# EDGAR Filing Document

**Accession Number:** 0001860434
**File Stem:** 0001133228-25-006557
**Filing Date:** 2025-6
**Character Count:** 558306
**Document Hash:** 687502c5f389dce2f16439a493ba3b65
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006557.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001133228-25-006557

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250623

**EFFECTIVENESS DATE**: 20250624

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23661
- **FILM NUMBER:** 251066323

**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 Scientific Alpha High-Yield ETF (Series ID: S000072555)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000228888 | Harbor Scientific Alpha High-Yield ETF | SIHY            |

### Harbor Scientific Alpha Income ETF (Series ID: S000072556)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000228889 | Harbor Scientific Alpha Income ETF | SIFI            |

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

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

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

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

### Harbor Human Capital Factor Unconstrained ETF (Series ID: S000075357)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000234331 | Harbor Human Capital Factor Unconstrained ETF | HAPY            |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Harbor AlphaEdge Next Generation REITs ETF (Series ID: S000086583)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000252171 | Harbor AlphaEdge Next Generation REITs ETF | AREA            |

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

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

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

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

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

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

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

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

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

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

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

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

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

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF**

**REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

**Harbor ETF Trust**

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

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

**Chicago, Illinois 60606-4302**

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

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

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

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

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

**Date of reporting period: April 30, 2025** 

------

**ITEM 1 – REPORTS TO STOCKHOLDERS**

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

#### Harbor Active Small Cap ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: SMLL

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Active Small Cap ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Active Small Cap ETF | $39 | 0.80% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $14716 |
| **Number of Investments** | 49 |
| **Total Net Advisory Fees Paid (in thousands)** | $49 |
| **Portfolio Turnover Rate** | 19% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](i85eb365de59fd4f71cbaad55.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 32.2% |
| Financials | 28.0% |
| Health Care | 7.8% |
| Real Estate | 6.3% |
| Consumer Discretionary | 6.2% |
| Materials | 6.0% |
| Energy | 4.4% |
| Consumer Staples | 4.0% |
| Information Technology | 3.4% |
| Utilities | 1.3% |
| Communication Services | 0.4% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor AlphaEdge™ Large Cap Value ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: VLLU

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor AlphaEdge™ Large Cap Value ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor AlphaEdge™ Large Cap Value ETF | $12 | 0.25% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $2014 |
| **Number of Investments** | 73 |
| **Total Net Advisory Fees Paid (in thousands)** | $3 |
| **Portfolio Turnover Rate** | 46% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](i588a140644a2d496d8b89206.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 28.2% |
| Consumer Staples | 18.9% |
| Energy | 11.8% |
| Consumer Discretionary | 10.1% |
| Communication Services | 8.4% |
| Information Technology | 8.2% |
| Health Care | 7.1% |
| Industrials | 4.8% |
| Utilities | 1.9% |
| Materials | 0.6% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor AlphaEdge™ Next Generation REITs ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: AREA

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor AlphaEdge™ Next Generation REITs ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor AlphaEdge™ Next Generation REITs ETF | $24 | 0.50% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1806 |
| **Number of Investments** | 41 |
| **Total Net Advisory Fees Paid (in thousands)** | $5 |
| **Portfolio Turnover Rate** | 30% |

---

#### Fund Investments

# Industry Allocation (% of Investments)
![Group By Country Chart](i6fa37f625e3c85a9489864ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Specialized REITs | 55.8% |
| Health Care REITs | 26.7% |
| Hotel & Resort REITs | 13.6% |
| Residential REITs | 3.9% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor AlphaEdge™ Small Cap Earners ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: EBIT

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor AlphaEdge™ Small Cap Earners ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor AlphaEdge™ Small Cap Earners ETF | $14 | 0.29% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $9297 |
| **Number of Investments** | 837 |
| **Total Net Advisory Fees Paid (in thousands)** | $12 |
| **Portfolio Turnover Rate** | 22% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](i1dda6464478475af0bee72a1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 30.3% |
| Industrials | 15.0% |
| Consumer Discretionary | 13.6% |
| Energy | 10.2% |
| Real Estate | 6.3% |
| Materials | 4.9% |
| Information Technology | 4.7% |
| Communication Services | 4.2% |
| Health Care | 4.1% |
| Consumer Staples | 3.4% |
| Utilities | 3.3% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Commodity All-Weather Strategy ETF (Consolidated)
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: HGER

Principal U.S. Market: NYSE

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Commodity All-Weather Strategy ETF (Consolidated) ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | $35 | 0.68% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $302273 |
| **Number of Investments (includes derivatives)** | 8 |
| **Total Net Advisory Fees Paid (in thousands)** | $938 |
| **Portfolio Turnover Rate (not applicable due to the nature of the Fund's investments)** | -% |

---

#### Fund Investments (excludes short-term investments)

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

#### Commodities Sector

---

| | |
|:---|:---|
| Petroleum | 32.9% |
| Precious Metals | 31.3% |
| Grains and Soybean Products | 15.2% |
| Softs | 10.6% |
| Base Metals | 7.9% |
| Livestock | 2.1% |

---

---

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

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Disciplined Bond ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: AGGS

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Disciplined Bond ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

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

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $27736 |
| **Number of Investments** | 203 |
| **Total Net Advisory Fees Paid (in thousands)** | $48 |
| **Portfolio Turnover Rate** | 13% |

---

#### Fund Investments

# Investment Allocation (% of Investments)
![Group By Country Chart](i9a8d95391abcf00449596b89.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 30.5% |
| Mortgage Pass-Through | 26.8% |
| U.S. Government Obligations | 19.2% |
| Asset-Backed Securities | 12.6% |
| Collateralized Mortgage Obligations | 10.5% |
| Municipal Bonds | 0.4% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Dividend Growth Leaders ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: GDIV

Principal U.S. Market: NYSE

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Dividend Growth Leaders ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Dividend Growth Leaders ETF | $24 | 0.50% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $233945 |
| **Number of Investments** | 43 |
| **Total Net Advisory Fees Paid (in thousands)** | $668 |
| **Portfolio Turnover Rate** | 40% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](idb914740f1fdd33f209b8e9b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.3% |
| Information Technology | 19.6% |
| Consumer Discretionary | 13.0% |
| Health Care | 10.4% |
| Industrials | 9.3% |
| Consumer Staples | 8.2% |
| Communication Services | 5.8% |
| Real Estate | 3.2% |
| Energy | 2.8% |
| Utilities | 2.0% |
| Materials | 1.4% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Health Care ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: MEDI

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Health Care ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Health Care ETF | $39 | 0.80% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $15679 |
| **Number of Investments** | 35 |
| **Total Net Advisory Fees Paid (in thousands)** | $65 |
| **Portfolio Turnover Rate** | 92% |

---

#### Fund Investments

# Industry Allocation (% of Investments)
![Group By Country Chart](i298df07ace11af47f60f5b8a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Biotechnology | 49.9% |
| Health Care Equipment & Supplies | 22.4% |
| Pharmaceuticals | 15.8% |
| Health Care Providers & Services | 9.7% |
| Life Sciences Tools & Services | 2.2% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Human Capital Factor Unconstrained ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: HAPY

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Human Capital Factor Unconstrained ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Human Capital Factor Unconstrained ETF | $24 | 0.50% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3320 |
| **Number of Investments** | 74 |
| **Total Net Advisory Fees Paid (in thousands)** | $19 |
| **Portfolio Turnover Rate** | 30% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](id8b5af1971b2b1a526b506ea.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 28.7% |
| Financials | 24.1% |
| Health Care | 12.0% |
| Industrials | 6.5% |
| Real Estate | 5.4% |
| Materials | 5.3% |
| Consumer Staples | 4.7% |
| Energy | 3.9% |
| Communication Services | 3.8% |
| Utilities | 3.0% |
| Consumer Discretionary | 2.6% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Human Capital Factor US Large Cap ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: HAPI

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Human Capital Factor US Large Cap ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Human Capital Factor US Large Cap ETF | $17 | 0.35% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $356048 |
| **Number of Investments** | 151 |
| **Total Net Advisory Fees Paid (in thousands)** | $646 |
| **Portfolio Turnover Rate** | 28% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](ib468a5704774210cf19d24b2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.7% |
| Financials | 15.4% |
| Communication Services | 14.9% |
| Health Care | 10.9% |
| Consumer Discretionary | 10.4% |
| Industrials | 7.5% |
| Consumer Staples | 6.2% |
| Energy | 2.8% |
| Utilities | 2.6% |
| Real Estate | 2.1% |
| Materials | 1.5% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Human Capital Factor US Small Cap ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: HAPS

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Human Capital Factor US Small Cap ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Human Capital Factor US Small Cap ETF | $28 | 0.60% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $117928 |
| **Number of Investments** | 197 |
| **Total Net Advisory Fees Paid (in thousands)** | $395 |
| **Portfolio Turnover Rate** | 63% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](if42d232c0a5015ebc1a0593d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.3% |
| Health Care | 18.0% |
| Industrials | 16.5% |
| Consumer Discretionary | 14.8% |
| Information Technology | 12.2% |
| Real Estate | 6.3% |
| Materials | 2.7% |
| Utilities | 2.4% |
| Energy | 2.2% |
| Communication Services | 2.1% |
| Consumer Staples | 1.5% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor International Compounders ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: OSEA

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor International Compounders ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor International Compounders ETF | $27 | 0.55% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $428089 |
| **Number of Investments** | 29 |
| **Total Net Advisory Fees Paid (in thousands)** | $839 |
| **Portfolio Turnover Rate** | 1% |

---

#### Fund Investments

#### Region Breakdown (% of Investments)
![Group By Country Chart](i1f88ed31899b7727b749cf44.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 56.4% |
| Pacific Basin | 24.8% |
| North America | 12.7% |
| South Asia | 6.1% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 15.9% |
| Germany | 15.1% |
| Japan | 14.9% |
| United States | 12.7% |
| France | 11.5% |
| Sweden | 8.1% |
| India | 6.1% |
| Taiwan | 4.2% |
| Denmark | 3.3% |
| Hong Kong | 3.2% |
| Indonesia | 2.5% |
| Netherlands | 2.5% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Long-Short Equity ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: LSEQ

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Long-Short Equity ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Long-Short Equity ETF | $128 | 2.53% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $20221 |
| **Number of Investments** | 147 |
| **Total Net Advisory Fees Paid (in thousands)** | $121 |
| **Portfolio Turnover Rate** | 149% |

---

#### Fund Investments

# Sector Allocation (% of Investments)

---

| | |
|:---|:---|
| Information Technology | 21.2% |
| Health Care | 18.1% |
| Consumer Discretionary | 15.7% |
| Utilities | 9.6% |
| Communication Services | 8.7% |
| Materials | 7.2% |
| Energy | 6.3% |
| Consumer Staples | 5.6% |
| Industrials | 4.1% |
| Financials | 3.5% |

---

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

---

| | |
|:---|:---|
| Health Care | 22.3% |
| Energy | 21.7% |
| Information Technology | 20.5% |
| Consumer Discretionary | 18.3% |
| Communication Services | 7.8% |
| Industrials | 7.1% |
| Materials | 2.3% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Long-Term Growers ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: WINN

Principal U.S. Market: NYSE

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Long-Term Growers ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

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

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $749073 |
| **Number of Investments** | 72 |
| **Total Net Advisory Fees Paid (in thousands)** | $1937 |
| **Portfolio Turnover Rate** | 28% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](idbba924a4c02ca3f6801a8f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 37.6% |
| Communication Services | 17.5% |
| Consumer Discretionary | 15.7% |
| Health Care | 10.4% |
| Financials | 8.2% |
| Industrials | 5.0% |
| Consumer Staples | 4.2% |
| Real Estate | 0.6% |
| Energy | 0.5% |
| Utilities | 0.3% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Multi-Asset Explorer ETF (Consolidated)
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: MAPP

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Multi-Asset Explorer ETF (Consolidated) ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup>** |
| Harbor Multi-Asset Explorer ETF (Consolidated) | $35 | 0.70% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $5177 |
| **Number of Investments** | 19 |
| **Total Net Advisory Fees Paid (in thousands)** | $16 |
| **Portfolio Turnover Rate** | 62% |

---

#### Fund Investments

# Investment Allocation (% of Investments)
![Group By Country Chart](ia34178e40f74b980f347e240.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equity Funds | 61.0% |
| Fixed Income Funds | 25.7% |
| Commodity Funds | 13.3% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Osmosis Emerging Markets Resource Efficient ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: EFFE

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Osmosis Emerging Markets Resource Efficient ETF ("Fund") for the period of December 18, 2024 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | $26 | 0.69% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $107192 |
| **Number of Investments** | 81 |
| **Total Net Advisory Fees Paid (in thousands)** | $166 |
| **Portfolio Turnover Rate** | 67% |

---

#### Fund Investments

#### Region Breakdown (% of Investments)
![Group By Country Chart](ia30eefc1ee94f52bc1e71aca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Pacific Basin | 60.2% |
| South Asia | 19.1% |
| Middle East/Central Asia | 7.0% |
| South America | 5.6% |
| Africa | 3.1% |
| Europe | 2.9% |
| Latin America | 2.0% |
| North America | 0.1% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| China | 29.7% |
| India | 19.1% |
| Taiwan | 16.9% |
| South Korea | 9.5% |
| Brazil | 4.6% |
| Saudi Arabia | 3.9% |
| South Africa | 3.0% |
| Other | 13.3% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Osmosis International Resource Efficient ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: EFFI

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Osmosis International Resource Efficient ETF ("Fund") for the period of December 11, 2024 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Harbor Osmosis International Resource Efficient ETF | $22 | 0.55% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $117448 |
| **Number of Investments** | 77 |
| **Total Net Advisory Fees Paid (in thousands)** | $202 |
| **Portfolio Turnover Rate** | 31% |

---

#### Fund Investments

#### Region Breakdown (% of Investments)
![Group By Country Chart](if17a3a13677c158f2f2b0075.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 55.5% |
| Pacific Basin | 30.9% |
| North America | 12.4% |
| Latin America | 1.2% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 20.6% |
| United Kingdom | 11.1% |
| Canada | 10.2% |
| France | 9.4% |
| Germany | 9.3% |
| Australia | 7.2% |
| Switzerland | 5.6% |
| Sweden | 4.4% |
| Italy | 3.5% |
| Ireland | 2.8% |
| Other | 15.9% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor PanAgora Dynamic Large Cap Core ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: INFO

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor PanAgora Dynamic Large Cap Core ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

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

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $63712 |
| **Number of Investments** | 118 |
| **Total Net Advisory Fees Paid (in thousands)** | $79 |
| **Portfolio Turnover Rate** | 22% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](iea6ca3aa80fab669bfe64586.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 30.2% |
| Financials | 15.7% |
| Health Care | 9.7% |
| Communication Services | 9.3% |
| Consumer Discretionary | 8.7% |
| Industrials | 8.1% |
| Consumer Staples | 7.6% |
| Utilities | 3.7% |
| Materials | 2.9% |
| Energy | 2.9% |
| Real Estate | 1.2% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Scientific Alpha High-Yield ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: SIHY

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Scientific Alpha High-Yield ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

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

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $172926 |
| **Number of Investments** | 291 |
| **Total Net Advisory Fees Paid (in thousands)** | $393 |
| **Portfolio Turnover Rate** | 19% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](i808e57d21cc3c38bd1c12bf1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 21.9% |
| Industrials | 15.7% |
| Energy | 15.2% |
| Financials | 11.7% |
| Communication Services | 10.1% |
| Consumer Staples | 5.9% |
| Information Technology | 5.9% |
| Materials | 4.7% |
| Health Care | 3.8% |
| Utilities | 3.0% |
| Real Estate | 2.1% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Scientific Alpha Income ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: SIFI

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Scientific Alpha Income ETF ("Fund") for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

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

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $33528 |
| **Number of Investments (includes derivatives)** | 177 |
| **Total Net Advisory Fees Paid (in thousands)** | $83 |
| **Portfolio Turnover Rate** | 26% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](iaa3c81ed9cd4845e2ce07f48.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 17.2% |
| Industrials | 15.6% |
| Consumer Discretionary | 13.1% |
| Energy | 12.3% |
| Communication Services | 11.8% |
| Consumer Staples | 9.2% |
| Financials | 7.7% |
| Materials | 5.8% |
| Health Care | 5.4% |
| Utilities | 1.6% |
| Real Estate | 0.3% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

#### Harbor Transformative Technologies ETF
![Image](ia0f96ebf3d250ed7a641014b.jpg)

Ticker: TEC

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

April 30, 2025

#### Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about Harbor Transformative Technologies ETF ("Fund") for the period of April 16, 2025 (commencement of operations) to April 30, 2025. You can find additional information about the Fund at www.harborcapital.com/documents/fund. You can also request this information by contacting us at 800-422-1050.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment<sup>Footnote Reference\*</sup>** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference†</sup>** |
| Harbor Transformative Technologies ETF | $3 | 0.69% |

---

---

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

---

# Key Fund Statistics

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3727 |
| **Number of Investments** | 43 |
| **Total Net Advisory Fees Paid (in thousands)** | $1 |
| **Portfolio Turnover Rate** | 1% |

---

#### Fund Investments

# Sector Allocation (% of Investments)
![Group By Country Chart](if239308b4eac9054f1356eb6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 65.4% |
| Communication Services | 13.5% |
| Health Care | 9.2% |
| Consumer Discretionary | 8.6% |
| Financials | 1.5% |
| Industrials | 1.0% |
| Utilities | 0.8% |

---

# Availability of Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i70dfc4935e35a2e88d7b28a0.jpg)

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

**ITEM 2 – CODE OF ETHICS**

Not applicable

**ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT**

Not applicable

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

Not applicable

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

Not applicable

**ITEM 6 – INVESTMENTS**

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

**(b)** Not applicable

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

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

![](img4b65b8eb1.jpg)

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

**HARBOR ETF TRUST**

**April 30, 2025** 

---

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

---

![](img91a5e5562.gif)

------

**Table of Contents**

------

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

---

| | |
|:---|:---|
| **Harbor ETF Trust** <br>|  |
| **Portfolio of Investments** <br>|  |
| Harbor Active Small Cap ETF | 1  |
| Harbor AlphaEdge™ Large Cap Value ETF | 3  |
| Harbor AlphaEdge™ Next Generation REITs ETF | 5  |
| Harbor AlphaEdge™ Small Cap Earners ETF | 6  |
| Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED) | 15  |
| Harbor Disciplined Bond ETF | 17  |
| Harbor Dividend Growth Leaders ETF | 22  |
| Harbor Health Care ETF | 24  |
| Harbor Human Capital Factor Unconstrained ETF | 25  |
| Harbor Human Capital Factor US Large Cap ETF | 27  |
| Harbor Human Capital Factor US Small Cap ETF | 30  |
| Harbor International Compounders ETF | 34  |
| Harbor Long-Short Equity ETF | 35  |
| Harbor Long-Term Growers ETF | 39  |
| Harbor Multi-Asset Explorer ETF (CONSOLIDATED) | 41  |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | 42  |
| Harbor Osmosis International Resource Efficient ETF | 44  |
| Harbor PanAgora Dynamic Large Cap Core ETF | 46  |
| Harbor Scientific Alpha High-Yield ETF | 49  |
| Harbor Scientific Alpha Income ETF | 56  |
| Harbor Transformative Technologies ETF | 61  |
| **Financial Statements** <br>|  |
| Statements of Assets and Liabilities | 63  |
| Statements of Operations | 67  |
| Statements of Changes in Net Assets | 71  |
| Financial Highlights | 75  |
| **Notes to Financial Statements** | 86  |
| **Additional Information** <br>|  |
| FORM N-CSR ITEMS 8-11 | 99 |

---

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

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

------

**Harbor Active Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

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

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** | **COMMON STOCKS—99.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| 11194 | Standardaero, Inc. <sup>\*</sup> | $302 |
| **BANKS—8.2%** | **BANKS—8.2%** | **BANKS—8.2%** |
| 35962 | Northpointe Bancshares, Inc.  | 495 |
| 8291 | United Bankshares, Inc.  | 284 |
| 3795 | Wintrust Financial Corp.  | 422 |
|  |  | 1201 |
| **BEVERAGES—1.1%** | **BEVERAGES—1.1%** | **BEVERAGES—1.1%** |
| 671 | Boston Beer Co., Inc. Class A<sup>\*</sup> | 165 |
| **BUILDING PRODUCTS—7.5%** | **BUILDING PRODUCTS—7.5%** | **BUILDING PRODUCTS—7.5%** |
| 2347 | Fortune Brands Innovations, Inc.  | 126 |
| 23562 | Hayward Holdings, Inc. <sup>\*</sup> | 314 |
| 85255 | Janus International Group, Inc. <sup>\*</sup> | 587 |
| 6652 | Masterbrand, Inc. <sup>\*</sup> | 81 |
|  |  | 1108 |
| **CAPITAL MARKETS—4.8%** | **CAPITAL MARKETS—4.8%** | **CAPITAL MARKETS—4.8%** |
| 9015 | Artisan Partners Asset Management, Inc. Class A | 333 |
| 3255 | Moelis & Co. Class A | 174 |
| 712 | Morningstar, Inc.  | 203 |
|  |  | 710 |
| **CONSTRUCTION & ENGINEERING—1.0%** | **CONSTRUCTION & ENGINEERING—1.0%** | **CONSTRUCTION & ENGINEERING—1.0%** |
| 5949 | WillScot Holdings Corp.  | 149 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.1%** |
| 6742 | Guardian Pharmacy Services, Inc. Class A<sup>\*</sup> | 169 |
| 3587 | Maplebear, Inc. <sup>\*</sup> | 143 |
|  |  | 312 |
| **CONTAINERS & PACKAGING—2.3%** | **CONTAINERS & PACKAGING—2.3%** | **CONTAINERS & PACKAGING—2.3%** |
| 2242 | AptarGroup, Inc.  | 336 |
| **DIVERSIFIED CONSUMER SERVICES—0.6%** | **DIVERSIFIED CONSUMER SERVICES—0.6%** | **DIVERSIFIED CONSUMER SERVICES—0.6%** |
| 29976 | European Wax Center, Inc. Class A<sup>\*</sup> | 94 |
| **ENERGY EQUIPMENT & SERVICES—4.4%** | **ENERGY EQUIPMENT & SERVICES—4.4%** | **ENERGY EQUIPMENT & SERVICES—4.4%** |
| 56167 | Liberty Energy, Inc.  | 646 |
| **FINANCIAL SERVICES—5.9%** | **FINANCIAL SERVICES—5.9%** | **FINANCIAL SERVICES—5.9%** |
| 24540 | Remitly Global, Inc. <sup>\*</sup> | 496 |
| 4610 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 377 |
|  |  | 873 |
| **GROUND TRANSPORTATION—3.8%** | **GROUND TRANSPORTATION—3.8%** | **GROUND TRANSPORTATION—3.8%** |
| 1772 | Landstar System, Inc.  | 238 |
| 26237 | Lyft, Inc. Class A<sup>\*</sup> | 325 |
|  |  | 563 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.9%** |
| 19754 | Treace Medical Concepts, Inc. <sup>\*</sup> | 140 |
| **HEALTH CARE PROVIDERS & SERVICES—1.6%** | **HEALTH CARE PROVIDERS & SERVICES—1.6%** | **HEALTH CARE PROVIDERS & SERVICES—1.6%** |
| 3245 | U.S. Physical Therapy, Inc.  | 231 |
| **HEALTH CARE TECHNOLOGY—5.2%** | **HEALTH CARE TECHNOLOGY—5.2%** | **HEALTH CARE TECHNOLOGY—5.2%** |
| 9676 | Doximity, Inc. Class A<sup>\*</sup> | 550 |
| 5915 | Waystar Holding Corp. <sup>\*</sup> | 220 |
|  |  | 770 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTEL & RESORT REITS—2.6%** | **HOTEL & RESORT REITS—2.6%** | **HOTEL & RESORT REITS—2.6%** |
| 54620 | RLJ Lodging Trust  | $383 |
| **HOTELS, RESTAURANTS & LEISURE—1.6%** | **HOTELS, RESTAURANTS & LEISURE—1.6%** | **HOTELS, RESTAURANTS & LEISURE—1.6%** |
| 2985 | Monarch Casino & Resort, Inc.  | 233 |
| **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** | **HOUSEHOLD PRODUCTS—0.7%** |
| 4432 | Reynolds Consumer Products, Inc.  | 102 |
| **INSURANCE—8.8%** | **INSURANCE—8.8%** | **INSURANCE—8.8%** |
| 1755 | Kinsale Capital Group, Inc.  | 764 |
| 28220 | Oscar Health, Inc. Class A<sup>\*</sup> | 367 |
| 2179 | RLI Corp.  | 161 |
|  |  | 1292 |
| **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** |
| 38303 | TrueCar, Inc. <sup>\*</sup> | 57 |
| **MACHINERY—6.8%** | **MACHINERY—6.8%** | **MACHINERY—6.8%** |
| 11835 | Douglas Dynamics, Inc.  | 284 |
| 48810 | Hillman Solutions Corp. <sup>\*</sup> | 341 |
| 562 | RBC Bearings, Inc. <sup>\*</sup> | 185 |
| 2834 | Toro Co.  | 193 |
|  |  | 1003 |
| **METALS & MINING—3.6%** | **METALS & MINING—3.6%** | **METALS & MINING—3.6%** |
| 1831 | Reliance, Inc.  | 528 |
| **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** |
| 3288 | Northwestern Energy Group, Inc.  | 191 |
| **PROFESSIONAL SERVICES—9.4%** | **PROFESSIONAL SERVICES—9.4%** | **PROFESSIONAL SERVICES—9.4%** |
| 2945 | Paylocity Holding Corp. <sup>\*</sup> | 566 |
| 10778 | SS&C Technologies Holdings, Inc.  | 815 |
|  |  | 1381 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** |
| 3586 | Zillow Group, Inc. Class A<sup>\*</sup> | 237 |
| **RETAIL REITS—2.0%** | **RETAIL REITS—2.0%** | **RETAIL REITS—2.0%** |
| 8670 | Phillips Edison & Co., Inc.  | 301 |
| **SOFTWARE—3.4%** | **SOFTWARE—3.4%** | **SOFTWARE—3.4%** |
| 22233 | Freshworks, Inc. Class A<sup>\*</sup> | 329 |
| 2134 | Q2 Holdings, Inc. <sup>\*</sup> | 169 |
|  |  | 498 |
| **SPECIALTY RETAIL—2.7%** | **SPECIALTY RETAIL—2.7%** | **SPECIALTY RETAIL—2.7%** |
| 5943 | Chewy, Inc. Class A<sup>\*</sup> | 223 |
| 10606 | Warby Parker, Inc. Class A<sup>\*</sup> | 175 |
|  |  | 398 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** |
| 823 | Ralph Lauren Corp.  | 185 |

---

------

⬤

------

**Harbor Active Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—1.3%** | **TRADING COMPANIES & DISTRIBUTORS—1.3%** | **TRADING COMPANIES & DISTRIBUTORS—1.3%** |
| 3505 | Core & Main, Inc. Class A<sup>\*</sup> | $185 |
| **TOTAL COMMON STOCKS** <br>(Cost $15,722) | **TOTAL COMMON STOCKS** <br>(Cost $15,722) | 14574 |
| **TOTAL INVESTMENTS—99.0%** <br>(Cost $15,722) | **TOTAL INVESTMENTS—99.0%** <br>(Cost $15,722) | 14574 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | 142 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $14716 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

------

**Harbor AlphaEdge™ Large Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.2%** | **COMMON STOCKS—98.2%** | **COMMON STOCKS—98.2%** |
| **Shares** |  | **Value** |
| **AIR FREIGHT & LOGISTICS—1.1%** | **AIR FREIGHT & LOGISTICS—1.1%** | **AIR FREIGHT & LOGISTICS—1.1%** |
| 204 | Expeditors International of Washington, Inc.  | $23 |
| **AUTOMOBILES—0.6%** | **AUTOMOBILES—0.6%** | **AUTOMOBILES—0.6%** |
| 233 | General Motors Co.  | 11 |
| **BANKS—8.5%** | **BANKS—8.5%** | **BANKS—8.5%** |
| 1204 | Bank of America Corp.  | 48 |
| 238 | Citigroup, Inc.  | 16 |
| 247 | JPMorgan Chase & Co.  | 61 |
| 652 | Wells Fargo & Co.  | 46 |
|  |  | 171 |
| **BIOTECHNOLOGY—2.5%** | **BIOTECHNOLOGY—2.5%** | **BIOTECHNOLOGY—2.5%** |
| 470 | Gilead Sciences, Inc.  | 50 |
| **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** | **CAPITAL MARKETS—1.7%** |
| 142 | Bank of New York Mellon Corp.  | 12 |
| 248 | Federated Hermes, Inc.  | 10 |
| 22 | Goldman Sachs Group, Inc.  | 12 |
|  |  | 34 |
| **CONSTRUCTION & ENGINEERING—2.9%** | **CONSTRUCTION & ENGINEERING—2.9%** | **CONSTRUCTION & ENGINEERING—2.9%** |
| 146 | EMCOR Group, Inc.  | 59 |
| **CONSTRUCTION MATERIALS—0.6%** | **CONSTRUCTION MATERIALS—0.6%** | **CONSTRUCTION MATERIALS—0.6%** |
| 121 | CRH PLC  | 12 |
| **CONSUMER FINANCE—4.7%** | **CONSUMER FINANCE—4.7%** | **CONSUMER FINANCE—4.7%** |
| 156 | American Express Co.  | 42 |
| 306 | Nelnet, Inc. Class A | 32 |
| 352 | SLM Corp.  | 10 |
| 192 | Synchrony Financial  | 10 |
|  |  | 94 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—8.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—8.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—8.0%** |
| 125 | BJ's Wholesale Club Holdings, Inc. <sup>\*</sup> | 15 |
| 846 | Kroger Co.  | 61 |
| 805 | Sysco Corp.  | 57 |
| 300 | Target Corp.  | 29 |
|  |  | 162 |
| **DIVERSIFIED CONSUMER SERVICES—3.0%** | **DIVERSIFIED CONSUMER SERVICES—3.0%** | **DIVERSIFIED CONSUMER SERVICES—3.0%** |
| 57 | Grand Canyon Education, Inc. <sup>\*</sup> | 10 |
| 657 | H&R Block, Inc.  | 40 |
| 497 | Laureate Education, Inc. <sup>\*</sup> | 10 |
|  |  | 60 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—4.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—4.1%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—4.1%** |
| 2209 | AT&T, Inc.  | 61 |
| 484 | Verizon Communications, Inc.  | 22 |
|  |  | 83 |
| **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** |
| 336 | NRG Energy, Inc.  | 37 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.6%** |
| 929 | Flex Ltd. <sup>\*</sup> | 32 |
| 212 | Jabil, Inc.  | 31 |
| 69 | TE Connectivity PLC (Switzerland) | 10 |
|  |  | 73 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** | **ENTERTAINMENT—0.5%** |
| 110 | Walt Disney Co.  | $10 |
| **FINANCIAL SERVICES—4.0%** | **FINANCIAL SERVICES—4.0%** | **FINANCIAL SERVICES—4.0%** |
| 113 | Berkshire Hathaway, Inc. Class B<sup>\*</sup> | 60 |
| 248 | Fidelity National Information Services, Inc.  | 20 |
|  |  | 80 |
| **FOOD PRODUCTS—7.0%** | **FOOD PRODUCTS—7.0%** | **FOOD PRODUCTS—7.0%** |
| 627 | Cal-Maine Foods, Inc.  | 59 |
| 76 | Ingredion, Inc.  | 10 |
| 1123 | Pilgrim's Pride Corp.  | 61 |
| 181 | Tyson Foods, Inc. Class A | 11 |
|  |  | 141 |
| **HEALTH CARE PROVIDERS & SERVICES—3.5%** | **HEALTH CARE PROVIDERS & SERVICES—3.5%** | **HEALTH CARE PROVIDERS & SERVICES—3.5%** |
| 401 | CVS Health Corp.  | 27 |
| 30 | Elevance Health, Inc.  | 13 |
| 33 | HCA Healthcare, Inc.  | 11 |
| 72 | Tenet Healthcare Corp. <sup>\*</sup> | 10 |
| 58 | Universal Health Services, Inc. Class B | 10 |
|  |  | 71 |
| **HOTELS, RESTAURANTS & LEISURE—0.5%** | **HOTELS, RESTAURANTS & LEISURE—0.5%** | **HOTELS, RESTAURANTS & LEISURE—0.5%** |
| 63 | Expedia Group, Inc.  | 10 |
| **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** |
| 99 | PulteGroup, Inc.  | 10 |
| **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** |
| 86 | Kimberly-Clark Corp.  | 11 |
| **INSURANCE—9.0%** | **INSURANCE—9.0%** | **INSURANCE—9.0%** |
| 56 | Allstate Corp.  | 11 |
| 734 | American International Group, Inc.  | 60 |
| 40 | Chubb Ltd.  | 11 |
| 314 | Hartford Insurance Group, Inc.  | 38 |
| 116 | Loews Corp.  | 10 |
| 70 | Progressive Corp.  | 20 |
| 38 | Travelers Cos., Inc.  | 10 |
| 279 | Unum Group  | 22 |
|  |  | 182 |
| **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** |
| 281 | Yelp, Inc. <sup>\*</sup> | 10 |
| **IT SERVICES—1.0%** | **IT SERVICES—1.0%** | **IT SERVICES—1.0%** |
| 288 | Cognizant Technology Solutions Corp. Class A | 21 |
| **MARINE TRANSPORTATION—0.8%** | **MARINE TRANSPORTATION—0.8%** | **MARINE TRANSPORTATION—0.8%** |
| 140 | Matson, Inc.  | 15 |
| **MEDIA—3.2%** | **MEDIA—3.2%** | **MEDIA—3.2%** |
| 1192 | Comcast Corp. Class A | 41 |
| 495 | Fox Corp. Class A | 24 |
|  |  | 65 |
| **OIL, GAS & CONSUMABLE FUELS—11.1%** | **OIL, GAS & CONSUMABLE FUELS—11.1%** | **OIL, GAS & CONSUMABLE FUELS—11.1%** |
| 433 | Chevron Corp.  | 59 |
| 109 | ConocoPhillips  | 10 |
| 531 | EOG Resources, Inc.  | 58 |
| 558 | Exxon Mobil Corp.  | 59 |

---

------

⬤

------

**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** |
| 327 | Valero Energy Corp.  | $38 |
|  |  | 224 |
| **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** | **PHARMACEUTICALS—1.0%** |
| 119 | Merck & Co., Inc.  | 10 |
| 420 | Pfizer, Inc.  | 10 |
|  |  | 20 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** |
| 70 | QUALCOMM, Inc.  | 10 |
| **SOFTWARE—0.5%** | **SOFTWARE—0.5%** | **SOFTWARE—0.5%** |
| 50 | InterDigital, Inc.  | 10 |
| **SPECIALTY RETAIL—5.5%** | **SPECIALTY RETAIL—5.5%** | **SPECIALTY RETAIL—5.5%** |
| 643 | Best Buy Co., Inc.  | 43 |
| 198 | Lowe's Cos., Inc.  | 44 |
| 188 | Urban Outfitters, Inc. <sup>\*</sup> | 10 |
| 84 | Williams-Sonoma, Inc.  | 13 |
|  |  | 110 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.4%** |
| 1885 | HP, Inc.  | $48 |
| **TOBACCO—3.0%** | **TOBACCO—3.0%** | **TOBACCO—3.0%** |
| 1029 | Altria Group, Inc.  | 61 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,979) | **TOTAL COMMON STOCKS** <br>(Cost $1,979) | 1978 |

---

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

---

| | | |
|:---|:---|:---|
| **MASTER LIMITED PARTNERSHIPS—0.5%** | **MASTER LIMITED PARTNERSHIPS—0.5%** | **MASTER LIMITED PARTNERSHIPS—0.5%** |
| (Cost $10) | (Cost $10) | (Cost $10) |
| **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** |
| 193 | MPLX LP | 10 |
| **TOTAL INVESTMENTS—98.7%** <br>(Cost $1,989) | **TOTAL INVESTMENTS—98.7%** <br>(Cost $1,989) | 1988 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | 26 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $2014 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

------

**Harbor AlphaEdge™ Next Generation REITs ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** |
| **Shares** |  | **Value** |
| **HEALTH CARE REITS—26.6%** | **HEALTH CARE REITS—26.6%** | **HEALTH CARE REITS—26.6%** |
| 1397 | American Healthcare REIT, Inc.  | $45 |
| 4444 | Diversified Healthcare Trust  | 10 |
| 5173 | Healthcare Realty Trust, Inc.  | 80 |
| 2354 | Healthpeak Properties, Inc.  | 42 |
| 619 | LTC Properties, Inc.  | 22 |
| 2502 | Medical Properties Trust, Inc.  | 14 |
| 86 | National Health Investors, Inc.  | 6 |
| 1296 | Omega Healthcare Investors, Inc.  | 51 |
| 3168 | Sabra Health Care REIT, Inc.  | 57 |
| 1355 | Sila Realty Trust, Inc.  | 35 |
| 1305 | Ventas, Inc.  | 91 |
| 182 | Welltower, Inc.  | 28 |
|  |  | 481 |
| **HOTEL & RESORT REITS—13.6%** | **HOTEL & RESORT REITS—13.6%** | **HOTEL & RESORT REITS—13.6%** |
| 2756 | Apple Hospitality REIT, Inc.  | 32 |
| 1463 | Chatham Lodging Trust  | 10 |
| 8199 | DiamondRock Hospitality Co.  | 60 |
| 6403 | Host Hotels & Resorts, Inc.  | 90 |
| 1295 | Park Hotels & Resorts, Inc.  | 13 |
| 1336 | Pebblebrook Hotel Trust  | 12 |
| 87 | Ryman Hospitality Properties, Inc.  | 8 |
| 2788 | Summit Hotel Properties, Inc.  | 11 |
| 542 | Sunstone Hotel Investors, Inc.  | 5 |
| 419 | Xenia Hotels & Resorts, Inc.  | 5 |
|  |  | 246 |
| **RESIDENTIAL REITS—3.9%** | **RESIDENTIAL REITS—3.9%** | **RESIDENTIAL REITS—3.9%** |
| 1091 | Equity LifeStyle Properties, Inc.  | 71 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALIZED REITS—55.8%** | **SPECIALIZED REITS—55.8%** | **SPECIALIZED REITS—55.8%** |
| 477 | American Tower Corp.  | $107 |
| 136 | Crown Castle, Inc.  | 14 |
| 1170 | CubeSmart  | 48 |
| 31 | Digital Realty Trust, Inc.  | 5 |
| 2302 | EPR Properties  | 114 |
| 246 | Extra Space Storage, Inc.  | 36 |
| 3562 | Gladstone Land Corp.  | 35 |
| 255 | Iron Mountain, Inc.  | 23 |
| 1009 | Lamar Advertising Co. Class A | 115 |
| 283 | National Storage Affiliates Trust  | 10 |
| 1599 | Outfront Media, Inc.  | 24 |
| 381 | PotlatchDeltic Corp.  | 15 |
| 256 | Public Storage  | 77 |
| 4976 | Rayonier, Inc.  | 122 |
| 474 | SBA Communications Corp.  | 115 |
| 2374 | Uniti Group, Inc.  | 12 |
| 715 | VICI Properties, Inc.  | 23 |
| 4306 | Weyerhaeuser Co.  | 112 |
|  |  | 1007 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,964) | **TOTAL COMMON STOCKS** <br>(Cost $1,964) | 1805 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $1,964) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $1,964) | 1805 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 1 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1806 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

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

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** | **COMMON STOCKS—99.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** | **AEROSPACE & DEFENSE—0.6%** |
| 89 | AAR Corp. <sup>\*</sup> | $5 |
| 568 | Leonardo DRS, Inc.  | 21 |
| 106 | Moog, Inc. Class A | 18 |
| 47 | Park Aerospace Corp.  |  |
| 633 | Triumph Group, Inc. <sup>\*</sup> | 16 |
|  |  | 60 |
| **AIR FREIGHT & LOGISTICS—0.1%** | **AIR FREIGHT & LOGISTICS—0.1%** | **AIR FREIGHT & LOGISTICS—0.1%** |
| 5 | Forward Air Corp. <sup>\*</sup> |  |
| 390 | Hub Group, Inc. Class A | 12 |
|  |  | 12 |
| **AUTOMOBILE COMPONENTS—1.6%** | **AUTOMOBILE COMPONENTS—1.6%** | **AUTOMOBILE COMPONENTS—1.6%** |
| 1126 | Adient PLC <sup>\*</sup> | 14 |
| 2038 | American Axle & Manufacturing Holdings, Inc. <sup>\*</sup> | 8 |
| 806 | Dana, Inc.  | 11 |
| 85 | Dorman Products, Inc. <sup>\*</sup> | 10 |
| 297 | Fox Factory Holding Corp. <sup>\*</sup> | 6 |
| 2865 | Goodyear Tire & Rubber Co. <sup>\*</sup> | 31 |
| 1315 | Holley, Inc. <sup>\*</sup> | 3 |
| 162 | LCI Industries  | 13 |
| 101 | Modine Manufacturing Co. <sup>\*</sup> | 8 |
| 192 | Patrick Industries, Inc.  | 15 |
| 226 | Phinia, Inc.  | 9 |
| 202 | Standard Motor Products, Inc.  | 5 |
| 152 | Visteon Corp. <sup>\*</sup> | 12 |
|  |  | 145 |
| **AUTOMOBILES—0.1%** | **AUTOMOBILES—0.1%** | **AUTOMOBILES—0.1%** |
| 324 | Winnebago Industries, Inc.  | 10 |
| **BANKS—13.5%** | **BANKS—13.5%** | **BANKS—13.5%** |
| 309 | Amalgamated Financial Corp.  | 9 |
| 314 | Ameris Bancorp  | 18 |
| 179 | Ames National Corp.  | 3 |
| 802 | Associated Banc-Corp.  | 18 |
| 652 | Atlantic Union Bankshares Corp.  | 18 |
| 342 | Axos Financial, Inc. <sup>\*</sup> | 22 |
| 120 | BancFirst Corp.  | 14 |
| 256 | Bancorp, Inc. <sup>\*</sup> | 12 |
| 48 | Bank First Corp.  | 5 |
| 176 | Bank of Hawaii Corp.  | 12 |
| 294 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 12 |
| 89 | Bank7 Corp.  | 3 |
| 405 | BankUnited, Inc.  | 13 |
| 172 | Banner Corp.  | 11 |
| 217 | BayCom Corp.  | 6 |
| 650 | Brookline Bancorp, Inc.  | 7 |
| 287 | Byline Bancorp, Inc.  | 7 |
| 658 | Cadence Bank  | 19 |
| 146 | California BanCorp <sup>\*</sup> | 2 |
| 108 | Camden National Corp.  | 4 |
| 220 | Capital Bancorp, Inc.  | 7 |
| 169 | Carter Bankshares, Inc. <sup>\*</sup> | 3 |
| 476 | Cathay General Bancorp  | 20 |
| 88 | ChoiceOne Financial Services, Inc.  | 3 |
| 66 | City Holding Co.  | 8 |
| 27 | Coastal Financial Corp. <sup>\*</sup> | 2 |
| 116 | Colony Bankcorp, Inc.  | 2 |
| 186 | Community Financial System, Inc.  | 10 |
| 123 | Community West Bancshares  | 2 |
| 372 | ConnectOne Bancorp, Inc.  | 8 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 313 | Customers Bancorp, Inc. <sup>\*</sup> | $16 |
| 851 | CVB Financial Corp.  | 16 |
| 277 | Dime Community Bancshares, Inc.  | 7 |
| 397 | Eagle Bancorp, Inc.  | 7 |
| 257 | Eastern Bankshares, Inc.  | 4 |
| 232 | Enterprise Financial Services Corp.  | 12 |
| 244 | ESSA Bancorp, Inc.  | 5 |
| 175 | FB Financial Corp.  | 7 |
| 1006 | First BanCorp (Puerto Rico) | 20 |
| 142 | First Bancorp, Inc.  | 4 |
| 221 | First Bancorp/Southern Pines NC  | 9 |
| 457 | First Bank  | 7 |
| 541 | First Busey Corp.  | 11 |
| 663 | First Commonwealth Financial Corp.  | 10 |
| 606 | First Financial Bancorp  | 14 |
| 361 | First Financial Bankshares, Inc.  | 12 |
| 848 | First Foundation, Inc.  | 4 |
| 581 | First Interstate BancSystem, Inc. Class A | 15 |
| 355 | First Merchants Corp.  | 13 |
| 119 | First Western Financial, Inc. <sup>\*</sup> | 3 |
| 4587 | Flagstar Financial, Inc.  | 54 |
| 907 | Fulton Financial Corp.  | 15 |
| 162 | FVCBankcorp, Inc. <sup>\*</sup> | 2 |
| 326 | Glacier Bancorp, Inc.  | 13 |
| 141 | Greene County Bancorp, Inc.  | 3 |
| 148 | Guaranty Bancshares, Inc.  | 6 |
| 478 | Hancock Whitney Corp.  | 25 |
| 404 | Hanmi Financial Corp.  | 9 |
| 443 | HarborOne Bancorp, Inc.  | 5 |
| 353 | HBT Financial, Inc.  | 8 |
| 77 | Home Bancorp, Inc.  | 4 |
| 864 | Home BancShares, Inc.  | 24 |
| 338 | HomeStreet, Inc. <sup>\*</sup> | 4 |
| 1117 | Hope Bancorp, Inc.  | 11 |
| 265 | Independent Bank Corp.  | 16 |
| 361 | International Bancshares Corp.  | 22 |
| 122 | John Marshall Bancorp, Inc.  | 2 |
| 108 | Lakeland Financial Corp.  | 6 |
| 139 | LINKBANCORP, Inc.  | 1 |
| 152 | Live Oak Bancshares, Inc.  | 4 |
| 216 | Metrocity Bankshares, Inc.  | 6 |
| 112 | Metropolitan Bank Holding Corp. <sup>\*</sup> | 7 |
| 318 | Midland States Bancorp, Inc.  | 5 |
| 207 | National Bank Holdings Corp. Class A | 8 |
| 47 | National Bankshares, Inc.  | 1 |
| 229 | NBT Bancorp, Inc.  | 10 |
| 63 | Nicolet Bankshares, Inc.  | 7 |
| 829 | Northwest Bancshares, Inc.  | 10 |
| 50 | Norwood Financial Corp.  | 1 |
| 88 | Oak Valley Bancorp  | 2 |
| 521 | OceanFirst Financial Corp.  | 9 |
| 352 | OFG Bancorp (Puerto Rico) | 14 |
| 1367 | Old National Bancorp  | 28 |
| 82 | Orange County Bancorp, Inc.  | 2 |
| 493 | Pacific Premier Bancorp, Inc.  | 10 |
| 56 | Park National Corp.  | 8 |
| 123 | Pathward Financial, Inc.  | 10 |
| 213 | PCB Bancorp  | 4 |
| 376 | Peoples Bancorp, Inc.  | 11 |
| 145 | Peoples Financial Services Corp.  | 6 |
| 380 | Pioneer Bancorp, Inc. <sup>\*</sup> | 4 |
| 123 | Plumas Bancorp  | 5 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 118 | Preferred Bank  | $9 |
| 137 | Princeton Bancorp, Inc.  | 4 |
| 804 | Provident Financial Services, Inc.  | 13 |
| 97 | QCR Holdings, Inc.  | 6 |
| 278 | RBB Bancorp  | 4 |
| 96 | Red River Bancshares, Inc.  | 5 |
| 438 | Renasant Corp.  | 14 |
| 263 | S&T Bancorp, Inc.  | 10 |
| 320 | Seacoast Banking Corp. of Florida  | 8 |
| 168 | ServisFirst Bancshares, Inc.  | 12 |
| 616 | Simmons First National Corp. Class A | 12 |
| 93 | SmartFinancial, Inc.  | 3 |
| 193 | Southern States Bancshares, Inc.  | 6 |
| 231 | Southside Bancshares, Inc.  | 7 |
| 268 | SouthState Corp.  | 23 |
| 259 | Stellar Bancorp, Inc.  | 7 |
| 102 | Stock Yards Bancorp, Inc.  | 7 |
| 161 | Texas Capital Bancshares, Inc. <sup>\*</sup> | 11 |
| 96 | Timberland Bancorp, Inc.  | 3 |
| 355 | Towne Bank  | 12 |
| 288 | TriCo Bancshares  | 11 |
| 111 | Triumph Financial, Inc. <sup>\*</sup> | 6 |
| 173 | TrustCo Bank Corp.  | 5 |
| 303 | UMB Financial Corp.  | 29 |
| 560 | United Bankshares, Inc.  | 19 |
| 573 | United Community Banks, Inc.  | 16 |
| 147 | Unity Bancorp, Inc.  | 6 |
| 216 | Univest Financial Corp.  | 6 |
| 304 | USCB Financial Holdings, Inc.  | 5 |
| 3479 | Valley National Bancorp  | 30 |
| 361 | Veritex Holdings, Inc.  | 8 |
| 61 | Virginia National Bankshares Corp.  | 2 |
| 552 | WaFd, Inc.  | 16 |
| 546 | WesBanco, Inc.  | 16 |
| 204 | Westamerica BanCorp  | 10 |
| 367 | WSFS Financial Corp.  | 19 |
|  |  | 1258 |
| **BEVERAGES—0.3%** | **BEVERAGES—0.3%** | **BEVERAGES—0.3%** |
| 218 | MGP Ingredients, Inc.  | 7 |
| 264 | National Beverage Corp.  | 12 |
| 227 | Primo Brands Corp.  | 7 |
|  |  | 26 |
| **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** |
| 256 | Alkermes PLC <sup>\*</sup> | 7 |
| 267 | Catalyst Pharmaceuticals, Inc. <sup>\*</sup> | 7 |
| 587 | Dynavax Technologies Corp. <sup>\*</sup> | 7 |
| 339 | Halozyme Therapeutics, Inc. <sup>\*</sup> | 21 |
| 677 | iTeos Therapeutics, Inc. <sup>\*</sup> | 5 |
|  |  | 47 |
| **BROADLINE RETAIL—0.1%** | **BROADLINE RETAIL—0.1%** | **BROADLINE RETAIL—0.1%** |
| 644 | Savers Value Village, Inc. <sup>\*</sup> | 6 |
| **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** | **BUILDING PRODUCTS—1.5%** |
| 68 | American Woodmark Corp. <sup>\*</sup> | 4 |
| 115 | Apogee Enterprises, Inc.  | 4 |
| 132 | AZZ, Inc.  | 11 |
| 29 | CSW Industrials, Inc.  | 9 |
| 156 | Gibraltar Industries, Inc. <sup>\*</sup> | 8 |
| 85 | Griffon Corp.  | 6 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BUILDING PRODUCTS—Continued** | **BUILDING PRODUCTS—Continued** | **BUILDING PRODUCTS—Continued** |
| 198 | Insteel Industries, Inc.  | $7 |
| 1112 | Janus International Group, Inc. <sup>\*</sup> | 8 |
| 620 | JELD-WEN Holding, Inc. <sup>\*</sup> | 3 |
| 725 | Masterbrand, Inc. <sup>\*</sup> | 9 |
| 197 | Quanex Building Products Corp.  | 3 |
| 1051 | Resideo Technologies, Inc. <sup>\*</sup> | 18 |
| 150 | Tecnoglass, Inc.  | 11 |
| 327 | UFP Industries, Inc.  | 32 |
| 197 | Zurn Elkay Water Solutions Corp.  | 7 |
|  |  | 140 |
| **CAPITAL MARKETS—2.0%** | **CAPITAL MARKETS—2.0%** | **CAPITAL MARKETS—2.0%** |
| 304 | Acadian Asset Management, Inc.  | 8 |
| 481 | Artisan Partners Asset Management, Inc. Class A | 18 |
| 266 | B Riley Financial, Inc.  | 1 |
| 165 | Cohen & Steers, Inc.  | 13 |
| 110 | Donnelley Financial Solutions, Inc. <sup>\*</sup> | 5 |
| 96 | Hamilton Lane, Inc. Class A | 15 |
| 96 | Moelis & Co. Class A | 5 |
| 809 | Open Lending Corp. <sup>\*</sup> | 1 |
| 36 | Piper Sandler Cos.  | 9 |
| 68 | PJT Partners, Inc. Class A | 10 |
| 131 | StepStone Group, Inc. Class A | 6 |
| 734 | StoneX Group, Inc. <sup>\*</sup> | 65 |
| 45 | Value Line, Inc.  | 2 |
| 306 | Victory Capital Holdings, Inc. Class A | 17 |
| 87 | Virtus Investment Partners, Inc.  | 13 |
|  |  | 188 |
| **CHEMICALS—1.6%** | **CHEMICALS—1.6%** | **CHEMICALS—1.6%** |
| 278 | AdvanSix, Inc.  | 6 |
| 367 | Avient Corp.  | 12 |
| 51 | Balchem Corp.  | 8 |
| 322 | Cabot Corp.  | 25 |
| 743 | Ecovyst, Inc. <sup>\*</sup> | 4 |
| 270 | HB Fuller Co.  | 15 |
| 87 | Innospec, Inc.  | 8 |
| 283 | Koppers Holdings, Inc.  | 7 |
| 561 | Kronos Worldwide, Inc.  | 4 |
| 891 | LSB Industries, Inc. <sup>\*</sup> | 6 |
| 149 | Minerals Technologies, Inc.  | 8 |
| 218 | Northern Technologies International Corp.  | 2 |
| 614 | Orion SA (Germany) | 7 |
| 56 | Quaker Chemical Corp.  | 6 |
| 116 | Sensient Technologies Corp.  | 11 |
| 106 | Stepan Co.  | 5 |
| 1633 | Tronox Holdings PLC  | 9 |
| 399 | Valhi, Inc.  | 7 |
|  |  | 150 |
| **COMMERCIAL SERVICES & SUPPLIES—1.5%** | **COMMERCIAL SERVICES & SUPPLIES—1.5%** | **COMMERCIAL SERVICES & SUPPLIES—1.5%** |
| 352 | ABM Industries, Inc.  | 17 |
| 582 | BrightView Holdings, Inc. <sup>\*</sup> | 8 |
| 246 | Brink's Co.  | 22 |
| 106 | Cimpress PLC (Ireland)<sup>\*</sup> | 5 |
| 52 | CompX International, Inc.  | 1 |
| 483 | CoreCivic, Inc. <sup>\*</sup> | 11 |
| 463 | Deluxe Corp.  | 7 |
| 222 | Ennis, Inc.  | 4 |
| 540 | GEO Group, Inc. <sup>\*</sup> | 17 |
| 152 | HNI Corp.  | 7 |
| 58 | Liquidity Services, 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** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| 366 | MillerKnoll, Inc.  | $6 |
| 627 | NL Industries, Inc.  | 5 |
| 347 | OPENLANE, Inc. <sup>\*</sup> | 6 |
| 11 | Quad/Graphics, Inc.  |  |
| 618 | Steelcase, Inc. Class A | 6 |
| 39 | UniFirst Corp.  | 7 |
| 73 | VSE Corp.  | 8 |
|  |  | 139 |
| **COMMUNICATIONS EQUIPMENT—0.2%** | **COMMUNICATIONS EQUIPMENT—0.2%** | **COMMUNICATIONS EQUIPMENT—0.2%** |
| 64 | Aviat Networks, Inc. <sup>\*</sup> | 1 |
| 72 | Calix, Inc. <sup>\*</sup> | 3 |
| 86 | Clearfield, Inc. <sup>\*</sup> | 2 |
| 926 | Viavi Solutions, Inc. <sup>\*</sup> | 10 |
|  |  | 16 |
| **CONSTRUCTION & ENGINEERING—1.0%** | **CONSTRUCTION & ENGINEERING—1.0%** | **CONSTRUCTION & ENGINEERING—1.0%** |
| 215 | Ameresco, Inc. Class A<sup>\*</sup> | 2 |
| 160 | Arcosa, Inc.  | 13 |
| 52 | Argan, Inc.  | 8 |
| 422 | Concrete Pumping Holdings, Inc.  | 3 |
| 80 | Dycom Industries, Inc. <sup>\*</sup> | 13 |
| 313 | Fluor Corp. <sup>\*</sup> | 11 |
| 54 | IES Holdings, Inc. <sup>\*</sup> | 11 |
| 56 | MYR Group, Inc. <sup>\*</sup> | 7 |
| 148 | Primoris Services Corp.  | 9 |
| 96 | Sterling Infrastructure, Inc. <sup>\*</sup> | 14 |
|  |  | 91 |
| **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** |
| 120 | Knife River Corp. <sup>\*</sup> | 11 |
| **CONSUMER FINANCE—3.7%** | **CONSUMER FINANCE—3.7%** | **CONSUMER FINANCE—3.7%** |
| 206 | Atlanticus Holdings Corp. <sup>\*</sup> | 11 |
| 590 | Bread Financial Holdings, Inc.  | 28 |
| 1051 | Consumer Portfolio Services, Inc. <sup>\*</sup> | 10 |
| 355 | Encore Capital Group, Inc. <sup>\*</sup> | 12 |
| 195 | Enova International, Inc. <sup>\*</sup> | 18 |
| 174 | FirstCash Holdings, Inc.  | 23 |
| 545 | LendingClub Corp. <sup>\*</sup> | 5 |
| 590 | Medallion Financial Corp.  | 5 |
| 12479 | Navient Corp.  | 155 |
| 431 | Nelnet, Inc. Class A | 46 |
| 788 | OppFi, Inc.  | 8 |
| 559 | PRA Group, Inc. <sup>\*</sup> | 10 |
| 331 | PROG Holdings, Inc.  | 9 |
| 162 | Regional Management Corp.  | 5 |
|  |  | 345 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.0%** |
| 278 | Andersons, Inc.  | 10 |
| 875 | HF Foods Group, Inc. <sup>\*</sup> | 3 |
| 243 | Ingles Markets, Inc. Class A | 15 |
| 100 | PriceSmart, Inc.  | 10 |
| 335 | SpartanNash Co.  | 7 |
| 129 | Sprouts Farmers Market, Inc. <sup>\*</sup> | 22 |
| 154 | Village Super Market, Inc. Class A | 6 |
| 187 | Weis Markets, Inc.  | 16 |
|  |  | 89 |
| **CONTAINERS & PACKAGING—0.9%** | **CONTAINERS & PACKAGING—0.9%** | **CONTAINERS & PACKAGING—0.9%** |
| 4173 | Ardagh Metal Packaging SA  | 16 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CONTAINERS & PACKAGING—Continued** | **CONTAINERS & PACKAGING—Continued** | **CONTAINERS & PACKAGING—Continued** |
| 466 | Greif, Inc. Class A | $24 |
| 292 | Myers Industries, Inc.  | 3 |
| 2901 | O-I Glass, Inc. <sup>\*</sup> | 37 |
| 163 | TriMas Corp.  | 4 |
|  |  | 84 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 220 | A-Mark Precious Metals, Inc.  | 5 |
| 210 | GigaCloud Technology, Inc. Class A (Hong Kong)<sup>\*</sup> | 3 |
|  |  | 8 |
| **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** |
| 98 | Adtalem Global Education, Inc. <sup>\*</sup> | 10 |
| 202 | Carriage Services, Inc.  | 8 |
| 908 | Chegg, Inc. <sup>\*</sup> | 1 |
| 241 | European Wax Center, Inc. Class A<sup>\*</sup> | 1 |
| 204 | Frontdoor, Inc. <sup>\*</sup> | 8 |
| 19 | Graham Holdings Co. Class B | 17 |
| 737 | Laureate Education, Inc. <sup>\*</sup> | 15 |
| 1166 | Mister Car Wash, Inc. <sup>\*</sup> | 8 |
| 128 | OneSpaWorld Holdings Ltd. (Bahamas) | 2 |
| 304 | Perdoceo Education Corp.  | 8 |
| 103 | Strategic Education, Inc.  | 8 |
| 95 | Stride, Inc. <sup>\*</sup> | 14 |
|  |  | 100 |
| **DIVERSIFIED REITS—0.8%** | **DIVERSIFIED REITS—0.8%** | **DIVERSIFIED REITS—0.8%** |
| 313 | Alexander & Baldwin, Inc.  | 5 |
| 336 | Alpine Income Property Trust, Inc.  | 5 |
| 409 | American Assets Trust, Inc.  | 8 |
| 920 | Broadstone Net Lease, Inc.  | 15 |
| 336 | CTO Realty Growth, Inc.  | 6 |
| 501 | Essential Properties Realty Trust, Inc.  | 16 |
| 221 | Gladstone Commercial Corp.  | 3 |
| 999 | Global Net Lease, Inc.  | 8 |
| 266 | One Liberty Properties, Inc.  | 7 |
|  |  | 73 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** |
| 292 | Cogent Communications Holdings, Inc.  | 16 |
| 79 | IDT Corp. Class B | 4 |
| 1518 | Liberty Latin America Ltd. Class C (Puerto Rico)<sup>\*</sup> | 8 |
|  |  | 28 |
| **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** |
| 228 | ALLETE, Inc.  | 15 |
| 92 | MGE Energy, Inc.  | 8 |
| 265 | Otter Tail Corp.  | 21 |
| 613 | Portland General Electric Co.  | 26 |
| 383 | TXNM Energy, Inc.  | 21 |
|  |  | 91 |
| **ELECTRICAL EQUIPMENT—1.0%** | **ELECTRICAL EQUIPMENT—1.0%** | **ELECTRICAL EQUIPMENT—1.0%** |
| 390 | Array Technologies, Inc. <sup>\*</sup> | 2 |
| 566 | Atkore, Inc.  | 36 |
| 174 | EnerSys  | 15 |
| 5039 | GrafTech International Ltd. <sup>\*</sup> | 3 |
| 238 | LSI Industries, Inc.  | 4 |
| 340 | NEXTracker, Inc. Class A<sup>\*</sup> | 14 |
| 21 | Powell Industries, Inc.  | 4 |
| 27 | Preformed Line Products Co.  | 4 |
| 1021 | Shoals Technologies Group, Inc. Class A<sup>\*</sup> | 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** |
| **ELECTRICAL EQUIPMENT—Continued** | **ELECTRICAL EQUIPMENT—Continued** | **ELECTRICAL EQUIPMENT—Continued** |
| 136 | Thermon Group Holdings, Inc. <sup>\*</sup> | $3 |
|  |  | 89 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.6%** |
| 73 | Advanced Energy Industries, Inc.  | 7 |
| 35 | Badger Meter, Inc.  | 8 |
| 140 | Belden, Inc.  | 14 |
| 9 | Climb Global Solutions, Inc.  | 1 |
| 113 | ePlus, Inc. <sup>\*</sup> | 7 |
| 65 | Fabrinet (Thailand)<sup>\*</sup> | 13 |
| 129 | Insight Enterprises, Inc. <sup>\*</sup> | 18 |
| 42 | OSI Systems, Inc. <sup>\*</sup> | 9 |
| 100 | PC Connection, Inc.  | 6 |
| 68 | Plexus Corp. <sup>\*</sup> | 8 |
| 97 | Rogers Corp. <sup>\*</sup> | 6 |
| 244 | Sanmina Corp. <sup>\*</sup> | 19 |
| 174 | ScanSource, Inc. <sup>\*</sup> | 6 |
| 279 | TTM Technologies, Inc. <sup>\*</sup> | 6 |
| 1409 | Vishay Intertechnology, Inc.  | 18 |
|  |  | 146 |
| **ENERGY EQUIPMENT & SERVICES—1.5%** | **ENERGY EQUIPMENT & SERVICES—1.5%** | **ENERGY EQUIPMENT & SERVICES—1.5%** |
| 393 | Archrock, Inc.  | 9 |
| 289 | Atlas Energy Solutions, Inc.  | 4 |
| 1787 | Borr Drilling Ltd. (Mexico)<sup>\*</sup> | 3 |
| 217 | Cactus, Inc. Class A | 8 |
| 823 | ChampionX Corp.  | 20 |
| 641 | Helmerich & Payne, Inc.  | 12 |
| 174 | Kodiak Gas Services, Inc.  | 6 |
| 1371 | Liberty Energy, Inc.  | 16 |
| 87 | Nabors Industries Ltd. <sup>\*</sup> | 2 |
| 759 | Noble Corp. PLC  | 17 |
| 361 | Oceaneering International, Inc. <sup>\*</sup> | 7 |
| 1055 | ProFrac Holding Corp. Class A<sup>\*</sup> | 4 |
| 2539 | RPC, Inc.  | 12 |
| 156 | Seadrill Ltd. (Norway)<sup>\*</sup> | 3 |
| 63 | Solaris Energy Infrastructure, Inc.  | 1 |
| 121 | Tidewater, Inc. <sup>\*</sup> | 5 |
| 255 | Valaris Ltd. <sup>\*</sup> | 8 |
|  |  | 137 |
| **ENTERTAINMENT—0.2%** | **ENTERTAINMENT—0.2%** | **ENTERTAINMENT—0.2%** |
| 411 | Cinemark Holdings, Inc.  | 12 |
| 952 | Vivid Seats, Inc. Class A<sup>\*</sup> | 3 |
|  |  | 15 |
| **FINANCIAL SERVICES—7.2%** | **FINANCIAL SERVICES—7.2%** | **FINANCIAL SERVICES—7.2%** |
| 1039 | Acacia Research Corp. <sup>\*</sup> | 3 |
| 209 | Banco Latinoamericano de Comercio Exterior SA <br> (Panama)<br>| 8 |
| 42 | Cass Information Systems, Inc.  | 2 |
| 370 | Compass Diversified Holdings  | 6 |
| 1400 | Enact Holdings, Inc.  | 50 |
| 799 | Essent Group Ltd.  | 46 |
| 252 | EVERTEC, Inc. (Puerto Rico) | 9 |
| 155 | Federal Agricultural Mortgage Corp. Class C | 27 |
| 2 | HA Sustainable Infrastructure Capital, Inc.  |  |
| 1751 | Jackson Financial, Inc. Class A | 136 |
| 411 | Merchants Bancorp  | 12 |
| 695 | Mr. Cooper Group, Inc. <sup>\*</sup> | 83 |
| 607 | NMI Holdings, Inc. <sup>\*</sup> | 22 |
| 356 | Onity Group, Inc. <sup>\*</sup> | 13 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** | **FINANCIAL SERVICES—Continued** |
| 6754 | Pagseguro Digital Ltd. Class A (Brazil)<sup>\*</sup> | $68 |
| 431 | PennyMac Financial Services, Inc.  | 42 |
| 526 | Priority Technology Holdings, Inc. <sup>\*</sup> | 4 |
| 1411 | Radian Group, Inc.  | 45 |
| 4723 | StoneCo Ltd. Class A (Brazil)<sup>\*</sup> | 66 |
| 253 | SWK Holdings Corp.  | 4 |
| 744 | Velocity Financial, Inc. <sup>\*</sup> | 13 |
| 158 | Walker & Dunlop, Inc.  | 12 |
|  |  | 671 |
| **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** |
| 113 | Alico, Inc.  | 3 |
| 669 | B&G Foods, Inc.  | 5 |
| 302 | Cal-Maine Foods, Inc.  | 28 |
| 840 | Dole PLC  | 13 |
| 72 | J&J Snack Foods Corp.  | 9 |
| 75 | John B Sanfilippo & Son, Inc.  | 5 |
| 52 | Lancaster Colony Corp.  | 8 |
| 476 | Mission Produce, Inc. <sup>\*</sup> | 5 |
| 276 | Simply Good Foods Co. <sup>\*</sup> | 10 |
| 145 | Utz Brands, Inc.  | 2 |
| 80 | Vital Farms, Inc. <sup>\*</sup> | 3 |
| 336 | WK Kellogg Co.  | 6 |
|  |  | 97 |
| **GAS UTILITIES—1.2%** | **GAS UTILITIES—1.2%** | **GAS UTILITIES—1.2%** |
| 68 | Chesapeake Utilities Corp.  | 9 |
| 503 | New Jersey Resources Corp.  | 25 |
| 223 | Northwest Natural Holding Co.  | 9 |
| 258 | ONE Gas, Inc.  | 20 |
| 253 | Southwest Gas Holdings, Inc.  | 18 |
| 362 | Spire, Inc.  | 28 |
|  |  | 109 |
| **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** |
| 165 | ArcBest Corp.  | 10 |
| 276 | Covenant Logistics Group, Inc.  | 6 |
| 588 | Heartland Express, Inc.  | 4 |
| 7783 | Hertz Global Holdings, Inc. <sup>\*</sup> | 53 |
| 210 | PAMT Corp. <sup>\*</sup> | 3 |
| 218 | Universal Logistics Holdings, Inc.  | 5 |
| 333 | Werner Enterprises, Inc.  | 8 |
|  |  | 89 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.8%** |
| 202 | Avanos Medical, Inc. <sup>\*</sup> | 3 |
| 615 | Embecta Corp.  | 7 |
| 123 | Haemonetics Corp. <sup>\*</sup> | 8 |
| 594 | Inmode Ltd. <sup>\*</sup> | 8 |
| 57 | Integer Holdings Corp. <sup>\*</sup> | 7 |
| 466 | Integra LifeSciences Holdings Corp. <sup>\*</sup> | 8 |
| 23 | iRadimed Corp.  | 1 |
| 161 | Lantheus Holdings, Inc. <sup>\*</sup> | 17 |
| 63 | Merit Medical Systems, Inc. <sup>\*</sup> | 6 |
| 130 | Neogen Corp. <sup>\*</sup> | 1 |
| 35 | Semler Scientific, Inc. <sup>\*</sup> | 1 |
| 91 | STAAR Surgical Co. <sup>\*</sup> | 2 |
| 11 | UFP Technologies, Inc. <sup>\*</sup> | 2 |
| 89 | Utah Medical Products, Inc.  | 5 |
| 281 | Varex Imaging Corp. <sup>\*</sup> | 2 |
|  |  | 78 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** |
| 772 | AMN Healthcare Services, Inc. <sup>\*</sup> | $16 |
| 15676 | Community Health Systems, Inc. <sup>\*</sup> | 43 |
| 236 | Concentra Group Holdings Parent, Inc.  | 5 |
| 492 | Cross Country Healthcare, Inc. <sup>\*</sup> | 7 |
| 412 | Enhabit, Inc. <sup>\*</sup> | 3 |
| 143 | Ensign Group, Inc.  | 18 |
| 45 | HealthEquity, Inc. <sup>\*</sup> | 4 |
| 55 | National HealthCare Corp.  | 5 |
| 272 | National Research Corp.  | 3 |
| 631 | Option Care Health, Inc. <sup>\*</sup> | 20 |
| 631 | Owens & Minor, Inc. <sup>\*</sup> | 4 |
| 83 | Pediatrix Medical Group, Inc. <sup>\*</sup> | 1 |
| 87 | Progyny, Inc. <sup>\*</sup> | 2 |
| 1480 | Select Medical Holdings Corp.  | 27 |
| 150 | Sonida Senior Living, Inc. <sup>\*</sup> | 4 |
| 718 | Surgery Partners, Inc. <sup>\*</sup> | 16 |
| 80 | U.S. Physical Therapy, Inc.  | 6 |
|  |  | 184 |
| **HEALTH CARE REITS—0.5%** | **HEALTH CARE REITS—0.5%** | **HEALTH CARE REITS—0.5%** |
| 294 | CareTrust REIT, Inc.  | 9 |
| 384 | Global Medical REIT, Inc.  | 3 |
| 177 | National Health Investors, Inc.  | 13 |
| 837 | Sabra Health Care REIT, Inc.  | 15 |
| 284 | Strawberry Fields REIT, Inc.  | 3 |
| 59 | Universal Health Realty Income Trust  | 2 |
|  |  | 45 |
| **HEALTH CARE TECHNOLOGY—0.0%** | **HEALTH CARE TECHNOLOGY—0.0%** | **HEALTH CARE TECHNOLOGY—0.0%** |
| 39 | HealthStream, Inc.  | 1 |
| 84 | Simulations Plus, Inc.  | 3 |
|  |  | 4 |
| **HOTEL & RESORT REITS—0.8%** | **HOTEL & RESORT REITS—0.8%** | **HOTEL & RESORT REITS—0.8%** |
| 1273 | Apple Hospitality REIT, Inc.  | 15 |
| 1028 | Braemar Hotels & Resorts, Inc.  | 2 |
| 1116 | DiamondRock Hospitality Co.  | 8 |
| 538 | Pebblebrook Hotel Trust  | 5 |
| 1145 | RLJ Lodging Trust  | 8 |
| 216 | Ryman Hospitality Properties, Inc.  | 19 |
| 3813 | Service Properties Trust  | 7 |
| 799 | Sunstone Hotel Investors, Inc.  | 7 |
| 569 | Xenia Hotels & Resorts, Inc.  | 6 |
|  |  | 77 |
| **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** |
| 810 | Bloomin' Brands, Inc.  | 7 |
| 55 | Brinker International, Inc. <sup>\*</sup> | 7 |
| 69 | Cracker Barrel Old Country Store, Inc.  | 3 |
| 474 | Dave & Buster's Entertainment, Inc. <sup>\*</sup> | 9 |
| 864 | Denny's Corp. <sup>\*</sup> | 3 |
| 389 | Dine Brands Global, Inc.  | 8 |
| 130 | El Pollo Loco Holdings, Inc. <sup>\*</sup> | 1 |
| 702 | Everi Holdings, Inc. <sup>\*</sup> | 10 |
| 219 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 4 |
| 392 | Golden Entertainment, Inc.  | 10 |
| 722 | Hilton Grand Vacations, Inc. <sup>\*</sup> | 24 |
| 484 | Inspired Entertainment, Inc. <sup>\*</sup> | 4 |
| 2582 | International Game Technology PLC  | 42 |
| 246 | Jack in the Box, Inc.  | 7 |
| 80 | Monarch Casino & Resort, Inc.  | 6 |
| 85 | Nathan's Famous, Inc.  | 8 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** |
| 183 | Papa John's International, Inc.  | $6 |
| 275 | PlayAGS, Inc. <sup>\*</sup> | 3 |
| 608 | Red Rock Resorts, Inc. Class A | 26 |
| 435 | Six Flags Entertainment Corp.  | 15 |
| 557 | Super Group SGHC Ltd. (Guernsey) | 5 |
| 782 | Target Hospitality Corp. <sup>\*</sup> | 5 |
| 474 | United Parks & Resorts, Inc. <sup>\*</sup> | 21 |
|  |  | 234 |
| **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** | **HOUSEHOLD DURABLES—3.8%** |
| 372 | Beazer Homes USA, Inc. <sup>\*</sup> | 7 |
| 26 | Cavco Industries, Inc. <sup>\*</sup> | 13 |
| 337 | Century Communities, Inc.  | 18 |
| 226 | Champion Homes, Inc. <sup>\*</sup> | 20 |
| 1074 | Cricut, Inc. Class A | 5 |
| 779 | Dream Finders Homes, Inc. Class A<sup>\*</sup> | 18 |
| 346 | Green Brick Partners, Inc. <sup>\*</sup> | 20 |
| 195 | Helen of Troy Ltd. <sup>\*</sup> | 5 |
| 126 | Hovnanian Enterprises, Inc. Class A<sup>\*</sup> | 12 |
| 85 | Installed Building Products, Inc.  | 14 |
| 672 | KB Home  | 36 |
| 420 | Landsea Homes Corp. <sup>\*</sup> | 3 |
| 222 | La-Z-Boy, Inc.  | 9 |
| 148 | Legacy Housing Corp. <sup>\*</sup> | 4 |
| 186 | LGI Homes, Inc. <sup>\*</sup> | 10 |
| 247 | Lifetime Brands, Inc.  | 1 |
| 258 | M/I Homes, Inc. <sup>\*</sup> | 28 |
| 701 | Meritage Homes Corp.  | 48 |
| 247 | Sonos, Inc. <sup>\*</sup> | 2 |
| 928 | Taylor Morrison Home Corp. <sup>\*</sup> | 53 |
| 836 | Tri Pointe Homes, Inc. <sup>\*</sup> | 26 |
| 765 | United Homes Group, Inc. <sup>\*</sup> | 1 |
|  |  | 353 |
| **HOUSEHOLD PRODUCTS—0.2%** | **HOUSEHOLD PRODUCTS—0.2%** | **HOUSEHOLD PRODUCTS—0.2%** |
| 318 | Central Garden & Pet Co. <sup>\*</sup> | 11 |
| 265 | Energizer Holdings, Inc.  | 7 |
|  |  | 18 |
| **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** |
| 154 | Innovative Industrial Properties, Inc.  | 9 |
| 1309 | LXP Industrial Trust  | 10 |
| 148 | Terreno Realty Corp.  | 8 |
|  |  | 27 |
| **INSURANCE—3.0%** | **INSURANCE—3.0%** | **INSURANCE—3.0%** |
| 1391 | Ambac Financial Group, Inc. <sup>\*</sup> | 11 |
| 818 | CNO Financial Group, Inc.  | 31 |
| 216 | Enstar Group Ltd. <sup>\*</sup> | 72 |
| 157 | F&G Annuities & Life, Inc.  | 5 |
| 584 | Fidelis Insurance Holdings Ltd. (United Kingdom) | 10 |
| 5533 | Genworth Financial, Inc. <sup>\*</sup> | 38 |
| 255 | Greenlight Capital Re Ltd. Class A<sup>\*</sup> | 3 |
| 649 | Hamilton Insurance Group Ltd. Class B (Bermuda)<sup>\*</sup> | 12 |
| 36 | HCI Group, Inc.  | 5 |
| 165 | Horace Mann Educators Corp.  | 7 |
| 12 | Investors Title Co.  | 3 |
| 499 | James River Group Holdings Ltd.  | 2 |
| 357 | Kingsway Financial Services, Inc. (Canada)<sup>\*</sup> | 3 |
| 50 | Palomar Holdings, Inc. <sup>\*</sup> | 7 |
| 319 | ProAssurance Corp. <sup>\*</sup> | 7 |
| 236 | Selective Insurance Group, Inc.  | 21 |

---

------

⬤

------

**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** |
| 628 | SiriusPoint Ltd. (Sweden)<sup>\*</sup> | $11 |
| 216 | Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | 12 |
| 204 | Stewart Information Services Corp.  | 13 |
| 300 | Tiptree, Inc.  | 7 |
|  |  | 280 |
| **INTERACTIVE MEDIA & SERVICES—0.2%** | **INTERACTIVE MEDIA & SERVICES—0.2%** | **INTERACTIVE MEDIA & SERVICES—0.2%** |
| 73 | Cargurus, Inc. <sup>\*</sup> | 2 |
| 381 | Cars.com, Inc. <sup>\*</sup> | 4 |
| 1 | Getty Images Holdings, Inc. <sup>\*</sup> |  |
| 174 | Shutterstock, Inc.  | 3 |
| 136 | Yelp, Inc. <sup>\*</sup> | 5 |
| 203 | Ziff Davis, Inc. <sup>\*</sup> | 6 |
|  |  | 20 |
| **IT SERVICES—0.2%** | **IT SERVICES—0.2%** | **IT SERVICES—0.2%** |
| 215 | ASGN, Inc. <sup>\*</sup> | 11 |
| 1537 | Information Services Group, Inc.  | 6 |
|  |  | 17 |
| **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** | **LEISURE PRODUCTS—0.4%** |
| 237 | Acushnet Holdings Corp.  | 16 |
| 193 | Malibu Boats, Inc. Class A<sup>\*</sup> | 5 |
| 437 | Marine Products Corp.  | 4 |
| 1497 | Topgolf Callaway Brands Corp. <sup>\*</sup> | 10 |
|  |  | 35 |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| 4037 | Maravai LifeSciences Holdings, Inc. Class A<sup>\*</sup> | 8 |
| **MACHINERY—3.1%** | **MACHINERY—3.1%** | **MACHINERY—3.1%** |
| 65 | Alamo Group, Inc.  | 11 |
| 105 | Albany International Corp. Class A | 7 |
| 178 | Atmus Filtration Technologies, Inc.  | 6 |
| 79 | Chart Industries, Inc. <sup>\*</sup> | 11 |
| 179 | Douglas Dynamics, Inc.  | 4 |
| 38 | Enpro, Inc.  | 6 |
| 54 | ESCO Technologies, Inc.  | 8 |
| 93 | Federal Signal Corp.  | 8 |
| 142 | Franklin Electric Co., Inc.  | 12 |
| 220 | Gencor Industries, Inc. <sup>\*</sup> | 3 |
| 174 | Greenbrier Cos., Inc.  | 7 |
| 143 | Helios Technologies, Inc.  | 4 |
| 332 | Hillenbrand, Inc.  | 7 |
| 797 | Hillman Solutions Corp. <sup>\*</sup> | 5 |
| 66 | JBT Marel Corp.  | 7 |
| 24 | Kadant, Inc.  | 7 |
| 416 | Kennametal, Inc.  | 8 |
| 69 | Lindsay Corp.  | 9 |
| 69 | Miller Industries, Inc.  | 3 |
| 543 | Mueller Industries, Inc.  | 40 |
| 298 | Mueller Water Products, Inc. Class A | 8 |
| 159 | Omega Flex, Inc.  | 5 |
| 235 | REV Group, Inc.  | 8 |
| 168 | Shyft Group, Inc.  | 1 |
| 68 | SPX Technologies, Inc. <sup>\*</sup> | 9 |
| 75 | Tennant Co.  | 5 |
| 510 | Terex Corp.  | 18 |
| 962 | Titan International, Inc. <sup>\*</sup> | 7 |
| 596 | Trinity Industries, Inc.  | 15 |
| 384 | Wabash National Corp.  | 3 |
| 86 | Watts Water Technologies, Inc. Class A | 18 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| 435 | Worthington Enterprises, Inc.  | $22 |
|  |  | 292 |
| **MARINE TRANSPORTATION—1.0%** | **MARINE TRANSPORTATION—1.0%** | **MARINE TRANSPORTATION—1.0%** |
| 2629 | Costamare, Inc. (Monaco) | 24 |
| 2311 | Golden Ocean Group Ltd. (Norway) | 18 |
| 329 | Matson, Inc.  | 36 |
| 643 | Pangaea Logistics Solutions Ltd.  | 3 |
| 2401 | Safe Bulkers, Inc. (Monaco) | 8 |
|  |  | 89 |
| **MEDIA—3.4%** | **MEDIA—3.4%** | **MEDIA—3.4%** |
| 1546 | AMC Networks, Inc. Class A<sup>\*</sup> | 10 |
| 86 | Cable One, Inc.  | 23 |
| 10660 | Clear Channel Outdoor Holdings, Inc. <sup>\*</sup> | 11 |
| 885 | Gannett Co., Inc. <sup>\*</sup> | 3 |
| 9568 | Gray Media, Inc.  | 32 |
| 2136 | John Wiley & Sons, Inc. Class A | 93 |
| 1856 | National CineMedia, Inc. <sup>\*</sup> | 11 |
| 138 | Scholastic Corp.  | 2 |
| 5458 | Sinclair, Inc.  | 79 |
| 1521 | Stagwell, Inc. <sup>\*</sup> | 8 |
| 2551 | TEGNA, Inc.  | 41 |
| 200 | Thryv Holdings, Inc. <sup>\*</sup> | 3 |
|  |  | 316 |
| **METALS & MINING—2.0%** | **METALS & MINING—2.0%** | **METALS & MINING—2.0%** |
| 264 | Alpha Metallurgical Resources, Inc. <sup>\*</sup> | 32 |
| 42 | Carpenter Technology Corp.  | 8 |
| 431 | Century Aluminum Co. <sup>\*</sup> | 7 |
| 1002 | Commercial Metals Co.  | 45 |
| 1767 | Constellium SE <sup>\*</sup> | 18 |
| 46 | Kaiser Aluminum Corp.  | 3 |
| 74 | Materion Corp.  | 6 |
| 369 | Metallus, Inc. <sup>\*</sup> | 5 |
| 148 | Olympic Steel, Inc.  | 5 |
| 517 | Ramaco Resources, Inc. Class A | 5 |
| 11 | Ramaco Resources, Inc. Class B |  |
| 812 | Ryerson Holding Corp.  | 19 |
| 881 | SunCoke Energy, Inc.  | 8 |
| 570 | Warrior Met Coal, Inc.  | 27 |
| 93 | Worthington Steel, Inc.  | 2 |
|  |  | 190 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.8%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.8%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.8%** |
| 479 | Apollo Commercial Real Estate Finance, Inc.  | 5 |
| 1334 | Arbor Realty Trust, Inc.  | 15 |
| 998 | ARES Commercial Real Estate Corp.  | 4 |
| 386 | Blackstone Mortgage Trust, Inc. Class A | 7 |
| 214 | Chicago Atlantic Real Estate Finance, Inc.  | 3 |
| 22 | Chimera Investment Corp.  |  |
| 297 | Ellington Financial, Inc.  | 4 |
| 334 | Franklin BSP Realty Trust, Inc.  | 4 |
| 1761 | Granite Point Mortgage Trust, Inc.  | 4 |
| 166 | KKR Real Estate Finance Trust, Inc.  | 2 |
| 749 | Ladder Capital Corp.  | 8 |
| 89 | MFA Financial, Inc.  | 1 |
| 295 | Nexpoint Real Estate Finance, Inc.  | 4 |
| 344 | PennyMac Mortgage Investment Trust  | 4 |
| 1274 | Ready Capital Corp.  | 6 |
| 132 | Redwood Trust, Inc.  | 1 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** |
| 288 | Two Harbors Investment Corp.  | $3 |
|  |  | 75 |
| **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** |
| 437 | Avista Corp.  | 18 |
| 433 | Black Hills Corp.  | 27 |
| 313 | Northwestern Energy Group, Inc.  | 18 |
|  |  | 63 |
| **OFFICE REITS—1.1%** | **OFFICE REITS—1.1%** | **OFFICE REITS—1.1%** |
| 1980 | Brandywine Realty Trust  | 8 |
| 1470 | City Office REIT, Inc.  | 7 |
| 457 | COPT Defense Properties  | 12 |
| 1066 | Douglas Emmett, Inc.  | 15 |
| 233 | Easterly Government Properties, Inc.  | 5 |
| 1287 | Empire State Realty Trust, Inc. Class A | 9 |
| 1593 | Franklin Street Properties Corp.  | 3 |
| 4073 | Hudson Pacific Properties, Inc.  | 8 |
| 1923 | Paramount Group, Inc.  | 8 |
| 1276 | Piedmont Office Realty Trust, Inc. Class A | 8 |
| 472 | Postal Realty Trust, Inc. Class A | 6 |
| 342 | SL Green Realty Corp.  | 18 |
|  |  | 107 |
| **OIL, GAS & CONSUMABLE FUELS—8.7%** | **OIL, GAS & CONSUMABLE FUELS—8.7%** | **OIL, GAS & CONSUMABLE FUELS—8.7%** |
| 1051 | Amplify Energy Corp. <sup>\*</sup> | 3 |
| 572 | Ardmore Shipping Corp. (Ireland) | 5 |
| 1462 | Berry Corp.  | 4 |
| 832 | California Resources Corp.  | 29 |
| 119 | Centrus Energy Corp. Class A<sup>\*</sup> | 8 |
| 2166 | CNX Resources Corp. <sup>\*</sup> | 64 |
| 2119 | Comstock Resources, Inc. <sup>\*</sup> | 39 |
| 356 | Core Natural Resources, Inc.  | 26 |
| 423 | Crescent Energy Co. Class A | 3 |
| 1893 | CVR Energy, Inc.  | 36 |
| 852 | Delek U.S. Holdings, Inc.  | 11 |
| 646 | DHT Holdings, Inc.  | 7 |
| 456 | Dorian LPG Ltd.  | 10 |
| 622 | Evolution Petroleum Corp.  | 3 |
| 311 | Excelerate Energy, Inc. Class A | 8 |
| 616 | FLEX LNG Ltd. (Norway) | 14 |
| 555 | Golar LNG Ltd. (Cameroon) | 24 |
| 920 | Granite Ridge Resources, Inc.  | 4 |
| 204 | Gulfport Energy Corp. <sup>\*</sup> | 35 |
| 1317 | HighPeak Energy, Inc.  | 11 |
| 627 | International Seaways, Inc.  | 21 |
| 284 | Kinetik Holdings, Inc.  | 12 |
| 7972 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 12 |
| 1563 | Magnolia Oil & Gas Corp. Class A | 32 |
| 2160 | Murphy Oil Corp.  | 44 |
| 1 | Nordic American Tankers Ltd.  |  |
| 1344 | Northern Oil & Gas, Inc.  | 33 |
| 1226 | Par Pacific Holdings, Inc. <sup>\*</sup> | 18 |
| 3820 | PBF Energy, Inc. Class A | 66 |
| 3426 | Peabody Energy Corp.  | 42 |
| 20 | PrimeEnergy Resources Corp. <sup>\*</sup> | 3 |
| 110 | REX American Resources Corp. <sup>\*</sup> | 4 |
| 242 | Riley Exploration Permian, Inc.  | 6 |
| 6015 | Ring Energy, Inc. <sup>\*</sup> | 5 |
| 797 | Scorpio Tankers, Inc. (Monaco) | 30 |
| 1546 | SFL Corp. Ltd. (Norway) | 13 |
| 354 | Sitio Royalties Corp. Class A | 6 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 1647 | SM Energy Co.  | $37 |
| 1772 | Talos Energy, Inc. <sup>\*</sup> | 12 |
| 2598 | Teekay Corp. Ltd. (Bermuda) | 19 |
| 454 | Teekay Tankers Ltd. Class A (Canada) | 19 |
| 1858 | VAALCO Energy, Inc.  | 6 |
| 1040 | Vital Energy, Inc. <sup>\*</sup> | 15 |
| 202 | Vitesse Energy, Inc.  | 4 |
| 4990 | W&T Offshore, Inc.  | 6 |
|  |  | 809 |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 143 | Clearwater Paper Corp. <sup>\*</sup> | 4 |
| 328 | Sylvamo Corp.  | 19 |
|  |  | 23 |
| **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** |
| 59 | Allegiant Travel Co.  | 3 |
| 102 | SkyWest, Inc. <sup>\*</sup> | 9 |
| 516 | Sun Country Airlines Holdings, Inc. <sup>\*</sup> | 5 |
|  |  | 17 |
| **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** | **PERSONAL CARE PRODUCTS—0.7%** |
| 342 | Edgewell Personal Care Co.  | 10 |
| 3896 | Herbalife Ltd. <sup>\*</sup> | 28 |
| 111 | Interparfums, Inc.  | 12 |
| 420 | Medifast, Inc. <sup>\*</sup> | 6 |
| 595 | Nu Skin Enterprises, Inc. Class A | 4 |
| 7193 | Olaplex Holdings, Inc. <sup>\*</sup> | 9 |
|  |  | 69 |
| **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** | **PHARMACEUTICALS—0.6%** |
| 265 | Amphastar Pharmaceuticals, Inc. <sup>\*</sup> | 6 |
| 196 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | 5 |
| 169 | Contineum Therapeutics, Inc. Class A<sup>\*</sup> | 1 |
| 102 | Corcept Therapeutics, Inc. <sup>\*</sup> | 7 |
| 228 | Harmony Biosciences Holdings, Inc. <sup>\*</sup> | 7 |
| 628 | Innoviva, Inc. <sup>\*</sup> | 12 |
| 310 | Phibro Animal Health Corp. Class A | 6 |
| 147 | Prestige Consumer Healthcare, Inc. <sup>\*</sup> | 12 |
| 715 | SIGA Technologies, Inc.  | 4 |
|  |  | 60 |
| **PROFESSIONAL SERVICES—1.6%** | **PROFESSIONAL SERVICES—1.6%** | **PROFESSIONAL SERVICES—1.6%** |
| 120 | Barrett Business Services, Inc.  | 5 |
| 103 | CBIZ, Inc. <sup>\*</sup> | 7 |
| 18 | CRA International, Inc.  | 3 |
| 255 | ExlService Holdings, Inc. <sup>\*</sup> | 12 |
| 90 | Exponent, Inc.  | 7 |
| 224 | First Advantage Corp. <sup>\*</sup> | 3 |
| 211 | Forrester Research, Inc. <sup>\*</sup> | 2 |
| 105 | Heidrick & Struggles International, Inc.  | 4 |
| 164 | HireQuest, Inc.  | 2 |
| 53 | Huron Consulting Group, Inc. <sup>\*</sup> | 7 |
| 193 | IBEX Holdings Ltd. <sup>\*</sup> | 5 |
| 52 | ICF International, Inc.  | 4 |
| 158 | Insperity, Inc.  | 10 |
| 114 | Kforce, Inc.  | 4 |
| 288 | Korn Ferry  | 18 |
| 248 | Maximus, Inc.  | 17 |
| 335 | Mistras Group, Inc. <sup>\*</sup> | 3 |
| 27 | Resolute Holdings Management, Inc. <sup>\*</sup> | 1 |
| 272 | Resources Connection, Inc.  | 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** |
| **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** |
| 273 | TriNet Group, Inc.  | $21 |
| 899 | TTEC Holdings, Inc. <sup>\*</sup> | 4 |
| 387 | Verra Mobility Corp. <sup>\*</sup> | 8 |
|  |  | 149 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%** |
| 714 | American Realty Investors, Inc. <sup>\*</sup> | 9 |
| 1149 | Anywhere Real Estate, Inc. <sup>\*</sup> | 4 |
| 1824 | Cushman & Wakefield PLC <sup>\*</sup> | 17 |
| 480 | Forestar Group, Inc. <sup>\*</sup> | 9 |
| 80 | FRP Holdings, Inc. <sup>\*</sup> | 2 |
| 1039 | Kennedy-Wilson Holdings, Inc.  | 7 |
| 80 | Marcus & Millichap, Inc.  | 2 |
| 763 | Newmark Group, Inc. Class A | 8 |
| 134 | St. Joe Co.  | 6 |
| 97 | Tejon Ranch Co. <sup>\*</sup> | 2 |
| 393 | Transcontinental Realty Investors, Inc. <sup>\*</sup> | 11 |
|  |  | 77 |
| **RESIDENTIAL REITS—0.3%** | **RESIDENTIAL REITS—0.3%** | **RESIDENTIAL REITS—0.3%** |
| 89 | BRT Apartments Corp.  | 2 |
| 89 | Centerspace  | 5 |
| 1353 | Clipper Realty, Inc.  | 5 |
| 688 | Independence Realty Trust, Inc.  | 13 |
|  |  | 25 |
| **RETAIL REITS—1.1%** | **RETAIL REITS—1.1%** | **RETAIL REITS—1.1%** |
| 284 | Acadia Realty Trust  | 6 |
| 17 | Curbline Properties Corp.  |  |
| 191 | Getty Realty Corp.  | 5 |
| 187 | InvenTrust Properties Corp.  | 5 |
| 892 | Kite Realty Group Trust  | 19 |
| 970 | Macerich Co.  | 14 |
| 365 | NETSTREIT Corp.  | 6 |
| 392 | Phillips Edison & Co., Inc.  | 14 |
| 167 | Saul Centers, Inc.  | 6 |
| 478 | SITE Centers Corp.  | 6 |
| 326 | Tanger, Inc.  | 10 |
| 484 | Urban Edge Properties  | 9 |
| 179 | Whitestone REIT  | 2 |
|  |  | 102 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.7%** |
| 258 | ACM Research, Inc. Class A<sup>\*</sup> | 5 |
| 283 | Alpha & Omega Semiconductor Ltd. <sup>\*</sup> | 5 |
| 191 | Axcelis Technologies, Inc. <sup>\*</sup> | 9 |
| 278 | Diodes, Inc. <sup>\*</sup> | 11 |
| 619 | Everspin Technologies, Inc. <sup>\*</sup> | 3 |
| 112 | FormFactor, Inc. <sup>\*</sup> | 3 |
| 205 | Kulicke & Soffa Industries, Inc. (Singapore) | 7 |
| 79 | NVE Corp.  | 5 |
| 580 | Photronics, Inc. <sup>\*</sup> | 11 |
| 206 | Ultra Clean Holdings, Inc. <sup>\*</sup> | 4 |
| 136 | Veeco Instruments, Inc. <sup>\*</sup> | 2 |
|  |  | 65 |
| **SOFTWARE—1.1%** | **SOFTWARE—1.1%** | **SOFTWARE—1.1%** |
| 313 | A10 Networks, Inc.  | 5 |
| 250 | ACI Worldwide, Inc. <sup>\*</sup> | 13 |
| 31 | Commvault Systems, Inc. <sup>\*</sup> | 5 |
| 431 | Consensus Cloud Solutions, Inc. <sup>\*</sup> | 8 |
| 612 | eGain Corp. <sup>\*</sup> | 3 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 69 | InterDigital, Inc.  | $14 |
| 1584 | NCR Voyix Corp. <sup>\*</sup> | 14 |
| 197 | Progress Software Corp.  | 12 |
| 57 | Qualys, Inc. <sup>\*</sup> | 7 |
| 144 | Red Violet, Inc.  | 6 |
| 235 | ReposiTrak, Inc.  | 5 |
| 381 | Rimini Street, Inc. <sup>\*</sup> | 1 |
| 152 | Verint Systems, Inc. <sup>\*</sup> | 3 |
| 3547 | WM Technology, Inc. <sup>\*</sup> | 5 |
|  |  | 101 |
| **SPECIALIZED REITS—0.6%** | **SPECIALIZED REITS—0.6%** | **SPECIALIZED REITS—0.6%** |
| 357 | Farmland Partners, Inc.  | 4 |
| 275 | Four Corners Property Trust, Inc.  | 8 |
| 711 | Outfront Media, Inc.  | 11 |
| 296 | PotlatchDeltic Corp.  | 11 |
| 513 | Safehold, Inc.  | 8 |
| 2118 | Uniti Group, Inc.  | 10 |
|  |  | 52 |
| **SPECIALTY RETAIL—3.5%** | **SPECIALTY RETAIL—3.5%** | **SPECIALTY RETAIL—3.5%** |
| 165 | Abercrombie & Fitch Co. Class A<sup>\*</sup> | 11 |
| 677 | Academy Sports & Outdoors, Inc.  | 26 |
| 758 | American Eagle Outfitters, Inc.  | 8 |
| 89 | America's Car-Mart, Inc. <sup>\*</sup> | 4 |
| 555 | Arhaus, Inc. <sup>\*</sup> | 4 |
| 1448 | Arko Corp.  | 6 |
| 181 | Asbury Automotive Group, Inc. <sup>\*</sup> | 40 |
| 97 | Boot Barn Holdings, Inc. <sup>\*</sup> | 10 |
| 418 | Buckle, Inc.  | 15 |
| 157 | Build-A-Bear Workshop, Inc.  | 6 |
| 495 | Caleres, Inc.  | 8 |
| 711 | Camping World Holdings, Inc. Class A | 9 |
| 69 | Citi Trends, Inc. <sup>\*</sup> | 2 |
| 795 | Designer Brands, Inc. Class A | 2 |
| 433 | Destination XL Group, Inc. <sup>\*</sup> |  |
| 201 | Foot Locker, Inc. <sup>\*</sup> | 2 |
| 112 | Group 1 Automotive, Inc.  | 45 |
| 200 | Haverty Furniture Cos., Inc.  | 4 |
| 88 | J Jill, Inc.  | 1 |
| 2524 | Leslie's, Inc. <sup>\*</sup> | 2 |
| 342 | MarineMax, Inc. <sup>\*</sup> | 7 |
| 293 | Monro, Inc.  | 4 |
| 457 | ODP Corp. <sup>\*</sup> | 6 |
| 256 | OneWater Marine, Inc. Class A<sup>\*</sup> | 4 |
| 223 | Revolve Group, Inc. <sup>\*</sup> | 4 |
| 1753 | Sally Beauty Holdings, Inc. <sup>\*</sup> | 14 |
| 134 | Shoe Carnival, Inc.  | 2 |
| 413 | Signet Jewelers Ltd.  | 25 |
| 296 | Sleep Number Corp. <sup>\*</sup> | 2 |
| 269 | Sonic Automotive, Inc. Class A | 16 |
| 297 | Tile Shop Holdings, Inc. <sup>\*</sup> | 2 |
| 517 | Torrid Holdings, Inc. <sup>\*</sup> | 3 |
| 299 | Upbound Group, Inc.  | 6 |
| 377 | Urban Outfitters, Inc. <sup>\*</sup> | 20 |
| 449 | Victoria's Secret & Co. <sup>\*</sup> | 8 |
|  |  | 328 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.9%** |
| 334 | CompoSecure, Inc. Class A | 4 |
| 136 | CPI Card Group, Inc. <sup>\*</sup> | 4 |
| 1588 | Diebold Nixdorf, Inc. <sup>\*</sup> | 70 |

---

------

⬤

------

**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** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued** |
| 1167 | Eastman Kodak Co. <sup>\*</sup> | $7 |
| 345 | Immersion Corp.  | 2 |
|  |  | 87 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** | **TEXTILES, APPAREL & LUXURY GOODS—0.5%** |
| 270 | G-III Apparel Group Ltd. <sup>\*</sup> | 7 |
| 1971 | Hanesbrands, Inc. <sup>\*</sup> | 9 |
| 190 | Kontoor Brands, Inc.  | 11 |
| 393 | Movado Group, Inc.  | 5 |
| 96 | Oxford Industries, Inc.  | 5 |
| 368 | Steven Madden Ltd.  | 8 |
|  |  | 45 |
| **TOBACCO—0.2%** | **TOBACCO—0.2%** | **TOBACCO—0.2%** |
| 56 | Turning Point Brands, Inc.  | 3 |
| 199 | Universal Corp.  | 12 |
|  |  | 15 |
| **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** | **TRADING COMPANIES & DISTRIBUTORS—2.4%** |
| 90 | Applied Industrial Technologies, Inc.  | 22 |
| 111 | BlueLinx Holdings, Inc. <sup>\*</sup> | 7 |
| 331 | Boise Cascade Co.  | 31 |
| 1277 | Custom Truck One Source, Inc. <sup>\*</sup> | 5 |
| 633 | DNOW, Inc. <sup>\*</sup> | 10 |
| 98 | DXP Enterprises, Inc. <sup>\*</sup> | 9 |
| 77 | FTAI Aviation Ltd.  | 8 |
| 148 | GATX Corp.  | 22 |
| 210 | Global Industrial Co.  | 5 |
| 281 | GMS, Inc. <sup>\*</sup> | 21 |
| 137 | H&E Equipment Services, Inc.  | 12 |
| 152 | Herc Holdings, Inc.  | 17 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** |
| 722 | Hudson Technologies, Inc. <sup>\*</sup> | $5 |
| 116 | Karat Packaging, Inc.  | 3 |
| 95 | McGrath RentCorp  | 10 |
| 489 | MRC Global, Inc. <sup>\*</sup> | 6 |
| 407 | Rush Enterprises, Inc. Class A | 21 |
| 308 | Titan Machinery, Inc. <sup>\*</sup> | 5 |
| 34 | Willis Lease Finance Corp.  | 5 |
|  |  | 224 |
| **WATER UTILITIES—0.5%** | **WATER UTILITIES—0.5%** | **WATER UTILITIES—0.5%** |
| 171 | American States Water Co.  | 14 |
| 249 | California Water Service Group  | 13 |
| 225 | Global Water Resources, Inc.  | 2 |
| 269 | Pure Cycle Corp. <sup>\*</sup> | 3 |
| 198 | SJW Group  | 11 |
| 125 | York Water Co.  | 4 |
|  |  | 47 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 776 | Gogo, Inc. <sup>\*</sup> | 6 |
| 146 | Telephone & Data Systems, Inc.  | 5 |
|  |  | 11 |
| **TOTAL COMMON STOCKS** <br>(Cost $10,489) | **TOTAL COMMON STOCKS** <br>(Cost $10,489) | 9288 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $10,489) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $10,489) | 9288 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 9 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $9297 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Commodity All-Weather Strategy ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Quantix Commodities LP

Principal Amounts, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—89.1%** | **Short-Term Investments—89.1%** | **Short-Term Investments—89.1%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **U.S. TREASURY BILLS—89.1%** | **U.S. TREASURY BILLS—89.1%** | **U.S. TREASURY BILLS—89.1%** |
|  | U.S. Treasury Bills |  |
| $10208 | 4.055%—10/23/2025<sup>†</sup> | $10008 |
| 26450 | 4.075%—09/18/2025<sup>†</sup> | 26029 |
| 57133 | 4.079%—09/18/2025<sup>†</sup> | 56224 |
| 85903 | 4.160%—06/17/2025<sup>†</sup> | 85430 |
| 25263 | 4.178%—05/29/2025<sup>†</sup> | 25180 |
| 10106 | 4.186%—06/05/2025<sup>†</sup> | 10065 |
| 56511 | 4.193%—05/15/2025<sup>†</sup> | 56418 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $269,365) | **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $269,365) | 269354 |
| **TOTAL INVESTMENTS—89.1%** <br>(Cost $269,365) | **TOTAL INVESTMENTS—89.1%** <br>(Cost $269,365) | 269354 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—10.9%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—10.9%** | 32919 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $302273 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** |
| **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** |
| **Counterparty** | **Fixed** <br>**Rate**<br>| **Pay/Receive** <br>**Fixed Rate**<br>| **Reference Index**<sup>1</sup> | **Expiration** <br>**Date**<br>| **Payment** <br>**Frequency**<br>| **Notional** <br>**Amount** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>| **Upfront** <br>**Premiums** <br>**(Received)/** <br>**Paid** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Macquarie Bank Limited | 0.120% | Pay | Quantix Commodity Index | 05/30/2025 | Monthly | $302206 | $— | $— | $— |

---

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments and Swap Agreements schedule) were classified as Level 2.

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

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

------

⬤

------

**Harbor Commodity All-Weather Strategy ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | |
|:---|:---|
| † | Coupon represents yield to maturity |
| 1 | The reference index components are published daily on Harbor Capital's website at harborcapital.com. The index is comprised of publicly <br> traded futures contracts on physical commodities. The table below represents the reference index components as of April 30, 2025.<br>|

---

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

---

| | |
|:---|:---|
| **Commodity** | **Weight** |
| Gold | 32.9% |
| RBOB Gasoline | 10.6 |
| GasOil | 8.9 |
| Heating Oil | 7.6 |
| Brent Crude Oil | 4.2 |
| Corn | 3.6 |
| Soybeans | 3.5 |
| Cocoa | 3.2 |
| Sugar | 3.0 |
| Coffee | 2.4 |
| Soybean Oil | 2.2 |
| Copper | 2.1 |
| Lean Hogs | 2.1 |
| Soymeal | 2.1 |
| Cotton | 2.0 |
| Wheat | 2.0 |
| Aluminum | 1.9 |
| KC Wheat | 1.9 |
| Nickel | 1.9 |
| Zinc | 1.9 |

---

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

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Income Research + Management

Principal Amounts, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—12.4%** | **Asset-Backed Securities—12.4%** | **Asset-Backed Securities—12.4%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $250 | Apidos CLO XXXV Ltd. <br>Series 2021-35A Cl. A <br>5.581% (3 Month USD Term SOFR + 1.312%) <br> 04/20/2034<sup>1,2</sup><br>| $250 |
| 125 | Avis Budget Rental Car Funding AESOP LLC <br>Series 2024-3A Cl. A <br>5.230%—12/20/2030<sup>1</sup><br>| 128 |
| 250 | CIFC Funding Ltd. <br>Series 2024-3A Cl. A1 <br>5.750% (3 Month USD Term SOFR + 1.480%) <br> 07/21/2037<sup>1,2</sup><br>| 251 |
| 145 | DB Master Finance LLC <br>Series 2021-1A Cl. A2II <br>2.493%—11/20/2051<sup>1</sup><br>| 134 |
| 149 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 139 |
| 84 | Jersey Mike's Funding LLC <br>Series 2024-1A Cl. A2 <br>5.636%—02/15/2055<sup>1</sup><br>| 84 |
| 110 | NextGear Floorplan Master Owner Trust <br>Series 2024-2A Cl. A2 <br>4.420%—09/15/2029<sup>1</sup><br>| 111 |
| 250 | Palmer Square CLO Ltd. <br>Series 2020-3A Cl. A1R2 <br>5.973% (3 Month USD Term SOFR + 1.650%) <br> 11/15/2036<sup>1,2</sup><br>| 250 |
| 237 | Planet Fitness Master Issuer LLC <br>Series 2019-1A Cl. A2 <br>3.858%—12/05/2049<sup>1</sup><br>| 225 |
| 100 | Progress Residential Trust <br>Series 2024-SFR3 Cl. A <br>3.000%—06/17/2041<sup>1</sup><br>| 93 |
|  | SBA Small Business Investment Cos. |  |
| 122 | Series 2023-10A Cl. 1 <br>5.168%—03/10/2033<br>| 125 |
| 126 | Series 2023-10B Cl. 1 <br>5.688%—09/10/2033<br>| 131 |
|  |  | 256 |
|  | SBA Tower Trust |  |
| 100 | <br>1.631%—05/15/2051<sup>1</sup> | 95 |
| 102 | <br>6.599%—11/15/2052<sup>1</sup> | 105 |
|  |  | 200 |
| 128 | Servpro Master Issuer LLC <br>Series 2019-1A Cl. A2 <br>3.882%—10/25/2049<sup>1</sup><br>| 125 |
| 140 | Subway Funding LLC <br>Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 142 |
| 147 | Taco Bell Funding LLC <br>Series 2021-1A Cl. A2II <br>2.294%—08/25/2051<sup>1</sup><br>| 134 |
| 148 | Tricon Residential Trust <br>Series 2023-SFR2 Cl. A <br>5.000%—12/17/2040<sup>1</sup><br>| 149 |
|  | U.S. Small Business Administration |  |
| 121 | Series 2017-20I Cl. 1 <br>2.590%—09/01/2037<br>| 111 |
| 90 | Series 2010-20G Cl. 1 <br>3.800%—07/01/2030<br>| 88 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $118 | Series 2024-25E Cl. 1 <br>5.240%—05/01/2049<br>| $121 |
| 125 | Series 2024-25D Cl. 1 <br>5.380%—04/01/2049<br>| 130 |
|  |  | 450 |
| 25 | Uniti Fiber ABS Issuer LLC <br>Series 2025-1A Cl. A2 <br>5.877%—04/20/2055<sup>1</sup><br>| 26 |
| 187 | VB-S1 Issuer LLC <br>Series 2022-1A Cl. C2I <br>3.156%—02/15/2052<sup>1</sup><br>| 178 |
| 115 | Wendy's Funding LLC <br>Series 2019-1A Cl. A2I <br>3.783%—06/15/2049<sup>1</sup><br>| 114 |
| **Total Asset-Backed Securities** <br>(Cost $3,354) | **Total Asset-Backed Securities** <br>(Cost $3,354) | 3439 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—10.4%** | **Collateralized Mortgage Obligations—10.4%** | **Collateralized Mortgage Obligations—10.4%** |
| 165 | Bank <br>Series 2020-BN30 Cl. A4 <br>1.925%—12/15/2053<br>| 141 |
| 137 | Barclays Commercial Mortgage Trust <br>Series 2019-C3 Cl. A3 <br>3.319%—05/15/2052<br>| 132 |
|  | Benchmark Mortgage Trust |  |
| 150 | Series 2020-B22 Cl. ASB <br>1.731%—01/15/2054<br>| 139 |
| 169 | Series 2021-B28 Cl. A5 <br>2.224%—08/15/2054<br>| 145 |
|  |  | 284 |
| 150 | BMO Mortgage Trust <br>Series 2024-5C4 Cl. A3 <br>6.526%—05/15/2057<sup>2</sup><br>| 160 |
|  | BX Commercial Mortgage Trust |  |
| 123 | Series 2024-XL5 Cl. A <br>5.714% (1 Month USD Term SOFR + 1.392%) <br> 03/15/2041<sup>1,2</sup><br>| 123 |
| 97 | Series 2024-XL4 Cl. A <br>5.764% (1 Month USD Term SOFR + 1.442%) <br> 02/15/2039<sup>1,2</sup><br>| 97 |
|  |  | 220 |
| 125 | BX Trust <br>Series 2024-BIO Cl. A <br>5.964% (1 Month USD Term SOFR + 1.642%) <br> 02/15/2041<sup>1,2</sup><br>| 124 |
| 117 | Citigroup Commercial Mortgage Trust <br>Series 2015-P1 Cl. A5 <br>3.717%—09/15/2048<br>| 117 |
| 127 | Citigroup Mortgage Loan Trust <br>Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,2</sup><br>| 127 |
| 49 | EQT Trust <br>Series 2024-EXTR Cl. A <br>5.331%—07/05/2041<sup>1,2</sup><br>| 50 |
| 154 | GS Mortgage Securities Corp. Trust <br>Series 2023-SHIP Cl. A <br>4.466%—09/10/2038<sup>1,2</sup><br>| 153 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $82 | GS Mortgage-Backed Securities Trust <br>Series 2024-PJ5 Cl. A15 <br>6.000%—09/25/2054<sup>1,2</sup><br>| $83 |
|  | JP Morgan Mortgage Trust |  |
| 191 | Series 2024-3 Cl. A6 <br>3.000%—05/25/2054<sup>1,2</sup><br>| 178 |
| 113 | Series 2023-4 Cl. 1A4A <br>5.500%—11/25/2053<sup>1,2</sup><br>| 114 |
| 102 | Series 2024-5 Cl. A4 <br>6.000%—11/25/2054<sup>1,2</sup><br>| 103 |
| 58 | Series 2024-6 Cl. A6 <br>6.000%—12/25/2054<sup>1,2</sup><br>| 58 |
|  |  | 453 |
| 141 | JPMBB Commercial Mortgage Securities Trust <br>Series 2015-C33 Cl. A4 <br>3.770%—12/15/2048<br>| 140 |
| 132 | KIND Commercial Mortgage Trust <br>Series 2024-1 Cl. A <br>6.212% (1 Month USD Term SOFR + 1.890%) <br> 08/15/2041<sup>1,2</sup><br>| 132 |
|  | Sequoia Mortgage Trust |  |
| 85 | Series 2024-5 Cl. A5 <br>6.000%—06/25/2054<sup>1,2</sup><br>| 86 |
| 107 | Series 2024-6 Cl. A5 <br>6.000%—07/27/2054<sup>1,2</sup><br>| 108 |
| 88 | Series 2024-7 Cl. A11 <br>6.000%—08/25/2054<sup>1,2</sup><br>| 88 |
|  |  | 282 |
| 100 | SWCH Commercial Mortgage Trust <br>Series 2025-DATA Cl. A <br>5.765% (1 Month USD Term SOFR + 1.443%) <br> 03/15/2042<sup>1,2</sup><br>| 98 |
| 85 | Towd Point Mortgage Trust <br>Series 2018-3 Cl. A1 <br>3.750%—05/25/2058<sup>1,2</sup><br>| 83 |
| 95 | Wells Fargo Commercial Mortgage Trust <br>Series 2015-C29 Cl. A4 <br>3.637%—06/15/2048<br>| 94 |
| **Total Collateralized Mortgage Obligations** <br>(Cost $2,822) | **Total Collateralized Mortgage Obligations** <br>(Cost $2,822) | 2873 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—30.1%** | **Corporate Bonds & Notes—30.1%** | **Corporate Bonds & Notes—30.1%** |
| **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** |
| 171 | Aptiv Swiss Holdings Ltd. <br>4.150%—05/01/2052<br>| 117 |
| **AUTOMOBILES—1.1%** | **AUTOMOBILES—1.1%** | **AUTOMOBILES—1.1%** |
| 200 | Ford Motor Credit Co. LLC <br>6.125%—03/08/2034<br>| 189 |
| 102 | General Motors Financial Co., Inc. <br>5.750%—02/08/2031<br>| 103 |
|  |  | 292 |
| **BANKS—1.9%** | **BANKS—1.9%** | **BANKS—1.9%** |
| 200 | Barclays PLC <br>6.490%—09/13/2029<sup>3</sup><br>| 210 |
| 200 | ING Groep NV <br>6.114%—09/11/2034<sup>3</sup><br>| 211 |
| 99 | Truist Financial Corp. MTN <br>7.161%—10/30/2029<sup>3</sup><br>| 107 |
|  |  | 528 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CAPITAL MARKETS—4.8%** | **CAPITAL MARKETS—4.8%** | **CAPITAL MARKETS—4.8%** |
| $124 | Blackstone Holdings Finance Co. LLC <br>6.200%—04/22/2033<sup>1</sup><br>| $131 |
| 67 | Blue Owl Capital Corp. <br>2.875%—06/11/2028<br>| 61 |
| 100 | Blue Owl Credit Income Corp. <br>6.600%—09/15/2029<sup>1</sup><br>| 101 |
|  | Brookfield Finance, Inc. |  |
| 132 | 2.724%—04/15/2031 | 117 |
| 165 | 6.300%—01/15/2055<sup>3</sup> | 157 |
|  |  | 274 |
| 101 | Golub Capital Private Credit Fund <br>5.800%—09/12/2029<sup>1</sup><br>| 100 |
|  | HPS Corporate Lending Fund |  |
| 31 | 5.450%—01/14/2028 | 31 |
| 83 | 6.750%—01/30/2029 | 86 |
|  |  | 117 |
| 140 | KKR Group Finance Co. VI LLC <br>3.750%—07/01/2029<sup>1</sup><br>| 135 |
| 60 | Main Street Capital Corp. <br>6.950%—03/01/2029<br>| 61 |
| 45 | Oaktree Specialty Lending Corp. <br>2.700%—01/15/2027<br>| 43 |
|  | Sixth Street Lending Partners |  |
| 50 | 5.750%—01/15/2030 | 50 |
| 86 | 6.500%—03/11/2029 | 88 |
|  |  | 138 |
| 200 | UBS Group AG <br>2.746%—02/11/2033<sup>1,3</sup><br>| 171 |
|  |  | 1332 |
| **COMMERCIAL SERVICES & SUPPLIES—0.8%** | **COMMERCIAL SERVICES & SUPPLIES—0.8%** | **COMMERCIAL SERVICES & SUPPLIES—0.8%** |
| 75 | Brink's Co. <br>6.750%—06/15/2032<sup>1</sup><br>| 77 |
| 30 | GFL Environmental, Inc. <br>6.750%—01/15/2031<sup>1</sup><br>| 31 |
| 147 | Triton Container International Ltd./TAL International <br> Container Corp. <br>3.250%—03/15/2032<br>| 123 |
|  |  | 231 |
| **DIVERSIFIED FINANCIAL SERVICES—3.1%** | **DIVERSIFIED FINANCIAL SERVICES—3.1%** | **DIVERSIFIED FINANCIAL SERVICES—3.1%** |
| 150 | AerCap Ireland Capital DAC/AerCap Global Aviation <br> Trust <br>5.100%—01/19/2029<br>| 152 |
| 99 | Air Lease Corp. <br>1.875%—08/15/2026<br>| 96 |
| 71 | Aircastle Ltd. <br>5.950%—02/15/2029<sup>1</sup><br>| 73 |
| 250 | Depository Trust & Clearing Corp. <br>3.375%—06/20/2026<sup>1,3</sup><br>| 241 |
| 86 | GGAM Finance Ltd. <br>8.000%—02/15/2027<sup>1</sup><br>| 88 |
| 136 | Jane Street Group/JSG Finance, Inc. <br>6.125%—11/01/2032<sup>1</sup><br>| 134 |
| 88 | Macquarie Airfinance Holdings Ltd. <br>5.150%—03/17/2030<sup>1</sup><br>| 86 |
|  |  | 870 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** |
| $74 | Berkshire Hathaway Energy Co. <br>6.125%—04/01/2036<br>| $78 |
| 123 | CMS Energy Corp. <br>3.750%—12/01/2050<sup>3</sup><br>| 107 |
| 58 | Dominion Energy, Inc. <br>6.875%—02/01/2055<sup>3</sup><br>| 60 |
| 40 | Exelon Corp. <br>4.450%—04/15/2046<br>| 32 |
| 79 | National Rural Utilities Cooperative Finance Corp. <br>7.125%—09/15/2053<sup>3</sup><br>| 81 |
| 115 | New England Power Co. <br>5.936%—11/25/2052<sup>1</sup><br>| 118 |
| 53 | NextEra Energy Capital Holdings, Inc. <br>6.375%—08/15/2055<sup>3</sup><br>| 53 |
|  |  | 529 |
| **ELECTRICAL EQUIPMENT—0.7%** | **ELECTRICAL EQUIPMENT—0.7%** | **ELECTRICAL EQUIPMENT—0.7%** |
| 200 | Sensata Technologies, Inc. <br>6.625%—07/15/2032<sup>1</sup><br>| 198 |
| **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** |
| 118 | Warnermedia Holdings, Inc. <br>4.279%—03/15/2032<br>| 101 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.1%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.1%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.1%** |
| 96 | Alexandria Real Estate Equities, Inc. <br>4.850%—04/15/2049<br>| 80 |
| 141 | COPT Defense Properties LP <br>2.000%—01/15/2029<br>| 126 |
| 141 | EPR Properties <br>4.500%—06/01/2027<br>| 139 |
| 67 | GLP Capital LP/GLP Financing II, Inc. <br>4.000%—01/15/2030<br>| 63 |
| 81 | Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>7.000%—07/15/2031<sup>1</sup><br>| 83 |
| 91 | VICI Properties LP <br>5.750%—04/01/2034<br>| 92 |
|  |  | 583 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 80 | Charles Schwab Corp. <br>5.853%—05/19/2034<sup>3</sup><br>| 83 |
| 65 | Macquarie Airfinance Holdings Ltd. <br>6.400%—03/26/2029<sup>1</sup><br>| 67 |
| 163 | Navient Corp. <br>4.875%—03/15/2028<br>| 157 |
|  |  | 307 |
| **HEALTH CARE PROVIDERS & SERVICES—0.8%** | **HEALTH CARE PROVIDERS & SERVICES—0.8%** | **HEALTH CARE PROVIDERS & SERVICES—0.8%** |
| 146 | CVS Pass-Through Trust <br>5.926%—01/10/2034<sup>1</sup><br>| 147 |
| 88 | Pediatrix Medical Group, Inc. <br>5.375%—02/15/2030<sup>1</sup><br>| 85 |
|  |  | 232 |
| **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** | **INDUSTRIAL CONGLOMERATES—0.7%** |
| 200 | Ashtead Capital, Inc. <br>5.550%—05/30/2033<sup>1</sup><br>| 198 |
| **INSURANCE—1.7%** | **INSURANCE—1.7%** | **INSURANCE—1.7%** |
| 9 | Arthur J Gallagher & Co. <br>5.550%—02/15/2055<br>| 8 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **INSURANCE—Continued** | **INSURANCE—Continued** | **INSURANCE—Continued** |
| $50 | Fortitude Group Holdings LLC <br>6.250%—04/01/2030<sup>1</sup><br>| $51 |
|  | Global Atlantic Fin Co. |  |
| 157 | 3.125%—06/15/2031<sup>1</sup> | 137 |
| 82 | 7.950%—06/15/2033<sup>1</sup> | 91 |
|  |  | 228 |
| 195 | SBL Holdings, Inc. <br>5.000%—02/18/2031<sup>1</sup><br>| 174 |
|  |  | 461 |
| **IT SERVICES—0.2%** | **IT SERVICES—0.2%** | **IT SERVICES—0.2%** |
| 65 | Genpact Luxembourg SARL/Genpact USA, Inc. <br>6.000%—06/04/2029<br>| 67 |
| **MEDIA—0.5%** | **MEDIA—0.5%** | **MEDIA—0.5%** |
| 138 | Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 140 |
| **OIL, GAS & CONSUMABLE FUELS—2.0%** | **OIL, GAS & CONSUMABLE FUELS—2.0%** | **OIL, GAS & CONSUMABLE FUELS—2.0%** |
|  | Columbia Pipelines Operating Co. LLC |  |
| 23 | 5.962%—02/15/2055<sup>1</sup> | 22 |
| 102 | 6.036%—11/15/2033<sup>1</sup> | 105 |
|  |  | 127 |
|  | ConocoPhillips Co. |  |
| 17 | 5.500%—01/15/2055 | 16 |
| 19 | 5.550%—03/15/2054 | 18 |
|  |  | 34 |
| 68 | Enbridge, Inc. <br>5.750%—07/15/2080<sup>3</sup><br>| 65 |
| 67 | HF Sinclair Corp. <br>5.750%—01/15/2031<br>| 67 |
| 25 | Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 25 |
| 107 | Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>4</sup><br>| 60 |
| 103 | Parkland Corp. <br>4.625%—05/01/2030<sup>1</sup><br>| 97 |
| 80 | Venture Global LNG, Inc. <br>7.000%—01/15/2030<sup>1</sup><br>| 75 |
|  |  | 550 |
| **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** | **PASSENGER AIRLINES—0.6%** |
| 39 | Delta Air Lines Pass-Through Trust <br>2.000%—12/10/2029<br>| 37 |
| 151 | United Airlines Pass-Through Trust <br>2.700%—11/01/2033<br>| 134 |
|  |  | 171 |
| **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** | **PHARMACEUTICALS—0.3%** |
| 83 | Teva Pharmaceutical Finance Netherlands III BV <br>3.150%—10/01/2026<br>| 80 |
| **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** | **PROFESSIONAL SERVICES—0.3%** |
| 86 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 82 |
| **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** |
| 71 | Norfolk Southern Corp. <br>4.050%—08/15/2052<br>| 54 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** |
| $123 | Broadcom, Inc. <br>4.000%—04/15/2029<sup>1</sup><br>| $121 |
| 200 | Foundry JV Holdco LLC <br>6.150%—01/25/2032<sup>1</sup><br>| 208 |
| 61 | KLA Corp. <br>5.650%—11/01/2034<br>| 63 |
|  |  | 392 |
| **SOFTWARE—1.0%** | **SOFTWARE—1.0%** | **SOFTWARE—1.0%** |
| 134 | Oracle Corp. <br>3.600%—04/01/2040<br>| 105 |
| 172 | VMware LLC <br>1.400%—08/15/2026<br>| 165 |
|  |  | 270 |
| **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** | **SPECIALTY RETAIL—1.1%** |
|  | Group 1 Automotive, Inc. |  |
| 62 | 4.000%—08/15/2028<sup>1</sup> | 59 |
| 18 | 6.375%—01/15/2030<sup>1</sup> | 18 |
|  |  | 77 |
| 123 | Lithia Motors, Inc. <br>3.875%—06/01/2029<sup>1</sup><br>| 114 |
| 61 | Macy's Retail Holdings LLC <br>5.875%—03/15/2030<sup>1</sup><br>| 57 |
| 53 | Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 49 |
|  |  | 297 |
| **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** | **TRADING COMPANIES & DISTRIBUTORS—0.7%** |
| 200 | Ferguson Finance PLC <br>4.650%—04/20/2032<sup>1</sup><br>| 193 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.3%** | **WIRELESS TELECOMMUNICATION SERVICES—0.3%** | **WIRELESS TELECOMMUNICATION SERVICES—0.3%** |
| 58 | Rogers Communications, Inc. <br>7.500%—08/15/2038<br>| 67 |
| **Total Corporate Bonds & Notes** <br>(Cost $8,246) | **Total Corporate Bonds & Notes** <br>(Cost $8,246) | 8342 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—26.4%** | **Mortgage Pass-Through—26.4%** | **Mortgage Pass-Through—26.4%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 874 | <br>2.500%—02/01/2035-04/01/2052 | 744 |
| 538 | <br>3.000%—12/01/2046-07/01/2051 | 476 |
| 351 | <br>3.500%—05/01/2033-05/01/2035 | 346 |
| 179 | <br>4.000%—06/01/2048 | 169 |
| 510 | <br>4.500%—01/01/2049-05/01/2053 | 496 |
| 136 | <br>5.000%—04/01/2053 | 133 |
| 522 | <br>5.500%—10/01/2053-03/01/2054 | 528 |
|  |  | 2892 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| 219 | Series 5035 Cl. IJ <br>2.000%—02/25/2050<br>| 27 |
| 345 | Series 5462 <br>2.000%—05/25/2037<br>| 24 |
| 323 | Series 5347 Cl. AS <br>2.176% (30 day USD Average SOFR + 6.530%) <br> 10/25/2053<sup>2</sup><br>| 30 |
| 160 | Series 4733 Cl. EI <br>5.000%—07/15/2041<br>| 23 |
|  |  | 104 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Federal Home Loan Mortgage Corp. STRIPS |  |
| $448 | Series 414 Cl. C1 <br>1.500%—03/25/2037<br>| $24 |
| 339 | Series 400 Cl. C14 <br>2.000%—07/25/2037<br>| 24 |
| 521 | Series 414 Cl. C2 <br>2.000%—04/25/2037<br>| 37 |
|  |  | 85 |
|  | Federal National Mortgage Association |  |
| 1448 | <br>2.500%—08/01/2035-04/01/2052 | 1255 |
| 183 | <br>3.000%—06/01/2051 | 162 |
| 500 | <br>3.500%—10/01/2047-04/01/2050 | 458 |
| 679 | <br>4.000%—08/01/2045-04/01/2050 | 645 |
| 295 | <br>4.500%—07/01/2048-11/01/2048 | 288 |
| 504 | <br>5.000%—07/01/2052-09/01/2052 | 502 |
| 133 | <br>5.500%—02/01/2054 | 133 |
|  |  | 3443 |
|  | Federal National Mortgage Association Interest <br> STRIPS<br>|  |
| 478 | Series 427 Cl. C55 <br>1.500%—02/25/2037<br>| 26 |
| 512 | Series 429 Cl. C11 <br>1.500%—03/25/2038<br>| 26 |
| 512 | Series 433 Cl. C3 <br>2.000%—08/25/2037<br>| 38 |
| 429 | Series 444 Cl. C2 <br>2.000%—10/25/2037<br>| 26 |
| 243 | Series 435 Cl. C4 <br>3.000%—10/25/2037<br>| 18 |
|  |  | 134 |
|  | Federal National Mortgage Association REMICS |  |
| 897 | Series 2021-67 Cl. AI <br>0.433%—10/25/2051<sup>2</sup><br>| 39 |
| 460 | Series 2020-81 Cl. AI <br>1.500%—11/25/2035<br>| 24 |
|  |  | 63 |
|  | Government National Mortgage Association |  |
| 155 | <br>2.000%—02/20/2052 | 126 |
| 321 | <br>2.500%—09/20/2051 | 274 |
| 149 | <br>3.500%—05/20/2052 | 136 |
|  |  | 536 |
|  | Government National Mortgage Association <br> REMICS<br>|  |
| 532 | Series 2019-35 Cl. SE <br>1.715% (1 Month USD Term SOFR + 6.036%) <br> 01/16/2044<sup>2</sup><br>| 31 |
| 140 | Series 2020-146 Cl. IG <br>5.500%—09/20/2046<br>| 25 |
| 57 | Series 2024-107 <br>6.500%—06/20/2054<br>| 9 |
|  |  | 65 |
| **Total Mortgage Pass-Through** <br>(Cost $7,175) | **Total Mortgage Pass-Through** <br>(Cost $7,175) | 7322 |

---

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

---

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

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—18.9%** | **U.S. Government Obligations—18.9%** | **U.S. Government Obligations—18.9%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
|  | U.S. Treasury Bonds |  |
| $1918 | 4.250%—02/15/2054-08/15/2054 | $1776 |
| 2176 | <br>4.500%—02/15/2044 | 2127 |
| 376 | 4.625%—05/15/2044-02/15/2055 | 373 |
|  |  | 4276 |
|  | U.S. Treasury Notes |  |
| 124 | <br>4.000%—02/15/2034 | 123 |
| 833 | <br>4.250%—11/15/2034 | 840 |
|  |  | 963 |
| **Total U.S. Government Obligations** <br>(Cost $5,225) | **Total U.S. Government Obligations** <br>(Cost $5,225) | 5239 |
| **TOTAL INVESTMENTS—98.6%** <br>(Cost $26,940) | **TOTAL INVESTMENTS—98.6%** <br>(Cost $26,940) | 27336 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | 400 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $27736 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.

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

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $8,455 or 30% of net assets.

Variable or floating rate security; the stated rate represents the rate in effect as of April 30, 2025. The variable rate for such securities may be based on the indicated reference rate and spread or on an underlying asset or pool of assets rather than a reference rate and may be determined by current interest rates, prepayments or other financial indicators.

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

Zero coupon bond

CLO

Collateralized Loan Obligation

MTN

Medium Term Note

REMICS

Real Estate Mortgage Investment Conduits

STRIPS

Separate Trading of Registered Interest and Principal of Securities

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

------

⬤

------

**Harbor Dividend Growth Leaders ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

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

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—93.6%** | **COMMON STOCKS—93.6%** | **COMMON STOCKS—93.6%** |
| **Shares** |  | **Value** |
| **BANKS—7.9%** | **BANKS—7.9%** | **BANKS—7.9%** |
| 138350 | Bank of America Corp.  | $5518 |
| 223945 | KeyCorp  | 3323 |
| 21508 | M&T Bank Corp.  | 3651 |
| 370005 | Mitsubishi UFJ Financial Group, Inc. ADR (Japan)<sup>1</sup> | 4677 |
| 85980 | Sumitomo Mitsui Financial Group, Inc. ADR <br> (Japan)<sup>1</sup><br>| 1221 |
|  |  | 18390 |
| **BEVERAGES—3.0%** | **BEVERAGES—3.0%** | **BEVERAGES—3.0%** |
| 96313 | Coca-Cola Co.  | 6987 |
| **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** |
| 10465 | Ameriprise Financial, Inc.  | 4929 |
| 29584 | ARES Management Corp. Class A | 4512 |
| 166262 | Blue Owl Capital, Inc.  | 3081 |
|  |  | 12522 |
| **COMMERCIAL SERVICES & SUPPLIES—4.5%** | **COMMERCIAL SERVICES & SUPPLIES—4.5%** | **COMMERCIAL SERVICES & SUPPLIES—4.5%** |
| 30569 | Cintas Corp.  | 6471 |
| 72131 | Rollins, Inc.  | 4121 |
|  |  | 10592 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.6%** |
| 38792 | Walmart, Inc.  | 3772 |
| **CONTAINERS & PACKAGING—1.3%** | **CONTAINERS & PACKAGING—1.3%** | **CONTAINERS & PACKAGING—1.3%** |
| 66788 | International Paper Co.  | 3051 |
| **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** | **ELECTRIC UTILITIES—1.9%** |
| 66340 | NextEra Energy, Inc.  | 4437 |
| **FINANCIAL SERVICES—1.5%** | **FINANCIAL SERVICES—1.5%** | **FINANCIAL SERVICES—1.5%** |
| 43283 | Fidelity National Information Services, Inc.  | 3414 |
| **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** |
| 30951 | McCormick & Co., Inc.  | 2373 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.6%** |
| 43453 | Medtronic PLC  | 3683 |
| **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** |
| 10993 | McDonald's Corp.  | 3514 |
| 21423 | Texas Roadhouse, Inc.  | 3555 |
|  |  | 7069 |
| **HOUSEHOLD PRODUCTS—2.0%** | **HOUSEHOLD PRODUCTS—2.0%** | **HOUSEHOLD PRODUCTS—2.0%** |
| 29463 | Procter & Gamble Co.  | 4790 |
| **INDUSTRIAL REITS—1.4%** | **INDUSTRIAL REITS—1.4%** | **INDUSTRIAL REITS—1.4%** |
| 99296 | STAG Industrial, Inc.  | 3280 |
| **INSURANCE—8.2%** | **INSURANCE—8.2%** | **INSURANCE—8.2%** |
| 32933 | Arthur J Gallagher & Co.  | 10561 |
| 36969 | Kemper Corp.  | 2186 |
| 24469 | Primerica, Inc.  | 6412 |
|  |  | 19159 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—3.5%** | **INTERACTIVE MEDIA & SERVICES—3.5%** | **INTERACTIVE MEDIA & SERVICES—3.5%** |
| 15093 | Meta Platforms, Inc. Class A | $8286 |
| **IT SERVICES—1.3%** | **IT SERVICES—1.3%** | **IT SERVICES—1.3%** |
| 10046 | Accenture PLC Class A (Ireland) | 3005 |
| **MACHINERY—2.9%** | **MACHINERY—2.9%** | **MACHINERY—2.9%** |
| 90728 | Mueller Industries, Inc.  | 6674 |
| **MEDIA—1.9%** | **MEDIA—1.9%** | **MEDIA—1.9%** |
| 100178 | John Wiley & Sons, Inc. Class A | 4372 |
| **OIL, GAS & CONSUMABLE FUELS—2.6%** | **OIL, GAS & CONSUMABLE FUELS—2.6%** | **OIL, GAS & CONSUMABLE FUELS—2.6%** |
| 104185 | Williams Cos., Inc.  | 6102 |
| **PHARMACEUTICALS—8.1%** | **PHARMACEUTICALS—8.1%** | **PHARMACEUTICALS—8.1%** |
| 9700 | Eli Lilly & Co.  | 8720 |
| 247763 | Pfizer, Inc.  | 6048 |
| 76775 | Sanofi SA ADR<sup>1</sup> | 4218 |
|  |  | 18986 |
| **PROFESSIONAL SERVICES—1.3%** | **PROFESSIONAL SERVICES—1.3%** | **PROFESSIONAL SERVICES—1.3%** |
| 60158 | Genpact Ltd.  | 3024 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.6%** |
| 80682 | Broadcom, Inc.  | 15529 |
| **SOFTWARE—5.7%** | **SOFTWARE—5.7%** | **SOFTWARE—5.7%** |
| 25011 | Microsoft Corp.  | 9886 |
| 12768 | Salesforce, Inc.  | 3431 |
|  |  | 13317 |
| **SPECIALIZED REITS—1.6%** | **SPECIALIZED REITS—1.6%** | **SPECIALIZED REITS—1.6%** |
| 4245 | Equinix, Inc.  | 3654 |
| **SPECIALTY RETAIL—6.5%** | **SPECIALTY RETAIL—6.5%** | **SPECIALTY RETAIL—6.5%** |
| 21939 | Dick's Sporting Goods, Inc.  | 4119 |
| 34993 | TJX Cos., Inc.  | 4503 |
| 73468 | Tractor Supply Co.  | 3719 |
| 19320 | Williams-Sonoma, Inc.  | 2984 |
|  |  | 15325 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.8%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.8%** |
| 52370 | Apple, Inc.  | 11129 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.6%** | **TEXTILES, APPAREL & LUXURY GOODS—2.6%** | **TEXTILES, APPAREL & LUXURY GOODS—2.6%** |
| 85490 | Tapestry, Inc.  | 6040 |
| **TOTAL COMMON STOCKS** <br>(Cost $186,674) | **TOTAL COMMON STOCKS** <br>(Cost $186,674) | 218962 |
| **TOTAL INVESTMENTS—93.6%** <br>(Cost $186,674) | **TOTAL INVESTMENTS—93.6%** <br>(Cost $186,674) | 218962 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—6.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—6.4%** | 14983 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $233945 |

---

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

------

⬤

------

**Harbor Dividend Growth Leaders ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

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

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

------

⬤

------

**Harbor Health Care ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

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

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** | **COMMON STOCKS—99.5%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—49.6%** | **BIOTECHNOLOGY—49.6%** | **BIOTECHNOLOGY—49.6%** |
| 13446 | 89bio, Inc. <sup>\*</sup> | $108 |
| 1053 | Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | 277 |
| 16281 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 2775 |
| 5741 | Beam Therapeutics, Inc. <sup>\*</sup> | 115 |
| 16482 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 141 |
| 2548 | Cytokinetics, Inc. <sup>\*</sup> | 109 |
| 2589 | Insmed, Inc. <sup>\*</sup> | 186 |
| 32598 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 1139 |
| 3969 | Merus NV (Netherlands)<sup>\*</sup> | 181 |
| 6325 | MoonLake Immunotherapeutics <sup>\*</sup> | 266 |
| 2480 | Natera, Inc. <sup>\*</sup> | 374 |
| 2399 | PTC Therapeutics, Inc. <sup>\*</sup> | 120 |
| 3165 | Revolution Medicines, Inc. <sup>\*</sup> | 128 |
| 7696 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 502 |
| 14863 | Rocket Pharmaceuticals, Inc. <sup>\*</sup> | 113 |
| 6602 | Soleno Therapeutics, Inc. <sup>\*</sup> | 494 |
| 18229 | Vaxcyte, Inc. <sup>\*</sup> | 653 |
| 2559 | Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup> | 98 |
|  |  | 7779 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—22.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—22.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—22.3%** |
| 1845 | Boston Scientific Corp. <sup>\*</sup> | 190 |
| 10453 | Dexcom, Inc. <sup>\*</sup> | 746 |
| 3051 | GE HealthCare Technologies, Inc.  | 215 |
| 2528 | Glaukos Corp. <sup>\*</sup> | 238 |
| 1186 | Insulet Corp. <sup>\*</sup> | 299 |
| 1227 | Intuitive Surgical, Inc. <sup>\*</sup> | 633 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 827 | iRhythm Technologies, Inc. <sup>\*</sup> | $88 |
| 3800 | Lantheus Holdings, Inc. <sup>\*</sup> | 397 |
| 2604 | Masimo Corp. <sup>\*</sup> | 419 |
| 4988 | PROCEPT BioRobotics Corp. <sup>\*</sup> | 269 |
|  |  | 3494 |
| **HEALTH CARE PROVIDERS & SERVICES—9.7%** | **HEALTH CARE PROVIDERS & SERVICES—9.7%** | **HEALTH CARE PROVIDERS & SERVICES—9.7%** |
| 403 | Cencora, Inc.  | 118 |
| 3163 | GeneDx Holdings Corp. <sup>\*</sup> | 212 |
| 1906 | HealthEquity, Inc. <sup>\*</sup> | 163 |
| 5236 | Option Care Health, Inc. <sup>\*</sup> | 169 |
| 2065 | UnitedHealth Group, Inc.  | 850 |
|  |  | 1512 |
| **LIFE SCIENCES TOOLS & SERVICES—2.2%** | **LIFE SCIENCES TOOLS & SERVICES—2.2%** | **LIFE SCIENCES TOOLS & SERVICES—2.2%** |
| 2275 | ICON PLC <sup>\*</sup> | 344 |
| **PHARMACEUTICALS—15.7%** | **PHARMACEUTICALS—15.7%** | **PHARMACEUTICALS—15.7%** |
| 2743 | Eli Lilly & Co.  | 2466 |
| **TOTAL COMMON STOCKS** <br>(Cost $14,704) | **TOTAL COMMON STOCKS** <br>(Cost $14,704) | 15595 |
| **TOTAL INVESTMENTS—99.5%** <br>(Cost $14,704) | **TOTAL INVESTMENTS—99.5%** <br>(Cost $14,704) | 15595 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | 84 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $15679 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor Human Capital Factor Unconstrained ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.8%** | **COMMON STOCKS—99.8%** | **COMMON STOCKS—99.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.4%** | **AEROSPACE & DEFENSE—1.4%** | **AEROSPACE & DEFENSE—1.4%** |
| 74 | Axon Enterprise, Inc. <sup>\*</sup> | $45 |
| **BANKS—5.0%** | **BANKS—5.0%** | **BANKS—5.0%** |
| 344 | Cullen/Frost Bankers, Inc.  | 40 |
| 502 | East West Bancorp, Inc.  | 43 |
| 412 | Pinnacle Financial Partners, Inc.  | 41 |
| 483 | SouthState Corp.  | 42 |
|  |  | 166 |
| **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** | **BIOTECHNOLOGY—2.3%** |
| 431 | Neurocrine Biosciences, Inc. <sup>\*</sup> | 46 |
| 456 | Sarepta Therapeutics, Inc. <sup>\*</sup> | 29 |
|  |  | 75 |
| **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** |
| 287 | Simpson Manufacturing Co., Inc.  | 44 |
| **CAPITAL MARKETS—7.3%** | **CAPITAL MARKETS—7.3%** | **CAPITAL MARKETS—7.3%** |
| 242 | Cboe Global Markets, Inc.  | 54 |
| 352 | KKR & Co., Inc.  | 40 |
| 257 | MarketAxess Holdings, Inc.  | 57 |
| 86 | MSCI, Inc.  | 47 |
| 609 | Nasdaq, Inc.  | 46 |
|  |  | 244 |
| **CHEMICALS—1.2%** | **CHEMICALS—1.2%** | **CHEMICALS—1.2%** |
| 1271 | Dow, Inc.  | 39 |
| **COMMUNICATIONS EQUIPMENT—2.6%** | **COMMUNICATIONS EQUIPMENT—2.6%** | **COMMUNICATIONS EQUIPMENT—2.6%** |
| 555 | Ciena Corp. <sup>\*</sup> | 37 |
| 1352 | Juniper Networks, Inc.  | 49 |
|  |  | 86 |
| **CONSUMER FINANCE—2.6%** | **CONSUMER FINANCE—2.6%** | **CONSUMER FINANCE—2.6%** |
| 94 | Credit Acceptance Corp. <sup>\*</sup> | 46 |
| 757 | Synchrony Financial  | 39 |
|  |  | 85 |
| **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** | **ELECTRIC UTILITIES—1.5%** |
| 1129 | OGE Energy Corp.  | 51 |
| **ENTERTAINMENT—1.6%** | **ENTERTAINMENT—1.6%** | **ENTERTAINMENT—1.6%** |
| 47 | Netflix, Inc. <sup>\*</sup> | 53 |
| **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** |
| 87 | Mastercard, Inc. Class A | 48 |
| **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** |
| 706 | Bunge Global SA  | 56 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—8.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—8.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—8.1%** |
| 465 | Boston Scientific Corp. <sup>\*</sup> | 48 |
| 533 | GE HealthCare Technologies, Inc.  | 37 |
| 176 | Insulet Corp. <sup>\*</sup> | 44 |
| 83 | Intuitive Surgical, Inc. <sup>\*</sup> | 43 |
| 211 | ResMed, Inc.  | 50 |
| 128 | Stryker Corp.  | 48 |
|  |  | 270 |
| **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** | **HOTELS, RESTAURANTS & LEISURE—1.1%** |
| 307 | Airbnb, Inc. Class A<sup>\*</sup> | 37 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** |
| 459 | PulteGroup, Inc.  | $47 |
| **HOUSEHOLD PRODUCTS—3.1%** | **HOUSEHOLD PRODUCTS—3.1%** | **HOUSEHOLD PRODUCTS—3.1%** |
| 572 | Colgate-Palmolive Co.  | 53 |
| 302 | Procter & Gamble Co.  | 49 |
|  |  | 102 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.5%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.5%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.5%** |
| 4954 | AES Corp.  | 50 |
| **INDUSTRIAL REITS—1.3%** | **INDUSTRIAL REITS—1.3%** | **INDUSTRIAL REITS—1.3%** |
| 409 | Prologis, Inc.  | 42 |
| **INSURANCE—7.7%** | **INSURANCE—7.7%** | **INSURANCE—7.7%** |
| 557 | Arch Capital Group Ltd.  | 51 |
| 360 | Cincinnati Financial Corp.  | 50 |
| 304 | Hanover Insurance Group, Inc.  | 50 |
| 653 | RLI Corp.  | 48 |
| 207 | Travelers Cos., Inc.  | 55 |
|  |  | 254 |
| **INTERACTIVE MEDIA & SERVICES—2.2%** | **INTERACTIVE MEDIA & SERVICES—2.2%** | **INTERACTIVE MEDIA & SERVICES—2.2%** |
| 267 | Alphabet, Inc. Class A | 42 |
| 1264 | Pinterest, Inc. Class A<sup>\*</sup> | 32 |
|  |  | 74 |
| **MACHINERY—1.3%** | **MACHINERY—1.3%** | **MACHINERY—1.3%** |
| 139 | Caterpillar, Inc.  | 43 |
| **METALS & MINING—4.1%** | **METALS & MINING—4.1%** | **METALS & MINING—4.1%** |
| 1245 | Freeport-McMoRan, Inc.  | 45 |
| 363 | Nucor Corp.  | 43 |
| 365 | Steel Dynamics, Inc.  | 48 |
|  |  | 136 |
| **OIL, GAS & CONSUMABLE FUELS—3.9%** | **OIL, GAS & CONSUMABLE FUELS—3.9%** | **OIL, GAS & CONSUMABLE FUELS—3.9%** |
| 313 | Chevron Corp.  | 43 |
| 505 | ConocoPhillips  | 45 |
| 333 | Hess Corp.  | 43 |
|  |  | 131 |
| **PASSENGER AIRLINES—1.0%** | **PASSENGER AIRLINES—1.0%** | **PASSENGER AIRLINES—1.0%** |
| 762 | Delta Air Lines, Inc.  | 32 |
| **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** |
| 602 | Merck & Co., Inc.  | 51 |
| **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** |
| 953 | KBR, Inc.  | 50 |
| **RESIDENTIAL REITS—1.4%** | **RESIDENTIAL REITS—1.4%** | **RESIDENTIAL REITS—1.4%** |
| 414 | Camden Property Trust  | 47 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.3%** |
| 463 | Marvell Technology, Inc.  | 27 |
| 359 | NVIDIA Corp.  | 39 |
| 438 | Teradyne, Inc.  | 33 |
| 269 | Texas Instruments, Inc.  | 43 |
|  |  | 142 |
| **SOFTWARE—20.7%** | **SOFTWARE—20.7%** | **SOFTWARE—20.7%** |
| 107 | Adobe, Inc. <sup>\*</sup> | 40 |
| 145 | ANSYS, Inc. <sup>\*</sup> | 47 |

---

------

⬤

------

**Harbor Human Capital Factor Unconstrained ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 164 | Autodesk, Inc. <sup>\*</sup> | $45 |
| 169 | Cadence Design Systems, Inc. <sup>\*</sup> | 50 |
| 110 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 47 |
| 27 | Fair Isaac Corp. <sup>\*</sup> | 54 |
| 233 | Guidewire Software, Inc. <sup>\*</sup> | 48 |
| 84 | Intuit, Inc.  | 53 |
| 121 | Microsoft Corp.  | 48 |
| 86 | Roper Technologies, Inc.  | 48 |
| 151 | Salesforce, Inc.  | 40 |
| 854 | Samsara, Inc. Class A<sup>\*</sup> | 34 |
| 2003 | SentinelOne, Inc. Class A<sup>\*</sup> | 37 |
| 50 | ServiceNow, Inc. <sup>\*</sup> | 48 |
| 334 | SPS Commerce, Inc. <sup>\*</sup> | 48 |
|  |  | 687 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALIZED REITS—2.7%** | **SPECIALIZED REITS—2.7%** | **SPECIALIZED REITS—2.7%** |
| 319 | Extra Space Storage, Inc.  | $47 |
| 379 | Lamar Advertising Co. Class A | 43 |
|  |  | 90 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—1.1%** |
| 2277 | Hewlett Packard Enterprise Co.  | 37 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,501) | **TOTAL COMMON STOCKS** <br>(Cost $3,501) | 3314 |
| **TOTAL INVESTMENTS—99.8%** <br>(Cost $3,501) | **TOTAL INVESTMENTS—99.8%** <br>(Cost $3,501) | 3314 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | 6 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3320 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** | **COMMON STOCKS—98.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| 1036 | Axon Enterprise, Inc. <sup>\*</sup> | $635 |
| 15708 | General Electric Co.  | 3166 |
| 657 | HEICO Corp.  | 165 |
| 3015 | L3Harris Technologies, Inc.  | 663 |
| 3878 | Lockheed Martin Corp.  | 1853 |
| 2394 | Northrop Grumman Corp.  | 1165 |
|  |  | 7647 |
| **BANKS—5.3%** | **BANKS—5.3%** | **BANKS—5.3%** |
| 133862 | Bank of America Corp.  | 5338 |
| 55056 | JPMorgan Chase & Co.  | 13468 |
|  |  | 18806 |
| **BEVERAGES—1.4%** | **BEVERAGES—1.4%** | **BEVERAGES—1.4%** |
| 61805 | Coca-Cola Co.  | 4484 |
| 3029 | Constellation Brands, Inc. Class A | 568 |
|  |  | 5052 |
| **BIOTECHNOLOGY—1.7%** | **BIOTECHNOLOGY—1.7%** | **BIOTECHNOLOGY—1.7%** |
| 24748 | AbbVie, Inc.  | 4828 |
| 2237 | Biogen, Inc. <sup>\*</sup> | 271 |
| 1534 | Regeneron Pharmaceuticals, Inc.  | 919 |
|  |  | 6018 |
| **BROADLINE RETAIL—1.4%** | **BROADLINE RETAIL—1.4%** | **BROADLINE RETAIL—1.4%** |
| 17699 | eBay, Inc.  | 1206 |
| 1599 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 3727 |
|  |  | 4933 |
| **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** |
| 3343 | Trane Technologies PLC  | 1281 |
| **CAPITAL MARKETS—3.4%** | **CAPITAL MARKETS—3.4%** | **CAPITAL MARKETS—3.4%** |
| 1979 | Ameriprise Financial, Inc.  | 932 |
| 3921 | ARES Management Corp. Class A | 598 |
| 2099 | Cboe Global Markets, Inc.  | 466 |
| 6932 | CME Group, Inc.  | 1921 |
| 823 | FactSet Research Systems, Inc.  | 356 |
| 16045 | KKR & Co., Inc.  | 1833 |
| 3012 | Moody's Corp.  | 1365 |
| 24827 | Morgan Stanley  | 2865 |
| 1663 | MSCI, Inc.  | 906 |
| 8409 | Nasdaq, Inc.  | 641 |
| 1997 | TPG, Inc.  | 93 |
|  |  | 11976 |
| **CHEMICALS—0.8%** | **CHEMICALS—0.8%** | **CHEMICALS—0.8%** |
| 5755 | Air Products & Chemicals, Inc.  | 1560 |
| 17514 | Dow, Inc.  | 536 |
| 8592 | DuPont de Nemours, Inc.  | 567 |
| 6232 | LyondellBasell Industries NV Class A | 363 |
|  |  | 3026 |
| **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** |
| 11503 | American Express Co.  | 3064 |
| 8408 | Synchrony Financial  | 437 |
|  |  | 3501 |
| **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** |
| 7443 | Constellation Energy Corp.  | 1663 |
| 19148 | Duke Energy Corp.  | 2337 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
| 10302 | Edison International  | $551 |
| 23334 | Exelon Corp.  | 1094 |
| 54399 | PG&E Corp.  | 899 |
|  |  | 6544 |
| **ELECTRICAL EQUIPMENT—1.3%** | **ELECTRICAL EQUIPMENT—1.3%** | **ELECTRICAL EQUIPMENT—1.3%** |
| 6193 | Eaton Corp. PLC  | 1823 |
| 12562 | Emerson Electric Co.  | 1320 |
| 4128 | GE Vernova, Inc.  | 1531 |
|  |  | 4674 |
| **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** |
| 20257 | Schlumberger NV  | 674 |
| **ENTERTAINMENT—4.6%** | **ENTERTAINMENT—4.6%** | **ENTERTAINMENT—4.6%** |
| 4762 | Electronic Arts, Inc.  | 691 |
| 8133 | Netflix, Inc. <sup>\*</sup> | 9204 |
| 69713 | Walt Disney Co.  | 6341 |
|  |  | 16236 |
| **FINANCIAL SERVICES—4.2%** | **FINANCIAL SERVICES—4.2%** | **FINANCIAL SERVICES—4.2%** |
| 11937 | Mastercard, Inc. Class A | 6542 |
| 2559 | Rocket Cos., Inc. Class A | 33 |
| 23926 | Visa, Inc. Class A | 8267 |
|  |  | 14842 |
| **FOOD PRODUCTS—0.6%** | **FOOD PRODUCTS—0.6%** | **FOOD PRODUCTS—0.6%** |
| 2273 | Bunge Global SA  | 179 |
| 9760 | General Mills, Inc.  | 554 |
| 21970 | Mondelez International, Inc. Class A | 1497 |
|  |  | 2230 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.6%** |
| 4709 | Becton Dickinson & Co.  | 975 |
| 20957 | Boston Scientific Corp. <sup>\*</sup> | 2156 |
| 8440 | Edwards Lifesciences Corp. <sup>\*</sup> | 637 |
| 6013 | GE HealthCare Technologies, Inc.  | 423 |
| 5056 | Intuitive Surgical, Inc. <sup>\*</sup> | 2608 |
| 2169 | ResMed, Inc.  | 513 |
| 4780 | Stryker Corp.  | 1787 |
|  |  | 9099 |
| **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** |
| 8792 | Centene Corp. <sup>\*</sup> | 526 |
| **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** |
| 12950 | Airbnb, Inc. Class A<sup>\*</sup> | 1579 |
| 1179 | Booking Holdings, Inc.  | 6012 |
| 3923 | Expedia Group, Inc.  | 615 |
| 8702 | Hilton Worldwide Holdings, Inc.  | 1962 |
| 9091 | Marriott International, Inc. Class A | 2169 |
| 8421 | Royal Caribbean Cruises Ltd.  | 1810 |
|  |  | 14147 |
| **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** |
| 5409 | DR Horton, Inc.  | 683 |
| 3294 | Garmin Ltd.  | 616 |
| 3770 | PulteGroup, Inc.  | 387 |
|  |  | 1686 |

---

------

⬤

------

**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—2.6%** | **HOUSEHOLD PRODUCTS—2.6%** | **HOUSEHOLD PRODUCTS—2.6%** |
| 4223 | Church & Dwight Co., Inc.  | $419 |
| 14199 | Colgate-Palmolive Co.  | 1309 |
| 5684 | Kimberly-Clark Corp.  | 749 |
| 41162 | Procter & Gamble Co.  | 6692 |
|  |  | 9169 |
| **INDUSTRIAL CONGLOMERATES—0.9%** | **INDUSTRIAL CONGLOMERATES—0.9%** | **INDUSTRIAL CONGLOMERATES—0.9%** |
| 8287 | 3M Co.  | 1151 |
| 10678 | Honeywell International, Inc.  | 2248 |
|  |  | 3399 |
| **INDUSTRIAL REITS—0.6%** | **INDUSTRIAL REITS—0.6%** | **INDUSTRIAL REITS—0.6%** |
| 22054 | Prologis, Inc.  | 2254 |
| **INSURANCE—1.6%** | **INSURANCE—1.6%** | **INSURANCE—1.6%** |
| 7637 | Arch Capital Group Ltd.  | 693 |
| 3093 | Cincinnati Financial Corp.  | 431 |
| 4449 | Principal Financial Group, Inc.  | 330 |
| 11050 | Progressive Corp.  | 3113 |
| 4715 | Travelers Cos., Inc.  | 1245 |
|  |  | 5812 |
| **INTERACTIVE MEDIA & SERVICES—8.9%** | **INTERACTIVE MEDIA & SERVICES—8.9%** | **INTERACTIVE MEDIA & SERVICES—8.9%** |
| 105474 | Alphabet, Inc. Class A | 16749 |
| 26494 | Meta Platforms, Inc. Class A | 14545 |
| 10653 | Pinterest, Inc. Class A<sup>\*</sup> | 270 |
|  |  | 31564 |
| **IT SERVICES—0.2%** | **IT SERVICES—0.2%** | **IT SERVICES—0.2%** |
| 1652 | Gartner, Inc. <sup>\*</sup> | 696 |
| **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** |
| 4764 | Agilent Technologies, Inc.  | 513 |
| 2712 | IQVIA Holdings, Inc. <sup>\*</sup> | 420 |
|  |  | 933 |
| **MACHINERY—1.3%** | **MACHINERY—1.3%** | **MACHINERY—1.3%** |
| 7541 | Caterpillar, Inc.  | 2332 |
| 1941 | Cummins, Inc.  | 571 |
| 3689 | Deere & Co.  | 1710 |
|  |  | 4613 |
| **MEDIA—0.2%** | **MEDIA—0.2%** | **MEDIA—0.2%** |
| 13769 | Trade Desk, Inc. Class A<sup>\*</sup> | 738 |
| **METALS & MINING—0.6%** | **METALS & MINING—0.6%** | **METALS & MINING—0.6%** |
| 32139 | Freeport-McMoRan, Inc.  | 1158 |
| 5552 | Nucor Corp.  | 663 |
| 3408 | Steel Dynamics, Inc.  | 442 |
|  |  | 2263 |
| **MULTI-UTILITIES—0.8%** | **MULTI-UTILITIES—0.8%** | **MULTI-UTILITIES—0.8%** |
| 15585 | CenterPoint Energy, Inc.  | 605 |
| 8514 | Consolidated Edison, Inc.  | 960 |
| 20691 | Dominion Energy, Inc.  | 1125 |
|  |  | 2690 |
| **OIL, GAS & CONSUMABLE FUELS—2.6%** | **OIL, GAS & CONSUMABLE FUELS—2.6%** | **OIL, GAS & CONSUMABLE FUELS—2.6%** |
| 4514 | Cheniere Energy, Inc.  | 1043 |
| 31142 | Chevron Corp.  | 4237 |
| 25406 | ConocoPhillips  | 2264 |
| 5023 | Hess Corp.  | 648 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 13261 | Occidental Petroleum Corp.  | $523 |
| 6054 | Valero Energy Corp.  | 703 |
|  |  | 9418 |
| **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** |
| 9900 | Delta Air Lines, Inc.  | 412 |
| 9040 | Southwest Airlines Co.  | 253 |
|  |  | 665 |
| **PHARMACEUTICALS—6.2%** | **PHARMACEUTICALS—6.2%** | **PHARMACEUTICALS—6.2%** |
| 12013 | Eli Lilly & Co.  | 10799 |
| 34596 | Johnson & Johnson  | 5408 |
| 45121 | Merck & Co., Inc.  | 3844 |
| 87157 | Pfizer, Inc.  | 2128 |
|  |  | 22179 |
| **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** |
| 2068 | Booz Allen Hamilton Holding Corp.  | 248 |
| 2805 | Jacobs Solutions, Inc.  | 347 |
| 2143 | Leidos Holdings, Inc.  | 316 |
| 2888 | Verisk Analytics, Inc.  | 856 |
|  |  | 1767 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** |
| 6167 | CBRE Group, Inc. Class A<sup>\*</sup> | 753 |
| **RESIDENTIAL REITS—0.2%** | **RESIDENTIAL REITS—0.2%** | **RESIDENTIAL REITS—0.2%** |
| 8117 | Equity Residential  | 570 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.3%** |
| 34825 | Advanced Micro Devices, Inc. <sup>\*</sup> | 3390 |
| 75064 | Intel Corp.  | 1509 |
| 18721 | Lam Research Corp.  | 1342 |
| 19185 | Marvell Technology, Inc.  | 1120 |
| 141803 | NVIDIA Corp.  | 15445 |
| 3514 | Teradyne, Inc.  | 261 |
| 19254 | Texas Instruments, Inc.  | 3081 |
|  |  | 26148 |
| **SOFTWARE—13.0%** | **SOFTWARE—13.0%** | **SOFTWARE—13.0%** |
| 8770 | Adobe, Inc. <sup>\*</sup> | 3289 |
| 1893 | ANSYS, Inc. <sup>\*</sup> | 609 |
| 4638 | Autodesk, Inc. <sup>\*</sup> | 1272 |
| 5817 | Cadence Design Systems, Inc. <sup>\*</sup> | 1732 |
| 4255 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 1825 |
| 528 | Fair Isaac Corp. <sup>\*</sup> | 1050 |
| 5854 | Intuit, Inc.  | 3673 |
| 47940 | Microsoft Corp.  | 18949 |
| 2253 | Roper Technologies, Inc.  | 1262 |
| 20415 | Salesforce, Inc.  | 5486 |
| 3946 | Samsara, Inc. Class A<sup>\*</sup> | 156 |
| 4477 | ServiceNow, Inc. <sup>\*</sup> | 4276 |
| 3234 | Synopsys, Inc. <sup>\*</sup> | 1484 |
| 4474 | Workday, Inc. Class A<sup>\*</sup> | 1096 |
|  |  | 46159 |
| **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** |
| 7912 | Digital Realty Trust, Inc.  | 1270 |
| 2235 | Equinix, Inc.  | 1924 |
| 4199 | Extra Space Storage, Inc.  | 615 |
|  |  | 3809 |

---

------

⬤

------

**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—3.8%** | **SPECIALTY RETAIL—3.8%** | **SPECIALTY RETAIL—3.8%** |
| 37522 | Home Depot, Inc.  | $13526 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.1%** |
| 80082 | Apple, Inc.  | 17018 |
| 26579 | Hewlett Packard Enterprise Co.  | 431 |
| 19527 | HP, Inc.  | 499 |
| 4410 | NetApp, Inc.  | 396 |
|  |  | 18344 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** | **TEXTILES, APPAREL & LUXURY GOODS—0.8%** |
| 3010 | Deckers Outdoor Corp. <sup>\*</sup> | 334 |
| 4510 | Lululemon Athletica, Inc. <sup>\*</sup> | 1221 |
| 21602 | NIKE, Inc. Class B | 1218 |
|  |  | 2773 |
| **TOBACCO—1.6%** | **TOBACCO—1.6%** | **TOBACCO—1.6%** |
| 28923 | Altria Group, Inc.  | 1711 |
| 23270 | Philip Morris International, Inc.  | 3987 |
|  |  | 5698 |

---

---

| | | |
|:---|:---|:---|
| **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%** |
| 1369 | United Rentals, Inc.  | $864 |
| 1709 | WW Grainger, Inc.  | 1751 |
|  |  | 2615 |
| **TOTAL COMMON STOCKS** <br>(Cost $302,377) | **TOTAL COMMON STOCKS** <br>(Cost $302,377) | 351453 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—1.2%** | **EXCHANGE-TRADED FUNDS—1.2%** | **EXCHANGE-TRADED FUNDS—1.2%** |
| (Cost $2,722) | (Cost $2,722) | (Cost $2,722) |
| **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** |
| 45504 | Communication Services Select Sector SPDR Fund | 4343 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $305,099) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $305,099) | 355796 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 252 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $356048 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—95.8%** | **COMMON STOCKS—95.8%** | **COMMON STOCKS—95.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—4.2%** | **AEROSPACE & DEFENSE—4.2%** | **AEROSPACE & DEFENSE—4.2%** |
| 9486 | AAR Corp. <sup>\*</sup> | $507 |
| 8212 | AeroVironment, Inc. <sup>\*</sup> | 1244 |
| 63818 | Archer Aviation, Inc. Class A<sup>\*</sup> | 532 |
| 46432 | Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | 1569 |
| 29405 | Spirit AeroSystems Holdings, Inc. Class A<sup>\*</sup> | 1058 |
|  |  | 4910 |
| **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** | **AUTOMOBILE COMPONENTS—1.4%** |
| 22936 | Adient PLC <sup>\*</sup> | 290 |
| 5442 | Cooper-Standard Holdings, Inc. <sup>\*</sup> | 80 |
| 13900 | Modine Manufacturing Co. <sup>\*</sup> | 1135 |
| 4595 | Standard Motor Products, Inc.  | 124 |
|  |  | 1629 |
| **BANKS—5.9%** | **BANKS—5.9%** | **BANKS—5.9%** |
| 49814 | Banc of California, Inc.  | 672 |
| 27631 | BankUnited, Inc.  | 904 |
| 12950 | Banner Corp.  | 792 |
| 9435 | Byline Bancorp, Inc.  | 241 |
| 2780 | First Business Financial Services, Inc.  | 134 |
| 16440 | Hilltop Holdings, Inc.  | 485 |
| 13862 | National Bank Holdings Corp. Class A | 501 |
| 20858 | OceanFirst Financial Corp.  | 345 |
| 9999 | Origin Bancorp, Inc.  | 320 |
| 9110 | Pathward Financial, Inc.  | 723 |
| 5236 | SmartFinancial, Inc.  | 159 |
| 43268 | United Community Banks, Inc.  | 1195 |
| 19585 | Veritex Holdings, Inc.  | 456 |
|  |  | 6927 |
| **BIOTECHNOLOGY—8.1%** | **BIOTECHNOLOGY—8.1%** | **BIOTECHNOLOGY—8.1%** |
| 33333 | 4D Molecular Therapeutics, Inc. <sup>\*</sup> | 112 |
| 36019 | Agios Pharmaceuticals, Inc. <sup>\*</sup> | 1070 |
| 22988 | Arcellx, Inc. <sup>\*</sup> | 1493 |
| 131207 | Ardelyx, Inc. <sup>\*</sup> | 722 |
| 27327 | Aura Biosciences, Inc. <sup>\*</sup> | 159 |
| 38424 | Emergent BioSolutions, Inc. <sup>\*</sup> | 205 |
| 14293 | Entrada Therapeutics, Inc. <sup>\*</sup> | 131 |
| 39364 | Kura Oncology, Inc. <sup>\*</sup> | 258 |
| 31311 | Kymera Therapeutics, Inc. <sup>\*</sup> | 1073 |
| 40701 | PTC Therapeutics, Inc. <sup>\*</sup> | 2029 |
| 32693 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 2131 |
| 30481 | Verve Therapeutics, Inc. <sup>\*</sup> | 173 |
|  |  | 9556 |
| **BROADLINE RETAIL—0.4%** | **BROADLINE RETAIL—0.4%** | **BROADLINE RETAIL—0.4%** |
| 21860 | Nordstrom, Inc.  | 528 |
| **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** | **BUILDING PRODUCTS—0.5%** |
| 32448 | Resideo Technologies, Inc. <sup>\*</sup> | 545 |
| **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** |
| 6570 | Piper Sandler Cos.  | 1584 |
| 7545 | PJT Partners, Inc. Class A | 1069 |
| 23637 | StepStone Group, Inc. Class A | 1182 |
|  |  | 3835 |
| **CHEMICALS—1.7%** | **CHEMICALS—1.7%** | **CHEMICALS—1.7%** |
| 16407 | Cabot Corp.  | 1289 |
| 6161 | Koppers Holdings, Inc.  | 154 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CHEMICALS—Continued** | **CHEMICALS—Continued** | **CHEMICALS—Continued** |
| 10342 | Minerals Technologies, Inc.  | $534 |
|  |  | 1977 |
| **COMMERCIAL SERVICES & SUPPLIES—1.7%** | **COMMERCIAL SERVICES & SUPPLIES—1.7%** | **COMMERCIAL SERVICES & SUPPLIES—1.7%** |
| 11181 | Brady Corp. Class A | 786 |
| 5439 | Cimpress PLC (Ireland)<sup>\*</sup> | 229 |
| 12189 | HNI Corp.  | 516 |
| 15808 | Interface, Inc.  | 297 |
| 21413 | Steelcase, Inc. Class A | 212 |
|  |  | 2040 |
| **COMMUNICATIONS EQUIPMENT—0.5%** | **COMMUNICATIONS EQUIPMENT—0.5%** | **COMMUNICATIONS EQUIPMENT—0.5%** |
| 13913 | Calix, Inc. <sup>\*</sup> | 569 |
| **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** | **CONSTRUCTION & ENGINEERING—1.9%** |
| 12566 | Arcosa, Inc.  | 1006 |
| 11351 | Granite Construction, Inc.  | 923 |
| 3747 | Limbach Holdings, Inc. <sup>\*</sup> | 359 |
|  |  | 2288 |
| **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** |
| 18554 | Bread Financial Holdings, Inc.  | 880 |
| 8561 | Encore Capital Group, Inc. <sup>\*</sup> | 295 |
|  |  | 1175 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.5%** |
| 5547 | PriceSmart, Inc.  | 563 |
| **DIVERSIFIED CONSUMER SERVICES—3.2%** | **DIVERSIFIED CONSUMER SERVICES—3.2%** | **DIVERSIFIED CONSUMER SERVICES—3.2%** |
| 8349 | Adtalem Global Education, Inc. <sup>\*</sup> | 887 |
| 26789 | Coursera, Inc. <sup>\*</sup> | 225 |
| 15722 | Frontdoor, Inc. <sup>\*</sup> | 646 |
| 7001 | Grand Canyon Education, Inc. <sup>\*</sup> | 1249 |
| 31678 | Laureate Education, Inc. <sup>\*</sup> | 636 |
| 14649 | Udemy, Inc. <sup>\*</sup> | 101 |
|  |  | 3744 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** |
| 6195 | Bandwidth, Inc. Class A<sup>\*</sup> | 77 |
| 3205 | IDT Corp. Class B | 161 |
| 21689 | Liberty Latin America Ltd. Class C (Puerto Rico)<sup>\*</sup> | 119 |
|  |  | 357 |
| **ELECTRIC UTILITIES—2.4%** | **ELECTRIC UTILITIES—2.4%** | **ELECTRIC UTILITIES—2.4%** |
| 42608 | ALLETE, Inc.  | 2790 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.0%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.0%** |
| 8362 | Advanced Energy Industries, Inc.  | 814 |
| 23710 | Arlo Technologies, Inc. <sup>\*</sup> | 233 |
| 10587 | Daktronics, Inc. <sup>\*</sup> | 134 |
| 11941 | Itron, Inc. <sup>\*</sup> | 1329 |
| 22031 | Knowles Corp. <sup>\*</sup> | 347 |
| 9274 | PAR Technology Corp. <sup>\*</sup> | 542 |
| 5573 | ScanSource, Inc. <sup>\*</sup> | 184 |
|  |  | 3583 |
| **ENERGY EQUIPMENT & SERVICES—2.3%** | **ENERGY EQUIPMENT & SERVICES—2.3%** | **ENERGY EQUIPMENT & SERVICES—2.3%** |
| 43079 | Archrock, Inc.  | 1014 |
| 5999 | Bristow Group, Inc. <sup>\*</sup> | 174 |
| 29382 | Helmerich & Payne, Inc.  | 555 |
| 41741 | Liberty Energy, Inc.  | 480 |

---

------

⬤

------

**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** |
| **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** |
| 25258 | Oceaneering International, Inc. <sup>\*</sup> | $448 |
|  |  | 2671 |
| **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** |
| 9154 | Atlanta Braves Holdings, Inc. Class C<sup>\*</sup> | 365 |
| 5055 | Marcus Corp.  | 82 |
|  |  | 447 |
| **FINANCIAL SERVICES—4.0%** | **FINANCIAL SERVICES—4.0%** | **FINANCIAL SERVICES—4.0%** |
| 22404 | EVERTEC, Inc. (Puerto Rico) | 761 |
| 40845 | Flywire Corp. <sup>\*</sup> | 384 |
| 6494 | Merchants Bancorp  | 195 |
| 56922 | Radian Group, Inc.  | 1818 |
| 46416 | Rocket Cos., Inc. Class A | 599 |
| 13192 | Walker & Dunlop, Inc.  | 1010 |
|  |  | 4767 |
| **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** |
| 6117 | ArcBest Corp.  | 358 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.9%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.9%** |
| 28504 | AtriCure, Inc. <sup>\*</sup> | 853 |
| 29318 | Avanos Medical, Inc. <sup>\*</sup> | 368 |
| 22987 | Bioventus, Inc. Class A<sup>\*</sup> | 168 |
| 21607 | CONMED Corp.  | 1061 |
| 34708 | Haemonetics Corp. <sup>\*</sup> | 2187 |
|  |  | 4637 |
| **HEALTH CARE PROVIDERS & SERVICES—2.2%** | **HEALTH CARE PROVIDERS & SERVICES—2.2%** | **HEALTH CARE PROVIDERS & SERVICES—2.2%** |
| 17073 | Castle Biosciences, Inc. <sup>\*</sup> | 342 |
| 69332 | Concentra Group Holdings Parent, Inc.  | 1508 |
| 31967 | Privia Health Group, Inc. <sup>\*</sup> | 751 |
|  |  | 2601 |
| **HEALTH CARE TECHNOLOGY—2.1%** | **HEALTH CARE TECHNOLOGY—2.1%** | **HEALTH CARE TECHNOLOGY—2.1%** |
| 21016 | Certara, Inc. <sup>\*</sup> | 291 |
| 22269 | Doximity, Inc. Class A<sup>\*</sup> | 1267 |
| 5735 | HealthStream, Inc.  | 193 |
| 15336 | Schrodinger, Inc. <sup>\*</sup> | 393 |
| 10340 | Waystar Holding Corp. <sup>\*</sup> | 384 |
|  |  | 2528 |
| **HOTEL & RESORT REITS—1.8%** | **HOTEL & RESORT REITS—1.8%** | **HOTEL & RESORT REITS—1.8%** |
| 183173 | Apple Hospitality REIT, Inc.  | 2156 |
| **HOTELS, RESTAURANTS & LEISURE—4.6%** | **HOTELS, RESTAURANTS & LEISURE—4.6%** | **HOTELS, RESTAURANTS & LEISURE—4.6%** |
| 19038 | Bloomin' Brands, Inc.  | 153 |
| 10946 | Brinker International, Inc. <sup>\*</sup> | 1470 |
| 10960 | Cheesecake Factory, Inc.  | 552 |
| 17214 | Dutch Bros, Inc. Class A<sup>\*</sup> | 1028 |
| 7521 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 133 |
| 27670 | Global Business Travel Group I <sup>\*</sup> | 186 |
| 7295 | Marriott Vacations Worldwide Corp.  | 400 |
| 10439 | PlayAGS, Inc. <sup>\*</sup> | 127 |
| 9038 | Shake Shack, Inc. Class A<sup>\*</sup> | 793 |
| 13783 | Travel & Leisure Co.  | 605 |
|  |  | 5447 |
| **HOUSEHOLD DURABLES—2.4%** | **HOUSEHOLD DURABLES—2.4%** | **HOUSEHOLD DURABLES—2.4%** |
| 5604 | Beazer Homes USA, Inc. <sup>\*</sup> | 110 |
| 5903 | Century Communities, Inc.  | 322 |
| 10010 | Champion Homes, Inc. <sup>\*</sup> | 866 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 992 | Hovnanian Enterprises, Inc. Class A<sup>\*</sup> | $96 |
| 8340 | iRobot Corp. <sup>\*</sup> | 20 |
| 28601 | Leggett & Platt, Inc.  | 275 |
| 4576 | LGI Homes, Inc. <sup>\*</sup> | 250 |
| 5781 | M/I Homes, Inc. <sup>\*</sup> | 617 |
| 26045 | Sonos, Inc. <sup>\*</sup> | 240 |
|  |  | 2796 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 14881 | Energizer Holdings, Inc.  | 402 |
| 3062 | Oil-Dri Corp. of America  | 129 |
|  |  | 531 |
| **INSURANCE—2.9%** | **INSURANCE—2.9%** | **INSURANCE—2.9%** |
| 24202 | Baldwin Insurance Group, Inc. <sup>\*</sup> | 1007 |
| 21935 | Brighthouse Financial, Inc. <sup>\*</sup> | 1277 |
| 8068 | Palomar Holdings, Inc. <sup>\*</sup> | 1170 |
|  |  | 3454 |
| **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** |
| 8626 | Outbrain, Inc. <sup>\*</sup> | 30 |
| 14512 | QuinStreet, Inc. <sup>\*</sup> | 254 |
| 23257 | TripAdvisor, Inc. <sup>\*</sup> | 290 |
|  |  | 574 |
| **IT SERVICES—0.3%** | **IT SERVICES—0.3%** | **IT SERVICES—0.3%** |
| 9463 | Couchbase, Inc. <sup>\*</sup> | 167 |
| 14233 | Grid Dynamics Holdings, Inc. <sup>\*</sup> | 202 |
|  |  | 369 |
| **LEISURE PRODUCTS—0.5%** | **LEISURE PRODUCTS—0.5%** | **LEISURE PRODUCTS—0.5%** |
| 21369 | YETI Holdings, Inc. <sup>\*</sup> | 610 |
| **MACHINERY—3.0%** | **MACHINERY—3.0%** | **MACHINERY—3.0%** |
| 10109 | Franklin Electric Co., Inc.  | 859 |
| 54278 | Gates Industrial Corp. PLC <sup>\*</sup> | 1027 |
| 8704 | JBT Marel Corp.  | 916 |
| 11506 | Stratasys Ltd. <sup>\*</sup> | 109 |
| 23089 | Trinity Industries, Inc.  | 579 |
|  |  | 3490 |
| **MEDIA—0.8%** | **MEDIA—0.8%** | **MEDIA—0.8%** |
| 7787 | AMC Networks, Inc. Class A<sup>\*</sup> | 50 |
| 915 | Cable One, Inc.  | 244 |
| 22068 | EchoStar Corp. Class A<sup>\*</sup> | 496 |
| 22748 | Stagwell, Inc. <sup>\*</sup> | 127 |
|  |  | 917 |
| **METALS & MINING—0.4%** | **METALS & MINING—0.4%** | **METALS & MINING—0.4%** |
| 8600 | Ryerson Holding Corp.  | 201 |
| 10050 | Worthington Steel, Inc.  | 258 |
|  |  | 459 |
| **PAPER & FOREST PRODUCTS—0.6%** | **PAPER & FOREST PRODUCTS—0.6%** | **PAPER & FOREST PRODUCTS—0.6%** |
| 5244 | Clearwater Paper Corp. <sup>\*</sup> | 141 |
| 9905 | Sylvamo Corp.  | 590 |
|  |  | 731 |
| **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** |
| 5095 | Allegiant Travel Co.  | 239 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** |
| 7455 | Copa Holdings SA Class A (Panama) | $684 |
|  |  | 923 |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| 11404 | Edgewell Personal Care Co.  | 348 |
| 10020 | Nu Skin Enterprises, Inc. Class A | 64 |
| 7310 | USANA Health Sciences, Inc. <sup>\*</sup> | 205 |
|  |  | 617 |
| **PHARMACEUTICALS—1.6%** | **PHARMACEUTICALS—1.6%** | **PHARMACEUTICALS—1.6%** |
| 21061 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | 569 |
| 10965 | Phibro Animal Health Corp. Class A | 204 |
| 21061 | Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | 1093 |
|  |  | 1866 |
| **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** | **PROFESSIONAL SERVICES—2.8%** |
| 11757 | Concentrix Corp.  | 600 |
| 6529 | CSG Systems International, Inc.  | 393 |
| 4416 | Huron Consulting Group, Inc. <sup>\*</sup> | 595 |
| 7782 | Insperity, Inc.  | 506 |
| 5297 | Kforce, Inc.  | 202 |
| 13011 | ManpowerGroup, Inc.  | 560 |
| 5259 | TaskUS, Inc. Class A (Philippines)<sup>\*</sup> | 74 |
| 31537 | Upwork, Inc. <sup>\*</sup> | 415 |
|  |  | 3345 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** |
| 95855 | Compass, Inc. Class A<sup>\*</sup> | 740 |
| 7181 | RE/MAX Holdings, Inc. Class A<sup>\*</sup> | 55 |
|  |  | 795 |
| **RETAIL REITS—3.8%** | **RETAIL REITS—3.8%** | **RETAIL REITS—3.8%** |
| 65736 | InvenTrust Properties Corp.  | 1831 |
| 76212 | Phillips Edison & Co., Inc.  | 2645 |
|  |  | 4476 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.2%** |
| 9290 | Axcelis Technologies, Inc. <sup>\*</sup> | 455 |
| 7008 | Silicon Laboratories, Inc. <sup>\*</sup> | 713 |
| 14113 | Veeco Instruments, Inc. <sup>\*</sup> | 264 |
|  |  | 1432 |
| **SOFTWARE—7.2%** | **SOFTWARE—7.2%** | **SOFTWARE—7.2%** |
| 25311 | ACI Worldwide, Inc. <sup>\*</sup> | 1351 |
| 13894 | Alkami Technology, Inc. <sup>\*</sup> | 371 |
| 18637 | Asana, Inc. Class A<sup>\*</sup> | 301 |
| 31567 | Box, Inc. Class A<sup>\*</sup> | 985 |
| 18297 | Braze, Inc. Class A<sup>\*</sup> | 570 |
| 25939 | DoubleVerify Holdings, Inc. <sup>\*</sup> | 344 |
| 18464 | Five9, Inc. <sup>\*</sup> | 464 |
| 19791 | JFrog Ltd. (Israel)<sup>\*</sup> | 668 |
| 12102 | Mitek Systems, Inc. <sup>\*</sup> | 100 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 16051 | N-able, Inc. <sup>\*</sup> | $113 |
| 6656 | NextNav, Inc. <sup>\*</sup> | 83 |
| 20409 | PagerDuty, Inc. <sup>\*</sup> | 317 |
| 10251 | Progress Software Corp.  | 615 |
| 12915 | Sprout Social, Inc. Class A<sup>\*</sup> | 270 |
| 29640 | Teradata Corp. <sup>\*</sup> | 637 |
| 14846 | Verint Systems, Inc. <sup>\*</sup> | 262 |
| 13449 | Workiva, Inc. <sup>\*</sup> | 1012 |
|  |  | 8463 |
| **SPECIALTY RETAIL—1.8%** | **SPECIALTY RETAIL—1.8%** | **SPECIALTY RETAIL—1.8%** |
| 4158 | Asbury Automotive Group, Inc. <sup>\*</sup> | 907 |
| 7725 | Boot Barn Holdings, Inc. <sup>\*</sup> | 806 |
| 12872 | Camping World Holdings, Inc. Class A | 155 |
| 3566 | Lands' End, Inc. <sup>\*</sup> | 32 |
| 3302 | Sonic Automotive, Inc. Class A | 200 |
|  |  | 2100 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** |
| 21354 | Levi Strauss & Co. Class A | 342 |
| 3627 | Movado Group, Inc.  | 50 |
| 46624 | Under Armour, Inc. Class A<sup>\*</sup> | 267 |
|  |  | 659 |
| **TRADING COMPANIES & DISTRIBUTORS—1.4%** | **TRADING COMPANIES & DISTRIBUTORS—1.4%** | **TRADING COMPANIES & DISTRIBUTORS—1.4%** |
| 11994 | Boise Cascade Co.  | 1119 |
| 2837 | DXP Enterprises, Inc. <sup>\*</sup> | 251 |
| 20245 | MRC Global, Inc. <sup>\*</sup> | 236 |
|  |  | 1606 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 2658 | U.S. Cellular Corp. <sup>\*</sup> | 183 |
| **TOTAL COMMON STOCKS** <br>(Cost $120,747) | **TOTAL COMMON STOCKS** <br>(Cost $120,747) | 113024 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—4.2%** | **EXCHANGE-TRADED FUNDS—4.2%** | **EXCHANGE-TRADED FUNDS—4.2%** |
| **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** | **CAPITAL MARKETS—4.2%** |
| 74583 | Invesco S&P SmallCap Energy ETF | 2577 |
| 32555 | Invesco S&P SmallCap Financials ETF | 1646 |
| 12470 | Invesco S&P SmallCap Utilities & Communication <br> Services ETF<br>| 688 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $6,145) | **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $6,145) | 4911 |
| **TOTAL INVESTMENTS—100.0%** <br>(Cost $126,892) | **TOTAL INVESTMENTS—100.0%** <br>(Cost $126,892) | 117935 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | (7)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $117928 |

---

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

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** |
| Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through April 30, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through April 30, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through April 30, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through April 30, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through April 30, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through April 30, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through April 30, 2025. Transactions during the period in securities of these companies were as <br> follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through April 30, 2025. Transactions during the period in securities of these companies were as <br> follows: |
| **Security Name** | **Beginning** <br>**Balance** <br>**as of** <br>**11/01/2024** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Net** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Net** <br>**Dividend** <br>**Income** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>|
| Invesco S&P SmallCap Financials ETF | &nbsp;&nbsp; $263 | &nbsp;&nbsp; $1590 | &nbsp;&nbsp; $(3) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(204) | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $1646 |
| Invesco S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 747 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | (59) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 688 |
| Total | &nbsp;&nbsp; $263 | &nbsp;&nbsp; $2337 | &nbsp;&nbsp; $(3) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(263) | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $2334 |

---

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

------

**Harbor International Compounders ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** C WorldWide Asset Management

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** |
| **Shares** |  | **Value** |
| **BANKS—8.6%** | **BANKS—8.6%** | **BANKS—8.6%** |
| 20001300 | Bank Central Asia Tbk. PT (Indonesia) | $10633 |
| 358717 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 26075 |
|  |  | 36708 |
| **BEVERAGES—2.0%** | **BEVERAGES—2.0%** | **BEVERAGES—2.0%** |
| 310259 | Diageo PLC (United Kingdom) | 8650 |
| **BUILDING PRODUCTS—5.2%** | **BUILDING PRODUCTS—5.2%** | **BUILDING PRODUCTS—5.2%** |
| 446449 | Assa Abloy AB Class B (Sweden) | 13469 |
| 77100 | Daikin Industries Ltd. (Japan) | 8787 |
|  |  | 22256 |
| **CAPITAL MARKETS—4.5%** | **CAPITAL MARKETS—4.5%** | **CAPITAL MARKETS—4.5%** |
| 60239 | Deutsche Boerse AG (Germany) | 19347 |
| **CHEMICALS—4.8%** | **CHEMICALS—4.8%** | **CHEMICALS—4.8%** |
| 45749 | Linde PLC (United States) | 20735 |
| **CONSTRUCTION & ENGINEERING—2.7%** | **CONSTRUCTION & ENGINEERING—2.7%** | **CONSTRUCTION & ENGINEERING—2.7%** |
| 81786 | Vinci SA (France) | 11359 |
| **ELECTRIC UTILITIES—2.6%** | **ELECTRIC UTILITIES—2.6%** | **ELECTRIC UTILITIES—2.6%** |
| 493508 | SSE PLC (United Kingdom) | 11128 |
| **ELECTRICAL EQUIPMENT—3.2%** | **ELECTRICAL EQUIPMENT—3.2%** | **ELECTRICAL EQUIPMENT—3.2%** |
| 59203 | Schneider Electric SE (United States) | 13695 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.8%** |
| 28600 | Keyence Corp. (Japan) | 11970 |
| **FOOD PRODUCTS—3.9%** | **FOOD PRODUCTS—3.9%** | **FOOD PRODUCTS—3.9%** |
| 157874 | Nestle SA (United States) | 16783 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.6%** |
| 130700 | Hoya Corp. (Japan) | 15339 |
| **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** | **HOTELS, RESTAURANTS & LEISURE—3.4%** |
| 430124 | Compass Group PLC (United Kingdom) | 14434 |
| **HOUSEHOLD DURABLES—4.3%** | **HOUSEHOLD DURABLES—4.3%** | **HOUSEHOLD DURABLES—4.3%** |
| 694203 | Sony Group Corp. (Japan) | 18309 |
| **INDUSTRIAL CONGLOMERATES—3.7%** | **INDUSTRIAL CONGLOMERATES—3.7%** | **INDUSTRIAL CONGLOMERATES—3.7%** |
| 70167 | Siemens AG (Germany) | 16053 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—3.2%** | **INSURANCE—3.2%** | **INSURANCE—3.2%** |
| 1839600 | AIA Group Ltd. (Hong Kong) | $13781 |
| **MACHINERY—7.0%** | **MACHINERY—7.0%** | **MACHINERY—7.0%** |
| 743301 | Atlas Copco AB Class A (Sweden) | 11524 |
| 436551 | Epiroc AB Class A (Sweden) | 9431 |
| 28200 | SMC Corp. (Japan) | 9165 |
|  |  | 30120 |
| **PERSONAL CARE PRODUCTS—3.2%** | **PERSONAL CARE PRODUCTS—3.2%** | **PERSONAL CARE PRODUCTS—3.2%** |
| 30997 | L'Oreal SA (France)<sup>\*</sup> | 13590 |
| **PHARMACEUTICALS—7.0%** | **PHARMACEUTICALS—7.0%** | **PHARMACEUTICALS—7.0%** |
| 111383 | AstraZeneca PLC (United Kingdom) | 15925 |
| 210520 | Novo Nordisk AS Class B (Denmark) | 13901 |
|  |  | 29826 |
| **PROFESSIONAL SERVICES—4.1%** | **PROFESSIONAL SERVICES—4.1%** | **PROFESSIONAL SERVICES—4.1%** |
| 321014 | RELX PLC (United Kingdom) | 17399 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.7%** |
| 16126 | ASML Holding NV (Netherlands) | 10641 |
| 107684 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 17950 |
|  |  | 28591 |
| **SOFTWARE—6.7%** | **SOFTWARE—6.7%** | **SOFTWARE—6.7%** |
| 99233 | SAP SE (Germany) | 28700 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.4%** | **TEXTILES, APPAREL & LUXURY GOODS—2.4%** | **TEXTILES, APPAREL & LUXURY GOODS—2.4%** |
| 18469 | LVMH Moet Hennessy Louis Vuitton SE (France) | 10208 |
| **TRADING COMPANIES & DISTRIBUTORS—3.8%** | **TRADING COMPANIES & DISTRIBUTORS—3.8%** | **TRADING COMPANIES & DISTRIBUTORS—3.8%** |
| 98013 | Ferguson Enterprises, Inc. (United States) | 16471 |
| **TOTAL COMMON STOCKS** <br>(Cost $423,083) | **TOTAL COMMON STOCKS** <br>(Cost $423,083) | 425452 |
| **TOTAL INVESTMENTS—99.4%** <br>(Cost $423,083) | **TOTAL INVESTMENTS—99.4%** <br>(Cost $423,083) | 425452 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.6%** | 2637 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $428089 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Disciplined Alpha LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** | **COMMON STOCKS—97.5%** |
| **Shares** |  | **Value** |
| **AIR FREIGHT & LOGISTICS—1.6%** | **AIR FREIGHT & LOGISTICS—1.6%** | **AIR FREIGHT & LOGISTICS—1.6%** |
| 1805 | CH Robinson Worldwide, Inc. <sup>1</sup> | $161 |
| 1508 | Expeditors International of Washington, Inc. <sup>1</sup> | 166 |
|  |  | 327 |
| **BIOTECHNOLOGY—3.1%** | **BIOTECHNOLOGY—3.1%** | **BIOTECHNOLOGY—3.1%** |
| 579 | Amgen, Inc. <sup>1</sup> | 168 |
| 3308 | Exact Sciences Corp. <sup>\*,1</sup> | 151 |
| 4056 | Exelixis, Inc. <sup>\*,1</sup> | 159 |
| 1411 | Gilead Sciences, Inc. <sup>1</sup> | 150 |
|  |  | 628 |
| **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** |
| 2319 | eBay, Inc. <sup>1</sup> | 158 |
| **CHEMICALS—2.4%** | **CHEMICALS—2.4%** | **CHEMICALS—2.4%** |
| 4545 | Axalta Coating Systems Ltd. <sup>\*</sup> | 148 |
| 741 | Ecolab, Inc. <sup>1</sup> | 186 |
| 315 | Linde PLC <sup>1</sup> | 143 |
|  |  | 477 |
| **COMMUNICATIONS EQUIPMENT—1.7%** | **COMMUNICATIONS EQUIPMENT—1.7%** | **COMMUNICATIONS EQUIPMENT—1.7%** |
| 2400 | Ciena Corp. <sup>\*,1</sup> | 161 |
| 684 | F5, Inc. <sup>\*,1</sup> | 181 |
|  |  | 342 |
| **CONSTRUCTION MATERIALS—0.7%** | **CONSTRUCTION MATERIALS—0.7%** | **CONSTRUCTION MATERIALS—0.7%** |
| 1543 | CRH PLC <sup>1</sup> | 147 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—5.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—5.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—5.7%** |
| 1212 | BJ's Wholesale Club Holdings, Inc. <sup>\*</sup> | 142 |
| 308 | Casey's General Stores, Inc.  | 142 |
| 147 | Costco Wholesale Corp. <sup>1</sup> | 146 |
| 2065 | Kroger Co. <sup>1</sup> | 149 |
| 2347 | Sysco Corp. <sup>1</sup> | 168 |
| 2887 | U.S. Foods Holding Corp. <sup>\*</sup> | 190 |
| 2135 | Walmart, Inc. <sup>1</sup> | 208 |
|  |  | 1145 |
| **CONTAINERS & PACKAGING—2.7%** | **CONTAINERS & PACKAGING—2.7%** | **CONTAINERS & PACKAGING—2.7%** |
| 38483 | Amcor PLC <sup>1</sup> | 354 |
| 2029 | Crown Holdings, Inc.  | 195 |
|  |  | 549 |
| **DIVERSIFIED CONSUMER SERVICES—2.5%** | **DIVERSIFIED CONSUMER SERVICES—2.5%** | **DIVERSIFIED CONSUMER SERVICES—2.5%** |
| 17970 | ADT, Inc.  | 144 |
| 485 | Duolingo, Inc. <sup>\*,1</sup> | 189 |
| 988 | Grand Canyon Education, Inc. <sup>\*</sup> | 176 |
|  |  | 509 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.9%** |
| 6605 | AT&T, Inc. <sup>1</sup> | 183 |
| **ELECTRIC UTILITIES—3.6%** | **ELECTRIC UTILITIES—3.6%** | **ELECTRIC UTILITIES—3.6%** |
| 1334 | American Electric Power Co., Inc. <sup>1</sup> | 145 |
| 1593 | Entergy Corp. <sup>1</sup> | 132 |
| 2097 | Evergy, Inc.  | 145 |
| 3035 | Exelon Corp. <sup>1</sup> | 142 |
| 3741 | OGE Energy Corp.  | 170 |
|  |  | 734 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%** |
| 2393 | Amphenol Corp. Class A<sup>1</sup> | $184 |
| 3075 | Avnet, Inc. <sup>1</sup> | 145 |
| 3382 | Corning, Inc. <sup>1</sup> | 150 |
| 354 | Teledyne Technologies, Inc. <sup>\*,1</sup> | 165 |
|  |  | 644 |
| **ENERGY EQUIPMENT & SERVICES—3.3%** | **ENERGY EQUIPMENT & SERVICES—3.3%** | **ENERGY EQUIPMENT & SERVICES—3.3%** |
| 3713 | Baker Hughes Co. <sup>1</sup> | 132 |
| 34813 | NOV, Inc. <sup>1</sup> | 404 |
| 4914 | TechnipFMC PLC (United Kingdom)<sup>1</sup> | 138 |
|  |  | 674 |
| **ENTERTAINMENT—5.5%** | **ENTERTAINMENT—5.5%** | **ENTERTAINMENT—5.5%** |
| 1127 | Live Nation Entertainment, Inc. <sup>\*,1</sup> | 149 |
| 751 | Madison Square Garden Sports Corp. <sup>\*,1</sup> | 145 |
| 212 | Netflix, Inc. <sup>\*,1</sup> | 240 |
| 2393 | ROBLOX Corp. Class A<sup>\*,1</sup> | 160 |
| 359 | Spotify Technology SA <sup>\*,1</sup> | 220 |
| 1201 | TKO Group Holdings, Inc. <sup>1</sup> | 196 |
|  |  | 1110 |
| **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** |
| 2117 | National Fuel Gas Co.  | 162 |
| 6116 | UGI Corp.  | 201 |
|  |  | 363 |
| **GROUND TRANSPORTATION—2.5%** | **GROUND TRANSPORTATION—2.5%** | **GROUND TRANSPORTATION—2.5%** |
| 1172 | Ryder System, Inc. <sup>1</sup> | 162 |
| 2422 | Uber Technologies, Inc. <sup>\*,1</sup> | 196 |
| 2397 | U-Haul Holding Co. <sup>\*,1</sup> | 147 |
|  |  | 505 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.1%** |
| 2118 | Boston Scientific Corp. <sup>\*,1</sup> | 218 |
| 469 | Insulet Corp. <sup>\*,1</sup> | 118 |
| 292 | Intuitive Surgical, Inc. <sup>\*,1</sup> | 151 |
| 886 | Masimo Corp. <sup>\*</sup> | 142 |
|  |  | 629 |
| **HEALTH CARE PROVIDERS & SERVICES—5.2%** | **HEALTH CARE PROVIDERS & SERVICES—5.2%** | **HEALTH CARE PROVIDERS & SERVICES—5.2%** |
| 1224 | Cardinal Health, Inc. <sup>1</sup> | 173 |
| 528 | Cencora, Inc. <sup>1</sup> | 155 |
| 273 | Chemed Corp.  | 159 |
| 1473 | Encompass Health Corp.  | 172 |
| 290 | McKesson Corp. <sup>1</sup> | 207 |
| 995 | Quest Diagnostics, Inc. <sup>1</sup> | 177 |
|  |  | 1043 |
| **HEALTH CARE TECHNOLOGY—1.8%** | **HEALTH CARE TECHNOLOGY—1.8%** | **HEALTH CARE TECHNOLOGY—1.8%** |
| 3854 | Doximity, Inc. Class A<sup>\*</sup> | 219 |
| 588 | Veeva Systems, Inc. Class A<sup>\*,1</sup> | 138 |
|  |  | 357 |
| **HOTELS, RESTAURANTS & LEISURE—5.9%** | **HOTELS, RESTAURANTS & LEISURE—5.9%** | **HOTELS, RESTAURANTS & LEISURE—5.9%** |
| 41 | Booking Holdings, Inc. <sup>1</sup> | 209 |
| 2409 | Boyd Gaming Corp.  | 167 |
| 908 | Darden Restaurants, Inc. <sup>1</sup> | 182 |
| 306 | Domino's Pizza, Inc. <sup>1</sup> | 150 |
| 852 | DoorDash, Inc. Class A<sup>\*,1</sup> | 164 |

---

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** | **HOTELS, RESTAURANTS & LEISURE—Continued** |
| 1647 | Planet Fitness, Inc. Class A<sup>\*,1</sup> | $156 |
| 1066 | Yum! Brands, Inc. <sup>1</sup> | 160 |
|  |  | 1188 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.9%** |
| 13740 | Brookfield Renewable Corp. (Canada) | 391 |
| **IT SERVICES—5.0%** | **IT SERVICES—5.0%** | **IT SERVICES—5.0%** |
| 29148 | DXC Technology Co. <sup>\*</sup> | 453 |
| 1042 | GoDaddy, Inc. Class A<sup>\*,1</sup> | 196 |
| 692 | International Business Machines Corp. <sup>1</sup> | 167 |
| 673 | VeriSign, Inc. <sup>\*,1</sup> | 190 |
|  |  | 1006 |
| **LIFE SCIENCES TOOLS & SERVICES—2.6%** | **LIFE SCIENCES TOOLS & SERVICES—2.6%** | **LIFE SCIENCES TOOLS & SERVICES—2.6%** |
| 1381 | Agilent Technologies, Inc. <sup>1</sup> | 148 |
| 14384 | Azenta, Inc. <sup>\*,1</sup> | 379 |
|  |  | 527 |
| **MEDIA—1.5%** | **MEDIA—1.5%** | **MEDIA—1.5%** |
| 2910 | New York Times Co. Class A<sup>1</sup> | 152 |
| 945 | Nexstar Media Group, Inc. <sup>1</sup> | 141 |
|  |  | 293 |
| **METALS & MINING—1.5%** | **METALS & MINING—1.5%** | **METALS & MINING—1.5%** |
| 567 | Reliance, Inc.  | 164 |
| 756 | Royal Gold, Inc. <sup>1</sup> | 138 |
|  |  | 302 |
| **MULTI-UTILITIES—2.3%** | **MULTI-UTILITIES—2.3%** | **MULTI-UTILITIES—2.3%** |
| 3861 | CenterPoint Energy, Inc.  | 150 |
| 1574 | Consolidated Edison, Inc. <sup>1</sup> | 177 |
| 3644 | NiSource, Inc.  | 143 |
|  |  | 470 |
| **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** | **OIL, GAS & CONSUMABLE FUELS—3.0%** |
| 9613 | Antero Midstream Corp. <sup>1</sup> | 159 |
| 566 | Cheniere Energy, Inc. <sup>1</sup> | 131 |
| 5432 | Kinder Morgan, Inc. <sup>1</sup> | 143 |
| 3021 | Williams Cos., Inc. <sup>1</sup> | 177 |
|  |  | 610 |
| **PHARMACEUTICALS—2.5%** | **PHARMACEUTICALS—2.5%** | **PHARMACEUTICALS—2.5%** |
| 3112 | Bristol-Myers Squibb Co. <sup>1</sup> | 156 |
| 1022 | Johnson & Johnson <sup>1</sup> | 160 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| 5938 | Royalty Pharma PLC Class A<sup>1</sup> | $195 |
|  |  | 511 |
| **SOFTWARE—11.6%** | **SOFTWARE—11.6%** | **SOFTWARE—11.6%** |
| 630 | AppLovin Corp. Class A<sup>\*,1</sup> | 170 |
| 605 | Autodesk, Inc. <sup>\*,1</sup> | 166 |
| 13506 | Dropbox, Inc. Class A<sup>\*</sup> | 386 |
| 3302 | Dynatrace, Inc. <sup>\*,1</sup> | 155 |
| 1793 | Fortinet, Inc. <sup>\*,1</sup> | 186 |
| 14851 | Gen Digital, Inc. <sup>1</sup> | 384 |
| 883 | Guidewire Software, Inc. <sup>\*,1</sup> | 181 |
| 2384 | Palantir Technologies, Inc. Class A<sup>\*,1</sup> | 282 |
| 742 | Palo Alto Networks, Inc. <sup>\*,1</sup> | 139 |
| 1860 | Zoom Communications, Inc. <sup>\*,1</sup> | 144 |
| 694 | Zscaler, Inc. <sup>\*,1</sup> | 157 |
|  |  | 2350 |
| **SPECIALTY RETAIL—6.7%** | **SPECIALTY RETAIL—6.7%** | **SPECIALTY RETAIL—6.7%** |
| 45 | AutoZone, Inc. <sup>\*,1</sup> | 169 |
| 978 | Carvana Co. <sup>\*,1</sup> | 239 |
| 13994 | GameStop Corp. Class A<sup>\*,1</sup> | 390 |
| 126 | O'Reilly Automotive, Inc. <sup>\*,1</sup> | 178 |
| 1211 | TJX Cos., Inc. <sup>1</sup> | 156 |
| 1415 | Williams-Sonoma, Inc. <sup>1</sup> | 219 |
|  |  | 1351 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.9%** | **WIRELESS TELECOMMUNICATION SERVICES—0.9%** | **WIRELESS TELECOMMUNICATION SERVICES—0.9%** |
| 1871 | GCI Liberty, Inc. <sup>\*</sup> | — <br><sup>x</sup><br>|
| 771 | T-Mobile U.S., Inc. <sup>1</sup> | 190 |
|  |  | 190 |
| **TOTAL COMMON STOCKS** <br>(Cost $17,240) | **TOTAL COMMON STOCKS** <br>(Cost $17,240) | 19713 |

---

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

---

| | |
|:---|:---|
| **EXCHANGE-TRADED FUNDS—3.6%** | **EXCHANGE-TRADED FUNDS—3.6%** |
| (Cost $649) | (Cost $649) |
| **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** |
| 2388<br> SPDR Gold Shares <sup>1</sup> | 726 |
| **TOTAL INVESTMENTS—101.1%** <br>(Cost $17,889) | 20439 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(1.1)%** | (218)<br>|
| **TOTAL NET ASSETS—100%** | $20221 |

---

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

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

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**INVESTMENTS SOLD SHORT**

Value and Cost in Thousands

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

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—(59.1)%** | **COMMON STOCKS—(59.1)%** | **COMMON STOCKS—(59.1)%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—(8.1)%** | **BIOTECHNOLOGY—(8.1)%** | **BIOTECHNOLOGY—(8.1)%** |
| (22229)<br>| Apellis Pharmaceuticals, Inc. <sup>\*</sup> | $(427)<br>|
| (10780)<br>| Moderna, Inc. <sup>\*</sup> | (308)<br>|
| (499)<br>| Regeneron Pharmaceuticals, Inc.  | (299)<br>|
| (5106)<br>| Sarepta Therapeutics, Inc. <sup>\*</sup> | (318)<br>|
| (961)<br>| United Therapeutics Corp. <sup>\*</sup> | (291)<br>|
|  |  | (1643)<br>|
| **BROADLINE RETAIL—(1.4)%** | **BROADLINE RETAIL—(1.4)%** | **BROADLINE RETAIL—(1.4)%** |
| (1563)<br>| Amazon.com, Inc. <sup>\*</sup> | (288)<br>|
| **CHEMICALS—(1.4)%** | **CHEMICALS—(1.4)%** | **CHEMICALS—(1.4)%** |
| (21098)<br>| Huntsman Corp.  | (281)<br>|
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—(1.6)%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—(1.6)%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—(1.6)%** |
| (4969)<br>| Coherent Corp. <sup>\*</sup> | (320)<br>|
| **ENERGY EQUIPMENT & SERVICES—(1.3)%** | **ENERGY EQUIPMENT & SERVICES—(1.3)%** | **ENERGY EQUIPMENT & SERVICES—(1.3)%** |
| (6165)<br>| Weatherford International PLC  | (255)<br>|
| **GROUND TRANSPORTATION—(2.7)%** | **GROUND TRANSPORTATION—(2.7)%** | **GROUND TRANSPORTATION—(2.7)%** |
| (27688)<br>| Lyft, Inc. Class A<sup>\*</sup> | (343)<br>|
| (863)<br>| Saia, Inc. <sup>\*</sup> | (211)<br>|
|  |  | (554)<br>|
| **HEALTH CARE EQUIPMENT & SUPPLIES—(2.0)%** | **HEALTH CARE EQUIPMENT & SUPPLIES—(2.0)%** | **HEALTH CARE EQUIPMENT & SUPPLIES—(2.0)%** |
| (11645)<br>| Enovis Corp. <sup>\*</sup> | (403)<br>|
| **HEALTH CARE PROVIDERS & SERVICES—(1.4)%** | **HEALTH CARE PROVIDERS & SERVICES—(1.4)%** | **HEALTH CARE PROVIDERS & SERVICES—(1.4)%** |
| (12362)<br>| Acadia Healthcare Co., Inc. <sup>\*</sup> | (289)<br>|
| **HOTELS, RESTAURANTS & LEISURE—(3.1)%** | **HOTELS, RESTAURANTS & LEISURE—(3.1)%** | **HOTELS, RESTAURANTS & LEISURE—(3.1)%** |
| (1429)<br>| Royal Caribbean Cruises Ltd.  | (307)<br>|
| (1248)<br>| Wingstop, Inc.  | (329)<br>|
|  |  | (636)<br>|
| **INTERACTIVE MEDIA & SERVICES—(3.0)%** | **INTERACTIVE MEDIA & SERVICES—(3.0)%** | **INTERACTIVE MEDIA & SERVICES—(3.0)%** |
| (1784)<br>| Alphabet, Inc. Class A | (283)<br>|
| (593)<br>| Meta Platforms, Inc. Class A | (326)<br>|
|  |  | (609)<br>|

---

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MEDIA—(1.6)%** | **MEDIA—(1.6)%** | **MEDIA—(1.6)%** |
| (14834)<br>| Sirius XM Holdings, Inc.  | $(318)<br>|
| **OIL, GAS & CONSUMABLE FUELS—(11.5)%** | **OIL, GAS & CONSUMABLE FUELS—(11.5)%** | **OIL, GAS & CONSUMABLE FUELS—(11.5)%** |
| (28670)<br>| APA Corp.  | (446)<br>|
| (2984)<br>| Chord Energy Corp.  | (269)<br>|
| (9702)<br>| Civitas Resources, Inc.  | (264)<br>|
| (12358)<br>| Devon Energy Corp.  | (376)<br>|
| (95911)<br>| New Fortress Energy, Inc.  | (521)<br>|
| (38729)<br>| Permian Resources Corp.  | (457)<br>|
|  |  | (2333)<br>|
| **PASSENGER AIRLINES—(1.5)%** | **PASSENGER AIRLINES—(1.5)%** | **PASSENGER AIRLINES—(1.5)%** |
| (6607)<br>| Alaska Air Group, Inc. <sup>\*</sup> | (293)<br>|
| **PHARMACEUTICALS—(1.7)%** | **PHARMACEUTICALS—(1.7)%** | **PHARMACEUTICALS—(1.7)%** |
| (373)<br>| Eli Lilly & Co.  | (335)<br>|
| **SOFTWARE—(9.1)%** | **SOFTWARE—(9.1)%** | **SOFTWARE—(9.1)%** |
| (820)<br>| Adobe, Inc. <sup>\*</sup> | (308)<br>|
| (36738)<br>| DoubleVerify Holdings, Inc. <sup>\*</sup> | (487)<br>|
| (17943)<br>| Five9, Inc. <sup>\*</sup> | (451)<br>|
| (732)<br>| Microsoft Corp.  | (289)<br>|
| (16032)<br>| SentinelOne, Inc. Class A<sup>\*</sup> | (297)<br>|
|  |  | (1832)<br>|
| **SPECIALTY RETAIL—(6.2)%** | **SPECIALTY RETAIL—(6.2)%** | **SPECIALTY RETAIL—(6.2)%** |
| (8672)<br>| Advance Auto Parts, Inc.  | (284)<br>|
| (4594)<br>| Five Below, Inc. <sup>\*</sup> | (349)<br>|
| (1039)<br>| Lithia Motors, Inc.  | (304)<br>|
| (1747)<br>| RH <sup>\*</sup> | (321)<br>|
|  |  | (1258)<br>|
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—(1.5)%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—(1.5)%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—(1.5)%** |
| (3284)<br>| Dell Technologies, Inc. Class C | (301)<br>|
| **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds - $13,679) | **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds - $13,679) | (11948)<br>|
| **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS - $13,679)** | **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS - $13,679)** | $(11948)<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>|
| Roundhill Magnificent Seven ETF | $47.00 | 06/20/2025 | 1090 | $5023 | $213 | $326 |
| Roundhill Magnificent Seven ETF | 39.00 | 09/19/2025 | 1150 | 5299 | 330 | 170 |
| Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | $543 | $496 |

---

**FAIR VALUE MEASUREMENTS**

As of April 30, 2025, 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 Financial Statements.

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS—Continued**

The following is a rollforward of the Fund's Level 3 investments during the period ended April 30, 2025. Transfers into or out of Level 3, if any, are recognized as of the last day in the fiscal quarter of the period in which the event or change in circumstances that caused the reclassification occurred.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Valuation** <br>**Description**<br>| **Beginning** <br>**Balance** <br>**as of** <br>**11/01/2024** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Discount/** <br>**(Premium)** <br>**(000s)**<br>| **Total** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Transfers** <br>**Into** <br>**Level 3** <br>**(000s)**<br>| **Transfers** <br>**Out of** <br>**Level 3** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**04/30/2025** <br>**(000s)**<br>|
| Common Stock | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Descriptions** | **Ending Balance** <br>**as of 04/30/2025** <br>**(000s)**<br>| **Valuation** <br>**Technique**<br>| **Unobservable** <br>**Input(s)**<br>| **Input** <br>**Value(s)**<br>|
| Investments in Securities |  |  |  |  |
| Common Stocks |  |  |  |  |
| GCI Liberty, Inc.\* | $— | Market Approach | Estimated Recovery Value | $0.00 |

---

------

\*

Non-income producing security

x

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

As of April 30, 2025, all or a portion of this security was pledged as collateral for investments sold short. The securities pledged had an aggregate value of $16,079.

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

------

⬤

------

**Harbor Long-Term Growers ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Jennison Associates LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.4%** | **COMMON STOCKS—98.4%** | **COMMON STOCKS—98.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—3.3%** | **AEROSPACE & DEFENSE—3.3%** | **AEROSPACE & DEFENSE—3.3%** |
| 6225 | Axon Enterprise, Inc. <sup>\*</sup> | $3818 |
| 65897 | Boeing Co. <sup>\*</sup> | 12075 |
| 42147 | General Electric Co.  | 8494 |
|  |  | 24387 |
| **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** |
| 51278 | Tesla, Inc. <sup>\*</sup> | 14469 |
| **BANKS—1.0%** | **BANKS—1.0%** | **BANKS—1.0%** |
| 17684 | JPMorgan Chase & Co.  | 4326 |
| 278430 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 3461 |
|  |  | 7787 |
| **BEVERAGES—0.5%** | **BEVERAGES—0.5%** | **BEVERAGES—0.5%** |
| 48741 | Coca-Cola Co.  | 3536 |
| **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** | **BIOTECHNOLOGY—1.8%** |
| 26120 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 13308 |
| **BROADLINE RETAIL—8.4%** | **BROADLINE RETAIL—8.4%** | **BROADLINE RETAIL—8.4%** |
| 295209 | Amazon.com, Inc. <sup>\*</sup> | 54442 |
| 3674 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 8564 |
|  |  | 63006 |
| **CAPITAL MARKETS—1.0%** | **CAPITAL MARKETS—1.0%** | **CAPITAL MARKETS—1.0%** |
| 3547 | Goldman Sachs Group, Inc.  | 1942 |
| 12418 | KKR & Co., Inc.  | 1419 |
| 5536 | LPL Financial Holdings, Inc.  | 1770 |
| 5759 | Moody's Corp.  | 2610 |
|  |  | 7741 |
| **COMMUNICATIONS EQUIPMENT—0.6%** | **COMMUNICATIONS EQUIPMENT—0.6%** | **COMMUNICATIONS EQUIPMENT—0.6%** |
| 57566 | Arista Networks, Inc. <sup>\*</sup> | 4736 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.7%** |
| 16350 | Costco Wholesale Corp.  | 16260 |
| 115241 | Walmart, Inc.  | 11207 |
|  |  | 27467 |
| **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** |
| 10226 | Constellation Energy Corp.  | 2285 |
| **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** | **ELECTRICAL EQUIPMENT—0.4%** |
| 34466 | Vertiv Holdings Co. Class A | 2943 |
| **ENTERTAINMENT—7.4%** | **ENTERTAINMENT—7.4%** | **ENTERTAINMENT—7.4%** |
| 35526 | Netflix, Inc. <sup>\*</sup> | 40205 |
| 16233 | Spotify Technology SA <sup>\*</sup> | 9967 |
| 59953 | Walt Disney Co.  | 5453 |
|  |  | 55625 |
| **FINANCIAL SERVICES—5.7%** | **FINANCIAL SERVICES—5.7%** | **FINANCIAL SERVICES—5.7%** |
| 27783 | Apollo Global Management, Inc.  | 3792 |
| 49545 | Mastercard, Inc. Class A | 27153 |
| 33149 | Visa, Inc. Class A | 11453 |
|  |  | 42398 |
| **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** |
| 118026 | Uber Technologies, Inc. <sup>\*</sup> | 9561 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.7%** |
| 54501 | Abbott Laboratories  | $7126 |
| 55280 | Dexcom, Inc. <sup>\*</sup> | 3946 |
| 52712 | Edwards Lifesciences Corp. <sup>\*</sup> | 3979 |
| 10475 | Intuitive Surgical, Inc. <sup>\*</sup> | 5403 |
|  |  | 20454 |
| **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** | **HEALTH CARE PROVIDERS & SERVICES—0.7%** |
| 26040 | Cardinal Health, Inc.  | 3679 |
| 4388 | UnitedHealth Group, Inc.  | 1806 |
|  |  | 5485 |
| **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** |
| 23368 | Airbnb, Inc. Class A<sup>\*</sup> | 2849 |
| 20415 | Hilton Worldwide Holdings, Inc.  | 4603 |
| 42454 | Starbucks Corp.  | 3399 |
|  |  | 10851 |
| **INSURANCE—0.3%** | **INSURANCE—0.3%** | **INSURANCE—0.3%** |
| 8750 | Progressive Corp.  | 2465 |
| **INTERACTIVE MEDIA & SERVICES—9.5%** | **INTERACTIVE MEDIA & SERVICES—9.5%** | **INTERACTIVE MEDIA & SERVICES—9.5%** |
| 202827 | Alphabet, Inc. Class A | 32209 |
| 63409 | Meta Platforms, Inc. Class A | 34812 |
| 35399 | Reddit, Inc. Class A<sup>\*</sup> | 4126 |
|  |  | 71147 |
| **IT SERVICES—0.9%** | **IT SERVICES—0.9%** | **IT SERVICES—0.9%** |
| 24637 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 2341 |
| 27677 | Snowflake, Inc. Class A<sup>\*</sup> | 4414 |
|  |  | 6755 |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| 18112 | Danaher Corp.  | 3610 |
| **MEDIA—0.3%** | **MEDIA—0.3%** | **MEDIA—0.3%** |
| 41353 | Trade Desk, Inc. Class A<sup>\*</sup> | 2218 |
| **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** |
| 14946 | Cheniere Energy, Inc.  | 3454 |
| **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** | **PHARMACEUTICALS—4.5%** |
| 35616 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 2557 |
| 27997 | Eli Lilly & Co.  | 25168 |
| 91831 | Novo Nordisk AS ADR (Denmark)<sup>1</sup> | 6102 |
|  |  | 33827 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.8%** |
| 134264 | Broadcom, Inc.  | 25842 |
| 165480 | Intel Corp.  | 3326 |
| 70851 | Lam Research Corp.  | 5078 |
| 24924 | Marvell Technology, Inc.  | 1455 |
| 586219 | NVIDIA Corp.  | 63851 |
| 12148 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 2025 |
| 9899 | Texas Instruments, Inc.  | 1584 |
|  |  | 103161 |
| **SOFTWARE—14.4%** | **SOFTWARE—14.4%** | **SOFTWARE—14.4%** |
| 3472 | Adobe, Inc. <sup>\*</sup> | 1302 |
| 6167 | AppLovin Corp. Class A<sup>\*</sup> | 1661 |

---

------

⬤

------

**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** |
| 26914 | Cadence Design Systems, Inc. <sup>\*</sup> | $8013 |
| 17790 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 7630 |
| 31566 | Datadog, Inc. Class A<sup>\*</sup> | 3225 |
| 11485 | HubSpot, Inc. <sup>\*</sup> | 7023 |
| 167879 | Microsoft Corp.  | 66356 |
| 11952 | Palo Alto Networks, Inc. <sup>\*</sup> | 2234 |
| 6695 | Salesforce, Inc.  | 1799 |
| 2091 | ServiceNow, Inc. <sup>\*</sup> | 1997 |
| 14915 | Synopsys, Inc. <sup>\*</sup> | 6846 |
|  |  | 108086 |
| **SPECIALIZED REITS—0.6%** | **SPECIALIZED REITS—0.6%** | **SPECIALIZED REITS—0.6%** |
| 19611 | American Tower Corp.  | 4421 |
| **SPECIALTY RETAIL—2.8%** | **SPECIALTY RETAIL—2.8%** | **SPECIALTY RETAIL—2.8%** |
| 106324 | Industria de Diseno Textil SA ADR (Spain)<sup>1</sup> | 2862 |
| 5896 | O'Reilly Automotive, Inc. <sup>\*</sup> | 8344 |
| 74914 | TJX Cos., Inc.  | 9640 |
|  |  | 20846 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.3%** |
| 256302 | Apple, Inc.  | $54464 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.9%** | **TEXTILES, APPAREL & LUXURY GOODS—0.9%** | **TEXTILES, APPAREL & LUXURY GOODS—0.9%** |
| 30900 | adidas AG ADR (Germany)<sup>1</sup> | 3536 |
| 52606 | NIKE, Inc. Class B | 2967 |
|  |  | 6503 |
| **TOTAL COMMON STOCKS** <br>(Cost $641,677) | **TOTAL COMMON STOCKS** <br>(Cost $641,677) | 736996 |
| **TOTAL INVESTMENTS—98.4%** <br>(Cost $641,677) | **TOTAL INVESTMENTS—98.4%** <br>(Cost $641,677) | 736996 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.6%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.6%** | 12077 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $749073 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor Multi-Asset Explorer ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—99.7%** | **EXCHANGE-TRADED FUNDS—99.7%** | **EXCHANGE-TRADED FUNDS—99.7%** |
| **Shares** |  | **Value** |
| **COMMODITY FUNDS—13.2%** | **COMMODITY FUNDS—13.2%** | **COMMODITY FUNDS—13.2%** |
| 5188 | Goldman Sachs Physical Gold ETF | $169 |
| 1704 | SPDR Gold Shares | 517 |
|  |  | 686 |
| **EQUITY FUNDS—60.9%** | **EQUITY FUNDS—60.9%** | **EQUITY FUNDS—60.9%** |
| 3124 | Communication Services Select Sector SPDR Fund | 298 |
| 1773 | Energy Select Sector SPDR Fund | 143 |
| 10614 | Franklin FTSE United Kingdom ETF | 309 |
| 1879 | iShares Core S&P 500 ETF | 1049 |
| 1845 | iShares MSCI EAFE ETF | 156 |
| 6040 | iShares MSCI Emerging Markets ETF | 264 |
| 3644 | iShares MSCI Japan ETF | 260 |
| 946 | Technology Select Sector SPDR Fund | 199 |
| 6482 | Vanguard FTSE Europe ETF | 473 |
|  |  | 3151 |
| **FIXED INCOME FUNDS—25.6%** | **FIXED INCOME FUNDS—25.6%** | **FIXED INCOME FUNDS—25.6%** |
| 3535 | iShares 20+ Year Treasury Bond ETF | 316 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—Continued** | **EXCHANGE-TRADED FUNDS—Continued** | **EXCHANGE-TRADED FUNDS—Continued** |
| **Shares** |  | **Value** |
| **FIXED INCOME FUNDS—Continued** | **FIXED INCOME FUNDS—Continued** | **FIXED INCOME FUNDS—Continued** |
| 2078 | iShares 7-10 Year Treasury Bond ETF | $200 |
| 2662 | iShares Broad USD Investment Grade Corporate <br> Bond ETF<br>| 135 |
| 2163 | iShares iBoxx $ High Yield Corporate Bond ETF | 170 |
| 1090 | iShares JP Morgan USD Emerging Markets Bond <br> ETF<br>| 98 |
| 1263 | iShares MBS ETF | 119 |
| 927 | iShares TIPS Bond ETF | 102 |
| 3111 | Vanguard Short-Term Treasury ETF | 184 |
|  |  | 1324 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $4,738) | **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $4,738) | 5161 |
| **TOTAL INVESTMENTS—99.7%** <br>(Cost $4,738) | **TOTAL INVESTMENTS—99.7%** <br>(Cost $4,738) | 5161 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | 16 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5177 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

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

------

⬤

------

**Harbor Osmosis Emerging Markets Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Osmosis Investment Management US LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.7%** | **COMMON STOCKS—99.7%** | **COMMON STOCKS—99.7%** |
| **Shares** |  | **Value** |
| **AUTOMOBILES—8.1%** | **AUTOMOBILES—8.1%** | **AUTOMOBILES—8.1%** |
| 58044 | Kia Corp. (South Korea) | $3691 |
| 109758 | Li Auto, Inc. Class A (China)<sup>\*</sup> | 1348 |
| 475145 | Tata Motors Ltd. (India) | 3619 |
|  |  | 8658 |
| **BANKS—18.2%** | **BANKS—18.2%** | **BANKS—18.2%** |
| 88945 | Al Rajhi Bank (Saudi Arabia) | 2310 |
| 3979782 | Banco de Chile (Chile) | 584 |
| 2041554 | Bank Central Asia Tbk. PT (Indonesia) | 1085 |
| 4533550 | Bank of China Ltd. Class H (China) | 2537 |
| 615000 | China CITIC Bank Corp. Ltd. Class H (China) | 486 |
| 3010656 | China Construction Bank Corp. Class H (China) | 2477 |
| 79839 | Commercial International Bank (Egypt) | 127 |
| 1369 | Credicorp Ltd. (Peru) | 277 |
| 71910 | Eurobank Ergasias Services & Holdings SA <br> (Greece)<br>| 202 |
| 36597 | Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 314 |
| 59700 | Hong Leong Bank Bhd. (Malaysia) | 276 |
| 154329 | ICICI Bank Ltd. (India) | 2602 |
| 4972 | Komercni Banka AS (Czech Republic) | 240 |
| 44309 | Kotak Mahindra Bank Ltd. (India) | 1155 |
| 333528 | Kuwait Finance House KSCP (Kuwait) | 787 |
| 556346 | Malayan Banking Bhd. (Malaysia) | 1288 |
| 54441 | National Bank of Greece SA (Greece) | 573 |
| 3739 | OTP Bank Nyrt (Hungary) | 275 |
| 55520 | Powszechna Kasa Oszczednosci Bank Polski SA <br> (Poland)<br>| 1063 |
| 61897 | Qatar National Bank QPSC (Qatar) | 284 |
| 56718 | Saudi National Bank (Saudi Arabia) | 540 |
|  |  | 19482 |
| **BEVERAGES—1.7%** | **BEVERAGES—1.7%** | **BEVERAGES—1.7%** |
| 168700 | Arca Continental SAB de CV (Mexico) | 1777 |
| **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** | **BIOTECHNOLOGY—0.5%** |
| 21900 | Imeik Technology Development Co. Ltd. Class A <br> (China)<br>| 522 |
| **BROADLINE RETAIL—1.0%** | **BROADLINE RETAIL—1.0%** | **BROADLINE RETAIL—1.0%** |
| 66050 | JD.com, Inc. Class A (China) | 1089 |
| **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** | **CAPITAL MARKETS—1.8%** |
| 908400 | Guotai Haitong Securities Co. Ltd. Class H (China)<sup>1</sup> | 1298 |
| 11775 | HDFC Asset Management Co. Ltd. (India)<sup>1</sup> | 609 |
|  |  | 1907 |
| **CHEMICALS—3.0%** | **CHEMICALS—3.0%** | **CHEMICALS—3.0%** |
| 112661 | Asian Paints Ltd. (India) | 3222 |
| **CONSTRUCTION & ENGINEERING—1.8%** | **CONSTRUCTION & ENGINEERING—1.8%** | **CONSTRUCTION & ENGINEERING—1.8%** |
| 3716771 | China Communications Services Corp. Ltd. Class H <br> (China)<br>| 1941 |
| **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** | **CONSTRUCTION MATERIALS—0.2%** |
| 229706 | TCC Group Holdings Co. Ltd. (Taiwan) | 213 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.8%** |
| 77857 | Bid Corp. Ltd. (South Africa) | 1957 |
| **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** |
| 128541 | Klabin SA (Brazil) | 420 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **DIVERSIFIED REITS—0.1%** | **DIVERSIFIED REITS—0.1%** | **DIVERSIFIED REITS—0.1%** |
| 100600 | Fibra Uno Administracion SA de CV (Mexico) | $130 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.4%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.4%** |
| 184023 | Emirates Telecommunications Group Co. PJSC <br> (United Arab Emirates)<br>| 872 |
| 168296 | Ooredoo QPSC (Qatar) | 599 |
|  |  | 1471 |
| **ELECTRIC UTILITIES—0.2%** | **ELECTRIC UTILITIES—0.2%** | **ELECTRIC UTILITIES—0.2%** |
| 57991 | Power Grid Corp. of India Ltd. (India) | 210 |
| **ELECTRICAL EQUIPMENT—2.0%** | **ELECTRICAL EQUIPMENT—2.0%** | **ELECTRICAL EQUIPMENT—2.0%** |
| 261200 | Sungrow Power Supply Co. Ltd. Class A (China) | 2179 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.2%** |
| 1560492 | Synnex Technology International Corp. (Taiwan) | 3459 |
| **ENTERTAINMENT—3.5%** | **ENTERTAINMENT—3.5%** | **ENTERTAINMENT—3.5%** |
| 277794 | Tencent Music Entertainment Group ADR (China)<sup>2</sup> | 3728 |
| **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** |
| 320455 | FirstRand Ltd. (South Africa) | 1251 |
| **FOOD PRODUCTS—0.2%** | **FOOD PRODUCTS—0.2%** | **FOOD PRODUCTS—0.2%** |
| 25166 | Marico Ltd. (India) | 211 |
| **GAS UTILITIES—0.9%** | **GAS UTILITIES—0.9%** | **GAS UTILITIES—0.9%** |
| 80321 | ENN Energy Holdings Ltd. (China) | 638 |
| 362000 | Kunlun Energy Co. Ltd. (China) | 345 |
|  |  | 983 |
| **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** | **HOTELS, RESTAURANTS & LEISURE—1.4%** |
| 85612 | Meituan Class B (China)<sup>\*,1</sup> | 1438 |
| **HOUSEHOLD DURABLES—3.0%** | **HOUSEHOLD DURABLES—3.0%** | **HOUSEHOLD DURABLES—3.0%** |
| 16568 | Dixon Technologies India Ltd. (India) | 3216 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.6%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.6%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.6%** |
| 169200 | China Yangtze Power Co. Ltd. Class A (China) | 687 |
| **INSURANCE—3.1%** | **INSURANCE—3.1%** | **INSURANCE—3.1%** |
| 82800 | BB Seguridade Participacoes SA (Brazil) | 624 |
| 813656 | China Life Insurance Co. Ltd. Class H (China) | 1490 |
| 364184 | KGI Financial Holding Co. Ltd. (Taiwan) | 188 |
| 557904 | PICC Property & Casualty Co. Ltd. Class H (China) | 1028 |
|  |  | 3330 |
| **METALS & MINING—1.2%** | **METALS & MINING—1.2%** | **METALS & MINING—1.2%** |
| 108631 | JSW Steel Ltd. (India) | 1318 |
| **OIL, GAS & CONSUMABLE FUELS—5.3%** | **OIL, GAS & CONSUMABLE FUELS—5.3%** | **OIL, GAS & CONSUMABLE FUELS—5.3%** |
| 144690 | Oil & Natural Gas Corp. Ltd. (India) | 417 |
| 670715 | Petronet LNG Ltd. (India) | 2488 |
| 1304955 | PTT PCL (Thailand) | 1201 |
| 196651 | Saudi Arabian Oil Co. (Saudi Arabia)<sup>1</sup> | 1329 |
| 146300 | United Tractors Tbk. PT (Indonesia) | 200 |
|  |  | 5635 |
| **PASSENGER AIRLINES—3.0%** | **PASSENGER AIRLINES—3.0%** | **PASSENGER AIRLINES—3.0%** |
| 2224732 | Eva Airways Corp. (Taiwan) | 2678 |
| 76176 | Turk Hava Yollari AO (Turkey)<sup>\*</sup> | 563 |
|  |  | 3241 |

---

------

⬤

------

**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** |
| **PERSONAL CARE PRODUCTS—1.0%** | **PERSONAL CARE PRODUCTS—1.0%** | **PERSONAL CARE PRODUCTS—1.0%** |
| 4630 | LG H&H Co. Ltd. (South Korea) | $1099 |
| **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** | **PHARMACEUTICALS—2.6%** |
| 37332 | SK Biopharmaceuticals Co. Ltd. (South Korea)<sup>\*</sup> | 2797 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%** |
| 406900 | Ayala Land, Inc. (Philippines) | 183 |
| 43617 | DLF Ltd. (India) | 346 |
| 213405 | Emaar Properties PJSC (United Arab Emirates) | 761 |
| 5100 | KE Holdings, Inc. ADR (China)<sup>2</sup> | 104 |
| 24265 | NEPI Rockcastle NV (Romania) | 186 |
| 792398 | SM Prime Holdings, Inc. (Philippines) | 345 |
|  |  | 1925 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.7%** |
| 106648 | Global Unichip Corp. (Taiwan) | 3418 |
| 89869 | MediaTek, Inc. (Taiwan) | 3793 |
|  |  | 7211 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—12.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—12.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—12.0%** |
| 205056 | Asustek Computer, Inc. (Taiwan) | 3719 |
| 3308047 | Lenovo Group Ltd. (China) | 3835 |
| 65961 | Shenzhen Transsion Holdings Co. Ltd. Class A <br> (China)<br>| 680 |
| 11003 | Wiwynn Corp. (Taiwan) | 657 |
| 609637 | Xiaomi Corp. Class B (China)<sup>\*,1</sup> | 3926 |
|  |  | 12817 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** |
| 15425 | Posco International Corp. (South Korea) | $536 |
| **WIRELESS TELECOMMUNICATION SERVICES—6.3%** | **WIRELESS TELECOMMUNICATION SERVICES—6.3%** | **WIRELESS TELECOMMUNICATION SERVICES—6.3%** |
| 45764 | Bharti Airtel Ltd. (India) | 1005 |
| 53053 | SK Telecom Co. Ltd. (South Korea) | 2027 |
| 1127388 | TIM SA (Brazil) | 3764 |
|  |  | 6796 |
| **TOTAL COMMON STOCKS** <br>(Cost $104,749) | **TOTAL COMMON STOCKS** <br>(Cost $104,749) | 106856 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.2%** | **PREFERRED STOCKS—0.2%** | **PREFERRED STOCKS—0.2%** |
| **BANKS—0.2%** | **BANKS—0.2%** | **BANKS—0.2%** |
| 15734 | Bancolombia SA (Colombia) | 162 |
| 18200 | Itau Unibanco Holding SA (Brazil) | 114 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $247) | **TOTAL PREFERRED STOCKS** <br>(Cost $247) | 276 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $104,996) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $104,996) | 107132 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 60 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $107192 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $8,600 or 8% of net assets.

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

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

------

⬤

------

**Harbor Osmosis International Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Osmosis Investment Management US LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** | **COMMON STOCKS—97.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** | **AEROSPACE & DEFENSE—0.8%** |
| 3566 | Thales SA (France) | $989 |
| **AUTOMOBILE COMPONENTS—2.7%** | **AUTOMOBILE COMPONENTS—2.7%** | **AUTOMOBILE COMPONENTS—2.7%** |
| 249500 | Denso Corp. (Japan) | 3224 |
| **AUTOMOBILES—2.7%** | **AUTOMOBILES—2.7%** | **AUTOMOBILES—2.7%** |
| 53982 | Mercedes-Benz Group AG (Germany) | 3209 |
| **BANKS—7.7%** | **BANKS—7.7%** | **BANKS—7.7%** |
| 37524 | Banco BPM SpA (Italy) | 416 |
| 191170 | Banco Santander SA (Spain) | 1339 |
| 287179 | Barclays PLC (United Kingdom) | 1136 |
| 63001 | BOC Hong Kong Holdings Ltd. (China) | 262 |
| 10 | DBS Group Holdings Ltd. (Singapore) |  |
| 3147 | KBC Group NV (Belgium) | 289 |
| 30200 | Oversea-Chinese Banking Corp. Ltd. (Singapore) | 374 |
| 18873 | Royal Bank of Canada (Canada) | 2265 |
| 17539 | Societe Generale SA (France) | 906 |
| 35835 | UniCredit SpA (Italy) | 2069 |
|  |  | 9056 |
| **BIOTECHNOLOGY—2.8%** | **BIOTECHNOLOGY—2.8%** | **BIOTECHNOLOGY—2.8%** |
| 109299 | Swedish Orphan Biovitrum AB (Sweden)<sup>\*</sup> | 3313 |
| **CAPITAL MARKETS—4.7%** | **CAPITAL MARKETS—4.7%** | **CAPITAL MARKETS—4.7%** |
| 51843 | 3i Group PLC (United Kingdom) | 2925 |
| 735 | Deutsche Boerse AG (Germany) | 237 |
| 2600 | Futu Holdings Ltd. ADR (Hong Kong)<sup>1</sup> | 240 |
| 176 | Partners Group Holding AG (Switzerland) | 229 |
| 173100 | Singapore Exchange Ltd. (Singapore) | 1903 |
|  |  | 5534 |
| **CHEMICALS—1.2%** | **CHEMICALS—1.2%** | **CHEMICALS—1.2%** |
| 3761 | Akzo Nobel NV (Netherlands) | 237 |
| 80900 | Nippon Paint Holdings Co. Ltd. (Japan) | 614 |
| 29200 | Nitto Denko Corp. (Japan) | 510 |
|  |  | 1361 |
| **COMMERCIAL SERVICES & SUPPLIES—1.4%** | **COMMERCIAL SERVICES & SUPPLIES—1.4%** | **COMMERCIAL SERVICES & SUPPLIES—1.4%** |
| 125630 | Brambles Ltd. (Australia) | 1651 |
| **COMMUNICATIONS EQUIPMENT—1.5%** | **COMMUNICATIONS EQUIPMENT—1.5%** | **COMMUNICATIONS EQUIPMENT—1.5%** |
| 214419 | Telefonaktiebolaget LM Ericsson Class B (Sweden) | 1805 |
| **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** | **CONSTRUCTION & ENGINEERING—1.5%** |
| 19579 | Stantec, Inc. (Canada) | 1718 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.6%** |
| 21518 | George Weston Ltd. (Canada) | 4193 |
| **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** |
| 82482 | Pearson PLC (United Kingdom) | 1315 |
| **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** | **ELECTRIC UTILITIES—0.3%** |
| 18475 | Fortum OYJ (Finland) | 309 |
| 8 | Iberdrola SA (Spain) |  |
|  |  | 309 |
| **ENTERTAINMENT—3.6%** | **ENTERTAINMENT—3.6%** | **ENTERTAINMENT—3.6%** |
| 50700 | Nintendo Co. Ltd. (Japan) | 4195 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** | **FINANCIAL SERVICES—1.4%** |
| 19805 | Groupe Bruxelles Lambert NV (Belgium) | $1627 |
| **FOOD PRODUCTS—0.0%** | **FOOD PRODUCTS—0.0%** | **FOOD PRODUCTS—0.0%** |
| 4 | Yakult Honsha Co. Ltd. (Japan) |  |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.0%** |
| 33944 | Koninklijke Philips NV (Netherlands) | 858 |
| 31627 | Straumann Holding AG (Switzerland) | 3857 |
|  |  | 4715 |
| **HOTELS, RESTAURANTS & LEISURE—0.7%** | **HOTELS, RESTAURANTS & LEISURE—0.7%** | **HOTELS, RESTAURANTS & LEISURE—0.7%** |
| 10117 | Amadeus IT Group SA (Spain) | 793 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—2.0%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—2.0%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—2.0%** |
| 16891 | Brookfield Renewable Corp. (Canada) | 482 |
| 47445 | Orsted AS (Denmark)<sup>\*,2</sup> | 1885 |
|  |  | 2367 |
| **INDUSTRIAL CONGLOMERATES—1.5%** | **INDUSTRIAL CONGLOMERATES—1.5%** | **INDUSTRIAL CONGLOMERATES—1.5%** |
| 7781 | Siemens AG (Germany) | 1780 |
| **INSURANCE—10.0%** | **INSURANCE—10.0%** | **INSURANCE—10.0%** |
| 4291 | Ageas SA (Belgium) | 269 |
| 10 | Allianz SE (Germany) | 4 |
| 193139 | Aviva PLC (United Kingdom) | 1441 |
| 45161 | Manulife Financial Corp. (Canada) | 1384 |
| 472757 | Medibank Pvt Ltd. (Australia) | 1408 |
| 1207 | Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen (Germany)<sup>\*</sup><br>| 823 |
| 7 | QBE Insurance Group Ltd. (Australia) |  |
| 146790 | Sampo OYJ Class A (Finland) | 1466 |
| 22601 | Sun Life Financial, Inc. (Canada) | 1347 |
| 85660 | Suncorp Group Ltd. (Australia) | 1112 |
| 3518 | Zurich Insurance Group AG (Switzerland) | 2482 |
|  |  | 11736 |
| **IT SERVICES—3.5%** | **IT SERVICES—3.5%** | **IT SERVICES—3.5%** |
| 116304 | Obic Co. Ltd. (Japan) | 4060 |
| **MARINE TRANSPORTATION—3.3%** | **MARINE TRANSPORTATION—3.3%** | **MARINE TRANSPORTATION—3.3%** |
| 119200 | Nippon Yusen KK (Japan) | 3877 |
| **METALS & MINING—5.2%** | **METALS & MINING—5.2%** | **METALS & MINING—5.2%** |
| 63505 | Antofagasta PLC (Chile) | 1382 |
| 275866 | BlueScope Steel Ltd. (Australia) | 4218 |
| 21265 | Pan American Silver Corp. (Canada) | 535 |
|  |  | 6135 |
| **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** | **MULTI-UTILITIES—0.2%** |
| 118966 | Centrica PLC (United Kingdom) | 254 |
| **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** | **OIL, GAS & CONSUMABLE FUELS—3.6%** |
| 43338 | Galp Energia SGPS SA (Portugal) | 670 |
| 61444 | TotalEnergies SE (France) | 3561 |
|  |  | 4231 |
| **PERSONAL CARE PRODUCTS—3.6%** | **PERSONAL CARE PRODUCTS—3.6%** | **PERSONAL CARE PRODUCTS—3.6%** |
| 1684 | Beiersdorf AG (Germany) | 236 |
| 9050 | L'Oreal SA (France)<sup>\*</sup> | 3968 |
|  |  | 4204 |

---

------

⬤

------

**Harbor Osmosis International Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—4.7%** | **PHARMACEUTICALS—4.7%** | **PHARMACEUTICALS—4.7%** |
| 20922 | AstraZeneca PLC (United Kingdom) | $2992 |
| 7629 | Roche Holding AG (United States) | 2489 |
|  |  | 5481 |
| **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** |
| 27100 | Recruit Holdings Co. Ltd. (Japan) | 1505 |
| 5740 | RELX PLC (United Kingdom) | 311 |
|  |  | 1816 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.8%** |
| 296700 | CapitaLand Investment Ltd. (Singapore) | 625 |
| 4 | Daito Trust Construction Co. Ltd. (Japan) | 1 |
| 27000 | Sun Hung Kai Properties Ltd. (Hong Kong) | 256 |
|  |  | 882 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** |
| 1044 | ASML Holding NV (Netherlands) | 689 |
| **SOFTWARE—3.8%** | **SOFTWARE—3.8%** | **SOFTWARE—3.8%** |
| 111572 | Sage Group PLC (United Kingdom) | 1840 |
| 9087 | SAP SE (Germany) | 2628 |
|  |  | 4468 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** |
| 25630 | Moncler SpA (Italy) | 1569 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—8.3%** | **TRADING COMPANIES & DISTRIBUTORS—8.3%** | **TRADING COMPANIES & DISTRIBUTORS—8.3%** |
| 30688 | AerCap Holdings NV (Ireland) | $3253 |
| 5572 | IMCD NV (Netherlands) | 737 |
| 50401 | Rexel SA (France) | 1393 |
| 218000 | Toyota Tsusho Corp. (Japan) | 4307 |
|  |  | 9690 |
| **WIRELESS TELECOMMUNICATION SERVICES—2.2%** | **WIRELESS TELECOMMUNICATION SERVICES—2.2%** | **WIRELESS TELECOMMUNICATION SERVICES—2.2%** |
| 35800 | SoftBank Group Corp. (Japan) | 1794 |
| 801238 | Vodafone Group PLC (United Kingdom) | 782 |
|  |  | 2576 |
| **TOTAL COMMON STOCKS** <br>(Cost $104,461) | **TOTAL COMMON STOCKS** <br>(Cost $104,461) | 114822 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—1.7%** | **PREFERRED STOCKS—1.7%** | **PREFERRED STOCKS—1.7%** |
| (Cost $1,718) | (Cost $1,718) | (Cost $1,718) |
| **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** |
| 18776 | Volkswagen AG (Germany) | 2030 |
| **TOTAL INVESTMENTS—99.5%** <br>(Cost $106,179) | **TOTAL INVESTMENTS—99.5%** <br>(Cost $106,179) | 116852 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.5%** | 596 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $117448 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $1,885 or 2% of net assets.

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

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

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

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.6%** | **COMMON STOCKS—99.6%** | **COMMON STOCKS—99.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** | **AEROSPACE & DEFENSE—2.5%** |
| 3452 | General Electric Co.  | $696 |
| 602 | Northrop Grumman Corp.  | 293 |
| 4845 | RTX Corp.  | 611 |
|  |  | 1600 |
| **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** |
| 5993 | General Motors Co.  | 271 |
| 3383 | Tesla, Inc. <sup>\*</sup> | 955 |
|  |  | 1226 |
| **BANKS—4.4%** | **BANKS—4.4%** | **BANKS—4.4%** |
| 5539 | Bank of America Corp.  | 221 |
| 2614 | Commerce Bancshares, Inc.  | 159 |
| 13066 | Fifth Third Bancorp  | 470 |
| 4959 | JPMorgan Chase & Co.  | 1213 |
| 7526 | Wells Fargo & Co.  | 534 |
| 4442 | Zions Bancorp NA  | 200 |
|  |  | 2797 |
| **BEVERAGES—0.5%** | **BEVERAGES—0.5%** | **BEVERAGES—0.5%** |
| 2289 | PepsiCo, Inc.  | 310 |
| **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** |
| 938 | Amgen, Inc.  | 273 |
| 6891 | Exelixis, Inc. <sup>\*</sup> | 270 |
| 6122 | Incyte Corp. <sup>\*</sup> | 383 |
|  |  | 926 |
| **BROADLINE RETAIL—3.8%** | **BROADLINE RETAIL—3.8%** | **BROADLINE RETAIL—3.8%** |
| 13128 | Amazon.com, Inc. <sup>\*</sup> | 2421 |
| **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** |
| 4878 | Johnson Controls International PLC  | 409 |
| 1595 | Trane Technologies PLC  | 612 |
|  |  | 1021 |
| **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** | **CAPITAL MARKETS—1.9%** |
| 331 | Goldman Sachs Group, Inc.  | 181 |
| 1043 | Morgan Stanley  | 121 |
| 474 | MSCI, Inc.  | 258 |
| 1075 | Raymond James Financial, Inc.  | 147 |
| 390 | S&P Global, Inc.  | 195 |
| 3565 | State Street Corp.  | 314 |
|  |  | 1216 |
| **CHEMICALS—1.8%** | **CHEMICALS—1.8%** | **CHEMICALS—1.8%** |
| 7455 | DuPont de Nemours, Inc.  | 492 |
| 2488 | Ecolab, Inc.  | 626 |
|  |  | 1118 |
| **COMMUNICATIONS EQUIPMENT—1.9%** | **COMMUNICATIONS EQUIPMENT—1.9%** | **COMMUNICATIONS EQUIPMENT—1.9%** |
| 4050 | Arista Networks, Inc. <sup>\*</sup> | 333 |
| 1693 | F5, Inc. <sup>\*</sup> | 448 |
| 1052 | Motorola Solutions, Inc.  | 464 |
|  |  | 1245 |
| **CONSTRUCTION & ENGINEERING—0.4%** | **CONSTRUCTION & ENGINEERING—0.4%** | **CONSTRUCTION & ENGINEERING—0.4%** |
| 2420 | AECOM  | 239 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CONSTRUCTION MATERIALS—0.4%** | **CONSTRUCTION MATERIALS—0.4%** | **CONSTRUCTION MATERIALS—0.4%** |
| 2606 | CRH PLC  | $249 |
| **CONSUMER FINANCE—0.7%** | **CONSUMER FINANCE—0.7%** | **CONSUMER FINANCE—0.7%** |
| 8827 | Synchrony Financial  | 459 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.9%** |
| 670 | Costco Wholesale Corp.  | 666 |
| 9708 | Kroger Co.  | 701 |
| 354 | U.S. Foods Holding Corp. <sup>\*</sup> | 23 |
| 11473 | Walmart, Inc.  | 1116 |
|  |  | 2506 |
| **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** | **CONTAINERS & PACKAGING—0.4%** |
| 1528 | AptarGroup, Inc.  | 229 |
| **ELECTRIC UTILITIES—2.8%** | **ELECTRIC UTILITIES—2.8%** | **ELECTRIC UTILITIES—2.8%** |
| 5088 | Entergy Corp.  | 423 |
| 14598 | Exelon Corp.  | 685 |
| 4410 | NRG Energy, Inc.  | 483 |
| 12136 | PG&E Corp.  | 201 |
|  |  | 1792 |
| **ENERGY EQUIPMENT & SERVICES—0.8%** | **ENERGY EQUIPMENT & SERVICES—0.8%** | **ENERGY EQUIPMENT & SERVICES—0.8%** |
| 11788 | Baker Hughes Co.  | 417 |
| 6601 | NOV, Inc.  | 77 |
|  |  | 494 |
| **ENTERTAINMENT—1.7%** | **ENTERTAINMENT—1.7%** | **ENTERTAINMENT—1.7%** |
| 947 | Netflix, Inc. <sup>\*</sup> | 1072 |
| **FINANCIAL SERVICES—5.6%** | **FINANCIAL SERVICES—5.6%** | **FINANCIAL SERVICES—5.6%** |
| 1370 | Berkshire Hathaway, Inc. Class B<sup>\*</sup> | 731 |
| 1299 | Equitable Holdings, Inc.  | 64 |
| 2116 | Mastercard, Inc. Class A | 1160 |
| 3266 | PayPal Holdings, Inc. <sup>\*</sup> | 215 |
| 3980 | Visa, Inc. Class A | 1375 |
|  |  | 3545 |
| **FOOD PRODUCTS—1.1%** | **FOOD PRODUCTS—1.1%** | **FOOD PRODUCTS—1.1%** |
| 1877 | Mondelez International, Inc. Class A | 128 |
| 9278 | Tyson Foods, Inc. Class A | 568 |
|  |  | 696 |
| **GROUND TRANSPORTATION—0.4%** | **GROUND TRANSPORTATION—0.4%** | **GROUND TRANSPORTATION—0.4%** |
| 3153 | Uber Technologies, Inc. <sup>\*</sup> | 255 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.0%** |
| 2861 | Boston Scientific Corp. <sup>\*</sup> | 294 |
| 6329 | Hologic, Inc. <sup>\*</sup> | 369 |
|  |  | 663 |
| **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** |
| 1037 | Cigna Group  | 353 |
| 1003 | McKesson Corp.  | 715 |
| 827 | Tenet Healthcare Corp. <sup>\*</sup> | 118 |
| 259 | UnitedHealth Group, Inc.  | 106 |
|  |  | 1292 |
| **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** |
| 1050 | Veeva Systems, Inc. Class A<sup>\*</sup> | 245 |

---

------

⬤

------

**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** |
| **HOTELS, RESTAURANTS & LEISURE—1.7%** | **HOTELS, RESTAURANTS & LEISURE—1.7%** | **HOTELS, RESTAURANTS & LEISURE—1.7%** |
| 903 | Airbnb, Inc. Class A<sup>\*</sup> | $110 |
| 2220 | Aramark  | 74 |
| 1657 | DoorDash, Inc. Class A<sup>\*</sup> | 320 |
| 1462 | Expedia Group, Inc.  | 230 |
| 676 | Royal Caribbean Cruises Ltd.  | 145 |
| 1164 | Texas Roadhouse, Inc.  | 193 |
|  |  | 1072 |
| **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** | **HOUSEHOLD PRODUCTS—0.6%** |
| 4297 | Colgate-Palmolive Co.  | 396 |
| **INSURANCE—2.8%** | **INSURANCE—2.8%** | **INSURANCE—2.8%** |
| 1591 | Allstate Corp.  | 316 |
| 2401 | Axis Capital Holdings Ltd.  | 231 |
| 4562 | Hartford Insurance Group, Inc.  | 559 |
| 1822 | Marsh & McLennan Cos., Inc.  | 411 |
| 3245 | Unum Group  | 252 |
|  |  | 1769 |
| **INTERACTIVE MEDIA & SERVICES—6.9%** | **INTERACTIVE MEDIA & SERVICES—6.9%** | **INTERACTIVE MEDIA & SERVICES—6.9%** |
| 14781 | Alphabet, Inc. Class A | 2347 |
| 3698 | Meta Platforms, Inc. Class A | 2030 |
|  |  | 4377 |
| **IT SERVICES—0.7%** | **IT SERVICES—0.7%** | **IT SERVICES—0.7%** |
| 1601 | GoDaddy, Inc. Class A<sup>\*</sup> | 301 |
| 1121 | Snowflake, Inc. Class A<sup>\*</sup> | 179 |
|  |  | 480 |
| **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** | **LIFE SCIENCES TOOLS & SERVICES—0.7%** |
| 4045 | Agilent Technologies, Inc.  | 435 |
| **MACHINERY—1.7%** | **MACHINERY—1.7%** | **MACHINERY—1.7%** |
| 5479 | Fortive Corp.  | 382 |
| 2220 | Oshkosh Corp.  | 186 |
| 315 | Stanley Black & Decker, Inc.  | 19 |
| 2840 | Westinghouse Air Brake Technologies Corp.  | 524 |
|  |  | 1111 |
| **MEDIA—0.7%** | **MEDIA—0.7%** | **MEDIA—0.7%** |
| 13257 | Comcast Corp. Class A | 453 |
| **METALS & MINING—0.4%** | **METALS & MINING—0.4%** | **METALS & MINING—0.4%** |
| 3595 | Freeport-McMoRan, Inc.  | 129 |
| 1038 | Steel Dynamics, Inc.  | 135 |
|  |  | 264 |
| **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** | **MULTI-UTILITIES—0.9%** |
| 4281 | DTE Energy Co.  | 587 |
| **OIL, GAS & CONSUMABLE FUELS—2.1%** | **OIL, GAS & CONSUMABLE FUELS—2.1%** | **OIL, GAS & CONSUMABLE FUELS—2.1%** |
| 1622 | ConocoPhillips  | 145 |
| 4496 | EOG Resources, Inc.  | 496 |
| 6152 | Exxon Mobil Corp.  | 650 |
| 375 | Marathon Petroleum Corp.  | 51 |
|  |  | 1342 |
| **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** |
| 9185 | Delta Air Lines, Inc.  | 382 |
| 1527 | United Airlines Holdings, Inc. <sup>\*</sup> | 105 |
|  |  | 487 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—4.1%** | **PHARMACEUTICALS—4.1%** | **PHARMACEUTICALS—4.1%** |
| 10815 | Bristol-Myers Squibb Co.  | $543 |
| 757 | Eli Lilly & Co.  | 680 |
| 1794 | Jazz Pharmaceuticals PLC <sup>\*</sup> | 210 |
| 3228 | Johnson & Johnson  | 504 |
| 8047 | Merck & Co., Inc.  | 686 |
|  |  | 2623 |
| **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** |
| 2957 | Leidos Holdings, Inc.  | 435 |
| **RETAIL REITS—0.8%** | **RETAIL REITS—0.8%** | **RETAIL REITS—0.8%** |
| 3264 | Simon Property Group, Inc.  | 514 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.4%** |
| 1082 | Advanced Micro Devices, Inc. <sup>\*</sup> | 105 |
| 1865 | Applied Materials, Inc.  | 281 |
| 5317 | Broadcom, Inc.  | 1024 |
| 7704 | Lam Research Corp.  | 552 |
| 1480 | Micron Technology, Inc.  | 114 |
| 35358 | NVIDIA Corp.  | 3851 |
| 4631 | QUALCOMM, Inc.  | 688 |
|  |  | 6615 |
| **SOFTWARE—9.9%** | **SOFTWARE—9.9%** | **SOFTWARE—9.9%** |
| 236 | AppLovin Corp. Class A<sup>\*</sup> | 63 |
| 400 | Intuit, Inc.  | 251 |
| 9457 | Microsoft Corp.  | 3738 |
| 1086 | Palantir Technologies, Inc. Class A<sup>\*</sup> | 129 |
| 2963 | Salesforce, Inc.  | 796 |
| 786 | ServiceNow, Inc. <sup>\*</sup> | 751 |
| 2278 | Workday, Inc. Class A<sup>\*</sup> | 558 |
|  |  | 6286 |
| **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** |
| 1089 | American Tower Corp.  | 245 |
| **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** | **SPECIALTY RETAIL—1.3%** |
| 583 | Ross Stores, Inc.  | 81 |
| 5767 | TJX Cos., Inc.  | 742 |
|  |  | 823 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.2%** |
| 20016 | Apple, Inc.  | 4254 |
| 3834 | NetApp, Inc.  | 344 |
|  |  | 4598 |
| **TOBACCO—1.5%** | **TOBACCO—1.5%** | **TOBACCO—1.5%** |
| 5444 | Philip Morris International, Inc.  | 933 |
| **TOTAL COMMON STOCKS** <br>(Cost $67,659) | **TOTAL COMMON STOCKS** <br>(Cost $67,659) | 63461 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.3%** | **EXCHANGE-TRADED FUNDS—0.3%** | **EXCHANGE-TRADED FUNDS—0.3%** |
| (Cost $201) | (Cost $201) | (Cost $201) |
| **CAPITAL MARKETS—0.3%** | **CAPITAL MARKETS—0.3%** | **CAPITAL MARKETS—0.3%** |
| 368 | SPDR S&P 500 ETF Trust | 204 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $67,860) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $67,860) | 63665 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 47 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $63712 |

---

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** BlueCove Limited

Principal Amounts, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—96.8%** | **Corporate Bonds & Notes—96.8%** | **Corporate Bonds & Notes—96.8%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** | **AEROSPACE & DEFENSE—2.0%** |
| $800 | Moog, Inc. <br>4.250%—12/15/2027<sup>1</sup><br>| $772 |
|  | TransDigm, Inc. |  |
| 1000 | 4.625%—01/15/2029 | 963 |
| 1200 | 4.875%—05/01/2029 | 1160 |
| 300 | 6.375%—03/01/2029<sup>1</sup> | 306 |
|  |  | 2429 |
| 200 | Triumph Group, Inc. <br>9.000%—03/15/2028<sup>1</sup><br>| 210 |
|  |  | 3411 |
| **AUTOMOBILES—2.9%** | **AUTOMOBILES—2.9%** | **AUTOMOBILES—2.9%** |
|  | Allison Transmission, Inc. |  |
| 1716 | 3.750%—01/30/2031<sup>1</sup> | 1543 |
| 500 | 5.875%—06/01/2029<sup>1</sup> | 500 |
|  |  | 2043 |
| 1800 | Aston Martin Capital Holdings Ltd. <br>10.000%—03/31/2029<sup>1</sup><br>| 1549 |
| 1000 | Jaguar Land Rover Automotive PLC <br>7.750%—10/15/2025<sup>1</sup><br>| 1002 |
| 600 | Wabash National Corp. <br>4.500%—10/15/2028<sup>1</sup><br>| 506 |
|  |  | 5100 |
| **BANKS—1.1%** | **BANKS—1.1%** | **BANKS—1.1%** |
|  | Intesa Sanpaolo SpA |  |
| 200 | 4.198%—06/01/2032<sup>1,2</sup> | 179 |
| 800 | 4.950%—06/01/2042<sup>1,2</sup> | 621 |
| 200 | 5.710%—01/15/2026<sup>1</sup> | 200 |
|  |  | 1000 |
| 900 | UniCredit SpA <br>5.459%—06/30/2035<sup>1,2</sup><br>| 876 |
|  |  | 1876 |
| **BEVERAGES—0.4%** | **BEVERAGES—0.4%** | **BEVERAGES—0.4%** |
| 800 | Primo Water Holdings, Inc./Triton Water Holdings, <br> Inc. <br>4.375%—04/30/2029<sup>1</sup><br>| 760 |
| **BUILDING PRODUCTS—1.0%** | **BUILDING PRODUCTS—1.0%** | **BUILDING PRODUCTS—1.0%** |
| 300 | Enpro, Inc. <br>5.750%—10/15/2026<br>| 300 |
| 1300 | Griffon Corp. <br>5.750%—03/01/2028<br>| 1284 |
| 100 | Tri Pointe Homes, Inc. <br>5.700%—06/15/2028<br>| 100 |
|  |  | 1684 |
| **CAPITAL MARKETS—1.6%** | **CAPITAL MARKETS—1.6%** | **CAPITAL MARKETS—1.6%** |
|  | Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp.<br>|  |
| 1000 | 9.000%—06/15/2030 | 946 |
| 700 | 9.750%—01/15/2029 | 692 |
| 800 | 10.000%—11/15/2029<sup>1</sup> | 783 |
|  |  | 2421 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| $400 | StoneX Group, Inc. <br>7.875%—03/01/2031<sup>1</sup><br>| $417 |
|  |  | 2838 |
| **CHEMICALS—1.2%** | **CHEMICALS—1.2%** | **CHEMICALS—1.2%** |
| 500 | CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%—06/15/2028<sup>1</sup><br>| 484 |
| 400 | Minerals Technologies, Inc. <br>5.000%—07/01/2028<sup>1</sup><br>| 387 |
| 800 | Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| 814 |
| 400 | Tronox, Inc. <br>4.625%—03/15/2029<sup>1</sup><br>| 324 |
|  |  | 2009 |
| **COMMERCIAL SERVICES & SUPPLIES—5.8%** | **COMMERCIAL SERVICES & SUPPLIES—5.8%** | **COMMERCIAL SERVICES & SUPPLIES—5.8%** |
| 200 | ADT Security Corp. <br>4.125%—08/01/2029<sup>1</sup><br>| 189 |
| 700 | Adtalem Global Education, Inc. <br>5.500%—03/01/2028<sup>1</sup><br>| 693 |
| 525 | APi Group DE, Inc. <br>4.125%—07/15/2029<sup>1</sup><br>| 491 |
| 200 | Cimpress PLC <br>7.375%—09/15/2032<sup>1</sup><br>| 183 |
| 700 | Clean Harbors, Inc. <br>4.875%—07/15/2027<sup>1</sup><br>| 690 |
|  | Deluxe Corp. |  |
| 900 | 8.000%—06/01/2029<sup>1</sup> | 827 |
| 690 | 8.125%—09/15/2029<sup>1</sup> | 692 |
|  |  | 1519 |
|  | GEO Group, Inc. |  |
| 900 | 8.625%—04/15/2029 | 947 |
| 1000 | 10.250%—04/15/2031 | 1094 |
|  |  | 2041 |
|  | Prime Security Services Borrower LLC/Prime <br> Finance, Inc.<br>|  |
| 300 | 5.750%—04/15/2026<sup>1</sup> | 300 |
| 690 | 6.250%—01/15/2028<sup>1</sup> | 690 |
|  |  | 990 |
| 950 | PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 877 |
|  | Sabre GLBL, Inc. |  |
| 288 | 8.625%—06/01/2027<sup>1</sup> | 276 |
| 1455 | 10.750%—11/15/2029<sup>1</sup> | 1391 |
|  |  | 1667 |
| 200 | Service Corp. International <br>3.375%—08/15/2030<br>| 179 |
| 400 | Steelcase, Inc. <br>5.125%—01/18/2029<br>| 380 |
| 200 | ZipRecruiter, Inc. <br>5.000%—01/15/2030<sup>1</sup><br>| 167 |
|  |  | 10066 |
| **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** | **COMMUNICATIONS EQUIPMENT—0.7%** |
| 400 | Ciena Corp. <br>4.000%—01/31/2030<sup>1</sup><br>| 371 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** | **COMMUNICATIONS EQUIPMENT—Continued** |
| $1000 | Viasat, Inc. <br>7.500%—05/30/2031<sup>1</sup><br>| $762 |
|  |  | 1133 |
| **CONSTRUCTION & ENGINEERING—1.6%** | **CONSTRUCTION & ENGINEERING—1.6%** | **CONSTRUCTION & ENGINEERING—1.6%** |
| 500 | Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 471 |
| 650 | Dycom Industries, Inc. <br>4.500%—04/15/2029<sup>1</sup><br>| 613 |
| 575 | Great Lakes Dredge & Dock Corp. <br>5.250%—06/01/2029<sup>1</sup><br>| 525 |
| 700 | Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 756 |
| 500 | VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| 483 |
|  |  | 2848 |
| **CONSUMER FINANCE—0.3%** | **CONSUMER FINANCE—0.3%** | **CONSUMER FINANCE—0.3%** |
| 568 | SLM Corp. <br>6.500%—01/31/2030<br>| 587 |
| **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** |
| 600 | Cascades, Inc./Cascades USA, Inc. <br>5.375%—01/15/2028<sup>1</sup><br>| 585 |
| 400 | OI European Group BV <br>4.750%—02/15/2030<sup>1</sup><br>| 371 |
|  |  | 956 |
| **DIVERSIFIED CONSUMER SERVICES—0.3%** | **DIVERSIFIED CONSUMER SERVICES—0.3%** | **DIVERSIFIED CONSUMER SERVICES—0.3%** |
| 600 | Carriage Services, Inc. <br>4.250%—05/15/2029<sup>1</sup><br>| 552 |
| **DIVERSIFIED FINANCIAL SERVICES—2.4%** | **DIVERSIFIED FINANCIAL SERVICES—2.4%** | **DIVERSIFIED FINANCIAL SERVICES—2.4%** |
| 400 | Acadian Asset Management, Inc. <br>4.800%—07/27/2026<br>| 392 |
| 800 | Credit Acceptance Corp. <br>6.625%—03/15/2030<sup>1</sup><br>| 787 |
|  | Enova International, Inc. |  |
| 850 | 9.125%—08/01/2029<sup>1</sup> | 870 |
| 600 | 11.250%—12/15/2028<sup>1</sup> | 642 |
|  |  | 1512 |
|  | goeasy Ltd. |  |
| 700 | 7.625%—07/01/2029<sup>1</sup> | 706 |
| 200 | 9.250%—12/01/2028<sup>1</sup> | 210 |
|  |  | 916 |
|  | PRA Group, Inc. |  |
| 200 | 5.000%—10/01/2029<sup>1</sup> | 182 |
| 400 | 8.875%—01/31/2030<sup>1</sup> | 412 |
|  |  | 594 |
|  |  | 4201 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.2%** |
| 1500 | Connect Finco SARL/Connect U.S. Finco LLC <br>9.000%—09/15/2029<sup>1</sup><br>| 1405 |
|  | EchoStar Corp. |  |
| 600 | 6.750%—11/30/2030 | 560 |
| 200 | 10.750%—11/30/2029 | 212 |
|  |  | 772 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** | **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** | **DIVERSIFIED TELECOMMUNICATION SERVICES—Continued** |
|  | Hughes Satellite Systems Corp. |  |
| $1200 | 5.250%—08/01/2026 | $1120 |
| 200 | 6.625%—08/01/2026 | 162 |
|  |  | 1282 |
| 300 | Viavi Solutions, Inc. <br>3.750%—10/01/2029<sup>1</sup><br>| 275 |
|  |  | 3734 |
| **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** |
|  | Vistra Operations Co. LLC |  |
| 900 | 5.500%—09/01/2026<sup>1</sup> | 898 |
| 100 | 5.625%—02/15/2027<sup>1</sup> | 100 |
|  |  | 998 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.2%** |
| 400 | TTM Technologies, Inc. <br>4.000%—03/01/2029<sup>1</sup><br>| 372 |
| **ENERGY EQUIPMENT & SERVICES—1.3%** | **ENERGY EQUIPMENT & SERVICES—1.3%** | **ENERGY EQUIPMENT & SERVICES—1.3%** |
| 200 | Bristow Group, Inc. <br>6.875%—03/01/2028<sup>1</sup><br>| 194 |
| 1000 | Enerflex Ltd. <br>9.000%—10/15/2027<sup>1</sup><br>| 1027 |
| 400 | USA Compression Partners LP/USA Compression <br> Finance Corp. <br>6.875%—09/01/2027<br>| 397 |
| 600 | Weatherford International Ltd. <br>8.625%—04/30/2030<sup>1</sup><br>| 595 |
|  |  | 2213 |
| **ENTERTAINMENT—3.0%** | **ENTERTAINMENT—3.0%** | **ENTERTAINMENT—3.0%** |
|  | Churchill Downs, Inc. |  |
| 100 | 5.500%—04/01/2027<sup>1</sup> | 99 |
| 600 | 5.750%—04/01/2030<sup>1</sup> | 587 |
|  |  | 686 |
|  | Light & Wonder International, Inc. |  |
| 100 | 7.250%—11/15/2029<sup>1</sup> | 102 |
| 200 | 7.500%—09/01/2031<sup>1</sup> | 206 |
|  |  | 308 |
| 900 | Lions Gate Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| 692 |
|  | Live Nation Entertainment, Inc. |  |
| 1100 | 4.750%—10/15/2027<sup>1</sup> | 1078 |
| 1400 | 6.500%—05/15/2027<sup>1</sup> | 1416 |
|  |  | 2494 |
| 1300 | Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%—04/16/2029-04/06/2031<sup>1</sup><br>| 1084 |
|  |  | 5264 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.1%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.1%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.1%** |
| 700 | CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| 682 |
|  | Hudson Pacific Properties LP |  |
| 300 | 3.250%—01/15/2030 | 199 |
| 400 | 4.650%—04/01/2029 | 287 |
| 1000 | 5.950%—02/15/2028 | 836 |
|  |  | 1322 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** |
| $700 | Iron Mountain Information Management Services, <br> Inc. <br>5.000%—07/15/2032<sup>1</sup><br>| $655 |
|  | Iron Mountain, Inc. |  |
| 400 | 4.500%—02/15/2031<sup>1</sup> | 371 |
| 200 | 5.250%—07/15/2030<sup>1</sup> | 194 |
|  |  | 565 |
| 300 | Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>4.250%—02/01/2027<sup>1</sup><br>| 292 |
|  | MPT Operating Partnership LP/MPT Finance Corp. |  |
| 500 | 3.500%—03/15/2031 | 332 |
| 900 | 4.625%—08/01/2029 | 687 |
| 800 | 5.000%—10/15/2027 | 707 |
|  |  | 1726 |
| 100 | Starwood Property Trust, Inc. <br>3.625%—07/15/2026<sup>1</sup><br>| 98 |
|  |  | 5340 |
| **FINANCIAL SERVICES—1.5%** | **FINANCIAL SERVICES—1.5%** | **FINANCIAL SERVICES—1.5%** |
| 200 | Coinbase Global, Inc. <br>3.375%—10/01/2028<sup>1</sup><br>| 184 |
| 147 | EZCORP, Inc. <br>7.375%—04/01/2032<sup>1</sup><br>| 154 |
|  | Nationstar Mortgage Holdings, Inc. |  |
| 400 | 5.125%—12/15/2030<sup>1</sup> | 402 |
| 200 | 5.500%—08/15/2028<sup>1</sup> | 199 |
| 600 | 6.000%—01/15/2027<sup>1</sup> | 601 |
|  |  | 1202 |
|  | OneMain Finance Corp. |  |
| 200 | 4.000%—09/15/2030 | 178 |
| 300 | 5.375%—11/15/2029 | 287 |
| 200 | 9.000%—01/15/2029 | 208 |
|  |  | 673 |
| 400 | World Acceptance Corp. <br>7.000%—11/01/2026<sup>1</sup><br>| 395 |
|  |  | 2608 |
| **FOOD & STAPLES RETAILING—0.3%** | **FOOD & STAPLES RETAILING—0.3%** | **FOOD & STAPLES RETAILING—0.3%** |
| 500 | United Natural Foods, Inc. <br>6.750%—10/15/2028<sup>1</sup><br>| 492 |
| **FOOD PRODUCTS—0.8%** | **FOOD PRODUCTS—0.8%** | **FOOD PRODUCTS—0.8%** |
| 200 | Pilgrim's Pride Corp. <br>6.250%—07/01/2033<br>| 209 |
|  | Post Holdings, Inc. |  |
| 200 | 4.500%—09/15/2031<sup>1</sup> | 182 |
| 350 | 4.625%—04/15/2030<sup>1</sup> | 330 |
|  |  | 512 |
|  | U.S. Foods, Inc. |  |
| 200 | 4.750%—02/15/2029<sup>1</sup> | 194 |
| 400 | 5.750%—04/15/2033<sup>1</sup> | 393 |
|  |  | 587 |
|  |  | 1308 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** |
|  | Hologic, Inc. |  |
| $600 | 3.250%—02/15/2029<sup>1</sup> | $561 |
| 500 | 4.625%—02/01/2028<sup>1</sup> | 492 |
|  |  | 1053 |
| **HEALTH CARE PROVIDERS & SERVICES—3.8%** | **HEALTH CARE PROVIDERS & SERVICES—3.8%** | **HEALTH CARE PROVIDERS & SERVICES—3.8%** |
|  | DaVita, Inc. |  |
| 600 | 3.750%—02/15/2031<sup>1</sup> | 528 |
| 1500 | 4.625%—06/01/2030<sup>1</sup> | 1396 |
|  |  | 1924 |
|  | Encompass Health Corp. |  |
| 1400 | 4.500%—02/01/2028 | 1381 |
| 700 | 4.625%—04/01/2031 | 667 |
|  |  | 2048 |
| 600 | IQVIA, Inc. <br>5.000%—05/15/2027<sup>1</sup><br>| 596 |
|  | Molina Healthcare, Inc. |  |
| 1100 | 3.875%—05/15/2032<sup>1</sup> | 970 |
| 200 | 4.375%—06/15/2028<sup>1</sup> | 192 |
| 200 | 6.250%—01/15/2033<sup>1</sup> | 199 |
|  |  | 1361 |
| 700 | MPH Acquisition Holdings LLC <br>11.500%—12/31/2030<sup>1</sup><br>| 645 |
|  |  | 6574 |
| **HOTELS, RESTAURANTS & LEISURE—4.5%** | **HOTELS, RESTAURANTS & LEISURE—4.5%** | **HOTELS, RESTAURANTS & LEISURE—4.5%** |
| 400 | Aramark Services, Inc. <br>5.000%—02/01/2028<sup>1</sup><br>| 394 |
| 800 | Boyd Gaming Corp. <br>4.750%—06/15/2031<sup>1</sup><br>| 747 |
| 1700 | Carnival Corp. <br>5.750%—03/01/2027<sup>1</sup><br>| 1695 |
|  | Hilton Domestic Operating Co., Inc. |  |
| 500 | 3.625%—02/15/2032<sup>1</sup> | 443 |
| 1700 | 4.000%—05/01/2031<sup>1</sup> | 1561 |
|  |  | 2004 |
|  | Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc.<br>|  |
| 600 | 4.875%—07/01/2031<sup>1</sup> | 523 |
| 200 | 5.000%—06/01/2029<sup>1</sup> | 185 |
|  |  | 708 |
| 600 | Marriott Ownership Resorts, Inc. <br>4.750%—01/15/2028<br>| 569 |
|  | New Red Finance, Inc. |  |
| 900 | 3.500%—02/15/2029<sup>1</sup> | 842 |
| 200 | 3.875%—01/15/2028<sup>1</sup> | 192 |
| 200 | 4.375%—01/15/2028<sup>1</sup> | 194 |
|  |  | 1228 |
| 200 | Travel & Leisure Co. <br>6.625%—07/31/2026<sup>1</sup><br>| 202 |
| 300 | Wyndham Hotels & Resorts, Inc. <br>4.375%—08/15/2028<sup>1</sup><br>| 288 |
|  |  | 7835 |
| **HOUSEHOLD DURABLES—1.1%** | **HOUSEHOLD DURABLES—1.1%** | **HOUSEHOLD DURABLES—1.1%** |
| 400 | Installed Building Products, Inc. <br>5.750%—02/01/2028<sup>1</sup><br>| 393 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| $1200 | Somnigroup International, Inc. <br>4.000%—04/15/2029<sup>1</sup><br>| $1116 |
| 400 | Taylor Morrison Communities, Inc. <br>5.125%—08/01/2030<sup>1</sup><br>| 388 |
|  |  | 1897 |
| **HOUSEHOLD PRODUCTS—0.1%** | **HOUSEHOLD PRODUCTS—0.1%** | **HOUSEHOLD PRODUCTS—0.1%** |
| 200 | ACCO Brands Corp. <br>4.250%—03/15/2029<sup>1</sup><br>| 174 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.3%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.3%** |
| 500 | Clearway Energy Operating LLC <br>4.750%—03/15/2028<sup>1</sup><br>| 489 |
| **INTERACTIVE MEDIA & SERVICES—1.2%** | **INTERACTIVE MEDIA & SERVICES—1.2%** | **INTERACTIVE MEDIA & SERVICES—1.2%** |
|  | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |
| 1350 | 3.500%—03/01/2029<sup>1</sup> | 1259 |
| 800 | 5.250%—12/01/2027<sup>1</sup> | 794 |
|  |  | 2053 |
| **INTERNET & CATALOG RETAIL—0.8%** | **INTERNET & CATALOG RETAIL—0.8%** | **INTERNET & CATALOG RETAIL—0.8%** |
| 495 | GrubHub Holdings, Inc. <br>5.500%—07/01/2027<sup>1</sup><br>| 448 |
|  | Rakuten Group, Inc. |  |
| 400 | 9.750%—04/15/2029<sup>1</sup> | 423 |
| 500 | 11.250%—02/15/2027<sup>1</sup> | 536 |
|  |  | 959 |
|  |  | 1407 |
| **IT SERVICES—1.2%** | **IT SERVICES—1.2%** | **IT SERVICES—1.2%** |
| 470 | ASGN, Inc. <br>4.625%—05/15/2028<sup>1</sup><br>| 448 |
| 600 | Crane NXT Co. <br>4.200%—03/15/2048<br>| 356 |
| 300 | Science Applications International Corp. <br>4.875%—04/01/2028<sup>1</sup><br>| 292 |
| 300 | Seagate HDD Cayman <br>4.875%—06/01/2027<br>| 297 |
| 200 | Twilio, Inc. <br>3.625%—03/15/2029<br>| 188 |
| 500 | Unisys Corp. <br>6.875%—11/01/2027<sup>1</sup><br>| 482 |
|  |  | 2063 |
| **LEISURE PRODUCTS—1.5%** | **LEISURE PRODUCTS—1.5%** | **LEISURE PRODUCTS—1.5%** |
| 500 | Amer Sports Co. <br>6.750%—02/16/2031<sup>1</sup><br>| 506 |
| 400 | Life Time, Inc. <br>6.000%—11/15/2031<sup>1</sup><br>| 399 |
| 352 | NCL Corp. Ltd. <br>5.875%—03/15/2026-02/15/2027<sup>1</sup><br>| 350 |
|  | Royal Caribbean Cruises Ltd. |  |
| 100 | 4.250%—07/01/2026<sup>1</sup> | 99 |
| 1300 | 5.500%—08/31/2026<sup>1</sup> | 1302 |
|  |  | 1401 |
|  |  | 2656 |
| **MACHINERY—1.9%** | **MACHINERY—1.9%** | **MACHINERY—1.9%** |
| 1400 | BWX Technologies, Inc. <br>4.125%—06/30/2028-04/15/2029<sup>1</sup><br>| 1340 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **MACHINERY—Continued** | **MACHINERY—Continued** | **MACHINERY—Continued** |
| $900 | GrafTech Finance, Inc. <br>4.625%—12/23/2029<sup>1</sup><br>| $533 |
| 238 | GrafTech Global Enterprises, Inc. <br>9.875%—12/23/2029<sup>1</sup><br>| 180 |
| 500 | Manitowoc Co., Inc. <br>9.250%—10/01/2031<sup>1</sup><br>| 507 |
| 800 | Mueller Water Products, Inc. <br>4.000%—06/15/2029<sup>1</sup><br>| 752 |
|  |  | 3312 |
| **MEDIA—4.3%** | **MEDIA—4.3%** | **MEDIA—4.3%** |
| 220 | AMC Networks, Inc. <br>4.250%—02/15/2029<br>| 162 |
| 600 | Cable One, Inc. <br>4.000%—11/15/2030<sup>1</sup><br>| 489 |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 500 | 4.250%—02/01/2031<sup>1</sup> | 452 |
| 600 | 4.500%—06/01/2033<sup>1</sup> | 522 |
| 1200 | 4.750%—03/01/2030-02/01/2032<sup>1</sup> | 1107 |
|  |  | 2081 |
|  | CSC Holdings LLC |  |
| 400 | 3.375%—02/15/2031<sup>1</sup> | 267 |
| 300 | 5.500%—04/15/2027<sup>1</sup> | 279 |
| 200 | 11.750%—01/31/2029<sup>1</sup> | 189 |
|  |  | 735 |
| 300 | DISH DBS Corp. <br>5.250%—12/01/2026<sup>1</sup><br>| 274 |
| 900 | LCPR Senior Secured Financing DAC <br>6.750%—10/15/2027<sup>1</sup><br>| 741 |
| 200 | News Corp. <br>3.875%—05/15/2029<sup>1</sup><br>| 188 |
|  | Sinclair Television Group, Inc. |  |
| 404 | 4.375%—12/31/2032<sup>1</sup> | 245 |
| 800 | 5.500%—03/01/2030<sup>1</sup> | 580 |
|  |  | 825 |
|  | TEGNA, Inc. |  |
| 600 | 4.625%—03/15/2028 | 576 |
| 1400 | 5.000%—09/15/2029 | 1306 |
|  |  | 1882 |
|  |  | 7377 |
| **METALS & MINING—2.8%** | **METALS & MINING—2.8%** | **METALS & MINING—2.8%** |
|  | Commercial Metals Co. |  |
| 500 | 3.875%—02/15/2031 | 449 |
| 300 | 4.125%—01/15/2030 | 282 |
|  |  | 731 |
| 750 | Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 740 |
|  | FMG Resources August 2006 Pty. Ltd. |  |
| 300 | 4.375%—04/01/2031<sup>1</sup> | 272 |
| 300 | 5.875%—04/15/2030<sup>1</sup> | 297 |
| 600 | 6.125%—04/15/2032<sup>1</sup> | 592 |
|  |  | 1161 |
| 525 | Hecla Mining Co. <br>7.250%—02/15/2028<br>| 527 |
| 600 | IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| 595 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, 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** |
| $700 | Novelis Corp. <br>4.750%—01/30/2030<sup>1</sup><br>| $651 |
| 500 | Park-Ohio Industries, Inc. <br>6.625%—04/15/2027<br>| 484 |
|  |  | 4889 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—1.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—1.2%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—1.2%** |
|  | Rithm Capital Corp. |  |
| 800 | 6.250%—10/15/2025<sup>1</sup> | 798 |
| 1300 | 8.000%—04/01/2029<sup>1</sup> | 1299 |
|  |  | 2097 |
| **OFFICE ELECTRONICS—0.7%** | **OFFICE ELECTRONICS—0.7%** | **OFFICE ELECTRONICS—0.7%** |
|  | Pitney Bowes, Inc. |  |
| 600 | 6.875%—03/15/2027<sup>1</sup> | 599 |
| 600 | 7.250%—03/15/2029<sup>1</sup> | 597 |
|  |  | 1196 |
| **OIL, GAS & CONSUMABLE FUELS—17.0%** | **OIL, GAS & CONSUMABLE FUELS—17.0%** | **OIL, GAS & CONSUMABLE FUELS—17.0%** |
| 600 | Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 620 |
| 850 | AltaGas Ltd. <br>7.200%—10/15/2054<sup>1,2</sup><br>| 832 |
|  | AmeriGas Partners LP/AmeriGas Finance Corp. |  |
| 800 | 5.750%—05/20/2027 | 766 |
| 900 | 5.875%—08/20/2026 | 890 |
| 1000 | 9.375%—06/01/2028<sup>1</sup> | 995 |
|  |  | 2651 |
|  | Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<br>|  |
| 1000 | 5.375%—06/15/2029<sup>1</sup> | 977 |
| 200 | 5.750%—01/15/2028<sup>1</sup> | 199 |
| 200 | 6.625%—02/01/2032<sup>1</sup> | 202 |
|  |  | 1378 |
| 1500 | California Resources Corp. <br>8.250%—06/15/2029<sup>1</sup><br>| 1432 |
|  | Calumet Specialty Products Partners LP/Calumet <br> Finance Corp.<br>|  |
| 200 | 8.125%—01/15/2027<sup>1</sup> | 188 |
| 400 | 9.750%—07/15/2028<sup>1</sup> | 358 |
|  |  | 546 |
| 800 | Comstock Resources, Inc. <br>6.750%—03/01/2029-03/01/2029<sup>1</sup><br>| 763 |
| 300 | Crescent Energy Finance LLC <br>9.250%—02/15/2028<sup>1</sup><br>| 304 |
|  | CVR Energy, Inc. |  |
| 600 | 5.750%—02/15/2028<sup>1</sup> | 548 |
| 900 | 8.500%—01/15/2029<sup>1</sup> | 828 |
|  |  | 1376 |
|  | Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<br>|  |
| 500 | 7.125%—06/01/2028<sup>1</sup> | 495 |
| 1800 | 8.625%—03/15/2029<sup>1</sup> | 1850 |
|  |  | 2345 |

---

---

| | | |
|:---|:---|:---|
| **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** |
|  | DT Midstream, Inc. |  |
| $500 | 4.125%—06/15/2029<sup>1</sup> | $470 |
| 1500 | 4.375%—06/15/2031<sup>1</sup> | 1383 |
|  |  | 1853 |
| 600 | Energy Transfer LP <br>8.000%—05/15/2054<sup>2</sup><br>| 623 |
|  | Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 200 | 8.000%—05/15/2033 | 194 |
| 300 | 8.250%—01/15/2029 | 305 |
| 300 | 8.875%—04/15/2030 | 307 |
|  |  | 806 |
| 400 | Helix Energy Solutions Group, Inc. <br>9.750%—03/01/2029<sup>1</sup><br>| 405 |
|  | Hess Midstream Operations LP |  |
| 300 | 5.125%—06/15/2028<sup>1</sup> | 294 |
| 1000 | 6.500%—06/01/2029<sup>1</sup> | 1017 |
|  |  | 1311 |
| 1100 | Kinetik Holdings LP <br>6.625%—12/15/2028<sup>1</sup><br>| 1109 |
| 400 | MEG Energy Corp. <br>5.875%—02/01/2029<sup>1</sup><br>| 386 |
|  | Murphy Oil USA, Inc. |  |
| 800 | 3.750%—02/15/2031<sup>1</sup> | 722 |
| 700 | 4.750%—09/15/2029 | 675 |
|  |  | 1397 |
|  | New Fortress Energy, Inc. |  |
| 400 | 6.500%—09/30/2026<sup>1</sup> | 328 |
| 800 | 8.750%—03/15/2029<sup>1</sup> | 415 |
|  |  | 743 |
| 1500 | NFE Financing LLC <br>12.000%—11/15/2029<sup>1</sup><br>| 1034 |
|  | PBF Holding Co. LLC/PBF Finance Corp. |  |
| 700 | 6.000%—02/15/2028 | 619 |
| 800 | 7.875%—09/15/2030<sup>1</sup> | 659 |
| 424 | 9.875%—03/15/2030<sup>1</sup> | 374 |
|  |  | 1652 |
|  | PG&E Corp. |  |
| 800 | 5.000%—07/01/2028 | 781 |
| 500 | 5.250%—07/01/2030 | 482 |
| 1425 | 7.375%—03/15/2055<sup>2</sup> | 1387 |
|  |  | 2650 |
| 300 | Summit Midstream Holdings LLC <br>8.625%—10/31/2029<sup>1</sup><br>| 296 |
| 700 | SunCoke Energy, Inc. <br>4.875%—06/30/2029<sup>1</sup><br>| 644 |
|  | Sunoco LP/Sunoco Finance Corp. |  |
| 700 | 4.500%—05/15/2029 | 664 |
| 300 | 7.000%—09/15/2028<sup>1</sup> | 307 |
|  |  | 971 |
|  | Talos Production, Inc. |  |
| 400 | 9.000%—02/01/2029<sup>1</sup> | 384 |
| 1000 | 9.375%—02/01/2031<sup>1</sup> | 941 |
|  |  | 1325 |
|  |  | 29452 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PAPER & FOREST PRODUCTS—0.6%** | **PAPER & FOREST PRODUCTS—0.6%** | **PAPER & FOREST PRODUCTS—0.6%** |
|  | Mercer International, Inc. |  |
| $500 | 5.125%—02/01/2029 | $412 |
| 600 | 12.875%—10/01/2028<sup>1</sup> | 614 |
|  |  | 1026 |
| **PASSENGER AIRLINES—1.9%** | **PASSENGER AIRLINES—1.9%** | **PASSENGER AIRLINES—1.9%** |
| 800 | Allegiant Travel Co. <br>7.250%—08/15/2027<sup>1</sup><br>| 740 |
| 837 | American Airlines, Inc. <br>8.500%—05/15/2029<sup>1</sup><br>| 854 |
| 300 | American Airlines, Inc./AAdvantage Loyalty IP Ltd. <br>5.500%—04/20/2026<sup>1</sup><br>| 298 |
| 1400 | United Airlines, Inc. <br>4.625%—04/15/2029<sup>1</sup><br>| 1317 |
|  |  | 3209 |
| **PERSONAL CARE PRODUCTS—0.1%** | **PERSONAL CARE PRODUCTS—0.1%** | **PERSONAL CARE PRODUCTS—0.1%** |
| 200 | Prestige Brands, Inc. <br>5.125%—01/15/2028<sup>1</sup><br>| 199 |
| **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** | **PHARMACEUTICALS—1.8%** |
|  | HLF Financing SARL LLC/Herbalife International, <br> Inc.<br>|  |
| 1100 | 4.875%—06/01/2029<sup>1</sup> | 846 |
| 900 | 12.250%—04/15/2029<sup>1</sup> | 959 |
|  |  | 1805 |
| 1300 | Jazz Securities DAC <br>4.375%—01/15/2029<sup>1</sup><br>| 1235 |
|  |  | 3040 |
| **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** |
| 400 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 380 |
| 500 | TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 456 |
|  |  | 836 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.1%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.1%** |
| 500 | Anywhere Real Estate Group LLC/Anywhere <br> Co-Issuer Corp. <br>7.000%—04/15/2030<sup>1</sup><br>| 444 |
|  | Anywhere Real Estate Group LLC/Realogy <br> Co-Issuer Corp.<br>|  |
| 300 | 5.250%—04/15/2030<sup>1</sup> | 221 |
| 700 | 5.750%—01/15/2029<sup>1</sup> | 553 |
|  |  | 774 |
| 884 | Five Point Operating Co. LP/Five Point Capital Corp. <br>10.500%—01/15/2028<sup>1,3</sup><br>| 900 |
|  | Howard Hughes Corp. |  |
| 800 | 4.125%—02/01/2029<sup>1</sup> | 733 |
| 900 | 4.375%—02/01/2031<sup>1</sup> | 799 |
|  |  | 1532 |
|  |  | 3650 |
| **SOFTWARE—3.1%** | **SOFTWARE—3.1%** | **SOFTWARE—3.1%** |
| 200 | Elastic NV <br>4.125%—07/15/2029<sup>1</sup><br>| 189 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
|  | Fair Isaac Corp. |  |
| $1300 | 4.000%—06/15/2028<sup>1</sup> | $1248 |
| 600 | 5.250%—05/15/2026<sup>1</sup> | 599 |
|  |  | 1847 |
| 200 | Gen Digital, Inc. <br>6.750%—09/30/2027<sup>1</sup><br>| 204 |
| 950 | Open Text Corp. <br>3.875%—02/15/2028<sup>1</sup><br>| 909 |
| 1700 | ROBLOX Corp. <br>3.875%—05/01/2030<sup>1</sup><br>| 1575 |
| 650 | Twilio, Inc. <br>3.875%—03/15/2031<br>| 591 |
|  |  | 5315 |
| **SPECIALTY RETAIL—6.2%** | **SPECIALTY RETAIL—6.2%** | **SPECIALTY RETAIL—6.2%** |
| 492 | Arko Corp. <br>5.125%—11/15/2029<sup>1</sup><br>| 395 |
| 700 | Bath & Body Works, Inc. <br>6.750%—07/01/2036<br>| 690 |
| 2391 | Carvana Co. <br>9.000%—12/01/2028-06/01/2031<sup>1</sup><br>| 2655 |
|  | FirstCash, Inc. |  |
| 600 | 4.625%—09/01/2028<sup>1</sup> | 582 |
| 700 | 5.625%—01/01/2030<sup>1</sup> | 689 |
| 500 | 6.875%—03/01/2032<sup>1</sup> | 512 |
|  |  | 1783 |
| 500 | Foot Locker, Inc. <br>4.000%—10/01/2029<sup>1</sup><br>| 406 |
|  | Gap, Inc. |  |
| 1000 | 3.625%—10/01/2029<sup>1</sup> | 905 |
| 800 | 3.875%—10/01/2031<sup>1</sup> | 693 |
|  |  | 1598 |
| 100 | GYP Holdings III Corp. <br>4.625%—05/01/2029<sup>1</sup><br>| 94 |
| 700 | Macy's Retail Holdings LLC <br>6.125%—03/15/2032<sup>1</sup><br>| 631 |
| 200 | Penske Automotive Group, Inc. <br>3.750%—06/15/2029<br>| 186 |
| 600 | Suburban Propane Partners LP/Suburban Energy <br> Finance Corp. <br>5.000%—06/01/2031<sup>1</sup><br>| 549 |
| 700 | Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| 662 |
| 364 | Victoria's Secret & Co. <br>4.625%—07/15/2029<sup>1</sup><br>| 318 |
| 189 | Wayfair LLC <br>7.750%—09/15/2030<sup>1</sup><br>| 173 |
| 500 | Yum! Brands, Inc. <br>6.875%—11/15/2037<br>| 520 |
|  |  | 10660 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** |
|  | Xerox Holdings Corp. |  |
| 450 | 5.500%—08/15/2028<sup>1</sup> | 290 |
| 700 | 8.875%—11/30/2029<sup>1</sup> | 420 |
|  |  | 710 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** |
|  | Crocs, Inc. |  |
| $300 | 4.125%—08/15/2031<sup>1</sup> | $262 |
| 100 | 4.250%—03/15/2029<sup>1</sup> | 93 |
|  |  | 355 |
| 800 | William Carter Co. <br>5.625%—03/15/2027<sup>1</sup><br>| 780 |
| 950 | Wolverine World Wide, Inc. <br>4.000%—08/15/2029<sup>1</sup><br>| 792 |
|  |  | 1927 |
| **TOBACCO—0.3%** | **TOBACCO—0.3%** | **TOBACCO—0.3%** |
| 500 | Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 521 |

---

---

| | |
|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>| **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—0.8%** | **TRADING COMPANIES & DISTRIBUTORS—0.8%** |
| $500<br> Alta Equipment Group, Inc. <br>9.000%—06/01/2029<sup>1</sup><br>| $421 |
| 1000<br> Ritchie Bros Holdings, Inc. <br>6.750%—03/15/2028<sup>1</sup><br>| 1021 |
|  | 1442 |
| **Total Corporate Bonds & Notes** <br>(Cost $168,033) | 167409 |
| **TOTAL INVESTMENTS—96.8%** <br>(Cost $168,033) | 167409 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.2%** | 5517 |
| **TOTAL NET ASSETS—100.0%** | $172926 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.

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

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $134,668 or 78% 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.

Step coupon security; the stated rate represents the rate in effect as of April 30, 2025.

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

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** BlueCove Limited

Principal Amounts, Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—93.3%** | **Corporate Bonds & Notes—93.3%** | **Corporate Bonds & Notes—93.3%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—3.2%** | **AEROSPACE & DEFENSE—3.2%** | **AEROSPACE & DEFENSE—3.2%** |
| $200 | BAE Systems PLC <br>5.125%—03/26/2029<sup>1</sup><br>| $204 |
|  | Howmet Aerospace, Inc. |  |
| 200 | 3.000%—01/15/2029 | 190 |
| 100 | 5.900%—02/01/2027 | 103 |
|  |  | 293 |
| 200 | Moog, Inc. <br>4.250%—12/15/2027<sup>1</sup><br>| 193 |
|  | TransDigm, Inc. |  |
| 200 | 4.875%—05/01/2029 | 193 |
| 200 | 6.375%—03/01/2029<sup>1</sup> | 204 |
|  |  | 397 |
|  |  | 1087 |
| **AUTOMOBILES—1.1%** | **AUTOMOBILES—1.1%** | **AUTOMOBILES—1.1%** |
| 300 | Allison Transmission, Inc. <br>3.750%—01/30/2031<sup>1</sup><br>| 270 |
| 100 | General Motors Financial Co., Inc. <br>5.850%—04/06/2030<br>| 102 |
|  |  | 372 |
| **BANKS—0.5%** | **BANKS—0.5%** | **BANKS—0.5%** |
| 200 | Intesa Sanpaolo SpA <br>4.198%—06/01/2032<sup>1,2</sup><br>| 179 |
| **BEVERAGES—0.8%** | **BEVERAGES—0.8%** | **BEVERAGES—0.8%** |
| 300 | Coca-Cola Co. <br>1.375%—03/15/2031<br>| 256 |
| **BIOTECHNOLOGY—0.9%** | **BIOTECHNOLOGY—0.9%** | **BIOTECHNOLOGY—0.9%** |
| 300 | Biogen, Inc. <br>4.050%—09/15/2025<br>| 299 |
| **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** |
| 200 | Carlisle Cos., Inc. <br>3.750%—12/01/2027<br>| 196 |
| 200 | Lennox International, Inc. <br>5.500%—09/15/2028<br>| 206 |
| 200 | NVR, Inc. <br>3.000%—05/15/2030<br>| 184 |
|  |  | 586 |
| **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** |
| 400 | Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp. <br>9.000%—06/15/2030<br>| 378 |
| **CHEMICALS—1.2%** | **CHEMICALS—1.2%** | **CHEMICALS—1.2%** |
| 100 | Minerals Technologies, Inc. <br>5.000%—07/01/2028<sup>1</sup><br>| 97 |
| 300 | Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| 305 |
|  |  | 402 |
| **COMMERCIAL SERVICES & SUPPLIES—5.5%** | **COMMERCIAL SERVICES & SUPPLIES—5.5%** | **COMMERCIAL SERVICES & SUPPLIES—5.5%** |
| 200 | Adtalem Global Education, Inc. <br>5.500%—03/01/2028<sup>1</sup><br>| 198 |
| 300 | Deluxe Corp. <br>8.000%—06/01/2029<sup>1</sup><br>| 276 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| $200 | Element Fleet Management Corp. <br>6.271%—06/26/2026<sup>1</sup><br>| $203 |
| 300 | GEO Group, Inc. <br>10.250%—04/15/2031<br>| 328 |
| 98 | Prime Security Services Borrower LLC/Prime <br> Finance, Inc. <br>6.250%—01/15/2028<sup>1</sup><br>| 98 |
| 300 | PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 277 |
| 100 | Republic Services, Inc. <br>1.750%—02/15/2032<br>| 83 |
|  | Sabre GLBL, Inc. |  |
| 139 | 8.625%—06/01/2027<sup>1</sup> | 133 |
| 161 | 10.750%—11/15/2029<sup>1</sup> | 154 |
|  |  | 287 |
| 100 | TR Finance LLC <br>3.350%—05/15/2026<br>| 99 |
|  |  | 1849 |
| **COMMUNICATIONS EQUIPMENT—2.5%** | **COMMUNICATIONS EQUIPMENT—2.5%** | **COMMUNICATIONS EQUIPMENT—2.5%** |
| 100 | Cisco Systems, Inc. <br>4.950%—02/26/2031<br>| 103 |
|  | Motorola Solutions, Inc. |  |
| 200 | 2.300%—11/15/2030 | 177 |
| 200 | 4.600%—02/23/2028 | 201 |
|  |  | 378 |
| 100 | Nokia OYJ <br>4.375%—06/12/2027<br>| 99 |
| 180 | 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>| 181 |
| 100 | Viasat, Inc. <br>7.500%—05/30/2031<sup>1</sup><br>| 76 |
|  |  | 837 |
| **CONSTRUCTION & ENGINEERING—1.8%** | **CONSTRUCTION & ENGINEERING—1.8%** | **CONSTRUCTION & ENGINEERING—1.8%** |
| 200 | Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 188 |
| 200 | Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 216 |
| 200 | VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| 193 |
|  |  | 597 |
| **CONSUMER FINANCE—0.1%** | **CONSUMER FINANCE—0.1%** | **CONSUMER FINANCE—0.1%** |
| 45 | SLM Corp. <br>6.500%—01/31/2030<br>| 46 |
| **CONTAINERS & PACKAGING—1.4%** | **CONTAINERS & PACKAGING—1.4%** | **CONTAINERS & PACKAGING—1.4%** |
| 100 | Amcor Finance USA, Inc. <br>3.625%—04/28/2026<br>| 99 |
| 200 | Graphic Packaging International LLC <br>3.500%—03/15/2028-03/01/2029<sup>1</sup><br>| 188 |
| 200 | Silgan Holdings, Inc. <br>4.125%—02/01/2028<br>| 192 |
|  |  | 479 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, 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—2.1%** | **DIVERSIFIED FINANCIAL SERVICES—2.1%** | **DIVERSIFIED FINANCIAL SERVICES—2.1%** |
| $200 | Credit Acceptance Corp. <br>6.625%—03/15/2030<sup>1</sup><br>| $196 |
|  | Enova International, Inc. |  |
| 200 | 9.125%—08/01/2029<sup>1</sup> | 205 |
| 100 | 11.250%—12/15/2028<sup>1</sup> | 107 |
|  |  | 312 |
| 200 | goeasy Ltd. <br>7.625%—07/01/2029<sup>1</sup><br>| 202 |
|  |  | 710 |
| **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** |
| 100 | Omega Healthcare Investors, Inc. <br>4.750%—01/15/2028<br>| 100 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.2%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.2%** |
| 300 | Connect Finco SARL/Connect U.S. Finco LLC <br>9.000%—09/15/2029<sup>1</sup><br>| 281 |
| 300 | Deutsche Telekom International Finance BV <br>8.750%—06/15/2030<br>| 353 |
| 100 | Hughes Satellite Systems Corp. <br>5.250%—08/01/2026<br>| 93 |
|  |  | 727 |
| **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** | **ELECTRIC UTILITIES—0.6%** |
| 200 | Pacific Gas & Electric Co. <br>3.300%—12/01/2027<br>| 193 |
| **ENTERTAINMENT—1.8%** | **ENTERTAINMENT—1.8%** | **ENTERTAINMENT—1.8%** |
| 300 | Lions Gate Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| 231 |
| 200 | Live Nation Entertainment, Inc. <br>6.500%—05/15/2027<sup>1</sup><br>| 202 |
| 200 | Resorts World Las Vegas LLC/RWLV Capital, Inc. <br>4.625%—04/16/2029<sup>1</sup><br>| 172 |
|  |  | 605 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.3%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.3%** |
| 200 | CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| 195 |
| 200 | Hudson Pacific Properties LP <br>5.950%—02/15/2028<br>| 167 |
| 300 | MPT Operating Partnership LP/MPT Finance Corp. <br>4.625%—08/01/2029<br>| 229 |
| 200 | VICI Properties LP/VICI Note Co., Inc. <br>3.750%—02/15/2027<sup>1</sup><br>| 196 |
|  |  | 787 |
| **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** | **FINANCIAL SERVICES—0.6%** |
| 200 | World Acceptance Corp. <br>7.000%—11/01/2026<sup>1</sup><br>| 198 |
| **FOOD & STAPLES RETAILING—0.5%** | **FOOD & STAPLES RETAILING—0.5%** | **FOOD & STAPLES RETAILING—0.5%** |
| 200 | CDW LLC/CDW Finance Corp. <br>3.250%—02/15/2029<br>| 186 |
| **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** | **GROUND TRANSPORTATION—0.9%** |
| 300 | XPO, Inc. <br>6.250%—06/01/2028<sup>1</sup><br>| 304 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** |
| 200 | Stryker Corp. <br>3.375%—11/01/2025<br>| 199 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** | **HEALTH CARE PROVIDERS & SERVICES—3.3%** |
|  | DaVita, Inc. |  |
| $200 | 3.750%—02/15/2031<sup>1</sup> | $176 |
| 200 | 4.625%—06/01/2030<sup>1</sup> | 186 |
|  |  | 362 |
| 300 | HCA, Inc. <br>3.125%—03/15/2027<br>| 293 |
| 200 | Molina Healthcare, Inc. <br>3.875%—11/15/2030<sup>1</sup><br>| 180 |
| 200 | STERIS Irish FinCo UnLtd Co. <br>2.700%—03/15/2031<br>| 178 |
| 100 | Universal Health Services, Inc. <br>1.650%—09/01/2026<br>| 96 |
|  |  | 1109 |
| **HOTELS, RESTAURANTS & LEISURE—3.5%** | **HOTELS, RESTAURANTS & LEISURE—3.5%** | **HOTELS, RESTAURANTS & LEISURE—3.5%** |
|  | Carnival Corp. |  |
| 300 | 4.000%—08/01/2028<sup>1</sup> | 286 |
| 100 | 5.750%—03/01/2027<sup>1</sup> | 100 |
|  |  | 386 |
| 300 | Hilton Domestic Operating Co., Inc. <br>4.875%—01/15/2030<br>| 294 |
| 200 | Las Vegas Sands Corp. <br>3.500%—08/18/2026<br>| 196 |
| 200 | New Red Finance, Inc. <br>3.875%—01/15/2028<sup>1</sup><br>| 192 |
| 100 | O'Reilly Automotive, Inc. <br>4.200%—04/01/2030<br>| 98 |
|  |  | 1166 |
| **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** | **INTERACTIVE MEDIA & SERVICES—0.8%** |
| 300 | Go Daddy Operating Co. LLC/GD Finance Co., Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 280 |
| **INTERNET & CATALOG RETAIL—0.2%** | **INTERNET & CATALOG RETAIL—0.2%** | **INTERNET & CATALOG RETAIL—0.2%** |
| 69 | GrubHub Holdings, Inc. <br>5.500%—07/01/2027<sup>1</sup><br>| 62 |
| **IT SERVICES—3.9%** | **IT SERVICES—3.9%** | **IT SERVICES—3.9%** |
|  | Booz Allen Hamilton, Inc. |  |
| 200 | 3.875%—09/01/2028<sup>1</sup> | 193 |
| 100 | 4.000%—07/01/2029<sup>1</sup> | 95 |
|  |  | 288 |
| 100 | Crane NXT Co. <br>4.200%—03/15/2048<br>| 59 |
| 300 | International Business Machines Corp. <br>3.500%—05/15/2029<br>| 291 |
| 200 | Leidos, Inc. <br>4.375%—05/15/2030<br>| 194 |
| 300 | Unisys Corp. <br>6.875%—11/01/2027<sup>1</sup><br>| 289 |
| 200 | VeriSign, Inc. <br>2.700%—06/15/2031<br>| 177 |
|  |  | 1298 |
| **MACHINERY—0.9%** | **MACHINERY—0.9%** | **MACHINERY—0.9%** |
| 19 | GrafTech Global Enterprises, Inc. <br>9.875%—12/23/2029<sup>1</sup><br>| 14 |
| 100 | IDEX Corp. <br>3.000%—05/01/2030<br>| 92 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, 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** |
| $200 | Weir Group PLC <br>2.200%—05/13/2026<sup>1</sup><br>| $194 |
|  |  | 300 |
| **MEDIA—3.4%** | **MEDIA—3.4%** | **MEDIA—3.4%** |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 100 | 4.250%—02/01/2031<sup>1</sup> | 90 |
| 100 | 4.750%—02/01/2032<sup>1</sup> | 91 |
|  |  | 181 |
| 300 | News Corp. <br>3.875%—05/15/2029<sup>1</sup><br>| 283 |
| 300 | RELX Capital, Inc. <br>4.000%—03/18/2029<br>| 297 |
|  | Sinclair Television Group, Inc. |  |
| 105 | 4.375%—12/31/2032<sup>1</sup> | 64 |
| 300 | 5.500%—03/01/2030<sup>1</sup> | 217 |
|  |  | 281 |
| 100 | TEGNA, Inc. <br>5.000%—09/15/2029<br>| 93 |
|  |  | 1135 |
| **METALS & MINING—1.6%** | **METALS & MINING—1.6%** | **METALS & MINING—1.6%** |
|  | Commercial Metals Co. |  |
| 100 | 3.875%—02/15/2031 | 90 |
| 100 | 4.125%—01/15/2030 | 94 |
| 100 | 4.375%—03/15/2032 | 91 |
|  |  | 275 |
| 150 | Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 148 |
| 100 | IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| 99 |
|  |  | 522 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.3%** |
| 100 | Rithm Capital Corp. <br>6.250%—10/15/2025<sup>1</sup><br>| 100 |
| **OFFICE ELECTRONICS—0.9%** | **OFFICE ELECTRONICS—0.9%** | **OFFICE ELECTRONICS—0.9%** |
|  | Pitney Bowes, Inc. |  |
| 100 | 6.875%—03/15/2027<sup>1</sup> | 100 |
| 200 | 7.250%—03/15/2029<sup>1</sup> | 199 |
|  |  | 299 |
| **OIL, GAS & CONSUMABLE FUELS—13.3%** | **OIL, GAS & CONSUMABLE FUELS—13.3%** | **OIL, GAS & CONSUMABLE FUELS—13.3%** |
| 200 | Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 207 |
| 300 | AmeriGas Partners LP/AmeriGas Finance Corp. <br>9.375%—06/01/2028<sup>1</sup><br>| 298 |
| 200 | BP Capital Markets PLC <br>4.875%—03/22/2030<sup>2</sup><br>| 190 |
| 200 | California Resources Corp. <br>8.250%—06/15/2029<sup>1</sup><br>| 191 |
| 100 | Calumet Specialty Products Partners LP/Calumet <br> Finance Corp. <br>8.125%—01/15/2027<sup>1</sup><br>| 94 |
| 300 | CVR Energy, Inc. <br>8.500%—01/15/2029<sup>1</sup><br>| 276 |

---

---

| | | |
|:---|:---|:---|
| **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** |
|  | Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<br>|  |
| $100 | 7.125%—06/01/2028<sup>1</sup> | $99 |
| 200 | 8.625%—03/15/2029<sup>1</sup> | 206 |
|  |  | 305 |
| 300 | DT Midstream, Inc. <br>4.375%—06/15/2031<sup>1</sup><br>| 277 |
| 100 | Enbridge, Inc. <br>6.000%—01/15/2077<sup>2</sup><br>| 98 |
| 100 | Enterprise Products Operating LLC <br>5.250%—08/16/2077<sup>2</sup><br>| 97 |
| 200 | Helix Energy Solutions Group, Inc. <br>9.750%—03/01/2029<sup>1</sup><br>| 203 |
| 104 | Hess Midstream Operations LP <br>5.875%—03/01/2028<sup>1</sup><br>| 104 |
| 100 | Kinder Morgan, Inc. <br>5.000%—02/01/2029<br>| 101 |
| 200 | Marathon Petroleum Corp. <br>4.700%—05/01/2025<br>| 200 |
| 200 | MPLX LP <br>2.650%—08/15/2030<br>| 179 |
|  | Murphy Oil USA, Inc. |  |
| 200 | 3.750%—02/15/2031<sup>1</sup> | 180 |
| 100 | 4.750%—09/15/2029 | 96 |
|  |  | 276 |
| 200 | New Fortress Energy, Inc. <br>8.750%—03/15/2029<sup>1</sup><br>| 104 |
| 100 | NFE Financing LLC <br>12.000%—11/15/2029<sup>1</sup><br>| 69 |
|  | PBF Holding Co. LLC/PBF Finance Corp. |  |
| 200 | 7.875%—09/15/2030<sup>1</sup> | 165 |
| 158 | 9.875%—03/15/2030<sup>1</sup> | 139 |
|  |  | 304 |
| 300 | PG&E Corp. <br>7.375%—03/15/2055<sup>2</sup><br>| 292 |
| 100 | Suncor Energy, Inc. <br>7.150%—02/01/2032<br>| 108 |
|  | Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp.<br>|  |
| 100 | 4.000%—01/15/2032 | 92 |
| 300 | 4.875%—02/01/2031 | 292 |
|  |  | 384 |
| 100 | TC PipeLines LP <br>3.900%—05/25/2027<br>| 99 |
|  |  | 4456 |
| **PAPER & FOREST PRODUCTS—0.6%** | **PAPER & FOREST PRODUCTS—0.6%** | **PAPER & FOREST PRODUCTS—0.6%** |
| 200 | Mercer International, Inc. <br>12.875%—10/01/2028<sup>1</sup><br>| 205 |
| **PASSENGER AIRLINES—1.7%** | **PASSENGER AIRLINES—1.7%** | **PASSENGER AIRLINES—1.7%** |
| 194 | Alaska Airlines Pass-Through Trust <br>4.800%—02/15/2029<sup>1</sup><br>| 195 |
| 300 | Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.750%—10/20/2028<sup>1</sup><br>| 298 |
| 80 | United Airlines Pass-Through Trust <br>5.875%—04/15/2029<br>| 81 |
|  |  | 574 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amounts, Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** | **PERSONAL CARE PRODUCTS—0.9%** |
| $300 | Edgewell Personal Care Co. <br>5.500%—06/01/2028<sup>1</sup><br>| $295 |
| **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** |
| 160 | Bausch Health Cos., Inc. <br>11.000%—09/30/2028<sup>1</sup><br>| 150 |
| 200 | Cencora, Inc. <br>2.700%—03/15/2031<br>| 179 |
|  | HLF Financing SARL LLC/Herbalife International, <br> Inc.<br>|  |
| 300 | 4.875%—06/01/2029<sup>1</sup> | 231 |
| 100 | 12.250%—04/15/2029<sup>1</sup> | 107 |
|  |  | 338 |
| 300 | Merck & Co., Inc. <br>1.900%—12/10/2028<br>| 279 |
|  |  | 946 |
| **PROFESSIONAL SERVICES—2.0%** | **PROFESSIONAL SERVICES—2.0%** | **PROFESSIONAL SERVICES—2.0%** |
|  | Gartner, Inc. |  |
| 100 | 3.750%—10/01/2030<sup>1</sup> | 92 |
| 300 | 4.500%—07/01/2028<sup>1</sup> | 296 |
|  |  | 388 |
| 300 | TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 274 |
|  |  | 662 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.7%** |
|  | Broadcom, Inc. |  |
| 300 | 1.950%—02/15/2028<sup>1</sup> | 281 |
| 100 | 4.000%—04/15/2029<sup>1</sup> | 98 |
|  |  | 379 |
| 100 | Entegris, Inc. <br>4.750%—04/15/2029<sup>1</sup><br>| 97 |
| 300 | Microchip Technology, Inc. <br>4.250%—09/01/2025<br>| 300 |
| 200 | NVIDIA Corp. <br>2.850%—04/01/2030<br>| 189 |
| 100 | Qorvo, Inc. <br>3.375%—04/01/2031<sup>1</sup><br>| 88 |
| 200 | Texas Instruments, Inc. <br>2.250%—09/04/2029<br>| 184 |
|  |  | 1237 |
| **SOFTWARE—5.9%** | **SOFTWARE—5.9%** | **SOFTWARE—5.9%** |
| 200 | Autodesk, Inc. <br>2.400%—12/15/2031<br>| 173 |
| 200 | Broadridge Financial Solutions, Inc. <br>2.900%—12/01/2029<br>| 186 |
| 300 | Fair Isaac Corp. <br>4.000%—06/15/2028<sup>1</sup><br>| 288 |
| 300 | Open Text Corp. <br>6.900%—12/01/2027<sup>1</sup><br>| 309 |
|  | Oracle Corp. |  |
| 300 | 2.300%—03/25/2028 | 284 |
| 100 | 6.150%—11/09/2029 | 106 |
|  |  | 390 |
| 300 | ROBLOX Corp. <br>3.875%—05/01/2030<sup>1</sup><br>| 278 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| $400 | Salesforce, Inc. <br>1.950%—07/15/2031<br>| $349 |
|  |  | 1973 |
| **SPECIALTY RETAIL—3.4%** | **SPECIALTY RETAIL—3.4%** | **SPECIALTY RETAIL—3.4%** |
| 307 | Carvana Co. <br>9.000%—06/01/2030-06/01/2031<sup>1</sup><br>| 332 |
| 100 | Gap, Inc. <br>3.875%—10/01/2031<sup>1</sup><br>| 87 |
| 400 | Home Depot, Inc. <br>3.250%—04/15/2032<br>| 367 |
| 75 | Macy's Retail Holdings LLC <br>6.125%—03/15/2032<sup>1</sup><br>| 68 |
| 300 | Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| 283 |
|  |  | 1137 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.6%** |
|  | Xerox Holdings Corp. |  |
| 200 | 5.500%—08/15/2028<sup>1</sup> | 129 |
| 100 | 8.875%—11/30/2029<sup>1</sup> | 60 |
|  |  | 189 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** | **TEXTILES, APPAREL & LUXURY GOODS—0.3%** |
| 100 | William Carter Co. <br>5.625%—03/15/2027<sup>1</sup><br>| 97 |
| **TOBACCO—3.3%** | **TOBACCO—3.3%** | **TOBACCO—3.3%** |
|  | Altria Group, Inc. |  |
| 100 | 2.450%—02/04/2032 | 85 |
| 300 | 4.800%—02/14/2029 | 302 |
|  |  | 387 |
| 200 | Imperial Brands Finance PLC <br>5.500%—02/01/2030<sup>1</sup><br>| 206 |
| 400 | Philip Morris International, Inc. <br>5.125%—02/15/2030-02/13/2031<br>| 410 |
| 100 | Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 104 |
|  |  | 1107 |
| **TRADING COMPANIES & DISTRIBUTORS—1.2%** | **TRADING COMPANIES & DISTRIBUTORS—1.2%** | **TRADING COMPANIES & DISTRIBUTORS—1.2%** |
| 200 | Ferguson Finance PLC <br>4.500%—10/24/2028<sup>1</sup><br>| 199 |
| 200 | LKQ Corp. <br>5.750%—06/15/2028<br>| 204 |
|  |  | 403 |
| **WIRELESS TELECOMMUNICATION SERVICES—1.1%** | **WIRELESS TELECOMMUNICATION SERVICES—1.1%** | **WIRELESS TELECOMMUNICATION SERVICES—1.1%** |
|  | T-Mobile USA, Inc. |  |
| 200 | 2.550%—02/15/2031 | 178 |
| 200 | 2.625%—02/15/2029 | 186 |
|  |  | 364 |
| **Total Corporate Bonds & Notes** <br>(Cost $31,247) | **Total Corporate Bonds & Notes** <br>(Cost $31,247) | 31292 |
| **TOTAL INVESTMENTS—93.3%** <br>(Cost $31,247) | **TOTAL INVESTMENTS—93.3%** <br>(Cost $31,247) | 31292 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—6.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—6.7%** | 2236 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $33528 |

---

------

⬤

------

**Harbor Scientific Alpha 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; 63 | 06/18/2025 | &nbsp;&nbsp; $7070 | &nbsp;&nbsp; $80 |
| U.S Treasury Note Futures 2 Year (Long) | &nbsp;&nbsp; 31 | 06/30/2025 | &nbsp;&nbsp; 6453 | &nbsp;&nbsp; 53 |
| U.S Treasury Note Futures 5 Year (Long) | &nbsp;&nbsp; 28 | 06/30/2025 | &nbsp;&nbsp; 3057 | &nbsp;&nbsp; 53 |
| Total Futures Contracts |  |  |  | &nbsp;&nbsp; $186 |

---

**FAIR VALUE MEASUREMENTS**

As of April 30, 2025, the investments in futures contracts (as disclosed in the preceding Futures Contracts schedule) were classified as Level 1 and all other investments were classified as Level 2.

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

------

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of April 30, 2025, the aggregate value of these securities was $17,719 or 53% of net assets.

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

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

------

⬤

------

**Harbor Transformative Technologies ETF**

**PORTFOLIO OF INVESTMENTS—April 30, 2025 (Unaudited)** 

------

**Subadvisor:** Jennison Associates LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.2%** | **COMMON STOCKS—96.2%** | **COMMON STOCKS—96.2%** |
| **Shares** |  | **Value** |
| **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** | **AUTOMOBILES—1.7%** |
| 231 | Tesla, Inc. <sup>\*</sup> | $65 |
| **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** | **BIOTECHNOLOGY—1.4%** |
| 105 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 53 |
| **BROADLINE RETAIL—5.5%** | **BROADLINE RETAIL—5.5%** | **BROADLINE RETAIL—5.5%** |
| 1114 | Amazon.com, Inc. <sup>\*</sup> | 205 |
| **COMMUNICATIONS EQUIPMENT—1.8%** | **COMMUNICATIONS EQUIPMENT—1.8%** | **COMMUNICATIONS EQUIPMENT—1.8%** |
| 820 | Arista Networks, Inc. <sup>\*</sup> | 67 |
| **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** | **ELECTRIC UTILITIES—0.8%** |
| 133 | Constellation Energy Corp.  | 30 |
| **ELECTRICAL EQUIPMENT—1.0%** | **ELECTRICAL EQUIPMENT—1.0%** | **ELECTRICAL EQUIPMENT—1.0%** |
| 791 | Schneider Electric SE ADR<sup>1</sup> | 37 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.9%** |
| 239 | Keysight Technologies, Inc. <sup>\*</sup> | 35 |
| **ENTERTAINMENT—3.8%** | **ENTERTAINMENT—3.8%** | **ENTERTAINMENT—3.8%** |
| 126 | Netflix, Inc. <sup>\*</sup> | 143 |
| **FINANCIAL SERVICES—1.5%** | **FINANCIAL SERVICES—1.5%** | **FINANCIAL SERVICES—1.5%** |
| 98 | Mastercard, Inc. Class A | 54 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.4%** |
| 833 | Dexcom, Inc. <sup>\*</sup> | 59 |
| 380 | Edwards Lifesciences Corp. <sup>\*</sup> | 29 |
| 147 | Intuitive Surgical, Inc. <sup>\*</sup> | 76 |
|  |  | 164 |
| **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** |
| 294 | Airbnb, Inc. Class A<sup>\*</sup> | 36 |
| **INTERACTIVE MEDIA & SERVICES—8.0%** | **INTERACTIVE MEDIA & SERVICES—8.0%** | **INTERACTIVE MEDIA & SERVICES—8.0%** |
| 1023 | Alphabet, Inc. Class A | 162 |
| 245 | Meta Platforms, Inc. Class A | 135 |
|  |  | 297 |
| **IT SERVICES—1.7%** | **IT SERVICES—1.7%** | **IT SERVICES—1.7%** |
| 399 | Snowflake, Inc. Class A<sup>\*</sup> | 64 |
| **MEDIA—1.2%** | **MEDIA—1.2%** | **MEDIA—1.2%** |
| 827 | Trade Desk, Inc. Class A<sup>\*</sup> | 44 |
| **PHARMACEUTICALS—3.0%** | **PHARMACEUTICALS—3.0%** | **PHARMACEUTICALS—3.0%** |
| 770 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 55 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| 624 | UCB SA ADR (Belgium)<sup>1</sup> | $58 |
|  |  | 113 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—24.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—24.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—24.2%** |
| 316 | Analog Devices, Inc.  | 62 |
| 491 | ARM Holdings PLC ADR<sup>\*,1</sup> | 56 |
| 63 | ASML Holding NV New York Registry Shares <br> (Netherlands)<br>| 42 |
| 1044 | Broadcom, Inc.  | 201 |
| 231 | Impinj, Inc. <sup>\*</sup> | 21 |
| 987 | Lam Research Corp.  | 71 |
| 1128 | Marvell Technology, Inc.  | 66 |
| 2137 | NVIDIA Corp.  | 233 |
| 337 | Onto Innovation, Inc. <sup>\*</sup> | 41 |
| 651 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 108 |
|  |  | 901 |
| **SOFTWARE—27.1%** | **SOFTWARE—27.1%** | **SOFTWARE—27.1%** |
| 140 | Adobe, Inc. <sup>\*</sup> | 52 |
| 217 | AppLovin Corp. Class A<sup>\*</sup> | 58 |
| 217 | Cadence Design Systems, Inc. <sup>\*</sup> | 65 |
| 217 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 93 |
| 126 | CyberArk Software Ltd. <sup>\*</sup> | 44 |
| 519 | Datadog, Inc. Class A<sup>\*</sup> | 53 |
| 126 | HubSpot, Inc. <sup>\*</sup> | 77 |
| 673 | Microsoft Corp.  | 266 |
| 141 | Monday.com Ltd. <sup>\*</sup> | 40 |
| 260 | Palo Alto Networks, Inc. <sup>\*</sup> | 49 |
| 266 | Salesforce, Inc.  | 71 |
| 1352 | Samsara, Inc. Class A<sup>\*</sup> | 54 |
| 91 | ServiceNow, Inc. <sup>\*</sup> | 87 |
|  |  | 1009 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.2%** |
| 1268 | Apple, Inc.  | 269 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,268) | **TOTAL COMMON STOCKS** <br>(Cost $3,268) | 3586 |
| **TOTAL INVESTMENTS—96.2%** <br>(Cost $3,268) | **TOTAL INVESTMENTS—96.2%** <br>(Cost $3,268) | 3586 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.8%** | 141 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3727 |

---

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

------

⬤

------

**Harbor Transformative Technologies ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of April 30, 2025 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

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

------

\*

Non-income producing security

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

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

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF ASSETS AND LIABILITIES—April 30, 2025 (Unaudited)**

------

(All amounts in thousands, except per share amounts)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Active** <br>**Small** <br>**Cap ETF**<br>| **Harbor** <br>**AlphaEdge™** <br>**Large Cap** <br>**Value ETF**<br>| **Harbor** <br>**AlphaEdge™** <br>**Next Generation** <br>**REITs ETF**<br>| **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF**<br>| **Harbor** <br>**Commodity** <br>**All-Weather** <br>**Strategy ETF** <br>**(Consolidated)**<br>|
| **Assets** |  |  |  |  |  |
| Investments, at identified cost | &nbsp;&nbsp; $15722 | &nbsp;&nbsp; $1989 | &nbsp;&nbsp; $1964 | &nbsp;&nbsp; $10489 | &nbsp;&nbsp; $269365 |
| Investments, at value | &nbsp;&nbsp; $14574 | &nbsp;&nbsp; $1988 | &nbsp;&nbsp; $1805 | &nbsp;&nbsp; $9288 | &nbsp;&nbsp; $269354 |
| Cash | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 13314 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28990 |
| Foreign currency, at value (cost: $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, $464, <br> $0, $0 and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| Investment sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Securities Lending Income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Withholding tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **14726** | &nbsp;&nbsp; **2015** | &nbsp;&nbsp; **1807** | &nbsp;&nbsp; **9299** | &nbsp;&nbsp; **311658** |
| **Liabilities** |  |  |  |  |  |
| Due to custodian  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9216 |
| Capital shares reacquired | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend and interest expense on investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investments sold short, at value (proceeds: $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, <br> $0, $0, $13,679, $0 and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 169 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **10** | &nbsp;&nbsp; **1** | &nbsp;&nbsp; **1** | &nbsp;&nbsp; **2** | &nbsp;&nbsp; **9385** |
| **NET ASSETS** | &nbsp;&nbsp; **$14716** | &nbsp;&nbsp; **$2014** | &nbsp;&nbsp; **$1806** | &nbsp;&nbsp; **$9297** | &nbsp;&nbsp; **$302273** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $15560 | &nbsp;&nbsp; $2020 | &nbsp;&nbsp; $2022 | &nbsp;&nbsp; $10209 | &nbsp;&nbsp; $286632 |
| Total distributable earnings/(loss) | &nbsp;&nbsp; (844)<br>| &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; (216)<br>| &nbsp;&nbsp; (912)<br>| &nbsp;&nbsp; 15641 |
|  | &nbsp;&nbsp; $14716 | &nbsp;&nbsp; $2014 | &nbsp;&nbsp; $1806 | &nbsp;&nbsp; $9297 | &nbsp;&nbsp; $302273 |
| **NET ASSET VALUE PER SHARE** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $14716 | &nbsp;&nbsp; $2014 | &nbsp;&nbsp; $1806 | &nbsp;&nbsp; $9297 | &nbsp;&nbsp; $302273 |
| Shares of beneficial interest (No par value and unlimited authorizations) | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 12850 |
| Net asset value per share<sup>1</sup> | &nbsp;&nbsp; $19.62 | &nbsp;&nbsp; $20.14 | &nbsp;&nbsp; $18.06 | &nbsp;&nbsp; $28.61 | &nbsp;&nbsp; $23.52 |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Disciplined** <br>**Bond ETF**<br>| **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF**<br>| **Harbor** <br>**Health** <br>**Care** <br>**ETF**<br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**Unconstrained ETF** <br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF**<br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF**<br>| **Harbor** <br>**International** <br>**Compounders** <br>**ETF**<br>| **Harbor** <br>**Long-Short** <br>**Equity ETF**<br>| **Harbor** <br>**Long-Term** <br>**Growers ETF**<br>| **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)**<br>|
| $26940 | &nbsp;&nbsp; $186674 | &nbsp;&nbsp; $14704 | &nbsp;&nbsp; $3501 | &nbsp;&nbsp; $305099 | &nbsp;&nbsp; $126892 | &nbsp;&nbsp; $423083 | &nbsp;&nbsp; $18,432\* | &nbsp;&nbsp; $641677 | &nbsp;&nbsp; $4738 |
| $27336 | &nbsp;&nbsp; $218962 | &nbsp;&nbsp; $15595 | &nbsp;&nbsp; $3314 | &nbsp;&nbsp; $355796 | &nbsp;&nbsp; $117935 | &nbsp;&nbsp; $425452 | &nbsp;&nbsp; $20,935\* | &nbsp;&nbsp; $736996 | &nbsp;&nbsp; $5161 |
| 208 | &nbsp;&nbsp; 8269 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1802 | &nbsp;&nbsp; 11255 | &nbsp;&nbsp; 12136 | &nbsp;&nbsp; 19 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 465 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 12627 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2516 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 72 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; — |
| 225 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 207 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34 | &nbsp;&nbsp; — |
| **27769** | &nbsp;&nbsp; **239930** | &nbsp;&nbsp; **15742** | &nbsp;&nbsp; **3321** | &nbsp;&nbsp; **356147** | &nbsp;&nbsp; **117984** | &nbsp;&nbsp; **428447** | &nbsp;&nbsp; **32202** | &nbsp;&nbsp; **751882** | &nbsp;&nbsp; **5180** |
| 25 | &nbsp;&nbsp; 5891 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 126 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2480 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11948 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 8 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 3 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| **33** | &nbsp;&nbsp; **5985** | &nbsp;&nbsp; **63** | &nbsp;&nbsp; **1** | &nbsp;&nbsp; **99** | &nbsp;&nbsp; **56** | &nbsp;&nbsp; **358** | &nbsp;&nbsp; **11981** | &nbsp;&nbsp; **2809** | &nbsp;&nbsp; **3** |
| **$27736** | &nbsp;&nbsp; **$233945** | &nbsp;&nbsp; **$15679** | &nbsp;&nbsp; **$3320** | &nbsp;&nbsp; **$356048** | &nbsp;&nbsp; **$117928** | &nbsp;&nbsp; **$428089** | &nbsp;&nbsp; **$20221** | &nbsp;&nbsp; **$749073** | &nbsp;&nbsp; **$5177** |
| $27249 | &nbsp;&nbsp; $200056 | &nbsp;&nbsp; $14620 | &nbsp;&nbsp; $1866 | &nbsp;&nbsp; $269006 | &nbsp;&nbsp; $136202 | &nbsp;&nbsp; $421470 | &nbsp;&nbsp; $16967 | &nbsp;&nbsp; $680822 | &nbsp;&nbsp; $4643 |
| 487 | &nbsp;&nbsp; 33889 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 1454 | &nbsp;&nbsp; 87042 | &nbsp;&nbsp; (18274)<br>| &nbsp;&nbsp; 6619 | &nbsp;&nbsp; 3254 | &nbsp;&nbsp; 68251 | &nbsp;&nbsp; 534 |
| $27736 | &nbsp;&nbsp; $233945 | &nbsp;&nbsp; $15679 | &nbsp;&nbsp; $3320 | &nbsp;&nbsp; $356048 | &nbsp;&nbsp; $117928 | &nbsp;&nbsp; $428089 | &nbsp;&nbsp; $20221 | &nbsp;&nbsp; $749073 | &nbsp;&nbsp; $5177 |
| $27736 | &nbsp;&nbsp; $233945 | &nbsp;&nbsp; $15679 | &nbsp;&nbsp; $3320 | &nbsp;&nbsp; $356048 | &nbsp;&nbsp; $117928 | &nbsp;&nbsp; $428089 | &nbsp;&nbsp; $20221 | &nbsp;&nbsp; $749073 | &nbsp;&nbsp; $5177 |
| 675 | &nbsp;&nbsp; 16327 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 10450 | &nbsp;&nbsp; 4550 | &nbsp;&nbsp; 15650 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 29775 | &nbsp;&nbsp; 225 |
| $41.09 | &nbsp;&nbsp; $14.33 | &nbsp;&nbsp; $26.13 | &nbsp;&nbsp; $22.13 | &nbsp;&nbsp; $34.07 | &nbsp;&nbsp; $25.92 | &nbsp;&nbsp; $27.35 | &nbsp;&nbsp; $28.89 | &nbsp;&nbsp; $25.16 | &nbsp;&nbsp; $23.01 |

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF ASSETS AND LIABILITIES— April 30, 2025 (Unaudited) —Continued**

------

(All amounts in thousands, except per share amounts)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Osmosis** <br>**Emerging** <br>**Markets** <br>**Resource** <br>**Efficient ETF**<br>| **Harbor** <br>**Osmosis** <br>**International** <br>**Resource** <br>**Efficient ETF**<br>| **Harbor** <br>**PanAgora Dynamic** <br>**Large Cap** <br>**Core ETF**<br>| **Harbor** <br>**Scientific** <br>**Alpha** <br>**High-Yield** <br>**ETF**<br>| **Harbor** <br>**Scientific** <br>**Alpha** <br>**Income ETF**<br>| **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF**<br>|
| **Assets** |  |  |  |  |  |  |
| Investments, at identified cost | &nbsp;&nbsp; $104996 | &nbsp;&nbsp; $106179 | &nbsp;&nbsp; $67860 | &nbsp;&nbsp; $168033 | &nbsp;&nbsp; $31247 | &nbsp;&nbsp; $3268 |
| Investments, at value | &nbsp;&nbsp; $107132 | &nbsp;&nbsp; $116852 | &nbsp;&nbsp; $63665 | &nbsp;&nbsp; $167409 | &nbsp;&nbsp; $31292 | &nbsp;&nbsp; $3586 |
| Cash | &nbsp;&nbsp; 304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 2884 | &nbsp;&nbsp; 1069 | &nbsp;&nbsp; 141 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 359 | &nbsp;&nbsp; — |
| Foreign currency, at value (cost: $752, $263, $0, $3, $1 and <br> $0)<br>| &nbsp;&nbsp; 754 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |  |
| Investment sold | &nbsp;&nbsp; 6651 | &nbsp;&nbsp; 10890 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 5814 | &nbsp;&nbsp; 2427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 501 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2692 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; — |
| Securities Lending Income | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 372 | &nbsp;&nbsp; — |
| Withholding tax | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **115202** | &nbsp;&nbsp; **134402** | &nbsp;&nbsp; **66155** | &nbsp;&nbsp; **172993** | &nbsp;&nbsp; **33542** | &nbsp;&nbsp; **3728** |
| **Liabilities** |  |  |  |  |  |  |
| Due to custodian  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4246 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 7488 | &nbsp;&nbsp; 6767 | &nbsp;&nbsp; 2426 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares reacquired | &nbsp;&nbsp; — | &nbsp;&nbsp; 5846 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend and interest expense on investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investments sold short, at value (proceeds: $0, $0, $0, $0, $0 <br> and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **8010** | &nbsp;&nbsp; **16954** | &nbsp;&nbsp; **2443** | &nbsp;&nbsp; **67** | &nbsp;&nbsp; **14** | &nbsp;&nbsp; **1** |
| **NET ASSETS** | &nbsp;&nbsp; **$107192** | &nbsp;&nbsp; **$117448** | &nbsp;&nbsp; **$63712** | &nbsp;&nbsp; **$172926** | &nbsp;&nbsp; **$33528** | &nbsp;&nbsp; **$3727** |
| **Net Assets Consist of:** |  |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $106168 | &nbsp;&nbsp; $104682 | &nbsp;&nbsp; $68089 | &nbsp;&nbsp; $294461 | &nbsp;&nbsp; $38241 | &nbsp;&nbsp; $3406 |
| Total distributable earnings/(loss) | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 12766 | &nbsp;&nbsp; (4377)<br>| &nbsp;&nbsp; (121535)<br>| &nbsp;&nbsp; (4713)<br>| &nbsp;&nbsp; 321 |
|  | &nbsp;&nbsp; $107192 | &nbsp;&nbsp; $117448 | &nbsp;&nbsp; $63712 | &nbsp;&nbsp; $172926 | &nbsp;&nbsp; $33528 | &nbsp;&nbsp; $3727 |
| **NET ASSET VALUE PER SHARE** |  |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $107192 | &nbsp;&nbsp; $117448 | &nbsp;&nbsp; $63712 | &nbsp;&nbsp; $172926 | &nbsp;&nbsp; $33528 | &nbsp;&nbsp; $3727 |
| Shares of beneficial interest (No par value and unlimited <br> authorizations)<br>| &nbsp;&nbsp; 5175 | &nbsp;&nbsp; 5525 | &nbsp;&nbsp; 3275 | &nbsp;&nbsp; 3864 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 175 |
| Net asset value per share<sup>1</sup> | &nbsp;&nbsp; $20.71 | &nbsp;&nbsp; $21.26 | &nbsp;&nbsp; $19.45 | &nbsp;&nbsp; $44.76 | &nbsp;&nbsp; $43.26 | &nbsp;&nbsp; $21.29 |

---

------

---

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

---

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

------

⬤

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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⬤

------

**Harbor ETF Trust**

**STATEMENTS OF OPERATIONS—Period Ended April 30, 2025 (Unaudited)**

------

(All amounts in thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Active** <br>**Small** <br>**Cap ETF**<br>| **Harbor** <br>**AlphaEdge™** <br>**Large Cap** <br>**Value ETF**<br>| **Harbor** <br>**AlphaEdge™** <br>**Next Generation** <br>**REITs ETF**<br>| **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF**<br>| **Harbor** <br>**Commodity** <br>**All-Weather** <br>**Strategy ETF** <br>**(Consolidated)**<br>|
| **Investment Income**  |  |  |  |  |  |
| Dividends | $77 | $38 | $33 | $100 | $— |
| Interest | 2 |  |  |  | 5729 |
| Net securities lending income |  |  |  |  |  |
| Foreign taxes withheld |  | (1)<br>|  |  |  |
| **Total Investment Income**  | **79** | **37** | **33** | **100** | **5729** |
| **Operating Expenses** |  |  |  |  |  |
| Management fees | 49 | 3 | 5 | 12 | 938 |
| Dividend and interest expense on investments sold short |  |  |  |  |  |
| Total Operating Expenses | 49 | 3 | 5 | 12 | 938 |
| **Net Investment Income/(Loss)** | **30** | **34** | **28** | **88** | **4791** |
| **Net Realized and Change in Net Unrealized Gain/(Loss) on Investment** <br> **Transactions**<br>|  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| Investments | 112 | (50)<br>| (60)<br>| (135)<br>| (2)<br>|
| In-kind redemptions | 172 | 25 |  | 361 |  |
| Foreign currency transactions |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Swap agreements |  |  |  |  | 12361 |
| Investments sold short |  |  |  |  |  |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| Investments | (1312)<br>| (41)<br>| (132)<br>| (1283)<br>| (46)<br>|
| Translations of assets and liabilities in foreign currencies |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Swap agreements |  |  |  |  |  |
| Investments sold short |  |  |  |  |  |
| Net gain/(loss) on investment transactions | (1028)<br>| (66)<br>| (192)<br>| (1057)<br>| 12313 |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**(998**)<br>| $**(32**)<br>| $**(164**)<br>| $**(969**)<br>| $**17104** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Disciplined** <br>**Bond ETF**<br>| **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF**<br>| **Harbor** <br>**Health** <br>**Care** <br>**ETF**<br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**Unconstrained ETF**<br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF**<br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF**<br>| **Harbor** <br>**International** <br>**Compounders** <br>**ETF**<br>| **Harbor** <br>**Long-Short** <br>**Equity ETF**<br>| **Harbor** <br>**Long-Term** <br>**Growers ETF**<br>| **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)**<br>|
| $— | $2342 | $32 | $74 | $2584 | $920 | $3403 | $156 | $1746 | $52 |
| 726 | 47 | 1 |  | 1 | 2 | 15 | 64 | 32 |  |
|  | (3)<br>|  |  | (2)<br>|  | (400)<br>|  | (20)<br>|  |
| **726** | **2386** | **33** | **74** | **2583** | **922** | **3018** | **220** | **1758** | **52** |
| 48 | 668 | 65 | 19 | 646 | 395 | 839 | 121 | 1937 | 16 |
|  |  |  |  |  |  |  | 134 |  |  |
| 48 | 668 | 65 | 19 | 646 | 395 | 839 | 255 | 1937 | 16 |
| **678** | **1718** | **(32)**<br>| **55** | **1937** | **527** | **2179** | **(35)**<br>| **(179)**<br>| **36** |
| (29)<br>| (5951)<br>| (232)<br>| (285)<br>| (4689)<br>| (11951)<br>| (616)<br>| 228 | (15583)<br>| (101)<br>|
|  | 18140 | 504 | 2145 | 40072 | 17549 | 3024 | 1251 | 7747 | 225 |
|  |  |  |  |  |  | (40)<br>|  |  |  |
|  |  |  |  |  |  |  | 218 |  |  |
| (27)<br>| (26818)<br>| (414)<br>| (1887)<br>| (43563)<br>| (17918)<br>| 1116 | (1550)<br>| (6611)<br>| (45)<br>|
|  |  |  |  |  |  | 30 |  |  |  |
|  |  |  |  |  |  |  | 514 |  |  |
| (56)<br>| (14629)<br>| (142)<br>| (27)<br>| (8180)<br>| (12320)<br>| 3514 | 661 | (14447)<br>| 79 |
| $**622** | $**(12911**)<br>| $**(174**)<br>| $**28** | $**(6243**)<br>| $**(11793**)<br>| $**5693** | $**626** | $**(14626**)<br>| $**115** |

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF OPERATIONS— Period Ended April 30, 2025 (Unaudited) —Continued**

------

(All amounts in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Osmosis** <br>**Emerging** <br>**Markets** <br>**Resource** <br>**Efficient ETF**<sup>1</sup> <br>| **Harbor** <br>**Osmosis** <br>**International** <br>**Resource** <br>**Efficient ETF**<sup>2</sup> <br>| **Harbor** <br>**PanAgora Dynamic** <br>**Large Cap** <br>**Core ETF**<br>| **Harbor** <br>**Scientific** <br>**Alpha** <br>**High-Yield** <br>**ETF**<br>| **Harbor** <br>**Scientific** <br>**Alpha** <br>**Income ETF**<br>| **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF**<sup>3</sup> <br>|
| **Investment Income**  |  |  |  |  |  |  |
| Dividends | $1313 | $1485 | $238 | $— | $— | $1 |
| Interest | 12 | 2 | 1 | 6424 | 1122 |  |
| Net securities lending income |  | 1 |  |  |  |  |
| Foreign taxes withheld | (127)<br>| (137)<br>|  |  |  |  |
| **Total Investment Income**  | **1198** | **1351** | **239** | **6424** | **1122** | **1** |
| **Operating Expenses** |  |  |  |  |  |  |
| Management fees | 166 | 202 | 79 | 393 | 83 | 1 |
| Dividend and interest expense on investments sold short |  |  |  |  |  |  |
| Total Operating Expenses | 166 | 202 | 79 | 393 | 83 | 1 |
| **Net Investment Income/(Loss)** | **1032** | **1149** | **160** | **6031** | **1039** | **—** |
| **Net Realized and Change in Net Unrealized Gain/(Loss) on** <br> **Investment Transactions**<br>|  |  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |  |
| Investments | (1524)<br>| 310 | (577)<br>| 236 | 190 | 3 |
| In-kind redemptions |  | 586 | 244 | 78 |  |  |
| Foreign currency transactions | (185)<br>| 31 |  |  |  |  |
| Futures contracts |  |  |  |  | (213)<br>|  |
| Swap agreements |  |  |  |  | (165)<br>|  |
| Investments sold short |  |  |  |  |  |  |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |  |  |  |
| Investments | 1697 | 10673 | (4111)<br>| (4644)<br>| (463)<br>| 318 |
| Translations of assets and liabilities in foreign currencies | 4 | 17 |  |  |  |  |
| Futures contracts |  |  |  |  | 364 |  |
| Swap agreements |  |  |  |  | 8 |  |
| Investments sold short |  |  |  |  |  |  |
| Net gain/(loss) on investment transactions | (8)<br>| 11617 | (4444)<br>| (4330)<br>| (279)<br>| 321 |
| **Net Increase/(Decrease) in Net Assets Resulting from** <br> **Operations**<br>| $**1024** | $**12766** | $**(4284**)<br>| $**1701** | $**760** | $**321** |

---

------

1 For the period December 18, 2024 (commencement of operations) through April 30, 2025. <br> 2 For the period December 11, 2024 (commencement of operations) through April 30, 2025. <br> 3 For the period April 16, 2025 (commencement of operations) through April 30, 2025.

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

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[THIS PAGE INTENTIONALLY LEFT BLANK]

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⬤

------

**Harbor ETF Trust**

**STATEMENTS OF CHANGES IN NET ASSETS**

------

(All amounts in thousands)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Active** <br>**Small** <br>**Cap ETF** | **Harbor** <br>**Active** <br>**Small** <br>**Cap ETF** | **Harbor** <br>**AlphaEdge™** <br>**Large Cap** <br>**Value ETF** | **Harbor** <br>**AlphaEdge™** <br>**Large Cap** <br>**Value ETF** | **Harbor** <br>**AlphaEdge™** <br>**Next Generation** <br>**REITs ETF** | **Harbor** <br>**AlphaEdge™** <br>**Next Generation** <br>**REITs ETF** | **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF** | **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF** |
|  | **November 1, 2024** | **August 28, 2024**<sup>a</sup> <br>| **November 1, 2024** | **September 4, 2024**<sup>a</sup> <br>| **November 1, 2024** | **September 4, 2024**<sup>a</sup> <br>| **November 1, 2024** | **July 9, 2024**<sup>a</sup> <br>|
|  | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |  |  |  |  |
| Net investment income/(loss) | $30 | $2 | $34 | $5 | $28 | $11 | $88 | $43 |
| Net realized gain/(loss) on investments | 284 | 39 | (25) |  | (60) | (1) | 226 | 280 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| (1312) | 164 | (41) | 40 | (132) | (27) | (1283) | 82 |
| **Net increase/(decrease) in assets resulting** <br> **from operations**<br>| **(998)** | **205** | **(32)** | **45** | **(164)** | **(17)** | **(969)** | **405** |
| **Distributions to Shareholders** | **(51)** | **—** | **(19)** | **—** | **(35)** | **—** | **(173)** | **—** |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |  |
| Net proceeds from sale of shares | 8314 | 8367 | 552 | 2017 |  | 2022 | 5583 | 7813 |
| Cost of shares reacquired | (1121) |  | (549) |  |  |  | (1659) | (1703) |
| **Net increase/(decrease) derived from capital** <br> **share transactions** <br>| **7193** | **8367** | **3** | **2017** | **—** | **2022** | **3924** | **6110** |
| Net increase/(decrease) in net assets | 6144 | 8572 | (48) | 2062 | (199) | 2005 | 2782 | 6515 |
| **Net Assets** |  |  |  |  |  |  |  |  |
| Beginning of period  | 8572 |  | 2062 |  | 2005 |  | 6515 |  |
| **End of period** | **$14716** | **$8572** | **$2014** | **$2062** | **$1806** | **$2005** | **$9297** | **$6515** |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| Shares sold | 375 | 425 | 25 | 100 |  | 100 | 175 | 250 |
| Shares reacquired | (50) |  | (25) |  |  |  | (50) | (50) |
| **Net increase/(decrease) in shares** <br> **outstanding**<br>| **325** | **425** | **—** | **100** | **—** | **100** | **125** | **200** |

---

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

------

⬤

------

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Commodity** <br>**All-Weather** <br>**Strategy ETF** <br>**(Consolidated)** | **Harbor** <br>**Commodity** <br>**All-Weather** <br>**Strategy ETF** <br>**(Consolidated)** | **Harbor** <br>**Disciplined** <br>**Bond ETF** | **Harbor** <br>**Disciplined** <br>**Bond ETF** | **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF** | **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF** | **Harbor** <br>**Health** <br>**Care** <br>**ETF** | **Harbor** <br>**Health** <br>**Care** <br>**ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**Unconstrained ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**Unconstrained ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF** |
| **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **May 1, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| $4791 | $7318 | $678 | $635 | $1718 | $3998 | $(32) | $16 | $55 | $93 | $1937 | $3164 |
| 12359 | 318 | (29) | 132 | 12189 | 14155 | 272 | 32 | 1860 | 1322 | 35383 | 28635 |
| (46) | 37 | (27) | 423 | (26818) | 42995 | (414) | 1122 | (1887) | 2334 | (43563) | 69985 |
| **17104** | **7673** | **622** | **1190** | **(12911)** | **61148** | **(174)** | **1170** | **28** | **3749** | **(6243)** | **101784** |
| **(8435)** | **(7168)** | **(756)** | **(503)** | **(1467)** | **(3947)** | **(87)** | **(92)** | **(118)** | **(44)** | **(773)** | **(3375)** |
| 125814 | 188417 | 1027 | 28237 | 25478 | 83928 | 664 | 11902 | 2454 | 3193 | 125525 | 80888 |
| (77562) | (49298) |  | (2081) | (55427) | (64742) | (1953) |  | (12596) | (3213) | (115019) | (74385) |
| **48252** | **139119** | **1027** | **26156** | **(29949)** | **19186** | **(1289)** | **11902** | **(10142)** | **(20)** | **10506** | **6503** |
| 56921 | 139624 | 893 | 26843 | (44327) | 76387 | (1550) | 12980 | (10232) | 3685 | 3490 | 104912 |
| 245352 | 105728 | 26843 |  | 278272 | 201885 | 17229 | 4249 | 13552 | 9867 | 352558 | 247646 |
| **$302273** | **$245352** | **$27736** | **$26843** | **$233945** | **$278272** | **$15679** | **$17229** | **$3320** | **$13552** | **$356048** | **$352558** |
| 5425 | 8400 | 25 | 700 | 1650 | 6000 | 25 | 450 | 100 | 150 | 3400 | 2675 |
| (3400) | (2225) |  | (50) | (3675) | (4500) | (75) |  | (525) | (150) | (3100) | (2475) |
| **2025** | **6175** | **25** | **650** | **(2025)** | **1500** | **(50)** | **450** | **(425)** | **—** | **300** | **200** |

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF CHANGES IN NET ASSETS —Continued**

------

(All amounts in thousands)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF** | **Harbor** <br>**International** <br>**Compounders** <br>**ETF** | **Harbor** <br>**International** <br>**Compounders** <br>**ETF** | **Harbor** <br>**Long-Short** <br>**Equity ETF** | **Harbor** <br>**Long-Short** <br>**Equity ETF** | **Harbor** <br>**Long-Term** <br>**Growers ETF** | **Harbor** <br>**Long-Term** <br>**Growers ETF** |
|  | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **December 4, 2023**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** |
|  | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS** | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  |
| **Operations:** |  |  |  |  |  |  |  |  |
| Net investment income/(loss) | $527 | $1055 | $2179 | $1239 | $(35) | $(30) | $(179) | $(192) |
| Net realized gain/(loss) on investments | 5598 | 7596 | 2368 | 1568 | 1697 | (3047) | (7836) | 32024 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| (17918) | 19463 | 1146 | 1848 | (1036) | 5106 | (6611) | 81290 |
| **Net increase/(decrease) in assets resulting** <br> **from operations**<br>| **(11793)** | **28114** | **5693** | **4655** | **626** | **2029** | **(14626)** | **113122** |
| **Distributions to Shareholders** | **(959)** | **(538)** | **(1262)** | **(191)** | **—** | **—** | **—** | **(154)** |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |  |
| Net proceeds from sale of shares | 58810 | 80973 | 204363 | 219689 | 4238 | 16643 | 196361 | 405721 |
| Cost of shares reacquired | (59367) | (80177) | (15347) | (10264) | (6998) |  | (17974) | (117668) |
| **Net increase/(decrease) derived from capital** <br> **share transactions** <br>| **(557)** | **796** | **189016** | **209425** | **(2760)** | **16643** | **178387** | **288053** |
| Net increase/(decrease) in net assets | (13309) | 28372 | 193447 | 213889 | (2134) | 18672 | 163761 | 401021 |
| **Net Assets** |  |  |  |  |  |  |  |  |
| Beginning of period  | 131237 | 102865 | 234642 | 20753 | 22355 | 3683<sup>b</sup> | 585312 | 184291 |
| **End of period** | **$117928** | **$131237** | **$428089** | **$234642** | **$20221** | **$22355** | **$749073** | **$585312** |
| **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** | **Capital Share Transactions (Shares):** |
| Shares sold | 1975 | 2950 | 7625 | 8050 | 150 | 650 | 7575 | 17200 |
| Shares reacquired | (1975) | (2950) | (575) | (375) | (250) |  | (675) | (4800) |
| **Net increase/(decrease) in shares** <br> **outstanding**<br>| **—** | **—** | **7050** | **7675** | **(100)** | **650** | **6900** | **12400** |

---

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

------

⬤

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)** | **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)** | **Harbor** <br>**Osmosis** <br>**Emerging** <br>**Markets** <br>**Resource** <br>**Efficient ETF**<br>| **Harbor** <br>**Osmosis** <br>**International** <br>**Resource** <br>**Efficient ETF**<br>| **Harbor** <br>**PanAgora Dynamic** <br>**Large Cap** <br>**Core ETF** | **Harbor** <br>**PanAgora Dynamic** <br>**Large Cap** <br>**Core ETF** | **Harbor** <br>**Scientific** <br>**Alpha** <br>**High-Yield** <br>**ETF** | **Harbor** <br>**Scientific** <br>**Alpha** <br>**High-Yield** <br>**ETF** | **Harbor** <br>**Scientific** <br>**Alpha** <br>**Income ETF** | **Harbor** <br>**Scientific** <br>**Alpha** <br>**Income ETF** | **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF**<br>|
| **November 1, 2024** | **November 1, 2023** | **December 18, 2024**<sup>a</sup> <br>| **December 11, 2024**<sup>a</sup> <br>| **November 1, 2024** | **October 9, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **November 1, 2023** | **April 16, 2025**<sup>a</sup> <br>|
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** |
| **(Unaudited)** |  | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |  | **(Unaudited)** |
| $36 | $120 | $1032 | $1149 | $160 | $— | $6031 | $9628 | $1039 | $2193 | $— |
| 124 | 155 | (1709) | 927 | (333) |  | 314 | 968 | (188) | (238) | 3 |
| (45) | 560 | 1701 | 10690 | (4111) | (84) | (4644) | 7985 | (91) | 1828 | 318 |
| **115** | **835** | **1024** | **12766** | **(4284)** | **(84)** | **1701** | **18581** | **760** | **3783** | **321** |
| **(110)** | **(99)** | **—** | **—** | **(9)** | **—** | **(6051)** | **(9422)** | **(1143)** | **(1971)** | **—** |
| 2875 | 1666 | 109765 | 114460 | 69798 | 5537 | 51273 | 26049 |  | 1086 | 3406 |
| (2342) | (1097) | (3597) | (9778) | (7246) |  | (15571) | (1572) |  |  |  |
| **533** | **569** | **106168** | **104682** | **62552** | **5537** | **35702** | **24477** | **—** | **1086** | **3406** |
| 538 | 1305 | 107192 | 117448 | 58259 | 5453 | 31352 | 33636 | (383) | 2898 | 3727 |
| 4639 | 3334 |  |  | 5453 |  | 141574 | 107938 | 33911 | 31013 |  |
| **$5177** | **$4639** | **$107192** | **$117448** | **$63712** | **$5453** | **$172926** | **$141574** | **$33528** | **$33911** | **$3727** |
| 125 | 75 | 5350 | 6000 | 3350 | 275 | 1125 | 575 |  | 25 | 175 |
| (100) | (50) | (175) | (475) | (350) |  | (350) | (35) |  |  |  |
| **25** | **25** | **5175** | **5525** | **3000** | **275** | **775** | **540** | **—** | **25** | **175** |

---

------

---

| | |
|:---|:---|
| a | Commencement of Operations |
| b | On December 4, 2023, Disciplined Alpha Onshore Fund LP was reorganized and converted from a private fund into Harbor Long-Short Equity <br> ETF. The net assets at the beginning of period was as a result of the reorganization. 150 shares were issued with an initial NAV of $24.55 as <br> a result of the reorganization. Refer to Note 1 in the Notes to Financial Statements for additional information.<br>|

---

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | |
|:---|:---|:---|
| **Harbor Active Small Cap ETF** | **Harbor Active Small Cap ETF** | **Harbor Active Small Cap ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Period from** <br>**August 28,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$20.17** | &nbsp;&nbsp; $19.59 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.05** | 0.01 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.48)** | 0.57 |
| Total from investment operations | &nbsp;&nbsp; **(0.43)** | 0.58 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.09)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.12)** | &nbsp;&nbsp; — |
| Net asset value end of period | **19.62** | 20.17 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$14716** | &nbsp;&nbsp; $8572 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **(2.22)%**<sup>c</sup> | &nbsp;&nbsp; 2.96%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.80**<sup>d</sup> | 0.80<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.50**<sup>d</sup> | 0.12<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **19**<sup>c</sup> | &nbsp;&nbsp; 12<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor AlphaEdge™ Large Cap Value ETF** | **Harbor AlphaEdge™ Large Cap Value ETF** | **Harbor AlphaEdge™ Large Cap Value ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Period from** <br>**September 4,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$20.62** | &nbsp;&nbsp; $20.23 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.34** | 0.07 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.63)** | 0.32 |
| Total from investment operations | &nbsp;&nbsp; **(0.29)** | 0.39 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.02)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.19)** | &nbsp;&nbsp; — |
| Net asset value end of period | **20.14** | 20.62 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$2014** | &nbsp;&nbsp; $2062 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **(1.45)%**<sup>c</sup> | &nbsp;&nbsp; 1.93%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.25**<sup>d</sup> | 0.25<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **3.31**<sup>d</sup> | 1.79<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **46**<sup>c</sup> | &nbsp;&nbsp; 12<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | |
|:---|:---|:---|
| **Harbor AlphaEdge™ Next Generation REITs ETF** | **Harbor AlphaEdge™ Next Generation REITs ETF** | **Harbor AlphaEdge™ Next Generation REITs ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Period from** <br>**September 4,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$20.05** | &nbsp;&nbsp; $20.04 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.28** | 0.13 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.92)** | &nbsp;&nbsp; (0.12) |
| Total from investment operations | &nbsp;&nbsp; **(1.64)** | 0.01 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.33)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.02)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.35)** | &nbsp;&nbsp; — |
| Net asset value end of period | **18.06** | 20.05 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1806** | &nbsp;&nbsp; $2005 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **(8.24)%**<sup>c</sup> | &nbsp;&nbsp; 0.05%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.50**<sup>d</sup> | 0.50<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.96**<sup>d</sup> | 3.95<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **30**<sup>c</sup> | &nbsp;&nbsp; 8<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor AlphaEdge™ Small Cap Earners ETF** | **Harbor AlphaEdge™ Small Cap Earners ETF** | **Harbor AlphaEdge™ Small Cap Earners ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Period from** <br>**July 9, 2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$32.57** | &nbsp;&nbsp; $29.85 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.32** | 0.24 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(3.51)** | 2.48 |
| Total from investment operations | &nbsp;&nbsp; **(3.19)** | 2.72 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.29)** | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.48)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.77)** | &nbsp;&nbsp; — |
| Net asset value end of period | **28.61** | 32.57 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$9297** | &nbsp;&nbsp; $6515 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **(10.03)%**<sup>c</sup> | &nbsp;&nbsp; 9.11%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.29**<sup>d</sup> | 0.29<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.07**<sup>d</sup> | 2.32<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **22**<sup>c</sup> | &nbsp;&nbsp; 17<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**February 9,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
|  | **(Unaudited)** |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$22.67** | &nbsp;&nbsp; $22.74 | &nbsp;&nbsp; $20.92 | &nbsp;&nbsp; $20.00 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.40** | 1.03 | 0.78 | 0.04 |
| Net realized and unrealized gain/(loss) on investments | **1.18** | 0.42 | 1.18 | 0.88 |
| Total from investment operations | **1.58** | 1.45 | 1.96 | 0.92 |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.73)** | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.73)** | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; — |
| Net asset value end of period | **23.52** | 22.67 | 22.74 | 20.92 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$302273** | &nbsp;&nbsp; $245352 | &nbsp;&nbsp; $105728 | &nbsp;&nbsp; $63807 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **7.21%**<sup>c</sup> | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 4.60%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.68**<sup>d</sup> | 0.68 | 0.68 | 0.68<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **3.47**<sup>d</sup> | 4.64 | 3.53 | 0.27<sup>d</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor Disciplined Bond ETF** | **Harbor Disciplined Bond ETF** | **Harbor Disciplined Bond ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Period from** <br>**May 1, 2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$41.30** | &nbsp;&nbsp; $40.00 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **1.01** | 0.98 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.10)** | 1.06 |
| Total from investment operations | **0.91** | 2.04 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.03)** | &nbsp;&nbsp; (0.74) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.09)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.12)** | &nbsp;&nbsp; (0.74) |
| Net asset value end of period | **41.09** | 41.30 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$27736** | &nbsp;&nbsp; $26843 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **2.26%**<sup>c</sup> | &nbsp;&nbsp; 5.11%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.35**<sup>d</sup> | 0.35<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **4.96**<sup>d</sup> | 4.72<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **13**<sup>c</sup> | &nbsp;&nbsp; 41<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** | **Harbor Dividend Growth Leaders ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Year Ended** <br>**October 31,** <br> **2022**<sup>f</sup> <br>| **Year Ended** <br>**October 31,** <br> **2021**<br>| **Year Ended** <br>**October 31,** <br> **2020**<br>|
|  | **(Unaudited)** |  |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$15.16** | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $12.34 | &nbsp;&nbsp; $16.50 | &nbsp;&nbsp; $13.13 | &nbsp;&nbsp; $12.33 |
| **Income from Investment Operations** |  |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.10** | 0.22 | 0.24 | 0.25<sup>e</sup> | 0.19<sup>e</sup> | 0.17<sup>e</sup> |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.85)** | 3.18 | 0.25 | &nbsp;&nbsp; (1.28) | 4.33 | 0.85 |
| Total from investment operations | &nbsp;&nbsp; **(0.75)** | 3.40 | 0.49 | &nbsp;&nbsp; (1.03) | 4.52 | 1.02 |
| **Less Distributions** |  |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.08)** | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.22) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (2.95) | &nbsp;&nbsp; (0.99) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.08)** | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (0.22) |
| Net asset value end of period | **14.33** | 15.16 | 11.98 | 12.34 | 16.50 | 13.13 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$233945** | &nbsp;&nbsp; $278272 | &nbsp;&nbsp; $201885 | &nbsp;&nbsp; $141675 | &nbsp;&nbsp; $156827 | &nbsp;&nbsp; $121448 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **(4.96)%**<sup>c</sup> | &nbsp;&nbsp; 28.47% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; (8.48)%<sup>+</sup> | &nbsp;&nbsp; 36.30%<sup>+</sup> | &nbsp;&nbsp; 8.28%<sup>+</sup> |
| Ratio of total expenses to average net assets | **0.50**<sup>d</sup> | 0.50 | 0.50 | 0.83 | 1.05 | 1.09 |
| Ratio of net expenses to average net assets | **0.50**<sup>d</sup> | 0.50 | 0.50 | 0.76<sup>e</sup> | 0.95<sup>e</sup> | 0.95<sup>e</sup> |
| Ratio of net investment income/(loss) to average net <br> assets<br>| **1.29**<sup>d</sup> | 1.53 | 1.93 | 1.86<sup>e</sup> | 1.25<sup>e</sup> | 1.39<sup>e</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **40**<sup>c</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 76 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Health Care ETF** | **Harbor Health Care ETF** | **Harbor Health Care ETF** | **Harbor Health Care ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Period from** <br>**November 16,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2023**<br>|
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$26.51** | &nbsp;&nbsp; $21.24 | &nbsp;&nbsp; $19.86 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **(0.05)** | 0.04 | &nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.19)** | 5.69 | 1.44 |
| Total from investment operations | &nbsp;&nbsp; **(0.24)** | 5.73 | 1.38 |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.10)** | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.04)** | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.14)** | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; — |
| Net asset value end of period | **26.13** | 26.51 | 21.24 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$15679** | &nbsp;&nbsp; $17229 | &nbsp;&nbsp; $4249 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **(0.89)%**<sup>c</sup> | &nbsp;&nbsp; 27.16% | &nbsp;&nbsp; 6.97%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.80**<sup>d</sup> | 0.80 | 0.80<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.40)**<sup>d</sup> | 0.14 | &nbsp;&nbsp; (0.28)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **92**<sup>c</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 133<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor Human Capital Factor Unconstrained ETF** | **Harbor Human Capital Factor Unconstrained ETF** | **Harbor Human Capital Factor Unconstrained ETF** | **Harbor Human Capital Factor Unconstrained ETF** | **Harbor Human Capital Factor Unconstrained ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**February 23,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
|  | **(Unaudited)** |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$23.57** | &nbsp;&nbsp; $17.16 | &nbsp;&nbsp; $16.02 | &nbsp;&nbsp; $19.31 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.17** | 0.16 | 0.07 | 0.02 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.40)** | 6.33 | 1.10 | &nbsp;&nbsp; (3.31) |
| Total from investment operations | &nbsp;&nbsp; **(1.23)** | 6.49 | 1.17 | &nbsp;&nbsp; (3.29) |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.21)** | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.21)** | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; — |
| Net asset value end of period | **22.13** | 23.57 | 17.16 | 16.02 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3320** | &nbsp;&nbsp; $13552 | &nbsp;&nbsp; $9867 | &nbsp;&nbsp; $6807 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **(5.30)%**<sup>c</sup> | &nbsp;&nbsp; 37.85% | &nbsp;&nbsp; 7.29% | &nbsp;&nbsp; (17.04)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.50**<sup>d</sup> | 0.50 | 0.50 | 0.50<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.44**<sup>d</sup> | 0.74 | 0.42 | 0.16<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **30**<sup>c</sup> | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 18<sup>c</sup> |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor Human Capital Factor US Large Cap ETF** | **Harbor Human Capital Factor US Large Cap ETF** | **Harbor Human Capital Factor US Large Cap ETF** | **Harbor Human Capital Factor US Large Cap ETF** | **Harbor Human Capital Factor US Large Cap ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**October 12,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
|  | **(Unaudited)** |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$34.73** | &nbsp;&nbsp; $24.89 | &nbsp;&nbsp; $21.78 | &nbsp;&nbsp; $19.96 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.18** | 0.31 | 0.28 | 0.01 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.76)** | 9.87 | 2.89 | 1.81 |
| Total from investment operations | &nbsp;&nbsp; **(0.58)** | 10.18 | 3.17 | 1.82 |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.08)** | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; —<sup>\*</sup> | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.08)** | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; — |
| Net asset value end of period | **34.07** | 34.73 | 24.89 | 21.78 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$356048** | &nbsp;&nbsp; $352558 | &nbsp;&nbsp; $247646 | &nbsp;&nbsp; $217246 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **(1.69)%**<sup>c</sup> | &nbsp;&nbsp; 41.23% | &nbsp;&nbsp; 14.61% | &nbsp;&nbsp; 9.12%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.35**<sup>d</sup> | 0.35 | 0.35 | 0.35<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.05**<sup>d</sup> | 1.01 | 1.17 | 0.98<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **28**<sup>c</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 2<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Human Capital Factor US Small Cap ETF** | **Harbor Human Capital Factor US Small Cap ETF** | **Harbor Human Capital Factor US Small Cap ETF** | **Harbor Human Capital Factor US Small Cap ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Period from** <br>**April 12,** <br> **2023**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2023**<br>|
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$28.84** | &nbsp;&nbsp; $22.61 | &nbsp;&nbsp; $24.70 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.11** | 0.23 | 0.08 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(2.82)** | 6.12 | &nbsp;&nbsp; (2.17) |
| Total from investment operations | &nbsp;&nbsp; **(2.71)** | 6.35 | &nbsp;&nbsp; (2.09) |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.21)** | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.21)** | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; — |
| Net asset value end of period | **25.92** | 28.84 | 22.61 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$117928** | &nbsp;&nbsp; $131237 | &nbsp;&nbsp; $102865 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **(9.48)%**<sup>c</sup> | &nbsp;&nbsp; 28.09% | &nbsp;&nbsp; (8.46)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.60**<sup>d</sup> | 0.60 | 0.60<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.80**<sup>d</sup> | 0.85 | 0.60<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **63**<sup>c</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 12<sup>c</sup> |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor International Compounders ETF** | **Harbor International Compounders ETF** | **Harbor International Compounders ETF** | **Harbor International Compounders ETF** | **Harbor International Compounders ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**September 7,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
|  | **(Unaudited)** |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$27.28** | &nbsp;&nbsp; $22.44 | &nbsp;&nbsp; $19.46 | &nbsp;&nbsp; $19.89 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.19** | 0.29 | 0.27 | 0.02 |
| Net realized and unrealized gain/(loss) on investments | **0.01** | 4.72 | 2.73 | &nbsp;&nbsp; (0.45) |
| Total from investment operations | **0.20** | 5.01 | 3.00 | &nbsp;&nbsp; (0.43) |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.13)** | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; — |
| Net asset value end of period | **27.35** | 27.28 | 22.44 | 19.46 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$428089** | &nbsp;&nbsp; $234642 | &nbsp;&nbsp; $20753 | &nbsp;&nbsp; $6324 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **0.77%**<sup>c</sup> | &nbsp;&nbsp; 22.37% | &nbsp;&nbsp; 15.44% | &nbsp;&nbsp; (2.16)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.55**<sup>d</sup> | 0.55 | 0.55 | 0.55<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.43**<sup>d</sup> | 1.05 | 1.12 | 0.57<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **1**<sup>c</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 1<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | |
|:---|:---|:---|
| **Harbor Long-Short Equity ETF** | **Harbor Long-Short Equity ETF** | **Harbor Long-Short Equity ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Period from** <br>**December 4,** <br> **2023**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$27.94** | &nbsp;&nbsp; $24.55 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **(0.05)** | &nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain/(loss) on investments | **1.00** | 3.44 |
| Total from investment operations | **0.95** | 3.39 |
| Net asset value end of period | **28.89** | 27.94 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$20221** | &nbsp;&nbsp; $22355 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **3.40%**<sup>c</sup> | &nbsp;&nbsp; 13.81%<sup>c</sup> |
| Ratio of total expenses to average net assets | **2.53**<sup>d</sup> | 1.98<sup>d</sup> |
| Ratio of total expenses excluding dividend and interest expense to average net assets | **1.20**<sup>d</sup> | 1.20<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.35)**<sup>d</sup> | &nbsp;&nbsp; (0.19)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **149**<sup>c</sup> | &nbsp;&nbsp; 194<sup>c</sup> |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**February 2,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
|  | **(Unaudited)** |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$25.59** | &nbsp;&nbsp; $17.59 | &nbsp;&nbsp; $14.45 | &nbsp;&nbsp; $19.32 |
| **Income from Investment Operations** |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **(0.01)** | &nbsp;&nbsp; (0.01) | 0.01 | &nbsp;&nbsp; —<sup>\*</sup> |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.42)** | 8.02 | 3.14 | &nbsp;&nbsp; (4.87) |
| Total from investment operations | &nbsp;&nbsp; **(0.43)** | 8.01 | 3.15 | &nbsp;&nbsp; (4.87) |
| **Less Distributions** |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **—** | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |
| Net asset value end of period | **25.16** | 25.59 | 17.59 | 14.45 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$749073** | &nbsp;&nbsp; $585312 | &nbsp;&nbsp; $184291 | &nbsp;&nbsp; $78726 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **(1.68)%**<sup>c</sup> | &nbsp;&nbsp; 45.57% | &nbsp;&nbsp; 21.82% | &nbsp;&nbsp; (25.22)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.57**<sup>d</sup> | 0.57 | 0.57 | 0.57<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.05)**<sup>d</sup> | &nbsp;&nbsp; (0.05) | 0.05 | 0.03<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **28**<sup>c</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 24<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Multi-Asset Explorer ETF (CONSOLIDATED)** | **Harbor Multi-Asset Explorer ETF (CONSOLIDATED)** | **Harbor Multi-Asset Explorer ETF (CONSOLIDATED)** | **Harbor Multi-Asset Explorer ETF (CONSOLIDATED)** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Period from** <br>**September 13,** <br> **2023**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2023**<br>|
|  | **(Unaudited)** |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$23.19** | &nbsp;&nbsp; $19.05 | &nbsp;&nbsp; $19.99 |
| **Income from Investment Operations** |  |  |  |
| Net investment income/(loss)<sup>b,g</sup> | **0.17** | 0.66 | 0.03 |
| Net realized and unrealized gain/(loss) on investments | **0.20** | 4.05 | &nbsp;&nbsp; (0.97) |
| Total from investment operations | **0.37** | 4.71 | &nbsp;&nbsp; (0.94) |
| **Less Distributions** |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.26)** | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.29)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.55)** | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; — |
| Net asset value end of period | **23.01** | 23.19 | 19.05 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$5177** | &nbsp;&nbsp; $4639 | &nbsp;&nbsp; $3334 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **1.61%**<sup>c</sup> | &nbsp;&nbsp; 25.14% | &nbsp;&nbsp; (4.70)%<sup>c</sup> |
| Ratio of total expenses to average net assets<sup>g</sup> | **0.70**<sup>d</sup> | 0.70 | 0.70<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>g</sup> | **1.50**<sup>d</sup> | 3.04 | 1.03<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **62**<sup>c</sup> | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 125<sup>c</sup> |

---

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

---

| | |
|:---|:---|
| **Harbor Osmosis Emerging Markets Resource Efficient ETF** | **Harbor Osmosis Emerging Markets Resource Efficient ETF** |
|  | **Period from** <br>**December 18,** <br> **2024**<sup>a</sup> <br>**through** <br>**April 30,** <br> **2025**<br>|
|  | **(Unaudited)** |
| Net asset value beginning of period | &nbsp;&nbsp; **$20.00** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.32** |
| Net realized and unrealized gain/(loss) on investments | **0.39** |
| Total from investment operations | **0.71** |
| Net asset value end of period | **20.71** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$107192** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **3.57%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.69**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **4.29**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **67**<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | |
|:---|:---|
| **Harbor Osmosis International Resource Efficient ETF** | **Harbor Osmosis International Resource Efficient ETF** |
|  | **Period from** <br>**December 11,** <br> **2024**<sup>a</sup> <br>**through** <br>**April 30,** <br> **2025**<br>|
|  | **(Unaudited)** |
| Net asset value beginning of period | &nbsp;&nbsp; **$19.63** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.24** |
| Net realized and unrealized gain/(loss) on investments | **1.39** |
| Total from investment operations | **1.63** |
| Net asset value end of period | **21.26** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$117448** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **8.30%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.55**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **3.12**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **31**<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor PanAgora Dynamic Large Cap Core ETF** | **Harbor PanAgora Dynamic Large Cap Core ETF** | **Harbor PanAgora Dynamic Large Cap Core ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Period from** <br>**October 9,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
|  | **(Unaudited)** |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$19.83** | &nbsp;&nbsp; $20.14 |
| **Income from Investment Operations** |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.07** | &nbsp;&nbsp; (—)<sup>\*</sup> |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.42)** | &nbsp;&nbsp; (0.31) |
| Total from investment operations | &nbsp;&nbsp; **(0.35)** | &nbsp;&nbsp; (0.31) |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(0.03)** | &nbsp;&nbsp; — |
| Net asset value end of period | **19.45** | 19.83 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$63712** | &nbsp;&nbsp; $5453 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **(1.76)%**<sup>c</sup> | &nbsp;&nbsp; (1.54)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.35**<sup>d</sup> | 0.35<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.71**<sup>d</sup> | &nbsp;&nbsp; (0.13)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **22**<sup>c</sup> | &nbsp;&nbsp; —<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor Scientific Alpha High-Yield ETF** | **Harbor Scientific Alpha High-Yield ETF** | **Harbor Scientific Alpha High-Yield ETF** | **Harbor Scientific Alpha High-Yield ETF** | **Harbor Scientific Alpha High-Yield ETF** | **Harbor Scientific Alpha High-Yield ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Year Ended** <br>**October 31,** <br> **2022**<br>| **Period from** <br>**September 14,** <br> **2021**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2021**<br>|
|  | **(Unaudited)** |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$45.84** | &nbsp;&nbsp; $42.35 | &nbsp;&nbsp; $42.50 | &nbsp;&nbsp; $49.64 | &nbsp;&nbsp; $50.00 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **1.66** | 3.47 | 3.35 | 2.34 | 1.70 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(1.04)** | 3.44 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (6.94) | &nbsp;&nbsp; (2.07) |
| Total from investment operations | **0.62** | 6.91 | 2.98 | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (0.37) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.70)** | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (2.53) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.70)** | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (2.54) | &nbsp;&nbsp; — |
| Net asset value end of period | **44.76** | 45.84 | 42.35 | 42.50 | 49.64 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$172926** | &nbsp;&nbsp; $141574 | &nbsp;&nbsp; $107938 | &nbsp;&nbsp; $29838 | &nbsp;&nbsp; $34844 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **1.34%**<sup>c</sup> | &nbsp;&nbsp; 16.82% | &nbsp;&nbsp; 7.08% | &nbsp;&nbsp; (9.49)% | &nbsp;&nbsp; (0.72)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.48**<sup>d</sup> | 0.48 | 0.48 | 0.48 | 0.48<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **7.36**<sup>d</sup> | 7.70 | 7.72 | 5.13 | 3.42<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **19**<sup>c</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 1<sup>c</sup> |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor Scientific Alpha Income ETF** | **Harbor Scientific Alpha Income ETF** | **Harbor Scientific Alpha Income ETF** | **Harbor Scientific Alpha Income ETF** | **Harbor Scientific Alpha Income ETF** | **Harbor Scientific Alpha Income ETF** |
|  | **6-Month** <br>**Period** <br> **Ended** <br>**April 30,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Year Ended** <br>**October 31,** <br> **2022**<br>| **Period from** <br>**September 14,** <br> **2021**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2021**<br>|
|  | **(Unaudited)** |  |  |  |  |
| Net asset value beginning of period | &nbsp;&nbsp; **$43.76** | &nbsp;&nbsp; $41.35 | &nbsp;&nbsp; $41.88 | &nbsp;&nbsp; $49.10 | &nbsp;&nbsp; $50.00 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **1.34** | 2.87 | 2.55 | 1.42 | 1.00 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(0.37)** | 2.12 | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (7.24) | &nbsp;&nbsp; (1.90) |
| Total from investment operations | **0.97** | 4.99 | 1.63 | &nbsp;&nbsp; (5.82) | &nbsp;&nbsp; (0.90) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(1.47)** | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(1.47)** | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; — |
| Net asset value end of period | **43.26** | 43.76 | 41.35 | 41.88 | 49.10 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$33528** | &nbsp;&nbsp; $33911 | &nbsp;&nbsp; $31013 | &nbsp;&nbsp; $29314 | &nbsp;&nbsp; $34367 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **2.26%**<sup>c</sup> | &nbsp;&nbsp; 12.36% | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; (12.02)% | &nbsp;&nbsp; (1.80)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.50**<sup>d</sup> | 0.50 | 0.50 | 0.50 | 0.50<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **6.24**<sup>d</sup> | 6.62 | 6.03 | 3.15 | 2.02<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **26**<sup>c</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; —<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

**SELECTED DATA FOR A SHARE OUTSTANDING FOR THE PERIODS PRESENTED**

------

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

---

| | |
|:---|:---|
| **Harbor Transformative Technologies ETF** | **Harbor Transformative Technologies ETF** |
|  | **Period from** <br>**April 16,** <br> **2025**<sup>a</sup> <br>**through** <br>**April 30,** <br> **2025**<br>|
|  | **(Unaudited)** |
| Net asset value beginning of period | &nbsp;&nbsp; **$19.54** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **—**<sup>\*</sup> |
| Net realized and unrealized gain/(loss) on investments | **1.75** |
| Total from investment operations | **1.75** |
| Net asset value end of period | **21.29** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3727** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **8.96%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.69**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.06)**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **1**<sup>c</sup> |

---

------

---

| | |
|:---|:---|
| ^ | Portfolio turnover rate excludes investments received or delivered from in-kind processing of creation unit purchases or redemptions. |
| \* | Less than $0.01 |
| + | The total return would have been lower had management fee not been waived during the period shown. |
| a | Commencement of Operations |
| b | Amounts are based on average daily shares outstanding during the period. |
| c | Unannualized |
| d | Annualized |
| e | Reflects the Advisor's waiver, if any, of its management fee. |
| f | On May 20, 2022, the Westfield Capital Dividend Growth Fund was reorganized and converted from a mutual fund into Harbor Dividend <br> Growth Leaders ETF.<br>|
| g | The per share net investment income/(loss) and the ratios of income and expenses to average net assets represents the expenses paid by <br> the Fund but does not include the acquired fund fees and expenses from the underlying funds.<br>|

---

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

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—April 30, 2025 (Unaudited)**

------

**NOTE 1—ORGANIZATIONAL MATTERS**

Harbor ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as an open-end management investment company. As of April 30, 2025, the Trust consists of the following separate portfolios (individually or collectively referred to as a "Fund" or the "Funds", respectively). The shares of each Fund are listed and traded on NYSE Arca, Inc. with the exception of shares of Harbor Commodity All-Weather Strategy ETF, Harbor Dividend Growth Leaders ETF, and Harbor Long-Term Growers ETF which are listed and traded on NYSE. Harbor Capital Advisors, Inc. (the "Advisor" or "Harbor Capital") is the investment adviser for the Funds.

---

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

---

---

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

---

Harbor Osmosis Emerging Markets Resource Efficient ETF, Harbor Osmosis International Resource Efficient ETF and Harbor Transformative Technologies ETF commenced operations on December 18, 2024, December 11, 2024 and April 16, 2025, respectively.

Effective January 28, 2025, Harbor Multi-Asset Explorer ETF invests up to 25% of its total assets, as determined at the end of the fiscal quarter, in a wholly owned and controlled subsidiary, Harbor Cayman Multi-Asset Ltd, in order to facilitate the Fund's exposure to commodities. The Fund invests in unaffiliated investment companies. The recent financial statements, including the accounting policies, and schedules of investments of the underlying funds should be read in conjunction with the Fund's financial statements. The expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the underlying funds.

**Reorganization**

At a meeting held on August 13-14, 2023, the Board of Trustees of the Trust approved an Agreement and Plan of Reorganization (the "Plan") setting forth the terms and conditions of the reorganization of the Disciplined Alpha Onshore Fund LP (the "Target Fund"), a limited partnership formed pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act, as amended, with and into the Harbor Long-Short Equity ETF, a newly-organized series of the Trust (the "Acquiring Fund") (the "Reorganization"). The Reorganization was completed on December 4, 2023 (the "Reorganization Date"). Prior to the Reorganization Date, Disciplined Alpha LLC served as the investment adviser to the Target Fund. On the Reorganization Date, Harbor Capital became the investment adviser and Disciplined Alpha LLC became the subadvisor to the Acquiring Fund.

The Reorganization was accomplished by (1) the transfer of all of the Target Fund's assets to the Acquiring Fund in exchange for shares of the Acquiring Fund ("Acquiring Fund Shares") and the assumption by the Acquiring Fund of all of the Target Fund's liabilities; and (2) immediately thereafter (a) the number of shares of the Acquiring Fund received by the Target Fund was distributed to holders ("Target Fund Interest Holders") of the outstanding limited partnership interests in the Target Fund ("Target Fund Interests") in proportion to the positive Target Fund capital account balances relating thereto and (b) cash was distributed to Target Fund Interest Holders in lieu of fractional Acquiring Fund Shares, in redemption of all outstanding Target Fund Interests and in complete liquidation and termination of the Target Fund. The Reorganization was structured such that the Target Fund and the Acquiring Fund did not recognize gain or loss in connection with the transfer of assets as part of the Reorganization.

Pursuant to the Plan, the Target Fund organized as a limited partnership was converted to an ETF on the Reorganization Date. The Acquiring Fund is the surviving legal entity. The Acquiring Fund had no investment operations or performance history prior to the Reorganization Date. While the Acquiring Fund has adopted the performance history of the Target Fund

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 1—ORGANIZATIONAL MATTERS—Continued** 

for evaluating investment performance, the Acquiring Fund did not adopt the operating history of the Target Fund for financial reporting purposes. The Acquiring Fund was established as a "shell" fund, organized solely in connection with the Reorganization for the purpose of acquiring the assets and assuming the liabilities of the Target Fund. Below is a breakout of assets, liabilities, and total net assets at fair value transferred to the Acquiring Fund as of Reorganization Date after the close of business of the Target Fund on December 1, 2023. The amounts in this table are in thousands.

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments, at cost | &nbsp;&nbsp; $4299 |
| Investments, at value | &nbsp;&nbsp; 4660 |
| Cash | &nbsp;&nbsp; 1431 |
| Dividends receivable | &nbsp;&nbsp; 3 |
| **Total Assets** | &nbsp;&nbsp; **6094** |
| **Liabilities:** |  |
| Investments sold short, at value (proceeds: $2,213) | &nbsp;&nbsp; 2410 |
| Other | &nbsp;&nbsp; 1 |
| **Total Liabilities** | &nbsp;&nbsp; **2411** |
| **NET ASSETS** | &nbsp;&nbsp; **$3683** |

---

For financial reporting purposes, the Acquiring Fund recorded the assets received and liabilities assumed at fair value; however, the cost basis of each of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The Acquiring Fund had no assets or liabilities prior to the reorganization; 150,000 shares were issued by the Acquiring Fund with a net asset value of $24.55 on the Reorganization Date.

**NOTE 2—SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. Each Fund follows the investment company reporting requirements under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), which includes the accounting and reporting guidelines under Accounting Standards Codification ("ASC") Topic 946, Financial Services-Investment Companies. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates.

**Security Valuation**

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

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

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

Debt securities (including corporate bonds, municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, mortgage-backed and asset-backed securities, foreign government obligations, convertible securities, other than short-term securities, with a remaining maturity of less than 60 days at the time of acquisition) are valued using evaluated prices furnished by a pricing vendor. An evaluated price represents an assessment by the pricing vendor using various market inputs of what the pricing vendor believes is the fair value of a security at a particular point in time. The pricing vendor determines evaluated prices for debt securities that would be transacted at institutional-size quantities using inputs including, but not limited to, (i) recent transaction prices and dealer quotes, (ii) transaction prices for what the pricing vendor believes are securities with similar characteristics, (iii) the pricing vendor's assessment of the risk inherent in the security taking into account criteria such as credit quality, payment history, liquidity and market conditions, and (iv) various correlations and relationships between security price movements and other factors, such as interest rate changes, which are recognized by institutional traders. In the case of asset-backed and mortgage-backed securities, the inputs used by the pricing vendor may also include information about cash flows, prepayment rates, default rates, delinquency and loss assumption, collateral characteristics, credit enhancements and other specific information about the particular offering. Because many debt securities trade infrequently, the pricing vendor will often not have current transaction price information available as an input in determining an evaluated price for a particular security. When current transaction price information is available, it is one input into the pricing vendor's evaluation process, which means that the evaluated price supplied by the pricing vendor will frequently differ from that transaction price. Securities that use similar valuation techniques and inputs as described above are normally categorized as Level 2 in the fair value hierarchy.

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

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

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

**Fair Value Measurements and Disclosures**

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

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

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

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

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

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

**Investment Income**

Dividends declared on portfolio securities are accrued on the ex-dividend date. Dividend information on certain foreign securities may not be available on the ex-dividend date, therefore, such dividends will be recorded as soon as reliable information becomes available. Distributions from real estate investment trust securities are recorded as dividend income, and may be reclassified as capital gains and/or return of capital, based on the information reported by the issuer, when available, or based on management's

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

estimates when actual information has not yet been reported. Interest income is accrued as earned. Discounts and premiums on fixed income securities are amortized over the life of the respective securities (except for premiums on certain callable debt securities that amortized to the earliest call date) using the effective yield method. Paydown gains and losses are recognized as a component of interest income. Consent fees relating to corporate actions from investments held are recorded as income upon receipt.

**Securities Transactions**

Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed). Realized gains or losses on security transactions are determined on the basis of identified cost.

**Distribution to Shareholders**

Distributions on Fund shares are recorded on the ex-dividend date.

**Basis for Consolidation**

Harbor Commodity All-Weather Strategy ETF's and Harbor Multi-Asset Explorer ETF's Consolidated Portfolios of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations and Consolidated Statements of Changes in Net Assets include the investments and account balances of both the Funds and their wholly owned subsidiary, Harbor Cayman Inflation Focus Ltd and Harbor Cayman Multi-Asset Ltd, respectively (individually, the "Subsidiary"). Each Fund's Subsidiary enables each Fund to hold commodity-related instruments and satisfy regulated investment company tax requirements. Each Fund may invest up to 25% of its total assets in its Subsidiary. All interfund transactions have been eliminated in the consolidation.

**Taxes**

Each Fund is treated as a separate entity for U.S. federal tax purposes. Each Fund's policy is to meet the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code") applicable to regulated investment companies and to distribute to its shareholders all of its taxable income within the prescribed time. It is also the intention of each Fund to distribute an amount sufficient to avoid imposition of any excise tax under Section 4982 of the Internal Revenue Code. Therefore, no provision has been made for U.S. federal taxes on income, capital gains or unrealized appreciation of securities held or excise taxes on income and capital gains.

Each Fund may be subject to taxes imposed by foreign countries in which it invests. Such taxes are provided for in accordance with each Fund's understanding of the applicable foreign country's tax law and are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.

Net realized gains or losses on investments resulting from in-kind creation unit redemptions, if any, are recognized in each Fund's Statement of Operations. Such realized gains or losses are not taxable to a Fund and are reclassified from Distributable earnings (loss) to Paid-in capital at the end of a Fund's tax year.

Management has analyzed each Fund's tax positions on the open tax years (in particular, U.S. federal income tax returns for the tax years ended October 31, 2021-2023), if applicable, including all positions expected to be taken upon filing the 2024 tax return, in all material jurisdictions where each Fund operates, and has concluded that no provision for income tax is required in the Funds' financial statements. Each Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in its Statement of Operations.

**Foreign Currency Translations**

Purchases and sales of securities are translated into U.S. dollars at the current exchange rate on the respective dates of the transactions. Income and withholding taxes are translated at the prevailing exchange rate when accrued or incurred. The accounting records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency, when applicable, are translated into U.S. dollars based on the current exchange rates at period end.

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

Reported net realized gains and losses on foreign currency transactions, when applicable, represent net gains and losses from sales and maturities of foreign currency contracts, disposition of foreign currencies, currency gains and losses realized between the trade and settlement dates on securities transactions, and the difference between the amount of investment income accrued and tax reclaims receivable and the U.S. dollar amount actually received. The effects of changes in foreign currency exchange rates on investments in securities, when applicable, are included in the net realized and unrealized gain or loss on investments in the Statements of Operations.

**Proceeds from Litigation**

Each Fund may receive proceeds from shareholder litigation settlements involving current and/or previously held portfolio holdings. Any proceeds received from litigation involving portfolio holdings are reflected in the Statements of Operations in realized gain/(loss) if the security has been disposed of by a Fund, or in unrealized gain/(loss) if the security is still held by a Fund.

**Short Sales**

Short sales are transactions in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty through which it made the short sale to serve as collateral for its obligation to deliver the borrowed security upon conclusion of the sale. In connection with short sales of securities, the Fund may pay a fee or premium to borrow securities or maintain an arrangement with a counterparty to borrow securities and is obligated to pay any accrued interest and dividends on these borrowed securities. Dividends declared on securities sold short are accrued on the ex-dividend date and are recorded as expenses in the Fund's Statement of Operations. If the price of the security sold short increases between the time the short sale originated and the time that the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Until the borrowed security is replaced, the Fund will pledge cash or liquid investments sufficient to cover its short position with the Fund's custodian. If the price of securities sold short increases, the Fund would be required to pay more to replace the borrowed securities than the Fund received on the sale of the securities. Because there is no limit to the amount of the potential increase in price of the borrowed securities, the Fund's risk of loss on a short sale is potentially unlimited. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

During the period, Harbor Long-Short Equity ETF engaged in short sale transactions. The Fund has engaged State Street Bank and Trust Company ("State Street") to provide prime brokerage and lending services. In accordance with the terms of the Fund's agreement with State Street, the Fund may receive rebate income or be charged a fee for borrowed securities. Such income or fee is calculated and accrued daily based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The prime services fee is included in Dividend and interest expense on investments sold short in the Fund's Statement of Operations.

**Futures Contracts**

A futures contract is an agreement between two parties to buy or sell a specified financial instrument at a set price on a future date. Futures contracts tend to increase or decrease a Fund's exposure to the underlying instrument or can be used to hedge other Fund investments.

Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities or other liquid securities equal to the minimum "initial margin" requirements of the exchange. Pursuant to the contract, a Fund agrees to receive from or pay to the broker an amount of cash equal to the fluctuation in value of the contract referred to as "variation margin." Such receipts or payments are recorded by a Fund as unrealized gains or losses. When the contract is closed or expires, a Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. A Fund may suffer losses if it is unable to close out its position because of an illiquid secondary market. There is no assurance that a Fund will be able to close out its position when the Fund considers it appropriate or desirable to do so. In the event of adverse price movements, a Fund may be required to continue making cash payments to maintain its required margin. If a Fund has insufficient cash, it may have to sell portfolio securities to meet margin requirements at a time when the Fund would not otherwise elect to do so. In addition, a Fund may be required to deliver or take delivery of instruments. The maximum potential loss on a long futures contract is the U.S. dollar value of the notional amount at the time the contract is opened. The potential loss on a short futures contract is unlimited. There is minimal counterparty risk with futures contracts as they are traded on an exchange and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures contracts against default.

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

During the period, Harbor Scientific Alpha Income ETF held futures contracts. Harbor Scientific Alpha Income ETF used futures contracts to gain exposure to the fixed income asset class with greater efficiency and lower cost than was possible through direct investment, to add value when these securities were attractively priced, or to adjust the portfolio's sensitivity to changes in interest rates.

**Options**

An option is a contract that offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date). Purchased call options tend to increase a Fund's exposure to the underlying instrument. Purchased put options tend to decrease a Fund's exposure to the underlying instrument.

When a Fund purchases an option, it pays a premium. If a purchased option expires, a Fund realizes a loss in the amount of the premium. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. If a call option is exercised by a Fund, the cost of the securities acquired by exercising the call is increased by the premium paid to buy the call. If a put option is exercised by a Fund, it realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are decreased by the premium originally paid. The risk associated with purchasing options is limited to the premium paid. A Fund's maximum risk of loss from counterparty credit risk is also limited to the premium paid for the contract.

During the period, Harbor Long-Short Equity ETF purchased option contracts to manage its exposure to equity markets.

**Swap Agreements**

A swap is a contract between two parties to exchange future cash flows at specified intervals (payment dates) based upon a notional principal amount during the agreed-upon life of the contract. Swap agreements may be privately negotiated in the over-the-counter market ("OTC swaps") or may be cleared through a third party, known as a central clearing party or derivatives clearing organization ("centrally cleared swaps").

Swaps are fair valued daily and changes in value are recorded as unrealized appreciation or depreciation on the Statements of Operations.

Upon entering a swap agreement, any payments received or made at the beginning of the measurement period are reflected in the Statements of Assets and Liabilities and represent a reconciling value to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (such as credit spreads, currency exchange rates, interest rates, and other relevant factors). These upfront payments are recorded as realized gains or losses on the Statements of Operations upon termination or maturity of the swap. If a liquidation payment is received or made at the termination of the swap, it is recorded as realized gain or loss on the Statements of Operations. Net periodic payments received or paid by a Fund are included as part of realized gains or losses on the Statements of Operations. Daily changes to the fair value of centrally cleared swaps are recorded as Variation margin receivable or payable on centrally cleared swap agreements in the Statements of Assets and Liabilities and are settled daily. An initial margin, typically in form of cash or qualifying highly liquid, high-quality short-term investments, is paid to the central clearing party, derivatives clearing organization or counterparty when the swap contract is executed and is recorded as Due from brokers on the Statements of Assets and Liabilities.

Entering into swap agreements involves, to varying degrees, elements of credit risk, market risk and interest rate risk in excess of the amount recognized in the Statements of Assets and Liabilities. Such risks include the possibility that there is not a liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform, or that there may be unfavorable changes in market conditions or interest rates. A Fund's maximum risk of loss from counterparty credit risk is the discounted value of the net cash flows to be received from the counterparty over the contract's remaining life or the value of the contract. This risk is typically mitigated by the existence of a master netting arrangement between a Fund and the counterparty, the posting of collateral by the counterparty, and the central clearing party, as counterparty to all centrally cleared swaps, guaranteeing the performance of the swaps through the margin requirements.

<u>Credit Default Swaps</u> are agreements between counterparties to buy or sell protection on a debt security, a basket of securities, or an index of obligations against a defined credit event. Under the terms of a credit default swap, the buyer of protection receives credit protection in exchange for making periodic payments to the seller of protection based on a given percentage applied to a notional principal amount. In return for these payments, the seller acts as the guarantor of the creditworthiness of a reference entity, obligation or index. An issuer may represent either a single issuer, a "basket" of issuers, or a credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole.

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

The buyer in a credit default contract is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no credit event occurs. Credit events may include bankruptcy, failure to pay principal, maturity extension, rating downgrade, or write-down. As a seller, if an underlying credit event occurs, a Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the reference obligation (or underlying securities comprising an index), or pay a net settlement amount of cash equal to the notional amount of the swap less the recovery value of the reference obligation (or underlying securities comprising an index). As a buyer, if an underlying credit event occurs, a Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the reference obligation (or underlying securities comprising an index) or receive a net settlement.

During the period, Harbor Scientific Alpha Income ETF used credit default swap agreements as a buyer to provide a measure of protection against defaults of an issuer or as a seller to gain credit exposure to an issuer.

<u>Excess Return Swaps</u> are agreements between counterparties to exchange the return of a given underlying index. Under the terms of the agreement, a Fund will make payments based on a set rate in exchange for payments from the counterparty based on the return of the underlying assets comprising the index. If the returns on the underlying assets are positive, the counterparty will pay the Fund, and if the returns are negative, the Fund will make payments to the counterparty. The excess return swaps held by Harbor Commodity All-Weather Strategy ETF (Consolidated), which generally are reset monthly, may be terminated by the Funds at any time.

During the period, Harbor Commodity All-Weather Strategy ETF (Consolidated) used excess return swaps to gain exposure to commodities markets.

**Other Matters**

The Funds in the normal course of business invest in financial instruments where the risk of potential loss exists due to changes in the market, economic, political and regulatory developments, as well as events such as war, terrorism or spread of infectious disease (market risk) or failure or inability of the counterparty to a transaction to perform (credit and counterparty risk). In addition, certain Funds invest in foreign securities and as such are also subject to foreign currencies and foreign securities risks. A large shareholder risk may also exist in certain Funds whereby certain large shareholders, including authorized participants, may from time to time own a substantial amount of the Funds' shares. Therefore, the redemption of Funds' shares by these large shareholders could have a significant impact to the Funds. Each Fund's prospectus provides further details regarding the Fund's principal risks.

**New Accounting Pronouncement**

During the period, each Fund adopted Financial Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The main objective of this ASU is to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The adoption of the ASU did not change how the Funds identify operating segments but did require incremental disclosure of information not previously required.

Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision maker ("CODM"). Each Fund is considered a single operating segment. Harbor Capital's chief executive officer, chief investment officer, and chief financial officer, who are also officers of the Funds, collectively act as the CODM. Each Fund has a single investment strategy, as disclosed in its respective prospectus, against which the CODM, through various management committees, assesses its performance. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total return, expense ratio and changes in net assets as reflected in each Fund's financial statements.

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS**

**Investment Portfolio Transactions**

Purchases and sales of investments, other than short-term securities, U.S. government obligations, investments sold short and in-kind transactions, if any, for each Fund for the period ended April 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>|
| Harbor Active Small Cap ETF | &nbsp;&nbsp; $2290 | &nbsp;&nbsp; $2371 |
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 1313 |
| Harbor AlphaEdge™ Next Generation REITs ETF | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 564 |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 1971 |
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; 3957 | &nbsp;&nbsp; 3450 |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; 105323 | &nbsp;&nbsp; 115128 |
| Harbor Health Care ETF | &nbsp;&nbsp; 14919 | &nbsp;&nbsp; 14950 |
| Harbor Human Capital Factor Unconstrained ETF | &nbsp;&nbsp; 2348 | &nbsp;&nbsp; 2473 |
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; 106042 | &nbsp;&nbsp; 104371 |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; 82146 | &nbsp;&nbsp; 82176 |
| Harbor International Compounders ETF | &nbsp;&nbsp; 63155 | &nbsp;&nbsp; 2138 |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; 35374 | &nbsp;&nbsp; 39605 |
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; 188472 | &nbsp;&nbsp; 196901 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 2866 | &nbsp;&nbsp; 3585 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | &nbsp;&nbsp; 151196 | &nbsp;&nbsp; 44680 |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; 38017 | &nbsp;&nbsp; 31038 |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; 9859 | &nbsp;&nbsp; 10298 |
| Harbor Scientific Alpha High-Yield ETF | &nbsp;&nbsp; 32653 | &nbsp;&nbsp; 30029 |
| Harbor Scientific Alpha Income ETF | &nbsp;&nbsp; 8196 | &nbsp;&nbsp; 8475 |
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 24 |

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For the period ended April 30, 2025, the following Funds engaged in in-kind transactions associated with Creation Unit purchases and redemptions:

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| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>|
| Harbor Active Small Cap ETF | &nbsp;&nbsp; $8230 | &nbsp;&nbsp; $1116 |
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; 558 | &nbsp;&nbsp; 213 |
| Harbor AlphaEdge™ Next Generation REITs ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 5635 | &nbsp;&nbsp; 1666 |
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; 959 | &nbsp;&nbsp; — |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; 24515 | &nbsp;&nbsp; 54742 |
| Harbor Health Care ETF | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 1912 |
| Harbor Human Capital Factor Unconstrained ETF | &nbsp;&nbsp; 2427 | &nbsp;&nbsp; 12504 |
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; 125170 | &nbsp;&nbsp; 115325 |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; 59245 | &nbsp;&nbsp; 59762 |
| Harbor International Compounders ETF | &nbsp;&nbsp; 141339 | &nbsp;&nbsp; 13450 |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; 4655 | &nbsp;&nbsp; 7877 |
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; 194933 | &nbsp;&nbsp; 17779 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 2932 | &nbsp;&nbsp; 1756 |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; 107583 | &nbsp;&nbsp; 9277 |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; 69699 | &nbsp;&nbsp; 6604 |
| Harbor Scientific Alpha High-Yield ETF | &nbsp;&nbsp; 46501 | &nbsp;&nbsp; 15232 |
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; 3262 | &nbsp;&nbsp; — |

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**Securities Lending**

Each Fund may engage in securities lending, whereby a Fund lends its securities to financial institutions in order to increase its income. The Trust has engaged State Street Bank and Trust Company to act as its agent (the "Lending Agent") with respect to the lending of portfolio securities of the Funds, pursuant to the terms and conditions of a Securities Lending Authorization Agreement (the "SLA Agreement"). Securities loans are required to be secured at all times during the term of the loan by collateral that is at least equal to the value of the loaned securities determined at the close of each business day. Collateral

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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**NOTE 3—INVESTMENT PORTFOLIO TRANSACTIONS—Continued** 

may consist of cash and/or securities issued by the U.S. Treasury. Any additional collateral that may be required to secure a loan is delivered to the Fund on the next business day. Cash collateral is recognized as the gross liability for securities loaned in the Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the Lending Agent on behalf of the Funds, and the Funds do not have the ability to rehypothecate those securities. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio (the "Navigator Portfolio"), a money market mutual fund that seeks to provide income while maintaining a stable net asset value of $1.00. There is no assurance that the Navigator Portfolio will maintain a stable net asset value and the Funds are subject to the risk of loss on the cash collateral invested. A portion of the earnings generated by the investment of the cash collateral is rebated to the borrower for the use of the cash collateral and these earnings (less any rebate) are then divided between the Fund and the Lending Agent, as a fee for its services, according to agreed-upon rates. The Lending Agent and a Fund will share in any shortfall in the rebate due to the borrower, according to agreed-upon rates.

In addition to receiving a fee from the borrower based on the demand for securities loaned and earning income on the investment of the cash collateral, a Fund receives substitute interest, dividends, or other amounts on the loaned securities, during the term of a loan. Net securities lending income is disclosed as such in the Statements of Operations and represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to the Lending Agent.

Loans may be terminated at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities that are identical to the loaned securities. The Funds bear the risk of delay in recovery of, or loss of rights in, the securities loaned and the risk that the value of the collateral falls below the value of the securities on loan. Each Fund seeks to mitigate this risk through the SLA Agreement, which provides that in the event of default, the Lending Agent may apply the proceeds of the cash collateral from the loaned securities toward the purchase of replacement securities. If such proceeds are insufficient or the collateral is unavailable, the Lending Agent will purchase replacement securities at its sole expense, or if unable to do so, the Lending Agent may credit to the Fund's account an amount equal to the fair value of the unreturned loaned securities. As the securities loans are subject to termination by the Fund or the borrower at any time, the remaining contractual maturities of each securities lending transaction is considered to be overnight and continuous.

During the period, Harbor Osmosis International Resource Efficient ETF engaged in securities lending. As of April 30, 2025, there were no securities on loan outstanding.

**NOTE 4—CAPITAL SHARE TRANSACTIONS**

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof ("Creation Units") at net asset value ("NAV"). The Advisor determines the number of shares that constitutes a Creation Unit and only authorized participants are permitted to purchase or redeem Creation Units from the Funds. Except when aggregated in Creation Units, shares of each Fund are not redeemable. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Unless cash-only redemptions are available or specified for a Fund, the redemption proceeds for Creation Units will generally consist of a designated portfolio of securities and a specified amount of cash. Authorized participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in Net proceeds from sale of shares in the Statements of Changes in Net Assets.

From time to time, settlement of securities related to the purchase or redemption of Creation Units may be delayed and are reflected as Capital shares sold or Capital shares reacquired in the Statements of Assets and Liabilities.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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**NOTE 5—FEES AND OTHER TRANSACTIONS WITH AFFILIATES**

**Investment Adviser**

Harbor Capital is a wholly owned subsidiary of ORIX Corporation. Harbor Capital is the Funds' investment adviser and is also responsible for administrative and other services. Each Fund has a separate advisory agreement with Harbor Capital. Pursuant to the advisory agreement, the Advisor pays all of the operating expenses of the Fund, except for (i) the fee payment under the investment advisory agreement; (ii) payments under each Fund's 12b-1 plan (if any); (iii) the costs of borrowing, including interest and dividend expenses; (iv) taxes and governmental fees; (v) acquired fund fees and expenses; (vi) brokers' commissions and any other transaction related expenses and fees arising out of transactions effected on behalf of the Fund; (vii) costs of holding shareholder meetings; (viii) any gains or losses attributable to investments under a deferred compensation plan for Trustees who are not "interested persons" of the Trust; and (ix) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

The advisory agreements provide for a management fee based on an annual percentage rate of average daily net assets as follows:

---

| | |
|:---|:---|
|  | **Management** <br>**Fee**<br>|
| Harbor Active Small Cap ETF | 0.80<br> %<br>|
| Harbor AlphaEdge™ Large Cap Value ETF | 0.25 |
| Harbor AlphaEdge™ Next Generation REITs ETF | 0.50 |
| Harbor AlphaEdge™ Small Cap Earners ETF | 0.29 |
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | 0.68 |
| Harbor Disciplined Bond ETF | 0.35 |
| Harbor Dividend Growth Leaders ETF | 0.50 |
| Harbor Health Care ETF | 0.80 |
| Harbor Human Capital Factor Unconstrained ETF | 0.50 |
| Harbor Human Capital Factor US Large Cap ETF | 0.35 |
| Harbor Human Capital Factor US Small Cap ETF | 0.60 |
| Harbor International Compounders ETF | 0.55 |
| Harbor Long-Short Equity ETF | 1.20 |
| Harbor Long-Term Growers ETF | 0.57 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | 0.70 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | 0.69 |
| Harbor Osmosis International Resource Efficient ETF | 0.55 |
| Harbor PanAgora Dynamic Large Cap Core ETF | 0.35 |
| Harbor Scientific Alpha High-Yield ETF | 0.48 |
| Harbor Scientific Alpha Income ETF | 0.50 |
| Harbor Transformative Technologies ETF | 0.69 |

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**Independent Trustees**

The Advisor is responsible for bearing expenses associated with Independent Trustees' compensation pursuant to the management fee arrangement with each Fund.

**Affiliated Transactions**

The Investment Company Act permits purchase and sale transactions among affiliated investment companies subject to an exemptive rule. The Trust has adopted policies and procedures pursuant to such rule. During the period, the Funds did not enter into any transactions with any other Harbor fund.

**Indemnification**

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that provide general indemnities to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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**NOTE 6—TAX INFORMATION**

The identified cost for federal income tax purposes of investments owned by each Fund and its respective gross unrealized appreciation and depreciation as of April 30, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Identified Cost** <br>**(000s)** | **Gross Unrealized** | **Gross Unrealized** | **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)** |
|  | **Identified Cost** <br>**(000s)** | **Appreciation** <br>**(000s)**<br>| **(Depreciation)** <br>**(000s)**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)** |
| Harbor Active Small Cap ETF  | &nbsp;&nbsp; $15722<br>| &nbsp;&nbsp; $457 | &nbsp;&nbsp; $(1605)<br>| &nbsp;&nbsp; $(1148)<br>|
| Harbor AlphaEdge™ Large Cap Value ETF  | &nbsp;&nbsp; 1989<br>| &nbsp;&nbsp; 115 | &nbsp;&nbsp; (116)<br>| &nbsp;&nbsp; (1)<br>|
| Harbor AlphaEdge™ Next Generation REITs ETF  | &nbsp;&nbsp; 1964<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; (189)<br>| &nbsp;&nbsp; (159)<br>|
| Harbor AlphaEdge™ Small Cap Earners ETF  | &nbsp;&nbsp; 10489<br>| &nbsp;&nbsp; 335 | &nbsp;&nbsp; (1536)<br>| &nbsp;&nbsp; (1201)<br>|
| Harbor Commodity All-Weather Strategy ETF (Consolidated)<sup>\*</sup> | &nbsp;&nbsp; 269365<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; (11)<br>|
| Harbor Disciplined Bond ETF  | &nbsp;&nbsp; 26940<br>| &nbsp;&nbsp; 497 | &nbsp;&nbsp; (101)<br>| &nbsp;&nbsp; 396 |
| Harbor Dividend Growth Leaders ETF <sup>\*</sup> | &nbsp;&nbsp; 186674<br>| &nbsp;&nbsp; 39079 | &nbsp;&nbsp; (6791)<br>| &nbsp;&nbsp; 32288 |
| Harbor Health Care ETF  | &nbsp;&nbsp; 14704<br>| &nbsp;&nbsp; 1877 | &nbsp;&nbsp; (986)<br>| &nbsp;&nbsp; 891 |
| Harbor Human Capital Factor Unconstrained ETF <sup>\*</sup> | &nbsp;&nbsp; 3501<br>| &nbsp;&nbsp; 110 | &nbsp;&nbsp; (297)<br>| &nbsp;&nbsp; (187)<br>|
| Harbor Human Capital Factor US Large Cap ETF  | &nbsp;&nbsp; 305099<br>| &nbsp;&nbsp; 65383 | &nbsp;&nbsp; (14686)<br>| &nbsp;&nbsp; 50697 |
| Harbor Human Capital Factor US Small Cap ETF <sup>\*</sup> | &nbsp;&nbsp; 126892<br>| &nbsp;&nbsp; 7169 | &nbsp;&nbsp; (16126)<br>| &nbsp;&nbsp; (8957)<br>|
| Harbor International Compounders ETF <sup>\*</sup> | &nbsp;&nbsp; 423547<br>| &nbsp;&nbsp; 30048 | &nbsp;&nbsp; (27659)<br>| &nbsp;&nbsp; 2389 |
| Harbor Long-Short Equity ETF (includes investments sold short) <sup>\*</sup> | &nbsp;&nbsp; 4753<br>| &nbsp;&nbsp; 4978 | &nbsp;&nbsp; (744)<br>| &nbsp;&nbsp; 4234 |
| Harbor Long-Term Growers ETF <sup>\*</sup> | &nbsp;&nbsp; 641677<br>| &nbsp;&nbsp; 110195 | &nbsp;&nbsp; (14876)<br>| &nbsp;&nbsp; 95319 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 4738<br>| &nbsp;&nbsp; 443 | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; 423 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF  | &nbsp;&nbsp; 105748<br>| &nbsp;&nbsp; 5339 | &nbsp;&nbsp; (3639)<br>| &nbsp;&nbsp; 1700 |
| Harbor Osmosis International Resource Efficient ETF  | &nbsp;&nbsp; 106442<br>| &nbsp;&nbsp; 11860 | &nbsp;&nbsp; (1170)<br>| &nbsp;&nbsp; 10690 |
| Harbor PanAgora Dynamic Large Cap Core ETF  | &nbsp;&nbsp; 67860<br>| &nbsp;&nbsp; 2079 | &nbsp;&nbsp; (6274)<br>| &nbsp;&nbsp; (4195)<br>|
| Harbor Scientific Alpha High-Yield ETF <sup>\*</sup> | &nbsp;&nbsp; 168036<br>| &nbsp;&nbsp; 3107 | &nbsp;&nbsp; (3731)<br>| &nbsp;&nbsp; (624)<br>|
| Harbor Scientific Alpha Income ETF <sup>\*</sup> | &nbsp;&nbsp; 31248<br>| &nbsp;&nbsp; 786 | &nbsp;&nbsp; (555)<br>| &nbsp;&nbsp; 231 |
| Harbor Transformative Technologies ETF  | &nbsp;&nbsp; 3268<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; — | &nbsp;&nbsp; 318 |

---

------

\* Capital loss carryforwards are available, which may reduce taxable income from future net realized gain on investments.

**NOTE 7—DERIVATIVES**

Each Fund's derivative holdings do not qualify for hedge accounting treatment and as such are recorded at current fair value. For a discussion of risks related to these investments please refer to the descriptions of each type of derivative instrument in Note 2— Significant Accounting Policies.

Each Fund's derivative instruments outstanding as of the period ended April 30, 2025, if any, as disclosed in the Portfolio of Investments, and the related amounts of net realized and changes in net unrealized gains and losses on derivative instruments during the period as disclosed in the Statement of Operations, are indicators of the volume of derivative activity for each Fund.

**Derivative Instruments**

As of April 30, 2025, the fair values of derivatives, by primary risk exposure, were reflected in the Statement of Assets and Liabilities as follows:

---

| | |
|:---|:---|
| **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** |  |
| **Statement of Assets and Liabilities Caption** | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| Unrealized depreciation on OTC swap agreements | &nbsp;&nbsp; $— |

---

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

---

| | |
|:---|:---|
| **Harbor Long-Short Equity ETF**  |  |
| **Statement of Assets and Liabilities Caption** | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| Purchased options (included in Investments, at value) | &nbsp;&nbsp; $496 |

---

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

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 7—DERIVATIVES—Continued** 

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| | |
|:---|:---|
| **Harbor Scientific Alpha Income ETF**  |  |
| **Statement of Assets and Liabilities Caption** | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>|
| **Assets** |  |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; $186 |

---

------

a Balance includes cumulative appreciation/depreciation of contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

Net realized gain/(loss) and the change in net unrealized appreciation/(depreciation) on derivatives, by primary risk exposure, for the period ended April 30, 2025, were:

---

| | |
|:---|:---|
| **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** |
|  | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Swap agreements | &nbsp;&nbsp; $12361 |
|  | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Swap agreements | &nbsp;&nbsp; $— |

---

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

---

| | |
|:---|:---|
| **Harbor Long-Short Equity ETF** | **Harbor Long-Short Equity ETF** |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Net Realized Gain/(Loss) on Derivatives** | **Net Realized Gain/(Loss) on Derivatives** |
| Purchased options (included in Investments) | &nbsp;&nbsp; $162 |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** | **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** |
| Purchased options (included in Investments) | &nbsp;&nbsp; $(47)<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Scientific Alpha Income ETF** | **Harbor Scientific Alpha Income ETF** | **Harbor Scientific Alpha Income ETF** | **Harbor Scientific Alpha Income ETF** |
|  | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Credit** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $(213)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(213)<br>|
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; (165)<br>| &nbsp;&nbsp; (165)<br>|
| Net realized gain/(loss) on derivatives | &nbsp;&nbsp; $(213)<br>| &nbsp;&nbsp; $(165)<br>| &nbsp;&nbsp; $(378)<br>|
|  | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Credit** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** | **Change in net unrealized appreciation/(depreciation) on derivatives** |
| Futures contracts | &nbsp;&nbsp; $364 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $364 |
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Change in net unrealized appreciation/(depreciation) on derivatives | &nbsp;&nbsp; $364 | &nbsp;&nbsp; $8 | &nbsp;&nbsp; $372 |

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 8—OFFSETTING ASSETS AND LIABILITIES**

**Master Netting Arrangements**

As described in further detail below, a Fund may enter into Master Netting Arrangements that govern the terms of certain transactions. Master Netting Arrangements are designed to reduce the counterparty risk associated with relevant transactions by establishing credit protection mechanisms and providing standardization as a means of improving legal certainty. As Master Netting Arrangements are specific to the unique operations of different asset types, they allow a Fund to close out and net its total exposure to a counterparty in the event of a default with respect to all of the transactions governed under a single agreement with that counterparty. Master Netting Arrangements can also help reduce counterparty risk by specifying collateral posting requirements at pre-arranged exposure levels. Securities and cash pledged as collateral are reflected as assets in the Consolidated Statement of Assets and Liabilities as either a component of investments at value (securities) or due from broker. Cash collateral received is not typically held in a segregated account and, as such, is reflected as a liability in the Consolidated Statement of Assets and Liabilities as due to broker. The fair value of any securities received as collateral is not reflected as a component of net asset value.

For the period ended April 30, 2025, the following Master Netting Arrangements have been entered into as follows:

<u>International Swaps and Derivatives Association, Inc. (ISDA) Master Agreements and Credit Support Annexes</u>, which govern over-the-counter market traded financial derivative transactions entered into by a Fund and select counterparties. As of April 30, 2025, Harbor Commodity All-Weather Strategy ETF (Consolidated) had investment exposures subject to the terms of these agreements.

The following is a summary by counterparty of the value of OTC financial derivative instruments and collateral (received)/pledged as governed by International Swaps and Derivatives Association, Inc. master agreements as of April 30, 2025.

**HARBOR COMMODITY ALL-WEATHER STRATEGY ETF (CONSOLIDATED)** 

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| | | | |
|:---|:---|:---|:---|
|  | **Financial Derivative Liabilities** |  |  |
| **Counterparty** | **Swap** <br>**Agreements** <br>**(000s)**<br>| **Collateral** <br>**(Received)/** <br>**Pledged\*** <br>**(000s)**<br>| **Net** <br>**Exposure** <br>**(000s)**<br>|
| **Harbor Cayman Inflation Focus Ltd. (Subsidiary)**<sup>a</sup> <br>|  |  |  |
| Macquarie Bank Limited | $— | $28990 | $— |

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

---

| |
|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>\*Of the total collateral received and/or pledged listed in the above table, cash of $28,990 included in "Due from broker" on the Consolidated Statement of Assets and <br> Liabilities, was pledged as collateral for Harbor Cayman Inflation Focus Ltd.<br>|
| aHarbor Cayman Inflation Focus Ltd. is recognized as a separate legal entity for the purpose of the ISDA agreement. |

---

Exchange traded and centrally cleared derivatives are not subject to master netting or similar arrangements.

**NOTE 9—SUBSEQUENT EVENTS**

Through the date the financial statements were issued, there were no subsequent events or transactions that would have materially impacted the financial statements or related disclosures as presented herein.

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⬤

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)**

------

**FORM N-CSR ITEMS 8-11**

**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Harbor Capital Advisors Inc., the funds' investment advisor, is responsible for bearing expenses associated with independent trustees' compensation pursuant to the management fee arrangement with each Fund. Refer to the Registrant's financial statements included on Item 7 of this Form N-CSR for further detail.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

The Investment Company Act requires that the Investment Advisory and Subadvisory Agreement(s) (if applicable) of each Fund be approved initially, and following an initial two-year term, at least annually, by Harbor ETF Trust's (the "Trust") Board of Trustees (the "Board" or the "Trustees"), including a majority of the Independent Trustees voting separately.

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENTS AND SUBADVISORY AGREEMENTS OF THE HARBOR EXCHANGE-TRADED FUNDS**

At a meeting of the Board held on February 21-22, 2025 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved the continuation of each Investment Advisory Agreement with Harbor Capital, the adviser to each Fund, and each Subadvisory Agreement with each Fund's subadviser (each, a "Subadviser") with respect to Harbor Commodity All-Weather Strategy ETF, Harbor Dividend Growth Leaders ETF, Harbor Health Care ETF, Harbor Human Capital Factor Unconstrained ETF (Investment Advisory Agreement only), Harbor Human Capital Factor US Large Cap ETF (Investment Advisory Agreement only), Harbor Human Capital Factor US Small Cap ETF (Investment Advisory Agreement only), Harbor International Compounders ETF, Harbor Long-Short Equity ETF , Harbor Long-Term Growers ETF, Harbor Multi-Asset Explorer ETF (Investment Advisory Agreement only), Harbor Scientific Alpha High-Yield ETF and Harbor Scientific Alpha Income ETF (each a "Fund" and, collectively, the "Funds"). The Trustees noted that the Investment Advisory Agreement and Subadvisory Agreements for certain other series of the Trust were in their initial two-year terms and therefore not up for renewal at the meeting.

In evaluating each Investment Advisory Agreement and each Subadvisory Agreement, the Trustees reviewed materials furnished by Harbor Capital and each Subadviser, as applicable, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of Harbor Capital and the Subadvisers resulting from their quarterly meetings, periodic telephonic meetings and other prior communications. In connection with the Meeting, which had been called for the purpose of considering the continuation of the Investment Advisory Agreements and Subadvisory Agreements, and at prior meetings, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to Fund performance and the services rendered by Harbor Capital and each Subadviser. These materials included a comprehensive written response from Harbor Capital to a 15(c) request letter prepared by legal counsel to the Independent Trustees in consultation with the Independent Trustees. The Trustees also discussed with representatives of Harbor Capital, at the Meeting and at prior meetings, the Trust's operations and Harbor Capital's ability, consistent with the "manager-of-managers" structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadviser for each such Fund, (ii) monitor and oversee the performance and investment capabilities of each subadviser, and (iii) recommend the replacement of a subadviser where appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisers for particular Harbor funds in circumstances in which the Board and Harbor Capital had determined that a change in subadviser was in the best interests of a fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser's investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.

At the Meeting, the Trustees, including the Independent Trustees voting separately, determined, in the exercise of their business judgment, that the terms of each Investment Advisory Agreement and each Subadvisory Agreement were fair and reasonable and approved the continuation for a one-year period of each such Investment Advisory Agreement and Subadvisory Agreement as being in the best interests of each Fund and its shareholders.

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or any Subadviser present and were represented throughout the process by legal counsel to the Independent Trustees and the Funds.

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⬤

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

In considering the approval of each Fund's Investment Advisory Agreement and, as applicable, Subadvisory Agreement(s), the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Among the factors considered by the Trustees were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The nature, extent, and quality of the services provided by Harbor Capital and each Subadviser, including the background, education, expertise and experience of the investment professionals of Harbor Capital and each Subadviser providing services to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The profitability of Harbor Capital with respect to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees charged by Harbor Capital and Subadvisers for investment advisory and subadvisory services, respectively, including, in each case, the portion of the fee to be retained by Harbor Capital, after payment of subadvisory fees, for the investment advisory and related services, including investment, business, legal, compliance, trading (in certain cases), financial and administrative services, that Harbor Capital provides;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund's advisory fee level reflects any economies of scale for the benefit of Fund investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees and expense ratios of each Fund relative to the quality of services provided and the fees and expense ratios of similar investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The short- and long-term investment performance of each Fund in comparison to peer groups and certain relevant benchmark indices and Harbor Capital's efforts to address circumstances of underperformance where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any "fall out" benefits that might inure to Harbor Capital, the Subadvisers and their respective affiliates as a result of their relationship with the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information received at regular meetings throughout the year related to Fund performance and services rendered by Harbor Capital, as well as each of the Subadvisers, and research arrangements with brokers who execute transactions on behalf of Harbor Capital and each applicable Subadviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information contained in materials provided by Harbor Capital and compiled by Broadridge as to the investment returns, advisory fees and total expense ratios of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers, consisting of a peer group of funds compiled by Broadridge;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information contained in materials compiled by Morningstar as to the investment returns of each Fund relative to those of other investment companies with similar objectives and strategies managed by other investment advisers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Funds' advisory fees relative to the advisory fees that Harbor Capital charges to manage certain collective investment trusts using the same strategies as certain of the Funds, though the Trustees did not consider these comparisons to be a material factor given Harbor Capital's greater level of responsibilities and additional services provided with respect to the Funds, as well as the more extensive regulatory requirements and risks associated with managing the Funds.

**Nature, Extent, and Quality of Services**

The Trustees separately considered the nature, extent, and quality of the services provided by Harbor Capital and each Subadviser. In their deliberations as to the approval of each Fund's Investment Advisory Agreement and, as applicable, Subadvisory Agreement(s), the Trustees were mindful of the fact that, by choosing to invest in a Fund, the shareholders had entrusted Harbor Capital

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⬤

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

with the responsibility, subject to the approval of the Trustees, for selecting each Fund's Subadviser, overseeing and monitoring that Subadviser's performance and replacing the Subadviser if necessary. The Trustees also considered as relevant to their determination the favorable history, reputation, qualifications and background of Harbor Capital and each Subadviser, as well as the qualifications of their respective personnel.

**The Adviser's Services.** The Board evaluated the nature, extent, and quality of Harbor Capital's services in light of the Board's experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to the Trust, including the breadth and depth of experience and expertise of the investment, accounting, administrative, legal and compliance professionals dedicated to the Trust's operations. The Trustees determined that Harbor Capital has the expertise and resources to manage and operate effectively each Fund.

**The Subadvisers' Services.** The Trustees' consideration of the services provided by the Subadvisers included a review of each Subadviser's portfolio managers, investment philosophy, style and processes and record of consistency therewith, performance results for different time periods, its approach to controlling risk, and the quality and extent of its investment capabilities and resources, including the nature and extent of research it receives from broker-dealers (to the extent applicable) and other sources. In their deliberations with respect to each applicable Fund, the Trustees considered the history of the Trust's relationship with each Subadviser and the Trust's experience with each Subadviser in this capacity.

The Trustees also considered each Subadviser's breadth and depth of experience and investment results in managing other accounts similar to the respective Fund. The Trustees regularly receive presentations by investment professionals from the Subadvisers. The Trustees reviewed information concerning each Subadviser's historical investment results in managing accounts and/or funds, as applicable, in a manner substantially similar to the relevant Fund.

**Investment Performance, Advisory Fees and Expense Ratios**

In considering each Fund's performance, advisory fees and expense ratio, the Trustees requested and received from Harbor Capital data compiled by Broadridge and Morningstar. The Trustees also received information explaining the methodology for compilation of certain of this information and what it was intended to demonstrate. The Trustees analyzed the performance of each Fund, the advisory fees of each Fund, and the expenses of each Fund and made certain observations and findings as to each Fund as noted below. In evaluating performance, the Trustees recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results.

**Harbor Commodity All-Weather Strategy ETF.** The Trustees considered Harbor Commodity All-Weather Strategy ETF (inception date February 9, 2022), noting that the Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Quantix Commodity Index. The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year rolling return ranked in the first quartile for the period ended December 31, 2024. The Trustees also considered that the Fund had underperformed its benchmark, the Quantix Commodity Index, for the one-year period ended December 31, 2024. The Trustees also considered the Fund's performance relative to that of its underlying index and the reasons for tracking error between Fund and index performance.

The Trustees considered the expertise of Quantix Commodities LP ("Quantix") in managing assets generally and specifically with respect to the Fund's strategy, noting that Quantix managed approximately $513 million in assets in this strategy, out of a firm-wide total of approximately $3.3 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio manager in this strategy. The Trustees noted that Quantix is the index provider for the Fund's underlying index.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was below the group median. The Trustees noted that the Adviser's profitability in operating the Fund was not excessive.

**Harbor Dividend Growth Leaders ETF.** The Trustees considered Harbor Dividend Growth Leaders ETF (inception date April 30, 2010 for predecessor fund), noting that, according to the Broadridge report, the Fund had underperformed its Broadridge universe median for the one-, three- and five-year periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-, three- and five-year rolling returns ranked in the second, third and second quartile, respectively, for the periods ended December 31, 2024. The Trustees also considered that the Fund had underperformed its benchmark, the Nasdaq Dividend Achievers Select Total Return Index, for the one-, three- and five-year periods ended December 31, 2024.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

The Trustees considered the expertise of Westfield Capital in managing assets generally and specifically with respect to the Fund's strategy, noting that Westfield Capital managed approximately $471 million in assets in this strategy, out of a firm-wide total of approximately $23.6 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was below the group median. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

**Harbor Health Care ETF.** The Trustees considered Harbor Health Care ETF (inception date November 16, 2022), noting that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the since inception period ended December 31, 2024, and underperformed its Broadridge universe median for the one-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year rolling return ranked in the third quartile for the period ended December 31, 2024. The Trustees also considered that the Fund had outperformed its benchmark, the Russell 3000 Growth Health Care Index, for the since inception period ended December 31, 2024, and underperformed its benchmark for the one-year period ended December 31, 2024.

The Trustees considered the expertise of Westfield Capital in managing assets generally and specifically with respect to the Fund's strategy, noting that Westfield Capital managed approximately $29.14 million in assets in this strategy, out of a firm-wide total of approximately $23.6 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was above the group median. The Trustee's noted that the Fund's expense group consisted of eight funds, including the Fund. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

**Harbor Human Capital Factor Unconstrained ETF.** The Trustees considered Harbor Human Capital Factor Unconstrained ETF (inception date February 23, 2022), noting that the Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Human Capital Factor Unconstrained Index. The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the since inception period ended December 31, 2024, and underperformed its Broadridge universe median for the one-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year rolling return ranked in the third quartile for the period ended December 31, 2024. The Trustees also considered the Fund's performance relative to that of its underlying index and the reasons for tracking error between Fund and index performance.

The Trustees considered Harbor Capital's ability to manage the Fund in accordance with its investment objective of seeking to track its underlying index.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was equal to the group median. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

**Harbor Human Capital Factor US Large Cap ETF.** The Trustees considered Harbor Capital Factor US Large Cap ETF (inception date October 12, 2022), noting that the Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the CIBC Human Capital Index. The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year rolling return ranked in the first quartile for the period ended December 31, 2024. The Trustees also considered the Fund's performance relative to that of its underlying index and the reasons for tracking error between Fund and index performance.

The Trustees considered Harbor Capital's ability to manage the Fund in accordance with its investment objective of seeking to track its underlying index.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was equal to the group median. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

**Harbor Human Capital Factor US Small Cap ETF.** The Trustees considered Harbor Capital Factor US Small Cap ETF (inception date April 13, 2023), noting that the Fund seeks to provide investment results that correspond, before fees and expenses, to the performance of the Human Capital Factor Small Cap Index. The Trustees observed that, according to the Broadridge report, the Fund had underperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year rolling return ranked in the fourth quartile for the period ended December 31, 2024. The Trustees also considered the Fund's performance relative to that of its underlying index and the reasons for tracking error between Fund and index performance. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered Harbor Capital's ability to manage the Fund in accordance with its investment objective of seeking to track its underlying index.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was above the group median. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

**Harbor International Compounders ETF.** The Trustees considered Harbor International Compounders ETF (inception date September 7, 2022). The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the since inception period ended December 31, 2024, and underperformed its Broadridge universe median for the one-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year rolling return ranked in the fourth quartile for the period ended December 31, 2024. The Trustees also considered that the Fund had outperformed its benchmark, the MSCI All Country World Ex. U.S. (ND) Index, for the since inception period ended December 31, 2024, and underperformed its benchmark for the one-year period ended December 31, 2024.

The Trustees considered the expertise of C WorldWide Asset Management Fondsmaeglerselskab A/S ("C WorldWide") in managing assets generally and specifically with respect to the Fund's strategy, noting that C WorldWide managed approximately $1.6 billion in assets in this strategy, out of a firm-wide total of approximately $18.1 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was equal to the group median. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

**Harbor Long-Short Equity ETF.** The Trustees considered Harbor Long-Short Equity ETF (inception date December 4, 2023), noting that, according to the Broadridge report, the Fund had underperformed its Broadridge universe medians for the one-year and since inception periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year rolling return ranked in the second quartile for the period ended December 31, 2024. The Trustees also considered that the Fund had outperformed its benchmark, the HFRX Equity Hedge Index, for the one-year and since inception periods ended December 31, 2024. The Trustees noted that the performance of the Fund's predecessor private fund was not included in the comparative information provided.

The Trustees considered the expertise of Disciplined Alpha, LLC in managing assets generally and specifically with respect to the Fund's strategy, noting that Disciplined Alpha, LLC managed approximately $18.4 million in assets in this strategy, out of a firm-wide total of approximately $20.2 million in assets under management. The Trustees also noted the experience of the Fund's portfolio manager in this strategy. The Trustees noted that Disciplined Alpha, LLC is the index provider for the Fund's underlying index.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was above the group median. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

**Harbor Long-Term Growers ETF.** The Trustees considered Harbor Long-Term Growers ETF (inception date February 2, 2022). The Trustees observed that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year rolling return ranked in the second quartile for the period ended December 31, 2024. The Trustees also considered that the Fund had underperformed its benchmark, the Russell 1000 Growth Index, for the one-year and since inception periods ended December 31, 2024.

The Trustees considered the expertise of Jennison in managing assets generally and specifically with respect to the Fund's strategy, noting that Jennison managed approximately $671.7 million in assets in this strategy, out of a firm-wide total of approximately $211 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was below the group median. The Trustees noted that the Adviser's profitability in operating the Fund was not excessive.

**Harbor Multi-Asset Explorer ETF.** The Trustees considered Harbor Multi-Asset Explorer ETF (inception date September 13, 2023), noting that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year and since inception periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year rolling return ranked in the first quartile for the period ended December 31, 2024. The Trustees also considered that the Fund had outperformed its benchmark, the ICE BofA 0-3 Month US Treasury Bill Total Return Index, for the one-year and since inception periods ended December 31, 2024. The Trustees noted that the short time period since the Fund's inception did not support making any significant conclusions about the Fund's performance.

The Trustees considered the expertise of Harbor Capital in managing assets generally and specifically with respect to the Fund's strategy, noting that Harbor Capital managed approximately $4.1 million in assets in this strategy. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was equal to the group median. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

**Harbor Scientific Alpha High-Yield ETF.** The Trustees considered Harbor Scientific Alpha High-Yield ETF (inception date September 14, 2021), noting that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the one-year, three-year and since inception periods ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year and three-year rolling returns each ranked in the first quartile for the periods ended December 31, 2024. The Trustees also considered that the Fund had outperformed its benchmark, the ICE BofA U.S. High-Yield Index, for the one-year and since inception periods ended December 31, 2024.

The Trustees considered the expertise of BlueCove in managing assets generally and specifically with respect to the Fund's strategy, noting that BlueCove managed approximately $149.5 million in assets in this strategy, out of a firm-wide total of approximately $5.3 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was above the group median. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

**Harbor Scientific Alpha Income ETF.** The Trustees considered Harbor Scientific Alpha Income ETF (inception date September 14, 2021), noting that, according to the Broadridge report, the Fund had outperformed its Broadridge universe median for the three-year and since inception periods ended December 31, 2024, and underperformed its Broadridge universe median for the one-year period ended December 31, 2024. The Morningstar data presented showed that the Fund's one-year and three-year rolling returns each ranked in the third quartile for the periods ended December 31, 2024. The Trustees also considered that the Fund had outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, for the one-year and since inception periods ended December 31, 2024.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

The Trustees considered the expertise of BlueCove in managing assets generally and specifically with respect to the Fund's strategy, noting that BlueCove managed approximately $33.3 million in assets in this strategy, out of a firm-wide total of approximately $5.3 billion in assets under management. The Trustees also noted the experience of the Fund's portfolio managers in this strategy.

The Trustees considered that the Investment Advisory Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to Harbor Capital and Harbor Capital pays the Fund's operating expenses, with limited exceptions. The Trustees noted that the Broadridge comparison of expenses for the Fund's expense group showed the Fund's actual total expense ratio was below the group median. The Trustees noted that the Adviser's profitability in operating the Fund was negative.

The Trustees also separately considered the allocation between Harbor Capital and each Subadviser of the relevant Fund's investment advisory fee (i.e., the amount of the advisory fee retained by Harbor Capital relative to that paid to the relevant Subadviser as a subadvisory fee). They determined in each case that the allocation was reasonable and the product of arm's length negotiation between Harbor Capital and the Subadviser.

**Profitability**

The Trustees also considered Harbor Capital's profitability in operating each of the Funds (as well as on a fund complex-wide basis) as presented by Harbor Capital, and the allocation methodology used by Harbor Capital to compute such profitability. The Trustees concluded that the allocation methodology was reasonable and that a reasonable level of profitability was important to provide suitable incentives for Harbor Capital to continue to attract and maintain high quality personnel and to invest in infrastructure and other resources to support and enhance the Funds' operations. In considering Harbor Capital's profitability generally, the Trustees also considered any other benefits enjoyed by Harbor Capital and its affiliates as a result of their relationship with the Funds. The Trustees also considered that profitability calculations with respect to advisory operations vary significantly depending on whether revenues on which the calculation is based are taken gross or net of amounts paid to third parties, such as subadvisory fee expenses, and noted that subadvisory fee expenses are a direct expense of Harbor Capital. The Trustees determined that Harbor Capital's profitability in operating each Fund was not excessive.

**Economies of Scale**

The Trustees also considered the extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund's advisory fee level reflects these economies of scale for the benefit of Fund investors. The Trustees specifically considered whether any advisory fee reduction "breakpoints" should be added to the advisory fee payable by any Fund. As noted above, the Trustees concluded that Harbor Capital's profitability in each case was not excessive. They concluded that the Funds' fee structures reflected economies of scale to date and that breakpoints in these fee structures were not required at the present time in light of, among other things, Harbor Capital's forward-looking approach to setting the contractual advisory fee, and its payment of fund expenses (with limited exceptions) in accordance with the unitary fee arrangement. The Trustees noted they intend to monitor each Fund's asset growth in connection with future reviews of each Fund's Investment Advisory Agreement to determine whether breakpoints may be appropriate at such time.

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENT AND SUBADVISORY AGREEMENT OF HARBOR OSMOSIS EMERGING MARKET RESOURCE EFFICIENT ETF and HARBOR OSMOSIS INTERNATIONAL RESOURCE EFFICIENT ETF**

At a meeting of the Board held on November 17-19, 2024 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved (i) the Investment Advisory Agreement between the Trust, on behalf of Harbor Osmosis Emerging Markets Resource Efficient ETF and Harbor Osmosis International Resource Efficient ETF (each a "Fund" and, collectively, the "Funds"), and Harbor Capital Advisors, Inc. (the "Adviser" or "Harbor Capital"); and (ii) the Subadvisory Agreement among the Adviser, the Trust, on behalf of each Fund, and Osmosis Investment Management US LLC (the "Subadviser" or "Osmosis").

In evaluating each Investment Advisory Agreement and each Subadvisory Agreement, the Trustees reviewed materials furnished by the Adviser and the Subadviser, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of the Adviser resulting from their quarterly meetings, periodic telephonic meetings and other prior communications. In connection with their consideration of each Investment Advisory Agreement and Subadvisory Agreement, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to the services to be rendered by the Adviser and Subadviser. The Trustees also discussed with representatives of the Adviser, at the Meeting and at prior meetings, the Trust's operations and the Adviser's ability, consistent with the "manager of managers" structure of the funds, to (i) identify and recommend to the Trustees a subadviser for each Fund, (ii) monitor and oversee the performance and investment capabilities of such subadviser, and (iii) recommend the replacement of a subadviser where appropriate.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

At the Meeting, the Trustees, including all of the Independent Trustees voting separately, determined, in the exercise of their business judgment, that the terms of each Investment Advisory Agreement and the Subadvisory Agreement were fair and reasonable and approved the Investment Advisory Agreement and Subadvisory Agreement for an initial two-year term as being in the best interests of each Fund and its future shareholders.

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or the Subadviser present and were represented throughout the process by legal counsel to the Independent Trustees and the Trust.

**Factors Considered**

In considering each Fund's proposed Investment Advisory Agreement and Subadvisory Agreement, the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Among the factors considered by the Trustees were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The nature, extent, and quality of the combined services proposed to be provided by Harbor Capital and Osmosis, including the background, education, expertise and experience of the investment professionals of Harbor Capital and Osmosis to provide services to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The favorable history, reputation, qualifications and background of Harbor Capital and Osmosis as well as the qualifications of their personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees proposed to be charged by Harbor Capital and Osmosis for investment advisory and subadvisory services, respectively, including the portion of the fees to be retained by Harbor Capital, after payment of Osmosis's fees, for investment advisory and related services to be provided by Harbor Capital (including investment, business, legal, compliance, financial and administrative services) and for Harbor Capital's undertaking to bear the operating expenses of each Fund, with certain limited exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The proposed fees and expense ratio of each Fund relative to the fees and expense ratios of similar investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The investment performance of Osmosis in managing other accounts in a style similar to the style to be utilized in managing each Fund relative to the performance of a benchmark index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The expected profitability of Harbor Capital with respect to each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information received at meetings throughout the year related to services rendered by Harbor Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The extent to which economies of scale might be realized as each Fund grows, and the extent to which each Fund's proposed advisory fee level reflects any economies of scale for the benefit of investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any "fall out" benefits that might inure to Harbor Capital, Osmosis and their respective affiliates as a result of their relationship with each Fund.

**Nature, Extent, and Quality of Services**

In evaluating the nature, extent, and quality of the services to be provided by Harbor Capital, the reasonableness of the overall compensation provided under the proposed Investment Advisory Agreement and other considerations, the Trustees considered Harbor Capital's ability, consistent with the manager-of-managers structure of the Funds, to identify and recommend to the Trustees quality subadvisers for the Harbor funds, to monitor and oversee the performance and investment capabilities of each subadviser, and to recommend the replacement of a subadviser when appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisers for particular Harbor funds in circumstances in which the Board and Harbor Capital had determined that a change in subadviser was in the best interests

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

of a fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser's investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.

The Board evaluated the nature, extent, and quality of Harbor Capital's proposed services in light of the Board's actual experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to the Harbor funds generally, including the breadth and depth of experience and expertise of the investment, administrative, legal and compliance professionals dedicated to the Funds' operations. The Trustees determined that Harbor Capital has the expertise and resources to identify, select, oversee and monitor subadvisers and to operate effectively as a manager-of-managers for each Fund. The Trustees also considered in their determination the depth, knowledge and experience level of Osmosis's personnel, the quality of Osmosis's processes and the culture of Osmosis.

**Advisory Fees and Expense Ratios**

The Trustees noted that the proposed Investment Advisory Agreements provide that Harbor Capital will pay all of the operating expenses of the respective Fund, with certain limited exceptions set forth in the agreement, and that such unitary fee structure effectively acts as a cap on the fees and expenses of the Fund. The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for Harbor Osmosis Emerging Markets Resource Efficient ETF is above the average and median of a peer group consisting solely of ETFs and below the average and median of a peer group consisting of mutual funds and ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes. The Trustees further observed that the data showed that the proposed net expense ratio for Harbor Osmosis International Resource Efficient ETF is above the average and median of a peer group consisting solely of ETFs and below the average and median of a peer group consisting of mutual funds and ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes.

The Trustees also reviewed and determined to be reasonable, with respect to each Fund, in relation to the services to be provided by each party, the split between the advisory fee to be paid to Harbor Capital and the subadvisory fee to be paid to Osmosis and specifically the net advisory fee to be retained by Harbor Capital at various asset levels.

**Profitability**

The Trustees noted that Harbor Capital expected to operate each Fund initially at a loss.

**Economies of Scale**

The Trustees concluded that breakpoints in each Fund's advisory fee schedule were not necessary at the present time in light of, among other things, Harbor Capital's forward-looking approach to setting the contractual advisory fee, its absorbing Fund expenses and the uncertainty surrounding the aspects of the Fund's future asset growth. It was agreed, however, that the Board would consider the issue of breakpoints in each Fund's advisory fee schedule at least annually after the initial two-year contract term as part of its annual contract review process for all of the Harbor funds.

**FACTORS CONSIDERED BY THE TRUSTEES IN APPROVING THE INVESTMENT ADVISORY AGREEMENT AND SUBADVISORY AGREEMENT OF HARBOR TRANSFORMATIVE TECHNOLOGIES ETF**

At a meeting of the Board held on February 21-22, 2025 (the "Meeting"), the Board, including the Independent Trustees voting separately, considered and approved (i) the Investment Advisory Agreement between the Trust, on behalf of Harbor Transformative Technologies ETF (the "Fund"), and Harbor Capital Advisors, Inc. (the "Adviser" or "Harbor Capital"); and (ii) the Subadvisory Agreement among the Adviser, the Trust, on behalf of the Fund, and Jennison Associates LLC (the "Subadviser" or "Jennison").

In evaluating the Investment Advisory Agreement and the Subadvisory Agreement, the Trustees reviewed materials furnished by the Adviser and the Subadviser, including information about their respective affiliates, personnel, and operations, and also relied upon their knowledge of the Adviser resulting from their quarterly meetings, periodic telephonic meetings and other prior communications and of the Subadviser in its capacity as a subadviser for another Harbor fund. In connection with their consideration of the Investment Advisory Agreement and Subadvisory Agreement, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to the services to be rendered by the Adviser and Subadviser. The Trustees also discussed with representatives of the Adviser, at the Meeting and at prior meetings, the Trust's operations

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

and the Adviser's ability, consistent with the "manager of managers" structure of the funds, to (i) identify and recommend to the Trustees a subadviser for the funds, (ii) monitor and oversee the performance and investment capabilities of such subadviser, and (iii) recommend the replacement of a subadviser where appropriate.

At the Meeting, the Trustees, including the Independent Trustees voting separately, determined, in the exercise of their business judgment, that the terms of the Investment Advisory Agreement and the Subadvisory Agreement were fair and reasonable and approved the Investment Advisory Agreement and Subadvisory Agreement for an initial two-year term as being in the best interests of the Fund and its future shareholders.

In their deliberations, the Independent Trustees had the opportunity to meet privately without representatives of Harbor Capital or the Subadviser present and were represented throughout the process by legal counsel to the Independent Trustees and the Trust.

**Factors Considered**

In considering the Fund's proposed Investment Advisory Agreement and Subadvisory Agreement, the Board, including the Independent Trustees, evaluated a number of factors it considered relevant to its determination. The Board did not identify any single factor as all-important or controlling, and individual Trustees did not necessarily attribute the same weight or importance to each factor.

Among the factors considered by the Trustees were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The nature, extent, and quality of the combined services proposed to be provided by Harbor Capital and Jennison, including the background, education, expertise and experience of the investment professionals of Harbor Capital and Jennison to provide services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The favorable history, reputation, qualifications and background of Harbor Capital and Jennison as well as the qualifications of their personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees proposed to be charged by Harbor Capital and Jennison for investment advisory and subadvisory services, respectively, including the portion of the fees to be retained by Harbor Capital, after payment of Jennison's fees, for investment advisory and related services to be provided by Harbor Capital (including investment, business, legal, compliance, financial and administrative services) and for Harbor Capital's undertaking to bear the operating expenses of the Fund, with certain limited exceptions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The proposed fees and expense ratio of the Fund relative to the fees and expense ratios of similar investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The investment performance of Jennison in managing other accounts in a style similar to the style to be utilized in managing the Fund relative to the performance of a benchmark index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The expected profitability of Harbor Capital with respect to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Information received at meetings throughout the year related to services rendered by Harbor Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The extent to which economies of scale might be realized as the Fund grows, and the extent to which the Fund's proposed advisory fee level reflects any economies of scale for the benefit of investors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any "fall out" benefits that might inure to Harbor Capital, Jennison and their respective affiliates as a result of their relationship with the Fund.

**Nature, Extent, and Quality of Services**

In evaluating the nature, extent, and quality of the services to be provided by Harbor Capital, the reasonableness of the overall compensation provided under the proposed Investment Advisory Agreement and other considerations, the Trustees considered Harbor Capital's ability, consistent with the manager-of-managers structure of the Fund, to identify and recommend to the Trustees quality subadvisers for the Fund, to monitor and oversee the performance and investment capabilities of each subadviser, and to recommend the replacement of a subadviser when appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisers for particular Harbor funds in circumstances

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

in which the Board and Harbor Capital had determined that a change in subadviser was in the best interests of a fund and its shareholders, whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadviser's investment style, (ii) prolonged style inconsistency, (iii) material adverse changes in management or personnel, or (iv) other factors, such as if Harbor Capital were to identify another subadviser believed to better serve the shareholders than the existing subadviser.

The Board evaluated the nature, extent, and quality of Harbor Capital's proposed services in light of the Board's actual experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to the Harbor funds generally, including the breadth and depth of experience and expertise of the investment, administrative, legal and compliance professionals dedicated to the Funds' operations. The Trustees determined that Harbor Capital has the expertise and resources to identify, select, oversee and monitor subadvisers and to operate effectively as a manager-of-managers for the Fund. The Trustees also considered in their determination the depth, knowledge and experience level of the Subadviser's personnel, the quality of the Subadviser's processes and the culture of the Subadviser.

**Advisory Fees and Expense Ratios**

The Trustees noted that the proposed Investment Advisory Agreement provides that Harbor Capital will pay all of the operating expenses of the Fund, with certain limited exceptions set forth in the agreement, and that such unitary fee structure effectively acts as a cap on the fees and expenses of the Fund. The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the Fund was below the average and median of a peer group of funds consisting of mutual funds and ETFs and above the average and median of a peer group of funds consisting solely of ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes.

The Trustees also reviewed and determined to be reasonable, in relation to the services to be provided by each party, the split between the advisory fee to be paid to Harbor Capital and the subadvisory fee to be paid to Jennison and specifically the net advisory fee to be retained by Harbor Capital at various asset levels.

**Profitability**

The Trustees noted that Harbor Capital expected to operate the Fund initially at a loss.

**Economies of Scale**

The Trustees also concluded that breakpoints in the Fund's advisory fee schedule were not necessary at the present time in light of, among other things, Harbor Capital's forward-looking approach to setting the contractual advisory fee, its absorbing Fund expenses and the uncertainty surrounding the aspects of the Fund's future asset growth. It was agreed, however, that the Board would consider the issue of breakpoints in the Fund's advisory fee schedule at least annually after the initial two-year contract term as part of its annual contract review process for all of the Harbor funds.

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![](img58338f1a4.jpg)

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**ITEM 8 – CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 9 – PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 10 – REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 11 – STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Refer to the "Additional Information" section of the financial statements filed under Item 7 of this Form N-CSR.

**ITEM 12 – DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 13 – PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 14 – PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS**

Not applicable

**ITEM 15 – SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees since the date of the Registrant's prior report on Form N-CSR.

**ITEM 16 – CONTROLS AND PROCEDURES**

**(a)** The Registrant's Principal Executive and Principal Financial Officers concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, based on the evaluation of these disclosure controls and procedures as of a date within 90 days of the filing of this report.

**(b)** There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**ITEM 17 – DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES**

Not applicable

**ITEM 18 – RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

Not applicable

**ITEM 19 – EXHIBITS**

(a) [A separate certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) is attached hereto.](het-efp16250_ex99cert.htm)

(b) [Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto.](het-efp16250_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed June 23, 2025 on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **HARBOR ETF TRUST** | **HARBOR ETF TRUST** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | Chairman, President and Trustee |
|  | (Principal Executive Officer) |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Charles F. McCain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman, President and Trustee | June 23, 2025 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ John M. Paral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | June 23, 2025 |
|  | John M. Paral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Accounting Officer) |  |

---

Exhibit Index

---

| | |
|:---|:---|
| Number | Description |
| 99.CERT1 | [Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).](het-efp16250_ex99cert.htm) |
| 99.CERT2 | [Certification for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).](het-efp16250_ex99cert.htm#ex99cert2) |
| 99.906CERT | [Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).](het-efp16250_ex99906cert.htm) |

---

## Ex-99.Cert

**EX-99.CERT1**

**CERTIFICATION**

I, **Charles F. McCain**, certify that:

1. I have reviewed this report on Form N-CSR of Harbor ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 23, 2025 | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | Chairman, President and Trustee |
|  | (Principal Executive Officer) |

---

**EX-99.CERT2**

**CERTIFICATION**

I, **John M. Paral**, certify that:

1. I have reviewed this report on Form N-CSR of Harbor ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 23, 2025 | /s/ John M. Paral |
|  | John M. Paral |
|  | Treasurer |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 99.906

**EX-99.906CERT**

**SECTION 906 CERTIFICATION**

Pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350), the undersigned officers of Harbor ETF Trust (the "Registrant"), hereby certify, to the best of our knowledge, that the Registrant's report on Form N-CSR for the period ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities and Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Charles F. McCain | &nbsp;&nbsp;&nbsp;Chairman, President and Trustee | June 23, 2025 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ John M. Paral | &nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | June 23, 2025 |
|  | John M. Paral | &nbsp;&nbsp;&nbsp;and Accounting Officer) |  |

---

This certification is being furnished solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Report or as a separate disclosure document.