# EDGAR Filing Document

**Accession Number:** 0001860434
**File Stem:** 0001133228-26-009369
**Filing Date:** 2026-6
**Character Count:** 697382
**Document Hash:** 6b3fea64bd1d17d50106e566fd76fd5e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-009369.hdr.sgml**: 20260623

**ACCESSION NUMBER**: 0001133228-26-009369

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260623

**DATE AS OF CHANGE**: 20260622

**EFFECTIVENESS DATE**: 20260623

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23661
- **FILM NUMBER:** 261108192

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

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

## Series and Classes Contracts Data

### Harbor Ares Systematic High Yield ETF (Series ID: S000072555)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000228888 | Harbor Ares Systematic High Yield ETF | SIHY            |

### Harbor Ares Systematic Multi-Sector Income ETF (Series ID: S000072556)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000228889 | Harbor Ares Systematic Multi-Sector Income ETF | SIFI            |

### Harbor Long-Term Growers ETF (Series ID: S000075162)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000233998 | Harbor Long-Term Growers ETF | WINN            |

### Harbor Commodity All-Weather Strategy ETF (Series ID: S000075202)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000234046 | Harbor Commodity All-Weather Strategy ETF | HGER            |

### Harbor Dividend Growth Leaders ETF (Series ID: S000075911)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000235263 | Harbor Dividend Growth Leaders ETF | GDIV            |

### Harbor International Compounders ETF (Series ID: S000077093)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000237253 | Harbor International Compounders ETF | OSEA            |

### Harbor Human Capital Factor US Large Cap ETF (Series ID: S000077722)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000238211 | Harbor Human Capital Factor US Large Cap ETF | HAPI            |

### Harbor Health Care ETF (Series ID: S000077996)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000238718 | Harbor Health Care ETF | MEDI            |

### Harbor Human Capital Factor US Small Cap ETF (Series ID: S000079952)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000241449 | Harbor Human Capital Factor US Small Cap ETF | HAPS            |

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

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

### Harbor Long-Short Equity ETF (Series ID: S000081567)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000244492 | Harbor Long-Short Equity ETF | LSEQ            |

### Harbor Disciplined Bond ETF (Series ID: S000084690)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000249125 | Harbor Disciplined Bond ETF | AGGS            |

### Harbor AlphaEdge Small Cap Earners ETF (Series ID: S000085510)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000250794 | Harbor AlphaEdge Small Cap Earners ETF | EBIT            |

### Harbor AlphaEdge Large Cap Value ETF (Series ID: S000086584)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000252172 | Harbor AlphaEdge Large Cap Value ETF | VLLU            |

### Harbor Active Small Cap ETF (Series ID: S000086592)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000252180 | Harbor Active Small Cap ETF | SMLL            |

### Harbor PanAgora Dynamic Large Cap Core ETF (Series ID: S000088022)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000254050 | Harbor PanAgora Dynamic Large Cap Core ETF | INFO            |

### Harbor Osmosis Emerging Markets Resource Efficient ETF (Series ID: S000088918)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000255316 | Harbor Osmosis Emerging Markets Resource Efficient ETF | EFFE            |

### Harbor Osmosis International Resource Efficient ETF (Series ID: S000088919)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000255317 | Harbor Osmosis International Resource Efficient ETF | EFFI            |

### Harbor Emerging Markets Select ETF (Series ID: S000091658)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000259347 | Harbor Emerging Markets Select ETF | EMES            |

### Harbor Emerging Markets Equity ETF (Series ID: S000091659)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000259348 | Harbor Emerging Markets Equity ETF | EPEM            |

### Harbor International Equity ETF (Series ID: S000091660)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000259349 | Harbor International Equity ETF | EPIN            |

### Harbor Mid Cap Core ETF (Series ID: S000091661)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000259350 | Harbor Mid Cap Core ETF | EPMB            |

### Harbor Mid Cap Value ETF (Series ID: S000091662)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000259351 | Harbor Mid Cap Value ETF | EPMV            |

### Harbor SMID Cap Core ETF (Series ID: S000091663)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000259352 | Harbor SMID Cap Core ETF | EPSB            |

### Harbor SMID Cap Value ETF (Series ID: S000091664)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000259353 | Harbor SMID Cap Value ETF | EPSV            |

### Harbor Transformative Technologies ETF (Series ID: S000091665)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000259354 | Harbor Transformative Technologies ETF | TEC             |

### Harbor Alpha Layering ETF (Series ID: S000093653)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000262068 | Harbor Alpha Layering ETF | HOLD            |

### Harbor AI Inflection Strategy ETF (Series ID: S000097720)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000267209 | Harbor AI Inflection Strategy ETF | EPAI            |

### Harbor Active Small Cap Growth ETF (Series ID: S000098463)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000268141 | Harbor Active Small Cap Growth ETF | SGRW            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

**Harbor ETF Trust**

**(Exact name of Registrant as specified in charter)**

**111 South Wacker Drive, 34<sup>th</sup> Floor**

**Chicago, Illinois 60606-4302**

**(Address of principal executive offices) (Zip code)**

Charles F. McCain, Esq. HARBOR ETF TRUST 111 South Wacker Drive, 34<sup>th</sup> Floor Chicago, Illinois 60606-4302 Stephanie A. Capistron, Esq. DECHERT LLP One International Place – 40<sup>th</sup> Floor 100 Oliver Street Boston, Massachusetts 02110-2605

**(Name and address of agent for service)**

**Registrant's telephone number, including area code: (312) 443-4400**

**Date of fiscal year end: October 31**

**Date of reporting period: April 30, 2026**

------

**ITEM 1 – REPORTS TO STOCKHOLDERS**

The following are copies of reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30e-1):

#### Harbor Active Small Cap ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: SMLL

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Active Small Cap ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Active Small Cap ETF | $40 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $13828 |
| **Number of Investments** | 48 |
| **Total Net Advisory Fees Paid (in thousands)** | $60 |
| **Portfolio Turnover Rate** | 27% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](ie5afeea31624f5e0536d79b1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.5% |
| Consumer Staples | 2.5% |
| Health Care | 3.5% |
| Information Technology | 3.5% |
| Real Estate | 4.0% |
| Consumer Discretionary | 6.6% |
| Energy | 7.0% |
| Materials | 8.0% |
| Financials | 27.0% |
| Industrials | 37.4% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Active Small Cap Growth ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: SGRW

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Active Small Cap Growth ETF ("Fund") for the period of January 14, 2026 (commencement of operations) to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Harbor Active Small Cap Growth ETF | $24 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund has less than half a year of operations. Expenses would be higher if the Fund operated for the full period. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3684 |
| **Number of Investments** | 141 |
| **Total Net Advisory Fees Paid (in thousands)** | $8 |
| **Portfolio Turnover Rate** | 33% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](id696f24db14f4e6da84ba169.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.9% |
| Energy | 1.1% |
| Communication Services | 2.5% |
| Materials | 3.3% |
| Financials | 5.9% |
| Consumer Discretionary | 5.9% |
| Industrials | 23.0% |
| Health Care | 25.7% |
| Information Technology | 31.7% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor AI Inflection Strategy ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: EPAI

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor AI Inflection Strategy ETF ("Fund") for the period of December 17, 2025 (commencement of operations) to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Harbor AI Inflection Strategy ETF | $39 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund has less than half a year of operations. Expenses would be higher if the Fund operated for the full period. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $5390 |
| **Number of Investments** | 37 |
| **Total Net Advisory Fees Paid (in thousands)** | $13 |
| **Portfolio Turnover Rate** | -% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i10aaaec485c6073c2434a57e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 2.1% |
| Energy | 2.3% |
| Health Care | 4.6% |
| Real Estate | 5.2% |
| Industrials | 32.8% |
| Information Technology | 53.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Alpha Layering ETF (Consolidated)
![Image](ic372e3b11e1df4606a8666d1.jpg)

Ticker: HOLD

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Alpha Layering ETF (Consolidated) ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Alpha Layering ETF (Consolidated) | $35 | 0.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $8193 |
| **Number of Investments (includes derivatives)** | 20 |
| **Total Net Advisory Fees Paid (in thousands)** | $21 |
| **Portfolio Turnover Rate** | 367% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)

# (excludes derivatives)

---

| | |
|:---|:---|
| Capital Markets | 100.0% |

---

#### Risk Allocation<sup>Footnote Reference \*</sup> (% of Notional Value)

---

| | |
|:---|:---|
| Commodities (Precious Metals) | 13.4% |
| Domestic Equity Index | 7.9% |
| International Equity Index | 5.1% |
| Commodities (Energy) | 2.9% |
| Foreign Currency | (37.6%) |
| U.S. Treasury Notes & Bonds | (91.7%) |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Based on the net notional value of the futures contracts |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor AlphaEdge™ Large Cap Value ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: VLLU

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor AlphaEdge™ Large Cap Value ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor AlphaEdge™ Large Cap Value ETF | $13 | 0.25% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $4349 |
| **Number of Investments** | 75 |
| **Total Net Advisory Fees Paid (in thousands)** | $6 |
| **Portfolio Turnover Rate** | 74% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](ibd58dbfd2bcc88579da2fbf5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 3.0% |
| Consumer Staples | 3.8% |
| Consumer Discretionary | 4.6% |
| Communication Services | 6.4% |
| Energy | 7.6% |
| Industrials | 8.4% |
| Health Care | 14.5% |
| Information Technology | 24.1% |
| Financials | 27.6% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor AlphaEdge™ Small Cap Earners ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: EBIT

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor AlphaEdge™ Small Cap Earners ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor AlphaEdge™ Small Cap Earners ETF | $16 | 0.29% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $11416 |
| **Number of Investments** | 656 |
| **Total Net Advisory Fees Paid (in thousands)** | $15 |
| **Portfolio Turnover Rate** | 41% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](idb0596fe5d4f2b1840b6734c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.7% |
| Utilities | 3.1% |
| Materials | 4.2% |
| Health Care | 4.2% |
| Communication Services | 4.3% |
| Information Technology | 5.6% |
| Real Estate | 6.2% |
| Energy | 13.2% |
| Consumer Discretionary | 14.5% |
| Industrials | 14.7% |
| Financials | 27.3% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Ares Systematic High Yield ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: SIHY

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Ares Systematic High Yield ETF (formerly, Harbor Scientific Alpha High-Yield ETF) ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Ares Systematic High Yield ETF | $24 | 0.48% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $143909 |
| **Number of Investments** | 242 |
| **Total Net Advisory Fees Paid (in thousands)** | $388 |
| **Portfolio Turnover Rate** | 37% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](icce64d66b010c8eb94292272.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9% |
| Health Care | 1.3% |
| Utilities | 3.5% |
| Communication Services | 4.3% |
| Consumer Staples | 5.6% |
| Information Technology | 8.6% |
| Materials | 9.3% |
| Financials | 11.5% |
| Industrials | 13.4% |
| Energy | 17.7% |
| Consumer Discretionary | 23.9% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Ares Systematic Multi-Sector Income ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: SIFI

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Ares Systematic Multi-Sector Income ETF (formerly, Harbor Scientific Alpha Income ETF) ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Ares Systematic Multi-Sector Income ETF | $25 | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $32742 |
| **Number of Investments (includes derivatives)** | 181 |
| **Total Net Advisory Fees Paid (in thousands)** | $82 |
| **Portfolio Turnover Rate** | 33% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](ic8aeec63cf507787c7b5a041.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6% |
| Health Care | 1.6% |
| Utilities | 3.1% |
| Materials | 7.0% |
| Communication Services | 7.2% |
| Financials | 8.4% |
| Consumer Staples | 10.6% |
| Energy | 11.6% |
| Information Technology | 14.6% |
| Industrials | 17.6% |
| Consumer Discretionary | 17.7% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Commodity All-Weather Strategy ETF (Consolidated)
![Image](ic372e3b11e1df4606a8666d1.jpg)

Ticker: HGER

Principal U.S. Market: NYSE

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Commodity All-Weather Strategy ETF (Consolidated) ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | $39 | 0.68% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3089848 |
| **Number of Investments (includes derivatives)** | 10 |
| **Total Net Advisory Fees Paid (in thousands)** | $6428 |
| **Portfolio Turnover Rate (not applicable due to the nature of the Fund's investments)** | -% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Risk Allocation<sup>**Footnote Reference \***</sup> (% of Net Assets)

# Commodities Sector
![Group By Country Chart](i33c7472580ed2fae99140c4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Livestock | 1.8% |
| Base Metals | 8.1% |
| Softs | 9.5% |
| Grains and Soybean Products | 13.0% |
| Petroleum | 33.3% |
| Precious Metals | 34.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Based on notional value and represents the sector allocation of the Quantix Commodity Total Return Index. |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Disciplined Bond ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: AGGS

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Disciplined Bond ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Disciplined Bond ETF | $17 | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $38760 |
| **Number of Investments** | 274 |
| **Total Net Advisory Fees Paid (in thousands)** | $66 |
| **Portfolio Turnover Rate** | 37% |

---

#### Fund Investments as of April 30, 2026

# Investment Allocation (% of Investments)
![Group By Country Chart](i06f43b0e74e8dacdaf09c9da.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Municipal Bonds | 0.3% |
| Asset-Backed Securities | 10.8% |
| Collateralized Mortgage Obligations | 12.8% |
| U.S. Government Obligations | 19.8% |
| Mortgage Pass-Through | 26.0% |
| Corporate Bonds & Notes | 30.3% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Dividend Growth Leaders ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: GDIV

Principal U.S. Market: NYSE

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Dividend Growth Leaders ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Dividend Growth Leaders ETF | $26 | 0.50% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $225739 |
| **Number of Investments** | 49 |
| **Total Net Advisory Fees Paid (in thousands)** | $543 |
| **Portfolio Turnover Rate** | 38% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i24868869248ff6055e0045b0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.0% |
| Materials | 1.4% |
| Utilities | 4.2% |
| Energy | 5.1% |
| Consumer Staples | 7.3% |
| Consumer Discretionary | 8.1% |
| Health Care | 14.5% |
| Industrials | 18.2% |
| Financials | 18.3% |
| Information Technology | 21.9% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Emerging Markets Equity ETF
![Image](ic372e3b11e1df4606a8666d1.jpg)

Ticker: EPEM

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Emerging Markets Equity ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Emerging Markets Equity ETF | $46 | 0.84% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $7575 |
| **Number of Investments** | 42 |
| **Total Net Advisory Fees Paid (in thousands)** | $28 |
| **Portfolio Turnover Rate** | 10% |

---

#### Fund Investments as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i950453537f07e21175a322ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.9% |
| Europe | 2.7% |
| Africa | 3.2% |
| South Asia | 3.7% |
| South America | 7.2% |
| Latin America | 8.9% |
| Pacific Basin | 72.4% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Taiwan | 30.9% |
| China | 25.3% |
| South Korea | 10.6% |
| Brazil | 8.9% |
| Colombia | 4.5% |
| India | 3.7% |
| Thailand | 3.3% |
| South Africa | 3.2% |
| Chile | 2.8% |
| Czech Republic | 2.7% |
| Others | 4.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Emerging Markets Select ETF
![Image](ic372e3b11e1df4606a8666d1.jpg)

Ticker: EMES

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Emerging Markets Select ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Emerging Markets Select ETF | $35 | 0.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $11222 |
| **Number of Investments** | 49 |
| **Total Net Advisory Fees Paid (in thousands)** | $32 |
| **Portfolio Turnover Rate** | 23% |

---

#### Fund Investments as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i1232d7a05984cc6e859e3399.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.0% |
| Europe | 3.0% |
| Latin America | 11.2% |
| South Asia | 16.0% |
| Middle East/Central Asia | 18.5% |
| Pacific Basin | 50.3% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Taiwan | 21.6% |
| China | 21.0% |
| South Korea | 20.3% |
| India | 16.0% |
| Brazil | 8.5% |
| Hong Kong | 2.4% |
| Philippines | 1.7% |
| Turkey | 1.7% |
| Peru | 1.4% |
| Greece | 1.3% |
| Others | 4.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Health Care ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: MEDI

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Health Care ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Health Care ETF | $40 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $27575 |
| **Number of Investments** | 40 |
| **Total Net Advisory Fees Paid (in thousands)** | $103 |
| **Portfolio Turnover Rate** | 70% |

---

#### Fund Investments as of April 30, 2026

# Industry Allocation (% of Investments)
![Group By Country Chart](i2ee67fb76d72cd682d679689.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care Technology | 0.3% |
| Life Sciences Tools & Services | 4.0% |
| Health Care Providers & Services | 7.4% |
| Health Care Equipment & Supplies | 10.4% |
| Pharmaceuticals | 23.4% |
| Biotechnology | 54.5% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Human Capital Factor US Large Cap ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: HAPI

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Human Capital Factor US Large Cap ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Human Capital Factor US Large Cap ETF | $18 | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $469995 |
| **Number of Investments** | 154 |
| **Total Net Advisory Fees Paid (in thousands)** | $776 |
| **Portfolio Turnover Rate** | 28% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](ic217df4ff2a8dda3f8cf4c4b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.4% |
| Real Estate | 1.6% |
| Utilities | 1.9% |
| Energy | 3.4% |
| Consumer Staples | 5.9% |
| Health Care | 7.8% |
| Consumer Discretionary | 9.7% |
| Industrials | 9.7% |
| Financials | 12.3% |
| Communication Services | 16.4% |
| Information Technology | 29.9% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Human Capital Factor US Small Cap ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: HAPS

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Human Capital Factor US Small Cap ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Human Capital Factor US Small Cap ETF | $32 | 0.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $157469 |
| **Number of Investments** | 201 |
| **Total Net Advisory Fees Paid (in thousands)** | $441 |
| **Portfolio Turnover Rate** | 63% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i977474e6d3cd1ea505f94f25.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.1% |
| Utilities | 2.4% |
| Communication Services | 3.5% |
| Materials | 5.8% |
| Real Estate | 5.9% |
| Energy | 6.4% |
| Consumer Discretionary | 8.3% |
| Information Technology | 13.2% |
| Industrials | 14.6% |
| Health Care | 17.7% |
| Financials | 21.1% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor International Compounders ETF
![Image](ic372e3b11e1df4606a8666d1.jpg)

Ticker: OSEA

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Compounders ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor International Compounders ETF | $28 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $492840 |
| **Number of Investments** | 29 |
| **Total Net Advisory Fees Paid (in thousands)** | $1393 |
| **Portfolio Turnover Rate** | 8% |

---

#### Fund Investments (excludes short-term investments) as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i26938709529d34012d653975.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Latin America | 2.7% |
| South Asia | 3.9% |
| North America | 6.8% |
| Pacific Basin | 31.3% |
| Europe | 55.3% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 17.3% |
| Germany | 15.7% |
| Japan | 10.9% |
| France | 10.5% |
| China | 7.4% |
| Taiwan | 7.2% |
| United States | 6.8% |
| Netherlands | 5.0% |
| Hong Kong | 4.3% |
| India | 3.9% |
| Others | 11.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor International Equity ETF
![Image](ic372e3b11e1df4606a8666d1.jpg)

Ticker: EPIN

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor International Equity ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor International Equity ETF | $42 | 0.80% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $6956 |
| **Number of Investments** | 62 |
| **Total Net Advisory Fees Paid (in thousands)** | $26 |
| **Portfolio Turnover Rate** | -% |

---

#### Fund Investments as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](i5e42b3bd823de64479eab832.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 0.9% |
| South Asia | 2.1% |
| Latin America | 3.4% |
| South America | 3.8% |
| North America | 12.0% |
| Pacific Basin | 33.8% |
| Europe | 44.0% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Taiwan | 13.0% |
| United Kingdom | 11.9% |
| Japan | 8.4% |
| United States | 7.8% |
| Italy | 5.9% |
| Norway | 5.3% |
| China | 4.7% |
| Germany | 4.5% |
| France | 4.3% |
| Netherlands | 4.2% |
| Others | 30.0% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Long-Short Equity ETF
![Image](ic372e3b11e1df4606a8666d1.jpg)

Ticker: LSEQ

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Long-Short Equity ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Long-Short Equity ETF | $120 | 2.19% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $15382 |
| **Number of Investments (includes derivatives)** | 162 |
| **Total Net Advisory Fees Paid (in thousands)** | $102 |
| **Portfolio Turnover Rate** | 142% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)

---

| | |
|:---|:---|
| Health Care | 17.6% |
| Materials | 17.1% |
| Information Technology | 16.1% |
| Consumer Discretionary | 13.3% |
| Communication Services | 11.3% |
| Energy | 8.8% |
| Industrials | 5.9% |
| Utilities | 4.9% |
| Consumer Staples | 4.4% |
| Financials | 0.6% |

---

#### Sector Allocation (% of Investments Sold Short)

---

| | |
|:---|:---|
| Information Technology | 31.6% |
| Health Care | 19.9% |
| Communication Services | 18.1% |
| Consumer Discretionary | 15.8% |
| Utilities | 4.9% |
| Industrials | 4.5% |
| Consumer Staples | 2.7% |
| Materials | 2.5% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Long-Term Growers ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: WINN

Principal U.S. Market: NYSE

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Long-Term Growers ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Long-Term Growers ETF | $28 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1090326 |
| **Number of Investments** | 69 |
| **Total Net Advisory Fees Paid (in thousands)** | $2958 |
| **Portfolio Turnover Rate** | 25% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i5f3c84cff8fbb2aac4783ec4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.5% |
| Utilities | 1.4% |
| Consumer Staples | 3.0% |
| Industrials | 5.3% |
| Financials | 5.3% |
| Health Care | 7.0% |
| Consumer Discretionary | 13.4% |
| Communication Services | 15.6% |
| Information Technology | 48.5% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Mid Cap Core ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: EPMB

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Mid Cap Core ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Mid Cap Core ETF | $47 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $4501 |
| **Number of Investments** | 59 |
| **Total Net Advisory Fees Paid (in thousands)** | $18 |
| **Portfolio Turnover Rate** | -% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i5b8055ffe92d3dba1145a10e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.1% |
| Utilities | 1.7% |
| Energy | 4.4% |
| Real Estate | 5.2% |
| Materials | 6.3% |
| Consumer Discretionary | 8.6% |
| Health Care | 9.8% |
| Financials | 15.6% |
| Information Technology | 17.5% |
| Industrials | 29.8% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Mid Cap Value ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: EPMV

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Mid Cap Value ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Mid Cap Value ETF | $47 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $4439 |
| **Number of Investments** | 60 |
| **Total Net Advisory Fees Paid (in thousands)** | $18 |
| **Portfolio Turnover Rate** | 6% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i9055a2eb82077578d2169013.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 1.4% |
| Utilities | 3.0% |
| Energy | 5.0% |
| Real Estate | 6.4% |
| Health Care | 6.6% |
| Materials | 7.4% |
| Consumer Discretionary | 11.6% |
| Information Technology | 15.8% |
| Financials | 19.4% |
| Industrials | 23.4% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Multi-Asset Explorer ETF (Consolidated)
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: MAPP

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Multi-Asset Explorer ETF (Consolidated) ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Multi-Asset Explorer ETF (Consolidated) | $36 | 0.70% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $10941 |
| **Number of Investments** | 22 |
| **Total Net Advisory Fees Paid (in thousands)** | $33 |
| **Portfolio Turnover Rate** | 150% |

---

#### Fund Investments as of April 30, 2026

# Investment Allocation (% of Investments)
![Group By Country Chart](icc8c23bc633be96f66b7c96a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commodity Funds | 6.4% |
| Fixed Income Funds | 41.1% |
| Equity Funds | 52.5% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Osmosis Emerging Markets Resource Efficient ETF
![Image](ic372e3b11e1df4606a8666d1.jpg)

Ticker: EFFE

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Osmosis Emerging Markets Resource Efficient ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | $36 | 0.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $129948 |
| **Number of Investments** | 76 |
| **Total Net Advisory Fees Paid (in thousands)** | $427 |
| **Portfolio Turnover Rate** | 83% |

---

#### Fund Investments as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](iaf9db1ded3654882ba361c85.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 2.7% |
| Europe | 2.3% |
| Africa | 3.4% |
| Latin America | 4.7% |
| Middle East/Central Asia | 5.1% |
| South Asia | 12.1% |
| Pacific Basin | 69.7% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Taiwan | 24.9% |
| China | 23.0% |
| South Korea | 18.5% |
| India | 12.1% |
| Brazil | 4.7% |
| South Africa | 3.3% |
| Saudi Arabia | 2.7% |
| Mexico | 1.8% |
| United Arab Emirates | 1.2% |
| Malaysia | 1.2% |
| Others | 6.6% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Osmosis International Resource Efficient ETF
![Image](ic372e3b11e1df4606a8666d1.jpg)

Ticker: EFFI

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Osmosis International Resource Efficient ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Osmosis International Resource Efficient ETF | $28 | 0.55% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $139401 |
| **Number of Investments** | 72 |
| **Total Net Advisory Fees Paid (in thousands)** | $373 |
| **Portfolio Turnover Rate** | 54% |

---

#### Fund Investments as of April 30, 2026

# Region Breakdown (% of Investments)
![Group By Country Chart](iec502de3644906bd553e448d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other | 1.4% |
| North America | 12.8% |
| Pacific Basin | 27.6% |
| Europe | 58.2% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 19.3% |
| United Kingdom | 12.3% |
| Canada | 11.4% |
| France | 8.1% |
| Germany | 7.0% |
| Switzerland | 6.0% |
| Australia | 5.1% |
| Sweden | 4.3% |
| Italy | 3.5% |
| Spain | 3.1% |
| Others | 19.9% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor PanAgora Dynamic Large Cap Core ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: INFO

Principal U.S. Market: NYSE

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor PanAgora Dynamic Large Cap Core ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor PanAgora Dynamic Large Cap Core ETF | $18 | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $771937 |
| **Number of Investments** | 130 |
| **Total Net Advisory Fees Paid (in thousands)** | $1148 |
| **Portfolio Turnover Rate** | 40% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](iea16b3cacf6f5f2cfc8be261.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 1.7% |
| Materials | 2.7% |
| Utilities | 3.2% |
| Energy | 3.8% |
| Consumer Staples | 5.5% |
| Health Care | 8.2% |
| Industrials | 8.9% |
| Consumer Discretionary | 9.6% |
| Communication Services | 10.5% |
| Financials | 11.7% |
| Information Technology | 34.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor SMID Cap Core ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: EPSB

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor SMID Cap Core ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor SMID Cap Core ETF | $48 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $4660 |
| **Number of Investments** | 56 |
| **Total Net Advisory Fees Paid (in thousands)** | $18 |
| **Portfolio Turnover Rate** | 3% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i8c7d7f7d2201b3633462dbe8.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 3.2% |
| Energy | 3.2% |
| Real Estate | 6.1% |
| Consumer Discretionary | 6.2% |
| Health Care | 6.2% |
| Materials | 8.2% |
| Financials | 14.9% |
| Information Technology | 20.1% |
| Industrials | 31.9% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor SMID Cap Value ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: EPSV

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor SMID Cap Value ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor SMID Cap Value ETF | $49 | 0.88% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $4983 |
| **Number of Investments** | 57 |
| **Total Net Advisory Fees Paid (in thousands)** | $19 |
| **Portfolio Turnover Rate** | 4% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](i96b10d4ac6b141b91620ae34.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 0.9% |
| Utilities | 3.8% |
| Consumer Discretionary | 4.2% |
| Materials | 5.0% |
| Consumer Staples | 5.0% |
| Energy | 6.0% |
| Real Estate | 7.4% |
| Financials | 20.1% |
| Information Technology | 23.4% |
| Industrials | 24.2% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

#### Harbor Transformative Technologies ETF
![Image](ib6e1a3ff1896e45be17c29ef.jpg)

Ticker: TEC

Principal U.S. Market: NYSE Arca, Inc.

#### Semi-Annual Shareholder Report

#### April 30, 2026
This semi-annual shareholder report contains important information about Harbor Transformative Technologies ETF ("Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

# What were the Fund costs for the last period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Transformative Technologies ETF | $35 | 0.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Annualized |

---

# Key Fund Statistics as of April 30, 2026

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $6756 |
| **Number of Investments** | 42 |
| **Total Net Advisory Fees Paid (in thousands)** | $21 |
| **Portfolio Turnover Rate** | 7% |

---

#### Fund Investments as of April 30, 2026

# Sector Allocation (% of Investments)
![Group By Country Chart](ie187598b20786ec336d4af5a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 1.0% |
| Financials | 1.0% |
| Utilities | 1.5% |
| Health Care | 4.2% |
| Consumer Discretionary | 9.3% |
| Communication Services | 12.5% |
| Information Technology | 70.5% |

---

# Availability of Additional Information
Additional information about the Fund, including but not limited to the Fund's financial statements, prospectus or schedule of holdings can be accessed by visiting www.harborcapital.com/documents/fund, by scanning the QR code, or by contacting us at 800-422-1050. For proxy voting information, visit www.harborcapital.com/proxy-voting.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i770228476f15b6a87bd28abb.jpg)

**ITEM 2 – CODE OF ETHICS**

Not applicable

**ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT**

Not applicable

**ITEM 4 – PRINCIPAL ACCOUNTANT FEES AND SERVICES**

Not applicable

**ITEM 5 – AUDIT COMMITTEE OF LISTED REGISTRANTS**

Not applicable

**ITEM 6 – INVESTMENTS**

**(a)** The Registrant has elected to include the schedule of investments in securities of unaffiliated issuers as part of the financial statements filed under Item 7 of this Form N-CSR.

**(b)** Not applicable

**ITEM 7 – FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

The following is a copy of the semi-annual financial statements, including financial highlights:

![](imgbfc453681.jpg)

**Semi-Annual Financial Statements and Additional Information**

**HARBOR ETF TRUST**

**April 30, 2026** 

---

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

---

![](imgac9a111f2.gif)

------

**Table of Contents**

------

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

---

| | |
|:---|:---|
| **Harbor ETF Trust** <br>|  |
| **Portfolio of Investments** <br>|  |
| Harbor Active Small Cap ETF | 2  |
| Harbor Active Small Cap Growth ETF | 4  |
| Harbor AI Inflection Strategy ETF | 7  |
| Harbor Alpha Layering ETF (CONSOLIDATED) | 8  |
| Harbor AlphaEdge™ Large Cap Value ETF | 9  |
| Harbor AlphaEdge™ Small Cap Earners ETF | 11  |
| Harbor Ares Systematic High Yield ETF | 19  |
| Harbor Ares Systematic Multi-Sector Income ETF | 25  |
| Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED) | 30  |
| Harbor Disciplined Bond ETF | 31  |
| Harbor Dividend Growth Leaders ETF | 37  |
| Harbor Emerging Markets Equity ETF | 39  |
| Harbor Emerging Markets Select ETF | 41  |
| Harbor Health Care ETF | 43  |
| Harbor Human Capital Factor US Large Cap ETF | 44  |
| Harbor Human Capital Factor US Small Cap ETF | 47  |
| Harbor International Compounders ETF | 51  |
| Harbor International Equity ETF | 53  |
| Harbor Long-Short Equity ETF | 55  |
| Harbor Long-Term Growers ETF | 59  |
| Harbor Mid Cap Core ETF | 61  |
| Harbor Mid Cap Value ETF | 63  |
| Harbor Multi-Asset Explorer ETF (CONSOLIDATED) | 65  |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | 66  |
| Harbor Osmosis International Resource Efficient ETF | 68  |
| Harbor PanAgora Dynamic Large Cap Core ETF | 70  |
| Harbor SMID Cap Core ETF | 73  |
| Harbor SMID Cap Value ETF | 75  |
| Harbor Transformative Technologies ETF | 77  |
| **Financial Statements** <br>|  |
| Statements of Assets and Liabilities | 79  |
| Statements of Operations | 83  |
| Statements of Changes in Net Assets | 87  |
| Financial Highlights | 94  |
| **Notes to Financial Statements** | 109  |

---

------

**Table of Contents—Continued**

------

---

| | |
|:---|:---|
| **Additional Information** <br>|  |
| FORM N-CSR ITEMS 8-11 | 124 |

---

**This material is intended for the Funds' shareholders. It may be distributed to prospective investors only if it is preceded or accompanied by the current prospectus. Prospective investors should carefully consider the investment objectives, risks, charges and expenses of a Harbor ETF before investing. To obtain a summary prospectus or prospectus for this and other information, visit harborcapital.com or call 800-422-1050. Read it carefully before investing.**

Foreside Fund Services, LLC is the Distributor of the Harbor ETF Trust.

------

**Harbor Active Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Byron Place Capital Management, LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—95.6%** | **COMMON STOCKS—95.6%** | **COMMON STOCKS—95.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.1%** | **AEROSPACE & DEFENSE—3.1%** | **AEROSPACE & DEFENSE—3.1%** |
| 1310 | Arxis, Inc. Class A<sup>\*</sup> | $46 |
| 1806 | Loar Holdings, Inc. <sup>\*</sup> | 101 |
| 11500 | StandardAero, Inc. <sup>\*</sup> | 286 |
|  |  | 433 |
| **BANKS—7.8%** | **BANKS—7.8%** | **BANKS—7.8%** |
| 7663 | Northpointe Bancshares, Inc.  | 137 |
| 9477 | United Bankshares, Inc.  | 415 |
| 3519 | Wintrust Financial Corp.  | 530 |
|  |  | 1082 |
| **BEVERAGES—1.2%** | **BEVERAGES—1.2%** | **BEVERAGES—1.2%** |
| 682 | Boston Beer Co., Inc. Class A<sup>\*</sup> | 162 |
| **BUILDING PRODUCTS—4.8%** | **BUILDING PRODUCTS—4.8%** | **BUILDING PRODUCTS—4.8%** |
| 2543 | Fortune Brands Innovations, Inc.  | 103 |
| 11576 | Hayward Holdings, Inc. <sup>\*</sup> | 174 |
| 74939 | Janus International Group, Inc. <sup>\*</sup> | 389 |
|  |  | 666 |
| **CAPITAL MARKETS—9.5%** | **CAPITAL MARKETS—9.5%** | **CAPITAL MARKETS—9.5%** |
| 9427 | Artisan Partners Asset Management, Inc. Class A | 353 |
| 1049 | FactSet Research Systems, Inc.  | 239 |
| 2450 | Moelis & Co. Class A | 159 |
| 2617 | Morningstar, Inc.  | 441 |
| 11762 | Wealthfront Corp. <sup>\*</sup> | 124 |
|  |  | 1316 |
| **CHEMICALS—0.6%** | **CHEMICALS—0.6%** | **CHEMICALS—0.6%** |
| 1006 | Solstice Advanced Materials, Inc.  | 82 |
| **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** |
| 24428 | WillScot Holdings Corp.  | 553 |
| **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** | **CONSUMER FINANCE—0.5%** |
| 2163 | Figure Technology Solutions, Inc. Class A<sup>\*</sup> | 76 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** |
| 4084 | Maplebear, Inc. <sup>\*</sup> | 173 |
| **CONTAINERS & PACKAGING—2.2%** | **CONTAINERS & PACKAGING—2.2%** | **CONTAINERS & PACKAGING—2.2%** |
| 2407 | AptarGroup, Inc.  | 298 |
| **DISTRIBUTORS—4.6%** | **DISTRIBUTORS—4.6%** | **DISTRIBUTORS—4.6%** |
| 2961 | Pool Corp.  | 632 |
| **ENERGY EQUIPMENT & SERVICES—3.8%** | **ENERGY EQUIPMENT & SERVICES—3.8%** | **ENERGY EQUIPMENT & SERVICES—3.8%** |
| 15469 | Liberty Energy, Inc.  | 523 |
| **FINANCIAL SERVICES—6.3%** | **FINANCIAL SERVICES—6.3%** | **FINANCIAL SERVICES—6.3%** |
| 28602 | Remitly Global, Inc. <sup>\*</sup> | 626 |
| 5685 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 252 |
|  |  | 878 |
| **GROUND TRANSPORTATION—0.8%** | **GROUND TRANSPORTATION—0.8%** | **GROUND TRANSPORTATION—0.8%** |
| 7970 | Lyft, Inc. Class A<sup>\*</sup> | 113 |
| **HEALTH CARE PROVIDERS & SERVICES—1.7%** | **HEALTH CARE PROVIDERS & SERVICES—1.7%** | **HEALTH CARE PROVIDERS & SERVICES—1.7%** |
| 3395 | U.S. Physical Therapy, Inc.  | 242 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE TECHNOLOGY—1.5%** | **HEALTH CARE TECHNOLOGY—1.5%** | **HEALTH CARE TECHNOLOGY—1.5%** |
| 8705 | Doximity, Inc. Class A<sup>\*</sup> | $213 |
| **HOTEL & RESORT REITS—2.1%** | **HOTEL & RESORT REITS—2.1%** | **HOTEL & RESORT REITS—2.1%** |
| 35303 | RLJ Lodging Trust  | 291 |
| **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** |
| 2040 | Monarch Casino & Resort, Inc.  | 242 |
| **INSURANCE—1.6%** | **INSURANCE—1.6%** | **INSURANCE—1.6%** |
| 5812 | Accelerant Holdings Class A (Cayman Islands)<sup>\*</sup> | 76 |
| 442 | Kinsale Capital Group, Inc.  | 143 |
|  |  | 219 |
| **MACHINERY—12.4%** | **MACHINERY—12.4%** | **MACHINERY—12.4%** |
| 11391 | Douglas Dynamics, Inc.  | 525 |
| 38798 | Hillman Solutions Corp. <sup>\*</sup> | 317 |
| 2158 | Middleby Corp. <sup>\*</sup> | 303 |
| 423 | RBC Bearings, Inc. <sup>\*</sup> | 253 |
| 3365 | Toro Co.  | 320 |
|  |  | 1718 |
| **METALS & MINING—4.9%** | **METALS & MINING—4.9%** | **METALS & MINING—4.9%** |
| 1878 | Reliance, Inc.  | 681 |
| **MULTI-UTILITIES—0.5%** | **MULTI-UTILITIES—0.5%** | **MULTI-UTILITIES—0.5%** |
| 912 | CMS Energy Corp.  | 70 |
| **OIL, GAS & CONSUMABLE FUELS—2.9%** | **OIL, GAS & CONSUMABLE FUELS—2.9%** | **OIL, GAS & CONSUMABLE FUELS—2.9%** |
| 931 | DT Midstream, Inc.  | 138 |
| 5958 | Range Resources Corp.  | 259 |
|  |  | 397 |
| **PROFESSIONAL SERVICES—9.1%** | **PROFESSIONAL SERVICES—9.1%** | **PROFESSIONAL SERVICES—9.1%** |
| 13721 | Andersen Group, Inc. Class A<sup>\*</sup> | 485 |
| 3386 | Paylocity Holding Corp. <sup>\*</sup> | 357 |
| 5913 | SS&C Technologies Holdings, Inc.  | 410 |
|  |  | 1252 |
| **RETAIL REITS—1.7%** | **RETAIL REITS—1.7%** | **RETAIL REITS—1.7%** |
| 5877 | Phillips Edison & Co., Inc.  | 236 |
| **SOFTWARE—3.4%** | **SOFTWARE—3.4%** | **SOFTWARE—3.4%** |
| 43143 | Freshworks, Inc. Class A<sup>\*</sup> | 352 |
| 2224 | Q2 Holdings, Inc. <sup>\*</sup> | 113 |
|  |  | 465 |
| **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** |
| 3141 | Core & Main, Inc. Class A<sup>\*</sup> | 158 |
| 2162 | EquipmentShare.com, Inc. Class A<sup>\*</sup> | 45 |
|  |  | 203 |
| **TOTAL COMMON STOCKS** <br>(Cost $14,188) | **TOTAL COMMON STOCKS** <br>(Cost $14,188) | 13216 |
| **TOTAL INVESTMENTS—95.6%** <br>(Cost $14,188) | **TOTAL INVESTMENTS—95.6%** <br>(Cost $14,188) | 13216 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—4.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—4.4%** | 612 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $13828 |

---

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

------

⬤

------

**Harbor Active Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Active Small Cap Growth ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Granahan Investment Management LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—5.6%** | **AEROSPACE & DEFENSE—5.6%** | **AEROSPACE & DEFENSE—5.6%** |
| 16 | AeroVironment, Inc. <sup>\*</sup> | $3 |
| 2355 | Archer Aviation, Inc. Class A<sup>\*</sup> | 13 |
| 318 | Arxis, Inc. Class A<sup>\*</sup> | 11 |
| 336 | Beta Technologies, Inc. Class A<sup>\*</sup> | 5 |
| 110 | BWX Technologies, Inc.  | 24 |
| 168 | Carpenter Technology Corp.  | 72 |
| 267 | FTAI Aviation Ltd.  | 67 |
| 245 | Red Cat Holdings, Inc. <sup>\*</sup> | 3 |
| 257 | York Space Systems, Inc. <sup>\*</sup> | 9 |
|  |  | 207 |
| **BANKS—1.8%** | **BANKS—1.8%** | **BANKS—1.8%** |
| 651 | Texas Capital Bancshares, Inc. <sup>\*</sup> | 66 |
| **BIOTECHNOLOGY—13.2%** | **BIOTECHNOLOGY—13.2%** | **BIOTECHNOLOGY—13.2%** |
| 227 | AnaptysBio, Inc. <sup>\*</sup> | 15 |
| 294 | Apogee Therapeutics, Inc. <sup>\*</sup> | 24 |
| 1033 | BridgeBio Oncology Therapeutics, Inc. (Cayman <br> Islands)<sup>\*</sup><br>| 9 |
| 350 | Bridgebio Pharma, Inc. <sup>\*</sup> | 25 |
| 252 | Celcuity, Inc. <sup>\*</sup> | 31 |
| 206 | Cytokinetics, Inc. <sup>\*</sup> | 13 |
| 840 | Dyne Therapeutics, Inc. <sup>\*</sup> | 15 |
| 407 | First Tracks Biotherapeutics, Inc. <sup>\*</sup> | 9 |
| 182 | GRAIL, Inc. <sup>\*</sup> | 10 |
| 1120 | Immunome, Inc. <sup>\*</sup> | 26 |
| 897 | Immunovant, Inc. <sup>\*</sup> | 24 |
| 589 | Kiniksa Pharmaceuticals International PLC <sup>\*</sup> | 32 |
| 826 | MoonLake Immunotherapeutics <sup>\*</sup> | 14 |
| 140 | Nuvalent, Inc. Class A<sup>\*</sup> | 14 |
| 149 | Protagonist Therapeutics, Inc. <sup>\*</sup> | 15 |
| 106 | Revolution Medicines, Inc. <sup>\*</sup> | 15 |
| 289 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 23 |
| 532 | Scholar Rock Holding Corp. <sup>\*</sup> | 25 |
| 1016 | Stoke Therapeutics, Inc. <sup>\*</sup> | 33 |
| 1134 | Syndax Pharmaceuticals, Inc. <sup>\*</sup> | 24 |
| 2653 | Taysha Gene Therapies, Inc. <sup>\*</sup> | 17 |
| 928 | Viking Therapeutics, Inc. <sup>\*</sup> | 29 |
| 353 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 20 |
| 840 | Zymeworks, Inc. <sup>\*</sup> | 23 |
|  |  | 485 |
| **BROADLINE RETAIL—0.5%** | **BROADLINE RETAIL—0.5%** | **BROADLINE RETAIL—0.5%** |
| 577 | Global-e Online Ltd. (Israel)<sup>\*</sup> | 18 |
| **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** |
| 248 | Modine Manufacturing Co. <sup>\*</sup> | 63 |
| **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** |
| 497 | Marex Group PLC (United Kingdom) | 27 |
| **COMMERCIAL SERVICES & SUPPLIES—2.3%** | **COMMERCIAL SERVICES & SUPPLIES—2.3%** | **COMMERCIAL SERVICES & SUPPLIES—2.3%** |
| 953 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 75 |
| 470 | Montrose Environmental Group, Inc. <sup>\*</sup> | 10 |
|  |  | 85 |
| **COMMUNICATIONS EQUIPMENT—0.5%** | **COMMUNICATIONS EQUIPMENT—0.5%** | **COMMUNICATIONS EQUIPMENT—0.5%** |
| 339 | Viavi Solutions, Inc. <sup>\*</sup> | 18 |
| **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** |
| 221 | Ameresco, Inc. Class A<sup>\*</sup> | 7 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CONSTRUCTION & ENGINEERING—Continued** | **CONSTRUCTION & ENGINEERING—Continued** | **CONSTRUCTION & ENGINEERING—Continued** |
| 131 | Cardinal Infrastructure Group, Inc. Class A<sup>\*</sup> | $7 |
| 62 | Sterling Infrastructure, Inc. <sup>\*</sup> | 32 |
| 1384 | WillScot Holdings Corp.  | 31 |
|  |  | 77 |
| **CONSUMER FINANCE—1.7%** | **CONSUMER FINANCE—1.7%** | **CONSUMER FINANCE—1.7%** |
| 143 | Dave, Inc. <sup>\*</sup> | 39 |
| 658 | Figure Technology Solutions, Inc. Class A<sup>\*</sup> | 23 |
|  |  | 62 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.9%** |
| 431 | Chefs' Warehouse, Inc. <sup>\*</sup> | 33 |
| **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** | **DIVERSIFIED CONSUMER SERVICES—0.1%** |
| 83 | Universal Technical Institute, Inc. <sup>\*</sup> | 3 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** |
| 214 | Anterix, Inc. <sup>\*</sup> | 10 |
| 987 | Cogent Communications Holdings, Inc.  | 23 |
|  |  | 33 |
| **ELECTRICAL EQUIPMENT—2.8%** | **ELECTRICAL EQUIPMENT—2.8%** | **ELECTRICAL EQUIPMENT—2.8%** |
| 1225 | Enovix Corp. <sup>\*</sup> | 8 |
| 1379 | Forgent Power Solutions, Inc. <sup>\*</sup> | 52 |
| 49 | Generac Holdings, Inc. <sup>\*</sup> | 13 |
| 261 | Nextpower, Inc. Class A<sup>\*</sup> | 31 |
|  |  | 104 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.3%** |
| 1882 | 908 Devices, Inc. <sup>\*</sup> | 13 |
| 42 | Advanced Energy Industries, Inc.  | 16 |
| 2164 | Arlo Technologies, Inc. <sup>\*</sup> | 30 |
| 56 | Fabrinet (Thailand)<sup>\*</sup> | 38 |
| 2573 | LightPath Technologies, Inc. Class A<sup>\*</sup> | 33 |
| 78 | nLight, Inc. <sup>\*</sup> | 6 |
| 64 | Rogers Corp. <sup>\*</sup> | 9 |
| 173 | TTM Technologies, Inc. <sup>\*</sup> | 27 |
| 1720 | Unusual Machines, Inc. (Puerto Rico)<sup>\*</sup> | 25 |
|  |  | 197 |
| **FINANCIAL SERVICES—0.9%** | **FINANCIAL SERVICES—0.9%** | **FINANCIAL SERVICES—0.9%** |
| 1096 | Chime Financial, Inc. Class A<sup>\*</sup> | 24 |
| 283 | Toast, Inc. Class A<sup>\*</sup> | 8 |
|  |  | 32 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.1%** |
| 903 | Beta Bionics, Inc. <sup>\*</sup> | 9 |
| 21 | iRadimed Corp.  | 2 |
| 238 | IRhythm Holdings, Inc. <sup>\*</sup> | 31 |
| 1066 | Neogen Corp. <sup>\*</sup> | 10 |
| 2150 | OrthoPediatrics Corp. <sup>\*</sup> | 32 |
| 2507 | Owlet, Inc. <sup>\*</sup> | 12 |
| 4336 | SI-BONE, Inc. <sup>\*</sup> | 54 |
|  |  | 150 |
| **HEALTH CARE PROVIDERS & SERVICES—3.5%** | **HEALTH CARE PROVIDERS & SERVICES—3.5%** | **HEALTH CARE PROVIDERS & SERVICES—3.5%** |
| 1991 | Alignment Healthcare, Inc. <sup>\*</sup> | 45 |
| 322 | CorVel Corp. <sup>\*</sup> | 19 |
| 103 | GeneDx Holdings Corp. <sup>\*</sup> | 6 |
| 462 | HealthEquity, Inc. <sup>\*</sup> | 38 |

---

------

⬤

------

**Harbor Active Small Cap Growth ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
| 358 | RadNet, Inc. <sup>\*</sup> | $20 |
|  |  | 128 |
| **HOTELS, RESTAURANTS & LEISURE—2.7%** | **HOTELS, RESTAURANTS & LEISURE—2.7%** | **HOTELS, RESTAURANTS & LEISURE—2.7%** |
| 77 | Cava Group, Inc. <sup>\*</sup> | 7 |
| 367 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 5 |
| 2579 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 11 |
| 280 | Kura Sushi USA, Inc. Class A<sup>\*</sup> | 15 |
| 819 | Life Time Group Holdings, Inc. <sup>\*</sup> | 22 |
| 852 | Lindblad Expeditions Holdings, Inc. <sup>\*</sup> | 16 |
| 1262 | Sportradar Group AG Class A (Switzerland)<sup>\*</sup> | 17 |
| 840 | Sweetgreen, Inc. Class A<sup>\*</sup> | 6 |
|  |  | 99 |
| **HOUSEHOLD DURABLES—1.1%** | **HOUSEHOLD DURABLES—1.1%** | **HOUSEHOLD DURABLES—1.1%** |
| 133 | Green Brick Partners, Inc. <sup>\*</sup> | 9 |
| 290 | SharkNinja, Inc. <sup>\*</sup> | 33 |
|  |  | 42 |
| **INSURANCE—0.7%** | **INSURANCE—0.7%** | **INSURANCE—0.7%** |
| 270 | Ethos Technologies, Inc. Class A<sup>\*</sup> | 5 |
| 64 | Kinsale Capital Group, Inc.  | 20 |
|  |  | 25 |
| **IT SERVICES—0.7%** | **IT SERVICES—0.7%** | **IT SERVICES—0.7%** |
| 162 | DigitalOcean Holdings, Inc. <sup>\*</sup> | 15 |
| 146 | Okta, Inc. <sup>\*</sup> | 11 |
|  |  | 26 |
| **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** |
| 1534 | Callaway Golf Co. <sup>\*</sup> | 23 |
| **LIFE SCIENCES TOOLS & SERVICES—2.1%** | **LIFE SCIENCES TOOLS & SERVICES—2.1%** | **LIFE SCIENCES TOOLS & SERVICES—2.1%** |
| 2262 | BioLife Solutions, Inc. <sup>\*</sup> | 48 |
| 452 | CryoPort, Inc. <sup>\*</sup> | 5 |
| 205 | Repligen Corp. <sup>\*</sup> | 24 |
|  |  | 77 |
| **MACHINERY—6.9%** | **MACHINERY—6.9%** | **MACHINERY—6.9%** |
| 461 | CECO Environmental Corp. <sup>\*</sup> | 34 |
| 2810 | Gates Industrial Corp. PLC <sup>\*</sup> | 72 |
| 249 | JBT Marel Corp.  | 29 |
| 819 | Kornit Digital Ltd. (Israel)<sup>\*</sup> | 13 |
| 1171 | Mayville Engineering Co., Inc. <sup>\*</sup> | 27 |
| 131 | RBC Bearings, Inc. <sup>\*</sup> | 79 |
|  |  | 254 |
| **MEDIA—1.5%** | **MEDIA—1.5%** | **MEDIA—1.5%** |
| 4345 | Magnite, Inc. <sup>\*</sup> | 56 |
| **METALS & MINING—3.2%** | **METALS & MINING—3.2%** | **METALS & MINING—3.2%** |
| 462 | Materion Corp.  | 85 |
| 456 | MP Materials Corp. <sup>\*</sup> | 30 |
| 370 | U.S. Antimony Corp. <sup>\*</sup> | 4 |
|  |  | 119 |
| **OIL, GAS & CONSUMABLE FUELS—1.1%** | **OIL, GAS & CONSUMABLE FUELS—1.1%** | **OIL, GAS & CONSUMABLE FUELS—1.1%** |
| 195 | Centrus Energy Corp. Class A<sup>\*</sup> | 41 |
| **PHARMACEUTICALS—2.2%** | **PHARMACEUTICALS—2.2%** | **PHARMACEUTICALS—2.2%** |
| 774 | Edgewise Therapeutics, Inc. <sup>\*</sup> | 24 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| 1107 | EyePoint, Inc. <sup>\*</sup> | $15 |
| 98 | Ligand Pharmaceuticals, Inc. <sup>\*</sup> | 22 |
| 3356 | Xeris Biopharma Holdings, Inc. <sup>\*</sup> | 21 |
|  |  | 82 |
| **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** |
| 313 | ExlService Holdings, Inc. <sup>\*</sup> | 10 |
| 56 | Spire Global, Inc. <sup>\*</sup> | 1 |
|  |  | 11 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.0%** |
| 771 | Allegro MicroSystems, Inc. (Japan)<sup>\*</sup> | 37 |
| 228 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 40 |
| 20709 | indie Semiconductor, Inc. Class A (China)<sup>\*</sup> | 93 |
| 199 | Lattice Semiconductor Corp. <sup>\*</sup> | 24 |
| 35 | Nova Ltd. (Israel)<sup>\*</sup> | 18 |
| 229 | Onto Innovation, Inc. <sup>\*</sup> | 68 |
| 304 | Rambus, Inc. <sup>\*</sup> | 35 |
| 1474 | Rigetti Computing, Inc. <sup>\*</sup> | 26 |
| 182 | Semtech Corp. <sup>\*</sup> | 19 |
| 484 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 106 |
| 70 | Tower Semiconductor Ltd. (Israel)<sup>\*</sup> | 15 |
| 693 | Veeco Instruments, Inc. <sup>\*</sup> | 35 |
|  |  | 516 |
| **SOFTWARE—9.8%** | **SOFTWARE—9.8%** | **SOFTWARE—9.8%** |
| 250 | Agilysys, Inc. <sup>\*</sup> | 16 |
| 1089 | Alkami Technology, Inc. <sup>\*</sup> | 17 |
| 1044 | Arteris, Inc. <sup>\*</sup> | 30 |
| 2593 | Cellebrite DI Ltd. (Israel)<sup>\*</sup> | 34 |
| 779 | Core Scientific, Inc. <sup>\*</sup> | 15 |
| 314 | Descartes Systems Group, Inc. (Canada)<sup>\*</sup> | 23 |
| 15842 | Digital Turbine, Inc. <sup>\*</sup> | 56 |
| 422 | JFrog Ltd. (Israel)<sup>\*</sup> | 20 |
| 1830 | Netskope, Inc. Class A<sup>\*</sup> | 18 |
| 557 | Nutanix, Inc. Class A<sup>\*</sup> | 23 |
| 10663 | Porch Group, Inc. <sup>\*</sup> | 103 |
| 452 | Zeta Global Holdings Corp. Class A<sup>\*</sup> | 8 |
|  |  | 363 |
| **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** |
| 132 | Boot Barn Holdings, Inc. <sup>\*</sup> | 23 |
| 155 | Warby Parker, Inc. Class A<sup>\*</sup> | 3 |
|  |  | 26 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.5%** |
| 378 | IonQ, Inc. <sup>\*</sup> | 17 |
| **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** |
| 881 | NPK International, Inc. <sup>\*</sup> | 14 |
| 546 | QXO, Inc. <sup>\*</sup> | 11 |
|  |  | 25 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,451) | **TOTAL COMMON STOCKS** <br>(Cost $3,451) | 3590 |
| **TOTAL INVESTMENTS—97.4%** <br>(Cost $3,451) | **TOTAL INVESTMENTS—97.4%** <br>(Cost $3,451) | 3590 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.6%** | 94 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3684 |

---

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

------

⬤

------

**Harbor Active Small Cap Growth ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

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 Financial Statements.

------

⬤

------

**Harbor AI Inflection Strategy ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** |
| **Shares** |  | **Value** |
| **AIR FREIGHT & LOGISTICS—2.1%** | **AIR FREIGHT & LOGISTICS—2.1%** | **AIR FREIGHT & LOGISTICS—2.1%** |
| 616 | CH Robinson Worldwide, Inc.  | $112 |
| **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** | **BUILDING PRODUCTS—2.3%** |
| 872 | Johnson Controls International PLC  | 127 |
| **CONSTRUCTION & ENGINEERING—10.3%** | **CONSTRUCTION & ENGINEERING—10.3%** | **CONSTRUCTION & ENGINEERING—10.3%** |
| 184 | EMCOR Group, Inc.  | 164 |
| 1264 | Everus Construction Group, Inc. <sup>\*</sup> | 186 |
| 520 | MasTec, Inc. <sup>\*</sup> | 205 |
|  |  | 555 |
| **ELECTRICAL EQUIPMENT—12.3%** | **ELECTRICAL EQUIPMENT—12.3%** | **ELECTRICAL EQUIPMENT—12.3%** |
| 1472 | Atkore, Inc.  | 115 |
| 352 | Eaton Corp. PLC  | 152 |
| 128 | GE Vernova, Inc.  | 139 |
| 776 | Vertiv Holdings Co. Class A | 255 |
|  |  | 661 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—13.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—13.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—13.3%** |
| 880 | Amphenol Corp. Class A | 130 |
| 1048 | Corning, Inc.  | 172 |
| 1568 | Flex Ltd. <sup>\*</sup> | 144 |
| 608 | Sanmina Corp. <sup>\*</sup> | 132 |
| 600 | TD SYNNEX Corp.  | 137 |
|  |  | 715 |
| **GAS UTILITIES—2.1%** | **GAS UTILITIES—2.1%** | **GAS UTILITIES—2.1%** |
| 600 | Atmos Energy Corp.  | 114 |
| **IT SERVICES—2.1%** | **IT SERVICES—2.1%** | **IT SERVICES—2.1%** |
| 760 | Twilio, Inc. Class A<sup>\*</sup> | 113 |
| **LIFE SCIENCES TOOLS & SERVICES—4.6%** | **LIFE SCIENCES TOOLS & SERVICES—4.6%** | **LIFE SCIENCES TOOLS & SERVICES—4.6%** |
| 664 | Agilent Technologies, Inc.  | 77 |
| 528 | Charles River Laboratories International, Inc. <sup>\*</sup> | 88 |
| 520 | IQVIA Holdings, Inc. <sup>\*</sup> | 82 |
|  |  | 247 |
| **MACHINERY—3.6%** | **MACHINERY—3.6%** | **MACHINERY—3.6%** |
| 1280 | Flowserve Corp.  | 94 |
| 464 | SPX Technologies, Inc. <sup>\*</sup> | 102 |
|  |  | 196 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** | **OIL, GAS & CONSUMABLE FUELS—2.3%** |
| 5760 | Antero Midstream Corp.  | $126 |
| **PROFESSIONAL SERVICES—1.9%** | **PROFESSIONAL SERVICES—1.9%** | **PROFESSIONAL SERVICES—1.9%** |
| 200 | CACI International, Inc. Class A<sup>\*</sup> | 104 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.7%** |
| 656 | CBRE Group, Inc. Class A<sup>\*</sup> | 94 |
| 1488 | CoStar Group, Inc. <sup>\*</sup> | 51 |
|  |  | 145 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—34.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—34.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—34.9%** |
| 2512 | Amkor Technology, Inc.  | 175 |
| 496 | Applied Materials, Inc.  | 196 |
| 120 | ASML Holding NV New York Registry Shares <br> (Netherlands)<br>| 173 |
| 1312 | Entegris, Inc.  | 186 |
| 1568 | FormFactor, Inc. <sup>\*</sup> | 213 |
| 680 | Lam Research Corp.  | 175 |
| 120 | Monolithic Power Systems, Inc.  | 194 |
| 504 | NXP Semiconductors NV (Netherlands) | 148 |
| 488 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 193 |
| 664 | Teradyne, Inc.  | 228 |
|  |  | 1881 |
| **SOFTWARE—2.4%** | **SOFTWARE—2.4%** | **SOFTWARE—2.4%** |
| 272 | Synopsys, Inc. <sup>\*</sup> | 131 |
| **SPECIALIZED REITS—2.5%** | **SPECIALIZED REITS—2.5%** | **SPECIALIZED REITS—2.5%** |
| 664 | Digital Realty Trust, Inc.  | 133 |
| **TOTAL COMMON STOCKS** <br>(Cost $4,102) | **TOTAL COMMON STOCKS** <br>(Cost $4,102) | 5360 |
| **TOTAL INVESTMENTS—99.4%** <br>(Cost $4,102) | **TOTAL INVESTMENTS—99.4%** <br>(Cost $4,102) | 5360 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | 30 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5390 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

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 Financial Statements.

------

⬤

------

**Harbor Alpha Layering ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** PanAgora Asset Management, Inc.

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—41.1%** | **EXCHANGE-TRADED FUNDS—41.1%** | **EXCHANGE-TRADED FUNDS—41.1%** |
| **Shares** |  | **Value** |
| (Cost $3,285) | (Cost $3,285) | (Cost $3,285) |
| **CAPITAL MARKETS—41.1%** | **CAPITAL MARKETS—41.1%** | **CAPITAL MARKETS—41.1%** |
| 4664 | iShares Core S&P 500 ETF  | $3368 |
| **TOTAL INVESTMENTS—41.1%** <br>(Cost $3,285) | **TOTAL INVESTMENTS—41.1%** <br>(Cost $3,285) | 3368 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—58.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—58.9%** | 4825 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $8193 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>|
| COMEX E-Micro Gold Futures | &nbsp;&nbsp; 60 | 06/26 | &nbsp;&nbsp; $2778 | &nbsp;&nbsp; $(100)<br>|
| ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 13 | 06/26 | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 64 |
| Micro E-mini NASDAQ-100 Futures | &nbsp;&nbsp; 15 | 06/26 | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 67 |
| Micro E-mini Russell 2000 Futures | &nbsp;&nbsp; 58 | 06/26 | &nbsp;&nbsp; 814 | &nbsp;&nbsp; 48 |
| Micro Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp; 7 | 05/26 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; (1)<br>|
| Micro WTI Crude Oil Futures | &nbsp;&nbsp; 57 | 05/26 | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 90 |
| Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | &nbsp;&nbsp; $168 |

---

&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>|
| CME Australian Dollar Currency Futures | &nbsp;&nbsp; 15 | 06/26 | &nbsp;&nbsp; $1079 | &nbsp;&nbsp; $(13)<br>|
| CME British Pound Currency Futures | &nbsp;&nbsp; 17 | 06/26 | &nbsp;&nbsp; 1445 | &nbsp;&nbsp; (14)<br>|
| CME Canadian Dollar Currency Futures | &nbsp;&nbsp; 21 | 06/26 | &nbsp;&nbsp; 1549 | &nbsp;&nbsp; (11)<br>|
| CME E-Micro Australian Dollar Currency Futures | &nbsp;&nbsp; 21 | 06/26 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; (3)<br>|
| CME E-Micro British Pound Currency Futures | &nbsp;&nbsp; 18 | 06/26 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; (2)<br>|
| CME E-Micro Canadian Dollar Currency Futures | &nbsp;&nbsp; 34 | 06/26 | &nbsp;&nbsp; 251 | &nbsp;&nbsp; (1)<br>|
| CME E-Micro Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 12 | 06/26 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; (2)<br>|
| CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 9 | 06/26 | &nbsp;&nbsp; 1323 | &nbsp;&nbsp; (7)<br>|
| CME Japanese Yen Currency Futures | &nbsp;&nbsp; 21 | 06/26 | &nbsp;&nbsp; 1684 | &nbsp;&nbsp; (41)<br>|
| U.S. Treasury Long Bond Futures | &nbsp;&nbsp; 15 | 06/26 | &nbsp;&nbsp; 1693 | &nbsp;&nbsp; 19 |
| U.S. Treasury Note Futures 10 Year | &nbsp;&nbsp; 25 | 06/26 | &nbsp;&nbsp; 2765 | &nbsp;&nbsp; 17 |
| U.S. Treasury Note Futures 2 Year | &nbsp;&nbsp; 51 | 06/26 | &nbsp;&nbsp; 10563 | &nbsp;&nbsp; 17 |
| U.S. Treasury Note Futures 5 Year | &nbsp;&nbsp; 38 | 06/26 | &nbsp;&nbsp; 4098 | &nbsp;&nbsp; 17 |
| Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | &nbsp;&nbsp; $(24)<br>|
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $144 |

---

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments and Futures Contracts schedule) 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 Financial Statements.

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor AlphaEdge™ Large Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.4%** | **AEROSPACE & DEFENSE—3.4%** | **AEROSPACE & DEFENSE—3.4%** |
| 363 | General Dynamics Corp.  | $125 |
| 242 | Textron, Inc.  | 23 |
|  |  | 148 |
| **AIR FREIGHT & LOGISTICS—0.6%** | **AIR FREIGHT & LOGISTICS—0.6%** | **AIR FREIGHT & LOGISTICS—0.6%** |
| 67 | FedEx Corp.  | 27 |
| **AUTOMOBILE COMPONENTS—2.1%** | **AUTOMOBILE COMPONENTS—2.1%** | **AUTOMOBILE COMPONENTS—2.1%** |
| 787 | Autoliv, Inc. (Sweden) | 91 |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 278 | General Motors Co.  | 21 |
| **BANKS—11.2%** | **BANKS—11.2%** | **BANKS—11.2%** |
| 2435 | Bank of America Corp.  | 130 |
| 998 | Citigroup, Inc.  | 128 |
| 392 | JPMorgan Chase & Co.  | 123 |
| 1294 | Wells Fargo & Co.  | 106 |
|  |  | 487 |
| **BIOTECHNOLOGY—4.4%** | **BIOTECHNOLOGY—4.4%** | **BIOTECHNOLOGY—4.4%** |
| 502 | Exelixis, Inc. <sup>\*</sup> | 22 |
| 913 | Gilead Sciences, Inc.  | 119 |
| 29 | Regeneron Pharmaceuticals, Inc.  | 21 |
| 52 | United Therapeutics Corp. <sup>\*</sup> | 30 |
|  |  | 192 |
| **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** |
| 516 | Fortune Brands Innovations, Inc.  | 21 |
| **CAPITAL MARKETS—8.8%** | **CAPITAL MARKETS—8.8%** | **CAPITAL MARKETS—8.8%** |
| 960 | Bank of New York Mellon Corp.  | 129 |
| 2175 | Federated Hermes, Inc.  | 126 |
| 92 | Goldman Sachs Group, Inc.  | 85 |
| 414 | Janus Henderson Group PLC  | 22 |
| 242 | SEI Investments Co.  | 22 |
|  |  | 384 |
| **CHEMICALS—0.5%** | **CHEMICALS—0.5%** | **CHEMICALS—0.5%** |
| 175 | CF Industries Holdings, Inc.  | 22 |
| **CONSUMER FINANCE—3.5%** | **CONSUMER FINANCE—3.5%** | **CONSUMER FINANCE—3.5%** |
| 72 | American Express Co.  | 23 |
| 1682 | Synchrony Financial  | 128 |
|  |  | 151 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** |
| 319 | Kroger Co.  | 22 |
| 174 | Target Corp.  | 22 |
|  |  | 44 |
| **DIVERSIFIED CONSUMER SERVICES—0.5%** | **DIVERSIFIED CONSUMER SERVICES—0.5%** | **DIVERSIFIED CONSUMER SERVICES—0.5%** |
| 681 | Laureate Education, Inc. <sup>\*</sup> | 21 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—5.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—5.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—5.9%** |
| 2776 | AT&T, Inc.  | 73 |
| 4639 | Comcast Corp. Class A | 125 |
| 1201 | Verizon Communications, Inc.  | 58 |
|  |  | 256 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.3%** |
| 353 | Flex Ltd. <sup>\*</sup> | 32 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** |
| 85 | Jabil, Inc.  | $29 |
| 587 | TE Connectivity PLC (Switzerland) | 124 |
|  |  | 185 |
| **ENTERTAINMENT—0.6%** | **ENTERTAINMENT—0.6%** | **ENTERTAINMENT—0.6%** |
| 255 | Netflix, Inc. <sup>\*</sup> | 24 |
| **FINANCIAL SERVICES—1.6%** | **FINANCIAL SERVICES—1.6%** | **FINANCIAL SERVICES—1.6%** |
| 45 | Berkshire Hathaway, Inc. Class B<sup>\*</sup> | 21 |
| 140 | Jack Henry & Associates, Inc.  | 22 |
| 1050 | MGIC Investment Corp.  | 28 |
|  |  | 71 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.5%** |
| 261 | Medtronic PLC  | 21 |
| **HEALTH CARE PROVIDERS & SERVICES—1.0%** | **HEALTH CARE PROVIDERS & SERVICES—1.0%** | **HEALTH CARE PROVIDERS & SERVICES—1.0%** |
| 264 | CVS Health Corp.  | 22 |
| 54 | HCA Healthcare, Inc.  | 23 |
|  |  | 45 |
| **HOTELS, RESTAURANTS & LEISURE—0.5%** | **HOTELS, RESTAURANTS & LEISURE—0.5%** | **HOTELS, RESTAURANTS & LEISURE—0.5%** |
| 451 | Yum China Holdings, Inc. (China) | 22 |
| **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** |
| 184 | PulteGroup, Inc.  | 23 |
| **INSURANCE—2.5%** | **INSURANCE—2.5%** | **INSURANCE—2.5%** |
| 99 | Allstate Corp.  | 21 |
| 66 | Chubb Ltd.  | 21 |
| 159 | Hartford Insurance Group, Inc.  | 22 |
| 192 | Loews Corp.  | 22 |
| 71 | Travelers Cos., Inc.  | 22 |
|  |  | 108 |
| **IT SERVICES—3.3%** | **IT SERVICES—3.3%** | **IT SERVICES—3.3%** |
| 171 | Accenture PLC Class A (Ireland) | 31 |
| 332 | Amdocs Ltd.  | 21 |
| 1701 | Cognizant Technology Solutions Corp. Class A | 90 |
|  |  | 142 |
| **MACHINERY—3.9%** | **MACHINERY—3.9%** | **MACHINERY—3.9%** |
| 183 | Allison Transmission Holdings, Inc.  | 25 |
| 904 | Mueller Industries, Inc.  | 122 |
| 57 | Snap-on, Inc.  | 22 |
|  |  | 169 |
| **METALS & MINING—2.5%** | **METALS & MINING—2.5%** | **METALS & MINING—2.5%** |
| 967 | Newmont Corp.  | 107 |
| **OIL, GAS & CONSUMABLE FUELS—7.1%** | **OIL, GAS & CONSUMABLE FUELS—7.1%** | **OIL, GAS & CONSUMABLE FUELS—7.1%** |
| 569 | Chevron Corp.  | 110 |
| 200 | ConocoPhillips  | 25 |
| 432 | Devon Energy Corp.  | 22 |
| 157 | EOG Resources, Inc.  | 22 |
| 701 | Exxon Mobil Corp.  | 108 |
| 89 | Valero Energy Corp.  | 23 |
|  |  | 310 |
| **PHARMACEUTICALS—8.5%** | **PHARMACEUTICALS—8.5%** | **PHARMACEUTICALS—8.5%** |
| 1422 | Bristol-Myers Squibb Co.  | 86 |
| 496 | Johnson & Johnson  | 114 |

---

------

⬤

------

**Harbor AlphaEdge™ Large Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| 1165 | Merck & Co., Inc.  | $127 |
| 807 | Pfizer, Inc.  | 22 |
| 183 | Zoetis, Inc.  | 21 |
|  |  | 370 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.1%** |
| 789 | Cirrus Logic, Inc. <sup>\*</sup> | 129 |
| 254 | Micron Technology, Inc.  | 131 |
| 746 | QUALCOMM, Inc.  | 134 |
|  |  | 394 |
| **SOFTWARE—4.6%** | **SOFTWARE—4.6%** | **SOFTWARE—4.6%** |
| 527 | Adobe, Inc. <sup>\*</sup> | 130 |
| 921 | Dropbox, Inc. Class A<sup>\*</sup> | 22 |
| 118 | Salesforce, Inc.  | 21 |
| 281 | Zoom Communications, Inc. <sup>\*</sup> | 27 |
|  |  | 200 |
| **SPECIALTY RETAIL—0.5%** | **SPECIALTY RETAIL—0.5%** | **SPECIALTY RETAIL—0.5%** |
| 40 | Ulta Beauty, Inc. <sup>\*</sup> | 22 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.8%** |
| 485 | Dell Technologies, Inc. Class C | 101 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued** |
| 205 | NetApp, Inc.  | $23 |
|  |  | 124 |
| **TOBACCO—2.8%** | **TOBACCO—2.8%** | **TOBACCO—2.8%** |
| 1693 | Altria Group, Inc.  | 123 |
| **TOTAL COMMON STOCKS** <br>(Cost $4,039) | **TOTAL COMMON STOCKS** <br>(Cost $4,039) | 4325 |

---

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

---

| | | |
|:---|:---|:---|
| **MASTER LIMITED PARTNERSHIPS—0.5%** | **MASTER LIMITED PARTNERSHIPS—0.5%** | **MASTER LIMITED PARTNERSHIPS—0.5%** |
| (Cost $20) | (Cost $20) | (Cost $20) |
| **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** |
| 564 | Enterprise Products Partners LP | 22 |
| **TOTAL INVESTMENTS—100.0%** <br>(Cost $4,059) | **TOTAL INVESTMENTS—100.0%** <br>(Cost $4,059) | 4347 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%** | 2 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4349 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** |
| 139 | AAR Corp. <sup>\*</sup> | $15 |
| 92 | Moog, Inc. Class A | 28 |
| 199 | Park Aerospace Corp.  | 7 |
| 43 | VSE Corp.  | 7 |
|  |  | 57 |
| **AUTOMOBILE COMPONENTS—1.5%** | **AUTOMOBILE COMPONENTS—1.5%** | **AUTOMOBILE COMPONENTS—1.5%** |
| 1137 | Adient PLC <sup>\*</sup> | 24 |
| 2279 | Dauch Corp. <sup>\*</sup> | 13 |
| 161 | Dorman Products, Inc. <sup>\*</sup> | 18 |
| 262 | Fox Factory Holding Corp. <sup>\*</sup> | 5 |
| 1910 | Garrett Motion, Inc. (Switzerland) | 49 |
| 1737 | Goodyear Tire & Rubber Co. <sup>\*</sup> | 12 |
| 1485 | Holley, Inc. <sup>\*</sup> | 5 |
| 367 | Motorcar Parts of America, Inc. <sup>\*</sup> | 4 |
| 428 | Phinia, Inc.  | 31 |
| 335 | Standard Motor Products, Inc.  | 12 |
|  |  | 173 |
| **BANKS—12.4%** | **BANKS—12.4%** | **BANKS—12.4%** |
| 339 | Amalgamated Financial Corp.  | 14 |
| 438 | Ameris Bancorp  | 37 |
| 743 | Atlantic Union Bankshares Corp.  | 28 |
| 450 | Axos Financial, Inc. <sup>\*</sup> | 43 |
| 305 | Bancorp, Inc. <sup>\*</sup> | 18 |
| 80 | Bank First Corp.  | 12 |
| 131 | Bank7 Corp.  | 6 |
| 566 | BankUnited, Inc.  | 26 |
| 154 | BayCom Corp.  | 5 |
| 348 | Beacon Financial Corp.  | 10 |
| 692 | Byline Bancorp, Inc.  | 22 |
| 292 | California BanCorp  | 5 |
| 339 | Camden National Corp.  | 16 |
| 277 | Capital Bancorp, Inc.  | 9 |
| 324 | Carter Bankshares, Inc. <sup>\*</sup> | 8 |
| 680 | Cathay General Bancorp  | 38 |
| 153 | ChoiceOne Financial Services, Inc.  | 5 |
| 149 | City Holding Co.  | 18 |
| 387 | CNB Financial Corp.  | 12 |
| 70 | Coastal Financial Corp. <sup>\*</sup> | 5 |
| 438 | Colony Bankcorp, Inc.  | 9 |
| 325 | Community West Bancshares  | 8 |
| 534 | ConnectOne Bancorp, Inc.  | 16 |
| 358 | Dime Community Bancshares, Inc.  | 13 |
| 162 | Eagle Bancorp, Inc.  | 4 |
| 478 | Eastern Bankshares, Inc.  | 10 |
| 1395 | First BanCorp (Puerto Rico) | 34 |
| 362 | First Bank  | 5 |
| 1052 | First Financial Bancorp  | 32 |
| 726 | First Financial Bankshares, Inc.  | 23 |
| 819 | First Interstate BancSystem, Inc. Class A | 29 |
| 163 | First Western Financial, Inc. <sup>\*</sup> | 5 |
| 1588 | Fulton Financial Corp.  | 34 |
| 263 | FVCBankcorp, Inc.  | 4 |
| 146 | Greene County Bancorp, Inc.  | 4 |
| 661 | Hancock Whitney Corp.  | 45 |
| 441 | HBT Financial, Inc.  | 12 |
| 187 | Home Bancorp, Inc.  | 12 |
| 1376 | Home BancShares, Inc.  | 37 |
| 555 | International Bancshares Corp.  | 40 |
| 134 | John Marshall Bancorp, Inc.  | 3 |
| 169 | Lakeland Financial Corp.  | 10 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 398 | LINKBANCORP, Inc.  | $3 |
| 254 | Live Oak Bancshares, Inc.  | 10 |
| 385 | Metrocity Bankshares, Inc.  | 12 |
| 129 | Metropolitan Bank Holding Corp.  | 11 |
| 338 | Midland States Bancorp, Inc.  | 9 |
| 528 | National Bank Holdings Corp. Class A | 23 |
| 116 | National Bankshares, Inc.  | 4 |
| 561 | NBT Bancorp, Inc.  | 24 |
| 122 | Nicolet Bankshares, Inc.  | 18 |
| 106 | Norwood Financial Corp.  | 3 |
| 320 | Oak Valley Bancorp  | 11 |
| 661 | OceanFirst Financial Corp.  | 13 |
| 2345 | Old National Bancorp  | 56 |
| 210 | Orange County Bancorp, Inc.  | 7 |
| 130 | Park National Corp.  | 22 |
| 291 | PCB Bancorp  | 7 |
| 489 | Peoples Bancorp, Inc.  | 17 |
| 128 | Peoples Financial Services Corp.  | 7 |
| 175 | Preferred Bank  | 17 |
| 155 | QCR Holdings, Inc.  | 14 |
| 340 | RBB Bancorp  | 8 |
| 72 | Red River Bancshares, Inc.  | 7 |
| 255 | ServisFirst Bancshares, Inc.  | 20 |
| 263 | SmartFinancial, Inc.  | 11 |
| 604 | Southside Bancshares, Inc.  | 20 |
| 499 | Stellar Bancorp, Inc.  | 19 |
| 282 | Stock Yards Bancorp, Inc.  | 20 |
| 659 | Towne Bank  | 23 |
| 84 | Triumph Financial, Inc. <sup>\*</sup> | 6 |
| 281 | TrustCo Bank Corp.  | 13 |
| 341 | UMB Financial Corp.  | 43 |
| 951 | United Bankshares, Inc.  | 42 |
| 904 | United Community Banks, Inc.  | 30 |
| 171 | Unity Bancorp, Inc.  | 9 |
| 539 | Univest Financial Corp.  | 20 |
| 3628 | Valley National Bancorp  | 49 |
| 136 | Virginia National Bankshares Corp.  | 6 |
| 358 | Westamerica BanCorp  | 20 |
| 461 | WSFS Financial Corp.  | 33 |
|  |  | 1413 |
| **BEVERAGES—0.2%** | **BEVERAGES—0.2%** | **BEVERAGES—0.2%** |
| 257 | MGP Ingredients, Inc.  | 5 |
| 553 | National Beverage Corp. <sup>\*</sup> | 19 |
|  |  | 24 |
| **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** |
| 449 | ADMA Biologics, Inc. <sup>\*</sup> | 5 |
| 700 | Alkermes PLC <sup>\*</sup> | 23 |
| 616 | Catalyst Pharmaceuticals, Inc. <sup>\*</sup> | 17 |
|  |  | 45 |
| **BROADLINE RETAIL—0.2%** | **BROADLINE RETAIL—0.2%** | **BROADLINE RETAIL—0.2%** |
| 1316 | Kohl's Corp.  | 19 |
| 943 | Savers Value Village, Inc. <sup>\*</sup> | 8 |
|  |  | 27 |
| **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** |
| 218 | American Woodmark Corp. <sup>\*</sup> | 10 |
| 256 | Apogee Enterprises, Inc.  | 9 |
| 210 | AZZ, Inc.  | 30 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BUILDING PRODUCTS—Continued** | **BUILDING PRODUCTS—Continued** | **BUILDING PRODUCTS—Continued** |
| 52 | CSW Industrials, Inc.  | $15 |
| 262 | Gibraltar Industries, Inc. <sup>\*</sup> | 10 |
| 299 | Griffon Corp.  | 27 |
| 170 | Insteel Industries, Inc.  | 4 |
| 89 | Modine Manufacturing Co. <sup>\*</sup> | 23 |
| 414 | UFP Industries, Inc.  | 37 |
| 380 | Zurn Elkay Water Solutions Corp.  | 20 |
|  |  | 185 |
| **CAPITAL MARKETS—2.8%** | **CAPITAL MARKETS—2.8%** | **CAPITAL MARKETS—2.8%** |
| 690 | Artisan Partners Asset Management, Inc. Class A | 26 |
| 265 | Cohen & Steers, Inc.  | 19 |
| 700 | DigitalBridge Group, Inc.  | 11 |
| 155 | Donnelley Financial Solutions, Inc. <sup>\*</sup> | 8 |
| 776 | Marex Group PLC (United Kingdom) | 41 |
| 323 | MarketWise, Inc.  | 5 |
| 200 | Moelis & Co. Class A | 13 |
| 424 | Silvercrest Asset Management Group, Inc. Class A | 6 |
| 1250 | StoneX Group, Inc. <sup>\*</sup> | 133 |
| 56 | Value Line, Inc.  | 2 |
| 411 | Victory Capital Holdings, Inc. Class A | 32 |
| 140 | Virtus Investment Partners, Inc.  | 20 |
|  |  | 316 |
| **CHEMICALS—1.7%** | **CHEMICALS—1.7%** | **CHEMICALS—1.7%** |
| 367 | AdvanSix, Inc.  | 9 |
| 69 | Balchem Corp.  | 11 |
| 528 | Cabot Corp.  | 41 |
| 675 | Ecovyst, Inc. <sup>\*</sup> | 9 |
| 357 | HB Fuller Co.  | 21 |
| 103 | Innospec, Inc.  | 8 |
| 374 | Koppers Holdings, Inc.  | 15 |
| 1043 | Kronos Worldwide, Inc.  | 8 |
| 596 | LSB Industries, Inc. <sup>\*</sup> | 9 |
| 1504 | Orion SA (Germany) | 11 |
| 72 | Quaker Chemical Corp.  | 10 |
| 135 | Sensient Technologies Corp.  | 15 |
| 120 | Stepan Co.  | 6 |
| 1464 | Tronox Holdings PLC  | 15 |
| 573 | Valhi, Inc.  | 9 |
|  |  | 197 |
| **COMMERCIAL SERVICES & SUPPLIES—1.5%** | **COMMERCIAL SERVICES & SUPPLIES—1.5%** | **COMMERCIAL SERVICES & SUPPLIES—1.5%** |
| 503 | ABM Industries, Inc.  | 21 |
| 1561 | ACCO Brands Corp.  | 5 |
| 761 | BrightView Holdings, Inc. <sup>\*</sup> | 9 |
| 282 | Brink's Co.  | 30 |
| 203 | Cimpress PLC (Ireland)<sup>\*</sup> | 18 |
| 177 | CompX International, Inc.  | 4 |
| 403 | Ennis, Inc.  | 8 |
| 1443 | GEO Group, Inc. <sup>\*</sup> | 27 |
| 128 | Liquidity Services, Inc. <sup>\*</sup> | 5 |
| 492 | MillerKnoll, Inc.  | 8 |
| 331 | NL Industries, Inc.  | 2 |
| 785 | Quad/Graphics, Inc.  | 6 |
| 63 | UniFirst Corp.  | 16 |
| 1474 | Vestis Corp. <sup>\*</sup> | 14 |
|  |  | 173 |
| **COMMUNICATIONS EQUIPMENT—0.1%** | **COMMUNICATIONS EQUIPMENT—0.1%** | **COMMUNICATIONS EQUIPMENT—0.1%** |
| 122 | Aviat Networks, Inc. <sup>\*</sup> | 3 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** |
| 195 | Viavi Solutions, Inc. <sup>\*</sup> | $10 |
|  |  | 13 |
| **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** |
| 240 | Arcosa, Inc.  | 30 |
| 798 | Concrete Pumping Holdings, Inc. <sup>\*</sup> | 6 |
| 74 | Dycom Industries, Inc. <sup>\*</sup> | 31 |
| 388 | Fluor Corp. <sup>\*</sup> | 21 |
| 44 | IES Holdings, Inc. <sup>\*</sup> | 28 |
| 46 | MYR Group, Inc. <sup>\*</sup> | 19 |
| 166 | Primoris Services Corp.  | 30 |
| 64 | Sterling Infrastructure, Inc. <sup>\*</sup> | 33 |
|  |  | 198 |
| **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** |
| 280 | Knife River Corp. <sup>\*</sup> | 26 |
| **CONSUMER FINANCE—3.8%** | **CONSUMER FINANCE—3.8%** | **CONSUMER FINANCE—3.8%** |
| 318 | Atlanticus Holdings Corp. <sup>\*</sup> | 25 |
| 696 | Bread Financial Holdings, Inc.  | 59 |
| 1296 | Consumer Portfolio Services, Inc. <sup>\*</sup> | 12 |
| 209 | Enova International, Inc. <sup>\*</sup> | 35 |
| 163 | FirstCash Holdings, Inc.  | 36 |
| 525 | LendingClub Corp. <sup>\*</sup> | 9 |
| 709 | Medallion Financial Corp.  | 7 |
| 17653 | Navient Corp.  | 163 |
| 424 | Nelnet, Inc. Class A | 60 |
| 857 | OppFi, Inc. <sup>\*</sup> | 8 |
| 681 | PRA Group, Inc. <sup>\*</sup> | 15 |
|  |  | 429 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%** |
| 201 | Chefs' Warehouse, Inc. <sup>\*</sup> | 16 |
| 609 | Grocery Outlet Holding Corp. <sup>\*</sup> | 5 |
| 182 | Natural Grocers by Vitamin Cottage, Inc.  | 5 |
| 139 | PriceSmart, Inc.  | 22 |
| 209 | Village Super Market, Inc. Class A | 9 |
| 162 | Weis Markets, Inc.  | 11 |
|  |  | 68 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 386 | Greif, Inc. Class A | 25 |
| 438 | Myers Industries, Inc.  | 9 |
| 1830 | O-I Glass, Inc. <sup>\*</sup> | 17 |
| 213 | TriMas Corp.  | 8 |
|  |  | 59 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 222 | GigaCloud Technology, Inc. Class A (Hong Kong)<sup>\*</sup> | 10 |
| **DIVERSIFIED CONSUMER SERVICES—1.4%** | **DIVERSIFIED CONSUMER SERVICES—1.4%** | **DIVERSIFIED CONSUMER SERVICES—1.4%** |
| 166 | Carriage Services, Inc.  | 8 |
| 506 | European Wax Center, Inc. Class A<sup>\*</sup> | 3 |
| 337 | Frontdoor, Inc. <sup>\*</sup> | 23 |
| 34 | Graham Holdings Co. Class B | 38 |
| 622 | Laureate Education, Inc. <sup>\*</sup> | 19 |
| 2143 | Mister Car Wash, Inc. <sup>\*</sup> | 15 |
| 285 | OneSpaWorld Holdings Ltd. (Bahamas) | 7 |
| 457 | Perdoceo Education Corp.  | 16 |
| 105 | Strategic Education, Inc.  | 8 |
| 244 | Stride, Inc. <sup>\*</sup> | 24 |
|  |  | 161 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **DIVERSIFIED REITS—0.7%** | **DIVERSIFIED REITS—0.7%** | **DIVERSIFIED REITS—0.7%** |
| 267 | Alpine Income Property Trust, Inc.  | $5 |
| 527 | American Assets Trust, Inc.  | 11 |
| 1135 | Broadstone Net Lease, Inc.  | 22 |
| 337 | CTO Realty Growth, Inc.  | 7 |
| 725 | Essential Properties Realty Trust, Inc.  | 23 |
| 465 | Gladstone Commercial Corp.  | 6 |
| 1193 | Global Net Lease, Inc.  | 11 |
|  |  | 85 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** |
| 979 | Cogent Communications Holdings, Inc.  | 22 |
| 112 | IDT Corp. Class B | 6 |
| 1532 | Liberty Latin America Ltd. Class C (Puerto Rico)<sup>\*</sup> | 13 |
| 1305 | Uniti Group, Inc.  | 15 |
|  |  | 56 |
| **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** |
| 112 | MGE Energy, Inc.  | 9 |
| 310 | Otter Tail Corp.  | 28 |
| 633 | Portland General Electric Co.  | 33 |
| 376 | TXNM Energy, Inc.  | 22 |
|  |  | 92 |
| **ELECTRICAL EQUIPMENT—1.4%** | **ELECTRICAL EQUIPMENT—1.4%** | **ELECTRICAL EQUIPMENT—1.4%** |
| 373 | Array Technologies, Inc. <sup>\*</sup> | 3 |
| 447 | Atkore, Inc.  | 35 |
| 140 | EnerSys  | 30 |
| 193 | LSI Industries, Inc.  | 5 |
| 294 | Nextpower, Inc. Class A<sup>\*</sup> | 35 |
| 87 | Powell Industries, Inc.  | 24 |
| 89 | Power Solutions International, Inc. <sup>\*</sup> | 6 |
| 25 | Preformed Line Products Co.  | 8 |
| 743 | Shoals Technologies Group, Inc. Class A<sup>\*</sup> | 6 |
| 151 | Thermon Group Holdings, Inc. <sup>\*</sup> | 9 |
|  |  | 161 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%** |
| 45 | Advanced Energy Industries, Inc.  | 17 |
| 68 | Badger Meter, Inc.  | 8 |
| 157 | Climb Global Solutions, Inc.  | 3 |
| 172 | ePlus, Inc.  | 15 |
| 41 | Fabrinet (Thailand)<sup>\*</sup> | 28 |
| 285 | Insight Enterprises, Inc. <sup>\*</sup> | 21 |
| 60 | OSI Systems, Inc. <sup>\*</sup> | 17 |
| 171 | PC Connection, Inc.  | 11 |
| 94 | Plexus Corp. <sup>\*</sup> | 23 |
| 70 | Rogers Corp. <sup>\*</sup> | 9 |
| 176 | Sanmina Corp. <sup>\*</sup> | 38 |
| 257 | ScanSource, Inc. <sup>\*</sup> | 11 |
| 150 | TTM Technologies, Inc. <sup>\*</sup> | 24 |
| 995 | Vishay Intertechnology, Inc.  | 29 |
| 122 | Vishay Precision Group, Inc. <sup>\*</sup> | 7 |
|  |  | 261 |
| **ENERGY EQUIPMENT & SERVICES—3.6%** | **ENERGY EQUIPMENT & SERVICES—3.6%** | **ENERGY EQUIPMENT & SERVICES—3.6%** |
| 950 | Archrock, Inc.  | 37 |
| 994 | Atlas Energy Solutions, Inc.  | 17 |
| 3883 | Borr Drilling Ltd. (Mexico)<sup>\*</sup> | 23 |
| 275 | Bristow Group, Inc.  | 14 |
| 483 | Core Laboratories, Inc.  | 7 |
| 685 | Expro Group Holdings NV <sup>\*</sup> | 13 |
| 284 | Flowco Holdings, Inc. Class A | 7 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** |
| 689 | Helmerich & Payne, Inc.  | $28 |
| 1343 | Liberty Energy, Inc.  | 45 |
| 359 | Nabors Industries Ltd. <sup>\*</sup> | 37 |
| 969 | Noble Corp. PLC  | 50 |
| 635 | Ranger Energy Services, Inc. Class A | 11 |
| 2328 | RPC, Inc.  | 18 |
| 383 | Seadrill Ltd. (Norway)<sup>\*</sup> | 19 |
| 141 | Solaris Energy Infrastructure, Inc.  | 10 |
| 291 | Tidewater, Inc. <sup>\*</sup> | 26 |
| 431 | Valaris Ltd. <sup>\*</sup> | 44 |
|  |  | 406 |
| **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** |
| 855 | Cinemark Holdings, Inc.  | 25 |
| 6185 | Playtika Holding Corp.  | 23 |
|  |  | 48 |
| **FINANCIAL SERVICES—4.9%** | **FINANCIAL SERVICES—4.9%** | **FINANCIAL SERVICES—4.9%** |
| 797 | Acacia Research Corp. <sup>\*</sup> | 4 |
| 329 | Banco Latinoamericano de Comercio Exterior SA <br> (Panama)<br>| 18 |
| 80 | Cass Information Systems, Inc.  | 4 |
| 1253 | Enact Holdings, Inc.  | 53 |
| 724 | Essent Group Ltd.  | 44 |
| 422 | EVERTEC, Inc. (Puerto Rico) | 12 |
| 251 | Federal Agricultural Mortgage Corp. Class C | 44 |
| 857 | HA Sustainable Infrastructure Capital, Inc.  | 36 |
| 328 | Jackson Financial, Inc. Class A | 38 |
| 554 | Merchants Bancorp  | 26 |
| 723 | NMI Holdings, Inc. <sup>\*</sup> | 28 |
| 417 | Onity Group, Inc. <sup>\*</sup> | 19 |
| 5545 | Pagseguro Digital Ltd. Class A (Brazil) | 56 |
| 925 | Paysafe Ltd. <sup>\*</sup> | 8 |
| 491 | PennyMac Financial Services, Inc.  | 44 |
| 1323 | Priority Technology Holdings, Inc. <sup>\*</sup> | 7 |
| 1370 | Radian Group, Inc.  | 49 |
| 83 | Sezzle, Inc. <sup>\*</sup> | 7 |
| 3194 | StoneCo Ltd. Class A (Brazil) | 35 |
| 1044 | Velocity Financial, Inc. <sup>\*</sup> | 20 |
| 218 | Walker & Dunlop, Inc.  | 11 |
|  |  | 563 |
| **FOOD PRODUCTS—0.9%** | **FOOD PRODUCTS—0.9%** | **FOOD PRODUCTS—0.9%** |
| 681 | Cal-Maine Foods, Inc.  | 53 |
| 123 | J&J Snack Foods Corp.  | 11 |
| 127 | John B Sanfilippo & Son, Inc.  | 10 |
| 476 | Mission Produce, Inc. <sup>\*</sup> | 7 |
| 717 | Simply Good Foods Co. <sup>\*</sup> | 9 |
| 555 | SunOpta, Inc. (Canada)<sup>\*</sup> | 4 |
| 493 | Utz Brands, Inc.  | 4 |
| 150 | Vital Farms, Inc. <sup>\*</sup> | 2 |
|  |  | 100 |
| **GAS UTILITIES—1.2%** | **GAS UTILITIES—1.2%** | **GAS UTILITIES—1.2%** |
| 90 | Chesapeake Utilities Corp.  | 11 |
| 531 | New Jersey Resources Corp.  | 30 |
| 259 | Northwest Natural Holding Co.  | 14 |
| 310 | ONE Gas, Inc.  | 28 |
| 287 | Southwest Gas Holdings, Inc.  | 27 |
| 353 | Spire, Inc.  | 32 |
|  |  | 142 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GROUND TRANSPORTATION—0.4%** | **GROUND TRANSPORTATION—0.4%** | **GROUND TRANSPORTATION—0.4%** |
| 191 | ArcBest Corp.  | $25 |
| 296 | Covenant Logistics Group, Inc.  | 10 |
| 549 | Universal Logistics Holdings, Inc.  | 13 |
|  |  | 48 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** |
| 101 | Artivion, Inc. <sup>\*</sup> | 4 |
| 203 | CONMED Corp.  | 7 |
| 1169 | Embecta Corp.  | 11 |
| 168 | Haemonetics Corp. <sup>\*</sup> | 10 |
| 128 | Integer Holdings Corp. <sup>\*</sup> | 11 |
| 65 | iRadimed Corp.  | 5 |
| 242 | Lantheus Holdings, Inc. <sup>\*</sup> | 21 |
| 72 | LeMaitre Vascular, Inc.  | 8 |
| 143 | Merit Medical Systems, Inc. <sup>\*</sup> | 10 |
| 32 | UFP Technologies, Inc. <sup>\*</sup> | 6 |
| 58 | Utah Medical Products, Inc.  | 4 |
| 289 | Varex Imaging Corp. <sup>\*</sup> | 3 |
|  |  | 100 |
| **HEALTH CARE PROVIDERS & SERVICES—2.2%** | **HEALTH CARE PROVIDERS & SERVICES—2.2%** | **HEALTH CARE PROVIDERS & SERVICES—2.2%** |
| 383 | AMN Healthcare Services, Inc. <sup>\*</sup> | 8 |
| 1645 | Ardent Health, Inc. <sup>\*</sup> | 16 |
| 306 | Astrana Health, Inc. <sup>\*</sup> | 10 |
| 19323 | Community Health Systems, Inc. <sup>\*</sup> | 55 |
| 773 | Concentra Group Holdings Parent, Inc.  | 17 |
| 143 | Ensign Group, Inc.  | 27 |
| 128 | HealthEquity, Inc. <sup>\*</sup> | 10 |
| 79 | National HealthCare Corp.  | 14 |
| 733 | Option Care Health, Inc. <sup>\*</sup> | 15 |
| 324 | PACS Group, Inc. <sup>\*</sup> | 11 |
| 180 | Pennant Group, Inc. <sup>\*</sup> | 6 |
| 201 | Progyny, Inc. <sup>\*</sup> | 4 |
| 1997 | Select Medical Holdings Corp.  | 33 |
| 1557 | Surgery Partners, Inc. <sup>\*</sup> | 22 |
| 76 | U.S. Physical Therapy, Inc.  | 5 |
|  |  | 253 |
| **HEALTH CARE REITS—0.4%** | **HEALTH CARE REITS—0.4%** | **HEALTH CARE REITS—0.4%** |
| 178 | Chiron Real Estate, Inc.  | 6 |
| 1080 | Sabra Health Care REIT, Inc.  | 23 |
| 395 | Strawberry Fields REIT, Inc.  | 5 |
| 151 | Universal Health Realty Income Trust  | 6 |
|  |  | 40 |
| **HEALTH CARE TECHNOLOGY—0.0%** | **HEALTH CARE TECHNOLOGY—0.0%** | **HEALTH CARE TECHNOLOGY—0.0%** |
| 106 | HealthStream, Inc.  | 2 |
| **HOTEL & RESORT REITS—1.2%** | **HOTEL & RESORT REITS—1.2%** | **HOTEL & RESORT REITS—1.2%** |
| 1880 | Apple Hospitality REIT, Inc.  | 25 |
| 1377 | Pebblebrook Hotel Trust  | 19 |
| 2237 | RLJ Lodging Trust  | 18 |
| 329 | Ryman Hospitality Properties, Inc.  | 35 |
| 6825 | Service Properties Trust  | 11 |
| 1189 | Sunstone Hotel Investors, Inc.  | 12 |
| 963 | Xenia Hotels & Resorts, Inc.  | 16 |
|  |  | 136 |
| **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** |
| 1920 | Bloomin' Brands, Inc.  | 12 |
| 2629 | Brightstar Lottery PLC  | 34 |
| 138 | Brinker International, Inc. <sup>\*</sup> | 21 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** |
| 161 | Cracker Barrel Old Country Store, Inc.  | $5 |
| 839 | Dave & Buster's Entertainment, Inc. <sup>\*</sup> | 9 |
| 368 | Dine Brands Global, Inc.  | 10 |
| 424 | El Pollo Loco Holdings, Inc. <sup>\*</sup> | 6 |
| 285 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 4 |
| 368 | Golden Entertainment, Inc.  | 11 <br><sup>x</sup><br>|
| 727 | Hilton Grand Vacations, Inc. <sup>\*</sup> | 34 |
| 411 | Inspired Entertainment, Inc. <sup>\*</sup> | 3 |
| 448 | Jack in the Box, Inc. <sup>\*</sup> | 6 |
| 709 | Life Time Group Holdings, Inc. <sup>\*</sup> | 19 |
| 538 | Marriott Vacations Worldwide Corp.  | 39 |
| 96 | Monarch Casino & Resort, Inc.  | 11 |
| 27 | Nathan's Famous, Inc.  | 3 |
| 194 | Papa John's International, Inc.  | 7 |
| 703 | Portillo's, Inc. Class A<sup>\*</sup> | 4 |
| 204 | Pursuit Attractions & Hospitality, Inc. <sup>\*</sup> | 8 |
| 148 | RCI Hospitality Holdings, Inc.  | 4 |
| 588 | Red Rock Resorts, Inc. Class A | 32 |
| 5265 | Sabre Corp. <sup>\*</sup> | 9 |
| 1068 | Super Group SGHC Ltd. (Guernsey) | 14 |
| 1102 | Target Hospitality Corp. <sup>\*</sup> | 16 |
| 685 | United Parks & Resorts, Inc. <sup>\*</sup> | 24 |
| 250 | Xponential Fitness, Inc. Class A<sup>\*</sup> | 2 |
|  |  | 347 |
| **HOUSEHOLD DURABLES—3.5%** | **HOUSEHOLD DURABLES—3.5%** | **HOUSEHOLD DURABLES—3.5%** |
| 390 | Century Communities, Inc.  | 22 |
| 1439 | Cricut, Inc. Class A | 6 |
| 1378 | Dream Finders Homes, Inc. Class A<sup>\*</sup> | 20 |
| 491 | Green Brick Partners, Inc. <sup>\*</sup> | 33 |
| 172 | Hovnanian Enterprises, Inc. Class A<sup>\*</sup> | 19 |
| 93 | Installed Building Products, Inc.  | 27 |
| 779 | KB Home  | 41 |
| 368 | La-Z-Boy, Inc.  | 13 |
| 288 | Legacy Housing Corp. <sup>\*</sup> | 6 |
| 307 | M/I Homes, Inc. <sup>\*</sup> | 40 |
| 897 | Meritage Homes Corp.  | 61 |
| 1112 | Taylor Morrison Home Corp. <sup>\*</sup> | 68 |
| 1012 | Tri Pointe Homes, Inc. <sup>\*</sup> | 48 |
|  |  | 404 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 414 | Central Garden & Pet Co. <sup>\*</sup> | 15 |
| 1027 | Energizer Holdings, Inc.  | 20 |
| 43 | WD-40 Co.  | 9 |
|  |  | 44 |
| **INDUSTRIAL REITS—0.4%** | **INDUSTRIAL REITS—0.4%** | **INDUSTRIAL REITS—0.4%** |
| 312 | Innovative Industrial Properties, Inc.  | 17 |
| 201 | One Liberty Properties, Inc.  | 5 |
| 299 | Terreno Realty Corp.  | 19 |
|  |  | 41 |
| **INSURANCE—2.6%** | **INSURANCE—2.6%** | **INSURANCE—2.6%** |
| 783 | CNO Financial Group, Inc.  | 35 |
| 666 | F&G Annuities & Life, Inc.  | 19 |
| 3803 | Genworth Financial, Inc. <sup>\*</sup> | 33 |
| 346 | Greenlight Capital Re Ltd. Class A<sup>\*</sup> | 6 |
| 985 | Hamilton Insurance Group Ltd. Class B (Bermuda) | 32 |
| 89 | HCI Group, Inc.  | 14 |
| 306 | Heritage Insurance Holdings, Inc. <sup>\*</sup> | 9 |
| 125 | Horace Mann Educators Corp.  | 6 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—Continued** | **INSURANCE—Continued** | **INSURANCE—Continued** |
| 22 | Investors Title Co.  | $5 |
| 757 | James River Group Holdings, Inc.  | 5 |
| 272 | Mercury General Corp.  | 27 |
| 751 | Octave Specialty Group, Inc. <sup>\*</sup> | 3 |
| 91 | Palomar Holdings, Inc. <sup>\*</sup> | 11 |
| 306 | ProAssurance Corp. <sup>\*</sup> | 8 |
| 325 | Selective Insurance Group, Inc.  | 27 |
| 1042 | SiriusPoint Ltd. (Sweden)<sup>\*</sup> | 24 |
| 272 | Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | 12 |
| 138 | Stewart Information Services Corp.  | 10 |
| 565 | Tiptree, Inc.  | 10 |
|  |  | 296 |
| **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** |
| 244 | Cargurus, Inc. <sup>\*</sup> | 9 |
| 541 | Cars.com, Inc. <sup>\*</sup> | 6 |
| 5507 | Getty Images Holdings, Inc. <sup>\*</sup> | 4 |
| 346 | Shutterstock, Inc.  | 6 |
| 672 | TripAdvisor, Inc. <sup>\*</sup> | 7 |
| 423 | Yelp, Inc. <sup>\*</sup> | 12 |
| 253 | Ziff Davis, Inc. <sup>\*</sup> | 12 |
| 1127 | ZipRecruiter, Inc. Class A<sup>\*</sup> | 3 |
|  |  | 59 |
| **IT SERVICES—0.1%** | **IT SERVICES—0.1%** | **IT SERVICES—0.1%** |
| 374 | Everforth, Inc. <sup>\*</sup> | 8 |
| 897 | Information Services Group, Inc.  | 4 |
|  |  | 12 |
| **LEISURE PRODUCTS—0.7%** | **LEISURE PRODUCTS—0.7%** | **LEISURE PRODUCTS—0.7%** |
| 288 | Acushnet Holdings Corp.  | 28 |
| 208 | Escalade, Inc.  | 4 |
| 189 | Malibu Boats, Inc. Class A<sup>\*</sup> | 5 |
| 444 | Marine Products Corp.  | 4 |
| 342 | MasterCraft Boat Holdings, Inc. <sup>\*</sup> | 8 |
| 412 | Polaris, Inc.  | 27 |
| 414 | Smith & Wesson Brands, Inc.  | 6 |
|  |  | 82 |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| 3060 | Maravai LifeSciences Holdings, Inc. Class A<sup>\*</sup> | 11 |
| **MACHINERY—3.2%** | **MACHINERY—3.2%** | **MACHINERY—3.2%** |
| 192 | Aebi Schmidt Holding AG (Switzerland) | 2 |
| 80 | Alamo Group, Inc.  | 14 |
| 187 | Albany International Corp. Class A | 11 |
| 193 | Blue Bird Corp. <sup>\*</sup> | 12 |
| 122 | Chart Industries, Inc. <sup>\*</sup> | 25 |
| 477 | Columbus McKinnon Corp.  | 7 |
| 329 | Douglas Dynamics, Inc.  | 15 |
| 64 | Enpro, Inc.  | 19 |
| 186 | Gencor Industries, Inc. <sup>\*</sup> | 3 |
| 369 | Greenbrier Cos., Inc.  | 18 |
| 186 | Helios Technologies, Inc.  | 13 |
| 886 | Hillman Solutions Corp. <sup>\*</sup> | 7 |
| 405 | Hyster-Yale, Inc.  | 16 |
| 73 | JBT Marel Corp.  | 9 |
| 52 | Kadant, Inc.  | 15 |
| 54 | Lindsay Corp.  | 6 |
| 373 | Luxfer Holdings PLC (United Kingdom) | 6 |
| 129 | Miller Industries, Inc.  | 6 |
| 702 | Mueller Water Products, Inc. Class A | 20 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| 102 | Omega Flex, Inc.  | $3 |
| 156 | Tennant Co.  | 13 |
| 845 | Terex Corp.  | 53 |
| 826 | Titan International, Inc. <sup>\*</sup> | 6 |
| 898 | Trinity Industries, Inc.  | 29 |
| 1059 | Wabash National Corp.  | 9 |
| 99 | Watts Water Technologies, Inc. Class A | 30 |
|  |  | 367 |
| **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** |
| 2035 | Costamare, Inc. (Monaco) | 34 |
| 243 | Matson, Inc.  | 42 |
| 636 | Pangaea Logistics Solutions Ltd.  | 5 |
|  |  | 81 |
| **MEDIA—2.7%** | **MEDIA—2.7%** | **MEDIA—2.7%** |
| 970 | AMC Global Media, Inc. <sup>\*</sup> | 8 |
| 139 | Cable One, Inc. <sup>\*</sup> | 13 |
| 7523 | Gray Media, Inc.  | 43 |
| 90 | Ibotta, Inc. Class A<sup>\*</sup> | 3 |
| 3019 | John Wiley & Sons, Inc. Class A | 124 |
| 3852 | National CineMedia, Inc.  | 13 |
| 41632 | Optimum Communications, Inc. Class A<sup>\*</sup> | 66 |
| 128 | Scholastic Corp.  | 5 |
| 926 | Sinclair, Inc.  | 14 |
| 1762 | Stagwell, Inc. <sup>\*</sup> | 11 |
| 1005 | USA TODAY Co., Inc. <sup>\*</sup> | 7 |
|  |  | 307 |
| **METALS & MINING—1.6%** | **METALS & MINING—1.6%** | **METALS & MINING—1.6%** |
| 123 | Alpha Metallurgical Resources, Inc. <sup>\*</sup> | 23 |
| 199 | Caledonia Mining Corp. PLC (South Africa) | 4 |
| 148 | Century Aluminum Co. <sup>\*</sup> | 9 |
| 471 | Commercial Metals Co.  | 32 |
| 960 | Constellium SE <sup>\*</sup> | 30 |
| 1427 | Ferroglobe PLC  | 7 |
| 68 | Kaiser Aluminum Corp.  | 12 |
| 70 | Materion Corp.  | 13 |
| 156 | Metallus, Inc. <sup>\*</sup> | 3 |
| 193 | Ramaco Resources, Inc. Class A<sup>\*</sup> | 3 |
| 272 | Ryerson Holding Corp.  | 7 |
| 826 | SunCoke Energy, Inc.  | 6 |
| 223 | Warrior Met Coal, Inc.  | 20 |
| 203 | Worthington Steel, Inc.  | 8 |
|  |  | 177 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.9%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.9%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.9%** |
| 564 | Apollo Commercial Real Estate Finance, Inc.  | 6 |
| 387 | Blackstone Mortgage Trust, Inc. Class A | 7 |
| 335 | Chicago Atlantic Real Estate Finance, Inc.  | 4 |
| 1119 | Chimera Investment Corp.  | 15 |
| 922 | Ellington Financial, Inc.  | 12 |
| 1185 | Franklin BSP Realty Trust, Inc.  | 11 |
| 1320 | Ladder Capital Corp.  | 14 |
| 1395 | MFA Financial, Inc.  | 14 |
| 228 | Nexpoint Real Estate Finance, Inc.  | 3 |
| 1025 | PennyMac Mortgage Investment Trust  | 13 |
|  |  | 99 |
| **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** |
| 553 | Avista Corp.  | 23 |
| 428 | Black Hills Corp.  | 32 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MULTI-UTILITIES—Continued** | **MULTI-UTILITIES—Continued** | **MULTI-UTILITIES—Continued** |
| 350 | Northwestern Energy Group, Inc.  | $25 |
|  |  | 80 |
| **OFFICE REITS—1.0%** | **OFFICE REITS—1.0%** | **OFFICE REITS—1.0%** |
| 3156 | Brandywine Realty Trust  | 9 |
| 712 | COPT Defense Properties  | 22 |
| 1904 | Douglas Emmett, Inc.  | 21 |
| 276 | Easterly Government Properties, Inc.  | 6 |
| 2092 | Empire State Realty Trust, Inc. Class A | 12 |
| 1201 | Franklin Street Properties Corp.  | 1 |
| 425 | Hudson Pacific Properties, Inc. <sup>\*</sup> | 4 |
| 318 | Postal Realty Trust, Inc. Class A | 7 |
| 631 | SL Green Realty Corp.  | 27 |
|  |  | 109 |
| **OIL, GAS & CONSUMABLE FUELS—9.6%** | **OIL, GAS & CONSUMABLE FUELS—9.6%** | **OIL, GAS & CONSUMABLE FUELS—9.6%** |
| 849 | Ardmore Shipping Corp. (Ireland) | 15 |
| 760 | California Resources Corp.  | 52 |
| 417 | Calumet, Inc. <sup>\*</sup> | 14 |
| 37 | Centrus Energy Corp. Class A<sup>\*</sup> | 8 |
| 2027 | CNX Resources Corp. <sup>\*</sup> | 79 |
| 874 | Comstock Resources, Inc. <sup>\*</sup> | 15 |
| 309 | Core Natural Resources, Inc.  | 28 |
| 1954 | Crescent Energy Co. Class A | 26 |
| 1322 | CVR Energy, Inc. <sup>\*</sup> | 44 |
| 372 | Evolution Petroleum Corp.  | 2 |
| 575 | Excelerate Energy, Inc. Class A | 20 |
| 277 | Golar LNG Ltd. (Cameroon) | 15 |
| 1181 | Granite Ridge Resources, Inc.  | 7 |
| 146 | Gulfport Energy Corp. <sup>\*</sup> | 28 |
| 3750 | HighPeak Energy, Inc.  | 25 |
| 624 | International Seaways, Inc.  | 52 |
| 718 | Kinetik Holdings, Inc.  | 36 |
| 8705 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 27 |
| 1177 | Magnolia Oil & Gas Corp. Class A | 36 |
| 1418 | Murphy Oil Corp.  | 59 |
| 15636 | New Fortress Energy, Inc. <sup>\*</sup> | 11 |
| 1880 | Northern Oil & Gas, Inc.  | 51 |
| 683 | Par Pacific Holdings, Inc. <sup>\*</sup> | 45 |
| 1786 | PBF Energy, Inc. Class A | 77 |
| 1528 | Peabody Energy Corp.  | 41 |
| 19 | PrimeEnergy Resources Corp. <sup>\*</sup> | 4 |
| 280 | REX American Resources Corp. <sup>\*</sup> | 14 |
| 338 | Riley Exploration Permian, Inc.  | 12 |
| 756 | Scorpio Tankers, Inc. (Monaco) | 61 |
| 2951 | SM Energy Co.  | 92 |
| 3155 | Teekay Corp. Ltd. (Bermuda) | 42 |
| 508 | Teekay Tankers Ltd. Class A (Canada) | 40 |
| 1835 | VAALCO Energy, Inc.  | 12 |
| 209 | Vitesse Energy, Inc.  | 4 |
| 565 | W&T Offshore, Inc.  | 2 |
|  |  | 1096 |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 191 | Clearwater Paper Corp. <sup>\*</sup> | 3 |
| 449 | Sylvamo Corp.  | 19 |
|  |  | 22 |
| **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** |
| 244 | SkyWest, Inc. <sup>\*</sup> | 20 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** |
| 633 | Sun Country Airlines Holdings, Inc. <sup>\*</sup> | $10 |
|  |  | 30 |
| **PERSONAL CARE PRODUCTS—0.6%** | **PERSONAL CARE PRODUCTS—0.6%** | **PERSONAL CARE PRODUCTS—0.6%** |
| 482 | Edgewell Personal Care Co.  | 11 |
| 1828 | Herbalife Ltd. <sup>\*</sup> | 30 |
| 235 | Nature's Sunshine Products, Inc. <sup>\*</sup> | 7 |
| 435 | Nu Skin Enterprises, Inc. Class A | 3 |
| 4848 | Olaplex Holdings, Inc. <sup>\*</sup> | 10 |
| 387 | USANA Health Sciences, Inc. <sup>\*</sup> | 7 |
|  |  | 68 |
| **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** |
| 1242 | Amneal Pharmaceuticals, Inc. <sup>\*</sup> | 16 |
| 391 | Amphastar Pharmaceuticals, Inc. <sup>\*</sup> | 9 |
| 251 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | 8 |
| 456 | Innoviva, Inc. <sup>\*</sup> | 10 |
| 109 | Pacira BioSciences, Inc. <sup>\*</sup> | 3 |
| 195 | Phibro Animal Health Corp. Class A | 10 |
| 222 | Prestige Consumer Healthcare, Inc. <sup>\*</sup> | 13 |
| 689 | SIGA Technologies, Inc.  | 3 |
|  |  | 72 |
| **PROFESSIONAL SERVICES—1.3%** | **PROFESSIONAL SERVICES—1.3%** | **PROFESSIONAL SERVICES—1.3%** |
| 186 | Barrett Business Services, Inc.  | 6 |
| 346 | CBIZ, Inc. <sup>\*</sup> | 10 |
| 44 | CRA International, Inc.  | 7 |
| 210 | Exponent, Inc.  | 14 |
| 359 | First Advantage Corp. <sup>\*</sup> | 5 |
| 166 | HireQuest, Inc.  | 2 |
| 71 | Huron Consulting Group, Inc. <sup>\*</sup> | 9 |
| 128 | ICF International, Inc.  | 9 |
| 313 | Insperity, Inc.  | 11 |
| 154 | Kforce, Inc.  | 7 |
| 318 | Maximus, Inc.  | 21 |
| 377 | Mistras Group, Inc. <sup>\*</sup> | 7 |
| 130 | RCM Technologies, Inc. <sup>\*</sup> | 4 |
| 408 | TriNet Group, Inc.  | 19 |
| 683 | TTEC Holdings, Inc. <sup>\*</sup> | 2 |
| 731 | Verra Mobility Corp. <sup>\*</sup> | 11 |
|  |  | 144 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.5%** |
| 1493 | Cushman & Wakefield Ltd. <sup>\*</sup> | 21 |
| 69 | FRP Holdings, Inc. <sup>\*</sup> | 2 |
| 953 | Kennedy-Wilson Holdings, Inc.  | 10 |
| 440 | RE/MAX Holdings, Inc. Class A<sup>\*</sup> | 5 |
| 205 | St. Joe Co.  | 13 |
|  |  | 51 |
| **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** |
| 224 | BRT Apartments Corp.  | 3 |
| 117 | Centerspace  | 8 |
| 444 | Clipper Realty, Inc.  | 2 |
|  |  | 13 |
| **RETAIL REITS—1.9%** | **RETAIL REITS—1.9%** | **RETAIL REITS—1.9%** |
| 737 | Acadia Realty Trust  | 16 |
| 392 | Curbline Properties Corp.  | 11 |
| 324 | Getty Realty Corp.  | 11 |
| 526 | InvenTrust Properties Corp.  | 17 |
| 1327 | Kite Realty Group Trust  | 35 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **RETAIL REITS—Continued** | **RETAIL REITS—Continued** | **RETAIL REITS—Continued** |
| 1450 | Macerich Co.  | $31 |
| 454 | NETSTREIT Corp.  | 9 |
| 615 | Phillips Edison & Co., Inc.  | 25 |
| 269 | Saul Centers, Inc.  | 9 |
| 687 | SITE Centers Corp.  | 4 |
| 629 | Tanger, Inc.  | 23 |
| 780 | Urban Edge Properties  | 17 |
| 367 | Whitestone REIT  | 7 |
|  |  | 215 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%** |
| 186 | Axcelis Technologies, Inc. <sup>\*</sup> | 26 |
| 105 | FormFactor, Inc. <sup>\*</sup> | 14 |
| 121 | Kulicke & Soffa Industries, Inc. (Singapore) | 10 |
| 94 | NVE Corp.  | 8 |
| 141 | Rambus, Inc. <sup>\*</sup> | 16 |
| 129 | Ultra Clean Holdings, Inc. <sup>\*</sup> | 10 |
| 172 | Veeco Instruments, Inc. <sup>\*</sup> | 9 |
|  |  | 93 |
| **SOFTWARE—1.3%** | **SOFTWARE—1.3%** | **SOFTWARE—1.3%** |
| 378 | A10 Networks, Inc.  | 10 |
| 557 | Adeia, Inc.  | 18 |
| 65 | Commvault Systems, Inc. <sup>\*</sup> | 6 |
| 470 | Consensus Cloud Solutions, Inc. <sup>\*</sup> | 12 |
| 16 | Daily Journal Corp. <sup>\*</sup> | 8 |
| 340 | eGain Corp. <sup>\*</sup> | 3 |
| 222 | I3 Verticals, Inc. Class A<sup>\*</sup> | 5 |
| 74 | InterDigital, Inc.  | 22 |
| 2727 | MARA Holdings, Inc. <sup>\*</sup> | 33 |
| 363 | Mitek Systems, Inc. <sup>\*</sup> | 5 |
| 215 | Progress Software Corp. <sup>\*</sup> | 6 |
| 112 | Qualys, Inc. <sup>\*</sup> | 10 |
| 105 | Red Violet, Inc. <sup>\*</sup> | 4 |
| 1140 | Rimini Street, Inc. <sup>\*</sup> | 4 |
|  |  | 146 |
| **SPECIALIZED REITS—0.1%** | **SPECIALIZED REITS—0.1%** | **SPECIALIZED REITS—0.1%** |
| 227 | Farmland Partners, Inc.  | 2 |
| 548 | Four Corners Property Trust, Inc.  | 14 |
|  |  | 16 |
| **SPECIALTY RETAIL—3.5%** | **SPECIALTY RETAIL—3.5%** | **SPECIALTY RETAIL—3.5%** |
| 309 | Abercrombie & Fitch Co. Class A<sup>\*</sup> | 26 |
| 737 | Academy Sports & Outdoors, Inc.  | 40 |
| 774 | American Eagle Outfitters, Inc.  | 13 |
| 154 | America's Car-Mart, Inc. <sup>\*</sup> | 2 |
| 921 | Arhaus, Inc.  | 7 |
| 1647 | Arko Corp.  | 11 |
| 235 | Asbury Automotive Group, Inc. <sup>\*</sup> | 48 |
| 97 | Boot Barn Holdings, Inc. <sup>\*</sup> | 17 |
| 130 | Build-A-Bear Workshop, Inc.  | 5 |
| 765 | Caleres, Inc.  | 10 |
| 1620 | Camping World Holdings, Inc. Class A | 13 |
| 719 | Designer Brands, Inc. Class A | 5 |
| 133 | Group 1 Automotive, Inc.  | 47 |
| 209 | Haverty Furniture Cos., Inc.  | 5 |
| 324 | J Jill, Inc.  | 4 |
| 410 | MarineMax, Inc. <sup>\*</sup> | 12 |
| 218 | Monro, Inc.  | 4 |
| 202 | Revolve Group, Inc. <sup>\*</sup> | 5 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 1376 | Sally Beauty Holdings, Inc. <sup>\*</sup> | $19 |
| 362 | Shoe Carnival, Inc.  | 7 |
| 312 | Signet Jewelers Ltd.  | 28 |
| 299 | Sonic Automotive, Inc. Class A | 24 |
| 2792 | Torrid Holdings, Inc. <sup>\*</sup> | 5 |
| 374 | Urban Outfitters, Inc. <sup>\*</sup> | 26 |
| 342 | Victoria's Secret & Co. <sup>\*</sup> | 18 |
|  |  | 401 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.0%** |
| 285 | CPI Card Group, Inc. <sup>\*</sup> | 5 |
| 1171 | Diebold Nixdorf, Inc. <sup>\*</sup> | 90 |
| 886 | Eastman Kodak Co. <sup>\*</sup> | 12 |
| 908 | Immersion Corp.  | 5 |
|  |  | 112 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** |
| 276 | Figs, Inc. Class A<sup>\*</sup> | 4 |
| 335 | Kontoor Brands, Inc.  | 25 |
| 384 | Movado Group, Inc.  | 10 |
| 169 | Oxford Industries, Inc.  | 7 |
| 132 | Rocky Brands, Inc.  | 5 |
|  |  | 51 |
| **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** |
| 138 | BlueLinx Holdings, Inc. <sup>\*</sup> | 7 |
| 431 | Boise Cascade Co.  | 34 |
| 1818 | Custom Truck One Source, Inc. <sup>\*</sup> | 18 |
| 97 | DXP Enterprises, Inc. <sup>\*</sup> | 16 |
| 190 | GATX Corp.  | 37 |
| 271 | Global Industrial Co.  | 9 |
| 241 | Herc Holdings, Inc.  | 31 |
| 783 | Hudson Technologies, Inc. <sup>\*</sup> | 5 |
| 215 | Karat Packaging, Inc.  | 6 |
| 508 | Rush Enterprises, Inc. Class A | 38 |
| 370 | Titan Machinery, Inc. <sup>\*</sup> | 8 |
| 102 | Willis Lease Finance Corp.  | 20 |
|  |  | 229 |
| **WATER UTILITIES—0.4%** | **WATER UTILITIES—0.4%** | **WATER UTILITIES—0.4%** |
| 350 | California Water Service Group  | 15 |
| 286 | Global Water Resources, Inc.  | 2 |
| 273 | H2O America  | 15 |
| 255 | Pure Cycle Corp. <sup>\*</sup> | 3 |
| 198 | York Water Co.  | 6 |
|  |  | 41 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 1477 | Gogo, Inc. <sup>\*</sup> | 6 |
| 217 | Telephone & Data Systems, Inc.  | 10 |
|  |  | 16 |
| **TOTAL COMMON STOCKS** <br>(Cost $10,427) | **TOTAL COMMON STOCKS** <br>(Cost $10,427) | 11399 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $10,427) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $10,427) | 11399 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 17 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $11416 |

---

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

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

As of April 30, 2026, the investment in Golden Entertainment, Inc. (as disclosed in the preceding Portfolio of Investments) was 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 Financial Statements.

------

\*

Non-income producing security

x

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

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Ares Systematic High Yield ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Ares Systematic Credit Limited (formerly, BlueCove Limited)

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—96.3%** | **Corporate Bonds & Notes—96.3%** | **Corporate Bonds & Notes—96.3%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| $490 | AAR Escrow Issuer LLC <br>6.750%—03/15/2029<sup>1</sup><br>| $505 |
| 800 | Bombardier, Inc. <br>7.450%—05/01/2034<sup>1</sup><br>| 882 |
|  | TransDigm, Inc. |  |
| 600 | 6.375%—03/01/2029<sup>1</sup> | 613 |
| 633 | 6.625%—03/01/2032<sup>1</sup> | 651 |
| 300 | 6.750%—01/31/2034<sup>1</sup> | 308 |
|  |  | 1572 |
|  |  | 2959 |
| **AUTOMOBILE COMPONENTS—1.7%** | **AUTOMOBILE COMPONENTS—1.7%** | **AUTOMOBILE COMPONENTS—1.7%** |
| 763 | Cooper-Standard Automotive, Inc. <br>9.250%—03/01/2031<sup>1</sup><br>| 734 |
| 900 | Garrett Motion Holdings, Inc./Garrett LX I SARL <br>7.750%—05/31/2032<sup>1</sup><br>| 940 |
| 800 | Phinia, Inc. <br>6.750%—04/15/2029<sup>1</sup><br>| 820 |
|  |  | 2494 |
| **AUTOMOBILES—2.3%** | **AUTOMOBILES—2.3%** | **AUTOMOBILES—2.3%** |
| 1116 | Allison Transmission, Inc. <br>3.750%—01/30/2031<sup>1</sup><br>| 1049 |
| 1000 | Aston Martin Capital Holdings Ltd. <br>10.000%—03/31/2029<sup>1</sup><br>| 804 |
| 812 | Nissan Motor Co. Ltd. <br>7.750%—07/17/2032<sup>1</sup><br>| 847 |
| 648 | Wabash National Corp. <br>4.500%—10/15/2028<sup>1</sup><br>| 573 |
|  |  | 3273 |
| **BANKS—0.5%** | **BANKS—0.5%** | **BANKS—0.5%** |
| 800 | Intesa Sanpaolo SpA <br>4.950%—06/01/2042<sup>1,2</sup><br>| 681 |
| 100 | UniCredit SpA <br>5.459%—06/30/2035<sup>1,2</sup><br>| 100 |
|  |  | 781 |
| **BIOTECHNOLOGY—0.1%** | **BIOTECHNOLOGY—0.1%** | **BIOTECHNOLOGY—0.1%** |
| 200 | Emergent BioSolutions, Inc. <br>3.875%—08/15/2028<sup>1</sup><br>| 178 |
| **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** |
|  | Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp.<br>|  |
| 1000 | 9.000%—06/15/2030 | 964 |
| 600 | 9.750%—01/15/2029 | 603 |
|  |  | 1567 |
| **CHEMICALS—2.0%** | **CHEMICALS—2.0%** | **CHEMICALS—2.0%** |
| 800 | CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%—06/15/2028<sup>1</sup><br>| 800 |
| 500 | FMC Corp. <br>5.650%—05/18/2033<br>| 442 |
| 500 | Perimeter Holdings LLC <br>6.250%—01/15/2034<sup>1</sup><br>| 498 |
| 200 | Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| 211 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CHEMICALS—Continued** | **CHEMICALS—Continued** | **CHEMICALS—Continued** |
| $400 | SK Invictus Intermediate II SARL <br>5.000%—10/30/2029<sup>1</sup><br>| $394 |
|  | Tronox, Inc. |  |
| 200 | 4.625%—03/15/2029<sup>1</sup> | 168 |
| 414 | 9.125%—09/30/2030<sup>1</sup> | 421 |
|  |  | 589 |
|  |  | 2934 |
| **COMMERCIAL SERVICES & SUPPLIES—5.0%** | **COMMERCIAL SERVICES & SUPPLIES—5.0%** | **COMMERCIAL SERVICES & SUPPLIES—5.0%** |
| 525 | APi Group DE, Inc. <br>4.125%—07/15/2029<sup>1</sup><br>| 512 |
|  | Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<br>|  |
| 250 | 8.250%—01/15/2030<sup>1</sup> | 257 |
| 266 | 8.375%—06/15/2032<sup>1</sup> | 268 |
|  |  | 525 |
| 200 | Cimpress PLC <br>7.375%—09/15/2032<sup>1</sup><br>| 203 |
| 200 | Clarivate Science Holdings Corp. <br>4.875%—07/01/2029<sup>1</sup><br>| 181 |
| 300 | Deluxe Corp. <br>8.000%—06/01/2029<sup>1</sup><br>| 304 |
|  | GEO Group, Inc. |  |
| 200 | 8.625%—04/15/2029 | 208 |
| 500 | 10.250%—04/15/2031 | 537 |
|  |  | 745 |
| 286 | Hertz Corp. <br>12.625%—07/15/2029<sup>1</sup><br>| 270 |
| 1834 | HNI Corp. <br>5.125%—01/18/2029<sup>1</sup><br>| 1813 |
| 600 | Pitney Bowes, Inc. <br>7.250%—03/15/2029<sup>1</sup><br>| 605 |
| 950 | PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 929 |
|  | Sabre GLBL, Inc. |  |
| 353 | 10.750%—11/15/2029-03/15/2030<sup>1</sup> | 306 |
| 200 | 11.125%—07/15/2030<sup>1</sup> | 172 |
|  |  | 478 |
| 900 | ZipRecruiter, Inc. <br>5.000%—01/15/2030<sup>1</sup><br>| 589 |
|  |  | 7154 |
| **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** |
| 1000 | Ciena Corp. <br>4.000%—01/31/2030<sup>1</sup><br>| 959 |
| **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** |
| 500 | Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 489 |
| 1003 | Brundage-Bone Concrete Pumping Holdings, Inc. <br>7.500%—02/01/2032<sup>1</sup><br>| 1020 |
| 750 | Dycom Industries, Inc. <br>4.500%—04/15/2029<sup>1</sup><br>| 734 |
| 200 | Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 218 |

---

------

⬤

------

**Harbor Ares Systematic High Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CONSTRUCTION & ENGINEERING—Continued** | **CONSTRUCTION & ENGINEERING—Continued** | **CONSTRUCTION & ENGINEERING—Continued** |
| $906 | VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| $889 |
|  |  | 3350 |
| **CONSUMER FINANCE—1.2%** | **CONSUMER FINANCE—1.2%** | **CONSUMER FINANCE—1.2%** |
|  | OneMain Finance Corp. |  |
| 600 | 6.500%—03/15/2033 | 588 |
| 1100 | 6.750%—09/15/2033 | 1083 |
|  |  | 1671 |
| **CONTAINERS & PACKAGING—0.1%** | **CONTAINERS & PACKAGING—0.1%** | **CONTAINERS & PACKAGING—0.1%** |
| 200 | Clearwater Paper Corp. <br>4.750%—08/15/2028<sup>1</sup><br>| 176 |
| **DIVERSIFIED FINANCIAL SERVICES—2.7%** | **DIVERSIFIED FINANCIAL SERVICES—2.7%** | **DIVERSIFIED FINANCIAL SERVICES—2.7%** |
| 443 | Atlanticus Holdings Corp. <br>9.750%—09/01/2030<sup>1</sup><br>| 439 |
| 600 | Credit Acceptance Corp. <br>6.625%—03/15/2030<sup>1</sup><br>| 599 |
| 1050 | Enova International, Inc. <br>9.125%—08/01/2029<sup>1</sup><br>| 1105 |
| 200 | LD Holdings Group LLC <br>8.750%—11/01/2027<sup>1</sup><br>| 187 |
| 1097 | PRA Group, Inc. <br>8.875%—01/31/2030<sup>1</sup><br>| 1136 |
| 400 | VFH Parent LLC/Valor Co-Issuer, Inc. <br>7.500%—06/15/2031<sup>1</sup><br>| 420 |
|  |  | 3886 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** |
| 699 | Core Scientific Finance I LLC <br>7.750%—05/15/2031<sup>1</sup><br>| 698 |
| 500 | Viavi Solutions, Inc. <br>3.750%—10/01/2029<sup>1</sup><br>| 478 |
|  |  | 1176 |
| **ELECTRIC UTILITIES—2.5%** | **ELECTRIC UTILITIES—2.5%** | **ELECTRIC UTILITIES—2.5%** |
|  | Edison International |  |
| 618 | 7.875%—06/15/2054<sup>2</sup> | 638 |
| 1100 | 8.125%—06/15/2053<sup>2</sup> | 1129 |
|  |  | 1767 |
| 200 | Emera U.S. Finance LLC <br>6.650%—10/01/2056<sup>2</sup><br>| 201 |
|  | EUSHI Finance, Inc. |  |
| 750 | 6.250%—04/01/2056<sup>2</sup> | 743 |
| 675 | 7.625%—12/15/2054<sup>2</sup> | 699 |
|  |  | 1442 |
| 200 | NRG Energy, Inc. <br>3.625%—02/15/2031<sup>1</sup><br>| 186 |
|  |  | 3596 |
| **ELECTRICAL EQUIPMENT—0.5%** | **ELECTRICAL EQUIPMENT—0.5%** | **ELECTRICAL EQUIPMENT—0.5%** |
|  | EnerSys |  |
| 400 | 4.375%—12/15/2027<sup>1</sup> | 395 |
| 366 | 6.625%—01/15/2032<sup>1</sup> | 377 |
|  |  | 772 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%** |
| 1300 | TTM Technologies, Inc. <br>4.000%—03/01/2029<sup>1</sup><br>| 1259 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** |
| $918 | Valaris Ltd. <br>8.375%—04/30/2030<sup>1</sup><br>| $958 |
| **ENTERTAINMENT—2.7%** | **ENTERTAINMENT—2.7%** | **ENTERTAINMENT—2.7%** |
|  | Discovery Global Holdings, Inc. |  |
| 413 | 4.279%—03/15/2032 | 375 |
| 300 | 5.050%—03/15/2042 | 215 |
| 600 | 5.141%—03/15/2052 | 395 |
|  |  | 985 |
| 292 | Light & Wonder International, Inc. <br>6.250%—10/01/2033<sup>1</sup><br>| 290 |
|  | Live Nation Entertainment, Inc. |  |
| 405 | 4.750%—10/15/2027<sup>1</sup> | 404 |
| 391 | 6.500%—05/15/2027<sup>1</sup> | 391 |
|  |  | 795 |
|  | Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |
| 800 | 4.625%—04/16/2029-04/06/2031<sup>1</sup> | 687 |
| 350 | 8.450%—07/27/2030<sup>1</sup> | 347 |
|  |  | 1034 |
| 900 | Starz Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| 785 |
|  |  | 3889 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—4.5%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—4.5%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—4.5%** |
| 226 | Arbor Realty SR, Inc. <br>7.875%—07/15/2030<sup>1</sup><br>| 214 |
| 700 | CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| 682 |
| 1100 | Diversified Healthcare Trust <br>4.375%—03/01/2031<br>| 990 |
| 1085 | Iron Mountain Information Management Services, <br> Inc. <br>5.000%—07/15/2032<sup>1</sup><br>| 1048 |
|  | Iron Mountain, Inc. |  |
| 675 | 4.500%—02/15/2031<sup>1</sup> | 649 |
| 200 | 5.250%—07/15/2030<sup>1</sup> | 198 |
| 400 | 6.250%—01/15/2033<sup>1</sup> | 406 |
|  |  | 1253 |
| 600 | Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>4.250%—02/01/2027<sup>1</sup><br>| 596 |
|  | MPT Operating Partnership LP/MPT Finance Corp. |  |
| 1021 | 3.500%—03/15/2031 | 733 |
| 900 | 4.625%—08/01/2029 | 745 |
| 300 | 5.000%—10/15/2027 | 293 |
|  |  | 1771 |
|  |  | 6554 |
| **FINANCIAL SERVICES—0.1%** | **FINANCIAL SERVICES—0.1%** | **FINANCIAL SERVICES—0.1%** |
| 147 | EZCORP, Inc. <br>7.375%—04/01/2032<sup>1</sup><br>| 156 |
| **FOOD & STAPLES RETAILING—0.2%** | **FOOD & STAPLES RETAILING—0.2%** | **FOOD & STAPLES RETAILING—0.2%** |
| 231 | United Natural Foods, Inc. <br>6.750%—10/15/2028<sup>1</sup><br>| 231 |

---

------

⬤

------

**Harbor Ares Systematic High Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **FOOD PRODUCTS—0.3%** | **FOOD PRODUCTS—0.3%** | **FOOD PRODUCTS—0.3%** |
|  | U.S. Foods, Inc. |  |
| $400 | 4.750%—02/15/2029<sup>1</sup> | $396 |
| 100 | 5.750%—04/15/2033<sup>1</sup> | 100 |
|  |  | 496 |
| **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** |
| 190 | DaVita, Inc. <br>3.750%—02/15/2031<sup>1</sup><br>| 176 |
| 700 | Encompass Health Corp. <br>4.625%—04/01/2031<br>| 683 |
| 100 | IQVIA, Inc. <br>5.000%—05/15/2027<sup>1</sup><br>| 100 |
|  |  | 959 |
| **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** |
| 400 | Boyd Gaming Corp. <br>4.750%—06/15/2031<sup>1</sup><br>| 386 |
| 871 | Carnival Corp. <br>5.875%—06/15/2031<sup>1</sup><br>| 884 |
|  | Hilton Domestic Operating Co., Inc. |  |
| 500 | 3.625%—02/15/2032<sup>1</sup> | 458 |
| 1200 | 4.000%—05/01/2031<sup>1</sup> | 1137 |
|  |  | 1595 |
|  | Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<br>|  |
| 100 | 4.875%—07/01/2031<sup>1</sup> | 93 |
| 200 | 5.000%—06/01/2029<sup>1</sup> | 194 |
|  |  | 287 |
| 271 | New Red Finance, Inc. <br>3.875%—01/15/2028<sup>1</sup><br>| 266 |
| 200 | Travel & Leisure Co. <br>6.625%—07/31/2026<sup>1</sup><br>| 200 |
|  |  | 3618 |
| **HOUSEHOLD DURABLES—1.9%** | **HOUSEHOLD DURABLES—1.9%** | **HOUSEHOLD DURABLES—1.9%** |
| 250 | Century Communities, Inc. <br>6.625%—09/15/2033<sup>1</sup><br>| 249 |
| 200 | K Hovnanian Enterprises, Inc. <br>8.375%—10/01/2033<sup>1</sup><br>| 201 |
| 600 | M/I Homes, Inc. <br>4.950%—02/01/2028<br>| 599 |
|  | Somnigroup International, Inc. |  |
| 300 | 3.875%—10/15/2031<sup>1</sup> | 277 |
| 600 | 4.000%—04/15/2029<sup>1</sup> | 581 |
|  |  | 858 |
| 400 | Taylor Morrison Communities, Inc. <br>5.125%—08/01/2030<sup>1</sup><br>| 399 |
| 500 | Whirlpool Corp. <br>2.400%—05/15/2031<br>| 405 |
|  |  | 2711 |
| **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** |
| 750 | Go Daddy Operating Co. LLC/GD Finance Co., Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 701 |
| **INTERNET & CATALOG RETAIL—0.6%** | **INTERNET & CATALOG RETAIL—0.6%** | **INTERNET & CATALOG RETAIL—0.6%** |
| 500 | Gen Digital, Inc. <br>6.250%—04/01/2033<sup>1</sup><br>| 488 |
| 300 | Match Group Holdings II LLC <br>3.625%—10/01/2031<sup>1</sup><br>| 269 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **INTERNET & CATALOG RETAIL—Continued** | **INTERNET & CATALOG RETAIL—Continued** | **INTERNET & CATALOG RETAIL—Continued** |
| $100 | Rakuten Group, Inc. <br>11.250%—02/15/2027<sup>1</sup><br>| $104 |
|  |  | 861 |
| **IT SERVICES—2.2%** | **IT SERVICES—2.2%** | **IT SERVICES—2.2%** |
| 289 | Conduent Business Services LLC/Conduent State & <br> Local Solutions, Inc. <br>6.000%—11/01/2029<sup>1</sup><br>| 208 |
| 200 | Everforth, Inc. <br>4.625%—05/15/2028<sup>1</sup><br>| 187 |
|  | Seagate Data Storage Technology Pte. Ltd. |  |
| 600 | 4.091%—06/01/2029<sup>1</sup> | 585 |
| 333 | 5.750%—12/01/2034<sup>1</sup> | 340 |
| 1000 | 9.625%—12/01/2032<sup>1</sup> | 1113 |
|  |  | 2038 |
|  | Twilio, Inc. |  |
| 400 | 3.625%—03/15/2029 | 385 |
| 150 | 3.875%—03/15/2031 | 140 |
|  |  | 525 |
| 298 | Unisys Corp. <br>10.625%—01/15/2031<sup>1</sup><br>| 259 |
|  |  | 3217 |
| **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** |
| 300 | Life Time, Inc. <br>6.000%—11/15/2031<sup>1</sup><br>| 305 |
| 600 | VOC Escrow Ltd. <br>5.000%—02/15/2028<sup>1</sup><br>| 599 |
|  |  | 904 |
| **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** |
|  | Charles River Laboratories International, Inc. |  |
| 300 | 3.750%—03/15/2029<sup>1</sup> | 287 |
| 350 | 4.000%—03/15/2031<sup>1</sup> | 327 |
|  |  | 614 |
| **MACHINERY—1.6%** | **MACHINERY—1.6%** | **MACHINERY—1.6%** |
| 1300 | BWX Technologies, Inc. <br>4.125%—06/30/2028-04/15/2029<sup>1</sup><br>| 1275 |
| 100 | GrafTech Finance, Inc. <br>4.625%—12/23/2029<sup>1</sup><br>| 64 |
| 238 | GrafTech Global Enterprises, Inc. <br>9.875%—12/23/2029<sup>1</sup><br>| 179 |
| 200 | Manitowoc Co., Inc. <br>9.250%—10/01/2031<sup>1</sup><br>| 214 |
| 600 | Mueller Water Products, Inc. <br>4.000%—06/15/2029<sup>1</sup><br>| 582 |
|  |  | 2314 |
| **MEDIA—1.6%** | **MEDIA—1.6%** | **MEDIA—1.6%** |
| 150 | Advantage Sales & Marketing, Inc. <br>9.000%—11/15/2030<sup>1</sup><br>| 120 |
|  | CSC Holdings LLC |  |
| 200 | 3.375%—02/15/2031<sup>1</sup> | 116 |
| 300 | 5.500%—04/15/2027<sup>1</sup> | 253 |
| 200 | 6.500%—02/01/2029<sup>1</sup> | 125 |
| 200 | 11.750%—01/31/2029<sup>1</sup> | 143 |
|  |  | 637 |

---

------

⬤

------

**Harbor Ares Systematic High Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **MEDIA—Continued** | **MEDIA—Continued** | **MEDIA—Continued** |
| $600 | Discovery Communications LLC <br>6.350%—06/01/2040<br>| $477 |
| 600 | DISH DBS Corp. <br>7.375%—07/01/2028<br>| 587 |
|  | Sinclair Television Group, Inc. |  |
| 204 | 4.375%—12/31/2032<sup>1</sup> | 158 |
| 297 | 5.500%—03/01/2030<sup>1</sup> | 263 |
|  |  | 421 |
|  |  | 2242 |
| **METALS & MINING—7.8%** | **METALS & MINING—7.8%** | **METALS & MINING—7.8%** |
| 52 | Algoma Steel, Inc. <br>9.125%—04/15/2029<sup>1</sup><br>| 48 |
| 1189 | Century Aluminum Co. <br>6.875%—08/01/2032<sup>1</sup><br>| 1232 |
| 200 | Commercial Metals Co. <br>3.875%—02/15/2031<br>| 186 |
| 750 | Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 749 |
|  | Fortescue Treasury Pty. Ltd. |  |
| 168 | 4.375%—04/01/2031<sup>1</sup> | 161 |
| 600 | 6.125%—04/15/2032<sup>1</sup> | 621 |
|  |  | 782 |
| 1067 | Hudbay Minerals, Inc. <br>6.125%—04/01/2029<sup>1</sup><br>| 1072 |
| 1683 | IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| 1674 |
| 343 | Mineral Resources Ltd. <br>9.250%—10/01/2028<sup>1</sup><br>| 356 |
|  | Novelis Corp. |  |
| 400 | 3.875%—08/15/2031<sup>1</sup> | 364 |
| 2000 | 4.750%—01/30/2030<sup>1</sup> | 1918 |
|  |  | 2282 |
| 1366 | Park-Ohio Industries, Inc. <br>8.500%—08/01/2030<sup>1</sup><br>| 1423 |
| 1161 | PLS Group Ltd. <br>6.875%—05/01/2031<sup>1</sup><br>| 1189 |
| 258 | Skeena Resources Ltd. <br>8.500%—04/01/2031<sup>1</sup><br>| 270 |
|  |  | 11263 |
| **OIL, GAS & CONSUMABLE FUELS—18.0%** | **OIL, GAS & CONSUMABLE FUELS—18.0%** | **OIL, GAS & CONSUMABLE FUELS—18.0%** |
| 1700 | Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 1779 |
| 1300 | AmeriGas Partners LP/AmeriGas Finance Corp. <br>9.375%—06/01/2028<sup>1</sup><br>| 1334 |
|  | Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<br>|  |
| 1366 | 5.750%—01/15/2028-10/15/2033<sup>1</sup> | 1365 |
| 500 | 6.625%—02/01/2032<sup>1</sup> | 513 |
|  |  | 1878 |
|  | Borr IHC Ltd./Borr Finance LLC |  |
| 512 | 10.000%—11/15/2028<sup>1</sup> | 535 |
| 632 | 10.375%—11/15/2030<sup>1</sup> | 664 |
|  |  | 1199 |
| 1292 | California Resources Corp. <br>7.000%—01/15/2034<sup>1</sup><br>| 1319 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
| $1432 | Calumet Specialty Products Partners LP/Calumet <br> Finance Corp. <br>9.750%—02/15/2031<sup>1</sup><br>| $1519 |
| 400 | Comstock Resources, Inc. <br>6.750%—03/01/2029<sup>1</sup><br>| 399 |
| 528 | CVR Energy, Inc. <br>7.875%—02/15/2034<sup>1</sup><br>| 530 |
|  | Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<br>|  |
| 200 | 7.375%—06/30/2033<sup>1</sup> | 207 |
| 1056 | 8.625%—03/15/2029<sup>1</sup> | 1102 |
|  |  | 1309 |
| 742 | Enerflex, Inc. <br>6.875%—01/15/2031<sup>1</sup><br>| 765 |
|  | Energy Transfer LP |  |
| 900 | 7.125%—10/01/2054<sup>2</sup> | 925 |
| 1100 | 8.000%—05/15/2054<sup>2</sup> | 1167 |
|  |  | 2092 |
| 250 | EnQuest PLC <br>9.875%—04/30/2031<sup>1</sup><br>| 258 |
|  | Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 700 | 8.000%—05/15/2033 | 737 |
| 200 | 8.250%—01/15/2029 | 208 |
|  |  | 945 |
| 400 | Helix Energy Solutions Group, Inc. <br>9.750%—03/01/2029<sup>1</sup><br>| 420 |
| 300 | NGL Energy Operating LLC/NGL Energy Finance <br> Corp. <br>8.125%—02/15/2029<sup>1</sup><br>| 311 |
|  | PBF Holding Co. LLC/PBF Finance Corp. |  |
| 800 | 7.875%—09/15/2030<sup>1</sup> | 821 |
| 1424 | 9.875%—03/15/2030<sup>1</sup> | 1531 |
|  |  | 2352 |
|  | PG&E Corp. |  |
| 620 | 6.850%—09/15/2056<sup>2</sup> | 620 |
| 371 | 7.375%—03/15/2055<sup>2</sup> | 382 |
|  |  | 1002 |
| 565 | Saturn Oil & Gas, Inc. <br>9.625%—06/15/2029<sup>1</sup><br>| 593 |
| 850 | SunCoke Energy, Inc. <br>4.875%—06/30/2029<sup>1</sup><br>| 784 |
|  | Talos Production, Inc. |  |
| 800 | 9.000%—02/01/2029<sup>1</sup> | 835 |
| 822 | 9.375%—02/01/2031<sup>1</sup> | 875 |
|  |  | 1710 |
| 800 | Transocean International Ltd. <br>8.250%—05/15/2029<sup>1</sup><br>| 831 |
| 1698 | Vermilion Energy, Inc. <br>7.250%—02/15/2033<sup>1</sup><br>| 1723 |
| 136 | W&T Offshore, Inc. <br>10.750%—02/01/2029<sup>1</sup><br>| 141 |
| 687 | Weatherford International Ltd. <br>6.750%—10/15/2033<sup>1</sup><br>| 713 |
|  |  | 25906 |
| **PAPER & FOREST PRODUCTS—0.1%** | **PAPER & FOREST PRODUCTS—0.1%** | **PAPER & FOREST PRODUCTS—0.1%** |
| 200 | Mercer International, Inc. <br>12.875%—10/01/2028<sup>1</sup><br>| 100 |

---

------

⬤

------

**Harbor Ares Systematic High Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** |
| $1118 | JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%—09/20/2031<sup>1</sup><br>| $1043 |
| **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** |
| 550 | Amneal Pharmaceuticals LLC <br>6.875%—08/01/2032<sup>1</sup><br>| 572 |
|  | Bausch Health Cos., Inc. |  |
| 400 | 5.250%—02/15/2031<sup>1</sup> | 238 |
| 100 | 6.250%—02/15/2029<sup>1</sup> | 74 |
| 200 | 7.250%—05/30/2029<sup>1</sup> | 148 |
| 600 | 14.000%—10/15/2030<sup>1</sup> | 578 |
|  |  | 1038 |
| 700 | HLF Financing SARL LLC/Herbalife International, Inc. <br>7.750%—05/01/2033<sup>1</sup><br>| 715 |
| 600 | Jazz Securities DAC <br>4.375%—01/15/2029<sup>1</sup><br>| 587 |
|  |  | 2912 |
| **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** |
| 100 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 99 |
| 800 | TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 744 |
|  |  | 843 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%** |
|  | Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp.<br>|  |
| 1250 | 5.250%—04/15/2030<sup>1</sup> | 1193 |
| 788 | 9.750%—04/15/2030<sup>1</sup> | 842 |
|  |  | 2035 |
| 500 | Five Point Operating Co. LP <br>8.000%—10/01/2030<sup>1</sup><br>| 513 |
|  |  | 2548 |
| **ROAD & RAIL—0.5%** | **ROAD & RAIL—0.5%** | **ROAD & RAIL—0.5%** |
| 700 | Danaos Corp. <br>6.875%—10/15/2032<sup>1</sup><br>| 720 |
| **SOFTWARE—4.7%** | **SOFTWARE—4.7%** | **SOFTWARE—4.7%** |
|  | CoreWeave, Inc. |  |
| 530 | 9.000%—02/01/2031<sup>1</sup> | 527 |
| 500 | 9.750%—10/01/2031<sup>1</sup> | 503 |
|  |  | 1030 |
| 400 | Elastic NV <br>4.125%—07/15/2029<sup>1</sup><br>| 380 |
|  | Fair Isaac Corp. |  |
| 800 | 4.000%—06/15/2028<sup>1</sup> | 781 |
| 1082 | 6.250%—09/15/2034<sup>1</sup> | 1066 |
|  |  | 1847 |
| 900 | Open Text Holdings, Inc. <br>4.125%—02/15/2030<sup>1</sup><br>| 811 |
| 700 | PTC, Inc. <br>4.000%—02/15/2028<sup>1</sup><br>| 684 |
| 1318 | RingCentral, Inc. <br>8.500%—08/15/2030<sup>1</sup><br>| 1386 |
| 700 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <br>3.875%—02/01/2029<sup>1</sup><br>| 570 |
|  |  | 6708 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SPECIALTY RETAIL—9.5%** | **SPECIALTY RETAIL—9.5%** | **SPECIALTY RETAIL—9.5%** |
| $692 | Arko Corp. <br>5.125%—11/15/2029<sup>1</sup><br>| $624 |
| 500 | Bath & Body Works, Inc. <br>6.950%—03/01/2033<br>| 486 |
| 1924 | Carvana Co. <br>9.000%—06/01/2031<sup>1</sup><br>| 2130 |
| 309 | Ferrellgas LP/Ferrellgas Finance Corp. <br>9.250%—01/15/2031<sup>1</sup><br>| 325 |
|  | FirstCash, Inc. |  |
| 600 | 4.625%—09/01/2028<sup>1</sup> | 590 |
| 200 | 5.625%—01/01/2030<sup>1</sup> | 199 |
| 500 | 6.875%—03/01/2032<sup>1</sup> | 513 |
|  |  | 1302 |
| 700 | FTAI Aviation Investors LLC <br>7.000%—05/01/2031-06/15/2032<sup>1</sup><br>| 724 |
|  | Gap, Inc. |  |
| 500 | 3.625%—10/01/2029<sup>1</sup> | 472 |
| 800 | 3.875%—10/01/2031<sup>1</sup> | 732 |
|  |  | 1204 |
|  | Kohl's Corp. |  |
| 1100 | 5.125%—05/01/2031 | 901 |
| 300 | 5.550%—07/17/2045 | 183 |
|  |  | 1084 |
|  | Macy's Retail Holdings LLC |  |
| 600 | 4.300%—02/15/2043 | 403 |
| 300 | 5.125%—01/15/2042 | 227 |
| 500 | 6.125%—03/15/2032<sup>1</sup> | 501 |
| 800 | 7.375%—08/01/2033<sup>1</sup> | 834 |
|  |  | 1965 |
| 1400 | Suburban Propane Partners LP/Suburban Energy <br> Finance Corp. <br>5.000%—06/01/2031<sup>1</sup><br>| 1345 |
| 400 | Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| 396 |
| 740 | Victoria's Secret & Co. <br>4.625%—07/15/2029<sup>1</sup><br>| 713 |
| 512 | Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 525 |
|  | Yum! Brands, Inc. |  |
| 500 | 4.625%—01/31/2032 | 481 |
| 335 | 6.875%—11/15/2037 | 371 |
|  |  | 852 |
|  |  | 13675 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.5%** | **TEXTILES, APPAREL & LUXURY GOODS—1.5%** | **TEXTILES, APPAREL & LUXURY GOODS—1.5%** |
|  | Crocs, Inc. |  |
| 500 | 4.125%—08/15/2031<sup>1</sup> | 466 |
| 100 | 4.250%—03/15/2029<sup>1</sup> | 97 |
|  |  | 563 |
| 200 | Under Armour, Inc. <br>7.250%—07/15/2030<sup>1</sup><br>| 204 |
| 1375 | William Carter Co. <br>7.375%—02/15/2031<sup>1</sup><br>| 1415 |
|  |  | 2182 |
| **TOBACCO—1.0%** | **TOBACCO—1.0%** | **TOBACCO—1.0%** |
| 1335 | Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 1379 |

---

------

⬤

------

**Harbor Ares Systematic High Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | |
|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>| **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** |
| $150<br> RB Global Holdings, Inc. <br>6.750%—03/15/2028<sup>1</sup><br>| $152 |
| 600<br> Resideo Funding, Inc. <br>6.500%—07/15/2032<sup>1</sup><br>| 606 |
|  | 758 |
| **Total Corporate Bonds & Notes** <br>(Cost $137,943) | 138647 |
| **TOTAL INVESTMENTS—96.3%** <br>(Cost $137,943) | 138647 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.7%** | 5262 |
| **TOTAL NET ASSETS—100.0%** | $143909 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

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 April 30, 2026, the aggregate value of these securities was $116,513 or 81% of net assets.

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

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Ares Systematic Multi-Sector Income ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Ares Systematic Credit Limited (formerly, BlueCove Limited)

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—93.3%** | **Corporate Bonds & Notes—93.3%** | **Corporate Bonds & Notes—93.3%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| $200 | BAE Systems PLC <br>5.125%—03/26/2029<sup>1</sup><br>| $204 |
| 100 | Bombardier, Inc. <br>7.450%—05/01/2034<sup>1</sup><br>| 110 |
| 200 | Howmet Aerospace, Inc. <br>3.000%—01/15/2029<br>| 193 |
| 200 | TransDigm, Inc. <br>6.375%—03/01/2029<sup>1</sup><br>| 205 |
|  |  | 712 |
| **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** |
| 110 | Cooper-Standard Automotive, Inc. <br>9.250%—03/01/2031<sup>1</sup><br>| 106 |
| **AUTOMOBILES—3.1%** | **AUTOMOBILES—3.1%** | **AUTOMOBILES—3.1%** |
| 300 | Allison Transmission, Inc. <br>3.750%—01/30/2031<sup>1</sup><br>| 282 |
| 100 | Ford Motor Co. <br>6.100%—08/19/2032<br>| 102 |
| 300 | Ford Motor Credit Co. LLC <br>5.113%—05/03/2029<br>| 298 |
| 100 | General Motors Financial Co., Inc. <br>5.850%—04/06/2030<br>| 104 |
| 200 | Nissan Motor Co. Ltd. <br>7.750%—07/17/2032<sup>1</sup><br>| 208 |
| 37 | Wabash National Corp. <br>4.500%—10/15/2028<sup>1</sup><br>| 33 |
|  |  | 1027 |
| **BANKS—0.6%** | **BANKS—0.6%** | **BANKS—0.6%** |
| 200 | Intesa Sanpaolo SpA <br>4.198%—06/01/2032<sup>1,2</sup><br>| 189 |
| **BEVERAGES—1.1%** | **BEVERAGES—1.1%** | **BEVERAGES—1.1%** |
| 400 | JDE Peet's NV <br>2.250%—09/24/2031<sup>1</sup><br>| 349 |
| **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** |
| 100 | Genmab AS/Genmab Finance LLC <br>6.250%—12/15/2032<sup>1</sup><br>| 103 |
| **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** |
| 300 | Prosus NV <br>3.061%—07/13/2031<sup>1</sup><br>| 274 |
| **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** |
| 200 | Carlisle Cos., Inc. <br>3.750%—12/01/2027<br>| 198 |
| 200 | Lennox International, Inc. <br>5.500%—09/15/2028<br>| 204 |
| 200 | NVR, Inc. <br>3.000%—05/15/2030<br>| 188 |
|  |  | 590 |
| **CAPITAL MARKETS—0.6%** | **CAPITAL MARKETS—0.6%** | **CAPITAL MARKETS—0.6%** |
| 200 | Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp. <br>9.000%—06/15/2030<br>| 193 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CHEMICALS—1.2%** | **CHEMICALS—1.2%** | **CHEMICALS—1.2%** |
| $200 | Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| $211 |
| 200 | Yara International ASA <br>3.148%—06/04/2030<sup>1</sup><br>| 187 |
|  |  | 398 |
| **COMMERCIAL SERVICES & SUPPLIES—4.1%** | **COMMERCIAL SERVICES & SUPPLIES—4.1%** | **COMMERCIAL SERVICES & SUPPLIES—4.1%** |
| 200 | APi Group DE, Inc. <br>4.125%—07/15/2029<sup>1</sup><br>| 195 |
| 200 | Deluxe Corp. <br>8.000%—06/01/2029<sup>1</sup><br>| 202 |
| 100 | GEO Group, Inc. <br>8.625%—04/15/2029<br>| 104 |
| 290 | HNI Corp. <br>5.125%—01/18/2029<sup>1</sup><br>| 287 |
| 200 | Pitney Bowes, Inc. <br>7.250%—03/15/2029<sup>1</sup><br>| 202 |
| 300 | PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 293 |
| 100 | ZipRecruiter, Inc. <br>5.000%—01/15/2030<sup>1</sup><br>| 66 |
|  |  | 1349 |
| **COMMUNICATIONS EQUIPMENT—1.5%** | **COMMUNICATIONS EQUIPMENT—1.5%** | **COMMUNICATIONS EQUIPMENT—1.5%** |
| 100 | Cisco Systems, Inc. <br>4.950%—02/26/2031<br>| 103 |
|  | Motorola Solutions, Inc. |  |
| 200 | 2.300%—11/15/2030 | 181 |
| 100 | 4.600%—02/23/2028 | 100 |
|  |  | 281 |
| 120 | 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>| 120 |
|  |  | 504 |
| **CONSTRUCTION & ENGINEERING—3.4%** | **CONSTRUCTION & ENGINEERING—3.4%** | **CONSTRUCTION & ENGINEERING—3.4%** |
| 200 | Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 195 |
| 104 | Dycom Industries, Inc. <br>4.500%—04/15/2029<sup>1</sup><br>| 102 |
| 186 | Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 203 |
| 317 | VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| 311 |
| 300 | WSP Global, Inc. <br>5.039%—09/18/2031<sup>1</sup><br>| 299 |
|  |  | 1110 |
| **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** |
| 300 | OneMain Finance Corp. <br>6.750%—09/15/2033<br>| 295 |
| **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** |
| 100 | CCL Industries, Inc. <br>3.050%—06/01/2030<sup>1</sup><br>| 94 |
| **DIVERSIFIED FINANCIAL SERVICES—1.5%** | **DIVERSIFIED FINANCIAL SERVICES—1.5%** | **DIVERSIFIED FINANCIAL SERVICES—1.5%** |
| 100 | Atlanticus Holdings Corp. <br>9.750%—09/01/2030<sup>1</sup><br>| 99 |

---

------

⬤

------

**Harbor Ares Systematic Multi-Sector Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** | **DIVERSIFIED FINANCIAL SERVICES—Continued** |
| $200 | Enova International, Inc. <br>9.125%—08/01/2029<sup>1</sup><br>| $211 |
| 179 | PRA Group, Inc. <br>8.875%—01/31/2030<sup>1</sup><br>| 185 |
|  |  | 495 |
| **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** |
| 100 | Omega Healthcare Investors, Inc. <br>4.750%—01/15/2028<br>| 100 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.7%** |
| 126 | Core Scientific Finance I LLC <br>7.750%—05/15/2031<sup>1</sup><br>| 125 |
| 300 | Deutsche Telekom International Finance BV <br>8.750%—06/15/2030<br>| 344 |
| 100 | Hughes Satellite Systems Corp. <br>5.250%—08/01/2026<br>| 91 |
|  |  | 560 |
| **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** |
| 100 | Alexander Funding Trust II <br>7.467%—07/31/2028<sup>1</sup><br>| 105 |
| 100 | American Electric Power Co., Inc. <br>5.800%—03/15/2056<sup>2</sup><br>| 100 |
| 100 | Edison International <br>7.875%—06/15/2054<sup>2</sup><br>| 103 |
|  | EUSHI Finance, Inc. |  |
| 100 | 6.250%—04/01/2056<sup>2</sup> | 99 |
| 35 | 7.625%—12/15/2054<sup>2</sup> | 36 |
|  |  | 135 |
| 100 | Pacific Gas & Electric Co. <br>3.300%—12/01/2027<br>| 98 |
|  |  | 541 |
| **ELECTRICAL EQUIPMENT—0.3%** | **ELECTRICAL EQUIPMENT—0.3%** | **ELECTRICAL EQUIPMENT—0.3%** |
| 100 | EnerSys <br>4.375%—12/15/2027<sup>1</sup><br>| 99 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** |
| 200 | TTM Technologies, Inc. <br>4.000%—03/01/2029<sup>1</sup><br>| 194 |
| **ENTERTAINMENT—2.3%** | **ENTERTAINMENT—2.3%** | **ENTERTAINMENT—2.3%** |
| 300 | Flutter Treasury DAC <br>5.875%—06/04/2031<sup>1</sup><br>| 299 |
| 200 | Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%—04/16/2029<sup>1</sup><br>| 179 |
| 300 | Starz Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| 262 |
|  |  | 740 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.6%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.6%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.6%** |
| 100 | Arbor Realty SR, Inc. <br>7.875%—07/15/2030<sup>1</sup><br>| 94 |
| 200 | CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| 195 |
| 100 | Diversified Healthcare Trust <br>4.375%—03/01/2031<br>| 90 |
| 100 | Equinix Europe 2 Financing Corp. LLC <br>4.700%—03/15/2033<br>| 98 |
| 180 | Iron Mountain, Inc. <br>6.250%—01/15/2033<sup>1</sup><br>| 183 |

---

---

| | | |
|:---|:---|:---|
| **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** |
|  | MPT Operating Partnership LP/MPT Finance Corp. |  |
| $93 | 3.500%—03/15/2031 | $67 |
| 300 | 4.625%—08/01/2029 | 248 |
|  |  | 315 |
| 200 | VICI Properties LP/VICI Note Co., Inc. <br>3.750%—02/15/2027<sup>1</sup><br>| 199 |
|  |  | 1174 |
| **FOOD & STAPLES RETAILING—0.6%** | **FOOD & STAPLES RETAILING—0.6%** | **FOOD & STAPLES RETAILING—0.6%** |
| 200 | CDW LLC/CDW Finance Corp. <br>3.250%—02/15/2029<br>| 191 |
| **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** |
| 300 | XPO, Inc. <br>6.250%—06/01/2028<sup>1</sup><br>| 304 |
| **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** |
| 100 | Centene Corp. <br>2.500%—03/01/2031<br>| 87 |
| 88 | Dentsply Sirona, Inc. <br>8.375%—09/12/2055<sup>2</sup><br>| 89 |
| 300 | HCA, Inc. <br>3.125%—03/15/2027<br>| 297 |
| 200 | STERIS Irish FinCo UnLtd Co. <br>2.700%—03/15/2031<br>| 182 |
|  |  | 655 |
| **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** |
|  | Carnival Corp. |  |
| 300 | 4.000%—08/01/2028<sup>1</sup> | 293 |
| 216 | 5.875%—06/15/2031<sup>1</sup> | 219 |
|  |  | 512 |
| 200 | Hilton Domestic Operating Co., Inc. <br>5.500%—03/31/2034<sup>1</sup><br>| 199 |
| 100 | Las Vegas Sands Corp. <br>6.000%—06/14/2030<br>| 103 |
| 213 | New Red Finance, Inc. <br>3.875%—01/15/2028<sup>1</sup><br>| 209 |
| 100 | O'Reilly Automotive, Inc. <br>4.200%—04/01/2030<br>| 99 |
|  |  | 1122 |
| **IT SERVICES—3.1%** | **IT SERVICES—3.1%** | **IT SERVICES—3.1%** |
| 100 | Booz Allen Hamilton, Inc. <br>3.875%—09/01/2028<sup>1</sup><br>| 98 |
| 300 | International Business Machines Corp. <br>3.500%—05/15/2029<br>| 292 |
| 200 | Leidos, Inc. <br>4.375%—05/15/2030<br>| 197 |
|  | Seagate Data Storage Technology Pte. Ltd. |  |
| 133 | 5.750%—12/01/2034<sup>1</sup> | 136 |
| 100 | 9.625%—12/01/2032<sup>1</sup> | 111 |
|  |  | 247 |
| 200 | VeriSign, Inc. <br>2.700%—06/15/2031<br>| 180 |
|  |  | 1014 |
| **MACHINERY—1.8%** | **MACHINERY—1.8%** | **MACHINERY—1.8%** |
| 200 | BWX Technologies, Inc. <br>4.125%—06/30/2028<sup>1</sup><br>| 197 |

---

------

⬤

------

**Harbor Ares Systematic Multi-Sector Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| $100 | IDEX Corp. <br>3.000%—05/01/2030<br>| $94 |
| 300 | Vertiv Group Corp. <br>4.125%—11/15/2028<sup>1</sup><br>| 297 |
|  |  | 588 |
| **MEDIA—1.5%** | **MEDIA—1.5%** | **MEDIA—1.5%** |
| 200 | DISH DBS Corp. <br>7.375%—07/01/2028<br>| 196 |
| 300 | News Corp. <br>3.875%—05/15/2029<sup>1</sup><br>| 290 |
|  |  | 486 |
| **METALS & MINING—5.7%** | **METALS & MINING—5.7%** | **METALS & MINING—5.7%** |
| 200 | Century Aluminum Co. <br>6.875%—08/01/2032<sup>1</sup><br>| 207 |
| 150 | Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 150 |
| 100 | Glencore Funding LLC <br>5.200%—07/01/2033<sup>1</sup><br>| 101 |
| 200 | Hudbay Minerals, Inc. <br>6.125%—04/01/2029<sup>1</sup><br>| 201 |
| 300 | IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| 298 |
| 400 | Novelis Corp. <br>4.750%—01/30/2030<sup>1</sup><br>| 383 |
| 300 | Park-Ohio Industries, Inc. <br>8.500%—08/01/2030<sup>1</sup><br>| 313 |
| 169 | PLS Group Ltd. <br>6.875%—05/01/2031<sup>1</sup><br>| 173 |
| 31 | Skeena Resources Ltd. <br>8.500%—04/01/2031<sup>1</sup><br>| 32 |
|  |  | 1858 |
| **OIL, GAS & CONSUMABLE FUELS—13.2%** | **OIL, GAS & CONSUMABLE FUELS—13.2%** | **OIL, GAS & CONSUMABLE FUELS—13.2%** |
| 200 | Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 209 |
| 200 | AmeriGas Partners LP/AmeriGas Finance Corp. <br>9.375%—06/01/2028<sup>1</sup><br>| 205 |
| 200 | Antero Midstream Partners LP/Antero Midstream <br> Finance Corp. <br>5.750%—10/15/2033<sup>1</sup><br>| 200 |
| 181 | Borr IHC Ltd./Borr Finance LLC <br>10.375%—11/15/2030<sup>1</sup><br>| 190 |
| 200 | BP Capital Markets PLC <br>4.875%—03/22/2030<sup>2</sup><br>| 198 |
| 247 | Calumet Specialty Products Partners LP/Calumet <br> Finance Corp. <br>9.750%—02/15/2031<sup>1</sup><br>| 262 |
| 65 | CVR Energy, Inc. <br>7.875%—02/15/2034<sup>1</sup><br>| 65 |
| 100 | Delek Logistics Partners LP/Delek Logistics Finance <br> Corp. <br>8.625%—03/15/2029<sup>1</sup><br>| 104 |
| 200 | Enbridge, Inc. <br>6.000%—01/15/2077<sup>2</sup><br>| 201 |
| 100 | Enterprise Products Operating LLC <br>5.250%—08/16/2077<sup>2</sup><br>| 100 |
| 100 | Genesis Energy LP/Genesis Energy Finance Corp. <br>6.750%—03/15/2034<br>| 101 |
| 200 | HF Sinclair Corp. <br>5.750%—01/15/2031<br>| 205 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
| $200 | KeySpan Gas East Corp. <br>5.994%—03/06/2033<sup>1</sup><br>| $209 |
| 100 | Kinder Morgan, Inc. <br>5.000%—02/01/2029<br>| 102 |
| 200 | MPLX LP <br>2.650%—08/15/2030<br>| 185 |
| 20 | Noble Finance II LLC <br>8.000%—04/15/2030<sup>1</sup><br>| 21 |
| 200 | PBF Holding Co. LLC/PBF Finance Corp. <br>7.875%—09/15/2030<sup>1</sup><br>| 205 |
|  | PG&E Corp. |  |
| 200 | 5.000%—07/01/2028 | 199 |
| 145 | 6.850%—09/15/2056<sup>2</sup> | 145 |
|  |  | 344 |
| 200 | SunCoke Energy, Inc. <br>4.875%—06/30/2029<sup>1</sup><br>| 185 |
| 100 | Suncor Energy, Inc. <br>7.150%—02/01/2032<br>| 111 |
|  | Talos Production, Inc. |  |
| 200 | 9.000%—02/01/2029<sup>1</sup> | 209 |
| 100 | 9.375%—02/01/2031<sup>1</sup> | 106 |
|  |  | 315 |
| 100 | Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp. <br>4.000%—01/15/2032<br>| 95 |
| 100 | TC PipeLines LP <br>3.900%—05/25/2027<br>| 99 |
| 249 | Vermilion Energy, Inc. <br>7.250%—02/15/2033<sup>1</sup><br>| 253 |
| 139 | Weatherford International Ltd. <br>6.750%—10/15/2033<sup>1</sup><br>| 144 |
|  |  | 4308 |
| **PASSENGER AIRLINES—1.8%** | **PASSENGER AIRLINES—1.8%** | **PASSENGER AIRLINES—1.8%** |
| 171 | Alaska Airlines Pass-Through Trust <br>4.800%—02/15/2029<sup>1</sup><br>| 171 |
| 250 | Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.750%—10/20/2028<sup>1</sup><br>| 250 |
| 100 | JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%—09/20/2031<sup>1</sup><br>| 93 |
| 62 | United Airlines Pass-Through Trust <br>5.875%—04/15/2029<br>| 64 |
|  |  | 578 |
| **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** |
| 200 | Cencora, Inc. <br>2.700%—03/15/2031<br>| 183 |
| 100 | HLF Financing SARL LLC/Herbalife International, Inc. <br>7.750%—05/01/2033<sup>1</sup><br>| 102 |
| 400 | Viatris, Inc. <br>2.700%—06/22/2030<br>| 365 |
|  |  | 650 |
| **PROFESSIONAL SERVICES—1.4%** | **PROFESSIONAL SERVICES—1.4%** | **PROFESSIONAL SERVICES—1.4%** |
| 100 | Gartner, Inc. <br>3.750%—10/01/2030<sup>1</sup><br>| 92 |
| 100 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 98 |

---

------

⬤

------

**Harbor Ares Systematic Multi-Sector Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** |
| $300 | TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| $279 |
|  |  | 469 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** |
|  | Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp.<br>|  |
| 100 | 5.250%—04/15/2030<sup>1</sup> | 95 |
| 100 | 9.750%—04/15/2030<sup>1</sup> | 107 |
|  |  | 202 |
| 100 | Five Point Operating Co. LP <br>8.000%—10/01/2030<sup>1</sup><br>| 103 |
|  |  | 305 |
| **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** |
| 200 | Danaos Corp. <br>6.875%—10/15/2032<sup>1</sup><br>| 206 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.6%** |
|  | Broadcom, Inc. |  |
| 300 | 1.950%—02/15/2028 | 289 |
| 100 | 4.000%—04/15/2029<sup>1</sup> | 99 |
|  |  | 388 |
| 200 | NVIDIA Corp. <br>2.850%—04/01/2030<br>| 190 |
| 100 | Qorvo, Inc. <br>3.375%—04/01/2031<sup>1</sup><br>| 91 |
| 200 | Texas Instruments, Inc. <br>2.250%—09/04/2029<br>| 187 |
|  |  | 856 |
| **SOFTWARE—6.1%** | **SOFTWARE—6.1%** | **SOFTWARE—6.1%** |
| 300 | AppLovin Corp. <br>5.125%—12/01/2029<br>| 302 |
| 200 | Autodesk, Inc. <br>2.400%—12/15/2031<br>| 176 |
| 200 | Broadridge Financial Solutions, Inc. <br>2.900%—12/01/2029<br>| 188 |
| 100 | CoreWeave, Inc. <br>9.000%—02/01/2031<sup>1</sup><br>| 100 |
| 200 | Fair Isaac Corp. <br>6.000%—05/15/2033<sup>1</sup><br>| 197 |
| 300 | Open Text Corp. <br>6.900%—12/01/2027<sup>1</sup><br>| 307 |
|  | Oracle Corp. |  |
| 100 | 6.150%—11/09/2029 | 103 |
| 200 | 6.250%—11/09/2032 | 205 |
|  |  | 308 |
|  | Salesforce, Inc. |  |
| 300 | 1.950%—07/15/2031 | 262 |
| 100 | 5.200%—03/15/2033 | 100 |
|  |  | 362 |
| 62 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <br>3.875%—02/01/2029<sup>1</sup><br>| 51 |
|  |  | 1991 |
| **SPECIALTY RETAIL—5.8%** | **SPECIALTY RETAIL—5.8%** | **SPECIALTY RETAIL—5.8%** |
| 200 | Arko Corp. <br>5.125%—11/15/2029<sup>1</sup><br>| 180 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| $314 | Carvana Co. <br>9.000%—06/01/2030-06/01/2031<sup>1</sup><br>| $335 |
| 100 | Gap, Inc. <br>3.875%—10/01/2031<sup>1</sup><br>| 91 |
| 400 | Home Depot, Inc. <br>3.250%—04/15/2032<br>| 374 |
| 222 | Kohl's Corp. <br>5.125%—05/01/2031<br>| 182 |
|  | Macy's Retail Holdings LLC |  |
| 100 | 4.300%—02/15/2043 | 67 |
| 100 | 7.375%—08/01/2033<sup>1</sup> | 104 |
|  |  | 171 |
| 100 | Ross Stores, Inc. <br>1.875%—04/15/2031<br>| 88 |
| 300 | Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| 297 |
| 200 | Yum! Brands, Inc. <br>5.350%—11/01/2043<br>| 192 |
|  |  | 1910 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** |
| 100 | Tapestry, Inc. <br>5.100%—03/11/2030<br>| 101 |
| 53 | William Carter Co. <br>7.375%—02/15/2031<sup>1</sup><br>| 55 |
|  |  | 156 |
| **TOBACCO—4.0%** | **TOBACCO—4.0%** | **TOBACCO—4.0%** |
|  | Altria Group, Inc. |  |
| 100 | 2.450%—02/04/2032 | 88 |
| 300 | 4.800%—02/14/2029 | 302 |
|  |  | 390 |
| 200 | Imperial Brands Finance PLC <br>5.500%—02/01/2030<sup>1</sup><br>| 206 |
| 300 | Japan Tobacco, Inc. <br>5.250%—06/15/2030<sup>1</sup><br>| 308 |
| 300 | Philip Morris International, Inc. <br>5.125%—02/15/2030-02/13/2031<br>| 306 |
| 100 | Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 103 |
|  |  | 1313 |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| 200 | Ferguson Finance PLC <br>4.500%—10/24/2028<sup>1</sup><br>| 200 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.6%** | **WIRELESS TELECOMMUNICATION SERVICES—0.6%** | **WIRELESS TELECOMMUNICATION SERVICES—0.6%** |
| 200 | T-Mobile USA, Inc. <br>2.625%—02/15/2029<br>| 190 |
| **Total Corporate Bonds & Notes** <br>(Cost $30,170) | **Total Corporate Bonds & Notes** <br>(Cost $30,170) | 30546 |
| **TOTAL INVESTMENTS—93.3%** <br>(Cost $30,170) | **TOTAL INVESTMENTS—93.3%** <br>(Cost $30,170) | 30546 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—6.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—6.7%** | 2196 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $32742 |

---

------

⬤

------

**Harbor Ares Systematic Multi-Sector Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>|
| U.S. Treasury Note Futures 10 Year | &nbsp;&nbsp; 10 | 06/26 | &nbsp;&nbsp; $1106 | &nbsp;&nbsp; $(22)<br>|
| U.S. Treasury Note Futures 2 Year | &nbsp;&nbsp; 16 | 06/26 | &nbsp;&nbsp; 3314 | &nbsp;&nbsp; (21)<br>|
| U.S. Treasury Note Futures 5 Year | &nbsp;&nbsp; 14 | 06/26 | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; (22)<br>|
| Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | &nbsp;&nbsp; $(65)<br>|

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** |
| **Counterparty/Exchange** | **Reference Entity** | **Buy/** <br>**Sell**<sup>3,4</sup><br>| **Pay/Receive** <br>**Fixed Rate**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>5</sup><br>| **Payment** <br>**Frequency**<br>| **Notional** <br>**Amount**<sup>6</sup> <br>**(000s)**<br>| **Value**<sup>7</sup> <br>**(000s)**<br>| **Upfront** <br>**Premiums** <br>**(Received)/Paid** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| ICE Clear Credit LLC | Markit CDX North American <br> High Yield Index Series 46<br>| Sell | 5.000<br> %<br>| 06/20/2031 | 3.306% | Quarterly | $1300 | $100 | $75 | $25 |
| ICE Clear Credit LLC | Markit CDX North American <br> Investment Grade Index <br> Series 46<br>| Sell | 1.000<br> %<br>| 06/20/2031 | 0.547% | Quarterly | 4200 | 93 | 81 | 12 |
| Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | $37 |

---

**FAIR VALUE MEASUREMENTS**

As of April 30, 2026, the investments in futures contracts (as disclosed in the preceding Futures Contracts schedule) were classified as Level 1 and all other investments were classified as Level 2.

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

------

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 April 30, 2026, the aggregate value of these securities was $18,557 or 57% of net assets.

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

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

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

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

The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

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

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Commodity All-Weather Strategy ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Quantix Commodities LP

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—87.1%** | **Short-Term Investments—87.1%** | **Short-Term Investments—87.1%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **U.S. TREASURY BILLS—87.1%** | **U.S. TREASURY BILLS—87.1%** | **U.S. TREASURY BILLS—87.1%** |
|  | U.S. Treasury Bills |  |
| $100000 | 3.497%—08/20/2026<sup>†</sup> | $98896 |
| 917724 | 3.508%—06/18/2026-07/16/2026<sup>†</sup> | 912066 |
| 362931 | 3.523%—08/13/2026<sup>†</sup> | 359177 |
| 459781 | 3.556%—09/10/2026<sup>†</sup> | 453748 |
| 321511 | 3.565%—05/07/2026<sup>†</sup> | 321318 |
| 483372 | 3.574%—10/08/2026<sup>†</sup> | 475689 |
| 69287 | 3.682%—05/07/2026<sup>†</sup> | 69245 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $2,690,398) | **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $2,690,398) | 2690139 |
| **TOTAL INVESTMENTS—87.1%** <br>(Cost $2,690,398) | **TOTAL INVESTMENTS—87.1%** <br>(Cost $2,690,398) | 2690139 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—12.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—12.9%** | 399709 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3089848 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** |
| **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** |
| **Counterparty** | **Fixed** <br>**Rate**<br>| **Pay/Receive** <br>**Fixed Rate**<br>| **Reference Index** | **Expiration** <br>**Date**<br>| **Payment** <br>**Frequency**<br>| **Notional** <br>**Amount** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>| **Upfront** <br>**Premiums** <br>**(Received)/** <br>**Paid** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Macquarie Bank Limited | 0.120% | Pay | Quantix Commodity Index | 05/29/2026 | Monthly | $1644115 | $— | $— | $— |
| Goldman Sachs International | 0.120% | Pay | Quantix Commodity Index | 05/29/2026 | Monthly | 1445490 |  |  |  |
| Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | $— | $— | $— |

---

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of Investments and Swap Agreements schedule) were classified as Level 2.

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

------

†

Coupon represents yield to maturity

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Income Research + Management

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—10.7%** | **Asset-Backed Securities—10.7%** | **Asset-Backed Securities—10.7%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $250 | AIMCO CLO <br>Series 2018-BA Cl. AR3 <br>4.880% (3 Month USD Term SOFR + 1.200%) <br> 04/16/2037<sup>1,2</sup><br>| $250 |
| 250 | Apidos CLO XXXV <br>Series 2021-35A Cl. A <br>4.987% (3 Month USD Term SOFR + 1.312%) <br> 04/20/2034<sup>1,2</sup><br>| 250 |
| 125 | Avis Budget Rental Car Funding AESOP LLC <br>Series 2024-3A Cl. A <br>5.230%—12/20/2030<sup>1</sup><br>| 127 |
| 250 | Carlyle U.S. CLO Ltd. <br>Series 2022-1A Cl. A1R <br>4.653% (3 Month USD Term SOFR + 0.980%) <br> 04/15/2035<sup>1,2</sup><br>| 250 |
| 250 | CIFC Funding Ltd. <br>Series 2024-3A Cl. A1 <br>5.152% (3 Month USD Term SOFR + 1.480%) <br> 07/21/2037<sup>1,2</sup><br>| 251 |
| 88 | Compass Datacenters Issuer III LLC <br>Series 2025-3A Cl. A2 <br>5.286%—07/25/2050<sup>1</sup><br>| 87 |
| 144 | DB Master Finance LLC <br>Series 2021-1A Cl. A2II <br>2.493%—11/20/2051<sup>1</sup><br>| 135 |
| 149 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 141 |
| 203 | Elmwood CLO I Ltd. <br>Series 2019-1A Cl. A1R3 <br>4.795% (3 Month USD Term SOFR + 1.120%) <br> 04/20/2037<sup>1,2</sup><br>| 203 |
| 83 | Jersey Mike's Funding LLC <br>Series 2024-1A Cl. A2 <br>5.636%—02/15/2055<sup>1</sup><br>| 84 |
| 70 | Kinetic ABS Issuer LLC <br>Series 2026-1A Cl. A2 <br>5.219%—02/25/2056<sup>1</sup><br>| 70 |
| 101 | MetroNet Infrastructure Issuer LLC <br>Series 2025-4A Cl. A2 <br>5.163%—12/20/2055<sup>1</sup><br>| 100 |
| 234 | Planet Fitness Master Issuer LLC <br>Series 2019-1A Cl. A2 <br>3.858%—12/05/2049<sup>1</sup><br>| 224 |
| 99 | Progress Residential Trust <br>Series 2024-SFR3 Cl. A <br>3.000%—06/17/2041<sup>1</sup><br>| 94 |
| 122 | QTS Issuer ABS I LLC <br>Series 2025-1A Cl. A2 <br>5.439%—05/25/2055<sup>1</sup><br>| 122 |
| 146 | Sabey Data Center Issuer LLC <br>Series 2025-2 Cl. A2 <br>5.966%—04/20/2050<sup>1</sup><br>| 145 |
| 102 | SBA Small Business Investment Cos. <br>Series 2023-10A Cl. 1 <br>5.168%—03/10/2033<br>| 103 |
|  | Subway Funding LLC |  |
| 163 | Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 165 |
| 73 | Series 2024-1A Cl. A2II <br>6.268%—07/30/2054<sup>1</sup><br>| 73 |
|  |  | 238 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $147 | Taco Bell Funding LLC <br>Series 2021-1A Cl. A2II <br>2.294%—08/25/2051<sup>1</sup><br>| $137 |
|  | Tricon Residential Trust |  |
| 100 | Series 2024-SFR2 Cl. A <br>4.750%—06/17/2040<sup>1</sup><br>| 99 |
| 146 | Series 2023-SFR2 Cl. A <br>5.000%—12/17/2040<sup>1</sup><br>| 145 |
|  |  | 244 |
|  | U.S. Small Business Administration |  |
| 102 | Series 2017-20I Cl. 1 <br>2.590%—09/01/2037<br>| 93 |
| 63 | Series 2010-20G Cl. 1 <br>3.800%—07/01/2030<br>| 62 |
| 112 | Series 2024-25E Cl. 1 <br>5.240%—05/01/2049<br>| 116 |
| 117 | Series 2024-25D Cl. 1 <br>5.380%—04/01/2049<br>| 120 |
|  |  | 391 |
|  | Uniti Fiber ABS Issuer LLC |  |
| 84 | Series 2025-2A Cl. A2 <br>5.177%—01/20/2056<sup>1</sup><br>| 85 |
| 25 | Series 2025-1A Cl. A2 <br>5.877%—04/20/2055<sup>1</sup><br>| 25 |
|  |  | 110 |
| 187 | VB-S1 Issuer LLC <br>Series 2022-1A Cl. C2I <br>3.156%—02/15/2052<sup>1</sup><br>| 183 |
|  | Wendy's Funding LLC |  |
| 120 | Series 2019-1A Cl. A2II <br>4.080%—06/15/2049<sup>1</sup><br>| 115 |
| 80 | Series 2025-1A Cl. A2I <br>5.422%—12/15/2055<sup>1</sup><br>| 79 |
|  |  | 194 |
| **Total Asset-Backed Securities** <br>(Cost $4,069) | **Total Asset-Backed Securities** <br>(Cost $4,069) | 4133 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—12.6%** | **Collateralized Mortgage Obligations—12.6%** | **Collateralized Mortgage Obligations—12.6%** |
|  | Bank |  |
| 165 | Series 2020-BN30 Cl. A4 <br>1.925%—12/15/2053<br>| 146 |
| 90 | Series 2021-BN33 Cl. A3 <br>2.021%—05/15/2064<br>| 85 |
|  |  | 231 |
| 137 | Barclays Commercial Mortgage Trust <br>Series 2019-C3 Cl. A3 <br>3.319%—05/15/2052<br>| 133 |
|  | BBCMS Mortgage Trust |  |
| 99 | Series 2022-C15 Cl. A5 <br>3.662%—04/15/2055<sup>2</sup><br>| 91 |
| 191 | Series 2024-5C29 Cl. A3 <br>5.208%—09/15/2057<br>| 194 |
|  |  | 285 |
|  | Benchmark Mortgage Trust |  |
| 142 | Series 2020-B22 Cl. ASB <br>1.731%—01/15/2054<br>| 134 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $107 | Series 2021-B28 Cl. A3 <br>2.073%—08/15/2054<br>| $98 |
| 169 | Series 2021-B28 Cl. A5 <br>2.224%—08/15/2054<br>| 149 |
| 122 | Series 2019-B15 Cl. A5 <br>2.928%—12/15/2072<br>| 114 |
| 157 | Series 2019-B10 Cl. A4 <br>3.717%—03/15/2062<br>| 153 |
| 126 | Series 2025-V14 Cl. A4 <br>5.660%—04/15/2057<br>| 130 |
|  |  | 778 |
| 110 | BFLD Commercial Mortgage Trust <br>Series 2025-5MW Cl. A <br>4.830%—10/10/2042<sup>1,2</sup><br>| 109 |
| 100 | BFLD Trust <br>Series 2025-FPM Cl. A <br>5.178%—10/10/2040<sup>1,2</sup><br>| 100 |
| 106 | BSTN Commercial Mortgage Trust <br>Series 2025-1C Cl. A <br>5.548%—06/15/2044<sup>1,2</sup><br>| 108 |
|  | BX Commercial Mortgage Trust |  |
| 87 | Series 2024-XL5 Cl. A <br>5.046% (1 Month USD Term SOFR + 1.392%) <br> 03/15/2041<sup>1,2</sup><br>| 87 |
| 80 | Series 2024-XL4 Cl. A <br>5.097% (1 Month USD Term SOFR + 1.442%) <br> 02/15/2039<sup>1,2</sup><br>| 80 |
|  |  | 167 |
| 125 | BX Trust <br>Series 2024-BIO Cl. A <br>5.297% (1 Month USD Term SOFR + 1.642%) <br> 02/15/2041<sup>1,2</sup><br>| 125 |
| 100 | CENT Trust <br>Series 2025-CITY Cl. A <br>5.091%—07/10/2040<sup>1,2</sup><br>| 101 |
|  | Chase Home Lending Mortgage Trust |  |
| 195 | Series 2026-4 Cl. A4A <br>5.000%—02/25/2057<sup>1,2</sup><br>| 194 |
| 56 | Series 2025-9 Cl. A4A <br>5.500%—06/25/2056<sup>1,2</sup><br>| 56 |
|  |  | 250 |
|  | Citigroup Mortgage Loan Trust, Inc. |  |
| 78 | Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,2</sup><br>| 78 |
| 65 | Series 2025-3 Cl. A11 <br>5.500%—06/25/2055<sup>1,2</sup><br>| 65 |
|  |  | 143 |
| 48 | EQT Trust <br>Series 2024-EXTR Cl. A <br>5.331%—07/05/2041<sup>1</sup><br>| 49 |
| 100 | Fashion Show Mall LLC <br>Series 2024-SHOW Cl. A <br>5.274%—10/10/2041<sup>1,2</sup><br>| 101 |
|  | GS Mortgage-Backed Securities Trust |  |
| 165 | Series 2025-PJ11 Cl. A4 <br>5.500%—05/25/2056<sup>1,2</sup><br>| 165 |
| 38 | Series 2024-PJ5 Cl. A15 <br>6.000%—09/25/2054<sup>1,2</sup><br>| 38 |
|  |  | 203 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $100 | JP Morgan Chase Commercial Mortgage Securities <br> Trust <br>Series 2024-OMNI Cl. A <br>5.990%—10/05/2039<sup>1,2</sup><br>| $101 |
|  | JP Morgan Mortgage Trust |  |
| 158 | Series 2024-3 Cl. A6 <br>3.000%—05/25/2054<sup>1,2</sup><br>| 149 |
| 102 | Series 2021-6 Cl. A12 <br>5.000%—10/25/2051<sup>1,2</sup><br>| 99 |
| 124 | Series 2025-7MPR Cl. A1D <br>5.324%—02/25/2056<sup>1,3</sup><br>| 123 |
| 79 | Series 2023-4 Cl. 1A4A <br>5.500%—11/25/2053<sup>1,2</sup><br>| 80 |
| 61 | Series 2025-5MPR Cl. A1D <br>5.500%—11/25/2055<sup>1,3</sup><br>| 60 |
| 141 | Series 2025-8 Cl. A4A <br>5.500%—02/25/2056<sup>1,2</sup><br>| 141 |
| 161 | Series 2025-11 Cl. A4 <br>5.500%—05/25/2056<sup>1,2</sup><br>| 161 |
| 39 | Series 2024-5 Cl. A4 <br>6.000%—11/25/2054<sup>1,2</sup><br>| 39 |
| 2 | Series 2024-6 Cl. A6 <br>6.000%—12/25/2054<sup>1,2</sup><br>| 2 |
|  |  | 854 |
| 132 | KIND Commercial Mortgage Trust <br>Series 2024-1 Cl. A <br>5.545% (1 Month USD Term SOFR + 1.890%) <br> 08/15/2041<sup>1,2</sup><br>| 132 |
| 116 | MAD Commercial Mortgage Trust <br>Series 2025-11MD Cl. A <br>4.912%—10/15/2042<sup>1,2</sup><br>| 116 |
| 193 | Morgan Stanley Residential Mortgage Loan Trust <br>Series 2026-1 Cl. A4 <br>5.000%—04/25/2056<sup>1,2</sup><br>| 191 |
| 100 | NYC Commercial Mortgage Trust <br>Series 2025-28L Cl. A <br>4.824%—11/05/2038<sup>1,2</sup><br>| 100 |
|  | Sequoia Mortgage Trust |  |
| 92 | Series 2025-5 Cl. A5 <br>5.500%—06/25/2055<sup>1,2</sup><br>| 92 |
| 80 | Series 2025-7 Cl. A11 <br>5.500%—08/25/2055<sup>1,2</sup><br>| 81 |
| 35 | Series 2024-5 Cl. A5 <br>6.000%—06/25/2054<sup>1,2</sup><br>| 35 |
| 47 | Series 2024-6 Cl. A5 <br>6.000%—07/27/2054<sup>1,2</sup><br>| 48 |
| 6 | Series 2024-7 Cl. A11 <br>6.000%—08/25/2054<sup>1,2</sup><br>| 6 |
|  |  | 262 |
| 100 | SWCH Commercial Mortgage Trust <br>Series 2025-DATA Cl. A <br>5.098% (1 Month USD Term SOFR + 1.443%) <br> 02/15/2042<sup>1,2</sup><br>| 99 |
| 64 | Towd Point Mortgage Trust <br>Series 2018-3 Cl. A1 <br>3.750%—05/25/2058<sup>1,2</sup><br>| 63 |
| 104 | WHARF Commercial Mortgage Trust <br>Series 2025-DC Cl. A <br>5.528%—07/15/2040<sup>1,2</sup><br>| 106 |
| **Total Collateralized Mortgage Obligations** <br>(Cost $4,870) | **Total Collateralized Mortgage Obligations** <br>(Cost $4,870) | 4907 |

---

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

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—29.9%** | **Corporate Bonds & Notes—29.9%** | **Corporate Bonds & Notes—29.9%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—0.3%** | **AEROSPACE & DEFENSE—0.3%** | **AEROSPACE & DEFENSE—0.3%** |
| $112 | Embraer Netherlands Finance BV <br>5.980%—02/11/2035<br>| $117 |
| **AUTO COMPONENTS—0.3%** | **AUTO COMPONENTS—0.3%** | **AUTO COMPONENTS—0.3%** |
| 139 | Aptiv Swiss Holdings Ltd. <br>4.150%—05/01/2052<br>| 101 |
| **AUTOMOBILE COMPONENTS—0.4%** | **AUTOMOBILE COMPONENTS—0.4%** | **AUTOMOBILE COMPONENTS—0.4%** |
| 72 | American Axle & Manufacturing, Inc. <br>6.375%—10/15/2032<sup>1</sup><br>| 72 |
| 68 | Cyprium Corp./Cyprium Holdings Luxembourg SARL <br>6.125%—04/15/2031<sup>1</sup><br>| 69 |
|  |  | 141 |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 200 | Ford Motor Credit Co. LLC <br>6.125%—03/08/2034<br>| 201 |
| **BANKS—1.6%** | **BANKS—1.6%** | **BANKS—1.6%** |
| 200 | Barclays PLC <br>6.490%—09/13/2029<sup>4</sup><br>| 208 |
| 200 | ING Groep NV <br>6.114%—09/11/2034<sup>4</sup><br>| 212 |
| 200 | Lloyds Banking Group PLC <br>6.068%—06/13/2036<sup>4</sup><br>| 205 |
|  |  | 625 |
| **BEVERAGES—0.5%** | **BEVERAGES—0.5%** | **BEVERAGES—0.5%** |
| 200 | Diageo Investment Corp. <br>5.625%—04/15/2035<br>| 208 |
| **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** |
| 112 | Standard Building Solutions, Inc. <br>5.875%—03/15/2034<sup>1</sup><br>| 109 |
| **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** |
| 134 | Blackstone Holdings Finance Co. LLC <br>6.200%—04/22/2033<sup>1</sup><br>| 142 |
| 67 | Blue Owl Capital Corp. <br>2.875%—06/11/2028<br>| 63 |
| 100 | Blue Owl Credit Income Corp. <br>6.600%—09/15/2029<br>| 100 |
|  | Brookfield Finance, Inc. |  |
| 132 | 2.724%—04/15/2031 | 120 |
| 165 | 6.300%—01/15/2055<sup>4</sup> | 160 |
|  |  | 280 |
| 107 | Golub Capital BDC, Inc. <br>7.050%—12/05/2028<br>| 110 |
| 101 | Golub Capital Private Credit Fund <br>5.800%—09/12/2029<br>| 100 |
| 84 | Hercules Capital, Inc. <br>6.000%—06/16/2030<br>| 84 |
| 152 | KKR Group Finance Co. VI LLC <br>3.750%—07/01/2029<sup>1</sup><br>| 148 |
| 65 | Main Street Capital Corp. <br>6.950%—03/01/2029<br>| 67 |
| 45 | Oaktree Specialty Lending Corp. <br>2.700%—01/15/2027<br>| 44 |
|  | Sixth Street Lending Partners |  |
| 50 | 5.750%—01/15/2030 | 50 |
| 86 | 6.500%—03/11/2029 | 88 |
|  |  | 138 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| $200 | UBS Group AG <br>2.746%—02/11/2033<sup>1,4</sup><br>| $177 |
|  |  | 1453 |
| **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** |
| 118 | ADT Security Corp. <br>5.875%—10/15/2033<sup>1</sup><br>| 116 |
| 184 | Triton Container International Ltd./TAL International <br> Container Corp. <br>3.250%—03/15/2032<br>| 165 |
|  |  | 281 |
| **COMMUNICATIONS EQUIPMENT—0.3%** | **COMMUNICATIONS EQUIPMENT—0.3%** | **COMMUNICATIONS EQUIPMENT—0.3%** |
| 107 | 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>| 107 |
| **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** |
| 75 | Standard Industries, Inc. <br>4.375%—07/15/2030<sup>1</sup><br>| 72 |
| **DIVERSIFIED FINANCIAL SERVICES—3.7%** | **DIVERSIFIED FINANCIAL SERVICES—3.7%** | **DIVERSIFIED FINANCIAL SERVICES—3.7%** |
| 150 | AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust <br>5.100%—01/19/2029<br>| 152 |
| 77 | Aircastle Ltd. <br>5.950%—02/15/2029<sup>1</sup><br>| 79 |
| 250 | Atlas Warehouse Lending Co. LP <br>6.050%—01/15/2028<sup>1</sup><br>| 254 |
| 137 | Capital One Financial Corp. <br>5.884%—07/26/2035<sup>4</sup><br>| 141 |
| 149 | Charles Schwab Corp. <br>6.100%—06/01/2031<sup>4</sup><br>| 149 |
| 250 | Depository Trust & Clearing Corp. <br>3.375%—06/20/2026<sup>1,4</sup><br>| 249 |
| 147 | GGAM Finance Ltd. <br>5.875%—03/15/2030<sup>1</sup><br>| 148 |
|  | Macquarie Airfinance Holdings Ltd. |  |
| 88 | 5.150%—03/17/2030<sup>1</sup> | 88 |
| 62 | 6.400%—03/26/2029<sup>1</sup> | 64 |
|  |  | 152 |
| 107 | Sumisho Air Lease Corp. <br>1.875%—08/15/2026<br>| 106 |
|  |  | 1430 |
| **DIVERSIFIED REITS—0.5%** | **DIVERSIFIED REITS—0.5%** | **DIVERSIFIED REITS—0.5%** |
|  | SBA Tower Trust |  |
| 100 | 1.631%—05/15/2051<sup>1</sup> | 99 |
| 102 | 6.599%—11/15/2052<sup>1</sup> | 103 |
|  |  | 202 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** |
| 117 | HUT 8 DC LLC <br>6.192%—11/15/2042<sup>1</sup><br>| 118 |
| **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** | **ELECTRIC UTILITIES—2.7%** |
| 105 | Berkshire Hathaway Energy Co. <br>6.125%—04/01/2036<br>| 113 |
| 158 | CMS Energy Corp. <br>3.750%—12/01/2050<sup>4</sup><br>| 146 |
| 58 | Dominion Energy, Inc. <br>6.875%—02/01/2055<sup>4</sup><br>| 60 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
| $119 | Eversource Energy <br>6.100%—08/15/2056<sup>4</sup><br>| $118 |
| 182 | Exelon Corp. <br>4.450%—04/15/2046<br>| 150 |
| 79 | National Rural Utilities Cooperative Finance Corp. <br>7.125%—09/15/2053<sup>4</sup><br>| 82 |
| 125 | New England Power Co. <br>5.936%—11/25/2052<sup>1</sup><br>| 125 |
| 83 | NextEra Energy Capital Holdings, Inc. <br>6.375%—08/15/2055<sup>4</sup><br>| 85 |
| 118 | NRG Energy, Inc. <br>6.000%—01/15/2036<sup>1</sup><br>| 117 |
| 42 | Xcel Energy, Inc. <br>5.750%—12/03/2056<sup>4</sup><br>| 41 |
|  |  | 1037 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%** |
|  | COPT Defense Properties LP |  |
| 153 | 2.000%—01/15/2029 | 143 |
| 83 | 2.900%—12/01/2033 | 71 |
|  |  | 214 |
|  | EPR Properties |  |
| 141 | 4.500%—06/01/2027 | 141 |
| 110 | 4.750%—11/15/2030 | 108 |
|  |  | 249 |
| 73 | GLP Capital LP/GLP Financing II, Inc. <br>4.000%—01/15/2030<br>| 70 |
| 141 | Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>5.500%—08/01/2030<br>| 142 |
| 99 | VICI Properties LP <br>5.750%—04/01/2034<br>| 101 |
|  |  | 776 |
| **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** |
| 220 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS <br> USA Food Co. Holdings <br>3.625%—01/15/2032<br>| 204 |
| **HEALTH CARE PROVIDERS & SERVICES—1.2%** | **HEALTH CARE PROVIDERS & SERVICES—1.2%** | **HEALTH CARE PROVIDERS & SERVICES—1.2%** |
| 110 | Centene Corp. <br>2.450%—07/15/2028<br>| 104 |
| 133 | CVS Pass-Through Trust <br>5.926%—01/10/2034<sup>1</sup><br>| 135 |
| 121 | DaVita, Inc. <br>3.750%—02/15/2031<sup>1</sup><br>| 112 |
| 117 | Pediatrix Medical Group, Inc. <br>5.375%—02/15/2030<sup>1</sup><br>| 117 |
|  |  | 468 |
| **INDUSTRIAL CONGLOMERATES—0.5%** | **INDUSTRIAL CONGLOMERATES—0.5%** | **INDUSTRIAL CONGLOMERATES—0.5%** |
| 200 | Ashtead Capital, Inc. <br>5.550%—05/30/2033<sup>1</sup><br>| 203 |
| **INSURANCE—2.4%** | **INSURANCE—2.4%** | **INSURANCE—2.4%** |
| 85 | Aspen Insurance Holdings Ltd. <br>5.750%—07/01/2030<br>| 88 |
| 175 | Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| 175 |
| 53 | Corebridge Financial, Inc. <br>6.875%—12/01/2030<sup>4</sup><br>| 55 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **INSURANCE—Continued** | **INSURANCE—Continued** | **INSURANCE—Continued** |
| $170 | Fortitude Group Holdings LLC <br>6.250%—04/01/2030<sup>1</sup><br>| $174 |
|  | Global Atlantic Fin Co. |  |
| 170 | 3.125%—06/15/2031<sup>1</sup> | 151 |
| 82 | 7.950%—06/15/2033<sup>1</sup> | 90 |
|  |  | 241 |
| 211 | SBL Holdings, Inc. <br>5.000%—02/18/2031<sup>1</sup><br>| 185 |
|  |  | 918 |
| **INTERNET & CATALOG RETAIL—0.5%** | **INTERNET & CATALOG RETAIL—0.5%** | **INTERNET & CATALOG RETAIL—0.5%** |
| 184 | Beignet Investor LLC <br>6.581%—05/30/2049<sup>1</sup><br>| 190 |
| **IT SERVICES—0.5%** | **IT SERVICES—0.5%** | **IT SERVICES—0.5%** |
| 65 | Booz Allen Hamilton, Inc. <br>3.875%—09/01/2028<sup>1</sup><br>| 64 |
| 140 | Genpact U.K. Finco PLC/Genpact USA, Inc. <br>4.950%—11/18/2030<br>| 137 |
|  |  | 201 |
| **MEDIA—1.0%** | **MEDIA—1.0%** | **MEDIA—1.0%** |
| 118 | Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 119 |
| 179 | Nexstar Media, Inc. <br>6.500%—09/15/2033<sup>1</sup><br>| 181 |
| 108 | Sirius XM Radio LLC <br>5.875%—04/15/2032<sup>1</sup><br>| 106 |
|  |  | 406 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 91 | WEC Energy Group, Inc. <br>5.625%—05/15/2056<sup>4</sup><br>| 90 |
| **OIL, GAS & CONSUMABLE FUELS—1.1%** | **OIL, GAS & CONSUMABLE FUELS—1.1%** | **OIL, GAS & CONSUMABLE FUELS—1.1%** |
|  | Columbia Pipelines Operating Co. LLC |  |
| 23 | 5.962%—02/15/2055<sup>1</sup> | 23 |
| 111 | 6.036%—11/15/2033<sup>1</sup> | 117 |
|  |  | 140 |
|  | ConocoPhillips Co. |  |
| 17 | 5.500%—01/15/2055 | 16 |
| 44 | 5.550%—03/15/2054 | 42 |
|  |  | 58 |
| 68 | Enbridge, Inc. <br>5.750%—07/15/2080<sup>4</sup><br>| 69 |
| 88 | Florida Gas Transmission Co. LLC <br>5.750%—07/15/2035<sup>1</sup><br>| 91 |
| 58 | Gulfstream Natural Gas System LLC <br>5.600%—07/23/2035<sup>1</sup><br>| 59 |
|  |  | 417 |
| **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** |
| 36 | Delta Air Lines Pass-Through Trust <br>2.000%—12/10/2029<br>| 35 |
| 128 | Latam Airlines Group SA <br>7.625%—01/07/2031<sup>1</sup><br>| 130 |
| 141 | United Airlines Pass-Through Trust <br>2.700%—11/01/2033<br>| 130 |
|  |  | 295 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| $190 | Coty, Inc./HFC Prestige Products, Inc./HFC Prestige <br> International U.S. LLC <br>5.600%—01/15/2031<sup>1</sup><br>| $185 |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| 30 | Teva Pharmaceutical Finance Netherlands III BV <br>3.150%—10/01/2026<br>| 30 |
| **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** |
| 121 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 119 |
| 83 | Verisk Analytics, Inc. <br>5.250%—03/15/2035<br>| 82 |
|  |  | 201 |
| **ROAD & RAIL—0.1%** | **ROAD & RAIL—0.1%** | **ROAD & RAIL—0.1%** |
| 71 | Norfolk Southern Corp. <br>4.050%—08/15/2052<br>| 54 |
| **SOFTWARE—0.6%** | **SOFTWARE—0.6%** | **SOFTWARE—0.6%** |
| 110 | AppLovin Corp. <br>5.375%—12/01/2031<br>| 111 |
| 145 | Oracle Corp. <br>3.600%—04/01/2040<br>| 105 |
|  |  | 216 |
| **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** |
| 67 | Group 1 Automotive, Inc. <br>4.000%—08/15/2028<sup>1</sup><br>| 65 |
| 133 | Lithia Motors, Inc. <br>3.875%—06/01/2029<sup>1</sup><br>| 128 |
| 34 | Macy's Retail Holdings LLC <br>7.375%—08/01/2033<sup>1</sup><br>| 35 |
| 40 | Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 41 |
|  |  | 269 |
| **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** |
| 200 | Ferguson Finance PLC <br>4.650%—04/20/2032<sup>1</sup><br>| 197 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** |
| 58 | Rogers Communications, Inc. <br>7.500%—08/15/2038<br>| 66 |
| **Total Corporate Bonds & Notes** <br>(Cost $11,485) | **Total Corporate Bonds & Notes** <br>(Cost $11,485) | 11588 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—25.7%** | **Mortgage Pass-Through—25.7%** | **Mortgage Pass-Through—25.7%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 259 | <br>2.000%—12/01/2051 | 208 |
| 793 | <br>2.500%—02/01/2035-04/01/2052 | 682 |
| 683 | <br>3.000%—12/01/2046-07/01/2051 | 611 |
| 279 | <br>3.500%—05/01/2033-05/01/2035 | 272 |
| 347 | <br>4.000%—06/01/2048-09/01/2050 | 331 |
| 629 | <br>4.500%—01/01/2049-05/01/2053 | 614 |
| 554 | <br>5.000%—04/01/2053-01/01/2055 | 552 |
| 725 | <br>5.500%—09/01/2053-03/01/2054 | 741 |
|  |  | 4011 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| $204 | Series 5035 Cl. IJ <br>2.000%—02/25/2050<br>| $24 |
| 293 | Series 5462 <br>2.000%—05/25/2037<br>| 20 |
| 524 | Series 5116 Cl. AI <br>2.500%—08/25/2035<br>| 37 |
| 258 | Series 5347 Cl. AS <br>2.885% (30 Day USD Average SOFR + 6.530%) <br> 10/25/2053<sup>2</sup><br>| 19 |
| 290 | Series 5013 Cl. ID <br>3.000%—09/25/2050<br>| 38 |
| 246 | Series 5158 Cl. BI <br>3.000%—05/25/2035<br>| 18 |
| 163 | Series 4648 Cl. KI <br>4.500%—08/15/2044<br>| 29 |
| 131 | Series 4733 Cl. EI <br>5.000%—07/15/2041<br>| 18 |
|  |  | 203 |
|  | Federal Home Loan Mortgage Corp. STRIPS |  |
| 390 | Series 414 Cl. C1 <br>1.500%—03/25/2037<br>| 20 |
| 290 | Series 400 Cl. C14 <br>2.000%—07/25/2037<br>| 20 |
| 446 | Series 414 Cl. C2 <br>2.000%—04/25/2037<br>| 26 |
| 245 | Series 414 Cl. C6 <br>4.000%—04/25/2039<br>| 31 |
|  |  | 97 |
|  | Federal National Mortgage Association |  |
| 302 | <br>2.000%—04/01/2051 | 243 |
| 1571 | <br>2.500%—08/01/2035-04/01/2052 | 1368 |
| 667 | <br>3.500%—10/01/2047-04/01/2050 | 616 |
| 711 | <br>4.000%—12/01/2047-02/01/2055 | 676 |
| 378 | <br>4.500%—07/01/2048-03/01/2050 | 369 |
| 852 | <br>5.000%—07/01/2052-09/01/2052 | 855 |
| 222 | <br>6.000%—05/01/2054-01/01/2056 | 230 |
|  |  | 4357 |
|  | Federal National Mortgage Association Interest <br> STRIPS<br>|  |
| 415 | Series 427 Cl. C55 <br>1.500%—02/25/2037<br>| 22 |
| 436 | Series 429 Cl. C11 <br>1.500%—03/25/2038<br>| 21 |
| 440 | Series 433 Cl. C3 <br>2.000%—08/25/2037<br>| 31 |
| 355 | Series 444 Cl. C2 <br>2.000%—10/25/2037<br>| 20 |
| 186 | Series 435 Cl. C4 <br>3.000%—10/25/2037<br>| 13 |
| 102 | Series 435 Cl. C20 <br>5.000%—05/25/2053<br>| 18 |
|  |  | 125 |
|  | Federal National Mortgage Association REMICS |  |
| 761 | Series 2021-67 Cl. AI <br>1.185%—10/25/2051<sup>2</sup><br>| 46 |
| 400 | Series 2020-81 Cl. AI <br>1.500%—11/25/2035<br>| 20 |
|  |  | 66 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Government National Mortgage Association |  |
| $142 | <br>2.000%—02/20/2052 | $117 |
| 479 | <br>2.500%—09/20/2051 | 411 |
| 123 | <br>4.500%—08/20/2048 | 121 |
| 189 | <br>5.000%—10/20/2053 | 189 |
| 163 | <br>5.500%—05/20/2053 | 166 |
|  |  | 1004 |
|  | Government National Mortgage Association <br> REMICS<br>|  |
| 406 | Series 2019-35 Cl. SE <br>2.371% (1 Month USD Term SOFR + 6.036%) <br> 01/16/2044<sup>2</sup><br>| 19 |
| 163 | Series 2021-137 Cl. NI <br>3.000%—08/20/2051<br>| 23 |
| 196 | Series 2018-72 Cl. IC <br>4.000%—05/20/2045<br>| 32 |
| 112 | Series 2020-146 Cl. IG <br>5.500%—09/20/2046<br>| 18 |
| 35 | Series 2024-107 <br>6.500%—06/20/2054<br>| 6 |
|  |  | 98 |
| **Total Mortgage Pass-Through** <br>(Cost $9,869) | **Total Mortgage Pass-Through** <br>(Cost $9,869) | 9961 |

---

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

---

| | | |
|:---|:---|:---|
| **Municipal Bonds—0.3%** | **Municipal Bonds—0.3%** | **Municipal Bonds—0.3%** |
| (Cost $106) | (Cost $106) | (Cost $106) |
| 106 | Texas Natural Gas Securitization Finance Corp. <br>5.102%—04/01/2035<br>| 109 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—19.5%** | **U.S. Government Obligations—19.5%** | **U.S. Government Obligations—19.5%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | U.S. Treasury Bonds |  |
| $1913 | <br>4.500%—02/15/2044 | $1813 |
| 3827 | 4.625%—02/15/2046-02/15/2055 | 3625 |
| 313 | 4.750%—08/15/2055-02/15/2056 | 301 |
| 79 | <br>4.875%—08/15/2045 | 78 |
|  |  | 5817 |
| 95 | U.S. Treasury Inflation-Indexed Notes <br>1.875%—07/15/2035<br>| 95 |
|  | U.S. Treasury Notes |  |
| 215 | <br>3.500%—02/28/2031 | 210 |
| 929 | <br>4.000%—11/15/2035 | 902 |
| 540 | <br>4.125%—02/15/2036 | 529 |
|  |  | 1641 |
| **Total U.S. Government Obligations** <br>(Cost $7,689) | **Total U.S. Government Obligations** <br>(Cost $7,689) | 7553 |
| **TOTAL INVESTMENTS—98.7%** <br>(Cost $38,088) | **TOTAL INVESTMENTS—98.7%** <br>(Cost $38,088) | 38251 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | 509 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $38760 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

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 April 30, 2026, the aggregate value of these securities was $12,473 or 32% of net assets.

Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2026. 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 April 30, 2026.

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.

CLO

Collateralized Loan Obligation

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 Financial Statements.

------

⬤

------

**Harbor Dividend Growth Leaders ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Westfield Capital Management Company, L.P.

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.4%** | **COMMON STOCKS—96.4%** | **COMMON STOCKS—96.4%** |
| **Shares** |  | **Value** |
| **BANKS—13.1%** | **BANKS—13.1%** | **BANKS—13.1%** |
| 147039 | Banco Bilbao Vizcaya Argentaria SA ADR (Spain)<sup>1</sup> | $3253 |
| 105063 | Bank of America Corp.  | 5617 |
| 24328 | Citigroup, Inc.  | 3113 |
| 27729 | East West Bancorp, Inc.  | 3507 |
| 169344 | KeyCorp  | 3744 |
| 281454 | Mitsubishi UFJ Financial Group, Inc. ADR (Japan)<sup>1</sup> | 5052 |
| 250018 | Sumitomo Mitsui Financial Group, Inc. ADR (Japan)<sup>1</sup> | 5308 |
|  |  | 29594 |
| **BEVERAGES—3.5%** | **BEVERAGES—3.5%** | **BEVERAGES—3.5%** |
| 73136 | Coca-Cola Co.  | 5760 |
| 13206 | PepsiCo, Inc.  | 2093 |
|  |  | 7853 |
| **BIOTECHNOLOGY—2.6%** | **BIOTECHNOLOGY—2.6%** | **BIOTECHNOLOGY—2.6%** |
| 9314 | Amgen, Inc.  | 3225 |
| 20130 | Gilead Sciences, Inc.  | 2634 |
|  |  | 5859 |
| **BROADLINE RETAIL—1.0%** | **BROADLINE RETAIL—1.0%** | **BROADLINE RETAIL—1.0%** |
| 21754 | eBay, Inc.  | 2251 |
| **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** |
| 7721 | Trane Technologies PLC  | 3803 |
| **CAPITAL MARKETS—2.9%** | **CAPITAL MARKETS—2.9%** | **CAPITAL MARKETS—2.9%** |
| 25890 | ARES Management Corp. Class A | 3039 |
| 3861 | Goldman Sachs Group, Inc.  | 3567 |
|  |  | 6606 |
| **COMMERCIAL SERVICES & SUPPLIES—1.8%** | **COMMERCIAL SERVICES & SUPPLIES—1.8%** | **COMMERCIAL SERVICES & SUPPLIES—1.8%** |
| 71941 | Rollins, Inc.  | 4009 |
| **CONSUMER FINANCE—1.6%** | **CONSUMER FINANCE—1.6%** | **CONSUMER FINANCE—1.6%** |
| 16270 | FirstCash Holdings, Inc.  | 3550 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.3%** |
| 39096 | Walmart, Inc.  | 5158 |
| **ELECTRIC UTILITIES—2.9%** | **ELECTRIC UTILITIES—2.9%** | **ELECTRIC UTILITIES—2.9%** |
| 65814 | NextEra Energy, Inc.  | 6442 |
| **ELECTRICAL EQUIPMENT—3.8%** | **ELECTRICAL EQUIPMENT—3.8%** | **ELECTRICAL EQUIPMENT—3.8%** |
| 21233 | Regal Rexnord Corp.  | 4566 |
| 9621 | Rockwell Automation, Inc.  | 3934 |
|  |  | 8500 |
| **FOOD PRODUCTS—1.3%** | **FOOD PRODUCTS—1.3%** | **FOOD PRODUCTS—1.3%** |
| 15933 | Hershey Co.  | 2959 |
| **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** |
| 3769 | McKesson Corp.  | 3072 |
| 7752 | UnitedHealth Group, Inc.  | 2872 |
|  |  | 5944 |
| **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** |
| 9131 | Expedia Group, Inc.  | 2268 |
| **HOUSEHOLD DURABLES—1.0%** | **HOUSEHOLD DURABLES—1.0%** | **HOUSEHOLD DURABLES—1.0%** |
| 9406 | Garmin Ltd.  | 2362 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **IT SERVICES—0.9%** | **IT SERVICES—0.9%** | **IT SERVICES—0.9%** |
| 7721 | VeriSign, Inc.  | $2074 |
| **MACHINERY—9.2%** | **MACHINERY—9.2%** | **MACHINERY—9.2%** |
| 8426 | Cummins, Inc.  | 5654 |
| 10816 | ITT, Inc.  | 2318 |
| 68877 | Mueller Industries, Inc.  | 9328 |
| 3891 | Parker-Hannifin Corp.  | 3539 |
|  |  | 20839 |
| **METALS & MINING—1.4%** | **METALS & MINING—1.4%** | **METALS & MINING—1.4%** |
| 18194 | Southern Copper Corp. (Peru) | 3124 |
| **MULTI-UTILITIES—1.2%** | **MULTI-UTILITIES—1.2%** | **MULTI-UTILITIES—1.2%** |
| 40168 | Dominion Energy, Inc.  | 2591 |
| **OIL, GAS & CONSUMABLE FUELS—4.9%** | **OIL, GAS & CONSUMABLE FUELS—4.9%** | **OIL, GAS & CONSUMABLE FUELS—4.9%** |
| 11766 | Cheniere Energy, Inc.  | 3235 |
| 101723 | Williams Cos., Inc.  | 7763 |
|  |  | 10998 |
| **PHARMACEUTICALS—8.8%** | **PHARMACEUTICALS—8.8%** | **PHARMACEUTICALS—8.8%** |
| 8487 | Eli Lilly & Co.  | 7932 |
| 27085 | Johnson & Johnson  | 6225 |
| 27330 | Merck & Co., Inc.  | 2984 |
| 100865 | Pfizer, Inc.  | 2693 |
|  |  | 19834 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.5%** |
| 39831 | Broadcom, Inc.  | 16627 |
| 35297 | NVIDIA Corp.  | 7044 |
|  |  | 23671 |
| **SOFTWARE—3.8%** | **SOFTWARE—3.8%** | **SOFTWARE—3.8%** |
| 14370 | Microsoft Corp.  | 5860 |
| 15626 | Salesforce, Inc.  | 2758 |
|  |  | 8618 |
| **SPECIALIZED REITS—1.0%** | **SPECIALIZED REITS—1.0%** | **SPECIALIZED REITS—1.0%** |
| 2099 | Equinix, Inc.  | 2273 |
| **SPECIALTY RETAIL—1.8%** | **SPECIALTY RETAIL—1.8%** | **SPECIALTY RETAIL—1.8%** |
| 26564 | TJX Cos., Inc.  | 4164 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.9%** |
| 39709 | Apple, Inc.  | 10775 |
| 12317 | Dell Technologies, Inc. Class C | 2574 |
|  |  | 13349 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.9%** | **TEXTILES, APPAREL & LUXURY GOODS—2.9%** | **TEXTILES, APPAREL & LUXURY GOODS—2.9%** |
| 45500 | Tapestry, Inc.  | 6599 |
| **TRADING COMPANIES & DISTRIBUTORS—1.0%** | **TRADING COMPANIES & DISTRIBUTORS—1.0%** | **TRADING COMPANIES & DISTRIBUTORS—1.0%** |
| 5362 | Watsco, Inc.  | 2348 |
| **TOTAL COMMON STOCKS** <br>(Cost $159,147) | **TOTAL COMMON STOCKS** <br>(Cost $159,147) | 217640 |
| **TOTAL INVESTMENTS—96.4%** <br>(Cost $159,147) | **TOTAL INVESTMENTS—96.4%** <br>(Cost $159,147) | 217640 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.6%** | 8099 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $225739 |

---

------

⬤

------

**Harbor Dividend Growth Leaders ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

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 Financial Statements.

------

⬤

------

**Harbor Emerging Markets Equity ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.0%** | **COMMON STOCKS—96.0%** | **COMMON STOCKS—96.0%** |
| **Shares** |  | **Value** |
| **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** |
| 10000 | BYD Co. Ltd. Class H (China) | $131 |
| **BANKS—17.8%** | **BANKS—17.8%** | **BANKS—17.8%** |
| 29233 | Banco Bradesco SA ADR (Brazil)<sup>1</sup> | 114 |
| 481500 | Bank Rakyat Indonesia Persero Tbk. PT (Indonesia) | 83 |
| 3830 | Grupo Cibest SA ADR (Colombia)<sup>1</sup> | 261 |
| 13000 | Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 142 |
| 5951 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 151 |
| 4530 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 121 |
| 69000 | Industrial & Commercial Bank of China Ltd. Class H <br> (China)<br>| 62 |
| 13790 | Itau Unibanco Holding SA ADR (Brazil)<sup>1</sup> | 120 |
| 16500 | Kasikornbank PCL (Thailand) | 98 |
| 3649 | Komercni Banka AS (Czech Republic) | 194 |
|  |  | 1346 |
| **BEVERAGES—1.9%** | **BEVERAGES—1.9%** | **BEVERAGES—1.9%** |
| 50300 | Ambev SA (Brazil) | 147 |
| **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** |
| 27348 | Ninety One Ltd. (South Africa) | 77 |
| 8802 | XP, Inc. Class A (Brazil) | 168 |
|  |  | 245 |
| **CHEMICALS—3.1%** | **CHEMICALS—3.1%** | **CHEMICALS—3.1%** |
| 29000 | PTT Global Chemical PCL (Thailand) | 35 |
| 2162 | Sociedad Quimica y Minera de Chile SA ADR <br> (Chile)<sup>\*,1</sup><br>| 199 |
|  |  | 234 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%** |
| 37000 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 256 |
| **FINANCIAL SERVICES—2.0%** | **FINANCIAL SERVICES—2.0%** | **FINANCIAL SERVICES—2.0%** |
| 28943 | FirstRand Ltd. (South Africa) | 153 |
| **FOOD PRODUCTS—2.0%** | **FOOD PRODUCTS—2.0%** | **FOOD PRODUCTS—2.0%** |
| 186000 | Indofood Sukses Makmur Tbk. PT (Indonesia) | 73 |
| 37000 | Uni-President Enterprises Corp. (Taiwan) | 81 |
|  |  | 154 |
| **HEALTH CARE PROVIDERS & SERVICES—1.1%** | **HEALTH CARE PROVIDERS & SERVICES—1.1%** | **HEALTH CARE PROVIDERS & SERVICES—1.1%** |
| 36800 | Sinopharm Group Co. Ltd. Class H (China) | 87 |
| **HOTELS, RESTAURANTS & LEISURE—3.3%** | **HOTELS, RESTAURANTS & LEISURE—3.3%** | **HOTELS, RESTAURANTS & LEISURE—3.3%** |
| 98000 | TravelSky Technology Ltd. Class H (China) | 121 |
| 2650 | Yum China Holdings, Inc. (China) | 128 |
|  |  | 249 |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| 499 | CJ Corp. (South Korea) | 76 |
| **INTERACTIVE MEDIA & SERVICES—5.8%** | **INTERACTIVE MEDIA & SERVICES—5.8%** | **INTERACTIVE MEDIA & SERVICES—5.8%** |
| 1518 | Baidu, Inc. ADR (China)<sup>\*,1</sup> | 192 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** |
| 4200 | Tencent Holdings Ltd. (China) | $251 |
|  |  | 443 |
| **MACHINERY—2.9%** | **MACHINERY—2.9%** | **MACHINERY—2.9%** |
| 45000 | Weichai Power Co. Ltd. Class H (China) | 222 |
| **METALS & MINING—3.1%** | **METALS & MINING—3.1%** | **METALS & MINING—3.1%** |
| 50000 | Jiangxi Copper Co. Ltd. Class H (China) | 234 |
| **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** |
| 88565 | Ecopetrol SA (Colombia) | 63 |
| 4523 | Petroleo Brasileiro SA - Petrobras ADR (Brazil)<sup>1</sup> | 100 |
| 23300 | PTT Exploration & Production PCL (Thailand) | 110 |
|  |  | 273 |
| **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** |
| 1415 | Cosmax, Inc. (South Korea) | 201 |
| **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** | **PHARMACEUTICALS—0.9%** |
| 27000 | Shanghai Fosun Pharmaceutical Group Co. Ltd. <br> Class H (China)<br>| 66 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.2%** |
| 23600 | Poly Property Services Co. Ltd. Class H (China) | 94 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.3%** |
| 23000 | ASE Technology Holding Co. Ltd. (Taiwan) | 347 |
| 4000 | MediaTek, Inc. (Taiwan) | 329 |
| 15000 | Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 1011 |
|  |  | 1687 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—8.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—8.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—8.8%** |
| 54000 | Micro-Star International Co. Ltd. (Taiwan) | 166 |
| 3342 | Samsung Electronics Co. Ltd. (South Korea) | 497 |
|  |  | 663 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** |
| 25000 | Feng TAY Enterprise Co. Ltd. (Taiwan) | 55 |
| 18000 | Shenzhou International Group Holdings Ltd. (China) | 108 |
|  |  | 163 |
| **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** |
| 14500 | BOC Aviation Ltd. (China)<sup>2</sup> | 148 |
| **TOTAL COMMON STOCKS** <br>(Cost $5,433) | **TOTAL COMMON STOCKS** <br>(Cost $5,433) | 7272 |
| **TOTAL INVESTMENTS—96.0%** <br>(Cost $5,433) | **TOTAL INVESTMENTS—96.0%** <br>(Cost $5,433) | 7272 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—4.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—4.0%** | 303 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $7575 |

---

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

------

⬤

------

**Harbor Emerging Markets Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $148 or 2% of net assets.

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Emerging Markets Select ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** C WorldWide Asset Management

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—89.0%** | **COMMON STOCKS—89.0%** | **COMMON STOCKS—89.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.7%** | **AEROSPACE & DEFENSE—3.7%** | **AEROSPACE & DEFENSE—3.7%** |
| 19488 | Aselsan Elektronik Sanayi Ve Ticaret AS (Turkey) | $181 |
| 2318 | Embraer SA ADR (Brazil)<sup>1</sup> | 145 |
| 2395 | Theon International PLC (Cyprus) | 89 |
|  |  | 415 |
| **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** |
| 3690 | Hesai Group ADR (China)<sup>\*,1</sup> | 83 |
| 1808 | Schaeffler India Ltd. (India) | 79 |
|  |  | 162 |
| **BANKS—8.2%** | **BANKS—8.2%** | **BANKS—8.2%** |
| 489 | Credicorp Ltd. (Peru) | 159 |
| 10191 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 259 |
| 8313 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 221 |
| 9159 | National Bank of Greece SA (Greece) | 144 |
| 9701 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 140 |
|  |  | 923 |
| **BEVERAGES—0.9%** | **BEVERAGES—0.9%** | **BEVERAGES—0.9%** |
| 3500 | Eastroc Beverage Group Co. Ltd. Class A (China) | 104 |
| **BROADLINE RETAIL—5.2%** | **BROADLINE RETAIL—5.2%** | **BROADLINE RETAIL—5.2%** |
| 24100 | Alibaba Group Holding Ltd. (China) | 388 |
| 109 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 195 |
|  |  | 583 |
| **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** |
| 13100 | Banco BTG Pactual SA (Brazil) | 157 |
| 4900 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 258 |
| 5562 | Multi Commodity Exchange of India Ltd. (India) | 174 |
|  |  | 589 |
| **COMMUNICATIONS EQUIPMENT—1.9%** | **COMMUNICATIONS EQUIPMENT—1.9%** | **COMMUNICATIONS EQUIPMENT—1.9%** |
| 3000 | Accton Technology Corp. (Taiwan) | 216 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.9%** |
| 666 | PriceSmart, Inc. (United States) | 105 |
| **ELECTRICAL EQUIPMENT—6.0%** | **ELECTRICAL EQUIPMENT—6.0%** | **ELECTRICAL EQUIPMENT—6.0%** |
| 5200 | Contemporary Amperex Technology Co. Ltd. Class A <br> (China)<br>| 332 |
| 228 | HD Hyundai Electric Co. Ltd. (South Korea) | 192 |
| 15900 | WEG SA (Brazil) | 144 |
|  |  | 668 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.4%** |
| 4000 | Chroma ATE, Inc. (Taiwan) | 268 |
| **GROUND TRANSPORTATION—0.6%** | **GROUND TRANSPORTATION—0.6%** | **GROUND TRANSPORTATION—0.6%** |
| 7400 | Full Truck Alliance Co. Ltd. ADR (China)<sup>1</sup> | 64 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.0%** |
| 3222 | APT Medical, Inc. Class A (China) | 112 |
| **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** |
| 1514 | MakeMyTrip Ltd. (India)<sup>\*</sup> | 72 |
| 2500 | Trip.com Group Ltd. (China)<sup>\*</sup> | 133 |
|  |  | 205 |
| **HOUSEHOLD DURABLES—3.1%** | **HOUSEHOLD DURABLES—3.1%** | **HOUSEHOLD DURABLES—3.1%** |
| 2310 | Amber Enterprises India Ltd. (India)<sup>\*</sup> | 195 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 25300 | Cury Construtora e Incorporadora SA (Brazil) | $154 |
|  |  | 349 |
| **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** |
| 961 | Apar Industries Ltd. (India) | 125 |
| **INSURANCE—1.2%** | **INSURANCE—1.2%** | **INSURANCE—1.2%** |
| 13800 | Qualitas Controladora SAB de CV (Mexico) | 138 |
| **INTERACTIVE MEDIA & SERVICES—4.3%** | **INTERACTIVE MEDIA & SERVICES—4.3%** | **INTERACTIVE MEDIA & SERVICES—4.3%** |
| 8100 | Tencent Holdings Ltd. (China) | 484 |
| **MACHINERY—4.6%** | **MACHINERY—4.6%** | **MACHINERY—4.6%** |
| 3076 | AIA Engineering Ltd. (India) | 128 |
| 6000 | Airtac International Group (China) | 276 |
| 633 | HD Hyundai Marine Solution Co. Ltd. (South Korea) | 113 |
|  |  | 517 |
| **PERSONAL CARE PRODUCTS—1.9%** | **PERSONAL CARE PRODUCTS—1.9%** | **PERSONAL CARE PRODUCTS—1.9%** |
| 819 | Cosmax, Inc. (South Korea) | 116 |
| 10800 | Mao Geping Cosmetics Co. Ltd. Class H (China) | 100 |
|  |  | 216 |
| **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** |
| 21454 | Computer Age Management Services Ltd. (India) | 167 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%** |
| 8852 | Phoenix Mills Ltd. (India) | 165 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—25.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—25.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—25.2%** |
| 1000 | Jentech Precision Industrial Co. Ltd. (Taiwan) | 170 |
| 1763 | LEENO Industrial, Inc. (South Korea) | 142 |
| 2000 | MediaTek, Inc. (Taiwan) | 164 |
| 1400 | NAURA Technology Group Co. Ltd. Class A (China) | 110 |
| 796 | SK Hynix, Inc. (South Korea) | 690 |
| 23000 | Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 1550 |
|  |  | 2826 |
| **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** |
| 3125800 | Map Aktif Adiperkasa PT (Indonesia) | 110 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.6%** | **TEXTILES, APPAREL & LUXURY GOODS—2.6%** | **TEXTILES, APPAREL & LUXURY GOODS—2.6%** |
| 220000 | Bosideng International Holdings Ltd. (China) | 120 |
| 3719 | Titan Co. Ltd. (India) | 172 |
|  |  | 292 |
| **TRANSPORTATION INFRASTRUCTURE—1.7%** | **TRANSPORTATION INFRASTRUCTURE—1.7%** | **TRANSPORTATION INFRASTRUCTURE—1.7%** |
| 16190 | International Container Terminal Services, Inc. <br> (Philippines)<br>| 187 |
| **TOTAL COMMON STOCKS** <br>(Cost $8,116) | **TOTAL COMMON STOCKS** <br>(Cost $8,116) | 9990 |

---

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

------

⬤

------

**Harbor Emerging Markets Select ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—8.7%** | **PREFERRED STOCKS—8.7%** | **PREFERRED STOCKS—8.7%** |
| **Shares** |  | **Value** |
| (Cost $400) | (Cost $400) | (Cost $400) |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—8.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—8.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—8.7%** |
| 9097 | Samsung Electronics Co. Ltd. (South Korea) | $971 |
| **TOTAL INVESTMENTS—97.7%** <br>(Cost $8,516) | **TOTAL INVESTMENTS—97.7%** <br>(Cost $8,516) | 10961 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.3%** | 261 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $11222 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

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 Financial Statements.

------

⬤

------

**Harbor Health Care ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Westfield Capital Management Company, L.P.

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—54.3%** | **BIOTECHNOLOGY—54.3%** | **BIOTECHNOLOGY—54.3%** |
| 5593 | AbbVie, Inc.  | $1182 |
| 8304 | Abivax SA ADR (France)<sup>\*,1</sup> | 975 |
| 966 | Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | 299 |
| 18699 | Ascendis Pharma AS (Denmark)<sup>\*</sup> | 4289 |
| 10218 | Avalo Therapeutics, Inc. <sup>\*</sup> | 137 |
| 5589 | Immunovant, Inc. <sup>\*</sup> | 152 |
| 7509 | Insmed, Inc. <sup>\*</sup> | 1024 |
| 2153 | Ionis Pharmaceuticals, Inc. <sup>\*</sup> | 161 |
| 60189 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 1415 |
| 477 | Madrigal Pharmaceuticals, Inc. <sup>\*</sup> | 247 |
| 3142 | Natera, Inc. <sup>\*</sup> | 648 |
| 10537 | Newamsterdam Pharma Co. NV (Netherlands)<sup>\*</sup> | 301 |
| 1599 | Nuvalent, Inc. Class A<sup>\*</sup> | 160 |
| 1846 | Oruka Therapeutics, Inc. <sup>\*</sup> | 126 |
| 433 | Praxis Precision Medicines, Inc. <sup>\*</sup> | 138 |
| 10189 | Relay Therapeutics, Inc. <sup>\*</sup> | 132 |
| 4546 | Revolution Medicines, Inc. <sup>\*</sup> | 655 |
| 12831 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 1044 |
| 3384 | Scholar Rock Holding Corp. <sup>\*</sup> | 158 |
| 22357 | Vaxcyte, Inc. <sup>\*</sup> | 1280 |
| 750 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 320 |
| 2438 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 136 |
|  |  | 14979 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—10.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—10.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—10.3%** |
| 7653 | Boston Scientific Corp. <sup>\*</sup> | 441 |
| 3888 | Dexcom, Inc. <sup>\*</sup> | 231 |
| 903 | IDEXX Laboratories, Inc. <sup>\*</sup> | 506 |
| 1723 | Insulet Corp. <sup>\*</sup> | 297 |
| 2727 | Intuitive Surgical, Inc. <sup>\*</sup> | 1248 |
| 950 | IRhythm Holdings, Inc. <sup>\*</sup> | 123 |
|  |  | 2846 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—7.3%** | **HEALTH CARE PROVIDERS & SERVICES—7.3%** | **HEALTH CARE PROVIDERS & SERVICES—7.3%** |
| 1487 | Cencora, Inc.  | $458 |
| 9290 | GeneDx Holdings Corp. <sup>\*</sup> | 585 |
| 3218 | Guardant Health, Inc. <sup>\*</sup> | 280 |
| 3732 | RadNet, Inc. <sup>\*</sup> | 211 |
| 1315 | UnitedHealth Group, Inc.  | 487 |
|  |  | 2021 |
| **HEALTH CARE TECHNOLOGY—0.3%** | **HEALTH CARE TECHNOLOGY—0.3%** | **HEALTH CARE TECHNOLOGY—0.3%** |
| 17603 | Sophia Genetics SA (Switzerland)<sup>\*</sup> | 92 |
| **LIFE SCIENCES TOOLS & SERVICES—4.0%** | **LIFE SCIENCES TOOLS & SERVICES—4.0%** | **LIFE SCIENCES TOOLS & SERVICES—4.0%** |
| 20675 | Adaptive Biotechnologies Corp. <sup>\*</sup> | 292 |
| 2374 | Bio-Techne Corp.  | 131 |
| 3739 | Danaher Corp.  | 669 |
|  |  | 1092 |
| **PHARMACEUTICALS—23.3%** | **PHARMACEUTICALS—23.3%** | **PHARMACEUTICALS—23.3%** |
| 5929 | Eli Lilly & Co.  | 5541 |
| 5048 | Merck & Co., Inc.  | 551 |
| 7766 | Novo Nordisk AS ADR (Denmark)<sup>1</sup> | 328 |
|  |  | 6420 |
| **TOTAL COMMON STOCKS** <br>(Cost $24,858) | **TOTAL COMMON STOCKS** <br>(Cost $24,858) | 27450 |
| **TOTAL INVESTMENTS—99.5%** <br>(Cost $24,858) | **TOTAL INVESTMENTS—99.5%** <br>(Cost $24,858) | 27450 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | 125 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $27575 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

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 Financial Statements.

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| 1410 | Axon Enterprise, Inc. <sup>\*</sup> | $566 |
| 17432 | General Electric Co.  | 5054 |
| 1295 | HEICO Corp. Class A | 271 |
| 3846 | Lockheed Martin Corp.  | 1992 |
| 2386 | Northrop Grumman Corp.  | 1383 |
|  |  | 9266 |
| **AUTOMOBILE COMPONENTS—0.0%** | **AUTOMOBILE COMPONENTS—0.0%** | **AUTOMOBILE COMPONENTS—0.0%** |
| 3266 | Aptiv PLC (Jersey)<sup>\*</sup> | 197 |
| 1088 | Versigent PLC <sup>\*</sup> | 38 |
|  |  | 235 |
| **AUTOMOBILES—0.2%** | **AUTOMOBILES—0.2%** | **AUTOMOBILES—0.2%** |
| 79463 | Ford Motor Co.  | 960 |
| **BANKS—4.2%** | **BANKS—4.2%** | **BANKS—4.2%** |
| 105295 | Bank of America Corp.  | 5629 |
| 44890 | JPMorgan Chase & Co.  | 14061 |
|  |  | 19690 |
| **BEVERAGES—0.2%** | **BEVERAGES—0.2%** | **BEVERAGES—0.2%** |
| 14248 | Monster Beverage Corp. <sup>\*</sup> | 1098 |
| **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** |
| 20687 | AbbVie, Inc.  | 4372 |
| 1707 | Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | 528 |
| 6045 | Amgen, Inc.  | 2093 |
| 1972 | Incyte Corp. <sup>\*</sup> | 188 |
| 1775 | Natera, Inc. <sup>\*</sup> | 366 |
| 1126 | Regeneron Pharmaceuticals, Inc.  | 796 |
|  |  | 8343 |
| **BROADLINE RETAIL—6.9%** | **BROADLINE RETAIL—6.9%** | **BROADLINE RETAIL—6.9%** |
| 111973 | Amazon.com, Inc. <sup>\*</sup> | 29680 |
| 9770 | eBay, Inc.  | 1011 |
| 983 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 1762 |
|  |  | 32453 |
| **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** |
| 2090 | Builders FirstSource, Inc. <sup>\*</sup> | 165 |
| 462 | Lennox International, Inc.  | 247 |
| 3402 | Trane Technologies PLC  | 1676 |
|  |  | 2088 |
| **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** |
| 13023 | Blackstone, Inc.  | 1635 |
| 1626 | Cboe Global Markets, Inc.  | 488 |
| 30771 | Charles Schwab Corp.  | 2820 |
| 5546 | CME Group, Inc.  | 1596 |
| 21122 | Morgan Stanley  | 4026 |
| 1405 | MSCI, Inc.  | 831 |
| 8461 | Nasdaq, Inc.  | 778 |
| 6399 | S&P Global, Inc.  | 2759 |
| 1714 | Tradeweb Markets, Inc. Class A | 194 |
|  |  | 15127 |
| **CHEMICALS—0.3%** | **CHEMICALS—0.3%** | **CHEMICALS—0.3%** |
| 11164 | Corteva, Inc.  | 904 |
| 13689 | DuPont de Nemours, Inc.  | 625 |
|  |  | 1529 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMUNICATIONS EQUIPMENT—4.9%** | **COMMUNICATIONS EQUIPMENT—4.9%** | **COMMUNICATIONS EQUIPMENT—4.9%** |
| 35308 | Arista Networks, Inc. <sup>\*</sup> | $6098 |
| 3968 | Ciena Corp. <sup>\*</sup> | 2093 |
| 137839 | Cisco Systems, Inc.  | 12612 |
| 4953 | Motorola Solutions, Inc.  | 2175 |
|  |  | 22978 |
| **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** |
| 2262 | Quanta Services, Inc.  | 1646 |
| **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** |
| 9244 | American Express Co.  | 2986 |
| 22266 | SoFi Technologies, Inc. <sup>\*</sup> | 359 |
| 6120 | Synchrony Financial  | 466 |
|  |  | 3811 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** |
| 7909 | Costco Wholesale Corp.  | 8024 |
| 3946 | Dollar General Corp.  | 457 |
|  |  | 8481 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.1%** |
| 106969 | Verizon Communications, Inc.  | 5138 |
| **ELECTRIC UTILITIES—1.2%** | **ELECTRIC UTILITIES—1.2%** | **ELECTRIC UTILITIES—1.2%** |
| 11374 | Constellation Energy Corp.  | 3560 |
| 12563 | Edison International  | 873 |
| 69801 | PG&E Corp.  | 1160 |
|  |  | 5593 |
| **ELECTRICAL EQUIPMENT—2.1%** | **ELECTRICAL EQUIPMENT—2.1%** | **ELECTRICAL EQUIPMENT—2.1%** |
| 5927 | Eaton Corp. PLC  | 2567 |
| 19035 | Emerson Electric Co.  | 2673 |
| 4167 | GE Vernova, Inc.  | 4515 |
|  |  | 9755 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** |
| 5428 | Keysight Technologies, Inc. <sup>\*</sup> | 1899 |
| **ENERGY EQUIPMENT & SERVICES—0.3%** | **ENERGY EQUIPMENT & SERVICES—0.3%** | **ENERGY EQUIPMENT & SERVICES—0.3%** |
| 24254 | SLB Ltd.  | 1380 |
| **ENTERTAINMENT—4.4%** | **ENTERTAINMENT—4.4%** | **ENTERTAINMENT—4.4%** |
| 154103 | Netflix, Inc. <sup>\*</sup> | 14426 |
| 5808 | Spotify Technology SA <sup>\*</sup> | 2593 |
| 37227 | Walt Disney Co.  | 3862 |
|  |  | 20881 |
| **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** |
| 13510 | Mastercard, Inc. Class A | 6794 |
| **FOOD PRODUCTS—0.4%** | **FOOD PRODUCTS—0.4%** | **FOOD PRODUCTS—0.4%** |
| 10556 | General Mills, Inc.  | 373 |
| 25030 | Mondelez International, Inc. Class A | 1538 |
|  |  | 1911 |
| **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** |
| 29139 | CSX Corp.  | 1324 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.4%** |
| 22510 | Boston Scientific Corp. <sup>\*</sup> | 1297 |
| 7528 | Edwards Lifesciences Corp. <sup>\*</sup> | 629 |
| 5457 | GE HealthCare Technologies, Inc.  | 332 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** | **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** | **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** |
| 895 | Insulet Corp. <sup>\*</sup> | $154 |
| 4502 | Intuitive Surgical, Inc. <sup>\*</sup> | 2060 |
| 1793 | ResMed, Inc.  | 383 |
| 1264 | STERIS PLC  | 274 |
| 4224 | Stryker Corp.  | 1331 |
|  |  | 6460 |
| **HOTELS, RESTAURANTS & LEISURE—2.0%** | **HOTELS, RESTAURANTS & LEISURE—2.0%** | **HOTELS, RESTAURANTS & LEISURE—2.0%** |
| 8537 | Airbnb, Inc. Class A<sup>\*</sup> | 1198 |
| 18801 | Booking Holdings, Inc.  | 3165 |
| 11714 | DraftKings, Inc. Class A<sup>\*</sup> | 273 |
| 2837 | Expedia Group, Inc.  | 705 |
| 4239 | Hilton Worldwide Holdings, Inc.  | 1374 |
| 4078 | Marriott International, Inc. Class A | 1475 |
| 4935 | Royal Caribbean Cruises Ltd.  | 1302 |
|  |  | 9492 |
| **HOUSEHOLD DURABLES—0.3%** | **HOUSEHOLD DURABLES—0.3%** | **HOUSEHOLD DURABLES—0.3%** |
| 4844 | DR Horton, Inc.  | 745 |
| 3554 | PulteGroup, Inc.  | 435 |
|  |  | 1180 |
| **HOUSEHOLD PRODUCTS—1.9%** | **HOUSEHOLD PRODUCTS—1.9%** | **HOUSEHOLD PRODUCTS—1.9%** |
| 15640 | Colgate-Palmolive Co.  | 1335 |
| 6266 | Kimberly-Clark Corp.  | 617 |
| 46000 | Procter & Gamble Co.  | 6766 |
|  |  | 8718 |
| **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** |
| 8029 | 3M Co.  | 1176 |
| 10141 | Honeywell International, Inc.  | 2174 |
|  |  | 3350 |
| **INDUSTRIAL REITS—0.9%** | **INDUSTRIAL REITS—0.9%** | **INDUSTRIAL REITS—0.9%** |
| 28789 | Prologis, Inc.  | 4089 |
| **INSURANCE—2.1%** | **INSURANCE—2.1%** | **INSURANCE—2.1%** |
| 3420 | Aon PLC Class A | 1066 |
| 5654 | Arch Capital Group Ltd. <sup>\*</sup> | 534 |
| 4881 | Brown & Brown, Inc.  | 294 |
| 2459 | Cincinnati Financial Corp.  | 402 |
| 4338 | Hartford Insurance Group, Inc.  | 593 |
| 2688 | Loews Corp.  | 303 |
| 201 | Markel Group, Inc. <sup>\*</sup> | 356 |
| 8594 | Marsh & McLennan Cos., Inc.  | 1441 |
| 9196 | MetLife, Inc.  | 737 |
| 3776 | Principal Financial Group, Inc.  | 381 |
| 9631 | Progressive Corp.  | 1939 |
| 6049 | Prudential Financial, Inc.  | 593 |
| 2136 | Ryan Specialty Holdings, Inc.  | 74 |
| 3512 | Travelers Cos., Inc.  | 1072 |
|  |  | 9785 |
| **INTERACTIVE MEDIA & SERVICES—10.8%** | **INTERACTIVE MEDIA & SERVICES—10.8%** | **INTERACTIVE MEDIA & SERVICES—10.8%** |
| 72810 | Alphabet, Inc. Class A | 28017 |
| 34793 | Meta Platforms, Inc. Class A | 21290 |
| 29335 | Pinterest, Inc. Class A<sup>\*</sup> | 577 |
| 5548 | Reddit, Inc. Class A<sup>\*</sup> | 817 |
|  |  | 50701 |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| 2828 | IQVIA Holdings, Inc. <sup>\*</sup> | 448 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—2.4%** | **MACHINERY—2.4%** | **MACHINERY—2.4%** |
| 6734 | Caterpillar, Inc.  | $5994 |
| 2243 | Cummins, Inc.  | 1505 |
| 3665 | Deere & Co.  | 2162 |
| 2013 | Parker-Hannifin Corp.  | 1831 |
|  |  | 11492 |
| **MEDIA—0.1%** | **MEDIA—0.1%** | **MEDIA—0.1%** |
| 17758 | Trade Desk, Inc. Class A<sup>\*</sup> | 419 |
| **METALS & MINING—1.0%** | **METALS & MINING—1.0%** | **METALS & MINING—1.0%** |
| 51353 | Freeport-McMoRan, Inc.  | 2967 |
| 8321 | Nucor Corp.  | 1875 |
|  |  | 4842 |
| **MULTI-UTILITIES—0.8%** | **MULTI-UTILITIES—0.8%** | **MULTI-UTILITIES—0.8%** |
| 12655 | Consolidated Edison, Inc.  | 1411 |
| 22422 | Sempra  | 2133 |
|  |  | 3544 |
| **OIL, GAS & CONSUMABLE FUELS—3.1%** | **OIL, GAS & CONSUMABLE FUELS—3.1%** | **OIL, GAS & CONSUMABLE FUELS—3.1%** |
| 49351 | Chevron Corp.  | 9540 |
| 20274 | Occidental Petroleum Corp.  | 1228 |
| 15442 | ONEOK, Inc.  | 1428 |
| 737 | Texas Pacific Land Corp.  | 327 |
| 7490 | Valero Energy Corp.  | 1892 |
|  |  | 14415 |
| **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** |
| 10538 | Delta Air Lines, Inc.  | 717 |
| **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** |
| 10264 | Eli Lilly & Co.  | 9593 |
| 27318 | Johnson & Johnson  | 6279 |
| 27585 | Merck & Co., Inc.  | 3012 |
| 66301 | Pfizer, Inc.  | 1770 |
| 5311 | Zoetis, Inc.  | 610 |
|  |  | 21264 |
| **PROFESSIONAL SERVICES—0.9%** | **PROFESSIONAL SERVICES—0.9%** | **PROFESSIONAL SERVICES—0.9%** |
| 16106 | Automatic Data Processing, Inc.  | 3414 |
| 2078 | Equifax, Inc.  | 361 |
| 4125 | Jacobs Solutions, Inc.  | 534 |
|  |  | 4309 |
| **RESIDENTIAL REITS—0.3%** | **RESIDENTIAL REITS—0.3%** | **RESIDENTIAL REITS—0.3%** |
| 11120 | Equity Residential  | 727 |
| 18771 | Invitation Homes, Inc.  | 540 |
|  |  | 1267 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.5%** |
| 5136 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 894 |
| 4400 | KLA Corp.  | 7702 |
| 21145 | Lam Research Corp.  | 5452 |
| 29502 | Marvell Technology, Inc.  | 4872 |
| 121766 | NVIDIA Corp.  | 24301 |
| 4167 | Teradyne, Inc.  | 1431 |
|  |  | 44652 |
| **SOFTWARE—9.7%** | **SOFTWARE—9.7%** | **SOFTWARE—9.7%** |
| 7961 | Autodesk, Inc. <sup>\*</sup> | 1887 |
| 9194 | Cadence Design Systems, Inc. <sup>\*</sup> | 3030 |
| 11595 | Intuit, Inc.  | 4505 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 55465 | Microsoft Corp.  | $22617 |
| 35375 | Salesforce, Inc.  | 6245 |
| 38811 | ServiceNow, Inc. <sup>\*</sup> | 3427 |
| 6723 | Synopsys, Inc. <sup>\*</sup> | 3244 |
| 8268 | Trimble, Inc. <sup>\*</sup> | 557 |
|  |  | 45512 |
| **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** |
| 10353 | Digital Realty Trust, Inc.  | 2080 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.4%** |
| 87028 | Apple, Inc.  | 23615 |
| 42665 | Hewlett Packard Enterprise Co.  | 1228 |
| 32223 | HP, Inc.  | 672 |
|  |  | 25515 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** |
| 2738 | Amer Sports, Inc. (Finland)<sup>\*</sup> | 96 |
| 2121 | Lululemon Athletica, Inc. <sup>\*</sup> | 292 |
| 23805 | NIKE, Inc. Class B | 1056 |
|  |  | 1444 |
| **TOBACCO—1.6%** | **TOBACCO—1.6%** | **TOBACCO—1.6%** |
| 32080 | Altria Group, Inc.  | 2331 |
| 30845 | Philip Morris International, Inc.  | 5091 |
|  |  | 7422 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** | **TRADING COMPANIES & DISTRIBUTORS—0.4%** |
| 934 | United Rentals, Inc.  | $896 |
| 799 | WW Grainger, Inc.  | 928 |
|  |  | 1824 |
| **TOTAL COMMON STOCKS** <br>(Cost $351,877) | **TOTAL COMMON STOCKS** <br>(Cost $351,877) | 467321 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.6%** | **EXCHANGE-TRADED FUNDS—0.6%** | **EXCHANGE-TRADED FUNDS—0.6%** |
| **CAPITAL MARKETS—0.6%** | **CAPITAL MARKETS—0.6%** | **CAPITAL MARKETS—0.6%** |
| 29551 | State Street Materials Select Sector SPDR ETF  | 1521 |
| 23883 | State Street Utilities Select Sector SPDR ETF  | 1119 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $2,687) | **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $2,687) | 2640 |
| **TOTAL INVESTMENTS—100.0%** <br>(Cost $354,564) | **TOTAL INVESTMENTS—100.0%** <br>(Cost $354,564) | 469961 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%** | 34 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $469995 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.9%** | **COMMON STOCKS—96.9%** | **COMMON STOCKS—96.9%** |
| **Shares** |  | **Value** |
| **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** |
| 20607 | Adient PLC <sup>\*</sup> | $434 |
| **BANKS—8.5%** | **BANKS—8.5%** | **BANKS—8.5%** |
| 43138 | Atlantic Union Bankshares Corp.  | 1624 |
| 40179 | Banc of California, Inc.  | 752 |
| 2677 | Bank First Corp.  | 389 |
| 11739 | Bank of Hawaii Corp.  | 933 |
| 10234 | Banner Corp.  | 685 |
| 24114 | First Busey Corp.  | 632 |
| 2344 | First Business Financial Services, Inc.  | 132 |
| 28898 | First Financial Bancorp  | 875 |
| 17083 | First Merchants Corp.  | 691 |
| 25605 | Hancock Whitney Corp.  | 1728 |
| 13117 | Hilltop Holdings, Inc.  | 494 |
| 14604 | Independent Bank Corp.  | 1139 |
| 16212 | International Bancshares Corp.  | 1163 |
| 4777 | Mercantile Bank Corp.  | 245 |
| 16780 | OceanFirst Financial Corp.  | 320 |
| 8730 | Origin Bancorp, Inc.  | 409 |
| 10688 | Peoples Bancorp, Inc.  | 368 |
| 23110 | Towne Bank  | 822 |
|  |  | 13401 |
| **BEVERAGES—0.6%** | **BEVERAGES—0.6%** | **BEVERAGES—0.6%** |
| 4081 | Boston Beer Co., Inc. Class A<sup>\*</sup> | 967 |
| **BIOTECHNOLOGY—9.3%** | **BIOTECHNOLOGY—9.3%** | **BIOTECHNOLOGY—9.3%** |
| 35310 | Abeona Therapeutics, Inc. <sup>\*</sup> | 193 |
| 43269 | Agios Pharmaceuticals, Inc. <sup>\*</sup> | 1212 |
| 18286 | Entrada Therapeutics, Inc. <sup>\*</sup> | 247 |
| 55872 | Kura Oncology, Inc. <sup>\*</sup> | 493 |
| 34157 | Kymera Therapeutics, Inc. <sup>\*</sup> | 2769 |
| 88226 | Myriad Genetics, Inc. <sup>\*</sup> | 419 |
| 48790 | REGENXBIO, Inc. <sup>\*</sup> | 438 |
| 30540 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 2485 |
| 80577 | Sarepta Therapeutics, Inc. <sup>\*</sup> | 1682 |
| 37629 | Twist Bioscience Corp. <sup>\*</sup> | 2199 |
| 83707 | Ultragenyx Pharmaceutical, Inc. <sup>\*</sup> | 2067 |
| 52295 | Vanda Pharmaceuticals, Inc. <sup>\*</sup> | 371 |
|  |  | 14575 |
| **BUILDING PRODUCTS—2.2%** | **BUILDING PRODUCTS—2.2%** | **BUILDING PRODUCTS—2.2%** |
| 4843 | American Woodmark Corp. <sup>\*</sup> | 212 |
| 76980 | Masterbrand, Inc. <sup>\*</sup> | 691 |
| 61029 | Resideo Technologies, Inc. <sup>\*</sup> | 2525 |
|  |  | 3428 |
| **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** |
| 25124 | Moelis & Co. Class A | 1636 |
| 23339 | Piper Sandler Cos.  | 2035 |
| 27359 | Virtu Financial, Inc. Class A | 1359 |
|  |  | 5030 |
| **CHEMICALS—4.5%** | **CHEMICALS—4.5%** | **CHEMICALS—4.5%** |
| 96883 | Chemours Co.  | 2611 |
| 16053 | HB Fuller Co.  | 971 |
| 14401 | Koppers Holdings, Inc.  | 588 |
| 25322 | Sensient Technologies Corp.  | 2878 |
|  |  | 7048 |
| **COMMERCIAL SERVICES & SUPPLIES—2.3%** | **COMMERCIAL SERVICES & SUPPLIES—2.3%** | **COMMERCIAL SERVICES & SUPPLIES—2.3%** |
| 5832 | Cimpress PLC (Ireland)<sup>\*</sup> | 516 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| 51827 | GEO Group, Inc. <sup>\*</sup> | $959 |
| 21937 | HNI Corp.  | 801 |
| 17897 | Interface, Inc.  | 499 |
| 20933 | MillerKnoll, Inc.  | 337 |
| 32776 | Pitney Bowes, Inc.  | 507 |
|  |  | 3619 |
| **COMMUNICATIONS EQUIPMENT—1.9%** | **COMMUNICATIONS EQUIPMENT—1.9%** | **COMMUNICATIONS EQUIPMENT—1.9%** |
| 10218 | Calix, Inc. <sup>\*</sup> | 445 |
| 26796 | Extreme Networks, Inc. <sup>\*</sup> | 592 |
| 13193 | NetScout Systems, Inc. <sup>\*</sup> | 445 |
| 22353 | Viasat, Inc. <sup>\*</sup> | 1473 |
|  |  | 2955 |
| **CONSTRUCTION & ENGINEERING—1.2%** | **CONSTRUCTION & ENGINEERING—1.2%** | **CONSTRUCTION & ENGINEERING—1.2%** |
| 13468 | Granite Construction, Inc.  | 1846 |
| **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** |
| 14308 | Bread Financial Holdings, Inc.  | 1213 |
| 6764 | Encore Capital Group, Inc. <sup>\*</sup> | 560 |
| 5029 | LendingTree, Inc. <sup>\*</sup> | 249 |
| 10658 | Oportun Financial Corp. <sup>\*</sup> | 65 |
|  |  | 2087 |
| **DIVERSIFIED CONSUMER SERVICES—2.2%** | **DIVERSIFIED CONSUMER SERVICES—2.2%** | **DIVERSIFIED CONSUMER SERVICES—2.2%** |
| 7100 | American Public Education, Inc. <sup>\*</sup> | 413 |
| 27342 | Coursera, Inc. <sup>\*</sup> | 163 |
| 9949 | Grand Canyon Education, Inc. <sup>\*</sup> | 1682 |
| 42612 | Laureate Education, Inc. <sup>\*</sup> | 1282 |
|  |  | 3540 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.1%** |
| 5944 | Bandwidth, Inc. Class A<sup>\*</sup> | 219 |
| 38299 | Iridium Communications, Inc.  | 1496 |
|  |  | 1715 |
| **ELECTRIC UTILITIES—0.2%** | **ELECTRIC UTILITIES—0.2%** | **ELECTRIC UTILITIES—0.2%** |
| 26153 | Hawaiian Electric Industries, Inc. <sup>\*</sup> | 394 |
| **ELECTRICAL EQUIPMENT—1.3%** | **ELECTRICAL EQUIPMENT—1.3%** | **ELECTRICAL EQUIPMENT—1.3%** |
| 7208 | Powell Industries, Inc.  | 1999 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%** |
| 22332 | Arlo Technologies, Inc. <sup>\*</sup> | 314 |
| 33576 | Avnet, Inc.  | 2770 |
| 10873 | Daktronics, Inc. <sup>\*</sup> | 214 |
| 10277 | Itron, Inc. <sup>\*</sup> | 861 |
| 10557 | ScanSource, Inc. <sup>\*</sup> | 434 |
| 24383 | Vishay Intertechnology, Inc.  | 707 |
|  |  | 5300 |
| **ENERGY EQUIPMENT & SERVICES—3.2%** | **ENERGY EQUIPMENT & SERVICES—3.2%** | **ENERGY EQUIPMENT & SERVICES—3.2%** |
| 52058 | Archrock, Inc.  | 2017 |
| 14605 | Kodiak Gas Services, Inc.  | 990 |
| 29862 | Oceaneering International, Inc. <sup>\*</sup> | 1121 |
| 17683 | Seadrill Ltd. (Norway)<sup>\*</sup> | 879 |
|  |  | 5007 |
| **ENTERTAINMENT—0.0%** | **ENTERTAINMENT—0.0%** | **ENTERTAINMENT—0.0%** |
| 16287 | Playtika Holding Corp.  | 59 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—2.7%** | **FINANCIAL SERVICES—2.7%** | **FINANCIAL SERVICES—2.7%** |
| 133951 | Marqeta, Inc. Class A<sup>\*</sup> | $581 |
| 4844 | Merchants Bancorp  | 226 |
| 42401 | Radian Group, Inc.  | 1519 |
| 53743 | Remitly Global, Inc. <sup>\*</sup> | 1177 |
| 59155 | UWM Holdings Corp.  | 209 |
| 10421 | Walker & Dunlop, Inc.  | 525 |
|  |  | 4237 |
| **GAS UTILITIES—0.3%** | **GAS UTILITIES—0.3%** | **GAS UTILITIES—0.3%** |
| 3643 | Chesapeake Utilities Corp.  | 459 |
| **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** |
| 6524 | ArcBest Corp.  | 832 |
| 38802 | Hertz Global Holdings, Inc. <sup>\*</sup> | 247 |
|  |  | 1079 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.9%** |
| 41802 | AtriCure, Inc. <sup>\*</sup> | 1175 |
| 26165 | Bioventus, Inc. Class A<sup>\*</sup> | 258 |
| 21686 | CONMED Corp.  | 795 |
| 13710 | Kestra Medical Technologies Ltd. <sup>\*</sup> | 284 |
| 12275 | Omnicell, Inc. <sup>\*</sup> | 509 |
|  |  | 3021 |
| **HEALTH CARE PROVIDERS & SERVICES—1.1%** | **HEALTH CARE PROVIDERS & SERVICES—1.1%** | **HEALTH CARE PROVIDERS & SERVICES—1.1%** |
| 45661 | Aveanna Healthcare Holdings, Inc. <sup>\*</sup> | 298 |
| 25771 | Castle Biosciences, Inc. <sup>\*</sup> | 631 |
| 32059 | Privia Health Group, Inc. <sup>\*</sup> | 797 |
|  |  | 1726 |
| **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** |
| 43300 | Evolent Health, Inc. Class A<sup>\*</sup> | 162 |
| 70403 | GoodRx Holdings, Inc. Class A<sup>\*</sup> | 166 |
| 15713 | Health Catalyst, Inc. <sup>\*</sup> | 20 |
| 15715 | Schrodinger, Inc. <sup>\*</sup> | 188 |
| 4627 | Simulations Plus, Inc. <sup>\*</sup> | 66 |
|  |  | 602 |
| **HOTEL & RESORT REITS—1.4%** | **HOTEL & RESORT REITS—1.4%** | **HOTEL & RESORT REITS—1.4%** |
| 158649 | Apple Hospitality REIT, Inc.  | 2137 |
| **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** |
| 18480 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 243 |
| 59476 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 259 |
| 75148 | Global Business Travel Group I <sup>\*</sup> | 440 |
| 108755 | Sabre Corp. <sup>\*</sup> | 199 |
| 27096 | Travel & Leisure Co.  | 1752 |
|  |  | 2893 |
| **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** |
| 12700 | Beazer Homes USA, Inc. <sup>\*</sup> | 274 |
| 9984 | LGI Homes, Inc. <sup>\*</sup> | 489 |
|  |  | 763 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 35343 | Energizer Holdings, Inc.  | 692 |
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.4%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—0.4%** |
| 12213 | Clearway Energy, Inc. Class C | 493 |
| 14004 | XPLR Infrastructure LP <sup>\*</sup> | 145 |
|  |  | 638 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—2.6%** | **INSURANCE—2.6%** | **INSURANCE—2.6%** |
| 2538 | American Integrity Insurance Group, Inc.  | $50 |
| 29632 | Baldwin Insurance Group, Inc. <sup>\*</sup> | 673 |
| 29106 | CNO Financial Group, Inc.  | 1294 |
| 7047 | F&G Annuities & Life, Inc.  | 202 |
| 118907 | Genworth Financial, Inc. <sup>\*</sup> | 1045 |
| 22840 | Kemper Corp.  | 769 |
|  |  | 4033 |
| **INTERACTIVE MEDIA & SERVICES—1.3%** | **INTERACTIVE MEDIA & SERVICES—1.3%** | **INTERACTIVE MEDIA & SERVICES—1.3%** |
| 18770 | Cargurus, Inc. <sup>\*</sup> | 685 |
| 28323 | Taboola.com Ltd. (Israel)<sup>\*</sup> | 107 |
| 66332 | TripAdvisor, Inc. <sup>\*</sup> | 738 |
| 10212 | Ziff Davis, Inc. <sup>\*</sup> | 467 |
| 16201 | ZipRecruiter, Inc. Class A<sup>\*</sup> | 47 |
|  |  | 2044 |
| **IT SERVICES—0.5%** | **IT SERVICES—0.5%** | **IT SERVICES—0.5%** |
| 11887 | Globant SA <sup>\*</sup> | 490 |
| 16486 | Grid Dynamics Holdings, Inc. <sup>\*</sup> | 94 |
| 10807 | Hackett Group, Inc.  | 139 |
| 13125 | Information Services Group, Inc.  | 54 |
|  |  | 777 |
| **LEISURE PRODUCTS—1.6%** | **LEISURE PRODUCTS—1.6%** | **LEISURE PRODUCTS—1.6%** |
| 95325 | Callaway Golf Co. <sup>\*</sup> | 1458 |
| 25763 | YETI Holdings, Inc. <sup>\*</sup> | 1017 |
|  |  | 2475 |
| **MACHINERY—0.4%** | **MACHINERY—0.4%** | **MACHINERY—0.4%** |
| 3235 | Hyster-Yale, Inc.  | 128 |
| 9859 | Worthington Enterprises, Inc.  | 535 |
|  |  | 663 |
| **MEDIA—1.0%** | **MEDIA—1.0%** | **MEDIA—1.0%** |
| 13773 | AMC Global Media, Inc. <sup>\*</sup> | 117 |
| 31795 | DoubleVerify Holdings, Inc. <sup>\*</sup> | 351 |
| 18724 | John Wiley & Sons, Inc. Class A | 766 |
| 33017 | Magnite, Inc. <sup>\*</sup> | 423 |
|  |  | 1657 |
| **METALS & MINING—1.0%** | **METALS & MINING—1.0%** | **METALS & MINING—1.0%** |
| 25218 | Ryerson Holding Corp.  | 699 |
| 24583 | Worthington Steel, Inc.  | 944 |
|  |  | 1643 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.7%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.7%** |
| 134388 | Arbor Realty Trust, Inc.  | 1062 |
| **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** |
| 11876 | Black Hills Corp.  | 894 |
| 9925 | Northwestern Energy Group, Inc.  | 718 |
|  |  | 1612 |
| **OIL, GAS & CONSUMABLE FUELS—3.3%** | **OIL, GAS & CONSUMABLE FUELS—3.3%** | **OIL, GAS & CONSUMABLE FUELS—3.3%** |
| 390574 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 1203 |
| 111840 | Magnolia Oil & Gas Corp. Class A | 3382 |
| 23683 | World Kinect Corp.  | 639 |
|  |  | 5224 |
| **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** |
| 10860 | Sylvamo Corp.  | 464 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PASSENGER AIRLINES—1.1%** | **PASSENGER AIRLINES—1.1%** | **PASSENGER AIRLINES—1.1%** |
| 4186 | Allegiant Travel Co. <sup>\*</sup> | $317 |
| 9372 | Copa Holdings SA Class A (Panama) | 1084 |
| 81270 | JetBlue Airways Corp. <sup>\*</sup> | 378 |
|  |  | 1779 |
| **PHARMACEUTICALS—4.1%** | **PHARMACEUTICALS—4.1%** | **PHARMACEUTICALS—4.1%** |
| 23380 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | 789 |
| 13994 | LENZ Therapeutics, Inc. <sup>\*</sup> | 126 |
| 230183 | Organon & Co.  | 3050 |
| 11782 | Phibro Animal Health Corp. Class A | 626 |
| 29463 | Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | 1874 |
|  |  | 6465 |
| **PROFESSIONAL SERVICES—3.5%** | **PROFESSIONAL SERVICES—3.5%** | **PROFESSIONAL SERVICES—3.5%** |
| 10083 | Concentrix Corp.  | 240 |
| 23131 | First Advantage Corp. <sup>\*</sup> | 295 |
| 7617 | Huron Consulting Group, Inc. <sup>\*</sup> | 995 |
| 7560 | Innodata, Inc. <sup>\*</sup> | 319 |
| 19810 | Insperity, Inc.  | 705 |
| 7153 | Kforce, Inc.  | 324 |
| 33789 | Legalzoom.com, Inc. <sup>\*</sup> | 218 |
| 19123 | ManpowerGroup, Inc.  | 579 |
| 46254 | Robert Half, Inc.  | 1231 |
| 5865 | TaskUS, Inc. Class A (Philippines) | 38 |
| 61663 | Upwork, Inc. <sup>\*</sup> | 638 |
|  |  | 5582 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.9%** |
| 149182 | Compass, Inc. Class A<sup>\*</sup> | 1129 |
| 33652 | eXp World Holdings, Inc.  | 210 |
| 6091 | RE/MAX Holdings, Inc. Class A<sup>\*</sup> | 65 |
|  |  | 1404 |
| **RESIDENTIAL REITS—0.5%** | **RESIDENTIAL REITS—0.5%** | **RESIDENTIAL REITS—0.5%** |
| 12658 | Centerspace  | 864 |
| **RETAIL REITS—3.1%** | **RETAIL REITS—3.1%** | **RETAIL REITS—3.1%** |
| 55997 | InvenTrust Properties Corp.  | 1799 |
| 78406 | Phillips Edison & Co., Inc.  | 3149 |
|  |  | 4948 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.2%** |
| 16668 | Semtech Corp. <sup>\*</sup> | 1751 |
| 4525 | Silicon Laboratories, Inc. <sup>\*</sup> | 985 |
| 7050 | Synaptics, Inc. <sup>\*</sup> | 660 |
|  |  | 3396 |
| **SOFTWARE—5.3%** | **SOFTWARE—5.3%** | **SOFTWARE—5.3%** |
| 17772 | Alkami Technology, Inc. <sup>\*</sup> | 280 |
| 23863 | Amplitude, Inc. Class A<sup>\*</sup> | 170 |
| 26722 | Asana, Inc. Class A<sup>\*</sup> | 169 |
| 8378 | Blackbaud, Inc. <sup>\*</sup> | 311 |
| 31186 | Box, Inc. Class A<sup>\*</sup> | 755 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 19882 | Braze, Inc. Class A<sup>\*</sup> | $438 |
| 12041 | Dolby Laboratories, Inc. Class A | 772 |
| 4477 | EverCommerce, Inc. <sup>\*</sup> | 52 |
| 21345 | JFrog Ltd. (Israel)<sup>\*</sup> | 991 |
| 14854 | N-able, Inc. <sup>\*</sup> | 77 |
| 23826 | nCino, Inc. <sup>\*</sup> | 416 |
| 7574 | OneSpan, Inc.  | 88 |
| 27690 | PagerDuty, Inc. <sup>\*</sup> | 184 |
| 24731 | Porch Group, Inc. <sup>\*</sup> | 238 |
| 9638 | Progress Software Corp. <sup>\*</sup> | 268 |
| 12736 | RingCentral, Inc. Class A | 512 |
| 11014 | SPS Commerce, Inc. <sup>\*</sup> | 618 |
| 23440 | Tenable Holdings, Inc. <sup>\*</sup> | 490 |
| 16239 | Teradata Corp. <sup>\*</sup> | 428 |
| 20897 | Vertex, Inc. Class A<sup>\*</sup> | 259 |
| 12997 | Workiva, Inc. <sup>\*</sup> | 695 |
| 26336 | Yext, Inc. <sup>\*</sup> | 102 |
|  |  | 8313 |
| **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** |
| 8650 | Asbury Automotive Group, Inc. <sup>\*</sup> | 1762 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** |
| 54364 | Levi Strauss & Co. Class A | 1211 |
| **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** |
| 4868 | DXP Enterprises, Inc. <sup>\*</sup> | 831 |
| 10899 | GATX Corp.  | 2135 |
|  |  | 2966 |
| **WATER UTILITIES—0.4%** | **WATER UTILITIES—0.4%** | **WATER UTILITIES—0.4%** |
| 6199 | American States Water Co.  | 467 |
| 2835 | Middlesex Water Co.  | 144 |
|  |  | 611 |
| **TOTAL COMMON STOCKS** <br>(Cost $137,195) | **TOTAL COMMON STOCKS** <br>(Cost $137,195) | 152606 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—3.1%** | **EXCHANGE-TRADED FUNDS—3.1%** | **EXCHANGE-TRADED FUNDS—3.1%** |
| **CAPITAL MARKETS—3.1%** | **CAPITAL MARKETS—3.1%** | **CAPITAL MARKETS—3.1%** |
| 18504 | Invesco S&P SmallCap Energy ETF  | 1173 |
| 7195 | Invesco S&P SmallCap Financials ETF  | 445 |
| 32530 | Invesco S&P SmallCap Health Care ETF  | 1451 |
| 17001 | Invesco S&P SmallCap Materials ETF  | 1807 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $4,444) | **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $4,444) | 4876 |
| **TOTAL INVESTMENTS—100.0%** <br>(Cost $141,639) | **TOTAL INVESTMENTS—100.0%** <br>(Cost $141,639) | 157482 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | (13)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $157469 |

---

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

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** |
| Certain of the Fund's investments are considered to be affiliates because the Fund owned more than 5% of the outstanding voting shares of the company during the <br> period November 1, 2025 through April 30, 2026. Transactions during the period in securities of these companies were as follows: | Certain of the Fund's investments are considered to be affiliates because the Fund owned more than 5% of the outstanding voting shares of the company during the <br> period November 1, 2025 through April 30, 2026. Transactions during the period in securities of these companies were as follows: | Certain of the Fund's investments are considered to be affiliates because the Fund owned more than 5% of the outstanding voting shares of the company during the <br> period November 1, 2025 through April 30, 2026. Transactions during the period in securities of these companies were as follows: | Certain of the Fund's investments are considered to be affiliates because the Fund owned more than 5% of the outstanding voting shares of the company during the <br> period November 1, 2025 through April 30, 2026. Transactions during the period in securities of these companies were as follows: | Certain of the Fund's investments are considered to be affiliates because the Fund owned more than 5% of the outstanding voting shares of the company during the <br> period November 1, 2025 through April 30, 2026. Transactions during the period in securities of these companies were as follows: | Certain of the Fund's investments are considered to be affiliates because the Fund owned more than 5% of the outstanding voting shares of the company during the <br> period November 1, 2025 through April 30, 2026. Transactions during the period in securities of these companies were as follows: | Certain of the Fund's investments are considered to be affiliates because the Fund owned more than 5% of the outstanding voting shares of the company during the <br> period November 1, 2025 through April 30, 2026. Transactions during the period in securities of these companies were as follows: | Certain of the Fund's investments are considered to be affiliates because the Fund owned more than 5% of the outstanding voting shares of the company during the <br> period November 1, 2025 through April 30, 2026. Transactions during the period in securities of these companies were as follows: |
| **Security Name** | **Beginning** <br>**Balance** <br>**as of** <br>**11/01/2025** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Net** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Net** <br>**Dividend** <br>**Income** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**04/30/2026** <br>**(000s)**<br>|
| Invesco S&P SmallCap Energy ETF | &nbsp;&nbsp; $4774 | &nbsp;&nbsp; $2576 | &nbsp;&nbsp; $(7231) | &nbsp;&nbsp; $565 | &nbsp;&nbsp; $489 | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $1173 |
| Invesco S&P SmallCap Financials ETF | &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 1111 | &nbsp;&nbsp; (2579) | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 445 |
| Invesco S&P SmallCap Materials ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 1755 | (9) | &nbsp;&nbsp; — | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1807 |
| Invesco S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp; 982 | &nbsp;&nbsp; 523 | &nbsp;&nbsp; (1499) | &nbsp;&nbsp; 52 | (58) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| Total | &nbsp;&nbsp; $7478 | &nbsp;&nbsp; $5965 | &nbsp;&nbsp; $(11318) | &nbsp;&nbsp; $718 | &nbsp;&nbsp; $582 | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $3425 |

---

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor International Compounders ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** C WorldWide Asset Management

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.2%** | **COMMON STOCKS—96.2%** | **COMMON STOCKS—96.2%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** |
| 5720 | Rheinmetall AG (Germany) | $9102 |
| **BANKS—5.1%** | **BANKS—5.1%** | **BANKS—5.1%** |
| 20266700 | Bank Central Asia Tbk. PT (Indonesia) | 6849 |
| 723915 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 18395 |
|  |  | 25244 |
| **BROADLINE RETAIL—6.1%** | **BROADLINE RETAIL—6.1%** | **BROADLINE RETAIL—6.1%** |
| 7184 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 12878 |
| 351082 | Prosus NV (China) | 16923 |
|  |  | 29801 |
| **BUILDING PRODUCTS—3.5%** | **BUILDING PRODUCTS—3.5%** | **BUILDING PRODUCTS—3.5%** |
| 450535 | Assa Abloy AB Class B (Sweden)<sup>2</sup> | 17147 |
| **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** | **CAPITAL MARKETS—3.8%** |
| 60875 | Deutsche Boerse AG (Germany) | 18690 |
| **CHEMICALS—3.2%** | **CHEMICALS—3.2%** | **CHEMICALS—3.2%** |
| 31877 | Linde PLC (United States) | 15975 |
| **CONSTRUCTION & ENGINEERING—2.5%** | **CONSTRUCTION & ENGINEERING—2.5%** | **CONSTRUCTION & ENGINEERING—2.5%** |
| 83213 | Vinci SA (France) | 12550 |
| **CONSTRUCTION MATERIALS—2.0%** | **CONSTRUCTION MATERIALS—2.0%** | **CONSTRUCTION MATERIALS—2.0%** |
| 44027 | Heidelberg Materials AG (Germany) | 9732 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.3%** |
| 2480930 | Tesco PLC (United Kingdom) | 16274 |
| **ELECTRIC UTILITIES—3.7%** | **ELECTRIC UTILITIES—3.7%** | **ELECTRIC UTILITIES—3.7%** |
| 502197 | SSE PLC (United Kingdom) | 18048 |
| **ELECTRICAL EQUIPMENT—7.5%** | **ELECTRICAL EQUIPMENT—7.5%** | **ELECTRICAL EQUIPMENT—7.5%** |
| 235400 | Contemporary Amperex Technology Co. Ltd. Class H <br> (China)<br>| 18273 |
| 59758 | Schneider Electric SE (France) | 18838 |
|  |  | 37111 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.7%** |
| 29000 | Keyence Corp. (Japan) | 13208 |
| **FOOD PRODUCTS—3.3%** | **FOOD PRODUCTS—3.3%** | **FOOD PRODUCTS—3.3%** |
| 159405 | Nestle SA (United States) | 16127 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—5.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—5.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—5.0%** |
| 132200 | Hoya Corp. (Japan) | 24573 |
| **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** |
| 437155 | Compass Group PLC (United Kingdom) | 12350 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** |
| 700603 | Sony Group Corp. (Japan) | $13931 |
| **INDUSTRIAL CONGLOMERATES—4.3%** | **INDUSTRIAL CONGLOMERATES—4.3%** | **INDUSTRIAL CONGLOMERATES—4.3%** |
| 71201 | Siemens AG (Germany) | 21104 |
| **INSURANCE—4.1%** | **INSURANCE—4.1%** | **INSURANCE—4.1%** |
| 1867400 | AIA Group Ltd. (Hong Kong) | 20277 |
| **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** |
| 31278 | L'Oreal SA (France) | 13438 |
| **PHARMACEUTICALS—7.4%** | **PHARMACEUTICALS—7.4%** | **PHARMACEUTICALS—7.4%** |
| 113087 | AstraZeneca PLC (United Kingdom) | 21463 |
| 72391 | Galderma Group AG (Switzerland) | 15176 |
|  |  | 36639 |
| **PROFESSIONAL SERVICES—2.9%** | **PROFESSIONAL SERVICES—2.9%** | **PROFESSIONAL SERVICES—2.9%** |
| 384510 | RELX PLC (United Kingdom) | 14033 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.7%** |
| 16385 | ASML Holding NV (Netherlands) | 23507 |
| 86426 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 34230 |
|  |  | 57737 |
| **SOFTWARE—3.2%** | **SOFTWARE—3.2%** | **SOFTWARE—3.2%** |
| 92305 | SAP SE (Germany) | 15763 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.0%** | **TEXTILES, APPAREL & LUXURY GOODS—1.0%** | **TEXTILES, APPAREL & LUXURY GOODS—1.0%** |
| 9533 | LVMH Moet Hennessy Louis Vuitton SE (France) | 5050 |
| **TOTAL COMMON STOCKS** <br>(Cost $426,835) | **TOTAL COMMON STOCKS** <br>(Cost $426,835) | 473904 |

---

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

**Short-Term Investments—1.5%**<br>

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

---

| | |
|:---|:---|
| (Cost $7,540) | (Cost $7,540) |
| 7539580<br> State Street Navigator Securities Lending <br> Government Money Market Portfolio (1 day yield <br> of 3.670%)<sup>3</sup><br>| 7540 |
| **TOTAL INVESTMENTS—97.7%** <br>(Cost $434,375) | 481444 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.3%** | 11396 |
| **TOTAL NET ASSETS—100%** | $492840 |

---

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

------

⬤

------

**Harbor International Compounders ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

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.

All or a portion of this security was out on loan as of April 30, 2026.

Represents the investment of collateral received from securities lending activities.

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor International Equity ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.3%** | **COMMON STOCKS—97.3%** | **COMMON STOCKS—97.3%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—10.7%** | **AEROSPACE & DEFENSE—10.7%** | **AEROSPACE & DEFENSE—10.7%** |
| 5836 | BAE Systems PLC (United Kingdom) | $162 |
| 3410 | CAE, Inc. (Canada)<sup>\*</sup> | 89 |
| 2736 | Leonardo SpA (Italy) | 170 |
| 11924 | Melrose Industries PLC (United Kingdom) | 78 |
| 275 | MTU Aero Engines AG (Germany) | 94 |
| 473 | Safran SA (France) | 152 |
|  |  | 745 |
| **AUTOMOBILE COMPONENTS—2.2%** | **AUTOMOBILE COMPONENTS—2.2%** | **AUTOMOBILE COMPONENTS—2.2%** |
| 446 | Aumovio SE (Germany)<sup>\*</sup> | 20 |
| 891 | Continental AG (Germany)<sup>\*</sup> | 67 |
| 5500 | Denso Corp. (Japan) | 66 |
|  |  | 153 |
| **AUTOMOBILES—1.0%** | **AUTOMOBILES—1.0%** | **AUTOMOBILES—1.0%** |
| 5500 | BYD Co. Ltd. Class H (China) | 72 |
| **BANKS—15.8%** | **BANKS—15.8%** | **BANKS—15.8%** |
| 14784 | Banco Bradesco SA ADR (Brazil)<sup>1</sup> | 57 |
| 35019 | Barclays PLC (United Kingdom) | 206 |
| 3300 | DBS Group Holdings Ltd. (Singapore) | 152 |
| 3773 | DNB Bank ASA (Norway) | 114 |
| 1838 | Erste Group Bank AG (Austria) | 203 |
| 1793 | Grupo Cibest SA ADR (Colombia)<sup>1</sup> | 122 |
| 9900 | Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 108 |
| 2024 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 51 |
| 3300 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 88 |
|  |  | 1101 |
| **BEVERAGES—2.5%** | **BEVERAGES—2.5%** | **BEVERAGES—2.5%** |
| 22700 | Ambev SA (Brazil) | 67 |
| 2871 | Diageo PLC (United Kingdom) | 57 |
| 638 | Heineken NV (Netherlands) | 50 |
|  |  | 174 |
| **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** |
| 1012 | Julius Baer Group Ltd. (Switzerland) | 83 |
| **CHEMICALS—4.1%** | **CHEMICALS—4.1%** | **CHEMICALS—4.1%** |
| 2200 | Nippon Sanso Holdings Corp. (Japan) | 78 |
| 1463 | Sociedad Quimica y Minera de Chile SA ADR <br> (Chile)<sup>\*,1</sup><br>| 135 |
| 1067 | Syensqo SA (Belgium) | 70 |
|  |  | 283 |
| **ELECTRICAL EQUIPMENT—3.3%** | **ELECTRICAL EQUIPMENT—3.3%** | **ELECTRICAL EQUIPMENT—3.3%** |
| 1540 | Prysmian SpA (Italy) | 231 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.9%** |
| 1233 | Halma PLC (United Kingdom) | 74 |
| 10000 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 69 |
| 3900 | Murata Manufacturing Co. Ltd. (Japan) | 129 |
|  |  | 272 |
| **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** |
| 803 | Canadian National Railway Co. (Canada) | 90 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** |
| 1565 | Siemens Healthineers AG (Germany)<sup>2</sup> | 64 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—5.1%** | **HOTELS, RESTAURANTS & LEISURE—5.1%** | **HOTELS, RESTAURANTS & LEISURE—5.1%** |
| 1353 | Amadeus IT Group SA (Spain) | $78 |
| 3630 | Carnival Corp. (United States) | 96 |
| 8052 | Entain PLC (United Kingdom) | 60 |
| 36000 | TravelSky Technology Ltd. Class H (China) | 44 |
| 1550 | Yum China Holdings, Inc. (China) | 75 |
|  |  | 353 |
| **INDUSTRIAL CONGLOMERATES—2.0%** | **INDUSTRIAL CONGLOMERATES—2.0%** | **INDUSTRIAL CONGLOMERATES—2.0%** |
| 4400 | Hitachi Ltd. (Japan) | 137 |
| **INSURANCE—1.6%** | **INSURANCE—1.6%** | **INSURANCE—1.6%** |
| 12000 | China Life Insurance Co. Ltd. Class H (China) | 44 |
| 187 | Everest Group Ltd. (United States) | 67 |
|  |  | 111 |
| **INTERACTIVE MEDIA & SERVICES—1.1%** | **INTERACTIVE MEDIA & SERVICES—1.1%** | **INTERACTIVE MEDIA & SERVICES—1.1%** |
| 636 | Baidu, Inc. ADR (China)<sup>\*,1</sup> | 80 |
| **IT SERVICES—0.9%** | **IT SERVICES—0.9%** | **IT SERVICES—0.9%** |
| 517 | Capgemini SE (France) | 63 |
| **LIFE SCIENCES TOOLS & SERVICES—3.5%** | **LIFE SCIENCES TOOLS & SERVICES—3.5%** | **LIFE SCIENCES TOOLS & SERVICES—3.5%** |
| 1100 | Eurofins Scientific SE (France) | 76 |
| 552 | ICON PLC (United States)<sup>\*</sup> | 66 |
| 165 | Lonza Group AG (Switzerland) | 101 |
|  |  | 243 |
| **METALS & MINING—3.3%** | **METALS & MINING—3.3%** | **METALS & MINING—3.3%** |
| 11869 | Norsk Hydro ASA (Norway) | 131 |
| 979 | Rio Tinto PLC ADR (Australia)<sup>1</sup> | 98 |
|  |  | 229 |
| **OIL, GAS & CONSUMABLE FUELS—5.0%** | **OIL, GAS & CONSUMABLE FUELS—5.0%** | **OIL, GAS & CONSUMABLE FUELS—5.0%** |
| 2849 | Equinor ASA ADR (Norway)<sup>1</sup> | 116 |
| 4726 | Petroleo Brasileiro SA - Petrobras ADR (Brazil)<sup>1</sup> | 104 |
| 2783 | Shell PLC (United States) | 126 |
|  |  | 346 |
| **PHARMACEUTICALS—3.4%** | **PHARMACEUTICALS—3.4%** | **PHARMACEUTICALS—3.4%** |
| 473 | Merck KGaA (Germany) | 61 |
| 627 | Novartis AG ADR (United States)<sup>1</sup> | 93 |
| 198 | Roche Holding AG (United States) | 80 |
|  |  | 234 |
| **PROFESSIONAL SERVICES—2.4%** | **PROFESSIONAL SERVICES—2.4%** | **PROFESSIONAL SERVICES—2.4%** |
| 1232 | Intertek Group PLC (United Kingdom) | 80 |
| 2332 | RELX PLC (United Kingdom) | 85 |
|  |  | 165 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—17.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—17.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—17.3%** |
| 16000 | ASE Technology Holding Co. Ltd. (Taiwan) | 241 |
| 165 | ASML Holding NV (Netherlands) | 237 |
| 2000 | MediaTek, Inc. (Taiwan) | 165 |
| 9900 | SUMCO Corp. (Japan) | 157 |
| 6000 | Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 404 |
|  |  | 1204 |
| **SOFTWARE—0.8%** | **SOFTWARE—0.8%** | **SOFTWARE—0.8%** |
| 517 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 58 |

---

------

⬤

------

**Harbor International Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.0%** |
| 1867 | Samsung Electronics Co. Ltd. (South Korea) | $278 |
| **TOTAL COMMON STOCKS** <br>(Cost $5,370) | **TOTAL COMMON STOCKS** <br>(Cost $5,370) | 6769 |
| **TOTAL INVESTMENTS—97.3%** <br>(Cost $5,370) | **TOTAL INVESTMENTS—97.3%** <br>(Cost $5,370) | 6769 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.7%** | 187 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $6956 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $64 or 1% of net assets.

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Disciplined Alpha LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—124.4%** | **COMMON STOCKS—124.4%** | **COMMON STOCKS—124.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.7%** | **AEROSPACE & DEFENSE—1.7%** | **AEROSPACE & DEFENSE—1.7%** |
| 846 | ATI, Inc. <sup>\*,1</sup> | $131 |
| 306 | Carpenter Technology Corp. <sup>1</sup> | 131 |
|  |  | 262 |
| **AIR FREIGHT & LOGISTICS—1.4%** | **AIR FREIGHT & LOGISTICS—1.4%** | **AIR FREIGHT & LOGISTICS—1.4%** |
| 567 | CH Robinson Worldwide, Inc. <sup>1</sup> | 103 |
| 270 | FedEx Corp. <sup>1</sup> | 109 |
|  |  | 212 |
| **BIOTECHNOLOGY—5.6%** | **BIOTECHNOLOGY—5.6%** | **BIOTECHNOLOGY—5.6%** |
| 335 | Amgen, Inc. <sup>1</sup> | 116 |
| 558 | Biogen, Inc. <sup>\*,1</sup> | 106 |
| 1977 | BioMarin Pharmaceutical, Inc. <sup>\*,1</sup> | 107 |
| 2080 | Exelixis, Inc. <sup>\*,1</sup> | 92 |
| 900 | Gilead Sciences, Inc. <sup>1</sup> | 118 |
| 1427 | Halozyme Therapeutics, Inc. <sup>\*,1</sup> | 91 |
| 5147 | Sarepta Therapeutics, Inc. <sup>\*</sup> | 107 |
| 212 | United Therapeutics Corp. <sup>\*,1</sup> | 121 |
|  |  | 858 |
| **BROADLINE RETAIL—2.5%** | **BROADLINE RETAIL—2.5%** | **BROADLINE RETAIL—2.5%** |
| 174 | Dillard's, Inc. Class A<sup>1</sup> | 99 |
| 1653 | eBay, Inc. <sup>1</sup> | 171 |
| 1906 | Etsy, Inc. <sup>\*,1</sup> | 123 |
|  |  | 393 |
| **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** |
| 463 | FactSet Research Systems, Inc. <sup>1</sup> | 105 |
| **CHEMICALS—5.4%** | **CHEMICALS—5.4%** | **CHEMICALS—5.4%** |
| 562 | Albemarle Corp.  | 110 |
| 874 | CF Industries Holdings, Inc.  | 109 |
| 1436 | Corteva, Inc. <sup>1</sup> | 116 |
| 2709 | Dow, Inc.  | 110 |
| 2482 | Element Solutions, Inc.  | 106 |
| 10008 | Olin Corp.  | 285 |
|  |  | 836 |
| **COMMUNICATIONS EQUIPMENT—2.9%** | **COMMUNICATIONS EQUIPMENT—2.9%** | **COMMUNICATIONS EQUIPMENT—2.9%** |
| 798 | Arista Networks, Inc. <sup>\*,1</sup> | 138 |
| 314 | Ciena Corp. <sup>\*</sup> | 166 |
| 162 | Lumentum Holdings, Inc. <sup>\*</sup> | 146 |
|  |  | 450 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—5.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—5.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—5.4%** |
| 314 | Casey's General Stores, Inc. <sup>1</sup> | 258 |
| 980 | Target Corp. <sup>1</sup> | 127 |
| 2455 | U.S. Foods Holding Corp. <sup>\*,1</sup> | 230 |
| 1694 | Walmart, Inc. <sup>1</sup> | 223 |
|  |  | 838 |
| **DIVERSIFIED CONSUMER SERVICES—0.8%** | **DIVERSIFIED CONSUMER SERVICES—0.8%** | **DIVERSIFIED CONSUMER SERVICES—0.8%** |
| 702 | Grand Canyon Education, Inc. <sup>\*,1</sup> | 119 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.8%** |
| 8435 | Iridium Communications, Inc. <sup>1</sup> | 329 |
| 2142 | Verizon Communications, Inc. <sup>1</sup> | 103 |
|  |  | 432 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** |
| 1109 | NextEra Energy, Inc. <sup>1</sup> | $109 |
| 2241 | OGE Energy Corp. <sup>1</sup> | 109 |
|  |  | 218 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.9%** |
| 948 | Amphenol Corp. Class A<sup>1</sup> | 140 |
| 574 | Arrow Electronics, Inc. <sup>\*</sup> | 108 |
| 1361 | Avnet, Inc.  | 112 |
| 2013 | Cognex Corp.  | 112 |
| 396 | Coherent Corp. <sup>\*</sup> | 126 |
| 801 | Corning, Inc. <sup>1</sup> | 131 |
| 1636 | Flex Ltd. <sup>\*</sup> | 150 |
| 323 | Jabil, Inc.  | 109 |
| 319 | Keysight Technologies, Inc. <sup>\*,1</sup> | 112 |
| 477 | TD SYNNEX Corp.  | 109 |
|  |  | 1209 |
| **ENERGY EQUIPMENT & SERVICES—2.5%** | **ENERGY EQUIPMENT & SERVICES—2.5%** | **ENERGY EQUIPMENT & SERVICES—2.5%** |
| 3128 | Halliburton Co.  | 132 |
| 3262 | TechnipFMC PLC (United Kingdom)<sup>1</sup> | 247 |
|  |  | 379 |
| **ENTERTAINMENT—5.9%** | **ENTERTAINMENT—5.9%** | **ENTERTAINMENT—5.9%** |
| 428 | Electronic Arts, Inc. <sup>1</sup> | 87 |
| 379 | Madison Square Garden Sports Corp. <sup>\*,1</sup> | 130 |
| 1133 | Roku, Inc. <sup>\*,1</sup> | 132 |
| 20639 | Warner Bros Discovery, Inc. <sup>\*,1</sup> | 558 |
|  |  | 907 |
| **GAS UTILITIES—1.4%** | **GAS UTILITIES—1.4%** | **GAS UTILITIES—1.4%** |
| 575 | Atmos Energy Corp. <sup>1</sup> | 109 |
| 4867 | MDU Resources Group, Inc. <sup>1</sup> | 110 |
|  |  | 219 |
| **GROUND TRANSPORTATION—3.6%** | **GROUND TRANSPORTATION—3.6%** | **GROUND TRANSPORTATION—3.6%** |
| 2385 | CSX Corp. <sup>1</sup> | 108 |
| 465 | JB Hunt Transport Services, Inc. <sup>1</sup> | 117 |
| 1682 | Knight-Swift Transportation Holdings, Inc.  | 109 |
| 433 | Ryder System, Inc. <sup>1</sup> | 110 |
| 518 | XPO, Inc. <sup>\*,1</sup> | 114 |
|  |  | 558 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.0%** |
| 555 | Align Technology, Inc. <sup>\*,1</sup> | 98 |
| 4563 | Envista Holdings Corp. <sup>\*,1</sup> | 118 |
| 1408 | Globus Medical, Inc. Class A<sup>\*,1</sup> | 127 |
| 532 | ResMed, Inc. <sup>1</sup> | 114 |
|  |  | 457 |
| **HEALTH CARE PROVIDERS & SERVICES—5.0%** | **HEALTH CARE PROVIDERS & SERVICES—5.0%** | **HEALTH CARE PROVIDERS & SERVICES—5.0%** |
| 524 | Cardinal Health, Inc. <sup>1</sup> | 101 |
| 342 | Cencora, Inc. <sup>1</sup> | 105 |
| 758 | DaVita, Inc. <sup>\*,1</sup> | 118 |
| 285 | HCA Healthcare, Inc. <sup>1</sup> | 124 |
| 128 | McKesson Corp. <sup>1</sup> | 105 |
| 635 | Quest Diagnostics, Inc. <sup>1</sup> | 123 |
| 571 | Tenet Healthcare Corp. <sup>\*,1</sup> | 101 |
|  |  | 777 |

---

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** |
| 534 | Hilton Worldwide Holdings, Inc. <sup>1</sup> | $173 |
| 478 | Marriott International, Inc. Class A<sup>1</sup> | 173 |
| 1345 | Travel & Leisure Co. <sup>1</sup> | 87 |
| 2146 | Viking Holdings Ltd. <sup>\*,1</sup> | 176 |
|  |  | 609 |
| **INTERACTIVE MEDIA & SERVICES—2.0%** | **INTERACTIVE MEDIA & SERVICES—2.0%** | **INTERACTIVE MEDIA & SERVICES—2.0%** |
| 15673 | Pinterest, Inc. Class A<sup>\*,1</sup> | 308 |
| **IT SERVICES—0.7%** | **IT SERVICES—0.7%** | **IT SERVICES—0.7%** |
| 9241 | DXC Technology Co. <sup>\*,1</sup> | 105 |
| **LIFE SCIENCES TOOLS & SERVICES—2.7%** | **LIFE SCIENCES TOOLS & SERVICES—2.7%** | **LIFE SCIENCES TOOLS & SERVICES—2.7%** |
| 6891 | 10X Genomics, Inc. Class A<sup>\*</sup> | 152 |
| 612 | Charles River Laboratories International, Inc. <sup>\*</sup> | 102 |
| 1224 | Illumina, Inc. <sup>\*,1</sup> | 155 |
|  |  | 409 |
| **MEDIA—2.5%** | **MEDIA—2.5%** | **MEDIA—2.5%** |
| 1297 | New York Times Co. Class A<sup>1</sup> | 103 |
| 10371 | Sirius XM Holdings, Inc. <sup>1</sup> | 279 |
|  |  | 382 |
| **METALS & MINING—15.8%** | **METALS & MINING—15.8%** | **METALS & MINING—15.8%** |
| 3574 | Alcoa Corp.  | 228 |
| 43022 | Americas Gold & Silver Corp. (Canada)<sup>\*</sup> | 246 |
| 3638 | Anglogold Ashanti PLC (United Kingdom) | 341 |
| 37134 | Avino Silver & Gold Mines Ltd. (Canada)<sup>\*</sup> | 239 |
| 6015 | First Majestic Silver Corp. (Canada) | 119 |
| 5579 | Freeport-McMoRan, Inc. <sup>1</sup> | 322 |
| 3222 | Newmont Corp. <sup>1</sup> | 358 |
| 481 | Nucor Corp. <sup>1</sup> | 109 |
| 459 | Royal Gold, Inc.  | 107 |
| 1381 | Southern Copper Corp. (Peru) | 237 |
| 538 | Steel Dynamics, Inc. <sup>1</sup> | 123 |
|  |  | 2429 |
| **MULTI-UTILITIES—3.3%** | **MULTI-UTILITIES—3.3%** | **MULTI-UTILITIES—3.3%** |
| 2451 | CenterPoint Energy, Inc. <sup>1</sup> | 107 |
| 1533 | CMS Energy Corp. <sup>1</sup> | 118 |
| 1051 | Consolidated Edison, Inc. <sup>1</sup> | 117 |
| 3450 | NiSource, Inc. <sup>1</sup> | 166 |
|  |  | 508 |
| **OIL, GAS & CONSUMABLE FUELS—8.5%** | **OIL, GAS & CONSUMABLE FUELS—8.5%** | **OIL, GAS & CONSUMABLE FUELS—8.5%** |
| 4721 | APA Corp.  | 192 |
| 1308 | Exxon Mobil Corp. <sup>1</sup> | 202 |
| 688 | Marathon Petroleum Corp.  | 171 |
| 1895 | Ovintiv, Inc.  | 117 |
| 13756 | Permian Resources Corp. Class A | 297 |
| 625 | Phillips 66  | 112 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 876 | Valero Energy Corp. <sup>1</sup> | $221 |
|  |  | 1312 |
| **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** |
| 1530 | Delta Air Lines, Inc. <sup>1</sup> | 104 |
| **PHARMACEUTICALS—5.6%** | **PHARMACEUTICALS—5.6%** | **PHARMACEUTICALS—5.6%** |
| 2001 | Bristol-Myers Squibb Co. <sup>1</sup> | 121 |
| 5630 | Elanco Animal Health, Inc. <sup>\*,1</sup> | 126 |
| 635 | Jazz Pharmaceuticals PLC <sup>\*,1</sup> | 129 |
| 1015 | Johnson & Johnson <sup>1</sup> | 233 |
| 4035 | Pfizer, Inc. <sup>1</sup> | 108 |
| 2935 | Royalty Pharma PLC Class A<sup>1</sup> | 147 |
|  |  | 864 |
| **SOFTWARE—6.2%** | **SOFTWARE—6.2%** | **SOFTWARE—6.2%** |
| 12554 | Dropbox, Inc. Class A<sup>\*,1</sup> | 305 |
| 3328 | RingCentral, Inc. Class A<sup>1</sup> | 134 |
| 3706 | Teradata Corp. <sup>\*,1</sup> | 97 |
| 10278 | UiPath, Inc. Class A<sup>\*,1</sup> | 106 |
| 11837 | Unity Software, Inc. <sup>\*,1</sup> | 313 |
|  |  | 955 |
| **SPECIALTY RETAIL—9.3%** | **SPECIALTY RETAIL—9.3%** | **SPECIALTY RETAIL—9.3%** |
| 16267 | Bath & Body Works, Inc.  | 316 |
| 10645 | Chewy, Inc. Class A<sup>\*,1</sup> | 271 |
| 528 | Five Below, Inc. <sup>\*,1</sup> | 124 |
| 12554 | Gap, Inc. <sup>1</sup> | 309 |
| 742 | Ross Stores, Inc. <sup>1</sup> | 169 |
| 758 | TJX Cos., Inc. <sup>1</sup> | 119 |
| 640 | Williams-Sonoma, Inc. <sup>1</sup> | 116 |
|  |  | 1424 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%** |
| 686 | Dell Technologies, Inc. Class C<sup>1</sup> | 143 |
| 99 | Sandisk Corp. <sup>\*,1</sup> | 108 |
| 250 | Western Digital Corp. <sup>1</sup> | 109 |
|  |  | 360 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.9%** | **WIRELESS TELECOMMUNICATION SERVICES—0.9%** | **WIRELESS TELECOMMUNICATION SERVICES—0.9%** |
| 1671 | Millicom International Cellular SA (Sweden) | 142 |
| **TOTAL COMMON STOCKS** <br>(Cost $16,045) | **TOTAL COMMON STOCKS** <br>(Cost $16,045) | 19140 |
| **TOTAL INVESTMENTS—124.4%** <br>(Cost $16,045) | **TOTAL INVESTMENTS—124.4%** <br>(Cost $16,045) | 19140 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(24.4)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(24.4)%** | (3758)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $15382 |

---

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

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**INVESTMENTS SOLD SHORT**

Value and Cost in Thousands

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—(68.7)%** | **COMMON STOCKS—(68.7)%** | **COMMON STOCKS—(68.7)%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—(3.8)%** | **BIOTECHNOLOGY—(3.8)%** | **BIOTECHNOLOGY—(3.8)%** |
| (961)<br>| Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | $(297)<br>|
| (2132)<br>| Insmed, Inc. <sup>\*</sup> | (291)<br>|
|  |  | (588)<br>|
| **BROADLINE RETAIL—(1.9)%** | **BROADLINE RETAIL—(1.9)%** | **BROADLINE RETAIL—(1.9)%** |
| (3352)<br>| Ollie's Bargain Outlet Holdings, Inc. <sup>\*</sup> | (290)<br>|
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.8)%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.8)%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.8)%** |
| (3436)<br>| Sprouts Farmers Market, Inc. <sup>\*</sup> | (281)<br>|
| **DIVERSIFIED TELECOMMUNICATION SERVICES—(5.0)%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—(5.0)%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—(5.0)%** |
| (4097)<br>| AST SpaceMobile, Inc. <sup>\*</sup> | (303)<br>|
| (39620)<br>| Liberty Global Ltd. Class A<sup>\*</sup> | (459)<br>|
|  |  | (762)<br>|
| **ELECTRIC UTILITIES—(2.0)%** | **ELECTRIC UTILITIES—(2.0)%** | **ELECTRIC UTILITIES—(2.0)%** |
| (960)<br>| Constellation Energy Corp.  | (300)<br>|
| **ENTERTAINMENT—(2.8)%** | **ENTERTAINMENT—(2.8)%** | **ENTERTAINMENT—(2.8)%** |
| (4055)<br>| ROBLOX Corp. Class A<sup>\*</sup> | (224)<br>|
| (472)<br>| Spotify Technology SA <sup>\*</sup> | (211)<br>|
|  |  | (435)<br>|
| **HEALTH CARE EQUIPMENT & SUPPLIES—(7.7)%** | **HEALTH CARE EQUIPMENT & SUPPLIES—(7.7)%** | **HEALTH CARE EQUIPMENT & SUPPLIES—(7.7)%** |
| (5085)<br>| Boston Scientific Corp. <sup>\*</sup> | (293)<br>|
| (24861)<br>| Dentsply Sirona, Inc.  | (292)<br>|
| (5429)<br>| Inspire Medical Systems, Inc. <sup>\*</sup> | (305)<br>|
| (1726)<br>| Insulet Corp. <sup>\*</sup> | (297)<br>|
|  |  | (1187)<br>|
| **HOTELS, RESTAURANTS & LEISURE—(5.7)%** | **HOTELS, RESTAURANTS & LEISURE—(5.7)%** | **HOTELS, RESTAURANTS & LEISURE—(5.7)%** |
| (1712)<br>| DoorDash, Inc. Class A<sup>\*</sup> | (289)<br>|
| (4454)<br>| Planet Fitness, Inc. Class A<sup>\*</sup> | (297)<br>|
| (1123)<br>| Royal Caribbean Cruises Ltd.  | (296)<br>|
|  |  | (882)<br>|
| **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—(1.4)%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—(1.4)%** | **INDEPENDENT POWER PRODUCERS & ENERGY TRADERS—(1.4)%** |
| (1388)<br>| Vistra Corp.  | (219)<br>|
| **INTERACTIVE MEDIA & SERVICES—(1.4)%** | **INTERACTIVE MEDIA & SERVICES—(1.4)%** | **INTERACTIVE MEDIA & SERVICES—(1.4)%** |
| (338)<br>| Meta Platforms, Inc. Class A | (207)<br>|

---

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MEDIA—(3.3)%** | **MEDIA—(3.3)%** | **MEDIA—(3.3)%** |
| (1757)<br>| Charter Communications, Inc. Class A<sup>\*</sup> | $(290)<br>|
| (9299)<br>| Trade Desk, Inc. Class A<sup>\*</sup> | (220)<br>|
|  |  | (510)<br>|
| **METALS & MINING—(1.7)%** | **METALS & MINING—(1.7)%** | **METALS & MINING—(1.7)%** |
| (3938)<br>| MP Materials Corp. <sup>\*</sup> | (260)<br>|
| **PASSENGER AIRLINES—(3.1)%** | **PASSENGER AIRLINES—(3.1)%** | **PASSENGER AIRLINES—(3.1)%** |
| (40354)<br>| American Airlines Group, Inc. <sup>\*</sup> | (473)<br>|
| **PHARMACEUTICALS—(2.0)%** | **PHARMACEUTICALS—(2.0)%** | **PHARMACEUTICALS—(2.0)%** |
| (335)<br>| Eli Lilly & Co.  | (313)<br>|
| **SOFTWARE—(19.8)%** | **SOFTWARE—(19.8)%** | **SOFTWARE—(19.8)%** |
| (1185)<br>| Adobe, Inc. <sup>\*</sup> | (292)<br>|
| (4096)<br>| Atlassian Corp. Class A<sup>\*</sup> | (281)<br>|
| (213)<br>| Fair Isaac Corp. <sup>\*</sup> | (218)<br>|
| (10536)<br>| Gitlab, Inc. Class A<sup>\*</sup> | (233)<br>|
| (1276)<br>| HubSpot, Inc. <sup>\*</sup> | (283)<br>|
| (525)<br>| Microsoft Corp.  | (214)<br>|
| (1385)<br>| Oracle Corp.  | (223)<br>|
| (31324)<br>| SentinelOne, Inc. Class A<sup>\*</sup> | (444)<br>|
| (601)<br>| Synopsys, Inc. <sup>\*</sup> | (290)<br>|
| (2374)<br>| Workday, Inc. Class A<sup>\*</sup> | (291)<br>|
| (2131)<br>| Zscaler, Inc. <sup>\*</sup> | (278)<br>|
|  |  | (3047)<br>|
| **SPECIALTY RETAIL—(3.3)%** | **SPECIALTY RETAIL—(3.3)%** | **SPECIALTY RETAIL—(3.3)%** |
| (5968)<br>| Floor & Decor Holdings, Inc. Class A<sup>\*</sup> | (289)<br>|
| (1660)<br>| RH <sup>\*</sup> | (219)<br>|
|  |  | (508)<br>|
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—(2.0)%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—(2.0)%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—(2.0)%** |
| (10953)<br>| Super Micro Computer, Inc. <sup>\*</sup> | (300)<br>|
| **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds $11,849) | **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds $11,849) | (10562)<br>|
| **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS $11,849)** | **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS $11,849)** | $(10562)<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>|
| ProShares UltraPro QQQ | $40.00 | 06/18/2026 | 400 | $2542 | $193 | $24 |

---

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

As of April 30, 2026, all or a portion of this security was pledged as collateral for investments sold short. The securities pledged had an aggregate value of $13,816.

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Long-Term Growers ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Jennison Associates LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.1%** | **COMMON STOCKS—98.1%** | **COMMON STOCKS—98.1%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.2%** | **AEROSPACE & DEFENSE—3.2%** | **AEROSPACE & DEFENSE—3.2%** |
| 7529 | Axon Enterprise, Inc. <sup>\*</sup> | $3025 |
| 82339 | Boeing Co. <sup>\*</sup> | 18858 |
| 28214 | General Electric Co.  | 8180 |
| 3740 | TransDigm Group, Inc.  | 4338 |
|  |  | 34401 |
| **AUTOMOBILES—1.8%** | **AUTOMOBILES—1.8%** | **AUTOMOBILES—1.8%** |
| 51616 | Tesla, Inc. <sup>\*</sup> | 19698 |
| **BANKS—1.0%** | **BANKS—1.0%** | **BANKS—1.0%** |
| 20576 | JPMorgan Chase & Co.  | 6445 |
| 325961 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 4720 |
|  |  | 11165 |
| **BEVERAGES—0.6%** | **BEVERAGES—0.6%** | **BEVERAGES—0.6%** |
| 77229 | Coca-Cola Co.  | 6083 |
| **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** | **BIOTECHNOLOGY—1.3%** |
| 40138 | Insmed, Inc. <sup>\*</sup> | 5472 |
| 6491 | Regeneron Pharmaceuticals, Inc.  | 4589 |
| 8643 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 3694 |
|  |  | 13755 |
| **BROADLINE RETAIL—8.4%** | **BROADLINE RETAIL—8.4%** | **BROADLINE RETAIL—8.4%** |
| 335504 | Amazon.com, Inc. <sup>\*</sup> | 88929 |
| 1322 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 2370 |
|  |  | 91299 |
| **CAPITAL MARKETS—0.9%** | **CAPITAL MARKETS—0.9%** | **CAPITAL MARKETS—0.9%** |
| 4116 | Goldman Sachs Group, Inc.  | 3802 |
| 7242 | LPL Financial Holdings, Inc.  | 2420 |
| 46097 | Robinhood Markets, Inc. Class A<sup>\*</sup> | 3360 |
|  |  | 9582 |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| 61335 | Arista Networks, Inc. <sup>\*</sup> | 10593 |
| **CONSTRUCTION & ENGINEERING—1.1%** | **CONSTRUCTION & ENGINEERING—1.1%** | **CONSTRUCTION & ENGINEERING—1.1%** |
| 6286 | Comfort Systems USA, Inc.  | 11568 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.3%** |
| 9578 | Costco Wholesale Corp.  | 9717 |
| 120128 | Walmart, Inc.  | 15849 |
|  |  | 25566 |
| **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** | **ELECTRIC UTILITIES—1.4%** |
| 49117 | Constellation Energy Corp.  | 15374 |
| **ELECTRICAL EQUIPMENT—0.8%** | **ELECTRICAL EQUIPMENT—0.8%** | **ELECTRICAL EQUIPMENT—0.8%** |
| 7648 | GE Vernova, Inc.  | 8286 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** |
| 17355 | Amphenol Corp. Class A | 2556 |
| **ENTERTAINMENT—3.4%** | **ENTERTAINMENT—3.4%** | **ENTERTAINMENT—3.4%** |
| 301672 | Netflix, Inc. <sup>\*</sup> | 28239 |
| 13734 | Spotify Technology SA <sup>\*</sup> | 6133 |
| 25365 | Walt Disney Co.  | 2632 |
|  |  | 37004 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—3.3%** | **FINANCIAL SERVICES—3.3%** | **FINANCIAL SERVICES—3.3%** |
| 57034 | Mastercard, Inc. Class A | $28684 |
| 106148 | Toast, Inc. Class A<sup>\*</sup> | 3027 |
| 13326 | Visa, Inc. Class A | 4395 |
|  |  | 36106 |
| **GROUND TRANSPORTATION—0.2%** | **GROUND TRANSPORTATION—0.2%** | **GROUND TRANSPORTATION—0.2%** |
| 33571 | Uber Technologies, Inc. <sup>\*</sup> | 2505 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** |
| 31226 | Edwards Lifesciences Corp. <sup>\*</sup> | 2607 |
| 5131 | Intuitive Surgical, Inc. <sup>\*</sup> | 2348 |
|  |  | 4955 |
| **HOTELS, RESTAURANTS & LEISURE—2.0%** | **HOTELS, RESTAURANTS & LEISURE—2.0%** | **HOTELS, RESTAURANTS & LEISURE—2.0%** |
| 20117 | Airbnb, Inc. Class A<sup>\*</sup> | 2824 |
| 57870 | Hilton Worldwide Holdings, Inc.  | 18754 |
|  |  | 21578 |
| **INTERACTIVE MEDIA & SERVICES—11.9%** | **INTERACTIVE MEDIA & SERVICES—11.9%** | **INTERACTIVE MEDIA & SERVICES—11.9%** |
| 232950 | Alphabet, Inc. Class A | 89639 |
| 65263 | Meta Platforms, Inc. Class A | 39935 |
|  |  | 129574 |
| **IT SERVICES—2.6%** | **IT SERVICES—2.6%** | **IT SERVICES—2.6%** |
| 44541 | Cloudflare, Inc. Class A<sup>\*</sup> | 9130 |
| 108655 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 13161 |
| 46158 | Snowflake, Inc. <sup>\*</sup> | 6299 |
|  |  | 28590 |
| **LIFE SCIENCES TOOLS & SERVICES—1.7%** | **LIFE SCIENCES TOOLS & SERVICES—1.7%** | **LIFE SCIENCES TOOLS & SERVICES—1.7%** |
| 41201 | Agilent Technologies, Inc.  | 4761 |
| 45913 | Danaher Corp.  | 8216 |
| 11620 | Thermo Fisher Scientific, Inc.  | 5566 |
|  |  | 18543 |
| **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** |
| 21995 | AstraZeneca PLC (United Kingdom) | 4121 |
| 33020 | Eli Lilly & Co.  | 30861 |
| 25979 | Merck & Co., Inc.  | 2836 |
|  |  | 37818 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—23.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—23.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—23.7%** |
| 36189 | Advanced Micro Devices, Inc. <sup>\*</sup> | 12829 |
| 27156 | Analog Devices, Inc.  | 10924 |
| 1935 | ASML Holding NV New York Registry Shares <br> (Netherlands)<br>| 2784 |
| 198083 | Broadcom, Inc.  | 82686 |
| 1402 | KLA Corp.  | 2454 |
| 24998 | Lam Research Corp.  | 6446 |
| 611067 | NVIDIA Corp.  | 121951 |
| 14259 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 5647 |
| 45385 | Texas Instruments, Inc.  | 12757 |
|  |  | 258478 |
| **SOFTWARE—12.5%** | **SOFTWARE—12.5%** | **SOFTWARE—12.5%** |
| 17067 | AppLovin Corp. Class A<sup>\*</sup> | 7618 |
| 59268 | Cadence Design Systems, Inc. <sup>\*</sup> | 19534 |
| 38257 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 17053 |
| 16892 | Datadog, Inc. Class A<sup>\*</sup> | 2233 |

---

------

⬤

------

**Harbor Long-Term Growers ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 175142 | Microsoft Corp.  | $71419 |
| 17464 | Oracle Corp.  | 2818 |
| 37007 | Palantir Technologies, Inc. Class A<sup>\*</sup> | 5148 |
| 28718 | Palo Alto Networks, Inc. <sup>\*</sup> | 5150 |
| 23308 | Salesforce, Inc.  | 4115 |
| 17687 | ServiceNow, Inc. <sup>\*</sup> | 1562 |
|  |  | 136650 |
| **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** |
| 26048 | American Tower Corp.  | 4759 |
| **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** |
| 329294 | Industria de Diseno Textil SA ADR (Spain)<sup>1</sup> | 4916 |
| 34690 | O'Reilly Automotive, Inc. <sup>\*</sup> | 3448 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 17275 | TJX Cos., Inc.  | $2708 |
|  |  | 11072 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.5%** |
| 302997 | Apple, Inc.  | 82218 |
| **TOTAL COMMON STOCKS** <br>(Cost $805,362) | **TOTAL COMMON STOCKS** <br>(Cost $805,362) | 1069776 |
| **TOTAL INVESTMENTS—98.1%** <br>(Cost $805,362) | **TOTAL INVESTMENTS—98.1%** <br>(Cost $805,362) | 1069776 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.9%** | 20550 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1090326 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

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 Financial Statements.

------

⬤

------

**Harbor Mid Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.6%** | **COMMON STOCKS—96.6%** | **COMMON STOCKS—96.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—6.9%** | **AEROSPACE & DEFENSE—6.9%** | **AEROSPACE & DEFENSE—6.9%** |
| 181 | General Dynamics Corp.  | $62 |
| 1099 | Hexcel Corp.  | 103 |
| 396 | Woodward, Inc.  | 144 |
|  |  | 309 |
| **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** |
| 429 | CH Robinson Worldwide, Inc.  | 78 |
| **BANKS—3.3%** | **BANKS—3.3%** | **BANKS—3.3%** |
| 588 | East West Bancorp, Inc.  | 74 |
| 488 | Wintrust Financial Corp.  | 74 |
|  |  | 148 |
| **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** | **BUILDING PRODUCTS—2.0%** |
| 1234 | Masco Corp.  | 89 |
| **CAPITAL MARKETS—6.3%** | **CAPITAL MARKETS—6.3%** | **CAPITAL MARKETS—6.3%** |
| 355 | Houlihan Lokey, Inc.  | 55 |
| 434 | Intercontinental Exchange, Inc.  | 69 |
| 490 | Raymond James Financial, Inc.  | 77 |
| 1026 | Stifel Financial Corp.  | 81 |
|  |  | 282 |
| **CHEMICALS—4.8%** | **CHEMICALS—4.8%** | **CHEMICALS—4.8%** |
| 552 | Albemarle Corp.  | 108 |
| 547 | Eastman Chemical Co.  | 40 |
| 1082 | Scotts Miracle-Gro Co.  | 68 |
|  |  | 216 |
| **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** |
| 404 | Republic Services, Inc.  | 85 |
| **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** |
| 98 | EMCOR Group, Inc.  | 87 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** |
| 635 | Sysco Corp.  | 47 |
| **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** |
| 259 | Packaging Corp. of America  | 55 |
| **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** |
| 1471 | Sensata Technologies Holding PLC  | 61 |
| 301 | Vertiv Holdings Co. Class A | 99 |
|  |  | 160 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.5%** |
| 471 | Arrow Electronics, Inc. <sup>\*</sup> | 89 |
| 452 | Keysight Technologies, Inc. <sup>\*</sup> | 158 |
|  |  | 247 |
| **ENERGY EQUIPMENT & SERVICES—1.9%** | **ENERGY EQUIPMENT & SERVICES—1.9%** | **ENERGY EQUIPMENT & SERVICES—1.9%** |
| 900 | Helmerich & Payne, Inc.  | 36 |
| 841 | SLB Ltd.  | 48 |
|  |  | 84 |
| **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** |
| 529 | Global Payments, Inc.  | 38 |
| **GROUND TRANSPORTATION—1.8%** | **GROUND TRANSPORTATION—1.8%** | **GROUND TRANSPORTATION—1.8%** |
| 1738 | CSX Corp.  | 79 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—4.5%** | **HEALTH CARE PROVIDERS & SERVICES—4.5%** | **HEALTH CARE PROVIDERS & SERVICES—4.5%** |
| 228 | Cencora, Inc.  | $70 |
| 1264 | Centene Corp. <sup>\*</sup> | 68 |
| 250 | Labcorp Holdings, Inc.  | 64 |
|  |  | 202 |
| **HOTELS, RESTAURANTS & LEISURE—1.7%** | **HOTELS, RESTAURANTS & LEISURE—1.7%** | **HOTELS, RESTAURANTS & LEISURE—1.7%** |
| 377 | Darden Restaurants, Inc.  | 76 |
| **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** |
| 445 | DR Horton, Inc.  | 69 |
| **INDUSTRIAL REITS—0.7%** | **INDUSTRIAL REITS—0.7%** | **INDUSTRIAL REITS—0.7%** |
| 2489 | Americold Realty Trust, Inc.  | 30 |
| **INSURANCE—4.7%** | **INSURANCE—4.7%** | **INSURANCE—4.7%** |
| 190 | Progressive Corp.  | 38 |
| 420 | Reinsurance Group of America, Inc.  | 89 |
| 274 | RenaissanceRe Holdings Ltd. (Bermuda) | 84 |
|  |  | 211 |
| **IT SERVICES—3.4%** | **IT SERVICES—3.4%** | **IT SERVICES—3.4%** |
| 670 | Akamai Technologies, Inc. <sup>\*</sup> | 69 |
| 578 | Twilio, Inc. Class A<sup>\*</sup> | 86 |
|  |  | 155 |
| **LIFE SCIENCES TOOLS & SERVICES—4.9%** | **LIFE SCIENCES TOOLS & SERVICES—4.9%** | **LIFE SCIENCES TOOLS & SERVICES—4.9%** |
| 461 | Agilent Technologies, Inc.  | 53 |
| 168 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 47 |
| 447 | IQVIA Holdings, Inc. <sup>\*</sup> | 71 |
| 1470 | Qiagen NV  | 51 |
|  |  | 222 |
| **MACHINERY—6.7%** | **MACHINERY—6.7%** | **MACHINERY—6.7%** |
| 192 | Cummins, Inc.  | 129 |
| 385 | Dover Corp.  | 87 |
| 218 | Snap-on, Inc.  | 84 |
|  |  | 300 |
| **MULTI-UTILITIES—1.7%** | **MULTI-UTILITIES—1.7%** | **MULTI-UTILITIES—1.7%** |
| 644 | WEC Energy Group, Inc.  | 76 |
| **OFFICE REITS—1.0%** | **OFFICE REITS—1.0%** | **OFFICE REITS—1.0%** |
| 793 | BXP, Inc.  | 46 |
| **OIL, GAS & CONSUMABLE FUELS—2.4%** | **OIL, GAS & CONSUMABLE FUELS—2.4%** | **OIL, GAS & CONSUMABLE FUELS—2.4%** |
| 2087 | Coterra Energy, Inc.  | 75 |
| 749 | Murphy Oil Corp.  | 31 |
|  |  | 106 |
| **PROFESSIONAL SERVICES—0.8%** | **PROFESSIONAL SERVICES—0.8%** | **PROFESSIONAL SERVICES—0.8%** |
| 234 | Broadridge Financial Solutions, Inc.  | 36 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%** |
| 723 | CBRE Group, Inc. Class A<sup>\*</sup> | 103 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.2%** |
| 213 | Applied Materials, Inc.  | 84 |
| 942 | Entegris, Inc.  | 133 |
| 878 | Skyworks Solutions, Inc.  | 62 |
|  |  | 279 |

---

------

⬤

------

**Harbor Mid Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—1.8%** | **SOFTWARE—1.8%** | **SOFTWARE—1.8%** |
| 167 | Synopsys, Inc. <sup>\*</sup> | $81 |
| **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** |
| 217 | SBA Communications Corp.  | 48 |
| **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** |
| 417 | Ross Stores, Inc.  | 95 |
| 388 | TJX Cos., Inc.  | 61 |
| 140 | Ulta Beauty, Inc. <sup>\*</sup> | 75 |
|  |  | 231 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** |
| 368 | GATX Corp.  | $72 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,412) | **TOTAL COMMON STOCKS** <br>(Cost $3,412) | 4347 |
| **TOTAL INVESTMENTS—96.6%** <br>(Cost $3,412) | **TOTAL INVESTMENTS—96.6%** <br>(Cost $3,412) | 4347 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.4%** | 154 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4501 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Mid Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.9%** | **COMMON STOCKS—98.9%** | **COMMON STOCKS—98.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.8%** | **AEROSPACE & DEFENSE—3.8%** | **AEROSPACE & DEFENSE—3.8%** |
| 301 | Huntington Ingalls Industries, Inc.  | $110 |
| 2357 | StandardAero, Inc. <sup>\*</sup> | 58 |
|  |  | 168 |
| **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** |
| 1125 | BorgWarner, Inc.  | 64 |
| **BANKS—4.6%** | **BANKS—4.6%** | **BANKS—4.6%** |
| 1203 | Bank OZK  | 58 |
| 587 | Pinnacle Financial Partners, Inc.  | 58 |
| 577 | Popular, Inc. (Puerto Rico) | 87 |
|  |  | 203 |
| **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** |
| 775 | Masco Corp.  | 56 |
| **CAPITAL MARKETS—8.1%** | **CAPITAL MARKETS—8.1%** | **CAPITAL MARKETS—8.1%** |
| 247 | FactSet Research Systems, Inc.  | 56 |
| 704 | Intercontinental Exchange, Inc.  | 111 |
| 555 | Raymond James Financial, Inc.  | 88 |
| 1333 | Stifel Financial Corp.  | 105 |
|  |  | 360 |
| **CHEMICALS—5.5%** | **CHEMICALS—5.5%** | **CHEMICALS—5.5%** |
| 405 | Albemarle Corp.  | 80 |
| 557 | CF Industries Holdings, Inc.  | 69 |
| 661 | Eastman Chemical Co.  | 48 |
| 740 | Scotts Miracle-Gro Co.  | 47 |
|  |  | 244 |
| **CONSTRUCTION MATERIALS—1.2%** | **CONSTRUCTION MATERIALS—1.2%** | **CONSTRUCTION MATERIALS—1.2%** |
| 246 | Eagle Materials, Inc.  | 52 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** |
| 846 | Sysco Corp.  | 63 |
| **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** |
| 623 | Sonoco Products Co.  | 31 |
| **DISTRIBUTORS—1.0%** | **DISTRIBUTORS—1.0%** | **DISTRIBUTORS—1.0%** |
| 1321 | LKQ Corp.  | 42 |
| **ELECTRICAL EQUIPMENT—3.9%** | **ELECTRICAL EQUIPMENT—3.9%** | **ELECTRICAL EQUIPMENT—3.9%** |
| 783 | Nextpower, Inc. Class A<sup>\*</sup> | 93 |
| 379 | Regal Rexnord Corp.  | 82 |
|  |  | 175 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.2%** |
| 1154 | Avnet, Inc.  | 95 |
| 1975 | Flex Ltd. <sup>\*</sup> | 181 |
|  |  | 276 |
| **ENERGY EQUIPMENT & SERVICES—1.7%** | **ENERGY EQUIPMENT & SERVICES—1.7%** | **ENERGY EQUIPMENT & SERVICES—1.7%** |
| 3607 | NOV, Inc.  | 74 |
| **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** |
| 832 | Global Payments, Inc.  | 60 |
| **GAS UTILITIES—1.7%** | **GAS UTILITIES—1.7%** | **GAS UTILITIES—1.7%** |
| 384 | Atmos Energy Corp.  | 73 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GROUND TRANSPORTATION—3.2%** | **GROUND TRANSPORTATION—3.2%** | **GROUND TRANSPORTATION—3.2%** |
| 1973 | CSX Corp.  | $90 |
| 1740 | Schneider National, Inc. Class B | 54 |
|  |  | 144 |
| **HEALTH CARE PROVIDERS & SERVICES—4.1%** | **HEALTH CARE PROVIDERS & SERVICES—4.1%** | **HEALTH CARE PROVIDERS & SERVICES—4.1%** |
| 1157 | Centene Corp. <sup>\*</sup> | 62 |
| 225 | Humana, Inc.  | 53 |
| 255 | Labcorp Holdings, Inc.  | 66 |
|  |  | 181 |
| **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** |
| 783 | Alexandria Real Estate Equities, Inc.  | 32 |
| **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** |
| 483 | Darden Restaurants, Inc.  | 97 |
| 307 | Royal Caribbean Cruises Ltd.  | 81 |
|  |  | 178 |
| **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** |
| 412 | DR Horton, Inc.  | 63 |
| **INSURANCE—5.1%** | **INSURANCE—5.1%** | **INSURANCE—5.1%** |
| 373 | Progressive Corp.  | 75 |
| 374 | Reinsurance Group of America, Inc.  | 79 |
| 242 | RenaissanceRe Holdings Ltd. (Bermuda) | 74 |
|  |  | 228 |
| **IT SERVICES—1.4%** | **IT SERVICES—1.4%** | **IT SERVICES—1.4%** |
| 592 | Akamai Technologies, Inc. <sup>\*</sup> | 61 |
| **LIFE SCIENCES TOOLS & SERVICES—2.5%** | **LIFE SCIENCES TOOLS & SERVICES—2.5%** | **LIFE SCIENCES TOOLS & SERVICES—2.5%** |
| 291 | Charles River Laboratories International, Inc. <sup>\*</sup> | 49 |
| 380 | IQVIA Holdings, Inc. <sup>\*</sup> | 60 |
|  |  | 109 |
| **MACHINERY—6.9%** | **MACHINERY—6.9%** | **MACHINERY—6.9%** |
| 243 | Cummins, Inc.  | 163 |
| 910 | Flowserve Corp.  | 67 |
| 202 | Snap-on, Inc.  | 78 |
|  |  | 308 |
| **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** |
| 503 | WEC Energy Group, Inc.  | 59 |
| **OFFICE REITS—2.4%** | **OFFICE REITS—2.4%** | **OFFICE REITS—2.4%** |
| 708 | BXP, Inc.  | 41 |
| 2176 | Vornado Realty Trust  | 65 |
|  |  | 106 |
| **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** |
| 1704 | Murphy Oil Corp.  | 71 |
| 791 | ONEOK, Inc.  | 73 |
|  |  | 144 |
| **PROFESSIONAL SERVICES—2.2%** | **PROFESSIONAL SERVICES—2.2%** | **PROFESSIONAL SERVICES—2.2%** |
| 254 | Broadridge Financial Solutions, Inc.  | 39 |
| 464 | Jacobs Solutions, Inc.  | 60 |
|  |  | 99 |

---

------

⬤

------

**Harbor Mid Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.0%** |
| 634 | CBRE Group, Inc. Class A<sup>\*</sup> | $90 |
| **RESIDENTIAL REITS—1.2%** | **RESIDENTIAL REITS—1.2%** | **RESIDENTIAL REITS—1.2%** |
| 195 | Essex Property Trust, Inc.  | 51 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.2%** |
| 203 | Applied Materials, Inc.  | 80 |
| 1496 | ON Semiconductor Corp. <sup>\*</sup> | 151 |
|  |  | 231 |
| **SOFTWARE—2.8%** | **SOFTWARE—2.8%** | **SOFTWARE—2.8%** |
| 257 | Synopsys, Inc. <sup>\*</sup> | 124 |
| **SPECIALTY RETAIL—3.7%** | **SPECIALTY RETAIL—3.7%** | **SPECIALTY RETAIL—3.7%** |
| 1240 | Bath & Body Works, Inc.  | 24 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 298 | Ross Stores, Inc.  | $68 |
| 462 | TJX Cos., Inc.  | 72 |
|  |  | 164 |
| **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** |
| 392 | GATX Corp.  | 77 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,572) | **TOTAL COMMON STOCKS** <br>(Cost $3,572) | 4390 |
| **TOTAL INVESTMENTS—98.9%** <br>(Cost $3,572) | **TOTAL INVESTMENTS—98.9%** <br>(Cost $3,572) | 4390 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.1%** | 49 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4439 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Multi-Asset Explorer ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—99.8%** | **EXCHANGE-TRADED FUNDS—99.8%** | **EXCHANGE-TRADED FUNDS—99.8%** |
| **Shares** |  | **Value** |
| **COMMODITY FUNDS—6.4%** | **COMMODITY FUNDS—6.4%** | **COMMODITY FUNDS—6.4%** |
| 7594 | SPDR Gold MiniShares Trust <sup>\*</sup> | $694 |
| **EQUITY FUNDS—52.4%** | **EQUITY FUNDS—52.4%** | **EQUITY FUNDS—52.4%** |
| 15475 | Franklin FTSE Japan ETF  | 589 |
| 1255 | Invesco KBW Bank ETF  | 110 |
| 2757 | Invesco Nasdaq 100 ETF  | 758 |
| 16834 | iShares Core MSCI Emerging Markets ETF  | 1321 |
| 2069 | iShares Core S&P 500 ETF  | 1494 |
| 1245 | iShares Expanded Tech-Software Sector ETF  | 105 |
| 2359 | iShares MSCI USA Min Vol Factor ETF  | 223 |
| 792 | iShares Russell 2000 ETF  | 220 |
| 2170 | State Street Communication Services Select Sector <br> SPDR ETF <br>| 253 |
| 986 | State Street Consumer Staples Select Sector SPDR <br> ETF <br>| 83 |
| 2435 | State Street SPDR S&P Regional Banking ETF  | 170 |
| 2567 | State Street Technology Select Sector SPDR ETF  | 409 |
|  |  | 5735 |
| **FIXED INCOME FUNDS—41.0%** | **FIXED INCOME FUNDS—41.0%** | **FIXED INCOME FUNDS—41.0%** |
| 31368 | Invesco Senior Loan ETF  | 645 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—Continued** | **EXCHANGE-TRADED FUNDS—Continued** | **EXCHANGE-TRADED FUNDS—Continued** |
| **Shares** |  | **Value** |
| **FIXED INCOME FUNDS—Continued** | **FIXED INCOME FUNDS—Continued** | **FIXED INCOME FUNDS—Continued** |
| 6269 | iShares Broad USD Investment Grade Corporate <br> Bond ETF <br>| $321 |
| 1421 | iShares MBS ETF  | 135 |
| 1010 | iShares TIPS Bond ETF  | 113 |
| 49762 | State Street SPDR Portfolio High Yield Bond ETF  | 1172 |
| 9766 | Vanguard Emerging Markets Government Bond ETF  | 654 |
| 11827 | Vanguard Intermediate-Term Treasury ETF  | 701 |
| 5967 | Vanguard Long-Term Treasury ETF  | 327 |
| 7207 | Vanguard Short-Term Treasury ETF  | 421 |
|  |  | 4489 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $10,446) | **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $10,446) | 10918 |
| **TOTAL INVESTMENTS—99.8%** <br>(Cost $10,446) | **TOTAL INVESTMENTS—99.8%** <br>(Cost $10,446) | 10918 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | 23 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $10941 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Osmosis Emerging Markets Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Osmosis Investment Management US LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.5%** | **COMMON STOCKS—98.5%** | **COMMON STOCKS—98.5%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.1%** | **AEROSPACE & DEFENSE—0.1%** | **AEROSPACE & DEFENSE—0.1%** |
| 1614 | Hanwha Systems Co. Ltd. (South Korea) | $128 |
| **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** |
| 1660 | Hyundai Glovis Co. Ltd. (South Korea) | 254 |
| **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** |
| 1472 | Hyundai Mobis Co. Ltd. (South Korea) | 422 |
| **AUTOMOBILES—3.4%** | **AUTOMOBILES—3.4%** | **AUTOMOBILES—3.4%** |
| 43527 | Kia Corp. (South Korea) | 4455 |
| **BANKS—13.5%** | **BANKS—13.5%** | **BANKS—13.5%** |
| 64161 | Al Rajhi Bank (Saudi Arabia) | 1173 |
| 299980 | Banco de Chile (Chile) | 56 |
| 5024550 | Bank of China Ltd. Class H (China) | 3246 |
| 1185100 | Bank Rakyat Indonesia Persero Tbk. PT (Indonesia) | 205 |
| 71420 | BDO Unibank, Inc. (Philippines) | 133 |
| 2893656 | China Construction Bank Corp. Class H (China) | 3244 |
| 61790 | Commercial International Bank - Egypt (CIB) (Egypt) | 155 |
| 1260 | Credicorp Ltd. (Peru) | 408 |
| 10802 | Eurobank SA (Greece) | 47 |
| 141197 | Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 1539 |
| 1657 | Komercni Banka AS (Czech Republic) | 88 |
| 325473 | Kuwait Finance House KSCP (Kuwait) | 836 |
| 538046 | Malayan Banking Bhd. (Malaysia) | 1501 |
| 31406 | National Bank of Greece SA (Greece) | 495 |
| 118431 | Nedbank Group Ltd. (South Africa) | 1899 |
| 3543 | OTP Bank Nyrt (Hungary) | 475 |
| 51887 | Powszechna Kasa Oszczednosci Bank Polski SA <br> (Poland)<br>| 1355 |
| 156418 | Qatar National Bank QPSC (Qatar) | 745 |
|  |  | 17600 |
| **BEVERAGES—0.5%** | **BEVERAGES—0.5%** | **BEVERAGES—0.5%** |
| 55500 | Arca Continental SAB de CV (Mexico) | 667 |
| **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** | **BIOTECHNOLOGY—0.3%** |
| 3269 | Celltrion, Inc. (South Korea) | 442 |
| **CAPITAL MARKETS—2.5%** | **CAPITAL MARKETS—2.5%** | **CAPITAL MARKETS—2.5%** |
| 374100 | B3 SA - Brasil Bolsa Balcao (Brazil) | 1362 |
| 4025 | BSE Ltd. (India) | 154 |
| 59028 | HDFC Asset Management Co. Ltd. (India)<sup>1</sup> | 1692 |
|  |  | 3208 |
| **CHEMICALS—2.4%** | **CHEMICALS—2.4%** | **CHEMICALS—2.4%** |
| 122995 | Asian Paints Ltd. (India) | 3175 |
| **COMMUNICATIONS EQUIPMENT—3.9%** | **COMMUNICATIONS EQUIPMENT—3.9%** | **COMMUNICATIONS EQUIPMENT—3.9%** |
| 63106 | Accton Technology Corp. (Taiwan) | 4541 |
| 4300 | Zhongji Innolight Co. Ltd. Class A (China) | 540 |
|  |  | 5081 |
| **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** |
| 25184 | Hyundai Engineering & Construction Co. Ltd. (South <br> Korea)<br>| 2747 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.3%** |
| 59150 | JD Health International, Inc. (China)<sup>\*,1</sup> | 342 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.7%** |
| 174732 | Emirates Telecommunications Group Co. PJSC <br> (United Arab Emirates)<br>| $885 |
| **ELECTRICAL EQUIPMENT—0.8%** | **ELECTRICAL EQUIPMENT—0.8%** | **ELECTRICAL EQUIPMENT—0.8%** |
| 11000 | Bizlink Holding, Inc. (Taiwan) | 962 |
| 115 | HD Hyundai Electric Co. Ltd. (South Korea) | 97 |
|  |  | 1059 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.1%** |
| 146300 | Delta Electronics Thailand PCL (Thailand) | 1418 |
| **FOOD PRODUCTS—1.4%** | **FOOD PRODUCTS—1.4%** | **FOOD PRODUCTS—1.4%** |
| 217409 | Marico Ltd. (India) | 1778 |
| **GAS UTILITIES—2.7%** | **GAS UTILITIES—2.7%** | **GAS UTILITIES—2.7%** |
| 3716000 | Kunlun Energy Co. Ltd. (China) | 3577 |
| **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** |
| 576570 | Eternal Ltd. (India)<sup>\*</sup> | 1498 |
| **HOUSEHOLD DURABLES—3.5%** | **HOUSEHOLD DURABLES—3.5%** | **HOUSEHOLD DURABLES—3.5%** |
| 48377 | LG Electronics, Inc. (South Korea) | 4596 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.5%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.5%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.5%** |
| 150500 | China Yangtze Power Co. Ltd. Class A (China) | 602 |
| **INDUSTRIAL CONGLOMERATES—2.1%** | **INDUSTRIAL CONGLOMERATES—2.1%** | **INDUSTRIAL CONGLOMERATES—2.1%** |
| 13363 | Samsung C&T Corp. (South Korea) | 2689 |
| **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** |
| 23908 | Prologis Property Mexico SA de CV (Mexico) | 109 |
| **INSURANCE—2.6%** | **INSURANCE—2.6%** | **INSURANCE—2.6%** |
| 552656 | China Life Insurance Co. Ltd. Class H (China) | 2019 |
| 743904 | PICC Property & Casualty Co. Ltd. Class H (China) | 1331 |
|  |  | 3350 |
| **MACHINERY—0.3%** | **MACHINERY—0.3%** | **MACHINERY—0.3%** |
| 77205 | Tata Motors Ltd. (India)<sup>\*</sup> | 333 |
| **METALS & MINING—4.1%** | **METALS & MINING—4.1%** | **METALS & MINING—4.1%** |
| 1415700 | CMOC Group Ltd. Class A (China) | 3857 |
| 108195 | JSW Steel Ltd. (India) | 1440 |
|  |  | 5297 |
| **OIL, GAS & CONSUMABLE FUELS—4.5%** | **OIL, GAS & CONSUMABLE FUELS—4.5%** | **OIL, GAS & CONSUMABLE FUELS—4.5%** |
| 8023600 | Dian Swastatika Sentosa Tbk. PT (Indonesia)<sup>\*</sup> | 749 |
| 864856 | Oil & Natural Gas Corp. Ltd. (India) | 2723 |
| 316086 | Saudi Arabian Oil Co. (Saudi Arabia)<sup>1</sup> | 2339 |
|  |  | 5811 |
| **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** |
| 466701 | China Airlines Ltd. (Taiwan) | 264 |
| 75218 | Turk Hava Yollari AO (Turkey) | 513 |
|  |  | 777 |
| **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** |
| 53379 | SK Biopharmaceuticals Co. Ltd. (South Korea)<sup>\*</sup> | 3595 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.0%** |
| 211144 | Emaar Properties PJSC (United Arab Emirates) | 678 |

---

------

⬤

------

**Harbor Osmosis Emerging Markets Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** |
| 120896 | Plaza SA (Chile) | $601 |
|  |  | 1279 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.5%** |
| 36207 | Alchip Technologies Ltd. (Taiwan) | 4725 |
| 5209 | SK Hynix, Inc. (South Korea) | 4516 |
| 65386 | Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 4406 |
|  |  | 13647 |
| **SPECIALTY RETAIL—0.4%** | **SPECIALTY RETAIL—0.4%** | **SPECIALTY RETAIL—0.4%** |
| 28000 | Pop Mart International Group Ltd. (China)<sup>1</sup> | 562 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—20.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—20.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—20.3%** |
| 306528 | Gigabyte Technology Co. Ltd. (Taiwan) | 2641 |
| 11066 | King Slide Works Co. Ltd. (Taiwan) | 1366 |
| 3044047 | Lenovo Group Ltd. (China) | 4539 |
| 451181 | Quanta Computer, Inc. (Taiwan) | 4450 |
| 1030812 | Wistron Corp. (Taiwan) | 4457 |
| 30173 | Wiwynn Corp. (Taiwan) | 4452 |
| 1192237 | Xiaomi Corp. Class B (China)<sup>\*,1</sup> | 4417 |
|  |  | 26322 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** |
| 20900 | Laopu Gold Co. Ltd. Class H (China) | 1473 |
| **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** | **TRANSPORTATION INFRASTRUCTURE—0.2%** |
| 20500 | International Container Terminal Services, Inc. <br> (Philippines)<br>| 237 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **WIRELESS TELECOMMUNICATION SERVICES—6.6%** | **WIRELESS TELECOMMUNICATION SERVICES—6.6%** | **WIRELESS TELECOMMUNICATION SERVICES—6.6%** |
| 142730 | Bharti Airtel Ltd. (India) | $2844 |
| 656800 | TIM SA (Brazil) | 3415 |
| 277799 | Vodacom Group Ltd. (South Africa) | 2357 |
|  |  | 8616 |
| **TOTAL COMMON STOCKS** <br>(Cost $113,854) | **TOTAL COMMON STOCKS** <br>(Cost $113,854) | 128031 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—1.1%** | **PREFERRED STOCKS—1.1%** | **PREFERRED STOCKS—1.1%** |
| **BANKS—1.1%** | **BANKS—1.1%** | **BANKS—1.1%** |
| 8163 | Grupo Cibest SA (Colombia) | 140 |
| 133810 | Itau Unibanco Holding SA (Brazil) | 1167 |
| 47200 | Itausa SA (Brazil) | 133 |
|  |  | 1440 |
| **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** | **CONTAINERS & PACKAGING—0.0%** |
| 1 | Klabin SA (Brazil) |  |
| **TOTAL PREFERRED STOCKS** <br>(Cost $1,246) | **TOTAL PREFERRED STOCKS** <br>(Cost $1,246) | 1440 |
| **TOTAL INVESTMENTS—99.6%** <br>(Cost $115,100) | **TOTAL INVESTMENTS—99.6%** <br>(Cost $115,100) | 129471 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | 477 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $129948 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

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 April 30, 2026, the aggregate value of these securities was $9,352 or 7% of net assets.

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Osmosis International Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Osmosis Investment Management US LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.6%** | **COMMON STOCKS—99.6%** | **COMMON STOCKS—99.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** |
| 4694 | Airbus SE (France) | $963 |
| **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** |
| 160272 | Denso Corp. (Japan) | 1927 |
| **AUTOMOBILES—3.5%** | **AUTOMOBILES—3.5%** | **AUTOMOBILES—3.5%** |
| 84431 | Mercedes-Benz Group AG (Germany) | 4914 |
| **BANKS—15.6%** | **BANKS—15.6%** | **BANKS—15.6%** |
| 32535 | Banco Bilbao Vizcaya Argentaria SA (Spain) | 718 |
| 54270 | Banco BPM SpA (Italy) | 789 |
| 294283 | Banco Comercial Portugues SA Class R (Portugal) | 314 |
| 87825 | Banco de Sabadell SA (Spain) | 340 |
| 273339 | Banco Santander SA (Spain) | 3330 |
| 469421 | Barclays PLC (United Kingdom) | 2756 |
| 15396 | HSBC Holdings PLC (United Kingdom) | 283 |
| 2762 | KBC Group NV (Belgium) | 367 |
| 216415 | Lloyds Banking Group PLC (United Kingdom) | 294 |
| 142677 | NatWest Group PLC (United Kingdom) | 1136 |
| 19483 | Royal Bank of Canada (Canada) | 3504 |
| 24990 | Societe Generale SA (France) | 2007 |
| 23775 | Toronto-Dominion Bank (Canada) | 2561 |
| 43031 | UniCredit SpA (Italy) | 3314 |
|  |  | 21713 |
| **BEVERAGES—1.6%** | **BEVERAGES—1.6%** | **BEVERAGES—1.6%** |
| 29168 | Anheuser-Busch InBev SA (Belgium) | 2205 |
| **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** | **BIOTECHNOLOGY—3.3%** |
| 99994 | Swedish Orphan Biovitrum AB (Sweden)<sup>\*</sup> | 4633 |
| **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** |
| 2034 | Belimo Holding AG (Switzerland) | 1856 |
| **CAPITAL MARKETS—2.9%** | **CAPITAL MARKETS—2.9%** | **CAPITAL MARKETS—2.9%** |
| 6768 | Futu Holdings Ltd. ADR (Hong Kong)<sup>1</sup> | 1046 |
| 174400 | Singapore Exchange Ltd. (Singapore) | 2973 |
|  |  | 4019 |
| **CHEMICALS—1.9%** | **CHEMICALS—1.9%** | **CHEMICALS—1.9%** |
| 46176 | Akzo Nobel NV (Netherlands) | 2703 |
| 16 | Nitto Denko Corp. (Japan) | 1 |
|  |  | 2704 |
| **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** | **COMMERCIAL SERVICES & SUPPLIES—1.3%** |
| 110783 | Brambles Ltd. (Australia) | 1805 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.8%** |
| 48028 | Kesko OYJ Class B (Finland) | 1181 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** |
| 2193 | Swisscom AG (Switzerland) | 1857 |
| **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** |
| 67980 | EDP SA (Portugal) | 370 |
| **ELECTRICAL EQUIPMENT—2.5%** | **ELECTRICAL EQUIPMENT—2.5%** | **ELECTRICAL EQUIPMENT—2.5%** |
| 114464 | Vestas Wind Systems AS (Denmark) | 3508 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%** |
| 8600 | Keyence Corp. (Japan) | 3917 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** |
| 100200 | Shimadzu Corp. (Japan) | $2324 |
|  |  | 6241 |
| **ENTERTAINMENT—1.5%** | **ENTERTAINMENT—1.5%** | **ENTERTAINMENT—1.5%** |
| 42908 | Nintendo Co. Ltd. (Japan) | 2107 |
| **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** |
| 14806 | Investor AB Class B (Sweden) | 597 |
| **FOOD PRODUCTS—0.3%** | **FOOD PRODUCTS—0.3%** | **FOOD PRODUCTS—0.3%** |
| 5772 | Danone SA (France) | 452 |
| **GAS UTILITIES—1.0%** | **GAS UTILITIES—1.0%** | **GAS UTILITIES—1.0%** |
| 34000 | Tokyo Gas Co. Ltd. (Japan) | 1449 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.4%** |
| 21347 | Sonova Holding AG (Switzerland) | 4677 |
| **HOUSEHOLD DURABLES—0.9%** | **HOUSEHOLD DURABLES—0.9%** | **HOUSEHOLD DURABLES—0.9%** |
| 351367 | Barratt Redrow PLC (United Kingdom) | 1199 |
| **INDUSTRIAL CONGLOMERATES—1.8%** | **INDUSTRIAL CONGLOMERATES—1.8%** | **INDUSTRIAL CONGLOMERATES—1.8%** |
| 70809 | Smiths Group PLC (United Kingdom) | 2451 |
| **INSURANCE—6.8%** | **INSURANCE—6.8%** | **INSURANCE—6.8%** |
| 15252 | AXA SA (France) | 733 |
| 912 | Hannover Rueck SE (Germany) | 276 |
| 65400 | Manulife Financial Corp. (Canada) | 2572 |
| 1063562 | Medibank Pvt Ltd. (Australia) | 3591 |
| 524 | Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen (Germany)<br>| 314 |
| 166683 | Sampo OYJ Class A (Finland) | 1731 |
| 1713 | Swiss Re AG (United States) | 276 |
|  |  | 9493 |
| **IT SERVICES—2.0%** | **IT SERVICES—2.0%** | **IT SERVICES—2.0%** |
| 105900 | Obic Co. Ltd. (Japan) | 2815 |
| **MACHINERY—2.0%** | **MACHINERY—2.0%** | **MACHINERY—2.0%** |
| 41671 | Atlas Copco AB Class A (Sweden) | 786 |
| 46500 | Daifuku Co. Ltd. (Japan) | 2014 |
|  |  | 2800 |
| **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** |
| 63000 | Kawasaki Kisen Kaisha Ltd. (Japan) | 1031 |
| **METALS & MINING—6.3%** | **METALS & MINING—6.3%** | **METALS & MINING—6.3%** |
| 612189 | Glencore PLC (United Kingdom)<sup>\*</sup> | 4730 |
| 59432 | Lundin Gold, Inc. (Canada) | 3994 |
|  |  | 8724 |
| **MULTI-UTILITIES—1.6%** | **MULTI-UTILITIES—1.6%** | **MULTI-UTILITIES—1.6%** |
| 99505 | E.ON SE (Germany) | 2206 |
| **OFFICE REITS—1.4%** | **OFFICE REITS—1.4%** | **OFFICE REITS—1.4%** |
| 22452 | Gecina SA (France) | 1893 |
| **OIL, GAS & CONSUMABLE FUELS—5.1%** | **OIL, GAS & CONSUMABLE FUELS—5.1%** | **OIL, GAS & CONSUMABLE FUELS—5.1%** |
| 57702 | Enbridge, Inc. (Canada) | 3200 |
| 54609 | Equinor ASA (Norway) | 2192 |
| 68680 | Woodside Energy Group Ltd. (Australia) | 1659 |
|  |  | 7051 |

---

------

⬤

------

**Harbor Osmosis International Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** |
| 87400 | Singapore Airlines Ltd. (Singapore) | $432 |
| **PERSONAL CARE PRODUCTS—3.4%** | **PERSONAL CARE PRODUCTS—3.4%** | **PERSONAL CARE PRODUCTS—3.4%** |
| 11077 | L'Oreal SA (France) | 4759 |
| **PHARMACEUTICALS—3.7%** | **PHARMACEUTICALS—3.7%** | **PHARMACEUTICALS—3.7%** |
| 18446 | AstraZeneca PLC (United Kingdom) | 3501 |
| 4055 | Roche Holding AG (United States) | 1652 |
|  |  | 5153 |
| **PROFESSIONAL SERVICES—3.5%** | **PROFESSIONAL SERVICES—3.5%** | **PROFESSIONAL SERVICES—3.5%** |
| 103608 | Recruit Holdings Co. Ltd. (Japan) | 4833 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.0%** |
| 20 | Daito Trust Construction Co. Ltd. (Japan) |  |
| **RETAIL REITS—0.3%** | **RETAIL REITS—0.3%** | **RETAIL REITS—0.3%** |
| 3726 | Unibail-Rodamco-Westfield (France)<sup>\*</sup> | 451 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.1%** |
| 1081 | ASML Holding NV (Netherlands) | 1551 |
| **SOFTWARE—2.2%** | **SOFTWARE—2.2%** | **SOFTWARE—2.2%** |
| 17179 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 1932 |
| 6305 | SAP SE (Germany) | 1077 |
|  |  | 3009 |
| **SPECIALTY RETAIL—0.5%** | **SPECIALTY RETAIL—0.5%** | **SPECIALTY RETAIL—0.5%** |
| 25980 | Zalando SE (Germany)<sup>\*,2</sup> | 641 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** |
| 12829 | Moncler SpA (Italy) | $772 |
| **TRADING COMPANIES & DISTRIBUTORS—5.5%** | **TRADING COMPANIES & DISTRIBUTORS—5.5%** | **TRADING COMPANIES & DISTRIBUTORS—5.5%** |
| 22491 | AerCap Holdings NV (Ireland) | 3199 |
| 114758 | Toyota Tsusho Corp. (Japan) | 4472 |
|  |  | 7671 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** |
| 472840 | Vodafone Group PLC (United Kingdom) | 754 |
| **TOTAL COMMON STOCKS** <br>(Cost $123,177) | **TOTAL COMMON STOCKS** <br>(Cost $123,177) | 138867 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.2%** | **PREFERRED STOCKS—0.2%** | **PREFERRED STOCKS—0.2%** |
| (Cost $281) | (Cost $281) | (Cost $281) |
| **AUTOMOBILES—0.2%** | **AUTOMOBILES—0.2%** | **AUTOMOBILES—0.2%** |
| 5795 | Dr. Ing hc F Porsche AG (Germany) | 281 |
| **TOTAL INVESTMENTS—99.8%** <br>(Cost $123,458) | **TOTAL INVESTMENTS—99.8%** <br>(Cost $123,458) | 139148 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | 253 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $139401 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2026, the aggregate value of these securities was $641 or less than 1% of net assets.

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** PanAgora Asset Management, Inc.

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.7%** | **COMMON STOCKS—99.7%** | **COMMON STOCKS—99.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| 29525 | General Electric Co.  | $8560 |
| 18503 | HEICO Corp.  | 4994 |
| 23608 | RTX Corp.  | 4157 |
|  |  | 17711 |
| **AIR FREIGHT & LOGISTICS—0.7%** | **AIR FREIGHT & LOGISTICS—0.7%** | **AIR FREIGHT & LOGISTICS—0.7%** |
| 13651 | FedEx Corp.  | 5506 |
| **AUTOMOBILE COMPONENTS—0.4%** | **AUTOMOBILE COMPONENTS—0.4%** | **AUTOMOBILE COMPONENTS—0.4%** |
| 55186 | BorgWarner, Inc.  | 3144 |
| 7 | Versigent PLC <sup>\*</sup> |  |
|  |  | 3144 |
| **AUTOMOBILES—2.1%** | **AUTOMOBILES—2.1%** | **AUTOMOBILES—2.1%** |
| 86319 | General Motors Co.  | 6637 |
| 25517 | Tesla, Inc. <sup>\*</sup> | 9738 |
|  |  | 16375 |
| **BANKS—3.6%** | **BANKS—3.6%** | **BANKS—3.6%** |
| 55541 | Bank of America Corp.  | 2969 |
| 39686 | Citigroup, Inc.  | 5079 |
| 2 | Commerce Bancshares, Inc.  |  |
| 15022 | JPMorgan Chase & Co.  | 4705 |
| 84639 | KeyCorp  | 1871 |
| 27387 | M&T Bank Corp.  | 5988 |
| 20778 | Popular, Inc. (Puerto Rico) | 3124 |
| 46924 | Wells Fargo & Co.  | 3859 |
|  |  | 27595 |
| **BEVERAGES—0.5%** | **BEVERAGES—0.5%** | **BEVERAGES—0.5%** |
| 26442 | Monster Beverage Corp. <sup>\*</sup> | 2038 |
| 70197 | Primo Brands Corp.  | 1431 |
|  |  | 3469 |
| **BIOTECHNOLOGY—2.2%** | **BIOTECHNOLOGY—2.2%** | **BIOTECHNOLOGY—2.2%** |
| 42224 | AbbVie, Inc.  | 8923 |
| 16854 | Gilead Sciences, Inc.  | 2205 |
| 61119 | Incyte Corp. <sup>\*</sup> | 5823 |
|  |  | 16951 |
| **BROADLINE RETAIL—4.4%** | **BROADLINE RETAIL—4.4%** | **BROADLINE RETAIL—4.4%** |
| 104356 | Amazon.com, Inc. <sup>\*</sup> | 27661 |
| 61550 | eBay, Inc.  | 6369 |
|  |  | 34030 |
| **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** |
| 13305 | Allegion PLC  | 1829 |
| 49395 | Johnson Controls International PLC  | 7213 |
|  |  | 9042 |
| **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** |
| 5350 | Ameriprise Financial, Inc.  | 2540 |
| 52470 | Bank of New York Mellon Corp.  | 7050 |
| 3827 | Evercore, Inc. Class A | 1230 |
| 41524 | Northern Trust Corp.  | 6907 |
| 46558 | State Street Corp.  | 7116 |
| 30394 | Stifel Financial Corp.  | 2395 |
|  |  | 27238 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CHEMICALS—0.6%** | **CHEMICALS—0.6%** | **CHEMICALS—0.6%** |
| 99023 | DuPont de Nemours, Inc.  | $4521 |
| **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** |
| 33249 | Arista Networks, Inc. <sup>\*</sup> | 5742 |
| 5248 | Ciena Corp. <sup>\*</sup> | 2769 |
|  |  | 8511 |
| **CONSTRUCTION & ENGINEERING—0.4%** | **CONSTRUCTION & ENGINEERING—0.4%** | **CONSTRUCTION & ENGINEERING—0.4%** |
| 1637 | Comfort Systems USA, Inc.  | 3012 |
| **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** |
| 14297 | CRH PLC  | 1693 |
| **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** |
| 12628 | American Express Co.  | 4080 |
| 45399 | Synchrony Financial  | 3459 |
|  |  | 7539 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** |
| 10190 | Costco Wholesale Corp.  | 10338 |
| 16724 | Kroger Co.  | 1139 |
| 27460 | Maplebear, Inc. <sup>\*</sup> | 1163 |
| 63906 | Walmart, Inc.  | 8431 |
|  |  | 21071 |
| **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** |
| 5397 | Avery Dennison Corp.  | 885 |
| 30176 | Ball Corp.  | 1843 |
| 26015 | Crown Holdings, Inc.  | 2557 |
|  |  | 5285 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** |
| 73645 | Comcast Corp. Class A | 1991 |
| 36650 | Iridium Communications, Inc.  | 1432 |
|  |  | 3423 |
| **ELECTRIC UTILITIES—2.0%** | **ELECTRIC UTILITIES—2.0%** | **ELECTRIC UTILITIES—2.0%** |
| 71795 | Exelon Corp.  | 3302 |
| 65198 | NextEra Energy, Inc.  | 6382 |
| 35976 | NRG Energy, Inc.  | 5597 |
|  |  | 15281 |
| **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** |
| 12895 | AMETEK, Inc.  | 3037 |
| 2251 | GE Vernova, Inc.  | 2439 |
| 5060 | Vertiv Holdings Co. Class A | 1662 |
|  |  | 7138 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.5%** |
| 15168 | Amphenol Corp. Class A | 2234 |
| 18149 | Flex Ltd. <sup>\*</sup> | 1662 |
| 10815 | Keysight Technologies, Inc. <sup>\*</sup> | 3784 |
| 16440 | TD SYNNEX Corp.  | 3751 |
|  |  | 11431 |
| **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** |
| 76821 | Baker Hughes Co.  | 5352 |
| **ENTERTAINMENT—0.3%** | **ENTERTAINMENT—0.3%** | **ENTERTAINMENT—0.3%** |
| 27658 | Netflix, Inc. <sup>\*</sup> | 2589 |

---

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—1.7%** | **FINANCIAL SERVICES—1.7%** | **FINANCIAL SERVICES—1.7%** |
| 11542 | Berkshire Hathaway, Inc. Class B<sup>\*</sup> | $5466 |
| 16560 | Block, Inc. <sup>\*</sup> | 1168 |
| 9987 | Mastercard, Inc. Class A | 5023 |
| 3499 | Visa, Inc. Class A | 1154 |
|  |  | 12811 |
| **FOOD PRODUCTS—0.2%** | **FOOD PRODUCTS—0.2%** | **FOOD PRODUCTS—0.2%** |
| 27269 | Tyson Foods, Inc. Class A | 1747 |
| **GAS UTILITIES—0.3%** | **GAS UTILITIES—0.3%** | **GAS UTILITIES—0.3%** |
| 23280 | National Fuel Gas Co.  | 1964 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.4%** |
| 57055 | Boston Scientific Corp. <sup>\*</sup> | 3287 |
| **HEALTH CARE PROVIDERS & SERVICES—1.8%** | **HEALTH CARE PROVIDERS & SERVICES—1.8%** | **HEALTH CARE PROVIDERS & SERVICES—1.8%** |
| 90872 | Centene Corp. <sup>\*</sup> | 4879 |
| 5785 | McKesson Corp.  | 4716 |
| 11048 | UnitedHealth Group, Inc.  | 4093 |
|  |  | 13688 |
| **HEALTH CARE REITS—0.3%** | **HEALTH CARE REITS—0.3%** | **HEALTH CARE REITS—0.3%** |
| 30234 | Ventas, Inc.  | 2656 |
| **HOTEL & RESORT REITS—0.6%** | **HOTEL & RESORT REITS—0.6%** | **HOTEL & RESORT REITS—0.6%** |
| 232256 | Host Hotels & Resorts, Inc.  | 4908 |
| **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** |
| 23474 | Booking Holdings, Inc.  | 3952 |
| 7279 | Expedia Group, Inc.  | 1808 |
| 7932 | Royal Caribbean Cruises Ltd.  | 2092 |
|  |  | 7852 |
| **HOUSEHOLD DURABLES—0.8%** | **HOUSEHOLD DURABLES—0.8%** | **HOUSEHOLD DURABLES—0.8%** |
| 23345 | Garmin Ltd.  | 5863 |
| **INSURANCE—1.9%** | **INSURANCE—1.9%** | **INSURANCE—1.9%** |
| 14633 | Allstate Corp.  | 3179 |
| 11554 | Axis Capital Holdings Ltd.  | 1160 |
| 41404 | Hartford Insurance Group, Inc.  | 5665 |
| 18513 | MetLife, Inc.  | 1483 |
| 9822 | RenaissanceRe Holdings Ltd. (Bermuda) | 3015 |
|  |  | 14502 |
| **INTERACTIVE MEDIA & SERVICES—9.7%** | **INTERACTIVE MEDIA & SERVICES—9.7%** | **INTERACTIVE MEDIA & SERVICES—9.7%** |
| 146086 | Alphabet, Inc. Class A | 56214 |
| 30826 | Meta Platforms, Inc. Class A | 18863 |
|  |  | 75077 |
| **MACHINERY—3.2%** | **MACHINERY—3.2%** | **MACHINERY—3.2%** |
| 2354 | Caterpillar, Inc.  | 2095 |
| 9622 | Cummins, Inc.  | 6457 |
| 48109 | Graco, Inc.  | 3862 |
| 23654 | Oshkosh Corp.  | 3697 |
| 3731 | Parker-Hannifin Corp.  | 3393 |
| 18378 | Westinghouse Air Brake Technologies Corp.  | 4960 |
|  |  | 24464 |
| **METALS & MINING—1.2%** | **METALS & MINING—1.2%** | **METALS & MINING—1.2%** |
| 17898 | Alcoa Corp.  | 1142 |
| 18088 | Freeport-McMoRan, Inc.  | 1045 |
| 38219 | Newmont Corp.  | 4246 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **METALS & MINING—Continued** | **METALS & MINING—Continued** | **METALS & MINING—Continued** |
| 7851 | Reliance, Inc.  | $2846 |
|  |  | 9279 |
| **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** | **MULTI-UTILITIES—1.0%** |
| 50966 | Consolidated Edison, Inc.  | 5682 |
| 12230 | DTE Energy Co.  | 1855 |
|  |  | 7537 |
| **OIL, GAS & CONSUMABLE FUELS—3.1%** | **OIL, GAS & CONSUMABLE FUELS—3.1%** | **OIL, GAS & CONSUMABLE FUELS—3.1%** |
| 20037 | Chevron Corp.  | 3873 |
| 126369 | Devon Energy Corp.  | 6491 |
| 23534 | EOG Resources, Inc.  | 3308 |
| 35383 | Exxon Mobil Corp.  | 5461 |
| 18493 | Marathon Petroleum Corp.  | 4592 |
|  |  | 23725 |
| **PASSENGER AIRLINES—0.0%** | **PASSENGER AIRLINES—0.0%** | **PASSENGER AIRLINES—0.0%** |
| 4817 | Delta Air Lines, Inc.  | 328 |
| **PHARMACEUTICALS—3.8%** | **PHARMACEUTICALS—3.8%** | **PHARMACEUTICALS—3.8%** |
| 113389 | Bristol-Myers Squibb Co.  | 6870 |
| 13370 | Eli Lilly & Co.  | 12496 |
| 41525 | Johnson & Johnson  | 9544 |
|  |  | 28910 |
| **PROFESSIONAL SERVICES—0.2%** | **PROFESSIONAL SERVICES—0.2%** | **PROFESSIONAL SERVICES—0.2%** |
| 39632 | Genpact Ltd.  | 1377 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.3%** |
| 6409 | Jones Lang LaSalle, Inc. <sup>\*</sup> | 2039 |
| **RETAIL REITS—0.2%** | **RETAIL REITS—0.2%** | **RETAIL REITS—0.2%** |
| 79691 | Kimco Realty Corp.  | 1884 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—16.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—16.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—16.6%** |
| 14455 | Advanced Micro Devices, Inc. <sup>\*</sup> | 5124 |
| 14911 | Analog Devices, Inc.  | 5998 |
| 11115 | Applied Materials, Inc.  | 4385 |
| 67712 | Broadcom, Inc.  | 28265 |
| 33194 | Lam Research Corp.  | 8560 |
| 16390 | Micron Technology, Inc.  | 8476 |
| 4173 | MKS, Inc.  | 1184 |
| 315102 | NVIDIA Corp.  | 62885 |
| 18499 | QUALCOMM, Inc.  | 3322 |
|  |  | 128199 |
| **SOFTWARE—7.6%** | **SOFTWARE—7.6%** | **SOFTWARE—7.6%** |
| 13229 | Autodesk, Inc. <sup>\*</sup> | 3135 |
| 15026 | Fortinet, Inc. <sup>\*</sup> | 1267 |
| 10261 | Intuit, Inc.  | 3986 |
| 90345 | Microsoft Corp.  | 36841 |
| 26920 | Palantir Technologies, Inc. Class A<sup>\*</sup> | 3745 |
| 71827 | RingCentral, Inc. Class A | 2889 |
| 32453 | ServiceNow, Inc. <sup>\*</sup> | 2866 |
| 42875 | Zoom Communications, Inc. <sup>\*</sup> | 4165 |
|  |  | 58894 |
| **SPECIALIZED REITS—0.2%** | **SPECIALIZED REITS—0.2%** | **SPECIALIZED REITS—0.2%** |
| 11263 | Lamar Advertising Co. Class A | 1552 |
| **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** | **SPECIALTY RETAIL—0.9%** |
| 70573 | Gap, Inc.  | 1735 |

---

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 22989 | Ross Stores, Inc.  | $5237 |
|  |  | 6972 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.3%** |
| 201426 | Apple, Inc.  | 54657 |
| 8936 | Dell Technologies, Inc. Class C | 1867 |
|  |  | 56524 |
| **TOBACCO—2.0%** | **TOBACCO—2.0%** | **TOBACCO—2.0%** |
| 94747 | Altria Group, Inc.  | 6884 |
| 53554 | Philip Morris International, Inc.  | 8840 |
|  |  | 15724 |
| **TOTAL COMMON STOCKS** <br>(Cost $674,453) | **TOTAL COMMON STOCKS** <br>(Cost $674,453) | 769670 |
| **TOTAL INVESTMENTS—99.7%** <br>(Cost $674,453) | **TOTAL INVESTMENTS—99.7%** <br>(Cost $674,453) | 769670 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | 2267 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $771937 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor SMID Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—12.2%** | **AEROSPACE & DEFENSE—12.2%** | **AEROSPACE & DEFENSE—12.2%** |
| 991 | Hexcel Corp.  | $93 |
| 309 | Huntington Ingalls Industries, Inc.  | 112 |
| 447 | Moog, Inc. Class A | 135 |
| 2490 | StandardAero, Inc. <sup>\*</sup> | 62 |
| 457 | Woodward, Inc.  | 166 |
|  |  | 568 |
| **AUTOMOBILE COMPONENTS—1.9%** | **AUTOMOBILE COMPONENTS—1.9%** | **AUTOMOBILE COMPONENTS—1.9%** |
| 1586 | BorgWarner, Inc.  | 90 |
| **BANKS—5.1%** | **BANKS—5.1%** | **BANKS—5.1%** |
| 585 | East West Bancorp, Inc.  | 74 |
| 1215 | Webster Financial Corp.  | 88 |
| 499 | Wintrust Financial Corp.  | 75 |
|  |  | 237 |
| **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** |
| 1104 | A.O. Smith Corp.  | 68 |
| **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** |
| 500 | Houlihan Lokey, Inc.  | 77 |
| 660 | Raymond James Financial, Inc.  | 105 |
|  |  | 182 |
| **CHEMICALS—6.9%** | **CHEMICALS—6.9%** | **CHEMICALS—6.9%** |
| 515 | Albemarle Corp.  | 101 |
| 689 | Cabot Corp.  | 53 |
| 938 | CF Industries Holdings, Inc.  | 117 |
| 672 | Eastman Chemical Co.  | 49 |
|  |  | 320 |
| **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** |
| 361 | Republic Services, Inc.  | 76 |
| **CONSTRUCTION & ENGINEERING—4.2%** | **CONSTRUCTION & ENGINEERING—4.2%** | **CONSTRUCTION & ENGINEERING—4.2%** |
| 100 | EMCOR Group, Inc.  | 89 |
| 213 | Valmont Industries, Inc.  | 108 |
|  |  | 197 |
| **CONSUMER FINANCE—2.2%** | **CONSUMER FINANCE—2.2%** | **CONSUMER FINANCE—2.2%** |
| 474 | FirstCash Holdings, Inc.  | 103 |
| **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** |
| 1070 | Sonoco Products Co.  | 54 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.9%** |
| 509 | Arrow Electronics, Inc. <sup>\*</sup> | 96 |
| 203 | Teledyne Technologies, Inc. <sup>\*</sup> | 131 |
|  |  | 227 |
| **ENERGY EQUIPMENT & SERVICES—3.1%** | **ENERGY EQUIPMENT & SERVICES—3.1%** | **ENERGY EQUIPMENT & SERVICES—3.1%** |
| 3774 | Archrock, Inc.  | 146 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 345 | WEX, Inc. <sup>\*</sup> | 52 |
| **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** |
| 3664 | MDU Resources Group, Inc.  | 83 |
| **GROUND TRANSPORTATION—2.8%** | **GROUND TRANSPORTATION—2.8%** | **GROUND TRANSPORTATION—2.8%** |
| 513 | Ryder System, Inc.  | 130 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** |
| 825 | CONMED Corp.  | $30 |
| **HEALTH CARE PROVIDERS & SERVICES—1.3%** | **HEALTH CARE PROVIDERS & SERVICES—1.3%** | **HEALTH CARE PROVIDERS & SERVICES—1.3%** |
| 1122 | Centene Corp. <sup>\*</sup> | 60 |
| **HOTELS, RESTAURANTS & LEISURE—2.8%** | **HOTELS, RESTAURANTS & LEISURE—2.8%** | **HOTELS, RESTAURANTS & LEISURE—2.8%** |
| 376 | Darden Restaurants, Inc.  | 76 |
| 918 | Papa John's International, Inc.  | 33 |
| 1337 | Penn Entertainment, Inc. <sup>\*</sup> | 23 |
|  |  | 132 |
| **HOUSEHOLD DURABLES—1.3%** | **HOUSEHOLD DURABLES—1.3%** | **HOUSEHOLD DURABLES—1.3%** |
| 402 | DR Horton, Inc.  | 62 |
| **INSURANCE—2.2%** | **INSURANCE—2.2%** | **INSURANCE—2.2%** |
| 488 | Reinsurance Group of America, Inc.  | 103 |
| **IT SERVICES—1.4%** | **IT SERVICES—1.4%** | **IT SERVICES—1.4%** |
| 632 | Akamai Technologies, Inc. <sup>\*</sup> | 65 |
| **LIFE SCIENCES TOOLS & SERVICES—4.2%** | **LIFE SCIENCES TOOLS & SERVICES—4.2%** | **LIFE SCIENCES TOOLS & SERVICES—4.2%** |
| 3303 | Avantor, Inc. <sup>\*</sup> | 27 |
| 216 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 60 |
| 370 | Charles River Laboratories International, Inc. <sup>\*</sup> | 62 |
| 1321 | Qiagen NV  | 46 |
|  |  | 195 |
| **MACHINERY—4.3%** | **MACHINERY—4.3%** | **MACHINERY—4.3%** |
| 463 | Albany International Corp. Class A | 27 |
| 503 | Middleby Corp. <sup>\*</sup> | 71 |
| 272 | Snap-on, Inc.  | 104 |
|  |  | 202 |
| **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** |
| 529 | WEC Energy Group, Inc.  | 62 |
| **OFFICE REITS—2.2%** | **OFFICE REITS—2.2%** | **OFFICE REITS—2.2%** |
| 884 | BXP, Inc.  | 52 |
| 1549 | COPT Defense Properties  | 48 |
|  |  | 100 |
| **PROFESSIONAL SERVICES—2.2%** | **PROFESSIONAL SERVICES—2.2%** | **PROFESSIONAL SERVICES—2.2%** |
| 123 | CACI International, Inc. Class A<sup>\*</sup> | 64 |
| 1040 | Insperity, Inc.  | 37 |
|  |  | 101 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.3%** |
| 760 | CBRE Group, Inc. Class A<sup>\*</sup> | 109 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.0%** |
| 645 | Cirrus Logic, Inc. <sup>\*</sup> | 105 |
| 1258 | FormFactor, Inc. <sup>\*</sup> | 171 |
| 78 | Monolithic Power Systems, Inc.  | 126 |
| 1082 | ON Semiconductor Corp. <sup>\*</sup> | 109 |
|  |  | 511 |
| **SOFTWARE—2.4%** | **SOFTWARE—2.4%** | **SOFTWARE—2.4%** |
| 2423 | Box, Inc. Class A<sup>\*</sup> | 59 |
| 113 | Synopsys, Inc. <sup>\*</sup> | 54 |
|  |  | 113 |

---

------

⬤

------

**Harbor SMID Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALIZED REITS—1.5%** | **SPECIALIZED REITS—1.5%** | **SPECIALIZED REITS—1.5%** |
| 311 | SBA Communications Corp.  | $69 |
| **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** |
| 562 | GATX Corp.  | 110 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,547) | **TOTAL COMMON STOCKS** <br>(Cost $3,547) | 4557 |
| **TOTAL INVESTMENTS—97.8%** <br>(Cost $3,547) | **TOTAL INVESTMENTS—97.8%** <br>(Cost $3,547) | 4557 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.2%** | 103 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4660 |

---

&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>|
| Hologic, Inc.\* | 1003 | $0.00 | &nbsp;&nbsp; 02/07/2028 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $—<sup>x</sup> <br>|

---

**FAIR VALUE MEASUREMENTS**

As of April 30, 2026, the investment in Hologic, Inc. (as disclosed in the preceding Rights/Warrants schedule) was classified as Level 3 and all other investments were classified as Level 1.

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

------

\*

Non-income producing security

x

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

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor SMID Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.0%** | **COMMON STOCKS—97.0%** | **COMMON STOCKS—97.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—4.8%** | **AEROSPACE & DEFENSE—4.8%** | **AEROSPACE & DEFENSE—4.8%** |
| 237 | Huntington Ingalls Industries, Inc.  | $86 |
| 514 | Moog, Inc. Class A | 155 |
|  |  | 241 |
| **AUTOMOBILE COMPONENTS—0.9%** | **AUTOMOBILE COMPONENTS—0.9%** | **AUTOMOBILE COMPONENTS—0.9%** |
| 747 | BorgWarner, Inc.  | 43 |
| **BANKS—9.8%** | **BANKS—9.8%** | **BANKS—9.8%** |
| 776 | Pathward Financial, Inc.  | 67 |
| 691 | Pinnacle Financial Partners, Inc.  | 68 |
| 707 | Popular, Inc. (Puerto Rico) | 106 |
| 544 | UMB Financial Corp.  | 69 |
| 1950 | United Bankshares, Inc.  | 86 |
| 2724 | WesBanco, Inc.  | 94 |
|  |  | 490 |
| **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** |
| 1024 | Masco Corp.  | 74 |
| **CAPITAL MARKETS—2.8%** | **CAPITAL MARKETS—2.8%** | **CAPITAL MARKETS—2.8%** |
| 271 | Raymond James Financial, Inc.  | 43 |
| 1225 | Stifel Financial Corp.  | 96 |
|  |  | 139 |
| **CHEMICALS—3.0%** | **CHEMICALS—3.0%** | **CHEMICALS—3.0%** |
| 833 | Cabot Corp.  | 64 |
| 733 | Eastman Chemical Co.  | 53 |
| 537 | Scotts Miracle-Gro Co.  | 34 |
|  |  | 151 |
| **COMMUNICATIONS EQUIPMENT—3.1%** | **COMMUNICATIONS EQUIPMENT—3.1%** | **COMMUNICATIONS EQUIPMENT—3.1%** |
| 2799 | Digi International, Inc. <sup>\*</sup> | 157 |
| **CONSTRUCTION MATERIALS—1.1%** | **CONSTRUCTION MATERIALS—1.1%** | **CONSTRUCTION MATERIALS—1.1%** |
| 263 | Eagle Materials, Inc.  | 55 |
| **CONSUMER FINANCE—2.2%** | **CONSUMER FINANCE—2.2%** | **CONSUMER FINANCE—2.2%** |
| 503 | FirstCash Holdings, Inc.  | 110 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.9%** |
| 1028 | Performance Food Group Co. <sup>\*</sup> | 93 |
| **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** |
| 695 | Sonoco Products Co.  | 35 |
| **DISTRIBUTORS—0.7%** | **DISTRIBUTORS—0.7%** | **DISTRIBUTORS—0.7%** |
| 1077 | LKQ Corp.  | 34 |
| **ELECTRICAL EQUIPMENT—7.7%** | **ELECTRICAL EQUIPMENT—7.7%** | **ELECTRICAL EQUIPMENT—7.7%** |
| 288 | Acuity, Inc.  | 84 |
| 1051 | Atkore, Inc.  | 82 |
| 1152 | Nextpower, Inc. Class A<sup>\*</sup> | 137 |
| 385 | Regal Rexnord Corp.  | 83 |
|  |  | 386 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—16.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—16.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—16.3%** |
| 590 | Advanced Energy Industries, Inc.  | 227 |
| 1494 | Avnet, Inc.  | 123 |
| 2718 | Flex Ltd. <sup>\*</sup> | 249 |
| 979 | Sanmina Corp. <sup>\*</sup> | 213 |
|  |  | 812 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENERGY EQUIPMENT & SERVICES—2.0%** | **ENERGY EQUIPMENT & SERVICES—2.0%** | **ENERGY EQUIPMENT & SERVICES—2.0%** |
| 4901 | NOV, Inc.  | $100 |
| **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** |
| 341 | WEX, Inc. <sup>\*</sup> | 51 |
| **FOOD PRODUCTS—3.0%** | **FOOD PRODUCTS—3.0%** | **FOOD PRODUCTS—3.0%** |
| 2337 | Darling Ingredients, Inc. <sup>\*</sup> | 150 |
| **GAS UTILITIES—3.7%** | **GAS UTILITIES—3.7%** | **GAS UTILITIES—3.7%** |
| 457 | Atmos Energy Corp.  | 87 |
| 4212 | MDU Resources Group, Inc.  | 95 |
|  |  | 182 |
| **GROUND TRANSPORTATION—1.4%** | **GROUND TRANSPORTATION—1.4%** | **GROUND TRANSPORTATION—1.4%** |
| 2201 | Schneider National, Inc. Class B | 68 |
| **HEALTH CARE REITS—0.4%** | **HEALTH CARE REITS—0.4%** | **HEALTH CARE REITS—0.4%** |
| 466 | Alexandria Real Estate Equities, Inc.  | 19 |
| **HOTEL & RESORT REITS—0.7%** | **HOTEL & RESORT REITS—0.7%** | **HOTEL & RESORT REITS—0.7%** |
| 2402 | Pebblebrook Hotel Trust  | 34 |
| **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** |
| 280 | Darden Restaurants, Inc.  | 56 |
| **HOUSEHOLD DURABLES—0.9%** | **HOUSEHOLD DURABLES—0.9%** | **HOUSEHOLD DURABLES—0.9%** |
| 301 | DR Horton, Inc.  | 46 |
| **INDUSTRIAL REITS—2.7%** | **INDUSTRIAL REITS—2.7%** | **INDUSTRIAL REITS—2.7%** |
| 354 | EastGroup Properties, Inc.  | 71 |
| 1601 | STAG Industrial, Inc.  | 62 |
|  |  | 133 |
| **INSURANCE—3.6%** | **INSURANCE—3.6%** | **INSURANCE—3.6%** |
| 475 | Reinsurance Group of America, Inc.  | 101 |
| 262 | RenaissanceRe Holdings Ltd. (Bermuda) | 80 |
|  |  | 181 |
| **LIFE SCIENCES TOOLS & SERVICES—0.9%** | **LIFE SCIENCES TOOLS & SERVICES—0.9%** | **LIFE SCIENCES TOOLS & SERVICES—0.9%** |
| 270 | Charles River Laboratories International, Inc. <sup>\*</sup> | 45 |
| **MACHINERY—5.2%** | **MACHINERY—5.2%** | **MACHINERY—5.2%** |
| 767 | Albany International Corp. Class A | 45 |
| 501 | Middleby Corp. <sup>\*</sup> | 70 |
| 217 | Snap-on, Inc.  | 83 |
| 546 | Timken Co.  | 61 |
|  |  | 259 |
| **OFFICE REITS—1.6%** | **OFFICE REITS—1.6%** | **OFFICE REITS—1.6%** |
| 2624 | Vornado Realty Trust  | 78 |
| **OIL, GAS & CONSUMABLE FUELS—3.8%** | **OIL, GAS & CONSUMABLE FUELS—3.8%** | **OIL, GAS & CONSUMABLE FUELS—3.8%** |
| 413 | Diamondback Energy, Inc.  | 85 |
| 2459 | Murphy Oil Corp.  | 103 |
|  |  | 188 |
| **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** |
| 787 | TriNet Group, Inc.  | 36 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.9%** |
| 665 | CBRE Group, Inc. Class A<sup>\*</sup> | 95 |

---

------

⬤

------

**Harbor SMID Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.8%** |
| 633 | Entegris, Inc.  | $89 |
| **SOFTWARE—1.5%** | **SOFTWARE—1.5%** | **SOFTWARE—1.5%** |
| 152 | Synopsys, Inc. <sup>\*</sup> | 73 |
| **SPECIALTY RETAIL—0.5%** | **SPECIALTY RETAIL—0.5%** | **SPECIALTY RETAIL—0.5%** |
| 1268 | Bath & Body Works, Inc.  | 25 |
| **TRADING COMPANIES & DISTRIBUTORS—2.1%** | **TRADING COMPANIES & DISTRIBUTORS—2.1%** | **TRADING COMPANIES & DISTRIBUTORS—2.1%** |
| 544 | GATX Corp.  | 107 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,500) | **TOTAL COMMON STOCKS** <br>(Cost $3,500) | 4835 |
| **TOTAL INVESTMENTS—97.0%** <br>(Cost $3,500) | **TOTAL INVESTMENTS—97.0%** <br>(Cost $3,500) | 4835 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.0%** | 148 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4983 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

Non-income producing security

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor Transformative Technologies ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2026 (Unaudited)** 

------

**Subadvisor:** Jennison Associates LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.2%** | **COMMON STOCKS—96.2%** | **COMMON STOCKS—96.2%** |
| **Shares** |  | **Value** |
| **AUTOMOBILES—2.1%** | **AUTOMOBILES—2.1%** | **AUTOMOBILES—2.1%** |
| 380 | Tesla, Inc. <sup>\*</sup> | $145 |
| **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** |
| 1844 | Roivant Sciences Ltd. <sup>\*</sup> | 53 |
| 63 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 27 |
|  |  | 80 |
| **BROADLINE RETAIL—6.2%** | **BROADLINE RETAIL—6.2%** | **BROADLINE RETAIL—6.2%** |
| 1585 | Amazon.com, Inc. <sup>\*</sup> | 420 |
| **COMMUNICATIONS EQUIPMENT—2.7%** | **COMMUNICATIONS EQUIPMENT—2.7%** | **COMMUNICATIONS EQUIPMENT—2.7%** |
| 1062 | Arista Networks, Inc. <sup>\*</sup> | 183 |
| **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** |
| 316 | Constellation Energy Corp.  | 99 |
| **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** |
| 992 | Schneider Electric SE ADR<sup>1</sup> | 63 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.6%** |
| 309 | Keysight Technologies, Inc. <sup>\*</sup> | 108 |
| **ENTERTAINMENT—1.6%** | **ENTERTAINMENT—1.6%** | **ENTERTAINMENT—1.6%** |
| 1135 | Netflix, Inc. <sup>\*</sup> | 106 |
| **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** |
| 132 | Mastercard, Inc. Class A | 66 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.9%** |
| 491 | Edwards Lifesciences Corp. <sup>\*</sup> | 41 |
| 191 | Intuitive Surgical, Inc. <sup>\*</sup> | 87 |
|  |  | 128 |
| **HOTELS, RESTAURANTS & LEISURE—0.6%** | **HOTELS, RESTAURANTS & LEISURE—0.6%** | **HOTELS, RESTAURANTS & LEISURE—0.6%** |
| 268 | Airbnb, Inc. Class A<sup>\*</sup> | 38 |
| **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** |
| 1282 | Alphabet, Inc. Class A | 493 |
| 346 | Meta Platforms, Inc. Class A | 212 |
|  |  | 705 |
| **IT SERVICES—3.6%** | **IT SERVICES—3.6%** | **IT SERVICES—3.6%** |
| 267 | Cloudflare, Inc. Class A<sup>\*</sup> | 55 |
| 769 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 93 |
| 677 | Snowflake, Inc. <sup>\*</sup> | 92 |
|  |  | 240 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| 349 | AstraZeneca PLC (United Kingdom) | $65 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—37.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—37.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—37.2%** |
| 653 | Advanced Micro Devices, Inc. <sup>\*</sup> | 231 |
| 318 | Analog Devices, Inc.  | 128 |
| 259 | ARM Holdings PLC ADR<sup>\*,1</sup> | 54 |
| 86 | ASML Holding NV New York Registry Shares <br> (Netherlands)<br>| 124 |
| 1210 | Broadcom, Inc.  | 505 |
| 348 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 61 |
| 1007 | Lam Research Corp.  | 260 |
| 1208 | Lattice Semiconductor Corp. <sup>\*</sup> | 148 |
| 2533 | NVIDIA Corp.  | 506 |
| 581 | Onto Innovation, Inc. <sup>\*</sup> | 171 |
| 828 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 328 |
|  |  | 2516 |
| **SOFTWARE—15.1%** | **SOFTWARE—15.1%** | **SOFTWARE—15.1%** |
| 192 | AppLovin Corp. Class A<sup>\*</sup> | 86 |
| 273 | Cadence Design Systems, Inc. <sup>\*</sup> | 90 |
| 197 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 88 |
| 741 | Datadog, Inc. Class A<sup>\*</sup> | 98 |
| 825 | Microsoft Corp.  | 336 |
| 370 | Oracle Corp.  | 60 |
| 496 | Palantir Technologies, Inc. Class A<sup>\*</sup> | 69 |
| 357 | Palo Alto Networks, Inc. <sup>\*</sup> | 64 |
| 176 | Salesforce, Inc.  | 31 |
| 1987 | Samsara, Inc. Class A<sup>\*</sup> | 57 |
| 477 | ServiceNow, Inc. <sup>\*</sup> | 42 |
|  |  | 1021 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.6%** |
| 1900 | Apple, Inc.  | 516 |
| **TOTAL COMMON STOCKS** <br>(Cost $5,026) | **TOTAL COMMON STOCKS** <br>(Cost $5,026) | 6499 |
| **TOTAL INVESTMENTS—96.2%** <br>(Cost $5,026) | **TOTAL INVESTMENTS—96.2%** <br>(Cost $5,026) | 6499 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.8%** | 257 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $6756 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2026 (as disclosed in the preceding Portfolio of 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 Financial Statements.

------

\*

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 Financial Statements.

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**Harbor ETF Trust**

**STATEMENTS OF ASSETS AND LIABILITIES—April 30, 2026 (Unaudited)**

------

(All amounts in thousands, except per share amounts)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Active** <br>**Small** <br>**Cap ETF**<br>| **Harbor** <br>**Active** <br>**Small** <br>**Cap** <br>**Growth** <br>**ETF**<br>| **Harbor** <br>**AI** <br>**Inflection** <br>**Strategy ETF**<br>| **Harbor** <br>**Alpha** <br>**Layering ETF** <br>**(Consolidated)**<br>| **Harbor** <br>**AlphaEdge™** <br>**Large Cap** <br>**Value ETF**<br>|
| **Assets** |  |  |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $14188 | &nbsp;&nbsp; $3451 | &nbsp;&nbsp; $4102 | &nbsp;&nbsp; $3285 | &nbsp;&nbsp; $4059 |
| Investments, at value (Including Securities Loaned $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, <br> $0, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; $13216 | &nbsp;&nbsp; $3590 | &nbsp;&nbsp; $5360 | &nbsp;&nbsp; $3368 | &nbsp;&nbsp; $4347 |
| Cash | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 3877 | &nbsp;&nbsp; — |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 999 | &nbsp;&nbsp; — |
| Foreign currency, at value (cost: $0, $0, $0, $0, $0, $0, $6, $1, $0, $0, $0, $0, $48, $0 and <br> $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| Investment sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on OTC swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on centrally cleared swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Withholding tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **13837** | &nbsp;&nbsp; **3705** | &nbsp;&nbsp; **5394** | &nbsp;&nbsp; **8244** | &nbsp;&nbsp; **4352** |
| **Liabilities** |  |  |  |  |  |
| Due to custodian  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| Payables for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares reacquired | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral for securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend and interest expense on investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investments sold short, at value (proceeds: $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, <br> $0, $0 and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 46 | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **9** | &nbsp;&nbsp; **21** | &nbsp;&nbsp; **4** | &nbsp;&nbsp; **51** | &nbsp;&nbsp; **3** |
| **NET ASSETS** | &nbsp;&nbsp; **$13828** | &nbsp;&nbsp; **$3684** | &nbsp;&nbsp; **$5390** | &nbsp;&nbsp; **$8193** | &nbsp;&nbsp; **$4349** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $14611 | &nbsp;&nbsp; $3548 | &nbsp;&nbsp; $4135 | &nbsp;&nbsp; $7602 | &nbsp;&nbsp; $3748 |
| Total distributable earnings/(loss) | &nbsp;&nbsp; (783)<br>| &nbsp;&nbsp; 136 | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 601 |
|  | &nbsp;&nbsp; $13828 | &nbsp;&nbsp; $3684 | &nbsp;&nbsp; $5390 | &nbsp;&nbsp; $8193 | &nbsp;&nbsp; $4349 |
| **NET ASSET VALUE PER SHARE** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $13828 | &nbsp;&nbsp; $3684 | &nbsp;&nbsp; $5390 | &nbsp;&nbsp; $8193 | &nbsp;&nbsp; $4349 |
| Shares of beneficial interest (No par value and unlimited authorizations) | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 175 |
| Net asset value per share<sup>1</sup> | &nbsp;&nbsp; $20.49 | &nbsp;&nbsp; $21.05 | &nbsp;&nbsp; $26.95 | &nbsp;&nbsp; $32.77 | &nbsp;&nbsp; $24.85 |

---

The accompanying notes are an integral part of the Financial Statements.

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF**<br>| **Harbor** <br>**Ares** <br>**Systematic** <br>**High Yield** <br>**ETF**<br>| **Harbor** <br>**Ares** <br>**Systematic** <br>**Multi-Sector** <br>**Income ETF**<br>| **Harbor** <br>**Commodity** <br>**All-Weather** <br>**Strategy ETF** <br>**(Consolidated)**<br>| **Harbor** <br>**Disciplined** <br>**Bond ETF**<br>| **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF**<br>| **Harbor** <br>**Emerging** <br>**Markets** <br>**Equity ETF** <br>| **Harbor** <br>**Emerging** <br>**Markets** <br>**Select ETF** <br>| **Harbor** <br>**Health** <br>**Care** <br>**ETF**<br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF**<br>|
| $10427 | &nbsp;&nbsp; $137943 | &nbsp;&nbsp; $30170 | &nbsp;&nbsp; $2690398 | &nbsp;&nbsp; $38088 | &nbsp;&nbsp; $159147 | &nbsp;&nbsp; $5433 | &nbsp;&nbsp; $8516 | &nbsp;&nbsp; $24858 | &nbsp;&nbsp; $354564 |
| $11399 | &nbsp;&nbsp; $138647 | &nbsp;&nbsp; $30546 | &nbsp;&nbsp; $2690139 | &nbsp;&nbsp; $38251 | &nbsp;&nbsp; $217640 | &nbsp;&nbsp; $7272 | &nbsp;&nbsp; $10961 | &nbsp;&nbsp; $27450 | &nbsp;&nbsp; $469961 |
| 6 | &nbsp;&nbsp; 5076 | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 196219 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 8181 | &nbsp;&nbsp; 192 | &nbsp;&nbsp; 217 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 99049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 51 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 138211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 111 | &nbsp;&nbsp; — | &nbsp;&nbsp; 272 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 257 |
|  | &nbsp;&nbsp; 2255 | &nbsp;&nbsp; 414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 266 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
| **11419** | &nbsp;&nbsp; **145984** | &nbsp;&nbsp; **33071** | &nbsp;&nbsp; **3141464** | &nbsp;&nbsp; **38771** | &nbsp;&nbsp; **225829** | &nbsp;&nbsp; **7600** | &nbsp;&nbsp; **11239** | &nbsp;&nbsp; **27866** | &nbsp;&nbsp; **470218** |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp; 2019 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 49999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 3 |
| 3 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1617 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 133 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **3** | &nbsp;&nbsp; **2075** | &nbsp;&nbsp; **329** | &nbsp;&nbsp; **51616** | &nbsp;&nbsp; **11** | &nbsp;&nbsp; **90** | &nbsp;&nbsp; **25** | &nbsp;&nbsp; **17** | &nbsp;&nbsp; **291** | &nbsp;&nbsp; **223** |
| **$11416** | &nbsp;&nbsp; **$143909** | &nbsp;&nbsp; **$32742** | &nbsp;&nbsp; **$3089848** | &nbsp;&nbsp; **$38760** | &nbsp;&nbsp; **$225739** | &nbsp;&nbsp; **$7575** | &nbsp;&nbsp; **$11222** | &nbsp;&nbsp; **$27575** | &nbsp;&nbsp; **$469995** |
| $10379 | &nbsp;&nbsp; $264399 | &nbsp;&nbsp; $37148 | &nbsp;&nbsp; $2516094 | &nbsp;&nbsp; $38629 | &nbsp;&nbsp; $177045 | &nbsp;&nbsp; $5602 | &nbsp;&nbsp; $8522 | &nbsp;&nbsp; $25023 | &nbsp;&nbsp; $329526 |
| 1037 | &nbsp;&nbsp; (120490)<br>| &nbsp;&nbsp; (4406)<br>| &nbsp;&nbsp; 573754 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 48694 | &nbsp;&nbsp; 1973 | &nbsp;&nbsp; 2700 | &nbsp;&nbsp; 2552 | &nbsp;&nbsp; 140469 |
| $11416 | &nbsp;&nbsp; $143909 | &nbsp;&nbsp; $32742 | &nbsp;&nbsp; $3089848 | &nbsp;&nbsp; $38760 | &nbsp;&nbsp; $225739 | &nbsp;&nbsp; $7575 | &nbsp;&nbsp; $11222 | &nbsp;&nbsp; $27575 | &nbsp;&nbsp; $469995 |
| $11416 | &nbsp;&nbsp; $143909 | &nbsp;&nbsp; $32742 | &nbsp;&nbsp; $3089848 | &nbsp;&nbsp; $38760 | &nbsp;&nbsp; $225739 | &nbsp;&nbsp; $7575 | &nbsp;&nbsp; $11222 | &nbsp;&nbsp; $27575 | &nbsp;&nbsp; $469995 |
| 300 | &nbsp;&nbsp; 3164 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 95175 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 12527 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 10900 |
| $38.05 | &nbsp;&nbsp; $45.49 | &nbsp;&nbsp; $43.66 | &nbsp;&nbsp; $32.46 | &nbsp;&nbsp; $40.80 | &nbsp;&nbsp; $18.02 | &nbsp;&nbsp; $27.54 | &nbsp;&nbsp; $26.40 | &nbsp;&nbsp; $29.81 | &nbsp;&nbsp; $43.12 |

---

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**Harbor ETF Trust**

**STATEMENTS OF ASSETS AND LIABILITIES— April 30, 2026 (Unaudited) —Continued**

------

(All amounts in thousands, except per share amounts)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF**<br>| **Harbor** <br>**International** <br>**Compounders** <br>**ETF**<br>| **Harbor** <br>**International** <br>**Equity ETF**<br>| **Harbor** <br>**Long-Short** <br>**Equity ETF**<br>| **Harbor** <br>**Long-Term** <br>**Growers ETF**<br>|
| **Assets** |  |  |  |  |  |
| Investments, at cost | &nbsp;&nbsp; $141639 | &nbsp;&nbsp; $434375 | &nbsp;&nbsp; $5370 | &nbsp;&nbsp; $16,238\* | &nbsp;&nbsp; $805362 |
| Investments, at value (Including Securities Loaned $0, $7,281, $0, $0, $0, $0, <br> $0, $0, $0, $0, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; $157482 | &nbsp;&nbsp; $481444 | &nbsp;&nbsp; $6769 | &nbsp;&nbsp; $19,164\* | &nbsp;&nbsp; $1069776 |
| Cash | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 7948 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 6795 | &nbsp;&nbsp; 19228 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency, at value (cost: $0, $1,004, $41, $0, $0, $0, $0, $0, $1,483, <br> $495, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| Investment sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 9012 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1663 |
| Capital shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 4566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 973 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 131 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized appreciation on OTC swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on centrally cleared swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Withholding tax | &nbsp;&nbsp; — | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 |
| **Total Assets** | &nbsp;&nbsp; **157544** | &nbsp;&nbsp; **505298** | &nbsp;&nbsp; **6961** | &nbsp;&nbsp; **25967** | &nbsp;&nbsp; **1090827** |
| **Liabilities** |  |  |  |  |  |
| Due to custodian  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares reacquired | &nbsp;&nbsp; — | &nbsp;&nbsp; 4578 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Collateral for securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; 7540 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend and interest expense on investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
| Investments sold short, at value (proceeds: $0, $0, $0, $11,849, $0, $0, $0, $0, <br> $0, $0, $0, $0, $0 and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10562 | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 488 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13 |
| **Total Liabilities** | &nbsp;&nbsp; **75** | &nbsp;&nbsp; **12458** | &nbsp;&nbsp; **5** | &nbsp;&nbsp; **10585** | &nbsp;&nbsp; **501** |
| **NET ASSETS** | &nbsp;&nbsp; **$157469** | &nbsp;&nbsp; **$492840** | &nbsp;&nbsp; **$6956** | &nbsp;&nbsp; **$15382** | &nbsp;&nbsp; **$1090326** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $159907 | &nbsp;&nbsp; $442692 | &nbsp;&nbsp; $5552 | &nbsp;&nbsp; $10943 | &nbsp;&nbsp; $858347 |
| Total distributable earnings/(loss) | &nbsp;&nbsp; (2438)<br>| &nbsp;&nbsp; 50148 | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; 4439 | &nbsp;&nbsp; 231979 |
|  | &nbsp;&nbsp; $157469 | &nbsp;&nbsp; $492840 | &nbsp;&nbsp; $6956 | &nbsp;&nbsp; $15382 | &nbsp;&nbsp; $1090326 |
| **NET ASSET VALUE PER SHARE** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $157469 | &nbsp;&nbsp; $492840 | &nbsp;&nbsp; $6956 | &nbsp;&nbsp; $15382 | &nbsp;&nbsp; $1090326 |
| Shares of beneficial interest (No par value and unlimited authorizations) | &nbsp;&nbsp; 4575 | &nbsp;&nbsp; 16150 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 34675 |
| Net asset value per share<sup>1</sup> | &nbsp;&nbsp; $34.42 | &nbsp;&nbsp; $30.52 | &nbsp;&nbsp; $25.29 | &nbsp;&nbsp; $34.18 | &nbsp;&nbsp; $31.44 |

---

The accompanying notes are an integral part of the Financial Statements.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Mid** <br>**Cap** <br>**Core ETF**<br>| **Harbor** <br>**Mid** <br>**Cap** <br>**Value ETF**<br>| **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)**<br>| **Harbor** <br>**Osmosis** <br>**Emerging** <br>**Markets** <br>**Resource** <br>**Efficient ETF**<br>| **Harbor** <br>**Osmosis** <br>**International** <br>**Resource** <br>**Efficient ETF**<br>| **Harbor** <br>**PanAgora Dynamic** <br>**Large Cap** <br>**Core ETF**<br>| **Harbor** <br>**SMID** <br>**Cap** <br>**Core ETF**<br>| **Harbor** <br>**SMID** <br>**Cap** <br>**Value ETF**<br>| **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF**<br>|
| $3412 | &nbsp;&nbsp; $3572 | &nbsp;&nbsp; $10446 | &nbsp;&nbsp; $115100 | &nbsp;&nbsp; $123458 | &nbsp;&nbsp; $674453 | &nbsp;&nbsp; $3,547\* | &nbsp;&nbsp; $3500 | &nbsp;&nbsp; $5026 |
| $4347 | &nbsp;&nbsp; $4390 | &nbsp;&nbsp; $10918 | &nbsp;&nbsp; $129471 | &nbsp;&nbsp; $139148 | &nbsp;&nbsp; $769670 | &nbsp;&nbsp; $4,557\* | &nbsp;&nbsp; $4835 | &nbsp;&nbsp; $6499 |
| 156 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 359 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2267 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; 261 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1482 | &nbsp;&nbsp; 496 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9573 | &nbsp;&nbsp; 11908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 701 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **4504** | &nbsp;&nbsp; **4442** | &nbsp;&nbsp; **10947** | &nbsp;&nbsp; **141024** | &nbsp;&nbsp; **159813** | &nbsp;&nbsp; **772152** | &nbsp;&nbsp; **4663** | &nbsp;&nbsp; **4988** | &nbsp;&nbsp; **6760** |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4864 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10957 | &nbsp;&nbsp; 8004 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7403 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 3 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **3** | &nbsp;&nbsp; **3** | &nbsp;&nbsp; **6** | &nbsp;&nbsp; **11076** | &nbsp;&nbsp; **20412** | &nbsp;&nbsp; **215** | &nbsp;&nbsp; **3** | &nbsp;&nbsp; **5** | &nbsp;&nbsp; **4** |
| **$4501** | &nbsp;&nbsp; **$4439** | &nbsp;&nbsp; **$10941** | &nbsp;&nbsp; **$129948** | &nbsp;&nbsp; **$139401** | &nbsp;&nbsp; **$771937** | &nbsp;&nbsp; **$4660** | &nbsp;&nbsp; **$4983** | &nbsp;&nbsp; **$6756** |
| $3529 | &nbsp;&nbsp; $3519 | &nbsp;&nbsp; $9890 | &nbsp;&nbsp; $106178 | &nbsp;&nbsp; $115136 | &nbsp;&nbsp; $677665 | &nbsp;&nbsp; $3604 | &nbsp;&nbsp; $3582 | &nbsp;&nbsp; $5246 |
| 972 | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 23770 | &nbsp;&nbsp; 24265 | &nbsp;&nbsp; 94272 | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 1401 | &nbsp;&nbsp; 1510 |
| $4501 | &nbsp;&nbsp; $4439 | &nbsp;&nbsp; $10941 | &nbsp;&nbsp; $129948 | &nbsp;&nbsp; $139401 | &nbsp;&nbsp; $771937 | &nbsp;&nbsp; $4660 | &nbsp;&nbsp; $4983 | &nbsp;&nbsp; $6756 |
| $4501 | &nbsp;&nbsp; $4439 | &nbsp;&nbsp; $10941 | &nbsp;&nbsp; $129948 | &nbsp;&nbsp; $139401 | &nbsp;&nbsp; $771937 | &nbsp;&nbsp; $4660 | &nbsp;&nbsp; $4983 | &nbsp;&nbsp; $6756 |
| 175 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 5175 | &nbsp;&nbsp; 5650 | &nbsp;&nbsp; 29700 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 225 |
| $25.72 | &nbsp;&nbsp; $25.36 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $25.11 | &nbsp;&nbsp; $24.67 | &nbsp;&nbsp; $25.99 | &nbsp;&nbsp; $26.63 | &nbsp;&nbsp; $28.48 | &nbsp;&nbsp; $30.03 |

---

------

---

| | |
|:---|:---|
| \* | Includes purchased options and rights/warrants. |
| 1 | Per share amounts can be recalculated to the amounts disclosed herein when total net assets and shares of beneficial interest are not rounded <br> to thousands.<br>|

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF OPERATIONS—Period Ended April 30, 2026 (Unaudited)**

------

(All amounts in thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Active** <br>**Small** <br>**Cap ETF**<br>| **Harbor** <br>**Active** <br>**Small** <br>**Cap** <br>**Growth** <br>**ETF**<sup>1</sup> <br>| **Harbor** <br>**AI** <br>**Inflection** <br>**Strategy ETF**<sup>2</sup> <br>| **Harbor** <br>**Alpha** <br>**Layering ETF** <br>**(Consolidated)**<br>| **Harbor** <br>**AlphaEdge™** <br>**Large Cap** <br>**Value ETF**<br>|
| **Investment Income**  |  |  |  |  |  |
| Dividends | $114 | $5 | $10 | $15 | $57 |
| Interest | 8 | 1 |  | 59 |  |
| Net securities lending income |  |  |  |  |  |
| Consent fee income |  |  |  |  |  |
| Foreign taxes withheld |  |  |  |  |  |
| **Total Investment Income**  | **122** | **6** | **10** | **74** | **57** |
| **Operating Expenses** |  |  |  |  |  |
| Management fees | 60 | 8 | 13 | 21 | 6 |
| Dividend and interest expense on investments sold short |  |  |  |  |  |
| Total Operating Expenses | 60 | 8 | 13 | 21 | 6 |
| **Net Investment Income/(Loss)** | **62** | **(2)**<br>| **(3)**<br>| **53** | **51** |
| **Net Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions** |  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax: $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, <br> $0, $0 and $0)<br>| (466)<br>| (1)<br>|  | 71 | (40)<br>|
| In-kind redemptions | 667 |  |  |  | 507 |
| Investments sold short |  |  |  |  |  |
| Foreign currency transactions |  |  |  |  |  |
| Futures contracts |  |  |  | 386 |  |
| Swap agreements |  |  |  |  |  |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $0, $0, $0, $0, <br> $0, $0, $0, $(11), $0 and $0)<br>| (328)<br>| 139 | 1258 | (28)<br>| (42)<br>|
| Investments sold short |  |  |  |  |  |
| Translations of assets and liabilities in foreign currencies |  |  |  |  |  |
| Futures contracts |  |  |  | (50)<br>|  |
| Swap agreements |  |  |  |  |  |
| Net gain/(loss) on investment transactions | (127)<br>| 138 | 1258 | 379 | 425 |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**(65**)<br>| $**136** | $**1255** | $**432** | $**476** |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF**<br>| **Harbor** <br>**Ares** <br>**Systematic** <br>**High Yield** <br>**ETF**<br>| **Harbor** <br>**Ares** <br>**Systematic** <br>**Multi-Sector** <br>**Income ETF**<br>| **Harbor** <br>**Commodity** <br>**All-Weather** <br>**Strategy ETF** <br>**(Consolidated)**<br>| **Harbor** <br>**Disciplined** <br>**Bond ETF**<br>| **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF**<br>| **Harbor** <br>**Emerging** <br>**Markets** <br>**Equity ETF**<br>| **Harbor** <br>**Emerging** <br>**Markets** <br>**Select ETF**<br>| **Harbor** <br>**Health** <br>**Care** <br>**ETF**<br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF**<br>|
| $123 | $— | $— | $— | $— | $1898 | $82 | $64 | $72 | $2857 |
|  | 5859 | 1007 | 32482 | 967 | 90 | 2 | 4 | 4 | 1 |
|  | 4 |  |  |  |  |  |  |  |  |
|  |  |  |  |  | (30)<br>| (10)<br>| (8)<br>| (2)<br>| (5)<br>|
| **123** | **5863** | **1007** | **32482** | **967** | **1958** | **74** | **60** | **74** | **2853** |
| 15 | 388 | 82 | 6428 | 66 | 543 | 28 | 32 | 103 | 776 |
| 15 | 388 | 82 | 6428 | 66 | 543 | 28 | 32 | 103 | 776 |
| **108** | **5475** | **925** | **26054** | **901** | **1415** | **46** | **28** | **(29)**<br>| **2077** |
| (520)<br>| 642 | 301 | (7)<br>| (10)<br>| 2956 | 262 | 282 | 239 | (11306)<br>|
| 892 | 671 | 36 |  |  | 9182 |  |  |  | 39711 |
|  |  |  |  |  |  | (3)<br>| (7)<br>|  |  |
|  |  | (16)<br>|  |  |  |  |  |  |  |
|  |  | (5)<br>| 554239 |  |  |  |  |  |  |
| 1097 | (2560)<br>| (479)<br>| (416)<br>| (683)<br>| 12341 | 977 | 1229 | (574)<br>| (5602)<br>|
|  |  |  |  |  |  | 1 | 3 |  |  |
|  |  | (93)<br>|  |  |  |  |  |  |  |
|  |  | 34 |  |  |  |  |  |  |  |
| 1469 | (1247)<br>| (222)<br>| 553816 | (693)<br>| 24479 | 1237 | 1507 | (335)<br>| 22803 |
| $**1577** | $**4228** | $**703** | $**579870** | $**208** | $**25894** | $**1283** | $**1535** | $**(364**)<br>| $**24880** |

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF OPERATIONS— Period Ended April 30, 2026 (Unaudited) —Continued**

------

(All amounts in thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF**<br>| **Harbor** <br>**International** <br>**Compounders** <br>**ETF**<br>| **Harbor** <br>**International** <br>**Equity ETF**<br>| **Harbor** <br>**Long-Short** <br>**Equity ETF**<br>| **Harbor** <br>**Long-Term** <br>**Growers ETF**<br>|
| **Investment Income**  |  |  |  |  |  |
| Dividends | $1044 | $4237 | $70 | $111 | $2355 |
| Interest | 2 | 89 | 2 | 109 | 109 |
| Net securities lending income |  |  |  |  |  |
| Consent fee income |  |  |  |  |  |
| Foreign taxes withheld |  | (513)<br>| (8)<br>| (1)<br>| (20)<br>|
| **Total Investment Income**  | **1046** | **3813** | **64** | **219** | **2444** |
| **Operating Expenses** |  |  |  |  |  |
| Management fees | 441 | 1393 | 26 | 102 | 2958 |
| Dividend and interest expense on investments sold short |  |  |  | 85 |  |
| Total Operating Expenses | 441 | 1393 | 26 | 187 | 2958 |
| **Net Investment Income/(Loss)** | **605** | **2420** | **38** | **32** | **(514)**<br>|
| **Net Realized and Change in Net Unrealized Gain/(Loss) on Investment** <br> **Transactions**<br>|  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax: $0, $0, $0, $0, $0, $0, $0, $0, <br> $315, $0, $0, $0, $0 and $0)<br>| (10467)<br>| (15980)<br>| 1 | 481 | (25714)<br>|
| In-kind redemptions | 20989 | 27551 |  | 3194 | 42086 |
| Investments sold short |  |  |  | 447 |  |
| Foreign currency transactions |  | (54)<br>|  |  |  |
| Futures contracts |  |  |  |  |  |
| Swap agreements |  |  |  |  |  |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $0, <br> $0, $0, $338, $0, $0, $0, $0 and $0)<br>| 4885 | (3281)<br>| 809 | (727)<br>| (44026)<br>|
| Investments sold short |  |  |  | (294)<br>|  |
| Translations of assets and liabilities in foreign currencies |  | 62 | 1 |  |  |
| Futures contracts |  |  |  |  |  |
| Swap agreements |  |  |  |  |  |
| Net gain/(loss) on investment transactions | 15407 | 8298 | 811 | 3101 | (27654)<br>|
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**16012** | $**10718** | $**849** | $**3133** | $**(28168**)<br>|

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Mid** <br>**Cap** <br>**Core ETF**<br>| **Harbor** <br>**Mid** <br>**Cap** <br>**Value ETF**<br>| **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)**<br>| **Harbor** <br>**Osmosis** <br>**Emerging** <br>**Markets** <br>**Resource** <br>**Efficient ETF**<br>| **Harbor** <br>**Osmosis** <br>**International** <br>**Resource** <br>**Efficient ETF**<br>| **Harbor** <br>**PanAgora Dynamic** <br>**Large Cap** <br>**Core ETF**<br>| **Harbor** <br>**SMID** <br>**Cap** <br>**Core ETF**<br>| **Harbor** <br>**SMID** <br>**Cap** <br>**Value ETF**<br>| **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF**<br>|
| $33 | $39 | $135 | $1431 | $2183 | $3441 | $29 | $32 | $10 |
| 2 | 1 | 1 | 4 | 6 | 21 | 1 | 2 | 1 |
|  |  |  |  | 7 |  |  |  |  |
|  |  |  | (161)<br>| (238)<br>| (3)<br>|  |  |  |
| **35** | **40** | **136** | **1274** | **1958** | **3459** | **30** | **34** | **11** |
| 18 | 18 | 33 | 427 | 373 | 1148 | 18 | 19 | 21 |
| 18 | 18 | 33 | 427 | 373 | 1148 | 18 | 19 | 21 |
| **17** | **22** | **103** | **847** | **1585** | **2311** | **12** | **15** | **(10)**<br>|
| 26 | 90 | 554 | 10090 | 1970 | (23888)<br>| 38 | 61 | (141)<br>|
|  |  | 31 |  | 7887 | 26604 |  |  | 235 |
|  |  |  | 30 | (29)<br>|  |  |  |  |
| 630 | 541 | (159)<br>| (1624)<br>| (2888)<br>| 45146 | 727 | 879 | 74 |
|  |  |  | 6 | 10 |  |  |  |  |
| 656 | 631 | 426 | 8502 | 6950 | 47862 | 765 | 940 | 168 |
| $**673** | $**653** | $**529** | $**9349** | $**8535** | $**50173** | $**777** | $**955** | $**158** |

---

------

1 For the period January 14, 2026 (commencement of operations) through April 30, 2026. <br> 2 For the period December 17, 2025 (commencement of operations) through April 30, 2026.

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF CHANGES IN NET ASSETS**

------

(All amounts in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Active** <br>**Small** <br>**Cap ETF** | **Harbor** <br>**Active** <br>**Small** <br>**Cap ETF** | **Harbor** <br>**Active** <br>**Small** <br>**Cap** <br>**Growth** <br>**ETF**<br>| **Harbor** <br>**AI** <br>**Inflection** <br>**Strategy ETF**<br>| **Harbor** <br>**Alpha** <br>**Layering ETF** <br>**(Consolidated)** | **Harbor** <br>**Alpha** <br>**Layering ETF** <br>**(Consolidated)** |
|  | **November 1, 2025** | **November 1, 2024** | **January 14, 2026**<sup>a</sup> <br>| **December 17, 2025**<sup>a</sup> <br>| **November 1, 2025** | **August 13, 2025**<sup>a</sup> <br>|
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **April 30, 2026** | **April 30, 2026** | **October 31, 2025** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $62 | $99 | $(2) | $(3) | $53 | $14 |
| Net realized gain/(loss) on investments | 201 | 482 | (1) |  | 457 | 61 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| (328) | (808) | 139 | 1258 | (78) | 305 |
| **Net increase/(decrease) in assets resulting from operations** | **(65)** | **(227)** | **136** | **1255** | **432** | **380** |
| **Distributions to Shareholders** | **(366)** | **(51)** | **—** | **—** | **(278)** | **—** |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| Net proceeds from sale of shares | 510 | 15266 | 3548 | 4135 | 3897 | 3762 |
| Cost of shares reacquired | (8153) | (1658) |  |  |  |  |
| **Net increase/(decrease) derived from capital share transactions**  | **(7643)** | **13608** | **3548** | **4135** | **3897** | **3762** |
| Net increase/(decrease) in net assets | (8074) | 13330 | 3684 | 5390 | 4051 | 4142 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period  | 21902 | 8572 |  |  | 4142 |  |
| **End of period** | **$13828** | **$21902** | **$3684** | **$5390** | **$8193** | **$4142** |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| Shares sold | 25 | 700 | 175 | 200 | 125 | 125 |
| Shares reacquired | (400) | (75) |  |  |  |  |
| **Net increase/(decrease) in shares outstanding** | **(375)** | **625** | **175** | **200** | **125** | **125** |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**AlphaEdge™** <br>**Large Cap** <br>**Value ETF** | **Harbor** <br>**AlphaEdge™** <br>**Large Cap** <br>**Value ETF** | **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF** | **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF** | **Harbor** <br>**Ares** <br>**Systematic** <br>**High Yield** <br>**ETF** | **Harbor** <br>**Ares** <br>**Systematic** <br>**High Yield** <br>**ETF** | **Harbor** <br>**Ares** <br>**Systematic** <br>**Multi-Sector** <br>**Income ETF** | **Harbor** <br>**Ares** <br>**Systematic** <br>**Multi-Sector** <br>**Income ETF** | **Harbor** <br>**Commodity** <br>**All-Weather** <br>**Strategy ETF** <br>**(Consolidated)** | **Harbor** <br>**Commodity** <br>**All-Weather** <br>**Strategy ETF** <br>**(Consolidated)** |
| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $51 | $71 | $108 | $199 | $5475 | $11780 | $925 | $2037 | $26054 | $14348 |
| 467 | 1 | 372 | 465 | 1313 | 1197 | 316 | (43) | 554232 | 73384 |
| (42) | 290 | 1097 | (207) | (2560) | (756) | (538) | 564 | (416) | 122 |
| **476** | **362** | **1577** | **457** | **4228** | **12221** | **703** | **2558** | **579870** | **87854** |
| **(81)** | **(18)** | **(184)** | **(173)** | **(6466)** | **(11728)** | **(1276)** | **(2061)** | **(92507)** | **(8435)** |
| 1819 | 5502 | 4492 | 7200 | 19413 | 84476 |  |  | 1549630 | 962438 |
| (2999) | (2774) | (3621) | (4847) | (36329) | (63480) | (1093) |  | (137955) | (96399) |
| **(1180)** | **2728** | **871** | **2353** | **(16916)** | **20996** | **(1093)** | **—** | **1411675** | **866039** |
| (785) | 3072 | 2264 | 2637 | (19154) | 21489 | (1666) | 497 | 1899038 | 945458 |
| 5134 | 2062 | 9152 | 6515 | 163063 | 141574 | 34408 | 33911 | 1190810 | 245352 |
| **$4349** | **$5134** | **$11416** | **$9152** | **$143909** | **$163063** | **$32742** | **$34408** | **$3089848** | **$1190810** |
| 75 | 250 | 125 | 225 | 425 | 1850 |  |  | 54750 | 38575 |
| (125) | (125) | (100) | (150) | (800) | (1400) | (25) |  | (4825) | (4150) |
| **(50)** | **125** | **25** | **75** | **(375)** | **450** | **(25)** | **—** | **49925** | **34425** |

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF CHANGES IN NET ASSETS —Continued**

------

(All amounts in thousands)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Disciplined** <br>**Bond ETF** | **Harbor** <br>**Disciplined** <br>**Bond ETF** | **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF** | **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF** | **Harbor** <br>**Emerging** <br>**Markets** <br>**Equity ETF** | **Harbor** <br>**Emerging** <br>**Markets** <br>**Equity ETF** | **Harbor** <br>**Emerging** <br>**Markets** <br>**Select ETF** | **Harbor** <br>**Emerging** <br>**Markets** <br>**Select ETF** |
|  | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **June 4, 2025**<sup>a</sup> <br>| **November 1, 2025** | **May 14, 2025**<sup>a</sup> <br>|
|  | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |  |  |  |  |
| Net investment income/(loss) | $901 | $1439 | $1415 | $3319 | $46 | $59 | $28 | $39 |
| Net realized gain/(loss) on investments | (10) | (13) | 12138 | 24210 | 259 | 18 | 275 | (28) |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| (683) | 423 | 12341 | (12954) | 978 | 861 | 1232 | 1205 |
| **Net increase/(decrease) in assets resulting** <br> **from operations**<br>| **208** | **1849** | **25894** | **14575** | **1283** | **938** | **1535** | **1216** |
| **Distributions to Shareholders** | **(1078)** | **(1469)** | **(1626)** | **(2605)** | **(236)** | **—** | **(51)** | **—** |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |  |
| Net proceeds from sale of shares | 3095 | 9312 | 23525 | 32901 | 592 | 5534 |  | 8522 |
| Cost of shares reacquired |  |  | (33437) | (111760) |  | (536) |  |  |
| **Net increase/(decrease) derived from capital** <br> **share transactions** <br>| **3095** | **9312** | **(9912)** | **(78859)** | **592** | **4998** | **—** | **8522** |
| Net increase/(decrease) in net assets | 2225 | 9692 | 14356 | (66889) | 1639 | 5936 | 1484 | 9738 |
| **Net Assets** |  |  |  |  |  |  |  |  |
| Beginning of period  | 36535 | 26843 | 211383 | 278272 | 5936 |  | 9738 |  |
| **End of period** | **$38760** | **$36535** | **$225739** | **$211383** | **$7575** | **$5936** | **$11222** | **$9738** |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| Shares sold | 75 | 225 | 1400 | 2125 | 25 | 275 |  | 425 |
| Shares reacquired |  |  | (1975) | (7375) |  | (25) |  |  |
| **Net increase/(decrease) in shares outstanding** | **75** | **225** | **(575)** | **(5250)** | **25** | **250** | **—** | **425** |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Health** <br>**Care** <br>**ETF** | **Harbor** <br>**Health** <br>**Care** <br>**ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF** | **Harbor** <br>**International** <br>**Compounders** <br>**ETF** | **Harbor** <br>**International** <br>**Compounders** <br>**ETF** | **Harbor** <br>**International** <br>**Equity ETF** | **Harbor** <br>**International** <br>**Equity ETF** |
| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **June 4, 2025**<sup>a</sup> <br>|
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $(29) | $(52) | $2077 | $3834 | $605 | $977 | $2420 | $5961 | $38 | $19 |
| 239 | 612 | 28405 | 36614 | 10522 | 7847 | 11517 |  | 1 | 15 |
| (574) | 1861 | (5602) | 26739 | 4885 | 1997 | (3219) | 49066 | 810 | 589 |
| **(364)** | **2421** | **24880** | **67187** | **16012** | **10821** | **10718** | **55027** | **849** | **623** |
| **(58)** | **(87)** | **(3813)** | **(773)** | **(814)** | **(959)** | **(6889)** | **(1262)** | **(50)** | **—** |
| 7025 | 4018 | 107621 | 138136 | 81422 | 72442 | 65130 | 315954 |  | 6057 |
|  | (2609) | (97893) | (117908) | (79613) | (73079) | (112418) | (68062) |  | (523) |
| **7025** | **1409** | **9728** | **20228** | **1809** | **(637)** | **(47288)** | **247892** | **—** | **5534** |
| 6603 | 3743 | 30795 | 86642 | 17007 | 9225 | (43459) | 301657 | 799 | 6157 |
| 20972 | 17229 | 439200 | 352558 | 140462 | 131237 | 536299 | 234642 | 6157 |  |
| **$27575** | **$20972** | **$469995** | **$439200** | **$157469** | **$140462** | **$492840** | **$536299** | **$6956** | **$6157** |
| 225 | 150 | 2600 | 3725 | 2500 | 2450 | 2150 | 11450 |  | 300 |
|  | (100) | (2400) | (3175) | (2475) | (2450) | (3675) | (2375) |  | (25) |
| **225** | **50** | **200** | **550** | **25** | **—** | **(1525)** | **9075** | **—** | **275** |

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF CHANGES IN NET ASSETS —Continued**

------

(All amounts in thousands)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Long-Short** <br>**Equity ETF** | **Harbor** <br>**Long-Short** <br>**Equity ETF** | **Harbor** <br>**Long-Term** <br>**Growers ETF** | **Harbor** <br>**Long-Term** <br>**Growers ETF** | **Harbor** <br>**Mid** <br>**Cap** <br>**Core ETF** | **Harbor** <br>**Mid** <br>**Cap** <br>**Core ETF** | **Harbor** <br>**Mid** <br>**Cap** <br>**Value ETF** | **Harbor** <br>**Mid** <br>**Cap** <br>**Value ETF** |
|  | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **May 1, 2025**<sup>a</sup> <br>| **November 1, 2025** | **May 1, 2025**<sup>a</sup> <br>|
|  | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |  |  |  |  |
| Net investment income/(loss) | $32 | $382 | $(514) | $(596) | $17 | $13 | $22 | $16 |
| Net realized gain/(loss) on investments | 4122 | 162 | 16372 | 4470 | 26 | 53 | 90 | 32 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| (1021) | (36) | (44026) | 206510 | 630 | 305 | 541 | 277 |
| **Net increase/(decrease) in assets resulting** <br> **from operations**<br>| **3133** | **508** | **(28168)** | **210384** | **673** | **371** | **653** | **325** |
| **Distributions to Shareholders** | **(440)** | **—** | **—** | **—** | **(72)** | **—** | **(58)** | **—** |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |  |
| Net proceeds from sale of shares | 3825 | 4936 | 123020 | 403087 |  | 3529 |  | 3519 |
| Cost of shares reacquired | (11225) | (7710) | (105841) | (97468) |  |  |  |  |
| **Net increase/(decrease) derived from capital** <br> **share transactions** <br>| **(7400)** | **(2774)** | **17179** | **305619** | **—** | **3529** | **—** | **3519** |
| Net increase/(decrease) in net assets | (4707) | (2266) | (10989) | 516003 | 601 | 3900 | 595 | 3844 |
| **Net Assets** |  |  |  |  |  |  |  |  |
| Beginning of period  | 20089 | 22355 | 1101315 | 585312 | 3900 |  | 3844 |  |
| **End of period** | **$15382** | **$20089** | **$1090326** | **$1101315** | **$4501** | **$3900** | **$4439** | **$3844** |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| Shares sold | 125 | 175 | 4025 | 14550 |  | 175 |  | 175 |
| Shares reacquired | (375) | (275) | (3475) | (3300) |  |  |  |  |
| **Net increase/(decrease) in shares outstanding** | **(250)** | **(100)** | **550** | **11250** | **—** | **175** | **—** | **175** |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)** | **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)** | **Harbor** <br>**Osmosis** <br>**Emerging** <br>**Markets** <br>**Resource** <br>**Efficient ETF** | **Harbor** <br>**Osmosis** <br>**Emerging** <br>**Markets** <br>**Resource** <br>**Efficient ETF** | **Harbor** <br>**Osmosis** <br>**International** <br>**Resource** <br>**Efficient ETF** | **Harbor** <br>**Osmosis** <br>**International** <br>**Resource** <br>**Efficient ETF** | **Harbor** <br>**PanAgora Dynamic** <br>**Large Cap** <br>**Core ETF** | **Harbor** <br>**PanAgora Dynamic** <br>**Large Cap** <br>**Core ETF** | **Harbor** <br>**SMID** <br>**Cap** <br>**Core ETF** | **Harbor** <br>**SMID** <br>**Cap** <br>**Core ETF** |
| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **December 18, 2024**<sup>a</sup> <br>| **November 1, 2025** | **December 11, 2024**<sup>a</sup> <br>| **November 1, 2025** | **November 1, 2024** | **November 1, 2025** | **May 1, 2025**<sup>a</sup> <br>|
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $103 | $88 | $847 | $2554 | $1585 | $2575 | $2311 | $1327 | $12 | $9 |
| 585 | 737 | 10120 | 1527 | 9828 | 7847 | 2716 | 1747 | 38 | 41 |
| (159) | 163 | (1618) | 15959 | (2878) | 18574 | 45146 | 50155 | 727 | 283 |
| **529** | **988** | **9349** | **20040** | **8535** | **28996** | **50173** | **53229** | **777** | **333** |
| **(233)** | **(110)** | **(5608)** | **—** | **(5811)** | **—** | **(2204)** | **(9)** | **(54)** | **—** |
| 3327 | 8711 |  | 110340 | 37532 | 145865 | 275487 | 635958 | 579 | 3025 |
| (669) | (6241) |  | (4173) | (35230) | (40486) | (175189) | (70961) |  |  |
| **2658** | **2470** | **—** | **106167** | **2302** | **105379** | **100298** | **564997** | **579** | **3025** |
| 2954 | 3348 | 3741 | 126207 | 5026 | 134375 | 148267 | 618217 | 1302 | 3358 |
| 7987 | 4639 | 126207 |  | 134375 |  | 623670 | 5453 | 3358 |  |
| **$10941** | **$7987** | **$129948** | **$126207** | **$139401** | **$134375** | **$771937** | **$623670** | **$4660** | **$3358** |
| 125 | 350 |  | 5375 | 1500 | 7350 | 11250 | 28375 | 25 | 150 |
| (25) | (250) |  | (200) | (1400) | (1800) | (7075) | (3125) |  |  |
| **100** | **100** | **—** | **5175** | **100** | **5550** | **4175** | **25250** | **25** | **150** |

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF CHANGES IN NET ASSETS —Continued**

------

(All amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**SMID** <br>**Cap** <br>**Value ETF** | **Harbor** <br>**SMID** <br>**Cap** <br>**Value ETF** | **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF** | **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF** |
|  | **November 1, 2025** | **May 1, 2025**<sup>a</sup> <br>| **November 1, 2025** | **April 16, 2025**<sup>a</sup> <br>|
|  | **through** | **through** | **through** | **through** |
|  | **April 30, 2026** | **October 31, 2025** | **April 30, 2026** | **October 31, 2025** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |
| Net investment income/(loss) | $15 | $13 | $(10) | $(8) |
| Net realized gain/(loss) on investments | 61 | 98 | 94 | 558 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| 879 | 456 | 74 | 1399 |
| **Net increase/(decrease) in assets resulting from operations** | **955** | **567** | **158** | **1949** |
| **Distributions to Shareholders** | **(121)** | **—** | **—** | **—** |
| **Capital Share Transactions:** |  |  |  |  |
| Net proceeds from sale of shares |  | 3582 | 1409 | 5989 |
| Cost of shares reacquired |  |  | (710) | (2039) |
| **Net increase/(decrease) derived from capital share transactions**  | **—** | **3582** | **699** | **3950** |
| Net increase/(decrease) in net assets | 834 | 4149 | 857 | 5899 |
| **Net Assets** |  |  |  |  |
| Beginning of period  | 4149 |  | 5899 |  |
| **End of period** | **$4983** | **$4149** | **$6756** | **$5899** |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| Shares sold |  | 175 | 50 | 275 |
| Shares reacquired |  |  | (25) | (75) |
| **Net increase/(decrease) in shares outstanding** | **—** | **175** | **25** | **200** |

---

------

a Commencement of Operations

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Active Small Cap ETF** | **Harbor Active Small Cap ETF** | **Harbor Active Small Cap ETF** | **Harbor Active Small Cap ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**August 28,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$20.86** | &nbsp;&nbsp; $20.17 | &nbsp;&nbsp; $19.59 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.08** | 0.13 | 0.01 |
| Net realized and unrealized gain/(loss) on investments | **0.03** | 0.68 | 0.57 |
| Total from investment operations | **0.11** | 0.81 | 0.58 |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.15)** | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.33)** | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.48)** | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — |
| Net asset value end of period | **20.49** | 20.86 | 20.17 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$13828** | &nbsp;&nbsp; $21902 | &nbsp;&nbsp; $8572 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **0.52%**<sup>c</sup> | &nbsp;&nbsp; 3.96% | &nbsp;&nbsp; 2.96%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.80**<sup>d</sup> | 0.80 | 0.80<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.82**<sup>d</sup> | 0.60 | 0.12<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **27**<sup>c</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 12<sup>c</sup> |

---

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

---

| | |
|:---|:---|
| **Harbor Active Small Cap Growth ETF** | **Harbor Active Small Cap Growth ETF** |
|  | **Period from** <br>**January 14,** <br> **2026**<sup>a</sup> <br>**through** <br>**April 30,** <br> **2026**<br>|
|  | **(Unaudited)** |
| Net asset value beginning of period | &nbsp;&nbsp; **$20.15** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **(0.01)** |
| Net realized and unrealized gain/(loss) on investments | **0.91** |
| Total from investment operations | **0.90** |
| Net asset value end of period | **21.05** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3684** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **4.47%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.80**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.19)**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **33**<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | |
|:---|:---|
| **Harbor AI Inflection Strategy ETF** | **Harbor AI Inflection Strategy ETF** |
|  | **Period from** <br>**December 17,** <br> **2025**<sup>a</sup> <br>**through** <br>**April 30,** <br> **2026**<br>|
|  | **(Unaudited)** |
| Net asset value beginning of period | &nbsp;&nbsp; **$19.48** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **(0.02)** |
| Net realized and unrealized gain/(loss) on investments | **7.49** |
| Total from investment operations | **7.47** |
| Net asset value end of period | **26.95** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$5390** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **38.35%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.19)**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **—**<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**August 13,** <br> **2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$33.13** | &nbsp;&nbsp; $30.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.28** | 0.12 |
| Net realized and unrealized gain/(loss) on investments | **1.59** | 3.01 |
| Total from investment operations | **1.87** | 3.13 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.75)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.48)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(2.23)** | &nbsp;&nbsp; — |
| Net asset value end of period | **32.77** | 33.13 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$8193** | &nbsp;&nbsp; $4142 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **6.05%**<sup>c</sup> | &nbsp;&nbsp; 10.43%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.69**<sup>d</sup> | 0.69<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.77**<sup>d</sup> | 1.72<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **367**<sup>c</sup> | &nbsp;&nbsp; 20<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor AlphaEdge™ Large Cap Value ETF** | **Harbor AlphaEdge™ Large Cap Value ETF** | **Harbor AlphaEdge™ Large Cap Value ETF** | **Harbor AlphaEdge™ Large Cap Value ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**September 4,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$22.82** | &nbsp;&nbsp; $20.62 | &nbsp;&nbsp; $20.23 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.24** | 0.53 | 0.07 |
| Net realized and unrealized gain/(loss) on investments | **2.15** | 1.86 | 0.32 |
| Total from investment operations | **2.39** | 2.39 | 0.39 |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.36)** | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.36)** | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; — |
| Net asset value end of period | **24.85** | 22.82 | 20.62 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$4349** | &nbsp;&nbsp; $5134 | &nbsp;&nbsp; $2062 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **10.55%**<sup>c</sup> | &nbsp;&nbsp; 11.67% | &nbsp;&nbsp; 1.93%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.25**<sup>d</sup> | 0.25 | 0.25<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.00**<sup>d</sup> | 2.47 | 1.79<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **74**<sup>c</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 12<sup>c</sup> |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor AlphaEdge™ Small Cap Earners ETF** | **Harbor AlphaEdge™ Small Cap Earners ETF** | **Harbor AlphaEdge™ Small Cap Earners ETF** | **Harbor AlphaEdge™ Small Cap Earners ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**July 9, 2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$33.28** | &nbsp;&nbsp; $32.57 | &nbsp;&nbsp; $29.85 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.37** | 0.70 | 0.24 |
| Net realized and unrealized gain/(loss) on investments | **5.07** | 0.78 | 2.48 |
| Total from investment operations | **5.44** | 1.48 | 2.72 |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.67)** | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.67)** | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; — |
| Net asset value end of period | **38.05** | 33.28 | 32.57 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$11416** | &nbsp;&nbsp; $9152 | &nbsp;&nbsp; $6515 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **16.58%**<sup>c</sup> | &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 9.11%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.29**<sup>d</sup> | 0.29 | 0.29<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.11**<sup>d</sup> | 2.18 | 2.32<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **41**<sup>c</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 17<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Ares Systematic High Yield ETF** | **Harbor Ares Systematic High Yield ETF** | **Harbor Ares Systematic High Yield ETF** | **Harbor Ares Systematic High Yield ETF** | **Harbor Ares Systematic High Yield ETF** | **Harbor Ares Systematic High Yield ETF** | **Harbor Ares Systematic High Yield ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Year Ended** <br>**October 31,** <br> **2022**<br>| **Period from** <br>**September 14,** <br> **2021**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2021**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$46.08** | &nbsp;&nbsp; $45.84 | &nbsp;&nbsp; $42.35 | &nbsp;&nbsp; $42.50 | &nbsp;&nbsp; $49.64 | &nbsp;&nbsp; $50.00 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **1.53** | 3.27 | 3.47 | 3.35 | 2.34 | 1.70 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.61)** | 0.24 | 3.44 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (6.94) | &nbsp;&nbsp; (2.07) |
| Total from investment operations | **0.92** | 3.51 | 6.91 | 2.98 | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (0.37) |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.51)** | &nbsp;&nbsp; (3.27) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (2.53) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.51)** | &nbsp;&nbsp; (3.27) | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (2.54) | &nbsp;&nbsp; — |
| Net asset value end of period | **45.49** | 46.08 | 45.84 | 42.35 | 42.50 | 49.64 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$143909** | &nbsp;&nbsp; $163063 | &nbsp;&nbsp; $141574 | &nbsp;&nbsp; $107938 | &nbsp;&nbsp; $29838 | &nbsp;&nbsp; $34844 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **2.68%**<sup>c</sup> | &nbsp;&nbsp; 8.01% | &nbsp;&nbsp; 16.82% | &nbsp;&nbsp; 7.08% | &nbsp;&nbsp; (9.49)% | &nbsp;&nbsp; (0.72)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.48**<sup>d</sup> | 0.48 | 0.48 | 0.48 | 0.48 | 0.48<sup>d</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<br>| **6.77**<sup>d</sup> | 7.19 | 7.70 | 7.72 | 5.13 | 3.42<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **37**<sup>c</sup> | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 1<sup>c</sup> |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Ares Systematic Multi-Sector Income ETF** | **Harbor Ares Systematic Multi-Sector Income ETF** | **Harbor Ares Systematic Multi-Sector Income ETF** | **Harbor Ares Systematic Multi-Sector Income ETF** | **Harbor Ares Systematic Multi-Sector Income ETF** | **Harbor Ares Systematic Multi-Sector Income ETF** | **Harbor Ares Systematic Multi-Sector Income ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Year Ended** <br>**October 31,** <br> **2022**<br>| **Period from** <br>**September 14,** <br> **2021**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2021**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$44.40** | &nbsp;&nbsp; $43.76 | &nbsp;&nbsp; $41.35 | &nbsp;&nbsp; $41.88 | &nbsp;&nbsp; $49.10 | &nbsp;&nbsp; $50.00 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **1.22** | 2.63 | 2.87 | 2.55 | 1.42 | 1.00 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.52)** | 0.67 | 2.12 | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (7.24) | &nbsp;&nbsp; (1.90) |
| Total from investment operations | **0.70** | 3.30 | 4.99 | 1.63 | &nbsp;&nbsp; (5.82) | &nbsp;&nbsp; (0.90) |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.44)** | &nbsp;&nbsp; (2.66) | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.44)** | &nbsp;&nbsp; (2.66) | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; — |
| Net asset value end of period | **43.66** | 44.40 | 43.76 | 41.35 | 41.88 | 49.10 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$32742** | &nbsp;&nbsp; $34408 | &nbsp;&nbsp; $33911 | &nbsp;&nbsp; $31013 | &nbsp;&nbsp; $29314 | &nbsp;&nbsp; $34367 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **2.12%**<sup>c</sup> | &nbsp;&nbsp; 7.84% | &nbsp;&nbsp; 12.36% | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; (12.02)% | &nbsp;&nbsp; (1.80)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.50**<sup>d</sup> | 0.50 | 0.50 | 0.50 | 0.50 | 0.50<sup>d</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<br>| **5.61**<sup>d</sup> | 6.03 | 6.62 | 6.03 | 3.15 | 2.02<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **33**<sup>c</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; —<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**February 9,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
|  | **(Unaudited)** |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$26.32** | &nbsp;&nbsp; $22.67 | &nbsp;&nbsp; $22.74 | &nbsp;&nbsp; $20.92 | &nbsp;&nbsp; $20.00 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.39** | 0.80 | 1.03 | 0.78 | 0.04 |
| Net realized and unrealized gain/(loss) on investments | **7.51** | 3.58 | 0.42 | 1.18 | 0.88 |
| Total from investment operations | **7.90** | 4.38 | 1.45 | 1.96 | 0.92 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.76)** | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.76)** | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — |
| Net asset value end of period | **32.46** | 26.32 | 22.67 | 22.74 | 20.92 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3089848** | &nbsp;&nbsp; $1190810 | &nbsp;&nbsp; $245352 | &nbsp;&nbsp; $105728 | &nbsp;&nbsp; $63807 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **32.05%**<sup>c</sup> | &nbsp;&nbsp; 19.98% | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 4.60%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.68**<sup>d</sup> | 0.68 | 0.68 | 0.68 | 0.68<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.76**<sup>d</sup> | 3.29 | 4.64 | 3.53 | 0.27<sup>d</sup> |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Disciplined Bond ETF** | **Harbor Disciplined Bond ETF** | **Harbor Disciplined Bond ETF** | **Harbor Disciplined Bond ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**May 1, 2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$41.75** | &nbsp;&nbsp; $41.30 | &nbsp;&nbsp; $40.00 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.98** | 2.01 | 0.98 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.92)** | 0.54 | 1.06 |
| Total from investment operations | **0.06** | 2.55 | 2.04 |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.01)** | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (0.74) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.01)** | &nbsp;&nbsp; (2.10) | &nbsp;&nbsp; (0.74) |
| Net asset value end of period | **40.80** | 41.75 | 41.30 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$38760** | &nbsp;&nbsp; $36535 | &nbsp;&nbsp; $26843 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **0.57%**<sup>c</sup> | &nbsp;&nbsp; 6.40% | &nbsp;&nbsp; 5.11%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.35**<sup>d</sup> | 0.35 | 0.35<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **4.79**<sup>d</sup> | 4.90 | 4.72<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **37**<sup>c</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 41<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Year Ended** <br>**October 31,** <br> **2022**<sup>f</sup> <br>| **Year Ended** <br>**October 31,** <br> **2021**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$16.13** | &nbsp;&nbsp; $15.16 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $16.50 | &nbsp;&nbsp; $13.13 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.11** | 0.21 | 0.22 | 0.24 | 0.25<sup>e</sup> | 0.19<sup>e</sup> |
| Net realized and unrealized gain/(loss) on investments | **1.91** | 0.93 | 3.18 | 0.25 | &nbsp;&nbsp; (1.28) | 4.33 |
| Total from investment operations | **2.02** | 1.14 | 3.40 | 0.49 | &nbsp;&nbsp; (1.03) | 4.52 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.16) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (2.95) | &nbsp;&nbsp; (0.99) |
| Total distributions | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.15) |
| Net asset value end of period | **18.02** | 16.13 | 15.16 | 11.98 | 12.34 | 16.50 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$225739** | &nbsp;&nbsp; $211383 | &nbsp;&nbsp; $278272 | &nbsp;&nbsp; $201885 | &nbsp;&nbsp; $141675 | &nbsp;&nbsp; $156827 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **12.56%**<sup>c</sup> | &nbsp;&nbsp; 7.57% | &nbsp;&nbsp; 28.47% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; (8.48)%<sup>+</sup> | &nbsp;&nbsp; 36.30%<sup>+</sup> |
| Ratio of total expenses to average net assets | **0.50**<sup>d</sup> | 0.50 | 0.50 | 0.50 | 0.83 | 1.05 |
| Ratio of net expenses to average net assets | **0.50**<sup>d</sup> | 0.50 | 0.50 | 0.50 | 0.76<sup>e</sup> | 0.95<sup>e</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<br>| **1.30**<sup>d</sup> | 1.36 | 1.53 | 1.93 | 1.86<sup>e</sup> | 1.25<sup>e</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **38**<sup>c</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 62 |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor Emerging Markets Equity ETF** | **Harbor Emerging Markets Equity ETF** | **Harbor Emerging Markets Equity ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**June 4,** <br> **2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$23.74** | &nbsp;&nbsp; $20.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.17** | 0.24 |
| Net realized and unrealized gain/(loss) on investments | **4.49** | 3.50 |
| Total from investment operations | **4.66** | 3.74 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.86)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.86)** | &nbsp;&nbsp; — |
| Net asset value end of period | **27.54** | 23.74 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$7575** | &nbsp;&nbsp; $5936 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **20.40%**<sup>c</sup> | &nbsp;&nbsp; 18.70%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.84**<sup>d</sup> | 0.84<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.38**<sup>d</sup> | 2.65<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **10**<sup>c</sup> | &nbsp;&nbsp; 5<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | |
|:---|:---|:---|
| **Harbor Emerging Markets Select ETF** | **Harbor Emerging Markets Select ETF** | **Harbor Emerging Markets Select ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**May 14,** <br> **2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$22.91** | &nbsp;&nbsp; $20.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.06** | 0.10 |
| Net realized and unrealized gain/(loss) on investments | **3.55** | 2.81 |
| Total from investment operations | **3.61** | 2.91 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.12)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.12)** | &nbsp;&nbsp; — |
| Net asset value end of period | **26.40** | 22.91 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$11222** | &nbsp;&nbsp; $9738 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **15.86%**<sup>c</sup> | &nbsp;&nbsp; 14.55%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.65**<sup>d</sup> | 0.65<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.57**<sup>d</sup> | 0.98<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **23**<sup>c</sup> | &nbsp;&nbsp; 40<sup>c</sup> |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor Health Care ETF** | **Harbor Health Care ETF** | **Harbor Health Care ETF** | **Harbor Health Care ETF** | **Harbor Health Care ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Period from** <br>**November 16,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2023**<br>|
|  | **(Unaudited)** |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$29.96** | &nbsp;&nbsp; $26.51 | &nbsp;&nbsp; $21.24 | &nbsp;&nbsp; $19.86 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; (0.08) | 0.04 | &nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.05)** | 3.67 | 5.69 | 1.44 |
| Total from investment operations | &nbsp;&nbsp; **(0.08)** | 3.59 | 5.73 | 1.38 |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.01)** | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.06)** | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.07)** | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; — |
| Net asset value end of period | **29.81** | 29.96 | 26.51 | 21.24 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$27575** | &nbsp;&nbsp; $20972 | &nbsp;&nbsp; $17229 | &nbsp;&nbsp; $4249 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **(0.25)%**<sup>c</sup> | &nbsp;&nbsp; 13.60% | &nbsp;&nbsp; 27.16% | &nbsp;&nbsp; 6.97%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.80**<sup>d</sup> | 0.80 | 0.80 | 0.80<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.23)**<sup>d</sup> | &nbsp;&nbsp; (0.31) | 0.14 | &nbsp;&nbsp; (0.28)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **70**<sup>c</sup> | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 133<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor Human Capital Factor US Large Cap ETF** | **Harbor Human Capital Factor US Large Cap ETF** | **Harbor Human Capital Factor US Large Cap ETF** | **Harbor Human Capital Factor US Large Cap ETF** | **Harbor Human Capital Factor US Large Cap ETF** | **Harbor Human Capital Factor US Large Cap ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**October 12,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
|  | **(Unaudited)** |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$41.05** | &nbsp;&nbsp; $34.73 | &nbsp;&nbsp; $24.89 | &nbsp;&nbsp; $21.78 | &nbsp;&nbsp; $19.96 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.19** | 0.36 | 0.31 | 0.28 | 0.01 |
| Net realized and unrealized gain/(loss) on investments | **2.24** | 6.04 | 9.87 | 2.89 | 1.81 |
| Total from investment operations | **2.43** | 6.40 | 10.18 | 3.17 | 1.82 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.36)** | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.36)** | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — |
| Net asset value end of period | **43.12** | 41.05 | 34.73 | 24.89 | 21.78 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$469995** | &nbsp;&nbsp; $439200 | &nbsp;&nbsp; $352558 | &nbsp;&nbsp; $247646 | &nbsp;&nbsp; $217246 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **5.96%**<sup>c</sup> | &nbsp;&nbsp; 18.45% | &nbsp;&nbsp; 41.23% | &nbsp;&nbsp; 14.61% | &nbsp;&nbsp; 9.12%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.35**<sup>d</sup> | 0.35 | 0.35 | 0.35 | 0.35<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.94**<sup>d</sup> | 0.98 | 1.01 | 1.17 | 0.98<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **28**<sup>c</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 2<sup>c</sup> |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor Human Capital Factor US Small Cap ETF** | **Harbor Human Capital Factor US Small Cap ETF** | **Harbor Human Capital Factor US Small Cap ETF** | **Harbor Human Capital Factor US Small Cap ETF** | **Harbor Human Capital Factor US Small Cap ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Period from** <br>**April 12,** <br> **2023**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2023**<br>|
|  | **(Unaudited)** |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$30.87** | &nbsp;&nbsp; $28.84 | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp; $24.70 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.13** | 0.21 | 0.23 | 0.08 |
| Net realized and unrealized gain/(loss) on investments | **3.60** | 2.03 | 6.12 | &nbsp;&nbsp; (2.17) |
| Total from investment operations | **3.73** | 2.24 | 6.35 | &nbsp;&nbsp; (2.09) |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — |
| Net asset value end of period | **34.42** | 30.87 | 28.84 | 22.61 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$157469** | &nbsp;&nbsp; $140462 | &nbsp;&nbsp; $131237 | &nbsp;&nbsp; $102865 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **12.12%**<sup>c</sup> | &nbsp;&nbsp; 7.81% | &nbsp;&nbsp; 28.09% | &nbsp;&nbsp; (8.46)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.60**<sup>d</sup> | 0.60 | 0.60 | 0.60<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.82**<sup>d</sup> | 0.73 | 0.85 | 0.60<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **63**<sup>c</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 12<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor International Compounders ETF** | **Harbor International Compounders ETF** | **Harbor International Compounders ETF** | **Harbor International Compounders ETF** | **Harbor International Compounders ETF** | **Harbor International Compounders ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**September 7,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
|  | **(Unaudited)** |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$30.34** | &nbsp;&nbsp; $27.28 | &nbsp;&nbsp; $22.44 | &nbsp;&nbsp; $19.46 | &nbsp;&nbsp; $19.89 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.14** | 0.42 | 0.29 | 0.27 | 0.02 |
| Net realized and unrealized gain/(loss) on investments | **0.42** | 2.77 | 4.72 | 2.73 | &nbsp;&nbsp; (0.45) |
| Total from investment operations | **0.56** | 3.19 | 5.01 | 3.00 | &nbsp;&nbsp; (0.43) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.38)** | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.38)** | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Net asset value end of period | **30.52** | 30.34 | 27.28 | 22.44 | 19.46 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$492840** | &nbsp;&nbsp; $536299 | &nbsp;&nbsp; $234642 | &nbsp;&nbsp; $20753 | &nbsp;&nbsp; $6324 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **1.86%**<sup>c</sup> | &nbsp;&nbsp; 11.79% | &nbsp;&nbsp; 22.37% | &nbsp;&nbsp; 15.44% | &nbsp;&nbsp; (2.16)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.55**<sup>d</sup> | 0.55 | 0.55 | 0.55 | 0.55<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.96**<sup>d</sup> | 1.49 | 1.05 | 1.12 | 0.57<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **8**<sup>c</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor International Equity ETF** | **Harbor International Equity ETF** | **Harbor International Equity ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**June 4,** <br> **2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$22.39** | &nbsp;&nbsp; $20.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.14** | 0.08 |
| Net realized and unrealized gain/(loss) on investments | **2.94** | 2.31 |
| Total from investment operations | **3.08** | 2.39 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.18)** | &nbsp;&nbsp; — |
| Net asset value end of period | **25.29** | 22.39 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$6956** | &nbsp;&nbsp; $6157 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **13.86%**<sup>c</sup> | &nbsp;&nbsp; 11.95%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.80**<sup>d</sup> | 0.80<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.18**<sup>d</sup> | 0.87<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **—**<sup>c</sup> | &nbsp;&nbsp; 3<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Long-Short Equity ETF** | **Harbor Long-Short Equity ETF** | **Harbor Long-Short Equity ETF** | **Harbor Long-Short Equity ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**December 4,** <br> **2023**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$28.70** | &nbsp;&nbsp; $27.94 | &nbsp;&nbsp; $24.55 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.06** | 0.54 | &nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain/(loss) on investments | **5.42** | 0.22 | 3.44 |
| Total from investment operations | **5.48** | 0.76 | 3.39 |
| Net asset value end of period | **34.18** | 28.70 | 27.94 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$15382** | &nbsp;&nbsp; $20089 | &nbsp;&nbsp; $22355 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **21.69%**<sup>c</sup> | &nbsp;&nbsp; 2.72% | &nbsp;&nbsp; 13.81%<sup>c</sup> |
| Ratio of total expenses to average net assets | **2.19**<sup>d</sup> | 2.28 | 1.98<sup>d</sup> |
| Ratio of total expenses excluding dividend and interest expense to average net assets | **1.20**<sup>d</sup> | 1.20 | 1.20<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.37**<sup>d</sup> | 1.90 | &nbsp;&nbsp; (0.19)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **142**<sup>c</sup> | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 194<sup>c</sup> |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**February 2,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
|  | **(Unaudited)** |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$32.27** | &nbsp;&nbsp; $25.59 | &nbsp;&nbsp; $17.59 | &nbsp;&nbsp; $14.45 | &nbsp;&nbsp; $19.32 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **(0.01)** | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.01) | 0.01 | &nbsp;&nbsp; —<sup>\*</sup> |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.82)** | 6.70 | 8.02 | 3.14 | &nbsp;&nbsp; (4.87) |
| Total from investment operations | &nbsp;&nbsp; **(0.83)** | 6.68 | 8.01 | 3.15 | &nbsp;&nbsp; (4.87) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |
| Net asset value end of period | **31.44** | 32.27 | 25.59 | 17.59 | 14.45 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1090326** | &nbsp;&nbsp; $1101315 | &nbsp;&nbsp; $585312 | &nbsp;&nbsp; $184291 | &nbsp;&nbsp; $78726 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **(2.57)%**<sup>c</sup> | &nbsp;&nbsp; 26.10% | &nbsp;&nbsp; 45.57% | &nbsp;&nbsp; 21.82% | &nbsp;&nbsp; (25.22)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.57**<sup>d</sup> | 0.57 | 0.57 | 0.57 | 0.57<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.10)**<sup>d</sup> | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.05) | 0.05 | 0.03<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **25**<sup>c</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 24<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | |
|:---|:---|:---|
| **Harbor Mid Cap Core ETF** | **Harbor Mid Cap Core ETF** | **Harbor Mid Cap Core ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**May 1, 2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$22.29** | &nbsp;&nbsp; $19.81 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.10** | 0.08 |
| Net realized and unrealized gain/(loss) on investments | **3.74** | 2.40 |
| Total from investment operations | **3.84** | 2.48 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.11)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.30)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.41)** | &nbsp;&nbsp; — |
| Net asset value end of period | **25.72** | 22.29 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$4501** | &nbsp;&nbsp; $3900 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **17.44%**<sup>c</sup> | &nbsp;&nbsp; 12.52%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> | 0.88<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.83**<sup>d</sup> | 0.69<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **—**<sup>c</sup> | &nbsp;&nbsp; 7<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor Mid Cap Value ETF** | **Harbor Mid Cap Value ETF** | **Harbor Mid Cap Value ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**May 1, 2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$21.97** | &nbsp;&nbsp; $19.70 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.13** | 0.10 |
| Net realized and unrealized gain/(loss) on investments | **3.59** | 2.17 |
| Total from investment operations | **3.72** | 2.27 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.14)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.19)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.33)** | &nbsp;&nbsp; — |
| Net asset value end of period | **25.36** | 21.97 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$4439** | &nbsp;&nbsp; $3844 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **17.12%**<sup>c</sup> | &nbsp;&nbsp; 11.52%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> | 0.88<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.09**<sup>d</sup> | 0.87<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **6**<sup>c</sup> | &nbsp;&nbsp; 5<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor Multi-Asset Explorer ETF (CONSOLIDATED)** | **Harbor Multi-Asset Explorer ETF (CONSOLIDATED)** | **Harbor Multi-Asset Explorer ETF (CONSOLIDATED)** | **Harbor Multi-Asset Explorer ETF (CONSOLIDATED)** | **Harbor Multi-Asset Explorer ETF (CONSOLIDATED)** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Period from** <br>**September 13,** <br> **2023**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2023**<br>|
|  | **(Unaudited)** |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$26.62** | &nbsp;&nbsp; $23.19 | &nbsp;&nbsp; $19.05 | &nbsp;&nbsp; $19.99 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>b,g</sup> | **0.29** | 0.39 | 0.66 | 0.03 |
| Net realized and unrealized gain/(loss) on investments | **1.22** | 3.59 | 4.05 | &nbsp;&nbsp; (0.97) |
| Total from investment operations | **1.51** | 3.98 | 4.71 | &nbsp;&nbsp; (0.94) |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.78)** | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.78)** | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; — |
| Net asset value end of period | **27.35** | 26.62 | 23.19 | 19.05 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$10941** | &nbsp;&nbsp; $7987 | &nbsp;&nbsp; $4639 | &nbsp;&nbsp; $3334 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **5.80%**<sup>c</sup> | &nbsp;&nbsp; 17.55% | &nbsp;&nbsp; 25.14% | &nbsp;&nbsp; (4.70)%<sup>c</sup> |
| Ratio of total expenses to average net assets<sup>g</sup> | **0.70**<sup>d</sup> | 0.70 | 0.70 | 0.70<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>g</sup> | **2.19**<sup>d</sup> | 1.60 | 3.04 | 1.03<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **150**<sup>c</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 125<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor Osmosis Emerging Markets Resource Efficient ETF** | **Harbor Osmosis Emerging Markets Resource Efficient ETF** | **Harbor Osmosis Emerging Markets Resource Efficient ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**December 18,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$24.39** | &nbsp;&nbsp; $20.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.16** | 0.59 |
| Net realized and unrealized gain/(loss) on investments | **1.65** | 3.80 |
| Total from investment operations | **1.81** | 4.39 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.70)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.39)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.09)** | &nbsp;&nbsp; — |
| Net asset value end of period | **25.11** | 24.39 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$129948** | &nbsp;&nbsp; $126207 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **7.84%**<sup>c</sup> | &nbsp;&nbsp; 21.95%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.69**<sup>d</sup> | 0.69<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.37**<sup>d</sup> | 3.04<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **83**<sup>c</sup> | &nbsp;&nbsp; 123<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | |
|:---|:---|:---|
| **Harbor Osmosis International Resource Efficient ETF** | **Harbor Osmosis International Resource Efficient ETF** | **Harbor Osmosis International Resource Efficient ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**December 11,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$24.21** | &nbsp;&nbsp; $19.63 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.28** | 0.49 |
| Net realized and unrealized gain/(loss) on investments | **1.23** | 4.09 |
| Total from investment operations | **1.51** | 4.58 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.05)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.05)** | &nbsp;&nbsp; — |
| Net asset value end of period | **24.67** | 24.21 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$139401** | &nbsp;&nbsp; $134375 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **6.37%**<sup>c</sup> | &nbsp;&nbsp; 23.33%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.55**<sup>d</sup> | 0.55<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.34**<sup>d</sup> | 2.54<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **54**<sup>c</sup> | &nbsp;&nbsp; 52<sup>c</sup> |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor PanAgora Dynamic Large Cap Core ETF** | **Harbor PanAgora Dynamic Large Cap Core ETF** | **Harbor PanAgora Dynamic Large Cap Core ETF** | **Harbor PanAgora Dynamic Large Cap Core ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**October 9,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$24.43** | &nbsp;&nbsp; $19.83 | &nbsp;&nbsp; $20.14 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.09** | 0.16 | &nbsp;&nbsp; (—)<sup>\*</sup> |
| Net realized and unrealized gain/(loss) on investments | **1.56** | 4.47 | &nbsp;&nbsp; (0.31) |
| Total from investment operations | **1.65** | 4.63 | &nbsp;&nbsp; (0.31) |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.09)** | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.09)** | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Net asset value end of period | **25.99** | 24.43 | 19.83 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$771937** | &nbsp;&nbsp; $623670 | &nbsp;&nbsp; $5453 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **6.76%**<sup>c</sup> | &nbsp;&nbsp; 23.40% | &nbsp;&nbsp; (1.54)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.35**<sup>d</sup> | 0.35 | 0.35<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.70**<sup>d</sup> | 0.68 | &nbsp;&nbsp; (0.13)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **40**<sup>c</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; —<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | |
|:---|:---|:---|
| **Harbor SMID Cap Core ETF** | **Harbor SMID Cap Core ETF** | **Harbor SMID Cap Core ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**May 1, 2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$22.38** | &nbsp;&nbsp; $19.82 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.07** | 0.06 |
| Net realized and unrealized gain/(loss) on investments | **4.49** | 2.50 |
| Total from investment operations | **4.56** | 2.56 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.08)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.23)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.31)** | &nbsp;&nbsp; — |
| Net asset value end of period | **26.63** | 22.38 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$4660** | &nbsp;&nbsp; $3358 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **20.60%**<sup>c</sup> | &nbsp;&nbsp; 12.92%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> | 0.88<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.58**<sup>d</sup> | 0.58<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **3**<sup>c</sup> | &nbsp;&nbsp; 6<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor SMID Cap Value ETF** | **Harbor SMID Cap Value ETF** | **Harbor SMID Cap Value ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**May 1, 2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$23.71** | &nbsp;&nbsp; $19.82 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.09** | 0.08 |
| Net realized and unrealized gain/(loss) on investments | **5.37** | 3.81 |
| Total from investment operations | **5.46** | 3.89 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.56)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.69)** | &nbsp;&nbsp; — |
| Net asset value end of period | **28.48** | 23.71 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$4983** | &nbsp;&nbsp; $4149 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **23.54%**<sup>c</sup> | &nbsp;&nbsp; 19.63%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> | 0.88<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.68**<sup>d</sup> | 0.69<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **4**<sup>c</sup> | &nbsp;&nbsp; 9<sup>c</sup> |

---

The accompanying notes are an integral part of the Financial Statements.

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | |
|:---|:---|:---|
| **Harbor Transformative Technologies ETF** | **Harbor Transformative Technologies ETF** | **Harbor Transformative Technologies ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2026**<br>| **Period from** <br>**April 16,** <br> **2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$29.49** | &nbsp;&nbsp; $19.54 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **(0.05)** | &nbsp;&nbsp; (0.04) |
| Net realized and unrealized gain/(loss) on investments | **0.59** | 9.99 |
| Total from investment operations | **0.54** | 9.95 |
| Net asset value end of period | **30.03** | 29.49 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$6756** | &nbsp;&nbsp; $5899 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **1.83%**<sup>c</sup> | &nbsp;&nbsp; 50.92%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.69**<sup>d</sup> | 0.69<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.33)**<sup>d</sup> | &nbsp;&nbsp; (0.29)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **7**<sup>c</sup> | &nbsp;&nbsp; 13<sup>c</sup> |

---

------

---

| | |
|:---|:---|
| ^ | Portfolio turnover rate excludes investments received or delivered from in-kind processing of creation unit purchases or redemptions. |
| \* | Less than $0.01 |
| + | The total return would have been lower had management fee not been waived during the period shown. |
| a | Commencement of Operations |
| b | Amounts are based on average daily shares outstanding during the period. |
| c | Unannualized |
| d | Annualized |
| e | Reflects the Advisor's waiver, if any, of its management fee. |
| f | On May 20, 2022, the Westfield Capital Dividend Growth Fund was reorganized and converted from a mutual fund into Harbor Dividend <br> Growth Leaders ETF.<br>|
| g | The per share net investment income/(loss) and the ratios of income and expenses to average net assets represents the expenses paid by <br> the Fund but does not include the acquired fund fees and expenses from the underlying funds.<br>|

---

The accompanying notes are an integral part of the Financial Statements.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—April 30, 2026 (Unaudited)**

------

**NOTE 1—ORGANIZATIONAL MATTERS**

Harbor ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as an open-end management investment company. As of April 30, 2026, the Trust consists of the following separate portfolios (individually or collectively referred to as a "Fund" or the "Funds", respectively). The shares of each Fund are listed and traded on NYSE Arca, Inc. with the exception of shares of Harbor Commodity All-Weather Strategy ETF, Harbor Dividend Growth Leaders ETF, Harbor Long-Term Growers ETF, and Harbor PanAgora Dynamic Large Cap Core ETF which are listed and traded on NYSE. Harbor Capital Advisors, Inc. (the "Advisor" or "Harbor Capital") is the investment adviser for the Funds.

---

| |
|:---|
| Harbor Active Small Cap ETF |
| Harbor Active Small Cap Growth ETF |
| Harbor AI Inflection Strategy ETF |
| Harbor Alpha Layering ETF (Consolidated) |
| Harbor AlphaEdge™ Large Cap Value ETF |
| Harbor AlphaEdge™ Small Cap Earners ETF |
| Harbor Ares Systematic High Yield ETF |
| Harbor Ares Systematic Multi-Sector Income ETF |
| Harbor Commodity All-Weather Strategy ETF <br> (Consolidated)<br>|
| Harbor Disciplined Bond ETF |
| Harbor Dividend Growth Leaders ETF |
| Harbor Emerging Markets Equity ETF |
| Harbor Emerging Markets Select ETF |
| Harbor Health Care ETF |
| Harbor Human Capital Factor US Large Cap ETF |

---

---

| |
|:---|
| Harbor Human Capital Factor US Small Cap ETF |
| Harbor International Compounders ETF |
| Harbor International Equity ETF |
| Harbor Long-Short Equity ETF |
| Harbor Long-Term Growers ETF |
| Harbor Mid Cap Core ETF |
| Harbor Mid Cap Value ETF |
| Harbor Multi-Asset Explorer ETF (Consolidated) |
| Harbor Osmosis Emerging Markets Resource Efficient ETF |
| Harbor Osmosis International Resource Efficient ETF |
| Harbor PanAgora Dynamic Large Cap Core ETF |
| Harbor SMID Cap Core ETF |
| Harbor SMID Cap Value ETF |
| Harbor Transformative Technologies ETF |

---

The following Funds commenced operations during the period ended April 30, 2026:

---

| | |
|:---|:---|
|  | **Commencement Date** |
| Harbor AI Inflection Strategy ETF | 12/17/2025 |
| Harbor Active Small Cap Growth ETF | 01/14/2026 |

---

Effective March 1, 2026, the Harbor Scientific High-Yield ETF and Harbor Scientific Alpha Income ETF names were changed to Harbor Ares Systematic High Yield ETF and Harbor Ares Systematic Multi-Sector Income ETF, respectively.

Each Fund is considered a single operating segment. Harbor Capital's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the Funds, collectively act as the chief operating decision maker ("CODM"). Each Fund has a single investment strategy, as disclosed in its respective prospectus, against which the CODM, through various management committees, assesses its performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total return, expense ratio and changes in net assets as reflected in each Fund's financial statements.

Harbor Multi-Asset Explorer ETF invests primarily in unaffiliated investment companies. The recent financial statements of the underlying funds, including the accounting policies and schedules of investments, should be read in conjunction with the Fund's financial statements. The expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the underlying funds.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. Each Fund follows the investment company reporting requirements under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), which includes the accounting and reporting guidelines under Accounting Standards Codification ("ASC") Topic 946, Financial Services-Investment Companies. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**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, and centrally cleared swaps agreements) 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 London Stock Exchange 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. 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 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 debt 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.

Over-the-counter ("OTC") swap agreements value 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 underlying asset prices, indices, exchange rates, interest rates, yield curves, and credit spreads, that are observed from actively quoted markets. OTC swap agreements are normally categorized as Level 2 in the fair value hierarchy.

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

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

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

**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.

**Investment Income**

Dividends declared on portfolio securities are accrued on the ex-dividend date. Dividend information on certain foreign securities may not be available on the ex-dividend date, therefore, such dividends will be recorded as soon as reliable information becomes available. Distributions from real estate investment trust securities are recorded as dividend income, and may be reclassified as capital gains and/or return of capital, based on the information reported by the issuer, when available, or based on management's estimates when actual information has not yet been reported. Interest income is accrued as earned. Discounts and premiums on fixed income securities are amortized over the life of the respective securities (except for premiums on certain callable debt securities that amortized to the earliest call date) using the effective yield method. Paydown gains and losses are recognized as a component of interest income. Consent fees relating to corporate actions from investments held are recorded as income upon receipt.

**Securities Transactions**

Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed). Realized gains or losses on security transactions are determined on the basis of identified cost.

**Distribution to Shareholders**

Distributions on Fund shares are recorded on the ex-dividend date.

**Basis for Consolidation**

Harbor Alpha Layering ETF's, Harbor Commodity All-Weather Strategy ETF's, and Harbor Multi-Asset Explorer ETF's Consolidated Portfolios of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations and Consolidated Statements of Changes in Net Assets include the investments and account balances of each Fund and its wholly owned subsidiary, Harbor Cayman Alpha Layering Ltd., Harbor Cayman Inflation Focus Ltd., and Harbor Cayman Multi-Asset Ltd., respectively (individually, the "Subsidiary"). Each Fund's Subsidiary enables each Fund to hold commodity-related instruments and satisfy regulated investment company tax requirements. Each Fund may invest up to 25% of its total assets in its Subsidiary. All interfund transactions have been eliminated in the consolidation.

**Taxes**

Each Fund is treated as a separate entity for U.S. federal tax purposes. Each Fund's policy is to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code") applicable to regulated investment companies and to distribute to its shareholders all of its taxable income within the prescribed time. It is also the intention of each Fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Internal Revenue Code. Therefore, no provision has been made for U.S. federal taxes on income, capital gains or unrealized appreciation of securities held or excise taxes on income and capital gains.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

Each Fund may be subject to taxes imposed by foreign countries in which it invests. Such taxes are provided for in accordance with each Fund's understanding of the applicable foreign country's tax law and are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.

Net realized gains or losses on investments resulting from in-kind creation unit redemptions, if any, are recognized in each Fund's Statement of Operations. Such realized gains or losses are not taxable to a Fund and are reclassified from Distributable earnings (loss) to Paid-in capital at the end of a Fund's tax year.

The Advisor has analyzed each Fund's tax positions on the open tax years (in particular, U.S. federal income tax returns for the tax years ended October 31, 2022-2024), if applicable, including all positions expected to be taken upon filing the 2025 tax return, in all material jurisdictions where each Fund operates, and has concluded that no provision for income tax is required in the Funds' financial statements. Each Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in its Statement of Operations.

**Foreign Currency Translations**

Purchases and sales of securities are translated into U.S. dollars at the current exchange rate on the respective dates of the transactions. Income and withholding taxes are translated at the prevailing exchange rate when accrued or incurred. The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, when applicable, are translated into U.S. dollars based on the current exchange rates at period end.

Reported net realized gains and losses on foreign currency transactions, when applicable, represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income accrued and tax reclaims receivable and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities, when applicable, are included in the net realized and unrealized gain or loss on investments in the Statements of Operations.

**Proceeds from Litigation**

Each Fund may receive proceeds from shareholder litigation settlements involving current and/or previously held portfolio holdings. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/(loss) if the security has been disposed of by a Fund, or in unrealized gain/(loss) if the security is still held by a Fund.

**Short Sales**

Short sales are transactions in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty through which it made the short sale to serve as collateral for its obligation to deliver the borrowed security upon conclusion of the sale. In connection with short sales of securities, the Fund may pay a fee or premium to borrow securities or maintain an arrangement with a counterparty to borrow securities and is obligated to pay any accrued interest and dividends on these borrowed securities. Dividends declared on securities sold short are accrued on the ex-dividend date and are recorded as expenses in the Fund's Statement of Operations. If the price of the security sold short increases between the time the short sale originated and the time that the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Until the borrowed security is replaced, the Fund will pledge cash or liquid investments sufficient to cover its short position with the Fund's custodian. Because there is no limit to the amount of the potential increase in price of the borrowed securities, the Fund's risk of loss on a short sale is potentially unlimited. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

During the period, Harbor Long-Short Equity ETF engaged in short sale transactions. The Fund has engaged State Street Bank and Trust Company ("State Street") to provide prime brokerage and lending services. In accordance with the terms of the Fund's agreement with State Street, the Fund may receive rebate income or be charged a fee for borrowed securities. Such income or fee is calculated and accrued daily based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The prime services fee is included in Dividend and interest expense on investments sold short in the Fund's Statement of Operations.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

**Futures Contracts**

A futures contract is an agreement between two parties to buy or sell a specified financial instrument at a set price on a future date. Futures contracts tend to increase or decrease a Fund's exposure to the underlying instrument or can be used to hedge other Fund investments.

Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities or other liquid securities equal to the minimum "initial margin" requirements of the exchange. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the fluctuation in value of the contract referred to as "variation margin." Such receipts or payments are recorded by a Fund as unrealized gains or losses. When the contract is closed or expires, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund may suffer losses if it is unable to close out its position because of an illiquid secondary market. There is no assurance that a Fund will be able to close out its position when the Fund considers it appropriate or desirable to do so. In the event of adverse price movements, a Fund may be required to continue making cash payments to maintain its required margin. If a Fund has insufficient cash, it may have to sell portfolio securities to meet margin requirements at a time when the Fund would not otherwise elect to do so. In addition, a Fund may be required to deliver or take delivery of instruments. The maximum potential loss on a long futures contract is the U.S. dollar value of the notional amount at the time the contract is opened. The potential loss on a short futures contract is unlimited. There is minimal counterparty risk with futures contracts as they are traded on an exchange and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default.

During the period, Harbor Alpha Layering ETF (Consolidated) and Harbor Ares Systematic Multi-Sector Income ETF held futures contracts. Harbor Alpha Layering ETF (Consolidated) used futures contracts to gain exposure across global equities, fixed income securities, currencies and commodities markets. Harbor Ares Systematic Multi-Sector Income ETF used futures contracts to gain exposure to the fixed income securities.

**Options**

An option is a contract that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date). Purchased call options tend to increase a Fund's exposure to the underlying instrument. Purchased put options tend to decrease a Fund's exposure to the underlying instrument.

When a Fund purchases an option, it pays a premium. If a purchased option expires, a Fund realizes a loss in the amount of the premium. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. If a call option is exercised by a Fund, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If a put option is exercised by a Fund, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the premium paid. A Fund's maximum risk of loss from counterparty credit risk is also limited to the premium paid for the contract.

During the period, Harbor Long-Short Equity ETF purchased option contracts to manage its exposure to equity markets.

**Rights and Warrants**

Rights represent a privilege offered to holders of record of issued securities to subscribe (usually on a pro rata basis) for additional securities of the same class, of a different class or of a different issuer. Warrants are contracts that generally give the holder the right, but not the obligation, to buy a stated number of shares of common stock at a specified price at any time during the life of the warrant. Rights and warrants are typically written by the issuer of the security underlying the right or warrant. Although some rights and warrants may be non-transferable, others may be traded over-the-counter or on an exchange.

A Fund may acquire rights or warrants in order to gain exposure to the underlying security without owning the security. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. The value of a right or warrant may not necessarily change with the value of the underlying securities. When a Fund acquires rights or warrants, it runs the risk that it will lose its entire investment in the rights or warrants, unless the Fund exercises the right or warrant, acquires the underlying securities, or enters into a closing transaction before expiration. Rights and warrants cease to have value if they are not exercised prior to their expiration date.

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for rights or other warrants that expire are treated as realized losses. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the rights or warrants.

During the period, Harbor Emerging Markets Select ETF and Harbor Long-Short Equity ETF held rights and/or warrants as a result of their investments in underlying securities.

**Swap Agreements**

A swap is a contract between two parties to exchange future cash flows at specified intervals (payment dates) based upon a notional principal amount during the agreed-upon life of the contract. Swap agreements may be privately negotiated in the over-the-counter market ("OTC swaps") or may be cleared through a third party, known as a central clearing party or derivatives clearing organization ("centrally cleared swaps").

Swaps are fair valued daily and changes in value are recorded as unrealized appreciation or depreciation on the Statements of Operations.

Upon entering a swap agreement, any payments received or made at the beginning of the measurement period are reflected in the Statements of Assets and Liabilities and represent a reconciling value to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. If a liquidation payment is received or made at the termination of the swap, it is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Daily changes to the fair value of centrally cleared swaps are recorded as Variation margin receivable or payable on centrally cleared swap agreements in the Statements of Assets and Liabilities and are settled daily. An initial margin, typically in form of cash or qualifying highly liquid, high-quality short-term investments, is paid to the central clearing party, derivatives clearing organization or counterparty when the swap contract is executed and is recorded as Due from brokers on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit risk, market risk and interest rate risk in excess of the amount recognized in the Statements of Assets and Liabilities. Such risks include the possibility that there is not a liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. A Fund's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life or the value of the contract. This risk is typically mitigated by the existence of a master netting arrangement between a Fund and the counterparty, the posting of collateral by the counterparty, and the central clearing party, as counterparty to all centrally cleared swaps, guaranteeing the performance of the swaps through the margin requirements.

<u>Credit Default Swaps</u> are agreements between counterparties to buy or sell protection on a debt security, a basket of securities, or an index of obligations against a defined credit event. Under the terms of a credit default swap, the buyer of protection receives credit protection in exchange for making periodic payments to the seller of protection based on a given percentage applied to a notional principal amount. In return for these payments, the seller acts as the guarantor of the creditworthiness of a reference entity, obligation or index. An issuer may represent either a single issuer, a "basket" of issuers, or a credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole.

The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no credit event occurs. Credit events may include bankruptcy, failure to pay principal, maturity extension, rating downgrade, or write-down. As a seller, if an underlying credit event occurs, a Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the reference obligation (or underlying securities comprising an index), or pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation (or underlying securities comprising an index). As a buyer, if an underlying credit event occurs, a Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the reference obligation (or underlying securities comprising an index) or receive a net settlement.

During the period, Harbor Ares Systematic Multi-Sector Income ETF used credit default swap agreements as a buyer to provide a measure of protection against defaults of an issuer or as a seller to gain credit exposure to an issuer. As of April 30, 2026, the maximum exposure to loss of the notional value as the seller of credit default swaps outstanding was $5,500,000.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

<u>Excess Return Swaps</u> are agreements between counterparties to exchange the return of a given underlying index. Under the terms of the agreement, a Fund will make payments based on a set rate in exchange for payments from the counterparty based on the return of the underlying assets comprising the index. If the returns on the underlying assets are positive, the counterparty will pay the Fund, and if the returns are negative, the Fund will make payments to the counterparty. The excess return swaps held by Harbor Commodity All-Weather Strategy ETF (Consolidated), which generally are reset monthly, may be terminated by the Funds at any time.

During the period, Harbor Commodity All-Weather Strategy ETF (Consolidated) used excess return swaps to gain exposure to commodities markets.

**Other Matters**

The Funds in the normal course of business invest in financial instruments where the risk of potential loss exists due to changes in the market, economic, political and regulatory developments, as well as events such as war, terrorism or spread of infectious disease (market risk) or failure or inability of the counterparty to a transaction to perform (credit and counterparty risk). In addition, certain Funds invest in foreign securities and as such are also subject to foreign currencies and foreign securities risks. A large shareholder risk may also exist in certain Funds whereby certain large shareholders, including authorized participants, may from time to time own a substantial amount of the Funds' shares. Therefore, the redemption of Funds' shares by these large shareholders could have a significant impact to the Funds. Each Fund's prospectus provides further details regarding the Fund's principal risks.

**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS**

**Investment Portfolio Transactions**

Purchases and sales of investments, other than short-term securities, U.S. government obligations, investments sold short and in-kind transactions, if any, for each Fund for the period ended April 30, 2026 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>|
| Harbor Active Small Cap ETF | &nbsp;&nbsp; $4013 | &nbsp;&nbsp; $4109 |
| Harbor Active Small Cap Growth ETF | &nbsp;&nbsp; 1099 | &nbsp;&nbsp; 1160 |
| Harbor AI Inflection Strategy ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Alpha Layering ETF (Consolidated) | &nbsp;&nbsp; 9422 | &nbsp;&nbsp; 9698 |
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; 3681 | &nbsp;&nbsp; 3716 |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 4231 | &nbsp;&nbsp; 4727 |
| Harbor Ares Systematic High Yield ETF | &nbsp;&nbsp; 58601 | &nbsp;&nbsp; 61911 |
| Harbor Ares Systematic Multi-Sector Income ETF | &nbsp;&nbsp; 10299 | &nbsp;&nbsp; 10867 |
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; 16943 | &nbsp;&nbsp; 13809 |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; 81552 | &nbsp;&nbsp; 85756 |
| Harbor Emerging Markets Equity ETF | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 690 |
| Harbor Emerging Markets Select ETF | &nbsp;&nbsp; 2287 | &nbsp;&nbsp; 2289 |
| Harbor Health Care ETF | &nbsp;&nbsp; 18062 | &nbsp;&nbsp; 18071 |
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; 127138 | &nbsp;&nbsp; 130389 |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; 92641 | &nbsp;&nbsp; 93438 |
| Harbor International Compounders ETF | &nbsp;&nbsp; 70725 | &nbsp;&nbsp; 41686 |
| Harbor International Equity ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; 30886 | &nbsp;&nbsp; 29930 |
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; 259593 | &nbsp;&nbsp; 267386 |
| Harbor Mid Cap Core ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 126 |
| Harbor Mid Cap Value ETF | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 284 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 14180 | &nbsp;&nbsp; 14319 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | &nbsp;&nbsp; 103157 | &nbsp;&nbsp; 108948 |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; 74270 | &nbsp;&nbsp; 73174 |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; 265292 | &nbsp;&nbsp; 268275 |
| Harbor SMID Cap Core ETF | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 137 |
| Harbor SMID Cap Value ETF | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 311 |
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 703 |

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS—Continued** 

For the period ended April 30, 2026, the following Funds engaged in in-kind transactions associated with Creation Unit purchases and redemptions:

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| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>|
| Harbor Active Small Cap ETF | &nbsp;&nbsp; $499 | &nbsp;&nbsp; $7904 |
| Harbor Active Small Cap Growth ETF | &nbsp;&nbsp; 3513 | &nbsp;&nbsp; — |
| Harbor AI Inflection Strategy ETF | &nbsp;&nbsp; 4102 | &nbsp;&nbsp; — |
| Harbor Alpha Layering ETF (Consolidated) | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; — |
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; 1812 | &nbsp;&nbsp; 2983 |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 4526 | &nbsp;&nbsp; 3212 |
| Harbor Ares Systematic High Yield ETF | &nbsp;&nbsp; 18889 | &nbsp;&nbsp; 35338 |
| Harbor Ares Systematic Multi-Sector Income ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 1028 |
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; — |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; 21965 | &nbsp;&nbsp; 31299 |
| Harbor Emerging Markets Equity ETF | &nbsp;&nbsp; 208 | &nbsp;&nbsp; — |
| Harbor Health Care ETF | &nbsp;&nbsp; 6978 | &nbsp;&nbsp; — |
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; 107981 | &nbsp;&nbsp; 96274 |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; 82002 | &nbsp;&nbsp; 79164 |
| Harbor International Compounders ETF | &nbsp;&nbsp; 12162 | &nbsp;&nbsp; 106708 |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; 4676 | &nbsp;&nbsp; 13426 |
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; 120027 | &nbsp;&nbsp; 102294 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 3335 | &nbsp;&nbsp; 668 |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; 31198 | &nbsp;&nbsp; 34386 |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; 274978 | &nbsp;&nbsp; 173269 |
| Harbor SMID Cap Core ETF | &nbsp;&nbsp; 571 | &nbsp;&nbsp; — |
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 706 |

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**Securities Lending**

Each Fund may engage in securities lending, whereby a Fund lends its securities to financial institutions in order to increase its income. The Trust has engaged State Street Bank and Trust Company to act as its agent (the "Lending Agent") with respect to the lending of portfolio securities of the Funds, pursuant to the terms and conditions of a Securities Lending Authorization Agreement (the "SLA Agreement"). Securities loans are required to be secured at all times during the term of the loan by collateral that is at least equal to the value of the loaned securities determined at the close of each business day. Collateral may consist of cash and/or securities issued by the U.S. Treasury. Any additional collateral that may be required to secure a loan is delivered to the Fund on the next business day. Cash collateral is recognized as the gross liability for securities loaned in the Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the Lending Agent on behalf of the Funds, and the Funds do not have the ability to rehypothecate those securities. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio (the "Navigator Portfolio"), a money market mutual fund that seeks to provide income while maintaining a stable net asset value of $1.00. There is no assurance that the Navigator Portfolio will maintain a stable net asset value and the Funds are subject to the risk of loss on the cash collateral invested. A portion of the earnings generated by the investment of the cash collateral is rebated to the borrower for the use of the cash collateral and these earnings (less any rebate) are then divided between the Fund and the Lending Agent, as a fee for its services, according to agreed-upon rates. The Lending Agent and a Fund will share in any shortfall in the rebate due to the borrower, according to agreed-upon rates.

In addition to receiving a fee from the borrower based on the demand for securities loaned and earning income on the investment of the cash collateral, a Fund receives substitute interest, dividends, or other amounts on the loaned securities, during the term of a loan. Net securities lending income is disclosed as such in the Statements of Operations and represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to the Lending Agent.

Loans may be terminated at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities that are identical to the loaned securities. The Funds bear the risk of delay in recovery of, or loss of rights in, the securities loaned and the risk that the value of the collateral falls below the value of the securities on loan. Each Fund seeks to mitigate this risk through the SLA Agreement, which provides that in the event of default, the Lending Agent may apply the proceeds of the cash collateral from the loaned securities toward the purchase of replacement securities. If such proceeds are insufficient or the collateral is unavailable, the Lending Agent will purchase replacement securities at its

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS—Continued** 

sole expense, or if unable to do so, the Lending Agent may credit to the Fund's account an amount equal to the fair value of the unreturned loaned securities. As the securities loans are subject to termination by the Fund or the borrower at any time, the remaining contractual maturities of each securities lending transaction is considered to be overnight and continuous.

The following table shows the Funds that engaged in securities lending during the period and summarizes the value of equity securities loaned and related cash and non-cash collateral as of April 30, 2026.

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| | | | |
|:---|:---|:---|:---|
|  | **Value of** <br>**Securities on Loan** <br>**(000s)**<br>| **Cash Collateral** <br>**(000s)**<br>| **Non-Cash Collateral** <br>**(000s)**<br>|
| Harbor International Compounders ETF | &nbsp;&nbsp; $7281 | &nbsp;&nbsp; $7540 | &nbsp;&nbsp; $108 |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

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**NOTE 4—CAPITAL SHARE TRANSACTIONS**

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at net asset value ("NAV"). The Advisor determines the number of shares that constitutes a Creation Unit and only authorized participants are permitted to purchase or redeem Creation Units from the Funds. Except when aggregated in Creation Units, shares of each Fund are not redeemable. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Unless cash-only redemptions are available or specified for a Fund, the redemption proceeds for Creation Units will generally consist of a designated portfolio of securities and a specified amount of cash. Authorized participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in Net proceeds from sale of shares in the Statements of Changes in Net Assets.

From time to time, settlement of securities related to the purchase or redemption of Creation Units may be delayed and are reflected as Capital shares sold or Capital shares reacquired in the Statements of Assets and Liabilities.

**NOTE 5—FEES AND OTHER TRANSACTIONS WITH AFFILIATES**

**Investment Adviser**

Harbor Capital is a wholly owned subsidiary of ORIX Corporation. Harbor Capital is the Funds' investment adviser and is also responsible for administrative and other services. Each Fund has a separate advisory agreement with Harbor Capital. Pursuant to the advisory agreement, the Advisor pays all of the operating expenses of the Fund, except for (i) the fee payment under the investment advisory agreement; (ii) payments under each Fund's 12b-1 plan (if any); (iii) the costs of borrowing, including interest and dividend expenses; (iv) taxes and governmental fees; (v) acquired fund fees and expenses; (vi) brokers' commissions and any other transaction related expenses and fees arising out of transactions effected on behalf of the Fund; (vii) costs of holding shareholder meetings; (viii) any gains or losses attributable to investments under a deferred compensation plan for Trustees who are not "interested persons" of the Trust; and (ix) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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**NOTE 5—FEES AND OTHER TRANSACTIONS WITH AFFILIATES—Continued** 

The advisory agreements provide for a management fee based on an annual percentage rate of average daily net assets as follows:

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| | |
|:---|:---|
|  | **Management** <br>**Fee**<br>|
| Harbor Active Small Cap ETF | 0.80<br> %<br>|
| Harbor Active Small Cap Growth ETF | 0.80 |
| Harbor AI Inflection Strategy ETF | 0.88 |
| Harbor Alpha Layering ETF (Consolidated) | 0.69 |
| Harbor AlphaEdge™ Large Cap Value ETF | 0.25 |
| Harbor AlphaEdge™ Small Cap Earners ETF | 0.29 |
| Harbor Ares Systematic High Yield ETF | 0.48 |
| Harbor Ares Systematic Multi-Sector Income ETF | 0.50 |
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | 0.68 |
| Harbor Disciplined Bond ETF | 0.35 |
| Harbor Dividend Growth Leaders ETF | 0.50 |
| Harbor Emerging Markets Equity ETF | 0.84 |
| Harbor Emerging Markets Select ETF | 0.65 |
| Harbor Health Care ETF | 0.80 |
| Harbor Human Capital Factor US Large Cap ETF | 0.35 |
| Harbor Human Capital Factor US Small Cap ETF | 0.60 |
| Harbor International Compounders ETF | 0.55 |
| Harbor International Equity ETF | 0.80 |
| Harbor Long-Short Equity ETF | 1.20 |
| Harbor Long-Term Growers ETF | 0.57 |
| Harbor Mid Cap Core ETF | 0.88 |
| Harbor Mid Cap Value ETF | 0.88 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | 0.70 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | 0.69 |
| Harbor Osmosis International Resource Efficient ETF | 0.55 |
| Harbor PanAgora Dynamic Large Cap Core ETF | 0.35 |
| Harbor SMID Cap Core ETF | 0.88 |
| Harbor SMID Cap Value ETF | 0.88 |
| Harbor Transformative Technologies ETF | 0.69 |

---

**Independent Trustees**

The Advisor is responsible for bearing expenses associated with Independent Trustees' compensation pursuant to the management fee arrangement with each Fund.

**Affiliated Transactions**

The Investment Company Act permits purchase and sale transactions among affiliated investment companies subject to an exemptive rule. The Trust has adopted policies and procedures pursuant to such rule. During the period, the Funds did not enter into any transactions with any other Harbor fund.

**Indemnification**

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that provide general indemnities to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 6—TAX INFORMATION**

The identified cost for federal income tax purposes of investments owned by each Fund and its respective gross unrealized appreciation and depreciation as of April 30, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Identified Cost** <br>**(000s)** | **Gross Unrealized** | **Gross Unrealized** | **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)** |
|  | **Identified Cost** <br>**(000s)** | **Appreciation** <br>**(000s)**<br>| **(Depreciation)** <br>**(000s)**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)** |
| Harbor Active Small Cap ETF  | &nbsp;&nbsp; $14188<br>| &nbsp;&nbsp; $1487 | &nbsp;&nbsp; $(2459)<br>| &nbsp;&nbsp; $(972)<br>|
| Harbor Active Small Cap Growth ETF  | &nbsp;&nbsp; 3451<br>| &nbsp;&nbsp; 407 | &nbsp;&nbsp; (268)<br>| &nbsp;&nbsp; 139 |
| Harbor AI Inflection Strategy ETF  | &nbsp;&nbsp; 4102<br>| &nbsp;&nbsp; 1370 | &nbsp;&nbsp; (112)<br>| &nbsp;&nbsp; 1258 |
| Harbor Alpha Layering ETF (Consolidated) | &nbsp;&nbsp; 3285<br>| &nbsp;&nbsp; 430 | &nbsp;&nbsp; (194)<br>| &nbsp;&nbsp; 236 |
| Harbor AlphaEdge™ Large Cap Value ETF <sup>\*</sup> | &nbsp;&nbsp; 4059<br>| &nbsp;&nbsp; 397 | &nbsp;&nbsp; (109)<br>| &nbsp;&nbsp; 288 |
| Harbor AlphaEdge™ Small Cap Earners ETF <sup>\*</sup> | &nbsp;&nbsp; 10427<br>| &nbsp;&nbsp; 1566 | &nbsp;&nbsp; (595)<br>| &nbsp;&nbsp; 971 |
| Harbor Ares Systematic High Yield ETF <sup>\*</sup> | &nbsp;&nbsp; 137949<br>| &nbsp;&nbsp; 2364 | &nbsp;&nbsp; (1660)<br>| &nbsp;&nbsp; 704 |
| Harbor Ares Systematic Multi-Sector Income ETF <sup>\*</sup> | &nbsp;&nbsp; 30171<br>| &nbsp;&nbsp; 592 | &nbsp;&nbsp; (244)<br>| &nbsp;&nbsp; 348 |
| Harbor Commodity All-Weather Strategy ETF (Consolidated)<sup>\*</sup> | &nbsp;&nbsp; 2690398<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (260)<br>| &nbsp;&nbsp; (259)<br>|
| Harbor Disciplined Bond ETF <sup>\*</sup> | &nbsp;&nbsp; 38088<br>| &nbsp;&nbsp; 473 | &nbsp;&nbsp; (310)<br>| &nbsp;&nbsp; 163 |
| Harbor Dividend Growth Leaders ETF <sup>\*</sup> | &nbsp;&nbsp; 159147<br>| &nbsp;&nbsp; 58848 | &nbsp;&nbsp; (355)<br>| &nbsp;&nbsp; 58493 |
| Harbor Emerging Markets Equity ETF  | &nbsp;&nbsp; 5433<br>| &nbsp;&nbsp; 2203 | &nbsp;&nbsp; (365)<br>| &nbsp;&nbsp; 1838 |
| Harbor Emerging Markets Select ETF <sup>\*</sup> | &nbsp;&nbsp; 8564<br>| &nbsp;&nbsp; 3191 | &nbsp;&nbsp; (754)<br>| &nbsp;&nbsp; 2437 |
| Harbor Health Care ETF  | &nbsp;&nbsp; 24858<br>| &nbsp;&nbsp; 3773 | &nbsp;&nbsp; (1180)<br>| &nbsp;&nbsp; 2593 |
| Harbor Human Capital Factor US Large Cap ETF <sup>\*</sup> | &nbsp;&nbsp; 354564<br>| &nbsp;&nbsp; 126276 | &nbsp;&nbsp; (10879)<br>| &nbsp;&nbsp; 115397 |
| Harbor Human Capital Factor US Small Cap ETF <sup>\*</sup> | &nbsp;&nbsp; 141639<br>| &nbsp;&nbsp; 22668 | &nbsp;&nbsp; (6825)<br>| &nbsp;&nbsp; 15843 |
| Harbor International Compounders ETF <sup>\*</sup> | &nbsp;&nbsp; 435379<br>| &nbsp;&nbsp; 81621 | &nbsp;&nbsp; (34531)<br>| &nbsp;&nbsp; 47090 |
| Harbor International Equity ETF <sup>\*</sup> | &nbsp;&nbsp; 5411<br>| &nbsp;&nbsp; 1778 | &nbsp;&nbsp; (379)<br>| &nbsp;&nbsp; 1399 |
| Harbor Long-Short Equity ETF (includes investments sold short) <sup>\*</sup> | &nbsp;&nbsp; 4389<br>| &nbsp;&nbsp; 4659 | &nbsp;&nbsp; (446)<br>| &nbsp;&nbsp; 4213 |
| Harbor Long-Term Growers ETF <sup>\*</sup> | &nbsp;&nbsp; 805362<br>| &nbsp;&nbsp; 283536 | &nbsp;&nbsp; (19123)<br>| &nbsp;&nbsp; 264413 |
| Harbor Mid Cap Core ETF  | &nbsp;&nbsp; 3412<br>| &nbsp;&nbsp; 1053 | &nbsp;&nbsp; (118)<br>| &nbsp;&nbsp; 935 |
| Harbor Mid Cap Value ETF  | &nbsp;&nbsp; 3572<br>| &nbsp;&nbsp; 1013 | &nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; 818 |
| Harbor Multi-Asset Explorer ETF (Consolidated)<sup>\*</sup> | &nbsp;&nbsp; 10446<br>| &nbsp;&nbsp; 554 | &nbsp;&nbsp; (82)<br>| &nbsp;&nbsp; 472 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF  | &nbsp;&nbsp; 116583<br>| &nbsp;&nbsp; 18688 | &nbsp;&nbsp; (4347)<br>| &nbsp;&nbsp; 14341 |
| Harbor Osmosis International Resource Efficient ETF <sup>\*</sup> | &nbsp;&nbsp; 123953<br>| &nbsp;&nbsp; 20272 | &nbsp;&nbsp; (4576)<br>| &nbsp;&nbsp; 15696 |
| Harbor PanAgora Dynamic Large Cap Core ETF <sup>\*</sup> | &nbsp;&nbsp; 674453<br>| &nbsp;&nbsp; 117298 | &nbsp;&nbsp; (22081)<br>| &nbsp;&nbsp; 95217 |
| Harbor SMID Cap Core ETF  | &nbsp;&nbsp; 3547<br>| &nbsp;&nbsp; 1157 | &nbsp;&nbsp; (147)<br>| &nbsp;&nbsp; 1010 |
| Harbor SMID Cap Value ETF  | &nbsp;&nbsp; 3500<br>| &nbsp;&nbsp; 1434 | &nbsp;&nbsp; (100)<br>| &nbsp;&nbsp; 1334 |
| Harbor Transformative Technologies ETF <sup>\*</sup> | &nbsp;&nbsp; 5026<br>| &nbsp;&nbsp; 1668 | &nbsp;&nbsp; (195)<br>| &nbsp;&nbsp; 1473 |

---

------

\* Capital loss carryforwards are available, which may reduce taxable income from future net realized gain on investments.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 7—DERIVATIVES**

Each Fund's derivative holdings do not qualify for hedge accounting treatment and as such are recorded at current fair value. For a discussion of risks related to these investments please refer to the descriptions of each type of derivative instrument in Note 2— Significant Accounting Policies.

Each Fund's derivative instruments outstanding as of the period ended April 30, 2026, if any, as disclosed in the Portfolio of Investments, and the related amounts of net realized and changes in net unrealized gains and losses on derivative instruments during the period as disclosed in the Statement of Operations, are indicators of the volume of derivative activity for each Fund.

**Derivative Instruments**

As of April 30, 2026, the fair values of derivatives, by primary risk exposure, were reflected in the Statement of Assets and Liabilities as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor Alpha Layering ETF (CONSOLIDATED)** |  |  |  |  |  |
| **Statement of Assets and Liabilities Caption** | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Foreign Exchange** <br>**Contracts** <br>**(000s)**<br>| **Equity** <br>**Contracts** <br>**(000s)**<br>| **Commodity** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Assets** |  |  |  |  |  |
| Variation margin on futures contracts | &nbsp;&nbsp; $70 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $179 | &nbsp;&nbsp; $90 | &nbsp;&nbsp; $339 |
| **Liabilities** |  |  |  |  |  |
| Variation margin on futures contracts | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (94)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (100)<br>| &nbsp;&nbsp; (195)<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Ares Systematic Multi-Sector Income ETF**  |  |  |  |
| **Statement of Assets and Liabilities Caption** | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Credit** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Assets** |  |  |  |
| Variation margin on centrally cleared swap agreements<sup>a,b</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37 | &nbsp;&nbsp; $37 |
| **Liabilities** |  |  |  |
| Variation margin on futures contracts | &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (65)<br>|

---

------

---

| | |
|:---|:---|
| a | Balance includes cumulative appreciation/depreciation of contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within <br> the Statement of Assets and Liabilities.<br>|
| b | Net of upfront premium paid of $156 |

---

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

---

| | |
|:---|:---|
| **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** |  |
| **Statement of Assets and Liabilities Caption** | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| Unrealized appreciation on OTC swap agreements | &nbsp;&nbsp; $— |

---

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

---

| | |
|:---|:---|
| **Harbor Long-Short Equity ETF**  |  |
| **Statement of Assets and Liabilities Caption** | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| Purchased options (included in Investments, at value) | &nbsp;&nbsp; $24 |

---

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⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 7—DERIVATIVES—Continued** 

Net realized gain/(loss) and the change in net unrealized appreciation/(depreciation) on derivatives, by primary risk exposure, for the period ended April 30, 2026, were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** |
|  | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Foreign Exchange** <br>**Contracts** <br>**(000s)**<br>| **Equity** <br>**Contracts** <br>**(000s)**<br>| **Commodity** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Futures Contracts | &nbsp;&nbsp; $(240)<br>| &nbsp;&nbsp; $(74)<br>| &nbsp;&nbsp; $168 | &nbsp;&nbsp; $532 | &nbsp;&nbsp; $386 |
|  | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Foreign Exchange** <br>**Contracts** <br>**(000s)**<br>| **Equity** <br>**Contracts** <br>**(000s)**<br>| **Commodity** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Futures Contracts | &nbsp;&nbsp; $72 | &nbsp;&nbsp; $(179)<br>| &nbsp;&nbsp; $124 | &nbsp;&nbsp; $(67)<br>| &nbsp;&nbsp; $(50)<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Ares Systematic Multi-Sector Income ETF** | **Harbor Ares Systematic Multi-Sector Income ETF** | **Harbor Ares Systematic Multi-Sector Income ETF** | **Harbor Ares Systematic Multi-Sector Income ETF** |
|  | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Credit** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $(16)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16)<br>|
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; (5)<br>|
| Net realized gain/(loss) on derivatives | &nbsp;&nbsp; $(16)<br>| &nbsp;&nbsp; $(5)<br>| &nbsp;&nbsp; $(21)<br>|
|  | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Credit** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $(93)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(93)<br>|
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| Change in net unrealized appreciation/(depreciation) on derivatives | &nbsp;&nbsp; $(93)<br>| &nbsp;&nbsp; $34 | &nbsp;&nbsp; $(59)<br>|

---

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

---

| | |
|:---|:---|
| **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** |
|  | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Swap agreements | &nbsp;&nbsp; $554239 |
|  | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Swap agreements | &nbsp;&nbsp; $— |

---

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

---

| | |
|:---|:---|
| **Harbor Emerging Markets Select ETF** | **Harbor Emerging Markets Select ETF** |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Rights/Warrants (included in Investments) | &nbsp;&nbsp; $6 |

---

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

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⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 7—DERIVATIVES—Continued** 

---

| | |
|:---|:---|
| **Harbor Long-Short Equity ETF** | **Harbor Long-Short Equity ETF** |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Purchased options (included in Investments) | &nbsp;&nbsp; $(193)<br>|
| Rights/Warrants (included in Investments) | &nbsp;&nbsp; 4 |
| Net realized gain/(loss) on derivatives | &nbsp;&nbsp; $(189)<br>|
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Purchased options (included in Investments) | &nbsp;&nbsp; $(296)<br>|
| Rights/Warrants (included in Investments) | &nbsp;&nbsp; (5)<br>|
| Change in net unrealized appreciation/(depreciation) on derivatives | &nbsp;&nbsp; $(301)<br>|

---

**NOTE 8—OFFSETTING ASSETS AND LIABILITIES**

**Master Netting Arrangements**

As described in further detail below, a Fund may enter into Master Netting Arrangements that govern the terms of certain transactions. Master Netting Arrangements are designed to reduce the counterparty risk associated with relevant transactions by establishing credit protection mechanisms and providing standardization as a means of improving legal certainty. As Master Netting Arrangements are specific to the unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all of the transactions governed under a single agreement with that counterparty. Master Netting Arrangements can also help reduce counterparty risk by specifying collateral posting requirements at pre-arranged exposure levels. Securities and cash pledged as collateral are reflected as assets in the Consolidated Statement of Assets and Liabilities as either a component of investments at value (securities) or due from broker. Cash collateral received is not typically held in a segregated account and, as such, is reflected as a liability in the Consolidated Statement of Assets and Liabilities as due to broker. The fair value of any securities received as collateral is not reflected as a component of net asset value.

For the period ended April 30, 2026, the following Master Netting Arrangements have been entered into as follows:

<u>International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements and Credit Support Annexes</u>, which govern over-the-counter market traded financial derivative transactions entered into by a Fund and select counterparties. As of April 30, 2026, Harbor Commodity All-Weather Strategy ETF (Consolidated) had investment exposures subject to the terms of these agreements.

The following is a summary by counterparty of the value of OTC financial derivative instruments and collateral (received)/pledged as governed by International Swaps and Derivatives Association, Inc. master agreements as of April 30, 2026.

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⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 8—OFFSETTING ASSETS AND LIABILITIES—Continued** 

**HARBOR COMMODITY ALL-WEATHER STRATEGY ETF (CONSOLIDATED)** 

---

| | | |
|:---|:---|:---|
| **Counterparty** | **Collateral** <br>**(Received)/** <br>**Pledged\*** <br>**(000s)**<br>| **Net** <br>**Exposure** <br>**(000s)**<br>|
| **Harbor Cayman Inflation Focus Ltd. (Subsidiary)**<sup>a</sup> <br>|  |  |
| Goldman Sachs International | $44880 | $— |
| Macquarie Bank Limited | 54169 |  |

---

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

---

| |
|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>\*Of the total collateral received and/or pledged shown in the above table, cash of $99,049 included in "Due from broker" on the Consolidated Statements of Assets <br> and Liabilities, was pledged as collateral for swaps held in the Subsidiary.<br>|
| aHarbor Cayman Inflation Focus Ltd. is recognized as a separate legal entity for the purpose of the ISDA agreement. |

---

Exchange traded and centrally cleared derivatives are not subject to master netting or similar arrangements.

**NOTE 9—SUBSEQUENT EVENTS**

Through the date the financial statements were issued, there were no subsequent events or transactions that would have materially impacted the financial statements or related disclosures as presented herein.

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⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)**

------

**FORM N-CSR ITEMS 8-11**

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Harbor Capital Advisors Inc., the Funds' investment advisor, is responsible for bearing expenses associated with independent trustees' compensation pursuant to the management fee arrangement with each Fund. Refer to the Registrant's financial statements included on Item 7 of this Form N-CSR for further detail.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

The Investment Company Act requires that the Investment Advisory and Subadvisory Agreement(s) of each Fund be approved initially, and following an initial two-year term, at least annually, by Harbor ETF Trust's (the "Trust") Board of Trustees (the "Board" or the "Trustees"), including a majority of the Independent Trustees voting separately.

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENTS AND SUBADVISORY AGREEMENTS OF THE HARBOR EXCHANGE-TRADED FUNDS**

At a meeting of the Board held on February 18-20, 2026 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved the continuation of each Investment Advisory Agreement with Harbor Capital, the advisor to each Fund, and each Subadvisory Agreement with each Fund's subadviser (each, a "Subadviser") with respect to Harbor Active Small Cap ETF, Harbor AlphaEdge Large Cap Value ETF (Investment Advisory Agreement only), Harbor AlphaEdge Small Cap Earners ETF (Investment Advisory Agreement only), Harbor Commodity All-Weather Strategy ETF, Harbor Disciplined Bond ETF, Harbor Dividend Growth Leaders ETF, Harbor Health Care ETF, Harbor Human Capital Factor US Large Cap ETF (Investment Advisory Agreement only), Harbor Human Capital Factor US Small Cap ETF (Investment Advisory Agreement only), Harbor International Compounders ETF, Harbor Long-Short Equity ETF, Harbor Long-Term Growers ETF, Harbor Multi-Asset Explorer ETF (Investment Advisory Agreement only), Harbor Osmosis Emerging Markets Resource Efficient ETF, Harbor Osmosis International Resource Efficient ETF, Harbor PanAgora Dynamic Large Cap Core ETF, Harbor Ares Systematic High Yield ETF (formerly, Harbor Scientific Alpha High-Yield ETF) and Harbor Ares Systematic Multi-Sector Income ETF (formerly, Harbor Scientific Alpha Income ETF) (each a "Fund" and, collectively, the "Funds"). The Trustees noted that the Investment Advisory Agreement and Subadvisory Agreements for certain other series of the Trust were in their initial two-year terms and therefore not up for renewal at the meeting.

In evaluating each Investment Advisory Agreement and each Subadvisory Agreement, the Trustees reviewed materials furnished by Harbor Capital and each Subadviser, as applicable, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of Harbor Capital and the Subadvisers resulting from their quarterly meetings, periodic telephonic meetings and other prior communications. In connection with the Meeting, which had been called for the purpose of considering the continuation of the Investment Advisory Agreements and Subadvisory Agreements, and at prior meetings, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to Fund performance and the services rendered by Harbor Capital and each Subadviser. These materials included a comprehensive written response from Harbor Capital to a 15(c) request letter prepared by legal counsel to the Independent Trustees in consultation with the Independent Trustees. The Trustees also discussed with representatives of Harbor Capital, at the Meeting and at prior meetings, the Trust's operations and Harbor Capital's ability, consistent with the "manager-of-managers" structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadviser for each such Fund, (ii) monitor and oversee the performance and investment capabilities of each subadviser, and (iii) recommend the replacement of a subadviser where appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisers for particular Harbor funds in circumstances in which the Board and Harbor Capital had determined that a change in subadviser was in the best interests of a fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser's investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.

At the Meeting, the Trustees, including the Independent Trustees voting separately, determined, in the exercise of their business judgment, that the terms of each Investment Advisory Agreement and each Subadvisory Agreement were fair and reasonable and approved the continuation for a one-year period of each such Investment Advisory Agreement and Subadvisory Agreement as being in the best interests of each Fund and its shareholders.

------

⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or any Subadviser present and were represented throughout the process by legal counsel to the Independent Trustees and the Funds.

In considering the approval of each Fund's Investment Advisory Agreement and, as applicable, Subadvisory Agreement(s), the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Among the factors considered by the Trustees were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The nature, extent, and quality of the services provided by Harbor Capital and each Subadviser, including the background, education, expertise and experience of the investment professionals of Harbor Capital and each Subadviser providing services to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The profitability of Harbor Capital with respect to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees charged by Harbor Capital and Subadvisers for investment advisory and subadvisory services, respectively, including, in each case, the portion of the fee to be retained by Harbor Capital, after payment of subadvisory fees, for the investment advisory and related services, including investment, business, legal, compliance, trading (in certain cases), financial and administrative services, that Harbor Capital provides;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund's advisory fee level reflects any economies of scale for the benefit of Fund investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees and expense ratios of each Fund relative to the quality of services provided and the fees and expense ratios of similar investment companies and Harbor Capital's explanations for above-median fees and expense ratios in certain instances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The short- and long-term investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and Harbor Capital's efforts to address circumstances of underperformance where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any "fall out" benefits that might inure to Harbor Capital, the Subadvisers and their respective affiliates as a result of their relationship with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information received at regular meetings throughout the year related to Fund performance and services rendered by Harbor Capital, as well as each of the Subadvisers, and research arrangements with brokers who execute transactions on behalf of Harbor Capital and each applicable Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information contained in materials provided by Harbor Capital and compiled by Broadridge as to the investment returns, advisory fees and total expense ratios of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information contained in materials compiled by Morningstar as to the investment returns of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Funds' advisory fees relative to the advisory fees that Harbor Capital charges to manage certain collective investment trusts using the same strategies as certain of the Funds, though the Trustees did not consider these comparisons to be a material factor given Harbor Capital's greater level of responsibilities and additional services provided with respect to the Funds, as well as the more extensive regulatory requirements and risks associated with managing the Funds.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

**Nature, Extent, and Quality of Services**

The Trustees separately considered the nature, extent, and quality of the services provided by Harbor Capital and each Subadviser. In their deliberations as to the approval of each Fund's Investment Advisory Agreement and, as applicable, Subadvisory Agreement(s), the Trustees were mindful of the fact that, by choosing to invest in a Fund, the shareholders had entrusted Harbor Capital with the responsibility, subject to the approval of the Trustees, for selecting each Fund's Subadviser, overseeing and monitoring that Subadviser's performance and replacing the Subadviser if necessary. The Trustees also considered as relevant to their determination the favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel.

**The Adviser's Services.** The Board evaluated the nature, extent, and quality of Harbor Capital's services in light of the Board's experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to the Trust, including the breadth and depth of experience and expertise of the investment, accounting, administrative, legal and compliance professionals dedicated to the Trust's operations. The Trustees determined that Harbor Capital has the expertise and resources to manage and effectively operate each Fund.

**The Subadvisers' Services.** The Trustees' consideration of the services provided by the Subadvisers included a review of each Subadviser's portfolio managers, investment philosophy, style and processes and record of consistency therewith, performance results for different time periods, its approach to controlling risk, and the quality and extent of its investment capabilities and resources, including the nature and extent of research it receives from broker-dealers (to the extent applicable) and other sources. In their deliberations with respect to each applicable Fund, the Trustees considered the history of the Trust's relationship with each Subadviser and the Trust's experience with each Subadviser in this capacity.

The Trustees also considered each Subadviser's breadth and depth of experience and investment results in managing other accounts similar to the respective Fund. The Trustees regularly receive presentations by investment professionals from the Subadvisers. The Trustees reviewed information concerning each Subadviser's historical investment results in managing accounts and/or funds, as applicable, in a manner substantially similar to the relevant Fund.

**Investment Performance, Advisory Fees and Expense Ratios**

In considering each Fund's performance, advisory fees and expense ratio, the Trustees requested and received from Harbor Capital data compiled by Broadridge and Morningstar. The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Trustees analyzed the performance of each Fund, the advisory fees of each Fund, and the expenses of each Fund and made certain observations and findings as to each Fund as noted below. In evaluating performance, the Trustees recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results.

**Harbor Active Small Cap ETF.** The Trustees considered Harbor Active Small Cap ETF (inception date August 28, 2024), noting that, according to the Broadridge report, the Fund had underperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the fourth quartile for the period ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the Russell 2000 Growth Index, for the one-year and since inception periods ended December 31, 2025. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of Byron Place Capital Management, LLC ("Byron Place") in managing assets generally and in the small cap equity strategy specifically, noting that Byron Place managed approximately $14.9 million in assets in this strategy, out of a firm-wide total of approximately $48.2 million in assets under management. The Trustees also noted the experience of the Fund's portfolio manager in this strategy, noting that he is the founder of Byron Place.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was above the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor AlphaEdge Large Cap Value ETF.** The Trustees considered Harbor AlphaEdge Large Cap Value ETF (inception date September 4, 2024), noting that the Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Harbor AlphaEdge Large Cap Value Index. The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the first quartile for the period ended

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

December 31, 2025. The Trustees also considered the Fund's performance relative to that of its underlying index and the reasons for tracking error between Fund and index performance. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered Harbor Capital's ability to manage the Fund in accordance with its investment objective of seeking to track its underlying index.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the group median and above the universe median. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor AlphaEdge Small Cap Earners ETF.** The Trustees considered Harbor AlphaEdge Small Cap Earners ETF (inception date July 9, 2024), noting that the Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Harbor AlphaEdge Small Cap Earners Index. The Trustees observed that, according to the Broadridge report, the Fund had underperformed its Broadridge universe median for the one-year period ended December 31, 2025, and was in line with its Broadridge universe median for the since inception period ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the second quartile for the period ended December 31, 2025. The Trustees also considered the Fund's performance relative to that of its underlying index and the reasons for tracking error between Fund and index performance. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered Harbor Capital's ability to manage the Fund in accordance with its investment objective of seeking to track its underlying index.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor Commodity All-Weather Strategy ETF.** The Trustees considered Harbor Commodity All-Weather Strategy ETF (inception date February 9, 2022), noting that the Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Quantix Commodity Index. The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year, three-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one- and three-year rolling returns each ranked in the first quartile for the periods ended December 31, 2025. The Trustees also considered the Fund's performance relative to that of its underlying index and the reasons for tracking error between Fund and index performance.

The Trustees considered the expertise of Quantix Commodities LP ("Quantix") in managing assets generally and specifically with respect to the Fund's strategy, noting that Quantix managed approximately $688 million in assets in this strategy, out of a firm-wide total of approximately $4.5 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio manager in this strategy. The Trustees noted that Quantix is the index provider for the Fund's underlying index.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the group median and above the universe median. The Trustees noted that the Advisor's profitability in operating the Fund was not excessive.

**Harbor Disciplined Bond ETF.** The Trustees considered Harbor Disciplined Bond ETF (inception date May 1, 2024), noting that, according to the Broadridge report, the Fund had underperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the third quartile for the period ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year and since inception periods ended December 31, 2025. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

The Trustees considered the expertise of IR+M in managing assets generally and in the core plus strategy specifically, noting that IR+M managed approximately $4.8 billion in core plus assets out of a firm-wide total of approximately $131 billion in assets under management as of December 31, 2025. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the universe median and above the group median. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor Dividend Growth Leaders ETF.** The Trustees considered Harbor Dividend Growth Leaders ETF (inception date April 30, 2010 for predecessor fund), noting that, according to the Broadridge report, the Fund had underperformed its Broadridge universe median for the one-, three- and five-year periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-, three-, and five-year rolling returns each ranked in the third quartile for the periods ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the Nasdaq Dividend Achievers Select Total Return Index, for the one-, three- and five-year periods ended December 31, 2025.

The Trustees considered the expertise of Westfield Capital in managing assets generally and specifically with respect to the Fund's strategy, noting that Westfield Capital managed approximately $372 million in assets in this strategy, out of a firm-wide total of approximately $24.4 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the group median and above the universe median. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor Health Care ETF.** The Trustees considered Harbor Health Care ETF (inception date November 16, 2022), noting that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year, three-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one- and three-year rolling returns each ranked in the first quartile for the periods ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the Russell 3000 Growth Health Care Index, for the one-year, three-year and since inception periods ended December 31, 2025.

The Trustees considered the expertise of Westfield Capital in managing assets generally and specifically with respect to the Fund's strategy, noting that Westfield Capital managed approximately $40.3 million in assets in this strategy, out of a firm-wide total of approximately $24.4 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was above the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor Human Capital Factor US Large Cap ETF.** The Trustees considered Harbor Human Capital Factor US Large Cap ETF (inception date October 12, 2022), noting that the Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the CIBC Human Capital Index. The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the three-year and since inception periods ended December 31, 2025, and was in line with its Broadridge universe median for the one-year period ended December 31, 2025. The Morningstar data presented showed that the Fund's one- and three-year rolling returns ranked in the third and first quartile, respectively, for the periods ended December 31, 2025. The Trustees also considered the Fund's performance relative to that of its underlying index and the reasons for tracking error between Fund and index performance.

The Trustees considered Harbor Capital's ability to manage the Fund in accordance with its investment objective of seeking to track its underlying index.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was above the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor Human Capital Factor US Small Cap ETF.** The Trustees considered Harbor Human Capital Factor US Small Cap ETF (inception date April 13, 2023), noting that the Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Human Capital Factor Small Cap Index. The Trustees observed that, according to the Broadridge report, the Fund was in line with its Broadridge universe median for the one-year period ended December 31, 2025, and underperformed its Broadridge universe median for the since inception period ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the second quartile for the period ended December 31, 2025. The Trustees also considered the Fund's performance relative to that of its underlying index and the reasons for tracking error between Fund and index performance. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered Harbor Capital's ability to manage the Fund in accordance with its investment objective of seeking to track its underlying index.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was above the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was not excessive.

**Harbor International Compounders ETF.** The Trustees considered Harbor International Compounders ETF (inception date September 7, 2022). The Trustees observed that, according to the Broadridge report, the Fund was in line with its Broadridge universe median for the since inception period ended December 31, 2025, and underperformed its Broadridge universe median for the one- and three-year periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one- and three-year rolling returns each ranked in the third quartile for the periods ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, for the one-year, three-year and since inception periods ended December 31, 2025.

The Trustees considered the expertise of C WorldWide in managing assets generally and specifically with respect to the Fund's strategy, noting that C WorldWide managed approximately $3.2 billion in assets in this strategy, out of a firm-wide total of approximately $15.4 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was not excessive.

**Harbor Long-Short Equity ETF.** The Trustees considered Harbor Long-Short Equity ETF (inception date December 4, 2023), noting that, according to the Broadridge report, the Fund had underperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the fourth quartile for the period ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the HFRX Equity Hedge Index, for the one-year and since inception periods ended December 31, 2025. The Trustees noted that the performance of the Fund's predecessor private fund was not included in the comparative information provided. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of Disciplined Alpha, LLC in managing assets generally and specifically with respect to the Fund's strategy, noting that Disciplined Alpha, LLC managed approximately $20 million in assets in this strategy, out of a firm-wide total of approximately $21.8 million in assets under management. The Trustees also noted the experience of the Fund's portfolio manager in this strategy, noting that he is the founder of Disciplined Alpha.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was above the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

**Harbor Long-Term Growers ETF.** The Trustees considered Harbor Long-Term Growers ETF (inception date February 2, 2022). The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the three-year period ended December 31, 2025, was in line with its Broadridge universe median for the since inception period ended December 31, 2025, and underperformed its Broadridge universe median for the one-year period ended December 31, 2025. The Morningstar data presented showed that the Fund's one- and three-year rolling returns ranked in the third and first quartile, respectively, for the periods ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the Russell 1000 Growth Index, for the three-year period ended December 31, 2025, and underperformed its benchmark for the one-year and since inception periods ended December 31, 2025.

The Trustees considered the expertise of Jennison in managing assets generally and specifically with respect to the Fund's strategy, noting that Jennison managed approximately $1.1 billion in assets in this strategy, out of a firm-wide total of approximately $214 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the universe median and equal to the group median. The Trustees noted that the Advisor's profitability in operating the Fund was not excessive.

**Harbor Multi-Asset Explorer ETF.** The Trustees considered Harbor Multi-Asset Explorer ETF (inception date September 13, 2023), noting that, according to the Broadridge report, the Fund had underperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the first quartile for the period ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the ICE BofA 0-3 Month US Treasury Bill Total Return Index, for the one-year and since-inception periods ended December 31, 2025. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of Harbor Capital in managing assets generally and specifically with respect to the Fund's strategy, noting that Harbor Capital managed approximately $8 million in assets in this strategy. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor Osmosis Emerging Markets Resource Efficient ETF.** The Trustees considered Harbor Osmosis Emerging Markets Resource Efficient ETF (inception date December 17, 2024). The Trustees observed that, according to the Broadridge report, the Fund had underperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the fourth quartile for the period ended December 31, 2025. The Trustees also considered that the Fund had underperformed its benchmark, the MSCI Emerging Markets Index, for the one-year and since inception periods ended December 31, 2025. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of Osmosis Investment Management US LLC ("Osmosis") in managing assets generally and specifically with respect to the Fund's strategy, noting that Osmosis managed approximately $120 million in assets in this strategy, out of a firm-wide total of approximately $307 million in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the group median and above the universe median. The Trustees noted that the Advisor's profitability in operating the Fund was not excessive.

**Harbor Osmosis International Resource Efficient ETF.** The Trustees considered Harbor Osmosis International Resource Efficient ETF (inception date December 11, 2024). The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the second quartile for the period ended

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the MSCI World ex USA Index, for the one-year and since inception periods ended December 31, 2025. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of Osmosis in managing assets generally and specifically with respect to the Fund's strategy, noting that Osmosis managed approximately $133.8 million in assets in this strategy, out of a firm-wide total of approximately $307 million in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was equal to the group median and above the universe median. The Trustees noted that the Advisor's profitability in operating the Fund was not excessive.

**Harbor PanAgora Dynamic Large Cap Core ETF.** The Trustees considered Harbor PanAgora Dynamic Large Cap Core ETF (inception date October 9, 2024). The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2025. The Morningstar data presented showed that the Fund's one-year return ranked in the first quartile for the period ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the S&P 500 Index, for the one-year and since inception periods ended December 31, 2025. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of PanAgora Asset Management, Inc. ("PanAgora") in managing assets generally and specifically with respect to the Fund's strategy, noting that PanAgora managed approximately $6.46 billion in assets in this strategy, out of a firm-wide total of approximately $43.8 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was below the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor Ares Systematic High Yield ETF.** The Trustees considered Harbor Ares Systematic High Yield ETF (inception date September 14, 2021), noting that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the three-year and since inception periods ended December 31, 2025, and was in line with its Broadridge universe median for the one-year period ended December 31, 2025. The Morningstar data presented showed that the Fund's one- and three-year rolling returns ranked in the second and first quartile, respectively, for the periods ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the ICE BofA U.S. High-Yield Index, for the three-year and since inception periods ended December 31, 2025, and underperformed the benchmark for the one-year period ended December 31, 2025.

The Trustees considered the expertise of BlueCove in managing assets generally and specifically with respect to the Fund's strategy, noting that BlueCove managed approximately $166.6 million in assets in this strategy, out of a firm-wide total of approximately $5.5 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was above the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

**Harbor Ares Systematic Multi-Sector Income ETF.** The Trustees considered Harbor Ares Systematic Multi-Sector Income ETF (inception date September 14, 2021), noting that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2025, and was in line with its Broadridge universe median for the three-year period ended December 31, 2025. The Morningstar data presented showed that the Fund's one- and three-year rolling returns each ranked in the second quartile for the periods ended December 31, 2025. The Trustees also considered that the Fund had outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year, three-year and since inception periods ended December 31, 2025.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

The Trustees considered the expertise of BlueCove in managing assets generally and specifically with respect to the Fund's strategy, noting that BlueCove managed approximately $34.5 million in assets in this strategy, out of a firm-wide total of approximately $5.5 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses showed the Fund's actual total expense ratio was above the group and universe medians. The Trustees noted that the Advisor's profitability in operating the Fund was negative.

The Trustees also separately considered the allocation between Harbor Capital and each Subadviser of the relevant Fund's investment advisory fee (i.e., the amount of the advisory fee retained by Harbor Capital relative to that paid to the relevant Subadviser as a subadvisory fee). They determined in each case that the allocation was reasonable and the product of arm's length negotiation between Harbor Capital and the Subadviser.

**Profitability**

The Trustees also considered Harbor Capital's profitability in operating each of the Funds (as well as on a fund complex-wide basis) as presented by Harbor Capital, and the allocation methodology used by Harbor Capital to compute such profitability. The Trustees concluded that the allocation methodology was reasonable and that a reasonable level of profitability was important to provide suitable incentives for Harbor Capital to continue to attract and maintain high quality personnel and to invest in infrastructure and other resources to support and enhance the Funds' operations. In considering Harbor Capital's profitability generally, the Trustees also considered any other benefits enjoyed by Harbor Capital and its affiliates as a result of their relationship with the Funds. The Trustees also considered that profitability calculations with respect to advisory operations vary significantly depending on whether revenues on which the calculation is based are taken gross or net of amounts paid to third parties, such as subadvisory fee expenses, and noted that subadvisory fee expenses are a direct expense of Harbor Capital. The Trustees determined that Harbor Capital's profitability in operating each Fund was not excessive.

**Economies of Scale**

The Trustees also considered the extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund's advisory fee level reflects these economies of scale for the benefit of Fund investors. The Trustees specifically considered whether any advisory fee reduction "breakpoints" should be added to the advisory fee payable by any Fund. As noted above, the Trustees concluded that Harbor Capital's profitability in each case was not excessive. They concluded that the Funds' fee structures reflected economies of scale to date and that breakpoints in these fee structures were not required at the present time in light of, among other things, Harbor Capital's forward-looking approach to setting the contractual advisory fee, and its payment of fund expenses (with limited exceptions) in accordance with the unitary fee arrangement. The Trustees noted they intend to monitor each Fund's asset growth in connection with future reviews of each Fund's Investment Advisory Agreement to determine whether breakpoints may be appropriate at such time.

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENT AND SUBADVISORY AGREEMENT OF Harbor AI INFLECTION STRATEGY ETF**

At a meeting of the Board held on November 19-21, 2025 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved (i) the Investment Advisory Agreement between the Trust, on behalf of Harbor AI Inflection Strategy ETF (the "Fund"), and Harbor Capital Advisors, Inc. (the "Advisor" or "Harbor Capital"); and (ii) the Subadvisory Agreement among the Advisor, the Trust, on behalf of the Fund, and EARNEST Partners LLC (the "Subadviser" or "EARNEST").

In evaluating the Investment Advisory Agreement and the Subadvisory Agreement, the Trustees reviewed materials furnished by the Advisor and the Subadviser, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of the Advisor resulting from their quarterly meetings, periodic telephonic meetings and other prior communications and of the Subadviser in its capacity as a subadviser for other Harbor funds. In connection with their consideration of the Investment Advisory Agreement and Subadvisory Agreement, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to the services to be rendered by the Advisor and Subadviser. The Trustees also discussed with representatives of the Advisor, at the Meeting and at prior meetings, the Harbor funds' operations and the Advisor's ability, consistent with the "manager-of-managers" structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadviser for the Fund, (ii) monitor and oversee the performance and investment capabilities of such subadviser, and (iii) recommend the replacement of a subadviser when appropriate.

------

⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

At the Meeting, the Trustees, including the Independent Trustees voting separately, determined, in the exercise of their business judgment, that the terms of the Investment Advisory Agreement and the Subadvisory Agreement were fair and reasonable and approved the Investment Advisory Agreement and Subadvisory Agreement for an initial two-year term as being in the best interests of the Fund and its future shareholders.

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or the Subadviser present and were represented throughout the process by legal counsel to the Independent Trustees and the Trust.

**Factors Considered**

In considering the Fund's proposed Investment Advisory Agreement and Subadvisory Agreement, the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Among the factors considered by the Trustees were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The nature, extent, and quality of the combined services proposed to be provided by Harbor Capital and EARNEST, including the background, education, expertise and experience of the investment professionals of Harbor Capital and EARNEST to provide services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The favorable history, reputation, qualifications and background of Harbor Capital and EARNEST as well as the qualifications of their personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees proposed to be charged by Harbor Capital and EARNEST for investment advisory and subadvisory services, respectively, including the portion of the fees to be retained by Harbor Capital, after payment of EARNEST's fees, for investment advisory and related services to be provided by Harbor Capital (including investment, business, legal, compliance, financial and administrative services) and for Harbor Capital's undertaking to bear the operating expenses of the Fund, with certain limited exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The proposed fees and expense ratio of the Fund relative to the fees and expense ratios of similar investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Their knowledge of EARNEST's performance generally in its capacity as subadviser to other Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The expected profitability of Harbor Capital with respect to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information received at meetings throughout the year related to services rendered by Harbor Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The extent to which economies of scale might be realized as the Fund grows, and the extent to which the Fund's proposed advisory fee level reflects any economies of scale for the benefit of investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any "fall out" benefits that might inure to Harbor Capital, EARNEST and their respective affiliates as a result of their relationship with the Fund.

**Nature, Extent, and Quality of Services**

In evaluating the nature, extent, and quality of the services to be provided by Harbor Capital, the reasonableness of the overall compensation provided under the proposed advisory agreement and other considerations, the Trustees considered Harbor Capital's ability, consistent with the manager-of-managers structure of the Fund, to identify and recommend to the Trustees quality subadvisers for the Fund, to monitor and oversee the performance and investment capabilities of each subadviser, and to recommend the replacement of a subadviser when appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisers for particular Harbor funds in circumstances in which the Board and Harbor Capital had determined that a change in subadviser was in the best interests of a fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser's investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.

------

⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

The Board evaluated the nature, extent and quality of Harbor Capital's proposed services in light of the Board's actual experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to the Harbor funds generally, including the breadth and depth of experience and expertise of the investment, administrative, legal and compliance professionals dedicated to the Harbor funds' operations. The Trustees determined that Harbor Capital has the expertise and resources to identify, select, oversee and monitor subadvisers and to operate effectively as a manager-of-managers for the Fund. The Trustees also considered in their determination the depth, knowledge and experience level of the Subadviser's personnel, the quality of the Subadviser's processes and the culture of the Subadviser.

**Advisory Fee and Expense Ratio**

The Trustees noted that the proposed Investment Advisory Agreement provides that Harbor Capital will pay all of the operating expenses of the Fund, with certain limited exceptions set forth in the agreement, and that such unitary fee structure effectively acts as a cap on the fees and expenses of the Fund. The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the Fund was below the average and median of a peer group of funds consisting of mutual funds and ETFs and above the average and median of a peer group of funds consisting solely of ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes.

The Trustees also reviewed and determined to be reasonable, in relation to the services to be provided by each party, the split between the advisory fee to be paid to Harbor Capital and the subadvisory fee to be paid to EARNEST and specifically the net advisory fee to be retained by Harbor Capital at various asset levels.

**Profitability**

The Trustees noted that Harbor Capital expected to operate the Fund initially at a loss.

**Economies of Scale**

The Trustees concluded that breakpoints in the Fund's advisory fee schedule were not necessary at the present time in light of, among other things, Harbor Capital's forward-looking approach to setting the contractual advisory fee, its absorbing Fund expenses and the uncertainty surrounding the aspects of the Fund's future asset growth. It was agreed,however, that the Board would consider the issue of breakpoints in the Fund's advisory fee schedule at least annually after the initial two-year contract term as part of its annual contract review process for all of the Harbor funds.

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENT AND SUBADVISORY AGREEMENT OF HARBOR ACTIVE SMALL CAP GROWTH ETF**

At a meeting of the Board held on November 19-21, 2025 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved (i) the Investment Advisory Agreement between the Trust, on behalf of Harbor Active Small Cap Growth ETF (the "Fund"), and Harbor Capital Advisors, Inc. (the "Advisor" or "Harbor Capital"); and (ii) the Subadvisory Agreement among the Advisor, the Trust, on behalf of the Fund, and Granahan Investment Management LLC (the "Subadviser" or "Granahan").

In evaluating the Investment Advisory Agreement and the Subadvisory Agreement, the Trustees reviewed materials furnished by the Advisor and the Subadviser, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of the Advisor resulting from their quarterly meetings, periodic telephonic meetings and other prior communications and of the Subadviser in its capacity as a subadviser for other Harbor funds. In connection with their consideration of the Investment Advisory Agreement and Subadvisory Agreement, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to the services to be rendered by the Advisor and Subadviser. The Trustees also discussed with representatives of the Advisor, at the Meeting and at prior meetings, the Harbor funds' operations and the Advisor's ability, consistent with the "manager-of-managers" structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadviser for the Fund, (ii) monitor and oversee the performance and investment capabilities of such subadviser, and (iii) recommend the replacement of a subadviser when appropriate.

At the Meeting, the Trustees, including the Independent Trustees voting separately, determined, in the exercise of their business judgment, that the terms of the Investment Advisory Agreement and the Subadvisory Agreement were fair and reasonable and approved the Investment Advisory Agreement and Subadvisory Agreement for an initial two-year term as being in the best interests of the Fund and its future shareholders.

------

⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or the Subadviser present and were represented throughout the process by legal counsel to the Independent Trustees and the Trust.

**Factors Considered**

In considering the Fund's proposed Investment Advisory Agreement and Subadvisory Agreement, the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Among the factors considered by the Trustees were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The nature, extent, and quality of the combined services proposed to be provided by Harbor Capital and Granahan, including the background, education, expertise and experience of the investment professionals of Harbor Capital and Granahan to provide services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The favorable history, reputation, qualifications and background of Harbor Capital and Granahan as well as the qualifications of their personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees proposed to be charged by Harbor Capital and Granahan for investment advisory and subadvisory services, respectively, including the portion of the fees to be retained by Harbor Capital, after payment of Granahan's fees, for investment advisory and related services to be provided by Harbor Capital (including investment, business, legal, compliance, financial and administrative services) and for Harbor Capital's undertaking to bear the operating expenses of the Fund, with certain limited exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The proposed fees and expense ratio of the Fund relative to the fees and expense ratios of similar investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The investment performance of Granahan in managing other accounts in a style similar to the style to be utilized in managing the Fund relative to the performance of a benchmark index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The expected profitability of Harbor Capital with respect to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information received at meetings throughout the year related to services rendered by Harbor Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The extent to which economies of scale might be realized as the Fund grows, and the extent to which the Fund's proposed advisory fee level reflects any economies of scale for the benefit of investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any "fall out" benefits that might inure to Harbor Capital, Granahan and their respective affiliates as a result of their relationship with the Fund.

**Nature, Extent, and Quality of Services**

In evaluating the nature, extent, and quality of the services to be provided by Harbor Capital, the reasonableness of the overall compensation provided under the proposed advisory agreement and other considerations, the Trustees considered Harbor Capital's ability, consistent with the manager-of-managers structure of the Fund, to identify and recommend to the Trustees quality subadvisers for the Fund, to monitor and oversee the performance and investment capabilities of each subadviser, and to recommend the replacement of a subadviser when appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisers for particular Harbor funds in circumstances in which the Board and Harbor Capital had determined that a change in subadviser was in the best interests of a fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser's investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.

The Board evaluated the nature, extent, and quality of Harbor Capital's proposed services in light of the Board's actual experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to the Harbor funds generally, including the breadth and depth of experience and expertise of the investment,

------

⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

administrative, legal and compliance professionals dedicated to the Harbor funds' operations. The Trustees determined that Harbor Capital has the expertise and resources to identify, select, oversee and monitor subadvisers and to operate effectively as a manager-of-managers for the Fund. The Trustees also considered in their determination the depth, knowledge and experience level of the Subadviser's personnel, the quality of the Subadviser's processes and the culture of the Subadviser.

**Advisory Fee and Expense Ratio**

The Trustees noted that the proposed Investment Advisory Agreement provides that Harbor Capital will pay all of the operating expenses of the Fund, with certain limited exceptions set forth in the agreement, and that such unitary fee structure effectively acts as a cap on the fees and expenses of the Fund. The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the Fund was below the average and median of a peer group of funds consisting of mutual funds and ETFs and above the average and median of a peer group of funds consisting solely of ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes. The Trustees further noted that a majority of the ETFs in the peer group consisting solely of ETFs are passively managed.

The Trustees also reviewed and determined to be reasonable, in relation to the services to be provided by each party, the split between the advisory fee to be paid to Harbor Capital and the subadvisory fee to be paid to Granahan and specifically the net advisory fee to be retained by Harbor Capital at various asset levels.

**Profitability**

The Trustees noted that Harbor Capital expected to operate the Fund initially at a loss.

**Economies of Scale**

The Trustees concluded that breakpoints in the Fund's advisory fee schedule were not necessary at the present time in light of, among other things, Harbor Capital's forward-looking approach to setting the contractual advisory fee, its absorbing Fund expenses and the uncertainty surrounding the aspects of the Fund's future asset growth. It was agreed, however, that the Board would consider the issue of breakpoints in the Fund's advisory fee schedule at least annually after the initial two-year contract term as part of its annual contract review process for all of the Harbor funds.

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE SUBADVISORY AGREEMENT OF HARBOR ARES SYSTEMATIC HIGH YIELD ETF AND HARBOR ARES SYSTEMATIC MULTI-SECTOR INCOME ETF**

At a meeting of the Board held on November 19-21, 2025 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved the new Subadvisory Agreement among Harbor Capital Advisors, Inc. ("Harbor Capital"), Harbor ETF Trust (the "Trust"), on behalf of Harbor Ares Systematic High Yield ETF and Harbor Ares Systematic Multi-Sector Income ETF (each a "Fund" and, collectively, the "Funds"), and BlueCove Limited ("BlueCove"), to take effect upon the change of control of BlueCove in connection with the acquisition of BlueCove by Ares Management LLC (the "BlueCove Transaction").

It was further noted that BlueCove had indicated that the BlueCove Transaction was not expected to result in any changes to the day-to-day management of BlueCove, the services that BlueCove provides to the Funds or the personnel providing those services. It was further noted that each new subadvisory agreement with BlueCove contains the same terms as the current subadvisory agreement for the applicable Funds with the exception of the effective date and term provisions.

In anticipation of the termination of the current subadvisory agreements in connection with the BlueCove Transaction, the Board, including the Independent Trustees, determined that the terms of each new subadvisory agreement with BlueCove were fair and reasonable, and that each new subadvisory agreement should be approved.

**Factors Considered**

In considering each new subadvisory agreement, the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor. Among the factors considered by the Trustees were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The BlueCove Transaction is not expected to affect the nature, extent, and quality of the services to be provided by BlueCove or result in a change in the day-to-day management of BlueCove or the investment professionals who provide investment management services to the Funds;

------

⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Key BlueCove personnel, including those who provide services to the Funds, are not expected to be negatively impacted by the consummation of the BlueCove Transaction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The terms of each new subadvisory agreement are identical to the terms of the current subadvisory agreement for the applicable Fund except for the effective date and term provisions, and the services to be provided by BlueCove and compensation payable to BlueCove will remain the same.

The Trustees considered the nature, extent and quality of the services to be provided by BlueCove to the Funds. In its deliberations, the Board was mindful of the fact that, by choosing to invest in the Funds, the Funds' shareholders entrusted Harbor Capital with the responsibility, subject to the approval of the Board, for selecting the Funds' subadviser, overseeing and monitoring that subadviser's performance and replacing the subadviser if necessary.

The Board considered that it had approved the annual renewal of the current subadvisory agreement at the February 20-22, 2025 Board meeting. The Board also determined that it was appropriate to take into consideration the extensive information received throughout the year regarding performance and operating results of the Funds given the continuity of portfolio management expected following the Transaction. The Board concluded, based upon all of these considerations, along with the conclusions the Board reached with respect to the most recent approval of the renewal of the current subadvisory agreement for the applicable Funds, that it need not reconsider all of the factors that it would typically consider in connection with an initial approval or contract renewal. The Board also noted that, notwithstanding the initial two-year period permitted under the Investment Company Act, it would nonetheless consider the renewal of each subadvisory agreement in February 2026 as part of the annual contract renewal process.

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![](img97de47254.jpg)

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 13 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS**

Not applicable

**ITEM 15 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees since the date of the Registrant's prior report on Form N-CSR.

**ITEM 16 – CONTROLS AND PROCEDURES**

**(a)** The Registrant's Principal Executive and Principal Financial Officers concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these disclosure controls and procedures as of a date within 90 days of the filing of this report.

**(b)** There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**ITEM 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

Not applicable

**ITEM 19 – EXHIBITS**

(a) [A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) is attached hereto.](het-efp25632_ex99cert.htm)

(b) [Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto.](het-efp25632_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed June 22, 2026 on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **HARBOR ETF TRUST** | **HARBOR ETF TRUST** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | Chairman, President and Trustee |
|  | (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Charles F. McCain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and Trustee | June 22, 2026 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ Howard M. Reich | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | June 22, 2026 |
|  | Howard M. Reich | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Accounting Officer) |  |

---

Exhibit Index

---

| | |
|:---|:---|
| Number | Description |
| 99.CERT1 | [Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).](het-efp25632_ex99cert.htm) |
| 99.CERT2 | [Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).](het-efp25632_ex99cert.htm#ex99cert2) |
| 99.906CERT | [Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).](het-efp25632_ex99906cert.htm) |

---

## Ex-99.Cert

**EX-99.CERT1**

**CERTIFICATION**

I, **Charles F. McCain**, certify that:

1. I have reviewed this report on Form N-CSR of Harbor ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 22, 2026 | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | Chairman, President and Trustee |
|  | (Principal Executive Officer) |

---

**EX-99.CERT2**

**CERTIFICATION**

I, **Howard M. Reich**, certify that:

1. I have reviewed this report on Form N-CSR of Harbor ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: June 22, 2026 | /s/ Howard M. Reich |
|  | Howard M. Reich |
|  | Treasurer |
|  | (Principal Financial and Accounting Officer) |

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## Exhibit 99.906

**EX-99.906CERT**

**SECTION 906 CERTIFICATION**

Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350), the undersigned officers of Harbor ETF Trust (the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's report on Form N-CSR for the period ended April 30, 2026 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| By: | /s/ Charles F. McCain | &nbsp;&nbsp;&nbsp;Chairman, President and Trustee | June 22, 2026 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ Howard M. Reich | &nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | June 22, 2026 |
|  | Howard M. Reich | &nbsp;&nbsp;&nbsp;and Accounting Officer) |  |

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This certification is being furnished solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Report or as a separate disclosure document.