# EDGAR Filing Document

**Accession Number:** 0001994489
**File Stem:** 0001410368-25-012032
**Filing Date:** 2025-9
**Character Count:** 518200
**Document Hash:** 90ef0728e8b344122d063b9cc5dcaddd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-012032.hdr.sgml**: 20250926

**ACCESSION NUMBER**: 0001410368-25-012032

**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 Funds II
- **CENTRAL INDEX KEY:** 0001994489

**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:** 811-23907
- **FILM NUMBER:** 251349010

**BUSINESS ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE, 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3124434400

**MAIL ADDRESS:**
- **STREET 1:** 111 SOUTH WACKER DRIVE, 34TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60453

## Series and Classes Contracts Data

### Embark Small Cap Equity Fund (Series ID: S000083503)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000247206 | Retirement Class    | ESCQX           |
| C000247207 | Institutional Class | ESCWX           |

## Nport-Ex

![](img4a8411dd1.jpg)

**Quarterly Portfolios of Investments**

**HARBOR FUNDS AND HARBOR FUNDS II**

**July 31, 2025** 

---

| |
|:---|
| &nbsp;&nbsp; Embark Commodity Strategy Fund (Consolidated) |
| &nbsp;&nbsp; Embark Small Cap Equity Fund |
| &nbsp;&nbsp; Harbor Capital Appreciation Fund |
| &nbsp;&nbsp; Harbor Convertible Securities Fund |
| &nbsp;&nbsp; Harbor Core Bond Fund |
| &nbsp;&nbsp; Harbor Core Plus Fund |
| &nbsp;&nbsp; Harbor Diversified International All Cap Fund |
| &nbsp;&nbsp; Harbor International Fund |
| &nbsp;&nbsp; Harbor International Compounders Fund |
| &nbsp;&nbsp; Harbor International Core Fund |
| &nbsp;&nbsp; Harbor International Small Cap Fund |
| &nbsp;&nbsp; Harbor Large Cap Value Fund |
| &nbsp;&nbsp; Harbor Mid Cap Fund |
| &nbsp;&nbsp; Harbor Mid Cap Value Fund |
| &nbsp;&nbsp; Harbor Small Cap Growth Fund |
| &nbsp;&nbsp; Harbor Small Cap Value Fund |

---

![](imga7a6c9572.gif)

------

**Table of Contents**

------

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

---

| | |
|:---|:---|
| **Portfolios of Investments** <br>|  |
| Embark Commodity Strategy Fund (CONSOLIDATED) | 1  |
| Embark Small Cap Equity Fund | 10  |
| Harbor Capital Appreciation Fund | 15  |
| Harbor Convertible Securities Fund | 17  |
| Harbor Core Bond Fund | 21  |
| Harbor Core Plus Fund | 30  |
| Harbor Diversified International All Cap Fund | 38  |
| Harbor International Fund | 43  |
| Harbor International Compounders Fund | 47  |
| Harbor International Core Fund | 49  |
| Harbor International Small Cap Fund | 55  |
| Harbor Large Cap Value Fund | 57  |
| Harbor Mid Cap Fund | 59  |
| Harbor Mid Cap Value Fund | 61  |
| Harbor Small Cap Growth Fund | 64  |
| Harbor Small Cap Value Fund | 66  |
| **Notes to Portfolios of Investments** | 68 |

---

------

**Embark Commodity Strategy Fund**

**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;

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—11.8%** | **Corporate Bonds & Notes—11.8%** | **Corporate Bonds & Notes—11.8%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** |
| $7470 | &nbsp;&nbsp;&nbsp; General Electric Co. MTN <br>4.902% (SOFR + 0.640%) 05/05/2026<sup>1</sup><br>| $7483 |
| 6132 | &nbsp;&nbsp;&nbsp; RTX Corp. <br>3.950%—08/16/2025<br>| 6130 |
|  |  | 13613 |
| **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** |
| 2565 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. <br>5.400%—04/06/2026<br>| 2579 |
| 6545 | &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp. <br>5.109% (SOFR + 0.770%) 08/07/2026<sup>1</sup><br>| 6577 |
| 2675 | &nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp. MTN <br>4.794% (SOFR + 0.450%) 04/10/2026<sup>1</sup><br>| 2678 |
|  |  | 11834 |
| **BANKS—3.9%** | **BANKS—3.9%** | **BANKS—3.9%** |
| 4860 | &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>5.700% (SOFR + 1.350%) 09/15/2027<sup>1</sup><br>| 4914 |
| 9835 | &nbsp;&nbsp;&nbsp; Bank of America Corp. MTN <br>1.197% (SOFR + 1.010%) 10/24/2026<sup>2</sup><br>| 9757 |
| 14945 | &nbsp;&nbsp;&nbsp; Citibank NA <br>5.054% (SOFR + 0.712%) 11/19/2027<sup>1</sup><br>| 14980 |
| 6590 | &nbsp;&nbsp;&nbsp; Fifth Third Bank NA <br>5.155% (SOFR + 0.810%) 01/28/2028<sup>1</sup><br>| 6594 |
| 8650 | &nbsp;&nbsp;&nbsp; Goldman Sachs Bank USA <br>5.092% (SOFR + 0.750%) 05/21/2027<sup>1</sup><br>| 8674 |
|  | JPMorgan Chase & Co. |  |
| 8895 | &nbsp;&nbsp;&nbsp; 5.116% (SOFR + 0.765%) 09/22/2027<sup>1</sup> | 8929 |
| 4415 | &nbsp;&nbsp;&nbsp; 5.544% (SOFR + 1.200%) 01/23/2028<sup>1</sup> | 4455 |
|  |  | 13384 |
| 14375 | &nbsp;&nbsp;&nbsp; Morgan Stanley Bank NA <br>5.029% (SOFR + 0.685%) 10/15/2027<sup>1</sup><br>| 14423 |
| 9630 | &nbsp;&nbsp;&nbsp; PNC Bank NA <br>5.074% (SOFR + 0.730%) 07/21/2028<sup>1</sup><br>| 9658 |
|  | State Street Corp. |  |
| 7200 | &nbsp;&nbsp;&nbsp; 4.984% (SOFR + 0.640%) 10/22/2027<sup>1</sup> | 7214 |
| 1810 | &nbsp;&nbsp;&nbsp; 5.184% (SOFR + 0.845%) 08/03/2026<sup>1</sup> | 1818 |
|  |  | 9032 |
| 9005 | &nbsp;&nbsp;&nbsp; Truist Bank <br>5.115% (SOFR + 0.770%) 07/24/2028<sup>1</sup><br>| 9024 |
| 8945 | &nbsp;&nbsp;&nbsp; Truist Financial Corp. MTN <br>1.200%—08/05/2025<br>| 8942 |
|  | U.S. Bank NA |  |
| 2600 | &nbsp;&nbsp;&nbsp; 5.034% (SOFR + 0.690%) 10/22/2027<sup>1</sup> | 2605 |
| 10000 | &nbsp;&nbsp;&nbsp; 5.251% (SOFR + 0.910%) 05/15/2028<sup>1</sup> | 10056 |
|  |  | 12661 |
|  |  | 122043 |
| **BEVERAGES—0.4%** | **BEVERAGES—0.4%** | **BEVERAGES—0.4%** |
| 6335 | &nbsp;&nbsp;&nbsp; Keurig Dr. Pepper, Inc. <br>4.924% (SOFR + 0.580%) 11/15/2026<sup>1</sup><br>| 6351 |
| 7089 | &nbsp;&nbsp;&nbsp; PepsiCo, Inc. <br>4.740% (SOFR + 0.400%) 02/13/2026<sup>1</sup><br>| 7098 |
|  |  | 13449 |
| **BIOTECHNOLOGY—0.2%** | **BIOTECHNOLOGY—0.2%** | **BIOTECHNOLOGY—0.2%** |
| 5330 | &nbsp;&nbsp;&nbsp; Amgen, Inc. <br>5.507%—03/02/2026<br>| 5330 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CAPITAL MARKETS—0.5%** | **CAPITAL MARKETS—0.5%** | **CAPITAL MARKETS—0.5%** |
| $8404 | &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. <br>5.026% (SOFR + 0.680%) 06/09/2028<sup>1</sup><br>| $8445 |
|  | Goldman Sachs Group, Inc. |  |
| 3030 | &nbsp;&nbsp;&nbsp; 5.167% (SOFR + 0.820%) 09/10/2027<sup>1</sup> | 3035 |
| 2680 | &nbsp;&nbsp;&nbsp; 6.199% (SOFR + 1.850%) 03/15/2028<sup>1</sup> | 2728 |
|  |  | 5763 |
|  |  | 14208 |
| **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** | **COMMERCIAL SERVICES & SUPPLIES—0.2%** |
| 5795 | &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. <br>5.016% (SOFR + 0.670%) 03/06/2028<sup>1</sup><br>| 5822 |
| **DIVERSIFIED FINANCIAL SERVICES—0.1%** | **DIVERSIFIED FINANCIAL SERVICES—0.1%** | **DIVERSIFIED FINANCIAL SERVICES—0.1%** |
| 3020 | &nbsp;&nbsp;&nbsp; Mastercard, Inc. <br>4.789% (SOFR + 0.440%) 03/15/2028<sup>1</sup><br>| 3027 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.6%** |
|  | AT&T, Inc. |  |
| 9545 | &nbsp;&nbsp;&nbsp; 1.700%—03/25/2026 | 9373 |
| 4455 | &nbsp;&nbsp;&nbsp; 3.875%—01/15/2026 | 4436 |
|  |  | 13809 |
| 4125 | &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <br>1.450%—03/20/2026<br>| 4051 |
|  |  | 17860 |
| **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** |
| 5375 | &nbsp;&nbsp;&nbsp; Georgia Power Co. <br>4.629% (SOFR + 0.280%) 09/15/2026<sup>1</sup><br>| 5375 |
| 5038 | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>5.141% (SOFR + 0.800%) 02/04/2028<sup>1</sup><br>| 5082 |
|  |  | 10457 |
| **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** |
| 12090 | &nbsp;&nbsp;&nbsp; American Express Co. <br>5.341% (SOFR + 1.000%) 02/16/2028<sup>1</sup><br>| 12164 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** |
| 11510 | &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>4.844% (SOFR + 0.500%) 07/15/2026<sup>1</sup><br>| 11538 |
| **INSURANCE—0.8%** | **INSURANCE—0.8%** | **INSURANCE—0.8%** |
| 8840 | &nbsp;&nbsp;&nbsp; Athene Global Funding <br>5.177% (SOFR + 0.830%) 01/07/2027<sup>1,3</sup><br>| 8862 |
| 5100 | &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. <br>5.039% (SOFR + 0.700%) 11/08/2027<sup>1</sup><br>| 5127 |
|  | New York Life Global Funding |  |
| 5605 | &nbsp;&nbsp;&nbsp; 4.751% (SOFR + 0.410%) 02/05/2027<sup>1,3</sup> | 5606 |
| 6430 | &nbsp;&nbsp;&nbsp; 4.925% (SOFR + 0.580%) 08/28/2026<sup>1,3</sup> | 6450 |
|  |  | 12056 |
|  |  | 26045 |
| **MACHINERY—0.7%** | **MACHINERY—0.7%** | **MACHINERY—0.7%** |
| 10975 | &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp. MTN <br>4.861% (SOFR + 0.520%) 05/14/2027<sup>1</sup><br>| 10995 |
|  | John Deere Capital Corp. MTN |  |
| 8315 | &nbsp;&nbsp;&nbsp; 4.787% (SOFR + 0.440%) 03/06/2026<sup>1</sup> | 8325 |
| 3232 | &nbsp;&nbsp;&nbsp; 4.946% (SOFR + 0.600%) 06/11/2027<sup>1</sup> | 3246 |
|  |  | 11571 |
|  |  | 22566 |

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED 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** |
| **MEDIA—0.2%** | **MEDIA—0.2%** | **MEDIA—0.2%** |
| $5280 | &nbsp;&nbsp;&nbsp; TCI Communications, Inc. <br>7.875%—02/15/2026<br>| $5365 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 5415 | &nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc. <br>4.861% (SOFR + 0.520%) 11/18/2027<sup>1</sup><br>| 5426 |
| **OIL, GAS & CONSUMABLE FUELS—0.2%** | **OIL, GAS & CONSUMABLE FUELS—0.2%** | **OIL, GAS & CONSUMABLE FUELS—0.2%** |
| 7680 | &nbsp;&nbsp;&nbsp; Chevron USA, Inc. <br>4.704% (SOFR + 0.360%) 02/26/2027<sup>1</sup><br>| 7695 |
| **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** |
| 6830 | &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. <br>4.832% (SOFR + 0.490%) 02/20/2026<sup>1</sup><br>| 6839 |
| 2730 | &nbsp;&nbsp;&nbsp; CVS Health Corp. <br>5.000%—02/20/2026<br>| 2733 |
|  |  | 9572 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** |
| 6760 | &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>3.150%—11/15/2025<br>| 6729 |
| 8163 | &nbsp;&nbsp;&nbsp; Intel Corp. <br>4.875%—02/10/2026<br>| 8169 |
|  |  | 14898 |
| **SOFTWARE—0.3%** | **SOFTWARE—0.3%** | **SOFTWARE—0.3%** |
| 10141 | &nbsp;&nbsp;&nbsp; Oracle Corp. <br>1.650%—03/25/2026<br>| 9943 |
| **SPECIALTY RETAIL—0.4%** | **SPECIALTY RETAIL—0.4%** | **SPECIALTY RETAIL—0.4%** |
| 4875 | &nbsp;&nbsp;&nbsp; Home Depot, Inc. <br>4.681% (SOFR + 0.330%) 12/24/2025<sup>1</sup><br>| 4879 |
| 6130 | &nbsp;&nbsp;&nbsp; Walmart, Inc. <br>4.775% (SOFR + 0.430%) 04/28/2027<sup>1</sup><br>| 6156 |
|  |  | 11035 |
| **TOBACCO—0.2%** | **TOBACCO—0.2%** | **TOBACCO—0.2%** |
| 7395 | &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>5.176% (SOFR + 0.830%) 04/28/2028<sup>1</sup><br>| 7442 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** |
|  | T-Mobile USA, Inc. |  |
| 1120 | &nbsp;&nbsp;&nbsp; 2.250%—02/15/2026 | 1105 |
| 6775 | &nbsp;&nbsp;&nbsp; 2.625%—04/15/2026 | 6683 |
|  |  | 7788 |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $368,452) | &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $368,452) | 369120 |

---

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

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—71.3%** | **Short-Term Investments—71.3%** | **Short-Term Investments—71.3%** |
| **U.S. TREASURY BILLS—71.3%** | **U.S. TREASURY BILLS—71.3%** | **U.S. TREASURY BILLS—71.3%** |
|  | U.S. Treasury Bills |  |
| 15076 | &nbsp;&nbsp;&nbsp; 4.060%—10/16/2025<sup>†</sup> | 14941 |

---

---

| | |
|:---|:---|
| **Short-Term Investments—Continued** | **Short-Term Investments—Continued** |
| **Principal**<br> **Amount**<br>| **Value** |
| **U.S. TREASURY BILLS—Continued** | **U.S. TREASURY BILLS—Continued** |
| $3399<br>&nbsp;&nbsp;&nbsp; 4.065%—10/30/2025<sup>†</sup> | $3363 |
| 136150<br>&nbsp;&nbsp;&nbsp; 4.070%—10/23/2025<sup>†</sup> | 134820 |
| 21410<br>&nbsp;&nbsp;&nbsp; 4.071%—10/02/2025<sup>†</sup> | 21254 |
| 24686<br>&nbsp;&nbsp;&nbsp; 4.075%—09/11/2025<sup>†</sup> | 24566 |
| 51010<br>&nbsp;&nbsp;&nbsp; 4.077%—09/18/2025<sup>†</sup> | 50721 |
| 35053<br>&nbsp;&nbsp;&nbsp; 4.085%—09/25/2025<sup>†</sup> | 34823 |
| 43677<br>&nbsp;&nbsp;&nbsp; 4.090%—11/06/2025<sup>†</sup> | 43182 |
| 55000<br>&nbsp;&nbsp;&nbsp; 4.100%—09/04/2025-09/18/2025<sup>†,4</sup> | 54730 |
| 5642<br>&nbsp;&nbsp;&nbsp; 4.105%—11/13/2025<sup>†</sup> | 5574 |
| 31377<br>&nbsp;&nbsp;&nbsp; 4.115%—08/07/2025-01/22/2026<sup>†,4</sup> | 30900 |
| 22119<br>&nbsp;&nbsp;&nbsp; 4.120%—08/28/2025-12/26/2025<sup>†</sup> | 21911 |
| 84200<br>&nbsp;&nbsp;&nbsp; 4.125%—12/04/2025-01/08/2026<sup>†,4</sup> | 82945 |
| 111800<br>&nbsp;&nbsp;&nbsp; 4.130%—01/15/2026<sup>†,4</sup> | 109651 |
| 35575<br>&nbsp;&nbsp;&nbsp; 4.135%—09/04/2025<sup>†,4</sup> | 35432 |
| 19103<br>&nbsp;&nbsp;&nbsp; 4.140%—11/20/2025<sup>†,4</sup> | 18856 |
| 97000<br>&nbsp;&nbsp;&nbsp; 4.145%—12/11/2025<sup>†,4</sup> | 95524 |
| 14180<br>&nbsp;&nbsp;&nbsp; 4.150%—12/04/2025-12/11/2025<sup>†,4</sup> | 13964 |
| 3911<br>&nbsp;&nbsp;&nbsp; 4.151%—12/18/2025<sup>†</sup> | 3848 |
| 169785<br>&nbsp;&nbsp;&nbsp; 4.155%—08/07/2025-11/28/2025<sup>†,4</sup> | 168728 |
| 113643<br>&nbsp;&nbsp;&nbsp; 4.157%—09/18/2025<sup>†</sup> | 112998 |
| 5081<br>&nbsp;&nbsp;&nbsp; 4.158%—12/18/2025<sup>†</sup> | 4999 |
| 22472<br>&nbsp;&nbsp;&nbsp; 4.162%—08/28/2025<sup>†</sup> | 22400 |
| 80000<br>&nbsp;&nbsp;&nbsp; 4.165%—10/28/2025<sup>†</sup> | 79172 |
| 65942<br>&nbsp;&nbsp;&nbsp; 4.180%—08/28/2025<sup>†</sup> | 65730 |
| 42044<br>&nbsp;&nbsp;&nbsp; 4.185%—08/14/2025<sup>†</sup> | 41979 |
| 50000<br>&nbsp;&nbsp;&nbsp; 4.204%—10/02/2025<sup>†</sup> | 49635 |
| 3210<br>&nbsp;&nbsp;&nbsp; 4.207%—09/11/2025<sup>†</sup> | 3194 |
| 28060<br>&nbsp;&nbsp;&nbsp; 4.209%—08/21/2025<sup>†</sup> | 27993 |
| 49600<br>&nbsp;&nbsp;&nbsp; 4.210%—11/25/2025<sup>†,4</sup> | 48925 |
| 3042<br>&nbsp;&nbsp;&nbsp; 4.213%—10/14/2025<sup>†</sup> | 3016 |
| 181850<br>&nbsp;&nbsp;&nbsp; 4.215%—08/21/2025<sup>†</sup> | 181416 |
| 80000<br>&nbsp;&nbsp;&nbsp; 4.220%—08/21/2025<sup>†</sup> | 79809 |
| 46720<br>&nbsp;&nbsp;&nbsp; 4.225%—08/14/2025-10/16/2025<sup>†</sup> | 46573 |
| 33220<br>&nbsp;&nbsp;&nbsp; 4.226%—10/09/2025<sup>†</sup> | 32950 |
| 32000<br>&nbsp;&nbsp;&nbsp; 4.227%—10/30/2025<sup>†</sup> | 31661 |
| 110000<br>&nbsp;&nbsp;&nbsp; 4.235%—08/21/2025-10/30/2025<sup>†</sup> | 109123 |
| 178665<br>&nbsp;&nbsp;&nbsp; 4.236%—09/09/2025<sup>†</sup> | 177838 |
| 18100<br>&nbsp;&nbsp;&nbsp; 4.238%—09/18/2025<sup>†</sup> | 17997 |
| 6400<br>&nbsp;&nbsp;&nbsp; 4.239%—08/21/2025<sup>†</sup> | 6385 |
| 67520<br>&nbsp;&nbsp;&nbsp; 4.240%—10/02/2025-10/23/2025<sup>†</sup> | 66948 |
| 22360<br>&nbsp;&nbsp;&nbsp; 4.241%—09/11/2025<sup>†</sup> | 22251 |
| 28090<br>&nbsp;&nbsp;&nbsp; 4.260%—08/07/2025<sup>†,4</sup> | 28070 |
| &nbsp;&nbsp;&nbsp; **Total Short-Term Investments** <br>(Cost $2,231,035) | 2230795 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—83.1%** <br>(Cost $2,599,487) | 2599915 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—16.9%** | 530588 |
| **TOTAL NET ASSETS—100.0%** | $3130503 |

---

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Month**<br>| **Current** <br>**Notional** <br>**Value** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Aluminum Futures | &nbsp;&nbsp; 194 | 08/25 | &nbsp;&nbsp; $12446 | &nbsp;&nbsp; $570 |
| Aluminum Futures | &nbsp;&nbsp; 384 | 09/25 | &nbsp;&nbsp; 24591 | &nbsp;&nbsp; 440 |
| Aluminum Futures | &nbsp;&nbsp; 338 | 10/25 | &nbsp;&nbsp; 21663 | &nbsp;&nbsp; (379)<br>|
| Aluminum Futures | &nbsp;&nbsp; 7 | 11/25 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; (16)<br>|
| Brent Crude Futures | &nbsp;&nbsp; 325 | 08/25 | &nbsp;&nbsp; 23302 | &nbsp;&nbsp; 1138 |
| Brent Crude Futures | &nbsp;&nbsp; 2786 | 09/25 | &nbsp;&nbsp; 197249 | &nbsp;&nbsp; 10475 |
| Brent Crude Futures | &nbsp;&nbsp; 230 | 11/25 | &nbsp;&nbsp; 16013 | &nbsp;&nbsp; 1342 |
| Canola Futures | &nbsp;&nbsp; 177 | 11/25 | &nbsp;&nbsp; 1777 | &nbsp;&nbsp; 5 |
| Cattle Feeder Futures | &nbsp;&nbsp; 143 | 09/25 | &nbsp;&nbsp; 23706 | &nbsp;&nbsp; 52 |
| Cattle Feeder Futures | &nbsp;&nbsp; 24 | 10/25 | &nbsp;&nbsp; 3962 | &nbsp;&nbsp; (20)<br>|
| Chicago Ethanol Futures | &nbsp;&nbsp; 55 | 09/25 | &nbsp;&nbsp; 4019 | &nbsp;&nbsp; (91)<br>|
| Cocoa Futures | &nbsp;&nbsp; 154 | 09/25 | &nbsp;&nbsp; 12841 | &nbsp;&nbsp; (1188)<br>|
| Cocoa Futures | &nbsp;&nbsp; 69 | 12/25 | &nbsp;&nbsp; 5341 | &nbsp;&nbsp; 623 |
| Coffee C Futures | &nbsp;&nbsp; 291 | 09/25 | &nbsp;&nbsp; 32279 | &nbsp;&nbsp; (2083)<br>|
| Coffee C Futures | &nbsp;&nbsp; 429 | 12/25 | &nbsp;&nbsp; 46445 | &nbsp;&nbsp; (1168)<br>|
| Copper Futures | &nbsp;&nbsp; 74 | 08/25 | &nbsp;&nbsp; 17727 | &nbsp;&nbsp; 175 |
| Copper Futures | &nbsp;&nbsp; 378 | 09/25 | &nbsp;&nbsp; 52928 | &nbsp;&nbsp; (3537)<br>|
| Copper Futures | &nbsp;&nbsp; 185 | 10/25 | &nbsp;&nbsp; 44414 | &nbsp;&nbsp; (518)<br>|
| Copper Futures | &nbsp;&nbsp; 80 | 12/25 | &nbsp;&nbsp; 8847 | &nbsp;&nbsp; (758)<br>|
| Copper Futures | &nbsp;&nbsp; 73 | 03/26 | &nbsp;&nbsp; 8181 | &nbsp;&nbsp; (2106)<br>|
| Corn Futures | &nbsp;&nbsp; 1007 | 09/25 | &nbsp;&nbsp; 19838 | &nbsp;&nbsp; (1416)<br>|
| Corn Futures | &nbsp;&nbsp; 5404 | 12/25 | &nbsp;&nbsp; 111795 | &nbsp;&nbsp; (4729)<br>|
| Corn Futures | &nbsp;&nbsp; 268 | 03/26 | &nbsp;&nbsp; 5769 | &nbsp;&nbsp; (137)<br>|
| Cotton No. 2 Futures | &nbsp;&nbsp; 541 | 12/25 | &nbsp;&nbsp; 18191 | &nbsp;&nbsp; (256)<br>|
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 135 | 11/25 | &nbsp;&nbsp; 4235 | &nbsp;&nbsp; 35 |
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 397 | 12/25 | &nbsp;&nbsp; 12506 | &nbsp;&nbsp; 201 |
| ECX Emissions Futures | &nbsp;&nbsp; 550 | 12/25 | &nbsp;&nbsp; 45606 | &nbsp;&nbsp; 1552 |
| FCOJ-A Futures | &nbsp;&nbsp; 94 | 09/25 | &nbsp;&nbsp; 3668 | &nbsp;&nbsp; (807)<br>|
| FCOJ-A Futures | &nbsp;&nbsp; 4 | 01/26 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 8 |
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 848 | 09/25 | &nbsp;&nbsp; 59318 | &nbsp;&nbsp; 4198 |
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 495 | 10/25 | &nbsp;&nbsp; 34452 | &nbsp;&nbsp; 178 |
| Gas Oil Low Sulphur Futures | &nbsp;&nbsp; 63 | 01/26 | &nbsp;&nbsp; 4212 | &nbsp;&nbsp; 173 |
| Gold 100 OZ Futures | &nbsp;&nbsp; 1123 | 12/25 | &nbsp;&nbsp; 376048 | &nbsp;&nbsp; (6837)<br>|
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 430 | 09/25 | &nbsp;&nbsp; 11314 | &nbsp;&nbsp; (403)<br>|
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 77 | 12/25 | &nbsp;&nbsp; 2097 | &nbsp;&nbsp; (81)<br>|
| Lead Futures | &nbsp;&nbsp; 82 | 08/25 | &nbsp;&nbsp; 3976 | &nbsp;&nbsp; (86)<br>|
| Lead Futures | &nbsp;&nbsp; 51 | 09/25 | &nbsp;&nbsp; 2489 | &nbsp;&nbsp; (45)<br>|
| Lead Futures | &nbsp;&nbsp; 36 | 10/25 | &nbsp;&nbsp; 1769 | &nbsp;&nbsp; (45)<br>|
| Lean Hogs Futures | &nbsp;&nbsp; 1437 | 10/25 | &nbsp;&nbsp; 51488 | &nbsp;&nbsp; (1071)<br>|
| Lean Hogs Futures | &nbsp;&nbsp; 72 | 12/25 | &nbsp;&nbsp; 2354 | &nbsp;&nbsp; (10)<br>|
| Live Cattle Futures | &nbsp;&nbsp; 814 | 10/25 | &nbsp;&nbsp; 72658 | &nbsp;&nbsp; 2840 |
| Live Cattle Futures | &nbsp;&nbsp; 51 | 12/25 | &nbsp;&nbsp; 4568 | &nbsp;&nbsp; 266 |
| LME Aluminum Futures | &nbsp;&nbsp; 65 | 08/25 | &nbsp;&nbsp; 4166 | &nbsp;&nbsp; 24 |
| LME Aluminum Futures | &nbsp;&nbsp; 2192 | 09/25 | &nbsp;&nbsp; 140500 | &nbsp;&nbsp; 4146 |
| LME Aluminum Futures | &nbsp;&nbsp; 149 | 11/25 | &nbsp;&nbsp; 9562 | &nbsp;&nbsp; 415 |
| LME Aluminum Futures | &nbsp;&nbsp; 964 | 12/25 | &nbsp;&nbsp; 61910 | &nbsp;&nbsp; (742)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 149 | 01/26 | &nbsp;&nbsp; 9581 | &nbsp;&nbsp; (159)<br>|

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** |
| **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** |
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Current**<br> **Notional**<br> **Value**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **(000s)**<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 74 | 02/26 | &nbsp;&nbsp; $4765 | &nbsp;&nbsp; $166 |
| LME Copper Futures | &nbsp;&nbsp; 69 | 08/25 | &nbsp;&nbsp; 16515 | &nbsp;&nbsp; (456)<br>|
| LME Copper Futures | &nbsp;&nbsp; 685 | 09/25 | &nbsp;&nbsp; 164286 | &nbsp;&nbsp; 8875 |
| LME Copper Futures | &nbsp;&nbsp; 376 | 12/25 | &nbsp;&nbsp; 90569 | &nbsp;&nbsp; (604)<br>|
| LME Lead Futures | &nbsp;&nbsp; 602 | 09/25 | &nbsp;&nbsp; 29378 | &nbsp;&nbsp; (101)<br>|
| LME Lead Futures | &nbsp;&nbsp; 19 | 11/25 | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 9 |
| LME Lead Futures | &nbsp;&nbsp; 254 | 12/25 | &nbsp;&nbsp; 12602 | &nbsp;&nbsp; (417)<br>|
| LME Lead Futures | &nbsp;&nbsp; 18 | 01/26 | &nbsp;&nbsp; 897 | &nbsp;&nbsp; (42)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 565 | 09/25 | &nbsp;&nbsp; 50304 | &nbsp;&nbsp; (2894)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 11 | 10/25 | &nbsp;&nbsp; 984 | &nbsp;&nbsp; (101)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 36 | 11/25 | &nbsp;&nbsp; 3235 | &nbsp;&nbsp; (164)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 245 | 12/25 | &nbsp;&nbsp; 22102 | &nbsp;&nbsp; (307)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 45 | 01/26 | &nbsp;&nbsp; 4079 | &nbsp;&nbsp; (131)<br>|
| LME Nickel Futures | &nbsp;&nbsp; 5 | 04/26 | &nbsp;&nbsp; 458 | &nbsp;&nbsp; (6)<br>|
| LME Tin Futures | &nbsp;&nbsp; 26 | 09/25 | &nbsp;&nbsp; 4252 | &nbsp;&nbsp; 4 |
| LME Zinc Futures | &nbsp;&nbsp; 1042 | 09/25 | &nbsp;&nbsp; 71951 | &nbsp;&nbsp; 2238 |
| LME Zinc Futures | &nbsp;&nbsp; 12 | 10/25 | &nbsp;&nbsp; 829 | &nbsp;&nbsp; (41)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 44 | 11/25 | &nbsp;&nbsp; 3043 | &nbsp;&nbsp; 138 |
| LME Zinc Futures | &nbsp;&nbsp; 449 | 12/25 | &nbsp;&nbsp; 31068 | &nbsp;&nbsp; (12)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 44 | 01/26 | &nbsp;&nbsp; 3048 | &nbsp;&nbsp; 8 |
| LME Zinc Futures | &nbsp;&nbsp; 1 | 04/26 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 1 |
| Milling Wheat Futures | &nbsp;&nbsp; 857 | 09/25 | &nbsp;&nbsp; 9597 | &nbsp;&nbsp; (221)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 1332 | 08/25 | &nbsp;&nbsp; 41372 | &nbsp;&nbsp; (2885)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 1204 | 09/25 | &nbsp;&nbsp; 38540 | &nbsp;&nbsp; (5441)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 312 | 12/25 | &nbsp;&nbsp; 14031 | &nbsp;&nbsp; (858)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 1313 | 02/26 | &nbsp;&nbsp; 49776 | &nbsp;&nbsp; (6075)<br>|
| Nickel Futures | &nbsp;&nbsp; 115 | 08/25 | &nbsp;&nbsp; 10186 | &nbsp;&nbsp; (570)<br>|
| Nickel Futures | &nbsp;&nbsp; 58 | 09/25 | &nbsp;&nbsp; 5160 | &nbsp;&nbsp; (129)<br>|
| Nickel Futures | &nbsp;&nbsp; 114 | 10/25 | &nbsp;&nbsp; 10202 | &nbsp;&nbsp; (244)<br>|
| NY Harbor ULSD Futures | &nbsp;&nbsp; 439 | 08/25 | &nbsp;&nbsp; 44176 | &nbsp;&nbsp; 1902 |
| NY Harbor ULSD Futures | &nbsp;&nbsp; 37 | 12/25 | &nbsp;&nbsp; 3641 | &nbsp;&nbsp; 146 |
| Phelix DE Base Futures | &nbsp;&nbsp; 21 | 12/25 | &nbsp;&nbsp; 18615 | &nbsp;&nbsp; 149 |
| Platinum Futures | &nbsp;&nbsp; 119 | 10/25 | &nbsp;&nbsp; 7730 | &nbsp;&nbsp; 183 |
| Platinum Futures | &nbsp;&nbsp; 159 | 06/26 | &nbsp;&nbsp; 3092 | &nbsp;&nbsp; (131)<br>|
| Rapeseed Futures | &nbsp;&nbsp; 79 | 10/25 | &nbsp;&nbsp; 2152 | &nbsp;&nbsp; (13)<br>|
| RBOB Gasoline Futures | &nbsp;&nbsp; 397 | 08/25 | &nbsp;&nbsp; 36248 | &nbsp;&nbsp; 1947 |
| RBOB Gasoline Futures | &nbsp;&nbsp; 48 | 12/25 | &nbsp;&nbsp; 3886 | &nbsp;&nbsp; 168 |
| Red Wheat Futures | &nbsp;&nbsp; 100 | 09/25 | &nbsp;&nbsp; 2889 | &nbsp;&nbsp; (239)<br>|
| Robusta Coffee 10-T Futures | &nbsp;&nbsp; 108 | 09/25 | &nbsp;&nbsp; 3673 | &nbsp;&nbsp; (962)<br>|
| SGX Iron Futures | &nbsp;&nbsp; 1205 | 09/25 | &nbsp;&nbsp; 12021 | &nbsp;&nbsp; (151)<br>|
| Silver Futures | &nbsp;&nbsp; 485 | 09/25 | &nbsp;&nbsp; 89027 | &nbsp;&nbsp; 1103 |
| Silver Futures | &nbsp;&nbsp; 42 | 12/25 | &nbsp;&nbsp; 7810 | &nbsp;&nbsp; 732 |
| Soybean Futures | &nbsp;&nbsp; 335 | 09/25 | &nbsp;&nbsp; 16239 | &nbsp;&nbsp; (695)<br>|
| Soybean Futures | &nbsp;&nbsp; 1474 | 11/25 | &nbsp;&nbsp; 72908 | &nbsp;&nbsp; (3099)<br>|
| Soybean Futures | &nbsp;&nbsp; 215 | 01/26 | &nbsp;&nbsp; 10831 | &nbsp;&nbsp; (417)<br>|
| Soybean Meal Futures | &nbsp;&nbsp; 1117 | 12/25 | &nbsp;&nbsp; 30829 | &nbsp;&nbsp; (2817)<br>|
| Soybean Meal Futures | &nbsp;&nbsp; 332 | 01/26 | &nbsp;&nbsp; 9286 | &nbsp;&nbsp; (524)<br>|

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** |
| **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** | **LONG FUTURES CONTRACTS — Continued** |
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Current**<br> **Notional**<br> **Value**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **(000s)**<br>|
| Soybean Oil Futures | &nbsp;&nbsp; 282 | 09/25 | &nbsp;&nbsp; $9352 | &nbsp;&nbsp; $(87)<br>|
| Soybean Oil Futures | &nbsp;&nbsp; 2105 | 12/25 | &nbsp;&nbsp; 69137 | &nbsp;&nbsp; 4120 |
| Soybean Oil Futures | &nbsp;&nbsp; 127 | 01/26 | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; 64 |
| Sugar No. 11 Futures | &nbsp;&nbsp; 4388 | 09/25 | &nbsp;&nbsp; 80353 | &nbsp;&nbsp; (2504)<br>|
| Sugar No. 11 Futures | &nbsp;&nbsp; 286 | 02/26 | &nbsp;&nbsp; 5436 | &nbsp;&nbsp; (152)<br>|
| UK Natural Gas Futures | &nbsp;&nbsp; 170 | 08/25 | &nbsp;&nbsp; 5849 | &nbsp;&nbsp; 175 |
| Wheat Futures | &nbsp;&nbsp; 693 | 09/25 | &nbsp;&nbsp; 18131 | &nbsp;&nbsp; (924)<br>|
| Wheat Futures | &nbsp;&nbsp; 102 | 12/25 | &nbsp;&nbsp; 2767 | &nbsp;&nbsp; (146)<br>|
| Wheat Futures | &nbsp;&nbsp; 51 | 03/26 | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; (109)<br>|
| White Sugar Futures | &nbsp;&nbsp; 325 | 09/25 | &nbsp;&nbsp; 7602 | &nbsp;&nbsp; 78 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 389 | 08/25 | &nbsp;&nbsp; 26942 | &nbsp;&nbsp; 1066 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 265 | 09/25 | &nbsp;&nbsp; 18073 | &nbsp;&nbsp; 971 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 613 | 10/25 | &nbsp;&nbsp; 41267 | &nbsp;&nbsp; 4972 |
| Zinc Futures | &nbsp;&nbsp; 277 | 08/25 | &nbsp;&nbsp; 19118 | &nbsp;&nbsp; 562 |
| Zinc Futures | &nbsp;&nbsp; 120 | 09/25 | &nbsp;&nbsp; 8280 | &nbsp;&nbsp; 285 |
| Zinc Futures | &nbsp;&nbsp; 287 | 10/25 | &nbsp;&nbsp; 19805 | &nbsp;&nbsp; (167)<br>|
| &nbsp;&nbsp;&nbsp; Total Long Futures Contracts | &nbsp;&nbsp;&nbsp; Total Long Futures Contracts | &nbsp;&nbsp;&nbsp; Total Long Futures Contracts | &nbsp;&nbsp;&nbsp; Total Long Futures Contracts | &nbsp;&nbsp; $(4606)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Month**<br>| **Current** <br>**Notional** <br>**Value** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Aluminum Futures | &nbsp;&nbsp; 194 | 08/25 | &nbsp;&nbsp; $12446 | &nbsp;&nbsp; $(571)<br>|
| Aluminum Futures | &nbsp;&nbsp; 384 | 09/25 | &nbsp;&nbsp; 24591 | &nbsp;&nbsp; (459)<br>|
| Aluminum Futures | &nbsp;&nbsp; 338 | 10/25 | &nbsp;&nbsp; 21665 | &nbsp;&nbsp; 382 |
| Cocoa Futures | &nbsp;&nbsp; 42 | 09/25 | &nbsp;&nbsp; 3138 | &nbsp;&nbsp; 357 |
| Cocoa Futures | &nbsp;&nbsp; 2 | 12/25 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 8 |
| Copper Futures | &nbsp;&nbsp; 74 | 08/25 | &nbsp;&nbsp; 17727 | &nbsp;&nbsp; (187)<br>|
| Copper Futures | &nbsp;&nbsp; 90 | 09/25 | &nbsp;&nbsp; 21576 | &nbsp;&nbsp; 161 |
| Copper Futures | &nbsp;&nbsp; 185 | 10/25 | &nbsp;&nbsp; 44415 | &nbsp;&nbsp; 533 |
| Copper Futures | &nbsp;&nbsp; 25 | 12/25 | &nbsp;&nbsp; 2765 | &nbsp;&nbsp; 728 |
| Dutch TTF Natural Gas Futures | &nbsp;&nbsp; 25 | 08/25 | &nbsp;&nbsp; 725 | &nbsp;&nbsp; (8)<br>|
| KC Hard Red Wheat Futures | &nbsp;&nbsp; 23 | 12/25 | &nbsp;&nbsp; 626 | &nbsp;&nbsp; 13 |
| Lead Futures | &nbsp;&nbsp; 82 | 08/25 | &nbsp;&nbsp; 3977 | &nbsp;&nbsp; 82 |
| Lead Futures | &nbsp;&nbsp; 51 | 09/25 | &nbsp;&nbsp; 2489 | &nbsp;&nbsp; 43 |
| Lead Futures | &nbsp;&nbsp; 36 | 10/25 | &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 43 |
| LME Aluminum Futures | &nbsp;&nbsp; 65 | 08/25 | &nbsp;&nbsp; 4166 | &nbsp;&nbsp; 20 |
| LME Aluminum Futures | &nbsp;&nbsp; 1610 | 09/25 | &nbsp;&nbsp; 103195 | &nbsp;&nbsp; (827)<br>|
| LME Aluminum Futures | &nbsp;&nbsp; 149 | 11/25 | &nbsp;&nbsp; 9562 | &nbsp;&nbsp; 157 |
| LME Aluminum Futures | &nbsp;&nbsp; 57 | 12/25 | &nbsp;&nbsp; 3661 | &nbsp;&nbsp; 96 |
| LME Aluminum Futures | &nbsp;&nbsp; 74 | 02/26 | &nbsp;&nbsp; 4765 | &nbsp;&nbsp; (14)<br>|
| LME Copper Futures | &nbsp;&nbsp; 69 | 08/25 | &nbsp;&nbsp; 16515 | &nbsp;&nbsp; 89 |
| LME Copper Futures | &nbsp;&nbsp; 571 | 09/25 | &nbsp;&nbsp; 136945 | &nbsp;&nbsp; 762 |
| LME Copper Futures | &nbsp;&nbsp; 122 | 12/25 | &nbsp;&nbsp; 29387 | &nbsp;&nbsp; 173 |
| LME Lead Futures | &nbsp;&nbsp; 489 | 09/25 | &nbsp;&nbsp; 23863 | &nbsp;&nbsp; 842 |
| LME Lead Futures | &nbsp;&nbsp; 19 | 11/25 | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 44 |
| LME Lead Futures | &nbsp;&nbsp; 15 | 12/25 | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 11 |

---

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** |
| **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** |
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Current**<br> **Notional**<br> **Value**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **(000s)**<br>|
| LME Nickel Futures | &nbsp;&nbsp; 440 | 09/25 | &nbsp;&nbsp; $39174 | &nbsp;&nbsp; $1276 |
| LME Nickel Futures | &nbsp;&nbsp; 11 | 10/25 | &nbsp;&nbsp; 984 | &nbsp;&nbsp; 73 |
| LME Nickel Futures | &nbsp;&nbsp; 36 | 11/25 | &nbsp;&nbsp; 3235 | &nbsp;&nbsp; 80 |
| LME Nickel Futures | &nbsp;&nbsp; 64 | 12/25 | &nbsp;&nbsp; 5773 | &nbsp;&nbsp; 155 |
| LME Nickel Futures | &nbsp;&nbsp; 13 | 01/26 | &nbsp;&nbsp; 1178 | &nbsp;&nbsp; 7 |
| LME Tin Futures | &nbsp;&nbsp; 14 | 09/25 | &nbsp;&nbsp; 2290 | &nbsp;&nbsp; (3)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 754 | 09/25 | &nbsp;&nbsp; 52064 | &nbsp;&nbsp; (1492)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 12 | 10/25 | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 53 |
| LME Zinc Futures | &nbsp;&nbsp; 44 | 11/25 | &nbsp;&nbsp; 3043 | &nbsp;&nbsp; (14)<br>|
| LME Zinc Futures | &nbsp;&nbsp; 9 | 12/25 | &nbsp;&nbsp; 623 | &nbsp;&nbsp; (25)<br>|
| Natural Gas Futures | &nbsp;&nbsp; 24 | 08/25 | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 119 |
| Natural Gas Futures | &nbsp;&nbsp; 583 | 12/25 | &nbsp;&nbsp; 26218 | &nbsp;&nbsp; 2505 |
| Nickel Futures | &nbsp;&nbsp; 115 | 08/25 | &nbsp;&nbsp; 10186 | &nbsp;&nbsp; 559 |
| Nickel Futures | &nbsp;&nbsp; 58 | 09/25 | &nbsp;&nbsp; 5161 | &nbsp;&nbsp; 126 |
| Nickel Futures | &nbsp;&nbsp; 114 | 10/25 | &nbsp;&nbsp; 10202 | &nbsp;&nbsp; 239 |
| NY Harbor ULSD Futures | &nbsp;&nbsp; 17 | 09/25 | &nbsp;&nbsp; 1707 | &nbsp;&nbsp; (6)<br>|
| Palladium Futures | &nbsp;&nbsp; 20 | 09/25 | &nbsp;&nbsp; 2413 | &nbsp;&nbsp; (252)<br>|
| RBOB Gasoline Futures | &nbsp;&nbsp; 191 | 09/25 | &nbsp;&nbsp; 16259 | &nbsp;&nbsp; (461)<br>|
| Soybean Meal Futures | &nbsp;&nbsp; 15 | 12/25 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 43 |
| Wheat Futures | &nbsp;&nbsp; 313 | 12/25 | &nbsp;&nbsp; 8490 | &nbsp;&nbsp; 121 |
| WTI Crude Oil Futures | &nbsp;&nbsp; 513 | 09/25 | &nbsp;&nbsp; 34987 | &nbsp;&nbsp; (1457)<br>|
| WTI Crude Oil Futures | &nbsp;&nbsp; 173 | 12/25 | &nbsp;&nbsp; 11437 | &nbsp;&nbsp; (575)<br>|
| Zinc Futures | &nbsp;&nbsp; 277 | 08/25 | &nbsp;&nbsp; 19118 | &nbsp;&nbsp; (562)<br>|
| Zinc Futures | &nbsp;&nbsp; 120 | 09/25 | &nbsp;&nbsp; 8280 | &nbsp;&nbsp; (283)<br>|
| Zinc Futures | &nbsp;&nbsp; 287 | 10/25 | &nbsp;&nbsp; 19806 | &nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Total Short Futures Contracts | &nbsp;&nbsp;&nbsp; Total Short Futures Contracts | &nbsp;&nbsp;&nbsp; Total Short Futures Contracts | &nbsp;&nbsp;&nbsp; Total Short Futures Contracts | &nbsp;&nbsp; $2858 |
| &nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp; $(1748)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PURCHASED OPTIONS** | **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** | **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>| **Value** <br>**(000s)**<br>|
| Crude Oil Futures Option | $55.00 | 08/15/2025 | 417 | $28915 | $252 | $21 |
| Crude Oil Futures Option | &nbsp;&nbsp;&nbsp;&nbsp; 60.00 | 08/15/2025 | 187 | 12967 | 241 | 26 |
| Crude Oil Futures Option | &nbsp;&nbsp;&nbsp;&nbsp; 55.00 | 09/17/2025 | 540 | 36866 | 325 | 184 |
| &nbsp;&nbsp;&nbsp; Total Put Purchased Options | &nbsp;&nbsp;&nbsp; Total Put Purchased Options | &nbsp;&nbsp;&nbsp; Total Put Purchased Options | &nbsp;&nbsp;&nbsp; Total Put Purchased Options | &nbsp;&nbsp;&nbsp; Total Put Purchased Options | $818 | $231 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CALL 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>| **Value** <br>**(000s)**<br>|
| Soybean Futures Option | $1050.00 | 10/24/2025 | 368 | $18202 | $324 | $163 |
| Corn Futures Option | &nbsp;&nbsp;&nbsp;&nbsp; 450.00 | 11/21/2025 | 677 | 14005 | 330 | 165 |
| &nbsp;&nbsp;&nbsp; Total Call Purchased Options | &nbsp;&nbsp;&nbsp; Total Call Purchased Options | &nbsp;&nbsp;&nbsp; Total Call Purchased Options | &nbsp;&nbsp;&nbsp; Total Call Purchased Options | &nbsp;&nbsp;&nbsp; Total Call Purchased Options | $654 | $328 |
| &nbsp;&nbsp;&nbsp; Total Purchased Options | &nbsp;&nbsp;&nbsp; Total Purchased Options | &nbsp;&nbsp;&nbsp; Total Purchased Options | &nbsp;&nbsp;&nbsp; Total Purchased Options | &nbsp;&nbsp;&nbsp; Total Purchased Options | $1472 | $559 |

---

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| **Counterparty** | **Fixed** <br>**Rate**<br>| **Pay/Receive** <br>**Fixed Rate**<br>| **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 | 0.149% | Pay<br> Macquarie MQCP338E Index<sup>5</sup> <br>| 08/29/2025 | Monthly | $566727 | $— | $— | $— |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** | **OVER-THE-COUNTER (OTC) TOTAL RETURN SWAPS** |
| **Counterparty** | **Fixed** <br>**Rate**<br>| **Pay/Receive** <br>**Fixed Rate**<br>| **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>|
| Citigroup Global Markets | 0.110% | Pay<br> Bloomberg Commodity 3-Month <br> Forward Total Return Index <sup>6</sup> <br>| 10/31/2025 | Monthly | $174102 | $— | $— | $— |
| Citigroup Global Markets | 0.240% | Pay<br> FTSE/Core Commodity CRB <br> 3-Month Forward Total Return <br> Index <sup>7</sup> <br>| 02/27/2026 | Monthly | 29080 |  |  |  |
| RBC Dominion Securities | 0.120% | Pay<br> Bloomberg Commodity 3-Month <br> Forward Total Return Index <sup>6</sup> <br>| 10/31/2025 | Monthly | 179846 |  |  |  |
| RBC Dominion Securities | 0.290% | Pay<br> FTSE/Core Commodity CRB <br> 3-Month Forward Total Return <br> Index <sup>7</sup> <br>| 02/27/2026 | Monthly | 28381 |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Over-the-Counter Total Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Total Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Total Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Total Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Total Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Total Return Swaps | $— | $— | $— |
| &nbsp;&nbsp;&nbsp; Total Swaps | &nbsp;&nbsp;&nbsp; Total Swaps | &nbsp;&nbsp;&nbsp; Total Swaps | &nbsp;&nbsp;&nbsp; Total Swaps | &nbsp;&nbsp;&nbsp; Total Swaps | &nbsp;&nbsp;&nbsp; Total Swaps | $— | $— | $— |

---

**FAIR VALUE MEASUREMENTS**

As of July 31, 2025 the investments in futures contracts and options (as disclosed in the preceding Futures Contracts and Purchased Options schedules) 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.

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | |
|:---|:---|
| † | Coupon represents yield to maturity |
| 1 | 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 <br> 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 <br> by current interest rates, prepayments or other financial indicators.<br>|
| 2 | 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 <br> date is the final maturity date.<br>|
| 3 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold <br> in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these <br> securities. As of July 31, 2025, the aggregate value of these securities was $20,918 or 1% of net assets.<br>|
| 4 | As of July 31, 2025, all or a portion of this security was restricted as collateral for futures contracts or OTC swaps. The restricted securities <br> had an aggregate value of $104,197.<br>|
| 5 | The index is comprised of publicly traded futures contracts on physical commodities. The table below represents the reference index components <br> as of July 31, 2025.<br>|

---

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

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Gold | 35.1% |
| RBOB Gasoline | 10.9 |
| GasOil | 9.4 |
| Natural Gas (United States) | 7.5 |
| Corn | 6.9 |
| Coffee | 3.8 |
| Heating Oil | 3.8 |
| Brent Crude Oil | 3.4 |
| Sugar | 2.8 |
| Soybeans | 2.6 |
| Aluminum | 1.9 |
| Cotton | 1.9 |
| KC Wheat | 1.9 |
| Wheat | 1.9 |
| Zinc | 1.9 |
| Lean Hogs | 1.8 |
| Copper | 1.7 |
| Cocoa | 0.7 |
| Soybean Oil | 0.1 |

---

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

6 The index is comprised of publicly traded futures contracts on physical commodities. The table below represents the reference index components as of July 31, 2025.

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

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Gold | 16.8% |
| Natural Gas | 10.8 |
| Brent Crude Oil | 6.8 |
| Crude Oil | 5.8 |
| Soybeans | 5.6 |
| Copper | 5.3 |
| Silver | 5.1 |
| Corn | 4.7 |
| Soybean Oil | 4.2 |
| Aluminum | 4.0 |
| Live Cattle | 3.8 |
| Soybean Meal | 3.0 |
| GasOil | 2.6 |
| Wheat | 2.6 |
| Coffee | 2.5 |
| Sugar | 2.4 |
| Nickel | 2.2 |
| Heating Oil | 2.1 |
| Zinc | 2.0 |
| RBOB Gasoline | 1.9 |
| KC Wheat | 1.7 |
| Lean Hogs | 1.7 |
| Cotton | 1.5 |
| Lead | 0.9 |

---

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

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

------

⬤

------

**Embark Commodity Strategy Fund**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

7 The index is comprised of publicly traded futures contracts on physical commodities. The table below represents the reference index components as of July 31, 2025.

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

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Crude Oil | 24.0% |
| Live Cattle | 6.2 |
| Corn | 6.0 |
| Gold | 6.0 |
| Aluminum | 5.9 |
| Soybeans | 5.9 |
| Natural Gas | 5.7 |
| Coffee | 5.2 |
| Heating Oil | 5.2 |
| Cocoa | 5.1 |
| RBOB Gasoline | 5.1 |
| Cotton | 5.0 |
| Sugar | 4.9 |
| Copper | 4.8 |
| Lean Hogs | 1.0 |
| Nickel | 1.0 |
| Orange Juice | 1.0 |
| Silver | 1.0 |
| Wheat | 1.0 |

---

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

MTN Medium Term Note

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

------

⬤

------

**Embark Small Cap Equity Fund**

**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—1.4%** | **AEROSPACE & DEFENSE—1.4%** | **AEROSPACE & DEFENSE—1.4%** |
| 78637 | Archer Aviation, Inc. Class A<sup>\*</sup> | $789 |
| 56680 | BWX Technologies, Inc.  | 8611 |
| 20129 | Hexcel Corp.  | 1206 |
| 48949 | Karman Holdings, Inc. <sup>\*</sup> | 2531 |
| 116799 | Redwire Corp. <sup>\*</sup> | 1669 |
| 58523 | Rocket Lab Corp. <sup>\*</sup> | 2687 |
| 38021 | V2X, Inc. <sup>\*</sup> | 1802 |
|  |  | 19295 |
| **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** |
| 46251 | GXO Logistics, Inc. <sup>\*</sup> | 2299 |
| **AUTOMOBILE COMPONENTS—1.7%** | **AUTOMOBILE COMPONENTS—1.7%** | **AUTOMOBILE COMPONENTS—1.7%** |
| 140018 | Adient PLC <sup>\*</sup> | 3002 |
| 36437 | Lear Corp.  | 3436 |
| 127453 | Modine Manufacturing Co. <sup>\*</sup> | 17150 |
|  |  | 23588 |
| **BANKS—4.7%** | **BANKS—4.7%** | **BANKS—4.7%** |
| 32333 | Ameris Bancorp  | 2210 |
| 75111 | Associated Banc-Corp.  | 1858 |
| 83480 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 3799 |
| 22966 | East West Bancorp, Inc.  | 2302 |
| 4350 | First Citizens BancShares, Inc. Class A | 8677 |
| 391944 | First Hawaiian, Inc.  | 9505 |
| 318423 | First Interstate BancSystem, Inc. Class A | 9167 |
| 55538 | Home BancShares, Inc.  | 1564 |
| 33115 | Independent Bank Corp.  | 2105 |
| 44318 | International Bancshares Corp.  | 3022 |
| 48248 | Popular, Inc. (Puerto Rico) | 5528 |
| 19817 | Prosperity Bancshares, Inc.  | 1320 |
| 80115 | Synovus Financial Corp.  | 3785 |
| 8620 | WaFd, Inc.  | 251 |
| 68049 | Wintrust Financial Corp.  | 8709 |
|  |  | 63802 |
| **BIOTECHNOLOGY—3.4%** | **BIOTECHNOLOGY—3.4%** | **BIOTECHNOLOGY—3.4%** |
| 150964 | 89bio, Inc. <sup>\*</sup> | 1434 |
| 61483 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 10667 |
| 110038 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 938 |
| 32860 | Exact Sciences Corp. <sup>\*</sup> | 1543 |
| 36478 | Insmed, Inc. <sup>\*</sup> | 3913 |
| 54047 | Kiniksa Pharmaceuticals International PLC <sup>\*</sup> | 1635 |
| 37865 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 1479 |
| 49364 | Merus NV (Netherlands)<sup>\*</sup> | 3270 |
| 889439 | MiMedx Group, Inc. <sup>\*</sup> | 6395 |
| 35757 | MoonLake Immunotherapeutics <sup>\*</sup> | 1804 |
| 45042 | Revolution Medicines, Inc. <sup>\*</sup> | 1679 |
| 24548 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 2092 |
| 35791 | Soleno Therapeutics, Inc. <sup>\*</sup> | 3095 |
| 76736 | Vaxcyte, Inc. <sup>\*</sup> | 2605 |
| 78898 | Viking Therapeutics, Inc. <sup>\*</sup> | 2570 |
| 29688 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 907 |
|  |  | 46026 |
| **BROADLINE RETAIL—0.2%** | **BROADLINE RETAIL—0.2%** | **BROADLINE RETAIL—0.2%** |
| 35643 | Etsy, Inc. <sup>\*</sup> | 2077 |
| **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** |
| 5898 | AAON, Inc.  | 492 |
| 4045 | Carlisle Cos., Inc.  | 1435 |
| 23243 | CSW Industrials, Inc.  | 6031 |
| 71751 | Tecogen, Inc. <sup>\*</sup> | 695 |
| 10395 | UFP Industries, Inc.  | 1019 |
|  |  | 9672 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—4.0%** | **CAPITAL MARKETS—4.0%** | **CAPITAL MARKETS—4.0%** |
| 195495 | Artisan Partners Asset Management, Inc. Class A | $8846 |
| 17772 | Cohen & Steers, Inc.  | 1307 |
| 81671 | Donnelley Financial Solutions, Inc. <sup>\*</sup> | 4325 |
| 17444 | Etoro Group Ltd. Class A (Israel)<sup>\*</sup> | 1046 |
| 2730 | FactSet Research Systems, Inc.  | 1100 |
| 8846 | Hamilton Lane, Inc. Class A | 1347 |
| 17899 | Houlihan Lokey, Inc.  | 3413 |
| 4507 | Morningstar, Inc.  | 1246 |
| 24223 | Perella Weinberg Partners  | 483 |
| 42992 | Stifel Financial Corp.  | 4906 |
| 248673 | StoneX Group, Inc. <sup>\*</sup> | 24181 |
| 205387 | SuRo Capital Corp.  | 1744 |
|  |  | 53944 |
| **CHEMICALS—2.6%** | **CHEMICALS—2.6%** | **CHEMICALS—2.6%** |
| 132014 | Ashland, Inc.  | 6807 |
| 63338 | Avient Corp.  | 2000 |
| 180387 | Axalta Coating Systems Ltd. <sup>\*</sup> | 5109 |
| 14649 | Cabot Corp.  | 1057 |
| 1398177 | Ecovyst, Inc. <sup>\*</sup> | 12038 |
| 116027 | Element Solutions, Inc.  | 2738 |
| 251480 | Olin Corp.  | 4763 |
| 8757 | Quaker Chemical Corp.  | 1002 |
|  |  | 35514 |
| **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** |
| 99296 | ACV Auctions, Inc. Class A<sup>\*</sup> | 1411 |
| 503338 | BrightView Holdings, Inc. <sup>\*</sup> | 8028 |
| 20211 | Brink's Co.  | 1765 |
| 42570 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 4629 |
| 48823 | CECO Environmental Corp. <sup>\*</sup> | 2195 |
| 31989 | GFL Environmental, Inc.  | 1610 |
| 149017 | Liquidity Services, Inc. <sup>\*</sup> | 3559 |
| 17515 | MillerKnoll, Inc.  | 332 |
| 68757 | Quad/Graphics, Inc.  | 366 |
| 37196 | Tetra Tech, Inc.  | 1367 |
| 6882 | UniFirst Corp.  | 1177 |
|  |  | 26439 |
| **COMMUNICATIONS EQUIPMENT—1.3%** | **COMMUNICATIONS EQUIPMENT—1.3%** | **COMMUNICATIONS EQUIPMENT—1.3%** |
| 31727 | Calix, Inc. <sup>\*</sup> | 1799 |
| 50201 | F5, Inc. <sup>\*</sup> | 15734 |
|  |  | 17533 |
| **CONSTRUCTION & ENGINEERING—3.9%** | **CONSTRUCTION & ENGINEERING—3.9%** | **CONSTRUCTION & ENGINEERING—3.9%** |
| 177426 | Ameresco, Inc. Class A<sup>\*</sup> | 3002 |
| 154434 | Arcosa, Inc.  | 13263 |
| 31054 | Comfort Systems USA, Inc.  | 21840 |
| 139100 | Fluor Corp. <sup>\*</sup> | 7897 |
| 33699 | Primoris Services Corp.  | 3173 |
| 4674 | Valmont Industries, Inc.  | 1701 |
| 70560 | WillScot Holdings Corp.  | 2071 |
|  |  | 52947 |
| **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** |
| 27668 | Knife River Corp. <sup>\*</sup> | 2282 |
| **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** |
| 6489 | FirstCash Holdings, Inc.  | 865 |
| 150563 | LendingTree, Inc. <sup>\*</sup> | 7028 |
| 192075 | SLM Corp.  | 6108 |
|  |  | 14001 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** |
| 2642 | Casey's General Stores, Inc.  | 1374 |
| 76514 | Maplebear, Inc. <sup>\*</sup> | 3671 |

---

------

⬤

------

**Embark Small Cap Equity Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—Continued** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—Continued** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—Continued** |
| 82383 | PriceSmart, Inc.  | $8856 |
| 96614 | Sprouts Farmers Market, Inc. <sup>\*</sup> | 14641 |
|  |  | 28542 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 328199 | Graphic Packaging Holding Co.  | 7338 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 4050 | Pool Corp.  | 1248 |
| **DIVERSIFIED CONSUMER SERVICES—2.5%** | **DIVERSIFIED CONSUMER SERVICES—2.5%** | **DIVERSIFIED CONSUMER SERVICES—2.5%** |
| 93847 | Frontdoor, Inc. <sup>\*</sup> | 5490 |
| 19111 | Grand Canyon Education, Inc. <sup>\*</sup> | 3223 |
| 667839 | Laureate Education, Inc. <sup>\*</sup> | 15093 |
| 9725 | Stride, Inc. <sup>\*</sup> | 1247 |
| 265384 | Universal Technical Institute, Inc. <sup>\*</sup> | 8551 |
|  |  | 33604 |
| **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** |
| 87050 | OGE Energy Corp.  | 3954 |
| **ELECTRICAL EQUIPMENT—2.3%** | **ELECTRICAL EQUIPMENT—2.3%** | **ELECTRICAL EQUIPMENT—2.3%** |
| 70127 | Bloom Energy Corp. Class A<sup>\*</sup> | 2622 |
| 26435 | Generac Holdings, Inc. <sup>\*</sup> | 5147 |
| 135812 | NEXTracker, Inc. Class A<sup>\*</sup> | 7912 |
| 22356 | nVent Electric PLC  | 1753 |
| 22446 | Powell Industries, Inc.  | 5322 |
| 23043 | Regal Rexnord Corp.  | 3523 |
| 149781 | Sensata Technologies Holding PLC  | 4607 |
|  |  | 30886 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.7%** |
| 60521 | Arlo Technologies, Inc. <sup>\*</sup> | 980 |
| 4283 | Arrow Electronics, Inc. <sup>\*</sup> | 497 |
| 132357 | Avnet, Inc.  | 7007 |
| 20653 | Badger Meter, Inc.  | 3899 |
| 6370 | Celestica, Inc. (Canada)<sup>\*</sup> | 1273 |
| 32384 | Cognex Corp.  | 1320 |
| 8404 | Fabrinet (Thailand)<sup>\*</sup> | 2721 |
| 7212 | Littelfuse, Inc.  | 1856 |
| 59778 | PAR Technology Corp. <sup>\*</sup> | 3633 |
|  |  | 23186 |
| **ENERGY EQUIPMENT & SERVICES—1.8%** | **ENERGY EQUIPMENT & SERVICES—1.8%** | **ENERGY EQUIPMENT & SERVICES—1.8%** |
| 56299 | Atlas Energy Solutions, Inc.  | 732 |
| 81462 | Expro Group Holdings NV <sup>\*</sup> | 878 |
| 591747 | NOV, Inc.  | 7444 |
| 801869 | Select Water Solutions, Inc.  | 7722 |
| 136356 | Tidewater, Inc. <sup>\*</sup> | 6819 |
| 8747 | Weatherford International PLC  | 495 |
|  |  | 24090 |
| **ENTERTAINMENT—1.6%** | **ENTERTAINMENT—1.6%** | **ENTERTAINMENT—1.6%** |
| 160049 | Atlanta Braves Holdings, Inc. Class C<sup>\*</sup> | 7132 |
| 1090474 | Lionsgate Studios Corp. <sup>\*</sup> | 6456 |
| 35912 | Madison Square Garden Sports Corp. <sup>\*</sup> | 7258 |
| 56868 | Starz Entertainment Corp. <sup>\*</sup> | 827 |
|  |  | 21673 |
| **FINANCIAL SERVICES—1.9%** | **FINANCIAL SERVICES—1.9%** | **FINANCIAL SERVICES—1.9%** |
| 67958 | Euronet Worldwide, Inc. <sup>\*</sup> | 6604 |
| 23198 | HA Sustainable Infrastructure Capital, Inc.  | 602 |
| 8616 | Jack Henry & Associates, Inc.  | 1463 |
| 131510 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 13546 |
| 24953 | WEX, Inc. <sup>\*</sup> | 4234 |
|  |  | 26449 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—0.9%** | **FOOD PRODUCTS—0.9%** | **FOOD PRODUCTS—0.9%** |
| 23238 | Ingredion, Inc.  | $3057 |
| 1395908 | SunOpta, Inc. (Canada)<sup>\*</sup> | 8138 |
| 36363 | Vital Farms, Inc. <sup>\*</sup> | 1352 |
|  |  | 12547 |
| **GAS UTILITIES—0.3%** | **GAS UTILITIES—0.3%** | **GAS UTILITIES—0.3%** |
| 37309 | Brookfield Infrastructure Corp. Class A (Canada) | 1456 |
| 11535 | Chesapeake Utilities Corp.  | 1383 |
| 72636 | MDU Resources Group, Inc.  | 1253 |
|  |  | 4092 |
| **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** |
| 45436 | Landstar System, Inc.  | 6060 |
| 8149 | Saia, Inc. <sup>\*</sup> | 2463 |
| 216077 | U-Haul Holding Co.  | 11236 |
|  |  | 19759 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.8%** |
| 29868 | Glaukos Corp. <sup>\*</sup> | 2571 |
| 23497 | iRhythm Technologies, Inc. <sup>\*</sup> | 3294 |
| 154748 | Lantheus Holdings, Inc. <sup>\*</sup> | 11016 |
| 16825 | LeMaitre Vascular, Inc.  | 1367 |
| 75125 | LivaNova PLC <sup>\*</sup> | 3170 |
| 20054 | Masimo Corp. <sup>\*</sup> | 3084 |
| 1022639 | Neogen Corp. <sup>\*</sup> | 4755 |
| 297628 | OrthoPediatrics Corp. <sup>\*</sup> | 6167 |
| 306973 | Owlet, Inc. <sup>\*</sup> | 2241 |
| 44476 | PROCEPT BioRobotics Corp. <sup>\*</sup> | 2158 |
| 437139 | SI-BONE, Inc. <sup>\*</sup> | 7444 |
| 47707 | Solventum Corp. <sup>\*</sup> | 3404 |
| 6670 | STERIS PLC  | 1511 |
|  |  | 52182 |
| **HEALTH CARE PROVIDERS & SERVICES—3.6%** | **HEALTH CARE PROVIDERS & SERVICES—3.6%** | **HEALTH CARE PROVIDERS & SERVICES—3.6%** |
| 447040 | AdaptHealth Corp. <sup>\*</sup> | 4010 |
| 66369 | Addus HomeCare Corp. <sup>\*</sup> | 7087 |
| 52557 | Centene Corp. <sup>\*</sup> | 1370 |
| 3037 | Chemed Corp.  | 1252 |
| 37889 | Encompass Health Corp.  | 4172 |
| 12476 | Ensign Group, Inc.  | 1871 |
| 27359 | GeneDx Holdings Corp. <sup>\*</sup> | 2789 |
| 36060 | HealthEquity, Inc. <sup>\*</sup> | 3498 |
| 68576 | Option Care Health, Inc. <sup>\*</sup> | 2013 |
| 8153 | Quest Diagnostics, Inc.  | 1365 |
| 325912 | RadNet, Inc. <sup>\*</sup> | 17837 |
| 16528 | U.S. Physical Therapy, Inc.  | 1209 |
|  |  | 48473 |
| **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** |
| 21466 | CareTrust REIT, Inc.  | 682 |
| 360261 | Sila Realty Trust, Inc.  | 8805 |
|  |  | 9487 |
| **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** |
| 254629 | HealthStream, Inc.  | 6661 |
| **HOTEL & RESORT REITS—0.4%** | **HOTEL & RESORT REITS—0.4%** | **HOTEL & RESORT REITS—0.4%** |
| 55951 | Ryman Hospitality Properties, Inc.  | 5319 |
| **HOTELS, RESTAURANTS & LEISURE—3.1%** | **HOTELS, RESTAURANTS & LEISURE—3.1%** | **HOTELS, RESTAURANTS & LEISURE—3.1%** |
| 33730 | Brinker International, Inc. <sup>\*</sup> | 5316 |
| 12984 | Churchill Downs, Inc.  | 1390 |
| 3226 | Domino's Pizza, Inc.  | 1494 |
| 345574 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 3888 |
| 91771 | Lindblad Expeditions Holdings, Inc. <sup>\*</sup> | 1097 |
| 62607 | Marriott Vacations Worldwide Corp.  | 4662 |
| 290646 | Norwegian Cruise Line Holdings Ltd. <sup>\*</sup> | 7429 |

---

------

⬤

------

**Embark Small Cap Equity Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** |
| 430299 | Penn Entertainment, Inc. <sup>\*</sup> | $7771 |
| 245625 | Sweetgreen, Inc. Class A<sup>\*</sup> | 3164 |
| 15235 | Texas Roadhouse, Inc.  | 2820 |
| 27779 | Travel & Leisure Co.  | 1646 |
| 4958 | Wingstop, Inc.  | 1871 |
|  |  | 42548 |
| **HOUSEHOLD DURABLES—2.3%** | **HOUSEHOLD DURABLES—2.3%** | **HOUSEHOLD DURABLES—2.3%** |
| 18078 | Cavco Industries, Inc. <sup>\*</sup> | 7298 |
| 75409 | Champion Homes, Inc. <sup>\*</sup> | 4592 |
| 164764 | Green Brick Partners, Inc. <sup>\*</sup> | 10206 |
| 53620 | SharkNinja, Inc. <sup>\*</sup> | 6225 |
| 8633 | TopBuild Corp. <sup>\*</sup> | 3198 |
|  |  | 31519 |
| **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** |
| 24040 | Terreno Realty Corp.  | 1334 |
| **INSURANCE—3.2%** | **INSURANCE—3.2%** | **INSURANCE—3.2%** |
| 73163 | Assured Guaranty Ltd.  | 6188 |
| 51523 | Baldwin Insurance Group, Inc. <sup>\*</sup> | 1898 |
| 105668 | First American Financial Corp.  | 6345 |
| 28696 | Global Indemnity Group LLC Class A | 883 |
| 37967 | Horace Mann Educators Corp.  | 1615 |
| 62294 | Kemper Corp.  | 3837 |
| 2495 | Kinsale Capital Group, Inc.  | 1099 |
| 24497 | Palomar Holdings, Inc. <sup>\*</sup> | 3246 |
| 15505 | Primerica, Inc.  | 4119 |
| 335729 | SiriusPoint Ltd. (Sweden)<sup>\*</sup> | 6584 |
| 82906 | Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | 4193 |
| 2255 | White Mountains Insurance Group Ltd.  | 4031 |
|  |  | 44038 |
| **IT SERVICES—1.0%** | **IT SERVICES—1.0%** | **IT SERVICES—1.0%** |
| 111250 | ASGN, Inc. <sup>\*</sup> | 5578 |
| 200401 | Hackett Group, Inc.  | 4687 |
| 58895 | Kyndryl Holdings, Inc. <sup>\*</sup> | 2225 |
| 8666 | Wix.com Ltd. (Israel)<sup>\*</sup> | 1179 |
|  |  | 13669 |
| **LEISURE PRODUCTS—0.9%** | **LEISURE PRODUCTS—0.9%** | **LEISURE PRODUCTS—0.9%** |
| 19856 | Brunswick Corp.  | 1157 |
| 709638 | Topgolf Callaway Brands Corp. <sup>\*</sup> | 6564 |
| 139968 | YETI Holdings, Inc. <sup>\*</sup> | 5143 |
|  |  | 12864 |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| 6849 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 1657 |
| **MACHINERY—3.4%** | **MACHINERY—3.4%** | **MACHINERY—3.4%** |
| 36671 | Alamo Group, Inc.  | 8162 |
| 29106 | Atmus Filtration Technologies, Inc.  | 1132 |
| 279423 | Douglas Dynamics, Inc.  | 7991 |
| 18422 | Greenbrier Cos., Inc.  | 838 |
| 1505276 | Hillman Solutions Corp. <sup>\*</sup> | 11877 |
| 30764 | ITT, Inc.  | 5229 |
| 25939 | Miller Industries, Inc.  | 1057 |
| 44023 | Mueller Water Products, Inc. Class A | 1090 |
| 6195 | Nordson Corp.  | 1327 |
| 6929 | SPX Technologies, Inc. <sup>\*</sup> | 1264 |
| 7130 | Standex International Corp.  | 1175 |
| 16610 | Stanley Black & Decker, Inc.  | 1124 |
| 57129 | Timken Co.  | 4347 |
|  |  | 46613 |
| **MARINE TRANSPORTATION—0.8%** | **MARINE TRANSPORTATION—0.8%** | **MARINE TRANSPORTATION—0.8%** |
| 384790 | Global Ship Lease, Inc. Class A (United Kingdom) | 10974 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MEDIA—2.3%** | **MEDIA—2.3%** | **MEDIA—2.3%** |
| 444252 | Magnite, Inc. <sup>\*</sup> | $10222 |
| 328959 | National CineMedia, Inc.  | 1582 |
| 23192 | New York Times Co. Class A | 1204 |
| 8141 | Nexstar Media Group, Inc.  | 1523 |
| 199783 | Nexxen International Ltd. (Israel)<sup>\*</sup> | 2054 |
| 123449 | NIQ Global Intelligence PLC <sup>\*</sup> | 2276 |
| 159185 | PubMatic, Inc. Class A<sup>\*</sup> | 1912 |
| 1506885 | Stagwell, Inc. <sup>\*</sup> | 8635 |
| 199088 | TechTarget, Inc. <sup>\*</sup> | 1441 |
|  |  | 30849 |
| **METALS & MINING—0.7%** | **METALS & MINING—0.7%** | **METALS & MINING—0.7%** |
| 29099 | Carpenter Technology Corp.  | 7257 |
| 5130 | Reliance, Inc.  | 1488 |
| 7193 | Royal Gold, Inc.  | 1089 |
|  |  | 9834 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.4%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.4%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.4%** |
| 378336 | Ellington Financial, Inc.  | 4801 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 51297 | Avista Corp.  | 1914 |
| 15738 | Black Hills Corp.  | 909 |
|  |  | 2823 |
| **OIL, GAS & CONSUMABLE FUELS—2.8%** | **OIL, GAS & CONSUMABLE FUELS—2.8%** | **OIL, GAS & CONSUMABLE FUELS—2.8%** |
| 122164 | APA Corp.  | 2356 |
| 381785 | Baytex Energy Corp. (Canada) | 813 |
| 236653 | Berry Corp.  | 715 |
| 118795 | Civitas Resources, Inc.  | 3607 |
| 33719 | Crescent Energy Co. Class A | 312 |
| 13300 | DT Midstream, Inc.  | 1366 |
| 679788 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 1462 |
| 28212 | Matador Resources Co.  | 1407 |
| 139622 | Murphy Oil Corp.  | 3464 |
| 123019 | Northern Oil & Gas, Inc.  | 3464 |
| 24462 | Ovintiv, Inc.  | 1007 |
| 368788 | Par Pacific Holdings, Inc. <sup>\*</sup> | 11573 |
| 294154 | Vitesse Energy, Inc.  | 7039 |
|  |  | 38585 |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| 45362 | elf Beauty, Inc. <sup>\*</sup> | 5497 |
| 34068 | Herbalife Ltd. <sup>\*</sup> | 314 |
| 19581 | Oddity Tech Ltd. Class A (Israel)<sup>\*</sup> | 1372 |
|  |  | 7183 |
| **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** |
| 578971 | Elanco Animal Health, Inc. <sup>\*</sup> | 7920 |
| 38127 | LENZ Therapeutics, Inc. <sup>\*</sup> | 1135 |
| 50677 | Perrigo Co. PLC  | 1352 |
| 99906 | SIGA Technologies, Inc.  | 660 |
| 12598 | Verona Pharma PLC ADR (United Kingdom)<sup>\*,1</sup> | 1324 |
|  |  | 12391 |
| **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** |
| 13574 | Booz Allen Hamilton Holding Corp.  | 1457 |
| 25583 | Concentrix Corp.  | 1330 |
| 192409 | Franklin Covey Co. <sup>\*</sup> | 3792 |
| 112147 | Insperity, Inc.  | 6682 |
| 709399 | Legalzoom.com, Inc. <sup>\*</sup> | 6378 |
| 44833 | ManpowerGroup, Inc.  | 1849 |
| 60728 | Maximus, Inc.  | 4485 |
| 169220 | Spire Global, Inc. <sup>\*</sup> | 1697 |
| 13822 | TransUnion  | 1316 |
| 483452 | Verra Mobility Corp. <sup>\*</sup> | 12212 |
|  |  | 41198 |

---

------

⬤

------

**Embark Small Cap Equity Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%** |
| 7240 | FirstService Corp. (Canada) | $1428 |
| 24617 | Jones Lang LaSalle, Inc. <sup>\*</sup> | 6655 |
| 145352 | Marcus & Millichap, Inc.  | 4529 |
| 31814 | RMR Group, Inc. Class A | 511 |
| 227237 | Seritage Growth Properties Class A<sup>\*</sup> | 725 |
|  |  | 13848 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.0%** |
| 103375 | Axcelis Technologies, Inc. <sup>\*</sup> | 6997 |
| 26970 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 3009 |
| 123141 | FormFactor, Inc. <sup>\*</sup> | 3498 |
| 2307751 | indie Semiconductor, Inc. Class A (China)<sup>\*</sup> | 9023 |
| 34539 | Kulicke & Soffa Industries, Inc. (Singapore) | 1132 |
| 31982 | Lattice Semiconductor Corp. <sup>\*</sup> | 1594 |
| 74908 | MKS, Inc.  | 7130 |
| 17636 | Onto Innovation, Inc. <sup>\*</sup> | 1671 |
| 26077 | Power Integrations, Inc.  | 1265 |
| 47447 | Rambus, Inc. <sup>\*</sup> | 3508 |
| 157406 | Semtech Corp. <sup>\*</sup> | 8043 |
| 166015 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 12707 |
| 306301 | Ultra Clean Holdings, Inc. <sup>\*</sup> | 6898 |
| 9142 | Universal Display Corp.  | 1320 |
|  |  | 67795 |
| **SOFTWARE—8.0%** | **SOFTWARE—8.0%** | **SOFTWARE—8.0%** |
| 630138 | A10 Networks, Inc.  | 11607 |
| 62649 | ACI Worldwide, Inc. <sup>\*</sup> | 2666 |
| 72460 | Alkami Technology, Inc. <sup>\*</sup> | 1615 |
| 55162 | AvePoint, Inc. <sup>\*</sup> | 1053 |
| 28162 | Bentley Systems, Inc. Class B | 1633 |
| 20955 | Blackbaud, Inc. <sup>\*</sup> | 1413 |
| 101996 | Braze, Inc. Class A<sup>\*</sup> | 2843 |
| 180764 | Cellebrite DI Ltd. (Israel)<sup>\*</sup> | 2527 |
| 52730 | Clear Secure, Inc. Class A | 1551 |
| 30763 | Commvault Systems, Inc. <sup>\*</sup> | 5843 |
| 191128 | Core Scientific, Inc. <sup>\*</sup> | 2588 |
| 9280 | Descartes Systems Group, Inc. (Canada)<sup>\*</sup> | 981 |
| 1758127 | Digital Turbine, Inc. <sup>\*</sup> | 9582 |
| 86405 | Dynatrace, Inc. <sup>\*</sup> | 4546 |
| 337530 | I3 Verticals, Inc. Class A<sup>\*</sup> | 9444 |
| 30055 | InterDigital, Inc.  | 7760 |
| 644584 | NCR Voyix Corp. <sup>\*</sup> | 8779 |
| 748596 | Porch Group, Inc. <sup>\*</sup> | 9447 |
| 51188 | Procore Technologies, Inc. <sup>\*</sup> | 3667 |
| 222395 | Rapid7, Inc. <sup>\*</sup> | 4697 |
| 87845 | Riot Platforms, Inc. <sup>\*</sup> | 1178 |
| 213045 | Tenable Holdings, Inc. <sup>\*</sup> | 6670 |
| 310178 | Viant Technology, Inc. Class A<sup>\*</sup> | 4498 |
| 139693 | Weave Communications, Inc. <sup>\*</sup> | 1020 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 48257 | Zeta Global Holdings Corp. Class A<sup>\*</sup> | $755 |
|  |  | 108363 |
| **SPECIALTY RETAIL—1.5%** | **SPECIALTY RETAIL—1.5%** | **SPECIALTY RETAIL—1.5%** |
| 25693 | Abercrombie & Fitch Co. Class A<sup>\*</sup> | 2467 |
| 504651 | Arhaus, Inc. <sup>\*</sup> | 4421 |
| 16594 | Boot Barn Holdings, Inc. <sup>\*</sup> | 2853 |
| 7188 | Dick's Sporting Goods, Inc.  | 1520 |
| 12369 | Lithia Motors, Inc.  | 3562 |
| 78104 | ODP Corp. <sup>\*</sup> | 1393 |
| 34388 | Sonic Automotive, Inc. Class A | 2488 |
| 42221 | Warby Parker, Inc. Class A<sup>\*</sup> | 1011 |
|  |  | 19715 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** |
| 34931 | IonQ, Inc. <sup>\*</sup> | 1393 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** |
| 70574 | Birkenstock Holding PLC (Germany)<sup>\*</sup> | 3535 |
| 153145 | Steven Madden Ltd.  | 3676 |
|  |  | 7211 |
| **TRADING COMPANIES & DISTRIBUTORS—3.3%** | **TRADING COMPANIES & DISTRIBUTORS—3.3%** | **TRADING COMPANIES & DISTRIBUTORS—3.3%** |
| 102521 | Air Lease Corp.  | 5680 |
| 11351 | Applied Industrial Technologies, Inc.  | 3082 |
| 108725 | BlueLinx Holdings, Inc. <sup>\*</sup> | 7966 |
| 109648 | FTAI Aviation Ltd.  | 15089 |
| 15738 | GMS, Inc. <sup>\*</sup> | 1725 |
| 632162 | NPK International, Inc. <sup>\*</sup> | 5702 |
| 49015 | Rush Enterprises, Inc. Class A | 2654 |
| 10869 | WESCO International, Inc.  | 2249 |
|  |  | 44147 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,204,664) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,204,664) | 1344261 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.3%** | **EXCHANGE-TRADED FUNDS—0.3%** | **EXCHANGE-TRADED FUNDS—0.3%** |
| &nbsp;&nbsp;&nbsp; (Cost $3,504) | &nbsp;&nbsp;&nbsp; (Cost $3,504) | &nbsp;&nbsp;&nbsp; (Cost $3,504) |
| **CAPITAL MARKETS—0.3%** | **CAPITAL MARKETS—0.3%** | **CAPITAL MARKETS—0.3%** |
| 22727 | iShares Russell 2000 Value ETF  | 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.1%** <br>(Cost $1,208,168) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.1%** <br>(Cost $1,208,168) | 1347906 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.9%** | 12033 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1359939 |

---

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

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

------

⬤

------

**Embark Small Cap Equity Fund**

**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.

------

⬤

------

**Harbor Capital Appreciation Fund**

**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** |
| **AEROSPACE & DEFENSE—4.6%** | **AEROSPACE & DEFENSE—4.6%** | **AEROSPACE & DEFENSE—4.6%** |
| 197032 | Axon Enterprise, Inc. <sup>\*</sup> | $148856 |
| 3040977 | Boeing Co. <sup>\*</sup> | 674610 |
| 1831954 | General Electric Co.  | 496606 |
|  |  | 1320072 |
| **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** |
| 1615912 | Tesla, Inc. <sup>\*</sup> | 498137 |
| **BIOTECHNOLOGY—1.9%** | **BIOTECHNOLOGY—1.9%** | **BIOTECHNOLOGY—1.9%** |
| 1170252 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 534653 |
| **BROADLINE RETAIL—8.8%** | **BROADLINE RETAIL—8.8%** | **BROADLINE RETAIL—8.8%** |
| 9702868 | Amazon.com, Inc. <sup>\*</sup> | 2271538 |
| 112540 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 267158 |
|  |  | 2538696 |
| **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** |
| 232120 | Goldman Sachs Group, Inc.  | 167960 |
| 683269 | KKR & Co., Inc.  | 100154 |
| 603594 | LPL Financial Holdings, Inc.  | 238860 |
|  |  | 506974 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.4%** |
| 612797 | Costco Wholesale Corp.  | 575808 |
| 4221013 | Walmart, Inc.  | 413575 |
|  |  | 989383 |
| **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** |
| 1322786 | Constellation Energy Corp.  | 460118 |
| **ENTERTAINMENT—6.6%** | **ENTERTAINMENT—6.6%** | **ENTERTAINMENT—6.6%** |
| 897294 | Netflix, Inc. <sup>\*</sup> | 1040322 |
| 493012 | Spotify Technology SA <sup>\*</sup> | 308892 |
| 4639291 | Walt Disney Co.  | 552586 |
|  |  | 1901800 |
| **FINANCIAL SERVICES—5.5%** | **FINANCIAL SERVICES—5.5%** | **FINANCIAL SERVICES—5.5%** |
| 1441918 | Mastercard, Inc. Class A | 816803 |
| 2967773 | Toast, Inc. Class A<sup>\*</sup> | 144946 |
| 1777455 | Visa, Inc. Class A | 614058 |
|  |  | 1575807 |
| **GROUND TRANSPORTATION—1.1%** | **GROUND TRANSPORTATION—1.1%** | **GROUND TRANSPORTATION—1.1%** |
| 3476373 | Uber Technologies, Inc. <sup>\*</sup> | 305052 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.2%** |
| 1370267 | Boston Scientific Corp. <sup>\*</sup> | 143768 |
| 2671807 | Dexcom, Inc. <sup>\*</sup> | 215802 |
| 3574212 | Edwards Lifesciences Corp. <sup>\*</sup> | 283471 |
| 573386 | Intuitive Surgical, Inc. <sup>\*</sup> | 275850 |
|  |  | 918891 |
| **HOTELS, RESTAURANTS & LEISURE—2.3%** | **HOTELS, RESTAURANTS & LEISURE—2.3%** | **HOTELS, RESTAURANTS & LEISURE—2.3%** |
| 1032875 | Airbnb, Inc. Class A<sup>\*</sup> | 136763 |
| 644779 | Cava Group, Inc. <sup>\*</sup> | 56747 |
| 1295922 | Hilton Worldwide Holdings, Inc.  | 347411 |
| 1211100 | Starbucks Corp.  | 107981 |
|  |  | 648902 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—9.8%** | **INTERACTIVE MEDIA & SERVICES—9.8%** | **INTERACTIVE MEDIA & SERVICES—9.8%** |
| 2952634 | Alphabet, Inc. Class A | $566610 |
| 2932110 | Alphabet, Inc. Class C | 565487 |
| 2191887 | Meta Platforms, Inc. Class A | 1695293 |
|  |  | 2827390 |
| **IT SERVICES—2.0%** | **IT SERVICES—2.0%** | **IT SERVICES—2.0%** |
| 1801744 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 220191 |
| 1591759 | Snowflake, Inc. Class A<sup>\*</sup> | 355758 |
|  |  | 575949 |
| **MEDIA—1.1%** | **MEDIA—1.1%** | **MEDIA—1.1%** |
| 3532437 | Trade Desk, Inc. Class A<sup>\*</sup> | 307181 |
| **PHARMACEUTICALS—2.4%** | **PHARMACEUTICALS—2.4%** | **PHARMACEUTICALS—2.4%** |
| 924607 | Eli Lilly & Co.  | 684274 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—19.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—19.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—19.2%** |
| 890925 | Advanced Micro Devices, Inc. <sup>\*</sup> | 157079 |
| 5446168 | Broadcom, Inc.  | 1599540 |
| 18572928 | NVIDIA Corp.  | 3303567 |
| 1454719 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)<sup>1</sup> | 351489 |
| 711242 | Texas Instruments, Inc.  | 128777 |
|  |  | 5540452 |
| **SOFTWARE—14.1%** | **SOFTWARE—14.1%** | **SOFTWARE—14.1%** |
| 76024 | AppLovin Corp. Class A<sup>\*</sup> | 29703 |
| 1822176 | Cadence Design Systems, Inc. <sup>\*</sup> | 664311 |
| 1012525 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 460263 |
| 1228504 | Datadog, Inc. Class A<sup>\*</sup> | 171966 |
| 216372 | HubSpot, Inc. <sup>\*</sup> | 112438 |
| 4039960 | Microsoft Corp.  | 2155319 |
| 507130 | ServiceNow, Inc. <sup>\*</sup> | 478284 |
|  |  | 4072284 |
| **SPECIALTY RETAIL—1.8%** | **SPECIALTY RETAIL—1.8%** | **SPECIALTY RETAIL—1.8%** |
| 2772511 | Industria de Diseno Textil SA (Spain) | 132434 |
| 2700210 | O'Reilly Automotive, Inc. <sup>\*</sup> | 265485 |
| 1000587 | TJX Cos., Inc.  | 124603 |
|  |  | 522522 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.8%** |
| 6663584 | Apple, Inc.  | 1383160 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** |
| 597343 | adidas AG (Germany) | 114170 |
| 3386466 | NIKE, Inc. Class B | 252935 |
|  |  | 367105 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $10,174,543) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $10,174,543) | 28478802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.0%** <br>(Cost $10,174,543) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.0%** <br>(Cost $10,174,543) | 28478802 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | 299453 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $28778255 |

---

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

------

⬤

------

**Harbor Capital Appreciation Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

As of July 31, 2025, the investments in adidas AG and Industria de Diseno Textil SA (as disclosed in the preceding Portfolio of Investments) were classified as Level 2 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.

------

\*

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 Convertible Securities Fund**

**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;

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—83.7%** | **Convertible Bonds—83.7%** | **Convertible Bonds—83.7%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| $100 | &nbsp;&nbsp;&nbsp; AeroVironment, Inc. <br>0.000%—07/15/2030<sup>1</sup><br>| $112 |
| 50 | &nbsp;&nbsp;&nbsp; Rocket Lab USA, Inc. <br>4.250%—02/01/2029<sup>2</sup><br>| 449 |
|  |  | 561 |
| **AUTOMOBILES—2.0%** | **AUTOMOBILES—2.0%** | **AUTOMOBILES—2.0%** |
| 200 | &nbsp;&nbsp;&nbsp; Lucid Group, Inc. <br>5.000%—04/01/2030<sup>2</sup><br>| 205 |
|  | Rivian Automotive, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 3.625%—10/15/2030 | 260 |
| 100 | &nbsp;&nbsp;&nbsp; 4.625%—03/15/2029 | 99 |
|  |  | 359 |
|  |  | 564 |
| **BIOTECHNOLOGY—3.9%** | **BIOTECHNOLOGY—3.9%** | **BIOTECHNOLOGY—3.9%** |
| 200 | &nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc. <br>2.250%—02/01/2029<br>| 193 |
| 300 | &nbsp;&nbsp;&nbsp; Guardant Health, Inc. <br>0.000%—11/15/2027<sup>1</sup><br>| 268 |
| 300 | &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. <br>0.250%—03/01/2027<br>| 311 |
| 100 | &nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc. <br>1.750%—06/15/2028<br>| 110 |
| 100 | &nbsp;&nbsp;&nbsp; Novavax, Inc. <br>5.000%—12/15/2027<br>| 103 |
| 100 | &nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. <br>2.250%—03/01/2029<br>| 97 |
|  |  | 1082 |
| **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** |
| 300 | &nbsp;&nbsp;&nbsp; Block, Inc. <br>0.250%—11/01/2027<br>| 271 |
| 100 | &nbsp;&nbsp;&nbsp; Stride, Inc. <br>1.125%—09/01/2027<br>| 248 |
|  |  | 519 |
| **CONSTRUCTION & ENGINEERING—0.8%** | **CONSTRUCTION & ENGINEERING—0.8%** | **CONSTRUCTION & ENGINEERING—0.8%** |
| 100 | &nbsp;&nbsp;&nbsp; Granite Construction, Inc. <br>3.750%—05/15/2028<br>| 210 |
| **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** |
| 200 | &nbsp;&nbsp;&nbsp; Upstart Holdings, Inc. <br>1.000%—11/15/2030<sup>2</sup><br>| 237 |
| **DIVERSIFIED FINANCIAL SERVICES—1.2%** | **DIVERSIFIED FINANCIAL SERVICES—1.2%** | **DIVERSIFIED FINANCIAL SERVICES—1.2%** |
| 100 | &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. <br>4.000%—03/15/2029<br>| 93 |
| 200 | &nbsp;&nbsp;&nbsp; WisdomTree, Inc. <br>3.250%—08/15/2029<sup>2</sup><br>| 251 |
|  |  | 344 |
| **DIVERSIFIED REITS—1.3%** | **DIVERSIFIED REITS—1.3%** | **DIVERSIFIED REITS—1.3%** |
| 200 | &nbsp;&nbsp;&nbsp; Welltower OP LLC <br>2.750%—05/15/2028<sup>2</sup><br>| 348 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.7%** |
| 100 | &nbsp;&nbsp;&nbsp; A10 Networks, Inc. <br>2.750%—04/01/2030<sup>2</sup><br>| 105 |
| 100 | &nbsp;&nbsp;&nbsp; Applied Digital Corp. <br>2.750%—06/01/2030<sup>2</sup><br>| 157 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** | **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** | **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** |
| $200 | &nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc. <br>2.375%—10/15/2032<sup>2</sup><br>| $210 |
|  |  | 472 |
| **ELECTRIC UTILITIES—5.8%** | **ELECTRIC UTILITIES—5.8%** | **ELECTRIC UTILITIES—5.8%** |
| 100 | &nbsp;&nbsp;&nbsp; Alliant Energy Corp. <br>3.250%—05/30/2028<sup>2</sup><br>| 102 |
| 300 | &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. <br>4.250%—08/15/2026<br>| 334 |
| 400 | &nbsp;&nbsp;&nbsp; Duke Energy Corp. <br>4.125%—04/15/2026<br>| 429 |
| 100 | &nbsp;&nbsp;&nbsp; FirstEnergy Corp. <br>3.625%—01/15/2029<sup>2</sup><br>| 103 |
| 100 | &nbsp;&nbsp;&nbsp; PPL Capital Funding, Inc. <br>2.875%—03/15/2028<br>| 112 |
|  | Southern Co. |  |
| 300 | &nbsp;&nbsp;&nbsp; 3.250%—06/15/2028<sup>2</sup> | 303 |
| 100 | &nbsp;&nbsp;&nbsp; 4.500%—06/15/2027 | 112 |
|  |  | 415 |
| 100 | &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. <br>4.375%—06/01/2029<br>| 119 |
|  |  | 1614 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8%** |
| 100 | &nbsp;&nbsp;&nbsp; Itron, Inc. <br>0.000%—03/15/2026<sup>1</sup><br>| 108 |
|  | Lumentum Holdings, Inc. |  |
| 100 | &nbsp;&nbsp;&nbsp; 0.500%—12/15/2026 | 127 |
| 300 | &nbsp;&nbsp;&nbsp; 0.500%—06/15/2028 | 331 |
|  |  | 458 |
| 100 | &nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. <br>0.250%—06/01/2030<sup>2</sup><br>| 118 |
| 100 | &nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. <br>2.250%—09/15/2030<br>| 92 |
|  |  | 776 |
| **ENERGY EQUIPMENT & SERVICES—1.4%** | **ENERGY EQUIPMENT & SERVICES—1.4%** | **ENERGY EQUIPMENT & SERVICES—1.4%** |
| 200 | &nbsp;&nbsp;&nbsp; Array Technologies, Inc. <br>1.000%—12/01/2028<br>| 162 |
| 100 | &nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc. <br>6.750%—06/15/2030<sup>2</sup><br>| 128 |
| 100 | &nbsp;&nbsp;&nbsp; Sunrun, Inc. <br>4.000%—03/01/2030<br>| 92 |
|  |  | 382 |
| **ENTERTAINMENT—1.5%** | **ENTERTAINMENT—1.5%** | **ENTERTAINMENT—1.5%** |
| 300 | &nbsp;&nbsp;&nbsp; DraftKings Holdings, Inc. <br>0.000%—03/15/2028<sup>1</sup><br>| 273 |
| 100 | &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. <br>3.125%—01/15/2029<br>| 151 |
|  |  | 424 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.3%** |
| 200 | &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc. <br>5.500%—03/15/2027<br>| 197 |
| 200 | &nbsp;&nbsp;&nbsp; PennyMac Corp. <br>5.500%—03/15/2026<br>| 198 |
| 100 | &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. <br>6.750%—07/15/2027<br>| 106 |

---

------

⬤

------

**Harbor Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—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** |
| $100 | &nbsp;&nbsp;&nbsp; Ventas Realty LP <br>3.750%—06/01/2026<br>| $124 |
|  |  | 625 |
| **FINANCIAL SERVICES—2.4%** | **FINANCIAL SERVICES—2.4%** | **FINANCIAL SERVICES—2.4%** |
| 100 | &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. <br>4.250%—06/15/2028<br>| 178 |
| 200 | &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. <br>0.500%—06/01/2026<br>| 239 |
| 100 | &nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. <br>1.250%—03/15/2029<sup>2</sup><br>| 247 |
|  |  | 664 |
| **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** |
|  | Uber Technologies, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 0.000%—05/15/2028<sup>1,2</sup> | 223 |
| 100 | &nbsp;&nbsp;&nbsp; 0.875%—12/01/2028 | 137 |
|  |  | 360 |
|  |  | 360 |
| **HEALTH CARE PROVIDERS & SERVICES—3.4%** | **HEALTH CARE PROVIDERS & SERVICES—3.4%** | **HEALTH CARE PROVIDERS & SERVICES—3.4%** |
| 100 | &nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc. <br>0.750%—03/15/2030<sup>2</sup><br>| 99 |
| 300 | &nbsp;&nbsp;&nbsp; Exact Sciences Corp. <br>1.750%—04/15/2031<sup>2</sup><br>| 266 |
| 300 | &nbsp;&nbsp;&nbsp; Haemonetics Corp. <br>0.000%—03/01/2026<sup>1</sup><br>| 292 |
| 100 | &nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. <br>1.500%—09/01/2029<br>| 122 |
| 100 | &nbsp;&nbsp;&nbsp; TransMedics Group, Inc. <br>1.500%—06/01/2028<br>| 148 |
|  |  | 927 |
| **HOTELS, RESTAURANTS & LEISURE—0.8%** | **HOTELS, RESTAURANTS & LEISURE—0.8%** | **HOTELS, RESTAURANTS & LEISURE—0.8%** |
| 100 | &nbsp;&nbsp;&nbsp; Carnival Corp. <br>5.750%—12/01/2027<br>| 231 |
| **INTERACTIVE MEDIA & SERVICES—1.6%** | **INTERACTIVE MEDIA & SERVICES—1.6%** | **INTERACTIVE MEDIA & SERVICES—1.6%** |
|  | Snap, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 0.125%—03/01/2028 | 176 |
| 200 | &nbsp;&nbsp;&nbsp; 0.500%—05/01/2030 | 176 |
|  |  | 352 |
| 100 | &nbsp;&nbsp;&nbsp; Upwork, Inc. <br>0.250%—08/15/2026<br>| 95 |
|  |  | 447 |
| **INTERNET & CATALOG RETAIL—5.9%** | **INTERNET & CATALOG RETAIL—5.9%** | **INTERNET & CATALOG RETAIL—5.9%** |
| 100 | &nbsp;&nbsp;&nbsp; Airbnb, Inc. <br>0.000%—03/15/2026<sup>1</sup><br>| 97 |
| 300 | &nbsp;&nbsp;&nbsp; DoorDash, Inc. <br>0.000%—05/15/2030<sup>1,2</sup><br>| 326 |
| 100 | &nbsp;&nbsp;&nbsp; Etsy, Inc. <br>0.125%—10/01/2026<br>| 99 |
| 300 | &nbsp;&nbsp;&nbsp; Expedia Group, Inc. <br>0.000%—02/15/2026<sup>1</sup><br>| 297 |
| 100 | &nbsp;&nbsp;&nbsp; Groupon, Inc. <br>6.250%—03/15/2027<sup>2</sup><br>| 133 |
| 300 | &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc. <br>0.000%—05/15/2030<sup>1,2</sup><br>| 372 |
| 100 | &nbsp;&nbsp;&nbsp; Lyft, Inc. <br>0.625%—03/01/2029<br>| 103 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **INTERNET & CATALOG RETAIL—Continued** | **INTERNET & CATALOG RETAIL—Continued** | **INTERNET & CATALOG RETAIL—Continued** |
| $200 | &nbsp;&nbsp;&nbsp; Okta, Inc. <br>0.375%—06/15/2026<br>| $193 |
|  |  | 1620 |
| **IT SERVICES—4.1%** | **IT SERVICES—4.1%** | **IT SERVICES—4.1%** |
|  | Akamai Technologies, Inc. |  |
| 100 | &nbsp;&nbsp;&nbsp; 0.250%—05/15/2033<sup>2</sup> | 101 |
| 100 | &nbsp;&nbsp;&nbsp; 1.125%—02/15/2029 | 94 |
|  |  | 195 |
| 300 | &nbsp;&nbsp;&nbsp; Rubrik, Inc. <br>0.000%—06/15/2030<sup>1,2</sup><br>| 322 |
| 100 | &nbsp;&nbsp;&nbsp; Seagate HDD Cayman <br>3.500%—06/01/2028<br>| 194 |
| 300 | &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. <br>3.500%—03/01/2029<br>| 335 |
| 100 | &nbsp;&nbsp;&nbsp; Zscaler, Inc. <br>0.000%—07/15/2028<sup>1,2</sup><br>| 98 |
|  |  | 1144 |
| **LEISURE PRODUCTS—1.2%** | **LEISURE PRODUCTS—1.2%** | **LEISURE PRODUCTS—1.2%** |
|  | NCL Corp. Ltd. |  |
| 200 | &nbsp;&nbsp;&nbsp; 1.125%—02/15/2027 | 211 |
| 100 | &nbsp;&nbsp;&nbsp; 2.500%—02/15/2027 | 106 |
|  |  | 317 |
|  |  | 317 |
| **MACHINERY—2.3%** | **MACHINERY—2.3%** | **MACHINERY—2.3%** |
| 100 | &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc. <br>0.500%—12/15/2027<br>| 331 |
| 100 | &nbsp;&nbsp;&nbsp; Bloom Energy Corp. <br>3.000%—06/01/2028<br>| 210 |
| 100 | &nbsp;&nbsp;&nbsp; JBT Marel Corp. <br>0.250%—05/15/2026<br>| 102 |
|  |  | 643 |
| **MEDIA—0.5%** | **MEDIA—0.5%** | **MEDIA—0.5%** |
| 100 | &nbsp;&nbsp;&nbsp; Liberty Media Corp. <br>2.375%—09/30/2053<sup>2</sup><br>| 151 |
| **METALS & MINING—1.4%** | **METALS & MINING—1.4%** | **METALS & MINING—1.4%** |
| 100 | &nbsp;&nbsp;&nbsp; MP Materials Corp. <br>3.000%—03/01/2030<sup>2</sup><br>| 293 |
| 100 | &nbsp;&nbsp;&nbsp; Xometry, Inc. <br>1.000%—02/01/2027<br>| 101 |
|  |  | 394 |
| **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** |
| 100 | &nbsp;&nbsp;&nbsp; Centrus Energy Corp. <br>2.250%—11/01/2030<sup>2</sup><br>| 239 |
| 100 | &nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. <br>4.750%—05/01/2030<br>| 150 |
| 100 | &nbsp;&nbsp;&nbsp; UGI Corp. <br>5.000%—06/01/2028<br>| 137 |
|  |  | 526 |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| 100 | &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. <br>0.500%—04/01/2026<br>| 97 |

---

------

⬤

------

**Harbor Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** |
| $100 | &nbsp;&nbsp;&nbsp; Dexcom, Inc. <br>0.375%—05/15/2028<br>| $93 |
| 200 | &nbsp;&nbsp;&nbsp; Herbalife Ltd. <br>4.250%—06/15/2028<br>| 187 |
| 200 | &nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc. <br>2.125%—05/15/2029<br>| 189 |
|  |  | 469 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** |
| 100 | &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc. <br>0.250%—03/15/2026<br>| 167 |
| **SOFTWARE—18.9%** | **SOFTWARE—18.9%** | **SOFTWARE—18.9%** |
| 100 | &nbsp;&nbsp;&nbsp; Bandwidth, Inc. <br>0.500%—04/01/2028<br>| 84 |
|  | Bentley Systems, Inc. |  |
| 100 | &nbsp;&nbsp;&nbsp; 0.125%—01/15/2026 | 103 |
| 100 | &nbsp;&nbsp;&nbsp; 0.375%—07/01/2027 | 96 |
|  |  | 199 |
| 200 | &nbsp;&nbsp;&nbsp; Box, Inc. <br>1.500%—09/15/2029<sup>2</sup><br>| 201 |
| 100 | &nbsp;&nbsp;&nbsp; Cerence, Inc. <br>1.500%—07/01/2028<br>| 76 |
| 100 | &nbsp;&nbsp;&nbsp; Cleanspark, Inc. <br>0.010%—06/15/2030<sup>1,2</sup><br>| 103 |
| 300 | &nbsp;&nbsp;&nbsp; Cloudflare, Inc. <br>0.000%—08/15/2026<sup>1</sup><br>| 369 |
| 100 | &nbsp;&nbsp;&nbsp; Confluent, Inc. <br>0.000%—01/15/2027<sup>1</sup><br>| 94 |
| 100 | &nbsp;&nbsp;&nbsp; Dayforce, Inc. <br>0.250%—03/15/2026<br>| 97 |
| 100 | &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc. <br>0.000%—12/01/2026<sup>1</sup><br>| 94 |
| 300 | &nbsp;&nbsp;&nbsp; Dropbox, Inc. <br>0.000%—03/01/2026<sup>1</sup><br>| 295 |
| 100 | &nbsp;&nbsp;&nbsp; Evolent Health, Inc. <br>3.500%—12/01/2029<br>| 83 |
| 100 | &nbsp;&nbsp;&nbsp; Five9, Inc. <br>1.000%—03/15/2029<br>| 88 |
| 200 | &nbsp;&nbsp;&nbsp; Guidewire Software, Inc. <br>1.250%—11/01/2029<sup>2</sup><br>| 230 |
| 200 | &nbsp;&nbsp;&nbsp; Life360, Inc. <br>0.000%—06/01/2030<sup>1,2</sup><br>| 236 |
| 200 | &nbsp;&nbsp;&nbsp; MARA Holdings, Inc. <br>0.000%—03/01/2030<sup>1,2</sup><br>| 182 |
|  | MicroStrategy, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 0.000%—12/01/2029<sup>1,2</sup> | 288 |
| 400 | &nbsp;&nbsp;&nbsp; 0.000%—03/01/2030<sup>1,2</sup> | 470 |
| 200 | &nbsp;&nbsp;&nbsp; 0.875%—03/15/2031 | 375 |
| 100 | &nbsp;&nbsp;&nbsp; 2.250%—06/15/2032 | 214 |
|  |  | 1347 |
| 100 | &nbsp;&nbsp;&nbsp; Nutanix, Inc. <br>0.250%—10/01/2027<br>| 140 |
| 100 | &nbsp;&nbsp;&nbsp; PagerDuty, Inc. <br>1.500%—10/15/2028<br>| 96 |
| 200 | &nbsp;&nbsp;&nbsp; Porch Group, Inc. <br>6.750%—10/01/2028<sup>2</sup><br>| 198 |
| 100 | &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. <br>0.750%—06/01/2026<br>| 110 |

---

---

| | | |
|:---|:---|:---|
| **Convertible Bonds—Continued** | **Convertible Bonds—Continued** | **Convertible Bonds—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
|  | Snowflake, Inc. |  |
| $200 | &nbsp;&nbsp;&nbsp; 0.000%—10/01/2027<sup>1,2</sup> | $304 |
| 100 | &nbsp;&nbsp;&nbsp; 0.000%—10/01/2029<sup>1,2</sup> | 155 |
|  |  | 459 |
| 200 | &nbsp;&nbsp;&nbsp; Unity Software, Inc. <br>0.000%—03/15/2030<sup>1,2</sup><br>| 244 |
| 200 | &nbsp;&nbsp;&nbsp; Verint Systems, Inc. <br>0.250%—04/15/2026<br>| 195 |
|  |  | 5220 |
| **SPECIALTY RETAIL—2.7%** | **SPECIALTY RETAIL—2.7%** | **SPECIALTY RETAIL—2.7%** |
| 200 | &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. <br>2.000%—03/15/2030<sup>2</sup><br>| 220 |
| 200 | &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. <br>1.750%—09/15/2030<sup>2</sup><br>| 217 |
| 300 | &nbsp;&nbsp;&nbsp; GameStop Corp. <br>0.000%—04/01/2030<sup>1,2</sup><br>| 307 |
|  |  | 744 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%** |
| 100 | &nbsp;&nbsp;&nbsp; Western Digital Corp. <br>3.000%—11/15/2028<br>| 215 |
| **WATER UTILITIES—1.1%** | **WATER UTILITIES—1.1%** | **WATER UTILITIES—1.1%** |
| 300 | &nbsp;&nbsp;&nbsp; American Water Capital Corp. <br>3.625%—06/15/2026<br>| 303 |
| **WIRELESS TELECOMMUNICATION SERVICES—1.2%** | **WIRELESS TELECOMMUNICATION SERVICES—1.2%** | **WIRELESS TELECOMMUNICATION SERVICES—1.2%** |
| 100 | &nbsp;&nbsp;&nbsp; InterDigital, Inc. <br>3.500%—06/01/2027<br>| 336 |
| &nbsp;&nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $20,612) | &nbsp;&nbsp;&nbsp; **Total Convertible Bonds** <br>(Cost $20,612) | 23133 |

---

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

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—14.7%** | **Convertible Preferred Stocks—14.7%** | **Convertible Preferred Stocks—14.7%** |
| **Shares** |  |  |
| **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** |
| 11016 | &nbsp;&nbsp;&nbsp; Boeing Co.—6.000% | 779 |
| **BANKS—2.8%** | **BANKS—2.8%** | **BANKS—2.8%** |
| 100 | &nbsp;&nbsp;&nbsp; Bank of America Corp.—7.250% | 122 |
| 550 | &nbsp;&nbsp;&nbsp; Wells Fargo & Co.—7.500% | 651 |
|  |  | 773 |
| **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** |
| 5355 | &nbsp;&nbsp;&nbsp; KKR & Co., Inc.—6.250% | 308 |
| **CHEMICALS—0.2%** | **CHEMICALS—0.2%** | **CHEMICALS—0.2%** |
| 2000 | &nbsp;&nbsp;&nbsp; Albemarle Corp.—7.250% | 68 |
| **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** |
| 600 | &nbsp;&nbsp;&nbsp; NextEra Energy, Inc.—7.234% | 27 |
| 6637 | &nbsp;&nbsp;&nbsp; NextEra Energy, Inc.—7.299% | 319 |
| 3240 | &nbsp;&nbsp;&nbsp; PG&E Corp.—6.000% | 123 |
|  |  | 469 |
| **FINANCIAL SERVICES—2.6%** | **FINANCIAL SERVICES—2.6%** | **FINANCIAL SERVICES—2.6%** |
| 5425 | &nbsp;&nbsp;&nbsp; AMG Capital Trust II—5.150% | 316 |
| 2700 | &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc.—6.750% | 206 |

---

------

⬤

------

**Harbor Convertible Securities Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** |
| 1591 | &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc.—6.000% | $187 |
|  |  | 709 |
| **HEALTH CARE PROVIDERS & SERVICES—0.5%** | **HEALTH CARE PROVIDERS & SERVICES—0.5%** | **HEALTH CARE PROVIDERS & SERVICES—0.5%** |
| 1800 | &nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.—6.750% | 130 |
| **OIL, GAS & CONSUMABLE FUELS—1.3%** | **OIL, GAS & CONSUMABLE FUELS—1.3%** | **OIL, GAS & CONSUMABLE FUELS—1.3%** |
| 7200 | &nbsp;&nbsp;&nbsp; El Paso Energy Capital Trust I—4.750% | 354 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%** |
| 3274 | &nbsp;&nbsp;&nbsp; Microchip Technology, Inc.—7.500% | 206 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.7%** |
| 3119 | &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co.—7.625% | 187 |

---

---

| | |
|:---|:---|
| **Convertible Preferred Stocks—Continued** | **Convertible Preferred Stocks—Continued** |
| **Shares** | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—0.3%** | **TRADING COMPANIES & DISTRIBUTORS—0.3%** |
| 1265<br> &nbsp;&nbsp;&nbsp; QXO, Inc.<sup>\*</sup>—5.500% | $73 |
| &nbsp;&nbsp;&nbsp; **Total Convertible Preferred Stocks** <br>(Cost $3,898) | 4056 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.4%** <br>(Cost $24,510) | 27189 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.6%** | 432 |
| **TOTAL NET ASSETS—100.0%** | $27621 |

---

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

**FAIR VALUE MEASUREMENTS**

As of July 31, 2025, the investments in Convertible Preferred Stocks (as disclosed in the preceding Portfolio of Investments) 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.

------

\*

Non-income producing security

Zero coupon bond

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 $8,941 or 32% of net assets.

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

------

⬤

------

**Harbor Core Bond Fund**

**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—13.2%** | **Asset-Backed Securities—13.2%** | **Asset-Backed Securities—13.2%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $1932 | &nbsp;&nbsp;&nbsp; AIMCO CLO 14 Ltd. <br>Series 2021-14A Cl. A <br>5.577% (3 Month USD Term SOFR + 1.252%) <br> 04/20/2034<sup>1,2</sup><br>| $1937 |
| 385 | &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.937%—08/15/2046<sup>1</sup><br>| 372 |
| 514 | &nbsp;&nbsp;&nbsp; American Tower Trust I <br>5.490%—03/15/2053<sup>1</sup><br>| 521 |
|  | AMSR Trust |  |
| 782 | &nbsp;&nbsp;&nbsp; Series 2022-SFR3 Cl. A <br>4.000%—10/17/2039<sup>1</sup><br>| 771 |
| 7154 | &nbsp;&nbsp;&nbsp; Series 2024-SFR1 Cl. A <br>4.290%—07/17/2041<sup>1,3</sup><br>| 7021 |
|  |  | 7792 |
| 1120 | &nbsp;&nbsp;&nbsp; Apidos CLO XLVII Ltd. <br>Series 2024-47A Cl. A1 <br>5.814% (3 Month USD Term SOFR + 1.500%) <br> 04/26/2037<sup>1,2</sup><br>| 1124 |
|  | Avis Budget Rental Car Funding AESOP LLC |  |
| 2500 | &nbsp;&nbsp;&nbsp; Series 2024-3A Cl. A <br>5.230%—12/20/2030<sup>1</sup><br>| 2554 |
| 1513 | &nbsp;&nbsp;&nbsp; Series 2024-1A Cl. A <br>5.360%—06/20/2030<sup>1</sup><br>| 1551 |
|  |  | 4105 |
|  | CIFC Funding Ltd. |  |
| 5816 | &nbsp;&nbsp;&nbsp; Series 2014-4RA Cl. A1A2 <br>5.312% (3 Month USD Term SOFR + 0.990%) <br> 01/17/2035<sup>1,2</sup><br>| 5806 |
| 1630 | &nbsp;&nbsp;&nbsp; Series 2022-1A Cl. A <br>5.642% (3 Month USD Term SOFR + 1.320%) <br> 04/17/2035<sup>1,2</sup><br>| 1634 |
| 188 | &nbsp;&nbsp;&nbsp; Series 2018-3A Cl. A <br>5.691% (3 Month USD Term SOFR + 1.362%) <br> 07/18/2031<sup>1,2</sup><br>| 188 |
| 1548 | &nbsp;&nbsp;&nbsp; Series 2024-3A Cl. A1 <br>5.805% (3 Month USD Term SOFR + 1.480%) <br> 07/21/2037<sup>1,2</sup><br>| 1552 |
| 497 | &nbsp;&nbsp;&nbsp; Series 2023-3A Cl. A <br>5.925% (3 Month USD Term SOFR + 1.600%) <br> 01/20/2037<sup>1,2</sup><br>| 499 |
|  |  | 9679 |
| 1286 | &nbsp;&nbsp;&nbsp; Citizens Auto Receivables Trust <br>Series 2024-1 Cl. A3 <br>5.110%—04/17/2028<sup>1</sup><br>| 1291 |
| 4344 | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer III LLC <br>Series 2025-3A Cl. A2 <br>5.286%—07/25/2050<sup>1</sup><br>| 4352 |
|  | DB Master Finance LLC |  |
| 2287 | &nbsp;&nbsp;&nbsp; Series 2021-1A Cl. A2I <br>2.045%—11/20/2051<sup>1</sup><br>| 2203 |
| 1855 | &nbsp;&nbsp;&nbsp; Series 2017-1A Cl. A2II <br>4.030%—11/20/2047<sup>1</sup><br>| 1819 |
|  |  | 4022 |
| 2428 | &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>| 2268 |
| 2976 | &nbsp;&nbsp;&nbsp; Elmwood CLO 30 Ltd. <br>Series 2024-6A Cl. A <br>5.752% (3 Month USD Term SOFR + 1.430%) <br> 07/17/2037<sup>1,2</sup><br>| 2987 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $3172 | &nbsp;&nbsp;&nbsp; Elmwood CLO 31 Ltd. <br>Series 2024-7A Cl. A1 <br>5.672% (3 Month USD Term SOFR + 1.350%) <br> 07/17/2037<sup>1,2</sup><br>| $3181 |
| 4199 | &nbsp;&nbsp;&nbsp; Elmwood CLO 39 Ltd. <br>Series 2025-2A Cl. A1 <br>5.424% (3 Month USD Term SOFR + 1.140%) <br> 04/17/2038<sup>1,2</sup><br>| 4200 |
| 1078 | &nbsp;&nbsp;&nbsp; Enterprise Fleet Financing LLC <br>Series 2024-1 Cl. A2 <br>5.230%—03/20/2030<sup>1</sup><br>| 1085 |
|  | FirstKey Homes Trust |  |
| 316 | &nbsp;&nbsp;&nbsp; Series 2020-SFR2 Cl. A <br>1.266%—10/19/2037<sup>1</sup><br>| 313 |
| 345 | &nbsp;&nbsp;&nbsp; Series 2021-SFR1 Cl. A <br>1.538%—08/17/2038<sup>1</sup><br>| 334 |
|  |  | 647 |
| 1000 | &nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust <br>Series 2023-2 Cl. A <br>5.280%—02/15/2036<sup>1</sup><br>| 1026 |
| 2200 | &nbsp;&nbsp;&nbsp; GM Financial Automobile Leasing Trust <br>Series 2024-1 Cl. A3 <br>5.090%—03/22/2027<br>| 2205 |
|  | GM Financial Consumer Automobile Receivables <br> Trust<br>|  |
| 288 | &nbsp;&nbsp;&nbsp; Series 2022-3 Cl. A4 <br>3.710%—12/16/2027<br>| 286 |
| 1204 | &nbsp;&nbsp;&nbsp; Series 2024-1 Cl. A3 <br>4.850%—12/18/2028<br>| 1209 |
|  |  | 1495 |
|  | GMF Floorplan Owner Revolving Trust |  |
| 3710 | &nbsp;&nbsp;&nbsp; Series 2024-2A Cl. A <br>5.060%—03/15/2031<sup>1</sup><br>| 3787 |
| 2081 | &nbsp;&nbsp;&nbsp; Series 2023-2 Cl. A <br>5.340%—06/15/2030<sup>1</sup><br>| 2138 |
|  |  | 5925 |
| 5324 | &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 62B Ltd. <br>Series 2022-62A Cl. AR <br>5.688% (3 Month USD Term SOFR + 1.370%) <br> 10/15/2037<sup>1,2</sup><br>| 5341 |
|  | Home Partners of America Trust |  |
| 220 | &nbsp;&nbsp;&nbsp; Series 2020-2 Cl. A <br>1.532%—01/17/2041<sup>1</sup><br>| 199 |
| 161 | &nbsp;&nbsp;&nbsp; Series 2022-1 Cl. A <br>3.930%—04/17/2039<sup>1</sup><br>| 159 |
|  |  | 358 |
| 2000 | &nbsp;&nbsp;&nbsp; Kubota Credit Owner Trust <br>Series 2024-1A Cl. A3 <br>5.190%—07/17/2028<sup>1</sup><br>| 2023 |
| 362 | &nbsp;&nbsp;&nbsp; Mercedes-Benz Auto Receivables Trust <br>Series 2022-1 Cl. A4 <br>5.250%—02/15/2029<br>| 365 |
|  | Navient Private Education Refi Loan Trust |  |
| 77 | &nbsp;&nbsp;&nbsp; Series 2021-A Cl. A <br>0.840%—05/15/2069<sup>1</sup><br>| 70 |
| 177 | &nbsp;&nbsp;&nbsp; Series 2021-BA Cl. A <br>0.940%—07/15/2069<sup>1</sup><br>| 161 |
|  |  | 231 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | NextGear Floorplan Master Owner Trust |  |
| $3147 | &nbsp;&nbsp;&nbsp; Series 2024-1A Cl. A2 <br>5.120%—03/15/2029<sup>1</sup><br>| $3182 |
| 1087 | &nbsp;&nbsp;&nbsp; Series 2023-1A Cl. A2 <br>5.740%—03/15/2028<sup>1</sup><br>| 1094 |
|  |  | 4276 |
|  | Palmer Square CLO Ltd. |  |
| 7611 | &nbsp;&nbsp;&nbsp; Series 2021-4A Cl. A1R <br>5.592% (3 Month USD Term SOFR + 1.320%) <br> 07/15/2038<sup>1,2</sup><br>| 7630 |
| 3427 | &nbsp;&nbsp;&nbsp; Series 2022-4A Cl. A1R <br>5.675% (3 Month USD Term SOFR + 1.350%) <br> 10/20/2037<sup>1,2</sup><br>| 3439 |
| 1105 | &nbsp;&nbsp;&nbsp; Series 2024-1A Cl. A <br>5.818% (3 Month USD Term SOFR + 1.500%) <br> 04/15/2037<sup>1,2</sup><br>| 1109 |
| 360 | &nbsp;&nbsp;&nbsp; Series 2020-3A Cl. A1R2 <br>5.976% (3 Month USD Term SOFR + 1.650%) <br> 11/15/2036<sup>1,2</sup><br>| 362 |
|  |  | 12540 |
| 47 | &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. <br>Series 2022-2A Cl. A1 <br>5.588% (3 Month USD Term SOFR + 1.270%) <br> 10/15/2030<sup>1,2</sup><br>| 47 |
|  | PFS Financing Corp. |  |
| 2129 | &nbsp;&nbsp;&nbsp; Series 2024-B Cl. A <br>4.950%—02/15/2029<sup>1</sup><br>| 2145 |
| 2833 | &nbsp;&nbsp;&nbsp; Series 2024-D Cl. A <br>5.340%—04/15/2029<sup>1</sup><br>| 2874 |
| 522 | &nbsp;&nbsp;&nbsp; Series 2023-A Cl. A <br>5.800%—03/15/2028<sup>1</sup><br>| 526 |
|  |  | 5545 |
| 2047 | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC <br>Series 2024-1A Cl. A2I <br>5.765%—06/05/2054<sup>1</sup><br>| 2071 |
|  | Progress Residential Trust |  |
| 1081 | &nbsp;&nbsp;&nbsp; Series 2022-SFR2 Cl. A <br>2.950%—04/17/2027<sup>1</sup><br>| 1049 |
| 6662 | &nbsp;&nbsp;&nbsp; Series 2024-SFR3 Cl. A <br>3.000%—06/17/2041<sup>1</sup><br>| 6252 |
| 5926 | &nbsp;&nbsp;&nbsp; Series 2024-SFR4 Cl. A <br>3.100%—07/17/2041<sup>1</sup><br>| 5578 |
|  |  | 12879 |
|  | SBA Small Business Investment Cos. |  |
| 4200 | &nbsp;&nbsp;&nbsp; Series 2025-10A Cl. 1 <br>4.963%—03/10/2035<br>| 4229 |
| 4037 | &nbsp;&nbsp;&nbsp; Series 2024-10A Cl. 1 <br>5.035%—03/10/2034<br>| 4090 |
| 1425 | &nbsp;&nbsp;&nbsp; Series 2023-10A Cl. 1 <br>5.168%—03/10/2033<br>| 1441 |
| 6123 | &nbsp;&nbsp;&nbsp; Series 2023-10B Cl. 1 <br>5.688%—09/10/2033<br>| 6326 |
|  |  | 16086 |
|  | SBA Tower Trust |  |
| 500 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> | 481 |
| 705 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>2.593%—10/15/2056<sup>1</sup> | 612 |
| 6531 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.831%—10/15/2029<sup>1</sup> | 6501 |
| 1578 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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> | 1618 |
|  |  | 9212 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $4727 | &nbsp;&nbsp;&nbsp; SBNA Auto Lease Trust <br>Series 2024-B Cl. A3 <br>5.560%—11/22/2027<sup>1</sup><br>| $4752 |
| 1281 | &nbsp;&nbsp;&nbsp; SFS Auto Receivables Securitization Trust <br>Series 2024-1A Cl. A3 <br>4.950%—05/21/2029<sup>1</sup><br>| 1286 |
| 162 | &nbsp;&nbsp;&nbsp; Store Master Funding I-VII & XIV <br>Series 2019-1 Cl. A1 <br>2.820%—11/20/2049<sup>1</sup><br>| 157 |
|  | Subway Funding LLC |  |
| 3970 | &nbsp;&nbsp;&nbsp; Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 4028 |
| 5047 | &nbsp;&nbsp;&nbsp; Series 2024-1A Cl. A2II <br>6.268%—07/30/2054<sup>1</sup><br>| 5149 |
|  |  | 9177 |
|  | Taco Bell Funding LLC |  |
| 2555 | &nbsp;&nbsp;&nbsp; Series 2021-1A Cl. A2I <br>1.946%—08/25/2051<sup>1</sup><br>| 2438 |
| 614 | &nbsp;&nbsp;&nbsp; Series 2021-1A Cl. A2II <br>2.294%—08/25/2051<sup>1</sup><br>| 558 |
|  |  | 2996 |
|  | Tricon Residential Trust |  |
| 3059 | &nbsp;&nbsp;&nbsp; Series 2024-SFR3 Cl. A <br>4.500%—08/17/2041<sup>1</sup><br>| 3027 |
| 5190 | &nbsp;&nbsp;&nbsp; Series 2024-SFR2 Cl. A <br>4.750%—06/17/2040<sup>1</sup><br>| 5190 |
| 5750 | &nbsp;&nbsp;&nbsp; Series 2023-SFR2 Cl. A <br>5.000%—12/17/2040<sup>1</sup><br>| 5742 |
|  |  | 13959 |
|  | U.S. Small Business Administration |  |
| 47 | &nbsp;&nbsp;&nbsp; Series 2012-20C Cl. 1 <br>2.510%—03/01/2032<br>| 44 |
| 81 | &nbsp;&nbsp;&nbsp; Series 2017-20H Cl. 1 <br>2.750%—08/01/2037<br>| 75 |
| 133 | &nbsp;&nbsp;&nbsp; Series 2014-20K Cl. 1 <br>2.800%—11/01/2034<br>| 125 |
| 139 | &nbsp;&nbsp;&nbsp; Series 2015-20H Cl. 1 <br>2.820%—08/01/2035<br>| 130 |
| 149 | &nbsp;&nbsp;&nbsp; Series 2018-20B Cl. 1 <br>3.220%—02/01/2038<br>| 139 |
| 269 | &nbsp;&nbsp;&nbsp; Series 2023-25B Cl. 1 <br>4.610%—02/01/2048<br>| 264 |
| 977 | &nbsp;&nbsp;&nbsp; Series 2023-25A Cl. 1 <br>4.910%—01/01/2048<br>| 975 |
| 3001 | &nbsp;&nbsp;&nbsp; Series 2024-25C Cl. 1 <br>4.970%—03/01/2049<br>| 3002 |
| 6127 | &nbsp;&nbsp;&nbsp; Series 2024-25K Cl. 1 <br>5.010%—11/01/2049<br>| 6109 |
| 1173 | &nbsp;&nbsp;&nbsp; Series 2024-25A Cl. 1 <br>5.050%—01/01/2049<br>| 1173 |
| 3760 | &nbsp;&nbsp;&nbsp; Series 2024-25B Cl. 1 <br>5.070%—02/01/2049<br>| 3776 |
| 985 | &nbsp;&nbsp;&nbsp; Series 2022-25K Cl. 1 <br>5.130%—11/01/2047<br>| 992 |
| 2410 | &nbsp;&nbsp;&nbsp; Series 2023-25H Cl. 1 <br>5.150%—08/01/2048<br>| 2428 |
| 1762 | &nbsp;&nbsp;&nbsp; Series 2023-25L Cl. 1 <br>5.280%—12/01/2048<br>| 1800 |
| 4290 | &nbsp;&nbsp;&nbsp; Series 2024-25D Cl. 1 <br>5.380%—04/01/2049<br>| 4372 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $485 | &nbsp;&nbsp;&nbsp; Series 2023-25I Cl. 1 <br>5.410%—09/01/2048<br>| $495 |
| 1099 | &nbsp;&nbsp;&nbsp; Series 2023-25K Cl. 1 <br>5.710%—11/01/2048<br>| 1139 |
|  |  | 27038 |
|  | Wendy's Funding LLC |  |
| 196 | &nbsp;&nbsp;&nbsp; Series 2021-1A Cl. A2I <br>2.370%—06/15/2051<sup>1</sup><br>| 180 |
| 960 | &nbsp;&nbsp;&nbsp; Series 2021-1A Cl. A2II <br>2.775%—06/15/2051<sup>1</sup><br>| 846 |
| 430 | &nbsp;&nbsp;&nbsp; Series 2019-1A Cl. A2I <br>3.783%—06/15/2049<sup>1</sup><br>| 424 |
| 3189 | &nbsp;&nbsp;&nbsp; Series 2019-1A Cl. A2II <br>4.080%—06/15/2049<sup>1</sup><br>| 3069 |
|  |  | 4519 |
| &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $193,203) | &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $193,203) | 195072 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—7.6%** | **Collateralized Mortgage Obligations—7.6%** | **Collateralized Mortgage Obligations—7.6%** |
| 4092 | &nbsp;&nbsp;&nbsp; ARES Trust <br>Series 2025-IND3 Cl. A <br>5.842% (1 Month USD Term SOFR + 1.500%) <br> 04/15/2042<sup>1,2</sup><br>| 4103 |
|  | Bank |  |
| 7490 | &nbsp;&nbsp;&nbsp; Series 2021-BN35 Cl. A4 <br>2.031%—06/15/2064<br>| 6484 |
| 709 | &nbsp;&nbsp;&nbsp; Series 2017-BNK6 Cl. A5 <br>3.518%—07/15/2060<br>| 694 |
|  |  | 7178 |
|  | Bank5 |  |
| 6513 | &nbsp;&nbsp;&nbsp; Series 2023-5YR1 Cl. A3 <br>6.260%—04/15/2056<sup>2</sup><br>| 6744 |
| 5563 | &nbsp;&nbsp;&nbsp; Series 2023-5YR3 Cl. A3 <br>6.724%—09/15/2056<sup>2</sup><br>| 5869 |
|  |  | 12613 |
|  | BBCMS Mortgage Trust |  |
| 4623 | &nbsp;&nbsp;&nbsp; Series 2024-C26 Cl. A5 <br>5.829%—05/15/2057<br>| 4881 |
| 3466 | &nbsp;&nbsp;&nbsp; Series 2024-5C25 Cl. A3 <br>5.946%—03/15/2057<br>| 3602 |
| 6382 | &nbsp;&nbsp;&nbsp; Series 2024-5C27 Cl. A3 <br>6.014%—07/15/2057<br>| 6667 |
|  |  | 15150 |
|  | Benchmark Mortgage Trust |  |
| 387 | &nbsp;&nbsp;&nbsp; Series 2021-B26 Cl. A3 <br>2.391%—06/15/2054<br>| 359 |
| 2440 | &nbsp;&nbsp;&nbsp; Series 2024-V5 Cl. A3 <br>5.805%—01/10/2057<br>| 2525 |
| 700 | &nbsp;&nbsp;&nbsp; Series 2023-V2 Cl. A3 <br>5.812%—05/15/2055<sup>2</sup><br>| 720 |
| 4944 | &nbsp;&nbsp;&nbsp; Series 2024-V6 Cl. A3 <br>5.926%—03/15/2057<br>| 5132 |
|  |  | 8736 |
| 4000 | &nbsp;&nbsp;&nbsp; BMARK Trust <br>Series 2023-V4 Cl. A3 <br>6.841%—11/15/2056<sup>2</sup><br>| 4236 |
| 549 | &nbsp;&nbsp;&nbsp; BMO Mortgage Trust <br>Series 2023-C7 Cl. A5 <br>6.160%—12/15/2056<br>| 585 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | BX Commercial Mortgage Trust |  |
| $1359 | &nbsp;&nbsp;&nbsp; Series 2021-VOLT Cl. A <br>5.156% (1 Month USD Term SOFR + 0.814%) <br> 09/15/2036<sup>1,2</sup><br>| $1357 |
| 2508 | &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>| 2516 |
| 203 | &nbsp;&nbsp;&nbsp; Series 2023-XL3 Cl. A <br>6.103% (1 Month USD Term SOFR + 1.761%) <br> 12/09/2040<sup>1,2</sup><br>| 204 |
|  |  | 4077 |
|  | BX Trust |  |
| 2699 | &nbsp;&nbsp;&nbsp; Series 2022-CLS Cl. A <br>5.760%—10/13/2027<sup>1</sup><br>| 2720 |
| 4125 | &nbsp;&nbsp;&nbsp; Series 2025-VLT6 Cl. A <br>5.785% (1 Month USD Term SOFR + 1.443%) <br> 03/15/2042<sup>1,2</sup><br>| 4129 |
|  |  | 6849 |
| 1676 | &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust <br>Series 2016-C2 Cl. A3 <br>2.575%—08/10/2049<br>| 1648 |
| 3565 | &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust <br>Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,2</sup><br>| 3562 |
|  | COMM Mortgage Trust |  |
| 379 | &nbsp;&nbsp;&nbsp; Series 2016-COR1 Cl. A3 <br>2.826%—10/10/2049<br>| 373 |
| 2253 | &nbsp;&nbsp;&nbsp; Series 2016-CR28 Cl. A4 <br>3.762%—02/10/2049<br>| 2243 |
|  |  | 2616 |
| 135 | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Seasoned <br> Credit Risk Transfer Trust <br>Series 2019-2 Cl. MA <br>3.500%—08/26/2058<br>| 129 |
| 3160 | &nbsp;&nbsp;&nbsp; FIVE Mortgage Trust <br>Series 2023-V1 Cl. A3 <br>5.668%—02/10/2056<sup>2</sup><br>| 3221 |
| 550 | &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust <br>Series 2016-GS3 Cl. A4 <br>2.850%—10/10/2049<br>| 537 |
| 89 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust <br>Series 2020-PJ4 Cl. A2 <br>3.000%—01/25/2051<sup>1,2</sup><br>| 77 |
| 4833 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust <br>Series 2025-PJ7 Cl. A5 <br>5.500%—12/25/2055<sup>1,2</sup><br>| 4831 |
|  | JP Morgan Mortgage Trust |  |
| 3722 | &nbsp;&nbsp;&nbsp; Series 2025-2 Cl. A4A <br>5.500%—07/25/2055<sup>1,2</sup><br>| 3723 |
| 4062 | &nbsp;&nbsp;&nbsp; Series 2025-4 Cl. A4A <br>5.500%—11/25/2055<sup>1,2</sup><br>| 4068 |
| 1409 | &nbsp;&nbsp;&nbsp; Series 2024-4 Cl. A4A <br>6.000%—10/25/2054<sup>1,2</sup><br>| 1415 |
| 1824 | &nbsp;&nbsp;&nbsp; Series 2024-5 Cl. A4 <br>6.000%—11/25/2054<sup>1,2</sup><br>| 1838 |
|  |  | 11044 |
|  | Morgan Stanley Bank of America Merrill Lynch <br> Trust<br>|  |
| 2446 | &nbsp;&nbsp;&nbsp; Series 2016-C29 Cl. A3 <br>3.058%—05/15/2049<br>| 2428 |

---

------

⬤

------

**Harbor Core Bond Fund**

**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** |
| $502 | &nbsp;&nbsp;&nbsp; Series 2015-C22 Cl. A4 <br>3.306%—04/15/2048<br>| $495 |
| 516 | &nbsp;&nbsp;&nbsp; Series 2015-C26 Cl. A5 <br>3.531%—10/15/2048<br>| 514 |
|  |  | 3437 |
|  | Morgan Stanley Capital I Trust |  |
| 2564 | &nbsp;&nbsp;&nbsp; Series 2016-UB11 Cl. A4 <br>2.782%—08/15/2049<br>| 2508 |
| 3144 | &nbsp;&nbsp;&nbsp; Series 2016-UBS9 Cl. A4 <br>3.594%—03/15/2049<br>| 3114 |
|  |  | 5622 |
| 39 | &nbsp;&nbsp;&nbsp; PSMC Trust <br>Series 2020-2 Cl. A2 <br>3.000%—05/25/2050<sup>1,2</sup><br>| 34 |
|  | Sequoia Mortgage Trust |  |
| 3589 | &nbsp;&nbsp;&nbsp; Series 2025-6 Cl. A11 <br>5.500%—07/25/2055<sup>1,2</sup><br>| 3589 |
| 1684 | &nbsp;&nbsp;&nbsp; Series 2024-5 Cl. A5 <br>6.000%—06/25/2054<sup>1,2</sup><br>| 1691 |
|  |  | 5280 |
| 332 | &nbsp;&nbsp;&nbsp; Tricon American Homes <br>Series 2020-SFR1 Cl. A <br>1.499%—07/17/2038<sup>1</sup><br>| 323 |
| 368 | &nbsp;&nbsp;&nbsp; UBS Commercial Mortgage Trust <br>Series 2018-C13 Cl. ASB <br>4.241%—10/15/2051<br>| 365 |
|  | Wells Fargo Commercial Mortgage Trust |  |
| 2167 | &nbsp;&nbsp;&nbsp; Series 2021-C60 Cl. A4 <br>2.342%—08/15/2054<br>| 1888 |
| 4092 | &nbsp;&nbsp;&nbsp; Series 2018-C45 Cl. A4 <br>4.184%—06/15/2051<br>| 4035 |
|  |  | 5923 |
| &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** <br>(Cost $111,383) | &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** <br>(Cost $111,383) | 112176 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—31.1%** | **Corporate Bonds & Notes—31.1%** | **Corporate Bonds & Notes—31.1%** |
| **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** |
| 5475 | &nbsp;&nbsp;&nbsp; BAE Systems PLC <br>3.400%—04/15/2030<sup>1</sup><br>| 5222 |
| 2100 | &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. <br>5.500%—08/15/2054<br>| 2028 |
| 235 | &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. <br>4.700%—05/15/2046<br>| 209 |
| 1558 | &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. <br>5.250%—05/01/2050<br>| 1464 |
|  |  | 8923 |
| **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** |
| 635 | &nbsp;&nbsp;&nbsp; BMW U.S. Capital LLC <br>3.450%—04/01/2027<sup>1</sup><br>| 625 |
| 2929 | &nbsp;&nbsp;&nbsp; Cummins, Inc. <br>5.300%—05/09/2035<br>| 2967 |
| 6186 | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>2.900%—02/16/2028-02/10/2029<br>| 5679 |
|  | General Motors Financial Co., Inc. |  |
| 1157 | &nbsp;&nbsp;&nbsp; 2.400%—10/15/2028 | 1081 |
| 971 | &nbsp;&nbsp;&nbsp; 4.300%—04/06/2029 | 954 |
| 2750 | &nbsp;&nbsp;&nbsp; 5.750%—02/08/2031 | 2829 |
|  |  | 4864 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **AUTOMOBILES—Continued** | **AUTOMOBILES—Continued** | **AUTOMOBILES—Continued** |
|  | Hyundai Capital America |  |
| $4231 | &nbsp;&nbsp;&nbsp; 4.550%—09/26/2029<sup>1</sup> | $4197 |
| 1203 | &nbsp;&nbsp;&nbsp; 5.300%—06/24/2029<sup>1</sup> | 1224 |
|  |  | 5421 |
|  | Volkswagen Group of America Finance LLC |  |
| 2795 | &nbsp;&nbsp;&nbsp; 4.600%—06/08/2029<sup>1</sup> | 2762 |
| 3338 | &nbsp;&nbsp;&nbsp; 4.750%—11/13/2028<sup>1</sup> | 3323 |
|  |  | 6085 |
|  |  | 25641 |
| **BANKS—5.4%** | **BANKS—5.4%** | **BANKS—5.4%** |
|  | Bank of America Corp. |  |
| 8962 | &nbsp;&nbsp;&nbsp; 2.572%—10/20/2032<sup>4</sup> | 7900 |
| 2322 | &nbsp;&nbsp;&nbsp; 3.311%—04/22/2042<sup>4</sup> | 1775 |
|  |  | 9675 |
| 3940 | &nbsp;&nbsp;&nbsp; Bank of America Corp. MTN <br>4.948%—07/22/2028<sup>4</sup><br>| 3976 |
|  | Barclays PLC |  |
| 2100 | &nbsp;&nbsp;&nbsp; 5.690%—03/12/2030<sup>4</sup> | 2168 |
| 2335 | &nbsp;&nbsp;&nbsp; 6.490%—09/13/2029<sup>4</sup> | 2460 |
|  |  | 4628 |
| 6563 | &nbsp;&nbsp;&nbsp; BNP Paribas SA <br>4.400%—08/14/2028<sup>1</sup><br>| 6538 |
|  | Citigroup, Inc. |  |
| 2359 | &nbsp;&nbsp;&nbsp; 3.520%—10/27/2028<sup>4</sup> | 2308 |
| 3329 | &nbsp;&nbsp;&nbsp; 4.412%—03/31/2031<sup>4</sup> | 3291 |
| 3874 | &nbsp;&nbsp;&nbsp; 4.542%—09/19/2030<sup>4</sup> | 3859 |
|  |  | 9458 |
| 8509 | &nbsp;&nbsp;&nbsp; HSBC Holdings PLC <br>5.130%—03/03/2031<sup>4</sup><br>| 8630 |
|  | ING Groep NV |  |
| 2460 | &nbsp;&nbsp;&nbsp; 5.335%—03/19/2030<sup>4</sup> | 2522 |
| 3000 | &nbsp;&nbsp;&nbsp; 6.114%—09/11/2034<sup>4</sup> | 3187 |
|  |  | 5709 |
|  | JPMorgan Chase & Co. |  |
| 6340 | &nbsp;&nbsp;&nbsp; 4.203%—07/23/2029<sup>4</sup> | 6299 |
| 250 | &nbsp;&nbsp;&nbsp; 4.493%—03/24/2031<sup>4</sup> | 249 |
| 3130 | &nbsp;&nbsp;&nbsp; 5.336%—01/23/2035<sup>4</sup> | 3201 |
|  |  | 9749 |
|  | Lloyds Banking Group PLC |  |
| 5003 | &nbsp;&nbsp;&nbsp; 5.087%—11/26/2028<sup>4</sup> | 5058 |
| 1145 | &nbsp;&nbsp;&nbsp; 5.679%—01/05/2035<sup>4</sup> | 1176 |
|  |  | 6234 |
| 2425 | &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. <br>5.017%—07/20/2028<sup>4</sup><br>| 2449 |
| 418 | &nbsp;&nbsp;&nbsp; National Securities Clearing Corp. <br>5.000%—05/30/2028<sup>1</sup><br>| 426 |
| 2340 | &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank <br>1.950%—01/12/2027<br>| 2262 |
| 5216 | &nbsp;&nbsp;&nbsp; Truist Financial Corp. MTN <br>5.711%—01/24/2035<sup>4</sup><br>| 5399 |

---

------

⬤

------

**Harbor Core Bond Fund**

**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** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
|  | U.S. Bancorp |  |
| $3315 | &nbsp;&nbsp;&nbsp; 4.839%—02/01/2034<sup>4</sup> | $3274 |
| 1544 | &nbsp;&nbsp;&nbsp; 5.678%—01/23/2035<sup>4</sup> | 1601 |
|  |  | 4875 |
|  |  | 80008 |
| **CAPITAL MARKETS—2.6%** | **CAPITAL MARKETS—2.6%** | **CAPITAL MARKETS—2.6%** |
| 300 | &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. MTN <br>5.802%—10/25/2028<sup>4</sup><br>| 309 |
|  | Blackstone Holdings Finance Co. LLC |  |
| 495 | &nbsp;&nbsp;&nbsp; 2.550%—03/30/2032<sup>1</sup> | 428 |
| 173 | &nbsp;&nbsp;&nbsp; 2.800%—09/30/2050<sup>1</sup> | 105 |
| 856 | &nbsp;&nbsp;&nbsp; 3.500%—09/10/2049<sup>1</sup> | 601 |
| 2515 | &nbsp;&nbsp;&nbsp; 6.200%—04/22/2033<sup>1</sup> | 2694 |
|  |  | 3828 |
| 5784 | &nbsp;&nbsp;&nbsp; Blackstone Reg Finance Co. LLC <br>5.000%—12/06/2034<br>| 5722 |
|  | Brookfield Finance, Inc. |  |
| 326 | &nbsp;&nbsp;&nbsp; 2.724%—04/15/2031 | 294 |
| 1490 | &nbsp;&nbsp;&nbsp; 3.900%—01/25/2028 | 1469 |
|  |  | 1763 |
| 7905 | &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. <br>3.800%—03/15/2030<br>| 7694 |
| 54 | &nbsp;&nbsp;&nbsp; KKR Group Finance Co. II LLC <br>5.500%—02/01/2043<sup>1</sup><br>| 52 |
| 170 | &nbsp;&nbsp;&nbsp; KKR Group Finance Co. III LLC <br>5.125%—06/01/2044<sup>1</sup><br>| 157 |
| 3640 | &nbsp;&nbsp;&nbsp; KKR Group Finance Co. VI LLC <br>3.750%—07/01/2029<sup>1</sup><br>| 3540 |
|  | Macquarie Group Ltd. |  |
| 493 | &nbsp;&nbsp;&nbsp; 1.340%—01/12/2027<sup>1,4</sup> | 486 |
| 2861 | &nbsp;&nbsp;&nbsp; 5.033%—01/15/2030<sup>1,4</sup> | 2896 |
| 1695 | &nbsp;&nbsp;&nbsp; 6.255%—12/07/2034<sup>1,4</sup> | 1827 |
|  |  | 5209 |
| 3710 | &nbsp;&nbsp;&nbsp; Morgan Stanley <br>2.943%—01/21/2033<sup>4</sup><br>| 3316 |
| 6666 | &nbsp;&nbsp;&nbsp; Morgan Stanley MTN <br>3.622%—04/01/2031<sup>4</sup><br>| 6387 |
|  |  | 37977 |
| **COMMERCIAL SERVICES & SUPPLIES—0.6%** | **COMMERCIAL SERVICES & SUPPLIES—0.6%** | **COMMERCIAL SERVICES & SUPPLIES—0.6%** |
| 3438 | &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. <br>5.800%—04/15/2034<sup>1</sup><br>| 3532 |
| 300 | &nbsp;&nbsp;&nbsp; Moody's Corp. <br>3.250%—05/20/2050<br>| 200 |
| 5540 | &nbsp;&nbsp;&nbsp; Rentokil Terminix Funding LLC <br>5.000%—04/28/2030<sup>1</sup><br>| 5567 |
|  |  | 9299 |
| **COMMUNICATIONS EQUIPMENT—0.2%** | **COMMUNICATIONS EQUIPMENT—0.2%** | **COMMUNICATIONS EQUIPMENT—0.2%** |
| 2339 | &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>| 2348 |
| **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** |
| 3807 | &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>5.000%—09/01/2034<br>| 3703 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED FINANCIAL SERVICES—1.8%** | **DIVERSIFIED FINANCIAL SERVICES—1.8%** | **DIVERSIFIED FINANCIAL SERVICES—1.8%** |
|  | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust<br>|  |
| $906 | &nbsp;&nbsp;&nbsp; 3.000%—10/29/2028 | $863 |
| 1662 | &nbsp;&nbsp;&nbsp; 5.100%—01/19/2029 | 1689 |
| 6300 | &nbsp;&nbsp;&nbsp; 6.450%—04/15/2027 | 6482 |
|  |  | 9034 |
| 2905 | &nbsp;&nbsp;&nbsp; Air Lease Corp. <br>1.875%—08/15/2026<br>| 2825 |
|  | Aviation Capital Group LLC |  |
| 4948 | &nbsp;&nbsp;&nbsp; 4.800%—10/24/2030<sup>1</sup> | 4901 |
| 2235 | &nbsp;&nbsp;&nbsp; 6.375%—07/15/2030<sup>1</sup> | 2370 |
|  |  | 7271 |
| 1921 | &nbsp;&nbsp;&nbsp; Brookfield Finance I U.K. PLC/Brookfield Finance, <br> Inc. <br>2.340%—01/30/2032<br>| 1648 |
|  | Capital One Financial Corp. |  |
| 435 | &nbsp;&nbsp;&nbsp; 4.927%—05/10/2028<sup>4</sup> | 438 |
| 813 | &nbsp;&nbsp;&nbsp; 5.468%—02/01/2029<sup>4</sup> | 830 |
| 4397 | &nbsp;&nbsp;&nbsp; 6.051%—02/01/2035<sup>4</sup> | 4582 |
|  |  | 5850 |
|  |  | 26628 |
| **DIVERSIFIED REITS—0.2%** | **DIVERSIFIED REITS—0.2%** | **DIVERSIFIED REITS—0.2%** |
| 3410 | &nbsp;&nbsp;&nbsp; Healthpeak OP LLC <br>1.350%—02/01/2027<br>| 3255 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** |
|  | AT&T, Inc. |  |
| 240 | &nbsp;&nbsp;&nbsp; 2.300%—06/01/2027 | 231 |
| 1302 | &nbsp;&nbsp;&nbsp; 3.650%—09/15/2059 | 867 |
|  |  | 1098 |
|  | Verizon Communications, Inc. |  |
| 5240 | &nbsp;&nbsp;&nbsp; 2.355%—03/15/2032 | 4506 |
| 162 | &nbsp;&nbsp;&nbsp; 4.500%—08/10/2033 | 157 |
|  |  | 4663 |
|  |  | 5761 |
| **ELECTRIC UTILITIES—3.3%** | **ELECTRIC UTILITIES—3.3%** | **ELECTRIC UTILITIES—3.3%** |
|  | Berkshire Hathaway Energy Co. |  |
| 7190 | &nbsp;&nbsp;&nbsp; 4.450%—01/15/2049 | 5966 |
| 275 | &nbsp;&nbsp;&nbsp; 6.125%—04/01/2036 | 294 |
|  |  | 6260 |
| 2730 | &nbsp;&nbsp;&nbsp; Consumers Securitization Funding LLC <br>5.210%—09/01/2031<br>| 2792 |
|  | Dominion Energy, Inc. |  |
| 785 | &nbsp;&nbsp;&nbsp; 3.375%—04/01/2030 | 746 |
| 1150 | &nbsp;&nbsp;&nbsp; 5.250%—08/01/2033 | 1159 |
|  |  | 1905 |
|  | DTE Energy Co. |  |
| 2306 | &nbsp;&nbsp;&nbsp; 4.875%—06/01/2028 | 2331 |
| 2769 | &nbsp;&nbsp;&nbsp; 5.850%—06/01/2034 | 2899 |
|  |  | 5230 |
| 2785 | &nbsp;&nbsp;&nbsp; Duke Energy Florida LLC <br>3.800%—07/15/2028<br>| 2758 |

---

------

⬤

------

**Harbor Core Bond Fund**

**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** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
|  | Eversource Energy |  |
| $1080 | &nbsp;&nbsp;&nbsp; 2.900%—03/01/2027 | $1052 |
| 5295 | &nbsp;&nbsp;&nbsp; 5.450%—03/01/2028 | 5415 |
|  |  | 6467 |
|  | Exelon Corp. |  |
| 5615 | &nbsp;&nbsp;&nbsp; 4.450%—04/15/2046 | 4649 |
| 62 | &nbsp;&nbsp;&nbsp; 4.700%—04/15/2050 | 52 |
| 243 | &nbsp;&nbsp;&nbsp; 5.100%—06/15/2045 | 221 |
|  |  | 4922 |
| 1670 | &nbsp;&nbsp;&nbsp; Florida Power & Light Co. <br>2.450%—02/03/2032<br>| 1473 |
| 5857 | &nbsp;&nbsp;&nbsp; Niagara Mohawk Power Corp. <br>5.996%—07/03/2055<sup>1</sup><br>| 5863 |
|  | Northern States Power Co. |  |
| 158 | &nbsp;&nbsp;&nbsp; 4.500%—06/01/2052 | 134 |
| 4085 | &nbsp;&nbsp;&nbsp; 6.250%—06/01/2036 | 4467 |
|  |  | 4601 |
| 308 | &nbsp;&nbsp;&nbsp; Southern Co. <br>4.250%—07/01/2036<br>| 281 |
| 5397 | &nbsp;&nbsp;&nbsp; Virginia Power Fuel Securitization LLC <br>4.877%—05/01/2033<br>| 5460 |
|  |  | 48012 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** |
| 1879 | &nbsp;&nbsp;&nbsp; Agree LP <br>4.800%—10/01/2032<br>| 1863 |
| 115 | &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. <br>4.750%—04/15/2035<br>| 110 |
| 2645 | &nbsp;&nbsp;&nbsp; Simon Property Group LP <br>5.500%—03/08/2033<br>| 2757 |
|  |  | 4730 |
| **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** |
|  | American Express Co. |  |
| 4168 | &nbsp;&nbsp;&nbsp; 5.016%—04/25/2031<sup>4</sup> | 4244 |
| 322 | &nbsp;&nbsp;&nbsp; 5.043%—05/01/2034<sup>4</sup> | 325 |
|  |  | 4569 |
| 198 | &nbsp;&nbsp;&nbsp; Berkshire Hathaway Finance Corp. <br>3.850%—03/15/2052<br>| 151 |
|  | PNC Financial Services Group, Inc. |  |
| 1160 | &nbsp;&nbsp;&nbsp; 5.068%—01/24/2034<sup>4</sup> | 1164 |
| 2571 | &nbsp;&nbsp;&nbsp; 5.354%—12/02/2028<sup>4</sup> | 2624 |
| 3095 | &nbsp;&nbsp;&nbsp; 5.676%—01/22/2035<sup>4</sup> | 3212 |
| 163 | &nbsp;&nbsp;&nbsp; 6.875%—10/20/2034<sup>4</sup> | 182 |
|  |  | 7182 |
|  |  | 11902 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** |
| 5789 | &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>5.300%—06/15/2035<br>| 5852 |
| **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** |
| 853 | &nbsp;&nbsp;&nbsp; Cigna Group <br>3.400%—03/01/2027<br>| 840 |
|  | CVS Pass-Through Trust |  |
| 141 | &nbsp;&nbsp;&nbsp; 5.773%—01/10/2033<sup>1</sup> | 141 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| $47 | &nbsp;&nbsp;&nbsp; 5.880%—01/10/2028 | $47 |
| 725 | &nbsp;&nbsp;&nbsp; 8.353%—07/10/2031<sup>1</sup> | 783 |
|  |  | 971 |
| 425 | &nbsp;&nbsp;&nbsp; Elevance Health, Inc. <br>4.750%—02/15/2033<br>| 419 |
|  | &nbsp;&nbsp;&nbsp; Health Care Service Corp. A Mutual Legal Reserve <br> Co.<br>|  |
| 2700 | &nbsp;&nbsp;&nbsp; 2.200%—06/01/2030<sup>1</sup> | 2410 |
| 4642 | &nbsp;&nbsp;&nbsp; 5.200%—06/15/2029<sup>1</sup> | 4730 |
|  |  | 7140 |
| 590 | &nbsp;&nbsp;&nbsp; PeaceHealth Obligated Group <br>1.375%—11/15/2025<br>| 583 |
|  |  | 9953 |
| **INDUSTRIAL CONGLOMERATES—0.3%** | **INDUSTRIAL CONGLOMERATES—0.3%** | **INDUSTRIAL CONGLOMERATES—0.3%** |
| 2631 | &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. <br>5.500%—08/11/2032<sup>1</sup><br>| 2667 |
| 2025 | &nbsp;&nbsp;&nbsp; Textron, Inc. <br>5.500%—05/15/2035<br>| 2052 |
|  |  | 4719 |
| **INSURANCE—2.5%** | **INSURANCE—2.5%** | **INSURANCE—2.5%** |
|  | AIA Group Ltd. |  |
| 419 | &nbsp;&nbsp;&nbsp; 3.600%—04/09/2029<sup>1</sup> | 409 |
| 3680 | &nbsp;&nbsp;&nbsp; 5.375%—04/05/2034<sup>1</sup> | 3755 |
|  |  | 4164 |
| 442 | &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. <br>5.550%—02/15/2055<br>| 417 |
| 4555 | &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| 4610 |
| 6550 | &nbsp;&nbsp;&nbsp; Corebridge Global Funding <br>5.200%—01/12/2029<sup>1</sup><br>| 6671 |
|  | GA Global Funding Trust |  |
| 2490 | &nbsp;&nbsp;&nbsp; 5.200%—12/09/2031<sup>1</sup> | 2492 |
| 5786 | &nbsp;&nbsp;&nbsp; 5.500%—01/08/2029-04/01/2032<sup>1</sup> | 5894 |
|  |  | 8386 |
| 530 | &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc. <br>4.569%—02/01/2029<sup>1</sup><br>| 530 |
|  | Massachusetts Mutual Life Insurance Co. |  |
| 1143 | &nbsp;&nbsp;&nbsp; 3.375%—04/15/2050<sup>1</sup> | 772 |
| 160 | &nbsp;&nbsp;&nbsp; 5.672%—12/01/2052<sup>1</sup> | 155 |
|  |  | 927 |
|  | Metropolitan Life Global Funding I |  |
| 2827 | &nbsp;&nbsp;&nbsp; 3.300%—03/21/2029<sup>1</sup> | 2720 |
| 3495 | &nbsp;&nbsp;&nbsp; 4.850%—01/08/2029<sup>1</sup> | 3556 |
|  |  | 6276 |
| 3605 | &nbsp;&nbsp;&nbsp; Peachtree Corners Funding Trust II <br>6.012%—05/15/2035<sup>1</sup><br>| 3734 |
| 1374 | &nbsp;&nbsp;&nbsp; Prudential Funding Asia PLC <br>3.625%—03/24/2032<br>| 1280 |
|  |  | 36995 |
| **INTERNET & CATALOG RETAIL—0.1%** | **INTERNET & CATALOG RETAIL—0.1%** | **INTERNET & CATALOG RETAIL—0.1%** |
| 2423 | &nbsp;&nbsp;&nbsp; Amazon.com, Inc. <br>4.100%—04/13/2062<br>| 1898 |

---

------

⬤

------

**Harbor Core Bond Fund**

**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—0.2%** | **IT SERVICES—0.2%** | **IT SERVICES—0.2%** |
| $2466 | &nbsp;&nbsp;&nbsp; Genpact Luxembourg SARL/Genpact USA, Inc. <br>6.000%—06/04/2029<br>| $2547 |
| **MACHINERY—0.4%** | **MACHINERY—0.4%** | **MACHINERY—0.4%** |
| 6004 | &nbsp;&nbsp;&nbsp; Nordson Corp. <br>4.500%—12/15/2029<br>| 5969 |
| **MEDIA—0.5%** | **MEDIA—0.5%** | **MEDIA—0.5%** |
| 1883 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 1947 |
| 360 | &nbsp;&nbsp;&nbsp; Comcast Corp. <br>2.350%—01/15/2027<br>| 350 |
|  | Cox Communications, Inc. |  |
| 400 | &nbsp;&nbsp;&nbsp; 1.800%—10/01/2030<sup>1</sup> | 342 |
| 1495 | &nbsp;&nbsp;&nbsp; 3.350%—09/15/2026<sup>1</sup> | 1473 |
| 3795 | &nbsp;&nbsp;&nbsp; 5.700%—06/15/2033<sup>1</sup> | 3822 |
|  |  | 5637 |
|  |  | 7934 |
| **MULTI-UTILITIES—0.0%** | **MULTI-UTILITIES—0.0%** | **MULTI-UTILITIES—0.0%** |
|  | PG&E Wildfire Recovery Funding LLC |  |
| 392 | &nbsp;&nbsp;&nbsp; 3.594%—06/01/2032 | 384 |
| 240 | &nbsp;&nbsp;&nbsp; 4.022%—06/01/2033 | 238 |
| 183 | &nbsp;&nbsp;&nbsp; 4.722%—06/01/2039 | 178 |
|  |  | 800 |
| **OIL, GAS & CONSUMABLE FUELS—2.2%** | **OIL, GAS & CONSUMABLE FUELS—2.2%** | **OIL, GAS & CONSUMABLE FUELS—2.2%** |
| 7835 | &nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC <br>6.036%—11/15/2033<sup>1</sup><br>| 8239 |
|  | ConocoPhillips Co. |  |
| 878 | &nbsp;&nbsp;&nbsp; 5.500%—01/15/2055 | 829 |
| 961 | &nbsp;&nbsp;&nbsp; 5.550%—03/15/2054 | 915 |
|  |  | 1744 |
| 3880 | &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. <br>5.150%—01/30/2030<br>| 3952 |
|  | Energy Transfer LP |  |
| 1450 | &nbsp;&nbsp;&nbsp; 5.550%—05/15/2034 | 1463 |
| 2688 | &nbsp;&nbsp;&nbsp; 5.750%—02/15/2033 | 2784 |
|  |  | 4247 |
| 1259 | &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 1301 |
| 1787 | &nbsp;&nbsp;&nbsp; Northern Natural Gas Co. <br>5.625%—02/01/2054<sup>1</sup><br>| 1708 |
| 474 | &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>5</sup><br>| 273 |
| 5563 | &nbsp;&nbsp;&nbsp; Schlumberger Holdings Corp. <br>3.900%—05/17/2028<sup>1</sup><br>| 5503 |
|  | Southern Co. Gas Capital Corp. |  |
| 230 | &nbsp;&nbsp;&nbsp; 1.750%—01/15/2031 | 198 |
| 4779 | &nbsp;&nbsp;&nbsp; 4.950%—09/15/2034 | 4730 |
|  |  | 4928 |
|  |  | 31895 |
| **PASSENGER AIRLINES—0.1%** | **PASSENGER AIRLINES—0.1%** | **PASSENGER AIRLINES—0.1%** |
| 220 | &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust <br>3.600%—09/15/2028<sup>1</sup><br>| 215 |
| 276 | &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust <br>3.625%—01/30/2029<br>| 271 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** |
|  | United Airlines Pass-Through Trust |  |
| $171 | &nbsp;&nbsp;&nbsp; 3.100%—01/07/2030 | $163 |
| 667 | &nbsp;&nbsp;&nbsp; 4.000%—10/11/2027 | 664 |
|  |  | 827 |
|  |  | 1313 |
| **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** |
|  | Verisk Analytics, Inc. |  |
| 741 | &nbsp;&nbsp;&nbsp; 3.625%—05/15/2050 | 526 |
| 4100 | &nbsp;&nbsp;&nbsp; 5.250%—06/05/2034 | 4170 |
| 1100 | &nbsp;&nbsp;&nbsp; 5.750%—04/01/2033 | 1152 |
|  |  | 5848 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.1%** |
| 808 | &nbsp;&nbsp;&nbsp; CBRE Services, Inc. <br>4.800%—06/15/2030<br>| 813 |
| **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** |
|  | Canadian Pacific Railway Co. |  |
| 1429 | &nbsp;&nbsp;&nbsp; 4.200%—11/15/2069 | 1072 |
| 190 | &nbsp;&nbsp;&nbsp; 6.125%—09/15/2115 | 193 |
|  |  | 1265 |
| 2430 | &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. <br>4.900%—03/15/2030<br>| 2465 |
| 155 | &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. <br>4.837%—10/01/2041<br>| 142 |
| 4716 | &nbsp;&nbsp;&nbsp; Ryder System, Inc. MTN <br>5.250%—06/01/2028<br>| 4822 |
|  |  | 8694 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.5%** |
|  | Broadcom, Inc. |  |
| 3574 | &nbsp;&nbsp;&nbsp; 4.000%—04/15/2029<sup>1</sup> | 3520 |
| 4394 | &nbsp;&nbsp;&nbsp; 5.200%—07/15/2035 | 4416 |
|  |  | 7936 |
| 5393 | &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC <br>6.250%—01/25/2035<sup>1</sup><br>| 5624 |
|  | NXP BV/NXP Funding LLC/NXP USA, Inc. |  |
| 4140 | &nbsp;&nbsp;&nbsp; 2.500%—05/11/2031 | 3656 |
| 1230 | &nbsp;&nbsp;&nbsp; 3.150%—05/01/2027 | 1202 |
| 3185 | &nbsp;&nbsp;&nbsp; 4.300%—06/18/2029 | 3153 |
|  |  | 8011 |
|  |  | 21571 |
| **SOFTWARE—0.8%** | **SOFTWARE—0.8%** | **SOFTWARE—0.8%** |
| 4534 | &nbsp;&nbsp;&nbsp; AppLovin Corp. <br>5.125%—12/01/2029<br>| 4590 |
| 1222 | &nbsp;&nbsp;&nbsp; Constellation Software, Inc. <br>5.461%—02/16/2034<sup>1</sup><br>| 1239 |
|  | Oracle Corp. |  |
| 2681 | &nbsp;&nbsp;&nbsp; 3.950%—03/25/2051 | 1949 |
| 3317 | &nbsp;&nbsp;&nbsp; 5.250%—02/03/2032 | 3388 |
|  |  | 5337 |
|  |  | 11166 |
| **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** |
|  | Lowe's Cos., Inc. |  |
| 3997 | &nbsp;&nbsp;&nbsp; 3.000%—10/15/2050 | 2480 |
| 77 | &nbsp;&nbsp;&nbsp; 3.700%—04/15/2046 | 57 |

---

------

⬤

------

**Harbor Core Bond Fund**

**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** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| $199 | &nbsp;&nbsp;&nbsp; 5.000%—04/15/2040 | $185 |
| 697 | &nbsp;&nbsp;&nbsp; 5.625%—04/15/2053 | 667 |
|  |  | 3389 |
| 9192 | &nbsp;&nbsp;&nbsp; Penske Truck Leasing Co. LP/PTL Finance Corp. <br>5.550%—05/01/2028<sup>1</sup><br>| 9412 |
|  |  | 12801 |
| **TRADING COMPANIES & DISTRIBUTORS—0.3%** | **TRADING COMPANIES & DISTRIBUTORS—0.3%** | **TRADING COMPANIES & DISTRIBUTORS—0.3%** |
| 4590 | &nbsp;&nbsp;&nbsp; Ferguson Finance PLC <br>3.250%—06/02/2030<sup>1</sup><br>| 4297 |
| **WIRELESS TELECOMMUNICATION SERVICES—1.0%** | **WIRELESS TELECOMMUNICATION SERVICES—1.0%** | **WIRELESS TELECOMMUNICATION SERVICES—1.0%** |
|  | Rogers Communications, Inc. |  |
| 3260 | &nbsp;&nbsp;&nbsp; 3.200%—03/15/2027 | 3193 |
| 2441 | &nbsp;&nbsp;&nbsp; 3.800%—03/15/2032 | 2276 |
| 257 | &nbsp;&nbsp;&nbsp; 5.450%—10/01/2043 | 241 |
|  |  | 5710 |
|  | T-Mobile USA, Inc. |  |
| 3131 | &nbsp;&nbsp;&nbsp; 5.050%—07/15/2033 | 3137 |
| 3238 | &nbsp;&nbsp;&nbsp; 5.150%—04/15/2034 | 3259 |
| 2745 | &nbsp;&nbsp;&nbsp; 5.875%—11/15/2055 | 2739 |
|  |  | 9135 |
|  |  | 14845 |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $452,679) | &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $452,679) | 458097 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—23.9%** | **Mortgage Pass-Through—23.9%** | **Mortgage Pass-Through—23.9%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 7686 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—06/01/2050-01/01/2051 | 6067 |
| 48957 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—08/01/2035-05/01/2052 | 41626 |
| 24431 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—01/01/2033-08/01/2050 | 21729 |
| 16311 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—09/01/2033-04/01/2050 | 15250 |
| 20489 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—12/01/2037-07/01/2049 | 19273 |
| 15719 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—10/01/2048-05/01/2053 | 15182 |
| 14582 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—11/01/2049-01/01/2055 | 14380 |
| 23994 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—12/01/2052-03/01/2054 | 24187 |
| 87 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.672% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.595%) 06/01/2047<sup>2</sup><br>| 90 |
|  |  | 157784 |
|  | Federal National Mortgage Association |  |
| 8163 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—08/01/2050-02/01/2052 | 6498 |
| 49324 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—01/01/2032-04/01/2052 | 41768 |
| 27805 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—02/01/2034-12/01/2051 | 25126 |
| 17991 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—05/01/2035-05/01/2052 | 16629 |
| 17254 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—03/01/2038-07/01/2052 | 16184 |
| 15414 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—05/01/2046-08/01/2052 | 14909 |
| 21963 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—06/01/2050-06/01/2054 | 21657 |
| 8686 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—11/01/2052-10/01/2053 | 8722 |
| 101 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.713% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 2.313%) 12/01/2036<sup>2</sup><br>| 104 |
|  |  | 151597 |
| 2370 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS <br>Series 2024-20 Cl. CA <br>5.500%—01/25/2047<br>| 2374 |
|  | Government National Mortgage Association |  |
| 7560 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 6110 |
| 17985 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—01/20/2051-09/20/2051 | 15147 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $7190 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $6487 |
| 7298 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—09/20/2041-08/20/2052 | 6788 |
| 682 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—01/15/2042-08/20/2047 | 658 |
|  |  | 35190 |
|  | &nbsp;&nbsp;&nbsp; Government National Mortgage Association <br> REMICS<br>|  |
| 2791 | &nbsp;&nbsp;&nbsp; Series 2012-140 Cl. JD <br>1.750%—01/20/2041<br>| 2676 |
| 2033 | &nbsp;&nbsp;&nbsp; Series 2013-70 Cl. AE <br>1.750%—11/20/2040<br>| 1934 |
|  |  | 4610 |
| &nbsp;&nbsp;&nbsp; **Total Mortgage Pass-Through** <br>(Cost $355,045) | &nbsp;&nbsp;&nbsp; **Total Mortgage Pass-Through** <br>(Cost $355,045) | 351555 |

---

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

---

| | | |
|:---|:---|:---|
| **Municipal Bonds—0.5%** | **Municipal Bonds—0.5%** | **Municipal Bonds—0.5%** |
| 1380 | &nbsp;&nbsp;&nbsp; City of New York <br>5.935%—02/01/2055<br>| 1431 |
| 435 | &nbsp;&nbsp;&nbsp; Empire State Development Corp. <br>5.770%—03/15/2039<br>| 447 |
| 145 | &nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater <br> Chicago <br>5.720%—12/01/2038<br>| 149 |
| 2515 | &nbsp;&nbsp;&nbsp; New Hampshire Health & Education Facilities <br> Authority Act <br>5.040%—11/01/2034<br>| 2490 |
| 440 | &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future <br> Tax Secured Revenue <br>3.950%—08/01/2032<br>| 424 |
| 510 | &nbsp;&nbsp;&nbsp; Sales Tax Securitization Corp. <br>4.637%—01/01/2040<br>| 486 |
| 300 | &nbsp;&nbsp;&nbsp; State of California <br>7.500%—04/01/2034<br>| 348 |
| 2058 | &nbsp;&nbsp;&nbsp; Texas Natural Gas Securitization Finance Corp. <br>5.102%—04/01/2035<br>| 2099 |
| &nbsp;&nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $7,889) | &nbsp;&nbsp;&nbsp; **Total Municipal Bonds** <br>(Cost $7,889) | 7874 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—22.4%** | **U.S. Government Obligations—22.4%** | **U.S. Government Obligations—22.4%** |
|  | U.S. Treasury Bonds |  |
| 75660 | &nbsp;&nbsp;&nbsp; 4.250%—02/15/2054-08/15/2054 | 68046 |
| 24410 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.375%—08/15/2043 | 23017 |
| 69828 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 66723 |
| 40472 | &nbsp;&nbsp;&nbsp; 4.625%—05/15/2044-02/15/2055 | 39122 |
|  |  | 196908 |
| 7534 | &nbsp;&nbsp;&nbsp; U.S. Treasury Inflation-Indexed Notes<sup>6</sup> <br>0.125%—01/15/2030<br>| 7121 |
|  | U.S. Treasury Notes |  |
| 17889 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3.750%—08/15/2027 | 17825 |
| 68855 | &nbsp;&nbsp;&nbsp; 4.000%—02/28/2030-05/31/2030 | 69040 |

---

------

⬤

------

**Harbor Core Bond Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $3429 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.125%—11/15/2027 | $3444 |
| 35684 | &nbsp;&nbsp;&nbsp; 4.250%—11/15/2034-05/15/2035 | 35398 |
|  |  | 125707 |
| &nbsp;&nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $337,937) | &nbsp;&nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $337,937) | 329736 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.7%** <br>(Cost $1,458,136) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.7%** <br>(Cost $1,458,136) | 1454510 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | 19240 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $1473750 |

---

&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 $336,560 or 23% 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

Inflation-protected securities are securities in which the principal amount is adjusted for inflation and interest payments are applied to the inflation-adjusted principal.

CLO

Collateralized Loan Obligation

MTN

Medium Term Note

REMICS

Real Estate Mortgage Investment Conduits

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

------

⬤

------

**Harbor Core Plus Fund**

**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—12.5%** | **Asset-Backed Securities—12.5%** | **Asset-Backed Securities—12.5%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $3582 | &nbsp;&nbsp;&nbsp; Aligned Data Centers Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.937%—08/15/2046<sup>1</sup><br>| $3464 |
|  | AMSR Trust |  |
| 3072 | &nbsp;&nbsp;&nbsp; Series 2024-SFR2 Cl. A <br>4.150%—11/17/2041<sup>1</sup><br>| 3001 |
| 5305 | &nbsp;&nbsp;&nbsp; Series 2024-SFR1 Cl. A <br>4.290%—07/17/2041<sup>1,2</sup><br>| 5206 |
|  |  | 8207 |
| 2944 | &nbsp;&nbsp;&nbsp; Apidos CLO XLVIII Ltd. <br>Series 2024-48A Cl. A1 <br>5.758% (3 Month USD Term SOFR + 1.440%) <br> 07/25/2037<sup>1,3</sup><br>| 2954 |
| 370 | &nbsp;&nbsp;&nbsp; Applebee's Funding LLC/IHOP Funding LLC <br>Series 2025-1A Cl. A2 <br>6.720%—06/07/2055<sup>1</sup><br>| 369 |
| 3702 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC <br>Series 2024-1A Cl. A <br>5.360%—06/20/2030<sup>1</sup><br>| 3795 |
| 5940 | &nbsp;&nbsp;&nbsp; Carlyle Global Market Strategies CLO Ltd. <br>Series 2016-1A Cl. A1R3 <br>5.415% (3 Month USD Term SOFR + 1.090%) <br> 04/20/2034<sup>1,3</sup><br>| 5953 |
| 5976 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. <br>Series 2023-3A Cl. A <br>5.925% (3 Month USD Term SOFR + 1.600%) <br> 01/20/2037<sup>1,3</sup><br>| 5997 |
| 2205 | &nbsp;&nbsp;&nbsp; DB Master Finance LLC <br>Series 2021-1A Cl. A2II <br>2.493%—11/20/2051<sup>1</sup><br>| 2041 |
| 3740 | &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>| 3494 |
| 6801 | &nbsp;&nbsp;&nbsp; FirstKey Homes Trust <br>Series 2021-SFR1 Cl. A <br>1.538%—08/17/2038<sup>1</sup><br>| 6581 |
| 3425 | &nbsp;&nbsp;&nbsp; Flatiron CLO 26 Ltd. <br>Series 2024-4A Cl. A <br>5.648% (3 Month USD Term SOFR + 1.330%) <br> 01/15/2038<sup>1,3</sup><br>| 3433 |
| 2882 | &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 20 Ltd. <br>Series 2024-20A Cl. A <br>5.775% (3 Month USD Term SOFR + 1.450%) <br> 07/20/2037<sup>1,3</sup><br>| 2895 |
| 4909 | &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 62B Ltd. <br>Series 2022-62A Cl. AR <br>5.688% (3 Month USD Term SOFR + 1.370%) <br> 10/15/2037<sup>1,3</sup><br>| 4925 |
| 2992 | &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 64B-R Ltd. <br>Series 2022-64A Cl. AR <br>5.678% (3 Month USD Term SOFR + 1.360%) <br> 10/25/2037<sup>1,3</sup><br>| 3004 |
| 956 | &nbsp;&nbsp;&nbsp; Home Partners of America Trust <br>Series 2022-1 Cl. A <br>3.930%—04/17/2039<sup>1</sup><br>| 946 |
| 66 | &nbsp;&nbsp;&nbsp; IXIS Real Estate Capital Trust <br>Series 2005-HE1 Cl. M4 <br>5.517% (1 Month USD Term SOFR + 1.164%) <br> 06/25/2035<sup>3</sup><br>| 81 |
| 3555 | &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC <br>Series 2025-1A Cl. A2 <br>5.610%—08/16/2055<sup>1</sup><br>| 3580 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $573 | &nbsp;&nbsp;&nbsp; JP Morgan Mortgage Acquisition Trust <br>Series 2007-HE1 Cl. AF3 <br>4.259%—05/25/2035<sup>2</sup><br>| $370 |
| 2457 | &nbsp;&nbsp;&nbsp; Morgan Stanley ABS Capital I, Inc. Trust <br>Series 2007-HE6 Cl. A3 <br>4.647% (1 Month USD Term SOFR + 0.294%) <br> 05/25/2037<sup>3</sup><br>| 2210 |
| 4583 | &nbsp;&nbsp;&nbsp; NextGear Floorplan Master Owner Trust <br>Series 2024-2A Cl. A2 <br>4.420%—09/15/2029<sup>1</sup><br>| 4585 |
|  | Palmer Square CLO Ltd. |  |
| 2300 | &nbsp;&nbsp;&nbsp; Series 2022-4A Cl. A1R <br>5.675% (3 Month USD Term SOFR + 1.350%) <br> 10/20/2037<sup>1,3</sup><br>| 2308 |
| 2790 | &nbsp;&nbsp;&nbsp; Series 2020-3A Cl. A1R2 <br>5.976% (3 Month USD Term SOFR + 1.650%) <br> 11/15/2036<sup>1,3</sup><br>| 2805 |
|  |  | 5113 |
| 7 | &nbsp;&nbsp;&nbsp; Palmer Square Loan Funding Ltd. <br>Series 2021-4A Cl. A1 <br>5.379% (3 Month USD Term SOFR + 1.062%) <br> 10/15/2029<sup>1,3</sup><br>| 7 |
|  | Planet Fitness Master Issuer LLC |  |
| 4235 | &nbsp;&nbsp;&nbsp; Series 2022-1A Cl. A2I <br>3.251%—12/05/2051<sup>1</sup><br>| 4125 |
| 792 | &nbsp;&nbsp;&nbsp; Series 2019-1A Cl. A2 <br>3.858%—12/05/2049<sup>1</sup><br>| 754 |
| 1963 | &nbsp;&nbsp;&nbsp; Series 2024-1A Cl. A2I <br>5.765%—06/05/2054<sup>1</sup><br>| 1986 |
|  |  | 6865 |
| 3205 | &nbsp;&nbsp;&nbsp; Sabey Data Center Issuer LLC <br>Series 2025-1 Cl. A2 <br>5.733%—02/21/2050<sup>1</sup><br>| 3258 |
| 3825 | &nbsp;&nbsp;&nbsp; SBA Small Business Investment Cos. <br>Series 2025-10A Cl. 1 <br>4.963%—03/10/2035<br>| 3851 |
| 3034 | &nbsp;&nbsp;&nbsp; SBA Tower Trust <br>6.599%—11/15/2052<sup>1</sup><br>| 3112 |
| 3351 | &nbsp;&nbsp;&nbsp; Servpro Master Issuer LLC <br>Series 2021-1A Cl. A2 <br>2.394%—04/25/2051<sup>1</sup><br>| 3121 |
| 7000 | &nbsp;&nbsp;&nbsp; Stack Infrastructure Issuer LLC <br>Series 2021-1A Cl. A2 <br>1.877%—03/26/2046<sup>1</sup><br>| 6850 |
| 2561 | &nbsp;&nbsp;&nbsp; Store Master Funding LLC <br>Series 2024-1A Cl. A1 <br>5.690%—05/20/2054<sup>1</sup><br>| 2583 |
|  | Subway Funding LLC |  |
| 3605 | &nbsp;&nbsp;&nbsp; Series 2024-3A Cl. A2II <br>5.566%—07/30/2054<sup>1</sup><br>| 3558 |
| 2890 | &nbsp;&nbsp;&nbsp; Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 2932 |
|  |  | 6490 |
| 6877 | &nbsp;&nbsp;&nbsp; Taco Bell Funding LLC <br>Series 2021-1A Cl. A2I <br>1.946%—08/25/2051<sup>1</sup><br>| 6564 |
|  | Tricon Residential Trust |  |
| 5160 | &nbsp;&nbsp;&nbsp; Series 2023-SFR1 Cl. A <br>5.100%—07/17/2040<sup>1</sup><br>| 5172 |
| 3537 | &nbsp;&nbsp;&nbsp; Series 2025-SFR2 Cl. A <br>5.200%—08/09/2044<sup>1</sup><br>| 3538 |
|  |  | 8710 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | U.S. Small Business Administration |  |
| $4615 | &nbsp;&nbsp;&nbsp; Series 2024-25B Cl. 1 <br>5.070%—02/01/2049<br>| $4634 |
| 2657 | &nbsp;&nbsp;&nbsp; Series 2023-25K Cl. 1 <br>5.710%—11/01/2048<br>| 2752 |
| 328 | &nbsp;&nbsp;&nbsp; Series 2009-20A Cl. 1 <br>5.720%—01/01/2029<br>| 330 |
| 1792 | &nbsp;&nbsp;&nbsp; Series 2023-25J Cl. 1 <br>5.820%—10/01/2048<br>| 1870 |
| 521 | &nbsp;&nbsp;&nbsp; Series 2008-20H Cl. 1 <br>6.020%—08/01/2028<br>| 530 |
|  |  | 10116 |
| 861 | &nbsp;&nbsp;&nbsp; Uniti Fiber ABS Issuer LLC <br>Series 2025-1A Cl. A2 <br>5.877%—04/20/2055<sup>1</sup><br>| 878 |
| 6810 | &nbsp;&nbsp;&nbsp; VB-S1 Issuer LLC <br>Series 2022-1A Cl. C2I <br>3.156%—02/15/2052<sup>1</sup><br>| 6539 |
| 6715 | &nbsp;&nbsp;&nbsp; Wendy's Funding LLC <br>Series 2021-1A Cl. A2I <br>2.370%—06/15/2051<sup>1</sup><br>| 6167 |
| &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $148,355) | &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $148,355) | 149108 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—11.2%** | **Collateralized Mortgage Obligations—11.2%** | **Collateralized Mortgage Obligations—11.2%** |
| 2856 | &nbsp;&nbsp;&nbsp; Angel Oak Mortgage Trust <br>Series 2022-1 Cl. A1 <br>2.881%—12/25/2066<sup>1,2</sup><br>| 2643 |
| 262 | &nbsp;&nbsp;&nbsp; Argent Securities, Inc. Asset-Backed Pass-Through <br> Certificates <br>Series 2004-W11 Cl. M3 <br>5.592% (1 Month USD Term SOFR + 1.239%) <br> 11/25/2034<sup>3</sup><br>| 262 |
| 3200 | &nbsp;&nbsp;&nbsp; Bank <br>Series 2024-BNK48 Cl. A5 <br>5.053%—10/15/2057<br>| 3203 |
| 4948 | &nbsp;&nbsp;&nbsp; Bank5 <br>Series 2023-5YR2 Cl. A3 <br>6.656%—07/15/2056<sup>3</sup><br>| 5200 |
| 5383 | &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust <br>Series 2024-5C27 Cl. A3 <br>6.014%—07/15/2057<br>| 5623 |
| 79 | &nbsp;&nbsp;&nbsp; BCAP LLC Trust <br>Series 2011-RR5 Cl. 12A1 <br>4.467%—03/26/2037<sup>1,2</sup><br>| 78 |
|  | Bear Stearns ARM Trust |  |
| 6 | &nbsp;&nbsp;&nbsp; Series 2000-2 Cl. A1 <br>4.811%—11/25/2030<sup>3</sup><br>| 6 |
| 110 | &nbsp;&nbsp;&nbsp; Series 2004-1 Cl. 12A5 <br>5.332%—04/25/2034<sup>3</sup><br>| 98 |
|  |  | 104 |
| 3238 | &nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust <br>Series 2022-B35 Cl. A5 <br>4.443%—05/15/2055<sup>3</sup><br>| 3115 |
| 3600 | &nbsp;&nbsp;&nbsp; BMARK Trust <br>Series 2023-V4 Cl. A3 <br>6.841%—11/15/2056<sup>3</sup><br>| 3812 |
| 4698 | &nbsp;&nbsp;&nbsp; BMO Mortgage Trust <br>Series 2023-C7 Cl. A5 <br>6.160%—12/15/2056<br>| 5009 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $1808 | &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust <br>Series 2025-1C Cl. A <br>5.369%—06/15/2044<sup>1,3</sup><br>| $1835 |
|  | BX Commercial Mortgage Trust |  |
| 1384 | &nbsp;&nbsp;&nbsp; Series 2021-VOLT Cl. A <br>5.156% (1 Month USD Term SOFR + 0.814%) <br> 09/15/2036<sup>1,3</sup><br>| 1382 |
| 2182 | &nbsp;&nbsp;&nbsp; Series 2022-LP2 Cl. A <br>5.355% (1 Month USD Term SOFR + 1.013%) <br> 02/15/2039<sup>1,3</sup><br>| 2185 |
|  |  | 3567 |
|  | BX Trust |  |
| 4087 | &nbsp;&nbsp;&nbsp; Series 2022-CLS Cl. A <br>5.760%—10/13/2027<sup>1</sup><br>| 4119 |
| 4536 | &nbsp;&nbsp;&nbsp; Series 2024-VLT4 Cl. A <br>5.833% (1 Month USD Term SOFR + 1.491%) <br> 07/15/2029<sup>1,3</sup><br>| 4545 |
| 5219 | &nbsp;&nbsp;&nbsp; Series 2024-BIO Cl. A <br>5.984% (1 Month USD Term SOFR + 1.642%) <br> 02/15/2041<sup>1,3</sup><br>| 5229 |
|  |  | 13893 |
| 3317 | &nbsp;&nbsp;&nbsp; CENT Trust <br>Series 2025-CITY Cl. A <br>5.091%—07/10/2040<sup>1,3</sup><br>| 3331 |
| 3828 | &nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust <br>Series 2019-GC43 Cl. A4 <br>3.038%—11/10/2052<br>| 3548 |
| 5054 | &nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust <br>Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,3</sup><br>| 5049 |
|  | Countrywide Alternative Loan Trust |  |
| 1404 | &nbsp;&nbsp;&nbsp; Series 2006-6CB Cl. 1A2 <br>4.867% (1 Month USD Term SOFR + 0.514%) <br> 05/25/2036<sup>3</sup><br>| 1083 |
| 1129 | &nbsp;&nbsp;&nbsp; Series 2005-20CB Cl. 2A5 <br>5.500%—07/25/2035<br>| 732 |
|  |  | 1815 |
| 177 | &nbsp;&nbsp;&nbsp; CSFB Mortgage-Backed Pass-Through Certificates <br>Series 2005-10 Cl. 9A1 <br>6.000%—11/25/2035<br>| 122 |
| 117 | &nbsp;&nbsp;&nbsp; DBJPM Mortgage Trust <br>Series 2020-C9 Cl. A2 <br>1.900%—08/15/2053<br>| 116 |
| 2221 | &nbsp;&nbsp;&nbsp; Deutsche Alt-A Securities, Inc. Mortgage Loan <br> Trust <br>Series 2007-AR2 Cl. A1 <br>4.767% (1 Month USD Term SOFR + 0.414%) <br> 03/25/2037<sup>3</sup><br>| 2071 |
| 649 | &nbsp;&nbsp;&nbsp; DSLA Mortgage Loan Trust <br>Series 2006-AR1 Cl. 1A1A <br>4.889% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 0.920%) 03/19/2046<sup>3</sup><br>| 557 |
| 1731 | &nbsp;&nbsp;&nbsp; EQT Trust <br>Series 2024-EXTR Cl. A <br>5.331%—07/05/2041<sup>1,3</sup><br>| 1758 |
| 3144 | &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC <br>Series 2024-SHOW Cl. A <br>5.104%—10/10/2041<sup>1,3</sup><br>| 3158 |
| 102 | &nbsp;&nbsp;&nbsp; First Horizon Asset Securities, Inc. <br>Series 2005-AR6 Cl. 4A1 <br>5.612%—02/25/2036<sup>3</sup><br>| 98 |

---

------

⬤

------

**Harbor Core Plus Fund**

**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** |
| $— | &nbsp;&nbsp;&nbsp; FNT Mortgage-Backed Pass-Through Trust <br>Series 2001-3 Cl. 1A1 <br>6.750%—08/21/2031<br>| $— |
| 2853 | &nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust <br>Series 2024-PJ5 Cl. A15 <br>6.000%—09/25/2054<sup>1,3</sup><br>| 2870 |
| 2382 | &nbsp;&nbsp;&nbsp; GSMPS Mortgage Loan Trust <br>Series 2006-RP2 Cl. 1AF1 <br>4.867% (1 Month USD Term SOFR + 0.514%) <br> 04/25/2036<sup>1,3</sup><br>| 2056 |
| 161 | &nbsp;&nbsp;&nbsp; GSR Mortgage Loan Trust <br>Series 2005-AR3 Cl. 3A1 <br>6.487%—05/25/2035<sup>3</sup><br>| 120 |
| 1 | &nbsp;&nbsp;&nbsp; IndyMac ARM Trust <br>Series 2001-H2 Cl. A2 <br>6.636%—01/25/2032<sup>3</sup><br>| 1 |
| 3551 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities <br> Trust <br>Series 2024-OMNI Cl. A <br>5.797%—10/05/2039<sup>1,3</sup><br>| 3606 |
|  | JP Morgan Mortgage Trust |  |
| 2324 | &nbsp;&nbsp;&nbsp; Series 2024-3 Cl. A6 <br>3.000%—05/25/2054<sup>1,3</sup><br>| 2156 |
| 5809 | &nbsp;&nbsp;&nbsp; Series 2022-3 Cl. A6 <br>3.000%—08/25/2052<sup>1,3</sup><br>| 5414 |
| 792 | &nbsp;&nbsp;&nbsp; Series 2006-A6 Cl. 1A4L <br>4.419%—10/25/2036<sup>3</sup><br>| 568 |
| 6 | &nbsp;&nbsp;&nbsp; Series 2006-S1 Cl. 3A1 <br>5.500%—04/25/2036<br>| 6 |
| 3136 | &nbsp;&nbsp;&nbsp; Series 2023-4 Cl. 1A4A <br>5.500%—11/25/2053<sup>1,3</sup><br>| 3134 |
| 4354 | &nbsp;&nbsp;&nbsp; Series 2025-5MPR Cl. A1D <br>5.500%—11/25/2055<sup>1,2</sup><br>| 4348 |
|  |  | 15626 |
| 4718 | &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>1,3</sup><br>| 4732 |
| 413 | &nbsp;&nbsp;&nbsp; Merrill Lynch Alternative Note Asset Trust <br>Series 2007-F1 Cl. 2A6 <br>6.000%—03/25/2037<br>| 135 |
| 1583 | &nbsp;&nbsp;&nbsp; MetLife Securitization Trust <br>Series 2018-1A Cl. A <br>3.750%—03/25/2057<sup>1,3</sup><br>| 1535 |
| 1324 | &nbsp;&nbsp;&nbsp; OBX Trust <br>Series 2018-1 Cl. A2 <br>5.117% (1 Month USD Term SOFR + 0.764%) <br> 06/25/2057<sup>1,3</sup><br>| 1297 |
| 627 | &nbsp;&nbsp;&nbsp; Saxon Asset Securities Trust <br>Series 2006-3 Cl. A3 <br>4.807% (1 Month USD Term SOFR + 0.454%) <br> 10/25/2046<sup>3</sup><br>| 615 |
|  | Sequoia Mortgage Trust |  |
| 3786 | &nbsp;&nbsp;&nbsp; Series 2023-1 Cl. A4 <br>5.000%—01/25/2053<sup>1,3</sup><br>| 3744 |
| 3334 | &nbsp;&nbsp;&nbsp; Series 2023-2 Cl. A4 <br>5.000%—03/25/2053<sup>1,3</sup><br>| 3298 |
| 6135 | &nbsp;&nbsp;&nbsp; Series 2025-7 Cl. A11 <br>5.500%—08/25/2055<sup>1,3</sup><br>| 6149 |
|  |  | 13191 |
| 154 | &nbsp;&nbsp;&nbsp; STARM Mortgage Loan Trust <br>Series 2007-S1 Cl. 1A <br>6.745%—01/25/2037<sup>3</sup><br>| 92 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $22 | &nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust <br>Series 2005-7 Cl. 3A1 <br>5.042%—04/25/2035<sup>3</sup><br>| $22 |
| 4870 | &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>1,3</sup><br>| 4853 |
| 3277 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust <br>Series 2019-1 Cl. A1 <br>3.750%—03/25/2058<sup>1,3</sup><br>| 3176 |
| 2307 | &nbsp;&nbsp;&nbsp; Tricon American Homes <br>Series 2020-SFR1 Cl. A <br>1.499%—07/17/2038<sup>1</sup><br>| 2240 |
|  | WaMu Mortgage Pass-Through Certificates Trust |  |
| 1159 | &nbsp;&nbsp;&nbsp; Series 2006-AR8 Cl. 1A4 <br>4.769%—08/25/2046<sup>3</sup><br>| 1066 |
| 50 | &nbsp;&nbsp;&nbsp; Series 2005-AR13 Cl. A1A1 <br>5.047% (1 Month USD Term SOFR + 0.694%) <br> 10/25/2045<sup>3</sup><br>| 51 |
|  |  | 1117 |
| 7117 | &nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust <br>Series 2018-C48 Cl. A5 <br>4.302%—01/15/2052<br>| 7038 |
| &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** <br>(Cost $135,290) | &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** <br>(Cost $135,290) | 134289 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—30.5%** | **Corporate Bonds & Notes—30.5%** | **Corporate Bonds & Notes—30.5%** |
| **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** |
| 1798 | &nbsp;&nbsp;&nbsp; Embraer Netherlands Finance BV <br>5.980%—02/11/2035<br>| 1846 |
| 4559 | &nbsp;&nbsp;&nbsp; Hexcel Corp. <br>5.875%—02/26/2035<br>| 4662 |
|  |  | 6508 |
| **AUTO COMPONENTS—0.3%** | **AUTO COMPONENTS—0.3%** | **AUTO COMPONENTS—0.3%** |
| 5000 | &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. <br>4.150%—05/01/2052<br>| 3606 |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 3800 | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>6.125%—03/08/2034<br>| 3708 |
| 2352 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. <br>5.800%—06/23/2028<br>| 2420 |
|  |  | 6128 |
| **BANKS—2.3%** | **BANKS—2.3%** | **BANKS—2.3%** |
| 2751 | &nbsp;&nbsp;&nbsp; Bank of America Corp. <br>5.744%—02/12/2036<sup>4</sup><br>| 2800 |
| 5703 | &nbsp;&nbsp;&nbsp; Barclays PLC <br>5.690%—03/12/2030<sup>4</sup><br>| 5888 |
| 4700 | &nbsp;&nbsp;&nbsp; Citigroup, Inc. <br>2.572%—06/03/2031<sup>4</sup><br>| 4263 |
| 1995 | &nbsp;&nbsp;&nbsp; ING Groep NV <br>6.114%—09/11/2034<sup>4</sup><br>| 2120 |
| 4000 | &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>1.470%—09/22/2027<sup>4</sup><br>| 3864 |
| 2981 | &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC <br>6.068%—06/13/2036<sup>4</sup><br>| 3051 |

---

------

⬤

------

**Harbor Core Plus Fund**

**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** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
|  | Truist Financial Corp. MTN |  |
| $3001 | &nbsp;&nbsp;&nbsp; 6.123%—10/28/2033<sup>4</sup> | $3188 |
| 2592 | &nbsp;&nbsp;&nbsp; 7.161%—10/30/2029<sup>4</sup> | 2798 |
|  |  | 5986 |
|  |  | 27972 |
| **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** |
| 3101 | &nbsp;&nbsp;&nbsp; Antares Holdings LP <br>6.350%—10/23/2029<sup>1</sup><br>| 3127 |
| 6000 | &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC <br>3.200%—01/30/2052<sup>1</sup><br>| 3928 |
| 5700 | &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp. <br>2.875%—06/11/2028<br>| 5318 |
| 490 | &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp. <br>6.600%—09/15/2029<br>| 504 |
| 6096 | &nbsp;&nbsp;&nbsp; Brookfield Capital Finance LLC <br>6.087%—06/14/2033<br>| 6470 |
| 6962 | &nbsp;&nbsp;&nbsp; Brookfield Finance, Inc. <br>6.300%—01/15/2055<sup>4</sup><br>| 6730 |
| 3098 | &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund <br>5.800%—09/12/2029<br>| 3108 |
| 3652 | &nbsp;&nbsp;&nbsp; Hercules Capital, Inc. <br>6.000%—06/16/2030<br>| 3654 |
| 5850 | &nbsp;&nbsp;&nbsp; KKR Group Finance Co. VII LLC <br>3.625%—02/25/2050<sup>1</sup><br>| 4173 |
| 1883 | &nbsp;&nbsp;&nbsp; Main Street Capital Corp. <br>6.950%—03/01/2029<br>| 1962 |
| 1709 | &nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp. <br>2.700%—01/15/2027<br>| 1645 |
|  | Sixth Street Lending Partners |  |
| 2001 | &nbsp;&nbsp;&nbsp; 5.750%—01/15/2030 | 2004 |
| 3000 | &nbsp;&nbsp;&nbsp; 6.500%—03/11/2029 | 3093 |
|  |  | 5097 |
|  |  | 45716 |
| **COMMERCIAL SERVICES & SUPPLIES—0.4%** | **COMMERCIAL SERVICES & SUPPLIES—0.4%** | **COMMERCIAL SERVICES & SUPPLIES—0.4%** |
| 3902 | &nbsp;&nbsp;&nbsp; Rentokil Terminix Funding LLC <br>5.625%—04/28/2035<sup>1</sup><br>| 3953 |
| 1350 | &nbsp;&nbsp;&nbsp; Triton Container International Ltd. <br>3.150%—06/15/2031<sup>1</sup><br>| 1172 |
|  |  | 5125 |
| **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** |
| 3784 | &nbsp;&nbsp;&nbsp; Standard Industries, Inc. <br>4.375%—07/15/2030<sup>1</sup><br>| 3585 |
| **DIVERSIFIED FINANCIAL SERVICES—4.2%** | **DIVERSIFIED FINANCIAL SERVICES—4.2%** | **DIVERSIFIED FINANCIAL SERVICES—4.2%** |
| 3205 | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust <br>5.100%—01/19/2029<br>| 3256 |
| 6200 | &nbsp;&nbsp;&nbsp; Aircastle Ltd. <br>2.850%—01/26/2028<sup>1</sup><br>| 5919 |
| 661 | &nbsp;&nbsp;&nbsp; Aircastle Ltd./Aircastle Ireland DAC <br>5.750%—10/01/2031<sup>1</sup><br>| 679 |
| 3762 | &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP <br>6.050%—01/15/2028<sup>1</sup><br>| 3806 |
| 5940 | &nbsp;&nbsp;&nbsp; Aviation Capital Group LLC <br>4.800%—10/24/2030<sup>1</sup><br>| 5883 |
| 3527 | &nbsp;&nbsp;&nbsp; Blue Owl Finance LLC <br>6.250%—04/18/2034<br>| 3635 |
| 4836 | &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>5.884%—07/26/2035<sup>4</sup><br>| 4996 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| $8750 | &nbsp;&nbsp;&nbsp; Depository Trust & Clearing Corp. <br>3.375%—06/20/2026<sup>1,4</sup><br>| $8482 |
| 2078 | &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. <br>8.000%—02/15/2027<sup>1</sup><br>| 2141 |
|  | Jane Street Group/JSG Finance, Inc. |  |
| 1567 | &nbsp;&nbsp;&nbsp; 6.125%—11/01/2032<sup>1</sup> | 1556 |
| 3842 | &nbsp;&nbsp;&nbsp; 7.125%—04/30/2031<sup>1</sup> | 3971 |
|  |  | 5527 |
| 3664 | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br>5.150%—03/17/2030<sup>1</sup><br>| 3665 |
| 2254 | &nbsp;&nbsp;&nbsp; Voya Financial, Inc. <br>5.000%—09/20/2034<br>| 2203 |
|  |  | 50192 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.2%** |
| 2915 | &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. <br>3.700%—03/22/2061<br>| 2005 |
| **ELECTRIC UTILITIES—2.0%** | **ELECTRIC UTILITIES—2.0%** | **ELECTRIC UTILITIES—2.0%** |
|  | CMS Energy Corp. |  |
| 4171 | &nbsp;&nbsp;&nbsp; 3.750%—12/01/2050<sup>4</sup> | 3771 |
| 1647 | &nbsp;&nbsp;&nbsp; 4.750%—06/01/2050<sup>4</sup> | 1589 |
|  |  | 5360 |
| 4223 | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. <br>6.875%—02/01/2055<sup>4</sup><br>| 4422 |
| 2676 | &nbsp;&nbsp;&nbsp; DTE Electric Securitization Funding II LLC <br>5.970%—03/01/2033<br>| 2789 |
|  | Exelon Corp. |  |
| 3100 | &nbsp;&nbsp;&nbsp; 4.050%—04/15/2030 | 3043 |
| 1500 | &nbsp;&nbsp;&nbsp; 5.625%—06/15/2035 | 1537 |
|  |  | 4580 |
| 916 | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. <br>7.482% (3 Month USD Term SOFR + 3.172%) <br> 04/30/2043<sup>3</sup><br>| 916 |
| 2877 | &nbsp;&nbsp;&nbsp; New England Power Co. <br>5.936%—11/25/2052<sup>1</sup><br>| 2899 |
| 2234 | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.375%—08/15/2055<sup>4</sup><br>| 2298 |
|  |  | 23264 |
| **ENTERTAINMENT—0.3%** | **ENTERTAINMENT—0.3%** | **ENTERTAINMENT—0.3%** |
| 3748 | &nbsp;&nbsp;&nbsp; Allwyn Entertainment Financing U.K. PLC <br>7.875%—04/30/2029<sup>1</sup><br>| 3904 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.5%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.5%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.5%** |
| 1400 | &nbsp;&nbsp;&nbsp; Agree LP <br>2.900%—10/01/2030<br>| 1289 |
| 2100 | &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. <br>2.750%—12/15/2029<br>| 1945 |
| 1118 | &nbsp;&nbsp;&nbsp; American Tower Corp. <br>3.650%—03/15/2027<br>| 1102 |
| 5922 | &nbsp;&nbsp;&nbsp; COPT Defense Properties LP <br>2.000%—01/15/2029<br>| 5409 |
|  | EPR Properties |  |
| 4005 | &nbsp;&nbsp;&nbsp; 4.500%—06/01/2027 | 3976 |
| 1165 | &nbsp;&nbsp;&nbsp; 4.750%—12/15/2026 | 1162 |
| 600 | &nbsp;&nbsp;&nbsp; 4.950%—04/15/2028 | 600 |
|  |  | 5738 |
| 4500 | &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc. <br>4.000%—01/15/2030<br>| 4308 |

---

------

⬤

------

**Harbor Core Plus Fund**

**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** |
| $3398 | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>5.500%—08/01/2030<br>| $3406 |
| 4700 | &nbsp;&nbsp;&nbsp; Realty Income Corp. <br>3.400%—01/15/2030<br>| 4498 |
| 1947 | &nbsp;&nbsp;&nbsp; VICI Properties LP <br>5.750%—04/01/2034<br>| 1993 |
|  |  | 29688 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 3249 | &nbsp;&nbsp;&nbsp; Charles Schwab Corp. <br>5.643%—05/19/2029<sup>4</sup><br>| 3359 |
| 982 | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br>6.400%—03/26/2029<sup>1</sup><br>| 1022 |
| 5720 | &nbsp;&nbsp;&nbsp; Navient Corp. <br>4.875%—03/15/2028<br>| 5587 |
| 2846 | &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. <br>6.875%—10/20/2034<sup>4</sup><br>| 3180 |
|  |  | 13148 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** |
|  | UnitedHealth Group, Inc. |  |
| 3644 | &nbsp;&nbsp;&nbsp; 4.650%—01/15/2031 | 3648 |
| 2398 | &nbsp;&nbsp;&nbsp; 5.950%—06/15/2055 | 2400 |
|  |  | 6048 |
| **HEALTH CARE PROVIDERS & SERVICES—0.9%** | **HEALTH CARE PROVIDERS & SERVICES—0.9%** | **HEALTH CARE PROVIDERS & SERVICES—0.9%** |
|  | CVS Pass-Through Trust |  |
| 273 | &nbsp;&nbsp;&nbsp; 6.943%—01/10/2030 | 280 |
| 3540 | &nbsp;&nbsp;&nbsp; 7.507%—01/10/2032<sup>1</sup> | 3756 |
|  |  | 4036 |
| 2170 | &nbsp;&nbsp;&nbsp; DaVita, Inc. <br>6.750%—07/15/2033<sup>1</sup><br>| 2240 |
| 4817 | &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. <br>5.375%—02/15/2030<sup>1</sup><br>| 4722 |
|  |  | 10998 |
| **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** |
| 4540 | &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. <br>5.550%—05/30/2033<sup>1</sup><br>| 4591 |
| 3800 | &nbsp;&nbsp;&nbsp; Textron, Inc. <br>2.450%—03/15/2031<br>| 3380 |
|  |  | 7971 |
| **INSURANCE—1.8%** | **INSURANCE—1.8%** | **INSURANCE—1.8%** |
| 373 | &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. <br>5.550%—02/15/2055<br>| 352 |
| 1774 | &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd. <br>5.750%—07/01/2030<br>| 1802 |
| 4786 | &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| 4844 |
| 2150 | &nbsp;&nbsp;&nbsp; Fortitude Group Holdings LLC <br>6.250%—04/01/2030<sup>1</sup><br>| 2206 |
| 6198 | &nbsp;&nbsp;&nbsp; Global Atlantic Fin Co. <br>7.950%—06/15/2033<sup>1</sup><br>| 7018 |
| 6128 | &nbsp;&nbsp;&nbsp; SBL Holdings, Inc. <br>5.000%—02/18/2031<sup>1</sup><br>| 5638 |
|  |  | 21860 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **IT SERVICES—0.4%** | **IT SERVICES—0.4%** | **IT SERVICES—0.4%** |
| $2731 | &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. <br>3.875%—09/01/2028<sup>1</sup><br>| $2650 |
| 2383 | &nbsp;&nbsp;&nbsp; Genpact Luxembourg SARL/Genpact USA, Inc. <br>6.000%—06/04/2029<br>| 2461 |
|  |  | 5111 |
| **MACHINERY—0.1%** | **MACHINERY—0.1%** | **MACHINERY—0.1%** |
| 1687 | &nbsp;&nbsp;&nbsp; Terex Corp. <br>6.250%—10/15/2032<sup>1</sup><br>| 1691 |
| **MEDIA—0.5%** | **MEDIA—0.5%** | **MEDIA—0.5%** |
| 5320 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 5503 |
| **METALS & MINING—0.5%** | **METALS & MINING—0.5%** | **METALS & MINING—0.5%** |
| 5267 | &nbsp;&nbsp;&nbsp; Anglo American Capital PLC <br>5.625%—04/01/2030<sup>1</sup><br>| 5473 |
| **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** |
|  | Columbia Pipelines Operating Co. LLC |  |
| 2560 | &nbsp;&nbsp;&nbsp; 5.439%—02/15/2035<sup>1</sup> | 2558 |
| 995 | &nbsp;&nbsp;&nbsp; 5.962%—02/15/2055<sup>1</sup> | 956 |
| 3209 | &nbsp;&nbsp;&nbsp; 6.036%—11/15/2033<sup>1</sup> | 3374 |
|  |  | 6888 |
|  | ConocoPhillips Co. |  |
| 741 | &nbsp;&nbsp;&nbsp; 5.500%—01/15/2055 | 700 |
| 812 | &nbsp;&nbsp;&nbsp; 5.550%—03/15/2054 | 773 |
|  |  | 1473 |
| 3145 | &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>5.750%—07/15/2080<sup>4</sup><br>| 3120 |
| 2970 | &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC <br>5.750%—07/15/2035<sup>1</sup><br>| 3032 |
| 3720 | &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System LLC <br>5.600%—07/23/2035<sup>1</sup><br>| 3743 |
| 1061 | &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 1096 |
| 7629 | &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>5</sup><br>| 4400 |
| 3035 | &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. <br>7.000%—01/15/2030<sup>1</sup><br>| 3080 |
|  |  | 26832 |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| 2695 | &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust <br>3.300%—07/15/2031<sup>1</sup><br>| 2520 |
| 1198 | &nbsp;&nbsp;&nbsp; American Airlines Pass-Through Trust <br>3.600%—03/22/2029<br>| 1167 |
| 984 | &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust <br>2.700%—11/01/2033<br>| 882 |
|  |  | 4569 |
| **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** |
| 3000 | &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV <br>6.750%—03/01/2028<br>| 3103 |
| **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** |
| 3712 | &nbsp;&nbsp;&nbsp; KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 3589 |

---

------

⬤

------

**Harbor Core Plus Fund**

**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—Continued** | **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** |
| $3566 | &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. <br>5.250%—03/15/2035<br>| $3569 |
|  |  | 7158 |
| **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** |
| 3800 | &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. <br>4.050%—08/15/2052<br>| 2952 |
| 4077 | &nbsp;&nbsp;&nbsp; Ryder System, Inc. MTN <br>5.250%—06/01/2028<br>| 4169 |
|  |  | 7121 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.4%** |
| 3827 | &nbsp;&nbsp;&nbsp; Foundry JV Holdco LLC <br>6.150%—01/25/2032<sup>1</sup><br>| 4007 |
| 1230 | &nbsp;&nbsp;&nbsp; KLA Corp. <br>5.650%—11/01/2034<br>| 1292 |
|  |  | 5299 |
| **SOFTWARE—0.7%** | **SOFTWARE—0.7%** | **SOFTWARE—0.7%** |
| 2202 | &nbsp;&nbsp;&nbsp; Constellation Software, Inc. <br>5.461%—02/16/2034<sup>1</sup><br>| 2232 |
| 3500 | &nbsp;&nbsp;&nbsp; Oracle Corp. <br>3.600%—04/01/2040<br>| 2764 |
| 3600 | &nbsp;&nbsp;&nbsp; VMware LLC <br>4.650%—05/15/2027<br>| 3613 |
|  |  | 8609 |
| **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** |
| 2059 | &nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. <br>5.000%—10/03/2034<br>| 2034 |
| 2900 | &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. <br>4.000%—08/15/2028<sup>1</sup><br>| 2798 |
| 2956 | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. <br>3.875%—06/01/2029<sup>1</sup><br>| 2787 |
|  | Macy's Retail Holdings LLC |  |
| 1159 | &nbsp;&nbsp;&nbsp; 5.875%—03/15/2030<sup>1</sup> | 1146 |
| 1320 | &nbsp;&nbsp;&nbsp; 7.375%—08/01/2033<sup>1</sup> | 1327 |
|  |  | 2473 |
| 1778 | &nbsp;&nbsp;&nbsp; Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 1813 |
|  |  | 11905 |
| **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** |
| 4800 | &nbsp;&nbsp;&nbsp; Ferguson Finance PLC <br>4.650%—04/20/2032<sup>1</sup><br>| 4706 |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $366,571) | &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $366,571) | 364798 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—26.3%** | **Mortgage Pass-Through—26.3%** | **Mortgage Pass-Through—26.3%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 4659 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 3664 |
| 37184 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—07/01/2050-05/01/2052 | 30854 |
| 14516 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—02/01/2033-12/01/2046 | 13609 |
| 5240 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—01/01/2026-06/01/2048 | 4800 |
| 10125 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—04/01/2034-11/01/2048 | 9524 |
| 4127 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—12/01/2040-01/01/2049 | 4023 |
| 10494 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—08/01/2052-05/01/2054 | 10375 |
| 12692 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—02/01/2038-07/01/2054 | 12757 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $1030 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.000%—01/01/2029-05/01/2040 | $1076 |
| 2 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.985% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 2.250%) <br> 08/01/2035<sup>3</sup><br>| 3 |
|  |  | 90685 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| 7812 | &nbsp;&nbsp;&nbsp; Series 5462 <br>2.000%—05/25/2037<br>| 533 |
| 2834 | &nbsp;&nbsp;&nbsp; Series 4628 Cl. CI <br>3.000%—05/15/2035<br>| 209 |
| 11345 | &nbsp;&nbsp;&nbsp; Series 5158 Cl. BI <br>3.000%—05/25/2035<br>| 905 |
| 3473 | &nbsp;&nbsp;&nbsp; Series 4118 <br>4.000%—10/15/2042<br>| 527 |
| 931 | &nbsp;&nbsp;&nbsp; Series 4989 Cl. FA <br>4.777% (30 Day USD Average SOFR + 0.464%) <br> 08/15/2040<sup>3</sup><br>| 920 |
| 861 | &nbsp;&nbsp;&nbsp; Series 4989 Cl. FB <br>4.777% (30 Day USD Average SOFR + 0.464%) <br> 10/15/2040<sup>3</sup><br>| 850 |
|  | &nbsp;&nbsp;&nbsp; Series 2266 Cl. F <br>4.904% (30 Day USD Average SOFR + 0.564%) <br> 11/15/2030<sup>3</sup><br>|  |
|  |  | 3944 |
|  | Federal Home Loan Mortgage Corp. STRIPS |  |
| 9750 | &nbsp;&nbsp;&nbsp; Series 414 Cl. C1 <br>1.500%—03/25/2037<br>| 530 |
| 13768 | &nbsp;&nbsp;&nbsp; Series 400 Cl. C14 <br>2.000%—07/25/2037<br>| 972 |
| 2336 | &nbsp;&nbsp;&nbsp; Series 304 Cl. C45 <br>3.000%—12/15/2027<br>| 46 |
|  |  | 1548 |
|  | &nbsp;&nbsp;&nbsp; Federal Home Loan Mortgage Corp. Structured <br> Pass-Through Certificates<br>|  |
| 5 | &nbsp;&nbsp;&nbsp; Series E3 Cl. A <br>4.554%—08/15/2032<sup>3</sup><br>| 5 |
| 33 | &nbsp;&nbsp;&nbsp; Series T-63 Cl. 1A1 <br>5.169% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 1.200%) 02/25/2045<sup>3</sup><br>| 32 |
|  |  | 37 |
|  | Federal National Mortgage Association |  |
| 10620 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—02/01/2051-04/01/2051 | 8361 |
| 38798 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—04/01/2035-04/01/2052 | 33639 |
| 26562 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—11/01/2025-12/01/2050 | 23481 |
| 20865 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—12/01/2025-01/01/2051 | 18982 |
| 28840 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—10/01/2025-07/01/2051 | 27316 |
| 24563 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—11/01/2025-12/01/2050 | 23788 |
| 12480 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—10/01/2031-05/01/2054 | 12315 |
| 11083 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—03/01/2027-10/01/2053 | 11246 |
| 30 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>5.798% (Fed 12 Month Treasury Average Constant <br> Maturity Treasury + 1.400%) 10/01/2040<sup>3</sup><br>| 30 |
| 2346 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.000%—06/01/2027-06/01/2040 | 2440 |
| 141 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.406% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.715%) 06/01/2035<sup>3</sup><br>| 145 |
| 13 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.460% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.710%) 05/01/2035<sup>3</sup><br>| 13 |
| 218 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>6.600% (USD IBOR Consumer Cash Fallback <br> 12-month + 1.693%) 08/01/2035<sup>3</sup><br>| 220 |
|  |  | 161976 |

---

------

⬤

------

**Harbor Core Plus Fund**

**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** |
|  | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Interest <br> STRIPS<br>|  |
| $14252 | &nbsp;&nbsp;&nbsp; Series 435 Cl. C1 <br>1.500%—03/25/2037<br>| $751 |
| 11323 | &nbsp;&nbsp;&nbsp; Series 427 Cl. C56 <br>2.000%—03/25/2036<br>| 777 |
| 4320 | &nbsp;&nbsp;&nbsp; Series 407 Cl. 7 <br>5.000%—03/25/2041<br>| 904 |
|  |  | 2432 |
|  | Federal National Mortgage Association REMICS |  |
| 3879 | &nbsp;&nbsp;&nbsp; Series 2021-67 Cl. AI <br>0.649%—10/25/2051<sup>3</sup><br>| 176 |
| 15878 | &nbsp;&nbsp;&nbsp; Series 2020-81 Cl. AI <br>1.500%—11/25/2035<br>| 836 |
| 6501 | &nbsp;&nbsp;&nbsp; Series 2017-70 Cl. AS <br>1.882%—09/25/2057<sup>3</sup><br>| 367 |
| 3878 | &nbsp;&nbsp;&nbsp; Series 2011-98 Cl. ZL <br>3.500%—10/25/2041<br>| 3678 |
| 2085 | &nbsp;&nbsp;&nbsp; Series 2016-102 Cl. JI <br>3.500%—02/25/2046<br>| 86 |
| 4950 | &nbsp;&nbsp;&nbsp; Series 2020-27 Cl. IM <br>3.500%—05/25/2035<br>| 361 |
| 5632 | &nbsp;&nbsp;&nbsp; Series 2020-44 Cl. AI <br>4.000%—07/25/2050<br>| 1149 |
| 2630 | &nbsp;&nbsp;&nbsp; Series 2020-91 Cl. KI <br>4.000%—11/25/2043<br>| 365 |
| 985 | &nbsp;&nbsp;&nbsp; Series 2015-38 Cl. DF <br>4.737% (30 Day USD Average SOFR + 0.424%) <br> 06/25/2055<sup>3</sup><br>| 976 |
| 124 | &nbsp;&nbsp;&nbsp; Series 2003-25 Cl. KP <br>5.000%—04/25/2033<br>| 123 |
| 1800 | &nbsp;&nbsp;&nbsp; Series 2015-30 Cl. EI <br>5.000%—05/25/2045<br>| 248 |
| 1225 | &nbsp;&nbsp;&nbsp; Series 2016-33 Cl. NI <br>5.000%—07/25/2034<br>| 170 |
| 3122 | &nbsp;&nbsp;&nbsp; Series 2018-36 <br>5.000%—06/25/2048<br>| 459 |
| 6253 | &nbsp;&nbsp;&nbsp; Series 2019-49 Cl. IA <br>5.000%—05/25/2047<br>| 912 |
| 1469 | &nbsp;&nbsp;&nbsp; Series 2011-59 Cl. YI <br>6.000%—07/25/2041<br>| 225 |
| 13 | &nbsp;&nbsp;&nbsp; Series 2006-5 Cl. 3A2 <br>6.742%—05/25/2035<sup>3</sup><br>| 14 |
|  |  | 10145 |
| 70 | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association REMICS <br> Trust <br>Series 2003-W1 Cl. 1A1 <br>4.731%—12/25/2042<sup>3</sup><br>| 70 |
|  | Government National Mortgage Association |  |
| 6415 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 5185 |
| 6296 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 5302 |
| 462 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—11/15/2049 | 405 |
| 7787 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 7025 |
| 7109 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—09/15/2049-08/20/2052 | 6636 |
| 961 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—02/20/2049 | 931 |
| 5 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.625% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 07/20/2027<sup>3</sup><br>| 5 |
| 14 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.750% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 10/20/2025-11/20/2029<sup>3</sup><br>| 14 |
| 14216 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—08/15/2033-06/15/2050 | 14159 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $— | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 10/20/2025<sup>3</sup><br>| $— |
| 62 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>5.625% (U.S. Treasury Yield Curve Rate T Note 1 <br> Year Constant Maturity Treasury + 1.500%) <br> 02/20/2032<sup>3</sup><br>| 63 |
|  |  | 39725 |
|  | &nbsp;&nbsp;&nbsp; Government National Mortgage Association <br> REMICS<br>|  |
| 11680 | &nbsp;&nbsp;&nbsp; Series 2018-148 Cl. GS <br>1.646% (1 Month USD Term SOFR + 5.986%) <br> 02/16/2046<sup>3</sup><br>| 1180 |
| 2517 | &nbsp;&nbsp;&nbsp; Series 2010-47 Cl. SK <br>2.135% (1 Month USD Term SOFR + 6.486%) <br> 07/20/2037<sup>3</sup><br>| 71 |
| 2599 | &nbsp;&nbsp;&nbsp; Series 2007-41 Cl. SM <br>2.235% (1 Month USD Term SOFR + 6.586%) <br> 07/20/2037<sup>3</sup><br>| 227 |
| 3799 | &nbsp;&nbsp;&nbsp; Series 2020-4 Cl. DI <br>4.000%—03/20/2041<br>| 494 |
| 3381 | &nbsp;&nbsp;&nbsp; Series 2014-2 Cl. IC <br>5.000%—01/16/2044<br>| 603 |
| 474 | &nbsp;&nbsp;&nbsp; Series 2015-180 Cl. CI <br>5.000%—12/16/2045<br>| 67 |
| 550 | &nbsp;&nbsp;&nbsp; Series 2017-163 Cl. IE <br>5.500%—02/20/2039<br>| 89 |
| 3395 | &nbsp;&nbsp;&nbsp; Series 2020-146 Cl. IG <br>5.500%—09/20/2046<br>| 583 |
| 215 | &nbsp;&nbsp;&nbsp; Series 2016-136 Cl. IA <br>6.000%—10/20/2038<br>| 25 |
| 1410 | &nbsp;&nbsp;&nbsp; Series 2024-107 <br>6.500%—06/20/2054<br>| 226 |
|  |  | 3565 |
| &nbsp;&nbsp;&nbsp; **Total Mortgage Pass-Through** <br>(Cost $336,248) | &nbsp;&nbsp;&nbsp; **Total Mortgage Pass-Through** <br>(Cost $336,248) | 314127 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—18.2%** | **U.S. Government Obligations—18.2%** | **U.S. Government Obligations—18.2%** |
|  | U.S. Treasury Bonds |  |
| 50625 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>1.750%—08/15/2041 | 33355 |
| 20777 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—08/15/2051 | 11806 |
| 9447 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>2.250%—02/15/2052 | 5687 |
| 4198 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>2.375%—02/15/2042 | 3025 |
| 7428 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%—08/15/2052 | 5282 |
| 13873 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3.375%—08/15/2042 | 11525 |
| 16561 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3.625%—05/15/2053 | 13315 |
| 13772 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3.875%—05/15/2043 | 12167 |
| 8726 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>4.125%—08/15/2053 | 7683 |
| 24440 | &nbsp;&nbsp;&nbsp; 4.250%—02/15/2054-08/15/2054 | 21984 |
| 12678 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | 12114 |
| 42157 | &nbsp;&nbsp;&nbsp; 4.625%—05/15/2044-02/15/2055 | 40782 |
|  |  | 178725 |
|  | U.S. Treasury Notes |  |
| 1973 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3.750%—05/15/2028 | 1966 |

---

------

⬤

------

**Harbor Core Plus Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Principal Amount, Value, and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $21739 | &nbsp;&nbsp;&nbsp; 4.000%—02/28/2030-05/31/2030 | $21797 |
| 14550 | &nbsp;&nbsp;&nbsp; 4.250%—11/15/2034-05/15/2035 | 14446 |
|  |  | 38209 |
| &nbsp;&nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $252,112) | &nbsp;&nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $252,112) | 216934 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.7%** <br>(Cost $1,238,576) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.7%** <br>(Cost $1,238,576) | 1179256 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | 15901 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $1195157 |

---

&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.

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** <br>**(000s)**<br>| **Transfers** <br>**Out of** <br>**Level 3**<sup>h</sup> <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>|
| Asset Backed Securities | $2992 | $— | $— | $— | $— | $12 | $— | $(3004) | $— | $12 |

---

------

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.

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 $369,918 or 31% of net assets.

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

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.

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 Diversified International All Cap Fund**

**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—2.9%** | **AEROSPACE & DEFENSE—2.9%** | **AEROSPACE & DEFENSE—2.9%** |
| 253315 | BAE Systems PLC (United Kingdom) | $6044 |
| 1097362 | Rolls-Royce Holdings PLC (United Kingdom) | 15575 |
|  |  | 21619 |
| **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** |
| 118500 | Bridgestone Corp. (Japan) | 4793 |
| 146449 | Johnson Electric Holdings Ltd. (Hong Kong) | 432 |
|  |  | 5225 |
| **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** | **AUTOMOBILES—0.4%** |
| 15358 | Bayerische Motoren Werke AG (Germany) | 1461 |
| 559400 | Mitsubishi Motors Corp. (Japan) | 1470 |
|  |  | 2931 |
| **BANKS—15.6%** | **BANKS—15.6%** | **BANKS—15.6%** |
| 13037100 | Bank Central Asia Tbk. PT (Indonesia) | 6534 |
| 306402 | Bank of Ireland Group PLC (Ireland) | 4109 |
| 66877 | Bank of Nova Scotia (Canada) | 3721 |
| 1817045 | Barclays PLC (United Kingdom) | 8882 |
| 857086 | CaixaBank SA (Spain) | 8064 |
| 36598 | Capitec Bank Holdings Ltd. (South Africa) | 7094 |
| 73064 | Close Brothers Group PLC (United Kingdom)<sup>\*</sup> | 388 |
| 106861 | DBS Group Holdings Ltd. (Singapore) | 3922 |
| 185857 | DNB Bank ASA (Norway) | 4702 |
| 443700 | Grupo Financiero Banorte SAB de CV Class O (Mexico) | 3952 |
| 473225 | HDFC Bank Ltd. (India) | 10859 |
| 311600 | Japan Post Bank Co. Ltd. (Japan) | 3478 |
| 3701983 | Lloyds Banking Group PLC (United Kingdom) | 3796 |
| 220400 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 3038 |
| 490303 | National Bank of Greece SA (Greece) | 6839 |
| 459400 | Resona Holdings, Inc. (Japan) | 4182 |
| 165084 | Shinhan Financial Group Co. Ltd. (South Korea) | 8039 |
| 381810 | Standard Chartered PLC (United Kingdom) | 6845 |
| 167900 | Sumitomo Mitsui Trust Group, Inc. (Japan) | 4401 |
| 200931 | Svenska Handelsbanken AB Class A (Sweden) | 2448 |
| 153539 | UniCredit SpA (Italy) | 11296 |
|  |  | 116589 |
| **BEVERAGES—3.4%** | **BEVERAGES—3.4%** | **BEVERAGES—3.4%** |
| 467900 | Arca Continental SAB de CV (Mexico) | 4878 |
| 271600 | Asahi Group Holdings Ltd. (Japan) | 3445 |
| 33455 | Carlsberg AS Class B (Denmark) | 4171 |
| 19909 | Coca-Cola Europacific Partners PLC (United States) | 1930 |
| 502691 | Davide Campari-Milano NV (Italy) | 3462 |
| 194243 | Diageo PLC (United Kingdom) | 4708 |
| 155600 | Kirin Holdings Co. Ltd. (Japan) | 2050 |
| 122136 | Treasury Wine Estates Ltd. (Australia) | 591 |
|  |  | 25235 |
| **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** |
| 17531 | CSL Ltd. (Australia) | 3033 |
| **BROADLINE RETAIL—2.1%** | **BROADLINE RETAIL—2.1%** | **BROADLINE RETAIL—2.1%** |
| 36560 | Naspers Ltd. Class N (South Africa) | 11285 |
| 22400 | Seria Co. Ltd. (Japan) | 413 |
| 278720 | Vipshop Holdings Ltd. ADR (China)<sup>1</sup> | 4206 |
|  |  | 15904 |
| **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** |
| 130935 | Assa Abloy AB Class B (Sweden) | 4332 |
| 6469 | Geberit AG (Switzerland) | 4956 |
| 268425 | Reliance Worldwide Corp. Ltd. (Australia) | 738 |
|  |  | 10026 |
| **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** |
| 250387 | 3i Group PLC (United Kingdom) | 13682 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 1984700 | B3 SA - Brasil Bolsa Balcao (Brazil) | $4459 |
| 19837 | Brookfield Asset Management Ltd. Class A (Canada) | 1223 |
| 79656 | Brookfield Corp. (Canada) | 5336 |
| 14144 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 765 |
| 108804 | IG Group Holdings PLC (United Kingdom) | 1620 |
| 274083 | Jupiter Fund Management PLC (United Kingdom) | 466 |
| 451600 | Nomura Holdings, Inc. (Japan) | 2983 |
| 35605 | Rathbones Group PLC (United Kingdom) | 898 |
|  |  | 31432 |
| **CHEMICALS—0.1%** | **CHEMICALS—0.1%** | **CHEMICALS—0.1%** |
| 63100 | Air Water, Inc. (Japan) | 932 |
| **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** |
| 19929 | Befesa SA (Germany)<sup>2</sup> | 598 |
| 33300 | Daiei Kankyo Co. Ltd. (Japan) | 686 |
| 64491 | Elis SA (France) | 1778 |
| 40200 | Secom Co. Ltd. (Japan) | 1444 |
| 788098 | Serco Group PLC (United Kingdom) | 2171 |
|  |  | 6677 |
| **CONSTRUCTION & ENGINEERING—1.4%** | **CONSTRUCTION & ENGINEERING—1.4%** | **CONSTRUCTION & ENGINEERING—1.4%** |
| 67186 | AtkinsRealis Group, Inc. (Canada)<sup>3</sup> | 4757 |
| 44600 | Kinden Corp. (Japan) | 1404 |
| 163300 | Obayashi Corp. (Japan) | 2405 |
| 33455 | Taisei Corp. (Japan) | 2001 |
|  |  | 10567 |
| **CONSTRUCTION MATERIALS—1.8%** | **CONSTRUCTION MATERIALS—1.8%** | **CONSTRUCTION MATERIALS—1.8%** |
| 27744 | Amrize Ltd. (Switzerland)<sup>\*</sup> | 1402 |
| 525950 | Cemex SAB de CV ADR (Mexico)<sup>1</sup> | 4576 |
| 27744 | Holcim AG (Switzerland) | 2213 |
| 81000 | Taiheiyo Cement Corp. (Japan) | 1979 |
| 96827 | Wienerberger AG (Austria) | 3246 |
|  |  | 13416 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** |
| 48137 | Alimentation Couche-Tard, Inc. (Canada) | 2501 |
| 160656 | Bid Corp. Ltd. (South Africa) | 4039 |
| 84499 | Koninklijke Ahold Delhaize NV (Netherlands) | 3337 |
| 22887 | Loblaw Cos. Ltd. (Canada) | 3701 |
| 120000 | Seven & i Holdings Co. Ltd. (Japan) | 1582 |
| 140921 | X5 Retail Group NV GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
|  |  | 15160 |
| **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** |
| 626601 | Orora Ltd. (Australia) | 832 |
| 77900 | Toyo Seikan Group Holdings Ltd. (Japan) | 1613 |
|  |  | 2445 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 104406 | Inchcape PLC (United Kingdom) | 966 |
| **DIVERSIFIED CONSUMER SERVICES—0.4%** | **DIVERSIFIED CONSUMER SERVICES—0.4%** | **DIVERSIFIED CONSUMER SERVICES—0.4%** |
| 146944 | Laureate Education, Inc. (United States)<sup>\*</sup> | 3321 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.0%** |
| 7324600 | NTT, Inc. (Japan) | 7397 |
| **ELECTRICAL EQUIPMENT—2.5%** | **ELECTRICAL EQUIPMENT—2.5%** | **ELECTRICAL EQUIPMENT—2.5%** |
| 194049 | Havells India Ltd. (India) | 3311 |
| 17233 | Legrand SA (France) | 2545 |
| 105700 | Mitsubishi Electric Corp. (Japan) | 2377 |
| 27684 | Schneider Electric SE (France) | 7164 |
| 167842 | Vestas Wind Systems AS (Denmark) | 3065 |
|  |  | 18462 |

---

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%** |
| 253315 | Delta Electronics, Inc. (Taiwan) | $4772 |
| 32400 | Murata Manufacturing Co. Ltd. (Japan) | 482 |
|  |  | 5254 |
| **ENERGY EQUIPMENT & SERVICES—0.4%** | **ENERGY EQUIPMENT & SERVICES—0.4%** | **ENERGY EQUIPMENT & SERVICES—0.4%** |
| 476636 | John Wood Group PLC (United Kingdom)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 68410 | Technip Energies NV (France) | 2954 |
|  |  | 2954 |
| **ENTERTAINMENT—0.7%** | **ENTERTAINMENT—0.7%** | **ENTERTAINMENT—0.7%** |
| 256798 | Tencent Music Entertainment Group ADR (China)<sup>1</sup> | 5390 |
| **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** |
| 111595 | Edenred SE (France) | 3187 |
| **FOOD PRODUCTS—2.5%** | **FOOD PRODUCTS—2.5%** | **FOOD PRODUCTS—2.5%** |
| 609037 | AVI Ltd. (South Africa) | 3140 |
| 34180 | Bakkafrost P (Norway) | 1365 |
| 221282 | Gruma SAB de CV Class B (Mexico) | 3812 |
| 590312 | Marico Ltd. (India) | 4770 |
| 29400 | Megmilk Snow Brand Co. Ltd. (Japan) | 556 |
| 43300 | NH Foods Ltd. (Japan) | 1455 |
| 36063 | Salmar ASA (Norway) | 1460 |
| 22800 | Toyo Suisan Kaisha Ltd. (Japan) | 1457 |
| 14132 | Viscofan SA (Spain) | 967 |
|  |  | 18982 |
| **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** |
| 32215 | Canadian Pacific Kansas City Ltd. (Canada) | 2369 |
| 87500 | East Japan Railway Co. (Japan) | 1876 |
| 103500 | West Japan Railway Co. (Japan) | 2266 |
|  |  | 6511 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.4%** |
| 8944 | BioMerieux (France) | 1280 |
| 35147 | Coloplast AS Class B (Denmark) | 3210 |
| 802833 | ConvaTec Group PLC (United Kingdom)<sup>2</sup> | 2474 |
| 71124 | Demant AS (Denmark)<sup>\*</sup> | 2695 |
| 11415 | EssilorLuxottica SA (France) | 3394 |
| 377200 | Olympus Corp. (Japan) | 4506 |
|  |  | 17559 |
| **HEALTH CARE PROVIDERS & SERVICES—0.5%** | **HEALTH CARE PROVIDERS & SERVICES—0.5%** | **HEALTH CARE PROVIDERS & SERVICES—0.5%** |
| 41544 | Amplifon SpA (Italy) | 699 |
| 42135 | Fresenius Medical Care AG (Germany) | 2137 |
| 14200 | Medipal Holdings Corp. (Japan) | 235 |
| 72500 | Ship Healthcare Holdings, Inc. (Japan) | 1012 |
|  |  | 4083 |
| **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** |
| 134400 | M3, Inc. (Japan) | 1653 |
| **HOTELS, RESTAURANTS & LEISURE—2.7%** | **HOTELS, RESTAURANTS & LEISURE—2.7%** | **HOTELS, RESTAURANTS & LEISURE—2.7%** |
| 33536 | Aristocrat Leisure Ltd. (Australia) | 1502 |
| 169214 | Compass Group PLC (United Kingdom) | 5946 |
| 26513 | Domino's Pizza Enterprises Ltd. (Australia) | 310 |
| 358739 | Entain PLC (United Kingdom) | 4817 |
| 301000 | Galaxy Entertainment Group Ltd. (Hong Kong) | 1468 |
| 22923 | InterContinental Hotels Group PLC (United Kingdom) | 2637 |
| 893930 | SSP Group PLC (United Kingdom) | 2009 |
| 29808 | Whitbread PLC (United Kingdom) | 1197 |
|  |  | 19886 |
| **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** |
| 159298 | Barratt Redrow PLC (United Kingdom) | 784 |
| 29219 | GN Store Nord AS (Denmark)<sup>\*</sup> | 419 |
| 535715 | Midea Group Co. Ltd. Class A (China) | 5216 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 96200 | Nikon Corp. (Japan) | $934 |
| 200500 | Sony Group Corp. (Japan) | 4823 |
|  |  | 12176 |
| **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** |
| 55256 | Reckitt Benckiser Group PLC (United Kingdom) | 4141 |
| **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** |
| 153000 | CK Hutchison Holdings Ltd. (Hong Kong) | 996 |
| 38490 | DCC PLC (United Kingdom) | 2411 |
| 42700 | Hitachi Ltd. (Japan) | 1306 |
| 43400 | Jardine Matheson Holdings Ltd. (Hong Kong) | 2357 |
| 109500 | Swire Pacific Ltd. Class A (Hong Kong) | 990 |
|  |  | 8060 |
| **INSURANCE—6.0%** | **INSURANCE—6.0%** | **INSURANCE—6.0%** |
| 34215 | Admiral Group PLC (United Kingdom) | 1542 |
| 1547200 | AIA Group Ltd. (Hong Kong) | 14426 |
| 3420 | Fairfax Financial Holdings Ltd. (Canada) | 6049 |
| 10640 | Hannover Rueck SE (Germany) | 3228 |
| 140315 | Hiscox Ltd. (United Kingdom) | 2389 |
| 194500 | Japan Post Holdings Co. Ltd. (Japan) | 1801 |
| 321465 | Prudential PLC (United Kingdom) | 4078 |
| 163363 | QBE Insurance Group Ltd. (Australia) | 2424 |
| 342972 | Sampo OYJ Class A (Finland) | 3681 |
| 134400 | Tokio Marine Holdings, Inc. (Japan) | 5397 |
|  |  | 45015 |
| **INTERACTIVE MEDIA & SERVICES—0.7%** | **INTERACTIVE MEDIA & SERVICES—0.7%** | **INTERACTIVE MEDIA & SERVICES—0.7%** |
| 188040 | Auto Trader Group PLC (United Kingdom)<sup>2</sup> | 2076 |
| 289916 | Rightmove PLC (United Kingdom) | 3129 |
|  |  | 5205 |
| **IT SERVICES—0.4%** | **IT SERVICES—0.4%** | **IT SERVICES—0.4%** |
| 17759 | Alten SA (France) | 1443 |
| 53100 | NEC Corp. (Japan) | 1525 |
| 8000 | NS Solutions Corp. (Japan) | 188 |
|  |  | 3156 |
| **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** |
| 89500 | Sega Sammy Holdings, Inc. (Japan) | 1830 |
| 67403 | Spin Master Corp. (Canada)<sup>2</sup> | 1109 |
|  |  | 2939 |
| **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** |
| 49110 | Eurofins Scientific SE (France) | 3761 |
| 14601 | Gerresheimer AG (Germany) | 720 |
|  |  | 4481 |
| **MACHINERY—4.7%** | **MACHINERY—4.7%** | **MACHINERY—4.7%** |
| 29290 | Alfa Laval AB (Sweden) | 1273 |
| 28843 | ANDRITZ AG (Austria) | 2007 |
| 66957 | ATS Corp. (Canada)<sup>\*</sup> | 2032 |
| 280574 | CNH Industrial NV (United States) | 3636 |
| 104833 | Fluidra SA (Spain) | 2615 |
| 35837 | GEA Group AG (Germany) | 2574 |
| 17900 | IHI Corp. (Japan) | 1993 |
| 95900 | Kubota Corp. (Japan) | 1076 |
| 45700 | Mitsubishi Heavy Industries Ltd. (Japan) | 1091 |
| 307557 | Rotork PLC (United Kingdom) | 1319 |
| 88163 | Sandvik AB (Sweden) | 2151 |
| 1872412 | Sany Heavy Industry Co. Ltd. Class A (China) | 5183 |
| 16263 | Stabilus SE (Germany) | 466 |
| 387000 | Techtronic Industries Co. Ltd. (Hong Kong) | 4628 |
| 9500 | Toyota Industries Corp. (Japan) | 1016 |

---

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| 76367 | Wartsila OYJ Abp (Finland) | $2110 |
|  |  | 35170 |
| **MARINE TRANSPORTATION—0.1%** | **MARINE TRANSPORTATION—0.1%** | **MARINE TRANSPORTATION—0.1%** |
| 123771 | Irish Continental Group PLC (Ireland) | 781 |
| **MEDIA—0.9%** | **MEDIA—0.9%** | **MEDIA—0.9%** |
| 68257 | Future PLC (United Kingdom) | 639 |
| 139900 | Hakuhodo DY Holdings, Inc. (Japan) | 1101 |
| 986752 | ITV PLC (United Kingdom) | 1070 |
| 80920 | Nippon Television Holdings, Inc. (Japan) | 1750 |
| 51400 | TBS Holdings, Inc. (Japan) | 1691 |
| 85390 | WPP PLC (United Kingdom) | 462 |
|  |  | 6713 |
| **METALS & MINING—4.6%** | **METALS & MINING—4.6%** | **METALS & MINING—4.6%** |
| 43545 | Acerinox SA (Spain) | 503 |
| 113021 | ArcelorMittal SA (France) | 3524 |
| 141882 | Barrick Mining Corp. (Canada) | 2995 |
| 130334 | BHP Group Ltd. (Australia) | 3292 |
| 235012 | Deterra Royalties Ltd. (Australia) | 622 |
| 39900 | Dowa Holdings Co. Ltd. (Japan) | 1303 |
| 73444 | Evolution Mining Ltd. (Australia) | 332 |
| 146935 | First Quantum Minerals Ltd. (Canada)<sup>\*</sup> | 2470 |
| 17580 | Franco-Nevada Corp. (Canada) | 2800 |
| 1200838 | Glencore PLC (United Kingdom)<sup>\*</sup> | 4819 |
| 14480 | Newmont Corp. CDI (Australia)<sup>1</sup> | 893 |
| 320373 | Severstal PAO GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
| 59562 | Southern Copper Corp. (Peru) | 5608 |
| 130900 | Sumitomo Metal Mining Co. Ltd. (Japan) | 2879 |
| 58840 | Valterra Platinum Ltd. (South Africa) | 2643 |
|  |  | 34683 |
| **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** |
| 1365059 | BP PLC (United Kingdom) | 7317 |
| 99178 | Canadian Natural Resources Ltd. (Canada) | 3139 |
| 74343 | Equinor ASA (Norway) | 1910 |
| 211500 | Idemitsu Kosan Co. Ltd. (Japan) | 1360 |
| 97500 | Inpex Corp. (Japan) | 1388 |
| 97545 | PrairieSky Royalty Ltd. (Canada) | 1678 |
| 574733 | PRIO SA (Brazil)<sup>\*</sup> | 4330 |
| 517157 | Santos Ltd. (Australia) | 2602 |
| 288574 | Secure Waste Infrastructure Corp. (Canada) | 3153 |
|  |  | 26877 |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 25333 | Stella-Jones, Inc. (Canada) | 1444 |
| **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** | **PASSENGER AIRLINES—1.4%** |
| 42472 | Copa Holdings SA Class A (Panama) | 4700 |
| 289359 | easyJet PLC (United Kingdom) | 1876 |
| 44625 | Exchange Income Corp. (Canada) | 2112 |
| 207173 | Qantas Airways Ltd. (Australia) | 1437 |
|  |  | 10125 |
| **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** | **PERSONAL CARE PRODUCTS—0.2%** |
| 83900 | Shiseido Co. Ltd. (Japan) | 1364 |
| **PHARMACEUTICALS—1.1%** | **PHARMACEUTICALS—1.1%** | **PHARMACEUTICALS—1.1%** |
| 138854 | Novo Nordisk AS Class B (Denmark) | 6458 |
| 55900 | Tsumura & Co. (Japan) | 1379 |
|  |  | 7837 |
| **PROFESSIONAL SERVICES—2.6%** | **PROFESSIONAL SERVICES—2.6%** | **PROFESSIONAL SERVICES—2.6%** |
| 101135 | ALS Ltd. (Australia) | 1176 |
| 61661 | Capita PLC (United Kingdom)<sup>\*</sup> | 246 |
| 63934 | Experian PLC (United Kingdom) | 3369 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** |
| 56143 | Intertek Group PLC (United Kingdom) | $3650 |
| 328871 | IPH Ltd. (Australia) | 1104 |
| 378294 | Pagegroup PLC (United Kingdom) | 1323 |
| 34930 | Randstad NV (Netherlands) | 1660 |
| 134050 | RELX PLC (United Kingdom) | 6965 |
|  |  | 19493 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%** |
| 1035199 | China Resources Land Ltd. (China) | 3796 |
| 107300 | Daiwa House Industry Co. Ltd. (Japan) | 3548 |
| 226972 | Henderson Land Development Co. Ltd. (Hong Kong) | 794 |
|  |  | 8138 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.4%** |
| 9127 | ASML Holding NV (Netherlands) | 6326 |
| 39000 | ASMPT Ltd. (Hong Kong) | 330 |
| 124000 | MediaTek, Inc. (Taiwan) | 5615 |
| 531000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 20443 |
|  |  | 32714 |
| **SOFTWARE—0.9%** | **SOFTWARE—0.9%** | **SOFTWARE—0.9%** |
| 1227 | Constellation Software, Inc. (Canada) | 4233 |
| 37245 | Dassault Systemes SE (France) | 1224 |
| 6244 | Lumine Group, Inc. (Canada)<sup>\*</sup> | 242 |
| 7000 | Oracle Corp. (Japan) | 757 |
|  |  | 6456 |
| **SPECIALTY RETAIL—1.6%** | **SPECIALTY RETAIL—1.6%** | **SPECIALTY RETAIL—1.6%** |
| 96200 | ABC-Mart, Inc. (Japan) | 1800 |
| 12200 | Nitori Holdings Co. Ltd. (Japan) | 1033 |
| 340022 | Pets at Home Group PLC (United Kingdom) | 1024 |
| 268100 | USS Co. Ltd. (Japan) | 2914 |
| 122992 | WH Smith PLC (United Kingdom) | 1660 |
| 1239000 | Zhongsheng Group Holdings Ltd. (China) | 2084 |
| 154500 | ZOZO, Inc. (Japan) | 1530 |
|  |  | 12045 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.3%** |
| 304529 | Advantech Co. Ltd. (Taiwan) | 3388 |
| 122950 | Samsung Electronics Co. Ltd. (South Korea) | 6266 |
|  |  | 9654 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.3%** | **TEXTILES, APPAREL & LUXURY GOODS—2.3%** | **TEXTILES, APPAREL & LUXURY GOODS—2.3%** |
| 13674 | adidas AG (Germany) | 2613 |
| 34467 | Cie Financiere Richemont SA Class A (Switzerland) | 5628 |
| 45347 | Gildan Activewear, Inc. (Canada) | 2291 |
| 700000 | Li Ning Co. Ltd. (China) | 1483 |
| 1058100 | Samsonite Group SA (Hong Kong)<sup>2</sup> | 2158 |
| 444700 | Shenzhou International Group Holdings Ltd. (China) | 3200 |
|  |  | 17373 |
| **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** |
| 291300 | BOC Aviation Ltd. (China)<sup>2</sup> | 2646 |
| 43737 | Brenntag SE (Germany) | 2713 |
| 119996 | Bunzl PLC (United Kingdom) | 3561 |
| 41917 | Finning International, Inc. (Canada) | 1827 |
| 63300 | Mitsubishi Corp. (Japan) | 1249 |
| 42638 | Rexel SA (France) | 1289 |
| 50883 | Richelieu Hardware Ltd. (Canada) | 1273 |
|  |  | 14558 |
| **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** |
| 152500 | Mitsubishi Logistics Corp. (Japan) | 1304 |

---

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** |
| 87213 | Millicom International Cellular SA (Sweden) | $3502 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $497,761) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $497,761) | $732200 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.5%** | **PREFERRED STOCKS—0.5%** | **PREFERRED STOCKS—0.5%** |
| &nbsp;&nbsp;&nbsp; (Cost $2,507) | &nbsp;&nbsp;&nbsp; (Cost $2,507) | &nbsp;&nbsp;&nbsp; (Cost $2,507) |
| **BEVERAGES—0.5%** | **BEVERAGES—0.5%** | **BEVERAGES—0.5%** |
| 998742 | Embotelladora Andina SA Class B (Chile) | 3832 |

---

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

**Short-Term Investments—0.0%**<br>

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

---

| | |
|:---|:---|
| **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; (Cost $7) | &nbsp;&nbsp;&nbsp; (Cost $7) |
| 7450<br> &nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending <br> Government Money Market Portfolio (1 day yield <br> of 4.320%)<sup>4</sup><br>| $7 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.5%** <br>(Cost $500,275) | 736039 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.5%** | 11213 |
| **TOTAL NET ASSETS—100%** | $747252 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** |
| **Description** | **Shares** | **Strike Price** | **Expiration Date** | **Cost** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>|
| Constellation Software, Inc. (Canada)\* | 3982 | CAD 0.00 | &nbsp;&nbsp; 03/31/2040 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<sup>x</sup> <br>|

---

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of July 31, 2025 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Africa | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28201 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28201 |
| &nbsp;&nbsp;&nbsp; Europe | &nbsp;&nbsp; 4904 | &nbsp;&nbsp; 309182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 314086 |
| &nbsp;&nbsp;&nbsp; Latin America | &nbsp;&nbsp; 36315 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36315 |
| &nbsp;&nbsp;&nbsp; Middle East/Central Asia | &nbsp;&nbsp; — | &nbsp;&nbsp; 33245 | &nbsp;&nbsp; — | &nbsp;&nbsp; 33245 |
| &nbsp;&nbsp;&nbsp; North America | &nbsp;&nbsp; 71342 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71342 |
| &nbsp;&nbsp;&nbsp; Pacific Basin | &nbsp;&nbsp; 9596 | &nbsp;&nbsp; 239415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 249011 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Latin America | &nbsp;&nbsp; 3832 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3832 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Company-Securities Lending Investment Fund | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | &nbsp;&nbsp; $125996 | &nbsp;&nbsp; $610043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $736039 |
| Financial Derivative Instruments - Assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Rights/Warrants | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments | &nbsp;&nbsp; $125996 | &nbsp;&nbsp; $610043 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $736039 |

---

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** <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 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $(12038) |
| Rights/Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(12038)<br>|

---

------

⬤

------

**Harbor Diversified International All Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS—Continued**

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;&nbsp; John Wood Group PLC (United Kingdom)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | GBP 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO GDR (Russia)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X5 Retail Group NV GDR (Russia)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | $0.00 |
|  | &nbsp;&nbsp; $— |  |  |  |
| Financial Derivative Instruments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Rights/Warrants |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Software, Inc. (Canada)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | CAD 0.00 |

---

------

\*

Non-income producing security

x

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

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 $11,061 or 1% of net assets.

All or a portion of this security was out on loan as of July 31, 2025. The market value of securities on loan and cash collateral were $7 and $7, respectively.

Represents the investment of collateral received from securities lending activities.

GBP

Great British Pound

CAD

Canadian Dollar

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

------

⬤

------

**Harbor International Fund**

**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—4.3%** | **AEROSPACE & DEFENSE—4.3%** | **AEROSPACE & DEFENSE—4.3%** |
| 1810712 | BAE Systems PLC (United Kingdom) | $43205 |
| 7830475 | Rolls-Royce Holdings PLC (United Kingdom) | 111137 |
|  |  | 154342 |
| **AUTOMOBILE COMPONENTS—1.0%** | **AUTOMOBILE COMPONENTS—1.0%** | **AUTOMOBILE COMPONENTS—1.0%** |
| 833100 | Bridgestone Corp. (Japan) | 33699 |
| 1048507 | Johnson Electric Holdings Ltd. (Hong Kong) | 3090 |
|  |  | 36789 |
| **AUTOMOBILES—0.6%** | **AUTOMOBILES—0.6%** | **AUTOMOBILES—0.6%** |
| 109308 | Bayerische Motoren Werke AG (Germany) | 10401 |
| 3942500 | Mitsubishi Motors Corp. (Japan) | 10359 |
|  |  | 20760 |
| **BANKS—14.9%** | **BANKS—14.9%** | **BANKS—14.9%** |
| 11406900 | Bank Central Asia Tbk. PT (Indonesia) | 5717 |
| 2188919 | Bank of Ireland Group PLC (Ireland) | 29353 |
| 12986621 | Barclays PLC (United Kingdom) | 63479 |
| 6125405 | CaixaBank SA (Spain) | 57630 |
| 31727 | Capitec Bank Holdings Ltd. (South Africa) | 6150 |
| 524138 | Close Brothers Group PLC (United Kingdom)<sup>\*</sup> | 2786 |
| 766617 | DBS Group Holdings Ltd. (Singapore) | 28138 |
| 1328273 | DNB Bank ASA (Norway) | 33605 |
| 384600 | Grupo Financiero Banorte SAB de CV Class O (Mexico) | 3425 |
| 414049 | HDFC Bank Ltd. (India) | 9501 |
| 2210000 | Japan Post Bank Co. Ltd. (Japan) | 24666 |
| 26349285 | Lloyds Banking Group PLC (United Kingdom) | 27020 |
| 1580900 | Mitsubishi UFJ Financial Group, Inc. (Japan) | 21789 |
| 428992 | National Bank of Greece SA (Greece) | 5984 |
| 3250100 | Resona Holdings, Inc. (Japan) | 29589 |
| 144441 | Shinhan Financial Group Co. Ltd. (South Korea) | 7033 |
| 2736378 | Standard Chartered PLC (United Kingdom) | 49055 |
| 1192500 | Sumitomo Mitsui Trust Group, Inc. (Japan) | 31261 |
| 1430153 | Svenska Handelsbanken AB Class A (Sweden) | 17426 |
| 1097480 | UniCredit SpA (Italy) | 80746 |
|  |  | 534353 |
| **BEVERAGES—4.1%** | **BEVERAGES—4.1%** | **BEVERAGES—4.1%** |
| 407200 | Arca Continental SAB de CV (Mexico) | 4245 |
| 1899000 | Asahi Group Holdings Ltd. (Japan) | 24091 |
| 239155 | Carlsberg AS Class B (Denmark) | 29815 |
| 142823 | Coca-Cola Europacific Partners PLC (United States) | 13842 |
| 3527966 | Davide Campari-Milano NV (Italy) | 24300 |
| 1385086 | Diageo PLC (United Kingdom) | 33571 |
| 1097300 | Kirin Holdings Co. Ltd. (Japan) | 14460 |
| 854015 | Treasury Wine Estates Ltd. (Australia) | 4130 |
|  |  | 148454 |
| **BIOTECHNOLOGY—0.6%** | **BIOTECHNOLOGY—0.6%** | **BIOTECHNOLOGY—0.6%** |
| 126102 | CSL Ltd. (Australia) | 21814 |
| **BROADLINE RETAIL—0.5%** | **BROADLINE RETAIL—0.5%** | **BROADLINE RETAIL—0.5%** |
| 31947 | Naspers Ltd. Class N (South Africa) | 9861 |
| 161100 | Seria Co. Ltd. (Japan) | 2967 |
| 241586 | Vipshop Holdings Ltd. ADR (China)<sup>1</sup> | 3646 |
|  |  | 16474 |
| **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** |
| 935869 | Assa Abloy AB Class B (Sweden) | 30968 |
| 46223 | Geberit AG (Switzerland) | 35411 |
| 1886109 | Reliance Worldwide Corp. Ltd. (Australia) | 5185 |
|  |  | 71564 |
| **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** |
| 1789705 | 3i Group PLC (United Kingdom) | 97793 |
| 1736600 | B3 SA - Brasil Bolsa Balcao (Brazil) | 3901 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 100900 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | $5461 |
| 840823 | IG Group Holdings PLC (United Kingdom) | 12521 |
| 1956068 | Jupiter Fund Management PLC (United Kingdom) | 3325 |
| 3197100 | Nomura Holdings, Inc. (Japan) | 21121 |
| 255419 | Rathbones Group PLC (United Kingdom) | 6439 |
|  |  | 150561 |
| **CHEMICALS—0.2%** | **CHEMICALS—0.2%** | **CHEMICALS—0.2%** |
| 448300 | Air Water, Inc. (Japan) | 6623 |
| **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** |
| 141846 | Befesa SA (Germany)<sup>2</sup> | 4253 |
| 234000 | Daiei Kankyo Co. Ltd. (Japan) | 4822 |
| 462626 | Elis SA (France) | 12755 |
| 281400 | Secom Co. Ltd. (Japan) | 10106 |
| 5636768 | Serco Group PLC (United Kingdom) | 15532 |
|  |  | 47468 |
| **CONSTRUCTION & ENGINEERING—1.1%** | **CONSTRUCTION & ENGINEERING—1.1%** | **CONSTRUCTION & ENGINEERING—1.1%** |
| 319600 | Kinden Corp. (Japan) | 10063 |
| 1159700 | Obayashi Corp. (Japan) | 17077 |
| 237774 | Taisei Corp. (Japan) | 14218 |
|  |  | 41358 |
| **CONSTRUCTION MATERIALS—1.9%** | **CONSTRUCTION MATERIALS—1.9%** | **CONSTRUCTION MATERIALS—1.9%** |
| 197474 | Amrize Ltd. (Switzerland)<sup>\*</sup> | 9982 |
| 460181 | Cemex SAB de CV ADR (Mexico)<sup>1</sup> | 4004 |
| 197474 | Holcim AG (Switzerland) | 15748 |
| 575600 | Taiheiyo Cement Corp. (Japan) | 14066 |
| 692123 | Wienerberger AG (Austria) | 23202 |
|  |  | 67002 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.1%** |
| 140566 | Bid Corp. Ltd. (South Africa) | 3533 |
| 603435 | Koninklijke Ahold Delhaize NV (Netherlands) | 23834 |
| 864000 | Seven & i Holdings Co. Ltd. (Japan) | 11390 |
| 95013 | X5 Retail Group NV GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
|  |  | 38757 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 4388927 | Orora Ltd. (Australia) | 5825 |
| 548600 | Toyo Seikan Group Holdings Ltd. (Japan) | 11362 |
|  |  | 17187 |
| **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** | **DISTRIBUTORS—0.2%** |
| 743116 | Inchcape PLC (United Kingdom) | 6877 |
| **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** |
| 128569 | Laureate Education, Inc. (United States)<sup>\*</sup> | 2906 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.5%** |
| 51930300 | NTT, Inc. (Japan) | 52442 |
| **ELECTRICAL EQUIPMENT—3.1%** | **ELECTRICAL EQUIPMENT—3.1%** | **ELECTRICAL EQUIPMENT—3.1%** |
| 169783 | Havells India Ltd. (India) | 2897 |
| 122653 | Legrand SA (France) | 18117 |
| 758400 | Mitsubishi Electric Corp. (Japan) | 17058 |
| 197306 | Schneider Electric SE (France) | 51061 |
| 1199252 | Vestas Wind Systems AS (Denmark) | 21896 |
|  |  | 111029 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** |
| 221000 | Delta Electronics, Inc. (Taiwan) | 4163 |
| 232900 | Murata Manufacturing Co. Ltd. (Japan) | 3467 |
|  |  | 7630 |

---

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENERGY EQUIPMENT & SERVICES—0.6%** | **ENERGY EQUIPMENT & SERVICES—0.6%** | **ENERGY EQUIPMENT & SERVICES—0.6%** |
| 3006233 | John Wood Group PLC (United Kingdom)<sup>\*</sup> | $— <br><sup>x</sup><br>|
| 490737 | Technip Energies NV (France) | 21191 |
|  |  | 21191 |
| **ENTERTAINMENT—0.1%** | **ENTERTAINMENT—0.1%** | **ENTERTAINMENT—0.1%** |
| 224403 | Tencent Music Entertainment Group ADR (China)<sup>1</sup> | 4710 |
| **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** |
| 797997 | Edenred SE (France) | 22789 |
| **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** |
| 527729 | AVI Ltd. (South Africa) | 2721 |
| 243741 | Bakkafrost P (Norway) | 9736 |
| 193612 | Gruma SAB de CV Class B (Mexico) | 3335 |
| 516495 | Marico Ltd. (India) | 4174 |
| 208300 | Megmilk Snow Brand Co. Ltd. (Japan) | 3937 |
| 307100 | NH Foods Ltd. (Japan) | 10317 |
| 257161 | Salmar ASA (Norway) | 10415 |
| 162300 | Toyo Suisan Kaisha Ltd. (Japan) | 10369 |
| 100610 | Viscofan SA (Spain) | 6885 |
|  |  | 61889 |
| **GROUND TRANSPORTATION—0.8%** | **GROUND TRANSPORTATION—0.8%** | **GROUND TRANSPORTATION—0.8%** |
| 619600 | East Japan Railway Co. (Japan) | 13281 |
| 732300 | West Japan Railway Co. (Japan) | 16033 |
|  |  | 29314 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** |
| 63850 | BioMerieux (France) | 9136 |
| 250638 | Coloplast AS Class B (Denmark) | 22891 |
| 5734202 | ConvaTec Group PLC (United Kingdom)<sup>2</sup> | 17667 |
| 508388 | Demant AS (Denmark)<sup>\*</sup> | 19262 |
| 81216 | EssilorLuxottica SA (France) | 24150 |
| 2665600 | Olympus Corp. (Japan) | 31846 |
|  |  | 124952 |
| **HEALTH CARE PROVIDERS & SERVICES—0.8%** | **HEALTH CARE PROVIDERS & SERVICES—0.8%** | **HEALTH CARE PROVIDERS & SERVICES—0.8%** |
| 295687 | Amplifon SpA (Italy) | 4977 |
| 301191 | Fresenius Medical Care AG (Germany) | 15277 |
| 100900 | Medipal Holdings Corp. (Japan) | 1671 |
| 506500 | Ship Healthcare Holdings, Inc. (Japan) | 7068 |
|  |  | 28993 |
| **HEALTH CARE TECHNOLOGY—0.3%** | **HEALTH CARE TECHNOLOGY—0.3%** | **HEALTH CARE TECHNOLOGY—0.3%** |
| 941200 | M3, Inc. (Japan) | 11576 |
| **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** |
| 240543 | Aristocrat Leisure Ltd. (Australia) | 10771 |
| 1209091 | Compass Group PLC (United Kingdom) | 42487 |
| 189847 | Domino's Pizza Enterprises Ltd. (Australia) | 2216 |
| 2565078 | Entain PLC (United Kingdom) | 34445 |
| 2159000 | Galaxy Entertainment Group Ltd. (Hong Kong) | 10529 |
| 164435 | InterContinental Hotels Group PLC (United Kingdom) | 18916 |
| 6387508 | SSP Group PLC (United Kingdom) | 14355 |
| 212169 | Whitbread PLC (United Kingdom) | 8523 |
|  |  | 142242 |
| **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** |
| 1142736 | Barratt Redrow PLC (United Kingdom) | 5627 |
| 207971 | GN Store Nord AS (Denmark)<sup>\*</sup> | 2979 |
| 468700 | Midea Group Co. Ltd. Class A (China) | 4564 |
| 678200 | Nikon Corp. (Japan) | 6587 |
| 1415900 | Sony Group Corp. (Japan) | 34057 |
|  |  | 53814 |
| **HOUSEHOLD PRODUCTS—0.8%** | **HOUSEHOLD PRODUCTS—0.8%** | **HOUSEHOLD PRODUCTS—0.8%** |
| 393666 | Reckitt Benckiser Group PLC (United Kingdom) | 29504 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INDUSTRIAL CONGLOMERATES—1.6%** | **INDUSTRIAL CONGLOMERATES—1.6%** | **INDUSTRIAL CONGLOMERATES—1.6%** |
| 1096500 | CK Hutchison Holdings Ltd. (Hong Kong) | $7137 |
| 275126 | DCC PLC (United Kingdom) | 17232 |
| 305200 | Hitachi Ltd. (Japan) | 9339 |
| 308500 | Jardine Matheson Holdings Ltd. (Hong Kong) | 16752 |
| 779500 | Swire Pacific Ltd. Class A (Hong Kong) | 7046 |
|  |  | 57506 |
| **INSURANCE—6.5%** | **INSURANCE—6.5%** | **INSURANCE—6.5%** |
| 243339 | Admiral Group PLC (United Kingdom) | 10969 |
| 6312600 | AIA Group Ltd. (Hong Kong) | 58860 |
| 76324 | Hannover Rueck SE (Germany) | 23152 |
| 1006563 | Hiscox Ltd. (United Kingdom) | 17137 |
| 1400400 | Japan Post Holdings Co. Ltd. (Japan) | 12969 |
| 2306180 | Prudential PLC (United Kingdom) | 29256 |
| 1167597 | QBE Insurance Group Ltd. (Australia) | 17320 |
| 2447891 | Sampo OYJ Class A (Finland) | 26275 |
| 947400 | Tokio Marine Holdings, Inc. (Japan) | 38041 |
|  |  | 233979 |
| **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** |
| 1338389 | Auto Trader Group PLC (United Kingdom)<sup>2</sup> | 14776 |
| 2063512 | Rightmove PLC (United Kingdom) | 22268 |
|  |  | 37044 |
| **IT SERVICES—0.6%** | **IT SERVICES—0.6%** | **IT SERVICES—0.6%** |
| 126884 | Alten SA (France) | 10313 |
| 376000 | NEC Corp. (Japan) | 10797 |
| 56700 | NS Solutions Corp. (Japan) | 1330 |
|  |  | 22440 |
| **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** |
| 635500 | Sega Sammy Holdings, Inc. (Japan) | 12991 |
| **LIFE SCIENCES TOOLS & SERVICES—0.9%** | **LIFE SCIENCES TOOLS & SERVICES—0.9%** | **LIFE SCIENCES TOOLS & SERVICES—0.9%** |
| 347926 | Eurofins Scientific SE (France) | 26645 |
| 104737 | Gerresheimer AG (Germany) | 5164 |
|  |  | 31809 |
| **MACHINERY—5.0%** | **MACHINERY—5.0%** | **MACHINERY—5.0%** |
| 208049 | Alfa Laval AB (Sweden) | 9039 |
| 206904 | ANDRITZ AG (Austria) | 14399 |
| 2003991 | CNH Industrial NV (United States) | 25972 |
| 748930 | Fluidra SA (Spain)<sup>3</sup> | 18679 |
| 257082 | GEA Group AG (Germany) | 18466 |
| 127200 | IHI Corp. (Japan) | 14164 |
| 670200 | Kubota Corp. (Japan) | 7516 |
| 323400 | Mitsubishi Heavy Industries Ltd. (Japan) | 7722 |
| 2206277 | Rotork PLC (United Kingdom) | 9463 |
| 627510 | Sandvik AB (Sweden) | 15311 |
| 1638300 | Sany Heavy Industry Co. Ltd. Class A (China) | 4535 |
| 115756 | Stabilus SE (Germany) | 3318 |
| 901500 | Techtronic Industries Co. Ltd. (Hong Kong) | 10780 |
| 68400 | Toyota Industries Corp. (Japan) | 7314 |
| 543542 | Wartsila OYJ Abp (Finland) | 15017 |
|  |  | 181695 |
| **MARINE TRANSPORTATION—0.2%** | **MARINE TRANSPORTATION—0.2%** | **MARINE TRANSPORTATION—0.2%** |
| 884506 | Irish Continental Group PLC (Ireland) | 5579 |
| **MEDIA—1.3%** | **MEDIA—1.3%** | **MEDIA—1.3%** |
| 488353 | Future PLC (United Kingdom) | 4567 |
| 997200 | Hakuhodo DY Holdings, Inc. (Japan) | 7847 |
| 7023317 | ITV PLC (United Kingdom) | 7618 |
| 570700 | Nippon Television Holdings, Inc. (Japan) | 12343 |
| 362600 | TBS Holdings, Inc. (Japan) | 11928 |
| 612553 | WPP PLC (United Kingdom) | 3317 |
|  |  | 47620 |

---

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **METALS & MINING—3.8%** | **METALS & MINING—3.8%** | **METALS & MINING—3.8%** |
| 309932 | Acerinox SA (Spain) | $3577 |
| 807575 | ArcelorMittal SA (France) | 25177 |
| 934840 | BHP Group Ltd. (Australia) | 23610 |
| 1381964 | Deterra Royalties Ltd. (Australia) | 3659 |
| 281600 | Dowa Holdings Co. Ltd. (Japan) | 9196 |
| 526796 | Evolution Mining Ltd. (Australia) | 2384 |
| 128561 | First Quantum Minerals Ltd. (Canada)<sup>\*</sup> | 2161 |
| 8591416 | Glencore PLC (United Kingdom)<sup>\*</sup> | 34480 |
| 103862 | Newmont Corp. CDI (Australia)<sup>1</sup> | 6406 |
| 217215 | Severstal PAO GDR (Russia)<sup>\*,1</sup> | — <br><sup>x</sup><br>|
| 52113 | Southern Copper Corp. (Peru) | 4907 |
| 926600 | Sumitomo Metal Mining Co. Ltd. (Japan) | 20381 |
| 51441 | Valterra Platinum Ltd. (South Africa) | 2310 |
|  |  | 138248 |
| **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** |
| 9752142 | BP PLC (United Kingdom) | 52274 |
| 529148 | Equinor ASA (Norway) | 13592 |
| 1507900 | Idemitsu Kosan Co. Ltd. (Japan) | 9694 |
| 693100 | Inpex Corp. (Japan) | 9869 |
| 502458 | PRIO SA (Brazil)<sup>\*</sup> | 3786 |
| 3665204 | Santos Ltd. (Australia) | 18443 |
|  |  | 107658 |
| **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** |
| 37081 | Copa Holdings SA Class A (Panama) | 4103 |
| 2066744 | easyJet PLC (United Kingdom) | 13401 |
| 1482635 | Qantas Airways Ltd. (Australia) | 10283 |
|  |  | 27787 |
| **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** |
| 591300 | Shiseido Co. Ltd. (Japan) | 9612 |
| **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** |
| 992224 | Novo Nordisk AS Class B (Denmark) | 46147 |
| 395500 | Tsumura & Co. (Japan) | 9756 |
|  |  | 55903 |
| **PROFESSIONAL SERVICES—3.8%** | **PROFESSIONAL SERVICES—3.8%** | **PROFESSIONAL SERVICES—3.8%** |
| 693102 | ALS Ltd. (Australia) | 8057 |
| 438882 | Capita PLC (United Kingdom)<sup>\*</sup> | 1752 |
| 452948 | Experian PLC (United Kingdom) | 23866 |
| 401372 | Intertek Group PLC (United Kingdom) | 26097 |
| 2171614 | IPH Ltd. (Australia) | 7287 |
| 2707671 | Pagegroup PLC (United Kingdom) | 9471 |
| 249761 | Randstad NV (Netherlands) | 11871 |
| 957462 | RELX PLC (United Kingdom) | 49751 |
|  |  | 138152 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** |
| 897432 | China Resources Land Ltd. (China) | 3291 |
| 750300 | Daiwa House Industry Co. Ltd. (Japan) | 24805 |
| 1624879 | Henderson Land Development Co. Ltd. (Hong Kong) | 5686 |
|  |  | 33782 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.0%** |
| 65160 | ASML Holding NV (Netherlands) | 45161 |
| 279800 | ASMPT Ltd. (Hong Kong) | 2367 |
| 108000 | MediaTek, Inc. (Taiwan) | 4891 |
| 465000 | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 17902 |
|  |  | 70321 |
| **SOFTWARE—0.4%** | **SOFTWARE—0.4%** | **SOFTWARE—0.4%** |
| 265099 | Dassault Systemes SE (France) | 8709 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 49300 | Oracle Corp. (Japan) | $5331 |
|  |  | 14040 |
| **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** |
| 673200 | ABC-Mart, Inc. (Japan) | 12598 |
| 88000 | Nitori Holdings Co. Ltd. (Japan) | 7452 |
| 2439177 | Pets at Home Group PLC (United Kingdom) | 7347 |
| 1851700 | USS Co. Ltd. (Japan) | 20126 |
| 879134 | WH Smith PLC (United Kingdom) | 11867 |
| 1090000 | Zhongsheng Group Holdings Ltd. (China) | 1833 |
| 1107900 | ZOZO, Inc. (Japan) | 10968 |
|  |  | 72191 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%** |
| 263557 | Advantech Co. Ltd. (Taiwan) | 2932 |
| 107574 | Samsung Electronics Co. Ltd. (South Korea) | 5482 |
|  |  | 8414 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** |
| 97701 | adidas AG (Germany) | 18673 |
| 246269 | Cie Financiere Richemont SA Class A (Switzerland) | 40210 |
| 616000 | Li Ning Co. Ltd. (China) | 1305 |
| 7211100 | Samsonite Group SA (Hong Kong)<sup>2</sup> | 14709 |
| 389018 | Shenzhou International Group Holdings Ltd. (China) | 2800 |
|  |  | 77697 |
| **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** | **TRADING COMPANIES & DISTRIBUTORS—1.8%** |
| 254900 | BOC Aviation Ltd. (China)<sup>2</sup> | 2316 |
| 312669 | Brenntag SE (Germany) | 19398 |
| 824015 | Bunzl PLC (United Kingdom) | 24455 |
| 454100 | Mitsubishi Corp. (Japan) | 8956 |
| 303484 | Rexel SA (France) | 9172 |
|  |  | 64297 |
| **TRANSPORTATION INFRASTRUCTURE—0.3%** | **TRANSPORTATION INFRASTRUCTURE—0.3%** | **TRANSPORTATION INFRASTRUCTURE—0.3%** |
| 1083000 | Mitsubishi Logistics Corp. (Japan) | 9258 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 75586 | Millicom International Cellular SA (Sweden) | 3035 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $2,493,965) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $2,493,965) | 3546422 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.1%** | **PREFERRED STOCKS—0.1%** | **PREFERRED STOCKS—0.1%** |
| &nbsp;&nbsp;&nbsp; (Cost $2,230) | &nbsp;&nbsp;&nbsp; (Cost $2,230) | &nbsp;&nbsp;&nbsp; (Cost $2,230) |
| **BEVERAGES—0.1%** | **BEVERAGES—0.1%** | **BEVERAGES—0.1%** |
| 873852 | Embotelladora Andina SA Class B (Chile) | 3353 |

---

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

**Short-Term Investments—0.0%**<br>

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; (Cost $1,221) | &nbsp;&nbsp;&nbsp; (Cost $1,221) |
| 1221257<br> &nbsp;&nbsp;&nbsp;&nbsp; State Street Navigator Securities Lending Government Money <br> Market Portfolio (1 day yield of 4.320%)<sup>4</sup><br>| 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.8%** <br>(Cost $2,497,416) | 3550996 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | 44170 |
| **TOTAL NET ASSETS—100%** | $3595166 |

---

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

------

⬤

------

**Harbor International Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of July 31, 2025 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Africa | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24575 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24575 |
| &nbsp;&nbsp;&nbsp; Europe | &nbsp;&nbsp; 13017 | &nbsp;&nbsp; 2164865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2177882 |
| &nbsp;&nbsp;&nbsp; Latin America | &nbsp;&nbsp; 31706 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31706 |
| &nbsp;&nbsp;&nbsp; Middle East/Central Asia | &nbsp;&nbsp; — | &nbsp;&nbsp; 29087 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29087 |
| &nbsp;&nbsp;&nbsp; North America | &nbsp;&nbsp; 44881 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 44881 |
| &nbsp;&nbsp;&nbsp; Pacific Basin | &nbsp;&nbsp; 8356 | &nbsp;&nbsp; 1229935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1238291 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Latin America | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3353 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Company-Securities Lending Investment Fund | &nbsp;&nbsp; 1221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | &nbsp;&nbsp; $102534 | &nbsp;&nbsp; $3448462 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3550996 |

---

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** <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 | $— | $— | $— | $— | $— | $— | $— | $— | $— | $(14518) |

---

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;&nbsp; John Wood Group PLC (United Kingdom)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | GBP 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Severstal PAO GDR (Russia)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | $0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X5 Retail Group NV GDR (Russia)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | $0.00 |
|  | &nbsp;&nbsp; $— |  |  |  |

---

------

\*

Non-income producing security

x

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

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 $53,721 or 1% of net assets.

All or a portion of this security was out on loan as of July 31, 2025. The market value of securities on loan and cash collateral were $1,087 and $1,221, respectively.

Represents the investment of collateral received from securities lending activities.

GBP

Great British Pound

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

------

⬤

------

**Harbor International Compounders Fund**

**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—99.4%** | **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** |
| **Shares** |  | **Value** |
| **BANKS—8.5%** | **BANKS—8.5%** | **BANKS—8.5%** |
| 2111800 | Bank Central Asia Tbk. PT (Indonesia) | $1058 |
| 38112 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 2926 |
|  |  | 3984 |
| **BEVERAGES—1.7%** | **BEVERAGES—1.7%** | **BEVERAGES—1.7%** |
| 32705 | Diageo PLC (United Kingdom) | 793 |
| **BUILDING PRODUCTS—3.3%** | **BUILDING PRODUCTS—3.3%** | **BUILDING PRODUCTS—3.3%** |
| 46949 | Assa Abloy AB Class B (Sweden) | 1554 |
| **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** |
| 6414 | Deutsche Boerse AG (Germany) | 1856 |
| **CHEMICALS—4.7%** | **CHEMICALS—4.7%** | **CHEMICALS—4.7%** |
| 4869 | Linde PLC (United States) | 2241 |
| **CONSTRUCTION & ENGINEERING—2.5%** | **CONSTRUCTION & ENGINEERING—2.5%** | **CONSTRUCTION & ENGINEERING—2.5%** |
| 8672 | Vinci SA (France) | 1205 |
| **CONSTRUCTION MATERIALS—2.3%** | **CONSTRUCTION MATERIALS—2.3%** | **CONSTRUCTION MATERIALS—2.3%** |
| 4646 | Heidelberg Materials AG (Germany) | 1072 |
| **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** |
| 52332 | SSE PLC (United Kingdom) | 1283 |
| **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** |
| 6301 | Schneider Electric SE (France) | 1631 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** |
| 3000 | Keyence Corp. (Japan) | 1085 |
| **FOOD PRODUCTS—3.1%** | **FOOD PRODUCTS—3.1%** | **FOOD PRODUCTS—3.1%** |
| 16803 | Nestle SA (United States) | 1468 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.7%** |
| 13800 | Hoya Corp. (Japan) | 1741 |
| **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** |
| 45555 | Compass Group PLC (United Kingdom) | 1601 |
| **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** |
| 73900 | Sony Group Corp. (Japan) | 1778 |
| **INDUSTRIAL CONGLOMERATES—4.0%** | **INDUSTRIAL CONGLOMERATES—4.0%** | **INDUSTRIAL CONGLOMERATES—4.0%** |
| 7504 | Siemens AG (Germany) | 1911 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—3.9%** | **INSURANCE—3.9%** | **INSURANCE—3.9%** |
| 197000 | AIA Group Ltd. (Hong Kong) | $1837 |
| **MACHINERY—6.8%** | **MACHINERY—6.8%** | **MACHINERY—6.8%** |
| 78732 | Atlas Copco AB Class A (Sweden) | 1199 |
| 46293 | Epiroc AB Class A (Sweden) | 942 |
| 3000 | SMC Corp. (Japan) | 1044 |
|  |  | 3185 |
| **PERSONAL CARE PRODUCTS—3.1%** | **PERSONAL CARE PRODUCTS—3.1%** | **PERSONAL CARE PRODUCTS—3.1%** |
| 3260 | L'Oreal SA (France) | 1443 |
| **PHARMACEUTICALS—8.4%** | **PHARMACEUTICALS—8.4%** | **PHARMACEUTICALS—8.4%** |
| 11921 | AstraZeneca PLC (United Kingdom) | 1739 |
| 7577 | Galderma Group AG (Switzerland) | 1168 |
| 22395 | Novo Nordisk AS Class B (Denmark) | 1041 |
|  |  | 3948 |
| **PROFESSIONAL SERVICES—3.8%** | **PROFESSIONAL SERVICES—3.8%** | **PROFESSIONAL SERVICES—3.8%** |
| 34167 | RELX PLC (United Kingdom) | 1775 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.4%** |
| 1708 | ASML Holding NV (Netherlands) | 1184 |
| 11504 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)<sup>1</sup> | 2779 |
|  |  | 3963 |
| **SOFTWARE—4.5%** | **SOFTWARE—4.5%** | **SOFTWARE—4.5%** |
| 7366 | SAP SE (Germany) | 2106 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** |
| 1955 | LVMH Moet Hennessy Louis Vuitton SE (France) | 1049 |
| **TRADING COMPANIES & DISTRIBUTORS—4.9%** | **TRADING COMPANIES & DISTRIBUTORS—4.9%** | **TRADING COMPANIES & DISTRIBUTORS—4.9%** |
| 10426 | Ferguson Enterprises, Inc. (United States) | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $44,967) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $44,967) | 46831 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.4%** <br>(Cost $44,967) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.4%** <br>(Cost $44,967) | 46831 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | 265 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $47096 |

---

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

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

------

⬤

------

**Harbor International Compounders Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of July 31, 2025 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Europe | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26552 |
| &nbsp;&nbsp;&nbsp; Middle East/Central Asia | &nbsp;&nbsp; 2926 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2926 |
| &nbsp;&nbsp;&nbsp; North America | &nbsp;&nbsp; 2241 | &nbsp;&nbsp; 3790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6031 |
| &nbsp;&nbsp;&nbsp; Pacific Basin | &nbsp;&nbsp; 2779 | &nbsp;&nbsp; 8543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | &nbsp;&nbsp; $7946 | &nbsp;&nbsp; $38885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46831 |

---

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 Core Fund**

**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—94.3%** | **COMMON STOCKS—94.3%** | **COMMON STOCKS—94.3%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** |
| 11962 | Airbus SE (France) | $2405 |
| 4317 | Dassault Aviation SA (France) | 1344 |
| 94682 | Leonardo SpA (Italy) | 5104 |
| 1989 | MTU Aero Engines AG (Germany) | 858 |
| 16874 | Safran SA (France) | 5564 |
| 378600 | Singapore Technologies Engineering Ltd. (Singapore) | 2547 |
|  |  | 17822 |
| **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** |
| 18400 | Aisin Corp. (Japan) | 254 |
| 27637 | Continental AG (Germany) | 2361 |
| 105200 | Denso Corp. (Japan) | 1427 |
| 8700 | Ichikoh Industries Ltd. (Japan) | 22 |
| 28000 | Johnson Electric Holdings Ltd. (Hong Kong) | 83 |
| 111600 | Somboon Advance Technology PCL NVDR (Thailand)<sup>1</sup> | 44 |
|  |  | 4191 |
| **AUTOMOBILES—0.3%** | **AUTOMOBILES—0.3%** | **AUTOMOBILES—0.3%** |
| 466500 | BAIC Motor Corp. Ltd. Class H (China)<sup>\*,2</sup> | 127 |
| 132500 | Mazda Motor Corp. (Japan) | 794 |
| 384800 | Nissan Motor Co. Ltd. (Japan)<sup>\*</sup> | 816 |
| 23300 | Subaru Corp. (Japan) | 429 |
|  |  | 2166 |
| **BANKS—18.1%** | **BANKS—18.1%** | **BANKS—18.1%** |
| 123629 | ABN AMRO Bank NV CVA (Netherlands)<sup>1,2</sup> | 3574 |
| 217714 | Abu Dhabi Commercial Bank PJSC (United Arab Emirates) | 963 |
| 78824 | Abu Dhabi Islamic Bank PJSC (United Arab Emirates) | 518 |
| 301111 | ANZ Group Holdings Ltd. (Australia) | 5909 |
| 5700 | Awa Bank Ltd. (Japan) | 121 |
| 554239 | Banco Bilbao Vizcaya Argentaria SA (Spain) | 9244 |
| 676804 | Banco Santander SA (Spain) | 5814 |
| 164300 | Bangkok Bank PCL NVDR (Thailand)<sup>1</sup> | 743 |
| 741065 | Bank Danamon Indonesia Tbk. PT (Indonesia) | 112 |
| 20337 | Bank Polska Kasa Opieki SA (Poland) | 1104 |
| 396689 | Barclays PLC ADR (United Kingdom)<sup>1</sup> | 7783 |
| 160848 | BNP Paribas SA (France) | 14666 |
| 734704 | CaixaBank SA (Spain) | 6912 |
| 32260 | Commercial Bank of Dubai PSC (United Arab Emirates) | 90 |
| 4551 | Credit Agricole SA (France) | 84 |
| 106800 | Dah Sing Banking Group Ltd. (Hong Kong) | 125 |
| 8361 | Danske Bank AS (Denmark) | 332 |
| 40878 | DNB Bank ASA (Norway) | 1034 |
| 13212 | Erste Group Bank AG (Austria) | 1208 |
| 299880 | Eurobank Ergasias Services & Holdings SA (Greece) | 1101 |
| 37272 | Faisal Islamic Bank of Egypt (Egypt) | 37 |
| 19879 | Hana Financial Group, Inc. (South Korea) | 1215 |
| 418097 | ING Groep NV (Netherlands) | 9744 |
| 6119 | Israel Discount Bank Ltd. Class A (Israel) | 59 |
| 67300 | Japan Post Bank Co. Ltd. (Japan) | 751 |
| 24189 | KBC Group NV (Belgium) | 2523 |
| 15640 | Komercni Banka AS (Czech Republic) | 745 |
| 838340 | Lloyds Banking Group PLC (United Kingdom) | 860 |
| 118900 | Mizuho Financial Group, Inc. (Japan) | 3488 |
| 88172 | National Bank of Greece SA (Greece) | 1230 |
| 1180225 | NatWest Group PLC (United Kingdom) | 8193 |
| 59600 | Oversea-Chinese Banking Corp. Ltd. (Singapore) | 772 |
| 56670 | Piraeus Financial Holdings SA (Greece) | 436 |
| 2329000 | Postal Savings Bank of China Co. Ltd. Class H (China)<sup>2</sup> | 1645 |
| 3788 | Pureun Savings Bank (South Korea) | 26 |
| 14933 | Raiffeisen Bank International AG (Austria) | 431 |
| 484616 | Sharjah Islamic Bank (United Arab Emirates) | 398 |
| 164362 | Skandinaviska Enskilda Banken AB Class A (Sweden) | 2875 |
| 74934 | Societe Generale SA (France) | 4783 |
| 191851 | Standard Chartered PLC (United Kingdom) | 3439 |
| 257500 | Sumitomo Mitsui Financial Group, Inc. (Japan) | 6496 |
| 11100 | Towa Bank Ltd. (Japan) | 56 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 28467 | UniCredit SpA (Italy) | $2094 |
|  |  | 113733 |
| **BEVERAGES—1.0%** | **BEVERAGES—1.0%** | **BEVERAGES—1.0%** |
| 32608 | Anheuser-Busch InBev SA (Belgium) | 1875 |
| 2526 | Anheuser-Busch InBev SA ADR (Belgium)<sup>1</sup> | 146 |
| 8996 | Carlsberg AS Class B (Denmark) | 1121 |
| 5674 | Coca-Cola HBC AG (Italy) | 295 |
| 5124 | Fomento Economico Mexicano SAB de CV ADR (Mexico)<sup>1</sup> | 463 |
| 14638 | Ginebra San Miguel, Inc. (Philippines) | 72 |
| 34033 | Heineken Holding NV (Netherlands) | 2297 |
|  |  | 6269 |
| **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** | **BIOTECHNOLOGY—0.0%** |
| 9335 | AC Immune SA (Switzerland)<sup>\*</sup> | 20 |
| 6102 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 52 |
|  |  | 72 |
| **BROADLINE RETAIL—1.1%** | **BROADLINE RETAIL—1.1%** | **BROADLINE RETAIL—1.1%** |
| 97781 | Allegro.eu SA (Poland)<sup>\*,2</sup> | 959 |
| 60057 | Falabella SA (Chile) | 300 |
| 17134 | Kt alpha Co. Ltd. (South Korea)<sup>\*</sup> | 60 |
| 5500 | MrMax Holdings Ltd. (Japan) | 31 |
| 22269 | Next PLC (United Kingdom) | 3615 |
| 13764 | Prosus NV (China) | 786 |
| 75639 | Vipshop Holdings Ltd. ADR (China)<sup>1</sup> | 1141 |
|  |  | 6892 |
| **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** |
| 171 | Belimo Holding AG (Switzerland) | 199 |
| 300 | BRC Asia Ltd. (Singapore) | 1 |
| 29000 | Daikin Industries Ltd. (Japan) | 3565 |
| 30994 | Eurocell PLC (United Kingdom) | 62 |
| 25902 | Rockwool AS Class B (Denmark) | 1135 |
|  |  | 4962 |
| **CAPITAL MARKETS—4.7%** | **CAPITAL MARKETS—4.7%** | **CAPITAL MARKETS—4.7%** |
| 292884 | Deutsche Bank AG (Germany) | 9646 |
| 30829 | Deutsche Boerse AG (Germany) | 8921 |
| 8727 | Euronext NV (Netherlands)<sup>2</sup> | 1407 |
| 2082 | Fiducian Group Ltd. (Australia) | 15 |
| 2210 | Flow Traders Ltd. (Netherlands)<sup>\*</sup> | 66 |
| 145862 | Investec PLC (United Kingdom) | 1073 |
| 256600 | Japan Exchange Group, Inc. (Japan) | 2508 |
| 4261 | Netwealth Group Ltd. (Australia) | 102 |
| 290000 | Nomura Holdings, Inc. (Japan) | 1916 |
| 25300 | SBI Holdings, Inc. (Japan) | 940 |
| 26200 | Singapore Exchange Ltd. (Singapore) | 321 |
| 858 | Titanium OYJ (Finland) | 6 |
| 71531 | UBS Group AG (Switzerland) | 2658 |
|  |  | 29579 |
| **CHEMICALS—0.5%** | **CHEMICALS—0.5%** | **CHEMICALS—0.5%** |
| 100 | Achilles Corp. (Japan) | 1 |
| 960 | Kukdo Chemical Co. Ltd. (South Korea) | 28 |
| 2200 | Nippon Carbide Industries Co., Inc. (Japan) | 27 |
| 110650 | Orica Ltd. (Australia) | 1511 |
| 7100 | Riken Technos Corp. (Japan) | 55 |
| 52046 | Sasol Ltd. (South Africa)<sup>\*</sup> | 268 |
| 5600 | Sekisui Kasei Co. Ltd. (Japan) | 13 |
| 36767 | Yara International ASA (Brazil) | 1359 |
| 4200 | Zacros Corp. (Japan) | 109 |
|  |  | 3371 |
| **COMMERCIAL SERVICES & SUPPLIES—1.1%** | **COMMERCIAL SERVICES & SUPPLIES—1.1%** | **COMMERCIAL SERVICES & SUPPLIES—1.1%** |
| 800 | Ajis Co. Ltd. (Japan) | 16 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| 4000 | Azienda Bresciana Petroli Nocivelli SpA (Italy) | $26 |
| 411143 | Brambles Ltd. (Australia) | 6290 |
| 1074 | Cewe Stiftung & Co. KGaA (Germany) | 123 |
| 7200 | Kyodo Printing Co. Ltd. (Japan) | 66 |
| 8961 | Mears Group PLC (United Kingdom) | 46 |
| 5900 | Prestige International, Inc. (Japan) | 26 |
| 1900 | Sato Corp. (Japan) | 27 |
| 9067 | SPIE SA (France) | 534 |
| 2500 | Takara & Co. Ltd. (Japan) | 59 |
|  |  | 7213 |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| 1712 | EVS Broadcast Equipment SA (Belgium) | 74 |
| 4882 | Nokia OYJ (Finland) | 20 |
| 156724 | Nokia OYJ ADR (Finland)<sup>1</sup> | 639 |
| 754036 | Telefonaktiebolaget LM Ericsson ADR (Sweden)<sup>1</sup> | 5444 |
|  |  | 6177 |
| **CONSTRUCTION & ENGINEERING—0.9%** | **CONSTRUCTION & ENGINEERING—0.9%** | **CONSTRUCTION & ENGINEERING—0.9%** |
| 4157 | AF Gruppen ASA (Norway) | 63 |
| 251270 | Analogue Holdings Ltd. (Hong Kong) | 26 |
| 13188 | Boustead Singapore Ltd. (Singapore) | 16 |
| 11980 | Bouygues SA (France) | 493 |
| 18032 | Costain Group PLC (United Kingdom) | 39 |
| 5000 | Dai-Ichi Cutter Kogyo KK (Japan) | 44 |
| 30582 | Eiffage SA (France) | 4105 |
| 19918 | GenusPlus Group Ltd. (Australia) | 58 |
| 4546 | HOCHTIEF AG (Germany) | 991 |
| 7200 | Obayashi Corp. (Japan) | 106 |
| 24201 | Service Stream Ltd. (Australia) | 31 |
|  |  | 5972 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** |
| 11800 | Axial Retailing, Inc. (Japan) | 89 |
| 201704 | Koninklijke Ahold Delhaize NV (Netherlands) | 7967 |
| 7200 | Medical System Network Co. Ltd. (Japan) | 23 |
| 3600 | Orsero SpA (Italy) | 58 |
|  |  | 8137 |
| **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** |
| 9900 | Thantawan Industry PCL NVDR (Thailand)<sup>1</sup> | 8 |
| **DISTRIBUTORS—0.0%** | **DISTRIBUTORS—0.0%** | **DISTRIBUTORS—0.0%** |
| 52861 | Smiths News PLC (United Kingdom) | 39 |
| **DIVERSIFIED CONSUMER SERVICES—0.0%** | **DIVERSIFIED CONSUMER SERVICES—0.0%** | **DIVERSIFIED CONSUMER SERVICES—0.0%** |
| 2300 | Aucnet, Inc. (Japan) | 25 |
| 710000 | China Yuhua Education Corp. Ltd. (China)<sup>\*,2</sup> | 48 |
| 8558 | D2L, Inc. (Canada)<sup>\*</sup> | 99 |
| 2713 | MegaStudy Co. Ltd. (South Korea) | 22 |
| 2761 | MegaStudyEdu Co. Ltd. (South Korea) | 99 |
|  |  | 293 |
| **DIVERSIFIED REITS—0.0%** | **DIVERSIFIED REITS—0.0%** | **DIVERSIFIED REITS—0.0%** |
| 11272 | Concentradora Fibra Danhos SA de CV (Mexico) | 15 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—3.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—3.0%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—3.0%** |
| 9461 | Chunghwa Telecom Co. Ltd. ADR (Taiwan)<sup>1</sup> | 411 |
| 1370 | Cyber Folks SA (Poland) | 66 |
| 217732 | Deutsche Telekom AG (Germany) | 7809 |
| 389699 | &nbsp;&nbsp;&nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC (United Arab <br> Emirates)<br>| 1977 |
| 17452 | Hellenic Telecommunications Organization SA (Greece) | 316 |
| 604 | Magyar Telekom Telecommunications PLC ADR (Hungary)<sup>1</sup> | 15 |
| 5395300 | NTT, Inc. (Japan) | 5449 |
| 1013500 | Singapore Telecommunications Ltd. (Singapore) | 3020 |
|  |  | 19063 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** |
| 224598 | ABB Ltd. (Switzerland) | $14666 |
| 5600 | Chiyoda Integre Co. Ltd. (Japan) | 114 |
| 2167 | Elektrotim SA (Poland) | 29 |
| 700 | Fuji Electric Co. Ltd. (Japan) | 35 |
| 6600 | Futaba Corp. (Japan) | 27 |
| 124300 | ISDN Holdings Ltd. (China) | 35 |
| 8600 | NIDEC Corp. (Japan) | 165 |
| 13495 | Siemens Energy AG (Germany)<sup>\*</sup> | 1562 |
| 17174 | Vestas Wind Systems AS (Denmark) | 314 |
| 51000 | Xingye Alloy Materials Group Ltd. (China)<sup>\*</sup> | 7 |
|  |  | 16954 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** |
| 11637 | Barco NV (Belgium) | 182 |
| 2300 | Daitron Co. Ltd. (Japan) | 56 |
| 77905 | DataTec Ltd. (South Africa) | 255 |
| 1000 | Enplas Corp. (Japan) | 35 |
| 7100 | Keyence Corp. (Japan) | 2569 |
| 3713 | LG Innotek Co. Ltd. (South Korea) | 414 |
| 72300 | Murata Manufacturing Co. Ltd. (Japan) | 1076 |
| 2450 | Namuga Co. Ltd. (South Korea) | 26 |
| 2700 | Nihon Denkei Co. Ltd. (Japan) | 38 |
| 2700 | SMK Corp. (Japan) | 39 |
| 5762 | WiSoL Co. Ltd. (South Korea) | 28 |
|  |  | 4718 |
| **ENERGY EQUIPMENT & SERVICES—0.1%** | **ENERGY EQUIPMENT & SERVICES—0.1%** | **ENERGY EQUIPMENT & SERVICES—0.1%** |
| 10122 | BW Offshore Ltd. (Norway) | 34 |
| 34656 | Enerflex Ltd. (Canada) | 276 |
| 23013 | PHX Energy Services Corp. (Canada) | 138 |
| 1600 | Precision Drilling Corp. (Canada)<sup>\*</sup> | 90 |
| 9418 | Technip Energies NV (France) | 407 |
|  |  | 945 |
| **ENTERTAINMENT—4.1%** | **ENTERTAINMENT—4.1%** | **ENTERTAINMENT—4.1%** |
| 1447 | 11 bit studios SA (Poland)<sup>\*</sup> | 73 |
| 122000 | Archosaur Games, Inc. (China)<sup>\*,2</sup> | 27 |
| 66700 | Capcom Co. Ltd. (Japan) | 1698 |
| 22046 | CD Projekt SA (Poland) | 1473 |
| 6454 | CTS Eventim AG & Co. KGaA (Germany) | 729 |
| 3049 | Devsisters Co. Ltd. (South Korea)<sup>\*</sup> | 93 |
| 396400 | iDreamSky Technology Holdings Ltd. (China)<sup>\*,2</sup> | 64 |
| 22879 | IGG, Inc. (Singapore) | 12 |
| 139900 | NetEase, Inc. (China) | 3657 |
| 86700 | Nexon Co. Ltd. (Japan) | 1586 |
| 11200 | Nintendo Co. Ltd. (Japan) | 936 |
| 45328 | Sea Ltd. ADR (Singapore)<sup>\*,1</sup> | 7101 |
| 11734 | Spotify Technology SA (United States)<sup>\*</sup> | 7352 |
| 2718 | TEN Square Games SA (Poland) | 59 |
| 23333 | Universal Music Group NV (Netherlands) | 671 |
|  |  | 25531 |
| **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** |
| 69250 | Banca Mediolanum SpA (Italy) | 1221 |
| 435962 | M&G PLC (United Kingdom) | 1501 |
| 95700 | Pacific Century Regional Developments Ltd. (Singapore) | 32 |
| 18889 | Pagseguro Digital Ltd. Class A (Brazil) | 148 |
|  |  | 2902 |
| **FOOD PRODUCTS—0.3%** | **FOOD PRODUCTS—0.3%** | **FOOD PRODUCTS—0.3%** |
| 55806 | a2 Milk Co. Ltd. (New Zealand) | 289 |
| 78000 | CCK Consolidated Holdings Bhd. (Malaysia) | 24 |
| 1500000 | China Starch Holdings Ltd. (China) | 41 |
| 9063 | Easy Holdings Co. Ltd. (South Korea) | 24 |
| 24300 | First Resources Ltd. (Indonesia) | 28 |
| 370300 | Hap Seng Plantations Holdings Bhd. (Malaysia) | 167 |
| 6600 | High Liner Foods, Inc. (Canada) | 81 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** |
| 58700 | Kawan Food Bhd. (Malaysia) | $14 |
| 1600 | Kenko Mayonnaise Co. Ltd. (Japan) | 20 |
| 1961 | Kri-Kri Milk Industry SA (Greece) | 42 |
| 100 | Lassonde Industries, Inc. Class A (Canada) | 16 |
| 561 | Maeil Holdings Co. Ltd. (South Korea) | 4 |
| 528800 | Malindo Feedmill Tbk. PT (Indonesia) | 20 |
| 191200 | MKH Oil Palm East Kalimantan Bhd. (Malaysia) | 28 |
| 1400 | Riken Vitamin Co. Ltd. (Japan) | 27 |
| 811600 | Salim Ivomas Pratama Tbk. PT (Indonesia) | 33 |
| 98600 | Sarawak Plantation Bhd. (Malaysia) | 59 |
| 702500 | WH Group Ltd. (Hong Kong)<sup>2</sup> | 703 |
|  |  | 1620 |
| **GROUND TRANSPORTATION—0.0%** | **GROUND TRANSPORTATION—0.0%** | **GROUND TRANSPORTATION—0.0%** |
| 341700 | &nbsp;&nbsp;&nbsp;&nbsp; BTS Rail Mass Transit Growth Infrastructure Fund Class F <br> (Thailand)<br>| 27 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.2%** |
| 22781 | Fisher & Paykel Healthcare Corp. Ltd. (New Zealand) | 493 |
| 1500 | Fukuda Denshi Co. Ltd. (Japan) | 70 |
| 34800 | Olympus Corp. (Japan) | 416 |
| 16544 | Smith & Nephew PLC ADR (United Kingdom)<sup>1</sup> | 505 |
| 875 | STRATEC SE (Germany) | 28 |
|  |  | 1512 |
| **HEALTH CARE PROVIDERS & SERVICES—0.0%** | **HEALTH CARE PROVIDERS & SERVICES—0.0%** | **HEALTH CARE PROVIDERS & SERVICES—0.0%** |
| 19831 | Humana AB (Sweden) | 75 |
| 4800 | Japan Medical Dynamic Marketing, Inc. (Japan) | 17 |
| 57000 | Ladprao General Hospital PCL NVDR (Thailand)<sup>1</sup> | 7 |
| 2424 | Oriola OYJ Class B (Finland) | 3 |
| 9200 | Vital KSK Holdings, Inc. (Japan) | 77 |
|  |  | 179 |
| **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** |
| 21561 | Ascom Holding AG (Switzerland) | 109 |
| 12960 | Pro Medicus Ltd. (Australia) | 2661 |
|  |  | 2770 |
| **HOTELS, RESTAURANTS & LEISURE—1.9%** | **HOTELS, RESTAURANTS & LEISURE—1.9%** | **HOTELS, RESTAURANTS & LEISURE—1.9%** |
| 11823 | Amadeus IT Group SA (Spain) | 949 |
| 150580 | Aristocrat Leisure Ltd. (Australia) | 6743 |
| 4523 | Betsson AB Class B (Sweden) | 77 |
| 44995 | Carnival PLC ADR (United States)<sup>\*,1</sup> | 1224 |
| 400400 | Champ Resto Indonesia Tbk. PT (Indonesia)<sup>\*</sup> | 17 |
| 9128 | Fuller Smith & Turner PLC Class A (United Kingdom) | 71 |
| 5207 | Grand Korea Leisure Co. Ltd. (South Korea) | 58 |
| 83100 | Jaya Bersama Indo Tbk. PT (Indonesia)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 82092 | Lottomatica Group SpA (Italy) | 2213 |
| 252000 | MGM China Holdings Ltd. (Macao) | 532 |
| 1727 | Nordrest Holding AB (Sweden) | 35 |
| 61600 | Zen Corp. Group PCL NVDR (Thailand)<sup>1</sup> | 10 |
|  |  | 11929 |
| **HOUSEHOLD DURABLES—0.1%** | **HOUSEHOLD DURABLES—0.1%** | **HOUSEHOLD DURABLES—0.1%** |
| 5 | Dom Development SA (Poland) |  |
| 50000 | Formosa Prosonic Industries Bhd. (Malaysia) | 15 |
| 8465 | LG Electronics, Inc. (South Korea) | 469 |
| 3500 | Nihon Trim Co. Ltd. (Japan) | 105 |
|  |  | 589 |
| **HOUSEHOLD PRODUCTS—0.0%** | **HOUSEHOLD PRODUCTS—0.0%** | **HOUSEHOLD PRODUCTS—0.0%** |
| 17579 | McBride PLC (United Kingdom)<sup>\*</sup> | 29 |
| 247700 | Unilever Indonesia Tbk. PT (Indonesia) | 26 |
|  |  | 55 |
| **INDUSTRIAL CONGLOMERATES—0.1%** | **INDUSTRIAL CONGLOMERATES—0.1%** | **INDUSTRIAL CONGLOMERATES—0.1%** |
| 1448 | Siemens AG (Germany) | 369 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—3.4%** | **INSURANCE—3.4%** | **INSURANCE—3.4%** |
| 11000 | Allianz Malaysia Bhd. (Malaysia) | $45 |
| 446900 | Dai-ichi Life Holdings, Inc. (Japan) | 3536 |
| 35836 | Doha Insurance Co. QSC (Qatar) | 26 |
| 30332 | Hanwha Life Insurance Co. Ltd. (South Korea)<sup>\*</sup> | 76 |
| 8562 | Heungkuk Fire & Marine Insurance Co. Ltd. (South Korea)<sup>\*</sup> | 28 |
| 556400 | Japan Post Holdings Co. Ltd. (Japan) | 5152 |
| 27600 | Japan Post Insurance Co. Ltd. (Japan) | 707 |
| 78307 | NN Group NV (Netherlands) | 5273 |
| 11581 | Talanx AG (Germany) | 1535 |
| 118500 | Tokio Marine Holdings, Inc. (Japan) | 4758 |
|  |  | 21136 |
| **INTERACTIVE MEDIA & SERVICES—1.8%** | **INTERACTIVE MEDIA & SERVICES—1.8%** | **INTERACTIVE MEDIA & SERVICES—1.8%** |
| 128530 | Auto Trader Group PLC (United Kingdom)<sup>2</sup> | 1419 |
| 27100 | Baidu, Inc. Class A (China)<sup>\*</sup> | 296 |
| 41420 | Bilibili, Inc. Class Z (China)<sup>\*</sup> | 948 |
| 2833 | JOYY, Inc. ADR (China)<sup>1</sup> | 142 |
| 2567 | Kanzhun Ltd. ADR (China)<sup>\*,1</sup> | 49 |
| 339300 | Kuaishou Technology (China)<sup>\*,2</sup> | 3313 |
| 2000 | MarkLines Co. Ltd. (Japan) | 26 |
| 12458 | NAVER Corp. (South Korea) | 2097 |
| 13287 | REA Group Ltd. (Australia) | 2024 |
| 2059 | Scout24 SE (Germany)<sup>2</sup> | 275 |
| 83431 | Yalla Group Ltd. ADR (United Arab Emirates)<sup>\*,1</sup> | 652 |
| 31054 | Zhihu, Inc. ADR (China)<sup>\*,1</sup> | 131 |
|  |  | 11372 |
| **IT SERVICES—2.3%** | **IT SERVICES—2.3%** | **IT SERVICES—2.3%** |
| 21395 | Altron Ltd. Class A (South Africa) | 25 |
| 1100 | Argo Graphics, Inc. (Japan) | 38 |
| 1400 | Business Brain Showa-Ota, Inc. (Japan) | 25 |
| 4200 | Core Corp. (Japan) | 54 |
| 111100 | Fujitsu Ltd. (Japan) | 2420 |
| 1500 | GMO GlobalSign Holdings KK (Japan) | 23 |
| 2600 | ID Holdings Corp. (Japan) | 44 |
| 164885 | Infosys Ltd. ADR (India)<sup>1</sup> | 2757 |
| 418000 | Mastersystem Infotama PT (Indonesia) | 39 |
| 93000 | NEC Corp. (Japan) | 2671 |
| 59400 | Obic Co. Ltd. (Japan) | 2115 |
| 33800 | Otsuka Corp. (Japan) | 640 |
| 44100 | TIS, Inc. (Japan) | 1407 |
| 4200 | Ubicom Holdings, Inc. (Japan) | 28 |
| 15338 | Wix.com Ltd. (Israel)<sup>\*</sup> | 2086 |
| 700 | Zuken, Inc. (Japan) | 27 |
|  |  | 14399 |
| **LEISURE PRODUCTS—0.0%** | **LEISURE PRODUCTS—0.0%** | **LEISURE PRODUCTS—0.0%** |
| 7500 | Sankyo Co. Ltd. (Japan) | 140 |
| **MACHINERY—3.7%** | **MACHINERY—3.7%** | **MACHINERY—3.7%** |
| 8382 | Daechang Forging Co. Ltd. (South Korea) | 37 |
| 5396 | Duerr AG (Germany) | 139 |
| 3602 | DY POWER Corp. (South Korea) | 35 |
| 101 | Exel Industries SA Class A (France) | 5 |
| 74100 | FANUC Corp. (Japan) | 2063 |
| 2900 | Glory Ltd. (Japan) | 74 |
| 74439 | Heidelberger Druckmaschinen AG (Germany)<sup>\*</sup> | 193 |
| 140300 | Komatsu Ltd. (Japan) | 4520 |
| 90200 | Kubota Corp. (Japan) | 1011 |
| 9700 | Makita Corp. (Japan) | 300 |
| 2200 | Nitto Kohki Co. Ltd. (Japan) | 28 |
| 371 | Palfinger AG (Austria) | 15 |
| 2500 | Rheon Automatic Machinery Co. Ltd. (Japan) | 23 |
| 15932 | Schindler Holding AG (Switzerland) | 5762 |
| 6300 | SMC Corp. (Japan) | 2192 |
| 4700 | Sodick Co. Ltd. (Japan) | 28 |
| 252204 | Wartsila OYJ Abp (Finland) | 6968 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| 52300 | Yangzijiang Shipbuilding Holdings Ltd. (China) | $102 |
|  |  | 23495 |
| **MARINE TRANSPORTATION—1.2%** | **MARINE TRANSPORTATION—1.2%** | **MARINE TRANSPORTATION—1.2%** |
| 2657 | AP Moller - Maersk AS Class B (Denmark) | 5247 |
| 2695 | Costamare Bulkers Holdings Ltd. (Monaco)<sup>\*</sup> | 24 |
| 35384 | Costamare, Inc. (Monaco) | 357 |
| 1641 | Euroseas Ltd. (Greece) | 85 |
| 31000 | Orient Overseas International Ltd. (Hong Kong) | 558 |
| 341700 | Samudera Shipping Line Ltd. (Singapore) | 273 |
| 236000 | SITC International Holdings Co. Ltd. (China) | 763 |
|  |  | 7307 |
| **MEDIA—0.1%** | **MEDIA—0.1%** | **MEDIA—0.1%** |
| 6846 | Criteo SA ADR (France)<sup>\*,1</sup> | 167 |
| 741 | KT Millie Seojae Co. Ltd. (South Korea)<sup>\*</sup> | 8 |
| 12224 | LG HelloVision Co. Ltd. (South Korea)<sup>\*</sup> | 26 |
| 19135 | Next 15 Group PLC (United Kingdom) | 71 |
| 3908 | Nexxen International Ltd. (Israel)<sup>\*</sup> | 40 |
| 588 | NZME Ltd. (New Zealand) |  |
| 158443 | Pico Far East Holdings Ltd. (Hong Kong) | 52 |
| 33805 | PRT Co. Ltd. (Australia)<sup>\*</sup> | — <br><sup>x</sup><br>|
|  |  | 364 |
| **METALS & MINING—1.7%** | **METALS & MINING—1.7%** | **METALS & MINING—1.7%** |
| 40700 | Amerigo Resources Ltd. (Canada) | 63 |
| 4237 | Anglogold Ashanti PLC (United Kingdom) | 196 |
| 148760 | BlueScope Steel Ltd. (Australia) | 2255 |
| 11720 | Centerra Gold, Inc. (Canada) | 80 |
| 18750 | Central Asia Metals PLC (United Kingdom) | 36 |
| 4655 | Dongkuk Holdings Co. Ltd. (South Korea) | 28 |
| 29478 | ElvalHalcor SA (Greece) | 85 |
| 33645 | Endeavour Mining PLC (Ivory Coast) | 1021 |
| 129279 | Fortuna Mining Corp. (Canada)<sup>\*</sup> | 834 |
| 67511 | Fresnillo PLC (Mexico) | 1245 |
| 18378 | Harmony Gold Mining Co. Ltd. ADR (South Africa)<sup>1</sup> | 248 |
| 32000 | Hudbay Minerals, Inc. (Canada) | 297 |
| 30100 | Jaguar Mining, Inc. (Canada)<sup>\*</sup> | 80 |
| 14385 | KG Chemical Corp. (South Korea) | 47 |
| 15931 | KG Eco Solution Co. Ltd. (South Korea) | 72 |
| 7070 | KGHM Polska Miedz SA (Poland)<sup>\*</sup> | 239 |
| 177871 | Macmahon Holdings Ltd. (Australia) | 34 |
| 77636 | Northern Star Resources Ltd. (Australia) | 771 |
| 35973 | Perenti Ltd. (Australia) | 40 |
| 7738 | Sibanye Stillwater Ltd. ADR (South Africa)<sup>\*,1</sup> | 65 |
| 1509774 | South32 Ltd. (Australia) | 2823 |
| 35924 | SSAB AB Class B (Sweden) | 203 |
| 2200 | Topy Industries Ltd. (Japan) | 38 |
| 88 | Tree Island Steel Ltd. (Canada) |  |
| 46000 | Volcan Cia Minera SAA Class B (Peru)<sup>\*</sup> | 3 |
|  |  | 10803 |
| **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** |
| 131343 | A2A SpA (Italy) | 320 |
| 1589073 | Centrica PLC (United Kingdom) | 3454 |
| 102968 | Engie SA (France) | 2315 |
| 38783 | Hera SpA (Italy) | 166 |
|  |  | 6255 |
| **OFFICE REITS—0.0%** | **OFFICE REITS—0.0%** | **OFFICE REITS—0.0%** |
| 11863 | Helical PLC (United Kingdom) | 35 |
| **OIL, GAS & CONSUMABLE FUELS—2.4%** | **OIL, GAS & CONSUMABLE FUELS—2.4%** | **OIL, GAS & CONSUMABLE FUELS—2.4%** |
| 227546 | Adnoc Gas PLC (United Arab Emirates) | 206 |
| 140442 | ADNOC Logistics & Services (United Arab Emirates) | 178 |
| 5622600 | Alamtri Resources Indonesia Tbk. PT (Indonesia) | 630 |
| 270500 | Baramulti Suksessarana Tbk. PT (Indonesia) | 64 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 322100 | ENEOS Holdings, Inc. (Japan) | $1691 |
| 41848 | Hafnia Ltd. (Singapore) | 230 |
| 507155 | Horizon Oil Ltd. (Australia) | 67 |
| 129200 | Idemitsu Kosan Co. Ltd. (Japan) | 831 |
| 224722 | ORLEN SA (Poland) | 5004 |
| 700 | Paramount Resources Ltd. Class A (Canada) | 11 |
| 512000 | Petron Corp. (Philippines) | 22 |
| 87400 | Petronas Dagangan Bhd. (Malaysia) | 441 |
| 96500 | Petroreconcavo SA (Brazil) | 231 |
| 718500 | PTT Exploration & Production PCL NVDR (Thailand)<sup>1</sup> | 2766 |
| 902452 | Resource Alam Indonesia Tbk. PT (Indonesia) | 18 |
| 33735 | Shell PLC (United States) | 1212 |
| 392700 | Thai Oil PCL NVDR (Thailand)<sup>1</sup> | 413 |
| 38775 | Tsakos Energy Navigation Ltd. (Greece) | 748 |
| 112800 | Ultrapar Participacoes SA (Brazil) | 346 |
|  |  | 15109 |
| **PASSENGER AIRLINES—1.2%** | **PASSENGER AIRLINES—1.2%** | **PASSENGER AIRLINES—1.2%** |
| 95602 | Air New Zealand Ltd. (New Zealand) | 33 |
| 312725 | International Consolidated Airlines Group SA (United Kingdom) | 1562 |
| 500053 | Qantas Airways Ltd. (Australia) | 3468 |
| 34876 | Ryanair Holdings PLC ADR (Italy)<sup>1</sup> | 2172 |
|  |  | 7235 |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| 25855 | Beiersdorf AG (Germany) | 3213 |
| **PHARMACEUTICALS—11.2%** | **PHARMACEUTICALS—11.2%** | **PHARMACEUTICALS—11.2%** |
| 87200 | Astellas Pharma, Inc. (Japan) | 904 |
| 119775 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 8754 |
| 59798 | Bayer AG (Germany) | 1860 |
| 115300 | Daiichi Sankyo Co. Ltd. (Japan) | 2829 |
| 97200 | Eisai Co. Ltd. (Japan) | 2726 |
| 169755 | GSK PLC ADR (United States)<sup>1</sup> | 6306 |
| 82444 | Haleon PLC ADR (United States)<sup>1</sup> | 777 |
| 22942 | Hikma Pharmaceuticals PLC (Jordan) | 593 |
| 726 | Ipsen SA (France) | 86 |
| 15100 | Knight Therapeutics, Inc. (Canada)<sup>\*</sup> | 66 |
| 31700 | Nippon Shinyaku Co. Ltd. (Japan) | 683 |
| 177864 | Novartis AG (United States) | 20256 |
| 23712 | Novo Nordisk AS ADR (Denmark)<sup>1</sup> | 1116 |
| 101000 | Ono Pharmaceutical Co. Ltd. (Japan) | 1129 |
| 79 | Orion OYJ Class A (Finland) | 6 |
| 4505 | Orion OYJ Class B (Finland) | 361 |
| 8492 | Richter Gedeon Nyrt (Hungary) | 255 |
| 65500 | Roche Holding AG (United States) | 20441 |
| 6026 | Sandoz Group AG (Switzerland) | 345 |
| 30600 | Santen Pharmaceutical Co. Ltd. (Japan) | 338 |
| 5600 | Seikagaku Corp. (Japan) | 24 |
| 26300 | Shionogi & Co. Ltd. (Japan) | 440 |
| 383 | Vetoquinol SA (France) | 34 |
|  |  | 70329 |
| **PROFESSIONAL SERVICES—3.7%** | **PROFESSIONAL SERVICES—3.7%** | **PROFESSIONAL SERVICES—3.7%** |
| 1600 | Career Design Center Co. Ltd. (Japan) | 21 |
| 21364 | Computershare Ltd. (Australia) | 575 |
| 90556 | Experian PLC (United Kingdom) | 4771 |
| 4400 | JAC Recruitment Co. Ltd. (Japan) | 31 |
| 989 | Pagegroup PLC (United Kingdom) | 3 |
| 96300 | Recruit Holdings Co. Ltd. (Japan) | 5714 |
| 19258 | RELX PLC (United Kingdom) | 1001 |
| 4200 | Space Co. Ltd. (Japan) | 33 |
| 72679 | Wolters Kluwer NV (Netherlands) | 11320 |
|  |  | 23469 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** |
| 151515 | Aldar Properties PJSC (United Arab Emirates) | 391 |

---

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** |
| 8839 | Cedar Woods Properties Ltd. (Australia) | $42 |
| 47773 | Emaar Development PJSC (United Arab Emirates) | 195 |
| 79335 | Emaar Properties PJSC (United Arab Emirates) | 329 |
| 116681 | Ever Reach Group Holdings Co. Ltd. (China)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 688400 | LBS Bina Group Bhd. (Malaysia) | 75 |
| 1077 | Melcor Developments Ltd. (Canada) | 11 |
| 460000 | Midland Holdings Ltd. (Hong Kong)<sup>\*</sup> | 103 |
| 12963 | Modern Land China Co. Ltd. (China)<sup>\*</sup> | — <br><sup>x</sup><br>|
| 2400 | Propnex Ltd. (Singapore) | 3 |
| 8276 | Servcorp Ltd. (Australia) | 31 |
| 5025 | SK D&D Co. Ltd. (South Korea) | 35 |
|  |  | 1215 |
| **RETAIL REITS—0.6%** | **RETAIL REITS—0.6%** | **RETAIL REITS—0.6%** |
| 98539 | Klepierre SA (France) | 3761 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.3%** |
| 6600 | Advantest Corp. (Japan) | 439 |
| 16102 | ARM Holdings PLC ADR (United States)<sup>\*,1</sup> | 2276 |
| 5871 | ASML Holding NV New York Registry Shares (Netherlands) | 4079 |
| 5723 | ChipMOS Technologies, Inc. ADR (Taiwan)<sup>1</sup> | 97 |
| 46174 | Himax Technologies, Inc. ADR (Taiwan)<sup>1</sup> | 409 |
| 12200 | Lasertec Corp. (Japan) | 1229 |
| 74400 | Renesas Electronics Corp. (Japan) | 905 |
| 3600 | SCREEN Holdings Co. Ltd. (Japan) | 281 |
| 18455 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 1413 |
| 134179 | STMicroelectronics NV NY Registry Shares (Singapore) | 3412 |
| 4688 | Systems Technology, Inc. (South Korea) | 64 |
| 37200 | Tokyo Electron Ltd. (Japan) | 5914 |
| 3214 | VM, Inc. (South Korea)<sup>\*</sup> | 25 |
|  |  | 20543 |
| **SOFTWARE—3.4%** | **SOFTWARE—3.4%** | **SOFTWARE—3.4%** |
| 2893 | Accesso Technology Group PLC (United Kingdom)<sup>\*</sup> | 17 |
| 1300 | Alpha Systems, Inc. (Japan) | 31 |
| 120100 | Autocount Dotcom Bhd. (Malaysia) | 31 |
| 19803 | Bravura Solutions Ltd. (Australia) | 27 |
| 17261 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 3214 |
| 36931 | Dassault Systemes SE (France) | 1213 |
| 29995 | dotdigital group PLC (United Kingdom) | 29 |
| 33700 | Enghouse Systems Ltd. (Canada) | 558 |
| 5400 | ISB Corp. (Japan) | 54 |
| 5168 | Nice Ltd. ADR (Israel)<sup>\*,1</sup> | 806 |
| 4100 | PCA Corp. (Japan) | 51 |
| 5956 | RADCOM Ltd. (Israel)<sup>\*</sup> | 81 |
| 28630 | Sage Group PLC (United Kingdom) | 460 |
| 45990 | SAP SE (Germany) | 13151 |
| 2202 | Shoper SA (Poland) | 28 |
| 1800 | Soliton Systems KK (Japan) | 16 |
| 5737 | Text SA (Poland) | 89 |
| 22600 | Trend Micro, Inc. (Japan) | 1378 |
| 1400 | WingArc1st, Inc. (Japan) | 34 |
|  |  | 21268 |
| **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** |
| 3508 | Avolta AG (Switzerland) | 182 |
| 14567 | DFS Furniture PLC (United Kingdom)<sup>\*</sup> | 31 |
| 14200 | Fast Retailing Co. Ltd. (Japan) | 4331 |
| 4420 | LOTTE Himart Co. Ltd. (South Korea) | 29 |
| 6986 | Naturhouse Health SAU (Spain) | 15 |
| 13600 | Pop Mart International Group Ltd. (China)<sup>2</sup> | 424 |
| 56500 | USS Co. Ltd. (Japan) | 614 |
| 33089 | Zalando SE (Germany)<sup>\*,2</sup> | 965 |
|  |  | 6591 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.8%** |
| 33300 | Brother Industries Ltd. (Japan) | $566 |
| 34614 | Logitech International SA (Switzerland) | 3210 |
| 92000 | Ricoh Co. Ltd. (Japan) | 807 |
| 13100 | Seiko Epson Corp. (Japan) | 166 |
| 4000 | Toshiba TEC Corp. (Japan) | 80 |
| 6000 | Wacom Co. Ltd. (Japan) | 26 |
|  |  | 4855 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** |
| 27466 | adidas AG (Germany) | 5250 |
| 6452 | Nature Holdings Co. Ltd. (South Korea) | 54 |
| 17786 | Pandora AS (Denmark) | 2936 |
| 121200 | Poh Kong Holdings Bhd. (Malaysia) | 28 |
|  |  | 8268 |
| **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** |
| 11005 | AJ Networks Co. Ltd. (South Korea) | 34 |
| 1600 | Nanyo Corp. (Japan) | 14 |
| 152987 | New Times Corp. Ltd. (Hong Kong)<sup>\*</sup> | 1 |
| 900 | Nice Corp. (Japan) | 11 |
| 2300 | Parker Corp. (Japan) | 15 |
| 34095 | Rexel SA (France) | 1031 |
| 8200 | Speedy Hire PLC (United Kingdom) | 3 |
| 45000 | Sumitomo Corp. (Japan) | 1150 |
|  |  | 2259 |
| **TRANSPORTATION INFRASTRUCTURE—0.5%** | **TRANSPORTATION INFRASTRUCTURE—0.5%** | **TRANSPORTATION INFRASTRUCTURE—0.5%** |
| 105296 | Aena SME SA (Spain)<sup>2</sup> | 2836 |
| 74000 | Qilu Expressway Co. Ltd. (China) | 19 |
|  |  | 2855 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 37369 | Tele2 AB Class B (Sweden) | 578 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $524,357) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $524,357) | 592928 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.9%** | **EXCHANGE-TRADED FUNDS—0.9%** | **EXCHANGE-TRADED FUNDS—0.9%** |
| &nbsp;&nbsp;&nbsp; (Cost $5,737) | &nbsp;&nbsp;&nbsp; (Cost $5,737) | &nbsp;&nbsp;&nbsp; (Cost $5,737) |
| **CAPITAL MARKETS—0.9%** | **CAPITAL MARKETS—0.9%** | **CAPITAL MARKETS—0.9%** |
| 67792 | iShares MSCI EAFE ETF (United States) | 5933 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.1%** | **PREFERRED STOCKS—0.1%** | **PREFERRED STOCKS—0.1%** |
| **HOUSEHOLD DURABLES—0.0%** | **HOUSEHOLD DURABLES—0.0%** | **HOUSEHOLD DURABLES—0.0%** |
| 450 | Einhell Germany AG (Germany) | 38 |
| **MACHINERY—0.1%** | **MACHINERY—0.1%** | **MACHINERY—0.1%** |
| 173 | KSB SE & Co. KGaA (Germany) | 185 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.0%** | **TEXTILES, APPAREL & LUXURY GOODS—0.0%** | **TEXTILES, APPAREL & LUXURY GOODS—0.0%** |
| 38100 | Alpargatas SA (Brazil) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $132) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $132) | 281 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—95.3%** <br>(Cost $530,226) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—95.3%** <br>(Cost $530,226) | 599142 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—4.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—4.7%** | 29494 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $628636 |

---

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

------

⬤

------

**Harbor International Core Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of July 31, 2025 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Africa | &nbsp;&nbsp; $313 | &nbsp;&nbsp; $1606 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1919 |
| &nbsp;&nbsp;&nbsp; Europe | &nbsp;&nbsp; 32302 | &nbsp;&nbsp; 285041 | &nbsp;&nbsp; — | &nbsp;&nbsp; 317343 |
| &nbsp;&nbsp;&nbsp; Latin America | &nbsp;&nbsp; 1506 | &nbsp;&nbsp; 2604 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4110 |
| &nbsp;&nbsp;&nbsp; Middle East/Central Asia | &nbsp;&nbsp; 9636 | &nbsp;&nbsp; 10591 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20227 |
| &nbsp;&nbsp;&nbsp; North America | &nbsp;&nbsp; 20635 | &nbsp;&nbsp; 42441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 63076 |
| &nbsp;&nbsp;&nbsp; Pacific Basin | &nbsp;&nbsp; 14333 | &nbsp;&nbsp; 171920 | &nbsp;&nbsp; — | &nbsp;&nbsp; 186253 |
| Exchange-Traded Funds |  |  |  |  |
| &nbsp;&nbsp;&nbsp; North America | &nbsp;&nbsp; 5933 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5933 |
| Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Europe | &nbsp;&nbsp; — | &nbsp;&nbsp; 223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; Latin America | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | &nbsp;&nbsp; $84716 | &nbsp;&nbsp; $514426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $599142 |

---

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 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** <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 | $— | $— | $2 | $— | $2 | $— | $— | $— | $— | $(27) |

---

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;&nbsp; Ever Reach Group Holdings Co. Ltd. (China)\* | &nbsp;&nbsp; $— | Market Approach | Estimated Recovery Value | HKD 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jaya Bersama Indo Tbk. PT (Indonesia)\*. | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | IDR 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Modern Land China Co. Ltd. (China)\* | &nbsp;&nbsp; — | Market Approach | Estimated Recovery Value | HKD 0.00 |
|  | &nbsp;&nbsp; $— |  |  |  |

---

------

\*

Non-income producing security

x

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

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 $17,786 or 3% of net assets.

HKD

Hong Kong Dollar

IDR

Indonesian Rupiah

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

------

⬤

------

**Harbor International Small Cap Fund**

**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** |
| **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** |
| 146978 | Nippon Express Holdings, Inc. (Japan) | $3229 |
| **BANKS—1.7%** | **BANKS—1.7%** | **BANKS—1.7%** |
| 641624 | Kyushu Financial Group, Inc. (Japan) | 3277 |
| **BEVERAGES—1.7%** | **BEVERAGES—1.7%** | **BEVERAGES—1.7%** |
| 1358403 | C&C Group PLC (Ireland) | 3174 |
| **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** |
| 575199 | Genuit Group PLC (United Kingdom) | 2954 |
| **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** |
| 883756 | TP ICAP Group PLC (United Kingdom) | 3568 |
| **CHEMICALS—6.9%** | **CHEMICALS—6.9%** | **CHEMICALS—6.9%** |
| 141451 | Corbion NV (Netherlands) | 2685 |
| 111655 | Kansai Paint Co. Ltd. (Japan) | 1581 |
| 145028 | NOF Corp. (Japan) | 2887 |
| 205476 | Tosoh Corp. (Japan) | 3093 |
| 291950 | Victrex PLC (United Kingdom) | 2643 |
|  |  | 12889 |
| **COMMERCIAL SERVICES & SUPPLIES—3.6%** | **COMMERCIAL SERVICES & SUPPLIES—3.6%** | **COMMERCIAL SERVICES & SUPPLIES—3.6%** |
| 114686 | ISS AS (Denmark) | 3297 |
| 1285463 | Serco Group PLC (United Kingdom) | 3542 |
|  |  | 6839 |
| **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** |
| 155897 | Raito Kogyo Co. Ltd. (Japan) | 3221 |
| **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** | **CONSTRUCTION MATERIALS—1.6%** |
| 89026 | Wienerberger AG (Austria) | 2984 |
| **CONSUMER FINANCE—2.9%** | **CONSUMER FINANCE—2.9%** | **CONSUMER FINANCE—2.9%** |
| 315700 | AEON Financial Service Co. Ltd. (Japan) | 2839 |
| 23310 | Cembra Money Bank AG (Switzerland) | 2616 |
|  |  | 5455 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** |
| 172025 | Qol Holdings Co. Ltd. (Japan) | 2302 |
| 155375 | San-A Co. Ltd. (Japan) | 3096 |
|  |  | 5398 |
| **CONTAINERS & PACKAGING—4.9%** | **CONTAINERS & PACKAGING—4.9%** | **CONTAINERS & PACKAGING—4.9%** |
| 161611 | Fuji Seal International, Inc. (Japan) | 2969 |
| 92896 | Huhtamaki OYJ (Finland) | 3198 |
| 184768 | SIG Group AG (Switzerland) | 2989 |
|  |  | 9156 |
| **DISTRIBUTORS—3.4%** | **DISTRIBUTORS—3.4%** | **DISTRIBUTORS—3.4%** |
| 343264 | Inchcape PLC (United Kingdom) | 3177 |
| 115800 | PALTAC Corp. (Japan) | 3314 |
|  |  | 6491 |
| **ELECTRICAL EQUIPMENT—0.6%** | **ELECTRICAL EQUIPMENT—0.6%** | **ELECTRICAL EQUIPMENT—0.6%** |
| 8769 | Huber & Suhner AG (Switzerland) | 1171 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—8.1%** |
| 250409 | Anritsu Corp. (Japan) | 2699 |
| 216453 | Hamamatsu Photonics KK (Japan) | 2642 |
| 43707 | Landis & Gyr Group AG (Switzerland) | 3569 |
| 249103 | Optex Group Co. Ltd. (Japan) | 2809 |
| 345178 | Venture Corp. Ltd. (Singapore) | 3424 |
|  |  | 15143 |
| **FOOD PRODUCTS—4.9%** | **FOOD PRODUCTS—4.9%** | **FOOD PRODUCTS—4.9%** |
| 68039 | Ariake Japan Co. Ltd. (Japan) | 3014 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** |
| 32484 | Aryzta AG (Switzerland)<sup>\*</sup> | $3049 |
| 220626 | Glanbia PLC (Ireland) | 3205 |
|  |  | 9268 |
| **GAS UTILITIES—1.2%** | **GAS UTILITIES—1.2%** | **GAS UTILITIES—1.2%** |
| 74530 | Rubis SCA (France) | 2360 |
| **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** |
| 678402 | Zigup PLC (United Kingdom) | 3003 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.9%** |
| 154955 | Ansell Ltd. (Australia) | 2966 |
| 846016 | Arjo AB Class B (Sweden) | 2948 |
| 251605 | Nakanishi, Inc. (Japan) | 3239 |
|  |  | 9153 |
| **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** |
| 116790 | Fagron (Belgium) | 2888 |
| 187875 | Sonic Healthcare Ltd. (Australia) | 3317 |
|  |  | 6205 |
| **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** |
| 207944 | Resorttrust, Inc. (Japan) | 2576 |
| **INSURANCE—3.0%** | **INSURANCE—3.0%** | **INSURANCE—3.0%** |
| 47394 | ASR Nederland NV (Netherlands) | 3148 |
| 129935 | Coface SA (France) | 2416 |
|  |  | 5564 |
| **IT SERVICES—1.7%** | **IT SERVICES—1.7%** | **IT SERVICES—1.7%** |
| 184529 | TietoEVRY OYJ (Finland) | 3176 |
| **LEISURE PRODUCTS—1.4%** | **LEISURE PRODUCTS—1.4%** | **LEISURE PRODUCTS—1.4%** |
| 162891 | Spin Master Corp. (Canada)<sup>1</sup> | 2680 |
| **MACHINERY—8.4%** | **MACHINERY—8.4%** | **MACHINERY—8.4%** |
| 84356 | Aalberts NV (Netherlands) | 2696 |
| 56407 | Construcciones y Auxiliar de Ferrocarriles SA (Spain) | 3416 |
| 200139 | METAWATER Co. Ltd. (Japan) | 3638 |
| 1040505 | Morgan Advanced Materials PLC (United Kingdom) | 3184 |
| 156915 | Norma Group SE (Germany) | 2793 |
|  |  | 15727 |
| **MARINE TRANSPORTATION—1.6%** | **MARINE TRANSPORTATION—1.6%** | **MARINE TRANSPORTATION—1.6%** |
| 65980 | Clarkson PLC (United Kingdom) | 3004 |
| **MEDIA—1.2%** | **MEDIA—1.2%** | **MEDIA—1.2%** |
| 57843 | RTL Group SA (Luxembourg) | 2280 |
| **METALS & MINING—2.2%** | **METALS & MINING—2.2%** | **METALS & MINING—2.2%** |
| 100459 | Aperam SA (Luxembourg) | 2955 |
| 28644 | Bekaert SA (Belgium) | 1180 |
|  |  | 4135 |
| **PERSONAL CARE PRODUCTS—1.4%** | **PERSONAL CARE PRODUCTS—1.4%** | **PERSONAL CARE PRODUCTS—1.4%** |
| 346781 | Ontex Group NV (Belgium)<sup>\*</sup> | 2689 |
| **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** |
| 2996992 | Hays PLC (United Kingdom) | 2519 |
| 188692 | Tinexta SpA (Italy) | 3116 |
|  |  | 5635 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.1%** |
| 404578 | ASMPT Ltd. (Hong Kong) | 3423 |
| 331757 | X-Fab Silicon Foundries SE (Belgium)<sup>\*,1</sup> | 2413 |
|  |  | 5836 |

---

------

⬤

------

**Harbor International Small Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—2.9%** | **SOFTWARE—2.9%** | **SOFTWARE—2.9%** |
| 207806 | Computer Engineering & Consulting Ltd. (Japan) | $3075 |
| 382498 | TomTom NV (Netherlands)<sup>\*</sup> | 2303 |
|  |  | 5378 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.8%** | **TEXTILES, APPAREL & LUXURY GOODS—1.8%** | **TEXTILES, APPAREL & LUXURY GOODS—1.8%** |
| 3427699 | Coats Group PLC (United Kingdom) | 3343 |
| **TRADING COMPANIES & DISTRIBUTORS—3.4%** | **TRADING COMPANIES & DISTRIBUTORS—3.4%** | **TRADING COMPANIES & DISTRIBUTORS—3.4%** |
| 389508 | BOC Aviation Ltd. (China)<sup>1</sup> | 3539 |
| 380692 | RS Group PLC (United Kingdom) | 2801 |
|  |  | 6340 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $163,655) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $163,655) | 183301 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.6%** <br>(Cost $163,655) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.6%** <br>(Cost $163,655) | 183301 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.4%** | 4544 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $187845 |

---

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

**FAIR VALUE MEASUREMENTS**

The following table summarizes the Fund's investments as of July 31, 2025 based on the inputs used to value them.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Category** | **Quoted Prices** <br>**Level 1** <br>**(000s)**<br>| **Other Significant** <br>**Observable Inputs** <br>**Level 2** <br>**(000s)**<br>| **Significant** <br>**Unobservable** <br>**Inputs** <br>**Level 3** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Europe | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108450 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $108450 |
| &nbsp;&nbsp;&nbsp; North America | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2680 |
| &nbsp;&nbsp;&nbsp; Pacific Basin | &nbsp;&nbsp; — | &nbsp;&nbsp; 72171 | &nbsp;&nbsp; — | &nbsp;&nbsp; 72171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | &nbsp;&nbsp; $2680 | &nbsp;&nbsp; $180621 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $183301 |

---

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 $8,632 or 5% of net assets.

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

------

⬤

------

**Harbor Large Cap Value Fund**

**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%** |
| 93700 | General Dynamics Corp.  | $29198 |
| **BANKS—10.1%** | **BANKS—10.1%** | **BANKS—10.1%** |
| 183596 | Commerce Bancshares, Inc.  | 11236 |
| 173100 | Cullen/Frost Bankers, Inc.  | 22055 |
| 2046100 | Mitsubishi UFJ Financial Group, Inc. ADR (Japan)<sup>1</sup> | 28441 |
| 147400 | PNC Financial Services Group, Inc.  | 28046 |
| 656600 | U.S. Bancorp  | 29521 |
| 220782 | Wells Fargo & Co.  | 17801 |
|  |  | 137100 |
| **BEVERAGES—3.2%** | **BEVERAGES—3.2%** | **BEVERAGES—3.2%** |
| 422800 | Coca-Cola Co.  | 28704 |
| 86500 | Constellation Brands, Inc. Class A | 14449 |
|  |  | 43153 |
| **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** |
| 106700 | Amgen, Inc.  | 31487 |
| **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** |
| 77000 | Ameriprise Financial, Inc.  | 39900 |
| 184700 | Blackstone, Inc.  | 31946 |
|  |  | 71846 |
| **CHEMICALS—10.2%** | **CHEMICALS—10.2%** | **CHEMICALS—10.2%** |
| 95600 | Air Products & Chemicals, Inc.  | 27521 |
| 662900 | Corteva, Inc.  | 47815 |
| 128800 | Ecolab, Inc.  | 33715 |
| 255000 | RPM International, Inc.  | 29940 |
|  |  | 138991 |
| **CONSTRUCTION MATERIALS—2.8%** | **CONSTRUCTION MATERIALS—2.8%** | **CONSTRUCTION MATERIALS—2.8%** |
| 66700 | Martin Marietta Materials, Inc.  | 38344 |
| **CONSUMER FINANCE—3.6%** | **CONSUMER FINANCE—3.6%** | **CONSUMER FINANCE—3.6%** |
| 229900 | Capital One Financial Corp.  | 49428 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.1%** |
| 675200 | Verizon Communications, Inc.  | 28872 |
| **ELECTRIC UTILITIES—2.1%** | **ELECTRIC UTILITIES—2.1%** | **ELECTRIC UTILITIES—2.1%** |
| 389600 | Xcel Energy, Inc.  | 28612 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** |
| 56800 | Teledyne Technologies, Inc. <sup>\*</sup> | 31298 |
| **GAS UTILITIES—2.6%** | **GAS UTILITIES—2.6%** | **GAS UTILITIES—2.6%** |
| 228400 | Atmos Energy Corp.  | 35612 |
| **GROUND TRANSPORTATION—2.3%** | **GROUND TRANSPORTATION—2.3%** | **GROUND TRANSPORTATION—2.3%** |
| 351400 | Uber Technologies, Inc. <sup>\*</sup> | 30835 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.5%** |
| 302700 | Alcon AG  | 26501 |
| 224900 | Medtronic PLC  | 20295 |
|  |  | 46796 |
| **HOUSEHOLD DURABLES—5.1%** | **HOUSEHOLD DURABLES—5.1%** | **HOUSEHOLD DURABLES—5.1%** |
| 283700 | Lennar Corp. Class A | 31825 |
| 7126 | Lennar Corp. Class B | 764 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 1522800 | Sony Group Corp. ADR (Japan)<sup>1</sup> | $37035 |
|  |  | 69624 |
| **HOUSEHOLD PRODUCTS—1.8%** | **HOUSEHOLD PRODUCTS—1.8%** | **HOUSEHOLD PRODUCTS—1.8%** |
| 161600 | Procter & Gamble Co.  | 24316 |
| **INSURANCE—2.2%** | **INSURANCE—2.2%** | **INSURANCE—2.2%** |
| 375900 | American International Group, Inc.  | 29181 |
| **INTERACTIVE MEDIA & SERVICES—2.5%** | **INTERACTIVE MEDIA & SERVICES—2.5%** | **INTERACTIVE MEDIA & SERVICES—2.5%** |
| 179200 | Alphabet, Inc. Class C | 34561 |
| **LIFE SCIENCES TOOLS & SERVICES—1.8%** | **LIFE SCIENCES TOOLS & SERVICES—1.8%** | **LIFE SCIENCES TOOLS & SERVICES—1.8%** |
| 126300 | Danaher Corp.  | 24901 |
| **MACHINERY—6.6%** | **MACHINERY—6.6%** | **MACHINERY—6.6%** |
| 169300 | Oshkosh Corp.  | 21422 |
| 92200 | Parker-Hannifin Corp.  | 67481 |
|  |  | 88903 |
| **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** |
| 997100 | Coterra Energy, Inc.  | 24319 |
| 416500 | TotalEnergies SE ADR (France)<sup>1</sup> | 24803 |
|  |  | 49122 |
| **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** |
| 252800 | Merck & Co., Inc.  | 19749 |
| **RESIDENTIAL REITS—1.3%** | **RESIDENTIAL REITS—1.3%** | **RESIDENTIAL REITS—1.3%** |
| 302700 | Equity LifeStyle Properties, Inc.  | 18138 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.3%** |
| 412700 | Microchip Technology, Inc.  | 27895 |
| 209800 | QUALCOMM, Inc.  | 30790 |
|  |  | 58685 |
| **SOFTWARE—9.5%** | **SOFTWARE—9.5%** | **SOFTWARE—9.5%** |
| 74400 | Adobe, Inc. <sup>\*</sup> | 26612 |
| 114300 | Microsoft Corp.  | 60979 |
| 64300 | Synopsys, Inc. <sup>\*</sup> | 40732 |
|  |  | 128323 |
| **SPECIALTY RETAIL—1.9%** | **SPECIALTY RETAIL—1.9%** | **SPECIALTY RETAIL—1.9%** |
| 113200 | Lowe's Cos., Inc.  | 25308 |
| **WATER UTILITIES—2.1%** | **WATER UTILITIES—2.1%** | **WATER UTILITIES—2.1%** |
| 202100 | American Water Works Co., Inc.  | 28342 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $792,885) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $792,885) | 1340725 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.8%** <br>(Cost $792,885) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.8%** <br>(Cost $792,885) | 1340725 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.2%** | 15906 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1356631 |

---

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

------

⬤

------

**Harbor Large Cap Value Fund**

**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.

------

⬤

------

**Harbor Mid Cap Fund**

**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—6.1%** | **AEROSPACE & DEFENSE—6.1%** | **AEROSPACE & DEFENSE—6.1%** |
| 8153 | General Dynamics Corp.  | $2540 |
| 49741 | Hexcel Corp.  | 2980 |
| 17916 | Woodward, Inc.  | 4606 |
|  |  | 10126 |
| **BANKS—3.3%** | **BANKS—3.3%** | **BANKS—3.3%** |
| 26583 | East West Bancorp, Inc.  | 2665 |
| 22096 | Wintrust Financial Corp.  | 2828 |
|  |  | 5493 |
| **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** |
| 55839 | Masco Corp.  | 3804 |
| **CAPITAL MARKETS—9.9%** | **CAPITAL MARKETS—9.9%** | **CAPITAL MARKETS—9.9%** |
| 16032 | Houlihan Lokey, Inc.  | 3057 |
| 24836 | Intercontinental Exchange, Inc.  | 4590 |
| 27508 | Raymond James Financial, Inc.  | 4597 |
| 37203 | Stifel Financial Corp.  | 4246 |
|  |  | 16490 |
| **CHEMICALS—3.7%** | **CHEMICALS—3.7%** | **CHEMICALS—3.7%** |
| 19937 | Albemarle Corp.  | 1353 |
| 24733 | Eastman Chemical Co.  | 1796 |
| 48988 | Scotts Miracle-Gro Co.  | 3069 |
|  |  | 6218 |
| **COMMERCIAL SERVICES & SUPPLIES—2.5%** | **COMMERCIAL SERVICES & SUPPLIES—2.5%** | **COMMERCIAL SERVICES & SUPPLIES—2.5%** |
| 18259 | Republic Services, Inc.  | 4211 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** |
| 28707 | Sysco Corp.  | 2285 |
| **CONTAINERS & PACKAGING—2.2%** | **CONTAINERS & PACKAGING—2.2%** | **CONTAINERS & PACKAGING—2.2%** |
| 11716 | Packaging Corp. of America  | 2270 |
| 48303 | Sealed Air Corp.  | 1414 |
|  |  | 3684 |
| **ELECTRICAL EQUIPMENT—1.2%** | **ELECTRICAL EQUIPMENT—1.2%** | **ELECTRICAL EQUIPMENT—1.2%** |
| 66596 | Sensata Technologies Holding PLC  | 2049 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** |
| 21308 | Arrow Electronics, Inc. <sup>\*</sup> | 2472 |
| 20451 | Keysight Technologies, Inc. <sup>\*</sup> | 3352 |
|  |  | 5824 |
| **ENERGY EQUIPMENT & SERVICES—1.2%** | **ENERGY EQUIPMENT & SERVICES—1.2%** | **ENERGY EQUIPMENT & SERVICES—1.2%** |
| 40732 | Helmerich & Payne, Inc.  | 660 |
| 38070 | Schlumberger NV  | 1287 |
|  |  | 1947 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 23911 | Global Payments, Inc.  | 1912 |
| **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** | **GROUND TRANSPORTATION—1.7%** |
| 78689 | CSX Corp.  | 2797 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** |
| 54195 | Dentsply Sirona, Inc.  | 776 |
| **HEALTH CARE PROVIDERS & SERVICES—4.2%** | **HEALTH CARE PROVIDERS & SERVICES—4.2%** | **HEALTH CARE PROVIDERS & SERVICES—4.2%** |
| 10311 | Cencora, Inc.  | 2950 |
| 44637 | Centene Corp. <sup>\*</sup> | 1163 |
| 11304 | Labcorp Holdings, Inc.  | 2940 |
|  |  | 7053 |
| **HOTELS, RESTAURANTS & LEISURE—2.0%** | **HOTELS, RESTAURANTS & LEISURE—2.0%** | **HOTELS, RESTAURANTS & LEISURE—2.0%** |
| 17060 | Darden Restaurants, Inc.  | 3440 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—2.1%** | **HOUSEHOLD DURABLES—2.1%** | **HOUSEHOLD DURABLES—2.1%** |
| 24425 | DR Horton, Inc.  | $3489 |
| **INDUSTRIAL REITS—1.1%** | **INDUSTRIAL REITS—1.1%** | **INDUSTRIAL REITS—1.1%** |
| 112672 | Americold Realty Trust, Inc.  | 1812 |
| **INSURANCE—5.4%** | **INSURANCE—5.4%** | **INSURANCE—5.4%** |
| 9660 | Progressive Corp.  | 2338 |
| 19012 | Reinsurance Group of America, Inc.  | 3659 |
| 12401 | RenaissanceRe Holdings Ltd. (Bermuda) | 3023 |
|  |  | 9020 |
| **IT SERVICES—1.4%** | **IT SERVICES—1.4%** | **IT SERVICES—1.4%** |
| 30317 | Akamai Technologies, Inc. <sup>\*</sup> | 2313 |
| **LIFE SCIENCES TOOLS & SERVICES—6.8%** | **LIFE SCIENCES TOOLS & SERVICES—6.8%** | **LIFE SCIENCES TOOLS & SERVICES—6.8%** |
| 20828 | Agilent Technologies, Inc.  | 2391 |
| 7570 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 1832 |
| 20211 | IQVIA Holdings, Inc. <sup>\*</sup> | 3756 |
| 70056 | Qiagen NV  | 3457 |
|  |  | 11436 |
| **MACHINERY—5.7%** | **MACHINERY—5.7%** | **MACHINERY—5.7%** |
| 8667 | Cummins, Inc.  | 3186 |
| 17402 | Dover Corp.  | 3152 |
| 9866 | Snap-on, Inc.  | 3169 |
|  |  | 9507 |
| **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** |
| 29153 | WEC Energy Group, Inc.  | 3180 |
| **OFFICE REITS—1.4%** | **OFFICE REITS—1.4%** | **OFFICE REITS—1.4%** |
| 35901 | BXP, Inc.  | 2349 |
| **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** |
| 94482 | Coterra Energy, Inc.  | 2304 |
| 33880 | Murphy Oil Corp.  | 841 |
|  |  | 3145 |
| **PROFESSIONAL SERVICES—1.8%** | **PROFESSIONAL SERVICES—1.8%** | **PROFESSIONAL SERVICES—1.8%** |
| 12538 | Broadridge Financial Solutions, Inc.  | 3103 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.3%** |
| 35285 | CBRE Group, Inc. Class A<sup>\*</sup> | 5495 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.7%** |
| 9626 | Applied Materials, Inc.  | 1733 |
| 42650 | Entegris, Inc.  | 3346 |
| 39738 | Skyworks Solutions, Inc.  | 2724 |
|  |  | 7803 |
| **SOFTWARE—2.8%** | **SOFTWARE—2.8%** | **SOFTWARE—2.8%** |
| 7538 | Synopsys, Inc. <sup>\*</sup> | 4775 |
| **SPECIALIZED REITS—1.3%** | **SPECIALIZED REITS—1.3%** | **SPECIALIZED REITS—1.3%** |
| 9797 | SBA Communications Corp.  | 2202 |
| **SPECIALTY RETAIL—5.0%** | **SPECIALTY RETAIL—5.0%** | **SPECIALTY RETAIL—5.0%** |
| 18875 | Ross Stores, Inc.  | 2577 |
| 17539 | TJX Cos., Inc.  | 2184 |
| 7125 | Ulta Beauty, Inc. <sup>\*</sup> | 3670 |
|  |  | 8431 |
| **TRADING COMPANIES & DISTRIBUTORS—3.9%** | **TRADING COMPANIES & DISTRIBUTORS—3.9%** | **TRADING COMPANIES & DISTRIBUTORS—3.9%** |
| 71118 | Air Lease Corp.  | 3940 |

---

------

⬤

------

**Harbor Mid Cap Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** |
| 16649 | GATX Corp.  | $2542 |
|  |  | 6482 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $137,500) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $137,500) | 162651 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.3%** <br>(Cost $137,500) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.3%** <br>(Cost $137,500) | 162651 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.7%** | 4484 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $167135 |

---

&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 Fund**

**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—99.4%** | **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| 9300 | Huntington Ingalls Industries, Inc.  | $2593 |
| 61100 | Textron, Inc.  | 4752 |
|  |  | 7345 |
| **AUTOMOBILE COMPONENTS—1.3%** | **AUTOMOBILE COMPONENTS—1.3%** | **AUTOMOBILE COMPONENTS—1.3%** |
| 49100 | BorgWarner, Inc.  | 1807 |
| 68900 | Goodyear Tire & Rubber Co. <sup>\*</sup> | 708 |
| 13700 | Lear Corp.  | 1292 |
| 15700 | Phinia, Inc.  | 796 |
|  |  | 4603 |
| **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** |
| 74100 | General Motors Co.  | 3953 |
| 78300 | Harley-Davidson, Inc.  | 1905 |
|  |  | 5858 |
| **BANKS—4.6%** | **BANKS—4.6%** | **BANKS—4.6%** |
| 28800 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 1311 |
| 83200 | Citizens Financial Group, Inc.  | 3970 |
| 26600 | Fifth Third Bancorp  | 1106 |
| 175900 | First Horizon Corp.  | 3836 |
| 86800 | Regions Financial Corp.  | 2199 |
| 22700 | Synovus Financial Corp.  | 1072 |
| 45500 | Zions Bancorp NA  | 2440 |
|  |  | 15934 |
| **BEVERAGES—0.9%** | **BEVERAGES—0.9%** | **BEVERAGES—0.9%** |
| 63900 | Molson Coors Beverage Co. Class B | 3113 |
| **BIOTECHNOLOGY—3.5%** | **BIOTECHNOLOGY—3.5%** | **BIOTECHNOLOGY—3.5%** |
| 8200 | Biogen, Inc. <sup>\*</sup> | 1050 |
| 21400 | BioMarin Pharmaceutical, Inc. <sup>\*</sup> | 1238 |
| 78000 | Exelixis, Inc. <sup>\*</sup> | 2825 |
| 22900 | Halozyme Therapeutics, Inc. <sup>\*</sup> | 1373 |
| 44400 | Incyte Corp. <sup>\*</sup> | 3325 |
| 8800 | United Therapeutics Corp. <sup>\*</sup> | 2418 |
|  |  | 12229 |
| **BROADLINE RETAIL—1.7%** | **BROADLINE RETAIL—1.7%** | **BROADLINE RETAIL—1.7%** |
| 54700 | eBay, Inc.  | 5019 |
| 82300 | Macy's, Inc.  | 1039 |
|  |  | 6058 |
| **BUILDING PRODUCTS—1.0%** | **BUILDING PRODUCTS—1.0%** | **BUILDING PRODUCTS—1.0%** |
| 13700 | Builders FirstSource, Inc. <sup>\*</sup> | 1742 |
| 13500 | Owens Corning  | 1882 |
|  |  | 3624 |
| **CAPITAL MARKETS—5.0%** | **CAPITAL MARKETS—5.0%** | **CAPITAL MARKETS—5.0%** |
| 5300 | Affiliated Managers Group, Inc.  | 1112 |
| 2300 | Ameriprise Financial, Inc.  | 1192 |
| 56400 | Bank of New York Mellon Corp.  | 5722 |
| 69300 | Federated Hermes, Inc.  | 3435 |
| 54560 | State Street Corp.  | 6097 |
|  |  | 17558 |
| **CHEMICALS—1.8%** | **CHEMICALS—1.8%** | **CHEMICALS—1.8%** |
| 19500 | Eastman Chemical Co.  | 1416 |
| 43600 | Koppers Holdings, Inc.  | 1433 |
| 4200 | NewMarket Corp.  | 2885 |
| 43200 | Orion SA (Germany) | 419 |
|  |  | 6153 |
| **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** | **COMMERCIAL SERVICES & SUPPLIES—0.9%** |
| 33500 | ABM Industries, Inc.  | 1545 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| 18200 | Brink's Co.  | $1590 |
|  |  | 3135 |
| **CONSUMER FINANCE—2.4%** | **CONSUMER FINANCE—2.4%** | **CONSUMER FINANCE—2.4%** |
| 88200 | Ally Financial, Inc.  | 3338 |
| 133400 | Navient Corp.  | 1726 |
| 46400 | Synchrony Financial  | 3233 |
|  |  | 8297 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** |
| 95300 | Albertsons Cos., Inc. Class A | 1832 |
| 79200 | Kroger Co.  | 5552 |
|  |  | 7384 |
| **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** |
| 46000 | Sonoco Products Co.  | 2073 |
| **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** |
| 153700 | ADT, Inc.  | 1283 |
| 8700 | Adtalem Global Education, Inc. <sup>\*</sup> | 994 |
| 29400 | H&R Block, Inc.  | 1598 |
|  |  | 3875 |
| **DIVERSIFIED REITS—0.8%** | **DIVERSIFIED REITS—0.8%** | **DIVERSIFIED REITS—0.8%** |
| 62318 | American Assets Trust, Inc.  | 1186 |
| 92500 | Broadstone Net Lease, Inc.  | 1502 |
|  |  | 2688 |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| 26230 | Eversource Energy  | 1734 |
| 9400 | NRG Energy, Inc.  | 1572 |
| 15500 | Otter Tail Corp.  | 1196 |
|  |  | 4502 |
| **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** |
| 20200 | Atkore, Inc.  | 1556 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.9%** |
| 23300 | Arrow Electronics, Inc. <sup>\*</sup> | 2703 |
| 24200 | Avnet, Inc.  | 1281 |
| 54400 | Flex Ltd. <sup>\*</sup> | 2713 |
| 8900 | Jabil, Inc.  | 1986 |
| 16900 | Sanmina Corp. <sup>\*</sup> | 1961 |
| 19300 | TD SYNNEX Corp.  | 2787 |
|  |  | 13431 |
| **ENERGY EQUIPMENT & SERVICES—0.6%** | **ENERGY EQUIPMENT & SERVICES—0.6%** | **ENERGY EQUIPMENT & SERVICES—0.6%** |
| 99400 | Halliburton Co.  | 2227 |
| **ENTERTAINMENT—0.9%** | **ENTERTAINMENT—0.9%** | **ENTERTAINMENT—0.9%** |
| 20300 | Electronic Arts, Inc.  | 3096 |
| **FINANCIAL SERVICES—3.3%** | **FINANCIAL SERVICES—3.3%** | **FINANCIAL SERVICES—3.3%** |
| 51588 | Banco Latinoamericano de Comercio Exterior SA (Panama) | 2062 |
| 79000 | Corebridge Financial, Inc.  | 2809 |
| 105300 | MGIC Investment Corp.  | 2727 |
| 77000 | Radian Group, Inc.  | 2511 |
| 169700 | Western Union Co.  | 1366 |
|  |  | 11475 |
| **FOOD PRODUCTS—4.9%** | **FOOD PRODUCTS—4.9%** | **FOOD PRODUCTS—4.9%** |
| 37700 | Archer-Daniels-Midland Co.  | 2043 |
| 22800 | Bunge Global SA  | 1818 |
| 25000 | Campbell's Co.  | 798 |
| 49800 | Conagra Brands, Inc.  | 909 |
| 29600 | Fresh Del Monte Produce, Inc.  | 1113 |

---

------

⬤

------

**Harbor Mid Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** | **FOOD PRODUCTS—Continued** |
| 34200 | General Mills, Inc.  | $1675 |
| 23800 | Ingredion, Inc.  | 3131 |
| 17100 | J.M. Smucker Co.  | 1835 |
| 84600 | Kraft Heinz Co.  | 2323 |
| 59200 | WK Kellogg Co.  | 1365 |
|  |  | 17010 |
| **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** |
| 20300 | National Fuel Gas Co.  | 1762 |
| 92700 | UGI Corp.  | 3354 |
|  |  | 5116 |
| **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** |
| 20000 | Ryder System, Inc.  | 3554 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** |
| 51500 | Baxter International, Inc.  | 1121 |
| **HEALTH CARE PROVIDERS & SERVICES—2.3%** | **HEALTH CARE PROVIDERS & SERVICES—2.3%** | **HEALTH CARE PROVIDERS & SERVICES—2.3%** |
| 12100 | Cardinal Health, Inc.  | 1878 |
| 44900 | Centene Corp. <sup>\*</sup> | 1171 |
| 11500 | DaVita, Inc. <sup>\*</sup> | 1614 |
| 92500 | Premier, Inc. Class A | 1987 |
| 8200 | Universal Health Services, Inc. Class B | 1365 |
|  |  | 8015 |
| **HEALTH CARE REITS—1.3%** | **HEALTH CARE REITS—1.3%** | **HEALTH CARE REITS—1.3%** |
| 75000 | Healthpeak Properties, Inc.  | 1271 |
| 30000 | Omega Healthcare Investors, Inc.  | 1167 |
| 121100 | Sabra Health Care REIT, Inc.  | 2183 |
|  |  | 4621 |
| **HOTEL & RESORT REITS—0.8%** | **HOTEL & RESORT REITS—0.8%** | **HOTEL & RESORT REITS—0.8%** |
| 121000 | Host Hotels & Resorts, Inc.  | 1902 |
| 65800 | Park Hotels & Resorts, Inc.  | 702 |
| 102411 | Service Properties Trust  | 269 |
|  |  | 2873 |
| **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** |
| 77800 | Bloomin' Brands, Inc.  | 709 |
| 9700 | Expedia Group, Inc.  | 1748 |
| 37700 | MGM Resorts International <sup>\*</sup> | 1374 |
|  |  | 3831 |
| **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** |
| 35000 | Ethan Allen Interiors, Inc.  | 1042 |
| 16100 | KB Home  | 890 |
| 22800 | Meritage Homes Corp.  | 1535 |
| 41100 | PulteGroup, Inc.  | 4641 |
| 34500 | Toll Brothers, Inc.  | 4083 |
| 13300 | Whirlpool Corp.  | 1105 |
|  |  | 13296 |
| **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** |
| 40600 | Energizer Holdings, Inc.  | 914 |
| **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** |
| 13100 | Innovative Industrial Properties, Inc.  | 677 |
| **INSURANCE—6.2%** | **INSURANCE—6.2%** | **INSURANCE—6.2%** |
| 6300 | American Financial Group, Inc.  | 787 |
| 45280 | American International Group, Inc.  | 3515 |
| 45100 | CNO Financial Group, Inc.  | 1662 |
| 33800 | Employers Holdings, Inc.  | 1395 |
| 49200 | Fidelis Insurance Holdings Ltd. (United Kingdom) | 743 |
| 44100 | Hartford Insurance Group, Inc.  | 5486 |
| 25800 | Lincoln National Corp.  | 983 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—Continued** | **INSURANCE—Continued** | **INSURANCE—Continued** |
| 110100 | Old Republic International Corp.  | $3982 |
| 20900 | Universal Insurance Holdings, Inc.  | 494 |
| 37000 | Unum Group  | 2657 |
|  |  | 21704 |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| 50000 | Match Group, Inc.  | 1713 |
| 36100 | Yelp, Inc. <sup>\*</sup> | 1243 |
|  |  | 2956 |
| **IT SERVICES—0.9%** | **IT SERVICES—0.9%** | **IT SERVICES—0.9%** |
| 23200 | Amdocs Ltd.  | 1980 |
| 73300 | DXC Technology Co. <sup>\*</sup> | 998 |
|  |  | 2978 |
| **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** | **LEISURE PRODUCTS—0.3%** |
| 64100 | Mattel, Inc. <sup>\*</sup> | 1090 |
| **MACHINERY—6.1%** | **MACHINERY—6.1%** | **MACHINERY—6.1%** |
| 10200 | AGCO Corp.  | 1203 |
| 41900 | Allison Transmission Holdings, Inc.  | 3774 |
| 239900 | CNH Industrial NV  | 3109 |
| 10400 | Cummins, Inc.  | 3823 |
| 65235 | Gates Industrial Corp. PLC <sup>\*</sup> | 1618 |
| 31950 | Mueller Industries, Inc.  | 2728 |
| 22600 | Oshkosh Corp.  | 2860 |
| 4500 | Snap-on, Inc.  | 1445 |
| 77500 | Titan International, Inc. <sup>\*</sup> | 656 |
|  |  | 21216 |
| **MEDIA—2.7%** | **MEDIA—2.7%** | **MEDIA—2.7%** |
| 86200 | Fox Corp. Class A | 4806 |
| 13100 | Nexstar Media Group, Inc.  | 2451 |
| 42600 | Sirius XM Holdings, Inc.  | 900 |
| 78300 | TEGNA, Inc.  | 1308 |
|  |  | 9465 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** |
| 53000 | Annaly Capital Management, Inc.  | 1078 |
| **OFFICE REITS—1.5%** | **OFFICE REITS—1.5%** | **OFFICE REITS—1.5%** |
| 99400 | Brandywine Realty Trust  | 398 |
| 78500 | Cousins Properties, Inc.  | 2127 |
| 57700 | Highwoods Properties, Inc.  | 1674 |
| 138248 | Piedmont Realty Trust, Inc.  | 1045 |
|  |  | 5244 |
| **OIL, GAS & CONSUMABLE FUELS—4.9%** | **OIL, GAS & CONSUMABLE FUELS—4.9%** | **OIL, GAS & CONSUMABLE FUELS—4.9%** |
| 91300 | APA Corp.  | 1761 |
| 5700 | Chord Energy Corp.  | 629 |
| 71000 | Civitas Resources, Inc.  | 2155 |
| 33200 | Devon Energy Corp.  | 1103 |
| 132800 | DHT Holdings, Inc.  | 1473 |
| 34700 | HF Sinclair Corp.  | 1525 |
| 14100 | Marathon Petroleum Corp.  | 2399 |
| 50740 | Matador Resources Co.  | 2531 |
| 8300 | Phillips 66  | 1026 |
| 25900 | Scorpio Tankers, Inc. (Monaco) | 1171 |
| 10700 | Valero Energy Corp.  | 1469 |
|  |  | 17242 |
| **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** |
| 12654 | Magnera Corp. <sup>\*</sup> | 157 |
| 20900 | Sylvamo Corp.  | 963 |
|  |  | 1120 |

---

------

⬤

------

**Harbor Mid Cap Value Fund**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** |
| 43300 | Delta Air Lines, Inc.  | $2304 |
| 31500 | United Airlines Holdings, Inc. <sup>\*</sup> | 2782 |
|  |  | 5086 |
| **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** |
| 115300 | Herbalife Ltd. <sup>\*</sup> | 1061 |
| **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** |
| 40400 | Harmony Biosciences Holdings, Inc. <sup>\*</sup> | 1421 |
| 29400 | Jazz Pharmaceuticals PLC <sup>\*</sup> | 3370 |
| 104900 | Organon & Co.  | 1018 |
| 142800 | Viatris, Inc.  | 1248 |
|  |  | 7057 |
| **PROFESSIONAL SERVICES—2.4%** | **PROFESSIONAL SERVICES—2.4%** | **PROFESSIONAL SERVICES—2.4%** |
| 26400 | CSG Systems International, Inc.  | 1649 |
| 29900 | Genpact Ltd.  | 1317 |
| 27500 | ManpowerGroup, Inc.  | 1134 |
| 14760 | Science Applications International Corp.  | 1645 |
| 22400 | SS&C Technologies Holdings, Inc.  | 1915 |
| 65200 | Upwork, Inc. <sup>\*</sup> | 780 |
|  |  | 8440 |
| **RETAIL REITS—0.8%** | **RETAIL REITS—0.8%** | **RETAIL REITS—0.8%** |
| 39100 | Brixmor Property Group, Inc.  | 1022 |
| 72500 | Kite Realty Group Trust  | 1593 |
|  |  | 2615 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** |
| 12900 | ACM Research, Inc. Class A<sup>\*</sup> | 392 |
| 50000 | Amkor Technology, Inc.  | 1128 |
| 24000 | Cirrus Logic, Inc. <sup>\*</sup> | 2417 |
| 45900 | Photronics, Inc. <sup>\*</sup> | 934 |
|  |  | 4871 |
| **SOFTWARE—2.1%** | **SOFTWARE—2.1%** | **SOFTWARE—2.1%** |
| 108800 | Dropbox, Inc. Class A<sup>\*</sup> | 2956 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 81100 | Gen Digital, Inc.  | $2392 |
| 27000 | Zoom Communications, Inc. <sup>\*</sup> | 1999 |
|  |  | 7347 |
| **SPECIALIZED REITS—0.5%** | **SPECIALIZED REITS—0.5%** | **SPECIALIZED REITS—0.5%** |
| 33000 | EPR Properties  | 1816 |
| **SPECIALTY RETAIL—2.5%** | **SPECIALTY RETAIL—2.5%** | **SPECIALTY RETAIL—2.5%** |
| 7200 | AutoNation, Inc. <sup>\*</sup> | 1387 |
| 16400 | Best Buy Co., Inc.  | 1067 |
| 5700 | Dick's Sporting Goods, Inc.  | 1206 |
| 75800 | Gap, Inc.  | 1475 |
| 2600 | Group 1 Automotive, Inc.  | 1071 |
| 36200 | ODP Corp. <sup>\*</sup> | 646 |
| 11200 | Penske Automotive Group, Inc.  | 1875 |
|  |  | 8727 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.0%** |
| 147900 | HP, Inc.  | 3668 |
| 25100 | Sandisk Corp. <sup>\*</sup> | 1077 |
| 28200 | Western Digital Corp.  | 2219 |
|  |  | 6964 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** |
| 28100 | G-III Apparel Group Ltd. <sup>\*</sup> | 663 |
| 12350 | PVH Corp.  | 907 |
|  |  | 1570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $296,126) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $296,126) | 346889 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.4%** <br>(Cost $296,126) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.4%** <br>(Cost $296,126) | 346889 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | 1926 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $348815 |

---

&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 Small Cap Growth Fund**

**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—97.1%** | **COMMON STOCKS—97.1%** | **COMMON STOCKS—97.1%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| 435621 | Karman Holdings, Inc. <sup>\*</sup> | $22522 |
| 525610 | Rocket Lab Corp. <sup>\*</sup> | 24136 |
|  |  | 46658 |
| **BANKS—2.1%** | **BANKS—2.1%** | **BANKS—2.1%** |
| 204040 | East West Bancorp, Inc.  | 20455 |
| 161730 | Wintrust Financial Corp.  | 20698 |
|  |  | 41153 |
| **BIOTECHNOLOGY—14.9%** | **BIOTECHNOLOGY—14.9%** | **BIOTECHNOLOGY—14.9%** |
| 1358293 | 89bio, Inc. <sup>\*</sup> | 12904 |
| 535777 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 92957 |
| 970000 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 8264 |
| 320350 | Insmed, Inc. <sup>\*</sup> | 34367 |
| 336520 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 13148 |
| 434980 | Merus NV (Netherlands)<sup>\*</sup> | 28813 |
| 321779 | MoonLake Immunotherapeutics <sup>\*</sup> | 16231 |
| 393500 | Revolution Medicines, Inc. <sup>\*</sup> | 14666 |
| 217081 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 18502 |
| 327500 | Soleno Therapeutics, Inc. <sup>\*</sup> | 28319 |
| 676981 | Vaxcyte, Inc. <sup>\*</sup> | 22983 |
| 253589 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 7745 |
|  |  | 298899 |
| **CAPITAL MARKETS—1.5%** | **CAPITAL MARKETS—1.5%** | **CAPITAL MARKETS—1.5%** |
| 159170 | Houlihan Lokey, Inc.  | 30347 |
| **CHEMICALS—0.9%** | **CHEMICALS—0.9%** | **CHEMICALS—0.9%** |
| 565000 | Avient Corp.  | 17837 |
| **COMMERCIAL SERVICES & SUPPLIES—2.1%** | **COMMERCIAL SERVICES & SUPPLIES—2.1%** | **COMMERCIAL SERVICES & SUPPLIES—2.1%** |
| 376254 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 40910 |
| **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** |
| 284170 | Calix, Inc. <sup>\*</sup> | 16110 |
| **CONSTRUCTION & ENGINEERING—9.4%** | **CONSTRUCTION & ENGINEERING—9.4%** | **CONSTRUCTION & ENGINEERING—9.4%** |
| 176050 | Comfort Systems USA, Inc.  | 123816 |
| 289220 | Fluor Corp. <sup>\*</sup> | 16419 |
| 298650 | Primoris Services Corp.  | 28124 |
| 648229 | WillScot Holdings Corp.  | 19025 |
|  |  | 187384 |
| **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** |
| 75913 | FirstCash Holdings, Inc.  | 10118 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** |
| 682790 | Maplebear, Inc. <sup>\*</sup> | 32753 |
| 143750 | Sprouts Farmers Market, Inc. <sup>\*</sup> | 21784 |
|  |  | 54537 |
| **DIVERSIFIED CONSUMER SERVICES—0.6%** | **DIVERSIFIED CONSUMER SERVICES—0.6%** | **DIVERSIFIED CONSUMER SERVICES—0.6%** |
| 86870 | Stride, Inc. <sup>\*</sup> | 11139 |
| **ELECTRICAL EQUIPMENT—3.9%** | **ELECTRICAL EQUIPMENT—3.9%** | **ELECTRICAL EQUIPMENT—3.9%** |
| 303950 | Bloom Energy Corp. Class A<sup>\*</sup> | 11365 |
| 591470 | NEXTracker, Inc. Class A<sup>\*</sup> | 34459 |
| 206305 | Regal Rexnord Corp.  | 31540 |
|  |  | 77364 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.9%** |
| 183164 | Badger Meter, Inc.  | 34574 |
| 74660 | Fabrinet (Thailand)<sup>\*</sup> | 24170 |
|  |  | 58744 |
| **FINANCIAL SERVICES—1.7%** | **FINANCIAL SERVICES—1.7%** | **FINANCIAL SERVICES—1.7%** |
| 328070 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 33791 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GROUND TRANSPORTATION—1.1%** | **GROUND TRANSPORTATION—1.1%** | **GROUND TRANSPORTATION—1.1%** |
| 72148 | Saia, Inc. <sup>\*</sup> | $21806 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—5.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—5.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—5.6%** |
| 263600 | Glaukos Corp. <sup>\*</sup> | 22694 |
| 130624 | iRhythm Technologies, Inc. <sup>\*</sup> | 18311 |
| 348293 | Lantheus Holdings, Inc. <sup>\*</sup> | 24795 |
| 176827 | Masimo Corp. <sup>\*</sup> | 27194 |
| 393430 | PROCEPT BioRobotics Corp. <sup>\*</sup> | 19085 |
|  |  | 112079 |
| **HEALTH CARE PROVIDERS & SERVICES—3.7%** | **HEALTH CARE PROVIDERS & SERVICES—3.7%** | **HEALTH CARE PROVIDERS & SERVICES—3.7%** |
| 242127 | GeneDx Holdings Corp. <sup>\*</sup> | 24685 |
| 318120 | HealthEquity, Inc. <sup>\*</sup> | 30857 |
| 617917 | Option Care Health, Inc. <sup>\*</sup> | 18136 |
|  |  | 73678 |
| **HOTELS, RESTAURANTS & LEISURE—4.7%** | **HOTELS, RESTAURANTS & LEISURE—4.7%** | **HOTELS, RESTAURANTS & LEISURE—4.7%** |
| 302482 | Brinker International, Inc. <sup>\*</sup> | 47671 |
| 1817097 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 20443 |
| 135560 | Texas Roadhouse, Inc.  | 25096 |
|  |  | 93210 |
| **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** |
| 77770 | TopBuild Corp. <sup>\*</sup> | 28808 |
| **INSURANCE—5.2%** | **INSURANCE—5.2%** | **INSURANCE—5.2%** |
| 460272 | Baldwin Insurance Group, Inc. <sup>\*</sup> | 16956 |
| 562212 | Kemper Corp.  | 34627 |
| 213647 | Palomar Holdings, Inc. <sup>\*</sup> | 28306 |
| 94261 | Primerica, Inc.  | 25039 |
|  |  | 104928 |
| **IT SERVICES—1.0%** | **IT SERVICES—1.0%** | **IT SERVICES—1.0%** |
| 529884 | Kyndryl Holdings, Inc. <sup>\*</sup> | 20014 |
| **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** |
| 60559 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 14652 |
| **MACHINERY—3.4%** | **MACHINERY—3.4%** | **MACHINERY—3.4%** |
| 273444 | ITT, Inc.  | 46475 |
| 389425 | Mueller Water Products, Inc. Class A | 9642 |
| 62270 | SPX Technologies, Inc. <sup>\*</sup> | 11357 |
|  |  | 67474 |
| **MEDIA—1.0%** | **MEDIA—1.0%** | **MEDIA—1.0%** |
| 1094140 | NIQ Global Intelligence PLC <sup>\*</sup> | 20176 |
| **OIL, GAS & CONSUMABLE FUELS—1.1%** | **OIL, GAS & CONSUMABLE FUELS—1.1%** | **OIL, GAS & CONSUMABLE FUELS—1.1%** |
| 789300 | Northern Oil & Gas, Inc.  | 22227 |
| **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** |
| 116045 | Verona Pharma PLC ADR (United Kingdom)<sup>\*,1</sup> | 12195 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.9%** |
| 240210 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 26796 |
| 284550 | Lattice Semiconductor Corp. <sup>\*</sup> | 14179 |
| 159910 | Onto Innovation, Inc. <sup>\*</sup> | 15152 |
| 426704 | Rambus, Inc. <sup>\*</sup> | 31546 |
| 607482 | Semtech Corp. <sup>\*</sup> | 31042 |
|  |  | 118715 |
| **SOFTWARE—8.1%** | **SOFTWARE—8.1%** | **SOFTWARE—8.1%** |
| 648189 | Alkami Technology, Inc. <sup>\*</sup> | 14448 |
| 898074 | Braze, Inc. Class A<sup>\*</sup> | 25029 |
| 210100 | Commvault Systems, Inc. <sup>\*</sup> | 39909 |
| 760180 | Dynatrace, Inc. <sup>\*</sup> | 39993 |
| 457700 | Procore Technologies, Inc. <sup>\*</sup> | 32785 |

---

------

⬤

------

**Harbor Small Cap Growth Fund**

**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** |
| 784530 | Riot Platforms, Inc. <sup>\*</sup> | $10521 |
|  |  | 162685 |
| **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** |
| 228510 | Abercrombie & Fitch Co. Class A<sup>\*</sup> | 21941 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** |
| 309250 | IonQ, Inc. <sup>\*</sup> | 12330 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.6%** | **TEXTILES, APPAREL & LUXURY GOODS—1.6%** | **TEXTILES, APPAREL & LUXURY GOODS—1.6%** |
| 627747 | Birkenstock Holding PLC (Germany)<sup>\*</sup> | 31444 |
| **TRADING COMPANIES & DISTRIBUTORS—4.0%** | **TRADING COMPANIES & DISTRIBUTORS—4.0%** | **TRADING COMPANIES & DISTRIBUTORS—4.0%** |
| 99960 | Applied Industrial Technologies, Inc.  | 27139 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** |
| 382188 | FTAI Aviation Ltd.  | $52593 |
|  |  | 79732 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,624,913) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,624,913) | 1943085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.1%** <br>(Cost $1,624,913) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.1%** <br>(Cost $1,624,913) | 1943085 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.9%** | 57704 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $2000789 |

---

&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 Small Cap Value Fund**

**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—98.2%** | **COMMON STOCKS—98.2%** | **COMMON STOCKS—98.2%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—6.2%** | **AEROSPACE & DEFENSE—6.2%** | **AEROSPACE & DEFENSE—6.2%** |
| 561107 | AAR Corp. <sup>\*</sup> | $41920 |
| 653085 | Hexcel Corp.  | 39126 |
| 244503 | Moog, Inc. Class A | 47331 |
|  |  | 128377 |
| **BANKS—15.5%** | **BANKS—15.5%** | **BANKS—15.5%** |
| 998346 | Atlantic Union Bankshares Corp.  | 31648 |
| 608714 | Enterprise Financial Services Corp.  | 33595 |
| 930865 | First Merchants Corp.  | 35485 |
| 87139 | Northeast Bank  | 8642 |
| 500097 | SouthState Corp.  | 47094 |
| 1066751 | Trustmark Corp.  | 39736 |
| 368834 | UMB Financial Corp.  | 40568 |
| 1102802 | United Bankshares, Inc.  | 39171 |
| 1414323 | United Community Banks, Inc.  | 43137 |
|  |  | 319076 |
| **CAPITAL MARKETS—6.3%** | **CAPITAL MARKETS—6.3%** | **CAPITAL MARKETS—6.3%** |
| 429844 | Houlihan Lokey, Inc.  | 81954 |
| 414591 | Stifel Financial Corp.  | 47313 |
|  |  | 129267 |
| **CHEMICALS—3.9%** | **CHEMICALS—3.9%** | **CHEMICALS—3.9%** |
| 480223 | Cabot Corp.  | 34662 |
| 731196 | Scotts Miracle-Gro Co.  | 45817 |
|  |  | 80479 |
| **COMMERCIAL SERVICES & SUPPLIES—2.5%** | **COMMERCIAL SERVICES & SUPPLIES—2.5%** | **COMMERCIAL SERVICES & SUPPLIES—2.5%** |
| 472366 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 51360 |
| **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** |
| 404423 | Everus Construction Group, Inc. <sup>\*</sup> | 30032 |
| **CONSUMER FINANCE—2.3%** | **CONSUMER FINANCE—2.3%** | **CONSUMER FINANCE—2.3%** |
| 353119 | FirstCash Holdings, Inc.  | 47067 |
| **ELECTRICAL EQUIPMENT—1.6%** | **ELECTRICAL EQUIPMENT—1.6%** | **ELECTRICAL EQUIPMENT—1.6%** |
| 355430 | EnerSys  | 32831 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.2%** |
| 353119 | Advanced Energy Industries, Inc.  | 49055 |
| 722414 | CTS Corp.  | 28311 |
| 136811 | Littelfuse, Inc.  | 35206 |
| 274545 | Plexus Corp. <sup>\*</sup> | 35005 |
|  |  | 147577 |
| **ENERGY EQUIPMENT & SERVICES—5.4%** | **ENERGY EQUIPMENT & SERVICES—5.4%** | **ENERGY EQUIPMENT & SERVICES—5.4%** |
| 944731 | Archrock, Inc.  | 22069 |
| 1277512 | Core Laboratories, Inc.  | 13976 |
| 2664565 | Expro Group Holdings NV <sup>\*</sup> | 28724 |
| 818089 | Helmerich & Payne, Inc.  | 13261 |
| 1566385 | Oceaneering International, Inc. <sup>\*</sup> | 33991 |
|  |  | 112021 |
| **FOOD PRODUCTS—1.8%** | **FOOD PRODUCTS—1.8%** | **FOOD PRODUCTS—1.8%** |
| 1139778 | Darling Ingredients, Inc. <sup>\*</sup> | 36906 |
| **GAS UTILITIES—1.7%** | **GAS UTILITIES—1.7%** | **GAS UTILITIES—1.7%** |
| 485769 | ONE Gas, Inc.  | 35315 |
| **GROUND TRANSPORTATION—2.1%** | **GROUND TRANSPORTATION—2.1%** | **GROUND TRANSPORTATION—2.1%** |
| 239881 | Ryder System, Inc.  | 42629 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.1%** |
| 379002 | CONMED Corp.  | 19386 |
| 420600 | Integer Holdings Corp. <sup>\*</sup> | 45639 |
|  |  | 65025 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** | **HOTEL & RESORT REITS—0.5%** |
| 984480 | Pebblebrook Hotel Trust  | $9874 |
| **HOTELS, RESTAURANTS & LEISURE—4.6%** | **HOTELS, RESTAURANTS & LEISURE—4.6%** | **HOTELS, RESTAURANTS & LEISURE—4.6%** |
| 868930 | Cheesecake Factory, Inc.  | 55533 |
| 128736 | Cracker Barrel Old Country Store, Inc.  | 7982 |
| 10358293 | Sabre Corp. <sup>\*</sup> | 31386 |
|  |  | 94901 |
| **HOUSEHOLD DURABLES—1.9%** | **HOUSEHOLD DURABLES—1.9%** | **HOUSEHOLD DURABLES—1.9%** |
| 235259 | Helen of Troy Ltd. <sup>\*</sup> | 5171 |
| 515350 | Meritage Homes Corp.  | 34704 |
|  |  | 39875 |
| **INDUSTRIAL REITS—1.6%** | **INDUSTRIAL REITS—1.6%** | **INDUSTRIAL REITS—1.6%** |
| 943344 | STAG Industrial, Inc.  | 32385 |
| **INSURANCE—2.9%** | **INSURANCE—2.9%** | **INSURANCE—2.9%** |
| 435852 | Horace Mann Educators Corp.  | 18537 |
| 214460 | Reinsurance Group of America, Inc.  | 41273 |
|  |  | 59810 |
| **MACHINERY—9.8%** | **MACHINERY—9.8%** | **MACHINERY—9.8%** |
| 367447 | Albany International Corp. Class A | 19912 |
| 1034397 | Flowserve Corp.  | 57968 |
| 429381 | Franklin Electric Co., Inc.  | 40340 |
| 322614 | SPX Technologies, Inc. <sup>\*</sup> | 58842 |
| 322152 | Timken Co.  | 24512 |
|  |  | 201574 |
| **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** |
| 673883 | COPT Defense Properties  | 18384 |
| **PROFESSIONAL SERVICES—3.3%** | **PROFESSIONAL SERVICES—3.3%** | **PROFESSIONAL SERVICES—3.3%** |
| 715019 | Parsons Corp. <sup>\*</sup> | 53055 |
| 234334 | TriNet Group, Inc.  | 15890 |
|  |  | 68945 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.0%** |
| 1605672 | Amkor Technology, Inc.  | 36224 |
| 421986 | Diodes, Inc. <sup>\*</sup> | 20833 |
| 162694 | Entegris, Inc.  | 12765 |
| 1184149 | FormFactor, Inc. <sup>\*</sup> | 33642 |
|  |  | 103464 |
| **SOFTWARE—1.9%** | **SOFTWARE—1.9%** | **SOFTWARE—1.9%** |
| 1214191 | Box, Inc. Class A<sup>\*</sup> | 38976 |
| **SPECIALIZED REITS—1.2%** | **SPECIALIZED REITS—1.2%** | **SPECIALIZED REITS—1.2%** |
| 1004354 | Four Corners Property Trust, Inc.  | 25350 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** |
| 1160114 | Wolverine World Wide, Inc.  | 26195 |
| **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** |
| 299966 | GATX Corp.  | 45802 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,288,907) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $1,288,907) | 2023497 |
| &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.2%** <br>(Cost $1,288,907) | &nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.2%** <br>(Cost $1,288,907) | 2023497 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.8%** | 36804 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $2060301 |

---

------

⬤

------

**Harbor Small Cap Value Fund**

**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.

------

⬤

------

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

------

**NOTE 1—ORGANIZATIONAL MATTERS**

Harbor Funds and Harbor Funds II (each a "Trust" and collectively, the "Trusts") are registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as open-end management investment companies. As of July 31, 2025, each Trust consists of the following separate portfolios (individually or collectively referred to as a "Fund" or the "Funds," respectively). Harbor Capital Advisors, Inc. (the "Advisor" or "Harbor Capital") is the investment adviser for the Funds.

**Harbor Funds** 

---

| |
|:---|
| Harbor Capital Appreciation Fund |
| Harbor Convertible Securities Fund |
| Harbor Core Bond Fund |
| Harbor Core Plus Fund |
| Harbor Diversified International All Cap Fund |
| Harbor International Fund |
| Harbor International Compounders Fund |

---

---

| |
|:---|
| Harbor International Core Fund |
| Harbor International Small Cap Fund |
| Harbor Large Cap Value Fund |
| Harbor Mid Cap Fund |
| Harbor Mid Cap Value Fund |
| Harbor Small Cap Growth Fund |
| Harbor Small Cap Value Fund |

---

**Harbor Funds II** 

Embark Commodity Strategy Fund (Consolidated) <br> Embark Small Cap Equity Fund

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

**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 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

------

⬤

------

**Notes to Portfolios of Investments—Continued**

------

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

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.

A Fund may also use fair value pricing if the value of some or all of the Fund's securities have been materially affected by events occurring before the Fund's pricing time but after the close of the primary markets or exchanges on which the security is traded. This most commonly occurs with foreign securities, but may occur with other securities as well. In such cases, the Fund may apply a fair value factor supplied by the pricing vendor to a foreign security's market close value to reflect changes in value that may have occurred between the close of the primary market or exchange on which the security is traded and the Fund's pricing time. That factor may be derived using observable inputs such as a comparison of the trading patterns of a foreign security to intraday trading in the U.S. markets that are highly correlated to the foreign security or other information that becomes available after the close of the foreign market on which the security principally traded. When fair value pricing is employed, the prices of securities used by a Fund to calculate its net asset value may differ from market quotations, official closing prices or evaluated prices for the same securities, which means that the Fund may value those securities higher or lower than another given fund that uses market quotations, official closing prices or evaluated prices supplied by a pricing vendor in its calculation of net asset value. Securities valued using observable inputs, such as those described above, are normally categorized as Level 2 of 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.

------

⬤

------

**Notes to Portfolios of Investments—Continued**

------

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

**Securities Transactions**

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

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.

------

⬤

------

![](img4276d6e73.jpg)

![](imgdadd02de4.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 Funds II

- **b. Investment Company Act file number:** 811-23907

- **c. CIK number of Registrant:** 0001994489

- **d. LEI of Registrant:** 254900WWDYXJKVLQ1N29

- **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:** Embark Small Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000083503

- **c. LEI of Series:** 254900W9FC4544CMJF60

**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:** $1437922148.94

**Total Liabilities:** $76904724.77

**Net Assets:** $1361017424.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000247206 | 7.20%                | 5.83%                | 1.87%                |
| Class ID C000247207 | 7.20%                | 5.83%                | 1.77%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12641738.40            | $124886755.39                              |
| Month 2  | $-2117577.21             | $97926565.78                               |
| Month 3  | $-6848035.10             | $43052049.77                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| WESCO International Inc                   | WESCO International Inc                   | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     11677 | NS      | $2416671.92   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| MiMedx Group Inc                          | MiMedx Group Inc                          | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    947877 | NS      | $6815235.63   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc                   | Nexstar Media Group Inc                   | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      8702 | NS      | $1628231.22   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc                   | US Physical Therapy Inc                   | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |     17630 | NS      | $1289634.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                              | Nordson Corp                              | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |      6710 | NS      | $1437349.10   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                          | A10 Networks Inc                          | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |    664975 | NS      | $12248839.50  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| LendingTree Inc                           | LendingTree Inc                           | CUSIP: 52603B107<br>LEI: 549300ISY5YHUJZTON08 | Long             | EC               | CORP              | US        |    161258 | NS      | $7527523.44   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp                    | Primoris Services Corp                    | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     35990 | NS      | $3389178.30   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp                 | Carpenter Technology Corp                 | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |     30610 | NS      | $7633827.90   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Penn Entertainment Inc                    | Penn Entertainment Inc                    | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    451687 | NS      | $8157467.22   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                             | Dynatrace Inc                             | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     95229 | NS      | $5009997.69   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem Inc           | First Interstate BancSystem Inc           | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |    342201 | NS      | $9851966.79   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc                    | Laureate Education Inc                    | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |    709846 | NS      | $16042519.60  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Ship Lease Inc                     | Global Ship Lease Inc                     | CUSIP: 000000000<br>LEI: 254900GLZ0J5N8UZM071 | Long             | EC               | CORP              | MH        |    412131 | NS      | $11753976.12  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Neogen Corp                               | Neogen Corp                               | CUSIP: 640491106<br>LEI: 549300HJT9FC36N4UW43 | Long             | EC               | CORP              | US        |   1110398 | NS      | $5163350.70   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc                        | Champion Homes Inc                        | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81486 | NS      | $4962497.40   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp                     | Stifel Financial Corp                     | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     43953 | NS      | $5015916.36   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Rhythm Pharmaceuticals Inc                | Rhythm Pharmaceuticals Inc                | CUSIP: 76243J105<br>LEI: 529900JPNWXQ8DPLA551 | Long             | EC               | CORP              | US        |     26680 | NS      | $2273936.40   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc                     | Alkami Technology Inc                     | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |     78910 | NS      | $1758903.90   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                                | Cabot Corp                                | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |     15979 | NS      | $1153364.22   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc            | Kulicke & Soffa Industries Inc            | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |     37143 | NS      | $1216804.68   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EXPRO GROUP HOLDINGS NV                   | Expro Group Holdings NV                   | CUSIP: 000000000<br>LEI: 724500LJYA8QIT73H017 | Long             | EC               | CORP              | NL        |     94777 | NS      | $1021696.06   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| V2X Inc                                   | V2X Inc                                   | CUSIP: 92242T101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41011 | NS      | $1943101.18   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc               | Jack Henry & Associates Inc               | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |      9255 | NS      | $1571637.83   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                                 | Pool Corp                                 | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      4349 | NS      | $1340100.86   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                    | Jones Lang LaSalle Inc                    | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     26510 | NS      | $7167243.60   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                               | SI-BONE Inc                               | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |    463573 | NS      | $7894648.19   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| NIQ Global Intelligence Plc               | NIQ Global Intelligence Plc               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    121199 | NS      | $2234909.56   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer Aviation Inc                       | Archer Aviation Inc                       | CUSIP: 03945R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84608 | NS      | $848618.24    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp             | International Bancshares Corp             | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     46502 | NS      | $3170506.36   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC          | Sensata Technologies Holding PLC          | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |    166988 | NS      | $5136550.88   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                       | Exact Sciences Corp                       | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |     40122 | NS      | $1883727.90   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                               | Avient Corp                               | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |     70482 | NS      | $2225116.74   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lionsgate Studios Corp                    | Lionsgate Studios Corp                    | CUSIP: 53626N102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1168111 | NS      | $6915217.12   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold Inc                            | Royal Gold Inc                            | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      7784 | NS      | $1178653.28   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashland Inc                               | Ashland Inc                               | CUSIP: 044186104<br>LEI: 529900E4L9R04SB8HB11 | Long             | EC               | CORP              | US        |    133708 | NS      | $6893984.48   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ManpowerGroup Inc                         | ManpowerGroup Inc                         | CUSIP: 56418H100<br>LEI: ERO1WSFOSR0JJ6CRQ987 | Long             | EC               | CORP              | US        |     48474 | NS      | $1999552.50   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc                         | Hamilton Lane Inc                         | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      9393 | NS      | $1430553.90   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                              | Semtech Corp                              | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |    169596 | NS      | $8666355.60   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN                  | Miller Industries Inc/TN                  | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     27608 | NS      | $1125026.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovyst Inc                               | Ecovyst Inc                               | CUSIP: 27923Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1491195 | NS      | $12839188.95  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Merus NV                                  | Merus NV                                  | CUSIP: 000000000<br>LEI: 549300W8GPUWU8QNU293 | Long             | EC               | CORP              | NL        |     49782 | NS      | $3297559.68   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Owlet Inc                                 | Owlet Inc                                 | CUSIP: 69120X206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    338886 | NS      | $2473867.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                     | Sila Realty Trust Inc                     | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               |  | US        |    388734 | NS      | $9500658.96   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Warby Parker Inc                          | Warby Parker Inc                          | CUSIP: 93403J106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45141 | NS      | $1081126.95   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| nVent Electric PLC                        | nVent Electric PLC                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |     24140 | NS      | $1893058.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Artisan Partners Asset Management Inc     | Artisan Partners Asset Management Inc     | CUSIP: 04316A108<br>LEI: 549300T1FUI6JF63XU51 | Long             | EC               | CORP              | US        |    207852 | NS      | $9405303.00   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Crescent Energy Co                        | Crescent Energy Co                        | CUSIP: 44952J104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36086 | NS      | $333434.64    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Primerica Inc                             | Primerica Inc                             | CUSIP: 74164M108<br>LEI: 254900621R686KJR7022 | Long             | EC               | CORP              | US        |     17081 | NS      | $4537226.03   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Legalzoom.com Inc                         | Legalzoom.com Inc                         | CUSIP: 52466B103<br>LEI: 5493000L8EBF74Y9JZ48 | Long             | EC               | CORP              | US        |    762669 | NS      | $6856394.31   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Market Inc                | Sprouts Farmers Market Inc                | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |    102745 | NS      | $15569977.30  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc         | Atmus Filtration Technologies Inc         | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30850 | NS      | $1200373.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Financial Corp             | First American Financial Corp             | CUSIP: 31847R102<br>LEI: 549300B6VEZK3N0A1P55 | Long             | EC               | CORP              | US        |    111985 | NS      | $6724699.25   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                    | Power Integrations Inc                    | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |     27992 | NS      | $1358171.84   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Olin Corp                                 | Olin Corp                                 | CUSIP: 680665205<br>LEI: 549300GKK294V7W57P06 | Long             | EC               | CORP              | US        |    292912 | NS      | $5547753.28   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp                      | Associated Banc-Corp                      | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |     79728 | NS      | $1972470.72   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc                  | iRhythm Technologies Inc                  | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |     22123 | NS      | $3101202.14   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc                        | Cohen & Steers Inc                        | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |     19119 | NS      | $1406393.64   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MillerKnoll Inc                           | MillerKnoll Inc                           | CUSIP: 600544100<br>LEI: U98HXD3PNK7HYU2MU887 | Long             | EC               | CORP              | US        |     18517 | NS      | $351452.66    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc                 | Prosperity Bancshares Inc                 | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21349 | NS      | $1422270.38   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenbrier Cos Inc/The                    | Greenbrier Cos Inc/The                    | CUSIP: 393657101<br>LEI: 5493001GAGGFR30BP390 | Long             | EC               | CORP              | US        |     19749 | NS      | $898579.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Inc                         | Lithia Motors Inc                         | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |     13129 | NS      | $3781152.00   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Industrial Technologies Inc       | Applied Industrial Technologies Inc       | CUSIP: 03820C105<br>LEI: 549300NU173IJRC6PO38 | Long             | EC               | CORP              | US        |     12261 | NS      | $3328861.50   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| IonQ Inc                                  | IonQ Inc                                  | CUSIP: 46222L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38131 | NS      | $1520282.97   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Casey's General Stores Inc                | Casey's General Stores Inc                | CUSIP: 147528103<br>LEI: 549300CAFWSI86V66Q65 | Long             | EC               | CORP              | US        |      2823 | NS      | $1468326.99   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc                          | InterDigital Inc                          | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31686 | NS      | $8181325.20   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Lease Corp                            | Air Lease Corp                            | CUSIP: 00912X302<br>LEI: 5493004NW4M4P8TMMK63 | Long             | EC               | CORP              | US        |    110880 | NS      | $6142752.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                                 | Lear Corp                                 | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     39236 | NS      | $3699562.44   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                            | Tetra Tech Inc                            | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |     40073 | NS      | $1472282.02   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphic Packaging Holding Co              | Graphic Packaging Holding Co              | CUSIP: 388689101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    351738 | NS      | $7864861.68   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd                | Axalta Coating Systems Ltd                | CUSIP: 000000000<br>LEI: 529900AGLPA40GV6H619 | Long             | EC               | CORP              | BM        |    194423 | NS      | $5506059.36   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Sports Corp         | Madison Square Garden Sports Corp         | CUSIP: 55825T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38243 | NS      | $7728910.30   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                       | Churchill Downs Inc                       | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |     13939 | NS      | $1492030.56   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co                   | Modine Manufacturing Co                   | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |    134846 | NS      | $18144877.76  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Holdings Corp                    | WillScot Holdings Corp                    | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     78699 | NS      | $2309815.65   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                             | Frontdoor Inc                             | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |    101867 | NS      | $5959219.50   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                              | Centene Corp                              | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     54652 | NS      | $1424777.64   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                               | Maximus Inc                               | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |     65535 | NS      | $4840415.10   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                    | Synovus Financial Corp                    | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |     86642 | NS      | $4092968.08   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                            | Ameris Bancorp                            | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     34968 | NS      | $2390062.80   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Porch Group Inc                           | Porch Group Inc                           | CUSIP: 733245104<br>LEI: 549300NXEI7CVW8IXQ90 | Long             | EC               | CORP              | US        |    788040 | NS      | $9945064.80   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                               | Kemper Corp                               | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |     67746 | NS      | $4172476.14   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascendis Pharma A/S                       | Ascendis Pharma A/S                       | CUSIP: 04351P101<br>LEI: 549300B66JN3W3J8GH73 | Long             | EC               | CORP              | DK        |     64758 | NS      | $11235513.00  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp                   | Wintrust Financial Corp                   | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |     73032 | NS      | $9346635.36   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Civitas Resources Inc                     | Civitas Resources Inc                     | CUSIP: 17888H103<br>LEI: IIVIHPH28S64K95M2381 | Long             | EC               | CORP              | US        |    130316 | NS      | $3956393.76   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexxen International Ltd                  | Nexxen International Ltd                  | CUSIP: 000000000<br>LEI: 213800ZNSR7AIJZ2J557 | Long             | EC               | CORP              | IL        |    213973 | NS      | $2199642.44   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc                         | GXO Logistics Inc                         | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     49430 | NS      | $2457165.30   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Brink's Co/The                            | Brink's Co/The                            | CUSIP: 109696104<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | EC               | CORP              | US        |     21511 | NS      | $1878770.74   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp                          | Knife River Corp                          | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33187 | NS      | $2737263.76   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc                    | Boot Barn Holdings Inc                    | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     17481 | NS      | $3004983.90   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                          | StoneX Group Inc                          | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |    260017 | NS      | $25284053.08  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Celestica Inc                             | Celestica Inc                             | CUSIP: 15101Q207<br>LEI: 549300J3CG5T6RZWLN53 | Long             | EC               | CORP              | CA        |      6848 | NS      | $1368641.28   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc                        | First Hawaiian Inc                        | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |    421214 | NS      | $10214439.50  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                       | Terreno Realty Corp                       | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               |  | US        |     25835 | NS      | $1433584.15   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                          | DT Midstream Inc                          | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14234 | NS      | $1462258.82   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                      | Generac Holdings Inc                      | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     25213 | NS      | $4908718.97   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AdaptHealth Corp                          | AdaptHealth Corp                          | CUSIP: 00653Q102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    482495 | NS      | $4327980.15   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Green Brick Partners Inc                  | Green Brick Partners Inc                  | CUSIP: 392709101<br>LEI: 549300R7SCIV7FQI6T56 | Long             | EC               | CORP              | US        |    177392 | NS      | $10987660.48  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Genius Sports Ltd                         | Genius Sports Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GG        |    328394 | NS      | $3694432.50   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                                   | NOV Inc                                   | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |    631040 | NS      | $7938483.20   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| I3 Verticals Inc                          | I3 Verticals Inc                          | CUSIP: 46571Y107<br>LEI: 549300944CYWVP06CJ97 | Long             | EC               | CORP              | US        |    361389 | NS      | $10111664.22  | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp                       | Addus HomeCare Corp                       | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |     71416 | NS      | $7625800.48   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc                   | Viking Therapeutics Inc                   | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |     82958 | NS      | $2701942.06   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                             | Insperity Inc                             | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |    119151 | NS      | $7099016.58   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Ingredion Inc                             | Ingredion Inc                             | CUSIP: 457187102<br>LEI: PKSTQ48QDN0XSVS7YK88 | Long             | EC               | CORP              | US        |     24637 | NS      | $3240750.98   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolution Medicines Inc                  | Revolution Medicines Inc                  | CUSIP: 76155X100<br>LEI: 549300JU3X0LBCQ65892 | Long             | EC               | CORP              | US        |     48948 | NS      | $1824291.96   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc                   | Comfort Systems USA Inc                   | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |     33164 | NS      | $23324241.20  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd                         | Cellebrite DI Ltd                         | CUSIP: 000000000<br>LEI: 254900G03462YGP1IO36 | Long             | EC               | CORP              | IL        |    170967 | NS      | $2390118.66   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                | Arcosa Inc                                | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |    164354 | NS      | $14114721.52  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                        | Regal Rexnord Corp                        | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |     24949 | NS      | $3814203.12   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                        | Houlihan Lokey Inc                        | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     19331 | NS      | $3685648.46   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| OrthoPediatrics Corp                      | OrthoPediatrics Corp                      | CUSIP: 68752L100<br>LEI: 5493000KUTPFGOPAT717 | Long             | EC               | CORP              | US        |    316001 | NS      | $6547540.72   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| National CineMedia Inc                    | National CineMedia Inc                    | CUSIP: 635309206<br>LEI: 5493000MOLIVSOGKEB48 | Long             | EC               | CORP              | US        |    347506 | NS      | $1671503.86   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                              | Wingstop Inc                              | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      4235 | NS      | $1598034.90   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Weave Communications Inc                  | Weave Communications Inc                  | CUSIP: 94724R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    150871 | NS      | $1101358.30   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp                | Standex International Corp                | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Long             | EC               | CORP              | US        |      7653 | NS      | $1260755.22   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc          | Ryman Hospitality Properties Inc          | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               |  | US        |     59863 | NS      | $5690576.78   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                    | Marcus & Millichap Inc                    | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |    146879 | NS      | $4576749.64   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sweetgreen Inc                            | Sweetgreen Inc                            | CUSIP: 87043Q108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    261153 | NS      | $3363650.64   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC                         | Verona Pharma PLC                         | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |     13635 | NS      | $1432902.15   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                                  | Saia Inc                                  | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      8990 | NS      | $2717137.60   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corp                          | Black Hills Corp                          | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |     16621 | NS      | $960361.38    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Fluor Corp                                | Fluor Corp                                | CUSIP: 343412102<br>LEI: CQ7WZ4NOFWT7FAE6Q943 | Long             | EC               | CORP              | US        |    148936 | NS      | $8455096.72   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Indemnity Group LLC                | Global Indemnity Group LLC                | CUSIP: 37959R103<br>LEI: 549300KNR55WEKSPTK65 | Long             | EC               | CORP              | US        |     28696 | NS      | $882688.96    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloom Energy Corp                         | Bloom Energy Corp                         | CUSIP: 093712107<br>LEI: 549300XB5J9BFW5JXV97 | Long             | EC               | CORP              | US        |     72041 | NS      | $2693612.99   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc                      | Cavco Industries Inc                      | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19313 | NS      | $7796078.71   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SuRo Capital Corp                         | SuRo Capital Corp                         | CUSIP: 86887Q109<br>LEI: 549300YR4IAV0VJFWN84 | Long             | EC               | CORP              | US        |    219005 | NS      | $1859352.45   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp                | Horace Mann Educators Corp                | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     40448 | NS      | $1720253.44   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlanta Braves Holdings Inc               | Atlanta Braves Holdings Inc               | CUSIP: 047726302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    170248 | NS      | $7586250.88   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Dick's Sporting Goods Inc                 | Dick's Sporting Goods Inc                 | CUSIP: 253393102<br>LEI: 529900SSBV5I4LWSK313 | Long             | EC               | CORP              | US        |      7681 | NS      | $1624608.31   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultra Clean Holdings Inc                  | Ultra Clean Holdings Inc                  | CUSIP: 90385V107<br>LEI: 5493007L6LS7QX18PE75 | Long             | EC               | CORP              | US        |    331852 | NS      | $7473307.04   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute Inc         | Universal Technical Institute Inc         | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |    279195 | NS      | $8995662.90   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                              | LivaNova PLC                              | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |     79410 | NS      | $3350307.90   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                    | Universal Display Corp                    | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9889 | NS      | $1427971.60   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                                 | Calix Inc                                 | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |     34339 | NS      | $1946677.91   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| GMS Inc                                   | GMS Inc                                   | CUSIP: 36251C103<br>LEI: 52990057RENOQO4U0D72 | Long             | EC               | CORP              | US        |     17015 | NS      | $1865524.60   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                | Stanley Black & Decker Inc                | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |     17597 | NS      | $1190437.05   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide Corp         | Marriott Vacations Worldwide Corp         | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |     66967 | NS      | $4987032.49   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                                | TransUnion                                | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |     14974 | NS      | $1425375.06   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics               | MoonLake Immunotherapeutics               | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     39929 | NS      | $2014018.76   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                         | RMR Group Inc/The                         | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |     34185 | NS      | $549011.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Silicon Motion Technology Corp            | Silicon Motion Technology Corp            | CUSIP: 82706C108<br>LEI: 5299005RBVBZQJTYFC89 | Long             | EC               | CORP              | KY        |    178326 | NS      | $13649072.04  | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                  | Etsy Inc                                  | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     36108 | NS      | $2104013.16   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                                  | ASGN Inc                                  | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |    119415 | NS      | $5987468.10   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                     | BlueLinx Holdings Inc                     | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |    112735 | NS      | $8260093.45   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                               | Magnite Inc                               | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |    470292 | NS      | $10821418.92  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Brunswick Corp/DE                         | Brunswick Corp/DE                         | CUSIP: 117043109<br>LEI: YM4O38W15AX4YLLQKU27 | Long             | EC               | CORP              | US        |     21840 | NS      | $1273053.60   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Assured Guaranty Ltd                      | Assured Guaranty Ltd                      | CUSIP: 000000000<br>LEI: 549300BBOQUJEPH87M14 | Long             | EC               | CORP              | BM        |     78473 | NS      | $6637246.34   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Riot Platforms Inc                        | Riot Platforms Inc                        | CUSIP: 767292105<br>LEI: 5299005LKZAJQDQZDF73 | Long             | EC               | CORP              | US        |     95692 | NS      | $1283229.72   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc                       | Shift4 Payments Inc                       | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    141233 | NS      | $14546999.00  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                | Rambus Inc                                | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     50283 | NS      | $3717422.19   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TechTarget Inc                            | TechTarget Inc                            | CUSIP: 87874R308<br>LEI: 529900YQA5JL2H2VMB84 | Long             | EC               | CORP              | US        |    218476 | NS      | $1581766.24   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlisle Cos Inc                          | Carlisle Cos Inc                          | CUSIP: 142339100<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | EC               | CORP              | US        |      4397 | NS      | $1559659.87   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Perrigo Co PLC                            | Perrigo Co PLC                            | CUSIP: 000000000<br>LEI: 549300IFOQS6R1QLY196 | Long             | EC               | CORP              | IE        |     54522 | NS      | $1454101.74   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| NPK International Inc                     | NPK International Inc                     | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |    673966 | NS      | $6079173.32   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc                | Select Water Solutions Inc                | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |    861017 | NS      | $8291593.71   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                      | GeneDx Holdings Corp                      | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28510 | NS      | $2906594.50   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BWX Technologies Inc                      | BWX Technologies Inc                      | CUSIP: 05605H100<br>LEI: 549300NP85N265KWMS58 | Long             | EC               | CORP              | US        |     60700 | NS      | $9222151.00   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Stagwell Inc                              | Stagwell Inc                              | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |   1587536 | NS      | $9096581.28   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                       | Texas Roadhouse Inc                       | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     16420 | NS      | $3039834.60   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                      | SPX Technologies Inc                      | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |      7459 | NS      | $1360447.01   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/NC          | First Citizens BancShares Inc/NC          | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |      4711 | NS      | $9397314.36   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Topgolf Callaway Brands Corp              | Topgolf Callaway Brands Corp              | CUSIP: 131193104<br>LEI: 5493005UB0KFRKBPCU72 | Long             | EC               | CORP              | US        |    766972 | NS      | $7094491.00   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc                          | Badger Meter Inc                          | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     22220 | NS      | $4194247.20   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Spire Global Inc                          | Spire Global Inc                          | CUSIP: 848560306<br>LEI: 549300EZFBLFFHJ5MF06 | Long             | EC               | CORP              | US        |    197668 | NS      | $1982610.04   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                           | OGE Energy Corp                           | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |     92329 | NS      | $4193583.18   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Tecogen Inc                               | Tecogen Inc                               | CUSIP: 87876P201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     58056 | NS      | $561982.08    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Rocket Lab Corp                           | Rocket Lab Corp                           | CUSIP: 773121108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61522 | NS      | $2825090.24   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Dynamics Inc                      | Douglas Dynamics Inc                      | CUSIP: 25960R105<br>LEI: 529900CDFLKNQ0QT6580 | Long             | EC               | CORP              | US        |    299275 | NS      | $8559265.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc                       | Bentley Systems Inc                       | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     30422 | NS      | $1763867.56   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Axcelis Technologies Inc                  | Axcelis Technologies Inc                  | CUSIP: 054540208<br>LEI: 529900HF9B6NL1QG9F05 | Long             | EC               | CORP              | US        |    112956 | NS      | $7645991.64   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Ellington Financial Inc                   | Ellington Financial Inc                   | CUSIP: 28852N109<br>LEI: 60GS1D1R1YY5G1W7IT74 | Long             | EC               |  | US        |    406734 | NS      | $5161454.46   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR                    | Home BancShares Inc/AR                    | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     59792 | NS      | $1683742.72   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusPoint Ltd                           | SiriusPoint Ltd                           | CUSIP: 000000000<br>LEI: 549300OGXFI85N3YZZ51 | Long             | EC               | CORP              | BM        |    362319 | NS      | $7105075.59   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                               | Popular Inc                               | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |     51416 | NS      | $5891245.28   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Booz Allen Hamilton Holding Corp          | Booz Allen Hamilton Holding Corp          | CUSIP: 099502106<br>LEI: 529900JPV47PIUWMA015 | Long             | EC               | CORP              | US        |     14607 | NS      | $1567769.31   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                             | Tidewater Inc                             | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |    147375 | NS      | $7370223.75   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Arhaus Inc                                | Arhaus Inc                                | CUSIP: 04035M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    534927 | NS      | $4685960.52   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc                      | Kyndryl Holdings Inc                      | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     65075 | NS      | $2457882.75   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Covey Co                         | Franklin Covey Co                         | CUSIP: 353469109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    206996 | NS      | $4079891.16   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd        | Norwegian Cruise Line Holdings Ltd        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BM        |    310828 | NS      | $7944763.68   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc                | Mueller Water Products Inc                | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |     63824 | NS      | $1580282.24   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc                  | Procore Technologies Inc                  | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     56971 | NS      | $4080832.73   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The           | Baldwin Insurance Group Inc/The           | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56702 | NS      | $2088901.68   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kosmos Energy Ltd                         | Kosmos Energy Ltd                         | CUSIP: 500688106<br>LEI: 213800YDFJ3OT9B5P157 | Long             | EC               | CORP              | US        |    750521 | NS      | $1613620.15   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc                    | Northern Oil & Gas Inc                    | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |    136007 | NS      | $3829957.12   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                | Grand Canyon Education Inc                | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     20445 | NS      | $3447640.35   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc                           | Vital Farms Inc                           | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |     39152 | NS      | $1456454.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Enterprises Inc                      | Rush Enterprises Inc                      | CUSIP: 781846209<br>LEI: 529900V3XHTN7A6DFT17 | Long             | EC               | CORP              | US        |     52210 | NS      | $2826649.40   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The                      | Ensign Group Inc/The                      | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |     13389 | NS      | $2008350.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc                     | East West Bancorp Inc                     | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24922 | NS      | $2498430.50   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings Inc         | Lindblad Expeditions Holdings Inc         | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |     98743 | NS      | $1179978.85   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vaxcyte Inc                               | Vaxcyte Inc                               | CUSIP: 92243G108<br>LEI: 254900M7NMHTGASX8D95 | Long             | EC               | CORP              | US        |     82036 | NS      | $2785122.20   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SunOpta Inc                               | SunOpta Inc                               | CUSIP: 8676EP108<br>LEI: 54930010CP0KEPPRPA40 | Long             | EC               | CORP              | CA        |   1496702 | NS      | $8725772.66   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd                           | Oddity Tech Ltd                           | CUSIP: 000000000<br>LEI: 254900QH12XZS53G0V57 | Long             | EC               | CORP              | IL        |     21037 | NS      | $1474062.59   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy Oil Corp                           | Murphy Oil Corp                           | CUSIP: 626717102<br>LEI: QBKYQD0ODE7DC7PDIN91 | Long             | EC               | CORP              | US        |    154302 | NS      | $3828232.62   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties                | Seritage Growth Properties                | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |    242446 | NS      | $773402.74    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp                   | CECO Environmental Corp                   | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     56254 | NS      | $2528617.30   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                               | Cognex Corp                               | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |     34414 | NS      | $1403058.78   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                            | Littelfuse Inc                            | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |      6784 | NS      | $1745726.72   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Domino's Pizza Inc                        | Domino's Pizza Inc                        | CUSIP: 25754A201<br>LEI: 25490005ZWM1IF9UXU57 | Long             | EC               | CORP              | US        |      3431 | NS      | $1589273.51   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| SLM Corp                                  | SLM Corp                                  | CUSIP: 78442P106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    204937 | NS      | $6516996.60   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp                       | Verra Mobility Corp                       | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |    508445 | NS      | $12843320.70  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc                     | GFL Environmental Inc                     | CUSIP: 36168Q104<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EC               | CORP              | CA        |     34869 | NS      | $1755305.46   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Bicycle Therapeutics PLC                  | Bicycle Therapeutics PLC                  | CUSIP: 088786108<br>LEI: 213800XKUI6R7GKC3E43 | Long             | EC               | CORP              | GB        |    117111 | NS      | $997785.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners                 | Perella Weinberg Partners                 | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25476 | NS      | $507991.44    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FormFactor Inc                            | FormFactor Inc                            | CUSIP: 346375108<br>LEI: 549300YCEEO6SZD1ZR61 | Long             | EC               | CORP              | US        |    130919 | NS      | $3719408.79   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                 | Xenon Pharmaceuticals Inc                 | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |     31847 | NS      | $972607.38    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc              | FactSet Research Systems Inc              | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |      2933 | NS      | $1181705.70   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Group Inc     | Skyward Specialty Insurance Group Inc     | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     87955 | NS      | $4448763.90   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                                  | Fabrinet                                  | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      9150 | NS      | $2962129.50   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| YETI Holdings Inc                         | YETI Holdings Inc                         | CUSIP: 98585X104<br>LEI: 549300DSQICIGNT5GO63 | Long             | EC               | CORP              | US        |    150851 | NS      | $5542265.74   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                                  | APA Corp                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |    131293 | NS      | $2532641.97   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonic Automotive Inc                      | Sonic Automotive Inc                      | CUSIP: 83545G102<br>LEI: 549300NTLRGJ2JCBZU03 | Long             | EC               | CORP              | US        |     37119 | NS      | $2685559.65   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightView Holdings Inc                   | BrightView Holdings Inc                   | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |    539651 | NS      | $8607433.45   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                    | F5 Inc                                    | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     53528 | NS      | $16776745.76  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Credo Technology Group Holding Ltd        | Credo Technology Group Holding Ltd        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     28461 | NS      | $3174824.55   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitesse Energy Inc                        | Vitesse Energy Inc                        | CUSIP: 92852X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    315495 | NS      | $7549795.35   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                                   | ITT Inc                                   | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |     33759 | NS      | $5737679.64   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Avnet Inc                                 | Avnet Inc                                 | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |    140142 | NS      | $7419117.48   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Par Pacific Holdings Inc                  | Par Pacific Holdings Inc                  | CUSIP: 69888T207<br>LEI: 549300BTNS7MHSHRLR55 | Long             | EC               | CORP              | US        |    400979 | NS      | $12582721.02  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| LENZ Therapeutics Inc                     | LENZ Therapeutics Inc                     | CUSIP: 52635N103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41172 | NS      | $1225690.44   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                               | Chemed Corp                               | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |      3581 | NS      | $1476446.30   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                                 | Braze Inc                                 | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               | CORP              | US        |    112055 | NS      | $3122972.85   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                        | UFP Industries Inc                        | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     11315 | NS      | $1108870.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Arlo Technologies Inc                     | Arlo Technologies Inc                     | CUSIP: 04206A101<br>LEI: 549300T4EUX2OQ75HV52 | Long             | EC               | CORP              | US        |     64660 | NS      | $1047492.00   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Etoro Group Ltd                           | Etoro Group Ltd                           | CUSIP: 000000000<br>LEI: 213800XPRPJK2X5QRG86 | Long             | EC               | CORP              | VG        |     18697 | NS      | $1121072.12   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WaFd Inc                                  | WaFd Inc                                  | CUSIP: 938824109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9188 | NS      | $267416.74    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Herbalife Ltd                             | Herbalife Ltd                             | CUSIP: 000000000<br>LEI: 549300BA7TYPBSZZIA41 | Long             | EC               | CORP              | KY        |     36509 | NS      | $335882.80    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Legend Biotech Corp                       | Legend Biotech Corp                       | CUSIP: 52490G102<br>LEI: 254900EIUFZTW136H859 | Long             | EC               | CORP              | KY        |     42067 | NS      | $1643557.69   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp                    | Hillman Solutions Corp                    | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1592954 | NS      | $12568407.06  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| WEX Inc                                   | WEX Inc                                   | CUSIP: 96208T104<br>LEI: T9M5IGROL1TL1G5OV478 | Long             | EC               | CORP              | US        |     26679 | NS      | $4526892.72   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                       | Landstar System Inc                       | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |     44672 | NS      | $5957904.64   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp                            | Solventum Corp                            | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |     51115 | NS      | $3647566.40   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV Auctions Inc                          | ACV Auctions Inc                          | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    106598 | NS      | $1514757.58   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Palomar Holdings Inc                      | Palomar Holdings Inc                      | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     26358 | NS      | $3492171.42   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Viant Technology Inc                      | Viant Technology Inc                      | CUSIP: 92557A101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    332312 | NS      | $4818524.00   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Energy Solutions Inc                | Atlas Energy Solutions Inc                | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62413 | NS      | $811369.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Option Care Health Inc                    | Option Care Health Inc                    | CUSIP: 68404L201<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | EC               | CORP              | US        |     75162 | NS      | $2206004.70   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc                     | LeMaitre Vascular Inc                     | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |     18037 | NS      | $1465325.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                       | Travel + Leisure Co                       | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |     29755 | NS      | $1762983.75   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Inc                                   | MKS Inc                                   | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     80759 | NS      | $7686641.62   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                           | Alamo Group Inc                           | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |     39003 | NS      | $8681287.74   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                           | Concentrix Corp                           | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     28140 | NS      | $1462435.80   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                         | ACI Worldwide Inc                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |     67595 | NS      | $2876843.20   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide Inc                     | Euronet Worldwide Inc                     | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     74181 | NS      | $7208909.58   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                                | Insmed Inc                                | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     39023 | NS      | $4186387.44   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Maplebear Inc                             | Maplebear Inc                             | CUSIP: 565394103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82203 | NS      | $3943277.91   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| AvePoint Inc                              | AvePoint Inc                              | CUSIP: 053604104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57387 | NS      | $1094943.96   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc                   | MDU Resources Group Inc                   | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77128 | NS      | $1330458.00   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Abercrombie & Fitch Co                    | Abercrombie & Fitch Co                    | CUSIP: 002896207<br>LEI: 5493000J7LL72TOGT983 | Long             | EC               | CORP              | US        |     27592 | NS      | $2649383.84   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NCR Voyix Corp                            | NCR Voyix Corp                            | CUSIP: 62886E108<br>LEI: 549300YKTY8JX1DV2R67 | Long             | EC               | CORP              | US        |    687748 | NS      | $9367127.76   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Core Scientific Inc                       | Core Scientific Inc                       | CUSIP: 21874A106<br>LEI: 5299003RGB2LAZ65RK73 | Long             | EC               | CORP              | US        |    235113 | NS      | $3183430.02   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                                | RadNet Inc                                | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |    340098 | NS      | $18613563.54  | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Powell Industries Inc                     | Powell Industries Inc                     | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |     24152 | NS      | $5726439.20   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc                 | Casella Waste Systems Inc                 | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |     47231 | NS      | $5135426.63   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/The           | Descartes Systems Group Inc/The           | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     10022 | NS      | $1059926.72   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                          | HealthStream Inc                          | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |    271055 | NS      | $7090798.80   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp                      | Quaker Chemical Corp                      | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |      9535 | NS      | $1090994.70   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTracker Inc                            | NEXTracker Inc                            | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    159335 | NS      | $9282857.10   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HA Sustainable Infrastructure Capital Inc | HA Sustainable Infrastructure Capital Inc | CUSIP: 41068X100<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | EC               | CORP              | US        |     25222 | NS      | $655015.34    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PubMatic Inc                              | PubMatic Inc                              | CUSIP: 74467Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    168540 | NS      | $2024165.40   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                          | HealthEquity Inc                          | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     38071 | NS      | $3692887.00   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Masimo Corp                               | Masimo Corp                               | CUSIP: 574795100<br>LEI: 549300Q4A8JK0PIYCU29 | Long             | EC               | CORP              | US        |     21489 | NS      | $3304793.31   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Hackett Group Inc/The                     | Hackett Group Inc/The                     | CUSIP: 404609109<br>LEI: 5K016KLIRB6156644289 | Long             | EC               | CORP              | US        |    213450 | NS      | $4992595.50   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC             | Weatherford International PLC             | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |      9336 | NS      | $527950.80    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Rad Laboratories Inc                  | Bio-Rad Laboratories Inc                  | CUSIP: 090572207<br>LEI: 549300ZC1GPV35XYDK53 | Long             | EC               | CORP              | US        |      7406 | NS      | $1791881.70   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Utilities Corp                 | Chesapeake Utilities Corp                 | CUSIP: 165303108<br>LEI: 254900WW0FDCKAOCKE74 | Long             | EC               | CORP              | US        |     12351 | NS      | $1480637.88   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Group Ltd       | White Mountains Insurance Group Ltd       | CUSIP: 000000000<br>LEI: 549300N3FL068JERBG02 | Long             | EC               | CORP              | BM        |      2404 | NS      | $4297871.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Birkenstock Holding Plc                   | Birkenstock Holding Plc                   | CUSIP: 000000000<br>LEI: 529900CQ8LQKQ7LIT631 | Long             | EC               | CORP              | JE        |     76628 | NS      | $3838296.52   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinsale Capital Group Inc                 | Kinsale Capital Group Inc                 | CUSIP: 49714P108<br>LEI: 529900QTUQHNZ6HOA508 | Long             | EC               | CORP              | US        |      2711 | NS      | $1194710.59   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| U-Haul Holding Co                         | U-Haul Holding Co                         | CUSIP: 023586506<br>LEI: 5493003WIDMLDHYC6Y24 | Long             | EC               | CORP              | US        |    228821 | NS      | $11898692.00  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameresco Inc                              | Ameresco Inc                              | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |    193105 | NS      | $3267336.60   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Berry Corp                                | Berry Corp                                | CUSIP: 08579X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    253537 | NS      | $765681.74    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| ODP Corp/The                              | ODP Corp/The                              | CUSIP: 88337F105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82576 | NS      | $1473155.84   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc                    | Liquidity Services Inc                    | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |    157576 | NS      | $3762914.88   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                      | Matador Resources Co                      | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     30971 | NS      | $1544833.48   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Rapid7 Inc                                | Rapid7 Inc                                | CUSIP: 753422104<br>LEI: 549300GNVG5D60KEYN14 | Long             | EC               | CORP              | US        |    244723 | NS      | $5168549.76   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                               | Ovintiv Inc                               | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |     26445 | NS      | $1089005.10   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Lantheus Holdings Inc                     | Lantheus Holdings Inc                     | CUSIP: 516544103<br>LEI: 5299005HUB5IOJGO7S39 | Long             | EC               | CORP              | US        |    166642 | NS      | $11863243.98  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                            | PriceSmart Inc                            | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |     87461 | NS      | $9402057.50   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Donnelley Financial Solutions Inc         | Donnelley Financial Solutions Inc         | CUSIP: 25787G100<br>LEI: 549300O1NPY4J56QCU04 | Long             | EC               | CORP              | US        |     87905 | NS      | $4655448.80   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                          | UniFirst Corp/MA                          | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |      7406 | NS      | $1266648.18   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals International Plc | Kiniksa Pharmaceuticals International Plc | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |     58625 | NS      | $1773992.50   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Zeta Global Holdings Corp                 | Zeta Global Holdings Corp                 | CUSIP: 98956A105<br>LEI: 2549008P9XSJQHGQ9S27 | Long             | EC               | CORP              | US        |     51547 | NS      | $806710.55    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Redwire Corp                              | Redwire Corp                              | CUSIP: 75776W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128920 | NS      | $1842266.80   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Times Co/The                     | New York Times Co/The                     | CUSIP: 650111107<br>LEI: 529900J1WEMMIW7BOH57 | Long             | EC               | CORP              | US        |     24953 | NS      | $1294811.17   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corp                               | Avista Corp                               | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |     54529 | NS      | $2033931.70   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| indie Semiconductor Inc                   | indie Semiconductor Inc                   | CUSIP: 45569U101<br>LEI: 254900L1MFXFYGB1PV53 | Long             | EC               | CORP              | US        |   2537102 | NS      | $9920068.82   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Glaukos Corp                              | Glaukos Corp                              | CUSIP: 377322102<br>LEI: 5299004JA1LHE21M6T14 | Long             | EC               | CORP              | US        |     31070 | NS      | $2674816.30   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                     | Commvault Systems Inc                     | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     32300 | NS      | $6135385.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| elf Beauty Inc                            | elf Beauty Inc                            | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     48002 | NS      | $5817362.38   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                               | Hexcel Corp                               | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |     21513 | NS      | $1288843.83   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                     | Encompass Health Corp                     | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     40220 | NS      | $4428624.20   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Starz Entertainment Corp                  | Starz Entertainment Corp                  | CUSIP: 855919106<br>LEI: 5493000JSMHPHZURLM72 | Long             | EC               | CORP              | CA        |     62570 | NS      | $910393.50    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| FTAI Aviation Ltd                         | FTAI Aviation Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     94394 | NS      | $12989558.34  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                   | Soleno Therapeutics Inc                   | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |     37927 | NS      | $3279547.69   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Quad/Graphics Inc                         | Quad/Graphics Inc                         | CUSIP: 747301109<br>LEI: W2D68G5NJH4X0NW8PT65 | Long             | EC               | CORP              | US        |     83464 | NS      | $444863.12    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp                         | FirstService Corp                         | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |      7746 | NS      | $1527666.12   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Adient PLC                                | Adient PLC                                | CUSIP: 000000000<br>LEI: 5493002QLDY8O75RTR78 | Long             | EC               | CORP              | IE        |    150622 | NS      | $3229335.68   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Elanco Animal Health Inc                  | Elanco Animal Health Inc                  | CUSIP: 28414H103<br>LEI: 549300SHPNDCE059M934 | Long             | EC               | CORP              | US        |    629827 | NS      | $8616033.36   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc                    | Valmont Industries Inc                    | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      4988 | NS      | $1815382.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Steven Madden Ltd                         | Steven Madden Ltd                         | CUSIP: 556269108<br>LEI: 549300Z9GZ7GYJWSGF43 | Long             | EC               | CORP              | US        |    175813 | NS      | $4220391.07   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp                  | PROCEPT BioRobotics Corp                  | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     46306 | NS      | $2246304.06   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| 89bio Inc                                 | 89bio Inc                                 | CUSIP: 282559103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    162368 | NS      | $1542496.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGA Technologies Inc                     | SIGA Technologies Inc                     | CUSIP: 826917106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    109138 | NS      | $721402.18    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 Value ETF            | iShares Russell 2000 Value ETF            | CUSIP: 464287630<br>LEI: 549300WJAJCAZZLTQD63 | Long             | EC               | RF                | US        |     24448 | NS      | $3921214.72   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Diagnostics Inc                     | Quest Diagnostics Inc                     | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      8698 | NS      | $1456132.18   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| STERIS PLC                                | STERIS PLC                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      7163 | NS      | $1622347.87   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Lattice Semiconductor Corp                | Lattice Semiconductor Corp                | CUSIP: 518415104<br>LEI: 549300LRBBPZDQ2II567 | Long             | EC               | CORP              | US        |     34496 | NS      | $1718935.68   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp                     | Independent Bank Corp                     | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |     35501 | NS      | $2256088.55   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                           | Morningstar Inc                           | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      4809 | NS      | $1329496.14   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Turbine Inc                       | Digital Turbine Inc                       | CUSIP: 25400W102<br>LEI: 549300D0WZR1VI2QGB24 | Long             | EC               | CORP              | US        |   1867303 | NS      | $10176801.35  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Wix.com Ltd                               | Wix.com Ltd                               | CUSIP: 000000000<br>LEI: 5493008P6N29Q1AG9464 | Long             | EC               | CORP              | IL        |      9692 | NS      | $1318402.76   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SharkNinja Inc                            | SharkNinja Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     57856 | NS      | $6717081.60   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Baytex Energy Corp                        | Baytex Energy Corp                        | CUSIP: 07317Q105<br>LEI: 549300R5LTV2H7I1I079 | Long             | EC               | CORP              | CA        |    416424 | NS      | $886983.12    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                        | CareTrust REIT Inc                        | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |     22717 | NS      | $722400.60    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Infrastructure Corp            | Brookfield Infrastructure Corp            | CUSIP: 11276H106<br>LEI: 254900YTMKBFJAKUBO55 | Long             | EC               | CORP              | CA        |     40101 | NS      | $1565543.04   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TopBuild Corp                             | TopBuild Corp                             | CUSIP: 89055F103<br>LEI: 5493007YSKHOL4RWII46 | Long             | EC               | CORP              | US        |      9464 | NS      | $3505749.52   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                             | Blackbaud Inc                             | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |     20171 | NS      | $1359928.82   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of NT Butterfield & Son Ltd/The      | Bank of NT Butterfield & Son Ltd/The      | CUSIP: 000000000<br>LEI: 549300V8RVM0EMTDPF28 | Long             | EC               | CORP              | BM        |     88535 | NS      | $4029227.85   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                                | Stride Inc                                | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     10507 | NS      | $1347312.61   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Inc                              | Reliance Inc                              | CUSIP: 759509102<br>LEI: 549300E287ZOFT3C5Z56 | Long             | EC               | CORP              | US        |      5538 | NS      | $1606739.94   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc                      | Tenable Holdings Inc                      | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |    230688 | NS      | $7222841.28   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc                          | Clear Secure Inc                          | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     56478 | NS      | $1661017.98   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                       | Onto Innovation Inc                       | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |     18846 | NS      | $1785658.50   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Element Solutions Inc                     | Element Solutions Inc                     | CUSIP: 28618M106<br>LEI: 549300FLGN6P5CU20J91 | Long             | EC               | CORP              | US        |    123623 | NS      | $2917502.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR Technology Corp                       | PAR Technology Corp                       | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |     66325 | NS      | $4031233.50   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                     | Arrow Electronics Inc                     | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |      4550 | NS      | $527800.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Timken Co/The                             | Timken Co/The                             | CUSIP: 887389104<br>LEI: B0I35MLPFXZSE70ASS73 | Long             | EC               | CORP              | US        |     66978 | NS      | $5096356.02   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc                       | CSW Industrials Inc                       | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |     24988 | NS      | $6483886.24   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Karman Holdings Inc                       | Karman Holdings Inc                       | CUSIP: 485924104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54248 | NS      | $2804621.60   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International Inc                 | Brinker International Inc                 | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |     35183 | NS      | $5544840.80   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Harbor Funds II

**Signature:** Ryan Elve

**Name of Signer:** Ryan Elve

**Title:** Vice President, Harbor Funds