# EDGAR Filing Document

**Accession Number:** 0001860434
**File Stem:** 0001410368-26-033723
**Filing Date:** 2026-3
**Character Count:** 488927
**Document Hash:** e736922b9a9cc8c7b20005a674613c0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-033723.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001410368-26-033723

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**PERIOD START**: 20261031

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23661
- **FILM NUMBER:** 26812227

**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 Multi-Sector Income ETF (Series ID: S000072556)

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

## Nport-Ex

![](img3d2d83971.jpg)

**Quarterly Portfolios of Investments**

**HARBOR ETF TRUST**

**January 31, 2026** 

---

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

---

![](img9261f4ad2.gif)

------

**Table of Contents**

------

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

---

| | |
|:---|:---|
| **Portfolio of Investments** <br>|  |
| Harbor Active Small Cap ETF | 1  |
| Harbor Active Small Cap Growth ETF | 3  |
| Harbor AI Inflection Strategy ETF | 6  |
| Harbor Alpha Layering ETF (CONSOLIDATED) | 7  |
| Harbor AlphaEdge™ Large Cap Value ETF | 8  |
| Harbor AlphaEdge™ Next Generation REITs ETF | 10  |
| Harbor AlphaEdge™ Small Cap Earners ETF | 11  |
| Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED) | 19  |
| Harbor Disciplined Bond ETF | 20  |
| Harbor Dividend Growth Leaders ETF | 26  |
| Harbor Emerging Markets Equity ETF | 28  |
| Harbor Emerging Markets Select ETF | 30  |
| Harbor Health Care ETF | 32  |
| Harbor Human Capital Factor US Large Cap ETF | 33  |
| Harbor Human Capital Factor US Small Cap ETF | 36  |
| Harbor International Compounders ETF | 40  |
| Harbor International Equity ETF | 41  |
| Harbor Long-Short Equity ETF | 43  |
| Harbor Long-Term Growers ETF | 47  |
| Harbor Mid Cap Core ETF | 49  |
| Harbor Mid Cap Value ETF | 51  |
| Harbor Multi-Asset Explorer ETF (CONSOLIDATED) | 53  |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | 54  |
| Harbor Osmosis International Resource Efficient ETF | 56  |
| Harbor PanAgora Dynamic Large Cap Core ETF | 58  |
| Harbor Scientific Alpha High-Yield ETF (currently, Harbor Ares <br> Systematic High Yield ETF)<br>| 61  |
| Harbor Scientific Alpha Income ETF (currently, Harbor Ares Systematic <br> Multi-Sector Income ETF)<br>| 68  |
| Harbor SMID Cap Core ETF | 73  |
| Harbor SMID Cap Value ETF | 75  |
| Harbor Transformative Technologies ETF | 77  |
| **Notes to Portfolios of Investments** | 78 |

---

------

**Harbor Active Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.6%** | **COMMON STOCKS—99.6%** | **COMMON STOCKS—99.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| 9736 | StandardAero, Inc. <sup>\*</sup> | $301 |
| **BANKS—8.1%** | **BANKS—8.1%** | **BANKS—8.1%** |
| 11286 | Northpointe Bancshares, Inc.  | 195 |
| 9477 | United Bankshares, Inc.  | 401 |
| 3519 | Wintrust Financial Corp.  | 519 |
|  |  | 1115 |
| **BEVERAGES—1.0%** | **BEVERAGES—1.0%** | **BEVERAGES—1.0%** |
| 672 | Boston Beer Co., Inc. Class A<sup>\*</sup> | 144 |
| **BUILDING PRODUCTS—6.4%** | **BUILDING PRODUCTS—6.4%** | **BUILDING PRODUCTS—6.4%** |
| 2378 | Fortune Brands Innovations, Inc.  | 129 |
| 15411 | Hayward Holdings, Inc. <sup>\*</sup> | 249 |
| 55585 | Janus International Group, Inc. <sup>\*</sup> | 381 |
| 10075 | Masterbrand, Inc. <sup>\*</sup> | 122 |
|  |  | 881 |
| **CAPITAL MARKETS—10.0%** | **CAPITAL MARKETS—10.0%** | **CAPITAL MARKETS—10.0%** |
| 8897 | Artisan Partners Asset Management, Inc. Class A | 396 |
| 950 | FactSet Research Systems, Inc.  | 242 |
| 2349 | Moelis & Co. Class A | 168 |
| 2478 | Morningstar, Inc.  | 501 |
| 7668 | Wealthfront Corp. <sup>\*</sup> | 66 |
|  |  | 1373 |
| **CONSTRUCTION & ENGINEERING—3.6%** | **CONSTRUCTION & ENGINEERING—3.6%** | **CONSTRUCTION & ENGINEERING—3.6%** |
| 24428 | WillScot Holdings Corp.  | 489 |
| **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** | **CONSUMER FINANCE—0.4%** |
| 1089 | Figure Technology Solutions, Inc. Class A<sup>\*</sup> | 62 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** |
| 3727 | Maplebear, Inc. <sup>\*</sup> | 138 |
| **CONTAINERS & PACKAGING—2.0%** | **CONTAINERS & PACKAGING—2.0%** | **CONTAINERS & PACKAGING—2.0%** |
| 2236 | AptarGroup, Inc.  | 279 |
| **DISTRIBUTORS—4.3%** | **DISTRIBUTORS—4.3%** | **DISTRIBUTORS—4.3%** |
| 2330 | Pool Corp.  | 592 |
| **DIVERSIFIED CONSUMER SERVICES—0.9%** | **DIVERSIFIED CONSUMER SERVICES—0.9%** | **DIVERSIFIED CONSUMER SERVICES—0.9%** |
| 32275 | European Wax Center, Inc. Class A<sup>\*</sup> | 127 |
| **ENERGY EQUIPMENT & SERVICES—3.2%** | **ENERGY EQUIPMENT & SERVICES—3.2%** | **ENERGY EQUIPMENT & SERVICES—3.2%** |
| 17880 | Liberty Energy, Inc.  | 441 |
| **FINANCIAL SERVICES—6.0%** | **FINANCIAL SERVICES—6.0%** | **FINANCIAL SERVICES—6.0%** |
| 39390 | Remitly Global, Inc. <sup>\*</sup> | 521 |
| 5204 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 307 |
|  |  | 828 |
| **GROUND TRANSPORTATION—3.1%** | **GROUND TRANSPORTATION—3.1%** | **GROUND TRANSPORTATION—3.1%** |
| 1948 | Landstar System, Inc.  | 291 |
| 7970 | Lyft, Inc. Class A<sup>\*</sup> | 134 |
|  |  | 425 |
| **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** |
| 3291 | U.S. Physical Therapy, Inc.  | 276 |
| **HEALTH CARE TECHNOLOGY—3.1%** | **HEALTH CARE TECHNOLOGY—3.1%** | **HEALTH CARE TECHNOLOGY—3.1%** |
| 7209 | Doximity, Inc. Class A<sup>\*</sup> | 270 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE TECHNOLOGY—Continued** | **HEALTH CARE TECHNOLOGY—Continued** | **HEALTH CARE TECHNOLOGY—Continued** |
| 5699 | Waystar Holding Corp. <sup>\*</sup> | $151 |
|  |  | 421 |
| **HOTEL & RESORT REITS—1.9%** | **HOTEL & RESORT REITS—1.9%** | **HOTEL & RESORT REITS—1.9%** |
| 35303 | RLJ Lodging Trust  | 262 |
| **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** |
| 2040 | Monarch Casino & Resort, Inc.  | 187 |
| **INSURANCE—1.7%** | **INSURANCE—1.7%** | **INSURANCE—1.7%** |
| 4871 | Accelerant Holdings Class A (Cayman Islands)<sup>\*</sup> | 67 |
| 408 | Kinsale Capital Group, Inc.  | 161 |
|  |  | 228 |
| **MACHINERY—12.3%** | **MACHINERY—12.3%** | **MACHINERY—12.3%** |
| 11300 | Douglas Dynamics, Inc.  | 426 |
| 46348 | Hillman Solutions Corp. <sup>\*</sup> | 434 |
| 2107 | Middleby Corp. <sup>\*</sup> | 310 |
| 423 | RBC Bearings, Inc. <sup>\*</sup> | 211 |
| 3338 | Toro Co.  | 306 |
|  |  | 1687 |
| **METALS & MINING—5.0%** | **METALS & MINING—5.0%** | **METALS & MINING—5.0%** |
| 1112 | Commercial Metals Co.  | 85 |
| 1844 | Reliance, Inc.  | 608 |
|  |  | 693 |
| **OIL, GAS & CONSUMABLE FUELS—1.6%** | **OIL, GAS & CONSUMABLE FUELS—1.6%** | **OIL, GAS & CONSUMABLE FUELS—1.6%** |
| 5958 | Range Resources Corp.  | 226 |
| **PROFESSIONAL SERVICES—9.9%** | **PROFESSIONAL SERVICES—9.9%** | **PROFESSIONAL SERVICES—9.9%** |
| 10924 | Andersen Group, Inc. Class A<sup>\*</sup> | 246 |
| 3327 | Paylocity Holding Corp. <sup>\*</sup> | 449 |
| 8160 | SS&C Technologies Holdings, Inc.  | 668 |
|  |  | 1363 |
| **RETAIL REITS—1.7%** | **RETAIL REITS—1.7%** | **RETAIL REITS—1.7%** |
| 6593 | Phillips Edison & Co., Inc.  | 239 |
| **SOFTWARE—4.2%** | **SOFTWARE—4.2%** | **SOFTWARE—4.2%** |
| 41494 | Freshworks, Inc. Class A<sup>\*</sup> | 447 |
| 2112 | Q2 Holdings, Inc. <sup>\*</sup> | 130 |
|  |  | 577 |
| **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** |
| 5941 | Warby Parker, Inc. Class A<sup>\*</sup> | 152 |
| **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** |
| 3036 | Core & Main, Inc. Class A<sup>\*</sup> | 162 |
| 1331 | EquipmentShare.com, Inc. Class A<sup>\*</sup> | 41 |
|  |  | 203 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $14,772) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $14,772) | 13709 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.6%** <br>(Cost $14,772) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.6%** <br>(Cost $14,772) | 13709 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | 51 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $13760 |

---

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

------

⬤

------

**Harbor Active Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Active Small Cap Growth ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—4.2%** | **AEROSPACE & DEFENSE—4.2%** | **AEROSPACE & DEFENSE—4.2%** |
| 2492 | Archer Aviation, Inc. Class A<sup>\*</sup> | $18 |
| 336 | Beta Technologies, Inc. Class A<sup>\*</sup> | 7 |
| 126 | BWX Technologies, Inc.  | 26 |
| 238 | Carpenter Technology Corp.  | 76 |
| 245 | Red Cat Holdings, Inc. <sup>\*</sup> | 3 |
| 588 | Redwire Corp. <sup>\*</sup> | 7 |
| 200 | York Space Systems, Inc. <sup>\*</sup> | 7 |
|  |  | 144 |
| **BANKS—1.8%** | **BANKS—1.8%** | **BANKS—1.8%** |
| 609 | Texas Capital Bancshares, Inc. <sup>\*</sup> | 62 |
| **BIOTECHNOLOGY—12.7%** | **BIOTECHNOLOGY—12.7%** | **BIOTECHNOLOGY—12.7%** |
| 434 | AnaptysBio, Inc. <sup>\*</sup> | 21 |
| 294 | Apogee Therapeutics, Inc. <sup>\*</sup> | 19 |
| 350 | Bridgebio Pharma, Inc. <sup>\*</sup> | 27 |
| 252 | Celcuity, Inc. <sup>\*</sup> | 27 |
| 343 | Cytokinetics, Inc. <sup>\*</sup> | 22 |
| 182 | GRAIL, Inc. <sup>\*</sup> | 18 |
| 1338 | Immunome, Inc. <sup>\*</sup> | 33 |
| 791 | Immunovant, Inc. <sup>\*</sup> | 20 |
| 973 | Kiniksa Pharmaceuticals International PLC <sup>\*</sup> | 43 |
| 826 | MoonLake Immunotherapeutics <sup>\*</sup> | 13 |
| 140 | Nuvalent, Inc. Class A<sup>\*</sup> | 14 |
| 161 | Revolution Medicines, Inc. <sup>\*</sup> | 16 |
| 189 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 19 |
| 532 | Scholar Rock Holding Corp. <sup>\*</sup> | 24 |
| 294 | Soleno Therapeutics, Inc. <sup>\*</sup> | 11 |
| 623 | Stoke Therapeutics, Inc. <sup>\*</sup> | 19 |
| 1134 | Syndax Pharmaceuticals, Inc. <sup>\*</sup> | 23 |
| 2653 | Taysha Gene Therapies, Inc. <sup>\*</sup> | 12 |
| 756 | Viking Therapeutics, Inc. <sup>\*</sup> | 22 |
| 322 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 13 |
| 840 | Zymeworks, Inc. <sup>\*</sup> | 19 |
|  |  | 435 |
| **BROADLINE RETAIL—0.7%** | **BROADLINE RETAIL—0.7%** | **BROADLINE RETAIL—0.7%** |
| 686 | Global-e Online Ltd. (Israel)<sup>\*</sup> | 25 |
| **BUILDING PRODUCTS—2.5%** | **BUILDING PRODUCTS—2.5%** | **BUILDING PRODUCTS—2.5%** |
| 462 | Modine Manufacturing Co. <sup>\*</sup> | 85 |
| 497 | Tecogen, Inc. <sup>\*</sup> | 2 |
|  |  | 87 |
| **CAPITAL MARKETS—0.8%** | **CAPITAL MARKETS—0.8%** | **CAPITAL MARKETS—0.8%** |
| 497 | Marex Group PLC (United Kingdom) | 20 |
| 98 | StepStone Group, Inc. Class A | 7 |
|  |  | 27 |
| **COMMERCIAL SERVICES & SUPPLIES—2.7%** | **COMMERCIAL SERVICES & SUPPLIES—2.7%** | **COMMERCIAL SERVICES & SUPPLIES—2.7%** |
| 847 | Casella Waste Systems, Inc. Class A<sup>\*</sup> | 86 |
| 378 | Montrose Environmental Group, Inc. <sup>\*</sup> | 8 |
|  |  | 94 |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| 84 | Lumentum Holdings, Inc. <sup>\*</sup> | 33 |
| **CONSTRUCTION & ENGINEERING—2.7%** | **CONSTRUCTION & ENGINEERING—2.7%** | **CONSTRUCTION & ENGINEERING—2.7%** |
| 671 | Ameresco, Inc. Class A<sup>\*</sup> | 21 |
| 139 | Sterling Infrastructure, Inc. <sup>\*</sup> | 50 |
| 1057 | WillScot Holdings Corp.  | 21 |
|  |  | 92 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** | **CONSUMER FINANCE—0.8%** |
| 37 | Dave, Inc. <sup>\*</sup> | $6 |
| 350 | Figure Technology Solutions, Inc. Class A<sup>\*</sup> | 20 |
|  |  | 26 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.5%** |
| 280 | Chefs' Warehouse, Inc. <sup>\*</sup> | 18 |
| **DIVERSIFIED CONSUMER SERVICES—0.9%** | **DIVERSIFIED CONSUMER SERVICES—0.9%** | **DIVERSIFIED CONSUMER SERVICES—0.9%** |
| 1161 | Universal Technical Institute, Inc. <sup>\*</sup> | 32 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** |
| 714 | Cogent Communications Holdings, Inc.  | 17 |
| **ELECTRICAL EQUIPMENT—1.6%** | **ELECTRICAL EQUIPMENT—1.6%** | **ELECTRICAL EQUIPMENT—1.6%** |
| 294 | Amprius Technologies, Inc. <sup>\*</sup> | 4 |
| 371 | Electrovaya, Inc. (Canada)<sup>\*</sup> | 4 |
| 1225 | Enovix Corp. <sup>\*</sup> | 8 |
| 287 | Nextpower, Inc. Class A<sup>\*</sup> | 34 |
| 693 | Shoals Technologies Group, Inc. Class A<sup>\*</sup> | 6 |
|  |  | 56 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1%** |
| 258 | 908 Devices, Inc. <sup>\*</sup> | 1 |
| 735 | Arlo Technologies, Inc. <sup>\*</sup> | 9 |
| 68 | Bel Fuse, Inc. Class B | 14 |
| 35 | Fabrinet (Thailand)<sup>\*</sup> | 17 |
| 2506 | LightPath Technologies, Inc. Class A<sup>\*</sup> | 26 |
| 112 | TTM Technologies, Inc. <sup>\*</sup> | 11 |
| 1995 | Unusual Machines, Inc. (Puerto Rico)<sup>\*</sup> | 28 |
|  |  | 106 |
| **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** |
| 273 | Chime Financial, Inc. Class A<sup>\*</sup> | 7 |
| 392 | Toast, Inc. Class A<sup>\*</sup> | 12 |
|  |  | 19 |
| **FOOD PRODUCTS—0.8%** | **FOOD PRODUCTS—0.8%** | **FOOD PRODUCTS—0.8%** |
| 5642 | SunOpta, Inc. (Canada)<sup>\*</sup> | 26 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.2%** |
| 85 | Align Technology, Inc. <sup>\*</sup> | 14 |
| 545 | Beta Bionics, Inc. <sup>\*</sup> | 8 |
| 35 | IRhythm Holdings, Inc. <sup>\*</sup> | 5 |
| 1715 | OrthoPediatrics Corp. <sup>\*</sup> | 30 |
| 1365 | Owlet, Inc. <sup>\*</sup> | 16 |
| 2142 | SI-BONE, Inc. <sup>\*</sup> | 36 |
|  |  | 109 |
| **HEALTH CARE PROVIDERS & SERVICES—3.8%** | **HEALTH CARE PROVIDERS & SERVICES—3.8%** | **HEALTH CARE PROVIDERS & SERVICES—3.8%** |
| 2639 | Alignment Healthcare, Inc. <sup>\*</sup> | 60 |
| 210 | CorVel Corp. <sup>\*</sup> | 15 |
| 196 | GeneDx Holdings Corp. <sup>\*</sup> | 19 |
| 329 | HealthEquity, Inc. <sup>\*</sup> | 28 |
| 49 | RadNet, Inc. <sup>\*</sup> | 3 |
| 1239 | Talkspace, Inc. <sup>\*</sup> | 5 |
|  |  | 130 |
| **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** |
| 1617 | Certara, Inc. <sup>\*</sup> | 14 |
| 280 | OptimizeRx Corp. <sup>\*</sup> | 3 |
|  |  | 17 |

---

------

⬤

------

**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** |
| **HOTELS, RESTAURANTS & LEISURE—3.9%** | **HOTELS, RESTAURANTS & LEISURE—3.9%** | **HOTELS, RESTAURANTS & LEISURE—3.9%** |
| 77 | Cava Group, Inc. <sup>\*</sup> | $5 |
| 714 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 11 |
| 2579 | Genius Sports Ltd. (United Kingdom)<sup>\*</sup> | 22 |
| 280 | Kura Sushi USA, Inc. Class A<sup>\*</sup> | 19 |
| 819 | Life Time Group Holdings, Inc. <sup>\*</sup> | 24 |
| 749 | Lindblad Expeditions Holdings, Inc. <sup>\*</sup> | 13 |
| 2058 | Sportradar Group AG Class A (Switzerland)<sup>\*</sup> | 37 |
| 391 | Sweetgreen, Inc. Class A<sup>\*</sup> | 2 |
|  |  | 133 |
| **HOUSEHOLD DURABLES—0.8%** | **HOUSEHOLD DURABLES—0.8%** | **HOUSEHOLD DURABLES—0.8%** |
| 231 | SharkNinja, Inc. <sup>\*</sup> | 27 |
| **INSURANCE—1.1%** | **INSURANCE—1.1%** | **INSURANCE—1.1%** |
| 561 | Ethos Technologies, Inc. Class A<sup>\*</sup> | 8 |
| 77 | Kinsale Capital Group, Inc.  | 31 |
|  |  | 39 |
| **IT SERVICES—0.2%** | **IT SERVICES—0.2%** | **IT SERVICES—0.2%** |
| 94 | Okta, Inc. <sup>\*</sup> | 8 |
| **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** | **LEISURE PRODUCTS—0.2%** |
| 523 | Callaway Golf Co. <sup>\*</sup> | 7 |
| **LIFE SCIENCES TOOLS & SERVICES—2.8%** | **LIFE SCIENCES TOOLS & SERVICES—2.8%** | **LIFE SCIENCES TOOLS & SERVICES—2.8%** |
| 637 | Azenta, Inc. <sup>\*</sup> | 25 |
| 1652 | BioLife Solutions, Inc. <sup>\*</sup> | 36 |
| 245 | Repligen Corp. <sup>\*</sup> | 36 |
|  |  | 97 |
| **MACHINERY—6.5%** | **MACHINERY—6.5%** | **MACHINERY—6.5%** |
| 256 | CECO Environmental Corp. <sup>\*</sup> | 17 |
| 2870 | Gates Industrial Corp. PLC <sup>\*</sup> | 66 |
| 203 | JBT Marel Corp.  | 32 |
| 819 | Kornit Digital Ltd. (Israel)<sup>\*</sup> | 11 |
| 819 | Mayville Engineering Co., Inc. <sup>\*</sup> | 16 |
| 161 | RBC Bearings, Inc. <sup>\*</sup> | 80 |
|  |  | 222 |
| **MEDIA—1.9%** | **MEDIA—1.9%** | **MEDIA—1.9%** |
| 4396 | Magnite, Inc. <sup>\*</sup> | 64 |
| **METALS & MINING—2.7%** | **METALS & MINING—2.7%** | **METALS & MINING—2.7%** |
| 451 | Materion Corp.  | 62 |
| 393 | MP Materials Corp. <sup>\*</sup> | 23 |
| 1043 | U.S. Antimony Corp. <sup>\*</sup> | 8 |
|  |  | 93 |
| **OIL, GAS & CONSUMABLE FUELS—0.7%** | **OIL, GAS & CONSUMABLE FUELS—0.7%** | **OIL, GAS & CONSUMABLE FUELS—0.7%** |
| 83 | Centrus Energy Corp. Class A<sup>\*</sup> | 23 |
| **PERSONAL CARE PRODUCTS—1.1%** | **PERSONAL CARE PRODUCTS—1.1%** | **PERSONAL CARE PRODUCTS—1.1%** |
| 140 | elf Beauty, Inc. <sup>\*</sup> | 12 |
| 812 | Oddity Tech Ltd. Class A (Israel)<sup>\*</sup> | 27 |
|  |  | 39 |
| **PHARMACEUTICALS—3.1%** | **PHARMACEUTICALS—3.1%** | **PHARMACEUTICALS—3.1%** |
| 889 | Edgewise Therapeutics, Inc. <sup>\*</sup> | 25 |
| 1260 | EyePoint, Inc. <sup>\*</sup> | 17 |
| 1057 | LENZ Therapeutics, Inc. <sup>\*</sup> | 17 |
| 98 | Ligand Pharmaceuticals, Inc. <sup>\*</sup> | 19 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| 3836 | Xeris Biopharma Holdings, Inc. <sup>\*</sup> | $28 |
|  |  | 106 |
| **PROFESSIONAL SERVICES—0.2%** | **PROFESSIONAL SERVICES—0.2%** | **PROFESSIONAL SERVICES—0.2%** |
| 168 | ExlService Holdings, Inc. <sup>\*</sup> | 7 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** |
| 1015 | Compass, Inc. Class A<sup>\*</sup> | 13 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.5%** |
| 771 | Allegro MicroSystems, Inc. (Japan)<sup>\*</sup> | 28 |
| 301 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 38 |
| 15885 | indie Semiconductor, Inc. Class A (China)<sup>\*</sup> | 65 |
| 182 | Lattice Semiconductor Corp. <sup>\*</sup> | 15 |
| 28 | Nova Ltd. (Israel)<sup>\*</sup> | 13 |
| 277 | Onto Innovation, Inc. <sup>\*</sup> | 56 |
| 337 | Rambus, Inc. <sup>\*</sup> | 38 |
| 973 | Rigetti Computing, Inc. <sup>\*</sup> | 18 |
| 182 | Semtech Corp. <sup>\*</sup> | 15 |
| 250 | Silicon Laboratories, Inc. <sup>\*</sup> | 36 |
| 507 | Silicon Motion Technology Corp. ADR (Taiwan)<sup>1</sup> | 60 |
| 217 | Tower Semiconductor Ltd. (Israel)<sup>\*</sup> | 29 |
| 588 | Veeco Instruments, Inc. <sup>\*</sup> | 18 |
|  |  | 429 |
| **SOFTWARE—11.1%** | **SOFTWARE—11.1%** | **SOFTWARE—11.1%** |
| 95 | Agilysys, Inc. <sup>\*</sup> | 8 |
| 1148 | Alkami Technology, Inc. <sup>\*</sup> | 24 |
| 728 | Arteris, Inc. <sup>\*</sup> | 11 |
| 2772 | Cellebrite DI Ltd. (Israel)<sup>\*</sup> | 41 |
| 154 | Commvault Systems, Inc. <sup>\*</sup> | 13 |
| 1148 | Core Scientific, Inc. <sup>\*</sup> | 21 |
| 112 | Descartes Systems Group, Inc. (Canada)<sup>\*</sup> | 8 |
| 14143 | Digital Turbine, Inc. <sup>\*</sup> | 74 |
| 511 | JFrog Ltd. (Israel)<sup>\*</sup> | 28 |
| 301 | Klaviyo, Inc. Class A<sup>\*</sup> | 7 |
| 686 | Netskope, Inc. Class A<sup>\*</sup> | 10 |
| 454 | Nutanix, Inc. Class A<sup>\*</sup> | 18 |
| 9601 | Porch Group, Inc. <sup>\*</sup> | 76 |
| 706 | Varonis Systems, Inc. <sup>\*</sup> | 21 |
| 595 | Weave Communications, Inc. <sup>\*</sup> | 4 |
| 826 | Zeta Global Holdings Corp. Class A<sup>\*</sup> | 15 |
|  |  | 379 |
| **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** |
| 130 | Boot Barn Holdings, Inc. <sup>\*</sup> | 23 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** |
| 259 | IonQ, Inc. <sup>\*</sup> | 10 |
| **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** |
| 289 | FTAI Aviation Ltd.  | 79 |
| 1134 | NPK International, Inc. <sup>\*</sup> | 16 |
| 252 | QXO, Inc. <sup>\*</sup> | 5 |

---

------

⬤

------

**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** |
| **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** |
| 53 | Transcat, Inc. <sup>\*</sup> | $3 |
|  |  | 103 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,495) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,495) | 3377 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.6%** <br>(Cost $3,495) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.6%** <br>(Cost $3,495) | 3377 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | 47 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3424 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor AI Inflection Strategy ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** |
| **Shares** |  | **Value** |
| **AIR FREIGHT & LOGISTICS—2.7%** | **AIR FREIGHT & LOGISTICS—2.7%** | **AIR FREIGHT & LOGISTICS—2.7%** |
| 539 | CH Robinson Worldwide, Inc.  | $105 |
| **BUILDING PRODUCTS—2.4%** | **BUILDING PRODUCTS—2.4%** | **BUILDING PRODUCTS—2.4%** |
| 763 | Johnson Controls International PLC  | 91 |
| **CONSTRUCTION & ENGINEERING—8.3%** | **CONSTRUCTION & ENGINEERING—8.3%** | **CONSTRUCTION & ENGINEERING—8.3%** |
| 161 | EMCOR Group, Inc.  | 116 |
| 1106 | Everus Construction Group, Inc. <sup>\*</sup> | 98 |
| 455 | MasTec, Inc. <sup>\*</sup> | 109 |
|  |  | 323 |
| **ELECTRICAL EQUIPMENT—10.4%** | **ELECTRICAL EQUIPMENT—10.4%** | **ELECTRICAL EQUIPMENT—10.4%** |
| 1288 | Atkore, Inc.  | 90 |
| 308 | Eaton Corp. PLC  | 108 |
| 112 | GE Vernova, Inc.  | 81 |
| 679 | Vertiv Holdings Co. Class A | 126 |
|  |  | 405 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—11.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—11.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—11.6%** |
| 770 | Amphenol Corp. Class A | 111 |
| 917 | Corning, Inc.  | 95 |
| 1372 | Flex Ltd. <sup>\*</sup> | 87 |
| 532 | Sanmina Corp. <sup>\*</sup> | 75 |
| 525 | TD SYNNEX Corp.  | 83 |
|  |  | 451 |
| **GAS UTILITIES—2.2%** | **GAS UTILITIES—2.2%** | **GAS UTILITIES—2.2%** |
| 525 | Atmos Energy Corp.  | 87 |
| **IT SERVICES—2.1%** | **IT SERVICES—2.1%** | **IT SERVICES—2.1%** |
| 665 | Twilio, Inc. Class A<sup>\*</sup> | 80 |
| **LIFE SCIENCES TOOLS & SERVICES—7.2%** | **LIFE SCIENCES TOOLS & SERVICES—7.2%** | **LIFE SCIENCES TOOLS & SERVICES—7.2%** |
| 581 | Agilent Technologies, Inc.  | 78 |
| 462 | Charles River Laboratories International, Inc. <sup>\*</sup> | 97 |
| 455 | IQVIA Holdings, Inc. <sup>\*</sup> | 105 |
|  |  | 280 |
| **MACHINERY—4.4%** | **MACHINERY—4.4%** | **MACHINERY—4.4%** |
| 1120 | Flowserve Corp.  | 87 |
| 406 | SPX Technologies, Inc. <sup>\*</sup> | 85 |
|  |  | 172 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—2.5%** | **OIL, GAS & CONSUMABLE FUELS—2.5%** | **OIL, GAS & CONSUMABLE FUELS—2.5%** |
| 5040 | Antero Midstream Corp.  | $95 |
| **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** |
| 175 | CACI International, Inc. Class A<sup>\*</sup> | 109 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—4.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—4.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—4.6%** |
| 574 | CBRE Group, Inc. Class A<sup>\*</sup> | 98 |
| 1302 | CoStar Group, Inc. <sup>\*</sup> | 80 |
|  |  | 178 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—32.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—32.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—32.7%** |
| 2198 | Amkor Technology, Inc.  | 106 |
| 434 | Applied Materials, Inc.  | 140 |
| 105 | &nbsp;&nbsp;&nbsp; ASML Holding NV New York Registry Shares <br> (Netherlands)<br>| 149 |
| 1148 | Entegris, Inc.  | 136 |
| 1372 | FormFactor, Inc. <sup>\*</sup> | 97 |
| 595 | Lam Research Corp.  | 139 |
| 105 | Monolithic Power Systems, Inc.  | 118 |
| 441 | NXP Semiconductors NV (Netherlands) | 100 |
| 427 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 141 |
| 581 | Teradyne, Inc.  | 140 |
|  |  | 1266 |
| **SOFTWARE—2.9%** | **SOFTWARE—2.9%** | **SOFTWARE—2.9%** |
| 238 | Synopsys, Inc. <sup>\*</sup> | 111 |
| **SPECIALIZED REITS—2.5%** | **SPECIALIZED REITS—2.5%** | **SPECIALIZED REITS—2.5%** |
| 581 | Digital Realty Trust, Inc.  | 96 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,434) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,434) | 3849 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.3%** <br>(Cost $3,434) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.3%** <br>(Cost $3,434) | 3849 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.7%** | 28 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3877 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor Alpha Layering ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)** 

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—34.5%** | **EXCHANGE-TRADED FUNDS—34.5%** | **EXCHANGE-TRADED FUNDS—34.5%** |
| **Shares** |  | **Value** |
| &nbsp;&nbsp;&nbsp; (Cost $2,283) | &nbsp;&nbsp;&nbsp; (Cost $2,283) | &nbsp;&nbsp;&nbsp; (Cost $2,283) |
| **CAPITAL MARKETS—34.5%** | **CAPITAL MARKETS—34.5%** | **CAPITAL MARKETS—34.5%** |
| 3431 | iShares Core S&P 500 ETF  | $2385 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—34.5%** <br>(Cost $2,283) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—34.5%** <br>(Cost $2,283) | 2385 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—65.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—65.5%** | 4525 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $6910 |

---

&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>|
| CME Australian Dollar Currency Futures | &nbsp;&nbsp; 13 | 03/26 | &nbsp;&nbsp; $906 | &nbsp;&nbsp; $30 |
| CME British Pound Currency Futures | &nbsp;&nbsp; 13 | 03/26 | &nbsp;&nbsp; 1113 | &nbsp;&nbsp; 19 |
| CME Canadian Dollar Currency Futures | &nbsp;&nbsp; 16 | 03/26 | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 16 |
| CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 8 | 03/26 | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 14 |
| CME Japanese Yen Currency Futures | &nbsp;&nbsp; 12 | 03/26 | &nbsp;&nbsp; 974 | &nbsp;&nbsp; 17 |
| COMEX E-Micro Gold Futures | &nbsp;&nbsp; 42 | 04/26 | &nbsp;&nbsp; 1993 | &nbsp;&nbsp; (158)<br>|
| ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 15 | 03/26 | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 43 |
| Micro E-mini NASDAQ-100 Futures | &nbsp;&nbsp; 20 | 03/26 | &nbsp;&nbsp; 1027 | &nbsp;&nbsp; (4)<br>|
| Micro E-mini Russell 2000 Futures | &nbsp;&nbsp; 77 | 03/26 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; (4)<br>|
| &nbsp;&nbsp;&nbsp; Total Long Futures Contracts | &nbsp;&nbsp;&nbsp; Total Long Futures Contracts | &nbsp;&nbsp;&nbsp; Total Long Futures Contracts | &nbsp;&nbsp;&nbsp; Total Long Futures Contracts | &nbsp;&nbsp; $(27)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Month**<br>| **Current** <br>**Notional** <br>**Value** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| CME E-Micro Australian Dollar Currency Futures | &nbsp;&nbsp; 25 | 03/26 | &nbsp;&nbsp; $174 | &nbsp;&nbsp; $(6)<br>|
| CME E-Micro British Pound Currency Futures | &nbsp;&nbsp; 20 | 03/26 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; (3)<br>|
| CME E-Micro Canadian Dollar Currency Futures | &nbsp;&nbsp; 18 | 03/26 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; (2)<br>|
| CME E-Micro Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 20 | 03/26 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; (4)<br>|
| Micro WTI Crude Oil Futures | &nbsp;&nbsp; 243 | 02/26 | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; (105)<br>|
| &nbsp;&nbsp;&nbsp; Total Short Futures Contracts | &nbsp;&nbsp;&nbsp; Total Short Futures Contracts | &nbsp;&nbsp;&nbsp; Total Short Futures Contracts | &nbsp;&nbsp;&nbsp; Total Short Futures Contracts | &nbsp;&nbsp; $(120)<br>|
| &nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp;&nbsp; Total Futures Contracts | &nbsp;&nbsp; $(147)<br>|

---

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments and Futures Contracts schedule) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

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

------

⬤

------

**Harbor AlphaEdge™ Large Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.0%** | **AEROSPACE & DEFENSE—3.0%** | **AEROSPACE & DEFENSE—3.0%** |
| 458 | General Dynamics Corp.  | $161 |
| **AIR FREIGHT & LOGISTICS—0.5%** | **AIR FREIGHT & LOGISTICS—0.5%** | **AIR FREIGHT & LOGISTICS—0.5%** |
| 86 | FedEx Corp.  | 28 |
| **AUTOMOBILE COMPONENTS—2.9%** | **AUTOMOBILE COMPONENTS—2.9%** | **AUTOMOBILE COMPONENTS—2.9%** |
| 1293 | Autoliv, Inc. (Sweden) | 157 |
| **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** |
| 491 | General Motors Co.  | 41 |
| **BANKS—10.8%** | **BANKS—10.8%** | **BANKS—10.8%** |
| 2238 | Bank of America Corp.  | 119 |
| 1429 | Citigroup, Inc.  | 165 |
| 499 | JPMorgan Chase & Co.  | 153 |
| 1668 | Wells Fargo & Co.  | 151 |
|  |  | 588 |
| **BIOTECHNOLOGY—7.7%** | **BIOTECHNOLOGY—7.7%** | **BIOTECHNOLOGY—7.7%** |
| 638 | Exelixis, Inc. <sup>\*</sup> | 26 |
| 1168 | Gilead Sciences, Inc.  | 166 |
| 1613 | Incyte Corp. <sup>\*</sup> | 162 |
| 36 | Regeneron Pharmaceuticals, Inc.  | 27 |
| 88 | United Therapeutics Corp. <sup>\*</sup> | 41 |
|  |  | 422 |
| **CAPITAL MARKETS—9.5%** | **CAPITAL MARKETS—9.5%** | **CAPITAL MARKETS—9.5%** |
| 1369 | Bank of New York Mellon Corp.  | 164 |
| 3085 | Federated Hermes, Inc.  | 165 |
| 174 | Goldman Sachs Group, Inc.  | 163 |
| 322 | SEI Investments Co.  | 28 |
|  |  | 520 |
| **CHEMICALS—0.5%** | **CHEMICALS—0.5%** | **CHEMICALS—0.5%** |
| 292 | CF Industries Holdings, Inc.  | 27 |
| **CONSTRUCTION MATERIALS—0.5%** | **CONSTRUCTION MATERIALS—0.5%** | **CONSTRUCTION MATERIALS—0.5%** |
| 231 | CRH PLC  | 28 |
| **CONSUMER FINANCE—3.5%** | **CONSUMER FINANCE—3.5%** | **CONSUMER FINANCE—3.5%** |
| 76 | American Express Co.  | 27 |
| 2223 | Synchrony Financial  | 161 |
|  |  | 188 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** |
| 440 | Kroger Co.  | 28 |
| 326 | Sysco Corp.  | 27 |
|  |  | 55 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 261 | Crown Holdings, Inc.  | 27 |
| **DIVERSIFIED CONSUMER SERVICES—1.0%** | **DIVERSIFIED CONSUMER SERVICES—1.0%** | **DIVERSIFIED CONSUMER SERVICES—1.0%** |
| 1569 | Laureate Education, Inc. <sup>\*</sup> | 54 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.9%** |
| 3711 | AT&T, Inc.  | 97 |
| 957 | Comcast Corp. Class A | 28 |
| 690 | Verizon Communications, Inc.  | 31 |
|  |  | 156 |
| **ELECTRIC UTILITIES—2.0%** | **ELECTRIC UTILITIES—2.0%** | **ELECTRIC UTILITIES—2.0%** |
| 228 | American Electric Power Co., Inc.  | 27 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
| 226 | Duke Energy Corp.  | $28 |
| 355 | Evergy, Inc.  | 27 |
| 608 | Exelon Corp.  | 27 |
|  |  | 109 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—6.3%** |
| 2463 | Flex Ltd. <sup>\*</sup> | 155 |
| 120 | Jabil, Inc.  | 29 |
| 709 | TE Connectivity PLC (Switzerland) | 158 |
|  |  | 342 |
| **ENTERTAINMENT—2.5%** | **ENTERTAINMENT—2.5%** | **ENTERTAINMENT—2.5%** |
| 1216 | Walt Disney Co.  | 137 |
| **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** |
| 2737 | MGIC Investment Corp.  | 74 |
| **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** |
| 1150 | Smithfield Foods, Inc.  | 28 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** |
| 256 | Abbott Laboratories  | 28 |
| 362 | Hologic, Inc. <sup>\*</sup> | 27 |
| 270 | Medtronic PLC  | 28 |
|  |  | 83 |
| **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** |
| 367 | CVS Health Corp.  | 28 |
| 58 | HCA Healthcare, Inc.  | 28 |
| 149 | Quest Diagnostics, Inc.  | 28 |
| 134 | Universal Health Services, Inc. Class B | 27 |
|  |  | 111 |
| **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** |
| 221 | PulteGroup, Inc.  | 28 |
| **INSURANCE—3.5%** | **INSURANCE—3.5%** | **INSURANCE—3.5%** |
| 138 | Allstate Corp.  | 27 |
| 371 | American International Group, Inc.  | 28 |
| 90 | Chubb Ltd.  | 28 |
| 208 | Hartford Insurance Group, Inc.  | 28 |
| 265 | Loews Corp.  | 28 |
| 128 | Progressive Corp.  | 27 |
| 96 | Travelers Cos., Inc.  | 27 |
|  |  | 193 |
| **IT SERVICES—3.8%** | **IT SERVICES—3.8%** | **IT SERVICES—3.8%** |
| 183 | Accenture PLC Class A (Ireland) | 48 |
| 1959 | Cognizant Technology Solutions Corp. Class A | 161 |
|  |  | 209 |
| **MACHINERY—3.0%** | **MACHINERY—3.0%** | **MACHINERY—3.0%** |
| 1213 | Mueller Industries, Inc.  | 165 |
| **MEDIA—1.3%** | **MEDIA—1.3%** | **MEDIA—1.3%** |
| 967 | Fox Corp. Class A | 70 |
| **METALS & MINING—2.6%** | **METALS & MINING—2.6%** | **METALS & MINING—2.6%** |
| 1237 | Newmont Corp.  | 139 |
| **OIL, GAS & CONSUMABLE FUELS—7.2%** | **OIL, GAS & CONSUMABLE FUELS—7.2%** | **OIL, GAS & CONSUMABLE FUELS—7.2%** |
| 1046 | APA Corp.  | 28 |
| 946 | Chevron Corp.  | 167 |

---

------

⬤

------

**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** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
| 278 | ConocoPhillips  | $29 |
| 1186 | Exxon Mobil Corp.  | 168 |
|  |  | 392 |
| **PHARMACEUTICALS—5.3%** | **PHARMACEUTICALS—5.3%** | **PHARMACEUTICALS—5.3%** |
| 584 | Bristol-Myers Squibb Co.  | 32 |
| 82 | Indivior Ltd. (United Kingdom)<sup>\*</sup> | 3 |
| 697 | Indivior Pharmaceuticals, Inc. <sup>\*</sup> | 24 |
| 717 | Johnson & Johnson  | 163 |
| 334 | Merck & Co., Inc.  | 37 |
| 1052 | Pfizer, Inc.  | 28 |
|  |  | 287 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.0%** |
| 1069 | QUALCOMM, Inc.  | 162 |
| **SOFTWARE—3.9%** | **SOFTWARE—3.9%** | **SOFTWARE—3.9%** |
| 545 | Adobe, Inc. <sup>\*</sup> | 160 |
| 119 | Salesforce, Inc.  | 25 |
| 283 | Zoom Communications, Inc. <sup>\*</sup> | 26 |
|  |  | 211 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—0.6%** | **SPECIALTY RETAIL—0.6%** | **SPECIALTY RETAIL—0.6%** |
| 52 | Ulta Beauty, Inc. <sup>\*</sup> | $34 |
| **TOBACCO—2.9%** | **TOBACCO—2.9%** | **TOBACCO—2.9%** |
| 2585 | Altria Group, Inc.  | 160 |
| **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** |
| 191 | AerCap Holdings NV (Ireland) | 27 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** |
| 447 | Millicom International Cellular SA (Sweden) | 27 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,892) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $4,892) | 5440 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $4,892) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $4,892) | 5440 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 7 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5447 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

**Harbor AlphaEdge™ Next Generation REITs ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** |
| **Shares** |  | **Value** |
| **HEALTH CARE REITS—28.7%** | **HEALTH CARE REITS—28.7%** | **HEALTH CARE REITS—28.7%** |
| 795 | Alexandria Real Estate Equities, Inc.  | $43 |
| 3813 | American Healthcare REIT, Inc.  | 179 |
| 2316 | CareTrust REIT, Inc.  | 86 |
| 14392 | Diversified Healthcare Trust  | 84 |
| 21958 | Healthcare Realty Trust, Inc.  | 369 |
| 10136 | Healthpeak Properties, Inc.  | 175 |
| 8793 | Medical Properties Trust, Inc.  | 44 |
| 4424 | Omega Healthcare Investors, Inc.  | 194 |
| 10407 | Sabra Health Care REIT, Inc.  | 195 |
| 3998 | Sila Realty Trust, Inc.  | 97 |
| 3740 | Universal Health Realty Income Trust  | 149 |
| 5214 | Ventas, Inc.  | 405 |
| 785 | Welltower, Inc.  | 148 |
|  |  | 2168 |
| **HOTEL & RESORT REITS—14.9%** | **HOTEL & RESORT REITS—14.9%** | **HOTEL & RESORT REITS—14.9%** |
| 10778 | Apple Hospitality REIT, Inc.  | 126 |
| 12280 | Braemar Hotels & Resorts, Inc.  | 33 |
| 11988 | Chatham Lodging Trust  | 85 |
| 21546 | DiamondRock Hospitality Co.  | 198 |
| 24836 | Host Hotels & Resorts, Inc.  | 460 |
| 5195 | Park Hotels & Resorts, Inc.  | 57 |
| 7038 | Pebblebrook Hotel Trust  | 80 |
| 24764 | Service Properties Trust  | 49 |
| 2517 | Xenia Hotels & Resorts, Inc.  | 37 |
|  |  | 1125 |
| **RESIDENTIAL REITS—6.3%** | **RESIDENTIAL REITS—6.3%** | **RESIDENTIAL REITS—6.3%** |
| 1456 | Equity LifeStyle Properties, Inc.  | 92 |
| 7956 | Invitation Homes, Inc.  | 213 |
| 1360 | Sun Communities, Inc.  | 173 |
|  |  | 478 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALIZED REITS—50.0%** | **SPECIALIZED REITS—50.0%** | **SPECIALIZED REITS—50.0%** |
| 1728 | American Tower Corp.  | $310 |
| 3061 | Crown Castle, Inc.  | 266 |
| 4878 | CubeSmart  | 183 |
| 798 | Digital Realty Trust, Inc.  | 132 |
| 4872 | EPR Properties  | 264 |
| 90 | Equinix, Inc.  | 74 |
| 417 | Extra Space Storage, Inc.  | 57 |
| 4654 | Farmland Partners, Inc.  | 54 |
| 8143 | Gladstone Land Corp.  | 91 |
| 1331 | Iron Mountain, Inc.  | 123 |
| 4049 | Lamar Advertising Co. Class A | 519 |
| 7396 | Outfront Media, Inc.  | 180 |
| 2488 | PotlatchDeltic Corp.  | 104 |
| 1894 | Public Storage  | 523 |
| 5374 | Rayonier, Inc.  | 122 |
| 1204 | SBA Communications Corp.  | 222 |
| 16375 | VICI Properties, Inc.  | 460 |
| 3430 | Weyerhaeuser Co.  | 88 |
|  |  | 3772 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $7,474) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $7,474) | 7543 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $7,474) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $7,474) | 7543 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 8 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $7551 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

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

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.7%** | **COMMON STOCKS—99.7%** | **COMMON STOCKS—99.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** | **AEROSPACE & DEFENSE—0.5%** |
| 87 | AAR Corp. <sup>\*</sup> | $9 |
| 93 | Moog, Inc. Class A | 29 |
| 43 | Park Aerospace Corp.  | 1 |
| 37 | VSE Corp.  | 8 |
|  |  | 47 |
| **AUTOMOBILE COMPONENTS—1.5%** | **AUTOMOBILE COMPONENTS—1.5%** | **AUTOMOBILE COMPONENTS—1.5%** |
| 985 | Adient PLC <sup>\*</sup> | 21 |
| 2174 | American Axle & Manufacturing Holdings, Inc. <sup>\*</sup> | 17 |
| 156 | Dorman Products, Inc. <sup>\*</sup> | 19 |
| 260 | Fox Factory Holding Corp. <sup>\*</sup> | 5 |
| 1674 | Garrett Motion, Inc. (Switzerland) | 30 |
| 1423 | Goodyear Tire & Rubber Co. <sup>\*</sup> | 13 |
| 1693 | Holley, Inc. <sup>\*</sup> | 7 |
| 300 | Motorcar Parts of America, Inc. <sup>\*</sup> | 4 |
| 335 | Phinia, Inc.  | 24 |
| 201 | Standard Motor Products, Inc.  | 8 |
|  |  | 148 |
| **BANKS—12.7%** | **BANKS—12.7%** | **BANKS—12.7%** |
| 229 | Amalgamated Financial Corp.  | 9 |
| 396 | Ameris Bancorp  | 32 |
| 585 | Atlantic Union Bankshares Corp.  | 23 |
| 366 | Axos Financial, Inc. <sup>\*</sup> | 36 |
| 218 | Bancorp, Inc. <sup>\*</sup> | 13 |
| 47 | Bank First Corp.  | 7 |
| 87 | Bank7 Corp.  | 4 |
| 477 | BankUnited, Inc.  | 23 |
| 134 | BayCom Corp.  | 4 |
| 264 | Beacon Financial Corp.  | 7 |
| 997 | Byline Bancorp, Inc.  | 32 |
| 152 | California BanCorp  | 3 |
| 585 | Camden National Corp.  | 28 |
| 184 | Capital Bancorp, Inc.  | 6 |
| 165 | Carter Bankshares, Inc. <sup>\*</sup> | 4 |
| 676 | Cathay General Bancorp  | 35 |
| 28 | ChoiceOne Financial Services, Inc.  | 1 |
| 213 | City Holding Co.  | 26 |
| 208 | CNB Financial Corp.  | 6 |
| 69 | Coastal Financial Corp. <sup>\*</sup> | 7 |
| 106 | Colony Bankcorp, Inc.  | 2 |
| 111 | Community West Bancshares  | 3 |
| 339 | ConnectOne Bancorp, Inc.  | 9 |
| 264 | Dime Community Bancshares, Inc.  | 9 |
| 161 | Eagle Bancorp, Inc.  | 4 |
| 475 | Eastern Bankshares, Inc.  | 10 |
| 1311 | First BanCorp (Puerto Rico) | 29 |
| 291 | First Bank  | 5 |
| 1046 | First Financial Bancorp  | 30 |
| 799 | First Financial Bankshares, Inc.  | 25 |
| 767 | First Interstate BancSystem, Inc. Class A | 27 |
| 121 | First Western Financial, Inc. <sup>\*</sup> | 3 |
| 1427 | Fulton Financial Corp.  | 29 |
| 160 | FVCBankcorp, Inc.  | 2 |
| 104 | Greene County Bancorp, Inc.  | 2 |
| 527 | Hancock Whitney Corp.  | 36 |
| 301 | HBT Financial, Inc.  | 8 |
| 75 | Home Bancorp, Inc.  | 4 |
| 1399 | Home BancShares, Inc.  | 40 |
| 542 | International Bancshares Corp.  | 38 |
| 117 | John Marshall Bancorp, Inc.  | 2 |
| 103 | Lakeland Financial Corp.  | 6 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 134 | LINKBANCORP, Inc.  | $1 |
| 156 | Live Oak Bancshares, Inc.  | 6 |
| 162 | Metrocity Bankshares, Inc.  | 5 |
| 128 | Metropolitan Bank Holding Corp.  | 12 |
| 321 | Midland States Bancorp, Inc.  | 7 |
| 556 | National Bank Holdings Corp. Class A | 22 |
| 44 | National Bankshares, Inc.  | 2 |
| 614 | NBT Bancorp, Inc.  | 27 |
| 121 | Nicolet Bankshares, Inc.  | 18 |
| 46 | Norwood Financial Corp.  | 1 |
| 86 | Oak Valley Bancorp  | 3 |
| 506 | OceanFirst Financial Corp.  | 9 |
| 1724 | Old National Bancorp  | 42 |
| 79 | Orange County Bancorp, Inc.  | 2 |
| 154 | Park National Corp.  | 25 |
| 173 | PCB Bancorp  | 4 |
| 281 | Peoples Bancorp, Inc.  | 9 |
| 93 | Peoples Financial Services Corp.  | 5 |
| 116 | Preferred Bank  | 10 |
| 93 | QCR Holdings, Inc.  | 8 |
| 131 | RBB Bancorp  | 3 |
| 49 | Red River Bancshares, Inc.  | 4 |
| 253 | ServisFirst Bancshares, Inc.  | 21 |
| 90 | SmartFinancial, Inc.  | 4 |
| 831 | Southside Bancshares, Inc.  | 27 |
| 637 | Stellar Bancorp, Inc.  | 24 |
| 314 | Stock Yards Bancorp, Inc.  | 21 |
| 841 | Towne Bank  | 29 |
| 83 | Triumph Financial, Inc. <sup>\*</sup> | 5 |
| 173 | TrustCo Bank Corp.  | 8 |
| 267 | UMB Financial Corp.  | 34 |
| 911 | United Bankshares, Inc.  | 39 |
| 891 | United Community Banks, Inc.  | 31 |
| 134 | Unity Bancorp, Inc.  | 7 |
| 818 | Univest Financial Corp.  | 27 |
| 2825 | Valley National Bancorp  | 35 |
| 58 | Virginia National Bankshares Corp.  | 2 |
| 552 | Westamerica BanCorp  | 28 |
| 551 | WSFS Financial Corp.  | 36 |
|  |  | 1232 |
| **BEVERAGES—0.3%** | **BEVERAGES—0.3%** | **BEVERAGES—0.3%** |
| 225 | MGP Ingredients, Inc.  | 6 |
| 619 | National Beverage Corp. <sup>\*</sup> | 21 |
|  |  | 27 |
| **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** |
| 216 | ADMA Biologics, Inc. <sup>\*</sup> | 4 |
| 637 | Alkermes PLC <sup>\*</sup> | 22 |
| 611 | Catalyst Pharmaceuticals, Inc. <sup>\*</sup> | 15 |
| 286 | Dynavax Technologies Corp. <sup>\*</sup> | 4 |
|  |  | 45 |
| **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** | **BROADLINE RETAIL—0.3%** |
| 1123 | Kohl's Corp.  | 19 |
| 747 | Savers Value Village, Inc. <sup>\*</sup> | 8 |
|  |  | 27 |
| **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** | **BUILDING PRODUCTS—1.8%** |
| 271 | American Woodmark Corp. <sup>\*</sup> | 16 |
| 116 | Apogee Enterprises, Inc.  | 4 |

---

------

⬤

------

**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** |
| 197 | AZZ, Inc.  | $24 |
| 51 | CSW Industrials, Inc.  | 14 |
| 276 | Gibraltar Industries, Inc. <sup>\*</sup> | 14 |
| 290 | Griffon Corp.  | 24 |
| 166 | Insteel Industries, Inc.  | 6 |
| 82 | Modine Manufacturing Co. <sup>\*</sup> | 15 |
| 343 | UFP Industries, Inc.  | 35 |
| 425 | Zurn Elkay Water Solutions Corp.  | 20 |
|  |  | 172 |
| **CAPITAL MARKETS—2.5%** | **CAPITAL MARKETS—2.5%** | **CAPITAL MARKETS—2.5%** |
| 592 | Artisan Partners Asset Management, Inc. Class A | 26 |
| 263 | Cohen & Steers, Inc.  | 17 |
| 592 | DigitalBridge Group, Inc.  | 9 |
| 118 | Donnelley Financial Solutions, Inc. <sup>\*</sup> | 6 |
| 697 | Marex Group PLC (United Kingdom) | 28 |
| 200 | MarketWise, Inc.  | 3 |
| 179 | Moelis & Co. Class A | 13 |
| 498 | Silvercrest Asset Management Group, Inc. Class A | 7 |
| 782 | StoneX Group, Inc. <sup>\*</sup> | 88 |
| 45 | Value Line, Inc.  | 2 |
| 368 | Victory Capital Holdings, Inc. Class A | 26 |
| 139 | Virtus Investment Partners, Inc.  | 23 |
|  |  | 248 |
| **CHEMICALS—1.5%** | **CHEMICALS—1.5%** | **CHEMICALS—1.5%** |
| 291 | AdvanSix, Inc.  | 5 |
| 106 | Balchem Corp.  | 18 |
| 519 | Cabot Corp.  | 38 |
| 760 | Ecovyst, Inc. <sup>\*</sup> | 8 |
| 306 | HB Fuller Co.  | 18 |
| 85 | Innospec, Inc.  | 7 |
| 216 | Koppers Holdings, Inc.  | 6 |
| 597 | Kronos Worldwide, Inc.  | 3 |
| 888 | LSB Industries, Inc. <sup>\*</sup> | 8 |
| 632 | Orion SA (Germany) | 4 |
| 56 | Quaker Chemical Corp.  | 9 |
| 98 | Sensient Technologies Corp.  | 9 |
| 80 | Stepan Co.  | 5 |
| 1337 | Tronox Holdings PLC  | 8 |
| 384 | Valhi, Inc.  | 5 |
|  |  | 151 |
| **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** |
| 591 | ABM Industries, Inc.  | 27 |
| 2605 | ACCO Brands Corp.  | 10 |
| 471 | BrightView Holdings, Inc. <sup>\*</sup> | 6 |
| 248 | Brink's Co.  | 32 |
| 112 | Cimpress PLC (Ireland)<sup>\*</sup> | 9 |
| 52 | CompX International, Inc.  | 1 |
| 216 | Ennis, Inc.  | 4 |
| 1260 | GEO Group, Inc. <sup>\*</sup> | 20 |
| 57 | Liquidity Services, Inc. <sup>\*</sup> | 2 |
| 373 | MillerKnoll, Inc.  | 8 |
| 329 | NL Industries, Inc.  | 2 |
| 1109 | Quad/Graphics, Inc.  | 7 |
| 75 | UniFirst Corp.  | 16 |
| 1198 | Vestis Corp.  | 8 |
|  |  | 152 |
| **COMMUNICATIONS EQUIPMENT—0.1%** | **COMMUNICATIONS EQUIPMENT—0.1%** | **COMMUNICATIONS EQUIPMENT—0.1%** |
| 91 | Aviat Networks, Inc. <sup>\*</sup> | 2 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** |
| 431 | Viavi Solutions, Inc. <sup>\*</sup> | $10 |
|  |  | 12 |
| **CONSTRUCTION & ENGINEERING—1.4%** | **CONSTRUCTION & ENGINEERING—1.4%** | **CONSTRUCTION & ENGINEERING—1.4%** |
| 257 | Arcosa, Inc.  | 29 |
| 432 | Concrete Pumping Holdings, Inc. <sup>\*</sup> | 3 |
| 58 | Dycom Industries, Inc. <sup>\*</sup> | 21 |
| 337 | Fluor Corp. <sup>\*</sup> | 16 |
| 42 | IES Holdings, Inc. <sup>\*</sup> | 16 |
| 32 | MYR Group, Inc. <sup>\*</sup> | 8 |
| 155 | Primoris Services Corp.  | 23 |
| 57 | Sterling Infrastructure, Inc. <sup>\*</sup> | 20 |
|  |  | 136 |
| **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** |
| 309 | Knife River Corp. <sup>\*</sup> | 21 |
| **CONSUMER FINANCE—3.6%** | **CONSUMER FINANCE—3.6%** | **CONSUMER FINANCE—3.6%** |
| 294 | Atlanticus Holdings Corp. <sup>\*</sup> | 15 |
| 594 | Bread Financial Holdings, Inc.  | 43 |
| 894 | Consumer Portfolio Services, Inc. <sup>\*</sup> | 8 |
| 174 | Enova International, Inc. <sup>\*</sup> | 29 |
| 162 | FirstCash Holdings, Inc.  | 28 |
| 522 | LendingClub Corp. <sup>\*</sup> | 9 |
| 538 | Medallion Financial Corp.  | 5 |
| 15827 | Navient Corp.  | 155 |
| 371 | Nelnet, Inc. Class A | 49 |
| 446 | OppFi, Inc.  | 4 |
| 806 | PRA Group, Inc. <sup>\*</sup> | 10 |
|  |  | 355 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.7%** |
| 179 | Chefs' Warehouse, Inc. <sup>\*</sup> | 11 |
| 605 | Grocery Outlet Holding Corp. <sup>\*</sup> | 6 |
| 181 | Natural Grocers by Vitamin Cottage, Inc.  | 5 |
| 123 | PriceSmart, Inc.  | 18 |
| 311 | Village Super Market, Inc. Class A | 11 |
| 198 | Weis Markets, Inc.  | 14 |
|  |  | 65 |
| **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** |
| 384 | Greif, Inc. Class A | 27 |
| 292 | Myers Industries, Inc.  | 6 |
| 1722 | O-I Glass, Inc. <sup>\*</sup> | 26 |
| 140 | TriMas Corp.  | 5 |
|  |  | 64 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 229 | GigaCloud Technology, Inc. Class A (Hong Kong)<sup>\*</sup> | 9 |
| **DIVERSIFIED CONSUMER SERVICES—1.3%** | **DIVERSIFIED CONSUMER SERVICES—1.3%** | **DIVERSIFIED CONSUMER SERVICES—1.3%** |
| 165 | Carriage Services, Inc.  | 7 |
| 263 | European Wax Center, Inc. Class A<sup>\*</sup> | 1 |
| 281 | Frontdoor, Inc. <sup>\*</sup> | 17 |
| 31 | Graham Holdings Co. Class B | 36 |
| 724 | Laureate Education, Inc. <sup>\*</sup> | 25 |
| 1287 | Mister Car Wash, Inc. <sup>\*</sup> | 7 |
| 162 | OneSpaWorld Holdings Ltd. (Bahamas) | 3 |
| 294 | Perdoceo Education Corp.  | 9 |
| 80 | Strategic Education, Inc.  | 7 |
| 220 | Stride, Inc. <sup>\*</sup> | 19 |
|  |  | 131 |

---

------

⬤

------

**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—1.0%** | **DIVERSIFIED REITS—1.0%** | **DIVERSIFIED REITS—1.0%** |
| 934 | Alexander & Baldwin, Inc.  | $19 |
| 265 | Alpine Income Property Trust, Inc.  | 5 |
| 419 | American Assets Trust, Inc.  | 8 |
| 1279 | Broadstone Net Lease, Inc.  | 24 |
| 277 | CTO Realty Growth, Inc.  | 5 |
| 732 | Essential Properties Realty Trust, Inc.  | 22 |
| 93 | Gladstone Commercial Corp.  | 1 |
| 986 | Global Net Lease, Inc.  | 9 |
|  |  | 93 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.5%** |
| 842 | Cogent Communications Holdings, Inc.  | 20 |
| 75 | IDT Corp. Class B | 4 |
| 1523 | Liberty Latin America Ltd. Class C (Puerto Rico)<sup>\*</sup> | 12 |
| 1137 | Uniti Group, Inc.  | 9 |
|  |  | 45 |
| **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** |
| 89 | MGE Energy, Inc.  | 7 |
| 279 | Otter Tail Corp.  | 25 |
| 524 | Portland General Electric Co.  | 26 |
| 405 | TXNM Energy, Inc.  | 24 |
|  |  | 82 |
| **ELECTRICAL EQUIPMENT—1.3%** | **ELECTRICAL EQUIPMENT—1.3%** | **ELECTRICAL EQUIPMENT—1.3%** |
| 269 | Array Technologies, Inc. <sup>\*</sup> | 3 |
| 466 | Atkore, Inc.  | 32 |
| 103 | EnerSys  | 19 |
| 200 | LSI Industries, Inc.  | 5 |
| 250 | Nextpower, Inc. Class A<sup>\*</sup> | 29 |
| 28 | Powell Industries, Inc.  | 13 |
| 60 | Power Solutions International, Inc. <sup>\*</sup> | 4 |
| 37 | Preformed Line Products Co.  | 9 |
| 739 | Shoals Technologies Group, Inc. Class A<sup>\*</sup> | 7 |
| 198 | Thermon Group Holdings, Inc. <sup>\*</sup> | 9 |
|  |  | 130 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.0%** |
| 66 | Advanced Energy Industries, Inc.  | 17 |
| 83 | Badger Meter, Inc.  | 12 |
| 36 | Climb Global Solutions, Inc.  | 4 |
| 111 | ePlus, Inc.  | 10 |
| 42 | Fabrinet (Thailand)<sup>\*</sup> | 21 |
| 253 | Insight Enterprises, Inc. <sup>\*</sup> | 21 |
| 44 | OSI Systems, Inc. <sup>\*</sup> | 11 |
| 110 | PC Connection, Inc.  | 6 |
| 87 | Plexus Corp. <sup>\*</sup> | 17 |
| 63 | Rogers Corp. <sup>\*</sup> | 6 |
| 187 | Sanmina Corp. <sup>\*</sup> | 27 |
| 198 | ScanSource, Inc. <sup>\*</sup> | 9 |
| 121 | TTM Technologies, Inc. <sup>\*</sup> | 12 |
| 858 | Vishay Intertechnology, Inc.  | 17 |
| 160 | Vishay Precision Group, Inc. <sup>\*</sup> | 8 |
|  |  | 198 |
| **ENERGY EQUIPMENT & SERVICES—2.8%** | **ENERGY EQUIPMENT & SERVICES—2.8%** | **ENERGY EQUIPMENT & SERVICES—2.8%** |
| 772 | Archrock, Inc.  | 23 |
| 811 | Atlas Energy Solutions, Inc.  | 10 |
| 3533 | Borr Drilling Ltd. (Mexico)<sup>\*</sup> | 17 |
| 142 | Bristow Group, Inc. <sup>\*</sup> | 6 |
| 505 | Core Laboratories, Inc.  | 10 |
| 419 | Expro Group Holdings NV <sup>\*</sup> | 7 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** |
| 188 | Flowco Holdings, Inc. Class A | $4 |
| 654 | Helmerich & Payne, Inc.  | 22 |
| 1302 | Liberty Energy, Inc.  | 32 |
| 265 | Nabors Industries Ltd. <sup>\*</sup> | 18 |
| 843 | Noble Corp. PLC  | 30 |
| 784 | Ranger Energy Services, Inc. Class A | 12 |
| 3221 | RPC, Inc.  | 21 |
| 343 | Seadrill Ltd. (Norway)<sup>\*</sup> | 13 |
| 146 | Solaris Energy Infrastructure, Inc.  | 8 |
| 254 | Tidewater, Inc. <sup>\*</sup> | 16 |
| 441 | Valaris Ltd. <sup>\*</sup> | 25 |
|  |  | 274 |
| **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** |
| 734 | Cinemark Holdings, Inc.  | 18 |
| 5066 | Playtika Holding Corp.  | 18 |
|  |  | 36 |
| **FINANCIAL SERVICES—5.3%** | **FINANCIAL SERVICES—5.3%** | **FINANCIAL SERVICES—5.3%** |
| 879 | Acacia Research Corp. <sup>\*</sup> | 3 |
| 203 | &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio Exterior SA <br> (Panama)<br>| 10 |
| 41 | Cass Information Systems, Inc.  | 2 |
| 1182 | Enact Holdings, Inc.  | 47 |
| 639 | Essent Group Ltd.  | 40 |
| 253 | EVERTEC, Inc. (Puerto Rico) | 8 |
| 216 | Federal Agricultural Mortgage Corp. Class C | 37 |
| 754 | HA Sustainable Infrastructure Capital, Inc.  | 26 |
| 233 | Jackson Financial, Inc. Class A | 28 |
| 553 | Merchants Bancorp  | 23 |
| 667 | NMI Holdings, Inc. <sup>\*</sup> | 26 |
| 396 | Onity Group, Inc. <sup>\*</sup> | 18 |
| 4980 | Pagseguro Digital Ltd. Class A (Brazil) | 56 |
| 663 | Paysafe Ltd. <sup>\*</sup> | 5 |
| 635 | PennyMac Financial Services, Inc.  | 63 |
| 1194 | Priority Technology Holdings, Inc. <sup>\*</sup> | 7 |
| 1288 | Radian Group, Inc.  | 42 |
| 53 | Sezzle, Inc. <sup>\*</sup> | 3 |
| 2858 | StoneCo Ltd. Class A (Brazil)<sup>\*</sup> | 46 |
| 334 | SWK Holdings Corp.  | 6 |
| 712 | Velocity Financial, Inc. <sup>\*</sup> | 14 |
| 135 | Walker & Dunlop, Inc.  | 8 |
|  |  | 518 |
| **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** |
| 610 | Cal-Maine Foods, Inc.  | 51 |
| 141 | J&J Snack Foods Corp.  | 13 |
| 69 | John B Sanfilippo & Son, Inc.  | 6 |
| 854 | Mission Produce, Inc. <sup>\*</sup> | 11 |
| 723 | Simply Good Foods Co. <sup>\*</sup> | 14 |
| 552 | SunOpta, Inc. (Canada)<sup>\*</sup> | 3 |
| 142 | Utz Brands, Inc.  | 1 |
| 60 | Vital Farms, Inc. <sup>\*</sup> | 2 |
|  |  | 101 |
| **GAS UTILITIES—1.2%** | **GAS UTILITIES—1.2%** | **GAS UTILITIES—1.2%** |
| 63 | Chesapeake Utilities Corp.  | 8 |
| 491 | New Jersey Resources Corp.  | 24 |
| 213 | Northwest Natural Holding Co.  | 10 |
| 281 | ONE Gas, Inc.  | 23 |
| 304 | Southwest Gas Holdings, Inc.  | 25 |

---

------

⬤

------

**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** |
| **GAS UTILITIES—Continued** | **GAS UTILITIES—Continued** | **GAS UTILITIES—Continued** |
| 365 | Spire, Inc.  | $31 |
|  |  | 121 |
| **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** |
| 186 | ArcBest Corp.  | 17 |
| 255 | Covenant Logistics Group, Inc.  | 6 |
| 365 | Universal Logistics Holdings, Inc.  | 6 |
|  |  | 29 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** |
| 129 | Artivion, Inc. <sup>\*</sup> | 5 |
| 151 | CONMED Corp.  | 6 |
| 1273 | Embecta Corp.  | 13 |
| 124 | Haemonetics Corp. <sup>\*</sup> | 8 |
| 127 | Integer Holdings Corp. <sup>\*</sup> | 11 |
| 64 | iRadimed Corp.  | 6 |
| 225 | Lantheus Holdings, Inc. <sup>\*</sup> | 15 |
| 55 | LeMaitre Vascular, Inc.  | 5 |
| 146 | Merit Medical Systems, Inc. <sup>\*</sup> | 12 |
| 11 | UFP Technologies, Inc. <sup>\*</sup> | 3 |
| 30 | Utah Medical Products, Inc.  | 2 |
| 287 | Varex Imaging Corp. <sup>\*</sup> | 4 |
|  |  | 90 |
| **HEALTH CARE PROVIDERS & SERVICES—2.4%** | **HEALTH CARE PROVIDERS & SERVICES—2.4%** | **HEALTH CARE PROVIDERS & SERVICES—2.4%** |
| 404 | AMN Healthcare Services, Inc. <sup>\*</sup> | 9 |
| 1562 | Ardent Health, Inc. <sup>\*</sup> | 13 |
| 283 | Astrana Health, Inc. <sup>\*</sup> | 6 |
| 17811 | Community Health Systems, Inc. <sup>\*</sup> | 57 |
| 769 | Concentra Group Holdings Parent, Inc.  | 17 |
| 147 | Ensign Group, Inc.  | 25 |
| 83 | HealthEquity, Inc. <sup>\*</sup> | 7 |
| 53 | National HealthCare Corp.  | 8 |
| 724 | Option Care Health, Inc. <sup>\*</sup> | 25 |
| 271 | PACS Group, Inc. <sup>\*</sup> | 9 |
| 191 | Pennant Group, Inc. <sup>\*</sup> | 5 |
| 88 | Progyny, Inc. <sup>\*</sup> | 2 |
| 1609 | Select Medical Holdings Corp.  | 24 |
| 1458 | Surgery Partners, Inc. <sup>\*</sup> | 22 |
| 61 | U.S. Physical Therapy, Inc.  | 5 |
|  |  | 234 |
| **HEALTH CARE REITS—0.3%** | **HEALTH CARE REITS—0.3%** | **HEALTH CARE REITS—0.3%** |
| 78 | Global Medical REIT, Inc.  | 3 |
| 1127 | Sabra Health Care REIT, Inc.  | 21 |
| 234 | Strawberry Fields REIT, Inc.  | 3 |
| 59 | Universal Health Realty Income Trust  | 2 |
|  |  | 29 |
| **HEALTH CARE TECHNOLOGY—0.0%** | **HEALTH CARE TECHNOLOGY—0.0%** | **HEALTH CARE TECHNOLOGY—0.0%** |
| 167 | HealthStream, Inc.  | 4 |
| **HOTEL & RESORT REITS—1.2%** | **HOTEL & RESORT REITS—1.2%** | **HOTEL & RESORT REITS—1.2%** |
| 1743 | Apple Hospitality REIT, Inc.  | 20 |
| 1374 | Pebblebrook Hotel Trust  | 15 |
| 2389 | RLJ Lodging Trust  | 18 |
| 314 | Ryman Hospitality Properties, Inc.  | 30 |
| 7126 | Service Properties Trust  | 14 |
| 814 | Sunstone Hotel Investors, Inc.  | 7 |
| 594 | Xenia Hotels & Resorts, Inc.  | 9 |
|  |  | 113 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—3.3%** | **HOTELS, RESTAURANTS & LEISURE—3.3%** | **HOTELS, RESTAURANTS & LEISURE—3.3%** |
| 1950 | Bloomin' Brands, Inc.  | $12 |
| 2613 | Brightstar Lottery PLC  | 38 |
| 99 | Brinker International, Inc. <sup>\*</sup> | 16 |
| 91 | Cracker Barrel Old Country Store, Inc.  | 3 |
| 759 | Dave & Buster's Entertainment, Inc. <sup>\*</sup> | 14 |
| 378 | Dine Brands Global, Inc.  | 13 |
| 430 | El Pollo Loco Holdings, Inc. <sup>\*</sup> | 4 |
| 139 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 2 |
| 366 | Golden Entertainment, Inc.  | 10 |
| 659 | Hilton Grand Vacations, Inc. <sup>\*</sup> | 30 |
| 365 | Inspired Entertainment, Inc. <sup>\*</sup> | 3 |
| 568 | Jack in the Box, Inc.  | 12 |
| 649 | Life Time Group Holdings, Inc. <sup>\*</sup> | 19 |
| 441 | Marriott Vacations Worldwide Corp.  | 24 |
| 77 | Monarch Casino & Resort, Inc.  | 7 |
| 46 | Nathan's Famous, Inc.  | 5 |
| 191 | Papa John's International, Inc.  | 7 |
| 442 | Portillo's, Inc. Class A<sup>\*</sup> | 2 |
| 236 | Pursuit Attractions & Hospitality, Inc. <sup>\*</sup> | 8 |
| 147 | RCI Hospitality Holdings, Inc.  | 4 |
| 532 | Red Rock Resorts, Inc. Class A | 34 |
| 2675 | Sabre Corp. <sup>\*</sup> | 3 |
| 982 | Super Group SGHC Ltd. (Guernsey) | 9 |
| 1577 | Target Hospitality Corp. <sup>\*</sup> | 11 |
| 651 | United Parks & Resorts, Inc. <sup>\*</sup> | 24 |
| 379 | Xponential Fitness, Inc. Class A<sup>\*</sup> | 3 |
|  |  | 317 |
| **HOUSEHOLD DURABLES—3.9%** | **HOUSEHOLD DURABLES—3.9%** | **HOUSEHOLD DURABLES—3.9%** |
| 406 | Century Communities, Inc.  | 26 |
| 883 | Cricut, Inc. Class A | 4 |
| 1011 | Dream Finders Homes, Inc. Class A<sup>\*</sup> | 19 |
| 478 | Green Brick Partners, Inc. <sup>\*</sup> | 33 |
| 163 | Hovnanian Enterprises, Inc. Class A<sup>\*</sup> | 18 |
| 93 | Installed Building Products, Inc.  | 27 |
| 746 | KB Home  | 43 |
| 236 | La-Z-Boy, Inc.  | 9 |
| 194 | Legacy Housing Corp. <sup>\*</sup> | 4 |
| 300 | M/I Homes, Inc. <sup>\*</sup> | 40 |
| 784 | Meritage Homes Corp.  | 54 |
| 1009 | Taylor Morrison Home Corp. <sup>\*</sup> | 61 |
| 1101 | Tri Pointe Homes, Inc. <sup>\*</sup> | 37 |
|  |  | 375 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 282 | Central Garden & Pet Co. <sup>\*</sup> | 9 |
| 962 | Energizer Holdings, Inc.  | 21 |
| 46 | WD-40 Co.  | 11 |
|  |  | 41 |
| **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** |
| 157 | Innovative Industrial Properties, Inc.  | 8 |
| 200 | One Liberty Properties, Inc.  | 4 |
| 268 | Terreno Realty Corp.  | 16 |
|  |  | 28 |
| **INSURANCE—2.7%** | **INSURANCE—2.7%** | **INSURANCE—2.7%** |
| 654 | CNO Financial Group, Inc.  | 28 |
| 667 | F&G Annuities & Life, Inc.  | 20 |
| 3574 | Genworth Financial, Inc. <sup>\*</sup> | 30 |
| 48 | Greenlight Capital Re Ltd. Class A<sup>\*</sup> | 1 |
| 798 | Hamilton Insurance Group Ltd. Class B (Bermuda)<sup>\*</sup> | 22 |

---

------

⬤

------

**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** |
| 62 | HCI Group, Inc.  | $10 |
| 269 | Heritage Insurance Holdings, Inc. <sup>\*</sup> | 7 |
| 113 | Horace Mann Educators Corp.  | 5 |
| 9 | Investors Title Co.  | 2 |
| 352 | James River Group Holdings, Inc.  | 2 |
| 289 | Mercury General Corp.  | 25 |
| 1212 | Octave Specialty Group, Inc. <sup>\*</sup> | 7 |
| 112 | Palomar Holdings, Inc. <sup>\*</sup> | 14 |
| 256 | ProAssurance Corp. <sup>\*</sup> | 6 |
| 344 | Selective Insurance Group, Inc.  | 29 |
| 1142 | SiriusPoint Ltd. (Sweden)<sup>\*</sup> | 23 |
| 345 | Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | 16 |
| 94 | Stewart Information Services Corp.  | 6 |
| 294 | Tiptree, Inc.  | 5 |
|  |  | 258 |
| **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** |
| 73 | Cargurus, Inc. <sup>\*</sup> | 2 |
| 460 | Cars.com, Inc. <sup>\*</sup> | 5 |
| 4873 | Getty Images Holdings, Inc. <sup>\*</sup> | 7 |
| 169 | Shutterstock, Inc.  | 3 |
| 441 | TripAdvisor, Inc. <sup>\*</sup> | 6 |
| 583 | Yelp, Inc. <sup>\*</sup> | 16 |
| 299 | Ziff Davis, Inc. <sup>\*</sup> | 12 |
| 944 | ZipRecruiter, Inc. Class A<sup>\*</sup> | 2 |
|  |  | 53 |
| **IT SERVICES—0.2%** | **IT SERVICES—0.2%** | **IT SERVICES—0.2%** |
| 339 | ASGN, Inc. <sup>\*</sup> | 18 |
| 579 | Information Services Group, Inc.  | 3 |
|  |  | 21 |
| **LEISURE PRODUCTS—0.8%** | **LEISURE PRODUCTS—0.8%** | **LEISURE PRODUCTS—0.8%** |
| 242 | Acushnet Holdings Corp.  | 24 |
| 344 | Escalade, Inc.  | 5 |
| 198 | Malibu Boats, Inc. Class A<sup>\*</sup> | 6 |
| 441 | Marine Products Corp.  | 4 |
| 340 | MasterCraft Boat Holdings, Inc. <sup>\*</sup> | 7 |
| 471 | Polaris, Inc.  | 30 |
| 605 | Smith & Wesson Brands, Inc.  | 7 |
|  |  | 83 |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| 2099 | Maravai LifeSciences Holdings, Inc. Class A<sup>\*</sup> | 7 |
| **MACHINERY—3.2%** | **MACHINERY—3.2%** | **MACHINERY—3.2%** |
| 168 | Aebi Schmidt Holding AG (Switzerland) | 3 |
| 109 | Alamo Group, Inc.  | 21 |
| 107 | Albany International Corp. Class A | 6 |
| 228 | Blue Bird Corp. <sup>\*</sup> | 12 |
| 99 | Chart Industries, Inc. <sup>\*</sup> | 21 |
| 437 | Columbus McKinnon Corp.  | 9 |
| 179 | Douglas Dynamics, Inc.  | 7 |
| 48 | Enpro, Inc.  | 12 |
| 121 | Gencor Industries, Inc. <sup>\*</sup> | 2 |
| 364 | Greenbrier Cos., Inc.  | 18 |
| 143 | Helios Technologies, Inc.  | 9 |
| 450 | Hillman Solutions Corp. <sup>\*</sup> | 4 |
| 409 | Hyster-Yale, Inc.  | 14 |
| 62 | JBT Marel Corp.  | 10 |
| 44 | Kadant, Inc.  | 14 |
| 48 | Lindsay Corp.  | 6 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| 202 | Luxfer Holdings PLC (United Kingdom) | $3 |
| 84 | Miller Industries, Inc.  | 3 |
| 585 | Mueller Water Products, Inc. Class A | 16 |
| 49 | Omega Flex, Inc.  | 2 |
| 275 | Tennant Co.  | 21 |
| 604 | Terex Corp.  | 34 |
| 821 | Titan International, Inc. <sup>\*</sup> | 8 |
| 780 | Trinity Industries, Inc.  | 22 |
| 832 | Wabash National Corp.  | 8 |
| 95 | Watts Water Technologies, Inc. Class A | 28 |
|  |  | 313 |
| **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** | **MARINE TRANSPORTATION—0.7%** |
| 1864 | Costamare, Inc. (Monaco) | 31 |
| 188 | Matson, Inc.  | 30 |
| 631 | Pangaea Logistics Solutions Ltd.  | 6 |
|  |  | 67 |
| **MEDIA—2.8%** | **MEDIA—2.8%** | **MEDIA—2.8%** |
| 989 | AMC Networks, Inc. Class A<sup>\*</sup> | 8 |
| 124 | Cable One, Inc.  | 10 |
| 6689 | Gray Media, Inc.  | 30 |
| 93 | Ibotta, Inc. Class A<sup>\*</sup> | 2 |
| 2705 | John Wiley & Sons, Inc. Class A | 84 |
| 3829 | National CineMedia, Inc.  | 14 |
| 36632 | Optimum Communications, Inc. Class A<sup>\*</sup> | 56 |
| 144 | Scholastic Corp.  | 5 |
| 920 | Sinclair, Inc.  | 13 |
| 1320 | Stagwell, Inc. <sup>\*</sup> | 8 |
| 2022 | TEGNA, Inc.  | 39 |
| 745 | USA TODAY Co., Inc. <sup>\*</sup> | 4 |
|  |  | 273 |
| **METALS & MINING—1.6%** | **METALS & MINING—1.6%** | **METALS & MINING—1.6%** |
| 114 | Alpha Metallurgical Resources, Inc. <sup>\*</sup> | 24 |
| 180 | Caledonia Mining Corp. PLC (South Africa) | 5 |
| 149 | Century Aluminum Co. <sup>\*</sup> | 7 |
| 458 | Commercial Metals Co.  | 35 |
| 870 | Constellium SE <sup>\*</sup> | 19 |
| 1423 | Ferroglobe PLC  | 7 |
| 30 | Kaiser Aluminum Corp.  | 4 |
| 64 | Materion Corp.  | 9 |
| 208 | Metallus, Inc. <sup>\*</sup> | 4 |
| 87 | Olympic Steel, Inc.  | 4 |
| 370 | Ramaco Resources, Inc. Class A<sup>\*</sup> | 7 |
| 825 | SunCoke Energy, Inc.  | 6 |
| 204 | Warrior Met Coal, Inc.  | 18 |
| 91 | Worthington Steel, Inc.  | 4 |
|  |  | 153 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—1.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—1.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—1.2%** |
| 445 | Apollo Commercial Real Estate Finance, Inc.  | 5 |
| 368 | Blackstone Mortgage Trust, Inc. Class A | 7 |
| 212 | Chicago Atlantic Real Estate Finance, Inc.  | 3 |
| 1253 | Chimera Investment Corp.  | 16 |
| 1087 | Ellington Financial, Inc.  | 14 |
| 1540 | Franklin BSP Realty Trust, Inc.  | 16 |
| 2038 | Ladder Capital Corp.  | 22 |
| 1387 | MFA Financial, Inc.  | 13 |
| 216 | Nexpoint Real Estate Finance, Inc.  | 3 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** |
| 1306 | PennyMac Mortgage Investment Trust  | $15 |
|  |  | 114 |
| **MULTI-UTILITIES—0.8%** | **MULTI-UTILITIES—0.8%** | **MULTI-UTILITIES—0.8%** |
| 582 | Avista Corp.  | 24 |
| 404 | Black Hills Corp.  | 29 |
| 323 | Northwestern Energy Group, Inc.  | 22 |
|  |  | 75 |
| **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** |
| 2115 | Brandywine Realty Trust  | 6 |
| 743 | COPT Defense Properties  | 23 |
| 1351 | Douglas Emmett, Inc.  | 14 |
| 240 | Easterly Government Properties, Inc.  | 6 |
| 1277 | Empire State Realty Trust, Inc. Class A | 8 |
| 1194 | Franklin Street Properties Corp.  | 1 |
| 289 | Hudson Pacific Properties, Inc. <sup>\*</sup> | 3 |
| 316 | Postal Realty Trust, Inc. Class A | 6 |
| 521 | SL Green Realty Corp.  | 23 |
|  |  | 90 |
| **OIL, GAS & CONSUMABLE FUELS—8.2%** | **OIL, GAS & CONSUMABLE FUELS—8.2%** | **OIL, GAS & CONSUMABLE FUELS—8.2%** |
| 510 | Ardmore Shipping Corp. (Ireland) | 7 |
| 672 | California Resources Corp.  | 36 |
| 380 | Calumet, Inc. <sup>\*</sup> | 9 |
| 20 | Centrus Energy Corp. Class A<sup>\*</sup> | 6 |
| 1794 | CNX Resources Corp. <sup>\*</sup> | 70 |
| 752 | Comstock Resources, Inc. <sup>\*</sup> | 18 |
| 263 | Core Natural Resources, Inc.  | 25 |
| 1761 | Crescent Energy Co. Class A | 17 |
| 1078 | CVR Energy, Inc. <sup>\*</sup> | 24 |
| 370 | Evolution Petroleum Corp.  | 1 |
| 411 | Excelerate Energy, Inc. Class A | 15 |
| 211 | Golar LNG Ltd. (Cameroon) | 9 |
| 827 | Granite Ridge Resources, Inc.  | 4 |
| 128 | Gulfport Energy Corp. <sup>\*</sup> | 26 |
| 3458 | HighPeak Energy, Inc.  | 16 |
| 596 | International Seaways, Inc.  | 36 |
| 634 | Kinetik Holdings, Inc.  | 26 |
| 10158 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 16 |
| 1172 | Magnolia Oil & Gas Corp. Class A | 30 |
| 1321 | Murphy Oil Corp.  | 40 |
| 12674 | New Fortress Energy, Inc. <sup>\*</sup> | 17 |
| 1605 | Northern Oil & Gas, Inc.  | 40 |
| 586 | Par Pacific Holdings, Inc. <sup>\*</sup> | 22 |
| 1680 | PBF Energy, Inc. Class A | 56 |
| 1318 | Peabody Energy Corp.  | 46 |
| 16 | PrimeEnergy Resources Corp. <sup>\*</sup> | 3 |
| 214 | REX American Resources Corp. <sup>\*</sup> | 7 |
| 227 | Riley Exploration Permian, Inc.  | 6 |
| 717 | Scorpio Tankers, Inc. (Monaco) | 46 |
| 2480 | SM Energy Co.  | 48 |
| 2559 | Teekay Corp. Ltd. (Bermuda) | 26 |
| 450 | Teekay Tankers Ltd. Class A (Canada) | 29 |
| 1530 | VAALCO Energy, Inc.  | 8 |
| 136 | Vitesse Energy, Inc.  | 3 |
| 2524 | W&T Offshore, Inc.  | 5 |
|  |  | 793 |
| **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** |
| 190 | Clearwater Paper Corp. <sup>\*</sup> | 3 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PAPER & FOREST PRODUCTS—Continued** | **PAPER & FOREST PRODUCTS—Continued** | **PAPER & FOREST PRODUCTS—Continued** |
| 475 | Sylvamo Corp.  | $23 |
|  |  | 26 |
| **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** |
| 244 | SkyWest, Inc. <sup>\*</sup> | 24 |
| 352 | Sun Country Airlines Holdings, Inc. <sup>\*</sup> | 6 |
|  |  | 30 |
| **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** |
| 419 | Edgewell Personal Care Co.  | 8 |
| 1611 | Herbalife Ltd. <sup>\*</sup> | 28 |
| 242 | Nature's Sunshine Products, Inc. <sup>\*</sup> | 6 |
| 610 | Nu Skin Enterprises, Inc. Class A | 7 |
| 5649 | Olaplex Holdings, Inc. <sup>\*</sup> | 9 |
| 385 | USANA Health Sciences, Inc. <sup>\*</sup> | 8 |
|  |  | 66 |
| **PHARMACEUTICALS—0.7%** | **PHARMACEUTICALS—0.7%** | **PHARMACEUTICALS—0.7%** |
| 1304 | Amneal Pharmaceuticals, Inc. <sup>\*</sup> | 18 |
| 263 | Amphastar Pharmaceuticals, Inc. <sup>\*</sup> | 7 |
| 171 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | 8 |
| 405 | Innoviva, Inc. <sup>\*</sup> | 8 |
| 183 | Pacira BioSciences, Inc. <sup>\*</sup> | 4 |
| 198 | Phibro Animal Health Corp. Class A | 8 |
| 221 | Prestige Consumer Healthcare, Inc. <sup>\*</sup> | 14 |
| 608 | SIGA Technologies, Inc.  | 4 |
|  |  | 71 |
| **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** |
| 114 | Barrett Business Services, Inc.  | 4 |
| 347 | CBIZ, Inc. <sup>\*</sup> | 14 |
| 21 | CRA International, Inc.  | 4 |
| 249 | Exponent, Inc.  | 18 |
| 240 | First Advantage Corp. <sup>\*</sup> | 3 |
| 165 | HireQuest, Inc.  | 2 |
| 60 | Huron Consulting Group, Inc. <sup>\*</sup> | 10 |
| 55 | ICF International, Inc.  | 5 |
| 163 | Insperity, Inc.  | 7 |
| 131 | Kforce, Inc.  | 4 |
| 293 | Maximus, Inc.  | 28 |
| 188 | Mistras Group, Inc. <sup>\*</sup> | 3 |
| 144 | RCM Technologies, Inc. <sup>\*</sup> | 3 |
| 426 | TriNet Group, Inc.  | 26 |
| 1180 | TTEC Holdings, Inc. <sup>\*</sup> | 4 |
| 822 | Verra Mobility Corp. <sup>\*</sup> | 16 |
|  |  | 151 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** |
| 1356 | Cushman & Wakefield Ltd. <sup>\*</sup> | 22 |
| 52 | FRP Holdings, Inc. <sup>\*</sup> | 1 |
| 640 | Kennedy-Wilson Holdings, Inc.  | 7 |
| 498 | RE/MAX Holdings, Inc. Class A<sup>\*</sup> | 4 |
| 123 | St. Joe Co.  | 8 |
|  |  | 42 |
| **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** |
| 90 | BRT Apartments Corp.  | 1 |
| 87 | Centerspace  | 6 |
| 441 | Clipper Realty, Inc.  | 1 |
|  |  | 8 |

---

------

⬤

------

**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—1.8%** | **RETAIL REITS—1.8%** | **RETAIL REITS—1.8%** |
| 733 | Acadia Realty Trust  | $15 |
| 392 | Curbline Properties Corp.  | 9 |
| 184 | Getty Realty Corp.  | 5 |
| 703 | InvenTrust Properties Corp.  | 21 |
| 1270 | Kite Realty Group Trust  | 30 |
| 1204 | Macerich Co.  | 23 |
| 339 | NETSTREIT Corp.  | 6 |
| 709 | Phillips Edison & Co., Inc.  | 26 |
| 119 | Saul Centers, Inc.  | 4 |
| 467 | SITE Centers Corp.  | 3 |
| 625 | Tanger, Inc.  | 20 |
| 458 | Urban Edge Properties  | 9 |
| 176 | Whitestone REIT  | 2 |
|  |  | 173 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%** |
| 192 | Axcelis Technologies, Inc. <sup>\*</sup> | 17 |
| 107 | FormFactor, Inc. <sup>\*</sup> | 8 |
| 198 | Kulicke & Soffa Industries, Inc. (Singapore) | 11 |
| 92 | NVE Corp.  | 6 |
| 103 | Rambus, Inc. <sup>\*</sup> | 12 |
| 94 | Ultra Clean Holdings, Inc. <sup>\*</sup> | 4 |
| 193 | Veeco Instruments, Inc. <sup>\*</sup> | 6 |
|  |  | 64 |
| **SOFTWARE—1.3%** | **SOFTWARE—1.3%** | **SOFTWARE—1.3%** |
| 246 | A10 Networks, Inc.  | 4 |
| 742 | Adeia, Inc.  | 13 |
| 29 | Commvault Systems, Inc. <sup>\*</sup> | 3 |
| 344 | Consensus Cloud Solutions, Inc. <sup>\*</sup> | 7 |
| 15 | Daily Journal Corp. <sup>\*</sup> | 9 |
| 337 | eGain Corp. <sup>\*</sup> | 3 |
| 221 | I3 Verticals, Inc. Class A<sup>\*</sup> | 5 |
| 72 | InterDigital, Inc.  | 24 |
| 2220 | MARA Holdings, Inc. <sup>\*</sup> | 21 |
| 453 | Mitek Systems, Inc. <sup>\*</sup> | 5 |
| 132 | Progress Software Corp. <sup>\*</sup> | 5 |
| 140 | Qualys, Inc. <sup>\*</sup> | 19 |
| 57 | Red Violet, Inc.  | 3 |
| 690 | Rimini Street, Inc. <sup>\*</sup> | 2 |
|  |  | 123 |
| **SPECIALIZED REITS—0.2%** | **SPECIALIZED REITS—0.2%** | **SPECIALIZED REITS—0.2%** |
| 226 | Farmland Partners, Inc.  | 3 |
| 854 | Four Corners Property Trust, Inc.  | 21 |
|  |  | 24 |
| **SPECIALTY RETAIL—3.8%** | **SPECIALTY RETAIL—3.8%** | **SPECIALTY RETAIL—3.8%** |
| 211 | Abercrombie & Fitch Co. Class A<sup>\*</sup> | 21 |
| 643 | Academy Sports & Outdoors, Inc.  | 35 |
| 780 | American Eagle Outfitters, Inc.  | 18 |
| 93 | America's Car-Mart, Inc. <sup>\*</sup> | 2 |
| 741 | Arhaus, Inc. <sup>\*</sup> | 7 |
| 1334 | Arko Corp.  | 7 |
| 218 | Asbury Automotive Group, Inc. <sup>\*</sup> | 51 |
| 67 | Boot Barn Holdings, Inc. <sup>\*</sup> | 12 |
| 95 | Build-A-Bear Workshop, Inc.  | 6 |
| 527 | Caleres, Inc.  | 6 |
| 1106 | Camping World Holdings, Inc. Class A | 15 |
| 1234 | Designer Brands, Inc. Class A | 8 |
| 126 | Group 1 Automotive, Inc.  | 45 |
| 208 | Haverty Furniture Cos., Inc.  | 5 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 106 | J Jill, Inc.  | $2 |
| 367 | MarineMax, Inc. <sup>\*</sup> | 10 |
| 256 | Monro, Inc.  | 5 |
| 125 | Revolve Group, Inc. <sup>\*</sup> | 3 |
| 1422 | Sally Beauty Holdings, Inc. <sup>\*</sup> | 22 |
| 141 | Shoe Carnival, Inc.  | 3 |
| 260 | Signet Jewelers Ltd.  | 24 |
| 311 | Sonic Automotive, Inc. Class A | 19 |
| 1148 | Torrid Holdings, Inc. <sup>\*</sup> | 1 |
| 355 | Urban Outfitters, Inc. <sup>\*</sup> | 25 |
| 301 | Victoria's Secret & Co. <sup>\*</sup> | 16 |
|  |  | 368 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.9%** |
| 131 | CPI Card Group, Inc. <sup>\*</sup> | 2 |
| 1039 | Diebold Nixdorf, Inc. <sup>\*</sup> | 72 |
| 952 | Eastman Kodak Co. <sup>\*</sup> | 7 |
| 349 | Immersion Corp.  | 2 |
|  |  | 83 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.4%** | **TEXTILES, APPAREL & LUXURY GOODS—0.4%** | **TEXTILES, APPAREL & LUXURY GOODS—0.4%** |
| 454 | Figs, Inc. Class A<sup>\*</sup> | 5 |
| 291 | Kontoor Brands, Inc.  | 17 |
| 283 | Movado Group, Inc.  | 7 |
| 198 | Oxford Industries, Inc.  | 7 |
| 122 | Rocky Brands, Inc.  | 4 |
|  |  | 40 |
| **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** |
| 111 | BlueLinx Holdings, Inc. <sup>\*</sup> | 8 |
| 331 | Boise Cascade Co.  | 27 |
| 1290 | Custom Truck One Source, Inc. <sup>\*</sup> | 8 |
| 65 | DXP Enterprises, Inc. <sup>\*</sup> | 8 |
| 202 | GATX Corp.  | 37 |
| 168 | Global Industrial Co.  | 5 |
| 207 | Herc Holdings, Inc.  | 30 |
| 655 | Hudson Technologies, Inc. <sup>\*</sup> | 5 |
| 107 | Karat Packaging, Inc.  | 2 |
| 498 | Rush Enterprises, Inc. Class A | 32 |
| 226 | Titan Machinery, Inc. <sup>\*</sup> | 4 |
| 88 | Willis Lease Finance Corp.  | 16 |
|  |  | 182 |
| **WATER UTILITIES—0.3%** | **WATER UTILITIES—0.3%** | **WATER UTILITIES—0.3%** |
| 225 | California Water Service Group  | 10 |
| 106 | Global Water Resources, Inc.  | 1 |
| 183 | H2O America  | 9 |
| 243 | Pure Cycle Corp. <sup>\*</sup> | 3 |
| 114 | York Water Co.  | 4 |
|  |  | 27 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 481 | Gogo, Inc. <sup>\*</sup> | 2 |

---

------

⬤

------

**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** |
| **WIRELESS TELECOMMUNICATION SERVICES—Continued** | **WIRELESS TELECOMMUNICATION SERVICES—Continued** | **WIRELESS TELECOMMUNICATION SERVICES—Continued** |
| 142 | Telephone & Data Systems, Inc.  | $7 |
|  |  | 9 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $9,223) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $9,223) | 9687 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.7%** <br>(Cost $9,223) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.7%** <br>(Cost $9,223) | 9687 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | 32 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $9719 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Commodity All-Weather Strategy ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Principal Amount, Value, and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—91.2%** | **Short-Term Investments—91.2%** | **Short-Term Investments—91.2%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **U.S. TREASURY BILLS—91.2%** | **U.S. TREASURY BILLS—91.2%** | **U.S. TREASURY BILLS—91.2%** |
|  | U.S. Treasury Bills |  |
| $322269 | &nbsp;&nbsp;&nbsp; 3.486%—06/18/2026<sup>†</sup> | $317965 |
| 320577 | &nbsp;&nbsp;&nbsp; 3.489%—07/16/2026<sup>†</sup> | 315429 |
| 101751 | &nbsp;&nbsp;&nbsp; 3.545%—04/09/2026<sup>†</sup> | 101084 |
| 226051 | &nbsp;&nbsp;&nbsp; 3.561%—05/07/2026<sup>†</sup> | 223950 |
| 392420 | &nbsp;&nbsp;&nbsp; 3.673%—03/12/2026-04/09/2026<sup>†</sup> | 390333 |
| 69287 | &nbsp;&nbsp;&nbsp; 3.682%—05/07/2026<sup>†</sup> | 68643 |
| 46771 | &nbsp;&nbsp;&nbsp; 3.689%—03/12/2026<sup>†</sup> | 46592 |
| 215754 | &nbsp;&nbsp;&nbsp; 3.703%—02/12/2026<sup>†</sup> | 215539 |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $1,679,406) | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $1,679,406) | 1679535 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—91.2%** <br>(Cost $1,679,406) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—91.2%** <br>(Cost $1,679,406) | 1679535 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—8.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—8.8%** | 161885 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1841420 |

---

&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>|
| Goldman Sachs International | 0.120% | Pay | Quantix Commodity Index | 02/27/2026 | Monthly | $875290 | $(3)<br>| $— | $(3)<br>|
| Macquarie Bank Limited | 0.120% | Pay | Quantix Commodity Index | 02/27/2026 | Monthly | 965495 | (4)<br>|  | (4)<br>|
| &nbsp;&nbsp;&nbsp; Total Over-the-Counter Excess Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Excess Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Excess Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Excess Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Excess Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Excess Return Swaps | &nbsp;&nbsp;&nbsp; Total Over-the-Counter Excess Return Swaps | $(7)<br>| $— | $(7)<br>|

---

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 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 Portfolios of Investments.

------

†

Coupon represents yield to maturity

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

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Principal Amount, Value, and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—11.1%** | **Asset-Backed Securities—11.1%** | **Asset-Backed Securities—11.1%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $250 | &nbsp;&nbsp;&nbsp; Apidos CLO XXXV <br>Series 2021-35A Cl. A <br>4.979% (3 Month USD Term SOFR + 1.312%) <br> 04/20/2034<sup>1,2</sup><br>| $250 |
| 125 | &nbsp;&nbsp;&nbsp; Avis Budget Rental Car Funding AESOP LLC <br>Series 2024-3A Cl. A <br>5.230%—12/20/2030<sup>1</sup><br>| 129 |
| 250 | &nbsp;&nbsp;&nbsp; CIFC Funding Ltd. <br>Series 2024-3A Cl. A1 <br>5.150% (3 Month USD Term SOFR + 1.480%) <br> 07/21/2037<sup>1,2</sup><br>| 251 |
| 88 | &nbsp;&nbsp;&nbsp; Compass Datacenters Issuer III LLC <br>Series 2025-3A Cl. A2 <br>5.286%—07/25/2050<sup>1</sup><br>| 88 |
| 144 | &nbsp;&nbsp;&nbsp; DB Master Finance LLC <br>Series 2021-1A Cl. A2II <br>2.493%—11/20/2051<sup>1</sup><br>| 137 |
| 149 | &nbsp;&nbsp;&nbsp; Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 142 |
| 203 | &nbsp;&nbsp;&nbsp; Elmwood CLO I Ltd. <br>Series 2019-1A Cl. A1R3 <br>0.000%—04/20/2037<sup>1,2</sup><br>| 203 <br><sup>x</sup><br>|
| 250 | &nbsp;&nbsp;&nbsp; GoldenTree Loan Management U.S. CLO 1 Ltd. <br>Series 2017-1A Cl. A1R3 <br>4.638% (3 Month USD Term SOFR + 0.970%) <br> 04/20/2034<sup>1,2</sup><br>| 250 |
| 177 | &nbsp;&nbsp;&nbsp; Golub Capital Partners CLO 58B-R Ltd. <br>Series 2021-58A Cl. A1R <br>4.948% (3 Month USD Term SOFR + 1.280%) <br> 10/25/2037<sup>1,2</sup><br>| 177 |
| 83 | &nbsp;&nbsp;&nbsp; Jersey Mike's Funding LLC <br>Series 2024-1A Cl. A2 <br>5.636%—02/15/2055<sup>1</sup><br>| 85 |
| 70 | &nbsp;&nbsp;&nbsp; Kinetic ABS Issuer LLC <br>Series 2026-1A Cl. A2 <br>5.219%—02/25/2056<sup>1</sup><br>| 70 |
| 101 | &nbsp;&nbsp;&nbsp; MetroNet Infrastructure Issuer LLC <br>Series 2025-4A Cl. A2 <br>5.163%—12/20/2055<sup>1</sup><br>| 102 |
| 235 | &nbsp;&nbsp;&nbsp; Planet Fitness Master Issuer LLC <br>Series 2019-1A Cl. A2 <br>3.858%—12/05/2049<sup>1</sup><br>| 226 |
| 100 | &nbsp;&nbsp;&nbsp; Progress Residential Trust <br>Series 2024-SFR3 Cl. A <br>3.000%—06/17/2041<sup>1</sup><br>| 95 |
| 122 | &nbsp;&nbsp;&nbsp; QTS Issuer ABS I LLC <br>Series 2025-1A Cl. A2 <br>5.439%—05/25/2055<sup>1</sup><br>| 123 |
| 146 | &nbsp;&nbsp;&nbsp; Sabey Data Center Issuer LLC <br>Series 2025-2 Cl. A2 <br>5.966%—04/20/2050<sup>1</sup><br>| 150 |
|  | SBA Small Business Investment Cos. |  |
| 115 | &nbsp;&nbsp;&nbsp; Series 2023-10A Cl. 1 <br>5.168%—03/10/2033<br>| 118 |
| 118 | &nbsp;&nbsp;&nbsp; Series 2023-10B Cl. 1 <br>5.688%—09/10/2033<br>| 123 |
|  |  | 241 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Subway Funding LLC |  |
| $164 | &nbsp;&nbsp;&nbsp; Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| $166 |
| 73 | &nbsp;&nbsp;&nbsp; Series 2024-1A Cl. A2II <br>6.268%—07/30/2054<sup>1</sup><br>| 75 |
|  |  | 241 |
| 147 | &nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp; Series 2024-SFR2 Cl. A <br>4.750%—06/17/2040<sup>1</sup><br>| 100 |
| 147 | &nbsp;&nbsp;&nbsp; Series 2023-SFR2 Cl. A <br>5.000%—12/17/2040<sup>1</sup><br>| 147 |
|  |  | 247 |
|  | U.S. Small Business Administration |  |
| 110 | &nbsp;&nbsp;&nbsp; Series 2017-20I Cl. 1 <br>2.590%—09/01/2037<br>| 102 |
| 63 | &nbsp;&nbsp;&nbsp; Series 2010-20G Cl. 1 <br>3.800%—07/01/2030<br>| 62 |
| 112 | &nbsp;&nbsp;&nbsp; Series 2024-25E Cl. 1 <br>5.240%—05/01/2049<br>| 114 |
| 122 | &nbsp;&nbsp;&nbsp; Series 2024-25D Cl. 1 <br>5.380%—04/01/2049<br>| 125 |
|  |  | 403 |
|  | Uniti Fiber ABS Issuer LLC |  |
| 84 | &nbsp;&nbsp;&nbsp; Series 2025-2A Cl. A2 <br>5.177%—01/20/2056<sup>1</sup><br>| 84 |
| 25 | &nbsp;&nbsp;&nbsp; Series 2025-1A Cl. A2 <br>5.877%—04/20/2055<sup>1</sup><br>| 26 |
|  |  | 110 |
| 187 | &nbsp;&nbsp;&nbsp; VB-S1 Issuer LLC <br>Series 2022-1A Cl. C2I <br>3.156%—02/15/2052<sup>1</sup><br>| 183 |
| 187 | &nbsp;&nbsp;&nbsp; Wendy's Funding LLC <br>Series 2025-1A Cl. A2I <br>5.422%—12/15/2055<sup>1</sup><br>| 188 |
| &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $4,135) | &nbsp;&nbsp;&nbsp; **Total Asset-Backed Securities** <br>(Cost $4,135) | 4228 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—12.8%** | **Collateralized Mortgage Obligations—12.8%** | **Collateralized Mortgage Obligations—12.8%** |
|  | Bank |  |
| 165 | &nbsp;&nbsp;&nbsp; Series 2020-BN30 Cl. A4 <br>1.925%—12/15/2053<br>| 146 |
| 102 | &nbsp;&nbsp;&nbsp; Series 2021-BN33 Cl. A3 <br>2.021%—05/15/2064<br>| 96 |
|  |  | 242 |
| 137 | &nbsp;&nbsp;&nbsp; Barclays Commercial Mortgage Trust <br>Series 2019-C3 Cl. A3 <br>3.319%—05/15/2052<br>| 133 |
| 99 | &nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust <br>Series 2022-C15 Cl. A5 <br>3.662%—04/15/2055<sup>2</sup><br>| 92 |
|  | Benchmark Mortgage Trust |  |
| 150 | &nbsp;&nbsp;&nbsp; Series 2020-B22 Cl. ASB <br>1.731%—01/15/2054<br>| 142 |
| 107 | &nbsp;&nbsp;&nbsp; Series 2021-B28 Cl. A3 <br>2.073%—08/15/2054<br>| 98 |

---

------

⬤

------

**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** |
| $169 | &nbsp;&nbsp;&nbsp; Series 2021-B28 Cl. A5 <br>2.224%—08/15/2054<br>| $150 |
| 122 | &nbsp;&nbsp;&nbsp; Series 2019-B15 Cl. A5 <br>2.928%—12/15/2072<br>| 115 |
| 157 | &nbsp;&nbsp;&nbsp; Series 2019-B10 Cl. A4 <br>3.717%—03/15/2062<br>| 154 |
| 126 | &nbsp;&nbsp;&nbsp; Series 2025-V14 Cl. A4 <br>5.660%—04/15/2057<br>| 132 |
|  |  | 791 |
| 110 | &nbsp;&nbsp;&nbsp; BFLD Commercial Mortgage Trust <br>Series 2025-5MW Cl. A <br>4.674%—10/10/2042<sup>1,2</sup><br>| 110 |
| 100 | &nbsp;&nbsp;&nbsp; BFLD Trust <br>Series 2025-FPM Cl. A <br>5.178%—10/10/2040<sup>1,2</sup><br>| 102 |
| 150 | &nbsp;&nbsp;&nbsp; BMO Mortgage Trust <br>Series 2024-5C4 Cl. A3 <br>6.526%—05/15/2057<sup>2</sup><br>| 159 |
| 106 | &nbsp;&nbsp;&nbsp; BSTN Commercial Mortgage Trust <br>Series 2025-1C Cl. A <br>5.548%—06/15/2044<sup>1,2</sup><br>| 109 |
|  | BX Commercial Mortgage Trust |  |
| 90 | &nbsp;&nbsp;&nbsp; Series 2024-XL5 Cl. A <br>5.072% (1 Month USD Term SOFR + 1.392%) <br> 03/15/2041<sup>1,2</sup><br>| 90 |
| 93 | &nbsp;&nbsp;&nbsp; Series 2024-XL4 Cl. A <br>5.122% (1 Month USD Term SOFR + 1.442%) <br> 02/15/2039<sup>1,2</sup><br>| 93 |
|  |  | 183 |
| 125 | &nbsp;&nbsp;&nbsp; BX Trust <br>Series 2024-BIO Cl. A <br>5.322% (1 Month USD Term SOFR + 1.642%) <br> 02/15/2041<sup>1,2</sup><br>| 125 |
| 100 | &nbsp;&nbsp;&nbsp; CENT <br>Series 2025-CITY Cl. A <br>4.920%—07/10/2040<sup>1,2</sup><br>| 102 |
| 66 | &nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust <br>Series 2025-9 Cl. A4A <br>5.500%—06/25/2056<sup>1,2</sup><br>| 67 |
|  | Citigroup Mortgage Loan Trust, Inc. |  |
| 93 | &nbsp;&nbsp;&nbsp; Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,2</sup><br>| 94 |
| 83 | &nbsp;&nbsp;&nbsp; Series 2025-3 Cl. A11 <br>5.500%—06/25/2055<sup>1,2</sup><br>| 84 |
|  |  | 178 |
| 49 | &nbsp;&nbsp;&nbsp; EQT Trust <br>Series 2024-EXTR Cl. A <br>5.331%—07/05/2041<sup>1,2</sup><br>| 50 |
| 100 | &nbsp;&nbsp;&nbsp; Fashion Show Mall LLC <br>Series 2024-SHOW Cl. A <br>5.274%—10/10/2041<sup>1,2</sup><br>| 102 |
| 154 | &nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust <br>Series 2023-SHIP Cl. A <br>4.322%—09/10/2038<sup>1,2</sup><br>| 154 |
|  | GS Mortgage-Backed Securities Trust |  |
| 185 | &nbsp;&nbsp;&nbsp; Series 2025-PJ11 Cl. A4 <br>5.500%—05/25/2056<sup>1,2</sup><br>| 187 |
| 51 | &nbsp;&nbsp;&nbsp; Series 2024-PJ5 Cl. A15 <br>6.000%—09/25/2054<sup>1,2</sup><br>| 52 |
|  |  | 239 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $100 | &nbsp;&nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities <br> Trust <br>Series 2024-OMNI Cl. A <br>5.797%—10/05/2039<sup>1,2</sup><br>| $102 |
|  | JP Morgan Mortgage Trust |  |
| 168 | &nbsp;&nbsp;&nbsp; Series 2024-3 Cl. A6 <br>3.000%—05/25/2054<sup>1,2</sup><br>| 159 |
| 103 | &nbsp;&nbsp;&nbsp; Series 2021-6 Cl. A12 <br>5.000%—10/25/2051<sup>1,2</sup><br>| 102 |
| 151 | &nbsp;&nbsp;&nbsp; Series 2025-7MPR Cl. A1D <br>5.324%—02/25/2056<sup>1,3</sup><br>| 151 |
| 91 | &nbsp;&nbsp;&nbsp; Series 2023-4 Cl. 1A4A <br>5.500%—11/25/2053<sup>1,2</sup><br>| 91 |
| 71 | &nbsp;&nbsp;&nbsp; Series 2025-5MPR Cl. A1D <br>5.500%—11/25/2055<sup>1,3</sup><br>| 71 |
| 161 | &nbsp;&nbsp;&nbsp; Series 2025-8 Cl. A4A <br>5.500%—02/25/2056<sup>1,2</sup><br>| 162 |
| 180 | &nbsp;&nbsp;&nbsp; Series 2025-11 Cl. A4 <br>5.500%—05/25/2056<sup>1,2</sup><br>| 181 |
| 61 | &nbsp;&nbsp;&nbsp; Series 2024-5 Cl. A4 <br>6.000%—11/25/2054<sup>1,2</sup><br>| 62 |
| 14 | &nbsp;&nbsp;&nbsp; Series 2024-6 Cl. A6 <br>6.000%—12/25/2054<sup>1,2</sup><br>| 14 |
|  |  | 993 |
| 132 | &nbsp;&nbsp;&nbsp; KIND Commercial Mortgage Trust <br>Series 2024-1 Cl. A <br>5.570% (1 Month USD Term SOFR + 1.890%) <br> 08/15/2041<sup>1,2</sup><br>| 132 |
| 100 | &nbsp;&nbsp;&nbsp; NYC Commercial Mortgage Trust <br>Series 2025-28L Cl. A <br>4.668%—11/05/2038<sup>1,2</sup><br>| 101 |
|  | Sequoia Mortgage Trust |  |
| 110 | &nbsp;&nbsp;&nbsp; Series 2025-5 Cl. A5 <br>5.500%—06/25/2055<sup>1,2</sup><br>| 111 |
| 108 | &nbsp;&nbsp;&nbsp; Series 2025-7 Cl. A11 <br>5.500%—08/25/2055<sup>1,2</sup><br>| 108 |
| 50 | &nbsp;&nbsp;&nbsp; Series 2024-5 Cl. A5 <br>6.000%—06/25/2054<sup>1,2</sup><br>| 50 |
| 66 | &nbsp;&nbsp;&nbsp; Series 2024-6 Cl. A5 <br>6.000%—07/27/2054<sup>1,2</sup><br>| 67 |
| 29 | &nbsp;&nbsp;&nbsp; Series 2024-7 Cl. A11 <br>6.000%—08/25/2054<sup>1,2</sup><br>| 29 |
|  |  | 365 |
| 100 | &nbsp;&nbsp;&nbsp; SWCH Commercial Mortgage Trust <br>Series 2025-DATA Cl. A <br>5.123% (1 Month USD Term SOFR + 1.443%) <br> 02/15/2042<sup>1,2</sup><br>| 99 |
| 69 | &nbsp;&nbsp;&nbsp; Towd Point Mortgage Trust <br>Series 2018-3 Cl. A1 <br>3.750%—05/25/2058<sup>1,2</sup><br>| 68 |
| 104 | &nbsp;&nbsp;&nbsp; WHARF Commercial Mortgage Trust <br>Series 2025-DC Cl. A <br>5.528%—07/15/2040<sup>1,2</sup><br>| 107 |
| &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** <br>(Cost $4,829) | &nbsp;&nbsp;&nbsp; **Total Collateralized Mortgage Obligations** <br>(Cost $4,829) | 4905 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—30.8%** | **Corporate Bonds & Notes—30.8%** | **Corporate Bonds & Notes—30.8%** |
| **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** |
| 112 | &nbsp;&nbsp;&nbsp; Embraer Netherlands Finance BV <br>5.980%—02/11/2035<br>| 119 |

---

------

⬤

------

**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** |
| **AEROSPACE & DEFENSE—Continued** | **AEROSPACE & DEFENSE—Continued** | **AEROSPACE & DEFENSE—Continued** |
| $99 | &nbsp;&nbsp;&nbsp; Hexcel Corp. <br>5.875%—02/26/2035<br>| $104 |
|  |  | 223 |
| **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** |
| 171 | &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. <br>4.150%—05/01/2052<br>| 132 |
| **AUTOMOBILE COMPONENTS—0.2%** | **AUTOMOBILE COMPONENTS—0.2%** | **AUTOMOBILE COMPONENTS—0.2%** |
| 72 | &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. <br>6.375%—10/15/2032<sup>1</sup><br>| 74 |
| **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** |
| 200 | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>6.125%—03/08/2034<br>| 204 |
| 111 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. <br>5.750%—02/08/2031<br>| 117 |
|  |  | 321 |
| **BANKS—1.9%** | **BANKS—1.9%** | **BANKS—1.9%** |
| 200 | &nbsp;&nbsp;&nbsp; Barclays PLC <br>6.490%—09/13/2029<sup>4</sup><br>| 211 |
| 83 | &nbsp;&nbsp;&nbsp; Citigroup, Inc. <br>4.952%—05/07/2031<sup>4</sup><br>| 85 |
| 200 | &nbsp;&nbsp;&nbsp; ING Groep NV <br>6.114%—09/11/2034<sup>4</sup><br>| 216 |
| 200 | &nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC <br>6.068%—06/13/2036<sup>4</sup><br>| 210 |
|  |  | 722 |
| **BEVERAGES—0.6%** | **BEVERAGES—0.6%** | **BEVERAGES—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; Diageo Investment Corp. <br>5.625%—04/15/2035<br>| 211 |
| **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** |
| 112 | &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc. <br>5.875%—03/15/2034<sup>1</sup><br>| 112 |
| **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** | **CAPITAL MARKETS—3.9%** |
| 134 | &nbsp;&nbsp;&nbsp; Blackstone Holdings Finance Co. LLC <br>6.200%—04/22/2033<sup>1</sup><br>| 145 |
| 67 | &nbsp;&nbsp;&nbsp; Blue Owl Capital Corp. <br>2.875%—06/11/2028<br>| 64 |
| 100 | &nbsp;&nbsp;&nbsp; Blue Owl Credit Income Corp. <br>6.600%—09/15/2029<br>| 103 |
|  | Brookfield Finance, Inc. |  |
| 132 | &nbsp;&nbsp;&nbsp; 2.724%—04/15/2031 | 121 |
| 165 | &nbsp;&nbsp;&nbsp; 6.300%—01/15/2055<sup>4</sup> | 164 |
|  |  | 285 |
| 107 | &nbsp;&nbsp;&nbsp; Golub Capital BDC, Inc. <br>7.050%—12/05/2028<br>| 113 |
| 101 | &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund <br>5.800%—09/12/2029<br>| 102 |
| 84 | &nbsp;&nbsp;&nbsp; Hercules Capital, Inc. <br>6.000%—06/16/2030<br>| 85 |
| 152 | &nbsp;&nbsp;&nbsp; KKR Group Finance Co. VI LLC <br>3.750%—07/01/2029<sup>1</sup><br>| 149 |
| 65 | &nbsp;&nbsp;&nbsp; Main Street Capital Corp. <br>6.950%—03/01/2029<br>| 68 |
| 45 | &nbsp;&nbsp;&nbsp; Oaktree Specialty Lending Corp. <br>2.700%—01/15/2027<br>| 44 |

---

---

| | | |
|:---|:---|:---|
| **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** |
|  | Sixth Street Lending Partners |  |
| $50 | &nbsp;&nbsp;&nbsp; 5.750%—01/15/2030 | $51 |
| 86 | &nbsp;&nbsp;&nbsp; 6.500%—03/11/2029 | 89 |
|  |  | 140 |
| 200 | &nbsp;&nbsp;&nbsp; UBS Group AG <br>2.746%—02/11/2033<sup>1,4</sup><br>| 179 |
|  |  | 1477 |
| **CHEMICALS—0.2%** | **CHEMICALS—0.2%** | **CHEMICALS—0.2%** |
| 65 | &nbsp;&nbsp;&nbsp; LYB International Finance III LLC <br>5.125%—01/15/2031<br>| 65 |
| **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** | **COMMERCIAL SERVICES & SUPPLIES—0.7%** |
| 84 | &nbsp;&nbsp;&nbsp; ADT Security Corp. <br>5.875%—10/15/2033<sup>1</sup><br>| 85 |
| 184 | &nbsp;&nbsp;&nbsp; Triton Container International Ltd./TAL International <br> Container Corp. <br>3.250%—03/15/2032<br>| 168 |
|  |  | 253 |
| **COMMUNICATIONS EQUIPMENT—0.3%** | **COMMUNICATIONS EQUIPMENT—0.3%** | **COMMUNICATIONS EQUIPMENT—0.3%** |
| 121 | &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II <br> LLC/Sprint Spectrum Co. III LLC <br>5.152%—09/20/2029<sup>1</sup><br>| 122 |
| **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** |
| 75 | &nbsp;&nbsp;&nbsp; Standard Industries, Inc. <br>4.375%—07/15/2030<sup>1</sup><br>| 72 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 180 | &nbsp;&nbsp;&nbsp; Sonoco Products Co. <br>4.600%—09/01/2029<br>| 182 |
| **DIVERSIFIED FINANCIAL SERVICES—3.2%** | **DIVERSIFIED FINANCIAL SERVICES—3.2%** | **DIVERSIFIED FINANCIAL SERVICES—3.2%** |
| 150 | &nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust <br>5.100%—01/19/2029<br>| 153 |
| 107 | &nbsp;&nbsp;&nbsp; Air Lease Corp. <br>1.875%—08/15/2026<br>| 106 |
| 77 | &nbsp;&nbsp;&nbsp; Aircastle Ltd. <br>5.950%—02/15/2029<sup>1</sup><br>| 80 |
| 250 | &nbsp;&nbsp;&nbsp; Atlas Warehouse Lending Co. LP <br>6.050%—01/15/2028<sup>1</sup><br>| 258 |
| 137 | &nbsp;&nbsp;&nbsp; Capital One Financial Corp. <br>5.884%—07/26/2035<sup>4</sup><br>| 143 |
| 250 | &nbsp;&nbsp;&nbsp; Depository Trust & Clearing Corp. <br>3.375%—06/20/2026<sup>1,4</sup><br>| 248 |
| 147 | &nbsp;&nbsp;&nbsp; GGAM Finance Ltd. <br>5.875%—03/15/2030<sup>1</sup><br>| 150 |
| 88 | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br>5.150%—03/17/2030<sup>1</sup><br>| 89 |
|  |  | 1227 |
| **DIVERSIFIED REITS—0.5%** | **DIVERSIFIED REITS—0.5%** | **DIVERSIFIED REITS—0.5%** |
|  | SBA Tower Trust |  |
| 100 | &nbsp;&nbsp;&nbsp; 1.631%—05/15/2051<sup>1</sup> | 98 |
| 102 | &nbsp;&nbsp;&nbsp; 6.599%—11/15/2052<sup>1</sup> | 104 |
|  |  | 202 |
| **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** |
| 105 | &nbsp;&nbsp;&nbsp; Berkshire Hathaway Energy Co. <br>6.125%—04/01/2036<br>| 114 |

---

------

⬤

------

**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** |
| $158 | &nbsp;&nbsp;&nbsp; CMS Energy Corp. <br>3.750%—12/01/2050<sup>4</sup><br>| $146 |
| 58 | &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. <br>6.875%—02/01/2055<sup>4</sup><br>| 61 |
| 182 | &nbsp;&nbsp;&nbsp; Exelon Corp. <br>4.450%—04/15/2046<br>| 153 |
| 79 | &nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. <br>7.125%—09/15/2053<sup>4</sup><br>| 83 |
| 125 | &nbsp;&nbsp;&nbsp; New England Power Co. <br>5.936%—11/25/2052<sup>1</sup><br>| 126 |
| 83 | &nbsp;&nbsp;&nbsp; NextEra Energy Capital Holdings, Inc. <br>6.375%—08/15/2055<sup>4</sup><br>| 86 |
| 118 | &nbsp;&nbsp;&nbsp; NRG Energy, Inc. <br>6.000%—01/15/2036<sup>1</sup><br>| 119 |
|  |  | 888 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.9%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.9%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.9%** |
| 153 | &nbsp;&nbsp;&nbsp; COPT Defense Properties LP <br>2.000%—01/15/2029<br>| 144 |
|  | EPR Properties |  |
| 141 | &nbsp;&nbsp;&nbsp; 4.500%—06/01/2027 | 142 |
| 110 | &nbsp;&nbsp;&nbsp; 4.750%—11/15/2030 | 109 |
|  |  | 251 |
| 73 | &nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc. <br>4.000%—01/15/2030<br>| 71 |
| 141 | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>5.500%—08/01/2030<br>| 145 |
| 99 | &nbsp;&nbsp;&nbsp; VICI Properties LP <br>5.750%—04/01/2034<br>| 102 |
|  |  | 713 |
| **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** | **FINANCIAL SERVICES—0.8%** |
| 87 | &nbsp;&nbsp;&nbsp; Charles Schwab Corp. <br>5.853%—05/19/2034<sup>4</sup><br>| 93 |
| 70 | &nbsp;&nbsp;&nbsp; Macquarie Airfinance Holdings Ltd. <br>6.400%—03/26/2029<sup>1</sup><br>| 74 |
| 149 | &nbsp;&nbsp;&nbsp; Navient Corp. <br>4.875%—03/15/2028<br>| 146 |
|  |  | 313 |
| **HEALTH CARE PROVIDERS & SERVICES—1.3%** | **HEALTH CARE PROVIDERS & SERVICES—1.3%** | **HEALTH CARE PROVIDERS & SERVICES—1.3%** |
| 110 | &nbsp;&nbsp;&nbsp; Centene Corp. <br>2.450%—07/15/2028<br>| 104 |
| 136 | &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust <br>5.926%—01/10/2034<sup>1</sup><br>| 140 |
| 120 | &nbsp;&nbsp;&nbsp; DaVita, Inc. <br>6.750%—07/15/2033<sup>1</sup><br>| 123 |
| 117 | &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. <br>5.375%—02/15/2030<sup>1</sup><br>| 117 |
|  |  | 484 |
| **INDUSTRIAL CONGLOMERATES—0.5%** | **INDUSTRIAL CONGLOMERATES—0.5%** | **INDUSTRIAL CONGLOMERATES—0.5%** |
| 200 | &nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. <br>5.550%—05/30/2033<sup>1</sup><br>| 207 |
| **INSURANCE—2.2%** | **INSURANCE—2.2%** | **INSURANCE—2.2%** |
| 175 | &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| 179 |
| 53 | &nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp; Fortitude Group Holdings LLC <br>6.250%—04/01/2030<sup>1</sup><br>| $176 |
|  | Global Atlantic Fin Co. |  |
| 170 | &nbsp;&nbsp;&nbsp; 3.125%—06/15/2031<sup>1</sup> | 153 |
| 82 | &nbsp;&nbsp;&nbsp; 7.950%—06/15/2033<sup>1</sup> | 94 |
|  |  | 247 |
| 211 | &nbsp;&nbsp;&nbsp; SBL Holdings, Inc. <br>5.000%—02/18/2031<sup>1</sup><br>| 197 |
|  |  | 854 |
| **INTERNET & CATALOG RETAIL—0.5%** | **INTERNET & CATALOG RETAIL—0.5%** | **INTERNET & CATALOG RETAIL—0.5%** |
| 184 | &nbsp;&nbsp;&nbsp; Beignet Investor LLC <br>6.581%—05/30/2049<sup>1</sup><br>| 192 |
| **IT SERVICES—0.5%** | **IT SERVICES—0.5%** | **IT SERVICES—0.5%** |
| 65 | &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. <br>3.875%—09/01/2028<sup>1</sup><br>| 64 |
| 65 | &nbsp;&nbsp;&nbsp; Genpact Luxembourg SARL/Genpact USA, Inc. <br>6.000%—06/04/2029<br>| 68 |
| 75 | &nbsp;&nbsp;&nbsp; Genpact U.K. Finco PLC/Genpact USA, Inc. <br>4.950%—11/18/2030<br>| 75 |
|  |  | 207 |
| **MACHINERY—0.2%** | **MACHINERY—0.2%** | **MACHINERY—0.2%** |
| 89 | &nbsp;&nbsp;&nbsp; Terex Corp. <br>6.250%—10/15/2032<sup>1</sup><br>| 91 |
| **MEDIA—0.3%** | **MEDIA—0.3%** | **MEDIA—0.3%** |
| 118 | &nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 122 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 91 | &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. <br>5.625%—05/15/2056<sup>4</sup><br>| 92 |
| **OIL, GAS & CONSUMABLE FUELS—1.7%** | **OIL, GAS & CONSUMABLE FUELS—1.7%** | **OIL, GAS & CONSUMABLE FUELS—1.7%** |
|  | Columbia Pipelines Operating Co. LLC |  |
| 23 | &nbsp;&nbsp;&nbsp; 5.962%—02/15/2055<sup>1</sup> | 23 |
| 111 | &nbsp;&nbsp;&nbsp; 6.036%—11/15/2033<sup>1</sup> | 119 |
|  |  | 142 |
|  | ConocoPhillips Co. |  |
| 17 | &nbsp;&nbsp;&nbsp; 5.500%—01/15/2055 | 16 |
| 44 | &nbsp;&nbsp;&nbsp; 5.550%—03/15/2054 | 43 |
|  |  | 59 |
| 68 | &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>5.750%—07/15/2080<sup>4</sup><br>| 69 |
| 88 | &nbsp;&nbsp;&nbsp; Florida Gas Transmission Co. LLC <br>5.750%—07/15/2035<sup>1</sup><br>| 91 |
| 58 | &nbsp;&nbsp;&nbsp; Gulfstream Natural Gas System LLC <br>5.600%—07/23/2035<sup>1</sup><br>| 59 |
| 142 | &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 150 |
| 116 | &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>5</sup><br>| 70 |
|  |  | 640 |
| **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** | **PASSENGER AIRLINES—0.4%** |
| 36 | &nbsp;&nbsp;&nbsp; Delta Air Lines Pass-Through Trust <br>2.000%—12/10/2029<br>| 35 |

---

------

⬤

------

**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** |
| **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** |
| $141 | &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust <br>2.700%—11/01/2033<br>| $131 |
|  |  | 166 |
| **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** | **PERSONAL CARE PRODUCTS—0.3%** |
| 112 | &nbsp;&nbsp;&nbsp; Coty, Inc./HFC Prestige Products, Inc./HFC Prestige <br> International U.S. LLC <br>5.600%—01/15/2031<sup>1</sup><br>| 113 |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| 30 | &nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp; KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 120 |
| 83 | &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. <br>5.250%—03/15/2035<br>| 84 |
|  |  | 204 |
| **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** |
| 71 | &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. <br>4.050%—08/15/2052<br>| 55 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** |
| 133 | &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>4.000%—04/15/2029<sup>1</sup><br>| 132 |
| 61 | &nbsp;&nbsp;&nbsp; KLA Corp. <br>5.650%—11/01/2034<br>| 65 |
|  |  | 197 |
| **SOFTWARE—0.7%** | **SOFTWARE—0.7%** | **SOFTWARE—0.7%** |
| 145 | &nbsp;&nbsp;&nbsp; Oracle Corp. <br>3.600%—04/01/2040<br>| 107 |
| 172 | &nbsp;&nbsp;&nbsp; VMware LLC <br>1.400%—08/15/2026<br>| 170 |
|  |  | 277 |
| **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** |
| 67 | &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. <br>4.000%—08/15/2028<sup>1</sup><br>| 65 |
| 133 | &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. <br>3.875%—06/01/2029<sup>1</sup><br>| 129 |
| 34 | &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC <br>7.375%—08/01/2033<sup>1</sup><br>| 36 |
| 40 | &nbsp;&nbsp;&nbsp; Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 42 |
|  |  | 272 |
| **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** |
| 200 | &nbsp;&nbsp;&nbsp; Ferguson Finance PLC <br>4.650%—04/20/2032<sup>1</sup><br>| 199 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** |
| 58 | &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. <br>7.500%—08/15/2038<br>| 67 |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $11,469) | &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $11,469) | 11778 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—25.2%** | **Mortgage Pass-Through—25.2%** | **Mortgage Pass-Through—25.2%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | Federal Home Loan Mortgage Corp. |  |
| $263 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.000%—12/01/2051 | $214 |
| 811 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.500%—02/01/2035-04/01/2052 | 706 |
| 698 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.000%—12/01/2046-07/01/2051 | 633 |
| 294 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.500%—05/01/2033-05/01/2035 | 290 |
| 355 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.000%—06/01/2048-09/01/2050 | 346 |
| 644 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.500%—01/01/2049-05/01/2053 | 640 |
| 260 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%—04/01/2053-01/01/2055 | 262 |
| 554 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%—09/01/2053-03/01/2054 | 571 |
|  |  | 3662 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| 207 | &nbsp;&nbsp;&nbsp; Series 5035 Cl. IJ <br>2.000%—02/25/2050<br>| 25 |
| 306 | &nbsp;&nbsp;&nbsp; Series 5462 <br>2.000%—05/25/2037<br>| 20 |
| 284 | &nbsp;&nbsp;&nbsp; Series 5347 Cl. AS <br>2.833% (30 day USD Average SOFR + 6.530%) <br> 10/25/2053<sup>2</sup><br>| 21 |
| 298 | &nbsp;&nbsp;&nbsp; Series 5013 Cl. ID <br>3.000%—09/25/2050<br>| 40 |
| 257 | &nbsp;&nbsp;&nbsp; Series 5158 Cl. BI <br>3.000%—05/25/2035<br>| 20 |
| 138 | &nbsp;&nbsp;&nbsp; Series 4733 Cl. EI <br>5.000%—07/15/2041<br>| 19 |
|  |  | 145 |
|  | Federal Home Loan Mortgage Corp. STRIPS |  |
| 403 | &nbsp;&nbsp;&nbsp; Series 414 Cl. C1 <br>1.500%—03/25/2037<br>| 22 |
| 301 | &nbsp;&nbsp;&nbsp; Series 400 Cl. C14 <br>2.000%—07/25/2037<br>| 21 |
| 463 | &nbsp;&nbsp;&nbsp; Series 414 Cl. C2 <br>2.000%—04/25/2037<br>| 32 |
| 258 | &nbsp;&nbsp;&nbsp; Series 414 Cl. C6 <br>4.000%—04/25/2039<br>| 33 |
|  |  | 108 |
|  | Federal National Mortgage Association |  |
| 307 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.000%—04/01/2051 | 251 |
| 1611 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.500%—08/01/2035-04/01/2052 | 1418 |
| 681 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.500%—10/01/2047-04/01/2050 | 638 |
| 794 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.000%—12/01/2047-02/01/2055 | 770 |
| 390 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.500%—07/01/2048-03/01/2050 | 387 |
| 878 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%—07/01/2052-09/01/2052 | 893 |
|  |  | 4357 |
|  | &nbsp;&nbsp;&nbsp; Federal National Mortgage Association Interest <br> STRIPS<br>|  |
| 430 | &nbsp;&nbsp;&nbsp; Series 427 Cl. C55 <br>1.500%—02/25/2037<br>| 24 |
| 455 | &nbsp;&nbsp;&nbsp; Series 429 Cl. C11 <br>1.500%—03/25/2038<br>| 22 |
| 457 | &nbsp;&nbsp;&nbsp; Series 433 Cl. C3 <br>2.000%—08/25/2037<br>| 33 |
| 371 | &nbsp;&nbsp;&nbsp; Series 444 Cl. C2 <br>2.000%—10/25/2037<br>| 21 |
| 198 | &nbsp;&nbsp;&nbsp; Series 435 Cl. C4 <br>3.000%—10/25/2037<br>| 14 |
| 104 | &nbsp;&nbsp;&nbsp; Series 435 Cl. C20 <br>5.000%—05/25/2053<br>| 19 |
|  |  | 133 |

---

------

⬤

------

**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** |
|  | Federal National Mortgage Association REMICS |  |
| $787 | &nbsp;&nbsp;&nbsp; Series 2021-67 Cl. AI <br>0.845%—10/25/2051<sup>2</sup><br>| $46 |
| 414 | &nbsp;&nbsp;&nbsp; Series 2020-81 Cl. AI <br>1.500%—11/25/2035<br>| 22 |
|  |  | 68 |
|  | Government National Mortgage Association |  |
| 145 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.000%—02/20/2052 | 120 |
| 489 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.500%—09/20/2051 | 424 |
| 126 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.500%—08/20/2048 | 125 |
| 194 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.000%—10/20/2053 | 194 |
| 173 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>5.500%—05/20/2053 | 176 |
|  |  | 1039 |
|  | &nbsp;&nbsp;&nbsp; Government National Mortgage Association <br> REMICS<br>|  |
| 437 | &nbsp;&nbsp;&nbsp; Series 2019-35 Cl. SE <br>2.358% (1 Month USD Term SOFR + 6.036%) <br> 01/16/2044<sup>2</sup><br>| 23 |
| 167 | &nbsp;&nbsp;&nbsp; Series 2021-137 Cl. NI <br>3.000%—08/20/2051<br>| 24 |
| 202 | &nbsp;&nbsp;&nbsp; Series 2018-72 Cl. IC <br>4.000%—05/20/2045<br>| 34 |
| 119 | &nbsp;&nbsp;&nbsp; Series 2020-146 Cl. IG <br>5.500%—09/20/2046<br>| 20 |
| 40 | &nbsp;&nbsp;&nbsp; Series 2024-107 <br>6.500%—06/20/2054<br>| 7 |
|  |  | 108 |
| &nbsp;&nbsp;&nbsp; **Total Mortgage Pass-Through** <br>(Cost $9,378) | &nbsp;&nbsp;&nbsp; **Total Mortgage Pass-Through** <br>(Cost $9,378) | 9620 |

---

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

---

| | | |
|:---|:---|:---|
| **Municipal Bonds—0.3%** | **Municipal Bonds—0.3%** | **Municipal Bonds—0.3%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| &nbsp;&nbsp;&nbsp; (Cost $112) | &nbsp;&nbsp;&nbsp; (Cost $112) | &nbsp;&nbsp;&nbsp; (Cost $112) |
| $112 | &nbsp;&nbsp;&nbsp; Texas Natural Gas Securitization Finance Corp. <br>5.102%—04/01/2035<br>| $116 |

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—18.3%** | **U.S. Government Obligations—18.3%** | **U.S. Government Obligations—18.3%** |
|  | U.S. Treasury Bonds |  |
| 1913 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.500%—02/15/2044 | 1844 |
| 4124 | &nbsp;&nbsp;&nbsp; 4.625%—11/15/2044-02/15/2055 | 3983 |
| 104 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.750%—08/15/2055 | 102 |
|  |  | 5929 |
|  | U.S. Treasury Notes |  |
| 182 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.500%—11/30/2030 | 180 |
| 704 | &nbsp;&nbsp;&nbsp; 4.000%—05/31/2030-11/15/2035 | 692 |
| 179 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.250%—05/15/2035 | 179 |
|  |  | 1051 |
| &nbsp;&nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $6,999) | &nbsp;&nbsp;&nbsp; **Total U.S. Government Obligations** <br>(Cost $6,999) | 6980 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.5%** <br>(Cost $36,922) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.5%** <br>(Cost $36,922) | 37627 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.5%** | 555 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $38182 |

---

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

**FAIR VALUE MEASUREMENTS**

As of January 31, 2026, the investment in Elmwood CLO I Ltd. (as disclosed in the preceding Portfolio of Investments) was classified as Level 3 and all other investments were classified as Level 2. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

x

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

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 January 31, 2026, the aggregate value of these securities was $12,038 or 32% of net assets.

Variable or floating rate security; the stated rate represents the rate in effect as of January 31, 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 January 31, 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.

Zero coupon bond

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 Portfolios of Investments.

------

⬤

------

**Harbor Dividend Growth Leaders ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.2%** | **COMMON STOCKS—96.2%** | **COMMON STOCKS—96.2%** |
| **Shares** |  | **Value** |
| **BANKS—15.7%** | **BANKS—15.7%** | **BANKS—15.7%** |
| 151039 | Banco Bilbao Vizcaya Argentaria SA ADR (Spain)<sup>1</sup> | $3839 |
| 107923 | Bank of America Corp.  | 5742 |
| 24992 | Citigroup, Inc.  | 2892 |
| 173948 | KeyCorp  | 3743 |
| 16746 | M&T Bank Corp.  | 3710 |
| 289103 | Mitsubishi UFJ Financial Group, Inc. ADR (Japan)<sup>1</sup> | 5218 |
| 256814 | Sumitomo Mitsui Financial Group, Inc. ADR (Japan)<sup>1</sup> | 5391 |
| 49227 | Wells Fargo & Co.  | 4455 |
|  |  | 34990 |
| **BEVERAGES—2.5%** | **BEVERAGES—2.5%** | **BEVERAGES—2.5%** |
| 75124 | Coca-Cola Co.  | 5620 |
| **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** | **BIOTECHNOLOGY—4.2%** |
| 14134 | AbbVie, Inc.  | 3152 |
| 9571 | Amgen, Inc.  | 3272 |
| 20678 | Gilead Sciences, Inc.  | 2935 |
|  |  | 9359 |
| **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** |
| 7933 | Trane Technologies PLC  | 3336 |
| **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** |
| 3970 | Goldman Sachs Group, Inc.  | 3714 |
| **COMMERCIAL SERVICES & SUPPLIES—3.6%** | **COMMERCIAL SERVICES & SUPPLIES—3.6%** | **COMMERCIAL SERVICES & SUPPLIES—3.6%** |
| 23826 | Cintas Corp.  | 4560 |
| 56275 | Rollins, Inc.  | 3564 |
|  |  | 8124 |
| **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** |
| 16715 | FirstCash Holdings, Inc.  | 2850 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** |
| 40159 | Walmart, Inc.  | 4785 |
| **ELECTRIC UTILITIES—2.5%** | **ELECTRIC UTILITIES—2.5%** | **ELECTRIC UTILITIES—2.5%** |
| 63042 | NextEra Energy, Inc.  | 5541 |
| **ELECTRICAL EQUIPMENT—3.1%** | **ELECTRICAL EQUIPMENT—3.1%** | **ELECTRICAL EQUIPMENT—3.1%** |
| 20710 | Regal Rexnord Corp.  | 3345 |
| 8405 | Rockwell Automation, Inc.  | 3544 |
|  |  | 6889 |
| **ENERGY EQUIPMENT & SERVICES—2.7%** | **ENERGY EQUIPMENT & SERVICES—2.7%** | **ENERGY EQUIPMENT & SERVICES—2.7%** |
| 78145 | Halliburton Co.  | 2620 |
| 69083 | SLB Ltd.  | 3342 |
|  |  | 5962 |
| **FOOD PRODUCTS—1.4%** | **FOOD PRODUCTS—1.4%** | **FOOD PRODUCTS—1.4%** |
| 16370 | Hershey Co.  | 3188 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** |
| 33869 | Medtronic PLC  | 3487 |
| **HEALTH CARE PROVIDERS & SERVICES—3.9%** | **HEALTH CARE PROVIDERS & SERVICES—3.9%** | **HEALTH CARE PROVIDERS & SERVICES—3.9%** |
| 10106 | Cardinal Health, Inc.  | 2172 |
| 9444 | Cencora, Inc.  | 3392 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 3874 | McKesson Corp.  | $3220 |
|  |  | 8784 |
| **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** |
| 9380 | Expedia Group, Inc.  | 2484 |
| 10138 | McDonald's Corp.  | 3194 |
|  |  | 5678 |
| **MACHINERY—9.1%** | **MACHINERY—9.1%** | **MACHINERY—9.1%** |
| 8660 | Cummins, Inc.  | 5013 |
| 11113 | ITT, Inc.  | 2026 |
| 70753 | Mueller Industries, Inc.  | 9632 |
| 4002 | Parker-Hannifin Corp.  | 3745 |
|  |  | 20416 |
| **METALS & MINING—1.6%** | **METALS & MINING—1.6%** | **METALS & MINING—1.6%** |
| 18531 | Southern Copper Corp. (Peru) | 3527 |
| **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** |
| 34245 | Dominion Energy, Inc.  | 2061 |
| **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** |
| 104488 | Williams Cos., Inc.  | 7028 |
| **PHARMACEUTICALS—8.0%** | **PHARMACEUTICALS—8.0%** | **PHARMACEUTICALS—8.0%** |
| 7526 | Eli Lilly & Co.  | 7806 |
| 18824 | Johnson & Johnson  | 4278 |
| 28077 | Merck & Co., Inc.  | 3096 |
| 103609 | Pfizer, Inc.  | 2739 |
|  |  | 17919 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—9.2%** |
| 40917 | Broadcom, Inc.  | 13556 |
| 36259 | NVIDIA Corp.  | 6930 |
|  |  | 20486 |
| **SOFTWARE—3.3%** | **SOFTWARE—3.3%** | **SOFTWARE—3.3%** |
| 17250 | Microsoft Corp.  | 7422 |
| **SPECIALTY RETAIL—3.2%** | **SPECIALTY RETAIL—3.2%** | **SPECIALTY RETAIL—3.2%** |
| 8093 | Home Depot, Inc.  | 3031 |
| 27287 | TJX Cos., Inc.  | 4088 |
|  |  | 7119 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.7%** |
| 40790 | Apple, Inc.  | 10584 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.7%** | **TEXTILES, APPAREL & LUXURY GOODS—2.7%** | **TEXTILES, APPAREL & LUXURY GOODS—2.7%** |
| 46741 | Tapestry, Inc.  | 5932 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $159,058) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $159,058) | 214801 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—96.2%** <br>(Cost $159,058) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—96.2%** <br>(Cost $159,058) | 214801 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.8%** | 8432 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $223233 |

---

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

------

⬤

------

**Harbor Dividend Growth Leaders ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

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

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

------

⬤

------

**Harbor Emerging Markets Equity ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** |
| **Shares** |  | **Value** |
| **AUTOMOBILES—1.5%** | **AUTOMOBILES—1.5%** | **AUTOMOBILES—1.5%** |
| 8700 | BYD Co. Ltd. Class H (China) | $109 |
| **BANKS—19.9%** | **BANKS—19.9%** | **BANKS—19.9%** |
| 29233 | Banco Bradesco SA ADR (Brazil)<sup>1</sup> | 118 |
| 481500 | Bank Rakyat Indonesia Persero Tbk. PT (Indonesia) | 109 |
| 3830 | Grupo Cibest SA ADR (Colombia)<sup>1</sup> | 313 |
| 13000 | &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 147 |
| 3462 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 112 |
| 4530 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 133 |
| 69000 | &nbsp;&nbsp;&nbsp; Industrial & Commercial Bank of China Ltd. Class H <br> (China)<br>| 57 |
| 14336 | Itau Unibanco Holding SA ADR (Brazil)<sup>1</sup> | 123 |
| 16500 | Kasikornbank PCL (Thailand) | 99 |
| 3649 | Komercni Banka AS (Czech Republic) | 221 |
|  |  | 1432 |
| **BEVERAGES—2.0%** | **BEVERAGES—2.0%** | **BEVERAGES—2.0%** |
| 50300 | Ambev SA (Brazil) | 142 |
| **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** |
| 27348 | Ninety One Ltd. (South Africa) | 93 |
| 8802 | XP, Inc. Class A (Brazil) | 172 |
|  |  | 265 |
| **CHEMICALS—2.6%** | **CHEMICALS—2.6%** | **CHEMICALS—2.6%** |
| 29000 | PTT Global Chemical PCL (Thailand) | 23 |
| 2162 | &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA ADR <br> (Chile)<sup>\*,1</sup><br>| 166 |
|  |  | 189 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.5%** |
| 26000 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 182 |
| **FINANCIAL SERVICES—2.3%** | **FINANCIAL SERVICES—2.3%** | **FINANCIAL SERVICES—2.3%** |
| 28943 | FirstRand Ltd. (South Africa) | 166 |
| **FOOD PRODUCTS—2.2%** | **FOOD PRODUCTS—2.2%** | **FOOD PRODUCTS—2.2%** |
| 186000 | Indofood Sukses Makmur Tbk. PT (Indonesia) | 76 |
| 37000 | Uni-President Enterprises Corp. (Taiwan) | 84 |
|  |  | 160 |
| **HEALTH CARE PROVIDERS & SERVICES—1.4%** | **HEALTH CARE PROVIDERS & SERVICES—1.4%** | **HEALTH CARE PROVIDERS & SERVICES—1.4%** |
| 36800 | Sinopharm Group Co. Ltd. Class H (China) | 98 |
| **HOTELS, RESTAURANTS & LEISURE—3.7%** | **HOTELS, RESTAURANTS & LEISURE—3.7%** | **HOTELS, RESTAURANTS & LEISURE—3.7%** |
| 98000 | TravelSky Technology Ltd. Class H (China) | 133 |
| 2650 | Yum China Holdings, Inc. (China) | 131 |
|  |  | 264 |
| **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** |
| 499 | CJ Corp. (South Korea) | 75 |
| **INTERACTIVE MEDIA & SERVICES—6.7%** | **INTERACTIVE MEDIA & SERVICES—6.7%** | **INTERACTIVE MEDIA & SERVICES—6.7%** |
| 1003 | Baidu, Inc. ADR (China)<sup>\*,1</sup> | 153 |

---

---

| | | |
|:---|:---|:---|
| **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) | $326 |
|  |  | 479 |
| **MACHINERY—2.1%** | **MACHINERY—2.1%** | **MACHINERY—2.1%** |
| 45000 | Weichai Power Co. Ltd. Class H (China) | 153 |
| **METALS & MINING—4.2%** | **METALS & MINING—4.2%** | **METALS & MINING—4.2%** |
| 50000 | Jiangxi Copper Co. Ltd. Class H (China) | 304 |
| **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** |
| 88565 | Ecopetrol SA (Colombia) | 55 |
| 4523 | Petroleo Brasileiro SA - Petrobras ADR (Brazil)<sup>1</sup> | 69 |
| 23300 | PTT Exploration & Production PCL (Thailand) | 91 |
|  |  | 215 |
| **PERSONAL CARE PRODUCTS—2.8%** | **PERSONAL CARE PRODUCTS—2.8%** | **PERSONAL CARE PRODUCTS—2.8%** |
| 1415 | Cosmax, Inc. (South Korea)<sup>\*</sup> | 199 |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| 27000 | &nbsp;&nbsp;&nbsp; Shanghai Fosun Pharmaceutical Group Co. Ltd. <br> Class H (China)<br>| 71 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.4%** |
| 23600 | Poly Property Services Co. Ltd. Class H (China) | 103 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.2%** |
| 38000 | ASE Technology Holding Co. Ltd. (Taiwan) | 359 |
| 6000 | MediaTek, Inc. (Taiwan) | 336 |
| 16000 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 902 |
|  |  | 1597 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.9%** |
| 30000 | Micro-Star International Co. Ltd. (Taiwan) | 86 |
| 3670 | Samsung Electronics Co. Ltd. (South Korea) | 409 |
|  |  | 495 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** | **TEXTILES, APPAREL & LUXURY GOODS—2.2%** |
| 14000 | Feng TAY Enterprise Co. Ltd. (Taiwan) | 43 |
| 14300 | Shenzhou International Group Holdings Ltd. (China) | 114 |
|  |  | 157 |
| **TRADING COMPANIES & DISTRIBUTORS—2.1%** | **TRADING COMPANIES & DISTRIBUTORS—2.1%** | **TRADING COMPANIES & DISTRIBUTORS—2.1%** |
| 14500 | BOC Aviation Ltd. (China)<sup>2</sup> | 151 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $5,293) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $5,293) | 7006 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.5%** <br>(Cost $5,293) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.5%** <br>(Cost $5,293) | 7006 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.5%** | 182 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $7188 |

---

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

------

⬤

------

**Harbor Emerging Markets Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of January 31, 2026, the aggregate value of these securities was $151 or 2% of net assets.

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

------

⬤

------

**Harbor Emerging Markets Select ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—90.5%** | **COMMON STOCKS—90.5%** | **COMMON STOCKS—90.5%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.6%** | **AEROSPACE & DEFENSE—3.6%** | **AEROSPACE & DEFENSE—3.6%** |
| 14164 | Aselsan Elektronik Sanayi Ve Ticaret AS (Turkey) | $99 |
| 2318 | Embraer SA ADR (Brazil)<sup>1</sup> | 170 |
| 2918 | Theon International PLC (Cyprus) | 108 |
|  |  | 377 |
| **AUTOMOBILE COMPONENTS—1.5%** | **AUTOMOBILE COMPONENTS—1.5%** | **AUTOMOBILE COMPONENTS—1.5%** |
| 3690 | Hesai Group ADR (China)<sup>\*,1</sup> | 88 |
| 1808 | Schaeffler India Ltd. (India) | 71 |
|  |  | 159 |
| **BANKS—9.5%** | **BANKS—9.5%** | **BANKS—9.5%** |
| 489 | Credicorp Ltd. (Peru) | 175 |
| 8953 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 290 |
| 8313 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 243 |
| 5843 | National Bank of Greece SA (Greece) | 103 |
| 9701 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 172 |
|  |  | 983 |
| **BEVERAGES—0.7%** | **BEVERAGES—0.7%** | **BEVERAGES—0.7%** |
| 2100 | Eastroc Beverage Group Co. Ltd. Class A (China) | 76 |
| **BROADLINE RETAIL—7.3%** | **BROADLINE RETAIL—7.3%** | **BROADLINE RETAIL—7.3%** |
| 24100 | Alibaba Group Holding Ltd. (China) | 522 |
| 109 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 234 |
|  |  | 756 |
| **CAPITAL MARKETS—3.4%** | **CAPITAL MARKETS—3.4%** | **CAPITAL MARKETS—3.4%** |
| 13100 | Banco BTG Pactual SA (Brazil) | 149 |
| 3600 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 199 |
|  |  | 348 |
| **ELECTRICAL EQUIPMENT—5.5%** | **ELECTRICAL EQUIPMENT—5.5%** | **ELECTRICAL EQUIPMENT—5.5%** |
| 5200 | &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. Class A <br> (China)<br>| 262 |
| 41529 | Electrical Industries Co. (Saudi Arabia) | 152 |
| 15900 | WEG SA (Brazil) | 156 |
|  |  | 570 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.2%** |
| 4000 | Chroma ATE, Inc. (Taiwan) | 125 |
| **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** | **FINANCIAL SERVICES—1.0%** |
| 47672 | Housing & Urban Development Corp. Ltd. (India) | 99 |
| **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** | **GROUND TRANSPORTATION—0.7%** |
| 7400 | Full Truck Alliance Co. Ltd. ADR (China)<sup>1</sup> | 73 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.7%** |
| 2129 | APT Medical, Inc. Class A (China) | 71 |
| **HOTELS, RESTAURANTS & LEISURE—2.4%** | **HOTELS, RESTAURANTS & LEISURE—2.4%** | **HOTELS, RESTAURANTS & LEISURE—2.4%** |
| 1514 | MakeMyTrip Ltd. (India)<sup>\*</sup> | 95 |
| 2500 | Trip.com Group Ltd. (China) | 154 |
|  |  | 249 |
| **HOUSEHOLD DURABLES—3.0%** | **HOUSEHOLD DURABLES—3.0%** | **HOUSEHOLD DURABLES—3.0%** |
| 2310 | Amber Enterprises India Ltd. (India)<sup>\*</sup> | 144 |
| 25300 | Cury Construtora e Incorporadora SA (Brazil) | 166 |
|  |  | 310 |
| **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** |
| 961 | Apar Industries Ltd. (India) | 84 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—1.2%** | **INSURANCE—1.2%** | **INSURANCE—1.2%** |
| 13800 | Qualitas Controladora SAB de CV (Mexico) | $128 |
| **INTERACTIVE MEDIA & SERVICES—6.1%** | **INTERACTIVE MEDIA & SERVICES—6.1%** | **INTERACTIVE MEDIA & SERVICES—6.1%** |
| 8100 | Tencent Holdings Ltd. (China) | 628 |
| **IT SERVICES—1.1%** | **IT SERVICES—1.1%** | **IT SERVICES—1.1%** |
| 569 | Elm Co. (Saudi Arabia) | 118 |
| **MACHINERY—4.2%** | **MACHINERY—4.2%** | **MACHINERY—4.2%** |
| 3076 | AIA Engineering Ltd. (India) | 134 |
| 6000 | Airtac International Group (China) | 217 |
| 633 | HD Hyundai Marine Solution Co. Ltd. (South Korea) | 81 |
|  |  | 432 |
| **PERSONAL CARE PRODUCTS—2.3%** | **PERSONAL CARE PRODUCTS—2.3%** | **PERSONAL CARE PRODUCTS—2.3%** |
| 819 | Cosmax, Inc. (South Korea)<sup>\*</sup> | 115 |
| 10800 | Mao Geping Cosmetics Co. Ltd. Class H (China) | 120 |
|  |  | 235 |
| **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** |
| 10160 | Computer Age Management Services Ltd. (India) | 77 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.5%** |
| 8852 | Phoenix Mills Ltd. (India) | 160 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—25.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—25.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—25.9%** |
| 2000 | Jentech Precision Industrial Co. Ltd. (Taiwan) | 180 |
| 3258 | LEENO Industrial, Inc. (South Korea)<sup>\*</sup> | 240 |
| 3000 | MediaTek, Inc. (Taiwan) | 168 |
| 1400 | NAURA Technology Group Co. Ltd. Class A (China) | 96 |
| 1030 | SK Hynix, Inc. (South Korea) | 650 |
| 24000 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 1354 |
|  |  | 2688 |
| **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** |
| 3125800 | Map Aktif Adiperkasa PT (Indonesia) | 130 |
| **TEXTILES, APPAREL & LUXURY GOODS—3.2%** | **TEXTILES, APPAREL & LUXURY GOODS—3.2%** | **TEXTILES, APPAREL & LUXURY GOODS—3.2%** |
| 270000 | Bosideng International Holdings Ltd. (China) | 165 |
| 3719 | Titan Co. Ltd. (India) | 161 |
|  |  | 326 |
| **TRANSPORTATION INFRASTRUCTURE—1.7%** | **TRANSPORTATION INFRASTRUCTURE—1.7%** | **TRANSPORTATION INFRASTRUCTURE—1.7%** |
| 16190 | &nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. <br> (Philippines)<br>| 176 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $7,870) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $7,870) | 9378 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—7.1%** | **PREFERRED STOCKS—7.1%** | **PREFERRED STOCKS—7.1%** |
| &nbsp;&nbsp;&nbsp; (Cost $401) | &nbsp;&nbsp;&nbsp; (Cost $401) | &nbsp;&nbsp;&nbsp; (Cost $401) |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.1%** |
| 9097 | Samsung Electronics Co. Ltd. (South Korea) | 742 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.6%** <br>(Cost $8,271) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.6%** <br>(Cost $8,271) | 10120 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.4%** | 246 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $10366 |

---

------

⬤

------

**Harbor Emerging Markets Select ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor Health Care ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—51.1%** | **BIOTECHNOLOGY—51.1%** | **BIOTECHNOLOGY—51.1%** |
| 8680 | AbbVie, Inc.  | $1936 |
| 6184 | Abivax SA ADR (France)<sup>\*,1</sup> | 687 |
| 37545 | ADMA Biologics, Inc. <sup>\*</sup> | 650 |
| 636 | Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | 215 |
| 17012 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 3846 |
| 15017 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 96 |
| 4278 | Gilead Sciences, Inc.  | 607 |
| 5136 | Immunovant, Inc. <sup>\*</sup> | 134 |
| 3479 | Insmed, Inc. <sup>\*</sup> | 546 |
| 1979 | Ionis Pharmaceuticals, Inc. <sup>\*</sup> | 164 |
| 48387 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 847 |
| 3067 | Natera, Inc. <sup>\*</sup> | 709 |
| 6153 | Newamsterdam Pharma Co. NV (Netherlands)<sup>\*</sup> | 191 |
| 7281 | Revolution Medicines, Inc. <sup>\*</sup> | 706 |
| 6423 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 658 |
| 20545 | Vaxcyte, Inc. <sup>\*</sup> | 1101 |
| 1045 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 491 |
|  |  | 13584 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—12.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—12.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—12.4%** |
| 5629 | Boston Scientific Corp. <sup>\*</sup> | 527 |
| 3573 | Dexcom, Inc. <sup>\*</sup> | 261 |
| 601 | IDEXX Laboratories, Inc. <sup>\*</sup> | 403 |
| 1327 | Insulet Corp. <sup>\*</sup> | 339 |
| 1527 | Intuitive Surgical, Inc. <sup>\*</sup> | 770 |
| 872 | IRhythm Holdings, Inc. <sup>\*</sup> | 135 |
| 6254 | Masimo Corp. <sup>\*</sup> | 859 |
|  |  | 3294 |
| **HEALTH CARE PROVIDERS & SERVICES—11.2%** | **HEALTH CARE PROVIDERS & SERVICES—11.2%** | **HEALTH CARE PROVIDERS & SERVICES—11.2%** |
| 1779 | Cencora, Inc.  | 639 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 5928 | GeneDx Holdings Corp. <sup>\*</sup> | $570 |
| 1357 | Guardant Health, Inc. <sup>\*</sup> | 155 |
| 2344 | HealthEquity, Inc. <sup>\*</sup> | 201 |
| 3429 | RadNet, Inc. <sup>\*</sup> | 240 |
| 4066 | UnitedHealth Group, Inc.  | 1167 |
|  |  | 2972 |
| **LIFE SCIENCES TOOLS & SERVICES—5.6%** | **LIFE SCIENCES TOOLS & SERVICES—5.6%** | **LIFE SCIENCES TOOLS & SERVICES—5.6%** |
| 7841 | Adaptive Biotechnologies Corp. <sup>\*</sup> | 145 |
| 618 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 181 |
| 6162 | Bio-Techne Corp.  | 395 |
| 2968 | Danaher Corp.  | 650 |
| 717 | ICON PLC <sup>\*</sup> | 129 |
|  |  | 1500 |
| **PHARMACEUTICALS—19.6%** | **PHARMACEUTICALS—19.6%** | **PHARMACEUTICALS—19.6%** |
| 4639 | Eli Lilly & Co.  | 4811 |
| 3770 | Merck & Co., Inc.  | 416 |
|  |  | 5227 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $22,529) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $22,529) | 26577 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $22,529) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $22,529) | 26577 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 34 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $26611 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

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

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** |
| 1063 | Axon Enterprise, Inc. <sup>\*</sup> | $514 |
| 16231 | General Electric Co.  | 4979 |
| 685 | HEICO Corp.  | 227 |
| 3111 | L3Harris Technologies, Inc.  | 1067 |
| 4002 | Lockheed Martin Corp.  | 2538 |
| 2476 | Northrop Grumman Corp.  | 1714 |
|  |  | 11039 |
| **BANKS—5.5%** | **BANKS—5.5%** | **BANKS—5.5%** |
| 138333 | Bank of America Corp.  | 7359 |
| 56898 | JPMorgan Chase & Co.  | 17405 |
|  |  | 24764 |
| **BEVERAGES—1.2%** | **BEVERAGES—1.2%** | **BEVERAGES—1.2%** |
| 63874 | Coca-Cola Co.  | 4778 |
| 3125 | Constellation Brands, Inc. Class A | 490 |
|  |  | 5268 |
| **BIOTECHNOLOGY—1.6%** | **BIOTECHNOLOGY—1.6%** | **BIOTECHNOLOGY—1.6%** |
| 25578 | AbbVie, Inc.  | 5704 |
| 2306 | Biogen, Inc. <sup>\*</sup> | 415 |
| 1591 | Regeneron Pharmaceuticals, Inc.  | 1180 |
|  |  | 7299 |
| **BROADLINE RETAIL—1.2%** | **BROADLINE RETAIL—1.2%** | **BROADLINE RETAIL—1.2%** |
| 18292 | eBay, Inc.  | 1669 |
| 1655 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 3554 |
|  |  | 5223 |
| **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** |
| 3452 | Trane Technologies PLC  | 1452 |
| **CAPITAL MARKETS—3.3%** | **CAPITAL MARKETS—3.3%** | **CAPITAL MARKETS—3.3%** |
| 2047 | Ameriprise Financial, Inc.  | 1079 |
| 4044 | ARES Management Corp. Class A | 605 |
| 2167 | Cboe Global Markets, Inc.  | 574 |
| 7166 | CME Group, Inc.  | 2071 |
| 851 | FactSet Research Systems, Inc.  | 217 |
| 16580 | KKR & Co., Inc.  | 1895 |
| 3108 | Moody's Corp.  | 1602 |
| 25657 | Morgan Stanley  | 4690 |
| 1719 | MSCI, Inc.  | 1047 |
| 8689 | Nasdaq, Inc.  | 842 |
| 2065 | TPG, Inc.  | 122 |
|  |  | 14744 |
| **CHEMICALS—0.7%** | **CHEMICALS—0.7%** | **CHEMICALS—0.7%** |
| 5949 | Air Products & Chemicals, Inc.  | 1621 |
| 18101 | Dow, Inc.  | 499 |
| 8887 | DuPont de Nemours, Inc.  | 390 |
| 6437 | LyondellBasell Industries NV Class A | 315 |
| 2731 | Solstice Advanced Materials, Inc. <sup>\*</sup> | 169 |
|  |  | 2994 |
| **CONSUMER FINANCE—1.1%** | **CONSUMER FINANCE—1.1%** | **CONSUMER FINANCE—1.1%** |
| 11886 | American Express Co.  | 4186 |
| 8688 | Synchrony Financial  | 631 |
|  |  | 4817 |
| **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** |
| 7691 | Constellation Energy Corp.  | 2159 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
| 19794 | Duke Energy Corp.  | $2402 |
| 10652 | Edison International  | 663 |
| 24108 | Exelon Corp.  | 1080 |
| 56226 | PG&E Corp.  | 867 |
|  |  | 7171 |
| **ELECTRICAL EQUIPMENT—1.6%** | **ELECTRICAL EQUIPMENT—1.6%** | **ELECTRICAL EQUIPMENT—1.6%** |
| 6399 | Eaton Corp. PLC  | 2249 |
| 12986 | Emerson Electric Co.  | 1908 |
| 4266 | GE Vernova, Inc.  | 3099 |
|  |  | 7256 |
| **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** |
| 20933 | SLB Ltd.  | 1013 |
| **ENTERTAINMENT—3.6%** | **ENTERTAINMENT—3.6%** | **ENTERTAINMENT—3.6%** |
| 4917 | Electronic Arts, Inc.  | 1002 |
| 84022 | Netflix, Inc. <sup>\*</sup> | 7015 |
| 72045 | Walt Disney Co.  | 8127 |
|  |  | 16144 |
| **FINANCIAL SERVICES—3.3%** | **FINANCIAL SERVICES—3.3%** | **FINANCIAL SERVICES—3.3%** |
| 12334 | Mastercard, Inc. Class A | 6646 |
| 2642 | Rocket Cos., Inc. Class A | 47 |
| 24728 | Visa, Inc. Class A | 7958 |
|  |  | 14651 |
| **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** |
| 2341 | Bunge Global SA  | 267 |
| 10086 | General Mills, Inc.  | 467 |
| 22702 | Mondelez International, Inc. Class A | 1327 |
|  |  | 2061 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.1%** |
| 4860 | Becton Dickinson & Co.  | 989 |
| 21661 | Boston Scientific Corp. <sup>\*</sup> | 2026 |
| 8720 | Edwards Lifesciences Corp. <sup>\*</sup> | 709 |
| 6210 | GE HealthCare Technologies, Inc.  | 490 |
| 5220 | Intuitive Surgical, Inc. <sup>\*</sup> | 2632 |
| 2237 | ResMed, Inc.  | 578 |
| 4935 | Stryker Corp.  | 1824 |
|  |  | 9248 |
| **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** |
| 9085 | Centene Corp. <sup>\*</sup> | 394 |
| **HOTELS, RESTAURANTS & LEISURE—3.9%** | **HOTELS, RESTAURANTS & LEISURE—3.9%** | **HOTELS, RESTAURANTS & LEISURE—3.9%** |
| 13383 | Airbnb, Inc. Class A<sup>\*</sup> | 1731 |
| 1220 | Booking Holdings, Inc.  | 6102 |
| 4046 | Expedia Group, Inc.  | 1072 |
| 8996 | Hilton Worldwide Holdings, Inc.  | 2685 |
| 9398 | Marriott International, Inc. Class A | 2963 |
| 8701 | Royal Caribbean Cruises Ltd.  | 2825 |
|  |  | 17378 |
| **HOUSEHOLD DURABLES—0.4%** | **HOUSEHOLD DURABLES—0.4%** | **HOUSEHOLD DURABLES—0.4%** |
| 5588 | DR Horton, Inc.  | 832 |
| 3404 | Garmin Ltd.  | 686 |
| 3893 | PulteGroup, Inc.  | 487 |
|  |  | 2005 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD PRODUCTS—2.0%** | **HOUSEHOLD PRODUCTS—2.0%** | **HOUSEHOLD PRODUCTS—2.0%** |
| 4361 | Church & Dwight Co., Inc.  | $420 |
| 14674 | Colgate-Palmolive Co.  | 1325 |
| 5878 | Kimberly-Clark Corp.  | 588 |
| 42552 | Procter & Gamble Co.  | 6458 |
|  |  | 8791 |
| **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** |
| 8566 | 3M Co.  | 1312 |
| 11032 | Honeywell International, Inc.  | 2510 |
|  |  | 3822 |
| **INDUSTRIAL REITS—0.7%** | **INDUSTRIAL REITS—0.7%** | **INDUSTRIAL REITS—0.7%** |
| 22786 | Prologis, Inc.  | 2975 |
| **INSURANCE—1.2%** | **INSURANCE—1.2%** | **INSURANCE—1.2%** |
| 7890 | Arch Capital Group Ltd. <sup>\*</sup> | 758 |
| 3189 | Cincinnati Financial Corp.  | 513 |
| 4600 | Principal Financial Group, Inc.  | 436 |
| 11417 | Progressive Corp.  | 2375 |
| 4866 | Travelers Cos., Inc.  | 1384 |
|  |  | 5466 |
| **INTERACTIVE MEDIA & SERVICES—12.6%** | **INTERACTIVE MEDIA & SERVICES—12.6%** | **INTERACTIVE MEDIA & SERVICES—12.6%** |
| 108985 | Alphabet, Inc. Class A | 36837 |
| 27369 | Meta Platforms, Inc. Class A | 19610 |
| 11007 | Pinterest, Inc. Class A<sup>\*</sup> | 243 |
|  |  | 56690 |
| **IT SERVICES—0.1%** | **IT SERVICES—0.1%** | **IT SERVICES—0.1%** |
| 1708 | Gartner, Inc. <sup>\*</sup> | 358 |
| **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** |
| 4919 | Agilent Technologies, Inc.  | 659 |
| 2808 | IQVIA Holdings, Inc. <sup>\*</sup> | 646 |
|  |  | 1305 |
| **MACHINERY—1.8%** | **MACHINERY—1.8%** | **MACHINERY—1.8%** |
| 7789 | Caterpillar, Inc.  | 5120 |
| 2010 | Cummins, Inc.  | 1164 |
| 3813 | Deere & Co.  | 2013 |
|  |  | 8297 |
| **MEDIA—0.1%** | **MEDIA—0.1%** | **MEDIA—0.1%** |
| 14233 | Trade Desk, Inc. Class A<sup>\*</sup> | 432 |
| **METALS & MINING—0.8%** | **METALS & MINING—0.8%** | **METALS & MINING—0.8%** |
| 33222 | Freeport-McMoRan, Inc.  | 2001 |
| 5732 | Nucor Corp.  | 1018 |
| 3518 | Steel Dynamics, Inc.  | 632 |
|  |  | 3651 |
| **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** |
| 16108 | CenterPoint Energy, Inc.  | 639 |
| 8799 | Consolidated Edison, Inc.  | 938 |
| 21395 | Dominion Energy, Inc.  | 1288 |
|  |  | 2865 |
| **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** |
| 4665 | Cheniere Energy, Inc.  | 987 |
| 37509 | Chevron Corp.  | 6635 |
| 26264 | ConocoPhillips  | 2738 |
| 13709 | Occidental Petroleum Corp.  | 622 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 6251 | Valero Energy Corp.  | $1134 |
|  |  | 12116 |
| **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** |
| 10225 | Delta Air Lines, Inc.  | 673 |
| 9338 | Southwest Airlines Co.  | 444 |
|  |  | 1117 |
| **PHARMACEUTICALS—6.3%** | **PHARMACEUTICALS—6.3%** | **PHARMACEUTICALS—6.3%** |
| 12420 | Eli Lilly & Co.  | 12881 |
| 35753 | Johnson & Johnson  | 8125 |
| 46614 | Merck & Co., Inc.  | 5140 |
| 90071 | Pfizer, Inc.  | 2382 |
|  |  | 28528 |
| **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** |
| 169 | Amentum Holdings, Inc. <sup>\*</sup> | 6 |
| 2136 | Booz Allen Hamilton Holding Corp.  | 189 |
| 2901 | Jacobs Solutions, Inc.  | 392 |
| 2211 | Leidos Holdings, Inc.  | 416 |
| 2984 | Verisk Analytics, Inc.  | 649 |
|  |  | 1652 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** |
| 6373 | CBRE Group, Inc. Class A<sup>\*</sup> | 1085 |
| **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** |
| 8396 | Equity Residential  | 523 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.5%** |
| 35982 | Advanced Micro Devices, Inc. <sup>\*</sup> | 8518 |
| 77539 | Intel Corp. <sup>\*</sup> | 3603 |
| 19352 | Lam Research Corp.  | 4518 |
| 19827 | Marvell Technology, Inc.  | 1565 |
| 146493 | NVIDIA Corp.  | 27999 |
| 4441 | Qnity Electronics, Inc.  | 427 |
| 3624 | Teradyne, Inc.  | 874 |
| 19902 | Texas Instruments, Inc.  | 4290 |
|  |  | 51794 |
| **SOFTWARE—9.7%** | **SOFTWARE—9.7%** | **SOFTWARE—9.7%** |
| 9064 | Adobe, Inc. <sup>\*</sup> | 2658 |
| 4790 | Autodesk, Inc. <sup>\*</sup> | 1211 |
| 6011 | Cadence Design Systems, Inc. <sup>\*</sup> | 1782 |
| 4393 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 1939 |
| 542 | Fair Isaac Corp. <sup>\*</sup> | 793 |
| 6048 | Intuit, Inc.  | 3018 |
| 49530 | Microsoft Corp.  | 21312 |
| 2322 | Roper Technologies, Inc.  | 862 |
| 21090 | Salesforce, Inc.  | 4477 |
| 4070 | Samsara, Inc. Class A<sup>\*</sup> | 114 |
| 23008 | ServiceNow, Inc. <sup>\*</sup> | 2692 |
| 4001 | Synopsys, Inc. <sup>\*</sup> | 1861 |
| 4625 | Workday, Inc. Class A<sup>\*</sup> | 812 |
|  |  | 43531 |
| **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** |
| 8174 | Digital Realty Trust, Inc.  | 1357 |
| 2304 | Equinix, Inc.  | 1891 |
| 4337 | Extra Space Storage, Inc.  | 598 |
|  |  | 3846 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—3.2%** | **SPECIALTY RETAIL—3.2%** | **SPECIALTY RETAIL—3.2%** |
| 38771 | Home Depot, Inc.  | $14523 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.1%** |
| 82742 | Apple, Inc.  | 21470 |
| 27464 | Hewlett Packard Enterprise Co.  | 591 |
| 20174 | HP, Inc.  | 392 |
| 4551 | NetApp, Inc.  | 439 |
|  |  | 22892 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** |
| 3106 | Deckers Outdoor Corp. <sup>\*</sup> | 371 |
| 4661 | Lululemon Athletica, Inc. <sup>\*</sup> | 813 |
| 22319 | NIKE, Inc. Class B | 1380 |
|  |  | 2564 |
| **TOBACCO—1.4%** | **TOBACCO—1.4%** | **TOBACCO—1.4%** |
| 29892 | Altria Group, Inc.  | 1853 |
| 24044 | Philip Morris International, Inc.  | 4314 |
|  |  | 6167 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** |
| 1410 | United Rentals, Inc.  | $1103 |
| 1764 | WW Grainger, Inc.  | 1905 |
|  |  | 3008 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $316,349) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $316,349) | 442919 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—1.2%** | **EXCHANGE-TRADED FUNDS—1.2%** | **EXCHANGE-TRADED FUNDS—1.2%** |
| &nbsp;&nbsp;&nbsp; (Cost $2,905) | &nbsp;&nbsp;&nbsp; (Cost $2,905) | &nbsp;&nbsp;&nbsp; (Cost $2,905) |
| **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** |
| 47024 | &nbsp;&nbsp;&nbsp; State Street Communication Services Select Sector <br> SPDR ETF <br>| 5647 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $319,254) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $319,254) | 448566 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 233 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $448799 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—94.0%** | **COMMON STOCKS—94.0%** | **COMMON STOCKS—94.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** | **AEROSPACE & DEFENSE—1.9%** |
| 11317 | AAR Corp. <sup>\*</sup> | $1199 |
| 224938 | Archer Aviation, Inc. Class A<sup>\*</sup> | 1617 |
|  |  | 2816 |
| **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** |
| 27937 | Adient PLC <sup>\*</sup> | 581 |
| 5224 | Cooper-Standard Holdings, Inc. <sup>\*</sup> | 164 |
| 5900 | Standard Motor Products, Inc.  | 236 |
|  |  | 981 |
| **BANKS—6.1%** | **BANKS—6.1%** | **BANKS—6.1%** |
| 53274 | Banc of California, Inc.  | 1064 |
| 31633 | BankUnited, Inc.  | 1502 |
| 14068 | Banner Corp.  | 870 |
| 9744 | Byline Bancorp, Inc.  | 311 |
| 3036 | First Business Financial Services, Inc.  | 174 |
| 18124 | Hilltop Holdings, Inc.  | 679 |
| 15175 | National Bank Holdings Corp. Class A | 610 |
| 23456 | OceanFirst Financial Corp.  | 440 |
| 11741 | Origin Bancorp, Inc.  | 503 |
| 9816 | Pathward Financial, Inc.  | 886 |
| 5768 | SmartFinancial, Inc.  | 230 |
| 49341 | United Community Banks, Inc.  | 1699 |
|  |  | 8968 |
| **BIOTECHNOLOGY—9.1%** | **BIOTECHNOLOGY—9.1%** | **BIOTECHNOLOGY—9.1%** |
| 29716 | 4D Molecular Therapeutics, Inc. <sup>\*</sup> | 263 |
| 37228 | Agios Pharmaceuticals, Inc. <sup>\*</sup> | 1022 |
| 24121 | Arcellx, Inc. <sup>\*</sup> | 1648 |
| 153825 | Ardelyx, Inc. <sup>\*</sup> | 1183 |
| 32977 | Aura Biosciences, Inc. <sup>\*</sup> | 185 |
| 40859 | Emergent BioSolutions, Inc. <sup>\*</sup> | 463 |
| 45610 | Kura Oncology, Inc. <sup>\*</sup> | 370 |
| 30573 | Kymera Therapeutics, Inc. <sup>\*</sup> | 2222 |
| 38435 | PTC Therapeutics, Inc. <sup>\*</sup> | 2903 |
| 30043 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 3080 |
|  |  | 13339 |
| **BUILDING PRODUCTS—1.1%** | **BUILDING PRODUCTS—1.1%** | **BUILDING PRODUCTS—1.1%** |
| 46228 | Resideo Technologies, Inc. <sup>\*</sup> | 1584 |
| **CAPITAL MARKETS—4.1%** | **CAPITAL MARKETS—4.1%** | **CAPITAL MARKETS—4.1%** |
| 7054 | Piper Sandler Cos.  | 2443 |
| 9152 | PJT Partners, Inc. Class A | 1584 |
| 28085 | StepStone Group, Inc. Class A | 1985 |
|  |  | 6012 |
| **CHEMICALS—2.0%** | **CHEMICALS—2.0%** | **CHEMICALS—2.0%** |
| 25513 | Cabot Corp.  | 1842 |
| 8156 | Koppers Holdings, Inc.  | 240 |
| 13734 | Minerals Technologies, Inc.  | 903 |
|  |  | 2985 |
| **COMMERCIAL SERVICES & SUPPLIES—2.1%** | **COMMERCIAL SERVICES & SUPPLIES—2.1%** | **COMMERCIAL SERVICES & SUPPLIES—2.1%** |
| 13214 | Brady Corp. Class A | 1143 |
| 5197 | Cimpress PLC (Ireland)<sup>\*</sup> | 411 |
| 20516 | HNI Corp.  | 980 |
| 16684 | Interface, Inc.  | 525 |
|  |  | 3059 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** |
| 22570 | Calix, Inc. <sup>\*</sup> | $1008 |
| **CONSTRUCTION & ENGINEERING—3.1%** | **CONSTRUCTION & ENGINEERING—3.1%** | **CONSTRUCTION & ENGINEERING—3.1%** |
| 21726 | Arcosa, Inc.  | 2487 |
| 13414 | Granite Construction, Inc.  | 1619 |
| 5555 | Limbach Holdings, Inc. <sup>\*</sup> | 478 |
|  |  | 4584 |
| **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** |
| 19632 | Bread Financial Holdings, Inc.  | 1424 |
| 8086 | Encore Capital Group, Inc. <sup>\*</sup> | 446 |
|  |  | 1870 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.6%** |
| 5798 | PriceSmart, Inc.  | 824 |
| **DIVERSIFIED CONSUMER SERVICES—4.0%** | **DIVERSIFIED CONSUMER SERVICES—4.0%** | **DIVERSIFIED CONSUMER SERVICES—4.0%** |
| 8310 | Adtalem Global Education, Inc. <sup>\*</sup> | 861 |
| 43446 | Coursera, Inc. <sup>\*</sup> | 263 |
| 27268 | Frontdoor, Inc. <sup>\*</sup> | 1612 |
| 9522 | Grand Canyon Education, Inc. <sup>\*</sup> | 1655 |
| 37817 | Laureate Education, Inc. <sup>\*</sup> | 1297 |
| 28671 | Udemy, Inc. <sup>\*</sup> | 138 |
|  |  | 5826 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** |
| 10143 | Bandwidth, Inc. Class A<sup>\*</sup> | 142 |
| 2434 | IDT Corp. Class B | 118 |
| 15068 | Liberty Latin America Ltd. Class C (Puerto Rico)<sup>\*</sup> | 117 |
|  |  | 377 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.4%** |
| 12582 | Advanced Energy Industries, Inc.  | 3213 |
| 42298 | Arlo Technologies, Inc. <sup>\*</sup> | 537 |
| 12232 | Daktronics, Inc. <sup>\*</sup> | 283 |
| 15446 | Itron, Inc. <sup>\*</sup> | 1530 |
| 30810 | Knowles Corp. <sup>\*</sup> | 747 |
| 5024 | ScanSource, Inc. <sup>\*</sup> | 216 |
|  |  | 6526 |
| **ENERGY EQUIPMENT & SERVICES—3.5%** | **ENERGY EQUIPMENT & SERVICES—3.5%** | **ENERGY EQUIPMENT & SERVICES—3.5%** |
| 53300 | Archrock, Inc.  | 1577 |
| 8129 | Bristow Group, Inc. <sup>\*</sup> | 357 |
| 28793 | Helmerich & Payne, Inc.  | 975 |
| 56980 | Liberty Energy, Inc.  | 1405 |
| 30351 | Oceaneering International, Inc. <sup>\*</sup> | 914 |
|  |  | 5228 |
| **ENTERTAINMENT—0.3%** | **ENTERTAINMENT—0.3%** | **ENTERTAINMENT—0.3%** |
| 10526 | Atlanta Braves Holdings, Inc. Class C<sup>\*</sup> | 420 |
| 4763 | Marcus Corp.  | 72 |
|  |  | 492 |
| **FINANCIAL SERVICES—3.9%** | **FINANCIAL SERVICES—3.9%** | **FINANCIAL SERVICES—3.9%** |
| 18829 | EVERTEC, Inc. (Puerto Rico) | 565 |
| 31641 | Flywire Corp. <sup>\*</sup> | 399 |
| 7192 | Merchants Bancorp  | 298 |
| 54115 | Radian Group, Inc.  | 1780 |
| 93669 | Rocket Cos., Inc. Class A | 1680 |
| 16553 | Walker & Dunlop, Inc.  | 1041 |
|  |  | 5763 |

---

------

⬤

------

**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** |
| **GROUND TRANSPORTATION—0.5%** | **GROUND TRANSPORTATION—0.5%** | **GROUND TRANSPORTATION—0.5%** |
| 7874 | ArcBest Corp.  | $710 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.6%** |
| 33564 | AtriCure, Inc. <sup>\*</sup> | 1240 |
| 27363 | Avanos Medical, Inc. <sup>\*</sup> | 364 |
| 19502 | Bioventus, Inc. Class A<sup>\*</sup> | 155 |
| 20018 | CONMED Corp.  | 768 |
| 20513 | Haemonetics Corp. <sup>\*</sup> | 1367 |
|  |  | 3894 |
| **HEALTH CARE PROVIDERS & SERVICES—2.1%** | **HEALTH CARE PROVIDERS & SERVICES—2.1%** | **HEALTH CARE PROVIDERS & SERVICES—2.1%** |
| 13432 | Castle Biosciences, Inc. <sup>\*</sup> | 529 |
| 70817 | Concentra Group Holdings Parent, Inc.  | 1571 |
| 41761 | Privia Health Group, Inc. <sup>\*</sup> | 969 |
|  |  | 3069 |
| **HEALTH CARE TECHNOLOGY—0.6%** | **HEALTH CARE TECHNOLOGY—0.6%** | **HEALTH CARE TECHNOLOGY—0.6%** |
| 39971 | Certara, Inc. <sup>\*</sup> | 351 |
| 8191 | HealthStream, Inc.  | 183 |
| 25875 | Schrodinger, Inc. <sup>\*</sup> | 361 |
|  |  | 895 |
| **HOTEL & RESORT REITS—1.5%** | **HOTEL & RESORT REITS—1.5%** | **HOTEL & RESORT REITS—1.5%** |
| 189054 | Apple Hospitality REIT, Inc.  | 2201 |
| **HOTELS, RESTAURANTS & LEISURE—2.4%** | **HOTELS, RESTAURANTS & LEISURE—2.4%** | **HOTELS, RESTAURANTS & LEISURE—2.4%** |
| 17134 | Bloomin' Brands, Inc.  | 103 |
| 11590 | Cheesecake Factory, Inc.  | 672 |
| 9203 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 147 |
| 31982 | Global Business Travel Group I <sup>\*</sup> | 219 |
| 10733 | Marriott Vacations Worldwide Corp.  | 583 |
| 9424 | Shake Shack, Inc. Class A<sup>\*</sup> | 834 |
| 14181 | Travel & Leisure Co.  | 986 |
|  |  | 3544 |
| **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** | **HOUSEHOLD DURABLES—2.8%** |
| 8354 | Beazer Homes USA, Inc. <sup>\*</sup> | 180 |
| 7665 | Century Communities, Inc.  | 483 |
| 14098 | Champion Homes, Inc. <sup>\*</sup> | 1105 |
| 1369 | Hovnanian Enterprises, Inc. Class A<sup>\*</sup> | 154 |
| 14245 | iRobot Corp. <sup>\*</sup> | — <br><sup>x</sup><br>|
| 40201 | Leggett & Platt, Inc.  | 469 |
| 5009 | LGI Homes, Inc. <sup>\*</sup> | 251 |
| 7255 | M/I Homes, Inc. <sup>\*</sup> | 970 |
| 35677 | Sonos, Inc. <sup>\*</sup> | 512 |
|  |  | 4124 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 17274 | Energizer Holdings, Inc.  | 377 |
| 4287 | Oil-Dri Corp. of America  | 260 |
|  |  | 637 |
| **INSURANCE—2.0%** | **INSURANCE—2.0%** | **INSURANCE—2.0%** |
| 23568 | Baldwin Insurance Group, Inc. <sup>\*</sup> | 516 |
| 20600 | Brighthouse Financial, Inc. <sup>\*</sup> | 1320 |
| 9588 | Palomar Holdings, Inc. <sup>\*</sup> | 1185 |
|  |  | 3021 |
| **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** |
| 16664 | QuinStreet, Inc. <sup>\*</sup> | 221 |
| 27964 | TripAdvisor, Inc. <sup>\*</sup> | 372 |
|  |  | 593 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **IT SERVICES—0.1%** | **IT SERVICES—0.1%** | **IT SERVICES—0.1%** |
| 24494 | Grid Dynamics Holdings, Inc. <sup>\*</sup> | $203 |
| **LEISURE PRODUCTS—0.7%** | **LEISURE PRODUCTS—0.7%** | **LEISURE PRODUCTS—0.7%** |
| 22700 | YETI Holdings, Inc. <sup>\*</sup> | 1038 |
| **MACHINERY—2.6%** | **MACHINERY—2.6%** | **MACHINERY—2.6%** |
| 11913 | Franklin Electric Co., Inc.  | 1187 |
| 74445 | Gates Industrial Corp. PLC <sup>\*</sup> | 1714 |
| 22294 | Stratasys Ltd. <sup>\*</sup> | 239 |
| 26567 | Trinity Industries, Inc.  | 763 |
|  |  | 3903 |
| **MEDIA—1.8%** | **MEDIA—1.8%** | **MEDIA—1.8%** |
| 3384 | AMC Networks, Inc. Class A<sup>\*</sup> | 26 |
| 753 | Cable One, Inc.  | 61 |
| 49964 | DoubleVerify Holdings, Inc. <sup>\*</sup> | 541 |
| 15810 | EchoStar Corp. Class A<sup>\*</sup> | 1790 |
| 27645 | Stagwell, Inc. <sup>\*</sup> | 166 |
|  |  | 2584 |
| **METALS & MINING—0.6%** | **METALS & MINING—0.6%** | **METALS & MINING—0.6%** |
| 13201 | Ryerson Holding Corp.  | 372 |
| 14414 | Worthington Steel, Inc.  | 580 |
|  |  | 952 |
| **PAPER & FOREST PRODUCTS—0.4%** | **PAPER & FOREST PRODUCTS—0.4%** | **PAPER & FOREST PRODUCTS—0.4%** |
| 4536 | Clearwater Paper Corp. <sup>\*</sup> | 76 |
| 9224 | Sylvamo Corp.  | 452 |
|  |  | 528 |
| **PASSENGER AIRLINES—1.1%** | **PASSENGER AIRLINES—1.1%** | **PASSENGER AIRLINES—1.1%** |
| 4488 | Allegiant Travel Co. <sup>\*</sup> | 398 |
| 9178 | Copa Holdings SA Class A (Panama) | 1252 |
|  |  | 1650 |
| **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** |
| 14054 | Edgewell Personal Care Co.  | 274 |
| 15403 | Nu Skin Enterprises, Inc. Class A | 163 |
| 7515 | USANA Health Sciences, Inc. <sup>\*</sup> | 163 |
|  |  | 600 |
| **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** |
| 15394 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | 707 |
| 12029 | Phibro Animal Health Corp. Class A | 483 |
| 21722 | Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | 1402 |
|  |  | 2592 |
| **PROFESSIONAL SERVICES—2.9%** | **PROFESSIONAL SERVICES—2.9%** | **PROFESSIONAL SERVICES—2.9%** |
| 15450 | Concentrix Corp.  | 577 |
| 9620 | CSG Systems International, Inc.  | 767 |
| 5292 | Huron Consulting Group, Inc. <sup>\*</sup> | 894 |
| 14491 | Insperity, Inc.  | 619 |
| 4501 | Kforce, Inc.  | 159 |
| 14711 | ManpowerGroup, Inc.  | 535 |
| 5616 | TaskUS, Inc. Class A (Philippines)<sup>\*</sup> | 61 |
| 35195 | Upwork, Inc. <sup>\*</sup> | 705 |
|  |  | 4317 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%** |
| 128191 | Compass, Inc. Class A<sup>\*</sup> | 1605 |

---

------

⬤

------

**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** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** |
| 7213 | RE/MAX Holdings, Inc. Class A<sup>\*</sup> | $56 |
|  |  | 1661 |
| **RETAIL REITS—3.4%** | **RETAIL REITS—3.4%** | **RETAIL REITS—3.4%** |
| 66761 | InvenTrust Properties Corp.  | 1962 |
| 83043 | Phillips Edison & Co., Inc.  | 3009 |
|  |  | 4971 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.1%** |
| 9171 | Axcelis Technologies, Inc. <sup>\*</sup> | 808 |
| 11537 | Silicon Laboratories, Inc. <sup>\*</sup> | 1643 |
| 19396 | Veeco Instruments, Inc. <sup>\*</sup> | 606 |
|  |  | 3057 |
| **SOFTWARE—6.9%** | **SOFTWARE—6.9%** | **SOFTWARE—6.9%** |
| 35180 | ACI Worldwide, Inc. <sup>\*</sup> | 1525 |
| 22635 | Alkami Technology, Inc. <sup>\*</sup> | 480 |
| 36024 | Asana, Inc. Class A<sup>\*</sup> | 369 |
| 47348 | Box, Inc. Class A<sup>\*</sup> | 1200 |
| 27957 | Braze, Inc. Class A<sup>\*</sup> | 582 |
| 30659 | Five9, Inc. <sup>\*</sup> | 542 |
| 26063 | JFrog Ltd. (Israel)<sup>\*</sup> | 1428 |
| 15128 | Mitek Systems, Inc. <sup>\*</sup> | 152 |
| 22386 | N-able, Inc. <sup>\*</sup> | 136 |
| 24149 | NextNav, Inc. <sup>\*</sup> | 347 |
| 30655 | PagerDuty, Inc. <sup>\*</sup> | 325 |
| 12102 | PAR Technology Corp. <sup>\*</sup> | 317 |
| 14424 | Progress Software Corp. <sup>\*</sup> | 590 |
| 16721 | Sprout Social, Inc. Class A<sup>\*</sup> | 151 |
| 24729 | Teradata Corp. <sup>\*</sup> | 705 |
| 16119 | Workiva, Inc. <sup>\*</sup> | 1242 |
|  |  | 10091 |
| **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** |
| 4744 | Asbury Automotive Group, Inc. <sup>\*</sup> | 1113 |
| 7366 | Boot Barn Holdings, Inc. <sup>\*</sup> | 1315 |
| 16220 | Camping World Holdings, Inc. Class A | 214 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 2090 | Lands' End, Inc. <sup>\*</sup> | $37 |
| 3309 | Sonic Automotive, Inc. Class A | 198 |
|  |  | 2877 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** |
| 27386 | Levi Strauss & Co. Class A | 545 |
| 4308 | Movado Group, Inc.  | 98 |
| 54285 | Under Armour, Inc. Class A<sup>\*</sup> | 335 |
|  |  | 978 |
| **TRADING COMPANIES & DISTRIBUTORS—0.8%** | **TRADING COMPANIES & DISTRIBUTORS—0.8%** | **TRADING COMPANIES & DISTRIBUTORS—0.8%** |
| 8699 | Boise Cascade Co.  | 703 |
| 4004 | DXP Enterprises, Inc. <sup>\*</sup> | 521 |
|  |  | 1224 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 1844 | Array Digital Infrastructure, Inc.  | 89 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $125,488) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $125,488) | 138245 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—6.0%** | **EXCHANGE-TRADED FUNDS—6.0%** | **EXCHANGE-TRADED FUNDS—6.0%** |
| **CAPITAL MARKETS—6.0%** | **CAPITAL MARKETS—6.0%** | **CAPITAL MARKETS—6.0%** |
| 85119 | Invesco S&P SmallCap Energy ETF  | 4290 |
| 32850 | Invesco S&P SmallCap Financials ETF  | 1960 |
| 38396 | Invesco S&P SmallCap Health Care ETF  | 1697 |
| 15296 | &nbsp;&nbsp;&nbsp; Invesco S&P SmallCap Utilities & Communication <br> Services ETF <br>| 905 |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $8,256) | &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $8,256) | 8852 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.0%** <br>(Cost $133,744) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.0%** <br>(Cost $133,744) | 147097 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%** | 3 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $147100 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** |
| Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2025 through January 31, 2026. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2025 through January 31, 2026. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2025 through January 31, 2026. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2025 through January 31, 2026. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2025 through January 31, 2026. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2025 through January 31, 2026. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2025 through January 31, 2026. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2025 through January 31, 2026. Transactions during the period in securities of these companies were <br> 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>**01/31/2026** <br>**(000s)**<br>|
| Invesco S&P SmallCap Energy ETF | &nbsp;&nbsp; $4774 | &nbsp;&nbsp; $659 | &nbsp;&nbsp; $(1780) | &nbsp;&nbsp; $37 | &nbsp;&nbsp; $600 | &nbsp;&nbsp; $25 | &nbsp;&nbsp; $4290 |
| Invesco S&P SmallCap Financials ETF | &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 264 | (183) | (7) | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1960 |
| Invesco S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp; 982 | &nbsp;&nbsp; 139 | (204) | &nbsp;&nbsp; 1 | (13) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 905 |
| Total | &nbsp;&nbsp; $7478 | &nbsp;&nbsp; $1062 | &nbsp;&nbsp; $(2167) | &nbsp;&nbsp; $31 | &nbsp;&nbsp; $751 | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $7155 |

---

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

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

As of January 31, 2026, the investment in iRobot Corp. (as disclosed in the preceding Portfolio of Investments) was classified as Level 3 and all other investments were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

x

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

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

------

⬤

------

**Harbor International Compounders ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** |
| 5870 | Rheinmetall AG (Germany) | $12396 |
| **BANKS—6.6%** | **BANKS—6.6%** | **BANKS—6.6%** |
| 20542200 | Bank Central Asia Tbk. PT (Indonesia) | 9056 |
| 733633 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 23755 |
|  |  | 32811 |
| **BROADLINE RETAIL—7.3%** | **BROADLINE RETAIL—7.3%** | **BROADLINE RETAIL—7.3%** |
| 7291 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 15659 |
| 355849 | Prosus NV (China) | 20439 |
|  |  | 36098 |
| **BUILDING PRODUCTS—3.7%** | **BUILDING PRODUCTS—3.7%** | **BUILDING PRODUCTS—3.7%** |
| 456558 | Assa Abloy AB Class B (Sweden) | 18447 |
| **CAPITAL MARKETS—3.1%** | **CAPITAL MARKETS—3.1%** | **CAPITAL MARKETS—3.1%** |
| 61715 | Deutsche Boerse AG (Germany) | 15604 |
| **CHEMICALS—3.0%** | **CHEMICALS—3.0%** | **CHEMICALS—3.0%** |
| 32336 | Linde PLC (United States) | 14777 |
| **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** |
| 84403 | Vinci SA (France) | 12121 |
| **CONSTRUCTION MATERIALS—2.5%** | **CONSTRUCTION MATERIALS—2.5%** | **CONSTRUCTION MATERIALS—2.5%** |
| 44633 | Heidelberg Materials AG (Germany) | 12237 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** |
| 2514050 | Tesco PLC (United Kingdom) | 14627 |
| **ELECTRIC UTILITIES—3.4%** | **ELECTRIC UTILITIES—3.4%** | **ELECTRIC UTILITIES—3.4%** |
| 508913 | SSE PLC (United Kingdom) | 16866 |
| **ELECTRICAL EQUIPMENT—6.6%** | **ELECTRICAL EQUIPMENT—6.6%** | **ELECTRICAL EQUIPMENT—6.6%** |
| 243500 | &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. Class H <br> (China)<br>| 15304 |
| 60606 | Schneider Electric SE (France) | 17407 |
|  |  | 32711 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.1%** |
| 29300 | Keyence Corp. (Japan) | 10685 |
| **FOOD PRODUCTS—3.1%** | **FOOD PRODUCTS—3.1%** | **FOOD PRODUCTS—3.1%** |
| 161616 | Nestle SA (United States) | 15351 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.5%** |
| 134400 | Hoya Corp. (Japan) | 22467 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—2.7%** | **HOTELS, RESTAURANTS & LEISURE—2.7%** | **HOTELS, RESTAURANTS & LEISURE—2.7%** |
| 443022 | Compass Group PLC (United Kingdom) | $13258 |
| **HOUSEHOLD DURABLES—3.2%** | **HOUSEHOLD DURABLES—3.2%** | **HOUSEHOLD DURABLES—3.2%** |
| 717103 | Sony Group Corp. (Japan) | 16005 |
| **INDUSTRIAL CONGLOMERATES—4.4%** | **INDUSTRIAL CONGLOMERATES—4.4%** | **INDUSTRIAL CONGLOMERATES—4.4%** |
| 72178 | Siemens AG (Germany) | 21928 |
| **INSURANCE—4.4%** | **INSURANCE—4.4%** | **INSURANCE—4.4%** |
| 1900000 | AIA Group Ltd. (Hong Kong) | 21974 |
| **PERSONAL CARE PRODUCTS—2.9%** | **PERSONAL CARE PRODUCTS—2.9%** | **PERSONAL CARE PRODUCTS—2.9%** |
| 31734 | L'Oreal SA (France) | 14557 |
| **PHARMACEUTICALS—7.0%** | **PHARMACEUTICALS—7.0%** | **PHARMACEUTICALS—7.0%** |
| 114614 | AstraZeneca PLC (United Kingdom) | 21329 |
| 73371 | Galderma Group AG (Switzerland) | 13658 |
|  |  | 34987 |
| **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** |
| 389705 | RELX PLC (United Kingdom) | 13753 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.2%** |
| 16637 | ASML Holding NV (Netherlands) | 23972 |
| 110687 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 36589 |
|  |  | 60561 |
| **SOFTWARE—2.9%** | **SOFTWARE—2.9%** | **SOFTWARE—2.9%** |
| 71325 | SAP SE (Germany) | 14420 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** |
| 19011 | LVMH Moet Hennessy Louis Vuitton SE (France) | 12324 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $438,745) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $438,745) | 490965 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.7%** <br>(Cost $438,745) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.7%** <br>(Cost $438,745) | 490965 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | 6655 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $497620 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor International Equity ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** | **COMMON STOCKS—97.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—12.4%** | **AEROSPACE & DEFENSE—12.4%** | **AEROSPACE & DEFENSE—12.4%** |
| 5836 | BAE Systems PLC (United Kingdom) | $158 |
| 3410 | CAE, Inc. (Canada)<sup>\*</sup> | 109 |
| 2736 | Leonardo SpA (Italy) | 183 |
| 11924 | Melrose Industries PLC (United Kingdom) | 102 |
| 275 | MTU Aero Engines AG (Germany) | 122 |
| 473 | Safran SA (France) | 169 |
|  |  | 843 |
| **AUTOMOBILE COMPONENTS—2.5%** | **AUTOMOBILE COMPONENTS—2.5%** | **AUTOMOBILE COMPONENTS—2.5%** |
| 446 | Aumovio SE (Germany)<sup>\*</sup> | 22 |
| 891 | Continental AG (Germany) | 70 |
| 5500 | Denso Corp. (Japan) | 76 |
|  |  | 168 |
| **AUTOMOBILES—1.0%** | **AUTOMOBILES—1.0%** | **AUTOMOBILES—1.0%** |
| 5500 | BYD Co. Ltd. Class H (China) | 69 |
| **BANKS—17.9%** | **BANKS—17.9%** | **BANKS—17.9%** |
| 14784 | Banco Bradesco SA ADR (Brazil)<sup>1</sup> | 60 |
| 35019 | Barclays PLC (United Kingdom) | 233 |
| 3300 | DBS Group Holdings Ltd. (Singapore) | 154 |
| 3773 | DNB Bank ASA (Norway) | 108 |
| 1838 | Erste Group Bank AG (Austria) | 239 |
| 1793 | Grupo Cibest SA ADR (Colombia)<sup>1</sup> | 146 |
| 9900 | &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 112 |
| 2024 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 65 |
| 3300 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 97 |
|  |  | 1214 |
| **BEVERAGES—2.7%** | **BEVERAGES—2.7%** | **BEVERAGES—2.7%** |
| 22700 | Ambev SA (Brazil) | 64 |
| 2871 | Diageo PLC (United Kingdom) | 66 |
| 638 | Heineken NV (Netherlands) | 52 |
|  |  | 182 |
| **CAPITAL MARKETS—1.3%** | **CAPITAL MARKETS—1.3%** | **CAPITAL MARKETS—1.3%** |
| 1012 | Julius Baer Group Ltd. (Switzerland) | 85 |
| **CHEMICALS—4.0%** | **CHEMICALS—4.0%** | **CHEMICALS—4.0%** |
| 2200 | Nippon Sanso Holdings Corp. (Japan) | 67 |
| 1463 | &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA ADR <br> (Chile)<sup>\*,1</sup><br>| 112 |
| 1067 | Syensqo SA (Belgium) | 90 |
|  |  | 269 |
| **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** |
| 1540 | Prysmian SpA (Italy) | 183 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.1%** |
| 1233 | Halma PLC (United Kingdom) | 60 |
| 10000 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 70 |
| 3900 | Murata Manufacturing Co. Ltd. (Japan) | 79 |
|  |  | 209 |
| **GROUND TRANSPORTATION—1.1%** | **GROUND TRANSPORTATION—1.1%** | **GROUND TRANSPORTATION—1.1%** |
| 803 | Canadian National Railway Co. (Canada) | 77 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** |
| 1565 | Siemens Healthineers AG (Germany)<sup>2</sup> | 78 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—5.8%** | **HOTELS, RESTAURANTS & LEISURE—5.8%** | **HOTELS, RESTAURANTS & LEISURE—5.8%** |
| 1353 | Amadeus IT Group SA (Spain) | $91 |
| 3630 | Carnival Corp. (United States)<sup>\*</sup> | 109 |
| 8052 | Entain PLC (United Kingdom) | 67 |
| 36000 | TravelSky Technology Ltd. Class H (China) | 49 |
| 1550 | Yum China Holdings, Inc. (China) | 77 |
|  |  | 393 |
| **INDUSTRIAL CONGLOMERATES—2.2%** | **INDUSTRIAL CONGLOMERATES—2.2%** | **INDUSTRIAL CONGLOMERATES—2.2%** |
| 4400 | Hitachi Ltd. (Japan) | 152 |
| **INSURANCE—1.7%** | **INSURANCE—1.7%** | **INSURANCE—1.7%** |
| 12000 | China Life Insurance Co. Ltd. Class H (China) | 54 |
| 187 | Everest Group Ltd. (United States) | 62 |
|  |  | 116 |
| **INTERACTIVE MEDIA & SERVICES—1.4%** | **INTERACTIVE MEDIA & SERVICES—1.4%** | **INTERACTIVE MEDIA & SERVICES—1.4%** |
| 636 | Baidu, Inc. ADR (China)<sup>\*,1</sup> | 97 |
| **IT SERVICES—1.2%** | **IT SERVICES—1.2%** | **IT SERVICES—1.2%** |
| 517 | Capgemini SE (France) | 80 |
| **LIFE SCIENCES TOOLS & SERVICES—4.4%** | **LIFE SCIENCES TOOLS & SERVICES—4.4%** | **LIFE SCIENCES TOOLS & SERVICES—4.4%** |
| 1100 | Eurofins Scientific SE (France) | 89 |
| 552 | ICON PLC (United States)<sup>\*</sup> | 99 |
| 165 | Lonza Group AG (Switzerland) | 112 |
|  |  | 300 |
| **METALS & MINING—2.9%** | **METALS & MINING—2.9%** | **METALS & MINING—2.9%** |
| 11869 | Norsk Hydro ASA (Norway) | 107 |
| 979 | Rio Tinto PLC ADR (Australia)<sup>1</sup> | 89 |
|  |  | 196 |
| **OIL, GAS & CONSUMABLE FUELS—3.8%** | **OIL, GAS & CONSUMABLE FUELS—3.8%** | **OIL, GAS & CONSUMABLE FUELS—3.8%** |
| 2849 | Equinor ASA ADR (Norway)<sup>1</sup> | 76 |
| 4726 | Petroleo Brasileiro SA - Petrobras ADR (Brazil)<sup>1</sup> | 73 |
| 2783 | Shell PLC (United States) | 107 |
|  |  | 256 |
| **PHARMACEUTICALS—3.7%** | **PHARMACEUTICALS—3.7%** | **PHARMACEUTICALS—3.7%** |
| 473 | Merck KGaA (Germany) | 71 |
| 627 | Novartis AG ADR (United States)<sup>1</sup> | 93 |
| 198 | Roche Holding AG (United States) | 90 |
|  |  | 254 |
| **PROFESSIONAL SERVICES—2.3%** | **PROFESSIONAL SERVICES—2.3%** | **PROFESSIONAL SERVICES—2.3%** |
| 1232 | Intertek Group PLC (United Kingdom) | 75 |
| 2332 | RELX PLC (United Kingdom) | 83 |
|  |  | 158 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.9%** |
| 16000 | ASE Technology Holding Co. Ltd. (Taiwan) | 151 |
| 165 | ASML Holding NV (Netherlands) | 238 |
| 2000 | MediaTek, Inc. (Taiwan) | 112 |
| 9900 | SUMCO Corp. (Japan) | 103 |
| 6000 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 338 |
|  |  | 942 |
| **SOFTWARE—1.4%** | **SOFTWARE—1.4%** | **SOFTWARE—1.4%** |
| 517 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 93 |

---

------

⬤

------

**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—3.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.1%** |
| 1867 | Samsung Electronics Co. Ltd. (South Korea) | $208 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $5,370) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $5,370) | 6622 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.7%** <br>(Cost $5,370) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.7%** <br>(Cost $5,370) | 6622 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.3%** | 155 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $6777 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of January 31, 2026, the aggregate value of these securities was $78 or 1% of net assets.

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

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—109.3%** | **COMMON STOCKS—109.3%** | **COMMON STOCKS—109.3%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.5%** | **AEROSPACE & DEFENSE—1.5%** | **AEROSPACE & DEFENSE—1.5%** |
| 892 | ATI, Inc. <sup>\*,1</sup> | $107 |
| 322 | Carpenter Technology Corp. <sup>1</sup> | 103 |
|  |  | 210 |
| **AIR FREIGHT & LOGISTICS—1.5%** | **AIR FREIGHT & LOGISTICS—1.5%** | **AIR FREIGHT & LOGISTICS—1.5%** |
| 598 | CH Robinson Worldwide, Inc. <sup>1</sup> | 116 |
| 628 | Expeditors International of Washington, Inc. <sup>1</sup> | 101 |
|  |  | 217 |
| **BIOTECHNOLOGY—6.6%** | **BIOTECHNOLOGY—6.6%** | **BIOTECHNOLOGY—6.6%** |
| 625 | Amgen, Inc. <sup>1</sup> | 213 |
| 2195 | Exelixis, Inc. <sup>\*</sup> | 91 |
| 949 | Gilead Sciences, Inc. <sup>1</sup> | 135 |
| 1506 | Halozyme Therapeutics, Inc. <sup>\*</sup> | 108 |
| 901 | Incyte Corp. <sup>\*,1</sup> | 90 |
| 1379 | Insmed, Inc. <sup>\*,1</sup> | 216 |
| 125 | Regeneron Pharmaceuticals, Inc. <sup>1</sup> | 93 |
|  |  | 946 |
| **BROADLINE RETAIL—2.0%** | **BROADLINE RETAIL—2.0%** | **BROADLINE RETAIL—2.0%** |
| 183 | Dillard's, Inc. Class A<sup>1</sup> | 111 |
| 939 | eBay, Inc. <sup>1</sup> | 86 |
| 4516 | Macy's, Inc. <sup>1</sup> | 90 |
|  |  | 287 |
| **CHEMICALS—2.7%** | **CHEMICALS—2.7%** | **CHEMICALS—2.7%** |
| 545 | Albemarle Corp.  | 93 |
| 10005 | Element Solutions, Inc.  | 291 |
|  |  | 384 |
| **COMMUNICATIONS EQUIPMENT—4.0%** | **COMMUNICATIONS EQUIPMENT—4.0%** | **COMMUNICATIONS EQUIPMENT—4.0%** |
| 842 | Arista Networks, Inc. <sup>\*,1</sup> | 119 |
| 602 | Ciena Corp. <sup>\*</sup> | 152 |
| 1141 | Cisco Systems, Inc. <sup>1</sup> | 89 |
| 565 | Lumentum Holdings, Inc. <sup>\*</sup> | 222 |
|  |  | 582 |
| **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** |
| 935 | CRH PLC <sup>1</sup> | 114 |
| 341 | Vulcan Materials Co. <sup>1</sup> | 103 |
|  |  | 217 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.8%** |
| 232 | Casey's General Stores, Inc. <sup>1</sup> | 141 |
| 567 | Dollar General Corp. <sup>1</sup> | 81 |
| 959 | Dollar Tree, Inc. <sup>\*,1</sup> | 113 |
| 1709 | U.S. Foods Holding Corp. <sup>\*,1</sup> | 143 |
| 1788 | Walmart, Inc. <sup>1</sup> | 213 |
|  |  | 691 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%** |
| 1011 | AST SpaceMobile, Inc. <sup>\*,1</sup> | 112 |
| 1871 | GCI Liberty, Inc. <sup>\*</sup> | — <br><sup>x</sup><br>|
| 7002 | Liberty Global Ltd. Class A (Belgium)<sup>\*,1</sup> | 78 |
|  |  | 190 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.4%** |
| 668 | Amphenol Corp. Class A<sup>1</sup> | 96 |
| 418 | Coherent Corp. <sup>\*</sup> | 89 |
| 1690 | Corning, Inc. <sup>1</sup> | 174 |
| 1726 | Flex Ltd. <sup>\*</sup> | 109 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 340 | Jabil, Inc.  | $81 |
| 540 | Keysight Technologies, Inc. <sup>\*</sup> | 117 |
| 189 | Teledyne Technologies, Inc. <sup>\*</sup> | 117 |
|  |  | 783 |
| **ENERGY EQUIPMENT & SERVICES—5.0%** | **ENERGY EQUIPMENT & SERVICES—5.0%** | **ENERGY EQUIPMENT & SERVICES—5.0%** |
| 2129 | Baker Hughes Co. <sup>1</sup> | 119 |
| 3301 | Halliburton Co. <sup>1</sup> | 111 |
| 4985 | NOV, Inc. <sup>1</sup> | 92 |
| 2337 | SLB Ltd. <sup>1</sup> | 113 |
| 3443 | TechnipFMC PLC (United Kingdom)<sup>1</sup> | 192 |
| 1004 | Weatherford International PLC <sup>1</sup> | 94 |
|  |  | 721 |
| **ENTERTAINMENT—6.7%** | **ENTERTAINMENT—6.7%** | **ENTERTAINMENT—6.7%** |
| 451 | Electronic Arts, Inc. <sup>1</sup> | 92 |
| 400 | Madison Square Garden Sports Corp. <sup>\*,1</sup> | 113 |
| 785 | Roku, Inc. <sup>\*,1</sup> | 75 |
| 532 | TKO Group Holdings, Inc. <sup>1</sup> | 108 |
| 20696 | Warner Bros Discovery, Inc. <sup>\*</sup> | 570 |
|  |  | 958 |
| **GAS UTILITIES—0.7%** | **GAS UTILITIES—0.7%** | **GAS UTILITIES—0.7%** |
| 2523 | UGI Corp. <sup>1</sup> | 101 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.6%** |
| 1373 | Edwards Lifesciences Corp. <sup>\*,1</sup> | 112 |
| 4816 | Envista Holdings Corp. <sup>\*,1</sup> | 113 |
| 2327 | Globus Medical, Inc. Class A<sup>\*,1</sup> | 211 |
| 201 | IDEXX Laboratories, Inc. <sup>\*,1</sup> | 135 |
| 861 | Medtronic PLC <sup>1</sup> | 88 |
|  |  | 659 |
| **HEALTH CARE PROVIDERS & SERVICES—7.5%** | **HEALTH CARE PROVIDERS & SERVICES—7.5%** | **HEALTH CARE PROVIDERS & SERVICES—7.5%** |
| 824 | Cardinal Health, Inc. <sup>1</sup> | 177 |
| 360 | Cencora, Inc. <sup>1</sup> | 129 |
| 4672 | Centene Corp. <sup>\*,1</sup> | 203 |
| 1127 | CVS Health Corp. <sup>1</sup> | 84 |
| 190 | HCA Healthcare, Inc. <sup>1</sup> | 93 |
| 190 | McKesson Corp. <sup>1</sup> | 158 |
| 670 | Quest Diagnostics, Inc. <sup>1</sup> | 125 |
| 602 | Tenet Healthcare Corp. <sup>\*,1</sup> | 114 |
|  |  | 1083 |
| **HOTELS, RESTAURANTS & LEISURE—7.2%** | **HOTELS, RESTAURANTS & LEISURE—7.2%** | **HOTELS, RESTAURANTS & LEISURE—7.2%** |
| 28 | Booking Holdings, Inc. <sup>1</sup> | 140 |
| 1042 | Boyd Gaming Corp. <sup>1</sup> | 88 |
| 10054 | Carnival Corp. <sup>\*,1</sup> | 302 |
| 359 | Expedia Group, Inc. <sup>1</sup> | 95 |
| 378 | Hilton Worldwide Holdings, Inc. <sup>1</sup> | 113 |
| 254 | Marriott International, Inc. Class A<sup>1</sup> | 80 |
| 1419 | Travel & Leisure Co. <sup>1</sup> | 99 |
| 1541 | Viking Holdings Ltd. <sup>\*,1</sup> | 111 |
|  |  | 1028 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%** |
| 5548 | AES Corp. <sup>1</sup> | 81 |
| 2467 | Clearway Energy, Inc. Class A<sup>1</sup> | 83 |
| 314 | Talen Energy Corp. <sup>\*,1</sup> | 110 |
|  |  | 274 |

---

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—0.7%** | **INTERACTIVE MEDIA & SERVICES—0.7%** | **INTERACTIVE MEDIA & SERVICES—0.7%** |
| 525 | Reddit, Inc. Class A<sup>\*,1</sup> | $95 |
| **IT SERVICES—1.3%** | **IT SERVICES—1.3%** | **IT SERVICES—1.3%** |
| 261 | International Business Machines Corp. <sup>1</sup> | 80 |
| 288 | MongoDB, Inc. <sup>\*,1</sup> | 107 |
|  |  | 187 |
| **LIFE SCIENCES TOOLS & SERVICES—4.1%** | **LIFE SCIENCES TOOLS & SERVICES—4.1%** | **LIFE SCIENCES TOOLS & SERVICES—4.1%** |
| 7273 | 10X Genomics, Inc. Class A<sup>\*</sup> | 147 |
| 646 | Charles River Laboratories International, Inc. <sup>\*</sup> | 136 |
| 589 | Illumina, Inc. <sup>\*,1</sup> | 85 |
| 196 | Medpace Holdings, Inc. <sup>\*</sup> | 114 |
| 6203 | Sotera Health Co. <sup>\*</sup> | 113 |
|  |  | 595 |
| **MEDIA—0.7%** | **MEDIA—0.7%** | **MEDIA—0.7%** |
| 1369 | New York Times Co. Class A<sup>1</sup> | 100 |
| **METALS & MINING—15.9%** | **METALS & MINING—15.9%** | **METALS & MINING—15.9%** |
| 1463 | Alcoa Corp.  | 83 |
| 4468 | Anglogold Ashanti PLC (United Kingdom) | 415 |
| 20924 | Cleveland-Cliffs, Inc. <sup>\*</sup> | 288 |
| 5888 | Freeport-McMoRan, Inc. <sup>1</sup> | 355 |
| 3400 | Newmont Corp. <sup>1</sup> | 382 |
| 1434 | Royal Gold, Inc.  | 377 |
| 1445 | Southern Copper Corp. (Peru) | 275 |
| 567 | Steel Dynamics, Inc.  | 102 |
|  |  | 2277 |
| **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** |
| 2587 | CenterPoint Energy, Inc. <sup>1</sup> | 103 |
| 2442 | NiSource, Inc. <sup>1</sup> | 108 |
|  |  | 211 |
| **OIL, GAS & CONSUMABLE FUELS—2.0%** | **OIL, GAS & CONSUMABLE FUELS—2.0%** | **OIL, GAS & CONSUMABLE FUELS—2.0%** |
| 4381 | Antero Midstream Corp. <sup>1</sup> | 82 |
| 939 | DT Midstream, Inc. <sup>1</sup> | 118 |
| 506 | Valero Energy Corp. <sup>1</sup> | 92 |
|  |  | 292 |
| **PASSENGER AIRLINES—3.3%** | **PASSENGER AIRLINES—3.3%** | **PASSENGER AIRLINES—3.3%** |
| 1615 | Delta Air Lines, Inc. <sup>1</sup> | 106 |
| 6158 | Southwest Airlines Co. <sup>1</sup> | 293 |
| 706 | United Airlines Holdings, Inc. <sup>\*,1</sup> | 72 |
|  |  | 471 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—3.9%** | **PHARMACEUTICALS—3.9%** | **PHARMACEUTICALS—3.9%** |
| 4417 | Elanco Animal Health, Inc. <sup>\*</sup> | $106 |
| 76 | Eli Lilly & Co. <sup>1</sup> | 79 |
| 1071 | Johnson & Johnson <sup>1</sup> | 244 |
| 3098 | Royalty Pharma PLC Class A<sup>1</sup> | 129 |
|  |  | 558 |
| **SOFTWARE—2.2%** | **SOFTWARE—2.2%** | **SOFTWARE—2.2%** |
| 1358 | Dolby Laboratories, Inc. Class A<sup>1</sup> | 87 |
| 3911 | Teradata Corp. <sup>\*,1</sup> | 112 |
| 1249 | Zoom Communications, Inc. <sup>\*,1</sup> | 115 |
|  |  | 314 |
| **SPECIALTY RETAIL—4.7%** | **SPECIALTY RETAIL—4.7%** | **SPECIALTY RETAIL—4.7%** |
| 364 | Carvana Co. <sup>\*,1</sup> | 146 |
| 547 | Ross Stores, Inc. <sup>1</sup> | 103 |
| 603 | TJX Cos., Inc. <sup>1</sup> | 91 |
| 133 | Ulta Beauty, Inc. <sup>\*,1</sup> | 86 |
| 1046 | Wayfair, Inc. Class A<sup>\*,1</sup> | 108 |
| 675 | Williams-Sonoma, Inc. <sup>1</sup> | 138 |
|  |  | 672 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.4%** |
| 455 | Sandisk Corp. <sup>\*,1</sup> | 262 |
| 912 | Western Digital Corp. <sup>1</sup> | 228 |
|  |  | 490 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.7%** | **WIRELESS TELECOMMUNICATION SERVICES—0.7%** | **WIRELESS TELECOMMUNICATION SERVICES—0.7%** |
| 1763 | Millicom International Cellular SA (Sweden) | 107 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $12,868) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $12,868) | 15700 |

---

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

---

| | |
|:---|:---|
| **EXCHANGE-TRADED FUNDS—8.5%** | **EXCHANGE-TRADED FUNDS—8.5%** |
| **CAPITAL MARKETS—8.5%** | **CAPITAL MARKETS—8.5%** |
| 9430<br> iShares Silver Trust <sup>\*,1</sup> | 712 |
| 1140<br> SPDR Gold Shares <sup>\*,1</sup> | 507 |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $735) | 1219 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—117.8%** <br>(Cost $13,603) | 16919 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(17.8)%** | (2556)<br>|
| **TOTAL NET ASSETS—100%** | $14363 |

---

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

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**INVESTMENTS SOLD SHORT**

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—(62.9)%** | **COMMON STOCKS—(62.9)%** | **COMMON STOCKS—(62.9)%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—(4.1)%** | **BIOTECHNOLOGY—(4.1)%** | **BIOTECHNOLOGY—(4.1)%** |
| (14819)<br>| Ultragenyx Pharmaceutical, Inc. <sup>\*</sup> | $(356)<br>|
| (508)<br>| Vertex Pharmaceuticals, Inc. <sup>\*</sup> | (239)<br>|
|  |  | (595)<br>|
| **BROADLINE RETAIL—(1.6)%** | **BROADLINE RETAIL—(1.6)%** | **BROADLINE RETAIL—(1.6)%** |
| (2095)<br>| Ollie's Bargain Outlet Holdings, Inc. <sup>\*</sup> | (231)<br>|
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.8)%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.8)%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.8)%** |
| (3627)<br>| Sprouts Farmers Market, Inc. <sup>\*</sup> | (257)<br>|
| **DIVERSIFIED CONSUMER SERVICES—(1.6)%** | **DIVERSIFIED CONSUMER SERVICES—(1.6)%** | **DIVERSIFIED CONSUMER SERVICES—(1.6)%** |
| (1661)<br>| Duolingo, Inc. <sup>\*</sup> | (223)<br>|
| **ELECTRIC UTILITIES—(1.8)%** | **ELECTRIC UTILITIES—(1.8)%** | **ELECTRIC UTILITIES—(1.8)%** |
| (1735)<br>| NRG Energy, Inc.  | (265)<br>|
| **GROUND TRANSPORTATION—(1.8)%** | **GROUND TRANSPORTATION—(1.8)%** | **GROUND TRANSPORTATION—(1.8)%** |
| (750)<br>| Saia, Inc. <sup>\*</sup> | (251)<br>|
| **HEALTH CARE EQUIPMENT & SUPPLIES—(3.3)%** | **HEALTH CARE EQUIPMENT & SUPPLIES—(3.3)%** | **HEALTH CARE EQUIPMENT & SUPPLIES—(3.3)%** |
| (809)<br>| Insulet Corp. <sup>\*</sup> | (207)<br>|
| (2506)<br>| Teleflex, Inc.  | (261)<br>|
|  |  | (468)<br>|
| **HEALTH CARE PROVIDERS & SERVICES—(6.3)%** | **HEALTH CARE PROVIDERS & SERVICES—(6.3)%** | **HEALTH CARE PROVIDERS & SERVICES—(6.3)%** |
| (838)<br>| Cigna Group  | (230)<br>|
| (2633)<br>| Encompass Health Corp.  | (249)<br>|
| (901)<br>| Humana, Inc.  | (176)<br>|
| (1263)<br>| Universal Health Services, Inc. Class B | (254)<br>|
|  |  | (909)<br>|
| **HOTELS, RESTAURANTS & LEISURE—(6.6)%** | **HOTELS, RESTAURANTS & LEISURE—(6.6)%** | **HOTELS, RESTAURANTS & LEISURE—(6.6)%** |
| (1250)<br>| DoorDash, Inc. Class A<sup>\*</sup> | (256)<br>|
| (3609)<br>| Dutch Bros, Inc. Class A<sup>\*</sup> | (196)<br>|
| (1481)<br>| Flutter Entertainment PLC <sup>\*</sup> | (244)<br>|
| (2742)<br>| Planet Fitness, Inc. Class A<sup>\*</sup> | (250)<br>|
|  |  | (946)<br>|
| **INTERACTIVE MEDIA & SERVICES—(1.8)%** | **INTERACTIVE MEDIA & SERVICES—(1.8)%** | **INTERACTIVE MEDIA & SERVICES—(1.8)%** |
| (357)<br>| Meta Platforms, Inc. Class A | (256)<br>|

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **IT SERVICES—(1.8)%** | **IT SERVICES—(1.8)%** | **IT SERVICES—(1.8)%** |
| (1494)<br>| Cloudflare, Inc. Class A<sup>\*</sup> | $(265)<br>|
| **MEDIA—(4.0)%** | **MEDIA—(4.0)%** | **MEDIA—(4.0)%** |
| (1351)<br>| Charter Communications, Inc. Class A<sup>\*</sup> | (278)<br>|
| (9816)<br>| Trade Desk, Inc. Class A<sup>\*</sup> | (298)<br>|
|  |  | (576)<br>|
| **OIL, GAS & CONSUMABLE FUELS—(7.1)%** | **OIL, GAS & CONSUMABLE FUELS—(7.1)%** | **OIL, GAS & CONSUMABLE FUELS—(7.1)%** |
| (1180)<br>| Cheniere Energy, Inc.  | (250)<br>|
| (1571)<br>| Diamondback Energy, Inc.  | (257)<br>|
| (4273)<br>| EQT Corp.  | (247)<br>|
| (2366)<br>| Expand Energy Corp.  | (266)<br>|
|  |  | (1020)<br>|
| **SOFTWARE—(12.7)%** | **SOFTWARE—(12.7)%** | **SOFTWARE—(12.7)%** |
| (168)<br>| Fair Isaac Corp. <sup>\*</sup> | (246)<br>|
| (2900)<br>| Fortinet, Inc. <sup>\*</sup> | (236)<br>|
| (459)<br>| Intuit, Inc.  | (229)<br>|
| (555)<br>| Microsoft Corp.  | (239)<br>|
| (1462)<br>| Oracle Corp.  | (240)<br>|
| (28120)<br>| SentinelOne, Inc. Class A<sup>\*</sup> | (393)<br>|
| (1235)<br>| Zscaler, Inc. <sup>\*</sup> | (247)<br>|
|  |  | (1830)<br>|
| **SPECIALTY RETAIL—(3.1)%** | **SPECIALTY RETAIL—(3.1)%** | **SPECIALTY RETAIL—(3.1)%** |
| (682)<br>| Lithia Motors, Inc.  | (221)<br>|
| (1134)<br>| RH <sup>\*</sup> | (225)<br>|
|  |  | (446)<br>|
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—(1.6)%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—(1.6)%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—(1.6)%** |
| (7656)<br>| Super Micro Computer, Inc. <sup>\*</sup> | (223)<br>|
| **WIRELESS TELECOMMUNICATION SERVICES—(1.9)%** | **WIRELESS TELECOMMUNICATION SERVICES—(1.9)%** | **WIRELESS TELECOMMUNICATION SERVICES—(1.9)%** |
| (1392)<br>| T-Mobile U.S., Inc.  | (275)<br>|
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds - $10,158) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds - $10,158) | (9036)<br>|
| **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS - $10,158)** | **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS - $10,158)** | $(9036)<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 | 03/20/2026 | 572 | $3089 | $193 | $62 |
| ProShares UltraPro QQQ | 40.00 | 06/18/2026 | 400 | 2160 | 193 | 128 |
| &nbsp;&nbsp;&nbsp; Total Put Purchased Options | &nbsp;&nbsp;&nbsp; Total Put Purchased Options | &nbsp;&nbsp;&nbsp; Total Put Purchased Options | &nbsp;&nbsp;&nbsp; Total Put Purchased Options | &nbsp;&nbsp;&nbsp; Total Put Purchased Options | $386 | $190 |

---

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

As of January 31, 2026, the investment in GCI Liberty, Inc. (as disclosed in the preceding Portfolio of Investments) 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 Portfolios of Investments.

------

\*

Non-income producing security

x

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

As of January 31, 2026, all or a portion of this security was pledged as collateral for investments sold short. The securities pledged had an aggregate value of $12,616.

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

------

⬤

------

**Harbor Long-Term Growers ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—4.3%** | **AEROSPACE & DEFENSE—4.3%** | **AEROSPACE & DEFENSE—4.3%** |
| 7594 | Axon Enterprise, Inc. <sup>\*</sup> | $3672 |
| 91200 | Boeing Co. <sup>\*</sup> | 21315 |
| 50005 | General Electric Co.  | 15341 |
| 3779 | TransDigm Group, Inc.  | 5395 |
|  |  | 45723 |
| **AUTOMOBILES—3.4%** | **AUTOMOBILES—3.4%** | **AUTOMOBILES—3.4%** |
| 83588 | Tesla, Inc. <sup>\*</sup> | 35977 |
| **BANKS—1.1%** | **BANKS—1.1%** | **BANKS—1.1%** |
| 20771 | JPMorgan Chase & Co.  | 6354 |
| 329016 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 5840 |
|  |  | 12194 |
| **BEVERAGES—0.5%** | **BEVERAGES—0.5%** | **BEVERAGES—0.5%** |
| 77957 | Coca-Cola Co.  | 5832 |
| **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** | **BIOTECHNOLOGY—1.2%** |
| 62034 | Gilead Sciences, Inc.  | 8806 |
| 8721 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 4098 |
|  |  | 12904 |
| **BROADLINE RETAIL—8.0%** | **BROADLINE RETAIL—8.0%** | **BROADLINE RETAIL—8.0%** |
| 332602 | Amazon.com, Inc. <sup>\*</sup> | 79592 |
| 2934 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 6301 |
|  |  | 85893 |
| **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** |
| 35689 | ARES Management Corp. Class A | 5342 |
| 4155 | Goldman Sachs Group, Inc.  | 3887 |
| 14797 | KKR & Co., Inc.  | 1691 |
| 7307 | LPL Financial Holdings, Inc.  | 2663 |
| 46526 | Robinhood Markets, Inc. Class A<sup>\*</sup> | 4628 |
|  |  | 18211 |
| **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** |
| 79527 | Arista Networks, Inc. <sup>\*</sup> | 11272 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** |
| 12781 | Costco Wholesale Corp.  | 12017 |
| 157125 | Walmart, Inc.  | 18720 |
|  |  | 30737 |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| 49572 | Constellation Energy Corp.  | 13914 |
| **ELECTRICAL EQUIPMENT—0.8%** | **ELECTRICAL EQUIPMENT—0.8%** | **ELECTRICAL EQUIPMENT—0.8%** |
| 12088 | GE Vernova, Inc.  | 8780 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** |
| 17511 | Amphenol Corp. Class A | 2523 |
| **ENTERTAINMENT—3.1%** | **ENTERTAINMENT—3.1%** | **ENTERTAINMENT—3.1%** |
| 216634 | Netflix, Inc. <sup>\*</sup> | 18087 |
| 13864 | Spotify Technology SA <sup>\*</sup> | 6937 |
| 70361 | Walt Disney Co.  | 7936 |
|  |  | 32960 |
| **FINANCIAL SERVICES—2.4%** | **FINANCIAL SERVICES—2.4%** | **FINANCIAL SERVICES—2.4%** |
| 32288 | Mastercard, Inc. Class A | 17397 |
| 107136 | Toast, Inc. Class A<sup>\*</sup> | 3333 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** |
| 14064 | Visa, Inc. Class A | $4526 |
|  |  | 25256 |
| **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** |
| 33883 | Uber Technologies, Inc. <sup>\*</sup> | 2712 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** |
| 24198 | Boston Scientific Corp. <sup>\*</sup> | 2263 |
| 28352 | Dexcom, Inc. <sup>\*</sup> | 2071 |
| 31532 | Edwards Lifesciences Corp. <sup>\*</sup> | 2565 |
| 12224 | Intuitive Surgical, Inc. <sup>\*</sup> | 6164 |
|  |  | 13063 |
| **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** |
| 24361 | Veeva Systems, Inc. Class A<sup>\*</sup> | 4968 |
| **HOTELS, RESTAURANTS & LEISURE—0.6%** | **HOTELS, RESTAURANTS & LEISURE—0.6%** | **HOTELS, RESTAURANTS & LEISURE—0.6%** |
| 19744 | Hilton Worldwide Holdings, Inc.  | 5894 |
| **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** | **INTERACTIVE MEDIA & SERVICES—10.4%** |
| 227180 | Alphabet, Inc. Class A | 76787 |
| 48052 | Meta Platforms, Inc. Class A | 34429 |
|  |  | 111216 |
| **IT SERVICES—3.3%** | **IT SERVICES—3.3%** | **IT SERVICES—3.3%** |
| 50486 | Cloudflare, Inc. Class A<sup>\*</sup> | 8954 |
| 79790 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 10471 |
| 84356 | Snowflake, Inc. <sup>\*</sup> | 16255 |
|  |  | 35680 |
| **LIFE SCIENCES TOOLS & SERVICES—1.9%** | **LIFE SCIENCES TOOLS & SERVICES—1.9%** | **LIFE SCIENCES TOOLS & SERVICES—1.9%** |
| 41591 | Agilent Technologies, Inc.  | 5567 |
| 35515 | Danaher Corp.  | 7774 |
| 11724 | Thermo Fisher Scientific, Inc.  | 6783 |
|  |  | 20124 |
| **PHARMACEUTICALS—4.3%** | **PHARMACEUTICALS—4.3%** | **PHARMACEUTICALS—4.3%** |
| 44406 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 4120 |
| 38042 | Eli Lilly & Co.  | 39455 |
| 26226 | Merck & Co., Inc.  | 2892 |
|  |  | 46467 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—21.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—21.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—21.0%** |
| 36066 | Advanced Micro Devices, Inc. <sup>\*</sup> | 8538 |
| 2446 | &nbsp;&nbsp;&nbsp; ASML Holding NV New York Registry Shares <br> (Netherlands)<br>| 3481 |
| 189007 | Broadcom, Inc.  | 62618 |
| 36391 | Lam Research Corp.  | 8496 |
| 661172 | NVIDIA Corp.  | 126370 |
| 14389 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 4756 |
| 45814 | Texas Instruments, Inc.  | 9875 |
|  |  | 224134 |
| **SOFTWARE—13.9%** | **SOFTWARE—13.9%** | **SOFTWARE—13.9%** |
| 17223 | AppLovin Corp. Class A<sup>\*</sup> | 8148 |
| 45739 | Cadence Design Systems, Inc. <sup>\*</sup> | 13555 |
| 30599 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 13507 |
| 17048 | Datadog, Inc. Class A<sup>\*</sup> | 2205 |
| 197321 | Microsoft Corp.  | 84905 |
| 43061 | Oracle Corp.  | 7087 |
| 15845 | Palantir Technologies, Inc. Class A<sup>\*</sup> | 2323 |

---

------

⬤

------

**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** |
| 57749 | Palo Alto Networks, Inc. <sup>\*</sup> | $10220 |
| 23529 | Salesforce, Inc.  | 4995 |
| 17856 | ServiceNow, Inc. <sup>\*</sup> | 2089 |
|  |  | 149034 |
| **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** |
| 26295 | American Tower Corp.  | 4714 |
| **SPECIALTY RETAIL—1.6%** | **SPECIALTY RETAIL—1.6%** | **SPECIALTY RETAIL—1.6%** |
| 332375 | Industria de Diseno Textil SA ADR (Spain)<sup>1</sup> | 5398 |
| 35015 | O'Reilly Automotive, Inc. <sup>\*</sup> | 3446 |
| 55942 | TJX Cos., Inc.  | 8380 |
|  |  | 17224 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.7%** |
| 315028 | Apple, Inc.  | $81744 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** |
| 36173 | adidas AG ADR (Germany)<sup>1</sup> | 3196 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $828,442) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $828,442) | 1062346 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.4%** <br>(Cost $828,442) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.4%** <br>(Cost $828,442) | 1062346 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | 6370 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1068716 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor Mid Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.5%** | **COMMON STOCKS—96.5%** | **COMMON STOCKS—96.5%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—6.6%** | **AEROSPACE & DEFENSE—6.6%** | **AEROSPACE & DEFENSE—6.6%** |
| 181 | General Dynamics Corp.  | $63 |
| 1099 | Hexcel Corp.  | 91 |
| 396 | Woodward, Inc.  | 126 |
|  |  | 280 |
| **AIR FREIGHT & LOGISTICS—2.0%** | **AIR FREIGHT & LOGISTICS—2.0%** | **AIR FREIGHT & LOGISTICS—2.0%** |
| 429 | CH Robinson Worldwide, Inc.  | 84 |
| **BANKS—3.3%** | **BANKS—3.3%** | **BANKS—3.3%** |
| 588 | East West Bancorp, Inc.  | 67 |
| 488 | Wintrust Financial Corp.  | 72 |
|  |  | 139 |
| **BUILDING PRODUCTS—1.9%** | **BUILDING PRODUCTS—1.9%** | **BUILDING PRODUCTS—1.9%** |
| 1234 | Masco Corp.  | 82 |
| **CAPITAL MARKETS—7.1%** | **CAPITAL MARKETS—7.1%** | **CAPITAL MARKETS—7.1%** |
| 355 | Houlihan Lokey, Inc.  | 60 |
| 434 | Intercontinental Exchange, Inc.  | 76 |
| 490 | Raymond James Financial, Inc.  | 81 |
| 684 | Stifel Financial Corp.  | 84 |
|  |  | 301 |
| **CHEMICALS—4.8%** | **CHEMICALS—4.8%** | **CHEMICALS—4.8%** |
| 552 | Albemarle Corp.  | 94 |
| 547 | Eastman Chemical Co.  | 38 |
| 1082 | Scotts Miracle-Gro Co.  | 70 |
|  |  | 202 |
| **COMMERCIAL SERVICES & SUPPLIES—2.0%** | **COMMERCIAL SERVICES & SUPPLIES—2.0%** | **COMMERCIAL SERVICES & SUPPLIES—2.0%** |
| 404 | Republic Services, Inc.  | 87 |
| **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** |
| 98 | EMCOR Group, Inc.  | 71 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** |
| 635 | Sysco Corp.  | 53 |
| **CONTAINERS & PACKAGING—1.4%** | **CONTAINERS & PACKAGING—1.4%** | **CONTAINERS & PACKAGING—1.4%** |
| 259 | Packaging Corp. of America  | 58 |
| **ELECTRICAL EQUIPMENT—2.5%** | **ELECTRICAL EQUIPMENT—2.5%** | **ELECTRICAL EQUIPMENT—2.5%** |
| 1471 | Sensata Technologies Holding PLC  | 51 |
| 301 | Vertiv Holdings Co. Class A | 56 |
|  |  | 107 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.8%** |
| 471 | Arrow Electronics, Inc. <sup>\*</sup> | 62 |
| 452 | Keysight Technologies, Inc. <sup>\*</sup> | 98 |
|  |  | 160 |
| **ENERGY EQUIPMENT & SERVICES—1.7%** | **ENERGY EQUIPMENT & SERVICES—1.7%** | **ENERGY EQUIPMENT & SERVICES—1.7%** |
| 900 | Helmerich & Payne, Inc.  | 30 |
| 841 | SLB Ltd.  | 41 |
|  |  | 71 |
| **FINANCIAL SERVICES—0.9%** | **FINANCIAL SERVICES—0.9%** | **FINANCIAL SERVICES—0.9%** |
| 529 | Global Payments, Inc.  | 38 |
| **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** | **GROUND TRANSPORTATION—1.5%** |
| 1738 | CSX Corp.  | 66 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—4.8%** | **HEALTH CARE PROVIDERS & SERVICES—4.8%** | **HEALTH CARE PROVIDERS & SERVICES—4.8%** |
| 228 | Cencora, Inc.  | $82 |
| 1264 | Centene Corp. <sup>\*</sup> | 54 |
| 250 | Labcorp Holdings, Inc.  | 68 |
|  |  | 204 |
| **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** |
| 377 | Darden Restaurants, Inc.  | 75 |
| **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** |
| 445 | DR Horton, Inc.  | 66 |
| **INDUSTRIAL REITS—0.7%** | **INDUSTRIAL REITS—0.7%** | **INDUSTRIAL REITS—0.7%** |
| 2489 | Americold Realty Trust, Inc.  | 31 |
| **INSURANCE—4.8%** | **INSURANCE—4.8%** | **INSURANCE—4.8%** |
| 190 | Progressive Corp.  | 40 |
| 420 | Reinsurance Group of America, Inc. Class A | 85 |
| 274 | RenaissanceRe Holdings Ltd. (Bermuda) | 77 |
|  |  | 202 |
| **IT SERVICES—3.2%** | **IT SERVICES—3.2%** | **IT SERVICES—3.2%** |
| 670 | Akamai Technologies, Inc. <sup>\*</sup> | 65 |
| 578 | Twilio, Inc. Class A<sup>\*</sup> | 70 |
|  |  | 135 |
| **LIFE SCIENCES TOOLS & SERVICES—6.9%** | **LIFE SCIENCES TOOLS & SERVICES—6.9%** | **LIFE SCIENCES TOOLS & SERVICES—6.9%** |
| 461 | Agilent Technologies, Inc.  | 62 |
| 168 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 49 |
| 447 | IQVIA Holdings, Inc. <sup>\*</sup> | 103 |
| 1470 | Qiagen NV  | 79 |
|  |  | 293 |
| **MACHINERY—6.3%** | **MACHINERY—6.3%** | **MACHINERY—6.3%** |
| 192 | Cummins, Inc.  | 111 |
| 385 | Dover Corp.  | 77 |
| 218 | Snap-on, Inc.  | 80 |
|  |  | 268 |
| **MULTI-UTILITIES—1.7%** | **MULTI-UTILITIES—1.7%** | **MULTI-UTILITIES—1.7%** |
| 644 | WEC Energy Group, Inc.  | 71 |
| **OFFICE REITS—1.2%** | **OFFICE REITS—1.2%** | **OFFICE REITS—1.2%** |
| 793 | BXP, Inc.  | 51 |
| **OIL, GAS & CONSUMABLE FUELS—2.0%** | **OIL, GAS & CONSUMABLE FUELS—2.0%** | **OIL, GAS & CONSUMABLE FUELS—2.0%** |
| 2087 | Coterra Energy, Inc.  | 60 |
| 749 | Murphy Oil Corp.  | 23 |
|  |  | 83 |
| **PROFESSIONAL SERVICES—1.1%** | **PROFESSIONAL SERVICES—1.1%** | **PROFESSIONAL SERVICES—1.1%** |
| 234 | Broadridge Financial Solutions, Inc.  | 46 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.9%** |
| 723 | CBRE Group, Inc. Class A<sup>\*</sup> | 123 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.4%** |
| 213 | Applied Materials, Inc.  | 69 |
| 942 | Entegris, Inc.  | 111 |
| 878 | Skyworks Solutions, Inc.  | 49 |
|  |  | 229 |
| **SOFTWARE—1.8%** | **SOFTWARE—1.8%** | **SOFTWARE—1.8%** |
| 167 | Synopsys, Inc. <sup>\*</sup> | 78 |

---

------

⬤

------

**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** |
| **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** |
| 217 | SBA Communications Corp.  | $40 |
| **SPECIALTY RETAIL—5.4%** | **SPECIALTY RETAIL—5.4%** | **SPECIALTY RETAIL—5.4%** |
| 417 | Ross Stores, Inc.  | 79 |
| 388 | TJX Cos., Inc.  | 58 |
| 140 | Ulta Beauty, Inc. <sup>\*</sup> | 90 |
|  |  | 227 |
| **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** |
| 368 | GATX Corp.  | 67 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,412) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,412) | 4088 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—96.5%** <br>(Cost $3,412) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—96.5%** <br>(Cost $3,412) | 4088 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.5%** | 148 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4236 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Mid Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** | **COMMON STOCKS—97.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.0%** | **AEROSPACE & DEFENSE—3.0%** | **AEROSPACE & DEFENSE—3.0%** |
| 301 | Huntington Ingalls Industries, Inc.  | $127 |
| **AUTOMOBILE COMPONENTS—1.3%** | **AUTOMOBILE COMPONENTS—1.3%** | **AUTOMOBILE COMPONENTS—1.3%** |
| 1125 | BorgWarner, Inc.  | 53 |
| **BANKS—6.4%** | **BANKS—6.4%** | **BANKS—6.4%** |
| 1203 | Bank OZK  | 57 |
| 587 | Pinnacle Financial Partners, Inc.  | 56 |
| 660 | Popular, Inc. (Puerto Rico) | 88 |
| 1036 | Webster Financial Corp.  | 68 |
|  |  | 269 |
| **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** | **BUILDING PRODUCTS—1.2%** |
| 775 | Masco Corp.  | 51 |
| **CAPITAL MARKETS—8.8%** | **CAPITAL MARKETS—8.8%** | **CAPITAL MARKETS—8.8%** |
| 180 | FactSet Research Systems, Inc.  | 46 |
| 704 | Intercontinental Exchange, Inc.  | 122 |
| 555 | Raymond James Financial, Inc.  | 92 |
| 889 | Stifel Financial Corp.  | 110 |
|  |  | 370 |
| **CHEMICALS—4.8%** | **CHEMICALS—4.8%** | **CHEMICALS—4.8%** |
| 405 | Albemarle Corp.  | 69 |
| 557 | CF Industries Holdings, Inc.  | 52 |
| 470 | Eastman Chemical Co.  | 33 |
| 740 | Scotts Miracle-Gro Co.  | 47 |
|  |  | 201 |
| **CONSTRUCTION MATERIALS—1.2%** | **CONSTRUCTION MATERIALS—1.2%** | **CONSTRUCTION MATERIALS—1.2%** |
| 246 | Eagle Materials, Inc.  | 50 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.3%** |
| 639 | Sysco Corp.  | 54 |
| **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** |
| 623 | Sonoco Products Co.  | 30 |
| **DISTRIBUTORS—1.0%** | **DISTRIBUTORS—1.0%** | **DISTRIBUTORS—1.0%** |
| 1321 | LKQ Corp.  | 43 |
| **ELECTRICAL EQUIPMENT—3.6%** | **ELECTRICAL EQUIPMENT—3.6%** | **ELECTRICAL EQUIPMENT—3.6%** |
| 783 | Nextpower, Inc. Class A<sup>\*</sup> | 92 |
| 379 | Regal Rexnord Corp.  | 61 |
|  |  | 153 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.6%** |
| 1154 | Avnet, Inc.  | 72 |
| 2572 | Flex Ltd. <sup>\*</sup> | 162 |
|  |  | 234 |
| **ENERGY EQUIPMENT & SERVICES—1.6%** | **ENERGY EQUIPMENT & SERVICES—1.6%** | **ENERGY EQUIPMENT & SERVICES—1.6%** |
| 3607 | NOV, Inc.  | 66 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 653 | Global Payments, Inc.  | 47 |
| **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** | **GAS UTILITIES—1.5%** |
| 384 | Atmos Energy Corp.  | 64 |
| **GROUND TRANSPORTATION—2.9%** | **GROUND TRANSPORTATION—2.9%** | **GROUND TRANSPORTATION—2.9%** |
| 1973 | CSX Corp.  | 74 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GROUND TRANSPORTATION—Continued** | **GROUND TRANSPORTATION—Continued** | **GROUND TRANSPORTATION—Continued** |
| 1740 | Schneider National, Inc. Class B | $47 |
|  |  | 121 |
| **HEALTH CARE PROVIDERS & SERVICES—3.1%** | **HEALTH CARE PROVIDERS & SERVICES—3.1%** | **HEALTH CARE PROVIDERS & SERVICES—3.1%** |
| 846 | Centene Corp. <sup>\*</sup> | 37 |
| 121 | Humana, Inc.  | 24 |
| 255 | Labcorp Holdings, Inc.  | 69 |
|  |  | 130 |
| **HEALTH CARE REITS—0.5%** | **HEALTH CARE REITS—0.5%** | **HEALTH CARE REITS—0.5%** |
| 364 | Alexandria Real Estate Equities, Inc.  | 20 |
| **HOTELS, RESTAURANTS & LEISURE—5.1%** | **HOTELS, RESTAURANTS & LEISURE—5.1%** | **HOTELS, RESTAURANTS & LEISURE—5.1%** |
| 483 | Darden Restaurants, Inc.  | 96 |
| 367 | Royal Caribbean Cruises Ltd.  | 119 |
|  |  | 215 |
| **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** | **HOUSEHOLD DURABLES—1.5%** |
| 412 | DR Horton, Inc.  | 61 |
| **INSURANCE—5.3%** | **INSURANCE—5.3%** | **INSURANCE—5.3%** |
| 373 | Progressive Corp.  | 78 |
| 374 | Reinsurance Group of America, Inc. Class A | 76 |
| 242 | RenaissanceRe Holdings Ltd. (Bermuda) | 68 |
|  |  | 222 |
| **IT SERVICES—1.4%** | **IT SERVICES—1.4%** | **IT SERVICES—1.4%** |
| 592 | Akamai Technologies, Inc. <sup>\*</sup> | 58 |
| **LIFE SCIENCES TOOLS & SERVICES—3.2%** | **LIFE SCIENCES TOOLS & SERVICES—3.2%** | **LIFE SCIENCES TOOLS & SERVICES—3.2%** |
| 291 | Charles River Laboratories International, Inc. <sup>\*</sup> | 61 |
| 326 | IQVIA Holdings, Inc. <sup>\*</sup> | 75 |
|  |  | 136 |
| **MACHINERY—7.2%** | **MACHINERY—7.2%** | **MACHINERY—7.2%** |
| 274 | Cummins, Inc.  | 159 |
| 910 | Flowserve Corp.  | 71 |
| 202 | Snap-on, Inc.  | 74 |
|  |  | 304 |
| **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** |
| 503 | WEC Energy Group, Inc.  | 56 |
| **OFFICE REITS—2.7%** | **OFFICE REITS—2.7%** | **OFFICE REITS—2.7%** |
| 708 | BXP, Inc.  | 46 |
| 2176 | Vornado Realty Trust  | 69 |
|  |  | 115 |
| **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** |
| 1704 | Murphy Oil Corp.  | 51 |
| 791 | ONEOK, Inc.  | 63 |
|  |  | 114 |
| **PROFESSIONAL SERVICES—1.2%** | **PROFESSIONAL SERVICES—1.2%** | **PROFESSIONAL SERVICES—1.2%** |
| 254 | Broadridge Financial Solutions, Inc.  | 50 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.6%** |
| 634 | CBRE Group, Inc. Class A<sup>\*</sup> | 108 |
| **RESIDENTIAL REITS—1.2%** | **RESIDENTIAL REITS—1.2%** | **RESIDENTIAL REITS—1.2%** |
| 195 | Essex Property Trust, Inc.  | 49 |

---

------

⬤

------

**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** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.2%** |
| 270 | Applied Materials, Inc.  | $87 |
| 1496 | ON Semiconductor Corp. <sup>\*</sup> | 90 |
|  |  | 177 |
| **SOFTWARE—2.9%** | **SOFTWARE—2.9%** | **SOFTWARE—2.9%** |
| 257 | Synopsys, Inc. <sup>\*</sup> | 120 |
| **SPECIALTY RETAIL—3.6%** | **SPECIALTY RETAIL—3.6%** | **SPECIALTY RETAIL—3.6%** |
| 1240 | Bath & Body Works, Inc.  | 27 |
| 298 | Ross Stores, Inc.  | 56 |
| 462 | TJX Cos., Inc.  | 69 |
|  |  | 152 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** | **TRADING COMPANIES & DISTRIBUTORS—1.7%** |
| 392 | GATX Corp.  | $71 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,435) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,435) | 4091 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.4%** <br>(Cost $3,435) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—97.4%** <br>(Cost $3,435) | 4091 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.6%** | 108 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4199 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Multi-Asset Explorer ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—99.8%** | **EXCHANGE-TRADED FUNDS—99.8%** | **EXCHANGE-TRADED FUNDS—99.8%** |
| **Shares** |  | **Value** |
| **COMMODITY FUNDS—9.5%** | **COMMODITY FUNDS—9.5%** | **COMMODITY FUNDS—9.5%** |
| 1377 | iShares Bitcoin Trust ETF <sup>\*</sup> | $65 |
| 9327 | SPDR Gold MiniShares Trust <sup>\*</sup> | 896 |
|  |  | 961 |
| **EQUITY FUNDS—70.9%** | **EQUITY FUNDS—70.9%** | **EQUITY FUNDS—70.9%** |
| 14268 | Franklin FTSE Japan ETF  | 522 |
| 10566 | Franklin FTSE United Kingdom ETF  | 374 |
| 1628 | Global X Copper Miners ETF  | 138 |
| 2405 | Invesco KBW Bank ETF  | 207 |
| 1755 | Invesco Nasdaq 100 ETF  | 449 |
| 3095 | iShares Core MSCI EAFE ETF  | 291 |
| 15333 | iShares Core MSCI Emerging Markets ETF  | 1113 |
| 2575 | iShares Core S&P 500 ETF  | 1790 |
| 1402 | iShares Expanded Tech-Software Sector ETF <sup>\*</sup> | 127 |
| 779 | iShares MSCI USA Momentum Factor ETF  | 199 |
| 801 | iShares Russell 2000 ETF  | 208 |
| 3516 | &nbsp;&nbsp;&nbsp; State Street Communication Services Select Sector <br> SPDR ETF <br>| 422 |
| 662 | State Street Health Care Select Sector SPDR ETF  | 102 |
| 1505 | State Street SPDR S&P Regional Banking ETF  | 103 |
| 3731 | State Street Technology Select Sector SPDR ETF  | 537 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—Continued** | **EXCHANGE-TRADED FUNDS—Continued** | **EXCHANGE-TRADED FUNDS—Continued** |
| **Shares** |  | **Value** |
| **EQUITY FUNDS—Continued** | **EQUITY FUNDS—Continued** | **EQUITY FUNDS—Continued** |
| 6407 | Vanguard FTSE Europe ETF  | $561 |
|  |  | 7143 |
| **FIXED INCOME FUNDS—19.4%** | **FIXED INCOME FUNDS—19.4%** | **FIXED INCOME FUNDS—19.4%** |
| 6980 | &nbsp;&nbsp;&nbsp; iShares Broad USD Investment Grade Corporate <br> Bond ETF <br>| 363 |
| 1264 | iShares MBS ETF  | 121 |
| 2664 | iShares TIPS Bond ETF  | 294 |
| 11914 | State Street SPDR Portfolio High Yield Bond ETF  | 284 |
| 11751 | Vanguard Emerging Markets Government Bond ETF  | 795 |
| 1760 | Vanguard Long-Term Treasury ETF  | 98 |
|  |  | 1955 |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $9,226) | &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $9,226) | 10059 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.8%** <br>(Cost $9,226) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.8%** <br>(Cost $9,226) | 10059 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | 20 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $10079 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Osmosis Emerging Markets Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.6%** | **AEROSPACE & DEFENSE—1.6%** | **AEROSPACE & DEFENSE—1.6%** |
| 31296 | Hanwha Systems Co. Ltd. (South Korea)<sup>\*</sup> | $2048 |
| **AIR FREIGHT & LOGISTICS—0.4%** | **AIR FREIGHT & LOGISTICS—0.4%** | **AIR FREIGHT & LOGISTICS—0.4%** |
| 360700 | JD Logistics, Inc. (China)<sup>\*,1</sup> | 517 |
| **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** |
| 7000 | &nbsp;&nbsp;&nbsp; Huizhou Desay Sv Automotive Co. Ltd. Class A <br> (China)<br>| 123 |
| 628 | Hyundai Mobis Co. Ltd. (South Korea) | 196 |
|  |  | 319 |
| **AUTOMOBILES—5.1%** | **AUTOMOBILES—5.1%** | **AUTOMOBILES—5.1%** |
| 42294 | Kia Corp. (South Korea) | 4484 |
| 508345 | Tata Motors Passenger Vehicles Ltd. (India) | 1930 |
|  |  | 6414 |
| **BANKS—15.7%** | **BANKS—15.7%** | **BANKS—15.7%** |
| 69113 | Al Rajhi Bank (Saudi Arabia) | 1975 |
| 2188236 | Banco de Chile (Chile) | 482 |
| 5310550 | Bank of China Ltd. Class H (China) | 3175 |
| 3087656 | China Construction Bank Corp. Class H (China) | 3126 |
| 61790 | Commercial International Bank - Egypt (CIB) (Egypt) | 176 |
| 355 | Credicorp Ltd. (Peru) | 127 |
| 32577 | Eurobank SA Class A (Greece) | 160 |
| 127697 | &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 1440 |
| 313141 | Kuwait Finance House KSCP (Kuwait) | 824 |
| 591346 | Malayan Banking Bhd. (Malaysia) | 1770 |
| 13998 | Moneta Money Bank AS (Czech Republic)<sup>1</sup> | 141 |
| 31406 | National Bank of Greece SA (Greece) | 555 |
| 186310 | Nedbank Group Ltd. (South Africa) | 3060 |
| 3543 | OTP Bank Nyrt (Hungary) | 446 |
| 51887 | &nbsp;&nbsp;&nbsp; Powszechna Kasa Oszczednosci Bank Polski SA <br> (Poland)<br>| 1352 |
| 153932 | Qatar National Bank QPSC (Qatar) | 837 |
|  |  | 19646 |
| **BEVERAGES—0.7%** | **BEVERAGES—0.7%** | **BEVERAGES—0.7%** |
| 81600 | Arca Continental SAB de CV (Mexico) | 919 |
| **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** |
| 3843 | Celltrion, Inc. (South Korea) | 561 |
| **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** |
| 39200 | Banco BTG Pactual SA (Brazil) | 447 |
| 70062 | HDFC Asset Management Co. Ltd. (India)<sup>1</sup> | 1911 |
|  |  | 2358 |
| **CHEMICALS—2.0%** | **CHEMICALS—2.0%** | **CHEMICALS—2.0%** |
| 90692 | Asian Paints Ltd. (India) | 2397 |
| 21100 | &nbsp;&nbsp;&nbsp; Guangzhou Tinci Materials Technology Co. Ltd. <br> Class A (China)<br>| 123 |
|  |  | 2520 |
| **COMMUNICATIONS EQUIPMENT—2.1%** | **COMMUNICATIONS EQUIPMENT—2.1%** | **COMMUNICATIONS EQUIPMENT—2.1%** |
| 34400 | Hengtong Optic-electric Co. Ltd. Class A (China) | 173 |
| 24600 | Zhongji Innolight Co. Ltd. Class A (China) | 2298 |
| 22300 | ZTE Corp. Class A (China) | 124 |
|  |  | 2595 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.1%** |
| 174700 | JD Health International, Inc. (China)<sup>\*,1</sup> | 1414 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** |
| 85194 | Klabin SA (Brazil) | $310 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** |
| 174732 | &nbsp;&nbsp;&nbsp; Emirates Telecommunications Group Co. PJSC <br> (United Arab Emirates)<br>| 937 |
| **ELECTRICAL EQUIPMENT—1.4%** | **ELECTRICAL EQUIPMENT—1.4%** | **ELECTRICAL EQUIPMENT—1.4%** |
| 80000 | Sungrow Power Supply Co. Ltd. Class A (China) | 1739 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%** |
| 12200 | Accelink Technologies Co. Ltd. Class A (China) | 127 |
| **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** |
| 23457 | International Games System Co. Ltd. (Taiwan) | 534 |
| **FINANCIAL SERVICES—0.7%** | **FINANCIAL SERVICES—0.7%** | **FINANCIAL SERVICES—0.7%** |
| 154068 | FirstRand Ltd. (South Africa) | 883 |
| **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** |
| 46474 | Nestle India Ltd. (India) | 673 |
| **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** |
| 1944000 | Kunlun Energy Co. Ltd. (China) | 1991 |
| **HOTELS, RESTAURANTS & LEISURE—0.2%** | **HOTELS, RESTAURANTS & LEISURE—0.2%** | **HOTELS, RESTAURANTS & LEISURE—0.2%** |
| 83600 | Tongcheng Travel Holdings Ltd. (China) | 249 |
| **HOUSEHOLD DURABLES—4.2%** | **HOUSEHOLD DURABLES—4.2%** | **HOUSEHOLD DURABLES—4.2%** |
| 244300 | Haier Smart Home Co. Ltd. Class A (China) | 883 |
| 63377 | LG Electronics, Inc. (South Korea) | 4363 |
|  |  | 5246 |
| **INDUSTRIAL CONGLOMERATES—2.1%** | **INDUSTRIAL CONGLOMERATES—2.1%** | **INDUSTRIAL CONGLOMERATES—2.1%** |
| 12412 | Samsung C&T Corp. (South Korea) | 2600 |
| **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** | **INDUSTRIAL REITS—0.1%** |
| 27254 | Prologis Property Mexico SA de CV (Mexico) | 125 |
| **INSURANCE—3.2%** | **INSURANCE—3.2%** | **INSURANCE—3.2%** |
| 680656 | China Life Insurance Co. Ltd. Class H (China) | 3039 |
| 441904 | PICC Property & Casualty Co. Ltd. Class H (China) | 916 |
|  |  | 3955 |
| **MACHINERY—2.3%** | **MACHINERY—2.3%** | **MACHINERY—2.3%** |
| 573329 | Tata Motors Ltd. (India)<sup>\*</sup> | 2851 |
| **METALS & MINING—5.7%** | **METALS & MINING—5.7%** | **METALS & MINING—5.7%** |
| 51200 | CMOC Group Ltd. Class A (China) | 179 |
| 108195 | JSW Steel Ltd. (India) | 1428 |
| 3100000 | MMG Ltd. (China)<sup>\*</sup> | 4084 |
| 1444801 | NMDC Ltd. (India) | 1272 |
| 20300 | Xiamen Tungsten Co. Ltd. Class A (China) | 165 |
|  |  | 7128 |
| **OIL, GAS & CONSUMABLE FUELS—2.8%** | **OIL, GAS & CONSUMABLE FUELS—2.8%** | **OIL, GAS & CONSUMABLE FUELS—2.8%** |
| 1185355 | PTT PCL (Thailand) | 1281 |
| 257908 | Saudi Arabian Oil Co. (Saudi Arabia)<sup>1</sup> | 1774 |
| 258600 | United Tractors Tbk. PT (Indonesia) | 401 |
|  |  | 3456 |
| **PHARMACEUTICALS—3.1%** | **PHARMACEUTICALS—3.1%** | **PHARMACEUTICALS—3.1%** |
| 47748 | SK Biopharmaceuticals Co. Ltd. (South Korea)<sup>\*</sup> | 3914 |

---

------

⬤

------

**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—1.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%** |
| 33500 | China Resources Land Ltd. (China) | $132 |
| 22600 | &nbsp;&nbsp;&nbsp; China Resources Mixc Lifestyle Services Ltd. <br> (China)<sup>1</sup><br>| 134 |
| 211144 | Emaar Properties PJSC (United Arab Emirates) | 862 |
| 79700 | KE Holdings, Inc. Class A (China) | 513 |
|  |  | 1641 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.5%** |
| 36530 | Alchip Technologies Ltd. (Taiwan) | 3627 |
| 54010 | Global Unichip Corp. (Taiwan) | 4497 |
| 78284 | MediaTek, Inc. (Taiwan) | 4378 |
| 39555 | Realtek Semiconductor Corp. (Taiwan) | 608 |
|  |  | 13110 |
| **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** |
| 9800 | &nbsp;&nbsp;&nbsp; China Tourism Group Duty Free Corp. Ltd. Class A <br> (China)<br>| 126 |
| 28000 | Pop Mart International Group Ltd. (China)<sup>1</sup> | 801 |
|  |  | 927 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—16.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—16.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—16.5%** |
| 224216 | Asustek Computer, Inc. (Taiwan) | 3534 |
| 4237 | King Slide Works Co. Ltd. (Taiwan) | 423 |
| 3288047 | Lenovo Group Ltd. (China) | 3737 |
| 485526 | Quanta Computer, Inc. (Taiwan) | 4320 |
| 208742 | Wistron Corp. (Taiwan) | 866 |
| 29668 | Wiwynn Corp. (Taiwan) | 3370 |
| 955837 | Xiaomi Corp. Class B (China)<sup>\*,1</sup> | 4344 |
|  |  | 20594 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.1%** | **TEXTILES, APPAREL & LUXURY GOODS—0.1%** | **TEXTILES, APPAREL & LUXURY GOODS—0.1%** |
| 1800 | Laopu Gold Co. Ltd. Class H (China) | 179 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRANSPORTATION INFRASTRUCTURE—0.4%** | **TRANSPORTATION INFRASTRUCTURE—0.4%** | **TRANSPORTATION INFRASTRUCTURE—0.4%** |
| 40370 | &nbsp;&nbsp;&nbsp; International Container Terminal Services, Inc. <br> (Philippines)<br>| $440 |
| **WIRELESS TELECOMMUNICATION SERVICES—7.2%** | **WIRELESS TELECOMMUNICATION SERVICES—7.2%** | **WIRELESS TELECOMMUNICATION SERVICES—7.2%** |
| 198221 | Bharti Airtel Ltd. (India) | 4243 |
| 826200 | TIM SA (Brazil) | 3849 |
| 104502 | Vodacom Group Ltd. (South Africa) | 974 |
|  |  | 9066 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $105,219) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $105,219) | 121986 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—1.1%** | **PREFERRED STOCKS—1.1%** | **PREFERRED STOCKS—1.1%** |
| **BANKS—0.9%** | **BANKS—0.9%** | **BANKS—0.9%** |
| 133810 | Itau Unibanco Holding SA (Brazil) | 1157 |
| **CHEMICALS—0.2%** | **CHEMICALS—0.2%** | **CHEMICALS—0.2%** |
| 3653 | &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile SA Class B <br> (Chile)<sup>\*</sup><br>| 283 |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,106) | &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>(Cost $1,106) | 1440 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.6%** <br>(Cost $106,325) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.6%** <br>(Cost $106,325) | 123426 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | 1722 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $125148 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

The following is a rollforward of the Fund's Level 3 investments during the period ended January 31, 2026. Transfers into or out of Level 3, if any, are recognized as of the last day in the fiscal quarter of the period in which the event or change in circumstances that caused the reclassification occurred.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Valuation** <br>**Description**<br>| **Beginning** <br>**Balance** <br>**as of** <br>**11/01/2025** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Discount/** <br>**(Premium)** <br>**(000s)**<br>| **Total** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Transfers** <br>**Into** <br>**Level 3** <br>**(000s)**<br>| **Transfers** <br>**Out of** <br>**Level 3**<sup>h</sup> <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**01/31/2026** <br>**(000s)**<br>|
| Common Stock | $1491 | $2862 | $(2445) | $— | $1066 | $(123) | $— | $(2851) | $— |

---

------

\*

Non-income producing security

h

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of January 31, 2026, the aggregate value of these securities was $11,036 or 9% of net assets.

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

------

⬤

------

**Harbor Osmosis International Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** |
| 3933 | Airbus SE (France) | $902 |
| **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** |
| 134472 | Denso Corp. (Japan) | 1862 |
| **AUTOMOBILES—3.5%** | **AUTOMOBILES—3.5%** | **AUTOMOBILES—3.5%** |
| 71127 | Mercedes-Benz Group AG (Germany) | 4872 |
| **BANKS—11.9%** | **BANKS—11.9%** | **BANKS—11.9%** |
| 21636 | Banco Bilbao Vizcaya Argentaria SA (Spain) | 550 |
| 45166 | Banco BPM SpA (Italy) | 676 |
| 73078 | Banco de Sabadell SA (Spain) | 286 |
| 226431 | Banco Santander SA (Spain) | 2893 |
| 340140 | Barclays PLC (United Kingdom) | 2263 |
| 10 | DBS Group Holdings Ltd. (Singapore) |  |
| 2317 | KBC Group NV (Belgium) | 327 |
| 20872 | Royal Bank of Canada (Canada) | 3475 |
| 20811 | Societe Generale SA (France) | 1821 |
| 10217 | Toronto-Dominion Bank (Canada) | 955 |
| 36204 | UniCredit SpA (Italy) | 3152 |
|  |  | 16398 |
| **BEVERAGES—1.2%** | **BEVERAGES—1.2%** | **BEVERAGES—1.2%** |
| 24131 | Anheuser-Busch InBev SA (Belgium) | 1718 |
| **BIOTECHNOLOGY—3.2%** | **BIOTECHNOLOGY—3.2%** | **BIOTECHNOLOGY—3.2%** |
| 115195 | Swedish Orphan Biovitrum AB (Sweden)<sup>\*</sup> | 4358 |
| **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** |
| 25836 | 3i Group PLC (United Kingdom) | 1184 |
| 8247 | Futu Holdings Ltd. ADR (Hong Kong)<sup>\*,1</sup> | 1341 |
| 175900 | Singapore Exchange Ltd. (Singapore) | 2438 |
|  |  | 4963 |
| **CHEMICALS—1.9%** | **CHEMICALS—1.9%** | **CHEMICALS—1.9%** |
| 38230 | Akzo Nobel NV (Netherlands) | 2687 |
| 16 | Nitto Denko Corp. (Japan) | 1 |
|  |  | 2688 |
| **COMMERCIAL SERVICES & SUPPLIES—1.4%** | **COMMERCIAL SERVICES & SUPPLIES—1.4%** | **COMMERCIAL SERVICES & SUPPLIES—1.4%** |
| 124528 | Brambles Ltd. (Australia) | 1942 |
| **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** | **COMMUNICATIONS EQUIPMENT—1.1%** |
| 145136 | Telefonaktiebolaget LM Ericsson Class B (Sweden) | 1575 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** |
| 4506 | George Weston Ltd. (Canada) | 314 |
| 39973 | Kesko OYJ Class B (Finland) | 1011 |
|  |  | 1325 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** |
| 611 | Swisscom AG (Switzerland) | 501 |
| **ELECTRICAL EQUIPMENT—2.8%** | **ELECTRICAL EQUIPMENT—2.8%** | **ELECTRICAL EQUIPMENT—2.8%** |
| 126801 | Vestas Wind Systems AS (Denmark) | 3857 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.4%** |
| 5300 | Keyence Corp. (Japan) | 1933 |
| **ENTERTAINMENT—3.5%** | **ENTERTAINMENT—3.5%** | **ENTERTAINMENT—3.5%** |
| 73608 | Nintendo Co. Ltd. (Japan) | 4782 |
| **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** |
| 21940 | EXOR NV (Netherlands) | 1797 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GAS UTILITIES—0.2%** | **GAS UTILITIES—0.2%** | **GAS UTILITIES—0.2%** |
| 7400 | Tokyo Gas Co. Ltd. (Japan) | $327 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.1%** |
| 16240 | Sonova Holding AG (Switzerland) | 4443 |
| 10620 | Straumann Holding AG (Switzerland) | 1279 |
|  |  | 5722 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.5%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.5%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.5%** |
| 16923 | Brookfield Renewable Corp. (Canada) | 705 |
| **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** | **INDUSTRIAL CONGLOMERATES—1.1%** |
| 1045 | Siemens AG (Germany) | 318 |
| 35989 | Smiths Group PLC (United Kingdom) | 1236 |
|  |  | 1554 |
| **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** | **INDUSTRIAL REITS—0.2%** |
| 13871 | Goodman Group (Australia) | 297 |
| **INSURANCE—9.0%** | **INSURANCE—9.0%** | **INSURANCE—9.0%** |
| 4907 | Ageas SA (Belgium) | 349 |
| 33128 | AXA SA (France) | 1509 |
| 54978 | Insurance Australia Group Ltd. (Australia) | 291 |
| 54088 | Manulife Financial Corp. (Canada) | 2060 |
| 1075129 | Medibank Pvt Ltd. (Australia) | 3459 |
| 56 | &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen (Germany)<br>| 34 |
| 161979 | Sampo OYJ Class A (Finland) | 1805 |
| 13005 | Sun Life Financial, Inc. (Canada) | 819 |
| 2907 | Zurich Insurance Group AG (Switzerland) | 2065 |
|  |  | 12391 |
| **MACHINERY—1.4%** | **MACHINERY—1.4%** | **MACHINERY—1.4%** |
| 9765 | Alstom SA (France)<sup>\*</sup> | 313 |
| 46100 | Daifuku Co. Ltd. (Japan) | 1649 |
|  |  | 1962 |
| **MARINE TRANSPORTATION—2.1%** | **MARINE TRANSPORTATION—2.1%** | **MARINE TRANSPORTATION—2.1%** |
| 87048 | Nippon Yusen KK (Japan) | 2853 |
| **MEDIA—0.9%** | **MEDIA—0.9%** | **MEDIA—0.9%** |
| 11806 | Publicis Groupe SA (France) | 1178 |
| **METALS & MINING—5.9%** | **METALS & MINING—5.9%** | **METALS & MINING—5.9%** |
| 588777 | Glencore PLC (United Kingdom)<sup>\*</sup> | 4022 |
| 54592 | Lundin Gold, Inc. (Canada) | 4093 |
|  |  | 8115 |
| **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** |
| 1003572 | Centrica PLC (United Kingdom) | 2622 |
| **OIL, GAS & CONSUMABLE FUELS—5.9%** | **OIL, GAS & CONSUMABLE FUELS—5.9%** | **OIL, GAS & CONSUMABLE FUELS—5.9%** |
| 376969 | BP PLC (United Kingdom) | 2392 |
| 47633 | Enbridge, Inc. (Canada) | 2325 |
| 21989 | Equinor ASA (Norway) | 587 |
| 56955 | Galp Energia SGPS SA (Portugal) | 1130 |
| 97206 | Woodside Energy Group Ltd. (Australia) | 1717 |
|  |  | 8151 |
| **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** | **PASSENGER AIRLINES—0.7%** |
| 206500 | Singapore Airlines Ltd. (Singapore) | 1031 |
| **PERSONAL CARE PRODUCTS—3.6%** | **PERSONAL CARE PRODUCTS—3.6%** | **PERSONAL CARE PRODUCTS—3.6%** |
| 10733 | L'Oreal SA (France) | 4924 |

---

------

⬤

------

**Harbor Osmosis International Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—3.7%** | **PHARMACEUTICALS—3.7%** | **PHARMACEUTICALS—3.7%** |
| 18135 | AstraZeneca PLC (United Kingdom) | $3375 |
| 114 | Ipsen SA (France) | 19 |
| 3871 | Roche Holding AG (United States) | 1756 |
|  |  | 5150 |
| **PROFESSIONAL SERVICES—1.9%** | **PROFESSIONAL SERVICES—1.9%** | **PROFESSIONAL SERVICES—1.9%** |
| 49704 | Recruit Holdings Co. Ltd. (Japan) | 2601 |
| **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) |  |
| 1332 | Sun Hung Kai Properties Ltd. (Hong Kong) | 22 |
|  |  | 22 |
| **RETAIL REITS—0.4%** | **RETAIL REITS—0.4%** | **RETAIL REITS—0.4%** |
| 15141 | Klepierre SA (France) | 582 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.9%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.9%** |
| 602 | ASML Holding NV (Netherlands) | 868 |
| 19148 | Lasertec Corp. (Japan) | 4502 |
|  |  | 5370 |
| **SOFTWARE—2.1%** | **SOFTWARE—2.1%** | **SOFTWARE—2.1%** |
| 14221 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 2553 |
| 1898 | SAP SE (Germany) | 384 |
|  |  | 2937 |
| **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** |
| 62484 | Zalando SE (Germany)<sup>\*,2</sup> | 1803 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** |
| 26311 | Moncler SpA (Italy) | $1529 |
| **TRADING COMPANIES & DISTRIBUTORS—5.7%** | **TRADING COMPANIES & DISTRIBUTORS—5.7%** | **TRADING COMPANIES & DISTRIBUTORS—5.7%** |
| 18850 | AerCap Holdings NV (Ireland) | 2708 |
| 5526 | Rexel SA (France) | 233 |
| 134158 | Toyota Tsusho Corp. (Japan) | 4859 |
|  |  | 7800 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 46029 | Vodafone Group PLC (United Kingdom) | 68 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $112,794) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $112,794) | 135167 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—2.1%** | **PREFERRED STOCKS—2.1%** | **PREFERRED STOCKS—2.1%** |
| &nbsp;&nbsp;&nbsp; (Cost $2,374) | &nbsp;&nbsp;&nbsp; (Cost $2,374) | &nbsp;&nbsp;&nbsp; (Cost $2,374) |
| **AUTOMOBILES—2.1%** | **AUTOMOBILES—2.1%** | **AUTOMOBILES—2.1%** |
| 23979 | Volkswagen AG (Germany) | 2918 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.1%** <br>(Cost $115,168) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—100.1%** <br>(Cost $115,168) | 138085 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.1)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.1)%** | (89)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $137996 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of January 31, 2026, the aggregate value of these securities was $1,803 or 1% of net assets.

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

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| 16570 | General Dynamics Corp.  | $5818 |
| 18756 | General Electric Co.  | 5754 |
| 884 | HEICO Corp.  | 293 |
| 14445 | RTX Corp.  | 2902 |
|  |  | 14767 |
| **AUTOMOBILE COMPONENTS—0.5%** | **AUTOMOBILE COMPONENTS—0.5%** | **AUTOMOBILE COMPONENTS—0.5%** |
| 11194 | Aptiv PLC (Jersey)<sup>\*</sup> | 848 |
| 47734 | BorgWarner, Inc.  | 2263 |
|  |  | 3111 |
| **AUTOMOBILES—2.8%** | **AUTOMOBILES—2.8%** | **AUTOMOBILES—2.8%** |
| 77116 | General Motors Co.  | 6478 |
| 27417 | Tesla, Inc. <sup>\*</sup> | 11800 |
|  |  | 18278 |
| **BANKS—3.8%** | **BANKS—3.8%** | **BANKS—3.8%** |
| 65127 | Bank of America Corp.  | 3465 |
| 2 | Commerce Bancshares, Inc.  |  |
| 26638 | JPMorgan Chase & Co.  | 8148 |
| 2678 | M&T Bank Corp.  | 593 |
| 18703 | Popular, Inc. (Puerto Rico) | 2497 |
| 120690 | Regions Financial Corp.  | 3440 |
| 78644 | Wells Fargo & Co.  | 7117 |
|  |  | 25260 |
| **BEVERAGES—1.1%** | **BEVERAGES—1.1%** | **BEVERAGES—1.1%** |
| 46626 | Coca-Cola Co.  | 3488 |
| 23642 | PepsiCo, Inc.  | 3632 |
|  |  | 7120 |
| **BIOTECHNOLOGY—1.5%** | **BIOTECHNOLOGY—1.5%** | **BIOTECHNOLOGY—1.5%** |
| 5240 | AbbVie, Inc.  | 1169 |
| 14630 | Gilead Sciences, Inc.  | 2077 |
| 53195 | Incyte Corp. <sup>\*</sup> | 5323 |
| 4847 | Natera, Inc. <sup>\*</sup> | 1120 |
|  |  | 9689 |
| **BROADLINE RETAIL—4.4%** | **BROADLINE RETAIL—4.4%** | **BROADLINE RETAIL—4.4%** |
| 100504 | Amazon.com, Inc. <sup>\*</sup> | 24050 |
| 56289 | eBay, Inc.  | 5135 |
|  |  | 29185 |
| **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** | **BUILDING PRODUCTS—0.8%** |
| 10755 | Allegion PLC  | 1779 |
| 9555 | Carrier Global Corp.  | 569 |
| 23588 | Johnson Controls International PLC  | 2813 |
|  |  | 5161 |
| **CAPITAL MARKETS—3.0%** | **CAPITAL MARKETS—3.0%** | **CAPITAL MARKETS—3.0%** |
| 38748 | Bank of New York Mellon Corp.  | 4647 |
| 6845 | Charles Schwab Corp.  | 711 |
| 14517 | Morgan Stanley  | 2654 |
| 37967 | Northern Trust Corp.  | 5673 |
| 27881 | State Street Corp.  | 3648 |
| 17435 | Stifel Financial Corp.  | 2150 |
|  |  | 19483 |
| **CHEMICALS—1.3%** | **CHEMICALS—1.3%** | **CHEMICALS—1.3%** |
| 79834 | Corteva, Inc.  | 5812 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CHEMICALS—Continued** | **CHEMICALS—Continued** | **CHEMICALS—Continued** |
| 69190 | DuPont de Nemours, Inc.  | $3039 |
|  |  | 8851 |
| **COMMUNICATIONS EQUIPMENT—1.4%** | **COMMUNICATIONS EQUIPMENT—1.4%** | **COMMUNICATIONS EQUIPMENT—1.4%** |
| 31047 | Arista Networks, Inc. <sup>\*</sup> | 4401 |
| 9356 | Ciena Corp. <sup>\*</sup> | 2356 |
| 35870 | Cisco Systems, Inc.  | 2809 |
|  |  | 9566 |
| **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** | **CONSTRUCTION & ENGINEERING—0.3%** |
| 22922 | AECOM  | 2210 |
| **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** | **CONSUMER FINANCE—1.3%** |
| 5603 | American Express Co.  | 1973 |
| 6840 | Capital One Financial Corp.  | 1498 |
| 71112 | Synchrony Financial  | 5165 |
|  |  | 8636 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** |
| 9454 | Costco Wholesale Corp.  | 8889 |
| 30867 | U.S. Foods Holding Corp. <sup>\*</sup> | 2581 |
| 50960 | Walmart, Inc.  | 6072 |
|  |  | 17542 |
| **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** |
| 13332 | Crown Holdings, Inc.  | 1396 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.4%** |
| 95936 | Comcast Corp. Class A | 2854 |
| **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** |
| 108163 | Exelon Corp.  | 4844 |
| 27526 | NextEra Energy, Inc.  | 2419 |
| 30091 | NRG Energy, Inc.  | 4593 |
|  |  | 11856 |
| **ELECTRICAL EQUIPMENT—0.6%** | **ELECTRICAL EQUIPMENT—0.6%** | **ELECTRICAL EQUIPMENT—0.6%** |
| 10274 | AMETEK, Inc.  | 2301 |
| 1089 | GE Vernova, Inc.  | 791 |
| 5504 | Vertiv Holdings Co. Class A | 1025 |
|  |  | 4117 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%** |
| 9579 | Flex Ltd. <sup>\*</sup> | 604 |
| 15377 | TD SYNNEX Corp.  | 2440 |
|  |  | 3044 |
| **ENERGY EQUIPMENT & SERVICES—1.0%** | **ENERGY EQUIPMENT & SERVICES—1.0%** | **ENERGY EQUIPMENT & SERVICES—1.0%** |
| 116174 | Baker Hughes Co.  | 6510 |
| **FINANCIAL SERVICES—2.8%** | **FINANCIAL SERVICES—2.8%** | **FINANCIAL SERVICES—2.8%** |
| 11104 | Berkshire Hathaway, Inc. Class B<sup>\*</sup> | 5336 |
| 16454 | Mastercard, Inc. Class A | 8865 |
| 47400 | PayPal Holdings, Inc.  | 2497 |
| 4470 | Visa, Inc. Class A | 1439 |
| 43671 | Western Union Co.  | 409 |
|  |  | 18546 |
| **FOOD PRODUCTS—0.4%** | **FOOD PRODUCTS—0.4%** | **FOOD PRODUCTS—0.4%** |
| 40548 | Tyson Foods, Inc. Class A | 2649 |

---

------

⬤

------

**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** |
| **GAS UTILITIES—0.4%** | **GAS UTILITIES—0.4%** | **GAS UTILITIES—0.4%** |
| 27713 | National Fuel Gas Co.  | $2321 |
| **GROUND TRANSPORTATION—0.0%** | **GROUND TRANSPORTATION—0.0%** | **GROUND TRANSPORTATION—0.0%** |
| 3971 | Uber Technologies, Inc. <sup>\*</sup> | 318 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.3%** |
| 63736 | Boston Scientific Corp. <sup>\*</sup> | 5961 |
| 4661 | Intuitive Surgical, Inc. <sup>\*</sup> | 2350 |
|  |  | 8311 |
| **HEALTH CARE PROVIDERS & SERVICES—1.3%** | **HEALTH CARE PROVIDERS & SERVICES—1.3%** | **HEALTH CARE PROVIDERS & SERVICES—1.3%** |
| 6166 | Humana, Inc.  | 1204 |
| 7056 | McKesson Corp.  | 5865 |
| 8826 | Tenet Healthcare Corp. <sup>\*</sup> | 1670 |
|  |  | 8739 |
| **HOTELS, RESTAURANTS & LEISURE—1.2%** | **HOTELS, RESTAURANTS & LEISURE—1.2%** | **HOTELS, RESTAURANTS & LEISURE—1.2%** |
| 1150 | Booking Holdings, Inc.  | 5752 |
| 6351 | Royal Caribbean Cruises Ltd.  | 2062 |
|  |  | 7814 |
| **INSURANCE—2.8%** | **INSURANCE—2.8%** | **INSURANCE—2.8%** |
| 25183 | Allstate Corp.  | 5011 |
| 21589 | Axis Capital Holdings Ltd.  | 2228 |
| 3388 | Chubb Ltd.  | 1049 |
| 37450 | Hartford Insurance Group, Inc.  | 5058 |
| 8688 | RenaissanceRe Holdings Ltd. (Bermuda) | 2447 |
| 8782 | Travelers Cos., Inc.  | 2499 |
|  |  | 18292 |
| **INTERACTIVE MEDIA & SERVICES—9.5%** | **INTERACTIVE MEDIA & SERVICES—9.5%** | **INTERACTIVE MEDIA & SERVICES—9.5%** |
| 126395 | Alphabet, Inc. Class A | 42722 |
| 27499 | Meta Platforms, Inc. Class A | 19703 |
|  |  | 62425 |
| **IT SERVICES—0.4%** | **IT SERVICES—0.4%** | **IT SERVICES—0.4%** |
| 12096 | Snowflake, Inc. <sup>\*</sup> | 2331 |
| **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** | **LIFE SCIENCES TOOLS & SERVICES—0.4%** |
| 21831 | Agilent Technologies, Inc.  | 2922 |
| **MACHINERY—2.3%** | **MACHINERY—2.3%** | **MACHINERY—2.3%** |
| 2718 | Caterpillar, Inc.  | 1787 |
| 12576 | ITT, Inc.  | 2293 |
| 22203 | Oshkosh Corp.  | 3193 |
| 44155 | Pentair PLC  | 4653 |
| 15345 | Westinghouse Air Brake Technologies Corp.  | 3531 |
|  |  | 15457 |
| **MEDIA—0.0%** | **MEDIA—0.0%** | **MEDIA—0.0%** |
| 3851 | Versant Media Group, Inc. <sup>\*</sup> | 125 |
| **METALS & MINING—1.8%** | **METALS & MINING—1.8%** | **METALS & MINING—1.8%** |
| 34748 | Alcoa Corp.  | 1974 |
| 54559 | Freeport-McMoRan, Inc.  | 3286 |
| 60465 | Newmont Corp.  | 6793 |
|  |  | 12053 |
| **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** |
| 45276 | Consolidated Edison, Inc.  | 4828 |
| 36339 | DTE Energy Co.  | 4883 |
|  |  | 9711 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** |
| 31835 | Chevron Corp.  | $5632 |
| 123338 | Devon Energy Corp.  | 4959 |
| 23068 | EOG Resources, Inc.  | 2587 |
| 29672 | Exxon Mobil Corp.  | 4196 |
| 3617 | Marathon Petroleum Corp.  | 637 |
|  |  | 18011 |
| **PASSENGER AIRLINES—0.9%** | **PASSENGER AIRLINES—0.9%** | **PASSENGER AIRLINES—0.9%** |
| 69173 | Delta Air Lines, Inc.  | 4558 |
| 14043 | United Airlines Holdings, Inc. <sup>\*</sup> | 1437 |
|  |  | 5995 |
| **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** |
| 60264 | Bristol-Myers Squibb Co.  | 3317 |
| 11545 | Eli Lilly & Co.  | 11974 |
| 34234 | Johnson & Johnson  | 7780 |
|  |  | 23071 |
| **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** |
| 49169 | Genpact Ltd.  | 2168 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** |
| 6788 | Jones Lang LaSalle, Inc. <sup>\*</sup> | 2430 |
| **RETAIL REITS—0.5%** | **RETAIL REITS—0.5%** | **RETAIL REITS—0.5%** |
| 16314 | Simon Property Group, Inc.  | 3121 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—15.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—15.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—15.8%** |
| 13642 | Advanced Micro Devices, Inc. <sup>\*</sup> | 3229 |
| 9276 | Analog Devices, Inc.  | 2884 |
| 61765 | Broadcom, Inc.  | 20463 |
| 41190 | Lam Research Corp.  | 9616 |
| 21038 | Micron Technology, Inc.  | 8728 |
| 284252 | NVIDIA Corp.  | 54329 |
| 30641 | QUALCOMM, Inc.  | 4645 |
|  |  | 103894 |
| **SOFTWARE—9.1%** | **SOFTWARE—9.1%** | **SOFTWARE—9.1%** |
| 11231 | Autodesk, Inc. <sup>\*</sup> | 2840 |
| 25137 | Elastic NV <sup>\*</sup> | 1657 |
| 8998 | Intuit, Inc.  | 4489 |
| 86041 | Microsoft Corp.  | 37023 |
| 9754 | Oracle Corp.  | 1605 |
| 19763 | Palantir Technologies, Inc. Class A<sup>\*</sup> | 2897 |
| 44376 | RingCentral, Inc. Class A<sup>\*</sup> | 1148 |
| 10568 | Salesforce, Inc.  | 2244 |
| 34256 | ServiceNow, Inc. <sup>\*</sup> | 4008 |
| 25510 | Zoom Communications, Inc. <sup>\*</sup> | 2350 |
|  |  | 60261 |
| **SPECIALIZED REITS—0.3%** | **SPECIALIZED REITS—0.3%** | **SPECIALIZED REITS—0.3%** |
| 12809 | American Tower Corp.  | 2296 |
| **SPECIALTY RETAIL—0.2%** | **SPECIALTY RETAIL—0.2%** | **SPECIALTY RETAIL—0.2%** |
| 5374 | Ross Stores, Inc.  | 1014 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—6.8%** |
| 173331 | Apple, Inc.  | 44976 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** |
| 14425 | Tapestry, Inc.  | 1831 |

---

------

⬤

------

**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** |
| **TOBACCO—1.4%** | **TOBACCO—1.4%** | **TOBACCO—1.4%** |
| 7669 | Altria Group, Inc.  | $475 |
| 47581 | Philip Morris International, Inc.  | 8538 |
|  |  | 9013 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $598,499) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $598,499) | 658731 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $598,499) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.9%** <br>(Cost $598,499) | 658731 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 799 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $659530 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF (currently, Harbor Ares Systematic High Yield ETF)**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Principal Amount, Value, and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—98.2%** | **Corporate Bonds & Notes—98.2%** | **Corporate Bonds & Notes—98.2%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** | **AEROSPACE & DEFENSE—2.2%** |
| $490 | &nbsp;&nbsp;&nbsp; AAR Escrow Issuer LLC <br>6.750%—03/15/2029<sup>1</sup><br>| $507 |
| 800 | &nbsp;&nbsp;&nbsp; Bombardier, Inc. <br>7.450%—05/01/2034<sup>1</sup><br>| 897 |
| 800 | &nbsp;&nbsp;&nbsp; Moog, Inc. <br>4.250%—12/15/2027<sup>1</sup><br>| 796 |
|  | TransDigm, Inc. |  |
| 400 | &nbsp;&nbsp;&nbsp; 4.625%—01/15/2029 | 398 |
| 600 | &nbsp;&nbsp;&nbsp; 6.375%—03/01/2029<sup>1</sup> | 618 |
| 633 | &nbsp;&nbsp;&nbsp; 6.625%—03/01/2032<sup>1</sup> | 655 |
|  |  | 1671 |
|  |  | 3871 |
| **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** |
| 700 | &nbsp;&nbsp;&nbsp; Aptiv Swiss Holdings Ltd. <br>6.875%—12/15/2054<sup>2</sup><br>| 732 |
| **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** | **AUTOMOBILE COMPONENTS—0.7%** |
| 400 | &nbsp;&nbsp;&nbsp; Garrett Motion Holdings, Inc./Garrett LX I SARL <br>7.750%—05/31/2032<sup>1</sup><br>| 424 |
| 800 | &nbsp;&nbsp;&nbsp; Phinia, Inc. <br>6.750%—04/15/2029<sup>1</sup><br>| 828 |
|  |  | 1252 |
| **AUTOMOBILES—3.8%** | **AUTOMOBILES—3.8%** | **AUTOMOBILES—3.8%** |
| 1716 | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc. <br>3.750%—01/30/2031<sup>1</sup><br>| 1618 |
| 1300 | &nbsp;&nbsp;&nbsp; Aston Martin Capital Holdings Ltd. <br>10.000%—03/31/2029<sup>1</sup><br>| 1161 |
| 967 | &nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc. <br>9.250%—07/01/2030<sup>1</sup><br>| 1043 |
| 1100 | &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC <br>6.125%—09/30/2030<sup>1</sup><br>| 1098 |
| 1250 | &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. <br>7.750%—07/17/2032<sup>1</sup><br>| 1320 |
| 600 | &nbsp;&nbsp;&nbsp; Wabash National Corp. <br>4.500%—10/15/2028<sup>1</sup><br>| 559 |
|  |  | 6799 |
| **BANKS—0.5%** | **BANKS—0.5%** | **BANKS—0.5%** |
| 800 | &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA <br>4.950%—06/01/2042<sup>1,2</sup><br>| 702 |
| 100 | &nbsp;&nbsp;&nbsp; UniCredit SpA <br>5.459%—06/30/2035<sup>1,2</sup><br>| 102 |
|  |  | 804 |
| **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** |
| 200 | &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. <br>3.875%—08/15/2028<sup>1</sup><br>| 179 |
|  | Genmab AS/Genmab Finance LLC |  |
| 700 | &nbsp;&nbsp;&nbsp; 6.250%—12/15/2032<sup>1</sup> | 718 |
| 1572 | &nbsp;&nbsp;&nbsp; 7.250%—12/15/2033<sup>1</sup> | 1665 |
|  |  | 2383 |
|  |  | 2562 |
| **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** |
| 959 | &nbsp;&nbsp;&nbsp; Griffon Corp. <br>5.750%—03/01/2028<br>| 959 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **BUILDING PRODUCTS—Continued** | **BUILDING PRODUCTS—Continued** | **BUILDING PRODUCTS—Continued** |
| $488 | &nbsp;&nbsp;&nbsp; JELD-WEN, Inc. <br>7.000%—09/01/2032<sup>1</sup><br>| $306 |
|  |  | 1265 |
| **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** |
|  | &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp.<br>|  |
| 1000 | &nbsp;&nbsp;&nbsp; 9.000%—06/15/2030 | 977 |
| 600 | &nbsp;&nbsp;&nbsp; 9.750%—01/15/2029 | 604 |
| 300 | &nbsp;&nbsp;&nbsp; 10.000%—11/15/2029<sup>1</sup> | 303 |
|  |  | 1884 |
| **CHEMICALS—1.9%** | **CHEMICALS—1.9%** | **CHEMICALS—1.9%** |
| 800 | &nbsp;&nbsp;&nbsp; CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%—06/15/2028<sup>1</sup><br>| 801 |
| 172 | &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. <br>8.000%—10/01/2029<sup>1</sup><br>| 173 |
| 800 | &nbsp;&nbsp;&nbsp; Perimeter Holdings LLC <br>6.250%—01/15/2034<sup>1</sup><br>| 801 |
| 800 | &nbsp;&nbsp;&nbsp; Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| 851 |
| 700 | &nbsp;&nbsp;&nbsp; SK Invictus Intermediate II SARL <br>5.000%—10/30/2029<sup>1</sup><br>| 689 |
| 200 | &nbsp;&nbsp;&nbsp; Tronox, Inc. <br>4.625%—03/15/2029<sup>1</sup><br>| 154 |
|  |  | 3469 |
| **COMMERCIAL SERVICES & SUPPLIES—5.0%** | **COMMERCIAL SERVICES & SUPPLIES—5.0%** | **COMMERCIAL SERVICES & SUPPLIES—5.0%** |
| 1200 | &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc. <br>5.500%—03/01/2028<sup>1</sup><br>| 1198 |
| 525 | &nbsp;&nbsp;&nbsp; APi Group DE, Inc. <br>4.125%—07/15/2029<sup>1</sup><br>| 513 |
| 512 | &nbsp;&nbsp;&nbsp; Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc. <br>8.375%—06/15/2032<sup>1</sup><br>| 527 |
| 600 | &nbsp;&nbsp;&nbsp; Cimpress PLC <br>7.375%—09/15/2032<sup>1</sup><br>| 617 |
| 500 | &nbsp;&nbsp;&nbsp; Deluxe Corp. <br>8.000%—06/01/2029<sup>1</sup><br>| 511 |
| 500 | &nbsp;&nbsp;&nbsp; GEO Group, Inc. <br>10.250%—04/15/2031<br>| 546 |
| 286 | &nbsp;&nbsp;&nbsp; Hertz Corp. <br>12.625%—07/15/2029<sup>1</sup><br>| 288 |
| 1834 | &nbsp;&nbsp;&nbsp; HNI Corp. <br>5.125%—01/18/2029<sup>1</sup><br>| 1812 |
|  | Pitney Bowes, Inc. |  |
| 400 | &nbsp;&nbsp;&nbsp; 6.875%—03/15/2027<sup>1</sup> | 401 |
| 600 | &nbsp;&nbsp;&nbsp; 7.250%—03/15/2029<sup>1</sup> | 607 |
|  |  | 1008 |
| 950 | &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 944 |
|  | Sabre GLBL, Inc. |  |
| 353 | &nbsp;&nbsp;&nbsp; 10.750%—11/15/2029-03/15/2030<sup>1</sup> | 285 |
| 200 | &nbsp;&nbsp;&nbsp; 11.125%—07/15/2030<sup>1</sup> | 162 |
|  |  | 447 |
| 900 | &nbsp;&nbsp;&nbsp; ZipRecruiter, Inc. <br>5.000%—01/15/2030<sup>1</sup><br>| 625 |
|  |  | 9036 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF (currently, 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** |
| **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** |
| $600 | &nbsp;&nbsp;&nbsp; Ciena Corp. <br>4.000%—01/31/2030<sup>1</sup><br>| $579 |
| 1000 | &nbsp;&nbsp;&nbsp; Viasat, Inc. <br>7.500%—05/30/2031<sup>1</sup><br>| 972 |
|  |  | 1551 |
| **CONSTRUCTION & ENGINEERING—2.9%** | **CONSTRUCTION & ENGINEERING—2.9%** | **CONSTRUCTION & ENGINEERING—2.9%** |
| 500 | &nbsp;&nbsp;&nbsp; Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 492 |
| 1003 | &nbsp;&nbsp;&nbsp; Brundage-Bone Concrete Pumping Holdings, Inc. <br>7.500%—02/01/2032<sup>1</sup><br>| 1010 |
| 1450 | &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. <br>4.500%—04/15/2029<sup>1</sup><br>| 1428 |
| 575 | &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp. <br>5.250%—06/01/2029<sup>1</sup><br>| 566 |
| 700 | &nbsp;&nbsp;&nbsp; Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 774 |
| 1000 | &nbsp;&nbsp;&nbsp; VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| 984 |
|  |  | 5254 |
| **CONSUMER FINANCE—1.4%** | **CONSUMER FINANCE—1.4%** | **CONSUMER FINANCE—1.4%** |
|  | OneMain Finance Corp. |  |
| 200 | &nbsp;&nbsp;&nbsp; 4.000%—09/15/2030 | 188 |
| 300 | &nbsp;&nbsp;&nbsp; 5.375%—11/15/2029 | 299 |
| 600 | &nbsp;&nbsp;&nbsp; 6.500%—03/15/2033 | 604 |
| 1400 | &nbsp;&nbsp;&nbsp; 6.750%—09/15/2033 | 1417 |
|  |  | 2508 |
| **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** |
| 400 | &nbsp;&nbsp;&nbsp; OI European Group BV <br>4.750%—02/15/2030<sup>1</sup><br>| 387 |
| **DIVERSIFIED FINANCIAL SERVICES—1.9%** | **DIVERSIFIED FINANCIAL SERVICES—1.9%** | **DIVERSIFIED FINANCIAL SERVICES—1.9%** |
| 443 | &nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp. <br>9.750%—09/01/2030<sup>1</sup><br>| 422 |
| 600 | &nbsp;&nbsp;&nbsp; Credit Acceptance Corp. <br>6.625%—03/15/2030<sup>1</sup><br>| 602 |
|  | Enova International, Inc. |  |
| 850 | &nbsp;&nbsp;&nbsp; 9.125%—08/01/2029<sup>1</sup> | 900 |
| 200 | &nbsp;&nbsp;&nbsp; 11.250%—12/15/2028<sup>1</sup> | 212 |
|  |  | 1112 |
| 1181 | &nbsp;&nbsp;&nbsp; goeasy Ltd. <br>6.875%—05/15/2030-02/15/2031<sup>1</sup><br>| 1116 |
| 200 | &nbsp;&nbsp;&nbsp; LD Holdings Group LLC <br>8.750%—11/01/2027<sup>1</sup><br>| 199 |
|  |  | 3451 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.4%** |
| 956 | &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC <br>9.250%—12/15/2030<sup>1</sup><br>| 994 |
|  | Hughes Satellite Systems Corp. |  |
| 1000 | &nbsp;&nbsp;&nbsp; 5.250%—08/01/2026 | 947 |
| 23 | &nbsp;&nbsp;&nbsp; 6.625%—08/01/2026 | 20 |
|  |  | 967 |
| 500 | &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. <br>3.750%—10/01/2029<sup>1</sup><br>| 476 |
|  |  | 2437 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ELECTRIC UTILITIES—3.0%** | **ELECTRIC UTILITIES—3.0%** | **ELECTRIC UTILITIES—3.0%** |
|  | Edison International |  |
| $618 | &nbsp;&nbsp;&nbsp; 7.875%—06/15/2054<sup>2</sup> | $644 |
| 800 | &nbsp;&nbsp;&nbsp; 8.125%—06/15/2053<sup>2</sup> | 829 |
|  |  | 1473 |
|  | EUSHI Finance, Inc. |  |
| 750 | &nbsp;&nbsp;&nbsp; 6.250%—04/01/2056<sup>2</sup> | 755 |
| 675 | &nbsp;&nbsp;&nbsp; 7.625%—12/15/2054<sup>2</sup> | 710 |
|  |  | 1465 |
|  | NRG Energy, Inc. |  |
| 400 | &nbsp;&nbsp;&nbsp; 3.625%—02/15/2031<sup>1</sup> | 374 |
| 1100 | &nbsp;&nbsp;&nbsp; 5.750%—07/15/2029<sup>1</sup> | 1101 |
|  |  | 1475 |
|  | Vistra Operations Co. LLC |  |
| 100 | &nbsp;&nbsp;&nbsp; 5.625%—02/15/2027<sup>1</sup> | 100 |
| 900 | &nbsp;&nbsp;&nbsp; 7.750%—10/15/2031<sup>1</sup> | 953 |
|  |  | 1053 |
|  |  | 5466 |
| **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** |
|  | EnerSys |  |
| 400 | &nbsp;&nbsp;&nbsp; 4.375%—12/15/2027<sup>1</sup> | 397 |
| 366 | &nbsp;&nbsp;&nbsp; 6.625%—01/15/2032<sup>1</sup> | 380 |
|  |  | 777 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.7%** |
| 1300 | &nbsp;&nbsp;&nbsp; TTM Technologies, Inc. <br>4.000%—03/01/2029<sup>1</sup><br>| 1264 |
| **ENERGY EQUIPMENT & SERVICES—1.1%** | **ENERGY EQUIPMENT & SERVICES—1.1%** | **ENERGY EQUIPMENT & SERVICES—1.1%** |
| 200 | &nbsp;&nbsp;&nbsp; Bristow Group, Inc. <br>6.875%—03/01/2028<sup>1</sup><br>| 200 |
| 1618 | &nbsp;&nbsp;&nbsp; Valaris Ltd. <br>8.375%—04/30/2030<sup>1</sup><br>| 1692 |
|  |  | 1892 |
| **ENTERTAINMENT—3.1%** | **ENTERTAINMENT—3.1%** | **ENTERTAINMENT—3.1%** |
| 100 | &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. <br>5.500%—04/01/2027<sup>1</sup><br>| 100 |
|  | Light & Wonder International, Inc. |  |
| 692 | &nbsp;&nbsp;&nbsp; 6.250%—10/01/2033<sup>1</sup> | 701 |
| 200 | &nbsp;&nbsp;&nbsp; 7.500%—09/01/2031<sup>1</sup> | 210 |
|  |  | 911 |
|  | Live Nation Entertainment, Inc. |  |
| 1100 | &nbsp;&nbsp;&nbsp; 4.750%—10/15/2027<sup>1</sup> | 1100 |
| 500 | &nbsp;&nbsp;&nbsp; 6.500%—05/15/2027<sup>1</sup> | 503 |
|  |  | 1603 |
|  | Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |
| 1000 | &nbsp;&nbsp;&nbsp; 4.625%—04/16/2029-04/06/2031<sup>1</sup> | 880 |
| 350 | &nbsp;&nbsp;&nbsp; 8.450%—07/27/2030<sup>1</sup> | 356 |
|  |  | 1236 |
| 900 | &nbsp;&nbsp;&nbsp; Starz Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| 738 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF (currently, 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** |
| **ENTERTAINMENT—Continued** | **ENTERTAINMENT—Continued** | **ENTERTAINMENT—Continued** |
|  | Warnermedia Holdings, Inc. |  |
| $413 | &nbsp;&nbsp;&nbsp; 4.279%—03/15/2032 | $364 |
| 300 | &nbsp;&nbsp;&nbsp; 5.050%—03/15/2042 | 211 |
| 600 | &nbsp;&nbsp;&nbsp; 5.141%—03/15/2052 | 400 |
|  |  | 975 |
|  |  | 5563 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.5%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.5%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.5%** |
| 226 | &nbsp;&nbsp;&nbsp; Arbor Realty SR, Inc. <br>7.875%—07/15/2030<sup>1</sup><br>| 207 |
| 700 | &nbsp;&nbsp;&nbsp; CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| 689 |
| 800 | &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust <br>4.375%—03/01/2031<br>| 714 |
| 1100 | &nbsp;&nbsp;&nbsp; Iron Mountain Information Management Services, <br> Inc. <br>5.000%—07/15/2032<sup>1</sup><br>| 1053 |
|  | Iron Mountain, Inc. |  |
| 900 | &nbsp;&nbsp;&nbsp; 4.500%—02/15/2031<sup>1</sup> | 861 |
| 200 | &nbsp;&nbsp;&nbsp; 5.250%—07/15/2030<sup>1</sup> | 198 |
| 400 | &nbsp;&nbsp;&nbsp; 6.250%—01/15/2033<sup>1</sup> | 405 |
|  |  | 1464 |
| 600 | &nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>4.250%—02/01/2027<sup>1</sup><br>| 597 |
|  | MPT Operating Partnership LP/MPT Finance Corp. |  |
| 700 | &nbsp;&nbsp;&nbsp; 3.500%—03/15/2031 | 519 |
| 900 | &nbsp;&nbsp;&nbsp; 4.625%—08/01/2029 | 772 |
| 300 | &nbsp;&nbsp;&nbsp; 5.000%—10/15/2027 | 294 |
|  |  | 1585 |
|  |  | 6309 |
| **FINANCIAL SERVICES—0.1%** | **FINANCIAL SERVICES—0.1%** | **FINANCIAL SERVICES—0.1%** |
| 147 | &nbsp;&nbsp;&nbsp; EZCORP, Inc. <br>7.375%—04/01/2032<sup>1</sup><br>| 157 |
| **FOOD & STAPLES RETAILING—0.2%** | **FOOD & STAPLES RETAILING—0.2%** | **FOOD & STAPLES RETAILING—0.2%** |
| 300 | &nbsp;&nbsp;&nbsp; United Natural Foods, Inc. <br>6.750%—10/15/2028<sup>1</sup><br>| 301 |
| **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** | **FOOD PRODUCTS—0.5%** |
|  | U.S. Foods, Inc. |  |
| 400 | &nbsp;&nbsp;&nbsp; 4.750%—02/15/2029<sup>1</sup> | 400 |
| 400 | &nbsp;&nbsp;&nbsp; 5.750%—04/15/2033<sup>1</sup> | 407 |
|  |  | 807 |
| **HEALTH CARE PROVIDERS & SERVICES—1.6%** | **HEALTH CARE PROVIDERS & SERVICES—1.6%** | **HEALTH CARE PROVIDERS & SERVICES—1.6%** |
| 190 | &nbsp;&nbsp;&nbsp; DaVita, Inc. <br>3.750%—02/15/2031<sup>1</sup><br>| 175 |
| 799 | &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. <br>8.375%—09/12/2055<sup>2</sup><br>| 789 |
|  | Encompass Health Corp. |  |
| 1200 | &nbsp;&nbsp;&nbsp; 4.500%—02/01/2028 | 1195 |
| 700 | &nbsp;&nbsp;&nbsp; 4.625%—04/01/2031 | 686 |
|  |  | 1881 |
| 100 | &nbsp;&nbsp;&nbsp; IQVIA, Inc. <br>5.000%—05/15/2027<sup>1</sup><br>| 100 |
|  |  | 2945 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—2.8%** | **HOTELS, RESTAURANTS & LEISURE—2.8%** | **HOTELS, RESTAURANTS & LEISURE—2.8%** |
| $600 | &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. <br>4.750%—06/15/2031<sup>1</sup><br>| $585 |
| 1471 | &nbsp;&nbsp;&nbsp; Carnival Corp. <br>5.875%—06/15/2031<sup>1</sup><br>| 1522 |
| 200 | &nbsp;&nbsp;&nbsp; Full House Resorts, Inc. <br>8.250%—02/15/2028<sup>1</sup><br>| 183 |
|  | Hilton Domestic Operating Co., Inc. |  |
| 500 | &nbsp;&nbsp;&nbsp; 3.625%—02/15/2032<sup>1</sup> | 463 |
| 1500 | &nbsp;&nbsp;&nbsp; 4.000%—05/01/2031<sup>1</sup> | 1433 |
|  |  | 1896 |
|  | &nbsp;&nbsp;&nbsp; Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<br>|  |
| 100 | &nbsp;&nbsp;&nbsp; 4.875%—07/01/2031<sup>1</sup> | 93 |
| 200 | &nbsp;&nbsp;&nbsp; 5.000%—06/01/2029<sup>1</sup> | 194 |
|  |  | 287 |
| 141 | &nbsp;&nbsp;&nbsp; New Red Finance, Inc. <br>3.875%—01/15/2028<sup>1</sup><br>| 139 |
| 100 | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <br>4.250%—07/01/2026<sup>1</sup><br>| 100 |
| 200 | &nbsp;&nbsp;&nbsp; Travel & Leisure Co. <br>6.625%—07/31/2026<sup>1</sup><br>| 201 |
| 100 | &nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <br>5.250%—05/15/2027<sup>1</sup><br>| 101 |
|  |  | 5014 |
| **HOUSEHOLD DURABLES—2.0%** | **HOUSEHOLD DURABLES—2.0%** | **HOUSEHOLD DURABLES—2.0%** |
| 400 | &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc. <br>7.250%—10/15/2029<br>| 405 |
| 450 | &nbsp;&nbsp;&nbsp; Century Communities, Inc. <br>6.625%—09/15/2033<sup>1</sup><br>| 456 |
| 600 | &nbsp;&nbsp;&nbsp; M/I Homes, Inc. <br>4.950%—02/01/2028<br>| 599 |
|  | Somnigroup International, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 3.875%—10/15/2031<sup>1</sup> | 280 |
| 300 | &nbsp;&nbsp;&nbsp; 4.000%—04/15/2029<sup>1</sup> | 291 |
|  |  | 571 |
| 400 | &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc. <br>5.125%—08/01/2030<sup>1</sup><br>| 403 |
|  | Whirlpool Corp. |  |
| 500 | &nbsp;&nbsp;&nbsp; 5.500%—03/01/2033 | 469 |
| 700 | &nbsp;&nbsp;&nbsp; 6.500%—06/15/2033 | 692 |
|  |  | 1161 |
|  |  | 3595 |
| **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** | **INTERACTIVE MEDIA & SERVICES—1.0%** |
|  | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |
| 750 | &nbsp;&nbsp;&nbsp; 3.500%—03/01/2029<sup>1</sup> | 713 |
| 800 | &nbsp;&nbsp;&nbsp; 5.250%—12/01/2027<sup>1</sup> | 799 |
|  |  | 1512 |
| 300 | &nbsp;&nbsp;&nbsp; Snap, Inc. <br>6.875%—03/15/2034<sup>1</sup><br>| 307 |
|  |  | 1819 |
| **INTERNET & CATALOG RETAIL—1.0%** | **INTERNET & CATALOG RETAIL—1.0%** | **INTERNET & CATALOG RETAIL—1.0%** |
| 200 | &nbsp;&nbsp;&nbsp; ANGI Group LLC <br>3.875%—08/15/2028<sup>1</sup><br>| 183 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF (currently, 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** |
| **INTERNET & CATALOG RETAIL—Continued** | **INTERNET & CATALOG RETAIL—Continued** | **INTERNET & CATALOG RETAIL—Continued** |
| $300 | &nbsp;&nbsp;&nbsp; Cogent Communications Group LLC/Cogent Finance, <br> Inc. <br>6.500%—07/01/2032<sup>1</sup><br>| $276 |
| 71 | &nbsp;&nbsp;&nbsp; Getty Images, Inc. <br>11.250%—02/21/2030<sup>1</sup><br>| 64 |
|  | Match Group Holdings II LLC |  |
| 300 | &nbsp;&nbsp;&nbsp; 3.625%—10/01/2031<sup>1</sup> | 272 |
| 450 | &nbsp;&nbsp;&nbsp; 4.625%—06/01/2028<sup>1</sup> | 446 |
| 500 | &nbsp;&nbsp;&nbsp; 5.625%—02/15/2029<sup>1</sup> | 500 |
|  |  | 1218 |
| 100 | &nbsp;&nbsp;&nbsp; Rakuten Group, Inc. <br>11.250%—02/15/2027<sup>1</sup><br>| 107 |
|  |  | 1848 |
| **IT SERVICES—2.0%** | **IT SERVICES—2.0%** | **IT SERVICES—2.0%** |
| 289 | &nbsp;&nbsp;&nbsp; Conduent Business Services LLC/Conduent State & <br> Local Solutions, Inc. <br>6.000%—11/01/2029<sup>1</sup><br>| 234 |
|  | Seagate Data Storage Technology Pte. Ltd. |  |
| 600 | &nbsp;&nbsp;&nbsp; 4.091%—06/01/2029<sup>1</sup> | 589 |
| 533 | &nbsp;&nbsp;&nbsp; 5.750%—12/01/2034<sup>1</sup> | 546 |
| 1100 | &nbsp;&nbsp;&nbsp; 9.625%—12/01/2032<sup>1</sup> | 1244 |
|  |  | 2379 |
|  | Twilio, Inc. |  |
| 400 | &nbsp;&nbsp;&nbsp; 3.625%—03/15/2029 | 383 |
| 150 | &nbsp;&nbsp;&nbsp; 3.875%—03/15/2031 | 142 |
|  |  | 525 |
| 498 | &nbsp;&nbsp;&nbsp; Unisys Corp. <br>10.625%—01/15/2031<sup>1</sup><br>| 473 |
|  |  | 3611 |
| **LEISURE PRODUCTS—1.2%** | **LEISURE PRODUCTS—1.2%** | **LEISURE PRODUCTS—1.2%** |
| 500 | &nbsp;&nbsp;&nbsp; Amer Sports Co. <br>6.750%—02/16/2031<sup>1</sup><br>| 521 |
| 600 | &nbsp;&nbsp;&nbsp; Life Time, Inc. <br>6.000%—11/15/2031<sup>1</sup><br>| 616 |
| 1000 | &nbsp;&nbsp;&nbsp; VOC Escrow Ltd. <br>5.000%—02/15/2028<sup>1</sup><br>| 1000 |
|  |  | 2137 |
| **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** | **LIFE SCIENCES TOOLS & SERVICES—0.6%** |
|  | Charles River Laboratories International, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 3.750%—03/15/2029<sup>1</sup> | 290 |
| 750 | &nbsp;&nbsp;&nbsp; 4.000%—03/15/2031<sup>1</sup> | 711 |
|  |  | 1001 |
| **MACHINERY—2.1%** | **MACHINERY—2.1%** | **MACHINERY—2.1%** |
| 1400 | &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. <br>4.125%—06/30/2028-04/15/2029<sup>1</sup><br>| 1376 |
| 600 | &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. <br>7.125%—02/01/2033<sup>1</sup><br>| 603 |
| 500 | &nbsp;&nbsp;&nbsp; GrafTech Finance, Inc. <br>4.625%—12/23/2029<sup>1</sup><br>| 373 |
| 238 | &nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc. <br>9.875%—12/23/2029<sup>1</sup><br>| 204 |
| 500 | &nbsp;&nbsp;&nbsp; Manitowoc Co., Inc. <br>9.250%—10/01/2031<sup>1</sup><br>| 544 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| $600 | &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. <br>4.000%—06/15/2029<sup>1</sup><br>| $584 |
|  |  | 3684 |
| **MEDIA—2.3%** | **MEDIA—2.3%** | **MEDIA—2.3%** |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 104 | &nbsp;&nbsp;&nbsp; 4.250%—02/01/2031<sup>1</sup> | 95 |
| 781 | &nbsp;&nbsp;&nbsp; 7.375%—03/01/2031<sup>1</sup> | 804 |
|  |  | 899 |
|  | CSC Holdings LLC |  |
| 200 | &nbsp;&nbsp;&nbsp; 3.375%—02/15/2031<sup>1</sup> | 120 |
| 300 | &nbsp;&nbsp;&nbsp; 5.500%—04/15/2027<sup>1</sup> | 265 |
| 200 | &nbsp;&nbsp;&nbsp; 6.500%—02/01/2029<sup>1</sup> | 128 |
| 200 | &nbsp;&nbsp;&nbsp; 11.750%—01/31/2029<sup>1</sup> | 146 |
|  |  | 659 |
| 600 | &nbsp;&nbsp;&nbsp; Discovery Communications LLC <br>6.350%—06/01/2040<br>| 498 |
|  | DISH DBS Corp. |  |
| 500 | &nbsp;&nbsp;&nbsp; 5.125%—06/01/2029 | 443 |
| 300 | &nbsp;&nbsp;&nbsp; 5.250%—12/01/2026<sup>1</sup> | 292 |
| 600 | &nbsp;&nbsp;&nbsp; 7.375%—07/01/2028 | 577 |
|  |  | 1312 |
| 200 | &nbsp;&nbsp;&nbsp; News Corp. <br>3.875%—05/15/2029<sup>1</sup><br>| 195 |
|  | Sinclair Television Group, Inc. |  |
| 404 | &nbsp;&nbsp;&nbsp; 4.375%—12/31/2032<sup>1</sup> | 321 |
| 297 | &nbsp;&nbsp;&nbsp; 5.500%—03/01/2030<sup>1</sup> | 263 |
|  |  | 584 |
|  |  | 4147 |
| **METALS & MINING—6.4%** | **METALS & MINING—6.4%** | **METALS & MINING—6.4%** |
| 1189 | &nbsp;&nbsp;&nbsp; Century Aluminum Co. <br>6.875%—08/01/2032<sup>1</sup><br>| 1233 |
| 400 | &nbsp;&nbsp;&nbsp; Coeur Mining, Inc. <br>5.125%—02/15/2029<sup>1</sup><br>| 400 |
|  | Commercial Metals Co. |  |
| 500 | &nbsp;&nbsp;&nbsp; 3.875%—02/15/2031 | 475 |
| 300 | &nbsp;&nbsp;&nbsp; 4.125%—01/15/2030 | 291 |
|  |  | 766 |
| 257 | &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. <br>8.000%—07/01/2030<sup>1</sup><br>| 273 |
| 750 | &nbsp;&nbsp;&nbsp; Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 754 |
|  | Fortescue Treasury Pty. Ltd. |  |
| 168 | &nbsp;&nbsp;&nbsp; 4.375%—04/01/2031<sup>1</sup> | 162 |
| 800 | &nbsp;&nbsp;&nbsp; 6.125%—04/15/2032<sup>1</sup> | 834 |
|  |  | 996 |
| 457 | &nbsp;&nbsp;&nbsp; Hecla Mining Co. <br>7.250%—02/15/2028<br>| 458 |
| 767 | &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. <br>6.125%—04/01/2029<sup>1</sup><br>| 775 |
| 1183 | &nbsp;&nbsp;&nbsp; IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| 1188 |
| 1300 | &nbsp;&nbsp;&nbsp; Mineral Resources Ltd. <br>9.250%—10/01/2028<sup>1</sup><br>| 1367 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF (currently, 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** |
| **METALS & MINING—Continued** | **METALS & MINING—Continued** | **METALS & MINING—Continued** |
|  | Novelis Corp. |  |
| $300 | &nbsp;&nbsp;&nbsp; 3.875%—08/15/2031<sup>1</sup> | $275 |
| 1800 | &nbsp;&nbsp;&nbsp; 4.750%—01/30/2030<sup>1</sup> | 1746 |
|  |  | 2021 |
| 1166 | &nbsp;&nbsp;&nbsp; Park-Ohio Industries, Inc. <br>8.500%—08/01/2030<sup>1</sup><br>| 1198 |
|  |  | 11429 |
| **OIL, GAS & CONSUMABLE FUELS—15.4%** | **OIL, GAS & CONSUMABLE FUELS—15.4%** | **OIL, GAS & CONSUMABLE FUELS—15.4%** |
| 600 | &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 634 |
|  | AmeriGas Partners LP/AmeriGas Finance Corp. |  |
| 300 | &nbsp;&nbsp;&nbsp; 5.750%—05/20/2027 | 302 |
| 1300 | &nbsp;&nbsp;&nbsp; 9.375%—06/01/2028<sup>1</sup> | 1345 |
|  |  | 1647 |
|  | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<br>|  |
| 200 | &nbsp;&nbsp;&nbsp; 5.375%—06/15/2029<sup>1</sup> | 200 |
| 666 | &nbsp;&nbsp;&nbsp; 5.750%—01/15/2028<sup>1</sup> | 668 |
| 500 | &nbsp;&nbsp;&nbsp; 6.625%—02/01/2032<sup>1</sup> | 520 |
|  |  | 1388 |
|  | California Resources Corp. |  |
| 492 | &nbsp;&nbsp;&nbsp; 7.000%—01/15/2034<sup>1</sup> | 497 |
| 997 | &nbsp;&nbsp;&nbsp; 8.250%—06/15/2029<sup>1</sup> | 1049 |
|  |  | 1546 |
| 1732 | &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet <br> Finance Corp. <br>9.750%—07/15/2028-02/15/2031<sup>1</sup><br>| 1786 |
| 400 | &nbsp;&nbsp;&nbsp; Comstock Resources, Inc. <br>6.750%—03/01/2029<sup>1</sup><br>| 402 |
| 900 | &nbsp;&nbsp;&nbsp; CVR Energy, Inc. <br>8.500%—01/15/2029<sup>1</sup><br>| 939 |
|  | &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<br>|  |
| 300 | &nbsp;&nbsp;&nbsp; 7.125%—06/01/2028<sup>1</sup> | 302 |
| 200 | &nbsp;&nbsp;&nbsp; 7.375%—06/30/2033<sup>1</sup> | 206 |
| 1600 | &nbsp;&nbsp;&nbsp; 8.625%—03/15/2029<sup>1</sup> | 1674 |
|  |  | 2182 |
| 500 | &nbsp;&nbsp;&nbsp; Enerflex, Inc. <br>6.875%—01/15/2031<sup>1</sup><br>| 517 |
|  | Energy Transfer LP |  |
| 900 | &nbsp;&nbsp;&nbsp; 7.125%—10/01/2054<sup>2</sup> | 932 |
| 300 | &nbsp;&nbsp;&nbsp; 8.000%—05/15/2054<sup>2</sup> | 321 |
|  |  | 1253 |
|  | Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 900 | &nbsp;&nbsp;&nbsp; 7.750%—02/01/2028 | 904 |
| 700 | &nbsp;&nbsp;&nbsp; 8.000%—05/15/2033 | 731 |
| 400 | &nbsp;&nbsp;&nbsp; 8.250%—01/15/2029 | 417 |
|  |  | 2052 |
| 400 | &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc. <br>9.750%—03/01/2029<sup>1</sup><br>| 421 |
| 1300 | &nbsp;&nbsp;&nbsp; NGL Energy Operating LLC/NGL Energy Finance <br> Corp. <br>8.125%—02/15/2029<sup>1</sup><br>| 1350 |

---

---

| | | |
|:---|:---|:---|
| **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** |
|  | PBF Holding Co. LLC/PBF Finance Corp. |  |
| $100 | &nbsp;&nbsp;&nbsp; 6.000%—02/15/2028 | $100 |
| 800 | &nbsp;&nbsp;&nbsp; 7.875%—09/15/2030<sup>1</sup> | 802 |
| 1124 | &nbsp;&nbsp;&nbsp; 9.875%—03/15/2030<sup>1</sup> | 1193 |
|  |  | 2095 |
|  | PG&E Corp. |  |
| 1059 | &nbsp;&nbsp;&nbsp; 5.000%—07/01/2028 | 1057 |
| 569 | &nbsp;&nbsp;&nbsp; 5.250%—07/01/2030 | 566 |
| 371 | &nbsp;&nbsp;&nbsp; 7.375%—03/15/2055<sup>2</sup> | 383 |
|  |  | 2006 |
| 376 | &nbsp;&nbsp;&nbsp; Saturn Oil & Gas, Inc. <br>9.625%—06/15/2029<sup>1</sup><br>| 385 |
| 1050 | &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. <br>4.875%—06/30/2029<sup>1</sup><br>| 991 |
|  | Talos Production, Inc. |  |
| 1000 | &nbsp;&nbsp;&nbsp; 9.000%—02/01/2029<sup>1</sup> | 1043 |
| 822 | &nbsp;&nbsp;&nbsp; 9.375%—02/01/2031<sup>1</sup> | 871 |
|  |  | 1914 |
|  | Transocean International Ltd. |  |
| 800 | &nbsp;&nbsp;&nbsp; 8.250%—05/15/2029<sup>1</sup> | 816 |
| 700 | &nbsp;&nbsp;&nbsp; 8.500%—05/15/2031<sup>1</sup> | 713 |
|  |  | 1529 |
|  | Vermilion Energy, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 6.875%—05/01/2030<sup>1</sup> | 300 |
| 1198 | &nbsp;&nbsp;&nbsp; 7.250%—02/15/2033<sup>1</sup> | 1161 |
|  |  | 1461 |
| 136 | &nbsp;&nbsp;&nbsp; W&T Offshore, Inc. <br>10.750%—02/01/2029<sup>1</sup><br>| 134 |
| 1021 | &nbsp;&nbsp;&nbsp; Weatherford International Ltd. <br>6.750%—10/15/2033<sup>1</sup><br>| 1058 |
|  |  | 27690 |
| **PAPER & FOREST PRODUCTS—0.1%** | **PAPER & FOREST PRODUCTS—0.1%** | **PAPER & FOREST PRODUCTS—0.1%** |
| 200 | &nbsp;&nbsp;&nbsp; Mercer International, Inc. <br>12.875%—10/01/2028<sup>1</sup><br>| 147 |
| **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** |
| 1118 | &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%—09/20/2031<sup>1</sup><br>| 1124 |
| **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** | **PHARMACEUTICALS—1.7%** |
| 500 | &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. <br>10.000%—04/15/2032<sup>1</sup><br>| 514 |
| 550 | &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals LLC <br>6.875%—08/01/2032<sup>1</sup><br>| 580 |
|  | Bausch Health Cos., Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 4.875%—06/01/2028<sup>1</sup> | 278 |
| 400 | &nbsp;&nbsp;&nbsp; 5.250%—02/15/2031<sup>1</sup> | 262 |
| 100 | &nbsp;&nbsp;&nbsp; 6.250%—02/15/2029<sup>1</sup> | 79 |
| 200 | &nbsp;&nbsp;&nbsp; 7.250%—05/30/2029<sup>1</sup> | 159 |
| 600 | &nbsp;&nbsp;&nbsp; 14.000%—10/15/2030<sup>1</sup> | 604 |
|  |  | 1382 |
| 700 | &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV <br>7.875%—05/15/2034<sup>1</sup><br>| 659 |
|  |  | 3135 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF (currently, 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** |
| **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** | **PROFESSIONAL SERVICES—0.6%** |
| $400 | &nbsp;&nbsp;&nbsp; KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| $396 |
| 800 | &nbsp;&nbsp;&nbsp; TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 759 |
|  |  | 1155 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** |
|  | &nbsp;&nbsp;&nbsp; Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp.<br>|  |
| 1250 | &nbsp;&nbsp;&nbsp; 5.250%—04/15/2030<sup>1</sup> | 1193 |
| 188 | &nbsp;&nbsp;&nbsp; 9.750%—04/15/2030<sup>1</sup> | 206 |
|  |  | 1399 |
| 300 | &nbsp;&nbsp;&nbsp; Five Point Operating Co. LP <br>8.000%—10/01/2030<sup>1</sup><br>| 312 |
|  | Howard Hughes Corp. |  |
| 400 | &nbsp;&nbsp;&nbsp; 4.125%—02/01/2029<sup>1</sup> | 387 |
| 900 | &nbsp;&nbsp;&nbsp; 4.375%—02/01/2031<sup>1</sup> | 853 |
|  |  | 1240 |
|  |  | 2951 |
| **ROAD & RAIL—0.7%** | **ROAD & RAIL—0.7%** | **ROAD & RAIL—0.7%** |
| 700 | &nbsp;&nbsp;&nbsp; Danaos Corp. <br>6.875%—10/15/2032<sup>1</sup><br>| 723 |
| 500 | &nbsp;&nbsp;&nbsp; RXO, Inc. <br>7.500%—11/15/2027<sup>1</sup><br>| 511 |
|  |  | 1234 |
| **SOFTWARE—3.1%** | **SOFTWARE—3.1%** | **SOFTWARE—3.1%** |
| 430 | &nbsp;&nbsp;&nbsp; CoreWeave, Inc. <br>9.000%—02/01/2031<sup>1</sup><br>| 419 |
| 400 | &nbsp;&nbsp;&nbsp; Elastic NV <br>4.125%—07/15/2029<sup>1</sup><br>| 385 |
|  | Fair Isaac Corp. |  |
| 1000 | &nbsp;&nbsp;&nbsp; 4.000%—06/15/2028<sup>1</sup> | 984 |
| 400 | &nbsp;&nbsp;&nbsp; 5.250%—05/15/2026<sup>1</sup> | 400 |
|  |  | 1384 |
| 200 | &nbsp;&nbsp;&nbsp; Gen Digital, Inc. <br>6.750%—09/30/2027<sup>1</sup><br>| 202 |
| 600 | &nbsp;&nbsp;&nbsp; Open Text Corp. <br>3.875%—02/15/2028<sup>1</sup><br>| 581 |
| 900 | &nbsp;&nbsp;&nbsp; Open Text Holdings, Inc. <br>4.125%—02/15/2030<sup>1</sup><br>| 837 |
| 500 | &nbsp;&nbsp;&nbsp; Pagaya U.S. Holdings Co. LLC <br>8.875%—08/01/2030<sup>1</sup><br>| 447 |
| 700 | &nbsp;&nbsp;&nbsp; PTC, Inc. <br>4.000%—02/15/2028<sup>1</sup><br>| 690 |
| 700 | &nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <br>3.875%—02/01/2029<sup>1</sup><br>| 640 |
|  |  | 5585 |
| **SPECIALTY RETAIL—9.4%** | **SPECIALTY RETAIL—9.4%** | **SPECIALTY RETAIL—9.4%** |
| 300 | &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. <br>3.900%—04/15/2030<br>| 277 |
| 692 | &nbsp;&nbsp;&nbsp; Arko Corp. <br>5.125%—11/15/2029<sup>1</sup><br>| 604 |
| 300 | &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc./OSI Restaurant Partners LLC <br>5.125%—04/15/2029<sup>1</sup><br>| 267 |
| 2124 | &nbsp;&nbsp;&nbsp; Carvana Co. <br>9.000%—06/01/2031<sup>1</sup><br>| 2338 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| $709 | &nbsp;&nbsp;&nbsp; Ferrellgas LP/Ferrellgas Finance Corp. <br>9.250%—01/15/2031<sup>1</sup><br>| $733 |
|  | FirstCash, Inc. |  |
| 600 | &nbsp;&nbsp;&nbsp; 4.625%—09/01/2028<sup>1</sup> | 596 |
| 700 | &nbsp;&nbsp;&nbsp; 5.625%—01/01/2030<sup>1</sup> | 704 |
| 500 | &nbsp;&nbsp;&nbsp; 6.875%—03/01/2032<sup>1</sup> | 520 |
|  |  | 1820 |
| 700 | &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC <br>7.000%—05/01/2031-06/15/2032<sup>1</sup><br>| 737 |
|  | Gap, Inc. |  |
| 500 | &nbsp;&nbsp;&nbsp; 3.625%—10/01/2029<sup>1</sup> | 476 |
| 800 | &nbsp;&nbsp;&nbsp; 3.875%—10/01/2031<sup>1</sup> | 742 |
|  |  | 1218 |
|  | Kohl's Corp. |  |
| 1100 | &nbsp;&nbsp;&nbsp; 5.125%—05/01/2031 | 943 |
| 300 | &nbsp;&nbsp;&nbsp; 5.550%—07/17/2045 | 202 |
| 150 | &nbsp;&nbsp;&nbsp; 10.000%—06/01/2030<sup>1</sup> | 165 |
|  |  | 1310 |
|  | Macy's Retail Holdings LLC |  |
| 800 | &nbsp;&nbsp;&nbsp; 4.300%—02/15/2043 | 581 |
| 300 | &nbsp;&nbsp;&nbsp; 5.125%—01/15/2042 | 247 |
| 500 | &nbsp;&nbsp;&nbsp; 6.125%—03/15/2032<sup>1</sup> | 506 |
| 800 | &nbsp;&nbsp;&nbsp; 7.375%—08/01/2033<sup>1</sup> | 846 |
|  |  | 2180 |
| 1100 | &nbsp;&nbsp;&nbsp; Suburban Propane Partners LP/Suburban Energy <br> Finance Corp. <br>5.000%—06/01/2031<sup>1</sup><br>| 1057 |
| 700 | &nbsp;&nbsp;&nbsp; Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| 694 |
| 940 | &nbsp;&nbsp;&nbsp; Victoria's Secret & Co. <br>4.625%—07/15/2029<sup>1</sup><br>| 920 |
|  | Wayfair LLC |  |
| 1197 | &nbsp;&nbsp;&nbsp; 7.250%—10/31/2029<sup>1</sup> | 1253 |
| 973 | &nbsp;&nbsp;&nbsp; 7.750%—09/15/2030<sup>1</sup> | 1035 |
|  |  | 2288 |
| 335 | &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. <br>6.875%—11/15/2037<br>| 370 |
|  |  | 16813 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.1%** |
| 450 | &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. <br>5.500%—08/15/2028<sup>1</sup><br>| 200 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.6%** | **TEXTILES, APPAREL & LUXURY GOODS—1.6%** | **TEXTILES, APPAREL & LUXURY GOODS—1.6%** |
|  | Crocs, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 4.125%—08/15/2031<sup>1</sup> | 275 |
| 100 | &nbsp;&nbsp;&nbsp; 4.250%—03/15/2029<sup>1</sup> | 97 |
|  |  | 372 |
| 1100 | &nbsp;&nbsp;&nbsp; Under Armour, Inc. <br>7.250%—07/15/2030<sup>1</sup><br>| 1126 |
| 1375 | &nbsp;&nbsp;&nbsp; William Carter Co. <br>7.375%—02/15/2031<sup>1</sup><br>| 1423 |
|  |  | 2921 |
| **TOBACCO—0.4%** | **TOBACCO—0.4%** | **TOBACCO—0.4%** |
| 650 | &nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 699 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF (currently, 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—0.9%** | **TRADING COMPANIES & DISTRIBUTORS—0.9%** |
| $650<br> &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc. <br>6.750%—03/15/2028<sup>1</sup><br>| $663 |
| 900<br> &nbsp;&nbsp;&nbsp; Resideo Funding, Inc. <br>6.500%—07/15/2032<sup>1</sup><br>| 915 |
|  | 1578 |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $173,057) | 176260 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.2%** <br>(Cost $173,057) | 176260 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.8%** | 3281 |
| **TOTAL NET ASSETS—100.0%** | $179541 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of January 31, 2026, the aggregate value of these securities was $145,922 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 Portfolios of Investments.

------

⬤

------

**Harbor Scientific Alpha Income ETF (currently, Harbor Ares Systematic Multi-Sector Income ETF)**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Principal Amount, Value, and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—93.3%** | **Corporate Bonds & Notes—93.3%** | **Corporate Bonds & Notes—93.3%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** | **AEROSPACE & DEFENSE—2.8%** |
| $200 | &nbsp;&nbsp;&nbsp; BAE Systems PLC <br>5.125%—03/26/2029<sup>1</sup><br>| $206 |
| 100 | &nbsp;&nbsp;&nbsp; Bombardier, Inc. <br>7.450%—05/01/2034<sup>1</sup><br>| 112 |
| 200 | &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. <br>3.000%—01/15/2029<br>| 195 |
| 200 | &nbsp;&nbsp;&nbsp; Moog, Inc. <br>4.250%—12/15/2027<sup>1</sup><br>| 199 |
| 200 | &nbsp;&nbsp;&nbsp; TransDigm, Inc. <br>6.375%—03/01/2029<sup>1</sup><br>| 206 |
|  |  | 918 |
| **AUTOMOBILES—3.9%** | **AUTOMOBILES—3.9%** | **AUTOMOBILES—3.9%** |
| 300 | &nbsp;&nbsp;&nbsp; Allison Transmission, Inc. <br>3.750%—01/30/2031<sup>1</sup><br>| 283 |
| 100 | &nbsp;&nbsp;&nbsp; Ford Motor Co. <br>6.100%—08/19/2032<br>| 104 |
| 300 | &nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC <br>5.113%—05/03/2029<br>| 302 |
| 100 | &nbsp;&nbsp;&nbsp; General Motors Financial Co., Inc. <br>5.850%—04/06/2030<br>| 105 |
| 229 | &nbsp;&nbsp;&nbsp; New Flyer Holdings, Inc. <br>9.250%—07/01/2030<sup>1</sup><br>| 247 |
| 200 | &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd. <br>7.750%—07/17/2032<sup>1</sup><br>| 211 |
| 37 | &nbsp;&nbsp;&nbsp; Wabash National Corp. <br>4.500%—10/15/2028<sup>1</sup><br>| 35 |
|  |  | 1287 |
| **BANKS—0.6%** | **BANKS—0.6%** | **BANKS—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA <br>4.198%—06/01/2032<sup>1,2</sup><br>| 192 |
| **BEVERAGES—1.1%** | **BEVERAGES—1.1%** | **BEVERAGES—1.1%** |
| 400 | &nbsp;&nbsp;&nbsp; JDE Peet's NV <br>2.250%—09/24/2031<sup>1</sup><br>| 349 |
| **BIOTECHNOLOGY—0.9%** | **BIOTECHNOLOGY—0.9%** | **BIOTECHNOLOGY—0.9%** |
| 300 | &nbsp;&nbsp;&nbsp; Genmab AS/Genmab Finance LLC <br>6.250%—12/15/2032<sup>1</sup><br>| 308 |
| **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** |
| 300 | &nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. <br>3.750%—12/01/2027<br>| 199 |
| 200 | &nbsp;&nbsp;&nbsp; Lennox International, Inc. <br>5.500%—09/15/2028<br>| 207 |
| 200 | &nbsp;&nbsp;&nbsp; NVR, Inc. <br>3.000%—05/15/2030<br>| 190 |
|  |  | 596 |
| **CAPITAL MARKETS—0.9%** | **CAPITAL MARKETS—0.9%** | **CAPITAL MARKETS—0.9%** |
|  | &nbsp;&nbsp;&nbsp; Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp.<br>|  |
| 200 | &nbsp;&nbsp;&nbsp; 9.000%—06/15/2030 | 195 |
| 100 | &nbsp;&nbsp;&nbsp; 10.000%—11/15/2029<sup>1</sup> | 101 |
|  |  | 296 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CHEMICALS—1.5%** | **CHEMICALS—1.5%** | **CHEMICALS—1.5%** |
| $300 | &nbsp;&nbsp;&nbsp; Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| $319 |
| 200 | &nbsp;&nbsp;&nbsp; Yara International ASA <br>3.148%—06/04/2030<sup>1</sup><br>| 189 |
|  |  | 508 |
| **COMMERCIAL SERVICES & SUPPLIES—3.7%** | **COMMERCIAL SERVICES & SUPPLIES—3.7%** | **COMMERCIAL SERVICES & SUPPLIES—3.7%** |
| 200 | &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc. <br>5.500%—03/01/2028<sup>1</sup><br>| 200 |
| 300 | &nbsp;&nbsp;&nbsp; Deluxe Corp. <br>8.000%—06/01/2029<sup>1</sup><br>| 306 |
| 162 | &nbsp;&nbsp;&nbsp; HNI Corp. <br>5.125%—01/18/2029<sup>1</sup><br>| 160 |
| 200 | &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. <br>7.250%—03/15/2029<sup>1</sup><br>| 202 |
| 300 | &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 298 |
| 100 | &nbsp;&nbsp;&nbsp; ZipRecruiter, Inc. <br>5.000%—01/15/2030<sup>1</sup><br>| 70 |
|  |  | 1236 |
| **COMMUNICATIONS EQUIPMENT—1.9%** | **COMMUNICATIONS EQUIPMENT—1.9%** | **COMMUNICATIONS EQUIPMENT—1.9%** |
| 100 | &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. <br>4.950%—02/26/2031<br>| 103 |
|  | Motorola Solutions, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 2.300%—11/15/2030 | 182 |
| 100 | &nbsp;&nbsp;&nbsp; 4.600%—02/23/2028 | 101 |
|  |  | 283 |
| 135 | &nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II <br> LLC/Sprint Spectrum Co. III LLC <br>5.152%—09/20/2029<sup>1</sup><br>| 136 |
| 100 | &nbsp;&nbsp;&nbsp; Viasat, Inc. <br>7.500%—05/30/2031<sup>1</sup><br>| 97 |
|  |  | 619 |
| **CONSTRUCTION & ENGINEERING—2.5%** | **CONSTRUCTION & ENGINEERING—2.5%** | **CONSTRUCTION & ENGINEERING—2.5%** |
| 200 | &nbsp;&nbsp;&nbsp; Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 197 |
| 104 | &nbsp;&nbsp;&nbsp; Dycom Industries, Inc. <br>4.500%—04/15/2029<sup>1</sup><br>| 102 |
| 100 | &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp. <br>5.250%—06/01/2029<sup>1</sup><br>| 98 |
| 200 | &nbsp;&nbsp;&nbsp; Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 221 |
| 200 | &nbsp;&nbsp;&nbsp; VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| 197 |
|  |  | 815 |
| **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** | **CONSUMER FINANCE—0.9%** |
| 300 | &nbsp;&nbsp;&nbsp; OneMain Finance Corp. <br>6.750%—09/15/2033<br>| 304 |
| **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** | **CONTAINERS & PACKAGING—0.3%** |
| 100 | &nbsp;&nbsp;&nbsp; CCL Industries, Inc. <br>3.050%—06/01/2030<sup>1</sup><br>| 94 |
| **DIVERSIFIED FINANCIAL SERVICES—1.3%** | **DIVERSIFIED FINANCIAL SERVICES—1.3%** | **DIVERSIFIED FINANCIAL SERVICES—1.3%** |
| 100 | &nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp. <br>9.750%—09/01/2030<sup>1</sup><br>| 95 |
| 200 | &nbsp;&nbsp;&nbsp; Enova International, Inc. <br>9.125%—08/01/2029<sup>1</sup><br>| 212 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF (currently, 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** |
| $149 | &nbsp;&nbsp;&nbsp; goeasy Ltd. <br>6.875%—02/15/2031<sup>1</sup><br>| $140 |
|  |  | 447 |
| **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** |
| 100 | &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. <br>4.750%—01/15/2028<br>| 101 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.8%** |
| 138 | &nbsp;&nbsp;&nbsp; APLD ComputeCo LLC <br>9.250%—12/15/2030<sup>1</sup><br>| 143 |
| 300 | &nbsp;&nbsp;&nbsp; Deutsche Telekom International Finance BV <br>8.750%—06/15/2030<br>| 350 |
| 100 | &nbsp;&nbsp;&nbsp; Hughes Satellite Systems Corp. <br>5.250%—08/01/2026<br>| 95 |
|  |  | 588 |
| **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** |
| 100 | &nbsp;&nbsp;&nbsp; Alexander Funding Trust II <br>7.467%—07/31/2028<sup>1</sup><br>| 106 |
| 100 | &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. <br>5.800%—03/15/2056<sup>2</sup><br>| 100 |
| 100 | &nbsp;&nbsp;&nbsp; Edison International <br>7.875%—06/15/2054<sup>2</sup><br>| 104 |
|  | EUSHI Finance, Inc. |  |
| 100 | &nbsp;&nbsp;&nbsp; 6.250%—04/01/2056<sup>2</sup> | 101 |
| 35 | &nbsp;&nbsp;&nbsp; 7.625%—12/15/2054<sup>2</sup> | 37 |
|  |  | 138 |
| 100 | &nbsp;&nbsp;&nbsp; Pacific Gas & Electric Co. <br>3.300%—12/01/2027<br>| 99 |
|  |  | 547 |
| **ELECTRICAL EQUIPMENT—0.3%** | **ELECTRICAL EQUIPMENT—0.3%** | **ELECTRICAL EQUIPMENT—0.3%** |
| 100 | &nbsp;&nbsp;&nbsp; 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 | &nbsp;&nbsp;&nbsp; TTM Technologies, Inc. <br>4.000%—03/01/2029<sup>1</sup><br>| 194 |
| **ENTERTAINMENT—2.2%** | **ENTERTAINMENT—2.2%** | **ENTERTAINMENT—2.2%** |
| 300 | &nbsp;&nbsp;&nbsp; Flutter Treasury DAC <br>5.875%—06/04/2031<sup>1</sup><br>| 304 |
| 200 | &nbsp;&nbsp;&nbsp; Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%—04/16/2029<sup>1</sup><br>| 183 |
| 300 | &nbsp;&nbsp;&nbsp; Starz Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| 246 |
|  |  | 733 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.4%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.4%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.4%** |
| 200 | &nbsp;&nbsp;&nbsp; CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| 197 |
| 80 | &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. <br>6.250%—01/15/2033<sup>1</sup><br>| 81 |
|  | MPT Operating Partnership LP/MPT Finance Corp. |  |
| 93 | &nbsp;&nbsp;&nbsp; 3.500%—03/15/2031 | 69 |
| 300 | &nbsp;&nbsp;&nbsp; 4.625%—08/01/2029 | 257 |
|  |  | 326 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| $200 | &nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc. <br>3.750%—02/15/2027<sup>1</sup><br>| $199 |
|  |  | 803 |
| **FOOD & STAPLES RETAILING—0.6%** | **FOOD & STAPLES RETAILING—0.6%** | **FOOD & STAPLES RETAILING—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp. <br>3.250%—02/15/2029<br>| 193 |
| **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** |
| 300 | &nbsp;&nbsp;&nbsp; XPO, Inc. <br>6.250%—06/01/2028<sup>1</sup><br>| 306 |
| **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** |
| 100 | &nbsp;&nbsp;&nbsp; Centene Corp. <br>2.500%—03/01/2031<br>| 86 |
| 88 | &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. <br>8.375%—09/12/2055<sup>2</sup><br>| 87 |
| 300 | &nbsp;&nbsp;&nbsp; HCA, Inc. <br>3.125%—03/15/2027<br>| 297 |
| 200 | &nbsp;&nbsp;&nbsp; STERIS Irish FinCo UnLtd Co. <br>2.700%—03/15/2031<br>| 185 |
|  |  | 655 |
| **HOTELS, RESTAURANTS & LEISURE—3.2%** | **HOTELS, RESTAURANTS & LEISURE—3.2%** | **HOTELS, RESTAURANTS & LEISURE—3.2%** |
|  | Carnival Corp. |  |
| 300 | &nbsp;&nbsp;&nbsp; 4.000%—08/01/2028<sup>1</sup> | 297 |
| 237 | &nbsp;&nbsp;&nbsp; 5.875%—06/15/2031<sup>1</sup> | 245 |
|  |  | 542 |
| 100 | &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. <br>6.000%—06/14/2030<br>| 104 |
| 200 | &nbsp;&nbsp;&nbsp; New Red Finance, Inc. <br>3.875%—01/15/2028<sup>1</sup><br>| 197 |
| 100 | &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. <br>4.200%—04/01/2030<br>| 100 |
| 100 | &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. <br>5.625%—09/30/2031<sup>1</sup><br>| 103 |
|  |  | 1046 |
| **IT SERVICES—3.4%** | **IT SERVICES—3.4%** | **IT SERVICES—3.4%** |
| 100 | &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. <br>3.875%—09/01/2028<sup>1</sup><br>| 99 |
| 300 | &nbsp;&nbsp;&nbsp; International Business Machines Corp. <br>3.500%—05/15/2029<br>| 295 |
| 200 | &nbsp;&nbsp;&nbsp; Leidos, Inc. <br>4.375%—05/15/2030<br>| 200 |
|  | Seagate Data Storage Technology Pte. Ltd. |  |
| 133 | &nbsp;&nbsp;&nbsp; 5.750%—12/01/2034<sup>1</sup> | 136 |
| 200 | &nbsp;&nbsp;&nbsp; 9.625%—12/01/2032<sup>1</sup> | 226 |
|  |  | 362 |
| 200 | &nbsp;&nbsp;&nbsp; VeriSign, Inc. <br>2.700%—06/15/2031<br>| 182 |
|  |  | 1138 |
| **MACHINERY—1.8%** | **MACHINERY—1.8%** | **MACHINERY—1.8%** |
| 200 | &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. <br>4.125%—06/30/2028<sup>1</sup><br>| 197 |
| 100 | &nbsp;&nbsp;&nbsp; IDEX Corp. <br>3.000%—05/01/2030<br>| 95 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF (currently, 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** |
| $300 | &nbsp;&nbsp;&nbsp; Vertiv Group Corp. <br>4.125%—11/15/2028<sup>1</sup><br>| $296 |
|  |  | 588 |
| **MEDIA—2.4%** | **MEDIA—2.4%** | **MEDIA—2.4%** |
| 200 | &nbsp;&nbsp;&nbsp; DISH DBS Corp. <br>7.375%—07/01/2028<br>| 192 |
| 300 | &nbsp;&nbsp;&nbsp; News Corp. <br>3.875%—05/15/2029<sup>1</sup><br>| 292 |
| 300 | &nbsp;&nbsp;&nbsp; RELX Capital, Inc. <br>4.000%—03/18/2029<br>| 300 |
|  |  | 784 |
| **METALS & MINING—3.2%** | **METALS & MINING—3.2%** | **METALS & MINING—3.2%** |
| 150 | &nbsp;&nbsp;&nbsp; Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 151 |
| 200 | &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. <br>6.125%—04/01/2029<sup>1</sup><br>| 202 |
| 200 | &nbsp;&nbsp;&nbsp; IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| 201 |
| 400 | &nbsp;&nbsp;&nbsp; Novelis Corp. <br>4.750%—01/30/2030<sup>1</sup><br>| 388 |
| 100 | &nbsp;&nbsp;&nbsp; Park-Ohio Industries, Inc. <br>8.500%—08/01/2030<sup>1</sup><br>| 102 |
|  |  | 1044 |
| **OIL, GAS & CONSUMABLE FUELS—13.5%** | **OIL, GAS & CONSUMABLE FUELS—13.5%** | **OIL, GAS & CONSUMABLE FUELS—13.5%** |
| 200 | &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 211 |
| 200 | &nbsp;&nbsp;&nbsp; AmeriGas Partners LP/AmeriGas Finance Corp. <br>9.375%—06/01/2028<sup>1</sup><br>| 207 |
| 200 | &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream <br> Finance Corp. <br>5.750%—10/15/2033<sup>1</sup><br>| 202 |
| 200 | &nbsp;&nbsp;&nbsp; BP Capital Markets PLC <br>4.875%—03/22/2030<sup>2</sup><br>| 199 |
| 96 | &nbsp;&nbsp;&nbsp; California Resources Corp. <br>8.250%—06/15/2029<sup>1</sup><br>| 101 |
| 147 | &nbsp;&nbsp;&nbsp; Calumet Specialty Products Partners LP/Calumet <br> Finance Corp. <br>9.750%—07/15/2028-02/15/2031<sup>1</sup><br>| 152 |
| 300 | &nbsp;&nbsp;&nbsp; CVR Energy, Inc. <br>8.500%—01/15/2029<sup>1</sup><br>| 313 |
|  | &nbsp;&nbsp;&nbsp; Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<br>|  |
| 100 | &nbsp;&nbsp;&nbsp; 7.125%—06/01/2028<sup>1</sup> | 101 |
| 200 | &nbsp;&nbsp;&nbsp; 8.625%—03/15/2029<sup>1</sup> | 209 |
|  |  | 310 |
| 200 | &nbsp;&nbsp;&nbsp; Enbridge, Inc. <br>6.000%—01/15/2077<sup>2</sup><br>| 201 |
| 100 | &nbsp;&nbsp;&nbsp; Enterprise Products Operating LLC <br>5.250%—08/16/2077<sup>2</sup><br>| 100 |
| 200 | &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc. <br>9.750%—03/01/2029<sup>1</sup><br>| 211 |
| 200 | &nbsp;&nbsp;&nbsp; HF Sinclair Corp. <br>5.750%—01/15/2031<br>| 207 |
| 100 | &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. <br>5.000%—02/01/2029<br>| 103 |

---

---

| | | |
|:---|:---|:---|
| **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 | &nbsp;&nbsp;&nbsp; MPLX LP <br>2.650%—08/15/2030<br>| $185 |
|  | PBF Holding Co. LLC/PBF Finance Corp. |  |
| 100 | &nbsp;&nbsp;&nbsp; 6.000%—02/15/2028 | 100 |
| 200 | &nbsp;&nbsp;&nbsp; 7.875%—09/15/2030<sup>1</sup> | 200 |
|  |  | 300 |
| 200 | &nbsp;&nbsp;&nbsp; PG&E Corp. <br>5.000%—07/01/2028<br>| 200 |
| 200 | &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. <br>4.875%—06/30/2029<sup>1</sup><br>| 189 |
| 100 | &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. <br>7.150%—02/01/2032<br>| 112 |
|  | Talos Production, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 9.000%—02/01/2029<sup>1</sup> | 209 |
| 100 | &nbsp;&nbsp;&nbsp; 9.375%—02/01/2031<sup>1</sup> | 106 |
|  |  | 315 |
| 100 | &nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp. <br>4.000%—01/15/2032<br>| 96 |
| 100 | &nbsp;&nbsp;&nbsp; TC PipeLines LP <br>3.900%—05/25/2027<br>| 100 |
| 143 | &nbsp;&nbsp;&nbsp; Transocean International Ltd. <br>8.500%—05/15/2031<sup>1</sup><br>| 146 |
| 149 | &nbsp;&nbsp;&nbsp; Vermilion Energy, Inc. <br>7.250%—02/15/2033<sup>1</sup><br>| 144 |
| 139 | &nbsp;&nbsp;&nbsp; Weatherford International Ltd. <br>6.750%—10/15/2033<sup>1</sup><br>| 144 |
|  |  | 4448 |
| **PASSENGER AIRLINES—1.9%** | **PASSENGER AIRLINES—1.9%** | **PASSENGER AIRLINES—1.9%** |
| 183 | &nbsp;&nbsp;&nbsp; Alaska Airlines Pass-Through Trust <br>4.800%—02/15/2029<sup>1</sup><br>| 183 |
| 275 | &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.750%—10/20/2028<sup>1</sup><br>| 277 |
| 100 | &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%—09/20/2031<sup>1</sup><br>| 101 |
| 65 | &nbsp;&nbsp;&nbsp; United Airlines Pass-Through Trust <br>5.875%—04/15/2029<br>| 67 |
|  |  | 628 |
| **PHARMACEUTICALS—2.3%** | **PHARMACEUTICALS—2.3%** | **PHARMACEUTICALS—2.3%** |
| 200 | &nbsp;&nbsp;&nbsp; 1261229 BC Ltd. <br>10.000%—04/15/2032<sup>1</sup><br>| 205 |
| 200 | &nbsp;&nbsp;&nbsp; Cencora, Inc. <br>2.700%—03/15/2031<br>| 185 |
| 200 | &nbsp;&nbsp;&nbsp; Organon & Co./Organon Foreign Debt Co-Issuer BV <br>7.875%—05/15/2034<sup>1</sup><br>| 188 |
| 200 | &nbsp;&nbsp;&nbsp; Viatris, Inc. <br>2.700%—06/22/2030<br>| 183 |
|  |  | 761 |
| **PROFESSIONAL SERVICES—1.4%** | **PROFESSIONAL SERVICES—1.4%** | **PROFESSIONAL SERVICES—1.4%** |
| 100 | &nbsp;&nbsp;&nbsp; Gartner, Inc. <br>3.750%—10/01/2030<sup>1</sup><br>| 95 |
| 100 | &nbsp;&nbsp;&nbsp; KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 99 |
| 300 | &nbsp;&nbsp;&nbsp; TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 284 |
|  |  | 478 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF (currently, 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** |
| **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** | **ROAD & RAIL—0.6%** |
| $200 | &nbsp;&nbsp;&nbsp; Danaos Corp. <br>6.875%—10/15/2032<sup>1</sup><br>| $207 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.6%** |
|  | Broadcom, Inc. |  |
| 300 | &nbsp;&nbsp;&nbsp; 1.950%—02/15/2028 | 289 |
| 100 | &nbsp;&nbsp;&nbsp; 4.000%—04/15/2029<sup>1</sup> | 100 |
|  |  | 389 |
| 200 | &nbsp;&nbsp;&nbsp; NVIDIA Corp. <br>2.850%—04/01/2030<br>| 191 |
| 100 | &nbsp;&nbsp;&nbsp; Qorvo, Inc. <br>3.375%—04/01/2031<sup>1</sup><br>| 93 |
| 200 | &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. <br>2.250%—09/04/2029<br>| 189 |
|  |  | 862 |
| **SOFTWARE—5.5%** | **SOFTWARE—5.5%** | **SOFTWARE—5.5%** |
| 300 | &nbsp;&nbsp;&nbsp; AppLovin Corp. <br>5.125%—12/01/2029<br>| 308 |
| 200 | &nbsp;&nbsp;&nbsp; Autodesk, Inc. <br>2.400%—12/15/2031<br>| 178 |
| 200 | &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. <br>2.900%—12/01/2029<br>| 190 |
| 100 | &nbsp;&nbsp;&nbsp; CoreWeave, Inc. <br>9.000%—02/01/2031<sup>1</sup><br>| 97 |
| 100 | &nbsp;&nbsp;&nbsp; Fair Isaac Corp. <br>4.000%—06/15/2028<sup>1</sup><br>| 99 |
| 300 | &nbsp;&nbsp;&nbsp; Open Text Corp. <br>6.900%—12/01/2027<sup>1</sup><br>| 310 |
|  | Oracle Corp. |  |
| 100 | &nbsp;&nbsp;&nbsp; 6.150%—11/09/2029 | 104 |
| 200 | &nbsp;&nbsp;&nbsp; 6.250%—11/09/2032 | 209 |
|  |  | 313 |
| 300 | &nbsp;&nbsp;&nbsp; Salesforce, Inc. <br>1.950%—07/15/2031<br>| 267 |
| 62 | &nbsp;&nbsp;&nbsp; ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <br>3.875%—02/01/2029<sup>1</sup><br>| 57 |
|  |  | 1819 |
| **SPECIALTY RETAIL—6.8%** | **SPECIALTY RETAIL—6.8%** | **SPECIALTY RETAIL—6.8%** |
| 200 | &nbsp;&nbsp;&nbsp; Arko Corp. <br>5.125%—11/15/2029<sup>1</sup><br>| 174 |
| 314 | &nbsp;&nbsp;&nbsp; Carvana Co. <br>9.000%—06/01/2030-06/01/2031<sup>1</sup><br>| 335 |
| 100 | &nbsp;&nbsp;&nbsp; Gap, Inc. <br>3.875%—10/01/2031<sup>1</sup><br>| 93 |
| 400 | &nbsp;&nbsp;&nbsp; Home Depot, Inc. <br>3.250%—04/15/2032<br>| 377 |
| 222 | &nbsp;&nbsp;&nbsp; Kohl's Corp. <br>5.125%—05/01/2031<br>| 190 |
|  | Macy's Retail Holdings LLC |  |
| 100 | &nbsp;&nbsp;&nbsp; 4.300%—02/15/2043 | 73 |
| 175 | &nbsp;&nbsp;&nbsp; 6.125%—03/15/2032<sup>1</sup> | 177 |
| 100 | &nbsp;&nbsp;&nbsp; 7.375%—08/01/2033<sup>1</sup> | 106 |
|  |  | 356 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| $300 | &nbsp;&nbsp;&nbsp; Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| $298 |
| 300 | &nbsp;&nbsp;&nbsp; Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 314 |
| 100 | &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. <br>5.350%—11/01/2043<br>| 97 |
|  |  | 2234 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** |
| 100 | &nbsp;&nbsp;&nbsp; Western Digital Corp. <br>2.850%—02/01/2029<br>| 95 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** |
| 100 | &nbsp;&nbsp;&nbsp; Tapestry, Inc. <br>5.100%—03/11/2030<br>| 103 |
| 65 | &nbsp;&nbsp;&nbsp; Under Armour, Inc. <br>7.250%—07/15/2030<sup>1</sup><br>| 66 |
| 53 | &nbsp;&nbsp;&nbsp; William Carter Co. <br>7.375%—02/15/2031<sup>1</sup><br>| 55 |
|  |  | 224 |
| **TOBACCO—4.3%** | **TOBACCO—4.3%** | **TOBACCO—4.3%** |
|  | Altria Group, Inc. |  |
| 100 | &nbsp;&nbsp;&nbsp; 2.450%—02/04/2032 | 89 |
| 300 | &nbsp;&nbsp;&nbsp; 4.800%—02/14/2029 | 305 |
|  |  | 394 |
| 200 | &nbsp;&nbsp;&nbsp; Imperial Brands Finance PLC <br>5.500%—02/01/2030<sup>1</sup><br>| 208 |
| 300 | &nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. <br>5.250%—06/15/2030<sup>1</sup><br>| 310 |
| 400 | &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. <br>5.125%—02/15/2030-02/13/2031<br>| 414 |
| 100 | &nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 107 |
|  |  | 1433 |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| 200 | &nbsp;&nbsp;&nbsp; Ferguson Finance PLC <br>4.500%—10/24/2028<sup>1</sup><br>| 202 |
| **WIRELESS TELECOMMUNICATION SERVICES—1.1%** | **WIRELESS TELECOMMUNICATION SERVICES—1.1%** | **WIRELESS TELECOMMUNICATION SERVICES—1.1%** |
|  | T-Mobile USA, Inc. |  |
| 200 | &nbsp;&nbsp;&nbsp; 2.550%—02/15/2031 | 183 |
| 200 | &nbsp;&nbsp;&nbsp; 2.625%—02/15/2029 | 192 |
|  |  | 375 |
| &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $30,061) | &nbsp;&nbsp;&nbsp; **Total Corporate Bonds & Notes** <br>(Cost $30,061) | 30828 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—93.3%** <br>(Cost $30,061) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—93.3%** <br>(Cost $30,061) | 30828 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—6.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—6.7%** | 2217 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $33045 |

---

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

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

------

⬤

------

**Harbor Scientific Alpha Income ETF (currently, 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** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Date**<br>| **Current** <br>**Notional** <br>**Value** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| U.S. Treasury Note Futures 10 Year (Long) | &nbsp;&nbsp; 28 | 03/20/2026 | &nbsp;&nbsp; $3131 | &nbsp;&nbsp; $(24)<br>|
| U.S. Treasury Note Futures 2 Year (Long) | &nbsp;&nbsp; 42 | 03/31/2026 | &nbsp;&nbsp; 8757 | &nbsp;&nbsp; (12)<br>|
| U.S. Treasury Note Futures 5 Year (Long) | &nbsp;&nbsp; 42 | 03/31/2026 | &nbsp;&nbsp; 4575 | &nbsp;&nbsp; (19)<br>|
| &nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  | &nbsp;&nbsp; $(55)<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 | &nbsp;&nbsp;&nbsp; Markit CDX North American <br> Investment Grade Index <br> Series 45<br>| Sell | 1.000<br> %<br>| 12/20/2030 | 0.494% | Quarterly | $5400 | $127 | $123 | $4 |
| ICE Clear Credit LLC | &nbsp;&nbsp;&nbsp; Markit CDX North American <br> High Yield Index Series 45<br>| Sell | 5.000<br> %<br>| 12/20/2030 | 2.961% | Quarterly | 1683 | 151 | 127 | 24 |
| &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | &nbsp;&nbsp;&nbsp; Total Centrally Cleared Credit Default Swaps | $28 |

---

**FAIR VALUE MEASUREMENTS**

As of January 31, 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 Portfolios of Investments.

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of January 31, 2026, the aggregate value of these securities was $18,931 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. As of January 31, 2026, the maximum exposure to loss of the notional value as the seller of credit default swaps outstanding was $7,083.

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

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

------

⬤

------

**Harbor SMID Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—11.8%** | **AEROSPACE & DEFENSE—11.8%** | **AEROSPACE & DEFENSE—11.8%** |
| 991 | Hexcel Corp.  | $82 |
| 309 | Huntington Ingalls Industries, Inc.  | 130 |
| 447 | Moog, Inc. Class A | 137 |
| 492 | Woodward, Inc.  | 156 |
|  |  | 505 |
| **AUTOMOBILE COMPONENTS—1.8%** | **AUTOMOBILE COMPONENTS—1.8%** | **AUTOMOBILE COMPONENTS—1.8%** |
| 1586 | BorgWarner, Inc.  | 75 |
| **BANKS—5.2%** | **BANKS—5.2%** | **BANKS—5.2%** |
| 585 | East West Bancorp, Inc.  | 67 |
| 1215 | Webster Financial Corp.  | 80 |
| 499 | Wintrust Financial Corp.  | 74 |
|  |  | 221 |
| **BUILDING PRODUCTS—1.9%** | **BUILDING PRODUCTS—1.9%** | **BUILDING PRODUCTS—1.9%** |
| 1104 | A.O. Smith Corp.  | 81 |
| **CAPITAL MARKETS—4.5%** | **CAPITAL MARKETS—4.5%** | **CAPITAL MARKETS—4.5%** |
| 500 | Houlihan Lokey, Inc.  | 84 |
| 660 | Raymond James Financial, Inc.  | 110 |
|  |  | 194 |
| **CHEMICALS—6.7%** | **CHEMICALS—6.7%** | **CHEMICALS—6.7%** |
| 515 | Albemarle Corp.  | 88 |
| 689 | Cabot Corp.  | 50 |
| 1115 | CF Industries Holdings, Inc.  | 104 |
| 672 | Eastman Chemical Co.  | 46 |
|  |  | 288 |
| **COMMERCIAL SERVICES & SUPPLIES—1.8%** | **COMMERCIAL SERVICES & SUPPLIES—1.8%** | **COMMERCIAL SERVICES & SUPPLIES—1.8%** |
| 361 | Republic Services, Inc.  | 78 |
| **CONSTRUCTION & ENGINEERING—3.9%** | **CONSTRUCTION & ENGINEERING—3.9%** | **CONSTRUCTION & ENGINEERING—3.9%** |
| 100 | EMCOR Group, Inc.  | 72 |
| 213 | Valmont Industries, Inc.  | 95 |
|  |  | 167 |
| **CONSUMER FINANCE—1.9%** | **CONSUMER FINANCE—1.9%** | **CONSUMER FINANCE—1.9%** |
| 474 | FirstCash Holdings, Inc.  | 81 |
| **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** | **CONTAINERS & PACKAGING—1.2%** |
| 1070 | Sonoco Products Co.  | 51 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.5%** |
| 509 | Arrow Electronics, Inc. <sup>\*</sup> | 67 |
| 203 | Teledyne Technologies, Inc. <sup>\*</sup> | 126 |
|  |  | 193 |
| **ENERGY EQUIPMENT & SERVICES—2.6%** | **ENERGY EQUIPMENT & SERVICES—2.6%** | **ENERGY EQUIPMENT & SERVICES—2.6%** |
| 3774 | Archrock, Inc.  | 112 |
| **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** |
| 345 | WEX, Inc. <sup>\*</sup> | 53 |
| **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** |
| 3664 | MDU Resources Group, Inc.  | 75 |
| **GROUND TRANSPORTATION—2.3%** | **GROUND TRANSPORTATION—2.3%** | **GROUND TRANSPORTATION—2.3%** |
| 513 | Ryder System, Inc.  | 98 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.5%** |
| 825 | CONMED Corp.  | 32 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 1003 | Hologic, Inc. <sup>\*</sup> | $75 |
|  |  | 107 |
| **HEALTH CARE PROVIDERS & SERVICES—1.1%** | **HEALTH CARE PROVIDERS & SERVICES—1.1%** | **HEALTH CARE PROVIDERS & SERVICES—1.1%** |
| 1122 | Centene Corp. <sup>\*</sup> | 49 |
| **HOTELS, RESTAURANTS & LEISURE—2.9%** | **HOTELS, RESTAURANTS & LEISURE—2.9%** | **HOTELS, RESTAURANTS & LEISURE—2.9%** |
| 376 | Darden Restaurants, Inc.  | 75 |
| 918 | Papa John's International, Inc.  | 32 |
| 1337 | Penn Entertainment, Inc. <sup>\*</sup> | 17 |
|  |  | 124 |
| **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** |
| 402 | DR Horton, Inc.  | 60 |
| **INSURANCE—2.3%** | **INSURANCE—2.3%** | **INSURANCE—2.3%** |
| 488 | Reinsurance Group of America, Inc. Class A | 99 |
| **IT SERVICES—1.4%** | **IT SERVICES—1.4%** | **IT SERVICES—1.4%** |
| 632 | Akamai Technologies, Inc. <sup>\*</sup> | 61 |
| **LIFE SCIENCES TOOLS & SERVICES—5.8%** | **LIFE SCIENCES TOOLS & SERVICES—5.8%** | **LIFE SCIENCES TOOLS & SERVICES—5.8%** |
| 3303 | Avantor, Inc. <sup>\*</sup> | 36 |
| 216 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 63 |
| 370 | Charles River Laboratories International, Inc. <sup>\*</sup> | 78 |
| 1321 | Qiagen NV  | 71 |
|  |  | 248 |
| **MACHINERY—4.6%** | **MACHINERY—4.6%** | **MACHINERY—4.6%** |
| 463 | Albany International Corp. Class A | 26 |
| 503 | Middleby Corp. <sup>\*</sup> | 74 |
| 272 | Snap-on, Inc.  | 99 |
|  |  | 199 |
| **MULTI-UTILITIES—1.4%** | **MULTI-UTILITIES—1.4%** | **MULTI-UTILITIES—1.4%** |
| 529 | WEC Energy Group, Inc.  | 59 |
| **OFFICE REITS—2.5%** | **OFFICE REITS—2.5%** | **OFFICE REITS—2.5%** |
| 884 | BXP, Inc.  | 57 |
| 1549 | COPT Defense Properties  | 48 |
|  |  | 105 |
| **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** |
| 123 | CACI International, Inc. Class A<sup>\*</sup> | 76 |
| 1040 | Insperity, Inc.  | 45 |
|  |  | 121 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.0%** |
| 760 | CBRE Group, Inc. Class A<sup>\*</sup> | 130 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.8%** |
| 645 | Cirrus Logic, Inc. <sup>\*</sup> | 84 |
| 1373 | FormFactor, Inc. <sup>\*</sup> | 97 |
| 78 | Monolithic Power Systems, Inc.  | 87 |
| 1082 | ON Semiconductor Corp. <sup>\*</sup> | 65 |
|  |  | 333 |
| **SOFTWARE—2.7%** | **SOFTWARE—2.7%** | **SOFTWARE—2.7%** |
| 2423 | Box, Inc. Class A<sup>\*</sup> | 61 |
| 113 | Synopsys, Inc. <sup>\*</sup> | 53 |
|  |  | 114 |

---

------

⬤

------

**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—1.3%** | **SPECIALIZED REITS—1.3%** | **SPECIALIZED REITS—1.3%** |
| 311 | SBA Communications Corp.  | $57 |
| **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** |
| 562 | GATX Corp.  | 102 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,566) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,566) | 4240 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.0%** <br>(Cost $3,566) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—99.0%** <br>(Cost $3,566) | 4240 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | 41 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4281 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

**Harbor SMID Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)**

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.9%** | **COMMON STOCKS—96.9%** | **COMMON STOCKS—96.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—5.7%** | **AEROSPACE & DEFENSE—5.7%** | **AEROSPACE & DEFENSE—5.7%** |
| 237 | Huntington Ingalls Industries, Inc.  | $100 |
| 514 | Moog, Inc. Class A | 157 |
|  |  | 257 |
| **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** |
| 747 | BorgWarner, Inc.  | 35 |
| **BANKS—10.3%** | **BANKS—10.3%** | **BANKS—10.3%** |
| 691 | Pinnacle Financial Partners, Inc.  | 66 |
| 707 | Popular, Inc. (Puerto Rico) | 94 |
| 544 | UMB Financial Corp.  | 69 |
| 1950 | United Bankshares, Inc.  | 83 |
| 798 | Webster Financial Corp.  | 52 |
| 2724 | WesBanco, Inc.  | 96 |
|  |  | 460 |
| **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** |
| 1024 | Masco Corp.  | 68 |
| **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** |
| 271 | Raymond James Financial, Inc.  | 45 |
| 817 | Stifel Financial Corp.  | 101 |
|  |  | 146 |
| **CHEMICALS—3.2%** | **CHEMICALS—3.2%** | **CHEMICALS—3.2%** |
| 833 | Cabot Corp.  | 60 |
| 733 | Eastman Chemical Co.  | 51 |
| 537 | Scotts Miracle-Gro Co.  | 34 |
|  |  | 145 |
| **COMMUNICATIONS EQUIPMENT—2.7%** | **COMMUNICATIONS EQUIPMENT—2.7%** | **COMMUNICATIONS EQUIPMENT—2.7%** |
| 2799 | Digi International, Inc. <sup>\*</sup> | 121 |
| **CONSTRUCTION MATERIALS—1.2%** | **CONSTRUCTION MATERIALS—1.2%** | **CONSTRUCTION MATERIALS—1.2%** |
| 263 | Eagle Materials, Inc.  | 54 |
| **CONSUMER FINANCE—1.9%** | **CONSUMER FINANCE—1.9%** | **CONSUMER FINANCE—1.9%** |
| 503 | FirstCash Holdings, Inc.  | 86 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** |
| 1028 | Performance Food Group Co. <sup>\*</sup> | 98 |
| **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** |
| 695 | Sonoco Products Co.  | 33 |
| **DISTRIBUTORS—0.8%** | **DISTRIBUTORS—0.8%** | **DISTRIBUTORS—0.8%** |
| 1077 | LKQ Corp.  | 35 |
| **ELECTRICAL EQUIPMENT—8.0%** | **ELECTRICAL EQUIPMENT—8.0%** | **ELECTRICAL EQUIPMENT—8.0%** |
| 288 | Acuity, Inc.  | 89 |
| 1051 | Atkore, Inc.  | 73 |
| 1152 | Nextpower, Inc. Class A<sup>\*</sup> | 135 |
| 385 | Regal Rexnord Corp.  | 62 |
|  |  | 359 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—12.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—12.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—12.7%** |
| 644 | Advanced Energy Industries, Inc.  | 165 |
| 1494 | Avnet, Inc.  | 93 |
| 2718 | Flex Ltd. <sup>\*</sup> | 171 |
| 979 | Sanmina Corp. <sup>\*</sup> | 139 |
|  |  | 568 |

---

---

| | | |
|:---|:---|:---|
| **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.  | $90 |
| **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** |
| 341 | WEX, Inc. <sup>\*</sup> | 52 |
| **FOOD PRODUCTS—2.4%** | **FOOD PRODUCTS—2.4%** | **FOOD PRODUCTS—2.4%** |
| 2337 | Darling Ingredients, Inc. <sup>\*</sup> | 107 |
| **GAS UTILITIES—3.6%** | **GAS UTILITIES—3.6%** | **GAS UTILITIES—3.6%** |
| 457 | Atmos Energy Corp.  | 76 |
| 4212 | MDU Resources Group, Inc.  | 86 |
|  |  | 162 |
| **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** |
| 2201 | Schneider National, Inc. Class B | 59 |
| **HEALTH CARE REITS—0.5%** | **HEALTH CARE REITS—0.5%** | **HEALTH CARE REITS—0.5%** |
| 466 | Alexandria Real Estate Equities, Inc.  | 25 |
| **HOTEL & RESORT REITS—0.6%** | **HOTEL & RESORT REITS—0.6%** | **HOTEL & RESORT REITS—0.6%** |
| 2402 | Pebblebrook Hotel Trust  | 27 |
| **HOTELS, RESTAURANTS & LEISURE—1.2%** | **HOTELS, RESTAURANTS & LEISURE—1.2%** | **HOTELS, RESTAURANTS & LEISURE—1.2%** |
| 280 | Darden Restaurants, Inc.  | 56 |
| **HOUSEHOLD DURABLES—1.0%** | **HOUSEHOLD DURABLES—1.0%** | **HOUSEHOLD DURABLES—1.0%** |
| 301 | DR Horton, Inc.  | 45 |
| **INDUSTRIAL REITS—2.8%** | **INDUSTRIAL REITS—2.8%** | **INDUSTRIAL REITS—2.8%** |
| 354 | EastGroup Properties, Inc.  | 64 |
| 1601 | STAG Industrial, Inc.  | 60 |
|  |  | 124 |
| **INSURANCE—3.8%** | **INSURANCE—3.8%** | **INSURANCE—3.8%** |
| 475 | Reinsurance Group of America, Inc. Class A | 96 |
| 262 | RenaissanceRe Holdings Ltd. (Bermuda) | 74 |
|  |  | 170 |
| **LIFE SCIENCES TOOLS & SERVICES—1.3%** | **LIFE SCIENCES TOOLS & SERVICES—1.3%** | **LIFE SCIENCES TOOLS & SERVICES—1.3%** |
| 270 | Charles River Laboratories International, Inc. <sup>\*</sup> | 57 |
| **MACHINERY—5.5%** | **MACHINERY—5.5%** | **MACHINERY—5.5%** |
| 767 | Albany International Corp. Class A | 43 |
| 501 | Middleby Corp. <sup>\*</sup> | 74 |
| 217 | Snap-on, Inc.  | 79 |
| 546 | Timken Co.  | 51 |
|  |  | 247 |
| **OFFICE REITS—1.9%** | **OFFICE REITS—1.9%** | **OFFICE REITS—1.9%** |
| 2624 | Vornado Realty Trust  | 84 |
| **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** |
| 413 | Diamondback Energy, Inc.  | 68 |
| 2459 | Murphy Oil Corp.  | 74 |
|  |  | 142 |
| **PROFESSIONAL SERVICES—1.1%** | **PROFESSIONAL SERVICES—1.1%** | **PROFESSIONAL SERVICES—1.1%** |
| 787 | TriNet Group, Inc.  | 48 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.5%** |
| 665 | CBRE Group, Inc. Class A<sup>\*</sup> | 113 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.7%** |
| 633 | Entegris, Inc.  | 75 |

---

------

⬤

------

**Harbor SMID Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

*Value and Cost in Thousands* 

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—1.6%** | **SOFTWARE—1.6%** | **SOFTWARE—1.6%** |
| 152 | Synopsys, Inc. <sup>\*</sup> | $71 |
| **SPECIALTY RETAIL—0.6%** | **SPECIALTY RETAIL—0.6%** | **SPECIALTY RETAIL—0.6%** |
| 1268 | Bath & Body Works, Inc.  | 28 |
| **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** | **TRADING COMPANIES & DISTRIBUTORS—2.2%** |
| 544 | GATX Corp.  | 99 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,474) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $3,474) | 4346 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—96.9%** <br>(Cost $3,474) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—96.9%** <br>(Cost $3,474) | 4346 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.1%** | 137 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4483 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Transformative Technologies ETF**

**PORTFOLIO OF INVESTMENTS—January 31, 2026 (Unaudited)** 

------

*Value and Cost in Thousands*

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** |
| **Shares** |  | **Value** |
| **AUTOMOBILES—2.6%** | **AUTOMOBILES—2.6%** | **AUTOMOBILES—2.6%** |
| 380 | Tesla, Inc. <sup>\*</sup> | $164 |
| **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** |
| 63 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 30 |
| **BROADLINE RETAIL—5.8%** | **BROADLINE RETAIL—5.8%** | **BROADLINE RETAIL—5.8%** |
| 1515 | Amazon.com, Inc. <sup>\*</sup> | 363 |
| **COMMUNICATIONS EQUIPMENT—2.4%** | **COMMUNICATIONS EQUIPMENT—2.4%** | **COMMUNICATIONS EQUIPMENT—2.4%** |
| 1062 | Arista Networks, Inc. <sup>\*</sup> | 151 |
| **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** | **ELECTRIC UTILITIES—1.3%** |
| 283 | Constellation Energy Corp.  | 79 |
| **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** |
| 992 | Schneider Electric SE ADR<sup>1</sup> | 57 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.1%** |
| 309 | Keysight Technologies, Inc. <sup>\*</sup> | 67 |
| **ENTERTAINMENT—2.1%** | **ENTERTAINMENT—2.1%** | **ENTERTAINMENT—2.1%** |
| 1597 | Netflix, Inc. <sup>\*</sup> | 133 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 132 | Mastercard, Inc. Class A | 71 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.2%** |
| 491 | Edwards Lifesciences Corp. <sup>\*</sup> | 40 |
| 191 | Intuitive Surgical, Inc. <sup>\*</sup> | 96 |
|  |  | 136 |
| **HOTELS, RESTAURANTS & LEISURE—0.8%** | **HOTELS, RESTAURANTS & LEISURE—0.8%** | **HOTELS, RESTAURANTS & LEISURE—0.8%** |
| 268 | Airbnb, Inc. Class A<sup>\*</sup> | 35 |
| 1397 | Navan, Inc. Class A<sup>\*</sup> | 16 |
|  |  | 51 |
| **INTERACTIVE MEDIA & SERVICES—10.5%** | **INTERACTIVE MEDIA & SERVICES—10.5%** | **INTERACTIVE MEDIA & SERVICES—10.5%** |
| 1282 | Alphabet, Inc. Class A | 433 |
| 314 | Meta Platforms, Inc. Class A | 225 |
|  |  | 658 |
| **IT SERVICES—3.7%** | **IT SERVICES—3.7%** | **IT SERVICES—3.7%** |
| 769 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 101 |
| 677 | Snowflake, Inc. <sup>\*</sup> | 130 |
|  |  | 231 |
| **PHARMACEUTICALS—3.4%** | **PHARMACEUTICALS—3.4%** | **PHARMACEUTICALS—3.4%** |
| 995 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 92 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| 807 | UCB SA ADR (Belgium)<sup>1</sup> | $122 |
|  |  | 214 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—34.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—34.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—34.1%** |
| 653 | Advanced Micro Devices, Inc. <sup>\*</sup> | 155 |
| 318 | Analog Devices, Inc.  | 99 |
| 271 | ARM Holdings PLC ADR<sup>\*,1</sup> | 28 |
| 77 | &nbsp;&nbsp;&nbsp; ASML Holding NV New York Registry Shares <br> (Netherlands)<br>| 110 |
| 1210 | Broadcom, Inc.  | 401 |
| 209 | Credo Technology Group Holding Ltd. <sup>\*</sup> | 26 |
| 534 | Impinj, Inc. <sup>\*</sup> | 74 |
| 1007 | Lam Research Corp.  | 235 |
| 1072 | Lattice Semiconductor Corp. <sup>\*</sup> | 86 |
| 2751 | NVIDIA Corp.  | 526 |
| 581 | Onto Innovation, Inc. <sup>\*</sup> | 117 |
| 828 | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 274 |
|  |  | 2131 |
| **SOFTWARE—18.4%** | **SOFTWARE—18.4%** | **SOFTWARE—18.4%** |
| 192 | AppLovin Corp. Class A<sup>\*</sup> | 91 |
| 273 | Cadence Design Systems, Inc. <sup>\*</sup> | 81 |
| 241 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 106 |
| 139 | CyberArk Software Ltd. <sup>\*</sup> | 60 |
| 741 | Datadog, Inc. Class A<sup>\*</sup> | 96 |
| 750 | Intapp, Inc. <sup>\*</sup> | 25 |
| 910 | Microsoft Corp.  | 392 |
| 241 | Oracle Corp.  | 40 |
| 189 | Palo Alto Networks, Inc. <sup>\*</sup> | 33 |
| 401 | Salesforce, Inc.  | 85 |
| 2172 | Samsara, Inc. Class A<sup>\*</sup> | 61 |
| 669 | ServiceNow, Inc. <sup>\*</sup> | 78 |
|  |  | 1148 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.7%** |
| 1848 | Apple, Inc.  | 479 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $5,297) | &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>(Cost $5,297) | 6163 |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.6%** <br>(Cost $5,297) | &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS—98.6%** <br>(Cost $5,297) | 6163 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | 87 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $6250 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of January 31, 2026 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. <br>For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor ETF Trust**

**Notes to Portfolios of Investments—January 31, 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 January 31, 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™ Next Generation REITs ETF |
| Harbor AlphaEdge™ Small Cap Earners ETF |
| Harbor Commodity All-Weather Strategy ETF <br> (Consolidated)<br>|
| Harbor Disciplined Bond ETF |
| Harbor Dividend Growth Leaders ETF |
| Harbor Emerging Markets Equity ETF |
| Harbor Emerging Markets Select ETF |
| Harbor Health Care ETF |
| Harbor Human Capital Factor US Large Cap ETF |
| Harbor Human Capital Factor US Small Cap ETF |

---

---

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

---

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES**

**Security Valuation**

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

Equity securities (including common stock, preferred stock and convertible preferred stock), exchange-traded funds and financial derivative instruments (such as futures contracts, options, rights and warrants, 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,

------

⬤

------

**Harbor ETF Trust**

**Notes to Portfolios of Investments—Continued**

------

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

(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.

**Fair Value Measurements and Disclosures**

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

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

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

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

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

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

**Securities Transactions**

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

------

⬤

------

**Harbor ETF Trust**

**Notes to Portfolios of Investments—Continued**

------

**NOTE 3—SUBSEQUENT EVENTS**

At the meeting held on January 15, 2026, the Board of Trustees voted to liquidate and dissolve Harbor AlphaEdge<sup>TM</sup> Next Generation REITs ETF. The Fund liquidated on February 26, 2026. Additional information related to the liquidation can be found in the supplement to the Fund's prospectus and statement of additional information as filed with the U.S. Securities and Exchange Commission on January 16, 2026.

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

------

⬤

------

![](img80d1b4a63.jpg)

![](imgdec26b5a4.jpg)

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

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

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

- **a. Name of Series:** Harbor Scientific Alpha Income ETF

- **b. EDGAR series identifier (if any):** S000072556

- **c. LEI of Series:** 549300R7NZ8PT7GT4U92

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $33058968.23

**Total Liabilities:** $13993.59

**Net Assets:** $33044974.64

**Cash Not Reported:** $840596.50

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -29.49000000 | **1-Year:** -1328.73000000 | **5-Year:** -3343.86000000 | **10-Year:** -196.84000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -122.01000000 | **1-Year:** -1285.08000000 | **5-Year:** -5382.81000000 | **10-Year:** -505.09000000 | **30-Year:** -90.38000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228889 | 0.84%                | 0.45%                | 0.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $104232.04               | $-46478.39                                 |
| Month 2  | $73046.35                | $-36931.86                                 |
| Month 3  | $44772.61                | $-3023.86                                  |

**Designated Index Information**

- **Index Name:** Securities Portfolio VaR

- **Index Identifier:** Designated Reference Portfolio is the Fund`s Securities Portfolio

### Schedule of Portfolio Investments

| Name                                    | Title                                                                                                                | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| APLD COMPUTECO LLC                      | APLD ComputeCo LLC                                                                                                   | CUSIP: 00202DAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    138000 | PA      | $143519.21    | 0.43%             | 2030-12-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| ADTALEM GLOBAL EDUCATION                | Adtalem Global Education Inc                                                                                         | CUSIP: 00737WAA7<br>LEI: 549300Z467EZLMODV621 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199691.45    | 0.60%             | 2028-03-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALASKA AIRLINES 2020 TR                 | Alaska Airlines 2020-1 Class A Pass Through Trust                                                                    | CUSIP: 01166VAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    182418 | PA      | $183396.03    | 0.55%             | 2027-08-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II                 | Alexander Funding Trust II                                                                                           | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $106509.38    | 0.32%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE                 | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp                                             | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $211311.60    | 0.64%             | 2029-06-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| ALLISON TRANSMISSION INC                | Allison Transmission Inc                                                                                             | CUSIP: 019736AG2<br>LEI: MWKQ3I0U1GXP2YDSZW75 | Long             | DBT              | CORP              | US        |    300000 | PA      | $282939.50    | 0.86%             | 2031-01-30      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                        | Altria Group Inc                                                                                                     | CUSIP: 02209SBD4<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305254.70    | 0.92%             | 2029-02-14      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| ALTRIA GROUP INC                        | Altria Group Inc                                                                                                     | CUSIP: 02209SBL6<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | DBT              | CORP              | US        |    100000 | PA      | $88535.73     | 0.27%             | 2032-02-04      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER                 | American Electric Power Co Inc                                                                                       | CUSIP: 02557TAE9<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |    100000 | PA      | $100041.40    | 0.30%             | 2056-03-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CENCORA INC                             | Cencora Inc                                                                                                          | CUSIP: 03073EAT2<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | DBT              | CORP              | US        |    200000 | PA      | $184453.43    | 0.56%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| AMERIGAS PART/FIN CORP                  | AmeriGas Partners LP / AmeriGas Finance Corp                                                                         | CUSIP: 030981AM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $206895.40    | 0.63%             | 2028-06-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI                | Antero Midstream Partners LP / Antero Midstream Finance Corp                                                         | CUSIP: 03690AAM8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $202289.30    | 0.61%             | 2033-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APPLOVIN CORP                           | AppLovin Corp                                                                                                        | CUSIP: 03831WAB4<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | DBT              | CORP              | US        |    300000 | PA      | $307808.07    | 0.93%             | 2029-12-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ARCOSA INC                              | Arcosa Inc                                                                                                           | CUSIP: 039653AA8<br>LEI: 549300WFHLTCZV7D6V29 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196774.02    | 0.60%             | 2029-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ARKO CORP                               | Arko Corp                                                                                                            | CUSIP: 041242AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $174499.12    | 0.53%             | 2029-11-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| ATLANTICUS HOLDINGS CORP                | Atlanticus Holdings Corp                                                                                             | CUSIP: 04914AAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $95404.90     | 0.29%             | 2030-09-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| AUTODESK INC                            | Autodesk Inc                                                                                                         | CUSIP: 052769AH9<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | DBT              | CORP              | US        |    200000 | PA      | $178199.52    | 0.54%             | 2031-12-15      | Fixed         | 2.40%                 | No            |                  2 | On Loan: No      |
| BAE SYSTEMS PLC                         | BAE Systems PLC                                                                                                      | CUSIP: 05523RAJ6<br>LEI: 8SVCSVKSGDWMW2QHOH83 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $206027.75    | 0.62%             | 2029-03-26      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| BP CAPITAL MARKETS PLC                  | BP Capital Markets PLC                                                                                               | CUSIP: 05565QDV7<br>LEI: 549300CRVT18MXX0AG93 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $198627.78    | 0.60%             | 2030-03-22      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC                    | BWX Technologies Inc                                                                                                 | CUSIP: 05605HAB6<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197197.00    | 0.60%             | 2028-06-30      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                          | Bombardier Inc                                                                                                       | CUSIP: 097751AL5<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $112074.00    | 0.34%             | 2034-05-01      | Fixed         | 7.45%                 | No            |                  2 | On Loan: No      |
| BOOZ ALLEN HAMILTON INC                 | Booz Allen Hamilton Inc                                                                                              | CUSIP: 09951LAA1<br>LEI: 549300D7XCH2480XU542 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98397.52     | 0.30%             | 2028-09-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| BROADRIDGE FINANCIAL SOL                | Broadridge Financial Solutions Inc                                                                                   | CUSIP: 11133TAD5<br>LEI: 549300KZDJZQ2YIHRC28 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190175.79    | 0.58%             | 2029-12-01      | Fixed         | 2.90%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                            | Broadcom Inc                                                                                                         | CUSIP: 11135FBR1<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99746.23     | 0.30%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BROADCOM INC                            | Broadcom Inc                                                                                                         | CUSIP: 11135FCP4<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    300000 | PA      | $289049.22    | 0.87%             | 2028-02-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| CCL INDUSTRIES INC                      | CCL Industries Inc                                                                                                   | CUSIP: 124900AD3<br>LEI: 549300TD3EMSRRC0YH75 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $94236.50     | 0.29%             | 2030-06-01      | Fixed         | 3.05%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                     | CDW LLC / CDW Finance Corp                                                                                           | CUSIP: 12513GBF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $193060.56    | 0.58%             | 2029-02-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CTR PARTNERSHIP/CARETRST                | CTR Partnership LP / CareTrust Capital Corp                                                                          | CUSIP: 126458AE8<br>LEI: N/A                  | Long             | DBT              |  | US        |    200000 | PA      | $196896.08    | 0.60%             | 2028-06-30      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC                          | CVR Energy Inc                                                                                                       | CUSIP: 12662PAF5<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |    300000 | PA      | $312837.60    | 0.95%             | 2029-01-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP                | California Resources Corp                                                                                            | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |     96000 | PA      | $101022.25    | 0.31%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD                  | Calumet Specialty Products Partners LP / Calumet Finance Corp                                                        | CUSIP: 131477AW1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $103093.00    | 0.31%             | 2028-07-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CALUMET SPECIALTY PROD                  | Calumet Specialty Products Partners LP / Calumet Finance Corp                                                        | CUSIP: 131477BA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     47000 | PA      | $48503.06     | 0.15%             | 2031-02-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| CARLISLE COS INC                        | Carlisle Cos Inc                                                                                                     | CUSIP: 142339AH3<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199186.79    | 0.60%             | 2027-12-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                           | Carnival Corp                                                                                                        | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    300000 | PA      | $297045.90    | 0.90%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                           | Carnival Corp                                                                                                        | CUSIP: 143658BZ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |    237000 | PA      | $245148.82    | 0.74%             | 2031-06-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                              | Carvana Co                                                                                                           | CUSIP: 146869AM4<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    114490 | PA      | $126049.76    | 0.38%             | 2031-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CARVANA CO                              | Carvana Co                                                                                                           | CUSIP: 146869AN2<br>LEI: 5493003WEAK2PJ5WS063 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208687.00    | 0.63%             | 2030-06-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                            | Centene Corp                                                                                                         | CUSIP: 15135BAX9<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86527.46     | 0.26%             | 2031-03-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CISCO SYSTEMS INC                       | Cisco Systems Inc                                                                                                    | CUSIP: 17275RBS0<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    100000 | PA      | $103498.74    | 0.31%             | 2031-02-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                           | CoreWeave Inc                                                                                                        | CUSIP: 21873SAC2<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97350.82     | 0.29%             | 2031-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| DANAOS CORP                             | Danaos Corp                                                                                                          | CUSIP: 23585WAC8<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | DBT              | CORP              | MH        |    200000 | PA      | $206706.40    | 0.63%             | 2032-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                  | Delek Logistics Partners LP / Delek Logistics Finance Corp                                                           | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100721.60    | 0.30%             | 2028-06-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE                  | Delek Logistics Partners LP / Delek Logistics Finance Corp                                                           | CUSIP: 24665FAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $209278.97    | 0.63%             | 2029-03-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| DELUXE CORP                             | Deluxe Corp                                                                                                          | CUSIP: 248019AU5<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | DBT              | CORP              | US        |    300000 | PA      | $306383.70    | 0.93%             | 2029-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC                     | DENTSPLY SIRONA Inc                                                                                                  | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |     88000 | PA      | $86930.78     | 0.26%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| DEUTSCHE TELEKOM INT FIN                | Deutsche Telekom International Finance BV                                                                            | CUSIP: 25156PAC7<br>LEI: 529900ERDFHS6C1M4U58 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $349960.09    | 1.06%             | 2030-06-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                           | DISH DBS Corp                                                                                                        | CUSIP: 25470XBB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $192281.24    | 0.58%             | 2028-07-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| DYCOM INDUSTRIES INC                    | Dycom Industries Inc                                                                                                 | CUSIP: 267475AD3<br>LEI: 549300F56EKTHQI3WT60 | Long             | DBT              | CORP              | US        |    104000 | PA      | $102433.42    | 0.31%             | 2029-04-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| EDISON INTERNATIONAL                    | Edison International                                                                                                 | CUSIP: 281020AZ0<br>LEI: 549300I7ROF15MAEVP56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104219.60    | 0.32%             | 2054-06-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ELDORADO GOLD CORP                      | Eldorado Gold Corp                                                                                                   | CUSIP: 284902AF0<br>LEI: 5493004PWQ01YDD1IH62 | Long             | DBT              | CORP              | CA        |    150000 | PA      | $150871.20    | 0.46%             | 2029-09-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ENBRIDGE INC                            | Enbridge Inc                                                                                                         | CUSIP: 29250NAN5<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $201402.80    | 0.61%             | 2077-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENERSYS                                 | EnerSys                                                                                                              | CUSIP: 29275YAC6<br>LEI: 7ZS3DE5PN30BYUJFWP05 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99351.83     | 0.30%             | 2027-12-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ENOVA INTERNATIONAL INC                 | Enova International Inc                                                                                              | CUSIP: 29357KAK9<br>LEI: 549300O8XOCQSB49UO63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $211733.20    | 0.64%             | 2029-08-01      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| ENTERPRISE PRODUCTS OPER                | Enterprise Products Operating LLC                                                                                    | CUSIP: 29379VBN2<br>LEI: 5493004LGN656HWLDA30 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99662.12     | 0.30%             | 2077-08-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC                       | EUSHI Finance Inc                                                                                                    | CUSIP: 29882DAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     35000 | PA      | $36834.07     | 0.11%             | 2054-12-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| EUSHI FINANCE INC                       | EUSHI Finance Inc                                                                                                    | CUSIP: 29882DAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $100660.50    | 0.30%             | 2056-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FAIR ISAAC CORP                         | Fair Isaac Corp                                                                                                      | CUSIP: 303250AF1<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98413.42     | 0.30%             | 2028-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FERGUSON FINANCE PLC                    | Ferguson Finance PLC                                                                                                 | CUSIP: 314890AA2<br>LEI: 2138003A7ZEU931DZL61 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $201608.28    | 0.61%             | 2028-10-24      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC                    | Flutter Treasury DAC                                                                                                 | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |    300000 | PA      | $304045.01    | 0.92%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR COMPANY                      | Ford Motor Co                                                                                                        | CUSIP: 345370DB3<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104111.90    | 0.32%             | 2032-08-19      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                | Ford Motor Credit Co LLC                                                                                             | CUSIP: 345397ZR7<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    300000 | PA      | $302433.33    | 0.92%             | 2029-05-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| GAP INC/THE                             | Gap Inc/The                                                                                                          | CUSIP: 364760AQ1<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92782.66     | 0.28%             | 2031-10-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                             | Gartner Inc                                                                                                          | CUSIP: 366651AE7<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94837.25     | 0.29%             | 2030-10-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GENERAL MOTORS FINL CO                  | General Motors Financial Co Inc                                                                                      | CUSIP: 37045XEG7<br>LEI: 5493008B6JBRUJ90QL97 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105077.50    | 0.32%             | 2030-04-06      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| GENMAB A/S/GENMAB FIN                   | GENMAB A/S/GENMAB FINANCE LLC                                                                                        | CUSIP: 37230JAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | DK        |    300000 | PA      | $307719.87    | 0.93%             | 2032-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GOEASY LTD                              | goeasy Ltd                                                                                                           | CUSIP: 380355AR8<br>LEI: 5493009DJVZG2P8YV435 | Long             | DBT              | CORP              | CA        |    149000 | PA      | $140178.20    | 0.42%             | 2031-02-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK                 | Great Lakes Dredge & Dock Corp                                                                                       | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98443.85     | 0.30%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HF SINCLAIR CORP                        | HF Sinclair Corp                                                                                                     | CUSIP: 403949AR1<br>LEI: 2549009G116AM01XHN24 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207437.38    | 0.63%             | 2031-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| HCA INC                                 | HCA Inc                                                                                                              | CUSIP: 404119CH0<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297162.76    | 0.90%             | 2027-03-15      | Fixed         | 3.13%                 | No            |                  2 | On Loan: No      |
| HNI CORP                                | HNI Corp                                                                                                             | CUSIP: 404251AA8<br>LEI: 549300SKRADLC4O5HV93 | Long             | DBT              | CORP              | US        |    162000 | PA      | $160082.83    | 0.48%             | 2029-01-18      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS                  | Helix Energy Solutions Group Inc                                                                                     | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    200000 | PA      | $210696.80    | 0.64%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HOME DEPOT INC                          | Home Depot Inc/The                                                                                                   | CUSIP: 437076CP5<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | DBT              | CORP              | US        |    400000 | PA      | $377123.63    | 1.14%             | 2032-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HOWMET AEROSPACE INC                    | Howmet Aerospace Inc                                                                                                 | CUSIP: 443201AB4<br>LEI: 549300HO5WFZUT5N2T22 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194584.48    | 0.59%             | 2029-01-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC                     | Hudbay Minerals Inc                                                                                                  | CUSIP: 443628AH5<br>LEI: 894500LX3TMESP27BE29 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $201989.20    | 0.61%             | 2029-04-01      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| HUGHES SATELLITE SYSTEMS                | Hughes Satellite Systems Corp                                                                                        | CUSIP: 444454AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $94663.46     | 0.29%             | 2026-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IAMGOLD CORP                            | IAMGOLD Corp                                                                                                         | CUSIP: 450913AF5<br>LEI: 254900E7II30XAB9LA72 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $200918.00    | 0.61%             | 2028-10-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp                                                                | CUSIP: 451102CJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $195312.34    | 0.59%             | 2030-06-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN                   | Icahn Enterprises LP / Icahn Enterprises Finance Corp                                                                | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $101063.60    | 0.31%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| IDEX CORP                               | IDEX Corp                                                                                                            | CUSIP: 45167RAG9<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | DBT              | CORP              | US        |    100000 | PA      | $94724.63     | 0.29%             | 2030-05-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IMPERIAL BRANDS FIN PLC                 | Imperial Brands Finance PLC                                                                                          | CUSIP: 45262BAG8<br>LEI: 2138008L3B3MCG1DFS50 | Long             | DBT              | CORP              | GB        |    200000 | PA      | $207696.81    | 0.63%             | 2030-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IBM CORP                                | International Business Machines Corp                                                                                 | CUSIP: 459200KA8<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295211.95    | 0.89%             | 2029-05-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INTESA SANPAOLO SPA                     | Intesa Sanpaolo SpA                                                                                                  | CUSIP: 46115HBQ9<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | DBT              | CORP              | IT        |    200000 | PA      | $191792.36    | 0.58%             | 2032-06-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                       | Iron Mountain Inc                                                                                                    | CUSIP: 46284VAQ4<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |     80000 | PA      | $80889.28     | 0.24%             | 2033-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| JAPAN TOBACCO INC                       | Japan Tobacco Inc                                                                                                    | CUSIP: 471105AD8<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | DBT              | CORP              | JP        |    300000 | PA      | $310072.42    | 0.94%             | 2030-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JDE PEET'S NV                           | JDE Peet's NV                                                                                                        | CUSIP: 47216QAC7<br>LEI: 724500EHG519SE5ZRT89 | Long             | DBT              | CORP              | NL        |    400000 | PA      | $348557.86    | 1.05%             | 2031-09-24      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                 | JetBlue Airways Corp / JetBlue Loyalty LP                                                                            | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    100000 | PA      | $100547.70    | 0.30%             | 2031-09-20      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| KBR INC                                 | KBR Inc                                                                                                              | CUSIP: 48242WAC0<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99106.06     | 0.30%             | 2028-09-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KINDER MORGAN INC                       | Kinder Morgan Inc                                                                                                    | CUSIP: 494553AD2<br>LEI: 549300WR7IX8XE0TBO16 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102639.88    | 0.31%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION                      | Kohl's Corp                                                                                                          | CUSIP: 500255AX2<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |    222000 | PA      | $190233.33    | 0.58%             | 2031-05-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS SANDS CORP                    | Las Vegas Sands Corp                                                                                                 | CUSIP: 517834AN7<br>LEI: 549300DUOO1KXOHPM605 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104363.01    | 0.32%             | 2030-06-14      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                              | Leidos Inc                                                                                                           | CUSIP: 52532XAF2<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199900.94    | 0.60%             | 2030-05-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LENNOX INTERNATIONAL INC                | Lennox International Inc                                                                                             | CUSIP: 526107AG2<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206508.39    | 0.62%             | 2028-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STARZ CAPITAL HOLDINGS                  | Starz Capital Holdings LLC                                                                                           | CUSIP: 53627NAE1<br>LEI: 549300MWJHNLR35C0837 | Long             | DBT              | CORP              | US        |    300000 | PA      | $246024.89    | 0.74%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MPLX LP                                 | MPLX LP                                                                                                              | CUSIP: 55336VBQ2<br>LEI: 5493000CZJ19CK4P3G36 | Long             | DBT              | CORP              | US        |    200000 | PA      | $185458.75    | 0.56%             | 2030-08-15      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                 | MPT Operating Partnership LP / MPT Finance Corp                                                                      | CUSIP: 55342UAJ3<br>LEI: N/A                  | Long             | DBT              |  | US        |    300000 | PA      | $257458.25    | 0.78%             | 2029-08-01      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| MPT OPER PARTNERSP/FINL                 | MPT Operating Partnership LP / MPT Finance Corp                                                                      | CUSIP: 55342UAM6<br>LEI: N/A                  | Long             | DBT              |  | US        |     93000 | PA      | $68991.46     | 0.21%             | 2031-03-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                 | Macy's Retail Holdings LLC                                                                                           | CUSIP: 55616XAJ6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $72637.08     | 0.22%             | 2043-02-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                 | Macy's Retail Holdings LLC                                                                                           | CUSIP: 55617LAR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $177026.09    | 0.54%             | 2032-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC                 | Macy's Retail Holdings LLC                                                                                           | CUSIP: 55617LAS1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $105722.20    | 0.32%             | 2033-08-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| MOOG INC                                | Moog Inc                                                                                                             | CUSIP: 615394AM5<br>LEI: 549300WM2I4U7OBAHG07 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199072.46    | 0.60%             | 2027-12-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                  | Motorola Solutions Inc                                                                                               | CUSIP: 620076BL2<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101064.76    | 0.31%             | 2028-02-23      | Fixed         | 4.60%                 | No            |                  2 | On Loan: No      |
| MOTOROLA SOLUTIONS INC                  | Motorola Solutions Inc                                                                                               | CUSIP: 620076BT5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    200000 | PA      | $181581.56    | 0.55%             | 2030-11-15      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| NVR INC                                 | NVR Inc                                                                                                              | CUSIP: 62944TAF2<br>LEI: 529900RWXR4JI3JYTV70 | Long             | DBT              | CORP              | US        |    200000 | PA      | $190042.31    | 0.58%             | 2030-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW FLYER HOLDINGS                      | New Flyer Holdings Inc                                                                                               | CUSIP: 64438WAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    229000 | PA      | $246878.42    | 0.75%             | 2030-07-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                               | News Corp                                                                                                            | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |    300000 | PA      | $292346.54    | 0.88%             | 2029-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR CO                         | Nissan Motor Co Ltd                                                                                                  | CUSIP: 654922AC7<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    200000 | PA      | $211255.42    | 0.64%             | 2032-07-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                            | Novelis Corp                                                                                                         | CUSIP: 670001AE6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |    400000 | PA      | $387920.04    | 1.17%             | 2030-01-30      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| NVIDIA CORP                             | NVIDIA Corp                                                                                                          | CUSIP: 67066GAF1<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191192.39    | 0.58%             | 2030-04-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| O'REILLY AUTOMOTIVE INC                 | O'Reilly Automotive Inc                                                                                              | CUSIP: 67103HAJ6<br>LEI: 549300K2RLMQL149Q332 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99914.07     | 0.30%             | 2030-04-01      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| OMEGA HLTHCARE INVESTORS                | Omega Healthcare Investors Inc                                                                                       | CUSIP: 681936BK5<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | DBT              |  | US        |    100000 | PA      | $100877.61    | 0.31%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN                | 1011778 BC ULC / New Red Finance Inc                                                                                 | CUSIP: 68245XAH2<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $197129.30    | 0.60%             | 2028-01-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP                    | OneMain Finance Corp                                                                                                 | CUSIP: 682691AN0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    300000 | PA      | $303700.00    | 0.92%             | 2033-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                          | 1261229 BC Ltd                                                                                                       | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |    200000 | PA      | $205452.40    | 0.62%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                          | Open Text Corp                                                                                                       | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |    300000 | PA      | $309978.44    | 0.94%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                             | Oracle Corp                                                                                                          | CUSIP: 68389XCH6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    100000 | PA      | $104323.45    | 0.32%             | 2029-11-09      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| ORACLE CORP                             | Oracle Corp                                                                                                          | CUSIP: 68389XCJ2<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208840.84    | 0.63%             | 2032-11-09      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ORGANON & CO/ORGANON FOR                | Organon & Co / Organon Foreign Debt Co-Issuer BV                                                                     | CUSIP: 68622FAB7<br>LEI: 549300SH15FO4Y2G3V63 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188256.94    | 0.57%             | 2034-05-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                      | PBF Holding Co LLC / PBF Finance Corp                                                                                | CUSIP: 69318FAJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $99930.44     | 0.30%             | 2028-02-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC                      | PBF Holding Co LLC / PBF Finance Corp                                                                                | CUSIP: 69318FAL2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $200483.40    | 0.61%             | 2030-09-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                               | PG&E Corp                                                                                                            | CUSIP: 69331CAH1<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |    200000 | PA      | $199669.70    | 0.60%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PACIFIC GAS & ELECTRIC                  | Pacific Gas and Electric Co                                                                                          | CUSIP: 694308HW0<br>LEI: 1HNPXZSMMB7HMBMVBS46 | Long             | DBT              | CORP              | US        |    100000 | PA      | $98646.47     | 0.30%             | 2027-12-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC                | Park-Ohio Industries Inc                                                                                             | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102776.50    | 0.31%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                  | Philip Morris International Inc                                                                                      | CUSIP: 718172DA4<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $206517.32    | 0.62%             | 2030-02-15      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PHILIP MORRIS INTL INC                  | Philip Morris International Inc                                                                                      | CUSIP: 718172DH9<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207189.83    | 0.63%             | 2031-02-13      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| PITNEY BOWES INC                        | Pitney Bowes Inc                                                                                                     | CUSIP: 724479AQ3<br>LEI: 549300N2O26NW4ST6W55 | Long             | DBT              | CORP              | US        |    200000 | PA      | $202455.00    | 0.61%             | 2029-03-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| PROG HOLDINGS INC                       | PROG Holdings Inc                                                                                                    | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297969.00    | 0.90%             | 2029-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                               | Prosus NV                                                                                                            | CUSIP: 74365PAF5<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    300000 | PA      | $274262.01    | 0.83%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| QORVO INC                               | Qorvo Inc                                                                                                            | CUSIP: 74736KAJ0<br>LEI: 254900YAUJV2EUEVBR11 | Long             | DBT              | CORP              | US        |    100000 | PA      | $92584.86     | 0.28%             | 2031-04-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| RELX CAPITAL INC                        | RELX Capital Inc                                                                                                     | CUSIP: 74949LAC6<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |    300000 | PA      | $299364.17    | 0.91%             | 2029-03-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAIN CARBON INC                         | Rain Carbon Inc                                                                                                      | CUSIP: 75079LAB7<br>LEI: 25490038N6JQH7QXUK52 | Long             | DBT              | CORP              | US        |    300000 | PA      | $319138.13    | 0.97%             | 2029-09-01      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| UPBOUND GROUP INC                       | Upbound Group Inc                                                                                                    | CUSIP: 76009NAL4<br>LEI: 529900QUHE15UQNCCJ63 | Long             | DBT              | CORP              | US        |    300000 | PA      | $297592.98    | 0.90%             | 2029-02-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RESORTS WORLD/RWLV CAP                  | Resorts World Las Vegas LLC / RWLV Capital Inc                                                                       | CUSIP: 76120HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $182614.50    | 0.55%             | 2029-04-16      | Fixed         | 4.63%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES                 | Royal Caribbean Cruises Ltd                                                                                          | CUSIP: 780153BW1<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    100000 | PA      | $102833.73    | 0.31%             | 2031-09-30      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| SALESFORCE INC                          | Salesforce Inc                                                                                                       | CUSIP: 79466LAJ3<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | DBT              | CORP              | US        |    300000 | PA      | $266824.45    | 0.81%             | 2031-07-15      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| Seagate Data Storage Technology Pte Ltd | SEAGATE DATA STORAGE TECH                                                                                            | CUSIP: 81180LAR6<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    200000 | PA      | $226222.00    | 0.68%             | 2032-12-01      | Fixed         | 9.63%                 | No            |                  2 | On Loan: No      |
| SEAGATE DATA STOR                       | Seagate Data Storage Technology Pte Ltd                                                                              | CUSIP: 81180LAS4<br>LEI: N/A                  | Long             | DBT              | CORP              | SG        |    133000 | PA      | $136166.07    | 0.41%             | 2034-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| DELTA AIR LINES/SKYMILES                | Delta Air Lines Inc / SkyMiles IP Ltd                                                                                | CUSIP: 830867AB3<br>LEI: N/A                  | Long             | DBT              | CORP              | XX        |    275000 | PA      | $277162.53    | 0.84%             | 2028-10-20      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SPRINT SPECTRUM / SPEC I                | Sprint Spectrum Co LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC                                      | CUSIP: 85208NAE0<br>LEI: 5493003BZYYYCDIO0R13 | Long             | DBT              | CORP              | US        |    135000 | PA      | $136054.62    | 0.41%             | 2028-03-20      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| STERIS PLC                              | STERIS Irish FinCo UnLtd Co                                                                                          | CUSIP: 85917PAA5<br>LEI: 549300BRDKZ1HFI2J358 | Long             | DBT              | CORP              | IE        |    200000 | PA      | $184874.15    | 0.56%             | 2031-03-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| SUNCOR ENERGY INC                       | Suncor Energy Inc                                                                                                    | CUSIP: 867229AC0<br>LEI: 894500XO86FKXQGPYV71 | Long             | DBT              | CORP              | CA        |    100000 | PA      | $112483.53    | 0.34%             | 2032-02-01      | Fixed         | 7.15%                 | No            |                  2 | On Loan: No      |
| SUNCOKE ENERGY INC                      | SunCoke Energy Inc                                                                                                   | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188782.44    | 0.57%             | 2029-06-30      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| TC PIPELINES LP                         | TC PipeLines LP                                                                                                      | CUSIP: 87233QAC2<br>LEI: 6HL0C5LCIE4TN8UZHL06 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99802.55     | 0.30%             | 2027-05-25      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                        | T-Mobile USA Inc                                                                                                     | CUSIP: 87264ABS3<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $191580.25    | 0.58%             | 2029-02-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| T-MOBILE USA INC                        | T-Mobile USA Inc                                                                                                     | CUSIP: 87264ACB9<br>LEI: 549300V2JRLO5DIFGE82 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183004.15    | 0.55%             | 2031-02-15      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| TTM TECHNOLOGIES INC                    | TTM Technologies Inc                                                                                                 | CUSIP: 87305RAK5<br>LEI: 549300SC4BDOIS008048 | Long             | DBT              | CORP              | US        |    200000 | PA      | $194473.46    | 0.59%             | 2029-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                    | Talos Production Inc                                                                                                 | CUSIP: 87485LAD6<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    200000 | PA      | $208544.00    | 0.63%             | 2029-02-01      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC                    | Talos Production Inc                                                                                                 | CUSIP: 87485LAE4<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |    100000 | PA      | $105994.10    | 0.32%             | 2031-02-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| TAPESTRY INC                            | Tapestry Inc                                                                                                         | CUSIP: 876030AK3<br>LEI: 549300LJNVY5SW3VTN33 | Long             | DBT              | CORP              | US        |    100000 | PA      | $102592.22    | 0.31%             | 2030-03-11      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS                | Targa Resources Partners LP / Targa Resources Partners Finance Corp                                                  | CUSIP: 87612BBU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $96034.95     | 0.29%             | 2032-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS INSTRUMENTS INC                   | Texas Instruments Inc                                                                                                | CUSIP: 882508BG8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    200000 | PA      | $188993.71    | 0.57%             | 2029-09-04      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                           | TransDigm Inc                                                                                                        | CUSIP: 893647BU0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |    200000 | PA      | $205915.00    | 0.62%             | 2029-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                | Transocean International Ltd                                                                                         | CUSIP: 893830BZ1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | BM        |    143000 | PA      | $145657.37    | 0.44%             | 2031-05-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRINET GROUP INC                        | TriNet Group Inc                                                                                                     | CUSIP: 896288AA5<br>LEI: 5299003FJVBETSFKE990 | Long             | DBT              | CORP              | US        |    300000 | PA      | $284457.81    | 0.86%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC                | Turning Point Brands Inc                                                                                             | CUSIP: 90041LAG0<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |    100000 | PA      | $107513.50    | 0.33%             | 2032-03-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                       | Tutor Perini Corp                                                                                                    | CUSIP: 901109AG3<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |    200000 | PA      | $220966.60    | 0.67%             | 2029-04-30      | Fixed         | 11.88%                | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC                        | Under Armour Inc                                                                                                     | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |     65000 | PA      | $66545.25     | 0.20%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UNITED AIR 2020-1 A PTT                 | United Airlines 2020-1 Class A Pass Through Trust                                                                    | CUSIP: 90931GAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65121 | PA      | $66784.17     | 0.20%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| VM CONSOLIDATED INC                     | VM Consolidated Inc                                                                                                  | CUSIP: 91835HAA0<br>LEI: 549300GCTGJLEBXJUK89 | Long             | DBT              | CORP              | US        |    200000 | PA      | $196857.80    | 0.60%             | 2029-04-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERISIGN INC                            | VeriSign Inc                                                                                                         | CUSIP: 92343EAM4<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | DBT              | CORP              | US        |    200000 | PA      | $182135.04    | 0.55%             | 2031-06-15      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| VERMILION ENERGY INC                    | Vermilion Energy Inc                                                                                                 | CUSIP: 923725AE5<br>LEI: 8945009D1HGCJC8M8A68 | Long             | DBT              | CORP              | CA        |    149000 | PA      | $144391.89    | 0.44%             | 2033-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VERTIV GROUP CORPORATION                | Vertiv Group Corp                                                                                                    | CUSIP: 92535UAB0<br>LEI: 549300ZT8RQ5VK10E643 | Long             | DBT              | CORP              | US        |    300000 | PA      | $295627.62    | 0.89%             | 2028-11-15      | Fixed         | 4.13%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                              | Viasat Inc                                                                                                           | CUSIP: 92552VAR1<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97235.23     | 0.29%             | 2031-05-30      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VIATRIS INC                             | Viatris Inc                                                                                                          | CUSIP: 92556VAD8<br>LEI: 254900ZZTSW7NL773X71 | Long             | DBT              | CORP              | US        |    200000 | PA      | $183315.26    | 0.55%             | 2030-06-22      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                  | VICI Properties LP / VICI Note Co Inc                                                                                | CUSIP: 92564RAD7<br>LEI: N/A                  | Long             | DBT              |  | US        |    200000 | PA      | $198899.82    | 0.60%             | 2027-02-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP                    | Wabash National Corp                                                                                                 | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |     37000 | PA      | $34479.87     | 0.10%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                             | Wayfair LLC                                                                                                          | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    300000 | PA      | $313908.90    | 0.95%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA                | Weatherford International Ltd                                                                                        | CUSIP: 947075AW7<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    139000 | PA      | $144031.66    | 0.44%             | 2033-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP                    | Western Digital Corp                                                                                                 | CUSIP: 958102AQ8<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95488.05     | 0.29%             | 2029-02-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| WILLIAM CARTER                          | William Carter Co/The                                                                                                | CUSIP: 96926JAG2<br>LEI: TGI2A0HXEYNQPU7TYV27 | Long             | DBT              | CORP              | US        |     53000 | PA      | $54858.21     | 0.17%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| XPO INC                                 | XPO Inc                                                                                                              | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |    300000 | PA      | $305760.00    | 0.93%             | 2028-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| YARA INTERNATIONAL ASA                  | Yara International ASA                                                                                               | CUSIP: 984851AG0<br>LEI: 213800WKOUWXWFJ5Z514 | Long             | DBT              | CORP              | NO        |    200000 | PA      | $188460.97    | 0.57%             | 2030-06-04      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| YUM! BRANDS INC                         | Yum! Brands Inc                                                                                                      | CUSIP: 988498AK7<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    100000 | PA      | $97437.56     | 0.29%             | 2043-11-01      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ZIPRECRUITER INC                        | ZipRecruiter Inc                                                                                                     | CUSIP: 98980BAA1<br>LEI: 549300HLOVNNFCY2IV80 | Long             | DBT              | CORP              | US        |    100000 | PA      | $69469.89     | 0.21%             | 2030-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ZI TECH LLC/ZI FIN CORP                 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp                                                                      | CUSIP: 98981BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     62000 | PA      | $56733.52     | 0.17%             | 2029-02-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.         | Long: S18715100 CDS USD R F  1.00000 P18715100FEE CCPCDX / Short: S18715100 CDS USD P V 03MEVENT P18715100PRO CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   5400000 | OU      | $127855.21    | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Intercontinental Exchange, Inc.         | Long: S78404343 CDS USD R F  5.00000 P78404343FEE CCPCDX / Short: S78404343 CDS USD P V 03MEVENT P78404343PRO CCPCDX | CUSIP: 000000000<br>LEI: 5493000F4ZO33MV32P92 | N/A              | DCR              |  | US        |   1683000 | OU      | $150641.03    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                  | US 10YR NOTE (CBT)MAR26                                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        28 | NC      | $-24443.96    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                  | US 5YR NOTE (CBT) MAR26                                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        42 | NC      | $-19089.30    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade                  | US 2YR NOTE (CBT) MAR26                                                                                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              |  | US        |        42 | NC      | $-11816.04    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-25

**Name of Applicant:** Harbor ETF Trust

**Signature:** Ryan Elve

**Name of Signer:** Ryan Elve

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