup><br>| 290 |
| 300 | &nbsp;&nbsp;&nbsp; Open Text Corp. <br>6.900%—12/01/2027<sup>1</sup><br>| 310 |
| 100 | &nbsp;&nbsp;&nbsp; Oracle Corp. <br>6.150%—11/09/2029<br>| 106 |
| 400 | &nbsp;&nbsp;&nbsp; ROBLOX Corp. <br>3.875%—05/01/2030<sup>1</sup><br>| 377 |
| 300 | &nbsp;&nbsp;&nbsp; Salesforce, Inc. <br>1.950%—07/15/2031<br>| 262 |
|  |  | 1706 |
| **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** |
| 300 | &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. <br>7.000%—08/01/2030<sup>1</sup><br>| 302 |
| 200 | &nbsp;&nbsp;&nbsp; Arko Corp. <br>5.125%—11/15/2029<sup>1</sup><br>| 164 |
| 307 | &nbsp;&nbsp;&nbsp; Carvana Co. <br>9.000%—06/01/2030-06/01/2031<sup>1</sup><br>| 336 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| $100 | &nbsp;&nbsp;&nbsp; Gap, Inc. <br>3.875%—10/01/2031<sup>1</sup><br>| $90 |
| 400 | &nbsp;&nbsp;&nbsp; Home Depot, Inc. <br>3.250%—04/15/2032<br>| 369 |
| 175 | &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC <br>6.125%—03/15/2032<sup>1</sup><br>| 168 |
| 300 | &nbsp;&nbsp;&nbsp; Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| 293 |
|  |  | 1722 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** |
| 158 | &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. <br>5.500%—08/15/2028<sup>1</sup><br>| 105 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** |
| 100 | &nbsp;&nbsp;&nbsp; Tapestry, Inc. <br>5.100%—03/11/2030<br>| 102 |
| 100 | &nbsp;&nbsp;&nbsp; William Carter Co. <br>5.625%—03/15/2027<sup>1</sup><br>| 99 |
|  |  | 201 |
| **TOBACCO—4.2%** | **TOBACCO—4.2%** | **TOBACCO—4.2%** |
|  | Altria Group, Inc. |  |
| 100 | &nbsp;&nbsp;&nbsp; 2.450%—02/04/2032 | 86 |
| 300 | &nbsp;&nbsp;&nbsp; 4.800%—02/14/2029 | 302 |
|  |  | 388 |
| 200 | &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC <br>5.500%—02/01/2030<sup>1</sup><br>| 206 |
| 300 | &nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. <br>5.250%—06/15/2030<sup>1</sup><br>| 308 |
| 400 | &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>5.125%—02/15/2030-02/13/2031<br>| 409 |
| 100 | &nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 105 |
|  |  | 1416 |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; Ferguson Finance PLC <br>4.500%—10/24/2028<sup>1</sup><br>| 199 |
| **WIRELESS TELECOMMUNICATION SERVICES—1.1%** | **WIRELESS TELECOMMUNICATION SERVICES—1.1%** | **WIRELESS TELECOMMUNICATION SERVICES—1.1%** |
|  | T-Mobile USA, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 2.550%—02/15/2031 | 179 |
| 200 | &nbsp;&nbsp;&nbsp; 2.625%—02/15/2029 | 188 |
|  |  | 367 |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $31,062) | &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $31,062) | 31589 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—93.2%** <br>(Cost $31,062) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—93.2%** <br>(Cost $31,062) | 31589 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—6.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—6.8%** | 2302 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $33891 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Current** <br>**Notional** <br>**Value** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| U.S Treasury Note Futures 10 Year (Long) | &nbsp;&nbsp; 35 | 09/19/2025 | &nbsp;&nbsp; $3887 | &nbsp;&nbsp; $24 |
| U.S Treasury Note Futures 2 Year (Long) | &nbsp;&nbsp; 45 | 09/30/2025 | &nbsp;&nbsp; 9314 | &nbsp;&nbsp; (12)<br>|
| U.S Treasury Note Futures 5 Year (Long) | &nbsp;&nbsp; 50 | 09/30/2025 | &nbsp;&nbsp; 5409 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | &nbsp;&nbsp; $25 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** |
| **Counterparty/Exchange** | **Reference Entity** | **Buy/** <br>**Sell**<sup>3,4</sup><br>| **Pay/Receive** <br>**Fixed Rate**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>5</sup><br>| **Payment** <br>**Frequency**<br>| **Notional** <br>**Amount**<sup>6</sup> <br>**(000s)**<br>| **Value**<sup>7</sup> <br>**(000s)**<br>| **Upfront** <br>**Premiums** <br>**(Received)/Paid** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| ICE Clear Credit LLC | &nbsp;&nbsp;&nbsp; Markit DCX North American <br> Investment Grade Index <br> Series 44<br>| Sell | 1.000<br> %<br>| 06/20/2030 | 0.510% | Quarterly | $5300 | $121 | $109 | $12 |
| ICE Clear Credit LLC | &nbsp;&nbsp;&nbsp; Markit CDX North American <br> High Yield Index Series 44<br>| Sell | 5.000<br> %<br>| 06/20/2030 | 3.211% | Quarterly | 1700 | 132 | 109 | 23 |
| &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | $35 |

---

**FAIR VALUE MEASUREMENTS**

As of July 31, 2025, the investments in futures contracts (as disclosed in the preceding Futures Contracts schedule) were classified as Level 1 and all other investments were classified as Level 2.

For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of July 31, 2025, the aggregate value of these securities was $18,809 or 55% of net assets.

Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date.

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as "Defaulted" indicates a credit event has occurred for the referenced entity or obligation.

The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. As of July 31, 2025, the maximum exposure to loss of the notional value of credit default swaps outstanding was $7,000.

The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor SMID Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—10.6%** | **AEROSPACE & DEFENSE—10.6%** | **AEROSPACE & DEFENSE—10.6%** |
| 900 | Hexcel Corp.  | $54 |
| 300 | Huntington Ingalls Industries, Inc.  | 84 |
| 480 | Moog, Inc. Class A | 93 |
| 456 | Woodward, Inc.  | 117 |
|  |  | 348 |
| **AUTOMOBILE COMPONENTS—1.6%** | **AUTOMOBILE COMPONENTS—1.6%** | **AUTOMOBILE COMPONENTS—1.6%** |
| 1422 | BorgWarner, Inc.  | 52 |
| **BANKS—5.2%** | **BANKS—5.2%** | **BANKS—5.2%** |
| 522 | East West Bancorp, Inc.  | 52 |
| 1080 | Webster Financial Corp.  | 62 |
| 450 | Wintrust Financial Corp.  | 58 |
|  |  | 172 |
| **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** |
| 960 | A.O. Smith Corp.  | 68 |
| **CAPITAL MARKETS—5.5%** | **CAPITAL MARKETS—5.5%** | **CAPITAL MARKETS—5.5%** |
| 438 | Houlihan Lokey, Inc.  | 84 |
| 588 | Raymond James Financial, Inc.  | 98 |
|  |  | 182 |
| **CHEMICALS—6.3%** | **CHEMICALS—6.3%** | **CHEMICALS—6.3%** |
| 402 | Albemarle Corp.  | 27 |
| 606 | Cabot Corp.  | 44 |
| 1002 | CF Industries Holdings, Inc.  | 93 |
| 588 | Eastman Chemical Co.  | 43 |
|  |  | 207 |
| **COMMERCIAL SERVICES & SUPPLIES—2.2%** | **COMMERCIAL SERVICES & SUPPLIES—2.2%** | **COMMERCIAL SERVICES & SUPPLIES—2.2%** |
| 312 | Republic Services, Inc.  | 72 |
| **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** |
| 186 | Valmont Industries, Inc.  | 68 |
| **CONSUMER FINANCE—1.7%** | **CONSUMER FINANCE—1.7%** | **CONSUMER FINANCE—1.7%** |
| 414 | FirstCash Holdings, Inc.  | 55 |
| **CONTAINERS & PACKAGING—1.5%** | **CONTAINERS & PACKAGING—1.5%** | **CONTAINERS & PACKAGING—1.5%** |
| 1074 | Sonoco Products Co.  | 48 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%** |
| 450 | Arrow Electronics, Inc. <sup>\*</sup> | 52 |
| 174 | Teledyne Technologies, Inc. <sup>\*</sup> | 96 |
|  |  | 148 |
| **ENERGY EQUIPMENT & SERVICES—3.0%** | **ENERGY EQUIPMENT & SERVICES—3.0%** | **ENERGY EQUIPMENT & SERVICES—3.0%** |
| 4206 | Archrock, Inc.  | 98 |
| **FINANCIAL SERVICES—1.6%** | **FINANCIAL SERVICES—1.6%** | **FINANCIAL SERVICES—1.6%** |
| 306 | WEX, Inc. <sup>\*</sup> | 52 |
| **GROUND TRANSPORTATION—3.1%** | **GROUND TRANSPORTATION—3.1%** | **GROUND TRANSPORTATION—3.1%** |
| 576 | Ryder System, Inc.  | 102 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.8%** |
| 666 | CONMED Corp.  | 34 |
| 888 | Hologic, Inc. <sup>\*</sup> | 59 |
|  |  | 93 |
| **HEALTH CARE PROVIDERS & SERVICES—0.6%** | **HEALTH CARE PROVIDERS & SERVICES—0.6%** | **HEALTH CARE PROVIDERS & SERVICES—0.6%** |
| 810 | Centene Corp. <sup>\*</sup> | 21 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—3.5%** | **HOTELS, RESTAURANTS & LEISURE—3.5%** | **HOTELS, RESTAURANTS & LEISURE—3.5%** |
| 330 | Darden Restaurants, Inc.  | $66 |
| 630 | Papa John's International, Inc.  | 27 |
| 1218 | Penn Entertainment, Inc. <sup>\*</sup> | 22 |
|  |  | 115 |
| **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** |
| 348 | DR Horton, Inc.  | 50 |
| **INSURANCE—2.6%** | **INSURANCE—2.6%** | **INSURANCE—2.6%** |
| 438 | Reinsurance Group of America, Inc.  | 84 |
| **IT SERVICES—1.3%** | **IT SERVICES—1.3%** | **IT SERVICES—1.3%** |
| 558 | Akamai Technologies, Inc. <sup>\*</sup> | 43 |
| **LIFE SCIENCES TOOLS & SERVICES—6.1%** | **LIFE SCIENCES TOOLS & SERVICES—6.1%** | **LIFE SCIENCES TOOLS & SERVICES—6.1%** |
| 2844 | Avantor, Inc. <sup>\*</sup> | 38 |
| 186 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 45 |
| 324 | Charles River Laboratories International, Inc. <sup>\*</sup> | 55 |
| 1224 | Qiagen NV  | 61 |
|  |  | 199 |
| **MACHINERY—4.9%** | **MACHINERY—4.9%** | **MACHINERY—4.9%** |
| 414 | Albany International Corp. Class A | 22 |
| 444 | Middleby Corp. <sup>\*</sup> | 65 |
| 234 | Snap-on, Inc.  | 75 |
|  |  | 162 |
| **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** |
| 558 | WEC Energy Group, Inc.  | 61 |
| **OFFICE REITS—2.7%** | **OFFICE REITS—2.7%** | **OFFICE REITS—2.7%** |
| 798 | BXP, Inc.  | 52 |
| 1338 | COPT Defense Properties  | 37 |
|  |  | 89 |
| **PROFESSIONAL SERVICES—1.1%** | **PROFESSIONAL SERVICES—1.1%** | **PROFESSIONAL SERVICES—1.1%** |
| 600 | Insperity, Inc.  | 36 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.9%** |
| 828 | CBRE Group, Inc. Class A<sup>\*</sup> | 129 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.0%** |
| 552 | Cirrus Logic, Inc. <sup>\*</sup> | 55 |
| 1200 | FormFactor, Inc. <sup>\*</sup> | 34 |
| 90 | Monolithic Power Systems, Inc.  | 64 |
| 756 | ON Semiconductor Corp. <sup>\*</sup> | 43 |
|  |  | 196 |
| **SOFTWARE—3.3%** | **SOFTWARE—3.3%** | **SOFTWARE—3.3%** |
| 2154 | Box, Inc. Class A<sup>\*</sup> | 69 |
| 63 | Synopsys, Inc. <sup>\*</sup> | 40 |
|  |  | 109 |
| **SPECIALIZED REITS—1.9%** | **SPECIALIZED REITS—1.9%** | **SPECIALIZED REITS—1.9%** |
| 270 | SBA Communications Corp.  | 61 |

---

------

⬤

------

**Harbor SMID Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—2.9%** | **TRADING COMPANIES & DISTRIBUTORS—2.9%** | **TRADING COMPANIES & DISTRIBUTORS—2.9%** |
| 618 | GATX Corp.  | $94 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $2,978) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $2,978) | 3214 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.0%** <br>(Cost $2,978) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.0%** <br>(Cost $2,978) | 3214 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.0%** | 65 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3279 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor SMID Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)**

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—4.3%** | **AEROSPACE & DEFENSE—4.3%** | **AEROSPACE & DEFENSE—4.3%** |
| 243 | Huntington Ingalls Industries, Inc.  | $68 |
| 528 | Moog, Inc. Class A | 102 |
|  |  | 170 |
| **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** |
| 767 | BorgWarner, Inc.  | 28 |
| **BANKS—9.7%** | **BANKS—9.7%** | **BANKS—9.7%** |
| 710 | Pinnacle Financial Partners, Inc.  | 63 |
| 726 | Popular, Inc. (Puerto Rico) | 83 |
| 559 | UMB Financial Corp.  | 62 |
| 2002 | United Bankshares, Inc.  | 71 |
| 820 | Webster Financial Corp.  | 47 |
| 1901 | WesBanco, Inc.  | 57 |
|  |  | 383 |
| **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** |
| 1051 | Masco Corp.  | 72 |
| **CAPITAL MARKETS—4.4%** | **CAPITAL MARKETS—4.4%** | **CAPITAL MARKETS—4.4%** |
| 462 | Raymond James Financial, Inc.  | 77 |
| 839 | Stifel Financial Corp.  | 96 |
|  |  | 173 |
| **CHEMICALS—2.9%** | **CHEMICALS—2.9%** | **CHEMICALS—2.9%** |
| 671 | Cabot Corp.  | 48 |
| 452 | Eastman Chemical Co.  | 33 |
| 551 | Scotts Miracle-Gro Co.  | 35 |
|  |  | 116 |
| **COMMUNICATIONS EQUIPMENT—1.8%** | **COMMUNICATIONS EQUIPMENT—1.8%** | **COMMUNICATIONS EQUIPMENT—1.8%** |
| 2163 | Digi International, Inc. <sup>\*</sup> | 70 |
| **CONSUMER FINANCE—1.7%** | **CONSUMER FINANCE—1.7%** | **CONSUMER FINANCE—1.7%** |
| 517 | FirstCash Holdings, Inc.  | 69 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** |
| 1055 | Performance Food Group Co. <sup>\*</sup> | 106 |
| **CONTAINERS & PACKAGING—1.9%** | **CONTAINERS & PACKAGING—1.9%** | **CONTAINERS & PACKAGING—1.9%** |
| 1458 | Sealed Air Corp.  | 43 |
| 713 | Sonoco Products Co.  | 32 |
|  |  | 75 |
| **DISTRIBUTORS—0.8%** | **DISTRIBUTORS—0.8%** | **DISTRIBUTORS—0.8%** |
| 1105 | LKQ Corp.  | 33 |
| **ELECTRICAL EQUIPMENT—6.3%** | **ELECTRICAL EQUIPMENT—6.3%** | **ELECTRICAL EQUIPMENT—6.3%** |
| 345 | Acuity, Inc.  | 107 |
| 1421 | NEXTracker, Inc. Class A<sup>\*</sup> | 83 |
| 394 | Regal Rexnord Corp.  | 60 |
|  |  | 250 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—11.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—11.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—11.6%** |
| 661 | Advanced Energy Industries, Inc.  | 92 |
| 1534 | Avnet, Inc.  | 81 |
| 3194 | Flex Ltd. <sup>\*</sup> | 159 |
| 1100 | Sanmina Corp. <sup>\*</sup> | 128 |
|  |  | 460 |
| **ENERGY EQUIPMENT & SERVICES—1.0%** | **ENERGY EQUIPMENT & SERVICES—1.0%** | **ENERGY EQUIPMENT & SERVICES—1.0%** |
| 3296 | NOV, Inc.  | 41 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—1.5%** | **FINANCIAL SERVICES—1.5%** | **FINANCIAL SERVICES—1.5%** |
| 350 | WEX, Inc. <sup>\*</sup> | $59 |
| **FOOD PRODUCTS—1.3%** | **FOOD PRODUCTS—1.3%** | **FOOD PRODUCTS—1.3%** |
| 1571 | Darling Ingredients, Inc. <sup>\*</sup> | 51 |
| **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** |
| 469 | Atmos Energy Corp.  | 73 |
| **GROUND TRANSPORTATION—1.4%** | **GROUND TRANSPORTATION—1.4%** | **GROUND TRANSPORTATION—1.4%** |
| 2260 | Schneider National, Inc. Class B | 55 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.7%** |
| 571 | CONMED Corp.  | 29 |
| **HEALTH CARE REITS—0.9%** | **HEALTH CARE REITS—0.9%** | **HEALTH CARE REITS—0.9%** |
| 478 | Alexandria Real Estate Equities, Inc.  | 36 |
| **HOTEL & RESORT REITS—0.6%** | **HOTEL & RESORT REITS—0.6%** | **HOTEL & RESORT REITS—0.6%** |
| 2466 | Pebblebrook Hotel Trust  | 25 |
| **HOTELS, RESTAURANTS & LEISURE—1.5%** | **HOTELS, RESTAURANTS & LEISURE—1.5%** | **HOTELS, RESTAURANTS & LEISURE—1.5%** |
| 287 | Darden Restaurants, Inc.  | 58 |
| **HOUSEHOLD DURABLES—1.9%** | **HOUSEHOLD DURABLES—1.9%** | **HOUSEHOLD DURABLES—1.9%** |
| 515 | DR Horton, Inc.  | 74 |
| **INDUSTRIAL REITS—2.9%** | **INDUSTRIAL REITS—2.9%** | **INDUSTRIAL REITS—2.9%** |
| 363 | EastGroup Properties, Inc.  | 59 |
| 1644 | STAG Industrial, Inc.  | 57 |
|  |  | 116 |
| **INSURANCE—4.0%** | **INSURANCE—4.0%** | **INSURANCE—4.0%** |
| 487 | Reinsurance Group of America, Inc.  | 94 |
| 269 | RenaissanceRe Holdings Ltd. (Bermuda) | 65 |
|  |  | 159 |
| **LIFE SCIENCES TOOLS & SERVICES—1.2%** | **LIFE SCIENCES TOOLS & SERVICES—1.2%** | **LIFE SCIENCES TOOLS & SERVICES—1.2%** |
| 276 | Charles River Laboratories International, Inc. <sup>\*</sup> | 47 |
| **MACHINERY—5.9%** | **MACHINERY—5.9%** | **MACHINERY—5.9%** |
| 788 | Albany International Corp. Class A | 43 |
| 515 | Middleby Corp. <sup>\*</sup> | 75 |
| 223 | Snap-on, Inc.  | 72 |
| 560 | Timken Co.  | 42 |
|  |  | 232 |
| **OFFICE REITS—2.6%** | **OFFICE REITS—2.6%** | **OFFICE REITS—2.6%** |
| 2694 | Vornado Realty Trust  | 103 |
| **OIL, GAS & CONSUMABLE FUELS—3.9%** | **OIL, GAS & CONSUMABLE FUELS—3.9%** | **OIL, GAS & CONSUMABLE FUELS—3.9%** |
| 607 | Diamondback Energy, Inc.  | 90 |
| 2525 | Murphy Oil Corp.  | 63 |
|  |  | 153 |
| **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** |
| 326 | TriNet Group, Inc.  | 22 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.7%** |
| 950 | CBRE Group, Inc. Class A<sup>\*</sup> | 148 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.3%** |
| 650 | Entegris, Inc.  | 51 |

---

------

⬤

------

**Harbor SMID Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—2.5%** | **SOFTWARE—2.5%** | **SOFTWARE—2.5%** |
| 155 | Synopsys, Inc. <sup>\*</sup> | $98 |
| **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** |
| 1302 | Bath & Body Works, Inc.  | 38 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** |
| 2214 | Wolverine World Wide, Inc.  | 50 |
| **TRADING COMPANIES & DISTRIBUTORS—3.9%** | **TRADING COMPANIES & DISTRIBUTORS—3.9%** | **TRADING COMPANIES & DISTRIBUTORS—3.9%** |
| 1213 | Air Lease Corp.  | 67 |
| 559 | GATX Corp.  | 86 |
|  |  | 153 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,518) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,518) | 3876 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.0%** <br>(Cost $3,518) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.0%** <br>(Cost $3,518) | 3876 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.0%** | 79 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3955 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

------

⬤

------

**Harbor Transformative Technologies ETF**

**PORTFOLIO OF INVESTMENTS—July 31, 2025 (Unaudited)** 

------

*Value and Cost in Thousands*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** |
| **Shares** |  | **Value** |
| **AUTOMOBILES—1.8%** | **AUTOMOBILES—1.8%** | **AUTOMOBILES—1.8%** |
| 297 | Tesla, Inc. <sup>\*</sup> | $92 |
| **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** |
| 148 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 68 |
| **BROADLINE RETAIL—5.8%** | **BROADLINE RETAIL—5.8%** | **BROADLINE RETAIL—5.8%** |
| 1283 | Amazon.com, Inc. <sup>\*</sup> | 300 |
| **COMMUNICATIONS EQUIPMENT—2.3%** | **COMMUNICATIONS EQUIPMENT—2.3%** | **COMMUNICATIONS EQUIPMENT—2.3%** |
| 944 | Arista Networks, Inc. <sup>\*</sup> | 116 |
| **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** |
| 152 | Constellation Energy Corp.  | 53 |
| **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** |
| 909 | Schneider Electric SE ADR<sup>1</sup> | 47 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%** |
| 275 | Keysight Technologies, Inc. <sup>\*</sup> | 45 |
| **ENTERTAINMENT—3.3%** | **ENTERTAINMENT—3.3%** | **ENTERTAINMENT—3.3%** |
| 145 | Netflix, Inc. <sup>\*</sup> | 168 |
| **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** |
| 117 | Mastercard, Inc. Class A | 66 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.8%** |
| 959 | Dexcom, Inc. <sup>\*</sup> | 77 |
| 437 | Edwards Lifesciences Corp. <sup>\*</sup> | 35 |
| 170 | Intuitive Surgical, Inc. <sup>\*</sup> | 82 |
|  |  | 194 |
| **HOTELS, RESTAURANTS & LEISURE—0.9%** | **HOTELS, RESTAURANTS & LEISURE—0.9%** | **HOTELS, RESTAURANTS & LEISURE—0.9%** |
| 339 | Airbnb, Inc. Class A<sup>\*</sup> | 45 |
| **INTERACTIVE MEDIA & SERVICES—8.0%** | **INTERACTIVE MEDIA & SERVICES—8.0%** | **INTERACTIVE MEDIA & SERVICES—8.0%** |
| 1021 | Alphabet, Inc. Class A | 196 |
| 282 | Meta Platforms, Inc. Class A | 218 |
|  |  | 414 |
| **IT SERVICES—2.9%** | **IT SERVICES—2.9%** | **IT SERVICES—2.9%** |
| 290 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 36 |
| 506 | Snowflake, Inc. Class A<sup>\*</sup> | 113 |
|  |  | 149 |
| **MEDIA—1.6%** | **MEDIA—1.6%** | **MEDIA—1.6%** |
| 953 | Trade Desk, Inc. Class A<sup>\*</sup> | 83 |
| **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** |
| 885 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 65 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| 718 | UCB SA ADR (Belgium)<sup>1</sup> | $77 |
|  |  | 142 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—27.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—27.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—27.4%** |
| 223 | Advanced Micro Devices, Inc. <sup>\*</sup> | 39 |
| 364 | Analog Devices, Inc.  | 82 |
| 386 | ARM Holdings PLC ADR<sup>\*,1</sup> | 54 |
| 87 | &nbsp;&nbsp;&nbsp; ASML Holding NV New York Registry Shares <br> (Netherlands)<br>| 60 |
| 1201 | Broadcom, Inc.  | 353 |
| 476 | Impinj, Inc. <sup>\*</sup> | 74 |
| 1135 | Lam Research Corp.  | 108 |
| 2474 | NVIDIA Corp.  | 440 |
| 198 | Onto Innovation, Inc. <sup>\*</sup> | 19 |
| 749 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 181 |
|  |  | 1410 |
| **SOFTWARE—26.7%** | **SOFTWARE—26.7%** | **SOFTWARE—26.7%** |
| 161 | Adobe, Inc. <sup>\*</sup> | 58 |
| 250 | AppLovin Corp. Class A<sup>\*</sup> | 98 |
| 249 | Cadence Design Systems, Inc. <sup>\*</sup> | 91 |
| 217 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 99 |
| 124 | CyberArk Software Ltd. <sup>\*</sup> | 51 |
| 597 | Datadog, Inc. Class A<sup>\*</sup> | 83 |
| 100 | Figma, Inc. Class A<sup>\*</sup> | 11 |
| 166 | HubSpot, Inc. <sup>\*</sup> | 86 |
| 667 | Intapp, Inc. <sup>\*</sup> | 27 |
| 779 | Microsoft Corp.  | 416 |
| 200 | Monday.com Ltd. <sup>\*</sup> | 52 |
| 237 | Palo Alto Networks, Inc. <sup>\*</sup> | 41 |
| 356 | Salesforce, Inc.  | 92 |
| 1557 | Samsara, Inc. Class A<sup>\*</sup> | 59 |
| 119 | ServiceNow, Inc. <sup>\*</sup> | 112 |
|  |  | 1376 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.3%** |
| 1573 | Apple, Inc.  | 327 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,068) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,068) | 5095 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.0%** <br>(Cost $4,068) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.0%** <br>(Cost $4,068) | 5095 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | 52 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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⬤

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**Harbor Transformative Technologies ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of July 31, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere.

The accompanying notes are an integral part of the Portfolios of Investments.

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⬤

------

**Harbor ETF Trust**

**Notes to Portfolios of Investments—July 31, 2025 (Unaudited)**

------

**NOTE 1—ORGANIZATIONAL MATTERS**

Harbor ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as an open-end management investment company. As of July 31, 2025, the Trust consists of the following separate portfolios (individually or collectively referred to as a "Fund" or the "Funds", respectively). The shares of each Fund are listed and traded on NYSE Arca, Inc. with the exception of shares of Harbor Commodity All-Weather Strategy ETF, Harbor Dividend Growth Leaders ETF, and Harbor Long-Term Growers ETF which are listed and traded on NYSE. Harbor Capital Advisors, Inc. (the "Advisor" or "Harbor Capital") is the investment adviser for the Funds.

---

| |
|:---|
| Harbor Active Small Cap ETF |
| Harbor AlphaEdge™ Large Cap Value ETF |
| Harbor AlphaEdge™ Next Generation REITs ETF |
| Harbor AlphaEdge™ Small Cap Earners ETF |
| Harbor Commodity All-Weather Strategy ETF <br> (Consolidated)<br>|
| Harbor Disciplined Bond ETF |
| Harbor Dividend Growth Leaders ETF |
| Harbor Emerging Markets Equity ETF |
| Harbor Emerging Markets Select ETF |
| Harbor Health Care ETF |
| Harbor Human Capital Factor Unconstrained ETF |
| Harbor Human Capital Factor US Large Cap ETF |
| Harbor Human Capital Factor US Small Cap ETF |
| Harbor International Compounders ETF |

---

---

| |
|:---|
| Harbor International Equity ETF |
| Harbor Long-Short Equity ETF |
| Harbor Long-Term Growers ETF |
| Harbor Mid Cap Core ETF |
| Harbor Mid Cap Value ETF |
| Harbor Multi-Asset Explorer ETF (Consolidated) |
| Harbor Osmosis Emerging Markets Resource Efficient ETF |
| Harbor Osmosis International Resource Efficient ETF |
| Harbor PanAgora Dynamic Large Cap Core ETF |
| Harbor Scientific Alpha High-Yield ETF |
| Harbor Scientific Alpha Income ETF |
| Harbor SMID Cap Core ETF |
| Harbor SMID Cap Value ETF |
| Harbor Transformative Technologies ETF |

---

Harbor Mid Cap Core ETF, Harbor Mid Cap Value ETF, Harbor SMID Cap Core ETF, Harbor SMID Cap Value ETF, Harbor Emerging Markets Select ETF, Harbor Emerging Markets Equity ETF and Harbor International Equity ETF commenced operations on May 1, 2025, May 1, 2025, May 1, 2025, May 1, 2025, May 14, 2025, June 4, 2025 and June 4, 2025, respectively.

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES**

**Security Valuation**

Investments are valued pursuant to valuation procedures approved by the Board of Trustees. The valuation procedures permit the Advisor to use a variety of valuation methodologies, consider a number of subjective factors, analyze applicable facts and circumstances and, in general, exercise judgment, when valuing Fund investments. The methodology used for a specific type of investment may vary based on the circumstances and relevant considerations, including available market data.

Equity securities (including common stock, preferred stock and convertible preferred stock), exchange-traded funds and financial derivative instruments (such as futures contracts, options, rights and warrants) that are traded on a national securities exchange or system (except securities listed on the National Association of Securities Dealers Automated Quotation ("NASDAQ") system and United Kingdom securities) are valued at the last sale price on a national exchange or system on which they are principally traded as of the valuation date. Securities listed on the NASDAQ system or a United Kingdom exchange are valued at the official closing price of those securities. In the case of securities for which there are no sales on the valuation day, (i) securities traded principally on a U.S. exchange, including NASDAQ, are valued at the mean (or average) of the closing bid and ask price; and (ii) securities traded principally on a foreign exchange, including United Kingdom securities, are valued at the official bid price determined as of the close of the primary exchange. Shares of open-end registered investment companies that are held by a Fund are valued at net asset value. To the extent these securities are actively traded and fair valuation adjustments are not applied, they are normally categorized as Level 1 in the fair value hierarchy. Equity securities traded on inactive markets or valued by reference to similar instruments are normally categorized as Level 2 in the fair value hierarchy. For more information on the fair value hierarchy, please refer to the Fair Value Measurements and Disclosures section.

Debt securities (including corporate bonds, municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, mortgage-backed and asset-backed securities, foreign government obligations, convertible securities, other than short-term securities, with a remaining maturity of less than 60 days at the time of acquisition) are valued using evaluated prices furnished by a pricing vendor. An evaluated price represents an assessment by the pricing vendor using various market inputs of what

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⬤

------

**Harbor ETF Trust**

**Notes to Portfolios of Investments—Continued**

------

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued** 

the pricing vendor believes is the fair value of a security at a particular point in time. The pricing vendor determines evaluated prices for debt securities that would be transacted at institutional-size quantities using inputs including, but not limited to, (i) recent transaction prices and dealer quotes, (ii) transaction prices for what the pricing vendor believes are securities with similar characteristics, (iii) the pricing vendor's assessment of the risk inherent in the security taking into account criteria such as credit quality, payment history, liquidity and market conditions, and (iv) various correlations and relationships between security price movements and other factors, such as interest rate changes, which are recognized by institutional traders. In the case of asset-backed and mortgage-backed securities, the inputs used by the pricing vendor may also include information about cash flows, prepayment rates, default rates, delinquency and loss assumption, collateral characteristics, credit enhancements and other specific information about the particular offering. Because many debt securities trade infrequently, the pricing vendor will often not have current transaction price information available as an input in determining an evaluated price for a particular security. When current transaction price information is available, it is one input into the pricing vendor's evaluation process, which means that the evaluated price supplied by the pricing vendor will frequently differ from that transaction price. Securities that use similar valuation techniques and inputs as described above are normally categorized as Level 2 in the fair value hierarchy.

Short-term securities with a remaining maturity of less than 60 days at the time of acquisition that are held by a Fund are valued at amortized cost to the extent amortized cost represents fair value. Such securities are normally categorized as Level 2 in the fair value hierarchy.

Swap agreements (including over-the-counter ("OTC") and centrally cleared swaps) generally derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. The value of swap agreements is generally determined by a pricing vendor using a series of techniques, including simulation pricing models, or by the counterparties to the OTC swap agreements, typically using its own proprietary models. The pricing models may use inputs such as issuer details, indices, exchange rates, interest rates, yield curves, and credit spreads, that are observed from actively quoted markets. Swap agreements are normally categorized as Level 2 in the fair value hierarchy.

When reliable market quotations or evaluated prices supplied by a pricing vendor are not readily available or are not believed to accurately reflect fair value, securities fair value determinations are made by the Advisor as designated by the Board of Trustees pursuant to the Investment Company Act. Fair value determinations for investments which incorporate significant unobservable inputs are normally categorized as Level 3 in the fair value hierarchy.

**Fair Value Measurements and Disclosures**

Various inputs may be used to determine the value of each Fund's investments, which are summarized in three broad categories defined as Level 1, Level 2, and Level 3. The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those investments. The assignment of an investment to Levels 1, 2, or 3 is based on the lowest level of significant inputs used to determine its fair value.

Level 1–Quoted prices in active markets for identical securities.

Level 2–Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3–Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include each Fund's own assumptions.

The categorization of investments into Levels 1, 2, or 3, and a summary of significant unobservable inputs used for Level 3 investments, when applicable, can be found at the end of each Fund's Portfolio of Investments schedule.

Each Fund used observable inputs in its valuation methodologies whenever they were available and deemed reliable.

**Securities Transactions**

Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed).

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⬤

------

**Harbor ETF Trust**

**Notes to Portfolios of Investments—Continued**

------

**NOTE 3—SUBSEQUENT EVENTS**

At the meeting held on August 13-14, 2025, the Board of Trustees voted to liquidate and dissolve Harbor Human Capital Factor Unconstrained ETF. The Fund liquidated on September 18, 2025. Additional information related to the liquidation can be found in the supplement to the Fund's prospectus and statement of additional information as filed with the SEC on August 20, 2025.

Please refer to the most recent annual financial statements or semi-annual financial statements on the Harbor Capital's website at *harborcapital.com* for more information regarding each Fund's significant accounting policies, investments, and related transactions.

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⬤

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![](img89010ce03.jpg)

![](img451706c64.jpg)

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Harbor ETF Trust

- **b. Investment Company Act file number:** 811-23661

- **c. CIK number of Registrant:** 0001860434

- **d. LEI of Registrant:** 549300NWWMUBG8UZZ226

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 111 SOUTH WACKER DRIVE

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-443-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Harbor Multi-Asset Explorer ETF

- **b. EDGAR series identifier (if any):** S000080799

- **c. LEI of Series:** 5493000JY7CY6PJRJD03

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $5545905.19

**Total Liabilities:** $3204.32

**Net Assets:** $5542700.87

**Amount of Assets Invested in Other Investment Companies:** $178043.50

**Cash Not Reported:** $18533.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243340 | 3.09%                | 3.58%                | 0.24%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $55772.23                | $102088.93                                 |
| Month 2  | $62322.82                | $99281.22                                  |
| Month 3  | $0.00                    | $12545.18                                  |

### Schedule of Portfolio Investments

| Name                                                  | Title                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares MSCI EAFE ETF                                 | iShares MSCI EAFE ETF                                 | CUSIP: 464287465<br>LEI: 549300O0XO3KDQV68404 | Long             | EC               | RF                | US        |      1918 | NS      | $167863.36    | 3.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares J.P. Morgan USD Emerging Markets Bond ETF     | iShares J.P. Morgan USD Emerging Markets Bond ETF     | CUSIP: 464288281<br>LEI: 54930070R8WH6MNUJG74 | Long             | EC               | RF                | US        |      2272 | NS      | $211000.64    | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MBS ETF                                       | iShares MBS ETF                                       | CUSIP: 464288588<br>LEI: 549300M0TH0IE2E6RP07 | Long             | EC               | RF                | US        |      1276 | NS      | $118757.32    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Emerging Markets ETF                     | iShares MSCI Emerging Markets ETF                     | CUSIP: 464287234<br>LEI: 549300BPYHDEDI59G670 | Long             | EC               | RF                | US        |     10657 | NS      | $517503.92    | 9.34%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Broad USD Investment Grade Corporate Bond ETF | iShares Broad USD Investment Grade Corporate Bond ETF | CUSIP: 464288620<br>LEI: 5493004QFMCNV0WLX398 | Long             | EC               | RF                | US        |      2696 | NS      | $138277.84    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Health Care Select Sector SPDR Fund                   | Health Care Select Sector SPDR Fund                   | CUSIP: 81369Y209<br>LEI: 549300EJNY3KKJHPOY44 | Long             | EC               | RF                | US        |       305 | NS      | $39781.15     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin FTSE United Kingdom ETF                      | Franklin FTSE United Kingdom ETF                      | CUSIP: 35473P678<br>LEI: 549300EBZY7Y36672039 | Long             | EC               | RF                | US        |      4761 | NS      | $145638.99    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard FTSE Europe ETF                              | Vanguard FTSE Europe ETF                              | CUSIP: 922042874<br>LEI: 5493000IQHGUVNGQR883 | Long             | EC               | RF                | US        |      5038 | NS      | $381124.70    | 6.88%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bond ETF                   | iShares 7-10 Year Treasury Bond ETF                   | CUSIP: 464287440<br>LEI: 549300XS1PPZG92M8L16 | Long             | EC               | RF                | US        |       681 | NS      | $64626.90     | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Communication Services Select Sector SPDR Fund        | Communication Services Select Sector SPDR Fund        | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Long             | EC               | RF                | US        |      2928 | NS      | $314496.48    | 5.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Physical Gold ETF                       | Goldman Sachs Physical Gold ETF                       | CUSIP: 38150K103<br>LEI: 549300OEKWWGF8GREP70 | Long             | EC               | RF                | US        |      5766 | NS      | $187337.34    | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 20+ Year Treasury Bond ETF                    | iShares 20+ Year Treasury Bond ETF                    | CUSIP: 464287432<br>LEI: 549300WWURKS1JGBZU59 | Long             | EC               | RF                | US        |      2498 | NS      | $217126.16    | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Japan ETF                                | iShares MSCI Japan ETF                                | CUSIP: 46434G822<br>LEI: 5493008I6YRUC6I0S051 | Long             | EC               | RF                | US        |      3537 | NS      | $260393.94    | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares                                      | SPDR Gold Shares                                      | CUSIP: 78463V107<br>LEI: 549300SMREV46EHBHL79 | Long             | EC               | RF                | US        |       588 | NS      | $178140.48    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Financial Select Sector SPDR Fund                     | Financial Select Sector SPDR Fund                     | CUSIP: 81369Y605<br>LEI: 549300Y12KQ6ZG08NY28 | Long             | EC               | RF                | US        |      5800 | NS      | $303746.00    | 5.48%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Core S&P 500 ETF                              | iShares Core S&P 500 ETF                              | CUSIP: 464287200<br>LEI: 5493007M4YMN8XL48C14 | Long             | EC               | RF                | US        |      2864 | NS      | $1818353.60   | 32.81%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Broad USD High Yield Corporate Bond ETF       | iShares Broad USD High Yield Corporate Bond ETF       | CUSIP: 46435U853<br>LEI: 549300X7H67ZLUE3IZ46 | Long             | EC               | RF                | US        |     12391 | NS      | $463299.49    | 8.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-27

**Name of Applicant:** Harbor ETF Trust

**Signature:** Ryan Elve

**Name of Signer:** Ryan Elve

**Title:** Vice President, Harbor ETF Trust