# EDGAR Filing Document

**Accession Number:** 0001860434
**File Stem:** 0001133228-25-013903
**Filing Date:** 2025-12
**Character Count:** 803181
**Document Hash:** 8fb4074b21ba6ddfe4f47cfefa16d4d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-013903.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001133228-25-013903

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251223

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23661
- **FILM NUMBER:** 251594481

**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 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 Emerging Markets Select ETF (Series ID: S000091658)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

**Harbor ETF Trust**

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

**111 South Wacker Drive, 34<sup>th</sup> Floor Chicago, Illinois 60606-4302**

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

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

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

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

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

**Date of reporting period: October 31, 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](ie84c3a453c1c85d434c6506a.jpg)

Ticker: SMLL

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Active Small Cap ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Active Small Cap ETF | $82 | 0.80% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Byron Place Capital Management, LLC

**Performance Summary**

The Fund returned 3.96% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Index returned 14.41% during the same period.

Top contributors to relative performance included:

• Security selection in the Health Care and Consumer Cyclicals sectors.

• Positions in Doximity, Inc. and Janus International Group, Inc.

Top detractors from relative performance included:

• Security selection in the Technology sector and underexposure to high-performing quantum computing and artificial intelligence enabling securities.

• Positions in WillScot Holdings Corp. and Morningstar, Inc.

# **Change in a $10,000 Investment** 

# For the period 08/28/2024 through 10/31/2025
![Growth of 10K Chart](i69c0a4fb6c176f1ec3a9aaa4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Index** |
| **Jul-24** | $10000 | $10000 | $10000 |
| **Aug-24** | $10128 | $10102 | $10135 |
| **Sep-24** | $10449 | $10318 | $10206 |
| **Oct-24** | $10296 | $10225 | $10059 |
| **Nov-24** | $11751 | $10825 | $11162 |
| **Dec-24** | $11161 | $10567 | $10240 |
| **Jan-25** | $11740 | $10861 | $10509 |
| **Feb-25** | $11494 | $10719 | $9946 |
| **Mar-25** | $10555 | $10115 | $9269 |
| **Apr-25** | $10068 | $10047 | $9055 |
| **May-25** | $10668 | $10679 | $9539 |
| **Jun-25** | $10909 | $11222 | $10057 |
| **Jul-25** | $10919 | $11474 | $10232 |
| **Aug-25** | $11366 | $11707 | $10963 |
| **Sep-25** | $10935 | $12134 | $11304 |
| **Oct-25** | $10704 | $12418 | $11508 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 08/28/2024** |
| **Harbor Active Small Cap ETF (Based on Net Asset Value)** | 3.96% | 5.94% |
| **S&P 500 Index** | 21.45% | 20.18% |
| **Russell 2000<sup>®</sup> Index** | 14.41% | 12.67% |

---

The "Life of Fund" return as shown reflects the period 08/28/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $21902 |
| **Number of Investments** | 48 |
| **Total Net Advisory Fees Paid (in thousands)** | $131 |
| **Portfolio Turnover Rate** | 47% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](if04bab80c98798e2479ee50f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 37.1% |
| Financials | 23.1% |
| Consumer Discretionary | 8.7% |
| Health Care | 7.6% |
| Energy | 6.5% |
| Real Estate | 5.8% |
| Materials | 5.2% |
| Information Technology | 3.6% |
| Consumer Staples | 2.4% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Alpha Layering ETF (Consolidated)
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: HOLD

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Alpha Layering ETF (Consolidated) ("Fund") for the period of August 13, 2025 (commencement of operations) to October 31, 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 year?
(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 Alpha Layering ETF (Consolidated) | $16 | 0.69% |

---

---

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

---

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $4142 |
| **Number of Investments (includes derivatives)** | 25 |
| **Total Net Advisory Fees Paid (in thousands)** | $6 |
| **Portfolio Turnover Rate** | 20% |

---

#### Fund Investments as of October 31, 2025

# Investment Allocation (% of Investments)

# (excludes derivatives)

---

| | |
|:---|:---|
| Equity Funds | 100.0% |

---

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

---

| | |
|:---|:---|
| U.S. Treasury Notes & Bonds | 132.2% |
| Commodities (Precious Metals) | 12.9% |
| Domestic Equity Index | 12.8% |
| International Equity Index | 8.2% |
| Commodities (Energy) | (5.3%) |
| Foreign Currency | (60.8%) |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

#### Harbor AlphaEdge™ Large Cap Value ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: VLLU

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor AlphaEdge™ Large Cap Value ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor AlphaEdge™ Large Cap Value ETF | $26 | 0.25% |

---

# Management's Discussion of Fund Performance
**Performance Summary**

The Fund returned 11.67% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Value Index returned 11.15% during the same period. The Fund seeks to track the performance of the Harbor AlphaEdge Large Cap Value Index, which returned 11.98% during the same period.

Top contributors to relative performance compared to the Russell 1000<sup>®</sup> Value Index included:

• Fund's exposure within the Health Care, Utilities, and Financials sectors along with underweight exposure to the Health Care and Real Estate sectors and overweight exposure to the Communication Services sector.

• Positions in Gilead Sciences, Inc., Cencora, Inc., HCA Healthcare, Inc., NRG Energy, Inc., Discover Financial Services, Bank of New York Mellon, and American Express Co. along with an underweight position in UnitedHealth Group, Inc.

Top detractors from relative performance compared to the Russell 1000<sup>®</sup> Value Index included:

• Fund's exposure within the Communication Services, Consumer Staples, and Consumer Discretionary sectors and underweight exposure to the Industrials sector.

• Positions in Comcast Corp., Walt Disney Co., Target Corp., Cal-Maine Foods, Inc., Best Buy Co., Inc., H&R Block, Inc., and Matson, Inc., and lack of exposure to Warner Bros. Discovery, Inc. and Walmart, Inc.

# **Change in a $10,000 Investment** 

# For the period 09/04/2024 through 10/31/2025
![Growth of 10K Chart](i8c361d32c392a593c8a3dbed.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Harbor AlphaEdge Large Cap Value Index** | **Russell 1000<sup>®</sup> Value Index** |
| **Aug-24** | $10000 | $10000 | $10000 | $10000 |
| **Sep-24** | $10257 | $10450 | $10253 | $10267 |
| **Oct-24** | $10193 | $10355 | $10190 | $10154 |
| **Nov-24** | $10914 | $10963 | $10916 | $10803 |
| **Dec-24** | $10165 | $10701 | $10169 | $10064 |
| **Jan-25** | $10579 | $10999 | $10588 | $10530 |
| **Feb-25** | $10614 | $10856 | $10619 | $10572 |
| **Mar-25** | $10265 | $10244 | $10272 | $10279 |
| **Apr-25** | $10045 | $10175 | $10049 | $9966 |
| **May-25** | $10464 | $10815 | $10471 | $10315 |
| **Jun-25** | $10829 | $11365 | $10846 | $10668 |
| **Jul-25** | $10848 | $11620 | $10870 | $10729 |
| **Aug-25** | $11292 | $11856 | $11319 | $11071 |
| **Sep-25** | $11392 | $12288 | $11419 | $11237 |
| **Oct-25** | $11382 | $12576 | $11411 | $11286 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 09/04/2024** |
| **Harbor AlphaEdge™ Large Cap Value ETF (Based on Net Asset Value)** | 11.67% | 11.82% |
| **S&P 500 Index** | 21.45% | 21.87% |
| **Harbor AlphaEdge Large Cap Value Index** | 11.98% | 12.06% |
| **Russell 1000<sup>®</sup> Value Index** | 11.15% | 11.01% |

---

The "Life of Fund" return as shown reflects the period 09/04/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $5134 |
| **Number of Investments** | 75 |
| **Total Net Advisory Fees Paid (in thousands)** | $7 |
| **Portfolio Turnover Rate** | 105% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i347840fa29bb4c732e239573.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 30.3% |
| Communication Services | 13.1% |
| Information Technology | 12.3% |
| Health Care | 10.8% |
| Consumer Staples | 8.6% |
| Energy | 7.8% |
| Consumer Discretionary | 7.4% |
| Industrials | 5.9% |
| Materials | 2.3% |
| Utilities | 1.5% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor AlphaEdge™ Next Generation REITs ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: AREA

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor AlphaEdge™ Next Generation REITs ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor AlphaEdge™ Next Generation REITs ETF | $48 | 0.50% |

---

# Management's Discussion of Fund Performance
**Performance Summary**

The Fund returned -8.23% for the year ended October 31, 2025, while the FTSE NAREIT All Equity REITs Total Return Index returned -2.61% during the same period. The Fund seeks to track the performance of the Harbor AlphaEdge Next Generation REIT Index, which returned -7.74% during the same period.

Top contributors to relative performance compared to the FTSE NAREIT All Equity REITs Total Return Index included:

• Fund's exposure within the Hotel & Resort REITs industry, along with beneficial overweight exposure to Health Care REITs and underweight exposure to Residential REITs.

• Position in Host Hotels & Resorts, Inc.

Top detractors from relative performance compared to the FTSE NAREIT All Equity REITs Total Return Index included:

• Fund's exposure within Specialized REITs and Health Care REITs, overweight exposure to Specialized REITs and Hotel and Resort REITs and lack of exposure to Industrial REITs and Retail REITs.

• Positions in Weyerhaeuser Co., Rayonier, Inc., CubeSmart, SBA Communications Corp., Apple Hospitality REIT, Inc., and Park Hotels & Resorts, Inc., and lack of exposure to Prologis, Inc. and Simon Property Group LP.

# **Change in a $10,000 Investment** 

# For the period 09/04/2024 through 10/31/2025
![Growth of 10K Chart](i563a5d98c5969980f3c3e71f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Harbor AlphaEdge Next Generation REIT Index** | **FTSE NAREIT All Equity REITs Total Return Index** |
| **Aug-24** | $10000 | $10000 | $10000 | $10000 |
| **Sep-24** | $10449 | $10450 | $10452 | $10283 |
| **Oct-24** | $10005 | $10355 | $10013 | $9912 |
| **Nov-24** | $10259 | $10963 | $10273 | $10266 |
| **Dec-24** | $9385 | $10701 | $9397 | $9445 |
| **Jan-25** | $9400 | $10999 | $9418 | $9542 |
| **Feb-25** | $9573 | $10856 | $9594 | $9939 |
| **Mar-25** | $9436 | $10244 | $9465 | $9705 |
| **Apr-25** | $9180 | $10175 | $9209 | $9513 |
| **May-25** | $9278 | $10815 | $9314 | $9622 |
| **Jun-25** | $9385 | $11365 | $9429 | $9615 |
| **Jul-25** | $9288 | $11620 | $9336 | $9510 |
| **Aug-25** | $9710 | $11856 | $9765 | $9829 |
| **Sep-25** | $9654 | $12288 | $9716 | $9871 |
| **Oct-25** | $9181 | $12576 | $9238 | $9653 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 09/04/2024** |
| **Harbor AlphaEdge™ Next Generation REITs ETF (Based on Net Asset Value)** | -8.23% | -7.11% |
| **S&P 500 Index** | 21.45% | 21.87% |
| **Harbor AlphaEdge Next Generation REIT Index** | -7.74% | -6.61% |
| **FTSE NAREIT All Equity REITs Total Return Index** | -2.61% | -3.00% |

---

The "Life of Fund" return as shown reflects the period 09/04/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1806 |
| **Number of Investments** | 38 |
| **Total Net Advisory Fees Paid (in thousands)** | $9 |
| **Portfolio Turnover Rate** | 64% |

---

# Fund Investments as of October 31, 2025

# Industry Allocation (% of Investments)
![Group By Country Chart](i524de934f76195adc4a7893e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Specialized REITs | 56.0% |
| Health Care REITs | 23.2% |
| Hotel & Resort REITs | 14.8% |
| Residential REITs | 6.0% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor AlphaEdge™ Small Cap Earners ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EBIT

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor AlphaEdge™ Small Cap Earners ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor AlphaEdge™ Small Cap Earners ETF | $30 | 0.29% |

---

# Management's Discussion of Fund Performance
**Performance Summary**

The Fund returned 4.65% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Index returned 14.41% during the same period. The Fund seeks to track the performance of the Harbor AlphaEdge Small Cap Earners Index, which returned 4.79% during the same period.

Top contributors to relative performance compared to the Russell 2000<sup>®</sup> Index included:

• Fund's exposure within the Financials sector and underweight exposure to the Health Care sector.

• Positions in Mr. Cooper Group, Inc., StoneX Group, Inc., CVR Energy, Inc., Lumen Technologies, Inc., and Hertz Global Holdings, Inc. and underweight exposure to Vaxcyte, Inc. and Sweetgreen, Inc.

Top detractors from relative performance compared to the Russell 2000<sup>®</sup> Index included:

• Fund's exposure within the Industrials and Materials sectors, underweight to the Information Technology sector, and overweight to the Consumer Discretionary sector.

• Positions in Nextpower Inc., SM Energy Co., and Navient Corp. and the lack of exposure to Bloom Energy Corporation, Kratos Defense & Security Solutions, Inc., Coeur Mining, Inc., Credo Technology Group Holding Ltd., Rigetti Computing, Inc., IonQ, Inc., D-Wave Quantum Inc., and Guardant Health, Inc.

# **Change in a $10,000 Investment** 

# For the period 07/09/2024 through 10/31/2025
![Growth of 10K Chart](ibc4cbe2154314407cb0464e2.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Harbor AlphaEdge Small Cap Earners Index** | **Russell 2000<sup>®</sup> Index** |
| **Jun-24** | $10000 | $10000 | $10000 | $10000 |
| **Jul-24** | $11457 | $9908 | $11436 | $11112 |
| **Aug-24** | $11152 | $10148 | $11126 | $10946 |
| **Sep-24** | $11196 | $10365 | $11174 | $11023 |
| **Oct-24** | $10911 | $10271 | $10884 | $10864 |
| **Nov-24** | $12010 | $10873 | $11978 | $12055 |
| **Dec-24** | $10989 | $10614 | $10943 | $11060 |
| **Jan-25** | $11243 | $10910 | $11210 | $11350 |
| **Feb-25** | $10711 | $10768 | $10680 | $10743 |
| **Mar-25** | $10221 | $10161 | $10186 | $10011 |
| **Apr-25** | $9817 | $10092 | $9783 | $9780 |
| **May-25** | $10286 | $10727 | $10247 | $10302 |
| **Jun-25** | $10739 | $11273 | $10713 | $10862 |
| **Jul-25** | $10773 | $11526 | $10752 | $11051 |
| **Aug-25** | $11686 | $11759 | $11667 | $11840 |
| **Sep-25** | $11655 | $12189 | $11631 | $12209 |
| **Oct-25** | $11418 | $12474 | $11405 | $12429 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 07/09/2024** |
| **Harbor AlphaEdge™ Small Cap Earners ETF (Based on Net Asset Value)** | 4.65% | 10.61% |
| **S&P 500 Index** | 21.45% | 18.30% |
| **Harbor AlphaEdge Small Cap Earners Index** | 4.79% | 10.52% |
| **Russell 2000<sup>®</sup> Index** | 14.41% | 17.98% |

---

The "Life of Fund" return as shown reflects the period 07/09/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $9152 |
| **Number of Investments** | 782 |
| **Total Net Advisory Fees Paid (in thousands)** | $26 |
| **Portfolio Turnover Rate** | 49% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ia4d56405e7d86c942f9c14e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 24.9% |
| Consumer Discretionary | 16.9% |
| Industrials | 14.2% |
| Energy | 12.3% |
| Real Estate | 6.0% |
| Communication Services | 5.6% |
| Health Care | 5.2% |
| Materials | 4.9% |
| Information Technology | 4.9% |
| Utilities | 2.7% |
| Consumer Staples | 2.4% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Commodity All-Weather Strategy ETF (Consolidated)
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: HGER

Principal U.S. Market: NYSE

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Commodity All-Weather Strategy ETF (Consolidated) ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | $75 | 0.68% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Quantix Commodities LP

**Performance Summary**

The Fund returned 19.98% for the year ended October 31, 2025, while the Bloomberg Commodity Index Total Return returned 14.15% during the same period. The Fund seeks to track the performance of the Quantix Commodity Total Return Index (the "Index"), which returned 21.19% during the same period.

Top contributors to absolute performance included:

• The Precious Metals sector, where Gold was the biggest contributor and the largest individual commodity weight in the Index. Significant inflows into Gold ETFs and sustained Central Bank purchasing contributed to Gold's outperformance.

• The Petroleum sector, where an overweight benefited from heightened geopolitical risk and Middle East tensions.

• Within the Petroleum sector, a reallocation to products was supported by Ukrainian strikes on Russian refineries and a subsequent Russian ban on Gasoline exports.

Top detractors from absolute performance included:

• The Grains sector, notably the Wheat complex, due to higher-than-expected inventory projections from the United States Department of Agriculture during the third calendar quarter of 2025.

• Natural Gas was a modest detractor from performance as prices fell on warmer weather over the period along with record U.S. production.

# **Change in a $10,000 Investment** 

# For the period 02/09/2022 through 10/31/2025
![Growth of 10K Chart](ib9f30aff614fffb3d4770f7e.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Quantix Commodity Total Return Index** | **Bloomberg Commodity Index Total Return** |
| **Jan-22** | $10000 | $10000 | $10000 | $10000 |
| **Feb-22** | $10405 | $9545 | $10410 | $10440 |
| **Mar-22** | $11415 | $9900 | $11427 | $11343 |
| **Apr-22** | $11720 | $9037 | $11746 | $11813 |
| **May-22** | $11875 | $9053 | $11918 | $11993 |
| **Jun-22** | $11160 | $8306 | $11218 | $10701 |
| **Jul-22** | $10995 | $9072 | $11072 | $11157 |
| **Aug-22** | $10685 | $8702 | $10780 | $11167 |
| **Sep-22** | $10065 | $7900 | $10167 | $10261 |
| **Oct-22** | $10460 | $8540 | $10594 | $10466 |
| **Nov-22** | $10865 | $9017 | $11021 | $10752 |
| **Dec-22** | $11056 | $8498 | $11222 | $10489 |
| **Jan-23** | $11559 | $9032 | $11756 | $10438 |
| **Feb-23** | $10920 | $8811 | $11121 | $9947 |
| **Mar-23** | $11132 | $9135 | $11347 | $9927 |
| **Apr-23** | $10960 | $9277 | $11187 | $9852 |
| **May-23** | $10422 | $9318 | $10658 | $9297 |
| **Jun-23** | $10699 | $9933 | $10952 | $9672 |
| **Jul-23** | $11559 | $10252 | $11856 | $10277 |
| **Aug-23** | $11484 | $10089 | $11792 | $10199 |
| **Sep-23** | $11549 | $9608 | $11870 | $10128 |
| **Oct-23** | $11444 | $9406 | $11776 | $10155 |
| **Nov-23** | $11413 | $10265 | $11754 | $9926 |
| **Dec-23** | $11275 | $10732 | $11617 | $9659 |
| **Jan-24** | $11415 | $10912 | $11774 | $9697 |
| **Feb-24** | $11328 | $11494 | $11699 | $9555 |
| **Mar-24** | $11938 | $11864 | $12335 | $9871 |
| **Apr-24** | $12219 | $11380 | $12610 | $10136 |
| **May-24** | $12192 | $11944 | $12565 | $10314 |
| **Jun-24** | $12143 | $12373 | $12529 | $10156 |
| **Jul-24** | $11911 | $12523 | $12305 | $9746 |
| **Aug-24** | $11884 | $12827 | $12279 | $9751 |
| **Sep-24** | $12203 | $13101 | $12612 | $10225 |
| **Oct-24** | $12233 | $12982 | $12653 | $10035 |
| **Nov-24** | $12149 | $13744 | $12571 | $10076 |
| **Dec-24** | $12352 | $13416 | $12797 | $10179 |
| **Jan-25** | $12904 | $13790 | $13379 | $10581 |
| **Feb-25** | $12770 | $13610 | $13245 | $10664 |
| **Mar-25** | $13366 | $12843 | $13883 | $11083 |
| **Apr-25** | $13115 | $12756 | $13637 | $10550 |
| **May-25** | $13121 | $13559 | $13649 | $10489 |
| **Jun-25** | $13472 | $14249 | $14031 | $10741 |
| **Jul-25** | $13695 | $14568 | $14281 | $10693 |
| **Aug-25** | $13891 | $14864 | $14490 | $10899 |
| **Sep-25** | $14342 | $15406 | $14976 | $11133 |
| **Oct-25** | $14677 | $15767 | $15334 | $11455 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 02/09/2022** |
| **Harbor Commodity All-Weather Strategy ETF (Consolidated) (Based on Net Asset Value)** | 19.98% | 10.85% |
| **S&P 500 Index** | 21.45% | 13.00% |
| **Quantix Commodity Total Return Index** | 21.19% | 12.16% |
| **Bloomberg Commodity Index Total Return** | 14.15% | 3.71% |

---

The "Life of Fund" return as shown reflects the period 02/09/2022 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1190810 |
| **Number of Investments (includes derivatives)** | 11 |
| **Total Net Advisory Fees Paid (in thousands)** | $2968 |
| **Portfolio Turnover Rate (not applicable due to the nature of the Fund's investments)** | -% |

---

# Fund Investments (excludes short-term investments) as of October 31, 2025

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

# Commodities Sector
![Group By Country Chart](ib88f02db703d01b63e956f68.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Precious Metals | 34.4% |
| Petroleum | 32.0% |
| Grains and Soybean Products | 14.4% |
| Softs | 9.3% |
| Base Metals | 8.2% |
| Livestock | 1.7% |

---

---

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

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Disciplined Bond ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: AGGS

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Disciplined Bond ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Disciplined Bond ETF | $36 | 0.35% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Income Research + Management

**Performance Summary**

The Fund returned 6.40% for the year ended October 31, 2025, while the Bloomberg U.S. Aggregate Bond Index (the "Index") returned 6.16% during the same period.

Top contributors to relative performance included:

• Overweight exposure to Corporate and Securitized Bonds and underweight exposure to U.S. Treasuries as Corporate and Securitized Bonds broadly outperformed U.S. Treasury bonds.

• Security selection within the Corporate and Securitized sectors driven by top performing Industrial sector positions and Agency Residential Mortgage-Backed Securities ("RMBS") pools.

• Security selection within the Financials sector, particularly within the Financial Companies and Banking sub-sectors, and the Industrials sector, particularly within Consumer Cyclicals, Technology, Transportation, and Capital Goods, as well as overweight exposure in the Financials sector.

• Within Securitized products, overweight exposure to Commercial Mortgage-Backed Securities ("CMBS") as well as security selection within non-agency Collateralized Mortgage Obligations and Collateralized Loan Obligations.

Top detractors from relative performance included:

• Security selection within CMBS.

• Overweight exposure to RMBS and allocation to Sovereign Debt.

• Position allocation to Small Business Administration securitizations and non-Agency RMBS which are not included in the Index.

# **Change in a $10,000 Investment** 

# For the period 05/01/2024 through 10/31/2025
![Growth of 10K Chart](i25dcba2c2c5f40949fe45ac0.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **Bloomberg U.S. Aggregate Bond Index** |
| **Apr-24** | $10000 | $10000 |
| **May-24** | $10140 | $10132 |
| **Jun-24** | $10238 | $10228 |
| **Jul-24** | $10474 | $10467 |
| **Aug-24** | $10623 | $10617 |
| **Sep-24** | $10764 | $10759 |
| **Oct-24** | $10511 | $10493 |
| **Nov-24** | $10645 | $10604 |
| **Dec-24** | $10461 | $10430 |
| **Jan-25** | $10525 | $10485 |
| **Feb-25** | $10762 | $10716 |
| **Mar-25** | $10733 | $10720 |
| **Apr-25** | $10748 | $10762 |
| **May-25** | $10693 | $10685 |
| **Jun-25** | $10867 | $10849 |
| **Jul-25** | $10852 | $10821 |
| **Aug-25** | $10979 | $10950 |
| **Sep-25** | $11109 | $11070 |
| **Oct-25** | $11183 | $11139 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 05/01/2024** |
| **Harbor Disciplined Bond ETF (Based on Net Asset Value)** | 6.40% | 7.72% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | 7.43% |

---

The "Life of Fund" return as shown reflects the period 05/01/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $36535 |
| **Number of Investments** | 249 |
| **Total Net Advisory Fees Paid (in thousands)** | $103 |
| **Portfolio Turnover Rate** | 40% |

---

# Fund Investments as of October 31, 2025

# Investment Allocation (% of Investments)
![Group By Country Chart](i91637e9012aed73340ec53f1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Corporate Bonds & Notes | 30.8% |
| Mortgage Pass-Through | 24.4% |
| U.S. Government Obligations | 20.4% |
| Collateralized Mortgage Obligations | 12.9% |
| Asset-Backed Securities | 11.2% |
| Municipal Bonds | 0.3% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Dividend Growth Leaders ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: GDIV

Principal U.S. Market: NYSE

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Dividend Growth Leaders ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Dividend Growth Leaders ETF | $52 | 0.50% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Westfield Capital Management Company, L.P.

**Performance Summary**

The Fund returned 7.57% for the year ended October 31, 2025, while the NASDAQ Dividend Achievers Select Total Return Index and the S&P 500 Index returned 14.88% and 21.45%, respectively, during the same period.

Top contributors to relative performance included:

• Security selection in the Consumer Discretionary and Utilities sectors.

• Positions in consumer retail company, Tapestry, Inc., and provider of semiconductor and infrastructure software solutions, Broadcom Inc.

Top detractors from relative performance included:

• Security selection in the Financials and Industrials sectors.

• Positions in insurance brokerage and risk management service provider, Arthur J. Gallagher & Co., and specialty chemical company, Celanese Corporation.

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](i41162ec01c1141171067f7e8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **NASDAQ Dividend Achievers Select Total Return Index** |
| **Nov-15** | $10019 | $10030 | $10028 |
| **Dec-15** | $9823 | $9872 | $9946 |
| **Jan-16** | $9340 | $9382 | $9717 |
| **Feb-16** | $9172 | $9369 | $9833 |
| **Mar-16** | $9655 | $10005 | $10444 |
| **Apr-16** | $9725 | $10043 | $10419 |
| **May-16** | $9883 | $10224 | $10519 |
| **Jun-16** | $10070 | $10250 | $10767 |
| **Jul-16** | $10327 | $10628 | $11015 |
| **Aug-16** | $10218 | $10643 | $11013 |
| **Sep-16** | $10248 | $10645 | $10904 |
| **Oct-16** | $10090 | $10451 | $10694 |
| **Nov-16** | $10416 | $10838 | $11013 |
| **Dec-16** | $10640 | $11052 | $11133 |
| **Jan-17** | $10832 | $11262 | $11337 |
| **Feb-17** | $11064 | $11709 | $11833 |
| **Mar-17** | $11145 | $11723 | $11821 |
| **Apr-17** | $11267 | $11843 | $12026 |
| **May-17** | $11459 | $12010 | $12220 |
| **Jun-17** | $11499 | $12085 | $12246 |
| **Jul-17** | $11621 | $12333 | $12343 |
| **Aug-17** | $11712 | $12371 | $12304 |
| **Sep-17** | $11975 | $12626 | $12592 |
| **Oct-17** | $12349 | $12921 | $12853 |
| **Nov-17** | $12804 | $13317 | $13431 |
| **Dec-17** | $12928 | $13465 | $13614 |
| **Jan-18** | $13455 | $14236 | $14306 |
| **Feb-18** | $13077 | $13711 | $13738 |
| **Mar-18** | $12905 | $13363 | $13551 |
| **Apr-18** | $13134 | $13414 | $13425 |
| **May-18** | $13512 | $13737 | $13662 |
| **Jun-18** | $13397 | $13822 | $13721 |
| **Jul-18** | $13969 | $14336 | $14348 |
| **Aug-18** | $14416 | $14803 | $14755 |
| **Sep-18** | $14484 | $14887 | $14999 |
| **Oct-18** | $13375 | $13870 | $14046 |
| **Nov-18** | $13500 | $14153 | $14639 |
| **Dec-18** | $12477 | $12875 | $13345 |
| **Jan-19** | $13372 | $13906 | $14187 |
| **Feb-19** | $13864 | $14353 | $14846 |
| **Mar-19** | $13991 | $14632 | $15016 |
| **Apr-19** | $14621 | $15224 | $15577 |
| **May-19** | $13789 | $14257 | $14851 |
| **Jun-19** | $14760 | $15262 | $15851 |
| **Jul-19** | $15012 | $15481 | $16191 |
| **Aug-19** | $14899 | $15236 | $16296 |
| **Sep-19** | $15151 | $15521 | $16513 |
| **Oct-19** | $15555 | $15857 | $16527 |
| **Nov-19** | $16135 | $16433 | $16932 |
| **Dec-19** | $16560 | $16928 | $17315 |
| **Jan-20** | $16381 | $16922 | $17412 |
| **Feb-20** | $15098 | $15529 | $15952 |
| **Mar-20** | $13212 | $13611 | $14418 |
| **Apr-20** | $14752 | $15356 | $15856 |
| **May-20** | $15521 | $16087 | $16432 |
| **Jun-20** | $15739 | $16407 | $16439 |
| **Jul-20** | $16535 | $17332 | $17273 |
| **Aug-20** | $17407 | $18578 | $18351 |
| **Sep-20** | $17266 | $17872 | $18148 |
| **Oct-20** | $16843 | $17397 | $17723 |
| **Nov-20** | $18690 | $19301 | $19514 |
| **Dec-20** | $19269 | $20043 | $20019 |
| **Jan-21** | $19019 | $19841 | $19430 |
| **Feb-21** | $19339 | $20388 | $19729 |
| **Mar-21** | $20327 | $21281 | $20904 |
| **Apr-21** | $21287 | $22416 | $21751 |
| **May-21** | $21801 | $22573 | $22136 |
| **Jun-21** | $21815 | $23100 | $22113 |
| **Jul-21** | $22358 | $23649 | $22816 |
| **Aug-21** | $22567 | $24368 | $23207 |
| **Sep-21** | $21259 | $23234 | $22078 |
| **Oct-21** | $22956 | $24862 | $23675 |
| **Nov-21** | $22608 | $24690 | $23246 |
| **Dec-21** | $24296 | $25797 | $24729 |
| **Jan-22** | $22968 | $24462 | $23479 |
| **Feb-22** | $22508 | $23729 | $22863 |
| **Mar-22** | $23292 | $24610 | $23512 |
| **Apr-22** | $21998 | $22464 | $22286 |
| **May-22** | $22406 | $22505 | $22217 |
| **Jun-22** | $20397 | $20648 | $20819 |
| **Jul-22** | $21538 | $22552 | $22269 |
| **Aug-22** | $20891 | $21632 | $21500 |
| **Sep-22** | $19188 | $19640 | $19719 |
| **Oct-22** | $21010 | $21230 | $21719 |
| **Nov-22** | $22304 | $22416 | $23233 |
| **Dec-22** | $21339 | $21125 | $22374 |
| **Jan-23** | $22024 | $22452 | $22995 |
| **Feb-23** | $21213 | $21904 | $22340 |
| **Mar-23** | $21736 | $22708 | $22748 |
| **Apr-23** | $21906 | $23063 | $23240 |
| **May-23** | $21381 | $23163 | $22660 |
| **Jun-23** | $22811 | $24693 | $24122 |
| **Jul-23** | $23319 | $25487 | $24646 |
| **Aug-23** | $22992 | $25081 | $24187 |
| **Sep-23** | $22084 | $23885 | $23132 |
| **Oct-23** | $21861 | $23383 | $22852 |
| **Nov-23** | $23558 | $25518 | $24565 |
| **Dec-23** | $24627 | $26678 | $25546 |
| **Jan-24** | $24737 | $27126 | $25938 |
| **Feb-24** | $25728 | $28574 | $26811 |
| **Mar-24** | $26663 | $29494 | $27557 |
| **Apr-24** | $25452 | $28289 | $26439 |
| **May-24** | $26151 | $29692 | $27361 |
| **Jun-24** | $26463 | $30757 | $27820 |
| **Jul-24** | $27357 | $31132 | $28850 |
| **Aug-24** | $27948 | $31887 | $29855 |
| **Sep-24** | $28465 | $32568 | $30356 |
| **Oct-24** | $28084 | $32272 | $29771 |
| **Nov-24** | $29140 | $34167 | $31458 |
| **Dec-24** | $28266 | $33352 | $30274 |
| **Jan-25** | $29196 | $34281 | $31320 |
| **Feb-25** | $28824 | $33834 | $31330 |
| **Mar-25** | $27058 | $31928 | $29888 |
| **Apr-25** | $26691 | $31711 | $29741 |
| **May-25** | $27814 | $33707 | $31018 |
| **Jun-25** | $28802 | $35421 | $32253 |
| **Jul-25** | $29066 | $36216 | $32459 |
| **Aug-25** | $29440 | $36950 | $33069 |
| **Sep-25** | $30300 | $38299 | $34054 |
| **Oct-25** | $30208 | $39196 | $34203 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Harbor Dividend Growth Leaders ETF (Based on Net Asset Value)** | 7.57% | 12.39% | 11.69% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **NASDAQ Dividend Achievers Select Total Return Index** | 14.88% | 14.05% | 13.09% |

---

The Fund acquired the assets and assumed the then existing known liabilities of the predecessor fund on May 20, 2022 (the "Reorganization Date"). The Fund is the performance successor of the reorganization. This means that the predecessor fund's performance and financial history are used by the Fund going forward from the Reorganization Date. Accordingly, the performance of the Fund for periods prior to the reorganization is the performance of the predecessor fund. The performance of the predecessor fund has not been restated to reflect the annual operating expenses of the Fund, which are lower than those of the predecessor fund. Because the Fund has different fees and expenses than the predecessor fund, the Fund would also have had different performance results. Please refer to the Fund's prospectus for further details.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $211383 |
| **Number of Investments** | 44 |
| **Total Net Advisory Fees Paid (in thousands)** | $1220 |
| **Portfolio Turnover Rate** | 81% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i238d0f752c59d4b9f1eac619.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 25.0% |
| Financials | 23.5% |
| Industrials | 16.2% |
| Health Care | 9.6% |
| Consumer Discretionary | 7.0% |
| Consumer Staples | 6.9% |
| Communication Services | 3.8% |
| Energy | 3.0% |
| Utilities | 2.3% |
| Real Estate | 1.7% |
| Materials | 1.0% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Emerging Markets Equity ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EPEM

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Emerging Markets Equity ETF ("Fund") for the period of June 4, 2025 (commencement of operations) to October 31, 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 year?
(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 Emerging Markets Equity ETF | $37 | 0.84% |

---

---

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

---

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $5936 |
| **Number of Investments** | 42 |
| **Total Net Advisory Fees Paid (in thousands)** | $19 |
| **Portfolio Turnover Rate** | 5% |

---

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i89f5a4c3e1f43cda6d39c394.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Pacific Basin | 72.6% |
| Latin America | 8.3% |
| South America | 6.2% |
| South Asia | 4.3% |
| Africa | 3.6% |
| Europe | 3.0% |
| North America | 2.0% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Taiwan | 30.5% |
| China | 26.9% |
| South Korea | 8.8% |
| Brazil | 8.3% |
| Colombia | 4.5% |
| India | 4.3% |
| South Africa | 3.6% |
| Indonesia | 3.2% |
| Thailand | 3.1% |
| Czech Republic | 3.1% |
| Others | 3.7% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

#### Harbor Emerging Markets Select ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EMES

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Emerging Markets Select ETF ("Fund") for the period of May 14, 2025 (commencement of operations) to October 31, 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 year?
(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 Emerging Markets Select ETF | $32 | 0.65% |

---

---

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

---

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $9738 |
| **Number of Investments** | 50 |
| **Total Net Advisory Fees Paid (in thousands)** | $26 |
| **Portfolio Turnover Rate** | 40% |

---

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i9bba6e57216ac7be2b31b497.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Pacific Basin | 50.0% |
| South Asia | 20.5% |
| Middle East/Central Asia | 16.9% |
| Latin America | 10.9% |
| Europe | 1.7% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| China | 29.8% |
| India | 20.4% |
| Taiwan | 15.3% |
| South Korea | 14.7% |
| Brazil | 9.6% |
| Saudi Arabia | 2.2% |
| Indonesia | 2.0% |
| Poland | 1.7% |
| Philippines | 1.5% |
| Hong Kong | 1.3% |
| Others | 1.5% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

#### Harbor Health Care ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: MEDI

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Health Care ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Health Care ETF | $85 | 0.80% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Westfield Capital Management Company, L.P.

**Performance Summary**

The Fund returned 13.60% for the year ended October 31, 2025, while the Russell 3000<sup>®</sup> Growth Health Care Index returned 5.11% during the same period.

Top contributors to relative performance included:

• Security selection in the Biotechnology and Health Care Providers & Services industries.

• Positions in commercial stage biotechnology company, Ascendis Pharma AS, and clinical-stage immuno-oncology company, Merus N.V.

Top detractors from relative performance included:

• Security selection in the Health Care Equipment & Supplies and Life Sciences Tools & Services industries.

• Underweight exposure to global pharmaceutical company, AbbVie Inc., and position in vaccine developer, Vaxcyte, Inc.

# **Change in a $10,000 Investment** 

# For the period 11/16/2022 through 10/31/2025
![Growth of 10K Chart](i3b087dc85bc42a0ca8f5de9b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Russell 3000<sup>®</sup> Growth Health Care Index** |
| **Oct-22** | $10000 | $10000 | $10000 |
| **Nov-22** | $10473 | $10315 | $10461 |
| **Dec-22** | $10191 | $9721 | $10201 |
| **Jan-23** | $10423 | $10331 | $10149 |
| **Feb-23** | $10206 | $10079 | $9837 |
| **Mar-23** | $10358 | $10449 | $10095 |
| **Apr-23** | $10564 | $10612 | $10543 |
| **May-23** | $10675 | $10659 | $10242 |
| **Jun-23** | $11319 | $11363 | $10661 |
| **Jul-23** | $11279 | $11728 | $10809 |
| **Aug-23** | $11239 | $11541 | $10862 |
| **Sep-23** | $11123 | $10991 | $10515 |
| **Oct-23** | $10697 | $10760 | $10187 |
| **Nov-23** | $11586 | $11742 | $10890 |
| **Dec-23** | $12720 | $12276 | $11524 |
| **Jan-24** | $12669 | $12482 | $11870 |
| **Feb-24** | $13628 | $13149 | $12499 |
| **Mar-24** | $13931 | $13572 | $12774 |
| **Apr-24** | $12953 | $13017 | $12162 |
| **May-24** | $12869 | $13663 | $12535 |
| **Jun-24** | $13095 | $14153 | $13125 |
| **Jul-24** | $13793 | $14325 | $12722 |
| **Aug-24** | $14131 | $14673 | $13847 |
| **Sep-24** | $14352 | $14986 | $13425 |
| **Oct-24** | $13603 | $14850 | $12869 |
| **Nov-24** | $13772 | $15722 | $12862 |
| **Dec-24** | $12789 | $15347 | $12191 |
| **Jan-25** | $13758 | $15775 | $12912 |
| **Feb-25** | $13851 | $15569 | $13255 |
| **Mar-25** | $13067 | $14692 | $12468 |
| **Apr-25** | $13481 | $14592 | $12653 |
| **May-25** | $12742 | $15511 | $11927 |
| **Jun-25** | $13717 | $16299 | $12263 |
| **Jul-25** | $13733 | $16665 | $11988 |
| **Aug-25** | $14238 | $17003 | $12392 |
| **Sep-25** | $14718 | $17623 | $12730 |
| **Oct-25** | $15453 | $18036 | $13526 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 11/16/2022** |
| **Harbor Health Care ETF (Based on Net Asset Value)** | 13.60% | 15.85% |
| **S&P 500 Index** | 21.45% | 22.06% |
| **Russell 3000<sup>®</sup> Growth Health Care Index** | 5.11% | 10.75% |

---

The "Life of Fund" return as shown reflects the period 11/16/2022 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $20972 |
| **Number of Investments** | 38 |
| **Total Net Advisory Fees Paid (in thousands)** | $135 |
| **Portfolio Turnover Rate** | 167% |

---

# Fund Investments as of October 31, 2025

# Industry Allocation (% of Investments)
![Group By Country Chart](id1ad2536f454d2f4c9031dab.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Biotechnology | 48.4% |
| Pharmaceuticals | 19.7% |
| Health Care Equipment & Supplies | 13.9% |
| Health Care Providers & Services | 10.8% |
| Life Sciences Tools & Services | 6.7% |
| Health Care Technology | 0.5% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Human Capital Factor US Large Cap ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: HAPI

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Human Capital Factor US Large Cap ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Human Capital Factor US Large Cap ETF | $38 | 0.35% |

---

# Management's Discussion of Fund Performance
**Performance Summary**

The Fund returned 18.45% for the year ended October 31, 2025, while the S&P 500 Index returned 21.45% during the same period. The Fund seeks to track the performance of the Human Capital Factor Large Cap Index, which returned 18.80% during the same period.

Top contributors to relative performance compared to the S&P 500 Index included:

• Fund's exposure within the Health Care, Financials, and Industrials sectors, as well as an overweight allocation to the Communication Services sector.

• Positions in JPMorgan Chase & Co., Morgan Stanley, GE Aerospace, and Alphabet, Inc., along with the absence of exposure to underperforming companies such as UnitedHealth Group, Inc., Berkshire Hathaway Finance Corp., and Fiserv, Inc.

Top detractors from relative performance compared to the S&P 500 Index included:

• Fund's exposure within the Information Technology and Consumer Discretionary sectors and underweight exposure to the Information Technology sector.

• Limited or no exposure to top-performing companies such as Broadcom, Inc., Palantir Technologies, Inc., Tesla, Inc., and Oracle Corp., a slight underweight to NVIDIA Corp., and positions in Salesforce, Inc., Adobe, Inc., Home Depot, Inc., and Lululemon Athletica, Inc., which underperformed the broader market.

# **Change in a $10,000 Investment** 

# For the period 10/12/2022 through 10/31/2025
![Growth of 10K Chart](i0c150b74bf0899bde63ea5f1.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Human Capital Factor Large Cap Index** |
| **Sep-22** | $10000 | $10000 | $10000 |
| **Oct-22** | $10912 | $10830 | $10914 |
| **Nov-22** | $11583 | $11435 | $11588 |
| **Dec-22** | $10913 | $10776 | $10923 |
| **Jan-23** | $11637 | $11453 | $11653 |
| **Feb-23** | $11360 | $11174 | $11358 |
| **Mar-23** | $11898 | $11584 | $11903 |
| **Apr-23** | $12154 | $11765 | $12161 |
| **May-23** | $12310 | $11816 | $12324 |
| **Jun-23** | $13074 | $12597 | $13094 |
| **Jul-23** | $13536 | $13002 | $13566 |
| **Aug-23** | $13426 | $12795 | $13456 |
| **Sep-23** | $12828 | $12185 | $12852 |
| **Oct-23** | $12506 | $11928 | $12530 |
| **Nov-23** | $13621 | $13018 | $13665 |
| **Dec-23** | $14220 | $13609 | $14272 |
| **Jan-24** | $14586 | $13838 | $14642 |
| **Feb-24** | $15435 | $14577 | $15498 |
| **Mar-24** | $15974 | $15046 | $16044 |
| **Apr-24** | $15389 | $14431 | $15459 |
| **May-24** | $16229 | $15147 | $16307 |
| **Jun-24** | $16874 | $15690 | $16962 |
| **Jul-24** | $16854 | $15881 | $16946 |
| **Aug-24** | $17322 | $16266 | $17424 |
| **Sep-24** | $17648 | $16614 | $17758 |
| **Oct-24** | $17663 | $16463 | $17779 |
| **Nov-24** | $18588 | $17430 | $18713 |
| **Dec-24** | $18128 | $17014 | $18255 |
| **Jan-25** | $18775 | $17488 | $18911 |
| **Feb-25** | $18617 | $17260 | $18760 |
| **Mar-25** | $17379 | $16287 | $17521 |
| **Apr-25** | $17363 | $16177 | $17508 |
| **May-25** | $18515 | $17195 | $18674 |
| **Jun-25** | $19448 | $18069 | $19619 |
| **Jul-25** | $19754 | $18475 | $19932 |
| **Aug-25** | $20131 | $18849 | $20320 |
| **Sep-25** | $20518 | $19537 | $20715 |
| **Oct-25** | $20921 | $19995 | $21121 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 10/12/2022** |
| **Harbor Human Capital Factor US Large Cap ETF (Based on Net Asset Value)** | 18.45% | 27.33% |
| **S&P 500 Index** | 21.45% | 25.46% |
| **Human Capital Factor Large Cap Index** | 18.80% | 27.73% |

---

The "Life of Fund" return as shown reflects the period 10/12/2022 (commencement of operations) through 10/31/2025.

Effective August 1, 2025, the CIBC Human Capital Index was renamed the Human Capital Factor Large Cap Index.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $439200 |
| **Number of Investments** | 151 |
| **Total Net Advisory Fees Paid (in thousands)** | $1363 |
| **Portfolio Turnover Rate** | 27% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ic18bb009835fa566f9dfbff4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 29.2% |
| Communication Services | 16.7% |
| Financials | 14.6% |
| Health Care | 9.5% |
| Consumer Discretionary | 9.2% |
| Industrials | 7.9% |
| Consumer Staples | 4.7% |
| Energy | 2.6% |
| Utilities | 2.4% |
| Real Estate | 1.9% |
| Materials | 1.3% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Human Capital Factor US Small Cap ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: HAPS

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Human Capital Factor US Small Cap ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Human Capital Factor US Small Cap ETF | $62 | 0.60% |

---

# Management's Discussion of Fund Performance
**Performance Summary**

The Fund returned 7.81% for the year ended October 31, 2025, while the Russell 2000<sup>®</sup> Index returned 14.41% during the same period. The Fund seeks to track the performance of the Human Capital Factor Small Cap Index, which returned 8.47% during the same period.

Top contributors to relative performance compared to the Russell 2000<sup>®</sup> Index included:

• Fund's exposure within the Consumer Discretionary, Communication Services, and Health Care sectors.

• Positions in Dutch Bros Inc., Brinker International, Inc., Modine Manufacturing Co., Grand Canyon Education, Inc., EchoStar Corporation, Rhythm Pharmaceuticals Inc., and PTC Therapeutics, Inc., along with no exposure to Vaxcyte, Inc.

Top detractors from relative performance compared to the Russell 2000<sup>®</sup> Index included:

• Fund's exposure within the Information Technology, Materials, and Industrials sectors, and an underweight position in the Consumer Discretionary sector.

• No exposure to top-performing investments such as Credo Technology Group Holding Ltd., Rigetti Computing, Inc., IonQ, Inc., D-Wave Quantum Inc., Coeur Mining, Inc., Rocket Lab Corporation, and Bloom Energy Corporation along with positions in Impinj, Inc., Five9 Inc., Cabot Corp., and Boise Cascade Company.

# **Change in a $10,000 Investment** 

# For the period 04/12/2023 through 10/31/2025
![Growth of 10K Chart](i2a299a531d9fb70075dac426.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Index** | **Human Capital Factor Small Cap Index** |
| **Mar-23** | $10000 | $10000 | $10000 | $10000 |
| **Apr-23** | $9988 | $10194 | $9977 | $9991 |
| **May-23** | $9789 | $10239 | $9885 | $9796 |
| **Jun-23** | $10547 | $10915 | $10688 | $10556 |
| **Jul-23** | $11166 | $11266 | $11342 | $11183 |
| **Aug-23** | $10482 | $11086 | $10775 | $10505 |
| **Sep-23** | $9854 | $10558 | $10140 | $9879 |
| **Oct-23** | $9154 | $10336 | $9449 | $9180 |
| **Nov-23** | $10239 | $11280 | $10304 | $10279 |
| **Dec-23** | $11457 | $11792 | $11563 | $11508 |
| **Jan-24** | $10851 | $11990 | $11113 | $10903 |
| **Feb-24** | $11290 | $12631 | $11742 | $11360 |
| **Mar-24** | $11490 | $13037 | $12162 | $11567 |
| **Apr-24** | $10668 | $12505 | $11306 | $10744 |
| **May-24** | $11063 | $13125 | $11873 | $11150 |
| **Jun-24** | $10892 | $13596 | $11763 | $10983 |
| **Jul-24** | $12002 | $13761 | $12958 | $12105 |
| **Aug-24** | $11823 | $14095 | $12765 | $11930 |
| **Sep-24** | $11945 | $14396 | $12854 | $12059 |
| **Oct-24** | $11725 | $14265 | $12668 | $11845 |
| **Nov-24** | $12994 | $15103 | $14058 | $13131 |
| **Dec-24** | $11920 | $14743 | $12897 | $12052 |
| **Jan-25** | $12256 | $15153 | $13235 | $12394 |
| **Feb-25** | $11736 | $14956 | $12527 | $11881 |
| **Mar-25** | $10905 | $14113 | $11674 | $11046 |
| **Apr-25** | $10614 | $14017 | $11405 | $10753 |
| **May-25** | $11093 | $14899 | $12014 | $11244 |
| **Jun-25** | $11576 | $15657 | $12667 | $11741 |
| **Jul-25** | $11760 | $16009 | $12887 | $11935 |
| **Aug-25** | $12645 | $16333 | $13807 | $12839 |
| **Sep-25** | $12813 | $16929 | $14237 | $13018 |
| **Oct-25** | $12641 | $17326 | $14494 | $12849 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 04/12/2023** |
| **Harbor Human Capital Factor US Small Cap ETF (Based on Net Asset Value)** | 7.81% | 9.60% |
| **S&P 500 Index** | 21.45% | 23.99% |
| **Russell 2000<sup>®</sup> Index** | 14.41% | 15.63% |
| **Human Capital Factor Small Cap Index** | 8.47% | 10.30% |

---

The "Life of Fund" return as shown reflects the period 04/12/2023 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $140462 |
| **Number of Investments** | 186 |
| **Total Net Advisory Fees Paid (in thousands)** | $798 |
| **Portfolio Turnover Rate** | 75% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i9c88ca4b5540e0cda7501260.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 21.1% |
| Industrials | 19.1% |
| Health Care | 16.5% |
| Consumer Discretionary | 13.7% |
| Information Technology | 13.3% |
| Real Estate | 5.4% |
| Communication Services | 3.0% |
| Energy | 2.4% |
| Materials | 2.3% |
| Utilities | 2.0% |
| Consumer Staples | 1.2% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Compounders ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: OSEA

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Compounders ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor International Compounders ETF | $58 | 0.55% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** C WorldWide Asset Management

**Performance Summary**

The Fund returned 11.79% for the year ended October 31, 2025, while the MSCI All Country World Ex. U.S. (ND) Index returned 24.93% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Discretionary sector along with underweight exposure to the Energy and Real Estate sectors.

• Positions in Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Sony Group Corp., and Galderma S.A.

Top detractors from relative performance included:

• Security selection within the Financials, Industrials, and Health Care sectors.

• Positions in SMC Corp., PT Bank Central Asia Tbk, and HDFC Bank Limited.

# **Change in a $10,000 Investment** 

# For the period 09/07/2022 through 10/31/2025
![Growth of 10K Chart](ide025409987cd111fca220cc.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **MSCI All Country World Ex. U.S. (ND) Index** |
| **Aug-22** | $10000 | $10000 |
| **Sep-22** | $9311 | $9292 |
| **Oct-22** | $9784 | $9570 |
| **Nov-22** | $11156 | $10699 |
| **Dec-22** | $10947 | $10619 |
| **Jan-23** | $11818 | $11480 |
| **Feb-23** | $11566 | $11077 |
| **Mar-23** | $12205 | $11348 |
| **Apr-23** | $12557 | $11545 |
| **May-23** | $12396 | $11126 |
| **Jun-23** | $12779 | $11625 |
| **Jul-23** | $12804 | $12097 |
| **Aug-23** | $12119 | $11551 |
| **Sep-23** | $11531 | $11186 |
| **Oct-23** | $11294 | $10725 |
| **Nov-23** | $12437 | $11690 |
| **Dec-23** | $13253 | $12277 |
| **Jan-24** | $13182 | $12155 |
| **Feb-24** | $13587 | $12463 |
| **Mar-24** | $13775 | $12853 |
| **Apr-24** | $13501 | $12622 |
| **May-24** | $13886 | $12988 |
| **Jun-24** | $13972 | $12976 |
| **Jul-24** | $14038 | $13277 |
| **Aug-24** | $14484 | $13655 |
| **Sep-24** | $14545 | $14022 |
| **Oct-24** | $13820 | $13334 |
| **Nov-24** | $13709 | $13214 |
| **Dec-24** | $13204 | $12957 |
| **Jan-25** | $13759 | $13479 |
| **Feb-25** | $13672 | $13666 |
| **Mar-25** | $13397 | $13635 |
| **Apr-25** | $13927 | $14127 |
| **May-25** | $14558 | $14774 |
| **Jun-25** | $14843 | $15276 |
| **Jul-25** | $14517 | $15232 |
| **Aug-25** | $14777 | $15760 |
| **Sep-25** | $14996 | $16328 |
| **Oct-25** | $15449 | $16658 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 09/07/2022** |
| **Harbor International Compounders ETF (Based on Net Asset Value)** | 11.79% | 14.80% |
| **MSCI All Country World Ex. U.S. (ND) Index** | 24.93% | 17.58% |

---

The "Life of Fund" return as shown reflects the period 09/07/2022 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $536299 |
| **Number of Investments** | 30 |
| **Total Net Advisory Fees Paid (in thousands)** | $2193 |
| **Portfolio Turnover Rate** | 23% |

---

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i87a3a341bb2820717e2eb3e0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 52.7% |
| Pacific Basin | 29.7% |
| North America | 9.1% |
| South Asia | 5.5% |
| Latin America | 3.0% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 15.7% |
| Germany | 13.4% |
| Japan | 12.9% |
| France | 11.4% |
| United States | 9.0% |
| Taiwan | 6.9% |
| India | 5.5% |
| China | 4.0% |
| Hong Kong | 3.8% |
| Netherlands | 3.6% |
| Others | 13.8% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor International Equity ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EPIN

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor International Equity ETF ("Fund") for the period of June 4, 2025 (commencement of operations) to October 31, 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 year?
(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 International Equity ETF | $35 | 0.80% |

---

---

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

---

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $6157 |
| **Number of Investments** | 62 |
| **Total Net Advisory Fees Paid (in thousands)** | $18 |
| **Portfolio Turnover Rate** | 3% |

---

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i5444f9ebf3e5f23aafa5438d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 47.9% |
| Pacific Basin | 26.6% |
| North America | 11.4% |
| Latin America | 7.1% |
| Middle East/Central Asia | 4.1% |
| South Asia | 2.9% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| United Kingdom | 13.8% |
| Taiwan | 9.9% |
| United States | 8.5% |
| Japan | 8.2% |
| Germany | 6.0% |
| France | 5.5% |
| Italy | 5.4% |
| China | 5.0% |
| Norway | 4.1% |
| Netherlands | 3.8% |
| Others | 29.8% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

#### Harbor Long-Short Equity ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: LSEQ

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Long-Short Equity ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Long-Short Equity ETF | $231 | 2.28% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Disciplined Alpha LLC

**Performance Summary**

The Fund returned 2.72% for the year ended October 31, 2025, while the HFRX Equity Hedge Index returned 10.06% during the same period.

Top contributors to absolute performance included:

• Security selection within the Information Technology, Health Care, and Energy sectors.

• Long positions including Applovin Corp., Palantir Technologies, Inc., and Warner Bros. Discovery, Inc.

Top detractors from absolute performance included:

• Security selection within the Materials, Consumer Discretionary, and Industrials sectors.

• Short positions including MP Materials Corp., Grocery Outlet Holding Corp., and Alphabet, Inc.

• Underweight in mega cap, high beta, overvalued companies (based on price-to-cash flow and price-to-sale ratios) held in the Russell 1000<sup>®</sup> Index.

# **Change in a $10,000 Investment** 

# For the period 11/01/2015 through 10/31/2025
![Growth of 10K Chart](ic278e9f4c28d3c3c2b7c6cce.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **HFRX Equity Hedge Index** |
| **Nov-15** | $9904 | $10030 | $10004 |
| **Dec-15** | $9947 | $9872 | $9894 |
| **Jan-16** | $10194 | $9382 | $9449 |
| **Feb-16** | $10160 | $9369 | $9343 |
| **Mar-16** | $10486 | $10005 | $9604 |
| **Apr-16** | $10375 | $10043 | $9606 |
| **May-16** | $10304 | $10224 | $9648 |
| **Jun-16** | $10388 | $10250 | $9506 |
| **Jul-16** | $10463 | $10628 | $9695 |
| **Aug-16** | $10184 | $10643 | $9678 |
| **Sep-16** | $10152 | $10645 | $9826 |
| **Oct-16** | $9636 | $10451 | $9743 |
| **Nov-16** | $9830 | $10838 | $9886 |
| **Dec-16** | $9711 | $11052 | $9903 |
| **Jan-17** | $9862 | $11262 | $9987 |
| **Feb-17** | $9944 | $11709 | $10104 |
| **Mar-17** | $9920 | $11723 | $10171 |
| **Apr-17** | $10197 | $11843 | $10244 |
| **May-17** | $10472 | $12010 | $10185 |
| **Jun-17** | $10225 | $12085 | $10273 |
| **Jul-17** | $10217 | $12333 | $10363 |
| **Aug-17** | $10460 | $12371 | $10414 |
| **Sep-17** | $10398 | $12626 | $10603 |
| **Oct-17** | $10961 | $12921 | $10687 |
| **Nov-17** | $11170 | $13317 | $10780 |
| **Dec-17** | $10986 | $13465 | $10892 |
| **Jan-18** | $11447 | $14236 | $11263 |
| **Feb-18** | $11529 | $13711 | $11096 |
| **Mar-18** | $11243 | $13363 | $11020 |
| **Apr-18** | $11625 | $13414 | $10959 |
| **May-18** | $11807 | $13737 | $10991 |
| **Jun-18** | $11861 | $13822 | $10918 |
| **Jul-18** | $11594 | $14336 | $10997 |
| **Aug-18** | $12269 | $14803 | $10972 |
| **Sep-18** | $12418 | $14887 | $10794 |
| **Oct-18** | $11940 | $13870 | $10367 |
| **Nov-18** | $11795 | $14153 | $10302 |
| **Dec-18** | $11525 | $12875 | $9866 |
| **Jan-19** | $11193 | $13906 | $10253 |
| **Feb-19** | $11540 | $14353 | $10372 |
| **Mar-19** | $11665 | $14632 | $10454 |
| **Apr-19** | $11807 | $15224 | $10524 |
| **May-19** | $11890 | $14257 | $10312 |
| **Jun-19** | $12048 | $15262 | $10456 |
| **Jul-19** | $12207 | $15481 | $10567 |
| **Aug-19** | $12684 | $15236 | $10549 |
| **Sep-19** | $12132 | $15521 | $10642 |
| **Oct-19** | $12024 | $15857 | $10697 |
| **Nov-19** | $12122 | $16433 | $10792 |
| **Dec-19** | $12116 | $16928 | $10923 |
| **Jan-20** | $12014 | $16922 | $10887 |
| **Feb-20** | $11264 | $15529 | $10470 |
| **Mar-20** | $11033 | $13611 | $9467 |
| **Apr-20** | $11352 | $15356 | $9892 |
| **May-20** | $11212 | $16087 | $10013 |
| **Jun-20** | $10996 | $16407 | $10235 |
| **Jul-20** | $11332 | $17332 | $10319 |
| **Aug-20** | $11481 | $18578 | $10599 |
| **Sep-20** | $11362 | $17872 | $10601 |
| **Oct-20** | $11300 | $17397 | $10543 |
| **Nov-20** | $12090 | $19301 | $11028 |
| **Dec-20** | $12066 | $20043 | $11425 |
| **Jan-21** | $11737 | $19841 | $11306 |
| **Feb-21** | $12461 | $20388 | $11627 |
| **Mar-21** | $13088 | $21281 | $11728 |
| **Apr-21** | $13422 | $22416 | $12079 |
| **May-21** | $14192 | $22573 | $12181 |
| **Jun-21** | $13806 | $23100 | $12323 |
| **Jul-21** | $14648 | $23649 | $12380 |
| **Aug-21** | $14715 | $24368 | $12546 |
| **Sep-21** | $14509 | $23234 | $12481 |
| **Oct-21** | $14792 | $24862 | $12751 |
| **Nov-21** | $15413 | $24690 | $12598 |
| **Dec-21** | $16293 | $25797 | $12812 |
| **Jan-22** | $16302 | $24462 | $12541 |
| **Feb-22** | $16832 | $23729 | $12584 |
| **Mar-22** | $17692 | $24610 | $12774 |
| **Apr-22** | $18008 | $22464 | $12552 |
| **May-22** | $18711 | $22505 | $12458 |
| **Jun-22** | $16949 | $20648 | $12208 |
| **Jul-22** | $17109 | $22552 | $12354 |
| **Aug-22** | $16331 | $21632 | $12447 |
| **Sep-22** | $15746 | $19640 | $12198 |
| **Oct-22** | $16912 | $21230 | $12324 |
| **Nov-22** | $17282 | $22416 | $12413 |
| **Dec-22** | $17153 | $21125 | $12404 |
| **Jan-23** | $15714 | $22452 | $12598 |
| **Feb-23** | $14873 | $21904 | $12521 |
| **Mar-23** | $14665 | $22708 | $12503 |
| **Apr-23** | $14697 | $23063 | $12579 |
| **May-23** | $13709 | $23163 | $12612 |
| **Jun-23** | $13694 | $24693 | $12771 |
| **Jul-23** | $13422 | $25487 | $12862 |
| **Aug-23** | $13066 | $25081 | $12897 |
| **Sep-23** | $13213 | $23885 | $12798 |
| **Oct-23** | $13172 | $23383 | $12680 |
| **Nov-23** | $13846 | $25518 | $13051 |
| **Dec-23** | $13474 | $26678 | $13260 |
| **Jan-24** | $13997 | $27126 | $13347 |
| **Feb-24** | $14868 | $28574 | $13528 |
| **Mar-24** | $14958 | $29494 | $13711 |
| **Apr-24** | $14509 | $28289 | $13601 |
| **May-24** | $15188 | $29692 | $13771 |
| **Jun-24** | $15660 | $30757 | $13937 |
| **Jul-24** | $14952 | $31132 | $14035 |
| **Aug-24** | $15351 | $31887 | $14144 |
| **Sep-24** | $15261 | $32568 | $14251 |
| **Oct-24** | $15699 | $32272 | $14161 |
| **Nov-24** | $16351 | $34167 | $14349 |
| **Dec-24** | $15373 | $33352 | $14298 |
| **Jan-25** | $16025 | $34281 | $14599 |
| **Feb-25** | $15997 | $33834 | $14522 |
| **Mar-25** | $16177 | $31928 | $14329 |
| **Apr-25** | $16233 | $31711 | $14328 |
| **May-25** | $16239 | $33707 | $14706 |
| **Jun-25** | $15823 | $35421 | $14916 |
| **Jul-25** | $15564 | $36216 | $15033 |
| **Aug-25** | $15379 | $36950 | $15258 |
| **Sep-25** | $15829 | $38299 | $15480 |
| **Oct-25** | $16126 | $39196 | $15586 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| AATR | **1 Year** | **5 Years** | **10 Years** |
| **Harbor Long-Short Equity ETF (Based on Net Asset Value)** | 2.72% | 7.37% | 4.89% |
| **S&P 500 Index** | 21.45% | 17.64% | 14.64% |
| **HFRX Equity Hedge Index** | 10.06% | 8.13% | 4.54% |

---

The Fund was reorganized and commenced operations on December 4, 2023. The performance shown for the periods prior to December 4, 2023 is that of another investment vehicle, the Disciplined Alpha Onshore Fund LP, a Delaware limited partnership (the "Predecessor Fund"), and reflects all fees and expenses, including a performance fee, incurred by the Predecessor Fund. Prior to December 4, 2023, Disciplined Alpha served as the general partner and investment manager to the Predecessor Fund, which commenced operations on January 1, 2015, and implemented its investment strategy indirectly through its investment in a master fund, which had the same general partner, investment manager, investment policies, objectives, guidelines and restrictions as the Predecessor Fund. Regardless of whether the Predecessor Fund operated as a stand-alone fund or invested indirectly through a master fund, Disciplined Alpha managed the Predecessor Fund assets using investment policies, objectives, guidelines and restrictions that were in all material respects equivalent to those of the Fund. However, the Predecessor Fund was not a registered fund and so it was not subject to the same investment and tax restrictions as the Fund. If it had been, the Predecessor Fund's performance may have been lower. Please refer to the Fund's prospectus for further details.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $20089 |
| **Number of Investments (includes derivatives)** | 160 |
| **Total Net Advisory Fees Paid (in thousands)** | $241 |
| **Portfolio Turnover Rate** | 308% |

---

#### Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)

---

| | |
|:---|:---|
| Health Care | 23.1% |
| Information Technology | 17.9% |
| Consumer Discretionary | 14.2% |
| Communication Services | 10.1% |
| Materials | 8.0% |
| Utilities | 6.4% |
| Energy | 6.0% |
| Financials | 5.3% |
| Industrials | 5.1% |
| Consumer Staples | 3.9% |

---

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

---

| | |
|:---|:---|
| Energy | 25.2% |
| Consumer Discretionary | 18.8% |
| Health Care | 16.4% |
| Information Technology | 14.2% |
| Industrials | 9.3% |
| Materials | 5.9% |
| Communication Services | 5.0% |
| Utilities | 3.0% |
| Consumer Staples | 2.2% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Long-Term Growers ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: WINN

Principal U.S. Market: NYSE

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Long-Term Growers ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Long-Term Growers ETF | $64 | 0.57% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** Jennison Associates LLC

**Performance Summary**

The Fund returned 26.10% for the year ended October 31, 2025, while the Russell 1000<sup>®</sup> Growth Index and the S&P 500 Index returned 30.52% and 21.45%, respectively, during the same period.

Top contributors to relative performance included:

• Positions in the Industrials and Consumer Staples sectors were strong contributors to relative performance. Within the Industrials sector, GE Aerospace, Boeing Co., and Uber Technologies, Inc. were among the top performers, while gains in the Consumer Staples sector were led by Walmart, Inc.

Top detractors from relative performance included:

• Positions in the Health Care, Consumer Discretionary, and Communication Services sectors. Within the Health Care sector, shares of Novo Nordisk AS and Vertex Pharmaceuticals, Inc. declined. In the Consumer Discretionary sector, a smaller position in Tesla, Inc. and weakness in Nike, Inc. detracted from results. The Communication Services sector was also held back by Trade Desk, Inc., which lost value during the period.

# **Change in a $10,000 Investment** 

# For the period 02/02/2022 through 10/31/2025
![Growth of 10K Chart](i8cef0ad896646d1f020fcd0d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Growth Index** |
| **Jan-22** | $10000 | $10000 | $10000 |
| **Feb-22** | $9488 | $9544 | $9438 |
| **Mar-22** | $9840 | $9899 | $9807 |
| **Apr-22** | $8416 | $9036 | $8623 |
| **May-22** | $7961 | $9052 | $8422 |
| **Jun-22** | $7324 | $8305 | $7755 |
| **Jul-22** | $8302 | $9071 | $8686 |
| **Aug-22** | $7893 | $8701 | $8281 |
| **Sep-22** | $7174 | $7899 | $7476 |
| **Oct-22** | $7478 | $8539 | $7913 |
| **Nov-22** | $7733 | $9016 | $8274 |
| **Dec-22** | $7028 | $8497 | $7640 |
| **Jan-23** | $7779 | $9031 | $8277 |
| **Feb-23** | $7743 | $8810 | $8179 |
| **Mar-23** | $8344 | $9134 | $8738 |
| **Apr-23** | $8447 | $9276 | $8824 |
| **May-23** | $8965 | $9317 | $9226 |
| **Jun-23** | $9592 | $9932 | $9857 |
| **Jul-23** | $9892 | $10251 | $10189 |
| **Aug-23** | $9778 | $10088 | $10098 |
| **Sep-23** | $9245 | $9607 | $9549 |
| **Oct-23** | $9110 | $9405 | $9413 |
| **Nov-23** | $10255 | $10264 | $10439 |
| **Dec-23** | $10712 | $10730 | $10901 |
| **Jan-24** | $11152 | $10911 | $11173 |
| **Feb-24** | $12080 | $11493 | $11935 |
| **Mar-24** | $12142 | $11863 | $12145 |
| **Apr-24** | $11557 | $11378 | $11630 |
| **May-24** | $12272 | $11943 | $12327 |
| **Jun-24** | $13091 | $12371 | $13158 |
| **Jul-24** | $12697 | $12522 | $12934 |
| **Aug-24** | $13023 | $12826 | $13203 |
| **Sep-24** | $13277 | $13099 | $13577 |
| **Oct-24** | $13262 | $12981 | $13532 |
| **Nov-24** | $14039 | $13743 | $14410 |
| **Dec-24** | $14070 | $13415 | $14537 |
| **Jan-25** | $14485 | $13789 | $14825 |
| **Feb-25** | $13987 | $13609 | $14292 |
| **Mar-25** | $12650 | $12842 | $13088 |
| **Apr-25** | $13039 | $12755 | $13320 |
| **May-25** | $14179 | $13558 | $14499 |
| **Jun-25** | $15096 | $14247 | $15423 |
| **Jul-25** | $15464 | $14567 | $16005 |
| **Aug-25** | $15604 | $14862 | $16184 |
| **Sep-25** | $16138 | $15405 | $17044 |
| **Oct-25** | $16723 | $15765 | $17663 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 02/02/2022** |
| **Harbor Long-Term Growers ETF (Based on Net Asset Value)** | 26.10% | 14.72% |
| **S&P 500 Index** | 21.45% | 12.92% |
| **Russell 1000<sup>®</sup> Growth Index** | 30.52% | 16.40% |

---

The "Life of Fund" return as shown reflects the period 02/02/2022 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $1101315 |
| **Number of Investments** | 70 |
| **Total Net Advisory Fees Paid (in thousands)** | $4666 |
| **Portfolio Turnover Rate** | 52% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i6eb8a39709b60e59d311442d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 50.5% |
| Communication Services | 14.6% |
| Consumer Discretionary | 13.6% |
| Health Care | 7.2% |
| Financials | 5.1% |
| Industrials | 4.8% |
| Consumer Staples | 2.4% |
| Utilities | 1.1% |
| Real Estate | 0.4% |
| Energy | 0.3% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Mid Cap Core ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EPMB

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Mid Cap Core ETF ("Fund") for the period of May 1, 2025 (commencement of operations) to October 31, 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 year?
(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 Mid Cap Core ETF | $47 | 0.88% |

---

---

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

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Fund returned 12.52% since inception on May 1, 2025 through the period ended October 31, 2025, while the Russell Midcap<sup>®</sup> Index returned 14.46% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Staples, Consumer Discretionary, and Industrials sectors.

• Positions in Woodward, Inc. and D.R. Horton Inc. Woodward, Inc.'s performance was supported by strength in its Aerospace segment driven by strong defense equipment and increased commercial aftermarket activity. D.R. Horton, Inc. delivered stronger home deliveries, better-than expected gross margins, and disciplined expense management.

Top detractors from relative performance included:

• Underexposure to high-performing artificial intelligence related sectors like Communication Services and Utilities.

• A position in Synopsys, Inc., which faced a temporary disruption from U.S. export restrictions on China and delays tied to Intel Corp.'s new foundry launch.

# **Change in a $10,000 Investment** 

# For the period 05/01/2025 through 10/31/2025
![Growth of 10K Chart](idf49f091655d29816b76de9c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Index** |
| **Apr-25** | $10000 | $10000 | $10000 |
| **May-25** | $10404 | $10563 | $10564 |
| **Jun-25** | $10787 | $11100 | $10958 |
| **Jul-25** | $10934 | $11349 | $11161 |
| **Aug-25** | $11292 | $11579 | $11440 |
| **Sep-25** | $11323 | $12002 | $11542 |
| **Oct-25** | $11252 | $12283 | $11446 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | **Life of Fund 05/01/2025** |
| **Harbor Mid Cap Core ETF (Based on Net Asset Value)** | 12.52% |
| **S&P 500 Index** | 22.83% |
| **Russell Midcap<sup>®</sup> Index** | 14.46% |

---

The "Life of Fund" return as shown reflects the period 05/01/2025 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3900 |
| **Number of Investments** | 60 |
| **Total Net Advisory Fees Paid (in thousands)** | $17 |
| **Portfolio Turnover Rate** | 7% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ia4309e1d3a652894ef7744de.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 27.9% |
| Financials | 17.0% |
| Information Technology | 14.5% |
| Health Care | 12.7% |
| Consumer Discretionary | 8.8% |
| Real Estate | 6.4% |
| Materials | 6.2% |
| Energy | 3.3% |
| Utilities | 1.9% |
| Consumer Staples | 1.3% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Mid Cap Value ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EPMV

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Mid Cap Value ETF ("Fund") for the period of May 1, 2025 (commencement of operations) to October 31, 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 year?
(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 Mid Cap Value ETF | $47 | 0.88% |

---

---

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

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Fund returned 11.52% since inception on May 1, 2025 through the period ended October 31, 2025, while the Russell Midcap<sup>®</sup> Value Index returned 13.58% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Staples and Industrials sectors.

• Positions in D.R. Horton, Inc. and Huntington Ingalls Industries, Inc. D.R. Horton, Inc.'s performance was supported by stronger home deliveries, better-than-expected gross margins, and disciplined expense management. Additionally, sales trends improved relative to normal seasonality, aided by targeted incentives. Huntington Ingalls Industries, Inc.'s performance was supported by effective cost control leading to expanded operating margins.

Top detractors from relative performance included:

• Underexposure to high-performing sectors like Industrials and Communication Services.

• A position in Synopsys, Inc., which faced a temporary disruption from U.S. export restrictions on China and delays tied to Intel Corp.'s new foundry launch.

# **Change in a $10,000 Investment** 

# For the period 05/01/2025 through 10/31/2025
![Growth of 10K Chart](i835478c84ea960179c5f1713.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Russell Midcap<sup>®</sup> Value Index** |
| **Apr-25** | $10000 | $10000 | $10000 |
| **May-25** | $10492 | $10563 | $10439 |
| **Jun-25** | $10944 | $11100 | $10806 |
| **Jul-25** | $11168 | $11349 | $10999 |
| **Aug-25** | $11523 | $11579 | $11329 |
| **Sep-25** | $11411 | $12002 | $11473 |
| **Oct-25** | $11152 | $12283 | $11358 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | **Life of Fund 05/01/2025** |
| **Harbor Mid Cap Value ETF (Based on Net Asset Value)** | 11.52% |
| **S&P 500 Index** | 22.83% |
| **Russell Midcap<sup>®</sup> Value Index** | 13.58% |

---

The "Life of Fund" return as shown reflects the period 05/01/2025 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3844 |
| **Number of Investments** | 60 |
| **Total Net Advisory Fees Paid (in thousands)** | $17 |
| **Portfolio Turnover Rate** | 5% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i5bb736e70163429aceed343e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 22.5% |
| Industrials | 20.2% |
| Information Technology | 13.9% |
| Consumer Discretionary | 13.0% |
| Real Estate | 8.0% |
| Materials | 7.0% |
| Health Care | 6.7% |
| Energy | 4.1% |
| Utilities | 3.3% |
| Consumer Staples | 1.3% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Multi-Asset Explorer ETF (Consolidated)
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: MAPP

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Multi-Asset Explorer ETF (Consolidated) ("Fund") for the period of November 1, 2024 to October 31, 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.

**This report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(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** |
| Harbor Multi-Asset Explorer ETF (Consolidated) | $76 | 0.70% |

---

# Management's Discussion of Fund Performance
**Performance Summary**

The Fund returned 17.55% for the year ended October 31, 2025, while the ICE BofA 0-3 Month U.S. Treasury Bill Total Return Index returned 4.43% during the same period.

Top contributors to absolute performance included:

• Positions in the iShares Core S&P 500 ETF, iShares MSCI Emerging Markets ETF, Goldman Sachs Physical Gold ETF, and Vanguard FTSE Europe ETF.

Top detractors from absolute performance included:

• Positions in the SPDR Gold Shares as it was held for only a short period, iShares 20+ Year Treasury Bond ETF, Invesco QQQ Trust, and iShares J.P. Morgan EM Local Currency Bond ETF.

# **Change in a $10,000 Investment** 

# For the period 09/13/2023 through 10/31/2025
![Growth of 10K Chart](i09d389865f4f18073ab39b3e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **ICE BofA 0-3 Month U.S. Treasury Bill Total Return Index** |
| **Aug-23** | $10000 | $10000 | $10000 |
| **Sep-23** | $9705 | $9605 | $10026 |
| **Oct-23** | $9530 | $9403 | $10071 |
| **Nov-23** | $10125 | $10262 | $10116 |
| **Dec-23** | $10465 | $10728 | $10163 |
| **Jan-24** | $10511 | $10909 | $10208 |
| **Feb-24** | $10815 | $11491 | $10251 |
| **Mar-24** | $11175 | $11861 | $10297 |
| **Apr-24** | $10871 | $11376 | $10342 |
| **May-24** | $11283 | $11940 | $10392 |
| **Jun-24** | $11411 | $12369 | $10435 |
| **Jul-24** | $11627 | $12519 | $10482 |
| **Aug-24** | $11879 | $12823 | $10533 |
| **Sep-24** | $12105 | $13097 | $10577 |
| **Oct-24** | $11925 | $12978 | $10619 |
| **Nov-24** | $12306 | $13740 | $10660 |
| **Dec-24** | $11964 | $13413 | $10703 |
| **Jan-25** | $12349 | $13786 | $10742 |
| **Feb-25** | $12428 | $13606 | $10777 |
| **Mar-25** | $12112 | $12840 | $10814 |
| **Apr-25** | $12117 | $12752 | $10852 |
| **May-25** | $12491 | $13555 | $10892 |
| **Jun-25** | $12939 | $14244 | $10929 |
| **Jul-25** | $12970 | $14564 | $10969 |
| **Aug-25** | $13323 | $14859 | $11011 |
| **Sep-25** | $13808 | $15402 | $11049 |
| **Oct-25** | $14018 | $15762 | $11089 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 09/13/2023** |
| **Harbor Multi-Asset Explorer ETF (Consolidated) (Based on Net Asset Value)** | 17.55% | 17.15% |
| **S&P 500 Index** | 21.45% | 23.76% |
| **ICE BofA 0-3 Month U.S. Treasury Bill Total Return Index** | 4.43% | 4.96% |

---

The "Life of Fund" return as shown reflects the period 09/13/2023 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $7987 |
| **Number of Investments** | 17 |
| **Total Net Advisory Fees Paid (in thousands)** | $38 |
| **Portfolio Turnover Rate** | 155% |

---

# Fund Investments as of October 31, 2025

# Investment Allocation (% of Investments)
![Group By Country Chart](ie1f3e8e392dc43f7500e23a9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Equity Funds | 72.1% |
| Fixed Income Funds | 21.5% |
| Commodity Funds | 6.4% |

---

#### Material Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by March 1, 2026 at www.harborcapital.com/documents/fund or upon request by contacting us at 800-422-1050.

Effective January 28, 2025, the Fund may invest up to 25% of its total assets, as determined at the end of each fiscal quarter, in a wholly owned and controlled subsidiary, Harbor Cayman Multi-Asset Ltd, in order to facilitate the Fund's exposure to commodities.

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Osmosis Emerging Markets Resource Efficient ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EFFE

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

#### Annual Shareholder Report

#### October 31, 2025
This 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 October 31, 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 year?
(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 | $67 | 0.69% |

---

---

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

---

# Management's Discussion of Fund Performance
**Subadvisor:** Osmosis Investment Management US LLC

**Performance Summary**

The Fund returned 21.95% since inception on December 18, 2024 through the period ended October 31, 2025, while the MSCI Emerging Markets (ND) Index returned 30.55% during the same period.

Top contributors to relative performance included:

• Security selection within the Industrials and Communications Services sectors.

• Positions in Sungrow Power Supply Co Ltd., Tim S.A., Tencent Music Entertainment Group, Global Unichip Corp and Xiaomi Corp.

• An overweight position in Sungrow Power Supply Co. drove performance due to Chinese government's plans to collaborate with Shanghai Cooperation Organization members to boost renewable energy capacity. The policy support drove strong gains across the Industrials sector.

• An overweight position in Tim S.A. also added to performance, with strong results and growth over the year driving the share price. Brazil, which is a large market for the company, saw strong growth and rollout of 5G telecommunication capabilities.

Top detractors from relative performance included:

• Security selection within the Information Technology sector.

• Positions in SK Hynix Inc., Samsung Electronics Co. Ltd., Alibaba Group Holding Ltd, Tencent Holdings Ltd., and Taiwan Semiconductor Manufacturing Co. Ltd.

• An underweight position in Taiwan Semiconductor Manufacturing Co. detracted from relative performance, as the stock rallied sharply on renewed optimism surrounding artificial intelligence ("AI") demand and robust projections for semiconductor growth in the near term.

• An underweight position in Alibaba Group Holding Ltd. also weighed on returns, with the company's strong performance driven by accelerating growth in its cloud and AI segments. Broader strength across Chinese technology equities further supported the rally in Alibaba Group Holding Ltd shares.

# **Change in a $10,000 Investment** 

# For the period 12/18/2024 through 10/31/2025
![Growth of 10K Chart](i3dff05f7bd4c5fdf7c00ed68.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **MSCI Emerging Markets (ND) Index** |
| **Nov-24** | $10000 | $10000 |
| **Dec-24** | $9910 | $9826 |
| **Jan-25** | $10070 | $10001 |
| **Feb-25** | $10205 | $10050 |
| **Mar-25** | $10265 | $10113 |
| **Apr-25** | $10357 | $10246 |
| **May-25** | $10730 | $10683 |
| **Jun-25** | $11295 | $11326 |
| **Jul-25** | $11410 | $11546 |
| **Aug-25** | $11605 | $11695 |
| **Sep-25** | $11935 | $12531 |
| **Oct-25** | $12195 | $13055 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | **Life of Fund 12/18/2024** |
| **Harbor Osmosis Emerging Markets Resource Efficient ETF (Based on Net Asset Value)** | 21.95% |
| **MSCI Emerging Markets (ND) Index** | 30.55% |

---

The "Life of Fund" return as shown reflects the period 12/18/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $126207 |
| **Number of Investments** | 75 |
| **Total Net Advisory Fees Paid (in thousands)** | $579 |
| **Portfolio Turnover Rate** | 123% |

---

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](ib8c512db2be5cff15a7ed28d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Pacific Basin | 65.3% |
| South Asia | 16.2% |
| Middle East/Central Asia | 6.2% |
| Latin America | 3.9% |
| Africa | 3.4% |
| Europe | 2.3% |
| North America | 1.9% |
| South America | 0.8% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| China | 28.4% |
| Taiwan | 20.8% |
| India | 16.2% |
| South Korea | 12.5% |
| Brazil | 3.9% |
| Saudi Arabia | 3.3% |
| South Africa | 3.3% |
| Mexico | 1.8% |
| United Arab Emirates | 1.4% |
| Malaysia | 1.2% |
| Others | 7.2% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Osmosis International Resource Efficient ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EFFI

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

#### Annual Shareholder Report

#### October 31, 2025
This 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 October 31, 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 year?
(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 | $55 | 0.55% |

---

---

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

---

# Management's Discussion of Fund Performance
**Subadvisor:** Osmosis Investment Management US LLC

**Performance Summary**

The Fund returned 23.33% since inception on December 11, 2024 through the period ended October 31, 2025, while the MSCI World Ex. US (ND) Index (the "Index") returned 22.44% during the same period.

Top contributors to relative performance included:

• Security selection within the Industrials and Communication Services sectors.

• Positions in Brambles Limited, BlueScope Steel Limited, Medibank Private Limited, CSL Limited, Suncorp Group Limited. Brambles Limited's share price rose due to improved margins and strong cash flow outlook, and BlueScope Steel Limited's share price rose due to a favorable outlook for the Australian steel market.

Top detractors from relative performance included:

• Security selection within the Information Technology and Materials sectors.

• Positions in Glencore PLC, Advantest Corp., Orsted AS, HSBC Holdings PLC, and ASML Holding NV. Glencore PLC fell short of expectations with respect to its 2024 earnings, with a 16% drop in earnings compared to the prior year, and this trend continued into 2025. A slight underweight position in Advantest Corp. compared to the Index as the security had experienced a significant year to date increase in price and a positive performance due to growing demand for its semiconductor-tester equipment, resulting in higher sales and margins.

# **Change in a $10,000 Investment** 

# For the period 12/11/2024 through 10/31/2025
![Growth of 10K Chart](i07ddd3e7caea3078c550305b.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **MSCI World Ex. US (ND) Index** |
| **Nov-24** | $10000 | $10000 |
| **Dec-24** | $9669 | $9664 |
| **Jan-25** | $10061 | $10145 |
| **Feb-25** | $10341 | $10323 |
| **Mar-25** | $10188 | $10264 |
| **Apr-25** | $10830 | $10731 |
| **May-25** | $11289 | $11236 |
| **Jun-25** | $11696 | $11500 |
| **Jul-25** | $11482 | $11361 |
| **Aug-25** | $12129 | $11861 |
| **Sep-25** | $12043 | $12113 |
| **Oct-25** | $12333 | $12244 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | **Life of Fund 12/11/2024** |
| **Harbor Osmosis International Resource Efficient ETF (Based on Net Asset Value)** | 23.33% |
| **MSCI World Ex. US (ND) Index** | 22.44% |

---

The "Life of Fund" return as shown reflects the period 12/11/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $134375 |
| **Number of Investments** | 74 |
| **Total Net Advisory Fees Paid (in thousands)** | $557 |
| **Portfolio Turnover Rate** | 52% |

---

#### Fund Investments as of October 31, 2025

# Region Breakdown (% of Investments)
![Group By Country Chart](i90186cf3ac20533df0d64673.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Europe | 52.4% |
| Pacific Basin | 31.6% |
| North America | 14.1% |
| Middle East/Central Asia | 1.9% |

---

#### Country Breakdown (% of Investments)

---

| | |
|:---|:---|
| Japan | 21.2% |
| Canada | 12.9% |
| United Kingdom | 12.1% |
| France | 8.6% |
| Germany | 7.7% |
| Australia | 6.8% |
| Switzerland | 5.9% |
| Sweden | 4.2% |
| Italy | 3.8% |
| Ireland | 3.2% |
| Others | 13.6% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor PanAgora Dynamic Large Cap Core ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: INFO

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor PanAgora Dynamic Large Cap Core ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor PanAgora Dynamic Large Cap Core ETF | $39 | 0.35% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** PanAgora Asset Management, Inc.

**Performance Summary**

The Fund returned 23.40% for the year ended October 31, 2025, while the S&P 500 Index returned 21.45% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Discretionary and Health Care sectors.

• In the Health Care sector, an underweight position in UnitedHealth Group Inc, an insurance company, as its share price declined largely due to rising medical costs, weaker profit guidance, U.S. Department of Justice investigations into Medicare practices, leadership changes, and overall sector pressure.

• In the Consumer Discretionary sector, an underweight position in Home Depot Inc., a home improvement retailer, as the company saw its stock decline over the past year due to higher interest and mortgage rates reducing renovation demand, weaker same-store sales, and cautious consumer spending. Slower earnings growth also pressured investor sentiment in the Consumer Discretionary sector amid a challenging housing and retail environment.

Top detractors from relative performance included:

• Underexposure to high-performing names in the Information Technology sector.

• Underweight position in Palantir Technologies Inc ("Palantir"), a software company specializing in large-scale data analytics and artificial intelligence ("AI") platforms. Palantir's share price rose significantly as the company capitalized on surging global demand for AI-driven solutions. Strong revenue growth, expanding commercial contracts beyond its traditional government clients, and multiple high-profile deals reinforced investor confidence.

# **Change in a $10,000 Investment** 

# For the period 10/09/2024 through 10/31/2025
![Growth of 10K Chart](ie17ccca32692dbf43ef2bf51.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** |
| **Sep-24** | $10000 | $10000 |
| **Oct-24** | $9846 | $9855 |
| **Nov-24** | $10432 | $10434 |
| **Dec-24** | $10220 | $10185 |
| **Jan-25** | $10518 | $10469 |
| **Feb-25** | $10305 | $10332 |
| **Mar-25** | $9658 | $9750 |
| **Apr-25** | $9673 | $9684 |
| **May-25** | $10384 | $10293 |
| **Jun-25** | $10901 | $10817 |
| **Jul-25** | $11160 | $11060 |
| **Aug-25** | $11423 | $11284 |
| **Sep-25** | $11856 | $11696 |
| **Oct-25** | $12150 | $11970 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 10/09/2024** |
| **Harbor PanAgora Dynamic Large Cap Core ETF (Based on Net Asset Value)** | 23.40% | 20.10% |
| **S&P 500 Index** | 21.45% | 18.43% |

---

The "Life of Fund" return as shown reflects the period 10/09/2024 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $623670 |
| **Number of Investments** | 117 |
| **Total Net Advisory Fees Paid (in thousands)** | $680 |
| **Portfolio Turnover Rate** | 53% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i3feb2e2b265ca0369836f1fb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 36.5% |
| Financials | 14.1% |
| Communication Services | 9.6% |
| Consumer Discretionary | 9.4% |
| Industrials | 8.5% |
| Health Care | 8.4% |
| Consumer Staples | 4.6% |
| Utilities | 3.3% |
| Materials | 2.7% |
| Energy | 2.1% |
| Real Estate | 0.8% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Scientific Alpha High-Yield ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: SIHY

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Scientific Alpha High-Yield ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Scientific Alpha High-Yield ETF | $50 | 0.48% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** BlueCove Limited

**Performance Summary**

The Fund returned 8.01% for the year ended October 31, 2025, while the ICE BofA U.S. High Yield Index returned 8.03% during the same period.

Top contributors to relative performance included:

• Security selection within the Communications, Consumer Cyclicals, and Consumer Non-Cyclicals sectors.

Top detractors from relative performance included:

• Security selection within the Energy sector.

• Sector positioning driven by an overweight exposure to Energy and underweight exposure to the Communications sector.

# **Change in a $10,000 Investment** 

# For the period 09/14/2021 through 10/31/2025
![Growth of 10K Chart](ibd0288887deb297805a62721.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **Bloomberg U.S. Aggregate Bond Index** | **ICE BofA U.S. High Yield Index** |
| **Aug-21** | $10000 | $10000 | $10000 |
| **Sep-21** | $9946 | $9879 | $9958 |
| **Oct-21** | $9928 | $9876 | $9940 |
| **Nov-21** | $9811 | $9905 | $9838 |
| **Dec-21** | $10002 | $9880 | $10023 |
| **Jan-22** | $9738 | $9667 | $9748 |
| **Feb-22** | $9654 | $9559 | $9660 |
| **Mar-22** | $9600 | $9293 | $9571 |
| **Apr-22** | $9330 | $8941 | $9223 |
| **May-22** | $9373 | $8998 | $9246 |
| **Jun-22** | $8786 | $8857 | $8616 |
| **Jul-22** | $9251 | $9074 | $9135 |
| **Aug-22** | $9075 | $8817 | $8916 |
| **Sep-22** | $8748 | $8436 | $8558 |
| **Oct-22** | $8985 | $8327 | $8801 |
| **Nov-22** | $9179 | $8633 | $8966 |
| **Dec-22** | $9213 | $8594 | $8899 |
| **Jan-23** | $9532 | $8859 | $9247 |
| **Feb-23** | $9459 | $8630 | $9127 |
| **Mar-23** | $9522 | $8849 | $9230 |
| **Apr-23** | $9659 | $8903 | $9319 |
| **May-23** | $9512 | $8806 | $9230 |
| **Jun-23** | $9631 | $8774 | $9381 |
| **Jul-23** | $9797 | $8768 | $9514 |
| **Aug-23** | $9838 | $8712 | $9541 |
| **Sep-23** | $9713 | $8491 | $9430 |
| **Oct-23** | $9621 | $8357 | $9314 |
| **Nov-23** | $10077 | $8735 | $9737 |
| **Dec-23** | $10474 | $9070 | $10096 |
| **Jan-24** | $10494 | $9045 | $10098 |
| **Feb-24** | $10472 | $8917 | $10128 |
| **Mar-24** | $10619 | $8999 | $10249 |
| **Apr-24** | $10513 | $8772 | $10146 |
| **May-24** | $10670 | $8921 | $10261 |
| **Jun-24** | $10781 | $9005 | $10360 |
| **Jul-24** | $10991 | $9215 | $10564 |
| **Aug-24** | $11159 | $9348 | $10732 |
| **Sep-24** | $11312 | $9473 | $10907 |
| **Oct-24** | $11240 | $9238 | $10847 |
| **Nov-24** | $11408 | $9336 | $10971 |
| **Dec-24** | $11366 | $9183 | $10924 |
| **Jan-25** | $11504 | $9232 | $11075 |
| **Feb-25** | $11582 | $9435 | $11147 |
| **Mar-25** | $11430 | $9438 | $11027 |
| **Apr-25** | $11390 | $9475 | $11028 |
| **May-25** | $11561 | $9408 | $11213 |
| **Jun-25** | $11796 | $9552 | $11421 |
| **Jul-25** | $11835 | $9527 | $11467 |
| **Aug-25** | $11991 | $9641 | $11607 |
| **Sep-25** | $12114 | $9746 | $11695 |
| **Oct-25** | $12140 | $9807 | $11718 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 09/14/2021** |
| **Harbor Scientific Alpha High-Yield ETF (Based on Net Asset Value)** | 8.01% | 4.81% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.47% |
| **ICE BofA U.S. High Yield Index** | 8.03% | 3.91% |

---

The "Life of Fund" return as shown reflects the period 09/14/2021 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $163063 |
| **Number of Investments** | 302 |
| **Total Net Advisory Fees Paid (in thousands)** | $787 |
| **Portfolio Turnover Rate** | 48% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i602085d4bc20450998319d09.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 27.0% |
| Industrials | 15.5% |
| Energy | 13.9% |
| Financials | 8.5% |
| Communication Services | 7.8% |
| Consumer Staples | 7.4% |
| Information Technology | 7.3% |
| Materials | 6.5% |
| Utilities | 3.5% |
| Health Care | 1.9% |
| Real Estate | 0.7% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Scientific Alpha Income ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: SIFI

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Scientific Alpha Income ETF ("Fund") for the period of November 1, 2024 to October 31, 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 year?
(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** |
| Harbor Scientific Alpha Income ETF | $52 | 0.50% |

---

# Management's Discussion of Fund Performance
**Subadvisor:** BlueCove Limited

**Performance Summary**

The Fund returned 7.84% for the year ended October 31, 2025, while the Bloomberg U.S. Aggregate Bond Index returned 6.16% during the same period.

Top contributors to absolute performance included:

• Positive carry associated with rates and credit positioning.

• A long interest rate position in the U.S. yield curve with a preference for the short end as yields dropped.

• Positioning within the Communications, Consumer Cyclicals, and Consumer Non-Cyclicals sectors.

Top detractors from absolute performance included:

• Positioning within the Energy sector.

# **Change in a $10,000 Investment** 

# For the period 09/14/2021 through 10/31/2025
![Growth of 10K Chart](ifdf270e8ed76d0da830e1b6a.jpg)

---

| | | |
|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **Bloomberg U.S. Aggregate Bond Index** |
| **Aug-21** | $10000 | $10000 |
| **Sep-21** | $9888 | $9879 |
| **Oct-21** | $9820 | $9876 |
| **Nov-21** | $9759 | $9905 |
| **Dec-21** | $9885 | $9880 |
| **Jan-22** | $9534 | $9667 |
| **Feb-22** | $9398 | $9559 |
| **Mar-22** | $9229 | $9293 |
| **Apr-22** | $8921 | $8941 |
| **May-22** | $8975 | $8998 |
| **Jun-22** | $8676 | $8857 |
| **Jul-22** | $8954 | $9074 |
| **Aug-22** | $8810 | $8817 |
| **Sep-22** | $8565 | $8436 |
| **Oct-22** | $8639 | $8327 |
| **Nov-22** | $8815 | $8633 |
| **Dec-22** | $8813 | $8594 |
| **Jan-23** | $9043 | $8859 |
| **Feb-23** | $8960 | $8630 |
| **Mar-23** | $9023 | $8849 |
| **Apr-23** | $9121 | $8903 |
| **May-23** | $9010 | $8806 |
| **Jun-23** | $9005 | $8774 |
| **Jul-23** | $9109 | $8768 |
| **Aug-23** | $9129 | $8712 |
| **Sep-23** | $9039 | $8491 |
| **Oct-23** | $8975 | $8357 |
| **Nov-23** | $9326 | $8735 |
| **Dec-23** | $9651 | $9070 |
| **Jan-24** | $9673 | $9045 |
| **Feb-24** | $9575 | $8917 |
| **Mar-24** | $9667 | $8999 |
| **Apr-24** | $9549 | $8772 |
| **May-24** | $9669 | $8921 |
| **Jun-24** | $9783 | $9005 |
| **Jul-24** | $9955 | $9215 |
| **Aug-24** | $10102 | $9348 |
| **Sep-24** | $10211 | $9473 |
| **Oct-24** | $10084 | $9238 |
| **Nov-24** | $10194 | $9336 |
| **Dec-24** | $10119 | $9183 |
| **Jan-25** | $10213 | $9232 |
| **Feb-25** | $10353 | $9435 |
| **Mar-25** | $10296 | $9438 |
| **Apr-25** | $10312 | $9475 |
| **May-25** | $10368 | $9408 |
| **Jun-25** | $10593 | $9552 |
| **Jul-25** | $10569 | $9527 |
| **Aug-25** | $10752 | $9641 |
| **Sep-25** | $10844 | $9746 |
| **Oct-25** | $10875 | $9807 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| AATR | **1 Year** | **Life of Fund 09/14/2021** |
| **Harbor Scientific Alpha Income ETF (Based on Net Asset Value)** | 7.84% | 2.05% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | -0.47% |

---

The "Life of Fund" return as shown reflects the period 09/14/2021 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $34408 |
| **Number of Investments (includes derivatives)** | 192 |
| **Total Net Advisory Fees Paid (in thousands)** | $169 |
| **Portfolio Turnover Rate** | 59% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](iaad287063205de916b2628a7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 19.2% |
| Information Technology | 16.5% |
| Industrials | 15.6% |
| Energy | 12.7% |
| Communication Services | 10.6% |
| Consumer Staples | 8.7% |
| Materials | 6.6% |
| Financials | 5.7% |
| Utilities | 2.3% |
| Health Care | 2.1% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor SMID Cap Core ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EPSB

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor SMID Cap Core ETF ("Fund") for the period of May 1, 2025 (commencement of operations) to October 31, 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 year?
(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 SMID Cap Core ETF | $47 | 0.88% |

---

---

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

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Fund returned 12.92% since inception on May 1, 2025 through the period ended October 31, 2025, while the Russell 2500<sup>®</sup> Index returned 21.20% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Discretionary and Real Estate sectors.

• Positions in Woodward Inc. and Papa John's International, Inc. Woodward, Inc.'s performance was supported by strength in its Aerospace segment driven by strong defense equipment and increased commercial aftermarket activity. Papa John's performance was supported by increased pizza order volumes, a growing loyalty base, and better-than-expected positioning in an assumed value-driven market.

Top detractors from relative performance included:

• Underexposure to the Energy sector.

• A position in Synopsys, Inc., which faced a temporary disruption from U.S. export restrictions on China and delays tied to Intel Corp.'s new foundry launch.

# **Change in a $10,000 Investment** 

# For the period 05/01/2025 through 10/31/2025
![Growth of 10K Chart](i234c8f90f609a57c574825d3.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Russell 2500<sup>®</sup> Index** |
| **Apr-25** | $10000 | $10000 | $10000 |
| **May-25** | $10515 | $10563 | $10558 |
| **Jun-25** | $10858 | $11100 | $11045 |
| **Jul-25** | $11029 | $11349 | $11258 |
| **Aug-25** | $11413 | $11579 | $11849 |
| **Sep-25** | $11473 | $12002 | $12039 |
| **Oct-25** | $11292 | $12283 | $12120 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | **Life of Fund 05/01/2025** |
| **Harbor SMID Cap Core ETF (Based on Net Asset Value)** | 12.92% |
| **S&P 500 Index** | 22.83% |
| **Russell 2500<sup>®</sup> Index** | 21.20% |

---

The "Life of Fund" return as shown reflects the period 05/01/2025 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $3358 |
| **Number of Investments** | 56 |
| **Total Net Advisory Fees Paid (in thousands)** | $14 |
| **Portfolio Turnover Rate** | 6% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i34b621be5bbb7441866cfc88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 30.6% |
| Information Technology | 16.1% |
| Financials | 15.8% |
| Health Care | 10.1% |
| Real Estate | 7.4% |
| Materials | 7.2% |
| Consumer Discretionary | 6.9% |
| Utilities | 3.4% |
| Energy | 2.5% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor SMID Cap Value ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: EPSV

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor SMID Cap Value ETF ("Fund") for the period of May 1, 2025 (commencement of operations) to October 31, 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 year?
(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 SMID Cap Value ETF | $48 | 0.88% |

---

---

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

---

# Management's Discussion of Fund Performance
**Subadvisor:** EARNEST Partners LLC

**Performance Summary**

The Fund returned 19.63% since inception on May 1, 2025 through the period ended October 31, 2025, while the Russell 2500<sup>®</sup> Value Index returned 18.86% during the same period.

Top contributors to relative performance included:

• Security selection within the Consumer Staples and Real Estate sectors.

• Positions in Wolverine World Wide, Inc. and Sanmina Corp. Wolverine World Wide, Inc.'s performance was supported by gross margin expansion, driven by stronger sales mix, lower promotional activity, and supply chain efficiencies. Sanmina Corp.'s performance was driven by gross margin expansion from a favorable product mix and operational efficiencies.

Top detractors from relative performance included:

• Underexposure to the Health Care sector.

• A position in Synopsys, Inc., which faced a temporary disruption from U.S. export restrictions on China and delays tied to Intel Corp.'s new foundry launch.

# **Change in a $10,000 Investment** 

# For the period 05/01/2025 through 10/31/2025
![Growth of 10K Chart](ie8359c2d0a32ae25e8e23d99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Russell 2500<sup>®</sup> Value Index** |
| **Apr-25** | $10000 | $10000 | $10000 |
| **May-25** | $10621 | $10563 | $10540 |
| **Jun-25** | $11125 | $11100 | $11017 |
| **Jul-25** | $11403 | $11349 | $11208 |
| **Aug-25** | $11988 | $11579 | $11796 |
| **Sep-25** | $11968 | $12002 | $11917 |
| **Oct-25** | $11963 | $12283 | $11886 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | **Life of Fund 05/01/2025** |
| **Harbor SMID Cap Value ETF (Based on Net Asset Value)** | 19.63% |
| **S&P 500 Index** | 22.83% |
| **Russell 2500<sup>®</sup> Value Index** | 18.86% |

---

The "Life of Fund" return as shown reflects the period 05/01/2025 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $4149 |
| **Number of Investments** | 59 |
| **Total Net Advisory Fees Paid (in thousands)** | $17 |
| **Portfolio Turnover Rate** | 9% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](ia964324fecb4b69218bbc407.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 24.6% |
| Financials | 20.8% |
| Information Technology | 18.5% |
| Real Estate | 9.8% |
| Materials | 5.8% |
| Consumer Discretionary | 5.2% |
| Energy | 5.2% |
| Consumer Staples | 4.3% |
| Utilities | 4.0% |
| Health Care | 1.8% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

#### Harbor Transformative Technologies ETF
![Image](ie84c3a453c1c85d434c6506a.jpg)

Ticker: TEC

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

#### Annual Shareholder Report

#### October 31, 2025
This annual shareholder report contains important information about Harbor Transformative Technologies ETF ("Fund") for the period of April 16, 2025 (commencement of operations) to October 31, 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 year?
(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 | $47 | 0.69% |

---

---

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

---

# Management's Discussion of Fund Performance
**Subadvisor:** Jennison Associates LLC

**Performance Summary**

The Fund returned 50.92% since inception on April 16, 2025 through the period ended October 31, 2025, while the Nasdaq 100 Total Return Index and the S&P 500 Index returned 42.14% and 30.51%, respectively, during the same period.

Top contributors to relative performance included:

• Positions in the Semiconductors, Communications Equipment, and IT Services sectors. Within the Semiconductors sector, Taiwan Semiconductor Manufacturing Co. Ltd., Lam Research Corp, and Impinj, Inc. were among the top performers, while Arista Networks, Inc. drove strong results in the Communication Equipment sector.

Top detractors from relative performance included:

• Positions in the Software sector, driven by weak performance in HubSpot, Inc., ServiceNow, Inc., Monday.com Ltd. and Salesforce, Inc.

# **Change in a $10,000 Investment** 

# For the period 04/16/2025 through 10/31/2025
![Growth of 10K Chart](ia5a9ed7ae7c736a5c1f92146.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **ETF (based on Net Asset Value)** | **S&P 500 Index** | **Nasdaq 100 Total Return Index** |
| **Mar-25** | $10000 | $10000 | $10000 |
| **Apr-25** | $10896 | $10559 | $10721 |
| **May-25** | $12073 | $11223 | $11700 |
| **Jun-25** | $12856 | $11794 | $12442 |
| **Jul-25** | $13147 | $12059 | $12742 |
| **Aug-25** | $13265 | $12303 | $12860 |
| **Sep-25** | $14161 | $12752 | $13563 |
| **Oct-25** | $15092 | $13051 | $14214 |

---

#### Annual Shareholder Report

#### October 31, 2025

# Average Annual Total Returns

---

| | |
|:---|:---|
| AATR | **Life of Fund 04/16/2025** |
| **Harbor Transformative Technologies ETF (Based on Net Asset Value)** | 50.92% |
| **S&P 500 Index** | 30.51% |
| **Nasdaq 100 Total Return Index** | 42.14% |

---

The "Life of Fund" return as shown reflects the period 04/16/2025 (commencement of operations) through 10/31/2025.

***Keep in mind that the Fund's past performance shown is not a good predictor of how the Fund will perform in the future.*** The Fund performance assumes the reinvestment of all dividend and capital gain distributions. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. The most recent month end performance is available under products at www.harborcapital.com or by calling 800-422-1050.

# Key Fund Statistics as of October 31, 2025

---

| | |
|:---|:---|
| **Total Net Assets (in thousands)** | $5899 |
| **Number of Investments** | 45 |
| **Total Net Advisory Fees Paid (in thousands)** | $19 |
| **Portfolio Turnover Rate** | 13% |

---

# Fund Investments as of October 31, 2025

# Sector Allocation (% of Investments)
![Group By Country Chart](i0b4041c7f1d34387563a0181.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 71.2% |
| Communication Services | 11.2% |
| Consumer Discretionary | 8.7% |
| Health Care | 5.4% |
| Utilities | 1.6% |
| Financials | 1.1% |
| Industrials | 0.8% |

---

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

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.harborcapital.com/documents/prospectuses/](i6382fc40b9260084638189a0.jpg)

*All trademarks or product names mentioned herein are the property of their respective owners. Copyright© 2025 Harbor Capital Advisors, Inc. All rights reserved.* 

**ITEM 2 – CODE OF ETHICS**

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party (the "Code of Ethics"). During the period covered by this report, the Registrant's Code of Ethics was amended to reflect the replacement of the Registrant's treasurer, effective July 1, 2025. The Registrant has not granted any waivers, including an implicit waiver, from any provisions of its Code of Ethics during the period covered by this report. Upon request, a copy of the Registrant's code of ethics is available without charge by calling 800-422-1050.

**ITEM 3 – AUDIT COMMITTEE FINANCIAL EXPERT**

The Registrant's Board has determined that Douglas J. Skinner, a member of the Audit Committee of the Board of Trustees, is an audit committee financial expert as defined by the Securities and Exchange Commission (the "SEC"). Mr. Skinner is the Eric J. Gleacher Distinguished Service Professor of Accounting at the University of Chicago Booth School of Business, where his prior positions include Deputy Dean for Faculty, John P. and Lillian A. Gould Professor of Accounting, Neubauer Family Faculty Fellow, Interim Dean, and Executive Director of the Accounting Research Center. Mr. Skinner is deemed "independent" as defined by the SEC for purposes of audit committee financial expert determinations.

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

**Items 4(a)—4(d): Audit, Audit-Related, Tax and All Other Fees**

Fees billed by Ernst & Young ("EY"):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fiscal Year Ended October 31, 2025** | **Fiscal Year Ended October 31, 2025** | **Fiscal Year Ended October 31, 2025** | **Fiscal Year Ended October 31, 2024** | **Fiscal Year Ended October 31, 2024** | **Fiscal Year Ended October 31, 2024** |
|  | All fees and<br> services to the<br> Trust that were<br> pre-approved | All fees and<br> services to<br> service affiliates<br> that were<br> pre-approved | All other fees and<br> services to service<br> affiliates that did<br> not require<br> pre-approval | All fees and<br> services to the<br> Trust that were<br> pre-approved | All fees and<br> services to<br> service affiliates<br> that were<br> pre-approved | All other fees and<br> services to service<br> affiliates that did<br> not require<br> pre-approval |
| (a) Audit Fees. | $168934 | N/A | N/A | $99252 | N/A | N/A |
| (b) Audit-Related Fees. | $0 | $0 | N/A | $0 | $0 | N/A |
| (c) Tax Fees. | $81243<sup>1</sup> | $0 | N/A | $69553<sup>1</sup> | $0 | N/A |
| (d) All Other Fees. | $28082<sup>2</sup> | N/A | N/A | $9494<sup>2</sup> | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Includes fees related to tax compliance, including foreign tax reclaim filings
 and tax research and equalization.

&nbsp;&nbsp;&nbsp;&nbsp;2. Includes fees billed in connection with the Registrant's subscription to the EY
 PFIC Analyzer, a database used to determine whether foreign equity securities are passive foreign investment companies. Also, for the
 Registrant's subscription to the Rapid Security Analyzer, a tool used to determine which foreign equity securities per their respective
 country has an ASC 740 capital gain exposure.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **(1)** **Pre-Approval Policies.** 

The policy of the Registrant's Audit Committee is to consider and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit, review and non-audit services (other than certain de minimis

non-audit services) provided to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant's independence.

In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Audit Committee is authorized to delegate one or more members of the Committee the responsibility for considering and, if appropriate, pre-approving audit or permitted non-audit services in an amount sufficient to complete services and to determine if such services would be consistent with maintaining the accountant's independence. Such member(s) are required to report to the full Audit Committee as to the nature and amount of such services and fees pre-approved at the next scheduled Audit Committee meeting. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant's independence.

The Registrant's Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**&nbsp;&nbsp;&nbsp;&nbsp; None of the principal accountant's fees or services rendered to the Registrant or the Advisor were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

**(f)**&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**(g)**&nbsp;&nbsp;&nbsp;&nbsp; **Aggregate Non-Audit Fees.**

*Aggregate Non-Audit Fees of the Registrant*

 

*Fiscal Year Ended October 31, 2025: $109,325*

Fiscal Year Ended October 31, 2024: $79,047

*Aggregate Non-Audit Fees of Other Entities Required to be Pre-approved Pursuant to Paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X*

 

Fiscal Year Ended October 31, 2025: $0

Fiscal Year Ended October 31, 2024: $0

**(h)**&nbsp;&nbsp;&nbsp;&nbsp; For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services to service affiliates was compatible with maintaining the principal accountant's independence.

**(i)**&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**(j)**&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

Not applicable

**ITEM 6 – INVESTMENTS**

**(a)**&nbsp;&nbsp;&nbsp;&nbsp; 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)**&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

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

![](img7ff82c461.jpg)

**Annual Financial Statements and Additional Information**

**HARBOR ETF TRUST**

**October 31, 2025** 

---

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

---

![](img3f29958f2.gif)

------

**Table of Contents**

------

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

---

| | |
|:---|:---|
| **Harbor ETF Trust** <br>|  |
| **Portfolio of Investments** <br>|  |
| Harbor Active Small Cap ETF | 2  |
| Harbor Alpha Layering ETF (CONSOLIDATED) | 4  |
| Harbor AlphaEdge™ Large Cap Value ETF | 6  |
| Harbor AlphaEdge™ Next Generation REITs ETF | 8  |
| Harbor AlphaEdge™ Small Cap Earners ETF | 9  |
| Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED) | 18  |
| Harbor Disciplined Bond ETF | 19  |
| Harbor Dividend Growth Leaders ETF | 25  |
| Harbor Emerging Markets Equity ETF | 27  |
| Harbor Emerging Markets Select ETF | 29  |
| Harbor Health Care ETF | 31  |
| Harbor Human Capital Factor US Large Cap ETF | 32  |
| Harbor Human Capital Factor US Small Cap ETF | 35  |
| Harbor International Compounders ETF | 39  |
| Harbor International Equity ETF | 40  |
| Harbor Long-Short Equity ETF | 42  |
| Harbor Long-Term Growers ETF | 46  |
| Harbor Mid Cap Core ETF | 48  |
| Harbor Mid Cap Value ETF | 50  |
| Harbor Multi-Asset Explorer ETF (CONSOLIDATED) | 52  |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | 53  |
| Harbor Osmosis International Resource Efficient ETF | 56  |
| Harbor PanAgora Dynamic Large Cap Core ETF | 58  |
| Harbor Scientific Alpha High-Yield ETF | 61  |
| Harbor Scientific Alpha Income ETF | 68  |
| Harbor SMID Cap Core ETF | 74  |
| Harbor SMID Cap Value ETF | 76  |
| Harbor Transformative Technologies ETF | 78  |
| **Financial Statements** <br>|  |
| Statements of Assets and Liabilities | 81  |
| Statements of Operations | 85  |
| Statements of Changes in Net Assets | 89  |
| Financial Highlights | 95  |
| **Notes to Financial Statements** | 109  |
| **Report of Independent Registered Public Accounting Firm** | 130  |

---

------

**Table of Contents—Continued**

------

---

| | |
|:---|:---|
| **Additional Information** <br>|  |
| Additional Tax Information | 133  |
| FORM N-CSR ITEMS 8-11 | 134 |

---

**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—October 31, 2025** 

------

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

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—95.2%** | **COMMON STOCKS—95.2%** | **COMMON STOCKS—95.2%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** | **AEROSPACE & DEFENSE—2.1%** |
| 15670 | StandardAero, Inc. <sup>\*</sup> | $453 |
| **BANKS—6.8%** | **BANKS—6.8%** | **BANKS—6.8%** |
| 19136 | Northpointe Bancshares, Inc.  | 303 |
| 14159 | United Bankshares, Inc.  | 507 |
| 5307 | Wintrust Financial Corp.  | 690 |
|  |  | 1500 |
| **BEVERAGES—0.9%** | **BEVERAGES—0.9%** | **BEVERAGES—0.9%** |
| 935 | Boston Beer Co., Inc. Class A<sup>\*</sup> | 194 |
| **BUILDING PRODUCTS—7.1%** | **BUILDING PRODUCTS—7.1%** | **BUILDING PRODUCTS—7.1%** |
| 3283 | Fortune Brands Innovations, Inc.  | 167 |
| 26422 | Hayward Holdings, Inc. <sup>\*</sup> | 448 |
| 79834 | Janus International Group, Inc. <sup>\*</sup> | 766 |
| 13827 | Masterbrand, Inc. <sup>\*</sup> | 175 |
|  |  | 1556 |
| **CAPITAL MARKETS—8.0%** | **CAPITAL MARKETS—8.0%** | **CAPITAL MARKETS—8.0%** |
| 12615 | Artisan Partners Asset Management, Inc. Class A | 551 |
| 1358 | FactSet Research Systems, Inc.  | 362 |
| 3309 | Moelis & Co. Class A | 210 |
| 2945 | Morningstar, Inc.  | 625 |
|  |  | 1748 |
| **CONSTRUCTION & ENGINEERING—3.3%** | **CONSTRUCTION & ENGINEERING—3.3%** | **CONSTRUCTION & ENGINEERING—3.3%** |
| 33678 | WillScot Holdings Corp.  | 732 |
| **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** |
| 1117 | Figure Technology Solutions, Inc. Class A<sup>\*</sup> | 44 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.4%** |
| 3964 | Guardian Pharmacy Services, Inc. Class A<sup>\*</sup> | 111 |
| 5015 | Maplebear, Inc. <sup>\*</sup> | 185 |
|  |  | 296 |
| **CONTAINERS & PACKAGING—1.7%** | **CONTAINERS & PACKAGING—1.7%** | **CONTAINERS & PACKAGING—1.7%** |
| 3130 | AptarGroup, Inc.  | 363 |
| **DISTRIBUTORS—3.3%** | **DISTRIBUTORS—3.3%** | **DISTRIBUTORS—3.3%** |
| 2728 | Pool Corp.  | 729 |
| **DIVERSIFIED CONSUMER SERVICES—0.8%** | **DIVERSIFIED CONSUMER SERVICES—0.8%** | **DIVERSIFIED CONSUMER SERVICES—0.8%** |
| 41964 | European Wax Center, Inc. Class A<sup>\*</sup> | 164 |
| **ENERGY EQUIPMENT & SERVICES—5.0%** | **ENERGY EQUIPMENT & SERVICES—5.0%** | **ENERGY EQUIPMENT & SERVICES—5.0%** |
| 60074 | Liberty Energy, Inc.  | 1088 |
| **FINANCIAL SERVICES—5.9%** | **FINANCIAL SERVICES—5.9%** | **FINANCIAL SERVICES—5.9%** |
| 52244 | Remitly Global, Inc. <sup>\*</sup> | 838 |
| 6446 | Shift4 Payments, Inc. Class A<sup>\*</sup> | 445 |
|  |  | 1283 |
| **GROUND TRANSPORTATION—2.7%** | **GROUND TRANSPORTATION—2.7%** | **GROUND TRANSPORTATION—2.7%** |
| 2862 | Landstar System, Inc.  | 368 |
| 11391 | Lyft, Inc. Class A<sup>\*</sup> | 233 |
|  |  | 601 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.2%** |
| 42717 | Treace Medical Concepts, Inc. <sup>\*</sup> | 273 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—1.9%** | **HEALTH CARE PROVIDERS & SERVICES—1.9%** | **HEALTH CARE PROVIDERS & SERVICES—1.9%** |
| 4832 | U.S. Physical Therapy, Inc.  | $417 |
| **HEALTH CARE TECHNOLOGY—4.1%** | **HEALTH CARE TECHNOLOGY—4.1%** | **HEALTH CARE TECHNOLOGY—4.1%** |
| 9096 | Doximity, Inc. Class A<sup>\*</sup> | 600 |
| 8279 | Waystar Holding Corp. <sup>\*</sup> | 297 |
|  |  | 897 |
| **HOTEL & RESORT REITS—3.7%** | **HOTEL & RESORT REITS—3.7%** | **HOTEL & RESORT REITS—3.7%** |
| 117773 | RLJ Lodging Trust  | 801 |
| **HOTELS, RESTAURANTS & LEISURE—1.3%** | **HOTELS, RESTAURANTS & LEISURE—1.3%** | **HOTELS, RESTAURANTS & LEISURE—1.3%** |
| 3141 | Monarch Casino & Resort, Inc.  | 283 |
| **INSURANCE—1.1%** | **INSURANCE—1.1%** | **INSURANCE—1.1%** |
| 2488 | Accelerant Holdings Class A (Cayman Islands)<sup>\*</sup> | 29 |
| 551 | Kinsale Capital Group, Inc.  | 220 |
|  |  | 249 |
| **MACHINERY—10.7%** | **MACHINERY—10.7%** | **MACHINERY—10.7%** |
| 16563 | Douglas Dynamics, Inc.  | 501 |
| 90480 | Hillman Solutions Corp. <sup>\*</sup> | 834 |
| 3094 | Middleby Corp. <sup>\*</sup> | 384 |
| 644 | RBC Bearings, Inc. <sup>\*</sup> | 276 |
| 4790 | Toro Co.  | 358 |
|  |  | 2353 |
| **METALS & MINING—3.3%** | **METALS & MINING—3.3%** | **METALS & MINING—3.3%** |
| 2563 | Reliance, Inc.  | 724 |
| **OIL, GAS & CONSUMABLE FUELS—1.2%** | **OIL, GAS & CONSUMABLE FUELS—1.2%** | **OIL, GAS & CONSUMABLE FUELS—1.2%** |
| 7351 | Range Resources Corp.  | 261 |
| **PROFESSIONAL SERVICES—8.3%** | **PROFESSIONAL SERVICES—8.3%** | **PROFESSIONAL SERVICES—8.3%** |
| 4438 | Paylocity Holding Corp. <sup>\*</sup> | 627 |
| 14035 | SS&C Technologies Holdings, Inc.  | 1192 |
|  |  | 1819 |
| **RETAIL REITS—1.9%** | **RETAIL REITS—1.9%** | **RETAIL REITS—1.9%** |
| 12129 | Phillips Edison & Co., Inc.  | 410 |
| **SOFTWARE—3.4%** | **SOFTWARE—3.4%** | **SOFTWARE—3.4%** |
| 51078 | Freshworks, Inc. Class A<sup>\*</sup> | 567 |
| 2986 | Q2 Holdings, Inc. <sup>\*</sup> | 184 |
|  |  | 751 |
| **SPECIALTY RETAIL—2.9%** | **SPECIALTY RETAIL—2.9%** | **SPECIALTY RETAIL—2.9%** |
| 10206 | CarMax, Inc. <sup>\*</sup> | 428 |
| 10305 | Warby Parker, Inc. Class A<sup>\*</sup> | 202 |
|  |  | 630 |
| **TRADING COMPANIES & DISTRIBUTORS—1.0%** | **TRADING COMPANIES & DISTRIBUTORS—1.0%** | **TRADING COMPANIES & DISTRIBUTORS—1.0%** |
| 4307 | Core & Main, Inc. Class A<sup>\*</sup> | 225 |
| **TOTAL COMMON STOCKS** <br>(Cost $21,488) | **TOTAL COMMON STOCKS** <br>(Cost $21,488) | 20844 |
| **TOTAL INVESTMENTS—95.2%** <br>(Cost $21,488) | **TOTAL INVESTMENTS—95.2%** <br>(Cost $21,488) | 20844 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—4.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—4.8%** | 1058 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $21902 |

---

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

------

⬤

------

**Harbor Active Small Cap ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 Alpha Layering ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

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

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—61.2%** | **EXCHANGE-TRADED FUNDS—61.2%** | **EXCHANGE-TRADED FUNDS—61.2%** |
| **Shares** |  | **Value** |
| (Cost $2,424) | (Cost $2,424) | (Cost $2,424) |
| **EQUITY FUNDS—61.2%** | **EQUITY FUNDS—61.2%** | **EQUITY FUNDS—61.2%** |
| 3699 | iShares Core S&P 500 ETF  | $2535 |
| **TOTAL INVESTMENTS—61.2%** <br>(Cost $2,424) | **TOTAL INVESTMENTS—61.2%** <br>(Cost $2,424) | 2535 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—38.8%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—38.8%** | 1607 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4142 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Month**<br>| **Current** <br>**Notional** <br>**Value** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| CME Swiss Franc Currency Futures | &nbsp;&nbsp; 1 | 12/25 | &nbsp;&nbsp; $156 | &nbsp;&nbsp; $(3)<br>|
| COMEX E-Micro Gold Futures | &nbsp;&nbsp; 25 | 12/25 | &nbsp;&nbsp; 999 | &nbsp;&nbsp; 67 |
| ICE U.S. MSCI Emerging Markets Index Futures | &nbsp;&nbsp; 9 | 12/25 | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 23 |
| Micro E-mini NASDAQ-100 Futures | &nbsp;&nbsp; 8 | 12/25 | &nbsp;&nbsp; 416 | &nbsp;&nbsp; 25 |
| Micro E-mini Russell 2000 Futures | &nbsp;&nbsp; 35 | 12/25 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 6 |
| Micro E-mini S&P 500 Futures | &nbsp;&nbsp; 4 | 12/25 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 1 |
| Micro Ultra 10-Year U.S. Treasury Notes Futures | &nbsp;&nbsp; 5 | 11/25 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; — |
| Micro Ultra U.S. Treasury Bond Futures | &nbsp;&nbsp; 7 | 11/25 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; — |
| U.S. Treasury Long Bonds | &nbsp;&nbsp; 6 | 12/25 | &nbsp;&nbsp; 704 | &nbsp;&nbsp; 3 |
| U.S. Treasury Note Futures 10 Year | &nbsp;&nbsp; 12 | 12/25 | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 1 |
| U.S. Treasury Note Futures 2 Year | &nbsp;&nbsp; 28 | 12/25 | &nbsp;&nbsp; 5831 | &nbsp;&nbsp; (6)<br>|
| U.S. Treasury Note Futures 5 Year | &nbsp;&nbsp; 20 | 12/25 | &nbsp;&nbsp; 2184 | &nbsp;&nbsp; (1)<br>|
| Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | Total Long Futures Contracts | &nbsp;&nbsp; $116 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Number of** <br>**Contracts**<br>| **Expiration** <br>**Month**<br>| **Current** <br>**Notional** <br>**Value** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| CME Australian Dollar Currency Futures | &nbsp;&nbsp; 10 | 12/25 | &nbsp;&nbsp; $655 | &nbsp;&nbsp; $6 |
| CME British Pound Currency Futures | &nbsp;&nbsp; 11 | 12/25 | &nbsp;&nbsp; 903 | &nbsp;&nbsp; 21 |
| CME Canadian Dollar Currency Futures | &nbsp;&nbsp; 13 | 12/25 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 5 |
| CME E-Micro /USD Australian Dollar Currency Futures | &nbsp;&nbsp; 12 | 12/25 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 1 |
| CME E-Micro Canadian Dollar Currency Futures | &nbsp;&nbsp; 24 | 12/25 | &nbsp;&nbsp; 172 | &nbsp;&nbsp; 2 |
| CME E-Micro /USD Euro Currency Futures | &nbsp;&nbsp; 13 | 12/25 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 3 |
| CME E-Micro /USD British Pound Currency Futures | &nbsp;&nbsp; 8 | 12/25 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 2 |
| CME E-Micro Swiss Franc Currency Futures | &nbsp;&nbsp; 10 | 12/25 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 3 |
| CME Euro Foreign Exchange Currency Futures | &nbsp;&nbsp; 5 | 12/25 | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 11 |
| CME Japanese Yen Currency Futures | &nbsp;&nbsp; 11 | 12/25 | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 30 |
| Micro Japanese Yen/U.S. Dollar Futures | &nbsp;&nbsp; 11 | 12/25 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 4 |

---

------

⬤

------

**Harbor Alpha Layering ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** | **FUTURES CONTRACTS—Continued** |
| **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** | **SHORT FUTURES CONTRACTS — Continued** |
| **Description** | **Number of**<br> **Contracts**<br>| **Expiration**<br> **Month**<br>| **Current**<br> **Notional**<br> **Value**<br> **(000s)**<br>| **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **(000s)**<br>|
| Micro WTI Crude Oil Futures | &nbsp;&nbsp; 67 | 11/25 | &nbsp;&nbsp; $408 | &nbsp;&nbsp; $(10)<br>|
| Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | Total Short Futures Contracts | &nbsp;&nbsp; $78 |
| Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | &nbsp;&nbsp; $194 |

---

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 2025 (as disclosed in the preceding Portfolio of Investments and Futures Contracts schedule) were classified as Level 1.

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

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

------

⬤

------

**Harbor AlphaEdge™ Large Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** | **COMMON STOCKS—99.4%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| 340 | General Dynamics Corp.  | $117 |
| **AUTOMOBILE COMPONENTS—2.9%** | **AUTOMOBILE COMPONENTS—2.9%** | **AUTOMOBILE COMPONENTS—2.9%** |
| 1268 | Autoliv, Inc. (Sweden) | 148 |
| **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** | **AUTOMOBILES—0.5%** |
| 371 | General Motors Co.  | 26 |
| **BANKS—10.3%** | **BANKS—10.3%** | **BANKS—10.3%** |
| 2226 | Bank of America Corp.  | 119 |
| 1477 | Citigroup, Inc.  | 150 |
| 502 | JPMorgan Chase & Co.  | 156 |
| 1183 | Wells Fargo & Co.  | 103 |
|  |  | 528 |
| **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** | **BIOTECHNOLOGY—4.1%** |
| 651 | Exelixis, Inc. <sup>\*</sup> | 25 |
| 1300 | Gilead Sciences, Inc.  | 156 |
| 293 | Incyte Corp. <sup>\*</sup> | 27 |
|  |  | 208 |
| **CAPITAL MARKETS—7.9%** | **CAPITAL MARKETS—7.9%** | **CAPITAL MARKETS—7.9%** |
| 1390 | Bank of New York Mellon Corp.  | 150 |
| 3232 | Federated Hermes, Inc.  | 157 |
| 75 | Goldman Sachs Group, Inc.  | 59 |
| 526 | SEI Investments Co.  | 42 |
|  |  | 408 |
| **CHEMICALS—0.5%** | **CHEMICALS—0.5%** | **CHEMICALS—0.5%** |
| 318 | CF Industries Holdings, Inc.  | 26 |
| **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** | **CONSTRUCTION & ENGINEERING—2.6%** |
| 198 | EMCOR Group, Inc.  | 134 |
| **CONSTRUCTION MATERIALS—0.6%** | **CONSTRUCTION MATERIALS—0.6%** | **CONSTRUCTION MATERIALS—0.6%** |
| 242 | CRH PLC  | 29 |
| **CONSUMER FINANCE—3.4%** | **CONSUMER FINANCE—3.4%** | **CONSUMER FINANCE—3.4%** |
| 72 | American Express Co.  | 26 |
| 2035 | Synchrony Financial  | 151 |
|  |  | 177 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.4%** |
| 286 | BJ's Wholesale Club Holdings, Inc. <sup>\*</sup> | 25 |
| 2333 | Kroger Co.  | 149 |
|  |  | 174 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 269 | Crown Holdings, Inc.  | 26 |
| **DIVERSIFIED CONSUMER SERVICES—3.0%** | **DIVERSIFIED CONSUMER SERVICES—3.0%** | **DIVERSIFIED CONSUMER SERVICES—3.0%** |
| 9981 | ADT, Inc.  | 88 |
| 2290 | Laureate Education, Inc. <sup>\*</sup> | 67 |
|  |  | 155 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.8%** |
| 4719 | AT&T, Inc.  | 117 |
| 639 | Verizon Communications, Inc.  | 25 |
|  |  | 142 |
| **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** | **ELECTRIC UTILITIES—1.0%** |
| 228 | American Electric Power Co., Inc.  | 27 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
| 544 | Exelon Corp.  | $25 |
|  |  | 52 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—7.6%** |
| 2331 | Flex Ltd. <sup>\*</sup> | 146 |
| 381 | Jabil, Inc.  | 84 |
| 640 | TE Connectivity PLC (Switzerland) | 158 |
|  |  | 388 |
| **ENTERTAINMENT—2.8%** | **ENTERTAINMENT—2.8%** | **ENTERTAINMENT—2.8%** |
| 1259 | Walt Disney Co.  | 142 |
| **FINANCIAL SERVICES—1.8%** | **FINANCIAL SERVICES—1.8%** | **FINANCIAL SERVICES—1.8%** |
| 3338 | MGIC Investment Corp.  | 92 |
| **FOOD PRODUCTS—2.5%** | **FOOD PRODUCTS—2.5%** | **FOOD PRODUCTS—2.5%** |
| 295 | Cal-Maine Foods, Inc.  | 26 |
| 222 | Ingredion, Inc.  | 25 |
| 674 | Pilgrim's Pride Corp.  | 26 |
| 1177 | Smithfield Foods, Inc.  | 26 |
| 506 | Tyson Foods, Inc. Class A | 26 |
|  |  | 129 |
| **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** | **HEALTH CARE PROVIDERS & SERVICES—2.0%** |
| 90 | Cigna Group  | 22 |
| 337 | CVS Health Corp.  | 26 |
| 67 | HCA Healthcare, Inc.  | 31 |
| 123 | Tenet Healthcare Corp. <sup>\*</sup> | 26 |
|  |  | 105 |
| **INSURANCE—6.8%** | **INSURANCE—6.8%** | **INSURANCE—6.8%** |
| 138 | Allstate Corp.  | 26 |
| 1931 | American International Group, Inc.  | 153 |
| 92 | Chubb Ltd.  | 26 |
| 767 | Hartford Insurance Group, Inc.  | 95 |
| 123 | Progressive Corp.  | 25 |
| 96 | Travelers Cos., Inc.  | 26 |
|  |  | 351 |
| **INTERACTIVE MEDIA & SERVICES—3.6%** | **INTERACTIVE MEDIA & SERVICES—3.6%** | **INTERACTIVE MEDIA & SERVICES—3.6%** |
| 561 | Alphabet, Inc. Class A | 158 |
| 802 | Match Group, Inc.  | 26 |
|  |  | 184 |
| **IT SERVICES—4.2%** | **IT SERVICES—4.2%** | **IT SERVICES—4.2%** |
| 104 | Accenture PLC Class A (Ireland) | 26 |
| 311 | Amdocs Ltd.  | 27 |
| 1855 | Cognizant Technology Solutions Corp. Class A | 135 |
| 905 | Kyndryl Holdings, Inc. <sup>\*</sup> | 26 |
|  |  | 214 |
| **MACHINERY—1.0%** | **MACHINERY—1.0%** | **MACHINERY—1.0%** |
| 245 | Mueller Industries, Inc.  | 26 |
| 210 | Oshkosh Corp.  | 26 |
|  |  | 52 |
| **MEDIA—3.5%** | **MEDIA—3.5%** | **MEDIA—3.5%** |
| 3056 | Comcast Corp. Class A | 85 |
| 1045 | Fox Corp. Class A | 67 |
| 1304 | TEGNA, Inc.  | 26 |
|  |  | 178 |

---

------

⬤

------

**Harbor AlphaEdge™ Large Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **METALS & MINING—0.7%** | **METALS & MINING—0.7%** | **METALS & MINING—0.7%** |
| 461 | Newmont Corp.  | $37 |
| **MULTI-UTILITIES—0.5%** | **MULTI-UTILITIES—0.5%** | **MULTI-UTILITIES—0.5%** |
| 265 | Consolidated Edison, Inc.  | 26 |
| **OIL, GAS & CONSUMABLE FUELS—7.2%** | **OIL, GAS & CONSUMABLE FUELS—7.2%** | **OIL, GAS & CONSUMABLE FUELS—7.2%** |
| 969 | Chevron Corp.  | 153 |
| 292 | ConocoPhillips  | 26 |
| 495 | EOG Resources, Inc.  | 52 |
| 1234 | Exxon Mobil Corp.  | 141 |
|  |  | 372 |
| **PHARMACEUTICALS—4.7%** | **PHARMACEUTICALS—4.7%** | **PHARMACEUTICALS—4.7%** |
| 631 | Bristol-Myers Squibb Co.  | 29 |
| 826 | Johnson & Johnson  | 156 |
| 330 | Merck & Co., Inc.  | 28 |
| 1118 | Pfizer, Inc.  | 28 |
|  |  | 241 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.5%** |
| 146 | QUALCOMM, Inc.  | 26 |
| **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** | **SPECIALTY RETAIL—1.0%** |
| 319 | Best Buy Co., Inc.  | 26 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 51 | Ulta Beauty, Inc. <sup>\*</sup> | $27 |
|  |  | 53 |
| **TOBACCO—2.7%** | **TOBACCO—2.7%** | **TOBACCO—2.7%** |
| 2438 | Altria Group, Inc.  | 137 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** | **WIRELESS TELECOMMUNICATION SERVICES—0.5%** |
| 552 | Millicom International Cellular SA (Sweden) | 26 |
| **TOTAL COMMON STOCKS** <br>(Cost $4,773) | **TOTAL COMMON STOCKS** <br>(Cost $4,773) | 5103 |

---

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

---

| | | |
|:---|:---|:---|
| **MASTER LIMITED PARTNERSHIPS—0.5%** | **MASTER LIMITED PARTNERSHIPS—0.5%** | **MASTER LIMITED PARTNERSHIPS—0.5%** |
| (Cost $26) | (Cost $26) | (Cost $26) |
| **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** | **OIL, GAS & CONSUMABLE FUELS—0.5%** |
| 511 | MPLX LP | 26 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $4,799) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $4,799) | 5129 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 5 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5134 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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—October 31, 2025** 

------

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** |
| **HEALTH CARE REITS—23.1%** | **HEALTH CARE REITS—23.1%** | **HEALTH CARE REITS—23.1%** |
| 1016 | American Healthcare REIT, Inc.  | $46 |
| 3523 | Diversified Healthcare Trust  | 15 |
| 5399 | Healthcare Realty Trust, Inc.  | 96 |
| 2355 | Healthpeak Properties, Inc.  | 42 |
| 962 | LTC Properties, Inc.  | 34 |
| 400 | Omega Healthcare Investors, Inc.  | 17 |
| 3771 | Sabra Health Care REIT, Inc.  | 67 |
| 1278 | Sila Realty Trust, Inc.  | 30 |
| 129 | Universal Health Realty Income Trust  | 5 |
| 525 | Ventas, Inc.  | 39 |
| 146 | Welltower, Inc.  | 26 |
|  |  | 417 |
| **HOTEL & RESORT REITS—14.7%** | **HOTEL & RESORT REITS—14.7%** | **HOTEL & RESORT REITS—14.7%** |
| 3752 | Apple Hospitality REIT, Inc.  | 42 |
| 2837 | Chatham Lodging Trust  | 18 |
| 7560 | DiamondRock Hospitality Co.  | 59 |
| 6665 | Host Hotels & Resorts, Inc.  | 107 |
| 1282 | Park Hotels & Resorts, Inc.  | 13 |
| 1816 | Pebblebrook Hotel Trust  | 19 |
| 600 | Xenia Hotels & Resorts, Inc.  | 8 |
|  |  | 266 |
| **RESIDENTIAL REITS—6.0%** | **RESIDENTIAL REITS—6.0%** | **RESIDENTIAL REITS—6.0%** |
| 373 | Equity LifeStyle Properties, Inc.  | 23 |
| 1728 | Invitation Homes, Inc.  | 49 |
| 288 | Sun Communities, Inc.  | 36 |
|  |  | 108 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALIZED REITS—55.8%** | **SPECIALIZED REITS—55.8%** | **SPECIALIZED REITS—55.8%** |
| 500 | American Tower Corp.  | $90 |
| 611 | Crown Castle, Inc.  | 55 |
| 1195 | CubeSmart  | 45 |
| 32 | Digital Realty Trust, Inc.  | 5 |
| 1979 | EPR Properties  | 97 |
| 12 | Equinix, Inc.  | 10 |
| 97 | Extra Space Storage, Inc.  | 13 |
| 1251 | Farmland Partners, Inc.  | 13 |
| 262 | Iron Mountain, Inc.  | 27 |
| 1085 | Lamar Advertising Co. Class A | 129 |
| 1947 | Outfront Media, Inc.  | 34 |
| 581 | PotlatchDeltic Corp.  | 23 |
| 437 | Public Storage  | 122 |
| 5228 | Rayonier, Inc.  | 115 |
| 305 | SBA Communications Corp.  | 58 |
| 3769 | VICI Properties, Inc.  | 113 |
| 2559 | Weyerhaeuser Co.  | 59 |
|  |  | 1008 |
| **TOTAL COMMON STOCKS** <br>(Cost $1,930) | **TOTAL COMMON STOCKS** <br>(Cost $1,930) | 1799 |
| **TOTAL INVESTMENTS—99.6%** <br>(Cost $1,930) | **TOTAL INVESTMENTS—99.6%** <br>(Cost $1,930) | 1799 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%** | 7 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1806 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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—October 31, 2025** 

------

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—0.4%** | **AEROSPACE & DEFENSE—0.4%** | **AEROSPACE & DEFENSE—0.4%** |
| 88 | AAR Corp. <sup>\*</sup> | $7 |
| 112 | Moog, Inc. Class A | 23 |
| 44 | Park Aerospace Corp.  | 1 |
| 38 | VSE Corp.  | 7 |
|  |  | 38 |
| **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** | **AIR FREIGHT & LOGISTICS—0.2%** |
| 210 | Forward Air Corp. <sup>\*</sup> | 4 |
| 372 | Hub Group, Inc. Class A | 14 |
|  |  | 18 |
| **AUTOMOBILE COMPONENTS—2.3%** | **AUTOMOBILE COMPONENTS—2.3%** | **AUTOMOBILE COMPONENTS—2.3%** |
| 967 | Adient PLC <sup>\*</sup> | 22 |
| 2160 | American Axle & Manufacturing Holdings, Inc. <sup>\*</sup> | 13 |
| 134 | Cooper-Standard Holdings, Inc. <sup>\*</sup> | 4 |
| 82 | Dorman Products, Inc. <sup>\*</sup> | 11 |
| 254 | Fox Factory Holding Corp. <sup>\*</sup> | 6 |
| 1733 | Garrett Motion, Inc. (Switzerland) | 29 |
| 3658 | Goodyear Tire & Rubber Co. <sup>\*</sup> | 25 |
| 1395 | Holley, Inc. <sup>\*</sup> | 4 |
| 136 | LCI Industries  | 14 |
| 108 | Modine Manufacturing Co. <sup>\*</sup> | 17 |
| 297 | Motorcar Parts of America, Inc. <sup>\*</sup> | 5 |
| 168 | Patrick Industries, Inc.  | 18 |
| 355 | Phinia, Inc.  | 18 |
| 208 | Standard Motor Products, Inc.  | 8 |
| 139 | Visteon Corp.  | 15 |
|  |  | 209 |
| **AUTOMOBILES—0.1%** | **AUTOMOBILES—0.1%** | **AUTOMOBILES—0.1%** |
| 292 | Winnebago Industries, Inc.  | 11 |
| **BANKS—11.7%** | **BANKS—11.7%** | **BANKS—11.7%** |
| 241 | Amalgamated Financial Corp.  | 7 |
| 413 | Ameris Bancorp  | 30 |
| 685 | Associated Banc-Corp.  | 17 |
| 445 | Atlantic Union Bankshares Corp.  | 15 |
| 120 | BancFirst Corp.  | 13 |
| 212 | Bancorp, Inc. <sup>\*</sup> | 14 |
| 49 | Bank First Corp.  | 6 |
| 181 | Bank of Hawaii Corp.  | 12 |
| 260 | Bank of NT Butterfield & Son Ltd. (Bermuda) | 12 |
| 89 | Bank7 Corp.  | 4 |
| 177 | Banner Corp.  | 11 |
| 137 | BayCom Corp.  | 4 |
| 278 | Beacon Financial Corp.  | 7 |
| 288 | Byline Bancorp, Inc.  | 8 |
| 840 | Cadence Bank  | 32 |
| 153 | California BanCorp <sup>\*</sup> | 3 |
| 116 | Camden National Corp.  | 4 |
| 195 | Capital Bancorp, Inc.  | 5 |
| 174 | Carter Bankshares, Inc. <sup>\*</sup> | 3 |
| 312 | Cathay General Bancorp  | 14 |
| 28 | ChoiceOne Financial Services, Inc.  | 1 |
| 66 | City Holding Co.  | 8 |
| 215 | CNB Financial Corp.  | 5 |
| 61 | Coastal Financial Corp. <sup>\*</sup> | 7 |
| 115 | Colony Bankcorp, Inc.  | 2 |
| 188 | Community Financial System, Inc.  | 10 |
| 113 | Community West Bancshares  | 2 |
| 337 | ConnectOne Bancorp, Inc.  | 8 |
| 237 | Customers Bancorp, Inc. <sup>\*</sup> | 16 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 806 | CVB Financial Corp.  | $15 |
| 279 | Dime Community Bancshares, Inc.  | 7 |
| 326 | Eagle Bancorp, Inc.  | 6 |
| 260 | Eastern Bankshares, Inc.  | 5 |
| 232 | Enterprise Financial Services Corp.  | 12 |
| 208 | FB Financial Corp.  | 11 |
| 717 | First BanCorp (Puerto Rico) | 14 |
| 193 | First Bancorp/Southern Pines NC  | 9 |
| 220 | First Bank  | 3 |
| 487 | First Busey Corp.  | 11 |
| 652 | First Commonwealth Financial Corp.  | 10 |
| 574 | First Financial Bancorp  | 13 |
| 279 | First Financial Bankshares, Inc.  | 9 |
| 526 | First Interstate BancSystem, Inc. Class A | 16 |
| 322 | First Merchants Corp.  | 11 |
| 125 | First Western Financial, Inc. <sup>\*</sup> | 3 |
| 2678 | Flagstar Bank NA  | 31 |
| 832 | Fulton Financial Corp.  | 15 |
| 167 | FVCBankcorp, Inc.  | 2 |
| 395 | Glacier Bancorp, Inc.  | 16 |
| 108 | Greene County Bancorp, Inc.  | 2 |
| 421 | Hancock Whitney Corp.  | 24 |
| 397 | Hanmi Financial Corp.  | 11 |
| 356 | HarborOne Bancorp, Inc.  | 4 |
| 300 | HBT Financial, Inc.  | 7 |
| 76 | Home Bancorp, Inc.  | 4 |
| 733 | Home BancShares, Inc.  | 20 |
| 1138 | Hope Bancorp, Inc.  | 12 |
| 183 | Independent Bank Corp.  | 12 |
| 321 | International Bancshares Corp.  | 21 |
| 123 | John Marshall Bancorp, Inc.  | 2 |
| 107 | Lakeland Financial Corp.  | 6 |
| 138 | LINKBANCORP, Inc.  | 1 |
| 161 | Live Oak Bancshares, Inc.  | 5 |
| 169 | Metrocity Bankshares, Inc.  | 4 |
| 134 | Metropolitan Bank Holding Corp.  | 9 |
| 326 | Midland States Bancorp, Inc.  | 5 |
| 194 | National Bank Holdings Corp. Class A | 7 |
| 46 | National Bankshares, Inc.  | 1 |
| 221 | NBT Bancorp, Inc.  | 9 |
| 63 | Nicolet Bankshares, Inc.  | 7 |
| 861 | Northwest Bancshares, Inc.  | 10 |
| 50 | Norwood Financial Corp.  | 1 |
| 88 | Oak Valley Bancorp  | 2 |
| 520 | OceanFirst Financial Corp.  | 10 |
| 321 | OFG Bancorp (Puerto Rico) | 12 |
| 1262 | Old National Bancorp  | 26 |
| 82 | Orange County Bancorp, Inc.  | 2 |
| 56 | Park National Corp.  | 9 |
| 126 | Pathward Financial, Inc.  | 9 |
| 175 | PCB Bancorp  | 4 |
| 295 | Peoples Bancorp, Inc.  | 8 |
| 97 | Peoples Financial Services Corp.  | 4 |
| 120 | Preferred Bank  | 11 |
| 627 | Provident Financial Services, Inc.  | 12 |
| 99 | QCR Holdings, Inc.  | 7 |
| 128 | RBB Bancorp  | 2 |
| 53 | Red River Bancshares, Inc.  | 4 |
| 293 | Renasant Corp.  | 10 |
| 266 | S&T Bancorp, Inc.  | 10 |
| 325 | Seacoast Banking Corp. of Florida  | 10 |
| 167 | ServisFirst Bancshares, Inc.  | 12 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **BANKS—Continued** | **BANKS—Continued** | **BANKS—Continued** |
| 577 | Simmons First National Corp. Class A | $10 |
| 94 | SmartFinancial, Inc.  | 3 |
| 146 | Southside Bancshares, Inc.  | 4 |
| 268 | Stellar Bancorp, Inc.  | 8 |
| 103 | Stock Yards Bancorp, Inc.  | 7 |
| 160 | Texas Capital Bancshares, Inc. <sup>\*</sup> | 13 |
| 259 | Towne Bank  | 8 |
| 290 | TriCo Bancshares  | 13 |
| 79 | Triumph Financial, Inc. <sup>\*</sup> | 4 |
| 177 | TrustCo Bank Corp.  | 7 |
| 190 | UMB Financial Corp.  | 20 |
| 496 | United Bankshares, Inc.  | 18 |
| 490 | United Community Banks, Inc.  | 14 |
| 139 | Unity Bancorp, Inc.  | 6 |
| 211 | Univest Financial Corp.  | 6 |
| 3073 | Valley National Bancorp  | 33 |
| 60 | Virginia National Bankshares Corp.  | 2 |
| 494 | WaFd, Inc.  | 14 |
| 357 | WesBanco, Inc.  | 11 |
| 142 | Westamerica BanCorp  | 7 |
| 321 | WSFS Financial Corp.  | 17 |
|  |  | 1072 |
| **BEVERAGES—0.2%** | **BEVERAGES—0.2%** | **BEVERAGES—0.2%** |
| 230 | MGP Ingredients, Inc.  | 5 |
| 255 | National Beverage Corp. <sup>\*</sup> | 9 |
|  |  | 14 |
| **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** |
| 237 | ADMA Biologics, Inc. <sup>\*</sup> | 4 |
| 232 | Alkermes PLC <sup>\*</sup> | 7 |
| 261 | Catalyst Pharmaceuticals, Inc. <sup>\*</sup> | 6 |
| 294 | Dynavax Technologies Corp. <sup>\*</sup> | 3 |
| 8037 | Ironwood Pharmaceuticals, Inc. <sup>\*</sup> | 15 |
|  |  | 35 |
| **BROADLINE RETAIL—0.4%** | **BROADLINE RETAIL—0.4%** | **BROADLINE RETAIL—0.4%** |
| 1834 | Kohl's Corp.  | 30 |
| 770 | Savers Value Village, Inc. <sup>\*</sup> | 7 |
|  |  | 37 |
| **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** |
| 69 | American Woodmark Corp. <sup>\*</sup> | 4 |
| 114 | Apogee Enterprises, Inc.  | 4 |
| 127 | AZZ, Inc.  | 13 |
| 24 | CSW Industrials, Inc.  | 6 |
| 124 | Gibraltar Industries, Inc. <sup>\*</sup> | 8 |
| 291 | Griffon Corp.  | 21 |
| 170 | Insteel Industries, Inc.  | 5 |
| 1771 | JELD-WEN Holding, Inc. <sup>\*</sup> | 8 |
| 711 | Masterbrand, Inc. <sup>\*</sup> | 9 |
| 186 | Quanex Building Products Corp.  | 3 |
| 973 | Resideo Technologies, Inc. <sup>\*</sup> | 42 |
| 290 | UFP Industries, Inc.  | 27 |
| 172 | Zurn Elkay Water Solutions Corp.  | 8 |
|  |  | 158 |
| **CAPITAL MARKETS—1.3%** | **CAPITAL MARKETS—1.3%** | **CAPITAL MARKETS—1.3%** |
| 220 | Acadian Asset Management, Inc.  | 11 |
| 614 | Artisan Partners Asset Management, Inc. Class A | 27 |
| 136 | Cohen & Steers, Inc.  | 9 |
| 110 | Donnelley Financial Solutions, Inc. <sup>\*</sup> | 5 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** | **CAPITAL MARKETS—Continued** |
| 371 | Marex Group PLC (United Kingdom) | $11 |
| 200 | MarketWise, Inc.  | 3 |
| 93 | Moelis & Co. Class A | 6 |
| 884 | Open Lending Corp. <sup>\*</sup> | 2 |
| 35 | Piper Sandler Cos.  | 11 |
| 69 | PJT Partners, Inc. Class A | 11 |
| 485 | Silvercrest Asset Management Group, Inc. Class A | 7 |
| 46 | Value Line, Inc.  | 2 |
| 71 | Virtus Investment Partners, Inc.  | 11 |
|  |  | 116 |
| **CHEMICALS—2.0%** | **CHEMICALS—2.0%** | **CHEMICALS—2.0%** |
| 285 | AdvanSix, Inc.  | 5 |
| 336 | Avient Corp.  | 11 |
| 49 | Balchem Corp.  | 8 |
| 383 | Cabot Corp.  | 26 |
| 1166 | Chemours Co.  | 16 |
| 753 | Ecovyst, Inc. <sup>\*</sup> | 6 |
| 314 | HB Fuller Co.  | 18 |
| 315 | Ingevity Corp. <sup>\*</sup> | 17 |
| 87 | Innospec, Inc.  | 6 |
| 226 | Koppers Holdings, Inc.  | 6 |
| 595 | Kronos Worldwide, Inc.  | 3 |
| 875 | LSB Industries, Inc. <sup>\*</sup> | 7 |
| 285 | Minerals Technologies, Inc.  | 16 |
| 625 | Orion SA (Germany) | 3 |
| 57 | Quaker Chemical Corp.  | 8 |
| 101 | Sensient Technologies Corp.  | 10 |
| 84 | Stepan Co.  | 4 |
| 2192 | Tronox Holdings PLC  | 8 |
| 386 | Valhi, Inc.  | 5 |
|  |  | 183 |
| **COMMERCIAL SERVICES & SUPPLIES—1.7%** | **COMMERCIAL SERVICES & SUPPLIES—1.7%** | **COMMERCIAL SERVICES & SUPPLIES—1.7%** |
| 320 | ABM Industries, Inc.  | 14 |
| 2321 | ACCO Brands Corp.  | 9 |
| 483 | BrightView Holdings, Inc. <sup>\*</sup> | 6 |
| 256 | Brink's Co.  | 28 |
| 92 | Cimpress PLC (Ireland)<sup>\*</sup> | 6 |
| 52 | CompX International, Inc.  | 1 |
| 481 | Deluxe Corp.  | 9 |
| 221 | Ennis, Inc.  | 4 |
| 614 | Enviri Corp. <sup>\*</sup> | 8 |
| 681 | GEO Group, Inc. <sup>\*</sup> | 12 |
| 154 | HNI Corp.  | 6 |
| 58 | Liquidity Services, Inc. <sup>\*</sup> | 1 |
| 380 | MillerKnoll, Inc.  | 6 |
| 332 | NL Industries, Inc.  | 2 |
| 348 | OPENLANE, Inc. <sup>\*</sup> | 9 |
| 880 | Pitney Bowes, Inc.  | 9 |
| 1127 | Quad/Graphics, Inc.  | 6 |
| 624 | Steelcase, Inc. Class A | 10 |
| 39 | UniFirst Corp.  | 6 |
| 1180 | Vestis Corp.  | 6 |
|  |  | 158 |
| **COMMUNICATIONS EQUIPMENT—0.6%** | **COMMUNICATIONS EQUIPMENT—0.6%** | **COMMUNICATIONS EQUIPMENT—0.6%** |
| 65 | Aviat Networks, Inc. <sup>\*</sup> | 2 |
| 2762 | CommScope Holding Co., Inc. <sup>\*</sup> | 48 |
| 533 | Viavi Solutions, Inc. <sup>\*</sup> | 9 |
|  |  | 59 |

---

------

⬤

------

**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** |
| **CONSTRUCTION & ENGINEERING—1.3%** | **CONSTRUCTION & ENGINEERING—1.3%** | **CONSTRUCTION & ENGINEERING—1.3%** |
| 148 | Arcosa, Inc.  | $15 |
| 28 | Argan, Inc.  | 8 |
| 419 | Concrete Pumping Holdings, Inc.  | 3 |
| 54 | Dycom Industries, Inc. <sup>\*</sup> | 15 |
| 218 | Fluor Corp. <sup>\*</sup> | 11 |
| 38 | IES Holdings, Inc. <sup>\*</sup> | 15 |
| 34 | MYR Group, Inc. <sup>\*</sup> | 7 |
| 162 | Primoris Services Corp.  | 23 |
| 47 | Sterling Infrastructure, Inc. <sup>\*</sup> | 18 |
|  |  | 115 |
| **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** | **CONSTRUCTION MATERIALS—0.1%** |
| 94 | Knife River Corp. <sup>\*</sup> | 6 |
| **CONSUMER FINANCE—3.6%** | **CONSUMER FINANCE—3.6%** | **CONSUMER FINANCE—3.6%** |
| 558 | Bread Financial Holdings, Inc.  | 35 |
| 921 | Consumer Portfolio Services, Inc. <sup>\*</sup> | 8 |
| 304 | Encore Capital Group, Inc. <sup>\*</sup> | 13 |
| 430 | LendingClub Corp. <sup>\*</sup> | 7 |
| 559 | Medallion Financial Corp.  | 5 |
| 12114 | Navient Corp.  | 148 |
| 444 | Nelnet, Inc. Class A | 57 |
| 452 | OppFi, Inc.  | 4 |
| 646 | PRA Group, Inc. <sup>\*</sup> | 9 |
| 267 | PROG Holdings, Inc.  | 8 |
| 573 | Regional Management Corp.  | 23 |
| 123 | World Acceptance Corp. <sup>\*</sup> | 16 |
|  |  | 333 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.4%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.4%** |
| 592 | Grocery Outlet Holding Corp. <sup>\*</sup> | 8 |
| 188 | Natural Grocers by Vitamin Cottage, Inc.  | 6 |
| 176 | PriceSmart, Inc.  | 20 |
|  |  | 34 |
| **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** |
| 2830 | Ardagh Metal Packaging SA  | 10 |
| 301 | Myers Industries, Inc.  | 5 |
| 2694 | O-I Glass, Inc. <sup>\*</sup> | 31 |
| 143 | TriMas Corp.  | 5 |
|  |  | 51 |
| **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** | **DISTRIBUTORS—0.1%** |
| 226 | A-Mark Precious Metals, Inc.  | 6 |
| 224 | GigaCloud Technology, Inc. Class A (Hong Kong)<sup>\*</sup> | 6 |
|  |  | 12 |
| **DIVERSIFIED CONSUMER SERVICES—1.5%** | **DIVERSIFIED CONSUMER SERVICES—1.5%** | **DIVERSIFIED CONSUMER SERVICES—1.5%** |
| 97 | Adtalem Global Education, Inc. <sup>\*</sup> | 9 |
| 124 | American Public Education, Inc. <sup>\*</sup> | 4 |
| 167 | Carriage Services, Inc.  | 7 |
| 893 | Driven Brands Holdings, Inc. <sup>\*</sup> | 13 |
| 266 | European Wax Center, Inc. Class A<sup>\*</sup> | 1 |
| 296 | Frontdoor, Inc. <sup>\*</sup> | 20 |
| 18 | Graham Holdings Co. Class B | 18 |
| 1017 | Laureate Education, Inc. <sup>\*</sup> | 30 |
| 1224 | Mister Car Wash, Inc. <sup>\*</sup> | 7 |
| 126 | OneSpaWorld Holdings Ltd. (Bahamas) | 3 |
| 300 | Perdoceo Education Corp.  | 10 |
| 81 | Strategic Education, Inc.  | 6 |
| 130 | Stride, Inc. <sup>\*</sup> | 9 |
|  |  | 137 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **DIVERSIFIED REITS—0.6%** | **DIVERSIFIED REITS—0.6%** | **DIVERSIFIED REITS—0.6%** |
| 316 | Alexander & Baldwin, Inc.  | $5 |
| 261 | Alpine Income Property Trust, Inc.  | 4 |
| 427 | American Assets Trust, Inc.  | 8 |
| 887 | Broadstone Net Lease, Inc.  | 16 |
| 273 | CTO Realty Growth, Inc.  | 5 |
| 376 | Essential Properties Realty Trust, Inc.  | 11 |
| 96 | Gladstone Commercial Corp.  | 1 |
| 1010 | Global Net Lease, Inc.  | 8 |
|  |  | 58 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.8%** |
| 76 | IDT Corp. Class B | 4 |
| 3773 | Liberty Latin America Ltd. Class C (Puerto Rico)<sup>\*</sup> | 30 |
| 12639 | Lumen Technologies, Inc. <sup>\*</sup> | 130 |
|  |  | 164 |
| **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** | **ELECTRIC UTILITIES—0.5%** |
| 92 | MGE Energy, Inc.  | 8 |
| 417 | Portland General Electric Co.  | 19 |
| 413 | TXNM Energy, Inc.  | 23 |
|  |  | 50 |
| **ELECTRICAL EQUIPMENT—1.2%** | **ELECTRICAL EQUIPMENT—1.2%** | **ELECTRICAL EQUIPMENT—1.2%** |
| 921 | Array Technologies, Inc. <sup>\*</sup> | 8 |
| 459 | Atkore, Inc.  | 32 |
| 238 | EnerSys  | 30 |
| 202 | LSI Industries, Inc.  | 5 |
| 30 | Powell Industries, Inc.  | 11 |
| 47 | Power Solutions International, Inc. <sup>\*</sup> | 4 |
| 41 | Preformed Line Products Co.  | 9 |
| 806 | Shoals Technologies Group, Inc. Class A<sup>\*</sup> | 8 |
| 215 | Thermon Group Holdings, Inc. <sup>\*</sup> | 6 |
|  |  | 113 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.9%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.9%** |
| 70 | Advanced Energy Industries, Inc.  | 14 |
| 34 | Badger Meter, Inc.  | 6 |
| 208 | Belden, Inc.  | 25 |
| 38 | Climb Global Solutions, Inc.  | 4 |
| 111 | ePlus, Inc.  | 8 |
| 47 | Fabrinet (Thailand)<sup>\*</sup> | 21 |
| 162 | Insight Enterprises, Inc. <sup>\*</sup> | 16 |
| 42 | OSI Systems, Inc. <sup>\*</sup> | 12 |
| 98 | PC Connection, Inc.  | 6 |
| 64 | Plexus Corp. <sup>\*</sup> | 9 |
| 341 | Richardson Electronics Ltd.  | 4 |
| 66 | Rogers Corp. <sup>\*</sup> | 6 |
| 213 | ScanSource, Inc. <sup>\*</sup> | 9 |
| 1390 | Vishay Intertechnology, Inc.  | 24 |
| 188 | Vishay Precision Group, Inc. <sup>\*</sup> | 7 |
|  |  | 171 |
| **ENERGY EQUIPMENT & SERVICES—2.9%** | **ENERGY EQUIPMENT & SERVICES—2.9%** | **ENERGY EQUIPMENT & SERVICES—2.9%** |
| 393 | Archrock, Inc.  | 10 |
| 822 | Atlas Energy Solutions, Inc.  | 10 |
| 5398 | Borr Drilling Ltd. (Mexico)<sup>\*</sup> | 17 |
| 148 | Bristow Group, Inc. <sup>\*</sup> | 6 |
| 284 | Cactus, Inc. Class A | 13 |
| 432 | Expro Group Holdings NV <sup>\*</sup> | 6 |
| 192 | Flowco Holdings, Inc. Class A | 3 |
| 1063 | Helmerich & Payne, Inc.  | 28 |
| 415 | Kodiak Gas Services, Inc.  | 15 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** | **ENERGY EQUIPMENT & SERVICES—Continued** |
| 1989 | Liberty Energy, Inc.  | $36 |
| 281 | Nabors Industries Ltd. <sup>\*</sup> | 14 |
| 756 | National Energy Services Reunited Corp. <sup>\*</sup> | 9 |
| 920 | Noble Corp. PLC  | 27 |
| 365 | Oceaneering International, Inc. <sup>\*</sup> | 8 |
| 1758 | Patterson-UTI Energy, Inc.  | 11 |
| 1437 | ProFrac Holding Corp. Class A<sup>\*</sup> | 8 |
| 1213 | ProPetro Holding Corp. <sup>\*</sup> | 13 |
| 129 | Seadrill Ltd. (Norway)<sup>\*</sup> | 4 |
| 71 | Solaris Energy Infrastructure, Inc.  | 4 |
| 1028 | TETRA Technologies, Inc. <sup>\*</sup> | 7 |
| 122 | Tidewater, Inc. <sup>\*</sup> | 6 |
| 217 | Valaris Ltd. <sup>\*</sup> | 12 |
|  |  | 267 |
| **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** |
| 432 | Cinemark Holdings, Inc.  | 12 |
| 5283 | Playtika Holding Corp.  | 19 |
| 247 | Starz Entertainment Corp. <sup>\*</sup> | 3 |
| 175 | Vivid Seats, Inc. Class A<sup>\*</sup> | 2 |
|  |  | 36 |
| **FINANCIAL SERVICES—5.5%** | **FINANCIAL SERVICES—5.5%** | **FINANCIAL SERVICES—5.5%** |
| 892 | Acacia Research Corp. <sup>\*</sup> | 3 |
| 214 | Banco Latinoamericano de Comercio Exterior SA <br> (Panama)<br>| 9 |
| 42 | Cass Information Systems, Inc.  | 2 |
| 2180 | Compass Diversified Holdings  | 14 |
| 947 | Essent Group Ltd.  | 57 |
| 253 | EVERTEC, Inc. (Puerto Rico) | 7 |
| 220 | Federal Agricultural Mortgage Corp. Class C | 35 |
| 389 | HA Sustainable Infrastructure Capital, Inc.  | 11 |
| 1241 | Jackson Financial, Inc. Class A | 125 |
| 665 | Merchants Bancorp  | 21 |
| 856 | NMI Holdings, Inc. <sup>\*</sup> | 31 |
| 569 | Onity Group, Inc. <sup>\*</sup> | 21 |
| 6110 | Pagseguro Digital Ltd. Class A (Brazil) | 59 |
| 615 | Paysafe Ltd. <sup>\*</sup> | 7 |
| 504 | PennyMac Financial Services, Inc.  | 63 |
| 45 | Sezzle, Inc. <sup>\*</sup> | 3 |
| 345 | SWK Holdings Corp.  | 6 |
| 761 | Velocity Financial, Inc. <sup>\*</sup> | 14 |
| 133 | Walker & Dunlop, Inc.  | 11 |
|  |  | 499 |
| **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** | **FOOD PRODUCTS—1.0%** |
| 2811 | B&G Foods, Inc.  | 11 |
| 350 | Cal-Maine Foods, Inc.  | 31 |
| 918 | Dole PLC  | 12 |
| 3475 | Hain Celestial Group, Inc. <sup>\*</sup> | 4 |
| 40 | J&J Snack Foods Corp.  | 3 |
| 76 | John B Sanfilippo & Son, Inc.  | 5 |
| 84 | Marzetti Co.  | 13 |
| 290 | Simply Good Foods Co. <sup>\*</sup> | 6 |
| 534 | SunOpta, Inc. (Canada)<sup>\*</sup> | 3 |
| 145 | Utz Brands, Inc.  | 1 |
| 62 | Vital Farms, Inc. <sup>\*</sup> | 2 |
|  |  | 91 |
| **GAS UTILITIES—1.1%** | **GAS UTILITIES—1.1%** | **GAS UTILITIES—1.1%** |
| 66 | Chesapeake Utilities Corp.  | 8 |
| 515 | New Jersey Resources Corp.  | 23 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GAS UTILITIES—Continued** | **GAS UTILITIES—Continued** | **GAS UTILITIES—Continued** |
| 222 | Northwest Natural Holding Co.  | $10 |
| 307 | Southwest Gas Holdings, Inc.  | 24 |
| 378 | Spire, Inc.  | 33 |
|  |  | 98 |
| **GROUND TRANSPORTATION—0.4%** | **GROUND TRANSPORTATION—0.4%** | **GROUND TRANSPORTATION—0.4%** |
| 181 | ArcBest Corp.  | 14 |
| 244 | Covenant Logistics Group, Inc.  | 5 |
| 232 | PAMT Corp. <sup>\*</sup> | 2 |
| 296 | Universal Logistics Holdings, Inc.  | 5 |
| 320 | Werner Enterprises, Inc.  | 8 |
|  |  | 34 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.1%** |
| 124 | Artivion, Inc. <sup>\*</sup> | 6 |
| 207 | Avanos Medical, Inc. <sup>\*</sup> | 2 |
| 137 | CONMED Corp.  | 6 |
| 1054 | Embecta Corp.  | 14 |
| 120 | Haemonetics Corp. <sup>\*</sup> | 6 |
| 56 | Integer Holdings Corp. <sup>\*</sup> | 4 |
| 715 | Integra LifeSciences Holdings Corp. <sup>\*</sup> | 9 |
| 64 | iRadimed Corp.  | 5 |
| 225 | Lantheus Holdings, Inc. <sup>\*</sup> | 13 |
| 57 | LeMaitre Vascular, Inc.  | 5 |
| 63 | Merit Medical Systems, Inc. <sup>\*</sup> | 5 |
| 742 | Neogen Corp. <sup>\*</sup> | 4 |
| 440 | QuidelOrtho Corp. <sup>\*</sup> | 12 |
| 31 | Semler Scientific, Inc. <sup>\*</sup> | 1 |
| 11 | UFP Technologies, Inc. <sup>\*</sup> | 2 |
| 31 | Utah Medical Products, Inc.  | 2 |
| 294 | Varex Imaging Corp. <sup>\*</sup> | 3 |
|  |  | 99 |
| **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** |
| 1250 | AdaptHealth Corp. <sup>\*</sup> | 11 |
| 686 | Ardent Health, Inc. <sup>\*</sup> | 10 |
| 241 | Astrana Health, Inc. <sup>\*</sup> | 8 |
| 1603 | Aveanna Healthcare Holdings, Inc. <sup>\*</sup> | 14 |
| 485 | BrightSpring Health Services, Inc. <sup>\*</sup> | 16 |
| 13796 | Community Health Systems, Inc. <sup>\*</sup> | 54 |
| 227 | Concentra Group Holdings Parent, Inc.  | 5 |
| 279 | Enhabit, Inc. <sup>\*</sup> | 2 |
| 106 | Ensign Group, Inc.  | 19 |
| 42 | HealthEquity, Inc. <sup>\*</sup> | 4 |
| 54 | National HealthCare Corp.  | 6 |
| 1410 | Owens & Minor, Inc. <sup>\*</sup> | 6 |
| 563 | PACS Group, Inc. <sup>\*</sup> | 7 |
| 777 | Pediatrix Medical Group, Inc. <sup>\*</sup> | 13 |
| 173 | Pennant Group, Inc. <sup>\*</sup> | 4 |
| 515 | Premier, Inc. Class A | 14 |
| 84 | Progyny, Inc. <sup>\*</sup> | 2 |
| 1632 | Select Medical Holdings Corp.  | 23 |
| 877 | Surgery Partners, Inc. <sup>\*</sup> | 19 |
| 60 | U.S. Physical Therapy, Inc.  | 5 |
|  |  | 242 |
| **HEALTH CARE REITS—0.6%** | **HEALTH CARE REITS—0.6%** | **HEALTH CARE REITS—0.6%** |
| 515 | CareTrust REIT, Inc.  | 18 |
| 77 | Global Medical REIT, Inc.  | 2 |
| 142 | National Health Investors, Inc.  | 11 |
| 833 | Sabra Health Care REIT, Inc.  | 15 |
| 231 | Strawberry Fields REIT, Inc.  | 3 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE REITS—Continued** | **HEALTH CARE REITS—Continued** | **HEALTH CARE REITS—Continued** |
| 61 | Universal Health Realty Income Trust  | $2 |
|  |  | 51 |
| **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** | **HEALTH CARE TECHNOLOGY—0.2%** |
| 185 | Claritev Corp. <sup>\*</sup> | 12 |
| 177 | HealthStream, Inc.  | 4 |
| 46 | Simulations Plus, Inc. <sup>\*</sup> | 1 |
|  |  | 17 |
| **HOTEL & RESORT REITS—0.9%** | **HOTEL & RESORT REITS—0.9%** | **HOTEL & RESORT REITS—0.9%** |
| 1680 | Apple Hospitality REIT, Inc.  | 19 |
| 955 | Braemar Hotels & Resorts, Inc.  | 3 |
| 1151 | DiamondRock Hospitality Co.  | 9 |
| 508 | Pebblebrook Hotel Trust  | 5 |
| 1062 | RLJ Lodging Trust  | 7 |
| 248 | Ryman Hospitality Properties, Inc.  | 22 |
| 818 | Sunstone Hotel Investors, Inc.  | 7 |
| 589 | Xenia Hotels & Resorts, Inc.  | 7 |
|  |  | 79 |
| **HOTELS, RESTAURANTS & LEISURE—2.6%** | **HOTELS, RESTAURANTS & LEISURE—2.6%** | **HOTELS, RESTAURANTS & LEISURE—2.6%** |
| 360 | Bally's Corp. <sup>\*</sup> | 7 |
| 1555 | Bloomin' Brands, Inc.  | 11 |
| 2896 | Brightstar Lottery PLC  | 48 |
| 98 | Brinker International, Inc. <sup>\*</sup> | 11 |
| 88 | Cracker Barrel Old Country Store, Inc.  | 3 |
| 377 | Dine Brands Global, Inc.  | 9 |
| 421 | El Pollo Loco Holdings, Inc. <sup>\*</sup> | 4 |
| 135 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 2 |
| 365 | Golden Entertainment, Inc.  | 7 |
| 367 | Inspired Entertainment, Inc. <sup>\*</sup> | 3 |
| 567 | Jack in the Box, Inc.  | 9 |
| 425 | Marriott Vacations Worldwide Corp.  | 28 |
| 79 | Monarch Casino & Resort, Inc.  | 7 |
| 38 | Nathan's Famous, Inc.  | 4 |
| 188 | Papa John's International, Inc.  | 9 |
| 417 | Portillo's, Inc. Class A<sup>\*</sup> | 2 |
| 244 | Pursuit Attractions & Hospitality, Inc. <sup>\*</sup> | 9 |
| 145 | RCI Hospitality Holdings, Inc.  | 4 |
| 2626 | Sabre Corp. <sup>\*</sup> | 5 |
| 503 | Six Flags Entertainment Corp. <sup>\*</sup> | 12 |
| 658 | Super Group SGHC Ltd. (Guernsey) | 7 |
| 1477 | Target Hospitality Corp. <sup>\*</sup> | 11 |
| 490 | United Parks & Resorts, Inc. <sup>\*</sup> | 24 |
| 382 | Xponential Fitness, Inc. Class A<sup>\*</sup> | 3 |
|  |  | 239 |
| **HOUSEHOLD DURABLES—3.6%** | **HOUSEHOLD DURABLES—3.6%** | **HOUSEHOLD DURABLES—3.6%** |
| 387 | Beazer Homes USA, Inc. <sup>\*</sup> | 9 |
| 26 | Cavco Industries, Inc. <sup>\*</sup> | 14 |
| 906 | Cricut, Inc. Class A | 5 |
| 823 | Dream Finders Homes, Inc. Class A<sup>\*</sup> | 16 |
| 483 | Green Brick Partners, Inc. <sup>\*</sup> | 31 |
| 556 | Helen of Troy Ltd. <sup>\*</sup> | 10 |
| 944 | KB Home  | 59 |
| 231 | La-Z-Boy, Inc.  | 7 |
| 151 | Legacy Housing Corp. <sup>\*</sup> | 4 |
| 1694 | Leggett & Platt, Inc.  | 16 |
| 202 | LGI Homes, Inc. <sup>\*</sup> | 8 |
| 386 | M/I Homes, Inc. <sup>\*</sup> | 48 |
| 1192 | Taylor Morrison Home Corp. <sup>\*</sup> | 71 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** | **HOUSEHOLD DURABLES—Continued** |
| 1108 | Tri Pointe Homes, Inc. <sup>\*</sup> | $35 |
|  |  | 333 |
| **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** |
| 300 | Central Garden & Pet Co. <sup>\*</sup> | 9 |
| 937 | Energizer Holdings, Inc.  | 22 |
|  |  | 31 |
| **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** | **INDUSTRIAL REITS—0.3%** |
| 157 | Innovative Industrial Properties, Inc.  | 8 |
| 1200 | LXP Industrial Trust  | 12 |
| 205 | One Liberty Properties, Inc.  | 4 |
| 128 | Terreno Realty Corp.  | 7 |
|  |  | 31 |
| **INSURANCE—2.3%** | **INSURANCE—2.3%** | **INSURANCE—2.3%** |
| 1150 | Ambac Financial Group, Inc. <sup>\*</sup> | 9 |
| 688 | CNO Financial Group, Inc.  | 28 |
| 902 | F&G Annuities & Life, Inc.  | 27 |
| 596 | Fidelis Insurance Holdings Ltd. (United Kingdom) | 11 |
| 3734 | Genworth Financial, Inc. <sup>\*</sup> | 31 |
| 51 | Greenlight Capital Re Ltd. Class A<sup>\*</sup> | 1 |
| 836 | Hamilton Insurance Group Ltd. Class B (Bermuda)<sup>\*</sup> | 20 |
| 64 | HCI Group, Inc.  | 13 |
| 146 | Heritage Insurance Holdings, Inc. <sup>\*</sup> | 3 |
| 120 | Horace Mann Educators Corp.  | 5 |
| 9 | Investors Title Co.  | 2 |
| 365 | James River Group Holdings Ltd.  | 2 |
| 123 | Kingsway Financial Services, Inc. (Canada)<sup>\*</sup> | 2 |
| 49 | Palomar Holdings, Inc. <sup>\*</sup> | 6 |
| 264 | ProAssurance Corp. <sup>\*</sup> | 6 |
| 226 | Selective Insurance Group, Inc.  | 17 |
| 538 | SiriusPoint Ltd. (Sweden)<sup>\*</sup> | 10 |
| 146 | Skyward Specialty Insurance Group, Inc. <sup>\*</sup> | 7 |
| 99 | Stewart Information Services Corp.  | 7 |
| 309 | Tiptree, Inc.  | 5 |
|  |  | 212 |
| **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** | **INTERACTIVE MEDIA & SERVICES—0.6%** |
| 1080 | Bumble, Inc. Class A<sup>\*</sup> | 6 |
| 72 | Cargurus, Inc. <sup>\*</sup> | 3 |
| 452 | Cars.com, Inc. <sup>\*</sup> | 5 |
| 5090 | Getty Images Holdings, Inc. <sup>\*</sup> | 10 |
| 177 | Shutterstock, Inc.  | 4 |
| 453 | TripAdvisor, Inc. <sup>\*</sup> | 7 |
| 133 | Yelp, Inc. <sup>\*</sup> | 4 |
| 307 | Ziff Davis, Inc. <sup>\*</sup> | 10 |
| 870 | ZipRecruiter, Inc. Class A<sup>\*</sup> | 4 |
|  |  | 53 |
| **IT SERVICES—0.3%** | **IT SERVICES—0.3%** | **IT SERVICES—0.3%** |
| 343 | ASGN, Inc. <sup>\*</sup> | 15 |
| 588 | Information Services Group, Inc.  | 3 |
| 1628 | Unisys Corp. <sup>\*</sup> | 6 |
|  |  | 24 |
| **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** |
| 356 | Escalade, Inc.  | 4 |
| 198 | Malibu Boats, Inc. Class A<sup>\*</sup> | 5 |
| 452 | Marine Products Corp.  | 4 |
| 340 | MasterCraft Boat Holdings, Inc. <sup>\*</sup> | 7 |
| 450 | Polaris, Inc.  | 30 |

---

------

⬤

------

**Harbor AlphaEdge™ Small Cap Earners ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **LEISURE PRODUCTS—Continued** | **LEISURE PRODUCTS—Continued** | **LEISURE PRODUCTS—Continued** |
| 632 | Smith & Wesson Brands, Inc.  | $6 |
|  |  | 56 |
| **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** | **LIFE SCIENCES TOOLS & SERVICES—0.1%** |
| 1943 | Maravai LifeSciences Holdings, Inc. Class A<sup>\*</sup> | 6 |
| **MACHINERY—3.1%** | **MACHINERY—3.1%** | **MACHINERY—3.1%** |
| 167 | Aebi Schmidt Holding AG (Switzerland) | 2 |
| 46 | Alamo Group, Inc.  | 8 |
| 106 | Albany International Corp. Class A | 6 |
| 178 | Atmus Filtration Technologies, Inc.  | 8 |
| 102 | Chart Industries, Inc. <sup>\*</sup> | 20 |
| 450 | Columbus McKinnon Corp.  | 7 |
| 184 | Douglas Dynamics, Inc.  | 6 |
| 36 | Enpro, Inc.  | 8 |
| 52 | ESCO Technologies, Inc.  | 11 |
| 79 | Federal Signal Corp.  | 9 |
| 126 | Franklin Electric Co., Inc.  | 12 |
| 124 | Gencor Industries, Inc. <sup>\*</sup> | 2 |
| 179 | Greenbrier Cos., Inc.  | 8 |
| 146 | Helios Technologies, Inc.  | 8 |
| 664 | Hillenbrand, Inc.  | 21 |
| 452 | Hillman Solutions Corp. <sup>\*</sup> | 4 |
| 65 | JBT Marel Corp.  | 8 |
| 23 | Kadant, Inc.  | 6 |
| 423 | Kennametal, Inc.  | 9 |
| 49 | Lindsay Corp.  | 6 |
| 207 | Luxfer Holdings PLC (United Kingdom) | 3 |
| 72 | Miller Industries, Inc.  | 3 |
| 305 | Mueller Water Products, Inc. Class A | 8 |
| 48 | Omega Flex, Inc.  | 1 |
| 187 | REV Group, Inc.  | 10 |
| 56 | SPX Technologies, Inc. <sup>\*</sup> | 13 |
| 74 | Tennant Co.  | 6 |
| 898 | Titan International, Inc. <sup>\*</sup> | 7 |
| 847 | Trinity Industries, Inc.  | 23 |
| 853 | Wabash National Corp.  | 7 |
| 82 | Watts Water Technologies, Inc. Class A | 22 |
| 217 | Worthington Enterprises, Inc.  | 12 |
|  |  | 284 |
| **MARINE TRANSPORTATION—0.5%** | **MARINE TRANSPORTATION—0.5%** | **MARINE TRANSPORTATION—0.5%** |
| 2862 | Costamare, Inc. (Monaco) | 35 |
| 660 | Pangaea Logistics Solutions Ltd.  | 3 |
| 2526 | Safe Bulkers, Inc. (Monaco) | 12 |
|  |  | 50 |
| **MEDIA—2.7%** | **MEDIA—2.7%** | **MEDIA—2.7%** |
| 3834 | Advantage Solutions, Inc. <sup>\*</sup> | 5 |
| 30416 | Altice USA, Inc. Class A<sup>\*</sup> | 68 |
| 3767 | AMC Networks, Inc. Class A<sup>\*</sup> | 29 |
| 177 | Cable One, Inc.  | 26 |
| 1391 | Entravision Communications Corp. Class A | 3 |
| 5514 | EW Scripps Co. Class A<sup>\*</sup> | 13 |
| 760 | Gannett Co., Inc. <sup>\*</sup> | 4 |
| 6942 | Gray Media, Inc.  | 32 |
| 85 | Ibotta, Inc. Class A<sup>\*</sup> | 3 |
| 8110 | iHeartMedia, Inc. Class A<sup>\*</sup> | 24 |
| 356 | John Wiley & Sons, Inc. Class A | 13 |
| 149 | Scholastic Corp.  | 4 |
| 897 | Sinclair, Inc.  | 12 |
| 1210 | Stagwell, Inc. <sup>\*</sup> | 6 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **MEDIA—Continued** | **MEDIA—Continued** | **MEDIA—Continued** |
| 666 | Thryv Holdings, Inc. <sup>\*</sup> | $5 |
|  |  | 247 |
| **METALS & MINING—2.1%** | **METALS & MINING—2.1%** | **METALS & MINING—2.1%** |
| 258 | Alpha Metallurgical Resources, Inc. <sup>\*</sup> | 45 |
| 204 | Caledonia Mining Corp. PLC (South Africa) | 6 |
| 150 | Century Aluminum Co. <sup>\*</sup> | 4 |
| 675 | Commercial Metals Co.  | 40 |
| 883 | Constellium SE <sup>\*</sup> | 14 |
| 2316 | Ferroglobe PLC  | 11 |
| 30 | Kaiser Aluminum Corp.  | 3 |
| 68 | Materion Corp.  | 8 |
| 210 | Metallus, Inc. <sup>\*</sup> | 4 |
| 86 | Olympic Steel, Inc.  | 3 |
| 162 | Ramaco Resources, Inc. Class A<sup>\*</sup> | 5 |
| 412 | Ryerson Holding Corp.  | 9 |
| 816 | SunCoke Energy, Inc.  | 6 |
| 416 | Warrior Met Coal, Inc.  | 28 |
| 94 | Worthington Steel, Inc.  | 3 |
|  |  | 189 |
| **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%** | **MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)—0.5%** |
| 487 | Apollo Commercial Real Estate Finance, Inc.  | 5 |
| 375 | Blackstone Mortgage Trust, Inc. Class A | 7 |
| 215 | Chicago Atlantic Real Estate Finance, Inc.  | 3 |
| 22 | Chimera Investment Corp.  |  |
| 300 | Ellington Financial, Inc.  | 4 |
| 347 | Franklin BSP Realty Trust, Inc.  | 3 |
| 756 | Ladder Capital Corp.  | 8 |
| 88 | MFA Financial, Inc.  | 1 |
| 223 | Nexpoint Real Estate Finance, Inc.  | 3 |
| 352 | PennyMac Mortgage Investment Trust  | 4 |
| 1310 | Ready Capital Corp.  | 4 |
| 299 | Two Harbors Investment Corp.  | 3 |
|  |  | 45 |
| **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** | **MULTI-UTILITIES—0.7%** |
| 380 | Avista Corp.  | 14 |
| 418 | Black Hills Corp.  | 27 |
| 334 | Northwestern Energy Group, Inc.  | 20 |
|  |  | 61 |
| **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** | **OFFICE REITS—0.9%** |
| 2010 | Brandywine Realty Trust  | 7 |
| 727 | City Office REIT, Inc.  | 5 |
| 460 | COPT Defense Properties  | 13 |
| 1348 | Douglas Emmett, Inc.  | 17 |
| 240 | Easterly Government Properties, Inc.  | 5 |
| 1296 | Empire State Realty Trust, Inc. Class A | 10 |
| 1160 | Franklin Street Properties Corp.  | 1 |
| 1947 | Hudson Pacific Properties, Inc. <sup>\*</sup> | 5 |
| 1326 | Paramount Group, Inc. <sup>\*</sup> | 9 |
| 1268 | Piedmont Realty Trust, Inc.  | 10 |
| 331 | Postal Realty Trust, Inc. Class A | 5 |
|  |  | 87 |
| **OIL, GAS & CONSUMABLE FUELS—9.4%** | **OIL, GAS & CONSUMABLE FUELS—9.4%** | **OIL, GAS & CONSUMABLE FUELS—9.4%** |
| 546 | Ardmore Shipping Corp. (Ireland) | 7 |
| 1521 | Berry Corp.  | 5 |
| 851 | California Resources Corp.  | 40 |
| 404 | Calumet, Inc. <sup>\*</sup> | 8 |
| 20 | Centrus Energy Corp. Class A<sup>\*</sup> | 7 |

---

------

⬤

------

**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** |
| **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** | **OIL, GAS & CONSUMABLE FUELS—Continued** |
| 1345 | CNX Resources Corp. <sup>\*</sup> | $45 |
| 1354 | Comstock Resources, Inc. <sup>\*</sup> | 25 |
| 392 | Core Natural Resources, Inc.  | 31 |
| 3276 | Crescent Energy Co. Class A | 28 |
| 1026 | CVR Energy, Inc. <sup>\*</sup> | 37 |
| 631 | DHT Holdings, Inc.  | 8 |
| 437 | Dorian LPG Ltd.  | 13 |
| 399 | Evolution Petroleum Corp.  | 2 |
| 295 | Excelerate Energy, Inc. Class A | 8 |
| 429 | FLEX LNG Ltd. (Norway)<sup>\*</sup> | 11 |
| 219 | Golar LNG Ltd. (Cameroon) | 9 |
| 920 | Granite Ridge Resources, Inc.  | 5 |
| 137 | Gulfport Energy Corp. <sup>\*</sup> | 25 |
| 1888 | HighPeak Energy, Inc.  | 13 |
| 272 | Kinetik Holdings, Inc.  | 10 |
| 12775 | Kosmos Energy Ltd. (Ghana)<sup>\*</sup> | 20 |
| 1274 | Magnolia Oil & Gas Corp. Class A | 29 |
| 2053 | Murphy Oil Corp.  | 58 |
| 9961 | New Fortress Energy, Inc. <sup>\*</sup> | 13 |
| 1376 | Northern Oil & Gas, Inc.  | 30 |
| 636 | Par Pacific Holdings, Inc. <sup>\*</sup> | 25 |
| 2834 | PBF Energy, Inc. Class A | 97 |
| 2622 | Peabody Energy Corp.  | 72 |
| 17 | PrimeEnergy Resources Corp. <sup>\*</sup> | 2 |
| 220 | REX American Resources Corp. <sup>\*</sup> | 7 |
| 239 | Riley Exploration Permian, Inc.  | 6 |
| 790 | Scorpio Tankers, Inc. (Monaco) | 49 |
| 1397 | SFL Corp. Ltd. (Norway) | 10 |
| 2010 | SM Energy Co.  | 42 |
| 2492 | Teekay Corp. Ltd. (Bermuda) | 24 |
| 1686 | VAALCO Energy, Inc.  | 7 |
| 1509 | Vital Energy, Inc. <sup>\*</sup> | 24 |
| 148 | Vitesse Energy, Inc.  | 3 |
| 2827 | W&T Offshore, Inc.  | 6 |
|  |  | 861 |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 178 | Clearwater Paper Corp. <sup>\*</sup> | 3 |
| 467 | Sylvamo Corp.  | 19 |
|  |  | 22 |
| **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** | **PASSENGER AIRLINES—0.3%** |
| 208 | Allegiant Travel Co. <sup>\*</sup> | 13 |
| 96 | SkyWest, Inc. <sup>\*</sup> | 10 |
| 364 | Sun Country Airlines Holdings, Inc. <sup>\*</sup> | 4 |
|  |  | 27 |
| **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** | **PERSONAL CARE PRODUCTS—0.5%** |
| 359 | Edgewell Personal Care Co.  | 7 |
| 2242 | Herbalife Ltd. <sup>\*</sup> | 18 |
| 90 | Interparfums, Inc.  | 8 |
| 249 | Nature's Sunshine Products, Inc. <sup>\*</sup> | 3 |
| 593 | Nu Skin Enterprises, Inc. Class A | 7 |
| 5771 | Olaplex Holdings, Inc. <sup>\*</sup> | 6 |
|  |  | 49 |
| **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** | **PHARMACEUTICALS—0.8%** |
| 1688 | Amneal Pharmaceuticals, Inc. <sup>\*</sup> | 18 |
| 276 | Amphastar Pharmaceuticals, Inc. <sup>\*</sup> | 7 |
| 176 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | 6 |
| 252 | Indivior PLC (United Kingdom)<sup>\*</sup> | 7 |
| 419 | Innoviva, Inc. <sup>\*</sup> | 8 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| 183 | Pacira BioSciences, Inc. <sup>\*</sup> | $4 |
| 204 | Phibro Animal Health Corp. Class A | 9 |
| 223 | Prestige Consumer Healthcare, Inc. <sup>\*</sup> | 14 |
| 625 | SIGA Technologies, Inc.  | 5 |
|  |  | 78 |
| **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** |
| 116 | Barrett Business Services, Inc.  | 5 |
| 104 | CBIZ, Inc. <sup>\*</sup> | 6 |
| 18 | CRA International, Inc.  | 3 |
| 92 | Exponent, Inc.  | 7 |
| 228 | First Advantage Corp. <sup>\*</sup> | 3 |
| 169 | Forrester Research, Inc. <sup>\*</sup> | 1 |
| 106 | Heidrick & Struggles International, Inc.  | 6 |
| 167 | HireQuest, Inc.  | 1 |
| 52 | Huron Consulting Group, Inc. <sup>\*</sup> | 9 |
| 53 | ICF International, Inc.  | 4 |
| 153 | Insperity, Inc.  | 7 |
| 135 | Kforce, Inc.  | 3 |
| 303 | Korn Ferry  | 20 |
| 285 | Maximus, Inc.  | 24 |
| 193 | Mistras Group, Inc. <sup>\*</sup> | 2 |
| 147 | RCM Technologies, Inc. <sup>\*</sup> | 3 |
| 312 | Resources Connection, Inc.  | 1 |
| 255 | TriNet Group, Inc.  | 15 |
| 1105 | TTEC Holdings, Inc. <sup>\*</sup> | 4 |
| 380 | Verra Mobility Corp. <sup>\*</sup> | 9 |
|  |  | 133 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** |
| 1404 | Cushman & Wakefield PLC <sup>\*</sup> | 22 |
| 482 | Forestar Group, Inc. <sup>\*</sup> | 13 |
| 53 | FRP Holdings, Inc. <sup>\*</sup> | 1 |
| 661 | Kennedy-Wilson Holdings, Inc.  | 5 |
| 672 | Newmark Group, Inc. Class A | 12 |
| 493 | RE/MAX Holdings, Inc. Class A<sup>\*</sup> | 4 |
| 131 | St. Joe Co.  | 7 |
|  |  | 64 |
| **RESIDENTIAL REITS—0.2%** | **RESIDENTIAL REITS—0.2%** | **RESIDENTIAL REITS—0.2%** |
| 90 | BRT Apartments Corp.  | 1 |
| 90 | Centerspace  | 5 |
| 420 | Clipper Realty, Inc.  | 2 |
| 612 | Independence Realty Trust, Inc.  | 10 |
|  |  | 18 |
| **RETAIL REITS—1.4%** | **RETAIL REITS—1.4%** | **RETAIL REITS—1.4%** |
| 282 | Acadia Realty Trust  | 5 |
| 17 | Curbline Properties Corp.  | 1 |
| 190 | Getty Realty Corp.  | 5 |
| 183 | InvenTrust Properties Corp.  | 5 |
| 1305 | Kite Realty Group Trust  | 29 |
| 1246 | Macerich Co.  | 21 |
| 354 | NETSTREIT Corp.  | 7 |
| 740 | Phillips Edison & Co., Inc.  | 25 |
| 122 | Saul Centers, Inc.  | 4 |
| 476 | SITE Centers Corp.  | 4 |
| 316 | Tanger, Inc.  | 10 |
| 470 | Urban Edge Properties  | 9 |
| 180 | Whitestone REIT  | 2 |
|  |  | 127 |

---

------

⬤

------

**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** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.6%** |
| 195 | Axcelis Technologies, Inc. <sup>\*</sup> | $15 |
| 110 | FormFactor, Inc. <sup>\*</sup> | 6 |
| 205 | Kulicke & Soffa Industries, Inc. (Singapore) | 8 |
| 87 | NVE Corp.  | 6 |
| 427 | Ultra Clean Holdings, Inc. <sup>\*</sup> | 12 |
| 196 | Veeco Instruments, Inc. <sup>\*</sup> | 6 |
|  |  | 53 |
| **SOFTWARE—1.1%** | **SOFTWARE—1.1%** | **SOFTWARE—1.1%** |
| 255 | A10 Networks, Inc.  | 5 |
| 254 | ACI Worldwide, Inc. <sup>\*</sup> | 12 |
| 713 | Adeia, Inc.  | 12 |
| 20 | Commvault Systems, Inc. <sup>\*</sup> | 3 |
| 354 | Consensus Cloud Solutions, Inc. <sup>\*</sup> | 10 |
| 338 | eGain Corp. <sup>\*</sup> | 5 |
| 204 | I3 Verticals, Inc. Class A<sup>\*</sup> | 6 |
| 74 | InterDigital, Inc.  | 27 |
| 437 | Mitek Systems, Inc. <sup>\*</sup> | 4 |
| 128 | Progress Software Corp. <sup>\*</sup> | 5 |
| 56 | Qualys, Inc. <sup>\*</sup> | 7 |
| 57 | Red Violet, Inc.  | 3 |
| 450 | Rimini Street, Inc. <sup>\*</sup> | 2 |
| 153 | Verint Systems, Inc. <sup>\*</sup> | 3 |
|  |  | 104 |
| **SPECIALIZED REITS—0.3%** | **SPECIALIZED REITS—0.3%** | **SPECIALIZED REITS—0.3%** |
| 244 | Farmland Partners, Inc.  | 2 |
| 281 | Four Corners Property Trust, Inc.  | 7 |
| 673 | Outfront Media, Inc.  | 12 |
| 251 | PotlatchDeltic Corp.  | 10 |
|  |  | 31 |
| **SPECIALTY RETAIL—4.2%** | **SPECIALTY RETAIL—4.2%** | **SPECIALTY RETAIL—4.2%** |
| 219 | Abercrombie & Fitch Co. Class A<sup>\*</sup> | 16 |
| 528 | Academy Sports & Outdoors, Inc.  | 25 |
| 1258 | American Eagle Outfitters, Inc.  | 21 |
| 86 | America's Car-Mart, Inc. <sup>\*</sup> | 2 |
| 737 | Arhaus, Inc. <sup>\*</sup> | 7 |
| 1382 | Arko Corp.  | 6 |
| 244 | Asbury Automotive Group, Inc. <sup>\*</sup> | 57 |
| 66 | Boot Barn Holdings, Inc. <sup>\*</sup> | 13 |
| 280 | Buckle, Inc.  | 15 |
| 92 | Build-A-Bear Workshop, Inc.  | 5 |
| 532 | Caleres, Inc.  | 6 |
| 1022 | Camping World Holdings, Inc. Class A | 13 |
| 1146 | Designer Brands, Inc. Class A | 4 |
| 204 | Haverty Furniture Cos., Inc.  | 4 |
| 88 | J Jill, Inc.  | 1 |
| 349 | MarineMax, Inc. <sup>\*</sup> | 9 |
| 237 | Monro, Inc.  | 3 |
| 522 | ODP Corp. <sup>\*</sup> | 15 |
| 546 | OneWater Marine, Inc. Class A<sup>\*</sup> | 9 |
| 1794 | Petco Health & Wellness Co., Inc. <sup>\*</sup> | 6 |
| 123 | Revolve Group, Inc. <sup>\*</sup> | 3 |
| 1438 | Sally Beauty Holdings, Inc. <sup>\*</sup> | 22 |
| 140 | Shoe Carnival, Inc.  | 3 |
| 368 | Signet Jewelers Ltd.  | 36 |
| 404 | Sleep Number Corp. <sup>\*</sup> | 2 |
| 410 | Sonic Automotive, Inc. Class A | 26 |
| 257 | Tile Shop Holdings, Inc. <sup>\*</sup> | 2 |
| 1114 | Torrid Holdings, Inc. <sup>\*</sup> | 1 |
| 576 | Upbound Group, Inc.  | 11 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| 243 | Urban Outfitters, Inc. <sup>\*</sup> | $16 |
| 825 | Victoria's Secret & Co. <sup>\*</sup> | 29 |
|  |  | 388 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.4%** |
| 554 | CompoSecure, Inc. Class A<sup>\*</sup> | 11 |
| 125 | CPI Card Group, Inc. <sup>\*</sup> | 2 |
| 205 | Diebold Nixdorf, Inc. <sup>\*</sup> | 12 |
| 358 | Immersion Corp.  | 3 |
| 2162 | Xerox Holdings Corp.  | 7 |
|  |  | 35 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.4%** | **TEXTILES, APPAREL & LUXURY GOODS—1.4%** | **TEXTILES, APPAREL & LUXURY GOODS—1.4%** |
| 1066 | Capri Holdings Ltd. <sup>\*</sup> | 22 |
| 471 | Figs, Inc. Class A<sup>\*</sup> | 4 |
| 522 | G-III Apparel Group Ltd. <sup>\*</sup> | 14 |
| 4904 | Hanesbrands, Inc. <sup>\*</sup> | 32 |
| 308 | Kontoor Brands, Inc.  | 25 |
| 292 | Movado Group, Inc.  | 5 |
| 203 | Oxford Industries, Inc.  | 8 |
| 121 | Rocky Brands, Inc.  | 3 |
| 373 | Steven Madden Ltd.  | 13 |
|  |  | 126 |
| **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** | **TRADING COMPANIES & DISTRIBUTORS—1.9%** |
| 105 | BlueLinx Holdings, Inc. <sup>\*</sup> | 7 |
| 319 | Boise Cascade Co.  | 22 |
| 1322 | Custom Truck One Source, Inc. <sup>\*</sup> | 8 |
| 431 | DNOW, Inc. <sup>\*</sup> | 6 |
| 67 | DXP Enterprises, Inc. <sup>\*</sup> | 8 |
| 128 | GATX Corp.  | 20 |
| 171 | Global Industrial Co.  | 5 |
| 248 | Herc Holdings, Inc.  | 35 |
| 658 | Hudson Technologies, Inc. <sup>\*</sup> | 6 |
| 107 | Karat Packaging, Inc.  | 3 |
| 92 | McGrath RentCorp  | 10 |
| 469 | MRC Global, Inc. <sup>\*</sup> | 6 |
| 511 | Rush Enterprises, Inc. Class A | 25 |
| 234 | Titan Machinery, Inc. <sup>\*</sup> | 4 |
| 37 | Willis Lease Finance Corp.  | 5 |
|  |  | 170 |
| **WATER UTILITIES—0.4%** | **WATER UTILITIES—0.4%** | **WATER UTILITIES—0.4%** |
| 147 | American States Water Co.  | 10 |
| 232 | California Water Service Group  | 10 |
| 109 | Global Water Resources, Inc.  | 1 |
| 185 | H2O America  | 9 |
| 244 | Pure Cycle Corp. <sup>\*</sup> | 3 |
| 115 | York Water Co.  | 4 |
|  |  | 37 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 463 | Gogo, Inc. <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** |
| **WIRELESS TELECOMMUNICATION SERVICES—Continued** | **WIRELESS TELECOMMUNICATION SERVICES—Continued** | **WIRELESS TELECOMMUNICATION SERVICES—Continued** |
| 147 | Telephone & Data Systems, Inc.  | $6 |
|  |  | 10 |
| **TOTAL COMMON STOCKS** <br>(Cost $9,271) | **TOTAL COMMON STOCKS** <br>(Cost $9,271) | 9146 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $9,271) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $9,271) | 9146 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 6 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $9152 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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—October 31, 2025** 

------

**Subadvisor:** Quantix Commodities LP

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Short-Term Investments—87.3%** | **Short-Term Investments—87.3%** | **Short-Term Investments—87.3%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **U.S. TREASURY BILLS—87.3%** | **U.S. TREASURY BILLS—87.3%** | **U.S. TREASURY BILLS—87.3%** |
|  | U.S. Treasury Bills |  |
| $213745 | 3.673%—04/09/2026<sup>†</sup> | $210289 |
| 111678 | 3.683%—02/12/2026<sup>†</sup> | 110510 |
| 46771 | 3.689%—03/12/2026<sup>†</sup> | 46145 |
| 162579 | 3.693%—03/12/2026<sup>†</sup> | 160403 |
| 77023 | 3.741%—01/15/2026<sup>†</sup> | 76435 |
| 124252 | 3.797%—01/15/2026<sup>†</sup> | 123304 |
| 131100 | 3.841%—12/18/2025<sup>†</sup> | 130467 |
| 79996 | 3.980%—12/18/2025<sup>†</sup> | 79610 |
| 102255 | 4.177%—11/04/2025<sup>†</sup> | 102244 |
| **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $1,039,250) | **TOTAL SHORT-TERM INVESTMENTS** <br>(Cost $1,039,250) | 1039407 |
| **TOTAL INVESTMENTS—87.3%** <br>(Cost $1,039,250) | **TOTAL INVESTMENTS—87.3%** <br>(Cost $1,039,250) | 1039407 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—12.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—12.7%** | 151403 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1190810 |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** | **SWAP AGREEMENTS** |
| **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** | **OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS** |
| **Counterparty** | **Fixed** <br>**Rate**<br>| **Pay/Receive** <br>**Fixed Rate**<br>| **Reference Index** | **Expiration** <br>**Date**<br>| **Payment** <br>**Frequency**<br>| **Notional** <br>**Amount** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>| **Upfront** <br>**Premiums** <br>**(Received)/** <br>**Paid** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| Macquarie Bank Limited | 0.120% | Pay | Quantix Commodity Index | 11/28/2025 | Monthly | $613435 | $— | $— | $— |
| Goldman Sachs International | 0.120% | Pay | Quantix Commodity Index | 11/28/2025 | Monthly | 577087 |  |  |  |
| Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | Total Over-the-Counter Excess Return Swaps | $— | $— | $— |

---

**FAIR VALUE MEASUREMENTS**

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

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

------

†

Coupon represents yield to maturity

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

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Income Research + Management

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—11.0%** | **Asset-Backed Securities—11.0%** | **Asset-Backed Securities—11.0%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| $250 | Apidos CLO XXXV Ltd. <br>Series 2021-35A Cl. A <br>5.196% (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>| 129 |
| 250 | CIFC Funding Ltd. <br>Series 2024-3A Cl. A1 <br>5.350% (3 Month USD Term SOFR + 1.480%) <br> 07/21/2037<sup>1,2</sup><br>| 251 |
| 88 | Compass Datacenters Issuer III LLC <br>Series 2025-3A Cl. A2 <br>5.286%—07/25/2050<sup>1</sup><br>| 89 |
| 144 | DB Master Finance LLC <br>Series 2021-1A Cl. A2II <br>2.493%—11/20/2051<sup>1</sup><br>| 136 |
| 149 | Domino's Pizza Master Issuer LLC <br>Series 2021-1A Cl. A2I <br>2.662%—04/25/2051<sup>1</sup><br>| 141 |
| 250 | GoldenTree Loan Management U.S. CLO 1 Ltd. <br>Series 2017-1A Cl. A1R3 <br>4.854% (3 Month USD Term SOFR + 0.970%) <br> 04/20/2034<sup>1,2</sup><br>| 250 |
| 84 | Jersey Mike's Funding LLC <br>Series 2024-1A Cl. A2 <br>5.636%—02/15/2055<sup>1</sup><br>| 85 |
| 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>5.861% (3 Month USD Term SOFR + 1.650%) <br> 11/15/2036<sup>1,2</sup><br>| 251 |
| 236 | Planet Fitness Master Issuer LLC <br>Series 2019-1A Cl. A2 <br>3.858%—12/05/2049<sup>1</sup><br>| 226 |
| 100 | Progress Residential Trust <br>Series 2024-SFR3 Cl. A <br>3.000%—06/17/2041<sup>1</sup><br>| 95 |
| 122 | QTS Issuer ABS I LLC <br>Series 2025-1A Cl. A2 <br>5.439%—05/25/2055<sup>1</sup><br>| 124 |
| 146 | Sabey Data Center Issuer LLC <br>Series 2025-2 Cl. A2 <br>5.966%—04/20/2050<sup>1</sup><br>| 151 |
|  | SBA Small Business Investment Cos. |  |
| 115 | Series 2023-10A Cl. 1 <br>5.168%—03/10/2033<br>| 118 |
| 118 | Series 2023-10B Cl. 1 <br>5.688%—09/10/2033<br>| 122 |
|  |  | 240 |
| 127 | Servpro Master Issuer LLC <br>Series 2019-1A Cl. A2 <br>3.882%—10/25/2049<sup>1</sup><br>| 127 |
| 164 | Subway Funding LLC <br>Series 2024-1A Cl. A2I <br>6.028%—07/30/2054<sup>1</sup><br>| 166 |
| 147 | Taco Bell Funding LLC <br>Series 2021-1A Cl. A2II <br>2.294%—08/25/2051<sup>1</sup><br>| 137 |

---

---

| | | |
|:---|:---|:---|
| **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** | **Asset-Backed Securities—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Tricon Residential Trust |  |
| $100 | Series 2024-SFR2 Cl. A <br>4.750%—06/17/2040<sup>1</sup><br>| $100 |
| 148 | Series 2023-SFR2 Cl. A <br>5.000%—12/17/2040<sup>1</sup><br>| 148 |
|  |  | 248 |
|  | U.S. Small Business Administration |  |
| 110 | Series 2017-20I Cl. 1 <br>2.590%—09/01/2037<br>| 103 |
| 79 | Series 2010-20G Cl. 1 <br>3.800%—07/01/2030<br>| 78 |
| 113 | Series 2024-25E Cl. 1 <br>5.240%—05/01/2049<br>| 117 |
| 122 | Series 2024-25D Cl. 1 <br>5.380%—04/01/2049<br>| 126 |
|  |  | 424 |
| 84 | Uniti Fiber Abs Issuer LLC <br>Series 2025-2A Cl. A2 <br>5.177%—01/20/2056<sup>1</sup><br>| 84 |
| 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>| 182 |
| 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 $3,934) | **Total Asset-Backed Securities** <br>(Cost $3,934) | 4037 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—12.7%** | **Collateralized Mortgage Obligations—12.7%** | **Collateralized Mortgage Obligations—12.7%** |
|  | Bank |  |
| 165 | Series 2020-BN30 Cl. A4 <br>1.925%—12/15/2053<br>| 145 |
| 102 | Series 2021-BN33 Cl. A3 <br>2.021%—05/15/2064<br>| 94 |
|  |  | 239 |
| 137 | Barclays Commercial Mortgage Trust <br>Series 2019-C3 Cl. A3 <br>3.319%—05/15/2052<br>| 133 |
| 99 | BBCMS Mortgage Trust <br>Series 2022-C15 Cl. A5 <br>3.662%—04/15/2055<sup>2</sup><br>| 92 |
|  | Benchmark Mortgage Trust |  |
| 150 | Series 2020-B22 Cl. ASB <br>1.731%—01/15/2054<br>| 141 |
| 169 | Series 2021-B28 Cl. A5 <br>2.224%—08/15/2054<br>| 149 |
| 122 | Series 2019-B15 Cl. A5 <br>2.928%—12/15/2072<br>| 114 |
| 157 | Series 2019-B10 Cl. A4 <br>3.717%—03/15/2062<br>| 153 |
| 126 | Series 2025-V14 Cl. A4 <br>5.660%—04/15/2057<br>| 132 |
|  |  | 689 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $110 | BFLD Commercial Mortgage Trust <br>Series 2025-5MW Cl. A <br>4.674%—10/10/2042<sup>1,2</sup><br>| $110 |
| 100 | BFLD Trust <br>Series 2025-FPM Cl. A <br>5.011%—10/10/2040<sup>1,2</sup><br>| 101 |
| 150 | BMO Mortgage Trust <br>Series 2024-5C4 Cl. A3 <br>6.526%—05/15/2057<sup>2</sup><br>| 160 |
| 106 | BSTN Commercial Mortgage Trust <br>Series 2025-1C Cl. A <br>5.369%—06/15/2044<sup>1,2</sup><br>| 110 |
|  | BX Commercial Mortgage Trust |  |
| 100 | Series 2024-XL5 Cl. A <br>5.424% (1 Month USD Term SOFR + 1.392%) <br> 03/15/2041<sup>1,2</sup><br>| 100 |
| 93 | Series 2024-XL4 Cl. A <br>5.474% (1 Month USD Term SOFR + 1.442%) <br> 02/15/2039<sup>1,2</sup><br>| 93 |
|  |  | 193 |
| 125 | BX Trust <br>Series 2024-BIO Cl. A <br>5.674% (1 Month USD Term SOFR + 1.642%) <br> 02/15/2041<sup>1,2</sup><br>| 125 |
| 100 | CENT Trust <br>Series 2025-CITY Cl. A <br>4.920%—07/10/2040<sup>1,2</sup><br>| 101 |
| 75 | Chase Home Lending Mortgage Trust <br>Series 2025-9 Cl. A4A <br>5.500%—06/25/2056<sup>1,2</sup><br>| 76 |
|  | Citigroup Mortgage Loan Trust, Inc. |  |
| 109 | Series 2025-1 Cl. A8 <br>5.500%—01/25/2055<sup>1,2</sup><br>| 110 |
| 112 | Series 2025-3 Cl. A11 <br>5.500%—06/25/2055<sup>1,2</sup><br>| 113 |
|  |  | 223 |
| 49 | EQT Trust <br>Series 2024-EXTR Cl. A <br>5.331%—07/05/2041<sup>1,2</sup><br>| 50 |
| 100 | Fashion Show Mall LLC <br>Series 2024-SHOW Cl. A <br>5.104%—10/10/2041<sup>1,2</sup><br>| 102 |
| 154 | GS Mortgage Securities Corp. Trust <br>Series 2023-SHIP Cl. A <br>4.322%—09/10/2038<sup>1,2</sup><br>| 154 |
| 61 | GS Mortgage-Backed Securities Trust <br>Series 2024-PJ5 Cl. A15 <br>6.000%—09/25/2054<sup>1,2</sup><br>| 62 |
| 100 | JP Morgan Chase Commercial Mortgage Securities <br> Trust <br>Series 2024-OMNI Cl. A <br>5.797%—10/05/2039<sup>1,2</sup><br>| 102 |
|  | JP Morgan Mortgage Trust |  |
| 174 | Series 2024-3 Cl. A6 <br>3.000%—05/25/2054<sup>1,2</sup><br>| 163 |
| 172 | Series 2025-7MPR Cl. A1D <br>5.324%—02/25/2056<sup>1,3</sup><br>| 172 |
| 100 | Series 2023-4 Cl. 1A4A <br>5.500%—11/25/2053<sup>1,2</sup><br>| 101 |
| 90 | Series 2025-5MPR Cl. A1D <br>5.500%—11/25/2055<sup>1,3</sup><br>| 90 |
| 179 | Series 2025-8 Cl. A4A <br>5.500%—02/25/2056<sup>1,2</sup><br>| 180 |

---

---

| | | |
|:---|:---|:---|
| **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** | **Collateralized Mortgage Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| $82 | Series 2024-5 Cl. A4 <br>6.000%—11/25/2054<sup>1,2</sup><br>| $83 |
| 35 | Series 2024-6 Cl. A6 <br>6.000%—12/25/2054<sup>1,2</sup><br>| 35 |
|  |  | 824 |
| 132 | KIND Commercial Mortgage Trust <br>Series 2024-1 Cl. A <br>5.922% (1 Month USD Term SOFR + 1.890%) <br> 08/15/2041<sup>1,2</sup><br>| 132 |
| 100 | NYC Commercial Mortgage Trust <br>Series 2025-28L Cl. A <br>4.668%—11/05/2038<sup>1,2</sup><br>| 100 |
|  | Sequoia Mortgage Trust |  |
| 126 | Series 2025-5 Cl. A5 <br>5.500%—06/25/2055<sup>1,2</sup><br>| 126 |
| 143 | Series 2025-7 Cl. A11 <br>5.500%—08/25/2055<sup>1,2</sup><br>| 143 |
| 66 | Series 2024-5 Cl. A5 <br>6.000%—06/25/2054<sup>1,2</sup><br>| 66 |
| 89 | Series 2024-6 Cl. A5 <br>6.000%—07/27/2054<sup>1,2</sup><br>| 91 |
| 58 | Series 2024-7 Cl. A11 <br>6.000%—08/25/2054<sup>1,2</sup><br>| 58 |
|  |  | 484 |
| 100 | SWCH Commercial Mortgage Trust <br>Series 2025-DATA Cl. A <br>5.475% (1 Month USD Term SOFR + 1.443%) <br> 02/15/2042<sup>1,2</sup><br>| 100 |
| 73 | Towd Point Mortgage Trust <br>Series 2018-3 Cl. A1 <br>3.750%—05/25/2058<sup>1,2</sup><br>| 72 |
| 104 | WHARF Commercial Mortgage Trust <br>Series 2025-DC Cl. A <br>5.350%—07/15/2040<sup>1,2</sup><br>| 107 |
| **Total Collateralized Mortgage Obligations** <br>(Cost $4,573) | **Total Collateralized Mortgage Obligations** <br>(Cost $4,573) | 4641 |

---

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—30.4%** | **Corporate Bonds & Notes—30.4%** | **Corporate Bonds & Notes—30.4%** |
| **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** |
| 112 | Embraer Netherlands Finance BV <br>5.980%—02/11/2035<br>| 120 |
| 114 | Hexcel Corp. <br>5.875%—02/26/2035<br>| 120 |
|  |  | 240 |
| **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** |
| 171 | Aptiv Swiss Holdings Ltd. <br>4.150%—05/01/2052<br>| 133 |
| **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** | **AUTOMOBILE COMPONENTS—0.3%** |
| 120 | American Axle & Manufacturing, Inc. <br>6.375%—10/15/2032<sup>1</sup><br>| 120 |
| **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** | **AUTOMOBILES—0.8%** |
| 200 | Ford Motor Credit Co. LLC <br>6.125%—03/08/2034<br>| 202 |
| 102 | General Motors Financial Co., Inc. <br>5.750%—02/08/2031<br>| 107 |
|  |  | 309 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **BANKS—2.5%** | **BANKS—2.5%** | **BANKS—2.5%** |
| $200 | Barclays PLC <br>6.490%—09/13/2029<sup>4</sup><br>| $211 |
| 83 | Citigroup, Inc. <br>4.952%—05/07/2031<sup>4</sup><br>| 85 |
| 200 | ING Groep NV <br>6.114%—09/11/2034<sup>4</sup><br>| 216 |
| 200 | Lloyds Banking Group PLC <br>6.068%—06/13/2036<sup>4</sup><br>| 210 |
| 163 | Truist Financial Corp. MTN <br>7.161%—10/30/2029<sup>4</sup><br>| 176 |
|  |  | 898 |
| **BEVERAGES—0.6%** | **BEVERAGES—0.6%** | **BEVERAGES—0.6%** |
| 200 | Diageo Investment Corp. <br>5.625%—04/15/2035<br>| 212 |
| **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** | **BUILDING PRODUCTS—0.4%** |
| 135 | Standard Building Solutions, Inc. <br>6.250%—08/01/2033<sup>1</sup><br>| 138 |
| **CAPITAL MARKETS—4.0%** | **CAPITAL MARKETS—4.0%** | **CAPITAL MARKETS—4.0%** |
| 124 | Blackstone Holdings Finance Co. LLC <br>6.200%—04/22/2033<sup>1</sup><br>| 135 |
| 67 | Blue Owl Capital Corp. <br>2.875%—06/11/2028<br>| 63 |
| 100 | Blue Owl Credit Income Corp. <br>6.600%—09/15/2029<br>| 103 |
|  | Brookfield Finance, Inc. |  |
| 132 | 2.724%—04/15/2031 | 121 |
| 165 | 6.300%—01/15/2055<sup>4</sup> | 164 |
|  |  | 285 |
| 107 | Golub Capital BDC, Inc. <br>7.050%—12/05/2028<br>| 112 |
| 101 | Golub Capital Private Credit Fund <br>5.800%—09/12/2029<br>| 103 |
| 84 | Hercules Capital, Inc. <br>6.000%—06/16/2030<br>| 85 |
| 140 | KKR Group Finance Co. VI LLC <br>3.750%—07/01/2029<sup>1</sup><br>| 137 |
| 60 | Main Street Capital Corp. <br>6.950%—03/01/2029<br>| 63 |
| 45 | Oaktree Specialty Lending Corp. <br>2.700%—01/15/2027<br>| 44 |
|  | Sixth Street Lending Partners |  |
| 50 | 5.750%—01/15/2030 | 51 |
| 86 | 6.500%—03/11/2029 | 89 |
|  |  | 140 |
| 200 | UBS Group AG <br>2.746%—02/11/2033<sup>1,4</sup><br>| 179 |
|  |  | 1449 |
| **COMMERCIAL SERVICES & SUPPLIES—0.6%** | **COMMERCIAL SERVICES & SUPPLIES—0.6%** | **COMMERCIAL SERVICES & SUPPLIES—0.6%** |
| 84 | ADT Security Corp. <br>5.875%—10/15/2033<sup>1</sup><br>| 85 |
| 170 | Triton Container International Ltd./TAL International <br> Container Corp. <br>3.250%—03/15/2032<br>| 153 |
|  |  | 238 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMUNICATIONS EQUIPMENT—0.4%** | **COMMUNICATIONS EQUIPMENT—0.4%** | **COMMUNICATIONS EQUIPMENT—0.4%** |
| $134 | 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>| $135 |
| **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** | **CONTAINERS & PACKAGING—0.5%** |
| 180 | Sonoco Products Co. <br>4.600%—09/01/2029<br>| 181 |
| **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>| 154 |
| 99 | Air Lease Corp. <br>1.875%—08/15/2026<br>| 97 |
| 71 | Aircastle Ltd. <br>5.950%—02/15/2029<sup>1</sup><br>| 74 |
| 250 | Atlas Warehouse Lending Co. LP <br>6.050%—01/15/2028<sup>1</sup><br>| 257 |
| 137 | Capital One Financial Corp. <br>5.884%—07/26/2035<sup>4</sup><br>| 144 |
| 250 | Depository Trust & Clearing Corp. <br>3.375%—06/20/2026<sup>1,4</sup><br>| 246 |
| 86 | GGAM Finance Ltd. <br>8.000%—02/15/2027<sup>1</sup><br>| 88 |
| 88 | Macquarie Airfinance Holdings Ltd. <br>5.150%—03/17/2030<sup>1</sup><br>| 89 |
|  |  | 1149 |
| **DIVERSIFIED REITS—0.5%** | **DIVERSIFIED REITS—0.5%** | **DIVERSIFIED REITS—0.5%** |
|  | SBA Tower Trust |  |
| 100 | 1.631%—05/15/2051<sup>1</sup> | 97 |
| 102 | 6.599%—11/15/2052<sup>1</sup> | 105 |
|  |  | 202 |
| **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** |
| 97 | Berkshire Hathaway Energy Co. <br>6.125%—04/01/2036<br>| 105 |
| 158 | CMS Energy Corp. <br>3.750%—12/01/2050<sup>4</sup><br>| 146 |
| 58 | Dominion Energy, Inc. <br>6.875%—02/01/2055<sup>4</sup><br>| 61 |
| 168 | Exelon Corp. <br>4.450%—04/15/2046<br>| 144 |
| 79 | National Rural Utilities Cooperative Finance Corp. <br>7.125%—09/15/2053<sup>4</sup><br>| 83 |
| 115 | New England Power Co. <br>5.936%—11/25/2052<sup>1</sup><br>| 120 |
| 53 | NextEra Energy Capital Holdings, Inc. <br>6.375%—08/15/2055<sup>4</sup><br>| 56 |
| 118 | NRG Energy, Inc. <br>6.000%—01/15/2036<sup>1</sup><br>| 120 |
|  |  | 835 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.3%** |
| 143 | TD SYNNEX Corp. <br>2.650%—08/09/2031<br>| 128 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.6%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.6%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.6%** |
| 141 | COPT Defense Properties LP <br>2.000%—01/15/2029<br>| 131 |
| 141 | EPR Properties <br>4.500%—06/01/2027<br>| 141 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued** |
| $67 | GLP Capital LP/GLP Financing II, Inc. <br>4.000%—01/15/2030<br>| $65 |
| 141 | Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>5.500%—08/01/2030<br>| 144 |
| 91 | VICI Properties LP <br>5.750%—04/01/2034<br>| 94 |
|  |  | 575 |
| **FINANCIAL SERVICES—0.9%** | **FINANCIAL SERVICES—0.9%** | **FINANCIAL SERVICES—0.9%** |
| 80 | Charles Schwab Corp. <br>5.853%—05/19/2034<sup>4</sup><br>| 86 |
| 65 | Macquarie Airfinance Holdings Ltd. <br>6.400%—03/26/2029<sup>1</sup><br>| 68 |
| 163 | Navient Corp. <br>4.875%—03/15/2028<br>| 160 |
|  |  | 314 |
| **HEALTH CARE PROVIDERS & SERVICES—1.0%** | **HEALTH CARE PROVIDERS & SERVICES—1.0%** | **HEALTH CARE PROVIDERS & SERVICES—1.0%** |
| 139 | CVS Pass-Through Trust <br>5.926%—01/10/2034<sup>1</sup><br>| 143 |
| 120 | DaVita, Inc. <br>6.750%—07/15/2033<sup>1</sup><br>| 125 |
| 108 | Pediatrix Medical Group, Inc. <br>5.375%—02/15/2030<sup>1</sup><br>| 107 |
|  |  | 375 |
| **INDUSTRIAL CONGLOMERATES—0.6%** | **INDUSTRIAL CONGLOMERATES—0.6%** | **INDUSTRIAL CONGLOMERATES—0.6%** |
| 200 | Ashtead Capital, Inc. <br>5.550%—05/30/2033<sup>1</sup><br>| 206 |
| **INSURANCE—2.1%** | **INSURANCE—2.1%** | **INSURANCE—2.1%** |
| 175 | Brown & Brown, Inc. <br>5.250%—06/23/2032<br>| 180 |
| 170 | Fortitude Group Holdings LLC <br>6.250%—04/01/2030<sup>1</sup><br>| 177 |
|  | Global Atlantic Fin Co. |  |
| 157 | 3.125%—06/15/2031<sup>1</sup> | 141 |
| 82 | 7.950%—06/15/2033<sup>1</sup> | 94 |
|  |  | 235 |
| 195 | SBL Holdings, Inc. <br>5.000%—02/18/2031<sup>1</sup><br>| 181 |
|  |  | 773 |
| **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>| 68 |
| **MACHINERY—0.2%** | **MACHINERY—0.2%** | **MACHINERY—0.2%** |
| 89 | Terex Corp. <br>6.250%—10/15/2032<sup>1</sup><br>| 90 |
| **MEDIA—0.3%** | **MEDIA—0.3%** | **MEDIA—0.3%** |
| 109 | Charter Communications Operating LLC/Charter <br> Communications Operating Capital <br>6.384%—10/23/2035<br>| 113 |
| **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** |
|  | Columbia Pipelines Operating Co. LLC |  |
| 23 | 5.962%—02/15/2055<sup>1</sup> | 23 |
| 102 | 6.036%—11/15/2033<sup>1</sup> | 109 |
|  |  | 132 |

---

---

| | | |
|:---|:---|:---|
| **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** |
|  | ConocoPhillips Co. |  |
| $17 | 5.500%—01/15/2055 | $17 |
| 44 | 5.550%—03/15/2054 | 43 |
|  |  | 60 |
| 68 | Enbridge, Inc. <br>5.750%—07/15/2080<sup>4</sup><br>| 68 |
| 88 | Florida Gas Transmission Co. LLC <br>5.750%—07/15/2035<sup>1</sup><br>| 92 |
| 58 | Gulfstream Natural Gas System LLC <br>5.600%—07/23/2035<sup>1</sup><br>| 59 |
| 142 | Kinder Morgan, Inc. <br>5.850%—06/01/2035<br>| 150 |
| 107 | Occidental Petroleum Corp. <br>0.000%—10/10/2036<sup>5</sup><br>| 64 |
| 80 | Venture Global LNG, Inc. <br>7.000%—01/15/2030<sup>1</sup><br>| 81 |
|  |  | 706 |
| **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** |
| 38 | Delta Air Lines Pass-Through Trust <br>2.000%—12/10/2029<br>| 36 |
| 146 | United Airlines Pass-Through Trust <br>2.700%—11/01/2033<br>| 135 |
|  |  | 171 |
| **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** | **PHARMACEUTICALS—0.1%** |
| 28 | Teva Pharmaceutical Finance Netherlands III BV <br>3.150%—10/01/2026<br>| 28 |
| **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** |
| 86 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 84 |
| 83 | Verisk Analytics, Inc. <br>5.250%—03/15/2035<br>| 85 |
|  |  | 169 |
| **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** | **ROAD & RAIL—0.2%** |
| 71 | Norfolk Southern Corp. <br>4.050%—08/15/2052<br>| 57 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—0.8%** |
| 123 | Broadcom, Inc. <br>4.000%—04/15/2029<sup>1</sup><br>| 122 |
| 61 | KLA Corp. <br>5.650%—11/01/2034<br>| 66 |
| 108 | NXP BV/NXP Funding LLC/NXP USA, Inc. <br>4.300%—06/18/2029<br>| 108 |
|  |  | 296 |
| **SOFTWARE—0.7%** | **SOFTWARE—0.7%** | **SOFTWARE—0.7%** |
| 134 | Oracle Corp. <br>3.600%—04/01/2040<br>| 105 |
| 172 | VMware LLC <br>1.400%—08/15/2026<br>| 168 |
|  |  | 273 |
| **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** | **SPECIALTY RETAIL—0.7%** |
| 62 | Group 1 Automotive, Inc. <br>4.000%—08/15/2028<sup>1</sup><br>| 60 |
| 123 | Lithia Motors, Inc. <br>3.875%—06/01/2029<sup>1</sup><br>| 118 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** | **SPECIALTY RETAIL—Continued** |
| $34 | Macy's Retail Holdings LLC <br>7.375%—08/01/2033<sup>1</sup><br>| $36 |
| 40 | Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 41 |
|  |  | 255 |
| **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** | **TRADING COMPANIES & DISTRIBUTORS—0.5%** |
| 200 | Ferguson Finance PLC <br>4.650%—04/20/2032<sup>1</sup><br>| 199 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** |
| 58 | Rogers Communications, Inc. <br>7.500%—08/15/2038<br>| 68 |
| **Total Corporate Bonds & Notes** <br>(Cost $10,773) | **Total Corporate Bonds & Notes** <br>(Cost $10,773) | 11103 |

---

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

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—24.1%** | **Mortgage Pass-Through—24.1%** | **Mortgage Pass-Through—24.1%** |
|  | Federal Home Loan Mortgage Corp. |  |
| 267 | <br>2.000%—12/01/2051 | 218 |
| 831 | <br>2.500%—02/01/2035-04/01/2052 | 723 |
| 716 | <br>3.000%—12/01/2046-07/01/2051 | 647 |
| 313 | <br>3.500%—05/01/2033-05/01/2035 | 307 |
| 169 | <br>4.000%—06/01/2048 | 164 |
| 662 | <br>4.500%—01/01/2049-05/01/2053 | 657 |
| 266 | <br>5.000%—04/01/2053-01/01/2055 | 267 |
| 573 | <br>5.500%—09/01/2053-03/01/2054 | 588 |
|  |  | 3571 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |
| 211 | Series 5035 Cl. IJ <br>2.000%—02/25/2050<br>| 24 |
| 318 | Series 5462 <br>2.000%—05/25/2037<br>| 22 |
| 301 | Series 5347 Cl. AS <br>2.347% (30 day USD Average SOFR + 6.530%) <br> 10/25/2053<sup>2</sup><br>| 26 |
| 271 | Series 5158 Cl. BI <br>3.000%—05/25/2035<br>| 21 |
| 146 | Series 4733 Cl. EI <br>5.000%—07/15/2041<br>| 20 |
|  |  | 113 |
|  | Federal Home Loan Mortgage Corp. STRIPS |  |
| 416 | Series 414 Cl. C1 <br>1.500%—03/25/2037<br>| 23 |
| 313 | Series 400 Cl. C14 <br>2.000%—07/25/2037<br>| 22 |
| 480 | Series 414 Cl. C2 <br>2.000%—04/25/2037<br>| 34 |
| 274 | Series 414 Cl. C6 <br>4.000%—04/25/2039<br>| 35 |
|  |  | 114 |
|  | Federal National Mortgage Association |  |
| 312 | <br>2.000%—04/01/2051 | 255 |
| 1657 | <br>2.500%—08/01/2035-04/01/2052 | 1460 |
| 475 | <br>3.500%—10/01/2047-04/01/2050 | 445 |
| 458 | <br>4.000%—12/01/2047-04/01/2050 | 444 |
| 281 | <br>4.500%—07/01/2048-11/01/2048 | 280 |
| 716 | <br>5.000%—07/01/2052-09/01/2052 | 724 |
|  |  | 3608 |

---

---

| | | |
|:---|:---|:---|
| **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** | **Mortgage Pass-Through—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | Federal National Mortgage Association Interest <br> STRIPS<br>|  |
| $444 | Series 427 Cl. C55 <br>1.500%—02/25/2037<br>| $25 |
| 474 | Series 429 Cl. C11 <br>1.500%—03/25/2038<br>| 23 |
| 474 | Series 433 Cl. C3 <br>2.000%—08/25/2037<br>| 34 |
| 390 | Series 444 Cl. C2 <br>2.000%—10/25/2037<br>| 23 |
| 212 | Series 435 Cl. C4 <br>3.000%—10/25/2037<br>| 15 |
|  |  | 120 |
|  | Federal National Mortgage Association REMICS |  |
| 818 | Series 2021-67 Cl. AI <br>0.525%—10/25/2051<sup>2</sup><br>| 44 |
| 428 | Series 2020-81 Cl. AI <br>1.500%—11/25/2035<br>| 22 |
|  |  | 66 |
|  | Government National Mortgage Association |  |
| 147 | <br>2.000%—02/20/2052 | 123 |
| 500 | <br>2.500%—09/20/2051 | 433 |
| 201 | <br>3.500%—05/20/2052 | 185 |
| 129 | <br>4.500%—08/20/2048 | 129 |
| 109 | <br>5.000%—10/20/2053 | 109 |
| 108 | <br>5.500%—05/20/2053 | 110 |
|  |  | 1089 |
|  | Government National Mortgage Association <br> REMICS<br>|  |
| 466 | Series 2019-35 Cl. SE <br>2.004% (1 Month USD Term SOFR + 6.036%) <br> 01/16/2044<sup>2</sup><br>| 25 |
| 172 | Series 2021-137 Cl. NI <br>3.000%—08/20/2051<br>| 25 |
| 208 | Series 2018-72 Cl. IC <br>4.000%—05/20/2045<br>| 36 |
| 128 | Series 2020-146 Cl. IG <br>5.500%—09/20/2046<br>| 21 |
| 46 | Series 2024-107 <br>6.500%—06/20/2054<br>| 7 |
|  |  | 114 |
| **Total Mortgage Pass-Through** <br>(Cost $8,553) | **Total Mortgage Pass-Through** <br>(Cost $8,553) | 8795 |

---

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

---

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

---

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

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—20.2%** | **U.S. Government Obligations—20.2%** | **U.S. Government Obligations—20.2%** |
|  | U.S. Treasury Bonds |  |
| 59 | <br>4.250%—08/15/2054 | 55 |
| 1913 | <br>4.500%—02/15/2044 | 1886 |
| 1464 | 4.625%—11/15/2044-02/15/2055 | 1460 |
| 1832 | <br>4.750%—08/15/2055 | 1857 |
| 365 | <br>4.875%—08/15/2045 | 376 |
|  |  | 5634 |

---

------

⬤

------

**Harbor Disciplined Bond ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** | **U.S. Government Obligations—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
|  | U.S. Treasury Notes |  |
| $123 | <br>3.625%—08/31/2030 | $123 |
| 967 | <br>4.000%—05/31/2030 | 980 |
| 619 | 4.250%—11/15/2034-05/15/2035 | 627 |
|  |  | 1730 |
| **Total U.S. Government Obligations** <br>(Cost $7,265) | **Total U.S. Government Obligations** <br>(Cost $7,265) | 7364 |
| **TOTAL INVESTMENTS—98.7%** <br>(Cost $35,210) | **TOTAL INVESTMENTS—98.7%** <br>(Cost $35,210) | 36056 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | 479 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $36535 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 October 31, 2025, the aggregate value of these securities was $11,182 or 31% of net assets.

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

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

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

Zero coupon bond

CLO

Collateralized Loan Obligation

MTN

Medium Term Note

REMICS

Real Estate Mortgage Investment Conduits

STRIPS

Separate Trading of Registered Interest and Principal of Securities

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

------

⬤

------

**Harbor Dividend Growth Leaders ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

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

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** |
| **BANKS—12.0%** | **BANKS—12.0%** | **BANKS—12.0%** |
| 110655 | Bank of America Corp.  | $5914 |
| 178359 | KeyCorp  | 3137 |
| 17185 | M&T Bank Corp.  | 3160 |
| 296439 | Mitsubishi UFJ Financial Group, Inc. ADR (Japan)<sup>1</sup> | 4485 |
| 263327 | Sumitomo Mitsui Financial Group, Inc. ADR (Japan)<sup>1</sup> | 4287 |
| 50476 | Wells Fargo & Co.  | 4390 |
|  |  | 25373 |
| **BEVERAGES—2.5%** | **BEVERAGES—2.5%** | **BEVERAGES—2.5%** |
| 77032 | Coca-Cola Co.  | 5307 |
| **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** |
| 8144 | Trane Technologies PLC  | 3654 |
| **CAPITAL MARKETS—6.9%** | **CAPITAL MARKETS—6.9%** | **CAPITAL MARKETS—6.9%** |
| 23656 | ARES Management Corp. Class A | 3518 |
| 158865 | Blue Owl Capital, Inc.  | 2505 |
| 10791 | CME Group, Inc.  | 2865 |
| 4095 | Goldman Sachs Group, Inc.  | 3233 |
| 16770 | Intercontinental Exchange, Inc.  | 2453 |
|  |  | 14574 |
| **COMMERCIAL SERVICES & SUPPLIES—3.7%** | **COMMERCIAL SERVICES & SUPPLIES—3.7%** | **COMMERCIAL SERVICES & SUPPLIES—3.7%** |
| 24442 | Cintas Corp.  | 4479 |
| 57700 | Rollins, Inc.  | 3324 |
|  |  | 7803 |
| **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** | **CONSUMER FINANCE—1.0%** |
| 13585 | FirstCash Holdings, Inc.  | 2153 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.9%** |
| 36612 | Kroger Co.  | 2330 |
| 37162 | Walmart, Inc.  | 3760 |
|  |  | 6090 |
| **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** | **ELECTRIC UTILITIES—2.3%** |
| 58326 | NextEra Energy, Inc.  | 4748 |
| **ELECTRICAL EQUIPMENT—2.9%** | **ELECTRICAL EQUIPMENT—2.9%** | **ELECTRICAL EQUIPMENT—2.9%** |
| 21308 | Regal Rexnord Corp.  | 3002 |
| 8624 | Rockwell Automation, Inc.  | 3177 |
|  |  | 6179 |
| **FOOD PRODUCTS—1.3%** | **FOOD PRODUCTS—1.3%** | **FOOD PRODUCTS—1.3%** |
| 16768 | Hershey Co.  | 2844 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** |
| 34727 | Medtronic PLC  | 3150 |
| **HEALTH CARE PROVIDERS & SERVICES—4.7%** | **HEALTH CARE PROVIDERS & SERVICES—4.7%** | **HEALTH CARE PROVIDERS & SERVICES—4.7%** |
| 18250 | Cardinal Health, Inc.  | 3481 |
| 9692 | Cencora, Inc.  | 3274 |
| 3982 | McKesson Corp.  | 3231 |
|  |  | 9986 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** |
| 9624 | Expedia Group, Inc.  | $2117 |
| **INDUSTRIAL REITS—1.7%** | **INDUSTRIAL REITS—1.7%** | **INDUSTRIAL REITS—1.7%** |
| 91395 | STAG Industrial, Inc.  | 3498 |
| **INSURANCE—3.1%** | **INSURANCE—3.1%** | **INSURANCE—3.1%** |
| 26337 | Arthur J Gallagher & Co.  | 6571 |
| **INTERACTIVE MEDIA & SERVICES—3.7%** | **INTERACTIVE MEDIA & SERVICES—3.7%** | **INTERACTIVE MEDIA & SERVICES—3.7%** |
| 12103 | Meta Platforms, Inc. Class A | 7847 |
| **MACHINERY—7.5%** | **MACHINERY—7.5%** | **MACHINERY—7.5%** |
| 6462 | Cummins, Inc.  | 2828 |
| 11390 | ITT, Inc.  | 2108 |
| 72550 | Mueller Industries, Inc.  | 7681 |
| 4117 | Parker-Hannifin Corp.  | 3182 |
|  |  | 15799 |
| **METALS & MINING—1.0%** | **METALS & MINING—1.0%** | **METALS & MINING—1.0%** |
| 15143 | Southern Copper Corp. (Peru) | 2102 |
| **OIL, GAS & CONSUMABLE FUELS—2.9%** | **OIL, GAS & CONSUMABLE FUELS—2.9%** | **OIL, GAS & CONSUMABLE FUELS—2.9%** |
| 107152 | Williams Cos., Inc.  | 6201 |
| **PHARMACEUTICALS—3.2%** | **PHARMACEUTICALS—3.2%** | **PHARMACEUTICALS—3.2%** |
| 7729 | Eli Lilly & Co.  | 6669 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.2%** |
| 50263 | Broadcom, Inc.  | 18579 |
| 56635 | NVIDIA Corp.  | 11468 |
|  |  | 30047 |
| **SOFTWARE—4.9%** | **SOFTWARE—4.9%** | **SOFTWARE—4.9%** |
| 19977 | Microsoft Corp.  | 10344 |
| **SPECIALTY RETAIL—3.3%** | **SPECIALTY RETAIL—3.3%** | **SPECIALTY RETAIL—3.3%** |
| 8285 | Home Depot, Inc.  | 3145 |
| 27986 | TJX Cos., Inc.  | 3922 |
|  |  | 7067 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.4%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.4%** |
| 41839 | Apple, Inc.  | 11312 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** |
| 47930 | Tapestry, Inc.  | 5264 |
| **TOTAL COMMON STOCKS** <br>(Cost $160,547) | **TOTAL COMMON STOCKS** <br>(Cost $160,547) | 206699 |
| **TOTAL INVESTMENTS—97.8%** <br>(Cost $160,547) | **TOTAL INVESTMENTS—97.8%** <br>(Cost $160,547) | 206699 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.2%** | 4684 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $211383 |

---

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

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

------

⬤

------

**Harbor Dividend Growth Leaders ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 Emerging Markets Equity ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** EARNEST Partners 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** |
| **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** |
| 8500 | BYD Co. Ltd. Class H (China) | $110 |
| **BANKS—20.1%** | **BANKS—20.1%** | **BANKS—20.1%** |
| 27634 | Banco Bradesco SA ADR (Brazil)<sup>1</sup> | 93 |
| 455600 | Bank Rakyat Indonesia Persero Tbk. PT (Indonesia) | 109 |
| 3790 | Grupo Cibest SA ADR (Colombia)<sup>1</sup> | 220 |
| 12300 | Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 115 |
| 3300 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 120 |
| 4282 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 130 |
| 60000 | Industrial & Commercial Bank of China Ltd. Class H <br> (China)<br>| 46 |
| 12654 | Itau Unibanco Holding SA ADR (Brazil)<sup>1</sup> | 93 |
| 15000 | Kasikornbank PCL (Thailand) | 87 |
| 3451 | Komercni Banka AS (Czech Republic) | 177 |
|  |  | 1190 |
| **BEVERAGES—1.9%** | **BEVERAGES—1.9%** | **BEVERAGES—1.9%** |
| 47600 | Ambev SA (Brazil) | 112 |
| **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** | **CAPITAL MARKETS—3.5%** |
| 25852 | Ninety One Ltd. (South Africa) | 77 |
| 7257 | XP, Inc. Class A (Brazil) | 132 |
|  |  | 209 |
| **CHEMICALS—2.0%** | **CHEMICALS—2.0%** | **CHEMICALS—2.0%** |
| 26400 | PTT Global Chemical PCL (Thailand) | 21 |
| 2044 | Sociedad Quimica y Minera de Chile SA ADR <br> (Chile)<sup>\*,1</sup><br>| 100 |
|  |  | 121 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** |
| 25000 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 209 |
| **FINANCIAL SERVICES—2.2%** | **FINANCIAL SERVICES—2.2%** | **FINANCIAL SERVICES—2.2%** |
| 27360 | FirstRand Ltd. (South Africa) | 130 |
| **FOOD PRODUCTS—2.8%** | **FOOD PRODUCTS—2.8%** | **FOOD PRODUCTS—2.8%** |
| 176000 | Indofood Sukses Makmur Tbk. PT (Indonesia) | 78 |
| 35000 | Uni-President Enterprises Corp. (Taiwan) | 90 |
|  |  | 168 |
| **HEALTH CARE PROVIDERS & SERVICES—1.5%** | **HEALTH CARE PROVIDERS & SERVICES—1.5%** | **HEALTH CARE PROVIDERS & SERVICES—1.5%** |
| 34800 | Sinopharm Group Co. Ltd. Class H (China) | 87 |
| **HOTELS, RESTAURANTS & LEISURE—3.8%** | **HOTELS, RESTAURANTS & LEISURE—3.8%** | **HOTELS, RESTAURANTS & LEISURE—3.8%** |
| 90000 | TravelSky Technology Ltd. Class H (China) | 119 |
| 2505 | Yum China Holdings, Inc. (China) | 108 |
|  |  | 227 |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| 472 | CJ Corp. (South Korea) | 57 |
| **INTERACTIVE MEDIA & SERVICES—7.0%** | **INTERACTIVE MEDIA & SERVICES—7.0%** | **INTERACTIVE MEDIA & SERVICES—7.0%** |
| 762 | Baidu, Inc. ADR (China)<sup>\*,1</sup> | 92 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** | **INTERACTIVE MEDIA & SERVICES—Continued** |
| 4000 | Tencent Holdings Ltd. (China) | $324 |
|  |  | 416 |
| **MACHINERY—1.4%** | **MACHINERY—1.4%** | **MACHINERY—1.4%** |
| 40000 | Weichai Power Co. Ltd. Class H (China) | 83 |
| **METALS & MINING—3.4%** | **METALS & MINING—3.4%** | **METALS & MINING—3.4%** |
| 48000 | Jiangxi Copper Co. Ltd. Class H (China) | 200 |
| **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** |
| 83769 | Ecopetrol SA (Colombia) | 38 |
| 4275 | Petroleo Brasileiro SA - Petrobras ADR (Brazil)<sup>1</sup> | 50 |
| 22000 | PTT Exploration & Production PCL (Thailand) | 73 |
|  |  | 161 |
| **PERSONAL CARE PRODUCTS—3.2%** | **PERSONAL CARE PRODUCTS—3.2%** | **PERSONAL CARE PRODUCTS—3.2%** |
| 1339 | Cosmax, Inc. (South Korea) | 192 |
| **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** | **PHARMACEUTICALS—1.3%** |
| 25000 | Shanghai Fosun Pharmaceutical Group Co. Ltd. <br> Class H (China)<br>| 77 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.6%** |
| 22000 | Poly Property Services Co. Ltd. Class H (China) | 95 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—22.3%** |
| 42000 | ASE Technology Holding Co. Ltd. (Taiwan) | 338 |
| 6000 | MediaTek, Inc. (Taiwan) | 256 |
| 15000 | Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 732 |
|  |  | 1326 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.9%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.9%** |
| 24000 | Micro-Star International Co. Ltd. (Taiwan) | 85 |
| 3472 | Samsung Electronics Co. Ltd. (South Korea) | 262 |
|  |  | 347 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** | **TEXTILES, APPAREL & LUXURY GOODS—2.5%** |
| 14000 | Feng TAY Enterprise Co. Ltd. (Taiwan) | 56 |
| 11000 | Shenzhou International Group Holdings Ltd. (China) | 95 |
|  |  | 151 |
| **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** | **TRADING COMPANIES & DISTRIBUTORS—2.0%** |
| 13800 | BOC Aviation Ltd. (China)<sup>2</sup> | 121 |
| **TOTAL COMMON STOCKS** <br>(Cost $4,927) | **TOTAL COMMON STOCKS** <br>(Cost $4,927) | 5789 |
| **TOTAL INVESTMENTS—97.5%** <br>(Cost $4,927) | **TOTAL INVESTMENTS—97.5%** <br>(Cost $4,927) | 5789 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.5%** | 147 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5936 |

---

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

------

⬤

------

**Harbor Emerging Markets Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 October 31, 2025, the aggregate value of these securities was $121 or 2% of net assets.

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

------

⬤

------

**Harbor Emerging Markets Select ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** C WorldWide Asset Management

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—93.0%** | **COMMON STOCKS—93.0%** | **COMMON STOCKS—93.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—1.5%** | **AEROSPACE & DEFENSE—1.5%** | **AEROSPACE & DEFENSE—1.5%** |
| 2318 | Embraer SA ADR (Brazil)<sup>1</sup> | $150 |
| **AUTOMOBILE COMPONENTS—0.9%** | **AUTOMOBILE COMPONENTS—0.9%** | **AUTOMOBILE COMPONENTS—0.9%** |
| 3690 | Hesai Group ADR (China)<sup>\*,1</sup> | 88 |
| **BANKS—8.2%** | **BANKS—8.2%** | **BANKS—8.2%** |
| 448900 | Bank Rakyat Indonesia Persero Tbk. PT (Indonesia) | 107 |
| 7940 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 288 |
| 8313 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 252 |
| 9701 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 156 |
|  |  | 803 |
| **BEVERAGES—0.8%** | **BEVERAGES—0.8%** | **BEVERAGES—0.8%** |
| 2100 | Eastroc Beverage Group Co. Ltd. Class A (China) | 83 |
| **BROADLINE RETAIL—7.9%** | **BROADLINE RETAIL—7.9%** | **BROADLINE RETAIL—7.9%** |
| 24100 | Alibaba Group Holding Ltd. (China) | 512 |
| 109 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 254 |
|  |  | 766 |
| **CAPITAL MARKETS—2.5%** | **CAPITAL MARKETS—2.5%** | **CAPITAL MARKETS—2.5%** |
| 13100 | Banco BTG Pactual SA (Brazil) | 119 |
| 2300 | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 125 |
|  |  | 244 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.7%** |
| 13640 | Dino Polska SA (Poland)<sup>\*,2</sup> | 163 |
| **ELECTRICAL EQUIPMENT—6.6%** | **ELECTRICAL EQUIPMENT—6.6%** | **ELECTRICAL EQUIPMENT—6.6%** |
| 5200 | Contemporary Amperex Technology Co. Ltd. Class A <br> (China)<br>| 284 |
| 41529 | Electrical Industries Co. (Saudi Arabia) | 128 |
| 17299 | Triveni Turbine Ltd. (India) | 104 |
| 15900 | WEG SA (Brazil) | 124 |
|  |  | 640 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%** |
| 8000 | Chroma ATE, Inc. (Taiwan) | 213 |
| **ENTERTAINMENT—1.8%** | **ENTERTAINMENT—1.8%** | **ENTERTAINMENT—1.8%** |
| 7763 | Tencent Music Entertainment Group ADR (China)<sup>1</sup> | 173 |
| **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** |
| 47672 | Housing & Urban Development Corp. Ltd. (India) | 127 |
| **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** |
| 7400 | Full Truck Alliance Co. Ltd. ADR (China)<sup>1</sup> | 96 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.8%** |
| 2129 | APT Medical, Inc. Class A (China) | 83 |
| **HOTELS, RESTAURANTS & LEISURE—4.5%** | **HOTELS, RESTAURANTS & LEISURE—4.5%** | **HOTELS, RESTAURANTS & LEISURE—4.5%** |
| 12800 | Meituan Class B (China)<sup>\*,2</sup> | 168 |
| 3850 | Trip.com Group Ltd. (China) | 269 |
|  |  | 437 |
| **HOUSEHOLD DURABLES—3.2%** | **HOUSEHOLD DURABLES—3.2%** | **HOUSEHOLD DURABLES—3.2%** |
| 2310 | Amber Enterprises India Ltd. (India)<sup>\*</sup> | 209 |
| 16200 | Cury Construtora e Incorporadora SA (Brazil) | 105 |
|  |  | 314 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** | **INDUSTRIAL CONGLOMERATES—1.0%** |
| 961 | Apar Industries Ltd. (India) | $94 |
| **INSURANCE—1.3%** | **INSURANCE—1.3%** | **INSURANCE—1.3%** |
| 13800 | Qualitas Controladora SAB de CV (Mexico) | 125 |
| **INTERACTIVE MEDIA & SERVICES—6.1%** | **INTERACTIVE MEDIA & SERVICES—6.1%** | **INTERACTIVE MEDIA & SERVICES—6.1%** |
| 7300 | Tencent Holdings Ltd. (China) | 591 |
| **IT SERVICES—0.8%** | **IT SERVICES—0.8%** | **IT SERVICES—0.8%** |
| 318 | Elm Co. (Saudi Arabia) | 80 |
| **MACHINERY—4.9%** | **MACHINERY—4.9%** | **MACHINERY—4.9%** |
| 3076 | AIA Engineering Ltd. (India) | 113 |
| 6000 | Airtac International Group (China) | 178 |
| 633 | HD Hyundai Marine Solution Co. Ltd. (South Korea) | 107 |
| 1808 | Schaeffler India Ltd. (India) | 82 |
|  |  | 480 |
| **MEDIA—1.7%** | **MEDIA—1.7%** | **MEDIA—1.7%** |
| 7448 | Affle 3i Ltd. (India)<sup>\*</sup> | 162 |
| **PERSONAL CARE PRODUCTS—2.5%** | **PERSONAL CARE PRODUCTS—2.5%** | **PERSONAL CARE PRODUCTS—2.5%** |
| 819 | Cosmax, Inc. (South Korea) | 117 |
| 10800 | Mao Geping Cosmetics Co. Ltd. Class H (China) | 125 |
|  |  | 242 |
| **PROFESSIONAL SERVICES—1.8%** | **PROFESSIONAL SERVICES—1.8%** | **PROFESSIONAL SERVICES—1.8%** |
| 2032 | Computer Age Management Services Ltd. (India) | 90 |
| 1859 | L&T Technology Services Ltd. (India)<sup>2</sup> | 86 |
|  |  | 176 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%** |
| 8852 | Phoenix Mills Ltd. (India) | 169 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—20.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—20.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—20.7%** |
| 2958 | HPSP Co. Ltd. (South Korea) | 72 |
| 2000 | Jentech Precision Industrial Co. Ltd. (Taiwan) | 139 |
| 3258 | LEENO Industrial, Inc. (South Korea) | 132 |
| 4000 | MediaTek, Inc. (Taiwan) | 170 |
| 1459 | SK Hynix, Inc. (South Korea) | 572 |
| 19000 | Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 927 |
|  |  | 2012 |
| **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** |
| 1918900 | Map Aktif Adiperkasa PT (Indonesia) | 81 |
| **TEXTILES, APPAREL & LUXURY GOODS—3.3%** | **TEXTILES, APPAREL & LUXURY GOODS—3.3%** | **TEXTILES, APPAREL & LUXURY GOODS—3.3%** |
| 270000 | Bosideng International Holdings Ltd. (China) | 165 |
| 3719 | Titan Co. Ltd. (India) | 157 |
|  |  | 322 |
| **TRANSPORTATION INFRASTRUCTURE—1.5%** | **TRANSPORTATION INFRASTRUCTURE—1.5%** | **TRANSPORTATION INFRASTRUCTURE—1.5%** |
| 16190 | International Container Terminal Services, Inc. <br> (Philippines)<br>| 146 |
| **TOTAL COMMON STOCKS** <br>(Cost $8,021) | **TOTAL COMMON STOCKS** <br>(Cost $8,021) | 9060 |

---

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

------

⬤

------

**Harbor Emerging Markets Select ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—4.0%** | **PREFERRED STOCKS—4.0%** | **PREFERRED STOCKS—4.0%** |
| **Shares** |  | **Value** |
| (Cost $221) | (Cost $221) | (Cost $221) |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.0%** |
| 6536 | Samsung Electronics Co. Ltd. (South Korea) | $387 |
| **TOTAL INVESTMENTS—97.0%** <br>(Cost $8,242) | **TOTAL INVESTMENTS—97.0%** <br>(Cost $8,242) | 9447 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.0%** | 291 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $9738 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 October 31, 2025, the aggregate value of these securities was $417 or 4% of net assets.

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

------

⬤

------

**Harbor Health Care ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

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

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** | **COMMON STOCKS—99.3%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—48.1%** | **BIOTECHNOLOGY—48.1%** | **BIOTECHNOLOGY—48.1%** |
| 5611 | AbbVie, Inc.  | $1223 |
| 1357 | Abivax SA ADR (France)<sup>\*,1</sup> | 139 |
| 26109 | ADMA Biologics, Inc. <sup>\*</sup> | 404 |
| 216 | Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | 99 |
| 17608 | Ascendis Pharma AS ADR (Denmark)<sup>\*,1</sup> | 3550 |
| 1551 | Avidity Biosciences, Inc. <sup>\*</sup> | 108 |
| 4170 | Beam Therapeutics, Inc. <sup>\*</sup> | 104 |
| 13496 | Bicycle Therapeutics PLC ADR (United Kingdom)<sup>\*,1</sup> | 109 |
| 671 | Insmed, Inc. <sup>\*</sup> | 127 |
| 1631 | Ionis Pharmaceuticals, Inc. <sup>\*</sup> | 121 |
| 41057 | Legend Biotech Corp. ADR<sup>\*,1</sup> | 1330 |
| 2693 | Merus NV (Netherlands)<sup>\*</sup> | 256 |
| 2263 | Natera, Inc. <sup>\*</sup> | 450 |
| 8821 | Revolution Medicines, Inc. <sup>\*</sup> | 519 |
| 3526 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 401 |
| 3316 | Scholar Rock Holding Corp. <sup>\*</sup> | 98 |
| 2797 | Soleno Therapeutics, Inc. <sup>\*</sup> | 188 |
| 18914 | Vaxcyte, Inc. <sup>\*</sup> | 857 |
|  |  | 10083 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—13.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—13.7%** | **HEALTH CARE EQUIPMENT & SUPPLIES—13.7%** |
| 3812 | Boston Scientific Corp. <sup>\*</sup> | 384 |
| 13989 | Dexcom, Inc. <sup>\*</sup> | 814 |
| 468 | IDEXX Laboratories, Inc. <sup>\*</sup> | 295 |
| 578 | Insulet Corp. <sup>\*</sup> | 181 |
| 963 | iRhythm Technologies, Inc. <sup>\*</sup> | 180 |
| 6833 | Masimo Corp. <sup>\*</sup> | 961 |
| 2022 | PROCEPT BioRobotics Corp. <sup>\*</sup> | 69 |
|  |  | 2884 |
| **HEALTH CARE PROVIDERS & SERVICES—10.7%** | **HEALTH CARE PROVIDERS & SERVICES—10.7%** | **HEALTH CARE PROVIDERS & SERVICES—10.7%** |
| 662 | Cencora, Inc.  | 224 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
| 2679 | GeneDx Holdings Corp. <sup>\*</sup> | $367 |
| 1117 | Guardant Health, Inc. <sup>\*</sup> | 104 |
| 4422 | HealthEquity, Inc. <sup>\*</sup> | 418 |
| 2823 | RadNet, Inc. <sup>\*</sup> | 214 |
| 2676 | UnitedHealth Group, Inc.  | 914 |
|  |  | 2241 |
| **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** | **HEALTH CARE TECHNOLOGY—0.5%** |
| 2806 | Waystar Holding Corp. <sup>\*</sup> | 101 |
| **LIFE SCIENCES TOOLS & SERVICES—6.7%** | **LIFE SCIENCES TOOLS & SERVICES—6.7%** | **LIFE SCIENCES TOOLS & SERVICES—6.7%** |
| 510 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 163 |
| 2423 | Bio-Techne Corp.  | 152 |
| 1952 | Danaher Corp.  | 420 |
| 3848 | ICON PLC <sup>\*</sup> | 661 |
|  |  | 1396 |
| **PHARMACEUTICALS—19.6%** | **PHARMACEUTICALS—19.6%** | **PHARMACEUTICALS—19.6%** |
| 4186 | Eli Lilly & Co.  | 3612 |
| 5785 | Merck & Co., Inc.  | 498 |
|  |  | 4110 |
| **TOTAL COMMON STOCKS** <br>(Cost $17,649) | **TOTAL COMMON STOCKS** <br>(Cost $17,649) | 20815 |
| **TOTAL INVESTMENTS—99.3%** <br>(Cost $17,649) | **TOTAL INVESTMENTS—99.3%** <br>(Cost $17,649) | 20815 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.7%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.7%** | 157 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $20972 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 US Large Cap ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

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—2.3%** | **AEROSPACE & DEFENSE—2.3%** | **AEROSPACE & DEFENSE—2.3%** |
| 1061 | Axon Enterprise, Inc. <sup>\*</sup> | $777 |
| 16165 | General Electric Co.  | 4994 |
| 680 | HEICO Corp.  | 216 |
| 3099 | L3Harris Technologies, Inc.  | 896 |
| 3987 | Lockheed Martin Corp.  | 1961 |
| 2466 | Northrop Grumman Corp.  | 1439 |
|  |  | 10283 |
| **BANKS—5.7%** | **BANKS—5.7%** | **BANKS—5.7%** |
| 137777 | Bank of America Corp.  | 7364 |
| 56669 | JPMorgan Chase & Co.  | 17631 |
|  |  | 24995 |
| **BEVERAGES—1.1%** | **BEVERAGES—1.1%** | **BEVERAGES—1.1%** |
| 63615 | Coca-Cola Co.  | 4383 |
| 3113 | Constellation Brands, Inc. Class A | 409 |
|  |  | 4792 |
| **BIOTECHNOLOGY—1.6%** | **BIOTECHNOLOGY—1.6%** | **BIOTECHNOLOGY—1.6%** |
| 25474 | AbbVie, Inc.  | 5554 |
| 2298 | Biogen, Inc. <sup>\*</sup> | 355 |
| 1583 | Regeneron Pharmaceuticals, Inc.  | 1032 |
|  |  | 6941 |
| **BROADLINE RETAIL—1.2%** | **BROADLINE RETAIL—1.2%** | **BROADLINE RETAIL—1.2%** |
| 18217 | eBay, Inc.  | 1481 |
| 1648 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 3836 |
|  |  | 5317 |
| **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** | **BUILDING PRODUCTS—0.3%** |
| 3439 | Trane Technologies PLC  | 1543 |
| **CAPITAL MARKETS—3.1%** | **CAPITAL MARKETS—3.1%** | **CAPITAL MARKETS—3.1%** |
| 2038 | Ameriprise Financial, Inc.  | 923 |
| 4030 | ARES Management Corp. Class A | 599 |
| 2158 | Cboe Global Markets, Inc.  | 530 |
| 7136 | CME Group, Inc.  | 1894 |
| 847 | FactSet Research Systems, Inc.  | 226 |
| 16512 | KKR & Co., Inc.  | 1954 |
| 3096 | Moody's Corp.  | 1487 |
| 25553 | Morgan Stanley  | 4191 |
| 1712 | MSCI, Inc.  | 1008 |
| 8656 | Nasdaq, Inc.  | 740 |
| 2056 | TPG, Inc.  | 113 |
|  |  | 13665 |
| **CHEMICALS—0.7%** | **CHEMICALS—0.7%** | **CHEMICALS—0.7%** |
| 5924 | Air Products & Chemicals, Inc.  | 1437 |
| 18030 | Dow, Inc.  | 430 |
| 8850 | DuPont de Nemours, Inc.  | 722 |
| 6412 | LyondellBasell Industries NV Class A | 298 |
| 2746 | Solstice Advanced Materials, Inc. <sup>\*</sup> | 124 |
|  |  | 3011 |
| **CONSUMER FINANCE—1.1%** | **CONSUMER FINANCE—1.1%** | **CONSUMER FINANCE—1.1%** |
| 11837 | American Express Co.  | 4270 |
| 8655 | Synchrony Financial  | 644 |
|  |  | 4914 |
| **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** | **ELECTRIC UTILITIES—1.8%** |
| 7661 | Constellation Energy Corp.  | 2888 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** | **ELECTRIC UTILITIES—Continued** |
| 19712 | Duke Energy Corp.  | $2450 |
| 10609 | Edison International  | 588 |
| 24012 | Exelon Corp.  | 1107 |
| 55997 | PG&E Corp.  | 894 |
|  |  | 7927 |
| **ELECTRICAL EQUIPMENT—1.5%** | **ELECTRICAL EQUIPMENT—1.5%** | **ELECTRICAL EQUIPMENT—1.5%** |
| 6373 | Eaton Corp. PLC  | 2432 |
| 12931 | Emerson Electric Co.  | 1805 |
| 4249 | GE Vernova, Inc.  | 2486 |
|  |  | 6723 |
| **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** | **ENERGY EQUIPMENT & SERVICES—0.2%** |
| 20849 | SLB Ltd.  | 752 |
| **ENTERTAINMENT—4.2%** | **ENTERTAINMENT—4.2%** | **ENTERTAINMENT—4.2%** |
| 4895 | Electronic Arts, Inc.  | 979 |
| 8367 | Netflix, Inc. <sup>\*</sup> | 9362 |
| 71757 | Walt Disney Co.  | 8081 |
|  |  | 18422 |
| **FINANCIAL SERVICES—3.5%** | **FINANCIAL SERVICES—3.5%** | **FINANCIAL SERVICES—3.5%** |
| 12284 | Mastercard, Inc. Class A | 6780 |
| 2632 | Rocket Cos., Inc. Class A | 44 |
| 24628 | Visa, Inc. Class A | 8392 |
|  |  | 15216 |
| **FOOD PRODUCTS—0.4%** | **FOOD PRODUCTS—0.4%** | **FOOD PRODUCTS—0.4%** |
| 2334 | Bunge Global SA  | 221 |
| 10044 | General Mills, Inc.  | 468 |
| 22610 | Mondelez International, Inc. Class A | 1299 |
|  |  | 1988 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.1%** |
| 4842 | Becton Dickinson & Co.  | 865 |
| 21572 | Boston Scientific Corp. <sup>\*</sup> | 2173 |
| 8687 | Edwards Lifesciences Corp. <sup>\*</sup> | 716 |
| 6183 | GE HealthCare Technologies, Inc.  | 464 |
| 5200 | Intuitive Surgical, Inc. <sup>\*</sup> | 2778 |
| 2229 | ResMed, Inc.  | 550 |
| 4913 | Stryker Corp.  | 1750 |
|  |  | 9296 |
| **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** | **HEALTH CARE PROVIDERS & SERVICES—0.1%** |
| 9050 | Centene Corp. <sup>\*</sup> | 320 |
| **HOTELS, RESTAURANTS & LEISURE—3.6%** | **HOTELS, RESTAURANTS & LEISURE—3.6%** | **HOTELS, RESTAURANTS & LEISURE—3.6%** |
| 13330 | Airbnb, Inc. Class A<sup>\*</sup> | 1687 |
| 1215 | Booking Holdings, Inc.  | 6170 |
| 4032 | Expedia Group, Inc.  | 887 |
| 8960 | Hilton Worldwide Holdings, Inc.  | 2302 |
| 9360 | Marriott International, Inc. Class A | 2439 |
| 8668 | Royal Caribbean Cruises Ltd.  | 2486 |
|  |  | 15971 |
| **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** | **HOUSEHOLD DURABLES—0.5%** |
| 5566 | DR Horton, Inc.  | 830 |
| 3390 | Garmin Ltd.  | 725 |
| 3878 | PulteGroup, Inc.  | 465 |
|  |  | 2020 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOUSEHOLD PRODUCTS—2.0%** | **HOUSEHOLD PRODUCTS—2.0%** | **HOUSEHOLD PRODUCTS—2.0%** |
| 4344 | Church & Dwight Co., Inc.  | $381 |
| 14616 | Colgate-Palmolive Co.  | 1126 |
| 5853 | Kimberly-Clark Corp.  | 701 |
| 42378 | Procter & Gamble Co.  | 6372 |
|  |  | 8580 |
| **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** |
| 8532 | 3M Co.  | 1420 |
| 10986 | Honeywell International, Inc.  | 2212 |
|  |  | 3632 |
| **INDUSTRIAL REITS—0.6%** | **INDUSTRIAL REITS—0.6%** | **INDUSTRIAL REITS—0.6%** |
| 22695 | Prologis, Inc.  | 2816 |
| **INSURANCE—1.2%** | **INSURANCE—1.2%** | **INSURANCE—1.2%** |
| 7856 | Arch Capital Group Ltd.  | 678 |
| 3178 | Cincinnati Financial Corp.  | 492 |
| 4581 | Principal Financial Group, Inc.  | 385 |
| 11370 | Progressive Corp.  | 2342 |
| 4848 | Travelers Cos., Inc.  | 1302 |
|  |  | 5199 |
| **INTERACTIVE MEDIA & SERVICES—11.1%** | **INTERACTIVE MEDIA & SERVICES—11.1%** | **INTERACTIVE MEDIA & SERVICES—11.1%** |
| 108545 | Alphabet, Inc. Class A | 30522 |
| 27259 | Meta Platforms, Inc. Class A | 17673 |
| 10961 | Pinterest, Inc. Class A<sup>\*</sup> | 363 |
|  |  | 48558 |
| **IT SERVICES—0.1%** | **IT SERVICES—0.1%** | **IT SERVICES—0.1%** |
| 1701 | Gartner, Inc. <sup>\*</sup> | 422 |
| **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** | **LIFE SCIENCES TOOLS & SERVICES—0.3%** |
| 4897 | Agilent Technologies, Inc.  | 717 |
| 2795 | IQVIA Holdings, Inc. <sup>\*</sup> | 605 |
|  |  | 1322 |
| **MACHINERY—1.6%** | **MACHINERY—1.6%** | **MACHINERY—1.6%** |
| 7759 | Caterpillar, Inc.  | 4479 |
| 2000 | Cummins, Inc.  | 875 |
| 3797 | Deere & Co.  | 1753 |
|  |  | 7107 |
| **MEDIA—0.2%** | **MEDIA—0.2%** | **MEDIA—0.2%** |
| 14176 | Trade Desk, Inc. Class A<sup>\*</sup> | 713 |
| **METALS & MINING—0.6%** | **METALS & MINING—0.6%** | **METALS & MINING—0.6%** |
| 33087 | Freeport-McMoRan, Inc.  | 1380 |
| 5710 | Nucor Corp.  | 857 |
| 3505 | Steel Dynamics, Inc.  | 549 |
|  |  | 2786 |
| **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** | **MULTI-UTILITIES—0.6%** |
| 16042 | CenterPoint Energy, Inc.  | 613 |
| 8762 | Consolidated Edison, Inc.  | 854 |
| 21305 | Dominion Energy, Inc.  | 1250 |
|  |  | 2717 |
| **OIL, GAS & CONSUMABLE FUELS—2.5%** | **OIL, GAS & CONSUMABLE FUELS—2.5%** | **OIL, GAS & CONSUMABLE FUELS—2.5%** |
| 4646 | Cheniere Energy, Inc.  | 985 |
| 37352 | Chevron Corp.  | 5891 |
| 26156 | ConocoPhillips  | 2324 |
| 13654 | Occidental Petroleum Corp.  | 563 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 6224 | Valero Energy Corp.  | $1055 |
|  |  | 10818 |
| **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** | **PASSENGER AIRLINES—0.2%** |
| 10184 | Delta Air Lines, Inc.  | 584 |
| 9299 | Southwest Airlines Co.  | 282 |
|  |  | 866 |
| **PHARMACEUTICALS—5.4%** | **PHARMACEUTICALS—5.4%** | **PHARMACEUTICALS—5.4%** |
| 12370 | Eli Lilly & Co.  | 10674 |
| 35608 | Johnson & Johnson  | 6725 |
| 46430 | Merck & Co., Inc.  | 3992 |
| 89707 | Pfizer, Inc.  | 2211 |
|  |  | 23602 |
| **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** | **PROFESSIONAL SERVICES—0.4%** |
| 170 | Amentum Holdings, Inc. <sup>\*</sup> | 4 |
| 2127 | Booz Allen Hamilton Holding Corp.  | 185 |
| 2889 | Jacobs Solutions, Inc.  | 450 |
| 2203 | Leidos Holdings, Inc.  | 420 |
| 2972 | Verisk Analytics, Inc.  | 650 |
|  |  | 1709 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.2%** |
| 6347 | CBRE Group, Inc. Class A<sup>\*</sup> | 968 |
| **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** | **RESIDENTIAL REITS—0.1%** |
| 8361 | Equity Residential  | 497 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.5%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.5%** |
| 35837 | Advanced Micro Devices, Inc. <sup>\*</sup> | 9179 |
| 77237 | Intel Corp. <sup>\*</sup> | 3089 |
| 19274 | Lam Research Corp.  | 3035 |
| 19749 | Marvell Technology, Inc.  | 1851 |
| 145912 | NVIDIA Corp.  | 29546 |
| 3612 | Teradyne, Inc.  | 656 |
| 19820 | Texas Instruments, Inc.  | 3200 |
|  |  | 50556 |
| **SOFTWARE—12.1%** | **SOFTWARE—12.1%** | **SOFTWARE—12.1%** |
| 9028 | Adobe, Inc. <sup>\*</sup> | 3072 |
| 4771 | Autodesk, Inc. <sup>\*</sup> | 1438 |
| 5987 | Cadence Design Systems, Inc. <sup>\*</sup> | 2028 |
| 4376 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 2376 |
| 541 | Fair Isaac Corp. <sup>\*</sup> | 898 |
| 6024 | Intuit, Inc.  | 4021 |
| 49334 | Microsoft Corp.  | 25546 |
| 2314 | Roper Technologies, Inc.  | 1032 |
| 21007 | Salesforce, Inc.  | 5470 |
| 4056 | Samsara, Inc. Class A<sup>\*</sup> | 163 |
| 4609 | ServiceNow, Inc. <sup>\*</sup> | 4237 |
| 3986 | Synopsys, Inc. <sup>\*</sup> | 1809 |
| 4606 | Workday, Inc. Class A<sup>\*</sup> | 1105 |
|  |  | 53195 |
| **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** | **SPECIALIZED REITS—0.9%** |
| 8141 | Digital Realty Trust, Inc.  | 1387 |
| 2296 | Equinix, Inc.  | 1943 |
| 4320 | Extra Space Storage, Inc.  | 577 |
|  |  | 3907 |

---

------

⬤

------

**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—3.3%** | **SPECIALTY RETAIL—3.3%** | **SPECIALTY RETAIL—3.3%** |
| 38617 | Home Depot, Inc.  | $14659 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.5%** |
| 82411 | Apple, Inc.  | 22281 |
| 27355 | Hewlett Packard Enterprise Co.  | 668 |
| 20094 | HP, Inc.  | 556 |
| 4531 | NetApp, Inc.  | 534 |
|  |  | 24039 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** | **TEXTILES, APPAREL & LUXURY GOODS—0.6%** |
| 3094 | Deckers Outdoor Corp. <sup>\*</sup> | 252 |
| 4642 | Lululemon Athletica, Inc. <sup>\*</sup> | 792 |
| 22230 | NIKE, Inc. Class B | 1436 |
|  |  | 2480 |
| **TOBACCO—1.2%** | **TOBACCO—1.2%** | **TOBACCO—1.2%** |
| 29771 | Altria Group, Inc.  | 1679 |
| 23948 | Philip Morris International, Inc.  | 3456 |
|  |  | 5135 |

---

---

| | | |
|:---|:---|:---|
| **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%** |
| 1406 | United Rentals, Inc.  | $1225 |
| 1758 | WW Grainger, Inc.  | 1721 |
|  |  | 2946 |
| **TOTAL COMMON STOCKS** <br>(Cost $314,820) | **TOTAL COMMON STOCKS** <br>(Cost $314,820) | 433325 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—1.2%** | **EXCHANGE-TRADED FUNDS—1.2%** | **EXCHANGE-TRADED FUNDS—1.2%** |
| (Cost $2,883) | (Cost $2,883) | (Cost $2,883) |
| **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** |
| 46835 | Communication Services Select Sector SPDR Fund  | 5377 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $317,703) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $317,703) | 438702 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 498 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $439200 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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—October 31, 2025** 

------

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—94.7%** | **COMMON STOCKS—94.7%** | **COMMON STOCKS—94.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—6.5%** | **AEROSPACE & DEFENSE—6.5%** | **AEROSPACE & DEFENSE—6.5%** |
| 9061 | AAR Corp. <sup>\*</sup> | $763 |
| 7932 | AeroVironment, Inc. <sup>\*</sup> | 2934 |
| 117875 | Archer Aviation, Inc. Class A<sup>\*</sup> | 1323 |
| 33345 | Kratos Defense & Security Solutions, Inc. <sup>\*</sup> | 3021 |
| 29827 | Spirit AeroSystems Holdings, Inc. Class A<sup>\*</sup> | 1094 |
|  |  | 9135 |
| **AUTOMOBILE COMPONENTS—1.9%** | **AUTOMOBILE COMPONENTS—1.9%** | **AUTOMOBILE COMPONENTS—1.9%** |
| 19564 | Adient PLC <sup>\*</sup> | 454 |
| 3712 | Cooper-Standard Holdings, Inc. <sup>\*</sup> | 112 |
| 12721 | Modine Manufacturing Co. <sup>\*</sup> | 1949 |
| 4849 | Standard Motor Products, Inc.  | 180 |
|  |  | 2695 |
| **BANKS—5.2%** | **BANKS—5.2%** | **BANKS—5.2%** |
| 49179 | Banc of California, Inc.  | 835 |
| 28929 | BankUnited, Inc.  | 1160 |
| 13180 | Banner Corp.  | 796 |
| 10177 | Byline Bancorp, Inc.  | 272 |
| 2890 | First Business Financial Services, Inc.  | 146 |
| 16727 | Hilltop Holdings, Inc.  | 540 |
| 14722 | National Bank Holdings Corp. Class A | 525 |
| 21927 | OceanFirst Financial Corp.  | 399 |
| 11218 | Origin Bancorp, Inc.  | 389 |
| 9466 | Pathward Financial, Inc.  | 644 |
| 5472 | SmartFinancial, Inc.  | 191 |
| 46678 | United Community Banks, Inc.  | 1363 |
|  |  | 7260 |
| **BIOTECHNOLOGY—9.6%** | **BIOTECHNOLOGY—9.6%** | **BIOTECHNOLOGY—9.6%** |
| 11961 | 4D Molecular Therapeutics, Inc. <sup>\*</sup> | 138 |
| 35011 | Agios Pharmaceuticals, Inc. <sup>\*</sup> | 1514 |
| 21783 | Arcellx, Inc. <sup>\*</sup> | 1966 |
| 100613 | Ardelyx, Inc. <sup>\*</sup> | 610 |
| 26630 | Aura Biosciences, Inc. <sup>\*</sup> | 163 |
| 21282 | Emergent BioSolutions, Inc. <sup>\*</sup> | 266 |
| 40255 | Kura Oncology, Inc. <sup>\*</sup> | 413 |
| 30079 | Kymera Therapeutics, Inc. <sup>\*</sup> | 1860 |
| 49850 | PTC Therapeutics, Inc. <sup>\*</sup> | 3405 |
| 27891 | Rhythm Pharmaceuticals, Inc. <sup>\*</sup> | 3173 |
|  |  | 13508 |
| **BUILDING PRODUCTS—0.9%** | **BUILDING PRODUCTS—0.9%** | **BUILDING PRODUCTS—0.9%** |
| 29333 | Resideo Technologies, Inc. <sup>\*</sup> | 1255 |
| **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** | **CAPITAL MARKETS—3.6%** |
| 6687 | Piper Sandler Cos.  | 2135 |
| 8808 | PJT Partners, Inc. Class A | 1419 |
| 25679 | StepStone Group, Inc. Class A | 1563 |
|  |  | 5117 |
| **CHEMICALS—1.5%** | **CHEMICALS—1.5%** | **CHEMICALS—1.5%** |
| 18864 | Cabot Corp.  | 1273 |
| 8006 | Koppers Holdings, Inc.  | 226 |
| 11416 | Minerals Technologies, Inc.  | 648 |
|  |  | 2147 |
| **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** | **COMMERCIAL SERVICES & SUPPLIES—1.6%** |
| 11102 | Brady Corp. Class A | 843 |
| 4001 | Cimpress PLC (Ireland)<sup>\*</sup> | 277 |
| 14236 | HNI Corp.  | 582 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| 11598 | Interface, Inc.  | $289 |
| 14865 | Steelcase, Inc. Class A | 237 |
|  |  | 2228 |
| **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** | **COMMUNICATIONS EQUIPMENT—0.8%** |
| 16425 | Calix, Inc. <sup>\*</sup> | 1124 |
| **CONSTRUCTION & ENGINEERING—2.2%** | **CONSTRUCTION & ENGINEERING—2.2%** | **CONSTRUCTION & ENGINEERING—2.2%** |
| 16412 | Arcosa, Inc.  | 1674 |
| 9883 | Granite Construction, Inc.  | 1017 |
| 4907 | Limbach Holdings, Inc. <sup>\*</sup> | 464 |
|  |  | 3155 |
| **CONSUMER FINANCE—1.1%** | **CONSUMER FINANCE—1.1%** | **CONSUMER FINANCE—1.1%** |
| 18870 | Bread Financial Holdings, Inc.  | 1182 |
| 8254 | Encore Capital Group, Inc. <sup>\*</sup> | 343 |
|  |  | 1525 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—0.5%** |
| 5769 | PriceSmart, Inc.  | 663 |
| **DIVERSIFIED CONSUMER SERVICES—3.4%** | **DIVERSIFIED CONSUMER SERVICES—3.4%** | **DIVERSIFIED CONSUMER SERVICES—3.4%** |
| 7811 | Adtalem Global Education, Inc. <sup>\*</sup> | 766 |
| 39633 | Coursera, Inc. <sup>\*</sup> | 334 |
| 22038 | Frontdoor, Inc. <sup>\*</sup> | 1464 |
| 6347 | Grand Canyon Education, Inc. <sup>\*</sup> | 1195 |
| 30248 | Laureate Education, Inc. <sup>\*</sup> | 878 |
| 24968 | Udemy, Inc. <sup>\*</sup> | 142 |
|  |  | 4779 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.3%** |
| 7547 | Bandwidth, Inc. Class A<sup>\*</sup> | 122 |
| 2981 | IDT Corp. Class B | 151 |
| 18470 | Liberty Latin America Ltd. Class C (Puerto Rico)<sup>\*</sup> | 146 |
|  |  | 419 |
| **ELECTRIC UTILITIES—2.0%** | **ELECTRIC UTILITIES—2.0%** | **ELECTRIC UTILITIES—2.0%** |
| 41597 | ALLETE, Inc.  | 2801 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.4%** |
| 9509 | Advanced Energy Industries, Inc.  | 1928 |
| 28325 | Arlo Technologies, Inc. <sup>\*</sup> | 548 |
| 9952 | Daktronics, Inc. <sup>\*</sup> | 187 |
| 13219 | Itron, Inc. <sup>\*</sup> | 1326 |
| 25004 | Knowles Corp. <sup>\*</sup> | 590 |
| 4488 | ScanSource, Inc. <sup>\*</sup> | 193 |
|  |  | 4772 |
| **ENERGY EQUIPMENT & SERVICES—2.4%** | **ENERGY EQUIPMENT & SERVICES—2.4%** | **ENERGY EQUIPMENT & SERVICES—2.4%** |
| 43422 | Archrock, Inc.  | 1097 |
| 6012 | Bristow Group, Inc. <sup>\*</sup> | 245 |
| 22852 | Helmerich & Payne, Inc.  | 600 |
| 45695 | Liberty Energy, Inc.  | 828 |
| 25592 | Oceaneering International, Inc. <sup>\*</sup> | 596 |
|  |  | 3366 |
| **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** | **ENTERTAINMENT—0.4%** |
| 10328 | Atlanta Braves Holdings, Inc. Class C<sup>\*</sup> | 421 |
| 5928 | Marcus Corp.  | 85 |
|  |  | 506 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FINANCIAL SERVICES—3.5%** | **FINANCIAL SERVICES—3.5%** | **FINANCIAL SERVICES—3.5%** |
| 16339 | EVERTEC, Inc. (Puerto Rico) | $465 |
| 25751 | Flywire Corp. <sup>\*</sup> | 343 |
| 6348 | Merchants Bancorp  | 198 |
| 50065 | Radian Group, Inc.  | 1699 |
| 75504 | Rocket Cos., Inc. Class A | 1258 |
| 11718 | Walker & Dunlop, Inc.  | 937 |
|  |  | 4900 |
| **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** | **GROUND TRANSPORTATION—0.3%** |
| 6004 | ArcBest Corp.  | 446 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.1%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.1%** |
| 28783 | AtriCure, Inc. <sup>\*</sup> | 994 |
| 28004 | Avanos Medical, Inc. <sup>\*</sup> | 311 |
| 18907 | Bioventus, Inc. Class A<sup>\*</sup> | 124 |
| 18083 | CONMED Corp.  | 796 |
| 42954 | Haemonetics Corp. <sup>\*</sup> | 2148 |
|  |  | 4373 |
| **HEALTH CARE PROVIDERS & SERVICES—1.7%** | **HEALTH CARE PROVIDERS & SERVICES—1.7%** | **HEALTH CARE PROVIDERS & SERVICES—1.7%** |
| 13237 | Castle Biosciences, Inc. <sup>\*</sup> | 337 |
| 57106 | Concentra Group Holdings Parent, Inc.  | 1138 |
| 36992 | Privia Health Group, Inc. <sup>\*</sup> | 899 |
|  |  | 2374 |
| **HEALTH CARE TECHNOLOGY—0.6%** | **HEALTH CARE TECHNOLOGY—0.6%** | **HEALTH CARE TECHNOLOGY—0.6%** |
| 22759 | Certara, Inc. <sup>\*</sup> | 265 |
| 7197 | HealthStream, Inc.  | 177 |
| 19371 | Schrodinger, Inc. <sup>\*</sup> | 407 |
|  |  | 849 |
| **HOTEL & RESORT REITS—1.5%** | **HOTEL & RESORT REITS—1.5%** | **HOTEL & RESORT REITS—1.5%** |
| 189756 | Apple Hospitality REIT, Inc.  | 2123 |
| **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** | **HOTELS, RESTAURANTS & LEISURE—2.5%** |
| 22058 | Bloomin' Brands, Inc.  | 151 |
| 11027 | Cheesecake Factory, Inc.  | 549 |
| 9327 | First Watch Restaurant Group, Inc. <sup>\*</sup> | 154 |
| 24623 | Global Business Travel Group I <sup>\*</sup> | 193 |
| 7607 | Marriott Vacations Worldwide Corp.  | 502 |
| 10266 | Shake Shack, Inc. Class A<sup>\*</sup> | 991 |
| 14748 | Travel & Leisure Co.  | 926 |
|  |  | 3466 |
| **HOUSEHOLD DURABLES—2.6%** | **HOUSEHOLD DURABLES—2.6%** | **HOUSEHOLD DURABLES—2.6%** |
| 7854 | Beazer Homes USA, Inc. <sup>\*</sup> | 176 |
| 6991 | Century Communities, Inc.  | 415 |
| 14070 | Champion Homes, Inc. <sup>\*</sup> | 960 |
| 996 | Hovnanian Enterprises, Inc. Class A<sup>\*</sup> | 120 |
| 10901 | iRobot Corp. <sup>\*</sup> | 35 |
| 41271 | Leggett & Platt, Inc.  | 385 |
| 5221 | LGI Homes, Inc. <sup>\*</sup> | 213 |
| 6660 | M/I Homes, Inc. <sup>\*</sup> | 834 |
| 28931 | Sonos, Inc. <sup>\*</sup> | 497 |
|  |  | 3635 |
| **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** | **HOUSEHOLD PRODUCTS—0.4%** |
| 15599 | Energizer Holdings, Inc.  | 363 |
| 3487 | Oil-Dri Corp. of America  | 193 |
|  |  | 556 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INSURANCE—2.4%** | **INSURANCE—2.4%** | **INSURANCE—2.4%** |
| 30290 | Baldwin Insurance Group, Inc. <sup>\*</sup> | $669 |
| 23658 | Brighthouse Financial, Inc. <sup>\*</sup> | 1350 |
| 11593 | Palomar Holdings, Inc. <sup>\*</sup> | 1322 |
|  |  | 3341 |
| **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** | **INTERACTIVE MEDIA & SERVICES—0.4%** |
| 14990 | QuinStreet, Inc. <sup>\*</sup> | 222 |
| 22881 | TripAdvisor, Inc. <sup>\*</sup> | 367 |
|  |  | 589 |
| **IT SERVICES—0.1%** | **IT SERVICES—0.1%** | **IT SERVICES—0.1%** |
| 22787 | Grid Dynamics Holdings, Inc. <sup>\*</sup> | 213 |
| **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** | **LEISURE PRODUCTS—0.6%** |
| 23548 | YETI Holdings, Inc. <sup>\*</sup> | 800 |
| **MACHINERY—3.4%** | **MACHINERY—3.4%** | **MACHINERY—3.4%** |
| 10155 | Franklin Electric Co., Inc.  | 962 |
| 66062 | Gates Industrial Corp. PLC <sup>\*</sup> | 1459 |
| 13313 | JBT Marel Corp.  | 1679 |
| 20485 | Stratasys Ltd. <sup>\*</sup> | 217 |
| 17814 | Trinity Industries, Inc.  | 488 |
|  |  | 4805 |
| **MEDIA—1.8%** | **MEDIA—1.8%** | **MEDIA—1.8%** |
| 3900 | AMC Networks, Inc. Class A<sup>\*</sup> | 30 |
| 607 | Cable One, Inc.  | 90 |
| 32858 | DoubleVerify Holdings, Inc. <sup>\*</sup> | 374 |
| 24112 | EchoStar Corp. Class A<sup>\*</sup> | 1805 |
| 58355 | Stagwell, Inc. <sup>\*</sup> | 277 |
|  |  | 2576 |
| **METALS & MINING—0.4%** | **METALS & MINING—0.4%** | **METALS & MINING—0.4%** |
| 9715 | Ryerson Holding Corp.  | 214 |
| 11735 | Worthington Steel, Inc.  | 376 |
|  |  | 590 |
| **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** | **PAPER & FOREST PRODUCTS—0.3%** |
| 4207 | Clearwater Paper Corp. <sup>\*</sup> | 74 |
| 9412 | Sylvamo Corp.  | 382 |
|  |  | 456 |
| **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** |
| 3569 | Allegiant Travel Co. <sup>\*</sup> | 222 |
| 7496 | Copa Holdings SA Class A (Panama) | 938 |
|  |  | 1160 |
| **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** | **PERSONAL CARE PRODUCTS—0.4%** |
| 15742 | Edgewell Personal Care Co.  | 305 |
| 10786 | Nu Skin Enterprises, Inc. Class A | 116 |
| 6331 | USANA Health Sciences, Inc. <sup>\*</sup> | 134 |
|  |  | 555 |
| **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** | **PHARMACEUTICALS—1.5%** |
| 15048 | Collegium Pharmaceutical, Inc. <sup>\*</sup> | 542 |
| 10437 | Phibro Animal Health Corp. Class A | 439 |
| 15667 | Tarsus Pharmaceuticals, Inc. <sup>\*</sup> | 1078 |
|  |  | 2059 |
| **PROFESSIONAL SERVICES—2.4%** | **PROFESSIONAL SERVICES—2.4%** | **PROFESSIONAL SERVICES—2.4%** |
| 12985 | Concentrix Corp.  | 523 |
| 8286 | CSG Systems International, Inc.  | 648 |

---

------

⬤

------

**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** |
| **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** | **PROFESSIONAL SERVICES—Continued** |
| 4390 | Huron Consulting Group, Inc. <sup>\*</sup> | $722 |
| 10643 | Insperity, Inc.  | 470 |
| 4978 | Kforce, Inc.  | 126 |
| 11965 | ManpowerGroup, Inc.  | 367 |
| 5019 | TaskUS, Inc. Class A (Philippines)<sup>\*</sup> | 67 |
| 27891 | Upwork, Inc. <sup>\*</sup> | 445 |
|  |  | 3368 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.7%** |
| 114952 | Compass, Inc. Class A<sup>\*</sup> | 886 |
| 5918 | RE/MAX Holdings, Inc. Class A<sup>\*</sup> | 47 |
|  |  | 933 |
| **RETAIL REITS—3.3%** | **RETAIL REITS—3.3%** | **RETAIL REITS—3.3%** |
| 67736 | InvenTrust Properties Corp.  | 1856 |
| 80953 | Phillips Edison & Co., Inc.  | 2739 |
|  |  | 4595 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6%** |
| 6802 | Axcelis Technologies, Inc. <sup>\*</sup> | 541 |
| 9495 | Silicon Laboratories, Inc. <sup>\*</sup> | 1245 |
| 14421 | Veeco Instruments, Inc. <sup>\*</sup> | 414 |
|  |  | 2200 |
| **SOFTWARE—7.4%** | **SOFTWARE—7.4%** | **SOFTWARE—7.4%** |
| 27871 | ACI Worldwide, Inc. <sup>\*</sup> | 1327 |
| 19174 | Alkami Technology, Inc. <sup>\*</sup> | 389 |
| 28965 | Asana, Inc. Class A<sup>\*</sup> | 407 |
| 42750 | Box, Inc. Class A<sup>\*</sup> | 1372 |
| 24347 | Braze, Inc. Class A<sup>\*</sup> | 698 |
| 22771 | Five9, Inc. <sup>\*</sup> | 553 |
| 29333 | JFrog Ltd. (Israel)<sup>\*</sup> | 1393 |
| 11722 | Mitek Systems, Inc. <sup>\*</sup> | 108 |
| 20335 | N-able, Inc. <sup>\*</sup> | 159 |
| 19380 | NextNav, Inc. <sup>\*</sup> | 259 |
| 26643 | PagerDuty, Inc. <sup>\*</sup> | 428 |
| 13756 | PAR Technology Corp. <sup>\*</sup> | 486 |
| 13210 | Progress Software Corp. <sup>\*</sup> | 563 |
| 18401 | Sprout Social, Inc. Class A<sup>\*</sup> | 189 |
| 27903 | Teradata Corp. <sup>\*</sup> | 582 |
| 19422 | Verint Systems, Inc. <sup>\*</sup> | 394 |
| 13190 | Workiva, Inc. <sup>\*</sup> | 1121 |
|  |  | 10428 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** | **SPECIALTY RETAIL—2.0%** |
| 4245 | Asbury Automotive Group, Inc. <sup>\*</sup> | $996 |
| 7504 | Boot Barn Holdings, Inc. <sup>\*</sup> | 1423 |
| 11230 | Camping World Holdings, Inc. Class A | 148 |
| 2521 | Lands' End, Inc. <sup>\*</sup> | 40 |
| 3089 | Sonic Automotive, Inc. Class A | 196 |
|  |  | 2803 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** | **TEXTILES, APPAREL & LUXURY GOODS—0.7%** |
| 28045 | Levi Strauss & Co. Class A | 568 |
| 4385 | Movado Group, Inc.  | 80 |
| 76760 | Under Armour, Inc. Class A<sup>\*</sup> | 354 |
|  |  | 1002 |
| **TRADING COMPANIES & DISTRIBUTORS—0.9%** | **TRADING COMPANIES & DISTRIBUTORS—0.9%** | **TRADING COMPANIES & DISTRIBUTORS—0.9%** |
| 8574 | Boise Cascade Co.  | 604 |
| 2873 | DXP Enterprises, Inc. <sup>\*</sup> | 344 |
| 21091 | MRC Global, Inc. <sup>\*</sup> | 294 |
|  |  | 1242 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** | **WIRELESS TELECOMMUNICATION SERVICES—0.1%** |
| 2100 | Array Digital Infrastructure, Inc.  | 103 |
| **TOTAL COMMON STOCKS** <br>(Cost $121,812) | **TOTAL COMMON STOCKS** <br>(Cost $121,812) | 132995 |

---

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

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—5.3%** | **EXCHANGE-TRADED FUNDS—5.3%** | **EXCHANGE-TRADED FUNDS—5.3%** |
| **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** | **CAPITAL MARKETS—5.3%** |
| 110744 | Invesco S&P SmallCap Energy ETF  | 4774 |
| 31463 | Invesco S&P SmallCap Financials ETF  | 1722 |
| 16479 | Invesco S&P SmallCap Utilities & Communication <br> Services ETF <br>| 982 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $7,703) | **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $7,703) | 7478 |
| **TOTAL INVESTMENTS—100.0%** <br>(Cost $129,515) | **TOTAL INVESTMENTS—100.0%** <br>(Cost $129,515) | 140473 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%** | (11)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $140462 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** | **AFFILIATED TRANSACTIONS** |
| Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through October 31, 2025. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through October 31, 2025. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through October 31, 2025. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through October 31, 2025. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through October 31, 2025. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through October 31, 2025. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through October 31, 2025. Transactions during the period in securities of these companies were <br> as follows: | Certain of the Fund's investments are in companies that are considered to be affiliated companies of the Fund because the Fund owned more than 5% of the outstanding <br> voting shares of the company during the period November 1, 2024 through October 31, 2025. Transactions during the period in securities of these companies were <br> as 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>**10/31/2025** <br>**(000s)**<br>|
| Invesco S&P SmallCap Energy ETF | &nbsp;&nbsp; $17 | &nbsp;&nbsp; $5029 | &nbsp;&nbsp; $(35) | &nbsp;&nbsp; $(10) | &nbsp;&nbsp; $(227) | &nbsp;&nbsp; $67 | &nbsp;&nbsp; $4774 |
| Invesco S&P SmallCap Financials ETF | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 2072 | (567) | &nbsp;&nbsp; 40 | (86) | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 1722 |
| Invesco S&P SmallCap Utilities & Communication Services ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; 1538 | (565) | (49) | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 982 |
| Total | &nbsp;&nbsp; $280 | &nbsp;&nbsp; $8639 | &nbsp;&nbsp; $(1167) | &nbsp;&nbsp; $(19) | &nbsp;&nbsp; $(255) | &nbsp;&nbsp; $109 | &nbsp;&nbsp; $7478 |

---

------

⬤

------

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

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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—October 31, 2025** 

------

**Subadvisor:** C WorldWide Asset Management

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** |
| **BANKS—7.6%** | **BANKS—7.6%** | **BANKS—7.6%** |
| 22542700 | Bank Central Asia Tbk. PT (Indonesia) | $11556 |
| 805409 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 29172 |
|  |  | 40728 |
| **BROADLINE RETAIL—7.0%** | **BROADLINE RETAIL—7.0%** | **BROADLINE RETAIL—7.0%** |
| 6918 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 16100 |
| 307217 | Prosus NV (China) | 21222 |
|  |  | 37322 |
| **BUILDING PRODUCTS—3.5%** | **BUILDING PRODUCTS—3.5%** | **BUILDING PRODUCTS—3.5%** |
| 501012 | Assa Abloy AB Class B (Sweden) | 18917 |
| **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** | **CAPITAL MARKETS—3.2%** |
| 67701 | Deutsche Boerse AG (Germany) | 17129 |
| **CHEMICALS—2.8%** | **CHEMICALS—2.8%** | **CHEMICALS—2.8%** |
| 35437 | Linde PLC (United States) | 14823 |
| **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** | **CONSTRUCTION & ENGINEERING—2.3%** |
| 92552 | Vinci SA (France) | 12364 |
| **CONSTRUCTION MATERIALS—2.1%** | **CONSTRUCTION MATERIALS—2.1%** | **CONSTRUCTION MATERIALS—2.1%** |
| 49431 | Heidelberg Materials AG (Germany) | 11572 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.1%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—3.1%** |
| 2751533 | Tesco PLC (United Kingdom) | 16606 |
| **ELECTRIC UTILITIES—2.6%** | **ELECTRIC UTILITIES—2.6%** | **ELECTRIC UTILITIES—2.6%** |
| 558726 | SSE PLC (United Kingdom) | 14063 |
| **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** |
| 66487 | Schneider Electric SE (France) | 18860 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.2%** |
| 32100 | Keyence Corp. (Japan) | 11950 |
| **FOOD PRODUCTS—3.2%** | **FOOD PRODUCTS—3.2%** | **FOOD PRODUCTS—3.2%** |
| 177325 | Nestle SA (United States) | 16940 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—4.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—4.4%** |
| 146900 | Hoya Corp. (Japan) | 23911 |
| **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** | **HOTELS, RESTAURANTS & LEISURE—3.0%** |
| 486340 | Compass Group PLC (United Kingdom) | 16107 |
| **HOUSEHOLD DURABLES—4.1%** | **HOUSEHOLD DURABLES—4.1%** | **HOUSEHOLD DURABLES—4.1%** |
| 779903 | Sony Group Corp. (Japan) | 21923 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INDUSTRIAL CONGLOMERATES—4.2%** | **INDUSTRIAL CONGLOMERATES—4.2%** | **INDUSTRIAL CONGLOMERATES—4.2%** |
| 79216 | Siemens AG (Germany) | $22421 |
| **INSURANCE—3.7%** | **INSURANCE—3.7%** | **INSURANCE—3.7%** |
| 2076000 | AIA Group Ltd. (Hong Kong) | 20157 |
| **MACHINERY—2.0%** | **MACHINERY—2.0%** | **MACHINERY—2.0%** |
| 31600 | SMC Corp. (Japan) | 10779 |
| **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** | **PERSONAL CARE PRODUCTS—2.7%** |
| 34793 | L'Oreal SA (France) | 14544 |
| **PHARMACEUTICALS—8.8%** | **PHARMACEUTICALS—8.8%** | **PHARMACEUTICALS—8.8%** |
| 125731 | AstraZeneca PLC (United Kingdom) | 20597 |
| 80508 | Galderma Group AG (Switzerland) | 14856 |
| 236336 | Novo Nordisk AS Class B (Denmark) | 11525 |
|  |  | 46978 |
| **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** |
| 360661 | RELX PLC (United Kingdom) | 15906 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.4%** |
| 18203 | ASML Holding NV (Netherlands) | 19263 |
| 121476 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 36495 |
|  |  | 55758 |
| **SOFTWARE—3.8%** | **SOFTWARE—3.8%** | **SOFTWARE—3.8%** |
| 78278 | SAP SE (Germany) | 20252 |
| **TEXTILES, APPAREL & LUXURY GOODS—2.8%** | **TEXTILES, APPAREL & LUXURY GOODS—2.8%** | **TEXTILES, APPAREL & LUXURY GOODS—2.8%** |
| 21013 | LVMH Moet Hennessy Louis Vuitton SE (France) | 14826 |
| **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** | **TRADING COMPANIES & DISTRIBUTORS—3.0%** |
| 66150 | Ferguson Enterprises, Inc. (United States) | 16285 |
| **TOTAL COMMON STOCKS** <br>(Cost $480,771) | **TOTAL COMMON STOCKS** <br>(Cost $480,771) | 531121 |
| **TOTAL INVESTMENTS—99.0%** <br>(Cost $480,771) | **TOTAL INVESTMENTS—99.0%** <br>(Cost $480,771) | 531121 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.0%** | 5178 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $536299 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 International Equity ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—96.8%** | **COMMON STOCKS—96.8%** | **COMMON STOCKS—96.8%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—12.7%** | **AEROSPACE & DEFENSE—12.7%** | **AEROSPACE & DEFENSE—12.7%** |
| 5836 | BAE Systems PLC (United Kingdom) | $143 |
| 3410 | CAE, Inc. (Canada)<sup>\*</sup> | 96 |
| 2736 | Leonardo SpA (Italy) | 160 |
| 11924 | Melrose Industries PLC (United Kingdom) | 98 |
| 275 | MTU Aero Engines AG (Germany) | 120 |
| 473 | Safran SA (France) | 168 |
|  |  | 785 |
| **AUTOMOBILE COMPONENTS—2.7%** | **AUTOMOBILE COMPONENTS—2.7%** | **AUTOMOBILE COMPONENTS—2.7%** |
| 446 | Aumovio SE (Germany)<sup>\*</sup> | 19 |
| 891 | Continental AG (Germany) | 68 |
| 5500 | Denso Corp. (Japan) | 77 |
|  |  | 164 |
| **AUTOMOBILES—1.2%** | **AUTOMOBILES—1.2%** | **AUTOMOBILES—1.2%** |
| 5500 | BYD Co. Ltd. Class H (China) | 71 |
| **BANKS—16.7%** | **BANKS—16.7%** | **BANKS—16.7%** |
| 14784 | Banco Bradesco SA ADR (Brazil)<sup>1</sup> | 50 |
| 35019 | Barclays PLC (United Kingdom) | 187 |
| 3300 | DBS Group Holdings Ltd. (Singapore) | 137 |
| 3773 | DNB Bank ASA (Norway) | 96 |
| 1838 | Erste Group Bank AG (Austria) | 190 |
| 1793 | Grupo Cibest SA ADR (Colombia)<sup>1</sup> | 104 |
| 9900 | Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 93 |
| 2024 | HDFC Bank Ltd. ADR (India)<sup>1</sup> | 74 |
| 3300 | ICICI Bank Ltd. ADR (India)<sup>1</sup> | 100 |
|  |  | 1031 |
| **BEVERAGES—2.7%** | **BEVERAGES—2.7%** | **BEVERAGES—2.7%** |
| 22700 | Ambev SA (Brazil) | 54 |
| 2871 | Diageo PLC (United Kingdom) | 66 |
| 638 | Heineken NV (Netherlands) | 49 |
|  |  | 169 |
| **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** | **CAPITAL MARKETS—1.1%** |
| 1012 | Julius Baer Group Ltd. (Switzerland) | 68 |
| **CHEMICALS—3.8%** | **CHEMICALS—3.8%** | **CHEMICALS—3.8%** |
| 2200 | Nippon Sanso Holdings Corp. (Japan) | 73 |
| 1463 | Sociedad Quimica y Minera de Chile SA ADR <br> (Chile)<sup>\*,1</sup><br>| 72 |
| 1067 | Syensqo SA (Belgium) | 88 |
|  |  | 233 |
| **ELECTRICAL EQUIPMENT—2.6%** | **ELECTRICAL EQUIPMENT—2.6%** | **ELECTRICAL EQUIPMENT—2.6%** |
| 1540 | Prysmian SpA (Italy) | 159 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.7%** |
| 1233 | Halma PLC (United Kingdom) | 57 |
| 10000 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 84 |
| 3900 | Murata Manufacturing Co. Ltd. (Japan) | 86 |
|  |  | 227 |
| **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** | **GROUND TRANSPORTATION—1.3%** |
| 803 | Canadian National Railway Co. (Canada) | 77 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.4%** |
| 1565 | Siemens Healthineers AG (Germany)<sup>2</sup> | 88 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HOTELS, RESTAURANTS & LEISURE—6.6%** | **HOTELS, RESTAURANTS & LEISURE—6.6%** | **HOTELS, RESTAURANTS & LEISURE—6.6%** |
| 1353 | Amadeus IT Group SA (Spain) | $103 |
| 3630 | Carnival Corp. (United States)<sup>\*</sup> | 105 |
| 8052 | Entain PLC (United Kingdom) | 84 |
| 36000 | TravelSky Technology Ltd. Class H (China) | 47 |
| 1550 | Yum China Holdings, Inc. (China) | 67 |
|  |  | 406 |
| **INDUSTRIAL CONGLOMERATES—2.5%** | **INDUSTRIAL CONGLOMERATES—2.5%** | **INDUSTRIAL CONGLOMERATES—2.5%** |
| 4400 | Hitachi Ltd. (Japan) | 152 |
| **INSURANCE—1.6%** | **INSURANCE—1.6%** | **INSURANCE—1.6%** |
| 12000 | China Life Insurance Co. Ltd. Class H (China) | 38 |
| 187 | Everest Group Ltd. (United States) | 59 |
|  |  | 97 |
| **INTERACTIVE MEDIA & SERVICES—1.3%** | **INTERACTIVE MEDIA & SERVICES—1.3%** | **INTERACTIVE MEDIA & SERVICES—1.3%** |
| 636 | Baidu, Inc. ADR (China)<sup>\*,1</sup> | 77 |
| **IT SERVICES—1.3%** | **IT SERVICES—1.3%** | **IT SERVICES—1.3%** |
| 517 | Capgemini SE (France) | 80 |
| **LIFE SCIENCES TOOLS & SERVICES—4.6%** | **LIFE SCIENCES TOOLS & SERVICES—4.6%** | **LIFE SCIENCES TOOLS & SERVICES—4.6%** |
| 1100 | Eurofins Scientific SE (France) | 77 |
| 552 | ICON PLC (United States)<sup>\*</sup> | 95 |
| 165 | Lonza Group AG (Switzerland) | 114 |
|  |  | 286 |
| **METALS & MINING—2.4%** | **METALS & MINING—2.4%** | **METALS & MINING—2.4%** |
| 11869 | Norsk Hydro ASA (Norway) | 80 |
| 979 | Rio Tinto PLC ADR (Australia)<sup>1</sup> | 70 |
|  |  | 150 |
| **OIL, GAS & CONSUMABLE FUELS—3.7%** | **OIL, GAS & CONSUMABLE FUELS—3.7%** | **OIL, GAS & CONSUMABLE FUELS—3.7%** |
| 2849 | Equinor ASA ADR (Norway)<sup>1</sup> | 68 |
| 4726 | Petroleo Brasileiro SA - Petrobras ADR (Brazil)<sup>1</sup> | 55 |
| 2783 | Shell PLC (United States) | 104 |
|  |  | 227 |
| **PHARMACEUTICALS—3.3%** | **PHARMACEUTICALS—3.3%** | **PHARMACEUTICALS—3.3%** |
| 473 | Merck KGaA (Germany) | 62 |
| 627 | Novartis AG ADR (United States)<sup>1</sup> | 77 |
| 198 | Roche Holding AG (United States) | 64 |
|  |  | 203 |
| **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** | **PROFESSIONAL SERVICES—3.0%** |
| 1232 | Intertek Group PLC (United Kingdom) | 82 |
| 2332 | RELX PLC (United Kingdom) | 103 |
|  |  | 185 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.7%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—12.7%** |
| 16000 | ASE Technology Holding Co. Ltd. (Taiwan) | 129 |
| 165 | ASML Holding NV (Netherlands) | 175 |
| 2000 | MediaTek, Inc. (Taiwan) | 85 |
| 9900 | SUMCO Corp. (Japan) | 101 |
| 6000 | Taiwan Semiconductor Manufacturing Co. Ltd. <br> (Taiwan)<br>| 293 |
|  |  | 783 |
| **SOFTWARE—1.6%** | **SOFTWARE—1.6%** | **SOFTWARE—1.6%** |
| 517 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 101 |

---

------

⬤

------

**Harbor International Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.3%** |
| 1867 | Samsung Electronics Co. Ltd. (South Korea) | $141 |
| **TOTAL COMMON STOCKS** <br>(Cost $5,370) | **TOTAL COMMON STOCKS** <br>(Cost $5,370) | 5960 |
| **TOTAL INVESTMENTS—96.8%** <br>(Cost $5,370) | **TOTAL INVESTMENTS—96.8%** <br>(Cost $5,370) | 5960 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—3.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—3.2%** | 197 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $6157 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 October 31, 2025, the aggregate value of these securities was $88 or 1% of net assets.

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

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Disciplined Alpha LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—111.7%** | **COMMON STOCKS—111.7%** | **COMMON STOCKS—111.7%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** | **AEROSPACE & DEFENSE—0.7%** |
| 472 | Carpenter Technology Corp. <sup>1</sup> | $149 |
| **AIR FREIGHT & LOGISTICS—0.7%** | **AIR FREIGHT & LOGISTICS—0.7%** | **AIR FREIGHT & LOGISTICS—0.7%** |
| 886 | CH Robinson Worldwide, Inc. <sup>1</sup> | 136 |
| **BIOTECHNOLOGY—5.4%** | **BIOTECHNOLOGY—5.4%** | **BIOTECHNOLOGY—5.4%** |
| 584 | AbbVie, Inc. <sup>1</sup> | 127 |
| 407 | Alnylam Pharmaceuticals, Inc. <sup>\*,1</sup> | 186 |
| 9888 | Apellis Pharmaceuticals, Inc. <sup>\*</sup> | 212 |
| 3275 | Exelixis, Inc. <sup>\*</sup> | 127 |
| 1411 | Gilead Sciences, Inc. <sup>1</sup> | 169 |
| 2246 | Halozyme Therapeutics, Inc. <sup>\*</sup> | 146 |
| 1342 | Incyte Corp. <sup>\*,1</sup> | 126 |
|  |  | 1093 |
| **BROADLINE RETAIL—3.5%** | **BROADLINE RETAIL—3.5%** | **BROADLINE RETAIL—3.5%** |
| 267 | Dillard's, Inc. Class A<sup>1</sup> | 160 |
| 1397 | eBay, Inc. <sup>1</sup> | 114 |
| 1999 | Etsy, Inc. <sup>\*,1</sup> | 124 |
| 15286 | Macy's, Inc. <sup>1</sup> | 298 |
|  |  | 696 |
| **CHEMICALS—0.7%** | **CHEMICALS—0.7%** | **CHEMICALS—0.7%** |
| 548 | Ecolab, Inc. <sup>1</sup> | 140 |
| **COMMUNICATIONS EQUIPMENT—3.0%** | **COMMUNICATIONS EQUIPMENT—3.0%** | **COMMUNICATIONS EQUIPMENT—3.0%** |
| 1713 | Arista Networks, Inc. <sup>\*,1</sup> | 270 |
| 893 | Ciena Corp. <sup>\*</sup> | 170 |
| 840 | Lumentum Holdings, Inc. <sup>\*</sup> | 169 |
|  |  | 609 |
| **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** | **CONSTRUCTION MATERIALS—1.5%** |
| 1223 | CRH PLC <sup>1</sup> | 146 |
| 505 | Vulcan Materials Co. <sup>1</sup> | 146 |
|  |  | 292 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—4.6%** |
| 501 | Casey's General Stores, Inc. <sup>1</sup> | 257 |
| 1424 | Dollar Tree, Inc. <sup>\*</sup> | 141 |
| 3588 | U.S. Foods Holding Corp. <sup>\*,1</sup> | 261 |
| 2667 | Walmart, Inc. <sup>1</sup> | 270 |
|  |  | 929 |
| **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** | **DIVERSIFIED CONSUMER SERVICES—1.1%** |
| 13120 | ADT, Inc. <sup>1</sup> | 116 |
| 591 | Grand Canyon Education, Inc. <sup>\*</sup> | 111 |
|  |  | 227 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.6%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.6%** |
| 1863 | AST SpaceMobile, Inc. <sup>\*,1</sup> | 150 |
| 6605 | AT&T, Inc. <sup>1</sup> | 163 |
| 1871 | GCI Liberty, Inc. <sup>\*</sup> | — <br><sup>x</sup><br>|
|  |  | 313 |
| **ELECTRIC UTILITIES—0.7%** | **ELECTRIC UTILITIES—0.7%** | **ELECTRIC UTILITIES—0.7%** |
| 1890 | Evergy, Inc. <sup>1</sup> | 145 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** |
| 1699 | Amphenol Corp. Class A<sup>1</sup> | 237 |
| 3382 | Corning, Inc. <sup>1</sup> | 301 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** |
| 2574 | Flex Ltd. <sup>\*</sup> | $161 |
|  |  | 699 |
| **ENERGY EQUIPMENT & SERVICES—3.9%** | **ENERGY EQUIPMENT & SERVICES—3.9%** | **ENERGY EQUIPMENT & SERVICES—3.9%** |
| 2515 | Baker Hughes Co. <sup>1</sup> | 122 |
| 16416 | Halliburton Co. <sup>1</sup> | 441 |
| 5138 | TechnipFMC PLC (United Kingdom)<sup>1</sup> | 212 |
|  |  | 775 |
| **ENTERTAINMENT—8.6%** | **ENTERTAINMENT—8.6%** | **ENTERTAINMENT—8.6%** |
| 667 | Electronic Arts, Inc. <sup>1</sup> | 133 |
| 1687 | Liberty Media Corp.-Liberty Formula One Class A<sup>\*</sup> | 153 |
| 1127 | Live Nation Entertainment, Inc. <sup>\*,1</sup> | 169 |
| 134 | Netflix, Inc. <sup>\*,1</sup> | 150 |
| 1166 | Roku, Inc. <sup>\*</sup> | 124 |
| 223 | Spotify Technology SA <sup>\*,1</sup> | 146 |
| 791 | TKO Group Holdings, Inc. <sup>1</sup> | 149 |
| 30907 | Warner Bros Discovery, Inc. <sup>\*,1</sup> | 694 |
|  |  | 1718 |
| **GAS UTILITIES—2.7%** | **GAS UTILITIES—2.7%** | **GAS UTILITIES—2.7%** |
| 839 | Atmos Energy Corp. <sup>1</sup> | 144 |
| 11869 | UGI Corp. <sup>1</sup> | 397 |
|  |  | 541 |
| **GROUND TRANSPORTATION—1.2%** | **GROUND TRANSPORTATION—1.2%** | **GROUND TRANSPORTATION—1.2%** |
| 2422 | Uber Technologies, Inc. <sup>\*,1</sup> | 234 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.0%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.0%** |
| 1921 | Boston Scientific Corp. <sup>\*,1</sup> | 193 |
| 5357 | Envista Holdings Corp. <sup>\*</sup> | 109 |
| 294 | IDEXX Laboratories, Inc. <sup>\*,1</sup> | 185 |
| 1232 | Medtronic PLC <sup>1</sup> | 112 |
|  |  | 599 |
| **HEALTH CARE PROVIDERS & SERVICES—7.0%** | **HEALTH CARE PROVIDERS & SERVICES—7.0%** | **HEALTH CARE PROVIDERS & SERVICES—7.0%** |
| 1224 | Cardinal Health, Inc. <sup>1</sup> | 233 |
| 528 | Cencora, Inc. <sup>1</sup> | 178 |
| 1574 | CVS Health Corp. <sup>1</sup> | 123 |
| 1473 | Encompass Health Corp.  | 168 |
| 280 | HCA Healthcare, Inc. <sup>1</sup> | 129 |
| 276 | McKesson Corp. <sup>1</sup> | 224 |
| 995 | Quest Diagnostics, Inc.  | 175 |
| 896 | Tenet Healthcare Corp. <sup>\*</sup> | 185 |
|  |  | 1415 |
| **HEALTH CARE TECHNOLOGY—4.5%** | **HEALTH CARE TECHNOLOGY—4.5%** | **HEALTH CARE TECHNOLOGY—4.5%** |
| 44153 | Certara, Inc. <sup>\*</sup> | 514 |
| 3227 | Doximity, Inc. Class A<sup>\*</sup> | 213 |
| 588 | Veeva Systems, Inc. Class A<sup>\*,1</sup> | 171 |
|  |  | 898 |
| **HOTELS, RESTAURANTS & LEISURE—5.9%** | **HOTELS, RESTAURANTS & LEISURE—5.9%** | **HOTELS, RESTAURANTS & LEISURE—5.9%** |
| 37 | Booking Holdings, Inc. <sup>1</sup> | 188 |
| 1551 | Boyd Gaming Corp. <sup>1</sup> | 121 |
| 356 | Domino's Pizza, Inc. <sup>1</sup> | 142 |
| 852 | DoorDash, Inc. Class A<sup>\*,1</sup> | 217 |
| 532 | Expedia Group, Inc. <sup>1</sup> | 117 |
| 560 | Hilton Worldwide Holdings, Inc. <sup>1</sup> | 144 |
| 420 | Royal Caribbean Cruises Ltd. <sup>1</sup> | 120 |

---

------

⬤

------

**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** |
| 2300 | Viking Holdings Ltd. <sup>\*,1</sup> | $140 |
|  |  | 1189 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—2.7%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—2.7%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—2.7%** |
| 9641 | AES Corp.  | 134 |
| 13356 | Clearway Energy, Inc. Class A | 400 |
|  |  | 534 |
| **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** | **INTERACTIVE MEDIA & SERVICES—0.5%** |
| 504 | Reddit, Inc. Class A<sup>\*,1</sup> | 105 |
| **IT SERVICES—2.6%** | **IT SERVICES—2.6%** | **IT SERVICES—2.6%** |
| 653 | Cloudflare, Inc. Class A<sup>\*,1</sup> | 165 |
| 692 | International Business Machines Corp. <sup>1</sup> | 213 |
| 548 | Snowflake, Inc. <sup>\*,1</sup> | 151 |
|  |  | 529 |
| **LIFE SCIENCES TOOLS & SERVICES—4.2%** | **LIFE SCIENCES TOOLS & SERVICES—4.2%** | **LIFE SCIENCES TOOLS & SERVICES—4.2%** |
| 10856 | 10X Genomics, Inc. Class A<sup>\*</sup> | 148 |
| 388 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 124 |
| 1174 | Charles River Laboratories International, Inc. <sup>\*</sup> | 211 |
| 400 | Medpace Holdings, Inc. <sup>\*,1</sup> | 234 |
| 8135 | Sotera Health Co. <sup>\*</sup> | 135 |
|  |  | 852 |
| **MEDIA—0.7%** | **MEDIA—0.7%** | **MEDIA—0.7%** |
| 2785 | Trade Desk, Inc. Class A<sup>\*</sup> | 140 |
| **METALS & MINING—7.3%** | **METALS & MINING—7.3%** | **METALS & MINING—7.3%** |
| 9045 | Alcoa Corp.  | 333 |
| 6672 | Anglogold Ashanti PLC (United Kingdom)<sup>1</sup> | 454 |
| 2167 | MP Materials Corp. <sup>\*,1</sup> | 137 |
| 2537 | Newmont Corp. <sup>1</sup> | 205 |
| 1069 | Royal Gold, Inc. <sup>1</sup> | 187 |
| 1068 | Southern Copper Corp. (Peru) | 148 |
|  |  | 1464 |
| **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** |
| 3861 | CenterPoint Energy, Inc. <sup>1</sup> | 148 |
| 3644 | NiSource, Inc. <sup>1</sup> | 153 |
|  |  | 301 |
| **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** | **OIL, GAS & CONSUMABLE FUELS—3.2%** |
| 10604 | Antero Midstream Corp. <sup>1</sup> | 183 |
| 3733 | HF Sinclair Corp. <sup>1</sup> | 193 |
| 770 | Marathon Petroleum Corp. <sup>1</sup> | 150 |
| 749 | Valero Energy Corp. <sup>1</sup> | 127 |
|  |  | 653 |
| **PASSENGER AIRLINES—3.4%** | **PASSENGER AIRLINES—3.4%** | **PASSENGER AIRLINES—3.4%** |
| 41070 | American Airlines Group, Inc. <sup>\*,1</sup> | 539 |
| 2409 | Delta Air Lines, Inc. <sup>1</sup> | 138 |
|  |  | 677 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—3.1%** | **PHARMACEUTICALS—3.1%** | **PHARMACEUTICALS—3.1%** |
| 6594 | Elanco Animal Health, Inc. <sup>\*,1</sup> | $146 |
| 1596 | Johnson & Johnson <sup>1</sup> | 301 |
| 4624 | Royalty Pharma PLC Class A<sup>1</sup> | 174 |
|  |  | 621 |
| **SOFTWARE—8.8%** | **SOFTWARE—8.8%** | **SOFTWARE—8.8%** |
| 194 | AppLovin Corp. Class A<sup>\*,1</sup> | 124 |
| 388 | Autodesk, Inc. <sup>\*,1</sup> | 117 |
| 883 | Guidewire Software, Inc. <sup>\*,1</sup> | 206 |
| 721 | Palantir Technologies, Inc. Class A<sup>\*,1</sup> | 145 |
| 2406 | Pegasystems, Inc. <sup>1</sup> | 153 |
| 651 | PTC, Inc. <sup>\*,1</sup> | 129 |
| 4182 | RingCentral, Inc. Class A<sup>\*</sup> | 126 |
| 30977 | UiPath, Inc. Class A<sup>\*,1</sup> | 491 |
| 3023 | Unity Software, Inc. <sup>\*,1</sup> | 115 |
| 1860 | Zoom Communications, Inc. <sup>\*,1</sup> | 162 |
|  |  | 1768 |
| **SPECIALTY RETAIL—6.2%** | **SPECIALTY RETAIL—6.2%** | **SPECIALTY RETAIL—6.2%** |
| 687 | AutoNation, Inc. <sup>\*,1</sup> | 137 |
| 28 | AutoZone, Inc. <sup>\*,1</sup> | 103 |
| 15272 | Bath & Body Works, Inc. <sup>1</sup> | 374 |
| 700 | Carvana Co. <sup>\*,1</sup> | 215 |
| 1089 | O'Reilly Automotive, Inc. <sup>\*,1</sup> | 103 |
| 895 | TJX Cos., Inc. <sup>1</sup> | 125 |
| 1000 | Williams-Sonoma, Inc. <sup>1</sup> | 194 |
|  |  | 1251 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.1%** |
| 1545 | Pure Storage, Inc. Class A<sup>\*</sup> | 152 |
| 851 | Sandisk Corp. <sup>\*</sup> | 170 |
| 2016 | Western Digital Corp.  | 303 |
|  |  | 625 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.6%** | **WIRELESS TELECOMMUNICATION SERVICES—0.6%** | **WIRELESS TELECOMMUNICATION SERVICES—0.6%** |
| 2624 | Millicom International Cellular SA (Sweden) | 124 |
| **TOTAL COMMON STOCKS** <br>(Cost $18,922) | **TOTAL COMMON STOCKS** <br>(Cost $18,922) | 22441 |

---

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

---

| | |
|:---|:---|
| **EXCHANGE-TRADED FUNDS—6.2%** | **EXCHANGE-TRADED FUNDS—6.2%** |
| **CAPITAL MARKETS—6.2%** | **CAPITAL MARKETS—6.2%** |
| 14078<br> iShares Silver Trust <sup>\*,1</sup> | 620 |
| 1695<br> SPDR Gold Shares <sup>\*,1</sup> | 624 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $1,050) | 1244 |
| **TOTAL INVESTMENTS—117.9%** <br>(Cost $19,972) | 23685 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(17.9)%** | (3596)<br>|
| **TOTAL NET ASSETS—100%** | $20089 |

---

&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—(63.0)%** | **COMMON STOCKS—(63.0)%** | **COMMON STOCKS—(63.0)%** |
| **Shares** |  | **Value** |
| **BIOTECHNOLOGY—(3.5)%** | **BIOTECHNOLOGY—(3.5)%** | **BIOTECHNOLOGY—(3.5)%** |
| (10744)<br>| Moderna, Inc. <sup>\*</sup> | $(292)<br>|
| (629)<br>| Regeneron Pharmaceuticals, Inc.  | (410)<br>|
|  |  | (702)<br>|
| **BROADLINE RETAIL—(1.9)%** | **BROADLINE RETAIL—(1.9)%** | **BROADLINE RETAIL—(1.9)%** |
| (1561)<br>| Amazon.com, Inc. <sup>\*</sup> | (381)<br>|
| **CHEMICALS—(1.3)%** | **CHEMICALS—(1.3)%** | **CHEMICALS—(1.3)%** |
| (4386)<br>| Eastman Chemical Co.  | (261)<br>|
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.4)%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.4)%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—(1.4)%** |
| (3536)<br>| Sprouts Farmers Market, Inc. <sup>\*</sup> | (279)<br>|
| **CONTAINERS & PACKAGING—(2.4)%** | **CONTAINERS & PACKAGING—(2.4)%** | **CONTAINERS & PACKAGING—(2.4)%** |
| (11851)<br>| Sonoco Products Co.  | (481)<br>|
| **ELECTRIC UTILITIES—(1.9)%** | **ELECTRIC UTILITIES—(1.9)%** | **ELECTRIC UTILITIES—(1.9)%** |
| (992)<br>| Constellation Energy Corp.  | (374)<br>|
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—(1.4)%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—(1.4)%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—(1.4)%** |
| (1077)<br>| Zebra Technologies Corp. Class A<sup>\*</sup> | (290)<br>|
| **GROUND TRANSPORTATION—(3.6)%** | **GROUND TRANSPORTATION—(3.6)%** | **GROUND TRANSPORTATION—(3.6)%** |
| (2879)<br>| Old Dominion Freight Line, Inc.  | (404)<br>|
| (1110)<br>| Saia, Inc. <sup>\*</sup> | (325)<br>|
|  |  | (729)<br>|
| **HEALTH CARE EQUIPMENT & SUPPLIES—(3.1)%** | **HEALTH CARE EQUIPMENT & SUPPLIES—(3.1)%** | **HEALTH CARE EQUIPMENT & SUPPLIES—(3.1)%** |
| (3886)<br>| Cooper Cos., Inc. <sup>\*</sup> | (271)<br>|
| (5032)<br>| Inspire Medical Systems, Inc. <sup>\*</sup> | (363)<br>|
|  |  | (634)<br>|
| **HEALTH CARE PROVIDERS & SERVICES—(2.2)%** | **HEALTH CARE PROVIDERS & SERVICES—(2.2)%** | **HEALTH CARE PROVIDERS & SERVICES—(2.2)%** |
| (8682)<br>| Acadia Healthcare Co., Inc. <sup>\*</sup> | (187)<br>|
| (1705)<br>| Molina Healthcare, Inc. <sup>\*</sup> | (261)<br>|
|  |  | (448)<br>|
| **HOTELS, RESTAURANTS & LEISURE—(4.7)%** | **HOTELS, RESTAURANTS & LEISURE—(4.7)%** | **HOTELS, RESTAURANTS & LEISURE—(4.7)%** |
| (6376)<br>| Cava Group, Inc. <sup>\*</sup> | (343)<br>|
| (3583)<br>| Choice Hotels International, Inc.  | (333)<br>|
| (3714)<br>| Light & Wonder, Inc. <sup>\*</sup> | (270)<br>|
|  |  | (946)<br>|

---

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **INTERACTIVE MEDIA & SERVICES—(1.7)%** | **INTERACTIVE MEDIA & SERVICES—(1.7)%** | **INTERACTIVE MEDIA & SERVICES—(1.7)%** |
| (528)<br>| Meta Platforms, Inc. Class A | $(342)<br>|
| **IT SERVICES—(1.5)%** | **IT SERVICES—(1.5)%** | **IT SERVICES—(1.5)%** |
| (4789)<br>| Globant SA <sup>\*</sup> | (295)<br>|
| **MEDIA—(1.4)%** | **MEDIA—(1.4)%** | **MEDIA—(1.4)%** |
| (1217)<br>| Charter Communications, Inc. Class A<sup>\*</sup> | (285)<br>|
| **OIL, GAS & CONSUMABLE FUELS—(15.9)%** | **OIL, GAS & CONSUMABLE FUELS—(15.9)%** | **OIL, GAS & CONSUMABLE FUELS—(15.9)%** |
| (14849)<br>| Antero Resources Corp. <sup>\*</sup> | (459)<br>|
| (17401)<br>| Civitas Resources, Inc.  | (502)<br>|
| (21193)<br>| Coterra Energy, Inc.  | (501)<br>|
| (8627)<br>| Devon Energy Corp.  | (280)<br>|
| (2311)<br>| Diamondback Energy, Inc.  | (331)<br>|
| (12238)<br>| Matador Resources Co.  | (483)<br>|
| (5264)<br>| ONEOK, Inc.  | (353)<br>|
| (1828)<br>| Targa Resources Corp.  | (281)<br>|
|  |  | (3190)<br>|
| **PASSENGER AIRLINES—(2.3)%** | **PASSENGER AIRLINES—(2.3)%** | **PASSENGER AIRLINES—(2.3)%** |
| (10869)<br>| Alaska Air Group, Inc. <sup>\*</sup> | (454)<br>|
| **PHARMACEUTICALS—(1.5)%** | **PHARMACEUTICALS—(1.5)%** | **PHARMACEUTICALS—(1.5)%** |
| (341)<br>| Eli Lilly & Co.  | (294)<br>|
| **SOFTWARE—(6.1)%** | **SOFTWARE—(6.1)%** | **SOFTWARE—(6.1)%** |
| (1094)<br>| Adobe, Inc. <sup>\*</sup> | (372)<br>|
| (20923)<br>| Confluent, Inc. Class A<sup>\*</sup> | (489)<br>|
| (19973)<br>| SentinelOne, Inc. Class A<sup>\*</sup> | (357)<br>|
|  |  | (1218)<br>|
| **SPECIALTY RETAIL—(5.2)%** | **SPECIALTY RETAIL—(5.2)%** | **SPECIALTY RETAIL—(5.2)%** |
| (1021)<br>| Burlington Stores, Inc. <sup>\*</sup> | (279)<br>|
| (10674)<br>| CarMax, Inc. <sup>\*</sup> | (447)<br>|
| (1911)<br>| RH <sup>\*</sup> | (330)<br>|
|  |  | (1056)<br>|
| **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds - $14,240) | **TOTAL COMMON STOCKS SOLD SHORT** <br>(Proceeds - $14,240) | (12659)<br>|
| **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS - $14,240)** | **TOTAL INVESTMENTS SOLD SHORT (PROCEEDS - $14,240)** | $(12659)<br>|

---

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

**PURCHASED OPTIONS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** | **PUT PURCHASED OPTIONS** |
| **Description** | **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br> **Amount** <br> **(000s)**<br>| **Cost** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>|
| ProShares UltraPro QQQ | $80.00 | 06/18/2026 | 200 | $2334 | $192 | $171 |
| ProShares UltraPro QQQ | 80.00 | 03/20/2026 | 286 | 3338 | 193 | 149 |
| Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | Total Put Purchased Options | $385 | $320 |

---

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

------

⬤

------

**Harbor Long-Short Equity ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** | **RIGHTS/WARRANTS** |
| **Description** | **Shares** | **Strike Price** | **Expiration Date** | **Cost** <br>**(000s)**<br>| **Value** <br>**(000s)**<br>|
| GameStop Corp.\* | 1770 | $32.00 | &nbsp;&nbsp; 10/30/2026 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5 |

---

**FAIR VALUE MEASUREMENTS**

As of October 31, 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.

------

\*

Non-income producing security

x

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

As of October 31, 2025, all or a portion of this security was pledged as collateral for investments sold short. The securities pledged had an aggregate value of $18,159.

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

------

⬤

------

**Harbor Long-Term Growers ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Jennison Associates LLC

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—3.8%** | **AEROSPACE & DEFENSE—3.8%** | **AEROSPACE & DEFENSE—3.8%** |
| 11795 | Axon Enterprise, Inc. <sup>\*</sup> | $8637 |
| 87114 | Boeing Co. <sup>\*</sup> | 17512 |
| 50664 | General Electric Co.  | 15652 |
|  |  | 41801 |
| **AUTOMOBILES—3.3%** | **AUTOMOBILES—3.3%** | **AUTOMOBILES—3.3%** |
| 79196 | Tesla, Inc. <sup>\*</sup> | 36158 |
| **BANKS—1.0%** | **BANKS—1.0%** | **BANKS—1.0%** |
| 20268 | JPMorgan Chase & Co.  | 6306 |
| 318711 | NU Holdings Ltd. Class A (Brazil)<sup>\*</sup> | 5134 |
|  |  | 11440 |
| **BEVERAGES—0.3%** | **BEVERAGES—0.3%** | **BEVERAGES—0.3%** |
| 55820 | Coca-Cola Co.  | 3846 |
| **BIOTECHNOLOGY—1.1%** | **BIOTECHNOLOGY—1.1%** | **BIOTECHNOLOGY—1.1%** |
| 19633 | Alnylam Pharmaceuticals, Inc. <sup>\*</sup> | 8953 |
| 8571 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 3648 |
|  |  | 12601 |
| **BROADLINE RETAIL—7.2%** | **BROADLINE RETAIL—7.2%** | **BROADLINE RETAIL—7.2%** |
| 299280 | Amazon.com, Inc. <sup>\*</sup> | 73090 |
| 2896 | MercadoLibre, Inc. (Brazil)<sup>\*</sup> | 6740 |
|  |  | 79830 |
| **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** | **CAPITAL MARKETS—0.7%** |
| 4063 | Goldman Sachs Group, Inc.  | 3207 |
| 14154 | KKR & Co., Inc.  | 1675 |
| 6384 | LPL Financial Holdings, Inc.  | 2409 |
|  |  | 7291 |
| **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** | **COMMUNICATIONS EQUIPMENT—1.0%** |
| 69917 | Arista Networks, Inc. <sup>\*</sup> | 11025 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.0%** |
| 12352 | Costco Wholesale Corp.  | 11258 |
| 104155 | Walmart, Inc.  | 10539 |
|  |  | 21797 |
| **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** | **ELECTRIC UTILITIES—1.1%** |
| 32032 | Constellation Energy Corp.  | 12076 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.5%** |
| 42369 | Amphenol Corp. Class A | 5904 |
| **ENTERTAINMENT—5.3%** | **ENTERTAINMENT—5.3%** | **ENTERTAINMENT—5.3%** |
| 36908 | Netflix, Inc. <sup>\*</sup> | 41295 |
| 13519 | Spotify Technology SA <sup>\*</sup> | 8859 |
| 68593 | Walt Disney Co.  | 7725 |
|  |  | 57879 |
| **FINANCIAL SERVICES—3.1%** | **FINANCIAL SERVICES—3.1%** | **FINANCIAL SERVICES—3.1%** |
| 31765 | Apollo Global Management, Inc.  | 3949 |
| 39803 | Mastercard, Inc. Class A | 21971 |
| 103411 | Toast, Inc. Class A<sup>\*</sup> | 3737 |
| 13610 | Visa, Inc. Class A | 4637 |
|  |  | 34294 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** | **GROUND TRANSPORTATION—1.0%** |
| 108469 | Uber Technologies, Inc. <sup>\*</sup> | $10467 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.5%** |
| 23708 | Boston Scientific Corp. <sup>\*</sup> | 2388 |
| 27556 | Dexcom, Inc. <sup>\*</sup> | 1604 |
| 60316 | Edwards Lifesciences Corp. <sup>\*</sup> | 4973 |
| 65245 | GE HealthCare Technologies, Inc.  | 4890 |
| 4185 | Intuitive Surgical, Inc. <sup>\*</sup> | 2236 |
|  |  | 16091 |
| **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** | **HEALTH CARE TECHNOLOGY—0.4%** |
| 16860 | Veeva Systems, Inc. Class A<sup>\*</sup> | 4910 |
| **HOTELS, RESTAURANTS & LEISURE—0.4%** | **HOTELS, RESTAURANTS & LEISURE—0.4%** | **HOTELS, RESTAURANTS & LEISURE—0.4%** |
| 18857 | Hilton Worldwide Holdings, Inc.  | 4846 |
| **INSURANCE—0.2%** | **INSURANCE—0.2%** | **INSURANCE—0.2%** |
| 9976 | Progressive Corp.  | 2055 |
| **INTERACTIVE MEDIA & SERVICES—9.2%** | **INTERACTIVE MEDIA & SERVICES—9.2%** | **INTERACTIVE MEDIA & SERVICES—9.2%** |
| 184110 | Alphabet, Inc. Class A | 51770 |
| 75899 | Meta Platforms, Inc. Class A | 49209 |
|  |  | 100979 |
| **IT SERVICES—3.1%** | **IT SERVICES—3.1%** | **IT SERVICES—3.1%** |
| 25546 | Cloudflare, Inc. Class A<sup>\*</sup> | 6471 |
| 76429 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 13288 |
| 52258 | Snowflake, Inc. <sup>\*</sup> | 14364 |
|  |  | 34123 |
| **LIFE SCIENCES TOOLS & SERVICES—1.5%** | **LIFE SCIENCES TOOLS & SERVICES—1.5%** | **LIFE SCIENCES TOOLS & SERVICES—1.5%** |
| 40481 | Agilent Technologies, Inc.  | 5925 |
| 20714 | Danaher Corp.  | 4461 |
| 11411 | Thermo Fisher Scientific, Inc.  | 6475 |
|  |  | 16861 |
| **OIL, GAS & CONSUMABLE FUELS—0.3%** | **OIL, GAS & CONSUMABLE FUELS—0.3%** | **OIL, GAS & CONSUMABLE FUELS—0.3%** |
| 17171 | Cheniere Energy, Inc.  | 3640 |
| **PHARMACEUTICALS—2.5%** | **PHARMACEUTICALS—2.5%** | **PHARMACEUTICALS—2.5%** |
| 40793 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 3362 |
| 28539 | Eli Lilly & Co.  | 24625 |
|  |  | 27987 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—21.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—21.1%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—21.1%** |
| 23579 | Advanced Micro Devices, Inc. <sup>\*</sup> | 6039 |
| 184806 | Broadcom, Inc.  | 68310 |
| 81053 | Lam Research Corp.  | 12763 |
| 671066 | NVIDIA Corp.  | 135884 |
| 13885 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 4171 |
| 32344 | Texas Instruments, Inc.  | 5222 |
|  |  | 232389 |
| **SOFTWARE—16.5%** | **SOFTWARE—16.5%** | **SOFTWARE—16.5%** |
| 17434 | AppLovin Corp. Class A<sup>\*</sup> | 11111 |
| 52002 | Cadence Design Systems, Inc. <sup>\*</sup> | 17612 |
| 22382 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 12154 |
| 16799 | Datadog, Inc. Class A<sup>\*</sup> | 2735 |
| 17990 | HubSpot, Inc. <sup>\*</sup> | 8850 |
| 192223 | Microsoft Corp.  | 99535 |

---

------

⬤

------

**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** |
| 42656 | Oracle Corp.  | $11202 |
| 35473 | Palo Alto Networks, Inc. <sup>\*</sup> | 7813 |
| 7716 | Salesforce, Inc.  | 2009 |
| 3470 | ServiceNow, Inc. <sup>\*</sup> | 3190 |
| 15400 | Zscaler, Inc. <sup>\*</sup> | 5099 |
|  |  | 181310 |
| **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** | **SPECIALIZED REITS—0.4%** |
| 22388 | American Tower Corp.  | 4007 |
| **SPECIALTY RETAIL—1.4%** | **SPECIALTY RETAIL—1.4%** | **SPECIALTY RETAIL—1.4%** |
| 243393 | Industria de Diseno Textil SA ADR (Spain)<sup>1</sup> | 3359 |
| 25791 | O'Reilly Automotive, Inc. <sup>\*</sup> | 2435 |
| 66925 | TJX Cos., Inc.  | 9379 |
|  |  | 15173 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.7%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.7%** |
| 312065 | Apple, Inc.  | $84373 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** | **TEXTILES, APPAREL & LUXURY GOODS—1.1%** |
| 35387 | adidas AG ADR (Germany)<sup>1</sup> | 3359 |
| 138993 | NIKE, Inc. Class B | 8978 |
|  |  | 12337 |
| **TOTAL COMMON STOCKS** <br>(Cost $779,050) | **TOTAL COMMON STOCKS** <br>(Cost $779,050) | 1087490 |
| **TOTAL INVESTMENTS—98.7%** <br>(Cost $779,050) | **TOTAL INVESTMENTS—98.7%** <br>(Cost $779,050) | 1087490 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.3%** | 13825 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $1101315 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 Mid Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—97.9%** | **COMMON STOCKS—97.9%** | **COMMON STOCKS—97.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—6.4%** | **AEROSPACE & DEFENSE—6.4%** | **AEROSPACE & DEFENSE—6.4%** |
| 184 | General Dynamics Corp.  | $63 |
| 1122 | Hexcel Corp.  | 80 |
| 404 | Woodward, Inc.  | 106 |
|  |  | 249 |
| **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** | **AIR FREIGHT & LOGISTICS—1.7%** |
| 437 | CH Robinson Worldwide, Inc.  | 67 |
| **BANKS—3.2%** | **BANKS—3.2%** | **BANKS—3.2%** |
| 600 | East West Bancorp, Inc.  | 61 |
| 499 | Wintrust Financial Corp.  | 65 |
|  |  | 126 |
| **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** | **BUILDING PRODUCTS—2.1%** |
| 1260 | Masco Corp.  | 82 |
| **CAPITAL MARKETS—7.5%** | **CAPITAL MARKETS—7.5%** | **CAPITAL MARKETS—7.5%** |
| 362 | Houlihan Lokey, Inc.  | 65 |
| 443 | Intercontinental Exchange, Inc.  | 65 |
| 500 | Raymond James Financial, Inc.  | 79 |
| 698 | Stifel Financial Corp.  | 83 |
|  |  | 292 |
| **CHEMICALS—3.8%** | **CHEMICALS—3.8%** | **CHEMICALS—3.8%** |
| 563 | Albemarle Corp.  | 56 |
| 558 | Eastman Chemical Co.  | 33 |
| 1105 | Scotts Miracle-Gro Co.  | 59 |
|  |  | 148 |
| **COMMERCIAL SERVICES & SUPPLIES—2.2%** | **COMMERCIAL SERVICES & SUPPLIES—2.2%** | **COMMERCIAL SERVICES & SUPPLIES—2.2%** |
| 412 | Republic Services, Inc.  | 86 |
| **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** | **CONSTRUCTION & ENGINEERING—1.7%** |
| 99 | EMCOR Group, Inc.  | 67 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** |
| 647 | Sysco Corp.  | 48 |
| **CONTAINERS & PACKAGING—2.3%** | **CONTAINERS & PACKAGING—2.3%** | **CONTAINERS & PACKAGING—2.3%** |
| 265 | Packaging Corp. of America  | 52 |
| 1090 | Sealed Air Corp.  | 36 |
|  |  | 88 |
| **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** | **ELECTRICAL EQUIPMENT—2.7%** |
| 1502 | Sensata Technologies Holding PLC  | 48 |
| 306 | Vertiv Holdings Co. Class A | 59 |
|  |  | 107 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—3.5%** |
| 481 | Arrow Electronics, Inc. <sup>\*</sup> | 54 |
| 462 | Keysight Technologies, Inc. <sup>\*</sup> | 84 |
|  |  | 138 |
| **ENERGY EQUIPMENT & SERVICES—1.4%** | **ENERGY EQUIPMENT & SERVICES—1.4%** | **ENERGY EQUIPMENT & SERVICES—1.4%** |
| 919 | Helmerich & Payne, Inc.  | 24 |
| 859 | SLB Ltd.  | 31 |
|  |  | 55 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 540 | Global Payments, Inc.  | 42 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** | **GROUND TRANSPORTATION—1.6%** |
| 1775 | CSX Corp.  | $64 |
| **HEALTH CARE PROVIDERS & SERVICES—4.9%** | **HEALTH CARE PROVIDERS & SERVICES—4.9%** | **HEALTH CARE PROVIDERS & SERVICES—4.9%** |
| 232 | Cencora, Inc.  | 78 |
| 1290 | Centene Corp. <sup>\*</sup> | 46 |
| 255 | Labcorp Holdings, Inc.  | 65 |
|  |  | 189 |
| **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** |
| 385 | Darden Restaurants, Inc.  | 69 |
| **HOUSEHOLD DURABLES—1.7%** | **HOUSEHOLD DURABLES—1.7%** | **HOUSEHOLD DURABLES—1.7%** |
| 454 | DR Horton, Inc.  | 68 |
| **INDUSTRIAL REITS—0.8%** | **INDUSTRIAL REITS—0.8%** | **INDUSTRIAL REITS—0.8%** |
| 2541 | Americold Realty Trust, Inc.  | 33 |
| **INSURANCE—4.8%** | **INSURANCE—4.8%** | **INSURANCE—4.8%** |
| 194 | Progressive Corp.  | 40 |
| 429 | Reinsurance Group of America, Inc.  | 78 |
| 280 | RenaissanceRe Holdings Ltd. (Bermuda) | 71 |
|  |  | 189 |
| **IT SERVICES—3.4%** | **IT SERVICES—3.4%** | **IT SERVICES—3.4%** |
| 684 | Akamai Technologies, Inc. <sup>\*</sup> | 51 |
| 589 | Twilio, Inc. Class A<sup>\*</sup> | 80 |
|  |  | 131 |
| **LIFE SCIENCES TOOLS & SERVICES—7.6%** | **LIFE SCIENCES TOOLS & SERVICES—7.6%** | **LIFE SCIENCES TOOLS & SERVICES—7.6%** |
| 470 | Agilent Technologies, Inc.  | 69 |
| 170 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 54 |
| 455 | IQVIA Holdings, Inc. <sup>\*</sup> | 99 |
| 1580 | Qiagen NV  | 74 |
|  |  | 296 |
| **MACHINERY—6.0%** | **MACHINERY—6.0%** | **MACHINERY—6.0%** |
| 196 | Cummins, Inc.  | 86 |
| 393 | Dover Corp.  | 71 |
| 223 | Snap-on, Inc.  | 75 |
|  |  | 232 |
| **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** | **MULTI-UTILITIES—1.9%** |
| 658 | WEC Energy Group, Inc.  | 73 |
| **OFFICE REITS—1.5%** | **OFFICE REITS—1.5%** | **OFFICE REITS—1.5%** |
| 810 | BXP, Inc.  | 58 |
| **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** | **OIL, GAS & CONSUMABLE FUELS—1.9%** |
| 2131 | Coterra Energy, Inc.  | 50 |
| 764 | Murphy Oil Corp.  | 22 |
|  |  | 72 |
| **PROFESSIONAL SERVICES—1.3%** | **PROFESSIONAL SERVICES—1.3%** | **PROFESSIONAL SERVICES—1.3%** |
| 238 | Broadridge Financial Solutions, Inc.  | 52 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.9%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.9%** |
| 738 | CBRE Group, Inc. Class A<sup>\*</sup> | 112 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.3%** |
| 217 | Applied Materials, Inc.  | 50 |
| 962 | Entegris, Inc.  | 88 |

---

------

⬤

------

**Harbor Mid Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued** |
| 896 | Skyworks Solutions, Inc.  | $70 |
|  |  | 208 |
| **SOFTWARE—2.0%** | **SOFTWARE—2.0%** | **SOFTWARE—2.0%** |
| 170 | Synopsys, Inc. <sup>\*</sup> | 77 |
| **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** | **SPECIALIZED REITS—1.1%** |
| 220 | SBA Communications Corp.  | 42 |
| **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** | **SPECIALTY RETAIL—5.1%** |
| 426 | Ross Stores, Inc.  | 68 |
| 396 | TJX Cos., Inc.  | 56 |
| 143 | Ulta Beauty, Inc. <sup>\*</sup> | 74 |
|  |  | 198 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** | **TRADING COMPANIES & DISTRIBUTORS—1.5%** |
| 376 | GATX Corp.  | $59 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,512) | **TOTAL COMMON STOCKS** <br>(Cost $3,512) | 3817 |
| **TOTAL INVESTMENTS—97.9%** <br>(Cost $3,512) | **TOTAL INVESTMENTS—97.9%** <br>(Cost $3,512) | 3817 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.1%** | 83 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3900 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 Mid Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** | **COMMON STOCKS—98.6%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—2.6%** | **AEROSPACE & DEFENSE—2.6%** | **AEROSPACE & DEFENSE—2.6%** |
| 306 | Huntington Ingalls Industries, Inc.  | $99 |
| **AUTOMOBILE COMPONENTS—1.3%** | **AUTOMOBILE COMPONENTS—1.3%** | **AUTOMOBILE COMPONENTS—1.3%** |
| 1143 | BorgWarner, Inc.  | 49 |
| **BANKS—6.3%** | **BANKS—6.3%** | **BANKS—6.3%** |
| 1222 | Bank OZK  | 55 |
| 596 | Pinnacle Financial Partners, Inc.  | 51 |
| 671 | Popular, Inc. (Puerto Rico) | 75 |
| 1053 | Webster Financial Corp.  | 60 |
|  |  | 241 |
| **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** | **BUILDING PRODUCTS—1.3%** |
| 787 | Masco Corp.  | 51 |
| **CAPITAL MARKETS—9.1%** | **CAPITAL MARKETS—9.1%** | **CAPITAL MARKETS—9.1%** |
| 183 | FactSet Research Systems, Inc.  | 49 |
| 716 | Intercontinental Exchange, Inc.  | 105 |
| 564 | Raymond James Financial, Inc.  | 89 |
| 903 | Stifel Financial Corp.  | 107 |
|  |  | 350 |
| **CHEMICALS—4.1%** | **CHEMICALS—4.1%** | **CHEMICALS—4.1%** |
| 412 | Albemarle Corp.  | 41 |
| 566 | CF Industries Holdings, Inc.  | 47 |
| 477 | Eastman Chemical Co.  | 28 |
| 752 | Scotts Miracle-Gro Co.  | 40 |
|  |  | 156 |
| **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** |
| 249 | Eagle Materials, Inc.  | 53 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—1.2%** |
| 649 | Sysco Corp.  | 48 |
| **CONTAINERS & PACKAGING—1.5%** | **CONTAINERS & PACKAGING—1.5%** | **CONTAINERS & PACKAGING—1.5%** |
| 892 | Sealed Air Corp.  | 30 |
| 633 | Sonoco Products Co.  | 26 |
|  |  | 56 |
| **DISTRIBUTORS—1.1%** | **DISTRIBUTORS—1.1%** | **DISTRIBUTORS—1.1%** |
| 1342 | LKQ Corp.  | 43 |
| **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** |
| 796 | NEXTracker, Inc. Class A<sup>\*</sup> | 81 |
| 385 | Regal Rexnord Corp.  | 54 |
|  |  | 135 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.7%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—5.7%** |
| 1172 | Avnet, Inc.  | 57 |
| 2611 | Flex Ltd. <sup>\*</sup> | 163 |
|  |  | 220 |
| **ENERGY EQUIPMENT & SERVICES—1.4%** | **ENERGY EQUIPMENT & SERVICES—1.4%** | **ENERGY EQUIPMENT & SERVICES—1.4%** |
| 3665 | NOV, Inc.  | 54 |
| **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** |
| 663 | Global Payments, Inc.  | 52 |
| **GAS UTILITIES—1.7%** | **GAS UTILITIES—1.7%** | **GAS UTILITIES—1.7%** |
| 390 | Atmos Energy Corp.  | 67 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **GROUND TRANSPORTATION—2.9%** | **GROUND TRANSPORTATION—2.9%** | **GROUND TRANSPORTATION—2.9%** |
| 2004 | CSX Corp.  | $72 |
| 1768 | Schneider National, Inc. Class B | 38 |
|  |  | 110 |
| **HEALTH CARE PROVIDERS & SERVICES—3.4%** | **HEALTH CARE PROVIDERS & SERVICES—3.4%** | **HEALTH CARE PROVIDERS & SERVICES—3.4%** |
| 860 | Centene Corp. <sup>\*</sup> | 30 |
| 123 | Humana, Inc.  | 34 |
| 259 | Labcorp Holdings, Inc.  | 66 |
|  |  | 130 |
| **HEALTH CARE REITS—0.5%** | **HEALTH CARE REITS—0.5%** | **HEALTH CARE REITS—0.5%** |
| 369 | Alexandria Real Estate Equities, Inc.  | 21 |
| **HOTELS, RESTAURANTS & LEISURE—5.1%** | **HOTELS, RESTAURANTS & LEISURE—5.1%** | **HOTELS, RESTAURANTS & LEISURE—5.1%** |
| 490 | Darden Restaurants, Inc.  | 88 |
| 373 | Royal Caribbean Cruises Ltd.  | 107 |
|  |  | 195 |
| **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** |
| 419 | DR Horton, Inc.  | 62 |
| **INSURANCE—5.5%** | **INSURANCE—5.5%** | **INSURANCE—5.5%** |
| 379 | Progressive Corp.  | 78 |
| 380 | Reinsurance Group of America, Inc.  | 69 |
| 246 | RenaissanceRe Holdings Ltd. (Bermuda) | 63 |
|  |  | 210 |
| **IT SERVICES—1.2%** | **IT SERVICES—1.2%** | **IT SERVICES—1.2%** |
| 602 | Akamai Technologies, Inc. <sup>\*</sup> | 45 |
| **LIFE SCIENCES TOOLS & SERVICES—3.2%** | **LIFE SCIENCES TOOLS & SERVICES—3.2%** | **LIFE SCIENCES TOOLS & SERVICES—3.2%** |
| 295 | Charles River Laboratories International, Inc. <sup>\*</sup> | 53 |
| 331 | IQVIA Holdings, Inc. <sup>\*</sup> | 72 |
|  |  | 125 |
| **MACHINERY—6.6%** | **MACHINERY—6.6%** | **MACHINERY—6.6%** |
| 279 | Cummins, Inc.  | 122 |
| 925 | Flowserve Corp.  | 63 |
| 204 | Snap-on, Inc.  | 69 |
|  |  | 254 |
| **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** | **MULTI-UTILITIES—1.5%** |
| 511 | WEC Energy Group, Inc.  | 57 |
| **OFFICE REITS—3.5%** | **OFFICE REITS—3.5%** | **OFFICE REITS—3.5%** |
| 719 | BXP, Inc.  | 51 |
| 2210 | Vornado Realty Trust  | 84 |
|  |  | 135 |
| **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** | **OIL, GAS & CONSUMABLE FUELS—2.7%** |
| 1732 | Murphy Oil Corp.  | 49 |
| 804 | ONEOK, Inc.  | 54 |
|  |  | 103 |
| **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** | **PROFESSIONAL SERVICES—1.5%** |
| 259 | Broadridge Financial Solutions, Inc.  | 57 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.5%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.5%** |
| 644 | CBRE Group, Inc. Class A<sup>\*</sup> | 98 |

---

------

⬤

------

**Harbor Mid Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **RESIDENTIAL REITS—1.3%** | **RESIDENTIAL REITS—1.3%** | **RESIDENTIAL REITS—1.3%** |
| 197 | Essex Property Trust, Inc.  | $50 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.6%** |
| 274 | Applied Materials, Inc.  | 64 |
| 1520 | ON Semiconductor Corp. <sup>\*</sup> | 76 |
|  |  | 140 |
| **SOFTWARE—3.1%** | **SOFTWARE—3.1%** | **SOFTWARE—3.1%** |
| 261 | Synopsys, Inc. <sup>\*</sup> | 118 |
| **SPECIALTY RETAIL—3.8%** | **SPECIALTY RETAIL—3.8%** | **SPECIALTY RETAIL—3.8%** |
| 1260 | Bath & Body Works, Inc.  | 31 |
| 303 | Ross Stores, Inc.  | 48 |
| 469 | TJX Cos., Inc.  | 66 |
|  |  | 145 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** | **TRADING COMPANIES & DISTRIBUTORS—1.6%** |
| 398 | GATX Corp.  | $62 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,514) | **TOTAL COMMON STOCKS** <br>(Cost $3,514) | 3791 |
| **TOTAL INVESTMENTS—98.6%** <br>(Cost $3,514) | **TOTAL INVESTMENTS—98.6%** <br>(Cost $3,514) | 3791 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%** | 53 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3844 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 Multi-Asset Explorer ETF**

**CONSOLIDATED PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

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—6.4%** | **COMMODITY FUNDS—6.4%** | **COMMODITY FUNDS—6.4%** |
| 6466 | SPDR Gold MiniShares Trust <sup>\*</sup> | $512 |
| **EQUITY FUNDS—71.9%** | **EQUITY FUNDS—71.9%** | **EQUITY FUNDS—71.9%** |
| 3120 | Communication Services Select Sector SPDR Fund  | 358 |
| 6101 | Financial Select Sector SPDR Fund  | 320 |
| 11250 | Franklin FTSE Japan ETF  | 401 |
| 6450 | Franklin FTSE United Kingdom ETF  | 211 |
| 834 | Health Care Select Sector SPDR Fund  | 120 |
| 2769 | iShares Core MSCI EAFE ETF  | 244 |
| 11551 | iShares Core MSCI Emerging Markets ETF  | 789 |
| 3793 | iShares Core S&P 500 ETF  | 2599 |
| 797 | iShares Russell 2000 ETF  | 196 |
| 6271 | Vanguard FTSE Europe ETF  | 504 |
|  |  | 5742 |
| **FIXED INCOME FUNDS—21.4%** | **FIXED INCOME FUNDS—21.4%** | **FIXED INCOME FUNDS—21.4%** |
| 3584 | iShares Broad USD Investment Grade Corporate <br> Bond ETF <br>| 187 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 2103 | iShares MBS ETF  | $201 |
| 1416 | iShares TIPS Bond ETF  | 158 |
| 22902 | State Street SPDR Portfolio High Yield Bond ETF  | 545 |
| 5871 | Vanguard Emerging Markets Government Bond ETF  | 399 |
| 3839 | Vanguard Long-Term Treasury ETF  | 220 |
|  |  | 1710 |
| **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $7,333) | **TOTAL EXCHANGE-TRADED FUNDS** <br>(Cost $7,333) | 7964 |
| **TOTAL INVESTMENTS—99.7%** <br>(Cost $7,333) | **TOTAL INVESTMENTS—99.7%** <br>(Cost $7,333) | 7964 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.3%** | 23 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $7987 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 Osmosis Emerging Markets Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Osmosis Investment Management US LLC

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** |
| **AIR FREIGHT & LOGISTICS—0.7%** | **AIR FREIGHT & LOGISTICS—0.7%** | **AIR FREIGHT & LOGISTICS—0.7%** |
| 577400 | JD Logistics, Inc. (China)<sup>\*,1</sup> | $941 |
| **AUTOMOBILES—5.6%** | **AUTOMOBILES—5.6%** | **AUTOMOBILES—5.6%** |
| 54526 | Kia Corp. (South Korea) | 4589 |
| 536272 | Tata Motors Passenger Vehicles Ltd. (India) | 2477 |
|  |  | 7066 |
| **BANKS—15.6%** | **BANKS—15.6%** | **BANKS—15.6%** |
| 105311 | Al Rajhi Bank (Saudi Arabia) | 2968 |
| 1631232 | Banco de Chile (Chile) | 282 |
| 5448550 | Bank of China Ltd. Class H (China) | 3085 |
| 3098656 | China Construction Bank Corp. Class H (China) | 3071 |
| 60449 | Commercial International Bank - Egypt (CIB) (Egypt) | 135 |
| 1369 | Credicorp Ltd. (Peru) | 357 |
| 35424 | Eurobank Ergasias Services & Holdings SA <br> (Greece)<br>| 133 |
| 117197 | Grupo Financiero Banorte SAB de CV Class O <br> (Mexico)<br>| 1100 |
| 16102 | ICICI Bank Ltd. (India) | 244 |
| 4879 | Komercni Banka AS (Czech Republic) | 250 |
| 379422 | Kuwait Finance House KSCP (Kuwait) | 993 |
| 623746 | Malayan Banking Bhd. (Malaysia) | 1470 |
| 33047 | National Bank of Greece SA (Greece) | 486 |
| 205856 | Nedbank Group Ltd. (South Africa) | 2804 |
| 3739 | OTP Bank Nyrt (Hungary) | 357 |
| 55520 | Powszechna Kasa Oszczednosci Bank Polski SA <br> (Poland)<br>| 1138 |
| 161619 | Qatar National Bank QPSC (Qatar) | 821 |
|  |  | 19694 |
| **BEVERAGES—0.9%** | **BEVERAGES—0.9%** | **BEVERAGES—0.9%** |
| 111100 | Arca Continental SAB de CV (Mexico) | 1075 |
| **BIOTECHNOLOGY—0.7%** | **BIOTECHNOLOGY—0.7%** | **BIOTECHNOLOGY—0.7%** |
| 82000 | Innovent Biologics, Inc. (China)<sup>\*,1</sup> | 918 |
| **CAPITAL MARKETS—2.5%** | **CAPITAL MARKETS—2.5%** | **CAPITAL MARKETS—2.5%** |
| 51478 | HDFC Asset Management Co. Ltd. (India)<sup>1</sup> | 3117 |
| **CHEMICALS—1.4%** | **CHEMICALS—1.4%** | **CHEMICALS—1.4%** |
| 64611 | Asian Paints Ltd. (India) | 1825 |
| **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** | **CONSUMER FINANCE—0.2%** |
| 8625 | Qfin Holdings, Inc. ADR (China)<sup>2</sup> | 208 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.7%** |
| 396000 | Alibaba Health Information Technology Ltd. (China)<sup>\*</sup> | 295 |
| 53385 | Bid Corp. Ltd. (South Africa) | 1321 |
| 225300 | JD Health International, Inc. (China)<sup>\*,1</sup> | 1760 |
|  |  | 3376 |
| **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** | **CONTAINERS & PACKAGING—0.7%** |
| 275341 | Klabin SA (Brazil) | 923 |
| **DIVERSIFIED REITS—0.1%** | **DIVERSIFIED REITS—0.1%** | **DIVERSIFIED REITS—0.1%** |
| 100600 | Fibra Uno Administracion SA de CV (Mexico) | 147 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—0.8%** |
| 184282 | Emirates Telecommunications Group Co. PJSC <br> (United Arab Emirates)<br>| 973 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** | **ELECTRICAL EQUIPMENT—3.5%** |
| 163500 | Sungrow Power Supply Co. Ltd. Class A (China) | $4362 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.6%** |
| 243969 | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 2044 |
| **ENTERTAINMENT—3.5%** | **ENTERTAINMENT—3.5%** | **ENTERTAINMENT—3.5%** |
| 1696 | Krafton, Inc. (South Korea)<sup>\*</sup> | 329 |
| 181378 | Tencent Music Entertainment Group ADR (China)<sup>2</sup> | 4048 |
|  |  | 4377 |
| **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** | **GAS UTILITIES—1.6%** |
| 2184000 | Kunlun Energy Co. Ltd. (China) | 2007 |
| **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** | **HOTELS, RESTAURANTS & LEISURE—1.8%** |
| 165823 | Eternal Ltd. (India)<sup>\*</sup> | 594 |
| 119412 | Meituan Class B (China)<sup>\*,1</sup> | 1567 |
| 45600 | Tongcheng Travel Holdings Ltd. (China) | 126 |
|  |  | 2287 |
| **HOUSEHOLD DURABLES—6.1%** | **HOUSEHOLD DURABLES—6.1%** | **HOUSEHOLD DURABLES—6.1%** |
| 18893 | Dixon Technologies India Ltd. (India) | 3297 |
| 71105 | LG Electronics, Inc. (South Korea) | 4372 |
|  |  | 7669 |
| **INDUSTRIAL CONGLOMERATES—1.6%** | **INDUSTRIAL CONGLOMERATES—1.6%** | **INDUSTRIAL CONGLOMERATES—1.6%** |
| 13092 | Samsung C&T Corp. (South Korea) | 2077 |
| **INSURANCE—2.8%** | **INSURANCE—2.8%** | **INSURANCE—2.8%** |
| 750656 | China Life Insurance Co. Ltd. Class H (China) | 2369 |
| 465904 | PICC Property & Casualty Co. Ltd. Class H (China) | 1101 |
|  |  | 3470 |
| **MACHINERY—1.2%** | **MACHINERY—1.2%** | **MACHINERY—1.2%** |
| 507632 | Tata Motors Ltd. (India)<sup>\*</sup> | 1491 <br><sup>x</sup><br>|
| **METALS & MINING—2.9%** | **METALS & MINING—2.9%** | **METALS & MINING—2.9%** |
| 114115 | JSW Steel Ltd. (India) | 1553 |
| 464000 | MMG Ltd. (China)<sup>\*</sup> | 413 |
| 1993807 | NMDC Ltd. (India) | 1700 |
|  |  | 3666 |
| **OIL, GAS & CONSUMABLE FUELS—3.1%** | **OIL, GAS & CONSUMABLE FUELS—3.1%** | **OIL, GAS & CONSUMABLE FUELS—3.1%** |
| 203400 | Dian Swastatika Sentosa Tbk. PT (Indonesia)<sup>\*</sup> | 1034 |
| 1421155 | PTT PCL (Thailand) | 1352 |
| 176758 | Saudi Arabian Oil Co. (Saudi Arabia)<sup>1</sup> | 1221 |
| 208000 | United Tractors Tbk. PT (Indonesia) | 336 |
|  |  | 3943 |
| **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** | **PASSENGER AIRLINES—1.5%** |
| 1158642 | Eva Airways Corp. (Taiwan) | 1364 |
| 77403 | Turk Hava Yollari AO (Turkey) | 537 |
|  |  | 1901 |
| **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** | **PHARMACEUTICALS—3.5%** |
| 55097 | SK Biopharmaceuticals Co. Ltd. (South Korea)<sup>\*</sup> | 4467 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%** |
| 222611 | Emaar Properties PJSC (United Arab Emirates) | 861 |
| 65200 | KE Holdings, Inc. Class A (China) | 369 |

---

------

⬤

------

**Harbor Osmosis Emerging Markets Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—Continued** |
| 1096198 | SM Prime Holdings, Inc. (Philippines) | $417 |
|  |  | 1647 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.2%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—11.2%** |
| 41504 | Alchip Technologies Ltd. (Taiwan) | 4718 |
| 76730 | Global Unichip Corp. (Taiwan) | 3819 |
| 103761 | MediaTek, Inc. (Taiwan) | 4422 |
| 26611 | Montage Technology Co. Ltd. Class A (China) | 510 |
| 41732 | Realtek Semiconductor Corp. (Taiwan) | 699 |
|  |  | 14168 |
| **SPECIALTY RETAIL—0.3%** | **SPECIALTY RETAIL—0.3%** | **SPECIALTY RETAIL—0.3%** |
| 13800 | Pop Mart International Group Ltd. (China)<sup>1</sup> | 394 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—14.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—14.1%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—14.1%** |
| 187619 | Asustek Computer, Inc. (Taiwan) | 4254 |
| 12807 | King Slide Works Co. Ltd. (Taiwan) | 1712 |
| 2896047 | Lenovo Group Ltd. (China) | 4234 |
| 23605 | Wiwynn Corp. (Taiwan) | 3352 |
| 762837 | Xiaomi Corp. Class B (China)<sup>\*,1</sup> | 4241 |
|  |  | 17793 |
| **WIRELESS TELECOMMUNICATION SERVICES—6.4%** | **WIRELESS TELECOMMUNICATION SERVICES—6.4%** | **WIRELESS TELECOMMUNICATION SERVICES—6.4%** |
| 185198 | Bharti Airtel Ltd. (India) | 4300 |
| 839200 | TIM SA (Brazil) | 3789 |
|  |  | 8089 |
| **TOTAL COMMON STOCKS** <br>(Cost $109,905) | **TOTAL COMMON STOCKS** <br>(Cost $109,905) | 126115 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** | **PREFERRED STOCKS—0.6%** |
| **Shares** |  | **Value** |
| **BANKS—0.4%** | **BANKS—0.4%** | **BANKS—0.4%** |
| 15734 | Grupo Cibest SA (Colombia) | $230 |
| 39500 | Itau Unibanco Holding SA (Brazil) | 289 |
|  |  | 519 |
| **CHEMICALS—0.2%** | **CHEMICALS—0.2%** | **CHEMICALS—0.2%** |
| 3851 | Sociedad Quimica y Minera de Chile SA Class B <br> (Chile)<sup>\*</sup><br>| 186 |
| **TOTAL PREFERRED STOCKS** <br>(Cost $582) | **TOTAL PREFERRED STOCKS** <br>(Cost $582) | 705 |
| **TOTAL INVESTMENTS—100.5%** <br>(Cost $110,487) | **TOTAL INVESTMENTS—100.5%** <br>(Cost $110,487) | 126820 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.5)%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—(0.5)%** | (613)<br>|
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $126207 |

---

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

**FAIR VALUE MEASUREMENTS**

As of October 31, 2025, the investment in Tata Motors Ltd. (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.

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

------

⬤

------

**Harbor Osmosis Emerging Markets Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS—Continued**

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Valuation** <br>**Description**<br>| **Beginning** <br>**Balance** <br>**as of** <br>**12/18/2024** <br>**(Commencement** <br>**of Operations)** <br>**(000s)**<br>| **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>| **Discount/** <br>**(Premium)** <br>**(000s)**<br>| **Total** <br>**Realized** <br>**Gain/(Loss)** <br>**(000s)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Transfers** <br>**Into** <br>**Level 3**<sup>h</sup> <br>**(000s)**<br>| **Transfers** <br>**Out of** <br>**Level 3** <br>**(000s)**<br>| **Ending** <br>**Balance** <br>**as of** <br>**10/31/2025** <br>**(000s)**<br>| **Unrealized** <br>**Gain/(Loss)** <br>**as of** <br>**10/31/2025** <br>**(000s)**<br>|
| Common Stock | $— | $— | $— | $— | $— | $— | $1491 | $— | $1491 | $112 |

---

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 10/31/2025** <br>**(000s)**<br>| **Valuation** <br>**Technique**<br>| **Unobservable** <br>**Input(s)**<br>| **Input** <br>**Value(s)**<br>|
| Investments in Securities |  |  |  |  |
| Common Stocks |  |  |  |  |
| Tata Motors Ltd. (India)\* | &nbsp;&nbsp; $1491 | Market Approach | &nbsp;&nbsp; Theoretical price derived from change in <br> value of the parent company<br>| INR 260.75 |

---

------

\*

Non-income producing security

x

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

h

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

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 October 31, 2025, the aggregate value of these securities was $14,159 or 11% 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.

INR

Indian Rupee

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

------

⬤

------

**Harbor Osmosis International Resource Efficient ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Osmosis Investment Management US LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** | **COMMON STOCKS—98.0%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—0.2%** | **AEROSPACE & DEFENSE—0.2%** | **AEROSPACE & DEFENSE—0.2%** |
| 1205 | Airbus SE (France) | $296 |
| **AUTOMOBILE COMPONENTS—2.8%** | **AUTOMOBILE COMPONENTS—2.8%** | **AUTOMOBILE COMPONENTS—2.8%** |
| 271104 | Denso Corp. (Japan) | 3802 |
| **AUTOMOBILES—2.8%** | **AUTOMOBILES—2.8%** | **AUTOMOBILES—2.8%** |
| 57096 | Mercedes-Benz Group AG (Germany) | 3699 |
| **BANKS—9.3%** | **BANKS—9.3%** | **BANKS—9.3%** |
| 13228 | Banco Bilbao Vizcaya Argentaria SA (Spain) | 266 |
| 43896 | Banco BPM SpA (Italy) | 638 |
| 219990 | Banco Santander SA (Spain) | 2238 |
| 330467 | Barclays PLC (United Kingdom) | 1767 |
| 10 | DBS Group Holdings Ltd. (Singapore) |  |
| 2273 | KBC Group NV (Belgium) | 273 |
| 21711 | Royal Bank of Canada (Canada) | 3181 |
| 34241 | Societe Generale SA (France) | 2165 |
| 27395 | UniCredit SpA (Italy) | 2022 |
|  |  | 12550 |
| **BIOTECHNOLOGY—3.2%** | **BIOTECHNOLOGY—3.2%** | **BIOTECHNOLOGY—3.2%** |
| 123060 | Swedish Orphan Biovitrum AB (Sweden)<sup>\*</sup> | 4238 |
| **CAPITAL MARKETS—5.0%** | **CAPITAL MARKETS—5.0%** | **CAPITAL MARKETS—5.0%** |
| 48634 | 3i Group PLC (United Kingdom) | 2811 |
| 7743 | EQT AB (Sweden) | 269 |
| 6185 | Futu Holdings Ltd. ADR (Hong Kong)<sup>1</sup> | 1231 |
| 187300 | Singapore Exchange Ltd. (Singapore) | 2436 |
|  |  | 6747 |
| **CHEMICALS—0.4%** | **CHEMICALS—0.4%** | **CHEMICALS—0.4%** |
| 7002 | Akzo Nobel NV (Netherlands) | 464 |
| 16 | Nitto Denko Corp. (Japan) |  |
|  |  | 464 |
| **COMMERCIAL SERVICES & SUPPLIES—1.5%** | **COMMERCIAL SERVICES & SUPPLIES—1.5%** | **COMMERCIAL SERVICES & SUPPLIES—1.5%** |
| 120961 | Brambles Ltd. (Australia) | 1968 |
| **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** |
| 114678 | Telefonaktiebolaget LM Ericsson Class B (Sweden) | 1156 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.6%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.6%** |
| 57577 | George Weston Ltd. (Canada) | 3501 |
| **DIVERSIFIED CONSUMER SERVICES—0.5%** | **DIVERSIFIED CONSUMER SERVICES—0.5%** | **DIVERSIFIED CONSUMER SERVICES—0.5%** |
| 52130 | Pearson PLC (United Kingdom) | 726 |
| **ELECTRICAL EQUIPMENT—1.1%** | **ELECTRICAL EQUIPMENT—1.1%** | **ELECTRICAL EQUIPMENT—1.1%** |
| 7236 | ABB Ltd. (Switzerland) | 537 |
| 43216 | Vestas Wind Systems AS (Denmark) | 880 |
|  |  | 1417 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.4%** |
| 8800 | Keyence Corp. (Japan) | 3276 |
| **ENTERTAINMENT—3.5%** | **ENTERTAINMENT—3.5%** | **ENTERTAINMENT—3.5%** |
| 55708 | Nintendo Co. Ltd. (Japan) | 4716 |
| **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** | **FINANCIAL SERVICES—0.5%** |
| 122831 | Nexi SpA (Italy)<sup>2</sup> | 647 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **FOOD PRODUCTS—0.0%** | **FOOD PRODUCTS—0.0%** | **FOOD PRODUCTS—0.0%** |
| 4 | Yakult Honsha Co. Ltd. (Japan) | $— |
| **HEALTH CARE EQUIPMENT & SUPPLIES—3.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.4%** | **HEALTH CARE EQUIPMENT & SUPPLIES—3.4%** |
| 12122 | Sonova Holding AG (Switzerland) | 3293 |
| 10327 | Straumann Holding AG (Switzerland) | 1296 |
|  |  | 4589 |
| **HOTELS, RESTAURANTS & LEISURE—0.3%** | **HOTELS, RESTAURANTS & LEISURE—0.3%** | **HOTELS, RESTAURANTS & LEISURE—0.3%** |
| 5811 | Amadeus IT Group SA (Spain) | 444 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.2%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.2%** |
| 36559 | Brookfield Renewable Corp. (Canada) | 1583 |
| **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** | **INDUSTRIAL CONGLOMERATES—0.8%** |
| 2645 | Siemens AG (Germany) | 749 |
| 9178 | Smiths Group PLC (United Kingdom) | 303 |
|  |  | 1052 |
| **INSURANCE—9.6%** | **INSURANCE—9.6%** | **INSURANCE—9.6%** |
| 4776 | Ageas SA (Belgium) | 316 |
| 135835 | Aviva PLC (United Kingdom) | 1193 |
| 11209 | AXA SA (France) | 486 |
| 52551 | Manulife Financial Corp. (Canada) | 1701 |
| 544030 | Medibank Pvt Ltd. (Australia) | 1737 |
| 1006 | Muenchener Rueckversicherungs-Gesellschaft AG <br> in Muenchen (Germany)<br>| 622 |
| 199398 | Sampo OYJ Class A (Finland) | 2222 |
| 12647 | Sun Life Financial, Inc. (Canada) | 769 |
| 77833 | Suncorp Group Ltd. (Australia) | 999 |
| 4028 | Zurich Insurance Group AG (Switzerland) | 2798 |
|  |  | 12843 |
| **MARINE TRANSPORTATION—3.5%** | **MARINE TRANSPORTATION—3.5%** | **MARINE TRANSPORTATION—3.5%** |
| 136800 | Nippon Yusen KK (Japan) | 4732 |
| **METALS & MINING—7.3%** | **METALS & MINING—7.3%** | **METALS & MINING—7.3%** |
| 292503 | BlueScope Steel Ltd. (Australia) | 4383 |
| 164839 | Glencore PLC (United Kingdom)<sup>\*</sup> | 789 |
| 67386 | Lundin Gold, Inc. (Canada) | 4581 |
|  |  | 9753 |
| **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** | **MULTI-UTILITIES—1.3%** |
| 751452 | Centrica PLC (United Kingdom) | 1770 |
| **OIL, GAS & CONSUMABLE FUELS—3.7%** | **OIL, GAS & CONSUMABLE FUELS—3.7%** | **OIL, GAS & CONSUMABLE FUELS—3.7%** |
| 326399 | BP PLC (United Kingdom) | 1897 |
| 43325 | Enbridge, Inc. (Canada) | 2020 |
| 55321 | Galp Energia SGPS SA (Portugal) | 1109 |
|  |  | 5026 |
| **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** | **PASSENGER AIRLINES—0.5%** |
| 136900 | Singapore Airlines Ltd. (Singapore) | 697 |
| **PERSONAL CARE PRODUCTS—3.4%** | **PERSONAL CARE PRODUCTS—3.4%** | **PERSONAL CARE PRODUCTS—3.4%** |
| 11049 | L'Oreal SA (France) | 4619 |
| **PHARMACEUTICALS—4.0%** | **PHARMACEUTICALS—4.0%** | **PHARMACEUTICALS—4.0%** |
| 20958 | AstraZeneca PLC (United Kingdom) | 3433 |
| 2035 | Ipsen SA (France) | 286 |
| 5120 | Roche Holding AG (United States) | 1647 |
|  |  | 5366 |

---

------

⬤

------

**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** |
| **PROFESSIONAL SERVICES—1.8%** | **PROFESSIONAL SERVICES—1.8%** | **PROFESSIONAL SERVICES—1.8%** |
| 48404 | Recruit Holdings Co. Ltd. (Japan) | $2421 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—0.4%** |
| 130910 | CapitaLand Investment Ltd. (Singapore) | 266 |
| 20 | Daito Trust Construction Co. Ltd. (Japan) |  |
| 24500 | Sun Hung Kai Properties Ltd. (Hong Kong) | 298 |
|  |  | 564 |
| **RETAIL REITS—0.2%** | **RETAIL REITS—0.2%** | **RETAIL REITS—0.2%** |
| 8313 | Klepierre SA (France) | 318 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.3%** |
| 1028 | ASML Holding NV (Netherlands) | 1088 |
| 17900 | Lasertec Corp. (Japan) | 3300 |
|  |  | 4388 |
| **SOFTWARE—3.9%** | **SOFTWARE—3.9%** | **SOFTWARE—3.9%** |
| 13183 | Check Point Software Technologies Ltd. (Israel)<sup>\*</sup> | 2580 |
| 10164 | SAP SE (Germany) | 2629 |
|  |  | 5209 |
| **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** | **TEXTILES, APPAREL & LUXURY GOODS—1.3%** |
| 29480 | Moncler SpA (Italy) | 1767 |
| **TRADING COMPANIES & DISTRIBUTORS—9.4%** | **TRADING COMPANIES & DISTRIBUTORS—9.4%** | **TRADING COMPANIES & DISTRIBUTORS—9.4%** |
| 33012 | AerCap Holdings NV (Ireland) | 4299 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** | **TRADING COMPANIES & DISTRIBUTORS—Continued** |
| 97859 | Rexel SA (France) | $3384 |
| 162014 | Toyota Tsusho Corp. (Japan) | 4959 |
|  |  | 12642 |
| **WIRELESS TELECOMMUNICATION SERVICES—2.0%** | **WIRELESS TELECOMMUNICATION SERVICES—2.0%** | **WIRELESS TELECOMMUNICATION SERVICES—2.0%** |
| 6814 | SoftBank Group Corp. (Japan) | 1196 |
| 1235692 | Vodafone Group PLC (United Kingdom) | 1496 |
|  |  | 2692 |
| **TOTAL COMMON STOCKS** <br>(Cost $113,291) | **TOTAL COMMON STOCKS** <br>(Cost $113,291) | 131678 |

---

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

---

| | | |
|:---|:---|:---|
| **PREFERRED STOCKS—1.9%** | **PREFERRED STOCKS—1.9%** | **PREFERRED STOCKS—1.9%** |
| (Cost $2,401) | (Cost $2,401) | (Cost $2,401) |
| **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** | **AUTOMOBILES—1.9%** |
| 24920 | Volkswagen AG (Germany) | 2592 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $115,692) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $115,692) | 134270 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 105 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $134375 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 October 31, 2025, the aggregate value of these securities was $647 or less than 1% of net assets.

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

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

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

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—2.6%** | **AEROSPACE & DEFENSE—2.6%** | **AEROSPACE & DEFENSE—2.6%** |
| 16122 | General Dynamics Corp.  | $5560 |
| 17297 | General Electric Co.  | 5344 |
| 773 | HEICO Corp.  | 246 |
| 17348 | L3Harris Technologies, Inc.  | 5015 |
|  |  | 16165 |
| **AUTOMOBILE COMPONENTS—0.5%** | **AUTOMOBILE COMPONENTS—0.5%** | **AUTOMOBILE COMPONENTS—0.5%** |
| 10045 | Aptiv PLC (Jersey)<sup>\*</sup> | 815 |
| 49453 | BorgWarner, Inc.  | 2124 |
|  |  | 2939 |
| **AUTOMOBILES—3.2%** | **AUTOMOBILES—3.2%** | **AUTOMOBILES—3.2%** |
| 88893 | General Motors Co.  | 6142 |
| 30385 | Tesla, Inc. <sup>\*</sup> | 13872 |
|  |  | 20014 |
| **BANKS—3.6%** | **BANKS—3.6%** | **BANKS—3.6%** |
| 23334 | Commerce Bancshares, Inc.  | 1228 |
| 25380 | JPMorgan Chase & Co.  | 7896 |
| 2417 | M&T Bank Corp.  | 445 |
| 16816 | Popular, Inc. (Puerto Rico) | 1875 |
| 169135 | Regions Financial Corp.  | 4093 |
| 77236 | Wells Fargo & Co.  | 6717 |
|  |  | 22254 |
| **BEVERAGES—1.0%** | **BEVERAGES—1.0%** | **BEVERAGES—1.0%** |
| 42651 | PepsiCo, Inc.  | 6231 |
| **BIOTECHNOLOGY—1.7%** | **BIOTECHNOLOGY—1.7%** | **BIOTECHNOLOGY—1.7%** |
| 5244 | AbbVie, Inc.  | 1143 |
| 7766 | Amgen, Inc.  | 2318 |
| 14689 | Gilead Sciences, Inc.  | 1760 |
| 55308 | Incyte Corp. <sup>\*</sup> | 5170 |
|  |  | 10391 |
| **BROADLINE RETAIL—4.3%** | **BROADLINE RETAIL—4.3%** | **BROADLINE RETAIL—4.3%** |
| 91042 | Amazon.com, Inc. <sup>\*</sup> | 22234 |
| 52781 | eBay, Inc.  | 4292 |
|  |  | 26526 |
| **BUILDING PRODUCTS—1.0%** | **BUILDING PRODUCTS—1.0%** | **BUILDING PRODUCTS—1.0%** |
| 65136 | Carrier Global Corp.  | 3875 |
| 21185 | Johnson Controls International PLC  | 2423 |
|  |  | 6298 |
| **CAPITAL MARKETS—2.6%** | **CAPITAL MARKETS—2.6%** | **CAPITAL MARKETS—2.6%** |
| 55709 | Bank of New York Mellon Corp.  | 6013 |
| 6179 | Charles Schwab Corp.  | 584 |
| 13035 | Morgan Stanley  | 2138 |
| 34374 | Northern Trust Corp.  | 4423 |
| 27972 | State Street Corp.  | 3235 |
|  |  | 16393 |
| **CHEMICALS—1.5%** | **CHEMICALS—1.5%** | **CHEMICALS—1.5%** |
| 68310 | Corteva, Inc.  | 4197 |
| 66000 | DuPont de Nemours, Inc.  | 5389 |
|  |  | 9586 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **COMMUNICATIONS EQUIPMENT—1.2%** | **COMMUNICATIONS EQUIPMENT—1.2%** | **COMMUNICATIONS EQUIPMENT—1.2%** |
| 38872 | Arista Networks, Inc. <sup>\*</sup> | $6130 |
| 17776 | Cisco Systems, Inc.  | 1299 |
|  |  | 7429 |
| **CONSTRUCTION & ENGINEERING—0.5%** | **CONSTRUCTION & ENGINEERING—0.5%** | **CONSTRUCTION & ENGINEERING—0.5%** |
| 22176 | AECOM  | 2979 |
| **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** | **CONSTRUCTION MATERIALS—0.3%** |
| 5930 | Vulcan Materials Co.  | 1717 |
| **CONSUMER FINANCE—1.2%** | **CONSUMER FINANCE—1.2%** | **CONSUMER FINANCE—1.2%** |
| 5508 | American Express Co.  | 1987 |
| 72878 | Synchrony Financial  | 5421 |
|  |  | 7408 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.2%** |
| 9233 | Costco Wholesale Corp.  | 8415 |
| 27759 | U.S. Foods Holding Corp. <sup>\*</sup> | 2016 |
| 35181 | Walmart, Inc.  | 3560 |
|  |  | 13991 |
| **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** | **ELECTRIC UTILITIES—1.7%** |
| 102323 | Exelon Corp.  | 4719 |
| 10650 | NextEra Energy, Inc.  | 867 |
| 30213 | NRG Energy, Inc.  | 5192 |
|  |  | 10778 |
| **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** | **ELECTRICAL EQUIPMENT—0.9%** |
| 25889 | AMETEK, Inc.  | 5233 |
| 978 | GE Vernova, Inc.  | 572 |
|  |  | 5805 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.1%** |
| 2583 | TD SYNNEX Corp.  | 404 |
| **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** | **ENERGY EQUIPMENT & SERVICES—0.7%** |
| 92515 | Baker Hughes Co.  | 4479 |
| **ENTERTAINMENT—1.2%** | **ENTERTAINMENT—1.2%** | **ENTERTAINMENT—1.2%** |
| 6786 | Netflix, Inc. <sup>\*</sup> | 7593 |
| **FINANCIAL SERVICES—4.4%** | **FINANCIAL SERVICES—4.4%** | **FINANCIAL SERVICES—4.4%** |
| 9994 | Berkshire Hathaway, Inc. Class B<sup>\*</sup> | 4773 |
| 16762 | Mastercard, Inc. Class A | 9252 |
| 42588 | PayPal Holdings, Inc. <sup>\*</sup> | 2950 |
| 30935 | Visa, Inc. Class A | 10541 |
|  |  | 27516 |
| **FOOD PRODUCTS—0.3%** | **FOOD PRODUCTS—0.3%** | **FOOD PRODUCTS—0.3%** |
| 41837 | Tyson Foods, Inc. Class A | 2151 |
| **GAS UTILITIES—0.1%** | **GAS UTILITIES—0.1%** | **GAS UTILITIES—0.1%** |
| 7754 | National Fuel Gas Co.  | 612 |
| **GROUND TRANSPORTATION—0.1%** | **GROUND TRANSPORTATION—0.1%** | **GROUND TRANSPORTATION—0.1%** |
| 3566 | Uber Technologies, Inc. <sup>\*</sup> | 344 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—1.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—1.8%** |
| 57298 | Boston Scientific Corp. <sup>\*</sup> | 5771 |
| 52595 | Hologic, Inc. <sup>\*</sup> | 3887 |

---

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** | **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** | **HEALTH CARE EQUIPMENT & SUPPLIES—Continued** |
| 18534 | Medtronic PLC  | $1681 |
|  |  | 11339 |
| **HEALTH CARE PROVIDERS & SERVICES—1.7%** | **HEALTH CARE PROVIDERS & SERVICES—1.7%** | **HEALTH CARE PROVIDERS & SERVICES—1.7%** |
| 13075 | Cigna Group  | 3196 |
| 7373 | McKesson Corp.  | 5982 |
| 7938 | Tenet Healthcare Corp. <sup>\*</sup> | 1639 |
|  |  | 10817 |
| **HOTELS, RESTAURANTS & LEISURE—0.8%** | **HOTELS, RESTAURANTS & LEISURE—0.8%** | **HOTELS, RESTAURANTS & LEISURE—0.8%** |
| 596 | Booking Holdings, Inc.  | 3026 |
| 6363 | Royal Caribbean Cruises Ltd.  | 1825 |
|  |  | 4851 |
| **HOUSEHOLD DURABLES—0.3%** | **HOUSEHOLD DURABLES—0.3%** | **HOUSEHOLD DURABLES—0.3%** |
| 8785 | Garmin Ltd.  | 1879 |
| **INSURANCE—2.4%** | **INSURANCE—2.4%** | **INSURANCE—2.4%** |
| 20531 | Allstate Corp.  | 3932 |
| 22284 | Axis Capital Holdings Ltd.  | 2087 |
| 35869 | Hartford Insurance Group, Inc.  | 4454 |
| 8475 | Travelers Cos., Inc.  | 2277 |
| 27003 | Unum Group  | 1983 |
|  |  | 14733 |
| **INTERACTIVE MEDIA & SERVICES—7.9%** | **INTERACTIVE MEDIA & SERVICES—7.9%** | **INTERACTIVE MEDIA & SERVICES—7.9%** |
| 116960 | Alphabet, Inc. Class A | 32888 |
| 25212 | Meta Platforms, Inc. Class A | 16346 |
|  |  | 49234 |
| **IT SERVICES—0.5%** | **IT SERVICES—0.5%** | **IT SERVICES—0.5%** |
| 10875 | Snowflake, Inc. <sup>\*</sup> | 2989 |
| **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** | **LIFE SCIENCES TOOLS & SERVICES—0.5%** |
| 20708 | Agilent Technologies, Inc.  | 3031 |
| **MACHINERY—2.4%** | **MACHINERY—2.4%** | **MACHINERY—2.4%** |
| 2457 | Caterpillar, Inc.  | 1418 |
| 22712 | Oshkosh Corp.  | 2800 |
| 42149 | Pentair PLC  | 4483 |
| 22581 | Westinghouse Air Brake Technologies Corp.  | 4616 |
| 12356 | Xylem, Inc.  | 1864 |
|  |  | 15181 |
| **MEDIA—0.4%** | **MEDIA—0.4%** | **MEDIA—0.4%** |
| 98185 | Comcast Corp. Class A | 2733 |
| **METALS & MINING—0.9%** | **METALS & MINING—0.9%** | **METALS & MINING—0.9%** |
| 67094 | Newmont Corp.  | 5433 |
| **MULTI-UTILITIES—1.4%** | **MULTI-UTILITIES—1.4%** | **MULTI-UTILITIES—1.4%** |
| 43998 | Consolidated Edison, Inc.  | 4286 |
| 34028 | DTE Energy Co.  | 4612 |
|  |  | 8898 |
| **OIL, GAS & CONSUMABLE FUELS—1.4%** | **OIL, GAS & CONSUMABLE FUELS—1.4%** | **OIL, GAS & CONSUMABLE FUELS—1.4%** |
| 30933 | Chevron Corp.  | 4879 |
| 22357 | EOG Resources, Inc.  | 2366 |
| 4660 | Exxon Mobil Corp.  | 533 |
| 3284 | Marathon Petroleum Corp.  | 640 |
|  |  | 8418 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** | **PASSENGER AIRLINES—0.8%** |
| 71439 | Delta Air Lines, Inc.  | $4099 |
| 12639 | United Airlines Holdings, Inc. <sup>\*</sup> | 1189 |
|  |  | 5288 |
| **PHARMACEUTICALS—2.7%** | **PHARMACEUTICALS—2.7%** | **PHARMACEUTICALS—2.7%** |
| 85541 | Bristol-Myers Squibb Co.  | 3941 |
| 8333 | Eli Lilly & Co.  | 7190 |
| 68372 | Merck & Co., Inc.  | 5879 |
|  |  | 17010 |
| **PROFESSIONAL SERVICES—0.2%** | **PROFESSIONAL SERVICES—0.2%** | **PROFESSIONAL SERVICES—0.2%** |
| 25516 | Genpact Ltd.  | 973 |
| **RETAIL REITS—0.4%** | **RETAIL REITS—0.4%** | **RETAIL REITS—0.4%** |
| 15491 | Simon Property Group, Inc.  | 2723 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—16.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—16.0%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—16.0%** |
| 13994 | Applied Materials, Inc.  | 3262 |
| 59428 | Broadcom, Inc.  | 21966 |
| 43131 | Lam Research Corp.  | 6792 |
| 20041 | Micron Technology, Inc.  | 4485 |
| 283038 | NVIDIA Corp.  | 57312 |
| 31216 | QUALCOMM, Inc.  | 5647 |
|  |  | 99464 |
| **SOFTWARE—11.8%** | **SOFTWARE—11.8%** | **SOFTWARE—11.8%** |
| 2764 | AppLovin Corp. Class A<sup>\*</sup> | 1762 |
| 10560 | Autodesk, Inc. <sup>\*</sup> | 3182 |
| 4694 | Cadence Design Systems, Inc. <sup>\*</sup> | 1590 |
| 24068 | Elastic NV <sup>\*</sup> | 2147 |
| 2403 | Guidewire Software, Inc. <sup>\*</sup> | 561 |
| 6925 | Intuit, Inc.  | 4623 |
| 85879 | Microsoft Corp.  | 44469 |
| 9955 | Oracle Corp.  | 2614 |
| 17486 | Palantir Technologies, Inc. Class A<sup>\*</sup> | 3505 |
| 39897 | RingCentral, Inc. Class A<sup>\*</sup> | 1202 |
| 6131 | Salesforce, Inc.  | 1597 |
| 4419 | ServiceNow, Inc. <sup>\*</sup> | 4062 |
| 22957 | Zoom Communications, Inc. <sup>\*</sup> | 2003 |
|  |  | 73317 |
| **SPECIALIZED REITS—0.3%** | **SPECIALIZED REITS—0.3%** | **SPECIALIZED REITS—0.3%** |
| 11516 | American Tower Corp.  | 2061 |
| **SPECIALTY RETAIL—0.2%** | **SPECIALTY RETAIL—0.2%** | **SPECIALTY RETAIL—0.2%** |
| 4551 | Lowe's Cos., Inc.  | 1084 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.0%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.0%** |
| 161579 | Apple, Inc.  | 43686 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.2%** | **TEXTILES, APPAREL & LUXURY GOODS—0.2%** | **TEXTILES, APPAREL & LUXURY GOODS—0.2%** |
| 12943 | Tapestry, Inc.  | 1421 |
| **TOBACCO—1.0%** | **TOBACCO—1.0%** | **TOBACCO—1.0%** |
| 43063 | Philip Morris International, Inc.  | 6215 |
| **TOTAL COMMON STOCKS** <br>(Cost $572,719) | **TOTAL COMMON STOCKS** <br>(Cost $572,719) | 622781 |

---

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

------

⬤

------

**Harbor PanAgora Dynamic Large Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS—0.0%** | **EXCHANGE-TRADED FUNDS—0.0%** | **EXCHANGE-TRADED FUNDS—0.0%** |
| **Shares** |  | **Value** |
| (Cost $293) | (Cost $293) | (Cost $293) |
| **CAPITAL MARKETS—0.0%** | **CAPITAL MARKETS—0.0%** | **CAPITAL MARKETS—0.0%** |
| 443 | SPDR S&P 500 ETF Trust  | $302 |
| **TOTAL INVESTMENTS—99.9%** <br>(Cost $573,012) | **TOTAL INVESTMENTS—99.9%** <br>(Cost $573,012) | 623083 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.1%** | 587 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $623670 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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—October 31, 2025** 

------

**Subadvisor:** BlueCove Limited

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—97.6%** | **Corporate Bonds & Notes—97.6%** | **Corporate Bonds & Notes—97.6%** |
| **Principal** <br>**Amount**<br>|  | **Value** |
| **AEROSPACE & DEFENSE—2.7%** | **AEROSPACE & DEFENSE—2.7%** | **AEROSPACE & DEFENSE—2.7%** |
| $490 | AAR Escrow Issuer LLC <br>6.750%—03/15/2029<sup>1</sup><br>| $506 |
| 800 | Bombardier, Inc. <br>7.450%—05/01/2034<sup>1</sup><br>| 891 |
| 800 | Moog, Inc. <br>4.250%—12/15/2027<sup>1</sup><br>| 793 |
|  | TransDigm, Inc. |  |
| 700 | 4.625%—01/15/2029 | 689 |
| 500 | 4.875%—05/01/2029 | 496 |
| 600 | 6.375%—03/01/2029<sup>1</sup> | 617 |
| 333 | 6.625%—03/01/2032<sup>1</sup> | 345 |
|  |  | 2147 |
|  |  | 4337 |
| **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** | **AUTO COMPONENTS—0.4%** |
| 700 | Aptiv Swiss Holdings Ltd. <br>6.875%—12/15/2054<sup>2</sup><br>| 716 |
| **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** |
| 400 | Garrett Motion Holdings, Inc./Garrett LX I SARL <br>7.750%—05/31/2032<sup>1</sup><br>| 422 |
| 800 | Phinia, Inc. <br>6.750%—04/15/2029<sup>1</sup><br>| 826 |
|  |  | 1248 |
| **AUTOMOBILES—3.5%** | **AUTOMOBILES—3.5%** | **AUTOMOBILES—3.5%** |
|  | Allison Transmission, Inc. |  |
| 1716 | 3.750%—01/30/2031<sup>1</sup> | 1586 |
| 300 | 5.875%—06/01/2029<sup>1</sup> | 303 |
|  |  | 1889 |
| 1300 | Aston Martin Capital Holdings Ltd. <br>10.000%—03/31/2029<sup>1</sup><br>| 1158 |
| 967 | New Flyer Holdings, Inc. <br>9.250%—07/01/2030<sup>1</sup><br>| 1030 |
| 1250 | Nissan Motor Co. Ltd. <br>7.750%—07/17/2032<sup>1</sup><br>| 1321 |
| 400 | Wabash National Corp. <br>4.500%—10/15/2028<sup>1</sup><br>| 353 |
|  |  | 5751 |
| **BANKS—0.5%** | **BANKS—0.5%** | **BANKS—0.5%** |
| 800 | Intesa Sanpaolo SpA <br>4.950%—06/01/2042<sup>1,2</sup><br>| 684 |
| 100 | UniCredit SpA <br>5.459%—06/30/2035<sup>1,2</sup><br>| 101 |
|  |  | 785 |
| **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** | **BUILDING PRODUCTS—0.7%** |
| 809 | Griffon Corp. <br>5.750%—03/01/2028<br>| 810 |
| 488 | JELD-WEN, Inc. <br>7.000%—09/01/2032<sup>1</sup><br>| 403 |
|  |  | 1213 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** | **CAPITAL MARKETS—1.2%** |
|  | Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp.<br>|  |
| $1000 | 9.000%—06/15/2030 | $963 |
| 600 | 9.750%—01/15/2029 | 603 |
|  |  | 1566 |
| 425 | StoneX Group, Inc. <br>7.875%—03/01/2031<sup>1</sup><br>| 451 |
|  |  | 2017 |
| **CHEMICALS—1.2%** | **CHEMICALS—1.2%** | **CHEMICALS—1.2%** |
| 800 | CVR Partners LP/CVR Nitrogen Finance Corp. <br>6.125%—06/15/2028<sup>1</sup><br>| 800 |
| 200 | Minerals Technologies, Inc. <br>5.000%—07/01/2028<sup>1</sup><br>| 198 |
| 800 | Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| 853 |
| 200 | Tronox, Inc. <br>4.625%—03/15/2029<sup>1</sup><br>| 123 |
|  |  | 1974 |
| **COMMERCIAL SERVICES & SUPPLIES—5.6%** | **COMMERCIAL SERVICES & SUPPLIES—5.6%** | **COMMERCIAL SERVICES & SUPPLIES—5.6%** |
| 700 | Adtalem Global Education, Inc. <br>5.500%—03/01/2028<sup>1</sup><br>| 701 |
| 525 | APi Group DE, Inc. <br>4.125%—07/15/2029<sup>1</sup><br>| 507 |
|  | Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc.<br>|  |
| 650 | 8.250%—01/15/2030<sup>1</sup> | 664 |
| 912 | 8.375%—06/15/2032<sup>1</sup> | 935 |
|  |  | 1599 |
| 600 | Cimpress PLC <br>7.375%—09/15/2032<sup>1</sup><br>| 611 |
|  | Deluxe Corp. |  |
| 500 | 8.000%—06/01/2029<sup>1</sup> | 496 |
| 490 | 8.125%—09/15/2029<sup>1</sup> | 514 |
|  |  | 1010 |
| 500 | GEO Group, Inc. <br>10.250%—04/15/2031<br>| 548 |
| 286 | Hertz Corp. <br>12.625%—07/15/2029<sup>1</sup><br>| 283 |
|  | Pitney Bowes, Inc. |  |
| 400 | 6.875%—03/15/2027<sup>1</sup> | 402 |
| 600 | 7.250%—03/15/2029<sup>1</sup> | 608 |
|  |  | 1010 |
| 106 | Prime Security Services Borrower LLC/Prime <br> Finance, Inc. <br>5.750%—04/15/2026<sup>1</sup><br>| 106 |
| 950 | PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 928 |
|  | Sabre GLBL, Inc. |  |
| 353 | 10.750%—11/15/2029<sup>1</sup> | 337 |
| 200 | 11.125%—07/15/2030<sup>1</sup> | 189 |
|  |  | 526 |
| 700 | Steelcase, Inc. <br>5.125%—01/18/2029<br>| 685 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** | **COMMERCIAL SERVICES & SUPPLIES—Continued** |
| $900 | ZipRecruiter, Inc. <br>5.000%—01/15/2030<sup>1</sup><br>| $706 |
|  |  | 9220 |
| **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** | **COMMUNICATIONS EQUIPMENT—0.9%** |
| 600 | Ciena Corp. <br>4.000%—01/31/2030<sup>1</sup><br>| 577 |
| 1000 | Viasat, Inc. <br>7.500%—05/30/2031<sup>1</sup><br>| 940 |
|  |  | 1517 |
| **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** | **CONSTRUCTION & ENGINEERING—2.1%** |
| 300 | Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 293 |
| 603 | Brundage-Bone Concrete Pumping Holdings, Inc. <br>7.500%—02/01/2032<sup>1</sup><br>| 609 |
| 650 | Dycom Industries, Inc. <br>4.500%—04/15/2029<sup>1</sup><br>| 637 |
| 575 | Great Lakes Dredge & Dock Corp. <br>5.250%—06/01/2029<sup>1</sup><br>| 557 |
| 700 | Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 782 |
| 500 | VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| 496 |
|  |  | 3374 |
| **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** | **CONTAINERS & PACKAGING—0.2%** |
| 400 | OI European Group BV <br>4.750%—02/15/2030<sup>1</sup><br>| 377 |
| **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>| 568 |
| **DIVERSIFIED FINANCIAL SERVICES—2.6%** | **DIVERSIFIED FINANCIAL SERVICES—2.6%** | **DIVERSIFIED FINANCIAL SERVICES—2.6%** |
| 400 | Acadian Asset Management, Inc. <br>4.800%—07/27/2026<br>| 400 |
| 443 | Atlanticus Holdings Corp. <br>9.750%—09/01/2030<sup>1</sup><br>| 431 |
| 600 | Credit Acceptance Corp. <br>6.625%—03/15/2030<sup>1</sup><br>| 601 |
|  | Enova International, Inc. |  |
| 850 | 9.125%—08/01/2029<sup>1</sup> | 892 |
| 200 | 11.250%—12/15/2028<sup>1</sup> | 212 |
|  |  | 1104 |
| 881 | goeasy Ltd. <br>6.875%—05/15/2030-02/15/2031<sup>1</sup><br>| 864 |
| 200 | LD Holdings Group LLC <br>8.750%—11/01/2027<sup>1</sup><br>| 198 |
| 600 | OneMain Finance Corp. <br>6.500%—03/15/2033<br>| 599 |
|  |  | 4197 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—1.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.9%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—1.9%** |
| 500 | CommScope LLC <br>9.500%—12/15/2031<sup>1</sup><br>| 510 |
| 1100 | Connect Finco SARL/Connect U.S. Finco LLC <br>9.000%—09/15/2029<sup>1</sup><br>| 1166 |

---

---

| | | |
|:---|:---|:---|
| **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. |  |
| $1000 | 5.250%—08/01/2026 | $985 |
| 23 | 6.625%—08/01/2026 | 22 |
|  |  | 1007 |
| 500 | Viavi Solutions, Inc. <br>3.750%—10/01/2029<sup>1</sup><br>| 472 |
|  |  | 3155 |
| **ELECTRIC UTILITIES—2.5%** | **ELECTRIC UTILITIES—2.5%** | **ELECTRIC UTILITIES—2.5%** |
| 300 | Edison International <br>7.875%—06/15/2054<sup>2</sup><br>| 309 |
|  | EUSHI Finance, Inc. |  |
| 550 | 6.250%—04/01/2056<sup>2</sup> | 548 |
| 675 | 7.625%—12/15/2054<sup>2</sup> | 711 |
|  |  | 1259 |
|  | NRG Energy, Inc. |  |
| 400 | 3.625%—02/15/2031<sup>1</sup> | 373 |
| 1100 | 5.750%—07/15/2029<sup>1</sup> | 1110 |
|  |  | 1483 |
|  | Vistra Operations Co. LLC |  |
| 100 | 5.625%—02/15/2027<sup>1</sup> | 100 |
| 900 | 7.750%—10/15/2031<sup>1</sup> | 956 |
|  |  | 1056 |
|  |  | 4107 |
| **ELECTRICAL EQUIPMENT—0.2%** | **ELECTRICAL EQUIPMENT—0.2%** | **ELECTRICAL EQUIPMENT—0.2%** |
| 400 | EnerSys <br>4.375%—12/15/2027<sup>1</sup><br>| 395 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%** |
| 600 | TTM Technologies, Inc. <br>4.000%—03/01/2029<sup>1</sup><br>| 580 |
| **ENERGY EQUIPMENT & SERVICES—1.5%** | **ENERGY EQUIPMENT & SERVICES—1.5%** | **ENERGY EQUIPMENT & SERVICES—1.5%** |
| 200 | Bristow Group, Inc. <br>6.875%—03/01/2028<sup>1</sup><br>| 201 |
| 500 | Enerflex Ltd. <br>9.000%—10/15/2027<sup>1</sup><br>| 512 |
| 1618 | Valaris Ltd. <br>8.375%—04/30/2030<sup>1</sup><br>| 1691 |
|  |  | 2404 |
| **ENTERTAINMENT—3.9%** | **ENTERTAINMENT—3.9%** | **ENTERTAINMENT—3.9%** |
| 255 | AMC Entertainment Holdings, Inc. <br>7.500%—02/15/2029<sup>1</sup><br>| 217 |
| 100 | Churchill Downs, Inc. <br>5.500%—04/01/2027<sup>1</sup><br>| 100 |
| 200 | Light & Wonder International, Inc. <br>7.500%—09/01/2031<sup>1</sup><br>| 208 |
|  | Live Nation Entertainment, Inc. |  |
| 1100 | 4.750%—10/15/2027<sup>1</sup> | 1097 |
| 500 | 6.500%—05/15/2027<sup>1</sup> | 505 |
|  |  | 1602 |
| 400 | Odeon Finco PLC <br>12.750%—11/01/2027<sup>1</sup><br>| 414 |
|  | Resorts World Las Vegas LLC/RWLV Capital, Inc. |  |
| 1000 | 4.625%—04/16/2029-04/06/2031<sup>1</sup> | 874 |
| 350 | 8.450%—07/27/2030<sup>1</sup> | 355 |
|  |  | 1229 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **ENTERTAINMENT—Continued** | **ENTERTAINMENT—Continued** | **ENTERTAINMENT—Continued** |
| $900 | Starz Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| $721 |
|  | Warnermedia Holdings, Inc. |  |
| 1113 | 4.279%—03/15/2032 | 1021 |
| 300 | 5.050%—03/15/2042 | 241 |
| 700 | 5.141%—03/15/2052 | 534 |
|  |  | 1796 |
|  |  | 6287 |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—3.0%** |
| 700 | CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| 687 |
| 1100 | Iron Mountain Information Management Services, <br> Inc. <br>5.000%—07/15/2032<sup>1</sup><br>| 1064 |
|  | Iron Mountain, Inc. |  |
| 900 | 4.500%—02/15/2031<sup>1</sup> | 864 |
| 200 | 5.250%—07/15/2030<sup>1</sup> | 199 |
|  |  | 1063 |
| 600 | Ladder Capital Finance Holdings LLLP/Ladder <br> Capital Finance Corp. <br>4.250%—02/01/2027<sup>1</sup><br>| 594 |
|  | MPT Operating Partnership LP/MPT Finance Corp. |  |
| 700 | 3.500%—03/15/2031 | 495 |
| 900 | 4.625%—08/01/2029 | 737 |
| 300 | 5.000%—10/15/2027 | 289 |
|  |  | 1521 |
|  |  | 4929 |
| **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** | **FINANCIAL SERVICES—0.4%** |
| 147 | EZCORP, Inc. <br>7.375%—04/01/2032<sup>1</sup><br>| 156 |
|  | OneMain Finance Corp. |  |
| 200 | 4.000%—09/15/2030 | 186 |
| 300 | 5.375%—11/15/2029 | 298 |
|  |  | 484 |
|  |  | 640 |
| **FOOD & STAPLES RETAILING—0.2%** | **FOOD & STAPLES RETAILING—0.2%** | **FOOD & STAPLES RETAILING—0.2%** |
| 300 | United Natural Foods, Inc. <br>6.750%—10/15/2028<sup>1</sup><br>| 300 |
| **FOOD PRODUCTS—0.7%** | **FOOD PRODUCTS—0.7%** | **FOOD PRODUCTS—0.7%** |
|  | Post Holdings, Inc. |  |
| 400 | 4.500%—09/15/2031<sup>1</sup> | 376 |
| 150 | 4.625%—04/15/2030<sup>1</sup> | 146 |
|  |  | 522 |
|  | U.S. Foods, Inc. |  |
| 200 | 4.750%—02/15/2029<sup>1</sup> | 198 |
| 400 | 5.750%—04/15/2033<sup>1</sup> | 406 |
|  |  | 604 |
|  |  | 1126 |
| **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** | **HEALTH CARE PROVIDERS & SERVICES—2.6%** |
| 750 | Charles River Laboratories International, Inc. <br>4.000%—03/15/2031<sup>1</sup><br>| 708 |
| 390 | DaVita, Inc. <br>3.750%—02/15/2031<sup>1</sup><br>| 358 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** | **HEALTH CARE PROVIDERS & SERVICES—Continued** |
| $799 | Dentsply Sirona, Inc. <br>8.375%—09/12/2055<sup>2</sup><br>| $824 |
|  | Encompass Health Corp. |  |
| 1200 | 4.500%—02/01/2028 | 1192 |
| 700 | 4.625%—04/01/2031 | 683 |
|  |  | 1875 |
| 100 | IQVIA, Inc. <br>5.000%—05/15/2027<sup>1</sup><br>| 100 |
| 307 | MPH Acquisition Holdings LLC <br>11.500%—12/31/2030<sup>1</sup><br>| 332 |
|  |  | 4197 |
| **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** | **HOTELS, RESTAURANTS & LEISURE—4.0%** |
| 600 | Boyd Gaming Corp. <br>4.750%—06/15/2031<sup>1</sup><br>| 578 |
| 1471 | Carnival Corp. <br>5.875%—06/15/2031<sup>1</sup><br>| 1518 |
| 200 | Full House Resorts, Inc. <br>8.250%—02/15/2028<sup>1</sup><br>| 178 |
|  | Hilton Domestic Operating Co., Inc. |  |
| 500 | 3.625%—02/15/2032<sup>1</sup> | 461 |
| 1500 | 4.000%—05/01/2031<sup>1</sup> | 1427 |
|  |  | 1888 |
| 100 | Hilton Grand Vacations Borrower LLC/Hilton Grand <br> Vacations Borrower, Inc. <br>4.875%—07/01/2031<sup>1</sup><br>| 93 |
|  | New Red Finance, Inc. |  |
| 500 | 3.500%—02/15/2029<sup>1</sup> | 482 |
| 141 | 3.875%—01/15/2028<sup>1</sup> | 139 |
|  |  | 621 |
|  | Royal Caribbean Cruises Ltd. |  |
| 100 | 4.250%—07/01/2026<sup>1</sup> | 100 |
| 1100 | 5.500%—08/31/2026<sup>1</sup> | 1103 |
|  |  | 1203 |
| 200 | Travel & Leisure Co. <br>6.625%—07/31/2026<sup>1</sup><br>| 202 |
| 100 | Wyndham Hotels & Resorts, Inc. <br>4.375%—08/15/2028<sup>1</sup><br>| 98 |
| 200 | Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. <br>5.250%—05/15/2027<sup>1</sup><br>| 200 |
|  |  | 6579 |
| **HOUSEHOLD DURABLES—1.8%** | **HOUSEHOLD DURABLES—1.8%** | **HOUSEHOLD DURABLES—1.8%** |
| 400 | Beazer Homes USA, Inc. <br>7.250%—10/15/2029<br>| 406 |
| 200 | Installed Building Products, Inc. <br>5.750%—02/01/2028<sup>1</sup><br>| 201 |
| 600 | M/I Homes, Inc. <br>4.950%—02/01/2028<br>| 598 |
| 300 | Somnigroup International, Inc. <br>4.000%—04/15/2029<sup>1</sup><br>| 289 |
| 400 | Taylor Morrison Communities, Inc. <br>5.125%—08/01/2030<sup>1</sup><br>| 400 |
| 1000 | TopBuild Corp. <br>5.625%—01/31/2034<sup>1</sup><br>| 1005 |
|  |  | 2899 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** | **HOUSEHOLD PRODUCTS—0.5%** |
| $900 | ACCO Brands Corp. <br>4.250%—03/15/2029<sup>1</sup><br>| $792 |
| **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.1%** | **INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.1%** |
| 100 | Clearway Energy Operating LLC <br>4.750%—03/15/2028<sup>1</sup><br>| 99 |
| **INTERACTIVE MEDIA & SERVICES—1.4%** | **INTERACTIVE MEDIA & SERVICES—1.4%** | **INTERACTIVE MEDIA & SERVICES—1.4%** |
|  | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |  |
| 750 | 3.500%—03/01/2029<sup>1</sup> | 715 |
| 800 | 5.250%—12/01/2027<sup>1</sup> | 801 |
|  |  | 1516 |
| 700 | Snap, Inc. <br>6.875%—03/01/2033-03/15/2034<sup>1</sup><br>| 716 |
|  |  | 2232 |
| **INTERNET & CATALOG RETAIL—1.5%** | **INTERNET & CATALOG RETAIL—1.5%** | **INTERNET & CATALOG RETAIL—1.5%** |
| 300 | Cogent Communications Group LLC/Cogent Finance, <br> Inc. <br>6.500%—07/01/2032<sup>1</sup><br>| 287 |
|  | Match Group Holdings II LLC |  |
| 300 | 3.625%—10/01/2031<sup>1</sup> | 272 |
| 450 | 4.625%—06/01/2028<sup>1</sup> | 444 |
| 500 | 5.625%—02/15/2029<sup>1</sup> | 499 |
|  |  | 1215 |
|  | Rakuten Group, Inc. |  |
| 700 | 9.750%—04/15/2029<sup>1</sup> | 786 |
| 100 | 11.250%—02/15/2027<sup>1</sup> | 108 |
|  |  | 894 |
|  |  | 2396 |
| **IT SERVICES—2.1%** | **IT SERVICES—2.1%** | **IT SERVICES—2.1%** |
| 300 | Science Applications International Corp. <br>4.875%—04/01/2028<sup>1</sup><br>| 298 |
|  | Seagate Data Storage Technology Pte. Ltd. |  |
| 600 | 4.091%—06/01/2029<sup>1</sup> | 584 |
| 533 | 5.750%—12/01/2034<sup>1</sup> | 546 |
| 900 | 9.625%—12/01/2032<sup>1</sup> | 1027 |
|  |  | 2157 |
|  | Twilio, Inc. |  |
| 200 | 3.625%—03/15/2029 | 192 |
| 150 | 3.875%—03/15/2031 | 142 |
|  |  | 334 |
| 548 | Unisys Corp. <br>10.625%—01/15/2031<sup>1</sup><br>| 583 |
|  |  | 3372 |
| **LEISURE PRODUCTS—1.3%** | **LEISURE PRODUCTS—1.3%** | **LEISURE PRODUCTS—1.3%** |
| 500 | Amer Sports Co. <br>6.750%—02/16/2031<sup>1</sup><br>| 521 |
| 600 | Life Time, Inc. <br>6.000%—11/15/2031<sup>1</sup><br>| 609 |
| 1000 | VOC Escrow Ltd. <br>5.000%—02/15/2028<sup>1</sup><br>| 1000 |
|  |  | 2130 |
| **LIFE SCIENCES TOOLS & SERVICES—0.2%** | **LIFE SCIENCES TOOLS & SERVICES—0.2%** | **LIFE SCIENCES TOOLS & SERVICES—0.2%** |
| 300 | Charles River Laboratories International, Inc. <br>3.750%—03/15/2029<sup>1</sup><br>| 288 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **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>| $1372 |
| 500 | GrafTech Finance, Inc. <br>4.625%—12/23/2029<sup>1</sup><br>| 371 |
| 238 | GrafTech Global Enterprises, Inc. <br>9.875%—12/23/2029<sup>1</sup><br>| 211 |
| 500 | Manitowoc Co., Inc. <br>9.250%—10/01/2031<sup>1</sup><br>| 526 |
| 600 | Mueller Water Products, Inc. <br>4.000%—06/15/2029<sup>1</sup><br>| 580 |
|  |  | 3060 |
| **MEDIA—1.5%** | **MEDIA—1.5%** | **MEDIA—1.5%** |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 104 | 4.250%—02/01/2031<sup>1</sup> | 94 |
| 200 | 5.125%—05/01/2027<sup>1</sup> | 199 |
|  |  | 293 |
|  | CSC Holdings LLC |  |
| 200 | 3.375%—02/15/2031<sup>1</sup> | 121 |
| 300 | 5.500%—04/15/2027<sup>1</sup> | 279 |
| 200 | 6.500%—02/01/2029<sup>1</sup> | 138 |
| 200 | 11.750%—01/31/2029<sup>1</sup> | 158 |
|  |  | 696 |
|  | DISH DBS Corp. |  |
| 300 | 5.125%—06/01/2029 | 259 |
| 300 | 5.250%—12/01/2026<sup>1</sup> | 295 |
| 200 | 7.375%—07/01/2028 | 187 |
|  |  | 741 |
| 200 | News Corp. <br>3.875%—05/15/2029<sup>1</sup><br>| 193 |
|  | Sinclair Television Group, Inc. |  |
| 404 | 4.375%—12/31/2032<sup>1</sup> | 297 |
| 297 | 5.500%—03/01/2030<sup>1</sup> | 253 |
|  |  | 550 |
|  |  | 2473 |
| **METALS & MINING—5.4%** | **METALS & MINING—5.4%** | **METALS & MINING—5.4%** |
| 500 | Carpenter Technology Corp. <br>7.625%—03/15/2030<br>| 515 |
| 400 | Coeur Mining, Inc. <br>5.125%—02/15/2029<sup>1</sup><br>| 396 |
|  | Commercial Metals Co. |  |
| 500 | 3.875%—02/15/2031 | 468 |
| 300 | 4.125%—01/15/2030 | 289 |
|  |  | 757 |
| 257 | Compass Minerals International, Inc. <br>8.000%—07/01/2030<sup>1</sup><br>| 268 |
| 750 | Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 752 |
|  | Fortescue Treasury Pty. Ltd. |  |
| 168 | 4.375%—04/01/2031<sup>1</sup> | 163 |
| 50 | 5.875%—04/15/2030<sup>1</sup> | 52 |
| 600 | 6.125%—04/15/2032<sup>1</sup> | 626 |
|  |  | 841 |
| 457 | Hecla Mining Co. <br>7.250%—02/15/2028<br>| 461 |
| 567 | Hudbay Minerals, Inc. <br>6.125%—04/01/2029<sup>1</sup><br>| 575 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **METALS & MINING—Continued** | **METALS & MINING—Continued** | **METALS & MINING—Continued** |
| $600 | IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| $599 |
| 1300 | Mineral Resources Ltd. <br>9.250%—10/01/2028<sup>1</sup><br>| 1365 |
| 1800 | Novelis Corp. <br>4.750%—01/30/2030<sup>1</sup><br>| 1741 |
| 500 | Park-Ohio Industries, Inc. <br>8.500%—08/01/2030<sup>1</sup><br>| 511 |
|  |  | 8781 |
| **OIL, GAS & CONSUMABLE FUELS—13.8%** | **OIL, GAS & CONSUMABLE FUELS—13.8%** | **OIL, GAS & CONSUMABLE FUELS—13.8%** |
| 600 | Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 635 |
|  | AmeriGas Partners LP/AmeriGas Finance Corp. |  |
| 300 | 5.750%—05/20/2027 | 301 |
| 1000 | 9.375%—06/01/2028<sup>1</sup> | 1038 |
|  |  | 1339 |
|  | Antero Midstream Partners LP/Antero Midstream <br> Finance Corp.<br>|  |
| 800 | 5.375%—06/15/2029<sup>1</sup> | 800 |
| 666 | 5.750%—01/15/2028<sup>1</sup> | 668 |
|  |  | 1468 |
| 700 | Baytex Energy Corp. <br>8.500%—04/30/2030<sup>1</sup><br>| 718 |
|  | California Resources Corp. |  |
| 492 | 7.000%—01/15/2034<sup>1</sup> | 490 |
| 1500 | 8.250%—06/15/2029<sup>1</sup> | 1561 |
|  |  | 2051 |
|  | Calumet Specialty Products Partners LP/Calumet <br> Finance Corp.<br>|  |
| 400 | 8.125%—01/15/2027<sup>1</sup> | 400 |
| 400 | 9.750%—07/15/2028<sup>1</sup> | 394 |
|  |  | 794 |
| 200 | Comstock Resources, Inc. <br>6.750%—03/01/2029<sup>1</sup><br>| 199 |
|  | CVR Energy, Inc. |  |
| 600 | 5.750%—02/15/2028<sup>1</sup> | 594 |
| 900 | 8.500%—01/15/2029<sup>1</sup> | 923 |
|  |  | 1517 |
|  | Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<br>|  |
| 300 | 7.125%—06/01/2028<sup>1</sup> | 303 |
| 200 | 7.375%—06/30/2033<sup>1</sup> | 203 |
| 1600 | 8.625%—03/15/2029<sup>1</sup> | 1671 |
|  |  | 2177 |
|  | DT Midstream, Inc. |  |
| 500 | 4.125%—06/15/2029<sup>1</sup> | 490 |
| 387 | 4.375%—06/15/2031<sup>1</sup> | 376 |
|  |  | 866 |
| 300 | Energy Transfer LP <br>8.000%—05/15/2054<sup>2</sup><br>| 321 |
|  | Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 900 | 7.750%—02/01/2028 | 906 |
| 400 | 8.250%—01/15/2029 | 418 |
|  |  | 1324 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| $400 | Helix Energy Solutions Group, Inc. <br>9.750%—03/01/2029<sup>1</sup><br>| $423 |
| 100 | Hess Midstream Operations LP <br>6.500%—06/01/2029<sup>1</sup><br>| 104 |
|  | Murphy Oil USA, Inc. |  |
| 100 | 3.750%—02/15/2031<sup>1</sup> | 93 |
| 100 | 4.750%—09/15/2029 | 99 |
|  |  | 192 |
| 266 | New Fortress Energy, Inc. <br>8.750%—03/15/2029<sup>1</sup><br>| 27 |
| 400 | Noble Finance II LLC <br>8.000%—04/15/2030<sup>1</sup><br>| 415 |
|  | PBF Holding Co. LLC/PBF Finance Corp. |  |
| 100 | 6.000%—02/15/2028 | 99 |
| 800 | 7.875%—09/15/2030<sup>1</sup> | 804 |
| 1124 | 9.875%—03/15/2030<sup>1</sup> | 1193 |
|  |  | 2096 |
|  | PG&E Corp. |  |
| 559 | 5.000%—07/01/2028 | 556 |
| 569 | 5.250%—07/01/2030 | 563 |
| 371 | 7.375%—03/15/2055<sup>2</sup> | 382 |
|  |  | 1501 |
| 387 | Saturn Oil & Gas, Inc. <br>9.625%—06/15/2029<sup>1</sup><br>| 392 |
| 700 | SunCoke Energy, Inc. <br>4.875%—06/30/2029<sup>1</sup><br>| 654 |
|  | Talos Production, Inc. |  |
| 1000 | 9.000%—02/01/2029<sup>1</sup> | 1029 |
| 700 | 9.375%—02/01/2031<sup>1</sup> | 717 |
|  |  | 1746 |
| 498 | Vermilion Energy, Inc. <br>7.250%—02/15/2033<sup>1</sup><br>| 460 |
| 136 | W&T Offshore, Inc. <br>10.750%—02/01/2029<sup>1</sup><br>| 128 |
| 1021 | Weatherford International Ltd. <br>6.750%—10/15/2033<sup>1</sup><br>| 1044 |
|  |  | 22591 |
| **PAPER & FOREST PRODUCTS—0.1%** | **PAPER & FOREST PRODUCTS—0.1%** | **PAPER & FOREST PRODUCTS—0.1%** |
| 200 | Mercer International, Inc. <br>12.875%—10/01/2028<sup>1</sup><br>| 166 |
| **PASSENGER AIRLINES—1.1%** | **PASSENGER AIRLINES—1.1%** | **PASSENGER AIRLINES—1.1%** |
| 1118 | JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%—09/20/2031<sup>1</sup><br>| 1100 |
| 700 | United Airlines, Inc. <br>4.625%—04/15/2029<sup>1</sup><br>| 694 |
|  |  | 1794 |
| **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** | **PHARMACEUTICALS—2.0%** |
| 300 | Amneal Pharmaceuticals LLC <br>6.875%—08/01/2032<sup>1</sup><br>| 315 |
|  | Bausch Health Cos., Inc. |  |
| 300 | 4.875%—06/01/2028<sup>1</sup> | 273 |
| 200 | 5.250%—02/15/2031<sup>1</sup> | 135 |
| 100 | 6.250%—02/15/2029<sup>1</sup> | 82 |
| 600 | 14.000%—10/15/2030<sup>1</sup> | 609 |
|  |  | 1099 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
|  | HLF Financing SARL LLC/Herbalife International, Inc. |  |
| $500 | 4.875%—06/01/2029<sup>1</sup> | $442 |
| 200 | 12.250%—04/15/2029<sup>1</sup> | 217 |
|  |  | 659 |
|  | Organon & Co./Organon Foreign Debt Co-Issuer BV |  |
| 900 | 5.125%—04/30/2031<sup>1</sup> | 691 |
| 700 | 7.875%—05/15/2034<sup>1</sup> | 546 |
|  |  | 1237 |
|  |  | 3310 |
| **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** | **PROFESSIONAL SERVICES—0.7%** |
| 400 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 393 |
| 800 | TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 752 |
|  |  | 1145 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%** |
|  | Anywhere Real Estate Group LLC/Realogy Co-Issuer <br> Corp.<br>|  |
| 350 | 5.250%—04/15/2030<sup>1</sup> | 322 |
| 188 | 9.750%—04/15/2030<sup>1</sup> | 205 |
|  |  | 527 |
| 300 | Five Point Operating Co. LP <br>8.000%—10/01/2030<sup>1</sup><br>| 307 |
|  | Howard Hughes Corp. |  |
| 400 | 4.125%—02/01/2029<sup>1</sup> | 385 |
| 900 | 4.375%—02/01/2031<sup>1</sup> | 849 |
|  |  | 1234 |
|  |  | 2068 |
| **ROAD & RAIL—0.3%** | **ROAD & RAIL—0.3%** | **ROAD & RAIL—0.3%** |
| 500 | RXO, Inc. <br>7.500%—11/15/2027<sup>1</sup><br>| 511 |
| **SOFTWARE—3.8%** | **SOFTWARE—3.8%** | **SOFTWARE—3.8%** |
| 430 | CoreWeave, Inc. <br>9.000%—02/01/2031<sup>1</sup><br>| 432 |
| 200 | Elastic NV <br>4.125%—07/15/2029<sup>1</sup><br>| 193 |
|  | Fair Isaac Corp. |  |
| 1000 | 4.000%—06/15/2028<sup>1</sup> | 982 |
| 400 | 5.250%—05/15/2026<sup>1</sup> | 401 |
|  |  | 1383 |
| 200 | Gen Digital, Inc. <br>6.750%—09/30/2027<sup>1</sup><br>| 203 |
| 600 | Open Text Corp. <br>3.875%—02/15/2028<sup>1</sup><br>| 585 |
| 700 | Open Text Holdings, Inc. <br>4.125%—02/15/2030<sup>1</sup><br>| 669 |
| 500 | Pagaya U.S. Holdings Co. LLC <br>8.875%—08/01/2030<sup>1</sup><br>| 454 |
| 700 | PTC, Inc. <br>4.000%—02/15/2028<sup>1</sup><br>| 690 |
| 1200 | ROBLOX Corp. <br>3.875%—05/01/2030<sup>1</sup><br>| 1149 |
| 400 | ZoomInfo Technologies LLC/ZoomInfo Finance Corp. <br>3.875%—02/01/2029<sup>1</sup><br>| 378 |
|  |  | 6136 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SPECIALTY RETAIL—9.6%** | **SPECIALTY RETAIL—9.6%** | **SPECIALTY RETAIL—9.6%** |
|  | Advance Auto Parts, Inc. |  |
| $300 | 3.900%—04/15/2030 | $275 |
| 471 | 7.000%—08/01/2030<sup>1</sup> | 476 |
| 500 | 7.375%—08/01/2033<sup>1</sup> | 507 |
|  |  | 1258 |
| 692 | Arko Corp. <br>5.125%—11/15/2029<sup>1</sup><br>| 579 |
| 400 | Bath & Body Works, Inc. <br>6.750%—07/01/2036<br>| 415 |
| 300 | Bloomin' Brands, Inc./OSI Restaurant Partners LLC <br>5.125%—04/15/2029<sup>1</sup><br>| 266 |
| 2124 | Carvana Co. <br>9.000%—06/01/2031<sup>1</sup><br>| 2366 |
| 400 | Ferrellgas LP/Ferrellgas Finance Corp. <br>9.250%—01/15/2031<sup>1</sup><br>| 404 |
|  | FirstCash, Inc. |  |
| 600 | 4.625%—09/01/2028<sup>1</sup> | 592 |
| 700 | 5.625%—01/01/2030<sup>1</sup> | 703 |
| 500 | 6.875%—03/01/2032<sup>1</sup> | 519 |
|  |  | 1814 |
| 700 | FTAI Aviation Investors LLC <br>7.000%—05/01/2031-06/15/2032<sup>1</sup><br>| 733 |
|  | Gap, Inc. |  |
| 500 | 3.625%—10/01/2029<sup>1</sup> | 471 |
| 800 | 3.875%—10/01/2031<sup>1</sup> | 733 |
|  |  | 1204 |
|  | Kohl's Corp. |  |
| 500 | 5.125%—05/01/2031 | 390 |
| 300 | 5.550%—07/17/2045 | 196 |
| 150 | 10.000%—06/01/2030<sup>1</sup> | 163 |
|  |  | 749 |
|  | Macy's Retail Holdings LLC |  |
| 300 | 4.300%—02/15/2043 | 218 |
| 300 | 5.125%—01/15/2042 | 245 |
| 300 | 6.125%—03/15/2032<sup>1</sup> | 302 |
| 800 | 7.375%—08/01/2033<sup>1</sup> | 844 |
|  |  | 1609 |
| 200 | Penske Automotive Group, Inc. <br>3.750%—06/15/2029<br>| 192 |
| 600 | Suburban Propane Partners LP/Suburban Energy <br> Finance Corp. <br>5.000%—06/01/2031<sup>1</sup><br>| 569 |
| 700 | Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| 679 |
|  | Wayfair LLC |  |
| 1197 | 7.250%—10/31/2029<sup>1</sup> | 1241 |
| 973 | 7.750%—09/15/2030<sup>1</sup> | 1029 |
|  |  | 2270 |
|  | Yum! Brands, Inc. |  |
| 200 | 5.350%—11/01/2043 | 197 |
| 335 | 6.875%—11/15/2037 | 375 |
|  |  | 572 |
|  |  | 15679 |

---

------

⬤

------

**Harbor Scientific Alpha High-Yield ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.2%** |
|  | Xerox Holdings Corp. |  |
| $450 | 5.500%—08/15/2028<sup>1</sup> | $215 |
| 256 | 8.875%—11/30/2029<sup>1</sup> | 112 |
|  |  | 327 |
| **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> | 276 |
| 100 | 4.250%—03/15/2029<sup>1</sup> | 96 |
|  |  | 372 |
| 600 | Under Armour, Inc. <br>7.250%—07/15/2030<sup>1</sup><br>| 594 |
| 950 | Wolverine World Wide, Inc. <br>4.000%—08/15/2029<sup>1</sup><br>| 871 |
|  |  | 1837 |
| **TOBACCO—0.3%** | **TOBACCO—0.3%** | **TOBACCO—0.3%** |
| 500 | Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 531 |

---

---

| | |
|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>| **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—1.4%** | **TRADING COMPANIES & DISTRIBUTORS—1.4%** |
| $700<br> Alta Equipment Group, Inc. <br>9.000%—06/01/2029<sup>1</sup><br>| $635 |
| 650<br> RB Global Holdings, Inc. <br>6.750%—03/15/2028<sup>1</sup><br>| 665 |
| 900<br> Resideo Funding, Inc. <br>6.500%—07/15/2032<sup>1</sup><br>| 922 |
|  | 2222 |
| **WIRELESS TELECOMMUNICATION SERVICES—0.2%** | **WIRELESS TELECOMMUNICATION SERVICES—0.2%** |
| 307<br> Level 3 Financing, Inc. <br>3.625%—01/15/2029<sup>1</sup><br>| 277 |
| **Total Corporate Bonds & Notes** <br>(Cost $155,845) | 159109 |
| **TOTAL INVESTMENTS—97.6%** <br>(Cost $155,845) | 159109 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.4%** | 3954 |
| **TOTAL NET ASSETS—100.0%** | $163063 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 October 31, 2025, the aggregate value of these securities was $133,860 or 82% 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 Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** BlueCove Limited

Principal Amount, Value, and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—93.8%** | **Corporate Bonds & Notes—93.8%** | **Corporate Bonds & Notes—93.8%** |
| **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>| $206 |
|  | Howmet Aerospace, Inc. |  |
| 200 | 3.000%—01/15/2029 | 193 |
| 100 | 5.900%—02/01/2027 | 102 |
|  |  | 295 |
| 200 | Moog, Inc. <br>4.250%—12/15/2027<sup>1</sup><br>| 199 |
|  | TransDigm, Inc. |  |
| 200 | 4.875%—05/01/2029 | 198 |
| 200 | 6.375%—03/01/2029<sup>1</sup> | 206 |
|  |  | 404 |
|  |  | 1104 |
| **AUTOMOBILES—3.0%** | **AUTOMOBILES—3.0%** | **AUTOMOBILES—3.0%** |
| 300 | Allison Transmission, Inc. <br>3.750%—01/30/2031<sup>1</sup><br>| 277 |
| 100 | Ford Motor Co. <br>6.100%—08/19/2032<br>| 103 |
| 300 | Ford Motor Credit Co. LLC <br>5.113%—05/03/2029<br>| 299 |
| 100 | General Motors Financial Co., Inc. <br>5.850%—04/06/2030<br>| 105 |
| 229 | New Flyer Holdings, Inc. <br>9.250%—07/01/2030<sup>1</sup><br>| 244 |
|  |  | 1028 |
| **BANKS—0.5%** | **BANKS—0.5%** | **BANKS—0.5%** |
| 200 | Intesa Sanpaolo SpA <br>4.198%—06/01/2032<sup>1,2</sup><br>| 190 |
| **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** | **BROADLINE RETAIL—0.8%** |
| 300 | Prosus NV <br>3.061%—07/13/2031<sup>1</sup><br>| 273 |
| **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** | **BUILDING PRODUCTS—1.7%** |
| 200 | Carlisle Cos., Inc. <br>3.750%—12/01/2027<br>| 198 |
| 200 | Lennox International, Inc. <br>5.500%—09/15/2028<br>| 207 |
| 200 | NVR, Inc. <br>3.000%—05/15/2030<br>| 190 |
|  |  | 595 |
| **CAPITAL MARKETS—0.6%** | **CAPITAL MARKETS—0.6%** | **CAPITAL MARKETS—0.6%** |
| 200 | Icahn Enterprises LP/Icahn Enterprises Finance <br> Corp. <br>9.000%—06/15/2030<br>| 193 |
| **CHEMICALS—1.8%** | **CHEMICALS—1.8%** | **CHEMICALS—1.8%** |
| 100 | Minerals Technologies, Inc. <br>5.000%—07/01/2028<sup>1</sup><br>| 99 |
| 300 | Rain Carbon, Inc. <br>12.250%—09/01/2029<sup>1</sup><br>| 320 |
| 200 | Yara International ASA <br>3.148%—06/04/2030<sup>1</sup><br>| 188 |
|  |  | 607 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **COMMERCIAL SERVICES & SUPPLIES—5.4%** | **COMMERCIAL SERVICES & SUPPLIES—5.4%** | **COMMERCIAL SERVICES & SUPPLIES—5.4%** |
| $200 | Adtalem Global Education, Inc. <br>5.500%—03/01/2028<sup>1</sup><br>| $200 |
| 200 | Avis Budget Car Rental LLC/Avis Budget Finance, <br> Inc. <br>8.375%—06/15/2032<sup>1</sup><br>| 205 |
| 300 | Deluxe Corp. <br>8.000%—06/01/2029<sup>1</sup><br>| 298 |
| 200 | Element Fleet Management Corp. <br>6.271%—06/26/2026<sup>1</sup><br>| 202 |
| 100 | GEO Group, Inc. <br>10.250%—04/15/2031<br>| 110 |
|  | Pitney Bowes, Inc. |  |
| 100 | 6.875%—03/15/2027<sup>1</sup> | 101 |
| 200 | 7.250%—03/15/2029<sup>1</sup> | 203 |
|  |  | 304 |
| 300 | PROG Holdings, Inc. <br>6.000%—11/15/2029<sup>1</sup><br>| 293 |
| 100 | Republic Services, Inc. <br>1.750%—02/15/2032<br>| 86 |
| 100 | TR Finance LLC <br>3.350%—05/15/2026<br>| 99 |
| 100 | ZipRecruiter, Inc. <br>5.000%—01/15/2030<sup>1</sup><br>| 78 |
|  |  | 1875 |
| **COMMUNICATIONS EQUIPMENT—1.8%** | **COMMUNICATIONS EQUIPMENT—1.8%** | **COMMUNICATIONS EQUIPMENT—1.8%** |
| 100 | Cisco Systems, Inc. <br>4.950%—02/26/2031<br>| 103 |
|  | Motorola Solutions, Inc. |  |
| 200 | 2.300%—11/15/2030 | 181 |
| 100 | 4.600%—02/23/2028 | 101 |
|  |  | 282 |
| 150 | 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>| 151 |
| 100 | Viasat, Inc. <br>7.500%—05/30/2031<sup>1</sup><br>| 94 |
|  |  | 630 |
| **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** | **CONSTRUCTION & ENGINEERING—2.4%** |
| 200 | Arcosa, Inc. <br>4.375%—04/15/2029<sup>1</sup><br>| 195 |
| 104 | Dycom Industries, Inc. <br>4.500%—04/15/2029<sup>1</sup><br>| 102 |
| 100 | Great Lakes Dredge & Dock Corp. <br>5.250%—06/01/2029<sup>1</sup><br>| 97 |
| 200 | Tutor Perini Corp. <br>11.875%—04/30/2029<sup>1</sup><br>| 224 |
| 200 | VM Consolidated, Inc. <br>5.500%—04/15/2029<sup>1</sup><br>| 198 |
|  |  | 816 |
| **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** | **CONTAINERS & PACKAGING—0.6%** |
| 100 | Amcor Finance USA, Inc. <br>3.625%—04/28/2026<br>| 100 |
| 100 | CCL Industries, Inc. <br>3.050%—06/01/2030<sup>1</sup><br>| 94 |
|  |  | 194 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **DIVERSIFIED FINANCIAL SERVICES—1.9%** | **DIVERSIFIED FINANCIAL SERVICES—1.9%** | **DIVERSIFIED FINANCIAL SERVICES—1.9%** |
| $100 | Atlanticus Holdings Corp. <br>9.750%—09/01/2030<sup>1</sup><br>| $97 |
| 200 | Credit Acceptance Corp. <br>6.625%—03/15/2030<sup>1</sup><br>| 200 |
| 200 | Enova International, Inc. <br>9.125%—08/01/2029<sup>1</sup><br>| 210 |
| 149 | goeasy Ltd. <br>6.875%—02/15/2031<sup>1</sup><br>| 146 |
|  |  | 653 |
| **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** | **DIVERSIFIED REITS—0.3%** |
| 100 | Omega Healthcare Investors, Inc. <br>4.750%—01/15/2028<br>| 101 |
| **DIVERSIFIED TELECOMMUNICATION SERVICES—2.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.7%** | **DIVERSIFIED TELECOMMUNICATION SERVICES—2.7%** |
| 300 | Connect Finco SARL/Connect U.S. Finco LLC <br>9.000%—09/15/2029<sup>1</sup><br>| 318 |
| 300 | Deutsche Telekom International Finance BV <br>8.750%—06/15/2030<br>| 353 |
| 100 | EchoStar Corp. <br>10.750%—11/30/2029<br>| 110 |
| 100 | Hughes Satellite Systems Corp. <br>5.250%—08/01/2026<br>| 99 |
| 55 | Viavi Solutions, Inc. <br>3.750%—10/01/2029<sup>1</sup><br>| 52 |
|  |  | 932 |
| **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** |
| 100 | Alexander Funding Trust II <br>7.467%—07/31/2028<sup>1</sup><br>| 107 |
| 100 | American Electric Power Co., Inc. <br>5.800%—03/15/2056<sup>2</sup><br>| 100 |
| 100 | Edison International <br>7.875%—06/15/2054<sup>2</sup><br>| 103 |
|  | EUSHI Finance, Inc. |  |
| 100 | 6.250%—04/01/2056<sup>2</sup> | 100 |
| 35 | 7.625%—12/15/2054<sup>2</sup> | 37 |
|  |  | 137 |
| 100 | Pacific Gas & Electric Co. <br>3.300%—12/01/2027<br>| 98 |
|  |  | 545 |
| **ELECTRICAL EQUIPMENT—0.3%** | **ELECTRICAL EQUIPMENT—0.3%** | **ELECTRICAL EQUIPMENT—0.3%** |
| 100 | EnerSys <br>4.375%—12/15/2027<sup>1</sup><br>| 99 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%** |
| 200 | TTM Technologies, Inc. <br>4.000%—03/01/2029<sup>1</sup><br>| 193 |
| **ENTERTAINMENT—3.3%** | **ENTERTAINMENT—3.3%** | **ENTERTAINMENT—3.3%** |
| 300 | Flutter Treasury DAC <br>5.875%—06/04/2031<sup>1</sup><br>| 304 |
| 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>| 181 |
| 300 | Starz Capital Holdings LLC <br>5.500%—04/15/2029<sup>1</sup><br>| 240 |
| 234 | Warnermedia Holdings, Inc. <br>4.279%—03/15/2032<br>| 214 |
|  |  | 1141 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%** | **EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.0%** |
| $200 | CTR Partnership LP/CareTrust Capital Corp. <br>3.875%—06/30/2028<sup>1</sup><br>| $196 |
|  | MPT Operating Partnership LP/MPT Finance Corp. |  |
| 93 | 3.500%—03/15/2031 | 66 |
| 300 | 4.625%—08/01/2029 | 246 |
|  |  | 312 |
| 200 | VICI Properties LP/VICI Note Co., Inc. <br>3.750%—02/15/2027<sup>1</sup><br>| 198 |
|  |  | 706 |
| **FOOD & STAPLES RETAILING—0.6%** | **FOOD & STAPLES RETAILING—0.6%** | **FOOD & STAPLES RETAILING—0.6%** |
| 200 | CDW LLC/CDW Finance Corp. <br>3.250%—02/15/2029<br>| 192 |
| **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>| 306 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.3%** |
| 100 | Stryker Corp. <br>3.375%—11/01/2025<br>| 100 |
| **HEALTH CARE PROVIDERS & SERVICES—1.9%** | **HEALTH CARE PROVIDERS & SERVICES—1.9%** | **HEALTH CARE PROVIDERS & SERVICES—1.9%** |
| 88 | Dentsply Sirona, Inc. <br>8.375%—09/12/2055<sup>2</sup><br>| 91 |
| 300 | HCA, Inc. <br>3.125%—03/15/2027<br>| 296 |
| 200 | STERIS Irish FinCo UnLtd Co. <br>2.700%—03/15/2031<br>| 183 |
| 100 | Universal Health Services, Inc. <br>1.650%—09/01/2026<br>| 98 |
|  |  | 668 |
| **HOTELS, RESTAURANTS & LEISURE—3.6%** | **HOTELS, RESTAURANTS & LEISURE—3.6%** | **HOTELS, RESTAURANTS & LEISURE—3.6%** |
|  | Carnival Corp. |  |
| 300 | 4.000%—08/01/2028<sup>1</sup> | 295 |
| 237 | 5.875%—06/15/2031<sup>1</sup> | 245 |
|  |  | 540 |
|  | Las Vegas Sands Corp. |  |
| 200 | 3.500%—08/18/2026 | 198 |
| 100 | 6.000%—06/14/2030 | 105 |
|  |  | 303 |
| 200 | New Red Finance, Inc. <br>3.875%—01/15/2028<sup>1</sup><br>| 197 |
| 100 | O'Reilly Automotive, Inc. <br>4.200%—04/01/2030<br>| 99 |
| 100 | Royal Caribbean Cruises Ltd. <br>5.625%—09/30/2031<sup>1</sup><br>| 102 |
|  |  | 1241 |
| **HOUSEHOLD DURABLES—0.4%** | **HOUSEHOLD DURABLES—0.4%** | **HOUSEHOLD DURABLES—0.4%** |
| 132 | TopBuild Corp. <br>5.625%—01/31/2034<sup>1</sup><br>| 133 |
| **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** | **HOUSEHOLD PRODUCTS—0.3%** |
| 100 | ACCO Brands Corp. <br>4.250%—03/15/2029<sup>1</sup><br>| 88 |
| **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>| 286 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **IT SERVICES—3.8%** | **IT SERVICES—3.8%** | **IT SERVICES—3.8%** |
| $200 | Booz Allen Hamilton, Inc. <br>3.875%—09/01/2028<sup>1</sup><br>| $196 |
| 100 | Crane NXT Co. <br>4.200%—03/15/2048<br>| 71 |
| 300 | International Business Machines Corp. <br>3.500%—05/15/2029<br>| 294 |
| 200 | Leidos, Inc. <br>4.375%—05/15/2030<br>| 200 |
|  | Seagate Data Storage Technology Pte. Ltd. |  |
| 133 | 5.750%—12/01/2034<sup>1</sup> | 136 |
| 200 | 9.625%—12/01/2032<sup>1</sup> | 228 |
|  |  | 364 |
| 200 | VeriSign, Inc. <br>2.700%—06/15/2031<br>| 182 |
|  |  | 1307 |
| **MACHINERY—1.1%** | **MACHINERY—1.1%** | **MACHINERY—1.1%** |
| 100 | IDEX Corp. <br>3.000%—05/01/2030<br>| 94 |
| 300 | Vertiv Group Corp. <br>4.125%—11/15/2028<sup>1</sup><br>| 296 |
|  |  | 390 |
| **MEDIA—2.2%** | **MEDIA—2.2%** | **MEDIA—2.2%** |
| 300 | News Corp. <br>3.875%—05/15/2029<sup>1</sup><br>| 289 |
| 300 | RELX Capital, Inc. <br>4.000%—03/18/2029<br>| 299 |
| 196 | Sinclair Television Group, Inc. <br>5.500%—03/01/2030<sup>1</sup><br>| 167 |
|  |  | 755 |
| **METALS & MINING—3.6%** | **METALS & MINING—3.6%** | **METALS & MINING—3.6%** |
| 100 | Coeur Mining, Inc. <br>5.125%—02/15/2029<sup>1</sup><br>| 99 |
|  | Commercial Metals Co. |  |
| 100 | 3.875%—02/15/2031 | 94 |
| 100 | 4.125%—01/15/2030 | 96 |
| 100 | 4.375%—03/15/2032 | 95 |
|  |  | 285 |
| 150 | Eldorado Gold Corp. <br>6.250%—09/01/2029<sup>1</sup><br>| 150 |
| 200 | Hudbay Minerals, Inc. <br>6.125%—04/01/2029<sup>1</sup><br>| 203 |
| 200 | IAMGOLD Corp. <br>5.750%—10/15/2028<sup>1</sup><br>| 200 |
| 200 | Novelis Corp. <br>4.750%—01/30/2030<sup>1</sup><br>| 193 |
| 100 | Park-Ohio Industries, Inc. <br>8.500%—08/01/2030<sup>1</sup><br>| 102 |
|  |  | 1232 |
| **OIL, GAS & CONSUMABLE FUELS—12.5%** | **OIL, GAS & CONSUMABLE FUELS—12.5%** | **OIL, GAS & CONSUMABLE FUELS—12.5%** |
| 200 | Alliance Resource Operating Partners LP/Alliance <br> Resource Finance Corp. <br>8.625%—06/15/2029<sup>1</sup><br>| 212 |
| 200 | AmeriGas Partners LP/AmeriGas Finance Corp. <br>9.375%—06/01/2028<sup>1</sup><br>| 208 |
| 200 | Antero Midstream Partners LP/Antero Midstream <br> Finance Corp. <br>5.750%—10/15/2033<sup>1</sup><br>| 200 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| $100 | Antero Resources Corp. <br>5.375%—03/01/2030<sup>1</sup><br>| $101 |
| 200 | BP Capital Markets PLC <br>4.875%—03/22/2030<sup>2</sup><br>| 200 |
| 300 | California Resources Corp. <br>8.250%—06/15/2029<sup>1</sup><br>| 312 |
| 100 | Calumet Specialty Products Partners LP/Calumet <br> Finance Corp. <br>8.125%—01/15/2027<sup>1</sup><br>| 100 |
| 300 | CVR Energy, Inc. <br>8.500%—01/15/2029<sup>1</sup><br>| 308 |
|  | Delek Logistics Partners LP/Delek Logistics Finance <br> Corp.<br>|  |
| 100 | 7.125%—06/01/2028<sup>1</sup> | 101 |
| 200 | 8.625%—03/15/2029<sup>1</sup> | 209 |
|  |  | 310 |
| 200 | DT Midstream, Inc. <br>4.375%—06/15/2031<sup>1</sup><br>| 194 |
| 200 | Enbridge, Inc. <br>6.000%—01/15/2077<sup>2</sup><br>| 201 |
| 100 | Enterprise Products Operating LLC <br>5.250%—08/16/2077<sup>2</sup><br>| 100 |
| 200 | Helix Energy Solutions Group, Inc. <br>9.750%—03/01/2029<sup>1</sup><br>| 211 |
| 200 | HF Sinclair Corp. <br>5.750%—01/15/2031<br>| 207 |
| 100 | Kinder Morgan, Inc. <br>5.000%—02/01/2029<br>| 102 |
| 200 | MPLX LP <br>2.650%—08/15/2030<br>| 184 |
|  | PBF Holding Co. LLC/PBF Finance Corp. |  |
| 200 | 7.875%—09/15/2030<sup>1</sup> | 201 |
| 158 | 9.875%—03/15/2030<sup>1</sup> | 168 |
|  |  | 369 |
| 100 | Suncor Energy, Inc. <br>7.150%—02/01/2032<br>| 112 |
|  | Talos Production, Inc. |  |
| 100 | 9.000%—02/01/2029<sup>1</sup> | 103 |
| 100 | 9.375%—02/01/2031<sup>1</sup> | 102 |
|  |  | 205 |
| 100 | Targa Resources Partners LP/Targa Resources <br> Partners Finance Corp. <br>4.000%—01/15/2032<br>| 95 |
| 100 | TC PipeLines LP <br>3.900%—05/25/2027<br>| 100 |
| 149 | Vermilion Energy, Inc. <br>7.250%—02/15/2033<sup>1</sup><br>| 138 |
| 139 | Weatherford International Ltd. <br>6.750%—10/15/2033<sup>1</sup><br>| 142 |
|  |  | 4311 |
| **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** | **PAPER & FOREST PRODUCTS—0.2%** |
| 100 | Mercer International, Inc. <br>12.875%—10/01/2028<sup>1</sup><br>| 83 |
| **PASSENGER AIRLINES—1.9%** | **PASSENGER AIRLINES—1.9%** | **PASSENGER AIRLINES—1.9%** |
| 182 | Alaska Airlines Pass-Through Trust <br>4.800%—02/15/2029<sup>1</sup><br>| 183 |
| 300 | Delta Air Lines, Inc./SkyMiles IP Ltd. <br>4.750%—10/20/2028<sup>1</sup><br>| 302 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** | **PASSENGER AIRLINES—Continued** |
| $100 | JetBlue Airways Corp./JetBlue Loyalty LP <br>9.875%—09/20/2031<sup>1</sup><br>| $98 |
| 68 | United Airlines Pass-Through Trust <br>5.875%—04/15/2029<br>| 70 |
|  |  | 653 |
| **PHARMACEUTICALS—1.2%** | **PHARMACEUTICALS—1.2%** | **PHARMACEUTICALS—1.2%** |
| 200 | Cencora, Inc. <br>2.700%—03/15/2031<br>| 184 |
| 100 | HLF Financing SARL LLC/Herbalife International, Inc. <br>4.875%—06/01/2029<sup>1</sup><br>| 88 |
| 200 | Organon & Co./Organon Foreign Debt Co-Issuer BV <br>7.875%—05/15/2034<sup>1</sup><br>| 156 |
|  |  | 428 |
| **PROFESSIONAL SERVICES—2.0%** | **PROFESSIONAL SERVICES—2.0%** | **PROFESSIONAL SERVICES—2.0%** |
|  | Gartner, Inc. |  |
| 100 | 3.750%—10/01/2030<sup>1</sup> | 95 |
| 200 | 4.500%—07/01/2028<sup>1</sup> | 198 |
|  |  | 293 |
| 100 | KBR, Inc. <br>4.750%—09/30/2028<sup>1</sup><br>| 98 |
| 300 | TriNet Group, Inc. <br>3.500%—03/01/2029<sup>1</sup><br>| 282 |
|  |  | 673 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.8%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—2.8%** |
|  | Broadcom, Inc. |  |
| 300 | 1.950%—02/15/2028 | 286 |
| 100 | 4.000%—04/15/2029<sup>1</sup> | 100 |
|  |  | 386 |
| 100 | Entegris, Inc. <br>4.750%—04/15/2029<sup>1</sup><br>| 100 |
| 200 | NVIDIA Corp. <br>2.850%—04/01/2030<br>| 191 |
| 100 | Qorvo, Inc. <br>3.375%—04/01/2031<sup>1</sup><br>| 92 |
| 200 | Texas Instruments, Inc. <br>2.250%—09/04/2029<br>| 188 |
|  |  | 957 |
| **SOFTWARE—6.0%** | **SOFTWARE—6.0%** | **SOFTWARE—6.0%** |
| 300 | AppLovin Corp. <br>5.125%—12/01/2029<br>| 306 |
| 200 | Autodesk, Inc. <br>2.400%—12/15/2031<br>| 178 |
| 200 | Broadridge Financial Solutions, Inc. <br>2.900%—12/01/2029<br>| 190 |
| 100 | CoreWeave, Inc. <br>9.000%—02/01/2031<sup>1</sup><br>| 100 |
| 100 | Fair Isaac Corp. <br>4.000%—06/15/2028<sup>1</sup><br>| 98 |
| 300 | Open Text Corp. <br>6.900%—12/01/2027<sup>1</sup><br>| 313 |
|  | Oracle Corp. |  |
| 100 | 6.150%—11/09/2029 | 106 |
| 200 | 6.250%—11/09/2032 | 214 |
|  |  | 320 |
| 300 | ROBLOX Corp. <br>3.875%—05/01/2030<sup>1</sup><br>| 287 |

---

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| $300 | Salesforce, Inc. <br>1.950%—07/15/2031<br>| $267 |
|  |  | 2059 |
| **SPECIALTY RETAIL—6.6%** | **SPECIALTY RETAIL—6.6%** | **SPECIALTY RETAIL—6.6%** |
| 265 | Advance Auto Parts, Inc. <br>7.000%—08/01/2030<sup>1</sup><br>| 268 |
| 200 | Arko Corp. <br>5.125%—11/15/2029<sup>1</sup><br>| 167 |
| 315 | Carvana Co. <br>9.000%—06/01/2030-06/01/2031<sup>1</sup><br>| 337 |
| 100 | Gap, Inc. <br>3.875%—10/01/2031<sup>1</sup><br>| 92 |
| 400 | Home Depot, Inc. <br>3.250%—04/15/2032<br>| 375 |
| 80 | Kohl's Corp. <br>5.125%—05/01/2031<br>| 62 |
|  | Macy's Retail Holdings LLC |  |
| 175 | 6.125%—03/15/2032<sup>1</sup> | 176 |
| 100 | 7.375%—08/01/2033<sup>1</sup> | 105 |
|  |  | 281 |
| 300 | Upbound Group, Inc. <br>6.375%—02/15/2029<sup>1</sup><br>| 291 |
| 300 | Wayfair LLC <br>7.250%—10/31/2029<sup>1</sup><br>| 311 |
| 100 | Yum! Brands, Inc. <br>5.350%—11/01/2043<br>| 98 |
|  |  | 2282 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—0.3%** |
| 100 | Western Digital Corp. <br>2.850%—02/01/2029<br>| 95 |
| **TEXTILES, APPAREL & LUXURY GOODS—0.4%** | **TEXTILES, APPAREL & LUXURY GOODS—0.4%** | **TEXTILES, APPAREL & LUXURY GOODS—0.4%** |
| 100 | Tapestry, Inc. <br>5.100%—03/11/2030<br>| 103 |
| 44 | Wolverine World Wide, Inc. <br>4.000%—08/15/2029<sup>1</sup><br>| 40 |
|  |  | 143 |
| **TOBACCO—4.2%** | **TOBACCO—4.2%** | **TOBACCO—4.2%** |
|  | Altria Group, Inc. |  |
| 100 | 2.450%—02/04/2032 | 88 |
| 300 | 4.800%—02/14/2029 | 305 |
|  |  | 393 |
| 200 | Imperial Brands Finance PLC <br>5.500%—02/01/2030<sup>1</sup><br>| 207 |
| 300 | Japan Tobacco, Inc. <br>5.250%—06/15/2030<sup>1</sup><br>| 311 |
| 400 | Philip Morris International, Inc. <br>5.125%—02/15/2030-02/13/2031<br>| 414 |
| 100 | Turning Point Brands, Inc. <br>7.625%—03/15/2032<sup>1</sup><br>| 106 |
|  |  | 1431 |
| **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** | **TRADING COMPANIES & DISTRIBUTORS—0.6%** |
| 200 | Ferguson Finance PLC <br>4.500%—10/24/2028<sup>1</sup><br>| 201 |

---

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Principal Amount, Value, and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** | **Corporate Bonds & Notes—Continued** |
| **Principal**<br> **Amount**<br>|  | **Value** |
| **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 | $182 |
| 200 | 2.625%—02/15/2029 | 190 |
|  |  | 372 |
| **Total Corporate Bonds & Notes** <br>(Cost $31,406) | **Total Corporate Bonds & Notes** <br>(Cost $31,406) | 32261 |
| **TOTAL INVESTMENTS—93.8%** <br>(Cost $31,406) | **TOTAL INVESTMENTS—93.8%** <br>(Cost $31,406) | 32261 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—6.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—6.2%** | 2147 |
| **TOTAL NET ASSETS—100.0%** | **TOTAL NET ASSETS—100.0%** | $34408 |

---

&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 | &nbsp;&nbsp; 33 | 12/19/2025 | &nbsp;&nbsp; $3718 | &nbsp;&nbsp; $25 |
| U.S. Treasury Note Futures 2 Year | &nbsp;&nbsp; 39 | 12/31/2025 | &nbsp;&nbsp; 8122 | &nbsp;&nbsp; (3)<br>|
| U.S. Treasury Note Futures 5 Year | &nbsp;&nbsp; 48 | 12/31/2025 | &nbsp;&nbsp; 5242 | &nbsp;&nbsp; 6 |
| Total Futures Contracts |  |  |  | &nbsp;&nbsp; $28 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** | **CREDIT DEFAULT SWAP AGREEMENTS** |
| **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** | **CENTRALLY CLEARED SWAP AGREEMENTS** |
| **Counterparty/Exchange** | **Reference Entity** | **Buy/** <br>**Sell**<sup>3,4</sup><br>| **Pay/Receive** <br>**Fixed Rate**<br>| **Expiration** <br>**Date**<br>| **Implied** <br>**Credit** <br>**Spread**<sup>5</sup><br>| **Payment** <br>**Frequency**<br>| **Notional** <br>**Amount**<sup>6</sup> <br>**(000s)**<br>| **Value**<sup>7</sup> <br>**(000s)**<br>| **Upfront** <br>**Premiums** <br>**(Received)/Paid** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>|
| ICE Clear Credit LLC | Markit DCX North American <br> Investment Grade Index <br> Series 45<br>| Sell | 1.000<br> %<br>| 12/20/2030 | 0.527% | Quarterly | $4200 | $97 | $97 | $— |
| ICE Clear Credit LLC | Markit CDX North American <br> High Yield Index Series 45<br>| Sell | 5.000<br> %<br>| 12/20/2030 | 3.293% | Quarterly | 1300 | 102 | 99 | 3 |
| Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | Total Centrally Cleared Credit Default Swaps | $3 |

---

**FAIR VALUE MEASUREMENTS**

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

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

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

------

⬤

------

**Harbor Scientific Alpha Income ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

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 October 31, 2025, the aggregate value of these securities was $19,886 or 58% of net assets.

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

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

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

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

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

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

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

------

⬤

------

**Harbor SMID Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** EARNEST Partners LLC

Value and Cost in Thousands

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

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—98.9%** | **COMMON STOCKS—98.9%** | **COMMON STOCKS—98.9%** |
| **Shares** |  | **Value** |
| **AEROSPACE & DEFENSE—10.7%** | **AEROSPACE & DEFENSE—10.7%** | **AEROSPACE & DEFENSE—10.7%** |
| 864 | Hexcel Corp.  | $62 |
| 298 | Huntington Ingalls Industries, Inc.  | 96 |
| 389 | Moog, Inc. Class A | 80 |
| 460 | Woodward, Inc.  | 120 |
|  |  | 358 |
| **AUTOMOBILE COMPONENTS—1.8%** | **AUTOMOBILE COMPONENTS—1.8%** | **AUTOMOBILE COMPONENTS—1.8%** |
| 1382 | BorgWarner, Inc.  | 59 |
| **BANKS—5.0%** | **BANKS—5.0%** | **BANKS—5.0%** |
| 510 | East West Bancorp, Inc.  | 52 |
| 1059 | Webster Financial Corp.  | 60 |
| 435 | Wintrust Financial Corp.  | 57 |
|  |  | 169 |
| **BUILDING PRODUCTS—1.9%** | **BUILDING PRODUCTS—1.9%** | **BUILDING PRODUCTS—1.9%** |
| 962 | A.O. Smith Corp.  | 63 |
| **CAPITAL MARKETS—5.0%** | **CAPITAL MARKETS—5.0%** | **CAPITAL MARKETS—5.0%** |
| 436 | Houlihan Lokey, Inc.  | 78 |
| 575 | Raymond James Financial, Inc.  | 91 |
|  |  | 169 |
| **CHEMICALS—6.0%** | **CHEMICALS—6.0%** | **CHEMICALS—6.0%** |
| 448 | Albemarle Corp.  | 44 |
| 601 | Cabot Corp.  | 40 |
| 972 | CF Industries Holdings, Inc.  | 81 |
| 586 | Eastman Chemical Co.  | 35 |
|  |  | 200 |
| **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** | **COMMERCIAL SERVICES & SUPPLIES—1.9%** |
| 314 | Republic Services, Inc.  | 65 |
| **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** | **CONSTRUCTION & ENGINEERING—4.0%** |
| 86 | EMCOR Group, Inc.  | 58 |
| 186 | Valmont Industries, Inc.  | 77 |
|  |  | 135 |
| **CONSUMER FINANCE—1.9%** | **CONSUMER FINANCE—1.9%** | **CONSUMER FINANCE—1.9%** |
| 413 | FirstCash Holdings, Inc.  | 65 |
| **CONTAINERS & PACKAGING—1.1%** | **CONTAINERS & PACKAGING—1.1%** | **CONTAINERS & PACKAGING—1.1%** |
| 933 | Sonoco Products Co.  | 38 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.2%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—4.2%** |
| 443 | Arrow Electronics, Inc. <sup>\*</sup> | 49 |
| 176 | Teledyne Technologies, Inc. <sup>\*</sup> | 93 |
|  |  | 142 |
| **ENERGY EQUIPMENT & SERVICES—2.5%** | **ENERGY EQUIPMENT & SERVICES—2.5%** | **ENERGY EQUIPMENT & SERVICES—2.5%** |
| 3289 | Archrock, Inc.  | 83 |
| **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** | **FINANCIAL SERVICES—1.3%** |
| 301 | WEX, Inc. <sup>\*</sup> | 44 |
| **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** | **GAS UTILITIES—1.8%** |
| 3193 | MDU Resources Group, Inc.  | 61 |
| **GROUND TRANSPORTATION—2.2%** | **GROUND TRANSPORTATION—2.2%** | **GROUND TRANSPORTATION—2.2%** |
| 446 | Ryder System, Inc.  | 75 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.8%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.8%** |
| 633 | CONMED Corp.  | $28 |
| 875 | Hologic, Inc. <sup>\*</sup> | 65 |
|  |  | 93 |
| **HEALTH CARE PROVIDERS & SERVICES—1.0%** | **HEALTH CARE PROVIDERS & SERVICES—1.0%** | **HEALTH CARE PROVIDERS & SERVICES—1.0%** |
| 977 | Centene Corp. <sup>\*</sup> | 35 |
| **HOTELS, RESTAURANTS & LEISURE—3.5%** | **HOTELS, RESTAURANTS & LEISURE—3.5%** | **HOTELS, RESTAURANTS & LEISURE—3.5%** |
| 328 | Darden Restaurants, Inc.  | 59 |
| 800 | Papa John's International, Inc.  | 41 |
| 1165 | Penn Entertainment, Inc. <sup>\*</sup> | 19 |
|  |  | 119 |
| **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** | **HOUSEHOLD DURABLES—1.6%** |
| 349 | DR Horton, Inc.  | 52 |
| **INSURANCE—2.3%** | **INSURANCE—2.3%** | **INSURANCE—2.3%** |
| 426 | Reinsurance Group of America, Inc.  | 78 |
| **IT SERVICES—1.2%** | **IT SERVICES—1.2%** | **IT SERVICES—1.2%** |
| 551 | Akamai Technologies, Inc. <sup>\*</sup> | 41 |
| **LIFE SCIENCES TOOLS & SERVICES—6.2%** | **LIFE SCIENCES TOOLS & SERVICES—6.2%** | **LIFE SCIENCES TOOLS & SERVICES—6.2%** |
| 2879 | Avantor, Inc. <sup>\*</sup> | 34 |
| 187 | Bio-Rad Laboratories, Inc. Class A<sup>\*</sup> | 60 |
| 322 | Charles River Laboratories International, Inc. <sup>\*</sup> | 58 |
| 1213 | Qiagen NV  | 57 |
|  |  | 209 |
| **MACHINERY—4.7%** | **MACHINERY—4.7%** | **MACHINERY—4.7%** |
| 403 | Albany International Corp. Class A | 23 |
| 439 | Middleby Corp. <sup>\*</sup> | 55 |
| 236 | Snap-on, Inc.  | 79 |
|  |  | 157 |
| **MULTI-UTILITIES—1.6%** | **MULTI-UTILITIES—1.6%** | **MULTI-UTILITIES—1.6%** |
| 461 | WEC Energy Group, Inc.  | 52 |
| **OFFICE REITS—2.8%** | **OFFICE REITS—2.8%** | **OFFICE REITS—2.8%** |
| 770 | BXP, Inc.  | 55 |
| 1349 | COPT Defense Properties  | 38 |
|  |  | 93 |
| **PROFESSIONAL SERVICES—2.5%** | **PROFESSIONAL SERVICES—2.5%** | **PROFESSIONAL SERVICES—2.5%** |
| 107 | CACI International, Inc. Class A<sup>\*</sup> | 60 |
| 574 | Insperity, Inc.  | 25 |
|  |  | 85 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.0%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—3.0%** |
| 662 | CBRE Group, Inc. Class A<sup>\*</sup> | 101 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.6%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.6%** |
| 561 | Cirrus Logic, Inc. <sup>\*</sup> | 75 |
| 1197 | FormFactor, Inc. <sup>\*</sup> | 66 |
| 68 | Monolithic Power Systems, Inc.  | 68 |
| 943 | ON Semiconductor Corp. <sup>\*</sup> | 47 |
|  |  | 256 |
| **SOFTWARE—2.9%** | **SOFTWARE—2.9%** | **SOFTWARE—2.9%** |
| 2112 | Box, Inc. Class A<sup>\*</sup> | 68 |

---

------

⬤

------

**Harbor SMID Cap Core ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **SOFTWARE—Continued** | **SOFTWARE—Continued** | **SOFTWARE—Continued** |
| 62 | Synopsys, Inc. <sup>\*</sup> | $28 |
|  |  | 96 |
| **SPECIALIZED REITS—1.6%** | **SPECIALIZED REITS—1.6%** | **SPECIALIZED REITS—1.6%** |
| 270 | SBA Communications Corp.  | 52 |
| **TRADING COMPANIES & DISTRIBUTORS—2.3%** | **TRADING COMPANIES & DISTRIBUTORS—2.3%** | **TRADING COMPANIES & DISTRIBUTORS—2.3%** |
| 490 | GATX Corp.  | 77 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,039) | **TOTAL COMMON STOCKS** <br>(Cost $3,039) | 3322 |
| **TOTAL INVESTMENTS—98.9%** <br>(Cost $3,039) | **TOTAL INVESTMENTS—98.9%** <br>(Cost $3,039) | 3322 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—1.1%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—1.1%** | 36 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $3358 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 SMID Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** EARNEST Partners 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** |
| **AEROSPACE & DEFENSE—4.5%** | **AEROSPACE & DEFENSE—4.5%** | **AEROSPACE & DEFENSE—4.5%** |
| 243 | Huntington Ingalls Industries, Inc.  | $78 |
| 528 | Moog, Inc. Class A | 108 |
|  |  | 186 |
| **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** | **AUTOMOBILE COMPONENTS—0.8%** |
| 767 | BorgWarner, Inc.  | 33 |
| **BANKS—9.5%** | **BANKS—9.5%** | **BANKS—9.5%** |
| 710 | Pinnacle Financial Partners, Inc.  | 60 |
| 726 | Popular, Inc. (Puerto Rico) | 81 |
| 559 | UMB Financial Corp.  | 60 |
| 2002 | United Bankshares, Inc.  | 72 |
| 820 | Webster Financial Corp.  | 47 |
| 2544 | WesBanco, Inc.  | 76 |
|  |  | 396 |
| **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** | **BUILDING PRODUCTS—1.6%** |
| 1051 | Masco Corp.  | 68 |
| **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** | **CAPITAL MARKETS—3.7%** |
| 342 | Raymond James Financial, Inc.  | 54 |
| 839 | Stifel Financial Corp.  | 100 |
|  |  | 154 |
| **CHEMICALS—2.5%** | **CHEMICALS—2.5%** | **CHEMICALS—2.5%** |
| 671 | Cabot Corp.  | 45 |
| 452 | Eastman Chemical Co.  | 27 |
| 551 | Scotts Miracle-Gro Co.  | 30 |
|  |  | 102 |
| **COMMUNICATIONS EQUIPMENT—2.4%** | **COMMUNICATIONS EQUIPMENT—2.4%** | **COMMUNICATIONS EQUIPMENT—2.4%** |
| 2715 | Digi International, Inc. <sup>\*</sup> | 100 |
| **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** | **CONSTRUCTION MATERIALS—1.4%** |
| 269 | Eagle Materials, Inc.  | 57 |
| **CONSUMER FINANCE—2.0%** | **CONSUMER FINANCE—2.0%** | **CONSUMER FINANCE—2.0%** |
| 517 | FirstCash Holdings, Inc.  | 82 |
| **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.5%** | **CONSUMER STAPLES DISTRIBUTION & RETAIL—2.5%** |
| 1055 | Performance Food Group Co. <sup>\*</sup> | 102 |
| **CONTAINERS & PACKAGING—1.9%** | **CONTAINERS & PACKAGING—1.9%** | **CONTAINERS & PACKAGING—1.9%** |
| 1458 | Sealed Air Corp.  | 49 |
| 713 | Sonoco Products Co.  | 29 |
|  |  | 78 |
| **DISTRIBUTORS—0.8%** | **DISTRIBUTORS—0.8%** | **DISTRIBUTORS—0.8%** |
| 1105 | LKQ Corp.  | 35 |
| **ELECTRICAL EQUIPMENT—8.6%** | **ELECTRICAL EQUIPMENT—8.6%** | **ELECTRICAL EQUIPMENT—8.6%** |
| 295 | Acuity, Inc.  | 108 |
| 1077 | Atkore, Inc.  | 75 |
| 1180 | NEXTracker, Inc. Class A<sup>\*</sup> | 119 |
| 394 | Regal Rexnord Corp.  | 55 |
|  |  | 357 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—12.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—12.5%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—12.5%** |
| 661 | Advanced Energy Industries, Inc.  | 134 |
| 1534 | Avnet, Inc.  | 74 |
| 2785 | Flex Ltd. <sup>\*</sup> | 174 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—Continued** |
| 1003 | Sanmina Corp. <sup>\*</sup> | $138 |
|  |  | 520 |
| **ENERGY EQUIPMENT & SERVICES—1.7%** | **ENERGY EQUIPMENT & SERVICES—1.7%** | **ENERGY EQUIPMENT & SERVICES—1.7%** |
| 4830 | NOV, Inc.  | 70 |
| **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** | **FINANCIAL SERVICES—1.2%** |
| 350 | WEX, Inc. <sup>\*</sup> | 51 |
| **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** | **FOOD PRODUCTS—1.7%** |
| 2221 | Darling Ingredients, Inc. <sup>\*</sup> | 71 |
| **GAS UTILITIES—3.9%** | **GAS UTILITIES—3.9%** | **GAS UTILITIES—3.9%** |
| 469 | Atmos Energy Corp.  | 80 |
| 4316 | MDU Resources Group, Inc.  | 83 |
|  |  | 163 |
| **GROUND TRANSPORTATION—1.2%** | **GROUND TRANSPORTATION—1.2%** | **GROUND TRANSPORTATION—1.2%** |
| 2260 | Schneider National, Inc. Class B | 48 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** | **HEALTH CARE EQUIPMENT & SUPPLIES—0.6%** |
| 571 | CONMED Corp.  | 25 |
| **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** | **HEALTH CARE REITS—0.7%** |
| 478 | Alexandria Real Estate Equities, Inc.  | 28 |
| **HOTEL & RESORT REITS—0.6%** | **HOTEL & RESORT REITS—0.6%** | **HOTEL & RESORT REITS—0.6%** |
| 2466 | Pebblebrook Hotel Trust  | 26 |
| **HOTELS, RESTAURANTS & LEISURE—1.3%** | **HOTELS, RESTAURANTS & LEISURE—1.3%** | **HOTELS, RESTAURANTS & LEISURE—1.3%** |
| 287 | Darden Restaurants, Inc.  | 52 |
| **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** | **HOUSEHOLD DURABLES—1.4%** |
| 391 | DR Horton, Inc.  | 58 |
| **INDUSTRIAL REITS—3.0%** | **INDUSTRIAL REITS—3.0%** | **INDUSTRIAL REITS—3.0%** |
| 363 | EastGroup Properties, Inc.  | 63 |
| 1644 | STAG Industrial, Inc.  | 63 |
|  |  | 126 |
| **INSURANCE—3.8%** | **INSURANCE—3.8%** | **INSURANCE—3.8%** |
| 487 | Reinsurance Group of America, Inc.  | 89 |
| 269 | RenaissanceRe Holdings Ltd. (Bermuda) | 68 |
|  |  | 157 |
| **LIFE SCIENCES TOOLS & SERVICES—1.2%** | **LIFE SCIENCES TOOLS & SERVICES—1.2%** | **LIFE SCIENCES TOOLS & SERVICES—1.2%** |
| 276 | Charles River Laboratories International, Inc. <sup>\*</sup> | 50 |
| **MACHINERY—5.5%** | **MACHINERY—5.5%** | **MACHINERY—5.5%** |
| 788 | Albany International Corp. Class A | 44 |
| 515 | Middleby Corp. <sup>\*</sup> | 64 |
| 223 | Snap-on, Inc.  | 75 |
| 560 | Timken Co.  | 44 |
|  |  | 227 |
| **OFFICE REITS—2.5%** | **OFFICE REITS—2.5%** | **OFFICE REITS—2.5%** |
| 2694 | Vornado Realty Trust  | 102 |
| **OIL, GAS & CONSUMABLE FUELS—3.3%** | **OIL, GAS & CONSUMABLE FUELS—3.3%** | **OIL, GAS & CONSUMABLE FUELS—3.3%** |
| 466 | Diamondback Energy, Inc.  | 67 |
| 2525 | Murphy Oil Corp.  | 71 |
|  |  | 138 |

---

------

⬤

------

**Harbor SMID Cap Value ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

Value and Cost in Thousands

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** | **PROFESSIONAL SERVICES—0.5%** |
| 326 | TriNet Group, Inc.  | $20 |
| **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.7%** | **REAL ESTATE MANAGEMENT & DEVELOPMENT—2.7%** |
| 745 | CBRE Group, Inc. Class A<sup>\*</sup> | 114 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.4%** |
| 650 | Entegris, Inc.  | 60 |
| **SOFTWARE—1.7%** | **SOFTWARE—1.7%** | **SOFTWARE—1.7%** |
| 155 | Synopsys, Inc. <sup>\*</sup> | 70 |
| **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** | **SPECIALTY RETAIL—0.8%** |
| 1302 | Bath & Body Works, Inc.  | 32 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **TRADING COMPANIES & DISTRIBUTORS—2.1%** | **TRADING COMPANIES & DISTRIBUTORS—2.1%** | **TRADING COMPANIES & DISTRIBUTORS—2.1%** |
| 559 | GATX Corp.  | $88 |
| **TOTAL COMMON STOCKS** <br>(Cost $3,590) | **TOTAL COMMON STOCKS** <br>(Cost $3,590) | 4046 |
| **TOTAL INVESTMENTS—97.5%** <br>(Cost $3,590) | **TOTAL INVESTMENTS—97.5%** <br>(Cost $3,590) | 4046 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—2.5%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—2.5%** | 103 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $4149 |

---

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

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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 Transformative Technologies ETF**

**PORTFOLIO OF INVESTMENTS—October 31, 2025** 

------

**Subadvisor:** Jennison Associates LLC

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** |
| **AUTOMOBILES—2.6%** | **AUTOMOBILES—2.6%** | **AUTOMOBILES—2.6%** |
| 338 | Tesla, Inc. <sup>\*</sup> | $154 |
| **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** | **BIOTECHNOLOGY—0.4%** |
| 56 | Vertex Pharmaceuticals, Inc. <sup>\*</sup> | 24 |
| **BROADLINE RETAIL—5.6%** | **BROADLINE RETAIL—5.6%** | **BROADLINE RETAIL—5.6%** |
| 1347 | Amazon.com, Inc. <sup>\*</sup> | 329 |
| **COMMUNICATIONS EQUIPMENT—2.5%** | **COMMUNICATIONS EQUIPMENT—2.5%** | **COMMUNICATIONS EQUIPMENT—2.5%** |
| 944 | Arista Networks, Inc. <sup>\*</sup> | 149 |
| **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** | **ELECTRIC UTILITIES—1.6%** |
| 252 | Constellation Energy Corp.  | 95 |
| **ELECTRICAL EQUIPMENT—0.8%** | **ELECTRICAL EQUIPMENT—0.8%** | **ELECTRICAL EQUIPMENT—0.8%** |
| 800 | Schneider Electric SE ADR<sup>1</sup> | 45 |
| **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** | **ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.8%** |
| 275 | Keysight Technologies, Inc. <sup>\*</sup> | 50 |
| **ENTERTAINMENT—2.7%** | **ENTERTAINMENT—2.7%** | **ENTERTAINMENT—2.7%** |
| 142 | Netflix, Inc. <sup>\*</sup> | 159 |
| **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** | **FINANCIAL SERVICES—1.1%** |
| 117 | Mastercard, Inc. Class A | 65 |
| **HEALTH CARE EQUIPMENT & SUPPLIES—2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.2%** | **HEALTH CARE EQUIPMENT & SUPPLIES—2.2%** |
| 437 | Edwards Lifesciences Corp. <sup>\*</sup> | 36 |
| 170 | Intuitive Surgical, Inc. <sup>\*</sup> | 91 |
|  |  | 127 |
| **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** | **HOTELS, RESTAURANTS & LEISURE—1.0%** |
| 238 | Airbnb, Inc. Class A<sup>\*</sup> | 30 |
| 1258 | Navan, Inc. Class A<sup>\*</sup> | 26 |
|  |  | 56 |
| **INTERACTIVE MEDIA & SERVICES—8.5%** | **INTERACTIVE MEDIA & SERVICES—8.5%** | **INTERACTIVE MEDIA & SERVICES—8.5%** |
| 1140 | Alphabet, Inc. Class A | 321 |
| 279 | Meta Platforms, Inc. Class A | 181 |
|  |  | 502 |
| **IT SERVICES—4.8%** | **IT SERVICES—4.8%** | **IT SERVICES—4.8%** |
| 684 | Shopify, Inc. Class A (Canada)<sup>\*</sup> | 119 |
| 602 | Snowflake, Inc. <sup>\*</sup> | 165 |
|  |  | 284 |
| **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** | **PHARMACEUTICALS—2.8%** |
| 885 | AstraZeneca PLC ADR (United Kingdom)<sup>1</sup> | 73 |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** | **COMMON STOCKS—Continued** |
| **Shares** |  | **Value** |
| **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** | **PHARMACEUTICALS—Continued** |
| 718 | UCB SA ADR (Belgium)<sup>1</sup> | $92 |
|  |  | 165 |
| **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—31.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—31.3%** | **SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—31.3%** |
| 450 | Advanced Micro Devices, Inc. <sup>\*</sup> | 115 |
| 365 | Analog Devices, Inc.  | 86 |
| 387 | ARM Holdings PLC ADR<sup>\*,1</sup> | 66 |
| 68 | ASML Holding NV New York Registry Shares <br> (Netherlands)<br>| 72 |
| 1076 | Broadcom, Inc.  | 398 |
| 475 | Impinj, Inc. <sup>\*</sup> | 96 |
| 1136 | Lam Research Corp.  | 179 |
| 840 | Lattice Semiconductor Corp. <sup>\*</sup> | 61 |
| 2446 | NVIDIA Corp.  | 495 |
| 421 | Onto Innovation, Inc. <sup>\*</sup> | 57 |
| 736 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR <br> (Taiwan)<sup>1</sup><br>| 221 |
|  |  | 1846 |
| **SOFTWARE—23.6%** | **SOFTWARE—23.6%** | **SOFTWARE—23.6%** |
| 223 | AppLovin Corp. Class A<sup>\*</sup> | 142 |
| 243 | Cadence Design Systems, Inc. <sup>\*</sup> | 82 |
| 214 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | 116 |
| 124 | CyberArk Software Ltd. <sup>\*</sup> | 65 |
| 659 | Datadog, Inc. Class A<sup>\*</sup> | 107 |
| 167 | HubSpot, Inc. <sup>\*</sup> | 82 |
| 667 | Intapp, Inc. <sup>\*</sup> | 26 |
| 772 | Microsoft Corp.  | 400 |
| 201 | Monday.com Ltd. <sup>\*</sup> | 41 |
| 60 | Oracle Corp.  | 16 |
| 237 | Palo Alto Networks, Inc. <sup>\*</sup> | 52 |
| 357 | Salesforce, Inc.  | 93 |
| 1559 | Samsara, Inc. Class A<sup>\*</sup> | 63 |
| 119 | ServiceNow, Inc. <sup>\*</sup> | 109 |
|  |  | 1394 |
| **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.5%** | **TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—7.5%** |
| 1643 | Apple, Inc.  | 444 |
| **TOTAL COMMON STOCKS** <br>(Cost $4,489) | **TOTAL COMMON STOCKS** <br>(Cost $4,489) | 5888 |
| **TOTAL INVESTMENTS—99.8%** <br>(Cost $4,489) | **TOTAL INVESTMENTS—99.8%** <br>(Cost $4,489) | 5888 |
| **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | **CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%** | 11 |
| **TOTAL NET ASSETS—100%** | **TOTAL NET ASSETS—100%** | $5899 |

---

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

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⬤

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**Harbor Transformative Technologies ETF**

**PORTFOLIO OF INVESTMENTS—Continued**

------

**FAIR VALUE MEASUREMENTS**

All investments as of October 31, 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.

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**Harbor ETF Trust**

**STATEMENTS OF ASSETS AND LIABILITIES—October 31, 2025**

------

(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>**Alpha** <br>**Layering ETF** <br>**(Consolidated)**<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>|
| **Assets** |  |  |  |  |  |
| Investments, at identified cost | &nbsp;&nbsp; $21488 | &nbsp;&nbsp; $2424 | &nbsp;&nbsp; $4799 | &nbsp;&nbsp; $1930 | &nbsp;&nbsp; $9271 |
| Investments, at value | &nbsp;&nbsp; $20844 | &nbsp;&nbsp; $2535 | &nbsp;&nbsp; $5129 | &nbsp;&nbsp; $1799 | &nbsp;&nbsp; $9146 |
| Cash | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 1261 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 5 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; 348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency, at value (cost: $0, $0, $0, $0, $0, $0, $0, $0, $67, $3, $0, $0, $0, <br> $4,174 and $22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Receivables for: |  |  |  |  |  |
| Investment sold | &nbsp;&nbsp; 44 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Capital shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 3 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on centrally cleared swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Withholding tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **21928** | &nbsp;&nbsp; **4145** | &nbsp;&nbsp; **5135** | &nbsp;&nbsp; **1821** | &nbsp;&nbsp; **9154** |
| **Liabilities** |  |  |  |  |  |
| Due to custodian  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables for: |  |  |  |  |  |
| Investments purchased | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — |
| Dividend and interest expense on investments sold short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on OTC swap agreements | &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, $0, $0 and $0)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **26** | &nbsp;&nbsp; **3** | &nbsp;&nbsp; **1** | &nbsp;&nbsp; **15** | &nbsp;&nbsp; **2** |
| **NET ASSETS** | &nbsp;&nbsp; **$21902** | &nbsp;&nbsp; **$4142** | &nbsp;&nbsp; **$5134** | &nbsp;&nbsp; **$1806** | &nbsp;&nbsp; **$9152** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $22254 | &nbsp;&nbsp; $3705 | &nbsp;&nbsp; $4928 | &nbsp;&nbsp; $2022 | &nbsp;&nbsp; $9508 |
| Total distributable earnings/(loss) | &nbsp;&nbsp; (352)<br>| &nbsp;&nbsp; 437 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; (216)<br>| &nbsp;&nbsp; (356)<br>|
|  | &nbsp;&nbsp; $21902 | &nbsp;&nbsp; $4142 | &nbsp;&nbsp; $5134 | &nbsp;&nbsp; $1806 | &nbsp;&nbsp; $9152 |
| **NET ASSET VALUE PER SHARE** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $21902 | &nbsp;&nbsp; $4142 | &nbsp;&nbsp; $5134 | &nbsp;&nbsp; $1806 | &nbsp;&nbsp; $9152 |
| Shares of beneficial interest (No par value and unlimited authorizations) | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 275 |
| Net asset value per share<sup>1</sup> | &nbsp;&nbsp; $20.86 | &nbsp;&nbsp; $33.13 | &nbsp;&nbsp; $22.82 | &nbsp;&nbsp; $18.06 | &nbsp;&nbsp; $33.28 |

---

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

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⬤

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Commodity** <br>**All-Weather** <br>**Strategy ETF** <br>**(Consolidated)**<br>| **Harbor** <br>**Disciplined** <br>**Bond ETF**<br>| **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF**<br>| **Harbor** <br>**Emerging** <br>**Markets** <br>**Equity ETF** <br>| **Harbor** <br>**Emerging** <br>**Markets** <br>**Select ETF** <br>| **Harbor** <br>**Health** <br>**Care** <br>**ETF**<br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF**<br>| **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF**<br>| **Harbor** <br>**International** <br>**Compounders** <br>**ETF**<br>| **Harbor** <br>**International** <br>**Equity ETF**<br>|
| $1039250 | &nbsp;&nbsp; $35210 | &nbsp;&nbsp; $160547 | &nbsp;&nbsp; $4927 | &nbsp;&nbsp; $8242 | &nbsp;&nbsp; $17649 | &nbsp;&nbsp; $317703 | &nbsp;&nbsp; $129515 | &nbsp;&nbsp; $480771 | &nbsp;&nbsp; $5370 |
| $1039407 | &nbsp;&nbsp; $36056 | &nbsp;&nbsp; $206699 | &nbsp;&nbsp; $5789 | &nbsp;&nbsp; $9447 | &nbsp;&nbsp; $20815 | &nbsp;&nbsp; $438702 | &nbsp;&nbsp; $140473 | &nbsp;&nbsp; $531121 | &nbsp;&nbsp; $5960 |
| 63806 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 4763 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 172 |
| 65090 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4137 | &nbsp;&nbsp; 21 |
| 23229 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 9 |
|  | &nbsp;&nbsp; 298 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 223 | &nbsp;&nbsp; — |
| **1191532** | &nbsp;&nbsp; **36645** | &nbsp;&nbsp; **211473** | &nbsp;&nbsp; **5941** | &nbsp;&nbsp; **9744** | &nbsp;&nbsp; **21250** | &nbsp;&nbsp; **439329** | &nbsp;&nbsp; **140534** | &nbsp;&nbsp; **536587** | &nbsp;&nbsp; **6162** |
| 109 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 264 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 613 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 1 |
| **722** | &nbsp;&nbsp; **110** | &nbsp;&nbsp; **90** | &nbsp;&nbsp; **5** | &nbsp;&nbsp; **6** | &nbsp;&nbsp; **278** | &nbsp;&nbsp; **129** | &nbsp;&nbsp; **72** | &nbsp;&nbsp; **288** | &nbsp;&nbsp; **5** |
| **$1190810** | &nbsp;&nbsp; **$36535** | &nbsp;&nbsp; **$211383** | &nbsp;&nbsp; **$5936** | &nbsp;&nbsp; **$9738** | &nbsp;&nbsp; **$20972** | &nbsp;&nbsp; **$439200** | &nbsp;&nbsp; **$140462** | &nbsp;&nbsp; **$536299** | &nbsp;&nbsp; **$6157** |
| $1104419 | &nbsp;&nbsp; $35534 | &nbsp;&nbsp; $186957 | &nbsp;&nbsp; $5010 | &nbsp;&nbsp; $8522 | &nbsp;&nbsp; $17998 | &nbsp;&nbsp; $319798 | &nbsp;&nbsp; $158098 | &nbsp;&nbsp; $489980 | &nbsp;&nbsp; $5552 |
| 86391 | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; 24426 | &nbsp;&nbsp; 926 | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; 2974 | &nbsp;&nbsp; 119402 | &nbsp;&nbsp; (17636)<br>| &nbsp;&nbsp; 46319 | &nbsp;&nbsp; 605 |
| $1190810 | &nbsp;&nbsp; $36535 | &nbsp;&nbsp; $211383 | &nbsp;&nbsp; $5936 | &nbsp;&nbsp; $9738 | &nbsp;&nbsp; $20972 | &nbsp;&nbsp; $439200 | &nbsp;&nbsp; $140462 | &nbsp;&nbsp; $536299 | &nbsp;&nbsp; $6157 |
| $1190810 | &nbsp;&nbsp; $36535 | &nbsp;&nbsp; $211383 | &nbsp;&nbsp; $5936 | &nbsp;&nbsp; $9738 | &nbsp;&nbsp; $20972 | &nbsp;&nbsp; $439200 | &nbsp;&nbsp; $140462 | &nbsp;&nbsp; $536299 | &nbsp;&nbsp; $6157 |
| 45250 | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 13102 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 10700 | &nbsp;&nbsp; 4550 | &nbsp;&nbsp; 17675 | &nbsp;&nbsp; 275 |
| $26.32 | &nbsp;&nbsp; $41.75 | &nbsp;&nbsp; $16.13 | &nbsp;&nbsp; $23.74 | &nbsp;&nbsp; $22.91 | &nbsp;&nbsp; $29.96 | &nbsp;&nbsp; $41.05 | &nbsp;&nbsp; $30.87 | &nbsp;&nbsp; $30.34 | &nbsp;&nbsp; $22.39 |

---

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⬤

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**Harbor ETF Trust**

**STATEMENTS OF ASSETS AND LIABILITIES— October 31, 2025 —Continued**

------

(All amounts in thousands, except per share amounts)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Long-Short** <br>**Equity ETF**<br>| **Harbor** <br>**Long-Term** <br>**Growers ETF**<br>| **Harbor** <br>**Mid** <br>**Cap** <br>**Core ETF**<br>| **Harbor** <br>**Mid** <br>**Cap** <br>**Value ETF**<br>| **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)**<br>|
| **Assets** |  |  |  |  |  |
| Investments, at identified cost | &nbsp;&nbsp; $20,357\* | &nbsp;&nbsp; $779050 | &nbsp;&nbsp; $3512 | &nbsp;&nbsp; $3514 | &nbsp;&nbsp; $7333 |
| Investments, at value | &nbsp;&nbsp; $24,010\* | &nbsp;&nbsp; $1087490 | &nbsp;&nbsp; $3817 | &nbsp;&nbsp; $3791 | &nbsp;&nbsp; $7964 |
| Cash | &nbsp;&nbsp; 8751 | &nbsp;&nbsp; 14166 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 28 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency, at value (cost: $0, $0, $0, $0, $0, $1,688, $152, $0, $4, $1, $0, $0 and <br> $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; 15 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Variation margin on centrally cleared swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Withholding tax | &nbsp;&nbsp; — | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Assets** | &nbsp;&nbsp; **32776** | &nbsp;&nbsp; **1101840** | &nbsp;&nbsp; **3903** | &nbsp;&nbsp; **3848** | &nbsp;&nbsp; **7992** |
| **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; — |
| Dividend and interest expense on investments sold short | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized depreciation on OTC swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Investments sold short, at value (proceeds: $14,240, $0, $0, $0, $0, $0, $0, $0, $0, $0, $0, <br> $0 and $0)<br>| &nbsp;&nbsp; 12659 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Accrued management fees | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 |
| Other | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Liabilities** | &nbsp;&nbsp; **12687** | &nbsp;&nbsp; **525** | &nbsp;&nbsp; **3** | &nbsp;&nbsp; **4** | &nbsp;&nbsp; **5** |
| **NET ASSETS** | &nbsp;&nbsp; **$20089** | &nbsp;&nbsp; **$1101315** | &nbsp;&nbsp; **$3900** | &nbsp;&nbsp; **$3844** | &nbsp;&nbsp; **$7987** |
| **Net Assets Consist of:** |  |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $18343 | &nbsp;&nbsp; $841168 | &nbsp;&nbsp; $3529 | &nbsp;&nbsp; $3519 | &nbsp;&nbsp; $7232 |
| Total distributable earnings/(loss) | &nbsp;&nbsp; 1746 | &nbsp;&nbsp; 260147 | &nbsp;&nbsp; 371 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 755 |
|  | &nbsp;&nbsp; $20089 | &nbsp;&nbsp; $1101315 | &nbsp;&nbsp; $3900 | &nbsp;&nbsp; $3844 | &nbsp;&nbsp; $7987 |
| **NET ASSET VALUE PER SHARE** |  |  |  |  |  |
| Net assets | &nbsp;&nbsp; $20089 | &nbsp;&nbsp; $1101315 | &nbsp;&nbsp; $3900 | &nbsp;&nbsp; $3844 | &nbsp;&nbsp; $7987 |
| Shares of beneficial interest (No par value and unlimited authorizations) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 34125 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 300 |
| Net asset value per share<sup>1</sup> | &nbsp;&nbsp; $28.70 | &nbsp;&nbsp; $32.27 | &nbsp;&nbsp; $22.29 | &nbsp;&nbsp; $21.97 | &nbsp;&nbsp; $26.62 |

---

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

------

⬤

------

&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>**SMID** <br>**Cap** <br>**Core ETF**<br>| **Harbor** <br>**SMID** <br>**Cap** <br>**Value ETF**<br>| **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF**<br>|
| $110487 | &nbsp;&nbsp; $115692 | &nbsp;&nbsp; $573012 | &nbsp;&nbsp; $155845 | &nbsp;&nbsp; $31406 | &nbsp;&nbsp; $3039 | &nbsp;&nbsp; $3590 | &nbsp;&nbsp; $4489 |
| $126820 | &nbsp;&nbsp; $134270 | &nbsp;&nbsp; $623083 | &nbsp;&nbsp; $159109 | &nbsp;&nbsp; $32261 | &nbsp;&nbsp; $3322 | &nbsp;&nbsp; $4046 | &nbsp;&nbsp; $5888 |
| 240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 1798 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 14 |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 1688 | &nbsp;&nbsp; 152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 17519 | &nbsp;&nbsp; 2901 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; 611 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 109 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2514 | &nbsp;&nbsp; 457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 350 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 209 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 7 | &nbsp;&nbsp; 178 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **146383** | &nbsp;&nbsp; **137823** | &nbsp;&nbsp; **624465** | &nbsp;&nbsp; **163537** | &nbsp;&nbsp; **34527** | &nbsp;&nbsp; **3360** | &nbsp;&nbsp; **4152** | &nbsp;&nbsp; **5902** |
|  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 19713 | &nbsp;&nbsp; 3349 | &nbsp;&nbsp; 612 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| 73 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| 390 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **20176** | &nbsp;&nbsp; **3448** | &nbsp;&nbsp; **795** | &nbsp;&nbsp; **474** | &nbsp;&nbsp; **119** | &nbsp;&nbsp; **2** | &nbsp;&nbsp; **3** | &nbsp;&nbsp; **3** |
| **$126207** | &nbsp;&nbsp; **$134375** | &nbsp;&nbsp; **$623670** | &nbsp;&nbsp; **$163063** | &nbsp;&nbsp; **$34408** | &nbsp;&nbsp; **$3358** | &nbsp;&nbsp; **$4149** | &nbsp;&nbsp; **$5899** |
| $106178 | &nbsp;&nbsp; $112834 | &nbsp;&nbsp; $577367 | &nbsp;&nbsp; $281315 | &nbsp;&nbsp; $38241 | &nbsp;&nbsp; $3025 | &nbsp;&nbsp; $3582 | &nbsp;&nbsp; $4547 |
| 20029 | &nbsp;&nbsp; 21541 | &nbsp;&nbsp; 46303 | &nbsp;&nbsp; (118252)<br>| &nbsp;&nbsp; (3833)<br>| &nbsp;&nbsp; 333 | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 1352 |
| $126207 | &nbsp;&nbsp; $134375 | &nbsp;&nbsp; $623670 | &nbsp;&nbsp; $163063 | &nbsp;&nbsp; $34408 | &nbsp;&nbsp; $3358 | &nbsp;&nbsp; $4149 | &nbsp;&nbsp; $5899 |
| $126207 | &nbsp;&nbsp; $134375 | &nbsp;&nbsp; $623670 | &nbsp;&nbsp; $163063 | &nbsp;&nbsp; $34408 | &nbsp;&nbsp; $3358 | &nbsp;&nbsp; $4149 | &nbsp;&nbsp; $5899 |
| 5175 | &nbsp;&nbsp; 5550 | &nbsp;&nbsp; 25525 | &nbsp;&nbsp; 3539 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 200 |
| $24.39 | &nbsp;&nbsp; $24.21 | &nbsp;&nbsp; $24.43 | &nbsp;&nbsp; $46.08 | &nbsp;&nbsp; $44.40 | &nbsp;&nbsp; $22.38 | &nbsp;&nbsp; $23.71 | &nbsp;&nbsp; $29.49 |

---

------

---

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

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF OPERATIONS—Year Ended October 31, 2025**

------

(All amounts in thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Active** <br>**Small** <br>**Cap ETF**<br>| **Harbor** <br>**Alpha** <br>**Layering ETF** <br>**(Consolidated)**<sup>1</sup> <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>|
| **Investment Income**  |  |  |  |  |  |
| Dividends | $215 | $7 | $79 | $63 | $224 |
| Interest | 15 | 13 |  |  | 1 |
| Net securities lending income |  |  |  |  |  |
| Consent fee income |  |  |  |  |  |
| Foreign taxes withheld |  |  | (1)<br>|  |  |
| **Total Investment Income**  | **230** | **20** | **78** | **63** | **225** |
| **Operating Expenses** |  |  |  |  |  |
| Management fees | 131 | 6 | 7 | 9 | 26 |
| Dividend and interest expense on investments sold short |  |  |  |  |  |
| Total Operating Expenses | 131 | 6 | 7 | 9 | 26 |
| **Net Investment Income/(Loss)** | **99** | **14** | **71** | **54** | **199** |
| **Net Realized and Change in Net Unrealized Gain/(Loss) on Investment** <br> **Transactions**<br>|  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax: $0, $0, $0, $0, $0, $0, $0, $0, $0, <br> $0, $0, $0, $0, $0 and $0)<br>| 225 | 5 | (186)<br>| (114)<br>| (403)<br>|
| In-kind redemptions | 257 |  | 187 |  | 868 |
| Investments sold short |  |  |  |  |  |
| Foreign currency transactions |  |  |  |  |  |
| Futures contracts |  | 56 |  |  |  |
| Swap agreements |  |  |  |  |  |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $0, $0, <br> $0, $0, $0, $0, $0, $0, $0 and $0)<br>| (808)<br>| 111 | 290 | (104)<br>| (207)<br>|
| Investments sold short |  |  |  |  |  |
| Translations of assets and liabilities in foreign currencies |  |  |  |  |  |
| Futures contracts |  | 194 |  |  |  |
| Swap agreements |  |  |  |  |  |
| Net gain/(loss) on investment transactions | (326)<br>| 366 | 291 | (218)<br>| 258 |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**(227**)<br>| $**380** | $**362** | $**(164**)<br>| $**457** |

---

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)**<br>| **Harbor** <br>**Disciplined** <br>**Bond ETF**<br>| **Harbor** <br>**Dividend** <br>**Growth** <br>**Leaders ETF**<br>| **Harbor** <br>**Emerging** <br>**Markets** <br>**Equity ETF** <sup>2</sup> <br>| **Harbor** <br>**Emerging** <br>**Markets** <br>**Select ETF** <sup>3</sup> <br>| **Harbor** <br>**Health** <br>**Care** <br>**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>**International** <br>**Equity ETF**<sup>2</sup> <br>|
| $— | $— | $4006 | $90 | $67 | $69 | $5159 | $1773 | $8772 | $40 |
| 17316 | 1542 | 561 | 1 | 5 | 14 | 45 | 2 | 125 | 2 |
|  |  | (28)<br>| (13)<br>| (7)<br>|  | (7)<br>|  | (743)<br>| (5)<br>|
| **17316** | **1542** | **4539** | **78** | **65** | **83** | **5197** | **1775** | **8154** | **37** |
| 2968 | 103 | 1220 | 19 | 26 | 135 | 1363 | 798 | 2193 | 18 |
| 2968 | 103 | 1220 | 19 | 26 | 135 | 1363 | 798 | 2193 | 18 |
| **14348** | **1439** | **3319** | **59** | **39** | **(52)**<br>| **3834** | **977** | **5961** | **19** |
| 5 | (13)<br>| (11749)<br>| 3 | (26)<br>| (70)<br>| (4499)<br>| (14165)<br>| (9650)<br>| (5)<br>|
|  |  | 35959 | 13 |  | 682 | 41113 | 22012 | 9693 | 19 |
|  |  |  | 2 | (2)<br>|  |  |  | (43)<br>| 1 |
| 73379 |  |  |  |  |  |  |  |  |  |
| 122 | 423 | (12954)<br>| 862 | 1205 | 1861 | 26739 | 1997 | 49097 | 590 |
|  |  |  | (1)<br>|  |  |  |  | (31)<br>| (1)<br>|
| 73506 | 410 | 11256 | 879 | 1177 | 2473 | 63353 | 9844 | 49066 | 604 |
| $**87854** | $**1849** | $**14575** | $**938** | $**1216** | $**2421** | $**67187** | $**10821** | $**55027** | $**623** |

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF OPERATIONS— Year Ended October 31, 2025 —Continued**

------

(All amounts in thousands)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Long-Short** <br>**Equity ETF**<br>| **Harbor** <br>**Long-Term** <br>**Growers ETF**<br>| **Harbor** <br>**Mid** <br>**Cap** <br>**Core ETF**<sup>4</sup> <br>| **Harbor** <br>**Mid** <br>**Cap** <br>**Value ETF**<sup>4</sup> <br>| **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)**<br>|
| **Investment Income**  |  |  |  |  |  |
| Dividends | $287 | $3730 | $29 | $32 | $125 |
| Interest | 554 | 383 | 1 | 1 | 1 |
| Net securities lending income |  |  |  |  |  |
| Consent fee income |  |  |  |  |  |
| Foreign taxes withheld | (1)<br>| (43)<br>|  |  |  |
| **Total Investment Income**  | **840** | **4070** | **30** | **33** | **126** |
| **Operating Expenses** |  |  |  |  |  |
| Management fees | 241 | 4666 | 17 | 17 | 38 |
| Dividend and interest expense on investments sold short | 217 |  |  |  |  |
| Total Operating Expenses | 458 | 4666 | 17 | 17 | 38 |
| **Net Investment Income/(Loss)** | **382** | **(596)**<br>| **13** | **16** | **88** |
| **Net Realized and Change in Net Unrealized Gain/(Loss) on Investment Transactions** |  |  |  |  |  |
| Net realized gain/(loss) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax: $0, $0, $0, $0, $0, $166, $0, $0, $0, $0, <br> $0, $0 and $0)<br>| 911 | (29328)<br>| 53 | 32 | 67 |
| In-kind redemptions | 1396 | 33798 |  |  | 670 |
| Investments sold short | (2145)<br>|  |  |  |  |
| Foreign currency transactions |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Swap agreements |  |  |  |  |  |
| Change in net unrealized appreciation/(depreciation) on: |  |  |  |  |  |
| Investments (net of foreign capital gains tax accrual: $0, $0, $0, $0, $0, $(374), $0, $0, <br> $0, $0, $0, $0 and $0)<br>| (400)<br>| 206510 | 305 | 277 | 163 |
| Investments sold short | 364 |  |  |  |  |
| Translations of assets and liabilities in foreign currencies |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |
| Swap agreements |  |  |  |  |  |
| Net gain/(loss) on investment transactions | 126 | 210980 | 358 | 309 | 900 |
| **Net Increase/(Decrease) in Net Assets Resulting from Operations** | $**508** | $**210384** | $**371** | $**325** | $**988** |

---

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

------

⬤

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**Osmosis** <br>**Emerging** <br>**Markets** <br>**Resource** <br>**Efficient ETF**<sup>5</sup> <br>| **Harbor** <br>**Osmosis** <br>**International** <br>**Resource** <br>**Efficient ETF**<sup>6</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>**SMID** <br>**Cap** <br>**Core ETF**<sup>4</sup> <br>| **Harbor** <br>**SMID** <br>**Cap** <br>**Value ETF**<sup>4</sup> <br>| **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF**<sup>7</sup> <br>|
| $3567 | $3475 | $2000 | $— | $— | $22 | $29 | $10 |
| 15 | 4 | 8 | 12566 | 2206 | 1 | 1 | 2 |
|  | 2 |  |  |  |  |  |  |
|  |  |  | 1 |  |  |  |  |
| (449)<br>| (349)<br>| (1)<br>|  |  |  |  | (1)<br>|
| **3133** | **3132** | **2007** | **12567** | **2206** | **23** | **30** | **11** |
| 579 | 557 | 680 | 787 | 169 | 14 | 17 | 19 |
| 579 | 557 | 680 | 787 | 169 | 14 | 17 | 19 |
| **2554** | **2575** | **1327** | **11780** | **2037** | **9** | **13** | **(8)**<br>|
| 1751 | 312 | (5086)<br>| (404)<br>| 143 | 41 | 98 | (39)<br>|
|  | 7482 | 6833 | 1601 |  |  |  | 597 |
| (224)<br>| 53 |  |  |  |  |  |  |
|  |  |  |  | (110)<br>|  |  |  |
|  |  |  |  | (76)<br>|  |  |  |
| 15959 | 18578 | 50155 | (756)<br>| 347 | 283 | 456 | 1399 |
|  | (4)<br>|  |  |  |  |  |  |
|  |  |  |  | 206 |  |  |  |
|  |  |  |  | 11 |  |  |  |
| 17486 | 26421 | 51902 | 441 | 521 | 324 | 554 | 1957 |
| $**20040** | $**28996** | $**53229** | $**12221** | $**2558** | $**333** | $**567** | $**1949** |

---

------

---

| | |
|:---|:---|
| 1 | For the period August 13, 2025 (commencement of operations) through October 31, 2025. |
| 2 | For the period June 4, 2025 (commencement of operations) through October 31, 2025. |
| 3 | For the period May 14, 2025 (commencement of operations) through October 31, 2025. |
| 4 | For the period May 1, 2025 (commencement of operations) through October 31, 2025. |
| 5 | For the period December 18, 2024 (commencement of operations) through October 31, 2025. |
| 6 | For the period December 11, 2024 (commencement of operations) through October 31, 2025. |
| 7 | For the period April 16, 2025 (commencement of operations) through October 31, 2025. |

---

------

⬤

------

**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>**Alpha** <br>**Layering ETF** <br>**(Consolidated)**<br>| **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** |
|  | **November 1, 2024** | **August 28, 2024**<sup>a</sup> <br>| **August 13, 2025**<sup>a</sup> <br>| **November 1, 2024** | **September 4, 2024**<sup>a</sup> <br>| **November 1, 2024** | **September 4, 2024**<sup>a</sup> <br>|
|  | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |  |
| Net investment income/(loss) | $99 | $2 | $14 | $71 | $5 | $54 | $11 |
| Net realized gain/(loss) on investments | 482 | 39 | 61 | 1 |  | (114) | (1) |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| (808) | 164 | 305 | 290 | 40 | (104) | (27) |
| **Net increase/(decrease) in assets resulting from operations** | **(227)** | **205** | **380** | **362** | **45** | **(164)** | **(17)** |
| **Distributions to Shareholders** | **(51)** | **—** | **—** | **(18)** | **—** | **(35)** | **—** |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |
| Net proceeds from sale of shares | 15266 | 8367 | 3762 | 5502 | 2017 |  | 2022 |
| Cost of shares reacquired | (1658) |  |  | (2774) |  |  |  |
| **Net increase/(decrease) derived from capital share** <br> **transactions** <br>| **13608** | **8367** | **3762** | **2728** | **2017** | **—** | **2022** |
| Net increase/(decrease) in net assets | 13330 | 8572 | 4142 | 3072 | 2062 | (199) | 2005 |
| **Net Assets** |  |  |  |  |  |  |  |
| Beginning of period  | 8572 |  |  | 2062 |  | 2005 |  |
| **End of period** | **$21902** | **$8572** | **$4142** | **$5134** | **$2062** | **$1806** | **$2005** |
| **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 | 700 | 425 | 125 | 250 | 100 |  | 100 |
| Shares reacquired | (75) |  |  | (125) |  |  |  |
| **Net increase/(decrease) in shares outstanding** | **625** | **425** | **125** | **125** | **100** | **—** | **100** |

---

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

------

⬤

------

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF** | **Harbor** <br>**AlphaEdge™** <br>**Small Cap** <br>**Earners ETF** | **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>**Emerging** <br>**Markets** <br>**Equity ETF**<br>| **Harbor** <br>**Emerging** <br>**Markets** <br>**Select ETF**<br>|
| **November 1, 2024** | **July 9, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** | **November 1, 2024** | **May 1, 2024**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** | **June 4, 2025**<sup>a</sup> <br>| **May 14, 2025**<sup>a</sup> <br>|
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2025** |
| $199 | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $14348 | &nbsp;&nbsp; $7318 | &nbsp;&nbsp; $1439 | &nbsp;&nbsp; $635 | &nbsp;&nbsp; $3319 | &nbsp;&nbsp; $3998 | &nbsp;&nbsp; $59 | &nbsp;&nbsp; $39 |
| 465 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 73384 | &nbsp;&nbsp; 318 | (13) | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 24210 | &nbsp;&nbsp; 14155 | &nbsp;&nbsp; 18 | (28) |
| (207) | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 423 | &nbsp;&nbsp; 423 | &nbsp;&nbsp; (12954) | &nbsp;&nbsp; 42995 | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 1205 |
| **457** | &nbsp;&nbsp; **405** | &nbsp;&nbsp; **87854** | &nbsp;&nbsp; **7673** | &nbsp;&nbsp; **1849** | &nbsp;&nbsp; **1190** | &nbsp;&nbsp; **14575** | &nbsp;&nbsp; **61148** | &nbsp;&nbsp; **938** | &nbsp;&nbsp; **1216** |
| **(173)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **(8435)** | &nbsp;&nbsp; **(7168)** | &nbsp;&nbsp; **(1469)** | **(503)** | &nbsp;&nbsp; **(2605)** | &nbsp;&nbsp; **(3947)** | &nbsp;&nbsp; **—** | &nbsp;&nbsp; **—** |
| 7200 | &nbsp;&nbsp; 7813 | &nbsp;&nbsp; 962438 | &nbsp;&nbsp; 188417 | &nbsp;&nbsp; 9312 | &nbsp;&nbsp; 28237 | &nbsp;&nbsp; 32901 | &nbsp;&nbsp; 83928 | &nbsp;&nbsp; 5534 | &nbsp;&nbsp; 8522 |
| (4847) | &nbsp;&nbsp; (1703) | &nbsp;&nbsp; (96399) | &nbsp;&nbsp; (49298) | &nbsp;&nbsp; — | &nbsp;&nbsp; (2081) | &nbsp;&nbsp; (111760) | &nbsp;&nbsp; (64742) | (536) | &nbsp;&nbsp; — |
| **2353** | &nbsp;&nbsp; **6110** | &nbsp;&nbsp; **866039** | &nbsp;&nbsp; **139119** | &nbsp;&nbsp; **9312** | &nbsp;&nbsp; **26156** | &nbsp;&nbsp; **(78859)** | &nbsp;&nbsp; **19186** | &nbsp;&nbsp; **4998** | &nbsp;&nbsp; **8522** |
| 2637 | &nbsp;&nbsp; 6515 | &nbsp;&nbsp; 945458 | &nbsp;&nbsp; 139624 | &nbsp;&nbsp; 9692 | &nbsp;&nbsp; 26843 | &nbsp;&nbsp; (66889) | &nbsp;&nbsp; 76387 | &nbsp;&nbsp; 5936 | &nbsp;&nbsp; 9738 |
| 6515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 245352 | &nbsp;&nbsp; 105728 | &nbsp;&nbsp; 26843 | &nbsp;&nbsp; — | &nbsp;&nbsp; 278272 | &nbsp;&nbsp; 201885 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **$9152** | &nbsp;&nbsp; **$6515** | &nbsp;&nbsp; **$1190810** | &nbsp;&nbsp; **$245352** | &nbsp;&nbsp; **$36535** | &nbsp;&nbsp; **$26843** | &nbsp;&nbsp; **$211383** | &nbsp;&nbsp; **$278272** | &nbsp;&nbsp; **$5936** | &nbsp;&nbsp; **$9738** |
| 225 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 38575 | &nbsp;&nbsp; 8400 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 425 |
| (150) | (50) | &nbsp;&nbsp; (4150) | &nbsp;&nbsp; (2225) | &nbsp;&nbsp; — | (50) | &nbsp;&nbsp; (7375) | &nbsp;&nbsp; (4500) | (25) | &nbsp;&nbsp; — |
| **75** | &nbsp;&nbsp; **200** | &nbsp;&nbsp; **34425** | &nbsp;&nbsp; **6175** | &nbsp;&nbsp; **225** | &nbsp;&nbsp; **650** | &nbsp;&nbsp; **(5250)** | &nbsp;&nbsp; **1500** | &nbsp;&nbsp; **250** | &nbsp;&nbsp; **425** |

---

------

⬤

------

**Harbor ETF Trust**

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

------

(All amounts in thousands)

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Harbor** <br>**Health** <br>**Care** <br>**ETF** | **Harbor** <br>**Health** <br>**Care** <br>**ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Large Cap ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF** | **Harbor** <br>**Human** <br>**Capital Factor** <br>**US Small Cap ETF** | **Harbor** <br>**International** <br>**Compounders** <br>**ETF** | **Harbor** <br>**International** <br>**Compounders** <br>**ETF** |
|  | **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** |
|  | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |  |  |
| Net investment income/(loss) | $(52) | $16 | $3834 | $3164 | $977 | $1055 | $5961 | $1239 |
| Net realized gain/(loss) on investments | 612 | 32 | 36614 | 28635 | 7847 | 7596 |  | 1568 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| 1861 | 1122 | 26739 | 69985 | 1997 | 19463 | 49066 | 1848 |
| **Net increase/(decrease) in assets resulting** <br> **from operations**<br>| **2421** | **1170** | **67187** | **101784** | **10821** | **28114** | **55027** | **4655** |
| **Distributions to Shareholders** | **(87)** | **(92)** | **(773)** | **(3375)** | **(959)** | **(538)** | **(1262)** | **(191)** |
| **Capital Share Transactions:** |  |  |  |  |  |  |  |  |
| Net proceeds from sale of shares | 4018 | 11902 | 138136 | 80888 | 72442 | 80973 | 315954 | 219689 |
| Cost of shares reacquired | (2609) |  | (117908) | (74385) | (73079) | (80177) | (68062) | (10264) |
| **Net increase/(decrease) derived from capital** <br> **share transactions** <br>| **1409** | **11902** | **20228** | **6503** | **(637)** | **796** | **247892** | **209425** |
| Net increase/(decrease) in net assets | 3743 | 12980 | 86642 | 104912 | 9225 | 28372 | 301657 | 213889 |
| **Net Assets** |  |  |  |  |  |  |  |  |
| Beginning of period  | 17229 | 4249 | 352558 | 247646 | 131237 | 102865 | 234642 | 20753 |
| **End of period** | **$20972** | **$17229** | **$439200** | **$352558** | **$140462** | **$131237** | **$536299** | **$234642** |
| **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 | 150 | 450 | 3725 | 2675 | 2450 | 2950 | 11450 | 8050 |
| Shares reacquired | (100) |  | (3175) | (2475) | (2450) | (2950) | (2375) | (375) |
| **Net increase/(decrease) in shares** <br> **outstanding**<br>| **50** | **450** | **550** | **200** | **—** | **—** | **9075** | **7675** |

---

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

------

⬤

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Harbor** <br>**International** <br>**Equity ETF**<br>| **Harbor** <br>**Long-Short** <br>**Equity ETF** | **Harbor** <br>**Long-Short** <br>**Equity ETF** | **Harbor** <br>**Long-Term** <br>**Growers ETF** | **Harbor** <br>**Long-Term** <br>**Growers ETF** | **Harbor** <br>**Mid** <br>**Cap** <br>**Core ETF**<br>| **Harbor** <br>**Mid** <br>**Cap** <br>**Value ETF**<br>| **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)** | **Harbor** <br>**Multi-Asset** <br>**Explorer ETF** <br>**(Consolidated)** |
| **June 4, 2025**<sup>a</sup> <br>| **November 1, 2024** | **December 4, 2023**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** | **May 1, 2025**<sup>a</sup> <br>| **May 1, 2025**<sup>a</sup> <br>| **November 1, 2024** | **November 1, 2023** |
| **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** | **through** |
| **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** |
| $19 | &nbsp;&nbsp;&nbsp; $382 | &nbsp;&nbsp;&nbsp; $(30) | &nbsp;&nbsp;&nbsp; $(596) | &nbsp;&nbsp;&nbsp; $(192) | &nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp;&nbsp; $16 | &nbsp;&nbsp;&nbsp; $88 | &nbsp;&nbsp;&nbsp; $120 |
| 15 | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; (3047) | &nbsp;&nbsp;&nbsp; 4470 | &nbsp;&nbsp;&nbsp; 32024 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp; 155 |
| 589 | &nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp; 5106 | &nbsp;&nbsp;&nbsp; 206510 | &nbsp;&nbsp;&nbsp; 81290 | &nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 560 |
| **623** | &nbsp;&nbsp;&nbsp; **508** | &nbsp;&nbsp;&nbsp; **2029** | &nbsp;&nbsp;&nbsp; **210384** | &nbsp;&nbsp;&nbsp; **113122** | &nbsp;&nbsp;&nbsp; **371** | &nbsp;&nbsp;&nbsp; **325** | &nbsp;&nbsp;&nbsp; **988** | &nbsp;&nbsp;&nbsp; **835** |
| **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;**(154)** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;**(110)** | &nbsp;&nbsp;&nbsp;&nbsp;**(99)** |
| 6057 | &nbsp;&nbsp;&nbsp; 4936 | &nbsp;&nbsp;&nbsp; 16643 | &nbsp;&nbsp;&nbsp; 403087 | &nbsp;&nbsp;&nbsp; 405721 | &nbsp;&nbsp;&nbsp; 3529 | &nbsp;&nbsp;&nbsp; 3519 | &nbsp;&nbsp;&nbsp; 8711 | &nbsp;&nbsp;&nbsp; 1666 |
| (523) | &nbsp;&nbsp;&nbsp; (7710) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (97468) | &nbsp;&nbsp;&nbsp; (117668) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6241) | &nbsp;&nbsp;&nbsp; (1097) |
| **5534** | &nbsp;&nbsp;&nbsp; **(2774)** | &nbsp;&nbsp;&nbsp; **16643** | &nbsp;&nbsp;&nbsp; **305619** | &nbsp;&nbsp;&nbsp; **288053** | &nbsp;&nbsp;&nbsp; **3529** | &nbsp;&nbsp;&nbsp; **3519** | &nbsp;&nbsp;&nbsp; **2470** | &nbsp;&nbsp;&nbsp; **569** |
| 6157 | &nbsp;&nbsp;&nbsp; (2266) | &nbsp;&nbsp;&nbsp; 18672 | &nbsp;&nbsp;&nbsp; 516003 | &nbsp;&nbsp;&nbsp; 401021 | &nbsp;&nbsp;&nbsp; 3900 | &nbsp;&nbsp;&nbsp; 3844 | &nbsp;&nbsp;&nbsp; 3348 | &nbsp;&nbsp;&nbsp; 1305 |
|  | &nbsp;&nbsp;&nbsp; 22355 | &nbsp;&nbsp;&nbsp; 3683<sup>b</sup> | &nbsp;&nbsp;&nbsp; 585312 | &nbsp;&nbsp;&nbsp; 184291 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4639 | &nbsp;&nbsp;&nbsp; 3334 |
| **$6157** | &nbsp;&nbsp;&nbsp; **$20089** | &nbsp;&nbsp;&nbsp; **$22355** | &nbsp;&nbsp;&nbsp; **$1101315** | &nbsp;&nbsp;&nbsp; **$585312** | &nbsp;&nbsp;&nbsp; **$3900** | &nbsp;&nbsp;&nbsp; **$3844** | &nbsp;&nbsp;&nbsp; **$7987** | &nbsp;&nbsp;&nbsp; **$4639** |
| 300 | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 14550 | &nbsp;&nbsp;&nbsp; 17200 | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 75 |
| (25) | &nbsp;&nbsp;&nbsp;&nbsp;(275) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3300) | &nbsp;&nbsp;&nbsp; (4800) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(250) | &nbsp;&nbsp;&nbsp;&nbsp;(50) |
| **275** | &nbsp;&nbsp;&nbsp;&nbsp;**(100)** | &nbsp;&nbsp;&nbsp; **650** | &nbsp;&nbsp;&nbsp; **11250** | &nbsp;&nbsp;&nbsp; **12400** | &nbsp;&nbsp;&nbsp; **175** | &nbsp;&nbsp;&nbsp; **175** | &nbsp;&nbsp;&nbsp; **100** | &nbsp;&nbsp;&nbsp; **25** |

---

------

⬤

------

**Harbor ETF Trust**

**STATEMENTS OF CHANGES IN NET ASSETS —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**<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** |
|  | **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** |
|  | **through** | **through** | **through** | **through** | **through** | **through** |
|  | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2024** |
| **INCREASE/(DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **Operations:** |  |  |  |  |  |  |
| Net investment income/(loss) | $2554 | $2575 | $1327 | $— | $11780 | $9628 |
| Net realized gain/(loss) on investments | 1527 | 7847 | 1747 |  | 1197 | 968 |
| Change in net unrealized <br>appreciation/(depreciation) of investments<br>| 15959 | 18574 | 50155 | (84) | (756) | 7985 |
| **Net increase/(decrease) in assets resulting from operations** | **20040** | **28996** | **53229** | **(84)** | **12221** | **18581** |
| **Distributions to Shareholders** | **—** | **—** | **(9)** | **—** | **(11728)** | **(9422)** |
| **Capital Share Transactions:** |  |  |  |  |  |  |
| Net proceeds from sale of shares | 110340 | 145865 | 635958 | 5537 | 84476 | 26049 |
| Cost of shares reacquired | (4173) | (40486) | (70961) |  | (63480) | (1572) |
| **Net increase/(decrease) derived from capital share transactions**  | **106167** | **105379** | **564997** | **5537** | **20996** | **24477** |
| Net increase/(decrease) in net assets | 126207 | 134375 | 618217 | 5453 | 21489 | 33636 |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period  |  |  | 5453 |  | 141574 | 107938 |
| **End of period** | **$126207** | **$134375** | **$623670** | **$5453** | **$163063** | **$141574** |
| **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 | 5375 | 7350 | 28375 | 275 | 1850 | 575 |
| Shares reacquired | (200) | (1800) | (3125) |  | (1400) | (35) |
| **Net increase/(decrease) in shares outstanding** | **5175** | **5550** | **25250** | **275** | **450** | **540** |

---

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

------

⬤

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Harbor** <br>**Scientific** <br>**Alpha** <br>**Income ETF** | **Harbor** <br>**Scientific** <br>**Alpha** <br>**Income ETF** | **Harbor** <br>**SMID** <br>**Cap** <br>**Core ETF**<br>| **Harbor** <br>**SMID** <br>**Cap** <br>**Value ETF**<br>| **Harbor** <br>**Transformative** <br>**Technologies** <br>**ETF**<br>|
| **November 1, 2024** | **November 1, 2023** | **May 1, 2025**<sup>a</sup> <br>| **May 1, 2025**<sup>a</sup> <br>| **April 16, 2025**<sup>a</sup> <br>|
| **through** | **through** | **through** | **through** | **through** |
| **October 31, 2025** | **October 31, 2024** | **October 31, 2025** | **October 31, 2025** | **October 31, 2025** |
| $2037 | $2193 | $9 | $13 | $(8) |
| (43) | (238) | 41 | 98 | 558 |
| 564 | 1828 | 283 | 456 | 1399 |
| **2558** | **3783** | **333** | **567** | **1949** |
| **(2061)** | **(1971)** | **—** | **—** | **—** |
|  | 1086 | 3025 | 3582 | 5989 |
|  |  |  |  | (2039) |
| **—** | **1086** | **3025** | **3582** | **3950** |
| 497 | 2898 | 3358 | 4149 | 5899 |
| 33911 | 31013 |  |  |  |
| **$34408** | **$33911** | **$3358** | **$4149** | **$5899** |
|  | 25 | 150 | 175 | 275 |
|  |  |  |  | (75) |
| **—** | **25** | **150** | **175** | **200** |

---

------

---

| | |
|:---|:---|
| 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** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**August 28,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
| 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> | **0.13** | 0.01 |
| Net realized and unrealized gain/(loss) on investments | **0.68** | 0.57 |
| Total from investment operations | **0.81** | 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 | **20.86** | 20.17 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$21902** | &nbsp;&nbsp; $8572 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **3.96%** | &nbsp;&nbsp; 2.96%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.80** | 0.80<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.60** | 0.12<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **47** | &nbsp;&nbsp; 12<sup>c</sup> |

---

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

---

| | |
|:---|:---|
| **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** |
|  | **Period from** <br>**August 13,** <br> **2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$30.00** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.12** |
| Net realized and unrealized gain/(loss) on investments | **3.01** |
| Total from investment operations | **3.13** |
| Net asset value end of period | **33.13** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$4142** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **10.43%**<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 | **1.72**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **20**<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

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

------

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

---

| | | |
|:---|:---|:---|
| **Harbor AlphaEdge™ Large Cap Value ETF** | **Harbor AlphaEdge™ Large Cap Value ETF** | **Harbor AlphaEdge™ Large Cap Value ETF** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**September 4,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
| 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> | **0.53** | 0.07 |
| Net realized and unrealized gain/(loss) on investments | **1.86** | 0.32 |
| Total from investment operations | **2.39** | 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 | **22.82** | 20.62 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$5134** | &nbsp;&nbsp; $2062 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **11.67%** | &nbsp;&nbsp; 1.93%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.25** | 0.25<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.47** | 1.79<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **105** | &nbsp;&nbsp; 12<sup>c</sup> |

---

&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** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**September 4,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
| 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> | **0.54** | 0.13 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp; **(2.18)** | &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; **(8.23)%** | &nbsp;&nbsp; 0.05%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.50** | 0.50<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.89** | 3.95<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **64** | &nbsp;&nbsp; 8<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™ Small Cap Earners ETF** | **Harbor AlphaEdge™ Small Cap Earners ETF** | **Harbor AlphaEdge™ Small Cap Earners ETF** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**July 9, 2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
| 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> | **0.70** | 0.24 |
| Net realized and unrealized gain/(loss) on investments | **0.78** | 2.48 |
| Total from investment operations | **1.48** | 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 | **33.28** | 32.57 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$9152** | &nbsp;&nbsp; $6515 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **4.65%** | &nbsp;&nbsp; 9.11%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.29** | 0.29<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.18** | 2.32<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **49** | &nbsp;&nbsp; 17<sup>c</sup> |

---

&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)** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**February 9,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
| 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> | **0.80** | 1.03 | 0.78 | 0.04 |
| Net realized and unrealized gain/(loss) on investments | **3.58** | 0.42 | 1.18 | 0.88 |
| Total from investment operations | **4.38** | 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 | **26.32** | 22.67 | 22.74 | 20.92 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1190810** | &nbsp;&nbsp; $245352 | &nbsp;&nbsp; $105728 | &nbsp;&nbsp; $63807 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **19.98%** | &nbsp;&nbsp; 6.90% | &nbsp;&nbsp; 9.40% | &nbsp;&nbsp; 4.60%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.68** | 0.68 | 0.68 | 0.68<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **3.29** | 4.64 | 3.53 | 0.27<sup>d</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 Disciplined Bond ETF** | **Harbor Disciplined Bond ETF** | **Harbor Disciplined Bond ETF** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**May 1, 2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
| 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> | **2.01** | 0.98 |
| Net realized and unrealized gain/(loss) on investments | **0.54** | 1.06 |
| Total from investment operations | **2.55** | 2.04 |
| **Less Distributions** |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(2.01)** | &nbsp;&nbsp; (0.74) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **(0.09)** | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(2.10)** | &nbsp;&nbsp; (0.74) |
| Net asset value end of period | **41.75** | 41.30 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$36535** | &nbsp;&nbsp; $26843 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **6.40%** | &nbsp;&nbsp; 5.11%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.35** | 0.35<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **4.90** | 4.72<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **40** | &nbsp;&nbsp; 41<sup>c</sup> |

---

&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** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Year Ended** <br>**October 31,** <br> **2022**<sup>f</sup> <br>| **Year Ended** <br>**October 31,** <br> **2021**<br>|
| 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 |
| **Income from Investment Operations** |  |  |  |  |  |
| Net investment income/(loss)<sup>b</sup> | **0.21** | 0.22 | 0.24 | 0.25<sup>e</sup> | 0.19<sup>e</sup> |
| Net realized and unrealized gain/(loss) on investments | **0.93** | 3.18 | 0.25 | &nbsp;&nbsp; (1.28) | 4.33 |
| Total from investment operations | **1.14** | 3.40 | 0.49 | &nbsp;&nbsp; (1.03) | 4.52 |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.16) |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (2.95) | &nbsp;&nbsp; (0.99) |
| Total distributions | &nbsp;&nbsp; **(0.17)** | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (1.15) |
| Net asset value end of period | **16.13** | 15.16 | 11.98 | 12.34 | 16.50 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$211383** | &nbsp;&nbsp; $278272 | &nbsp;&nbsp; $201885 | &nbsp;&nbsp; $141675 | &nbsp;&nbsp; $156827 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **7.57%** | &nbsp;&nbsp; 28.47% | &nbsp;&nbsp; 4.05% | &nbsp;&nbsp; (8.48)%<sup>+</sup> | &nbsp;&nbsp; 36.30%<sup>+</sup> |
| Ratio of total expenses to average net assets | **0.50** | 0.50 | 0.50 | 0.83 | 1.05 |
| Ratio of net expenses to average net assets | **0.50** | 0.50 | 0.50 | 0.76<sup>e</sup> | 0.95<sup>e</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.36** | 1.53 | 1.93 | 1.86<sup>e</sup> | 1.25<sup>e</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **81** | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 62 |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

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

------

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

---

| | |
|:---|:---|
| **Harbor Emerging Markets Equity ETF** | **Harbor Emerging Markets Equity ETF** |
|  | **Period from** <br>**June 4,** <br> **2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$20.00** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.24** |
| Net realized and unrealized gain/(loss) on investments | **3.50** |
| Total from investment operations | **3.74** |
| Net asset value end of period | **23.74** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$5936** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **18.70%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.84**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **2.65**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **5**<sup>c</sup> |

---

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

---

| | |
|:---|:---|
| **Harbor Emerging Markets Select ETF** | **Harbor Emerging Markets Select ETF** |
|  | **Period from** <br>**May 14,** <br> **2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$20.00** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.10** |
| Net realized and unrealized gain/(loss) on investments | **2.81** |
| Total from investment operations | **2.91** |
| Net asset value end of period | **22.91** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$9738** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **14.55%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.65**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.98**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **40**<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 Health Care ETF** | **Harbor Health Care ETF** | **Harbor Health Care ETF** | **Harbor Health Care ETF** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Period from** <br>**November 16,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2023**<br>|
| 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; **(0.08)** | 0.04 | &nbsp;&nbsp; (0.06) |
| Net realized and unrealized gain/(loss) on investments | **3.67** | 5.69 | 1.44 |
| Total from investment operations | **3.59** | 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 | **29.96** | 26.51 | 21.24 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$20972** | &nbsp;&nbsp; $17229 | &nbsp;&nbsp; $4249 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **13.60%** | &nbsp;&nbsp; 27.16% | &nbsp;&nbsp; 6.97%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.80** | 0.80 | 0.80<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.31)** | 0.14 | &nbsp;&nbsp; (0.28)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **167** | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 133<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** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**October 12,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
| 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> | **0.36** | 0.31 | 0.28 | 0.01 |
| Net realized and unrealized gain/(loss) on investments | **6.04** | 9.87 | 2.89 | 1.81 |
| Total from investment operations | **6.40** | 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 | **41.05** | 34.73 | 24.89 | 21.78 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$439200** | &nbsp;&nbsp; $352558 | &nbsp;&nbsp; $247646 | &nbsp;&nbsp; $217246 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **18.45%** | &nbsp;&nbsp; 41.23% | &nbsp;&nbsp; 14.61% | &nbsp;&nbsp; 9.12%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.35** | 0.35 | 0.35 | 0.35<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.98** | 1.01 | 1.17 | 0.98<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **27** | &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** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Period from** <br>**April 12,** <br> **2023**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2023**<br>|
| 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> | **0.21** | 0.23 | 0.08 |
| Net realized and unrealized gain/(loss) on investments | **2.03** | 6.12 | &nbsp;&nbsp; (2.17) |
| Total from investment operations | **2.24** | 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 | **30.87** | 28.84 | 22.61 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$140462** | &nbsp;&nbsp; $131237 | &nbsp;&nbsp; $102865 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **7.81%** | &nbsp;&nbsp; 28.09% | &nbsp;&nbsp; (8.46)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.60** | 0.60 | 0.60<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.73** | 0.85 | 0.60<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **75** | &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** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**September 7,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
| 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> | **0.42** | 0.29 | 0.27 | 0.02 |
| Net realized and unrealized gain/(loss) on investments | **2.77** | 4.72 | 2.73 | &nbsp;&nbsp; (0.45) |
| Total from investment operations | **3.19** | 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 | **30.34** | 27.28 | 22.44 | 19.46 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$536299** | &nbsp;&nbsp; $234642 | &nbsp;&nbsp; $20753 | &nbsp;&nbsp; $6324 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **11.79%** | &nbsp;&nbsp; 22.37% | &nbsp;&nbsp; 15.44% | &nbsp;&nbsp; (2.16)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.55** | 0.55 | 0.55 | 0.55<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.49** | 1.05 | 1.12 | 0.57<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **23** | &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 International Equity ETF** | **Harbor International Equity ETF** |
|  | **Period from** <br>**June 4,** <br> **2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$20.00** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.08** |
| Net realized and unrealized gain/(loss) on investments | **2.31** |
| Total from investment operations | **2.39** |
| Net asset value end of period | **22.39** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$6157** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **11.95%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.80**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.87**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **3**<sup>c</sup> |

---

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

---

| | | |
|:---|:---|:---|
| **Harbor Long-Short Equity ETF** | **Harbor Long-Short Equity ETF** | **Harbor Long-Short Equity ETF** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**December 4,** <br> **2023**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
| 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> | **0.54** | &nbsp;&nbsp; (0.05) |
| Net realized and unrealized gain/(loss) on investments | **0.22** | 3.44 |
| Total from investment operations | **0.76** | 3.39 |
| Net asset value end of period | **28.70** | 27.94 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$20089** | &nbsp;&nbsp; $22355 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **2.72%** | &nbsp;&nbsp; 13.81%<sup>c</sup> |
| Ratio of total expenses to average net assets | **2.28** | 1.98<sup>d</sup> |
| Ratio of total expenses excluding dividend and interest expense to average net assets | **1.20** | 1.20<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **1.90** | &nbsp;&nbsp; (0.19)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **308** | &nbsp;&nbsp; 194<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-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** | **Harbor Long-Term Growers ETF** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Period from** <br>**February 2,** <br> **2022**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2022**<br>|
| 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; **(0.02)** | &nbsp;&nbsp; (0.01) | 0.01 | &nbsp;&nbsp; —<sup>\*</sup> |
| Net realized and unrealized gain/(loss) on investments | **6.70** | 8.02 | 3.14 | &nbsp;&nbsp; (4.87) |
| Total from investment operations | **6.68** | 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 | **32.27** | 25.59 | 17.59 | 14.45 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$1101315** | &nbsp;&nbsp; $585312 | &nbsp;&nbsp; $184291 | &nbsp;&nbsp; $78726 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |
| Total return | &nbsp;&nbsp; **26.10%** | &nbsp;&nbsp; 45.57% | &nbsp;&nbsp; 21.82% | &nbsp;&nbsp; (25.22)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.57** | 0.57 | 0.57 | 0.57<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | &nbsp;&nbsp; **(0.07)** | &nbsp;&nbsp; (0.05) | 0.05 | 0.03<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **52** | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 24<sup>c</sup> |

---

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

---

| | |
|:---|:---|
| **Harbor Mid Cap Core ETF** | **Harbor Mid Cap Core ETF** |
|  | **Period from** <br>**May 1, 2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$19.81** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.08** |
| Net realized and unrealized gain/(loss) on investments | **2.40** |
| Total from investment operations | **2.48** |
| Net asset value end of period | **22.29** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3900** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **12.52%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.69**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **7**<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

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

------

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

---

| | |
|:---|:---|
| **Harbor Mid Cap Value ETF** | **Harbor Mid Cap Value ETF** |
|  | **Period from** <br>**May 1, 2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$19.70** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.10** |
| Net realized and unrealized gain/(loss) on investments | **2.17** |
| Total from investment operations | **2.27** |
| Net asset value end of period | **21.97** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3844** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **11.52%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.87**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **5**<sup>c</sup> |

---

&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)** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Period from** <br>**September 13,** <br> **2023**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2023**<br>|
| 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> | **0.39** | 0.66 | 0.03 |
| Net realized and unrealized gain/(loss) on investments | **3.59** | 4.05 | &nbsp;&nbsp; (0.97) |
| Total from investment operations | **3.98** | 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 | **26.62** | 23.19 | 19.05 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$7987** | &nbsp;&nbsp; $4639 | &nbsp;&nbsp; $3334 |
| **Ratios and Supplemental Data (%)** |  |  |  |
| Total return | &nbsp;&nbsp; **17.55%** | &nbsp;&nbsp; 25.14% | &nbsp;&nbsp; (4.70)%<sup>c</sup> |
| Ratio of total expenses to average net assets<sup>g</sup> | **0.70** | 0.70 | 0.70<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets<sup>g</sup> | **1.60** | 3.04 | 1.03<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **155** | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 125<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 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>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$20.00** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.59** |
| Net realized and unrealized gain/(loss) on investments | **3.80** |
| Total from investment operations | **4.39** |
| Net asset value end of period | **24.39** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$126207** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **21.95%**<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 | **3.04**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **123**<sup>c</sup> |

---

&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>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$19.63** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.49** |
| Net realized and unrealized gain/(loss) on investments | **4.09** |
| Total from investment operations | **4.58** |
| Net asset value end of period | **24.21** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$134375** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **23.33%**<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 | **2.54**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **52**<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 PanAgora Dynamic Large Cap Core ETF** | **Harbor PanAgora Dynamic Large Cap Core ETF** | **Harbor PanAgora Dynamic Large Cap Core ETF** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Period from** <br>**October 9,** <br> **2024**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2024**<br>|
| 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> | **0.16** | &nbsp;&nbsp; (—)<sup>\*</sup> |
| Net realized and unrealized gain/(loss) on investments | **4.47** | &nbsp;&nbsp; (0.31) |
| Total from investment operations | **4.63** | &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 | **24.43** | 19.83 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$623670** | &nbsp;&nbsp; $5453 |
| **Ratios and Supplemental Data (%)** |  |  |
| Total return | &nbsp;&nbsp; **23.40%** | &nbsp;&nbsp; (1.54)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.35** | 0.35<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.68** | &nbsp;&nbsp; (0.13)<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **53** | &nbsp;&nbsp; —<sup>c</sup> |

---

&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** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Year Ended** <br>**October 31,** <br> **2022**<br>| **Period from** <br>**September 14,** <br> **2021**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2021**<br>|
| 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> | **3.27** | 3.47 | 3.35 | 2.34 | 1.70 |
| Net realized and unrealized gain/(loss) on investments | **0.24** | 3.44 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (6.94) | &nbsp;&nbsp; (2.07) |
| Total from investment operations | **3.51** | 6.91 | 2.98 | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (0.37) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(3.27)** | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (2.53) | &nbsp;&nbsp; — |
| Distributions from net realized capital gains | &nbsp;&nbsp; **—** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(3.27)** | &nbsp;&nbsp; (3.42) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (2.54) | &nbsp;&nbsp; — |
| Net asset value end of period | **46.08** | 45.84 | 42.35 | 42.50 | 49.64 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$163063** | &nbsp;&nbsp; $141574 | &nbsp;&nbsp; $107938 | &nbsp;&nbsp; $29838 | &nbsp;&nbsp; $34844 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **8.01%** | &nbsp;&nbsp; 16.82% | &nbsp;&nbsp; 7.08% | &nbsp;&nbsp; (9.49)% | &nbsp;&nbsp; (0.72)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.48** | 0.48 | 0.48 | 0.48 | 0.48<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **7.19** | 7.70 | 7.72 | 5.13 | 3.42<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **48** | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 114 | &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 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** |
|  | **Year Ended** <br>**October 31,** <br> **2025**<br>| **Year Ended** <br>**October 31,** <br> **2024**<br>| **Year Ended** <br>**October 31,** <br> **2023**<br>| **Year Ended** <br>**October 31,** <br> **2022**<br>| **Period from** <br>**September 14,** <br> **2021**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2021**<br>|
| 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> | **2.63** | 2.87 | 2.55 | 1.42 | 1.00 |
| Net realized and unrealized gain/(loss) on investments | **0.67** | 2.12 | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (7.24) | &nbsp;&nbsp; (1.90) |
| Total from investment operations | **3.30** | 4.99 | 1.63 | &nbsp;&nbsp; (5.82) | &nbsp;&nbsp; (0.90) |
| **Less Distributions** |  |  |  |  |  |
| Dividends from net investment income | &nbsp;&nbsp; **(2.66)** | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; **(2.66)** | &nbsp;&nbsp; (2.58) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; — |
| Net asset value end of period | **44.40** | 43.76 | 41.35 | 41.88 | 49.10 |
| Net assets end of period (000s) | &nbsp;&nbsp; **$34408** | &nbsp;&nbsp; $33911 | &nbsp;&nbsp; $31013 | &nbsp;&nbsp; $29314 | &nbsp;&nbsp; $34367 |
| **Ratios and Supplemental Data (%)** |  |  |  |  |  |
| Total return | &nbsp;&nbsp; **7.84%** | &nbsp;&nbsp; 12.36% | &nbsp;&nbsp; 3.88% | &nbsp;&nbsp; (12.02)% | &nbsp;&nbsp; (1.80)%<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.50** | 0.50 | 0.50 | 0.50 | 0.50<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **6.03** | 6.62 | 6.03 | 3.15 | 2.02<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **59** | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; —<sup>c</sup> |

---

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

---

| | |
|:---|:---|
| **Harbor SMID Cap Core ETF** | **Harbor SMID Cap Core ETF** |
|  | **Period from** <br>**May 1, 2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$19.82** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.06** |
| Net realized and unrealized gain/(loss) on investments | **2.50** |
| Total from investment operations | **2.56** |
| Net asset value end of period | **22.38** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$3358** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **12.92%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.58**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **6**<sup>c</sup> |

---

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

------

⬤

------

**Harbor ETF Trust Financial Highlights**

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

------

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

---

| | |
|:---|:---|
| **Harbor SMID Cap Value ETF** | **Harbor SMID Cap Value ETF** |
|  | **Period from** <br>**May 1, 2025**<sup>a</sup> <br>**through** <br>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$19.82** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | **0.08** |
| Net realized and unrealized gain/(loss) on investments | **3.81** |
| Total from investment operations | **3.89** |
| Net asset value end of period | **23.71** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$4149** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **19.63%**<sup>c</sup> |
| Ratio of total expenses to average net assets | **0.88**<sup>d</sup> |
| Ratio of net investment income/(loss) to average net assets | **0.69**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **9**<sup>c</sup> |

---

&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>**October 31,** <br> **2025**<br>|
| Net asset value beginning of period | &nbsp;&nbsp; **$19.54** |
| **Income from Investment Operations** |  |
| Net investment income/(loss)<sup>b</sup> | &nbsp;&nbsp; **(0.04)** |
| Net realized and unrealized gain/(loss) on investments | **9.99** |
| Total from investment operations | **9.95** |
| Net asset value end of period | **29.49** |
| Net assets end of period (000s) | &nbsp;&nbsp; **$5899** |
| **Ratios and Supplemental Data (%)** |  |
| Total return | &nbsp;&nbsp; **50.92%**<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; **(0.29)**<sup>d</sup> |
| Portfolio turnover^ | &nbsp;&nbsp; **13**<sup>c</sup> |

---

------

---

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

---

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

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—October 31, 2025** 

------

**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 October 31, 2025, the Trust consists of the following separate portfolios (individually or collectively referred to as a "Fund" or the "Funds", respectively). The shares of each Fund are listed and traded on NYSE Arca, Inc. with the exception of shares of Harbor Commodity All-Weather Strategy ETF, Harbor Dividend Growth Leaders ETF, and Harbor Long-Term Growers ETF which are listed and traded on NYSE. Harbor Capital Advisors, Inc. (the "Advisor" or "Harbor Capital") is the investment adviser for the Funds.

---

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

---

---

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

---

The following Funds commenced operations during the period ended October 31, 2025:

---

| | |
|:---|:---|
|  | **Commencement Date** |
| Harbor Osmosis International Resource Efficient ETF | 12/11/2024 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF  | 12/18/2024 |
| Harbor Transformative Technologies ETF  | 04/16/2025  |
| Harbor Mid Cap Core ETF  | 05/01/2025  |
| Harbor Mid Cap Value ETF  | 05/01/2025 |
| Harbor SMID Cap Core ETF  | 05/01/2025  |
| Harbor SMID Cap Value ETF  | 05/01/2025  |
| Harbor Emerging Markets Select ETF  | 05/14/2025  |
| Harbor Emerging Markets Equity ETF  | 06/04/2025  |
| Harbor International Equity ETF  | 06/04/2025  |
| Harbor Alpha Layering ETF (Consolidated)  | 08/13/2025 |

---

Effective January 28, 2025, Harbor Multi-Asset Explorer ETF invests 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 primarily in unaffiliated investment companies. The recent financial statements of the underlying funds, including the accounting policies and schedules of investments, should be read in conjunction with the Fund's financial statements. The expenses included in the accompanying financial statements reflect the expenses of the Fund and do not include any expenses associated with the underlying funds.

**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")

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 1—ORGANIZATIONAL MATTERS—Continued** 

(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 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.

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| | |
|:---|:---|
| **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.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

**Security Valuation**

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

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

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

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

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

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

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

**Fair Value Measurements and Disclosures**

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

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

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

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

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

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

**Investment Income**

Dividends declared on portfolio securities are accrued on the ex-dividend date. Dividend information on certain foreign securities may not be available on the ex-dividend date, therefore, such dividends will be recorded as soon as reliable information becomes available. Distributions from real estate investment trust securities are recorded as dividend income, and may be reclassified as capital gains and/or return of capital, based on the information reported by the issuer, when available, or based on management's estimates when actual information has not yet been reported. Interest income is accrued as earned. Discounts and premiums on fixed income securities are amortized over the life of the respective securities (except for premiums on certain callable debt securities that amortized to the earliest call date) using the effective yield method. Paydown gains and losses are recognized as a component of interest income. Consent fees relating to corporate actions from investments held are recorded as income upon receipt.

**Securities Transactions**

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

**Distribution to Shareholders**

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

**Basis for Consolidation**

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

**Taxes**

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

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

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

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

The Advisor has analyzed each Fund's tax positions on the open tax years (in particular, U.S. federal income tax returns for the tax years ended October 31, 2022-2024), if applicable, including all positions expected to be taken upon filing the 2025 tax return, in all material jurisdictions where each Fund operates, and has concluded that no provision for income tax is required in the Funds' financial statements. Each Fund will recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in its Statement of Operations.

**Foreign Currency Translations**

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

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

**Proceeds from Litigation**

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

**Short Sales**

Short sales are transactions in which the Fund sells a security it does not own in anticipation that the market price of that security will decline. When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the counterparty through which it made the short sale to serve as collateral for its obligation to deliver the borrowed security upon conclusion of the sale. In connection with short sales of securities, the Fund may pay a fee or premium to borrow securities or maintain an arrangement with a counterparty to borrow securities and is obligated to pay any accrued interest and dividends on these borrowed securities. Dividends declared on securities sold short are accrued on the ex-dividend date and are recorded as expenses in the Fund's Statement of Operations. If the price of the security sold short increases between the time the short sale originated and the time that the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Until the borrowed security is replaced, the Fund will pledge cash or liquid investments sufficient to cover its short position with the Fund's custodian. 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 year, Harbor Long-Short Equity ETF engaged in short sale transactions. The Fund has engaged State Street Bank and Trust Company ("State Street") to provide prime brokerage and lending services. In accordance with the terms of the Fund's agreement with State Street, the Fund may receive rebate income or be charged a fee for borrowed securities. Such income or fee is calculated and accrued daily based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The prime services fee is included in Dividend and interest expense on investments sold short in the Fund's Statement of Operations.

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⬤

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

**Futures Contracts**

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

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

During the year, Harbor Alpha Layering ETF (Consolidated) and Harbor Scientific Alpha Income ETF held futures contracts. Harbor Alpha Layering ETF (Consolidated) used futures contracts to gain exposure across global equities, fixed income securities, currencies and commodities markets. Harbor Scientific Alpha Income ETF used futures contracts to gain exposure to the fixed income securities.

**Options**

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

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

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

**Rights and Warrants**

Rights represent a privilege offered to holders of record of issued securities to subscribe (usually on a pro rata basis) for additional securities of the same class, of a different class or of a different issuer. Warrants are contracts that generally give the holder the right, but not the obligation, to buy a stated number of shares of common stock at a specified price at any time during the life of the warrant. Rights and warrants are typically written by the issuer of the security underlying the right or warrant. Although some rights and warrants may be non-transferable, others may be traded over-the-counter or on an exchange.

A Fund may acquire rights or warrants in order to gain exposure to the underlying security without owning the security. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. The value of a right or warrant may not necessarily change with the value of the underlying securities. When a Fund acquires rights or warrants, it runs the risk that it will lose its entire investment in the rights or warrants, unless the Fund exercises the right or warrant, acquires the underlying securities, or enters into a closing transaction before expiration. Rights and warrants cease to have value if they are not exercised prior to their expiration date.

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for rights or other warrants that expire are treated as realized losses. If a Fund enters into a closing sale transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the rights or warrants.

During the year, Harbor Human Capital Factor US Small Cap ETF, Harbor Long-Short Equity ETF, and Harbor Osmosis International Resource Efficient ETF held rights and/or warrants as a result of their investments in underlying securities.

**Swap Agreements**

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

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

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

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

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

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

During the year, 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. As of October 31, 2025, the maximum exposure to loss of the notional value as the seller of credit default swaps outstanding was $5,500,000.

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

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

During the year, 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 year, each Fund adopted the Financial Accounting Standards Board's Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures and ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures.

The main objective of ASU 2023-07 is to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The adoption of this ASU impacts only financial statement disclosures and does not affect net increase (decrease) in net assets resulting from operations, net asset value, or the net assets of the Funds.

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.

The main objective of ASU 2023-09 is to clarify the guidance in ASC 740, Income Taxes, and enhance the transparency and decision usefulness of income tax disclosures, and to provide more information to better understand an entity's exposure to potential changes in tax laws, related risks, and opportunities. The ASU is effective for public entities for annual periods beginning after December 15, 2024, with early adoption permitted. The adoption of this ASU impacts only financial statement disclosures and does not affect net increase (decrease) in net assets resulting from operations, net asset value, or the net assets of the Funds. For the year ended October 31, 2025, the Advisor has analyzed each Fund's income taxes paid and has determined no additional disclosures are required.

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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 year ended October 31, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(000s)**<br>| **Sales** <br>**(000s)**<br>|
| Harbor Active Small Cap ETF | &nbsp;&nbsp; $7427 | &nbsp;&nbsp; $8140 |
| Harbor Alpha Layering ETF (Consolidated) | &nbsp;&nbsp; 2544 | &nbsp;&nbsp; 429 |
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; 3066 | &nbsp;&nbsp; 4179 |
| Harbor AlphaEdge™ Next Generation REITs ETF | &nbsp;&nbsp; 1244 | &nbsp;&nbsp; 1193 |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 4393 | &nbsp;&nbsp; 4364 |
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; 21530 | &nbsp;&nbsp; 11747 |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; 191696 | &nbsp;&nbsp; 193163 |
| Harbor Emerging Markets Equity ETF | &nbsp;&nbsp; 2078 | &nbsp;&nbsp; 286 |
| Harbor Emerging Markets Select ETF | &nbsp;&nbsp; 11442 | &nbsp;&nbsp; 3398 |
| Harbor Health Care ETF | &nbsp;&nbsp; 28352 | &nbsp;&nbsp; 28436 |
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; 108185 | &nbsp;&nbsp; 104372 |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; 100005 | &nbsp;&nbsp; 99582 |
| Harbor International Compounders ETF | &nbsp;&nbsp; 171326 | &nbsp;&nbsp; 90552 |
| Harbor International Equity ETF | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 168 |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; 72586 | &nbsp;&nbsp; 76272 |
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; 422074 | &nbsp;&nbsp; 430578 |
| Harbor Mid Cap Core ETF | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 276 |
| Harbor Mid Cap Value ETF | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 210 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 8448 | &nbsp;&nbsp; 9359 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | &nbsp;&nbsp; 226209 | &nbsp;&nbsp; 117642 |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; 82006 | &nbsp;&nbsp; 59905 |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; 116703 | &nbsp;&nbsp; 115694 |
| Harbor Scientific Alpha High-Yield ETF | &nbsp;&nbsp; 84852 | &nbsp;&nbsp; 77260 |
| Harbor Scientific Alpha Income ETF | &nbsp;&nbsp; 18801 | &nbsp;&nbsp; 18782 |
| Harbor SMID Cap Core ETF | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 184 |
| Harbor SMID Cap Value ETF | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 423 |
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 698 |

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**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

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

For the year ended October 31, 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; $14945 | &nbsp;&nbsp; $1632 |
| Harbor Alpha Layering ETF (Consolidated) | &nbsp;&nbsp; 303 | &nbsp;&nbsp; — |
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; 5427 | &nbsp;&nbsp; 1536 |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 7256 | &nbsp;&nbsp; 4859 |
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; 959 | &nbsp;&nbsp; — |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; 31732 | &nbsp;&nbsp; 108444 |
| Harbor Emerging Markets Equity ETF | &nbsp;&nbsp; 3392 | &nbsp;&nbsp; 273 |
| Harbor Emerging Markets Select ETF | &nbsp;&nbsp; 224 | &nbsp;&nbsp; — |
| Harbor Health Care ETF | &nbsp;&nbsp; 3965 | &nbsp;&nbsp; 2560 |
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; 137652 | &nbsp;&nbsp; 118199 |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; 72783 | &nbsp;&nbsp; 73379 |
| Harbor International Compounders ETF | &nbsp;&nbsp; 210856 | &nbsp;&nbsp; 42671 |
| Harbor International Equity ETF | &nbsp;&nbsp; 4955 | &nbsp;&nbsp; 448 |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; 5478 | &nbsp;&nbsp; 8689 |
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; 398246 | &nbsp;&nbsp; 95949 |
| Harbor Mid Cap Core ETF | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; — |
| Harbor Mid Cap Value ETF | &nbsp;&nbsp; 3501 | &nbsp;&nbsp; — |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 8752 | &nbsp;&nbsp; 5402 |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; 125391 | &nbsp;&nbsp; 39095 |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; 633817 | &nbsp;&nbsp; 69099 |
| Harbor Scientific Alpha High-Yield ETF | &nbsp;&nbsp; 76603 | &nbsp;&nbsp; 61829 |
| Harbor SMID Cap Core ETF | &nbsp;&nbsp; 3003 | &nbsp;&nbsp; — |
| Harbor SMID Cap Value ETF | &nbsp;&nbsp; 3564 | &nbsp;&nbsp; — |
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; 5799 | &nbsp;&nbsp; 1808 |

---

**Securities Lending**

Each Fund may engage in securities lending, whereby a Fund lends its securities to financial institutions in order to increase its income. The Trust has engaged State Street Bank and Trust Company to act as its agent (the "Lending Agent") with respect to the lending of portfolio securities of the Funds, pursuant to the terms and conditions of a Securities Lending Authorization Agreement (the "SLA Agreement"). Securities loans are required to be secured at all times during the term of the loan by collateral that is at least equal to the value of the loaned securities determined at the close of each business day. Collateral may consist of cash and/or securities issued by the U.S. Treasury. Any additional collateral that may be required to secure a loan is delivered to the Fund on the next business day. Cash collateral is recognized as the gross liability for securities loaned in the Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the Lending Agent on behalf of the Funds, and the Funds do not have the ability to rehypothecate those securities. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio (the "Navigator Portfolio"), a money market mutual fund that seeks to provide income while maintaining a stable net asset value of $1.00. There is no assurance that the Navigator Portfolio will maintain a stable net asset value and the Funds are subject to the risk of loss on the cash collateral invested. A portion of the earnings generated by the investment of the cash collateral is rebated to the borrower for the use of the cash collateral and these earnings (less any rebate) are then divided between the Fund and the Lending Agent, as a fee for its services, according to agreed-upon rates. The Lending Agent and a Fund will share in any shortfall in the rebate due to the borrower, according to agreed-upon rates.

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

Loans may be terminated at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Fund securities that are identical to the loaned securities. The Funds bear the risk of delay in recovery of, or loss of rights in, the securities loaned and the risk that the value of the collateral falls below the value of the securities on loan. Each Fund seeks to mitigate this risk through the SLA Agreement, which provides that in the event of default, the Lending Agent

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

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

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 year, Harbor Osmosis International Resource Efficient ETF engaged in securities lending. As of October 31, 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.

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

**Investment Adviser**

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

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⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

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

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

---

| | |
|:---|:---|
|  | **Management** <br>**Fee**<br>|
| Harbor Active Small Cap ETF | 0.80<br> %<br>|
| Harbor Alpha Layering ETF (Consolidated) | 0.69 |
| 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 Emerging Markets Equity ETF | 0.84 |
| Harbor Emerging Markets Select ETF | 0.65 |
| Harbor Health Care ETF | 0.80 |
| Harbor Human Capital Factor US Large Cap ETF | 0.35 |
| Harbor Human Capital Factor US Small Cap ETF | 0.60 |
| Harbor International Compounders ETF | 0.55 |
| Harbor International Equity ETF | 0.80 |
| Harbor Long-Short Equity ETF | 1.20 |
| Harbor Long-Term Growers ETF | 0.57 |
| Harbor Mid Cap Core ETF | 0.88 |
| Harbor Mid Cap Value ETF | 0.88 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | 0.70 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | 0.69 |
| Harbor Osmosis International Resource Efficient ETF | 0.55 |
| Harbor PanAgora Dynamic Large Cap Core ETF | 0.35 |
| Harbor Scientific Alpha High-Yield ETF | 0.48 |
| Harbor Scientific Alpha Income ETF | 0.50 |
| Harbor SMID Cap Core ETF | 0.88 |
| Harbor SMID Cap Value ETF | 0.88 |
| Harbor Transformative Technologies ETF | 0.69 |

---

**Independent Trustees**

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

**Affiliated Transactions**

The Investment Company Act permits purchase and sale transactions among affiliated investment companies subject to an exemptive rule. The Trust has adopted policies and procedures pursuant to such rule. During the year, 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.

**NOTE 6—TAX INFORMATION**

The amount and character of income and net realized gains to be distributed are determined in accordance with income tax rules and regulations, which may differ from U.S. GAAP. These differences are attributable to permanent book and tax accounting differences that were primarily due to the tax treatment of net investment losses and limitations, redemption in-kind distributions,the use of equalization, and the disallowance of loss from a controlled foreign corporation. Reclassifications, if any, are made to

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⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 6—TAX INFORMATION—Continued** 

each Fund's capital account to reflect income and net realized gains available for distribution (or available capital loss carryovers) under income tax rules and regulations. The amounts reclassified on the Statements of Assets and Liabilities for the year ended October 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Paid in** <br>**Capital** <br>**(000s)**<br>| **Total** <br>**Distributable** <br>**Earnings/(Loss)** <br>**(000s)**<br>|
| Harbor Active Small Cap ETF  | &nbsp;&nbsp; $279 | &nbsp;&nbsp; $(279)<br>|
| Harbor Alpha Layering ETF (Consolidated) | &nbsp;&nbsp; (57)<br>| &nbsp;&nbsp; 57 |
| Harbor AlphaEdge™ Large Cap Value ETF  | &nbsp;&nbsp; 183 | &nbsp;&nbsp; (183)<br>|
| Harbor AlphaEdge™ Next Generation REITs ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor AlphaEdge™ Small Cap Earners ETF  | &nbsp;&nbsp; 870 | &nbsp;&nbsp; (870)<br>|
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Disciplined Bond ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Dividend Growth Leaders ETF  | &nbsp;&nbsp; 35811 | &nbsp;&nbsp; (35811)<br>|
| Harbor Emerging Markets Equity ETF  | &nbsp;&nbsp; 12 | &nbsp;&nbsp; (12)<br>|
| Harbor Emerging Markets Select ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Health Care ETF  | &nbsp;&nbsp; 680 | &nbsp;&nbsp; (680)<br>|
| Harbor Human Capital Factor US Large Cap ETF  | &nbsp;&nbsp; 41070 | &nbsp;&nbsp; (41070)<br>|
| Harbor Human Capital Factor US Small Cap ETF  | &nbsp;&nbsp; 21976 | &nbsp;&nbsp; (21976)<br>|
| Harbor International Compounders ETF  | &nbsp;&nbsp; 9634 | &nbsp;&nbsp; (9634)<br>|
| Harbor International Equity ETF  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; (18)<br>|
| Harbor Long-Short Equity ETF  | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; (1390)<br>|
| Harbor Long-Term Growers ETF  | &nbsp;&nbsp; 33114 | &nbsp;&nbsp; (33114)<br>|
| Harbor Mid Cap Core ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Mid Cap Value ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 652 | &nbsp;&nbsp; (652)<br>|
| Harbor Osmosis Emerging Markets Resource Efficient ETF  | &nbsp;&nbsp; 11 | &nbsp;&nbsp; (11)<br>|
| Harbor Osmosis International Resource Efficient ETF  | &nbsp;&nbsp; 7455 | &nbsp;&nbsp; (7455)<br>|
| Harbor PanAgora Dynamic Large Cap Core ETF  | &nbsp;&nbsp; 6833 | &nbsp;&nbsp; (6833)<br>|
| Harbor Scientific Alpha High-Yield ETF  | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; (1560)<br>|
| Harbor Scientific Alpha Income ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor SMID Cap Core ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor SMID Cap Value ETF  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Transformative Technologies ETF  | &nbsp;&nbsp; 597 | &nbsp;&nbsp; (597)<br>|

---

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⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 6—TAX INFORMATION—Continued** 

The tax composition of each Fund's distributions was as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2024** | **As of October 31, 2024** | **As of October 31, 2024** |
|  | **Ordinary** <br>**Income** <br>**(000s)**<br>| **Long-Term** <br>**Capital Gains** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>| **Ordinary** <br>**Income** <br>**(000s)**<br>| **Long-Term** <br>**Capital Gains** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Harbor Active Small Cap ETF | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Harbor Alpha Layering ETF (Consolidated) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor AlphaEdge™ Next Generation REITs ETF | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 173 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Commodity All-Weather Strategy ETF (Consolidated) | &nbsp;&nbsp; 8435 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8435 | &nbsp;&nbsp; 7168 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7168 |
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 503 | &nbsp;&nbsp; — | &nbsp;&nbsp; 503 |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; 2605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2605 | &nbsp;&nbsp; 3947 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3947 |
| Harbor Emerging Markets Equity ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor Emerging Markets Select ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor Health Care ETF | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; — | &nbsp;&nbsp; 92 |
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; 773 | &nbsp;&nbsp; — | &nbsp;&nbsp; 773 | &nbsp;&nbsp; 3346 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 3375 |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; 959 | &nbsp;&nbsp; — | &nbsp;&nbsp; 959 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 538 |
| Harbor International Compounders ETF | &nbsp;&nbsp; 1262 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1262 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191 |
| Harbor International Equity ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 154 | &nbsp;&nbsp; — | &nbsp;&nbsp; 154 |
| Harbor Mid Cap Core ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor Mid Cap Value ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Harbor Scientific Alpha High-Yield ETF | &nbsp;&nbsp; 11728 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11728 | &nbsp;&nbsp; 9422 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9422 |
| Harbor Scientific Alpha Income ETF | &nbsp;&nbsp; 2061 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2061 | &nbsp;&nbsp; 1971 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1971 |
| Harbor SMID Cap Core ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor SMID Cap Value ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

---

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⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 6—TAX INFORMATION—Continued** 

As of October 31, 2025, the components of each Fund's distributable earnings on a tax basis were as follows:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income** <br>**(000s)**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains** <br>**(000s)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)**<br>| **Accumulated** <br>**Capital** <br>**and Other** <br>**Losses** <br>**(000s)**<br>| **Other** <br>**Temporary** <br>**Differences** <br>**(000s)**<br>| **Total** <br>**Distributable** <br>**Earnings/(Loss)** <br>**(000s)**<br>|
| Harbor Active Small Cap ETF | &nbsp;&nbsp; $258 | &nbsp;&nbsp; $71 | &nbsp;&nbsp; $(681)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(352)<br>|
| Harbor Alpha Layering ETF (Consolidated) | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 437 |
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; 60 | &nbsp;&nbsp; — | &nbsp;&nbsp; 328 | &nbsp;&nbsp; (182)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 206 |
| Harbor AlphaEdge™ Next Generation REITs ETF | &nbsp;&nbsp; 30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (149)<br>| &nbsp;&nbsp; (97)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (216)<br>|
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 146 | &nbsp;&nbsp; — | &nbsp;&nbsp; (124)<br>| &nbsp;&nbsp; (378)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (356)<br>|
| Harbor Commodity All-Weather Strategy ETF <br> (Consolidated)<br>| &nbsp;&nbsp; 86230 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 86391 |
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; 235 | &nbsp;&nbsp; — | &nbsp;&nbsp; 835 | &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1001 |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; 639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 46222 | &nbsp;&nbsp; (22435)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 24426 |
| Harbor Emerging Markets Equity ETF | &nbsp;&nbsp; 211 | &nbsp;&nbsp; — | &nbsp;&nbsp; 716 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 926 |
| Harbor Emerging Markets Select ETF | &nbsp;&nbsp; 37 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1216 |
| Harbor Health Care ETF | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 2915 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2974 |
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; 3028 | &nbsp;&nbsp; — | &nbsp;&nbsp; 120757 | &nbsp;&nbsp; (4383)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 119402 |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; 594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10663 | &nbsp;&nbsp; (28893)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (17636)<br>|
| Harbor International Compounders ETF | &nbsp;&nbsp; 6709 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45033 | &nbsp;&nbsp; (5423)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 46319 |
| Harbor International Equity ETF | &nbsp;&nbsp; 41 | &nbsp;&nbsp; — | &nbsp;&nbsp; 569 | &nbsp;&nbsp; (4)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 605 |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; 440 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5008 | &nbsp;&nbsp; (3703)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1746 |
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 307706 | &nbsp;&nbsp; (47559)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 260147 |
| Harbor Mid Cap Core ETF | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — | &nbsp;&nbsp; 306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 371 |
| Harbor Mid Cap Value ETF | &nbsp;&nbsp; 49 | &nbsp;&nbsp; — | &nbsp;&nbsp; 276 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 325 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; 181 | &nbsp;&nbsp; — | &nbsp;&nbsp; 625 | &nbsp;&nbsp; (51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 755 |
| Harbor Osmosis Emerging Markets Resource Efficient <br> ETF<br>| &nbsp;&nbsp; 5447 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14597 | &nbsp;&nbsp; — | &nbsp;&nbsp; (15)<br>| &nbsp;&nbsp; 20029 |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; 5588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16504 | &nbsp;&nbsp; (516)<br>| &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; 21541 |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; 1316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49906 | &nbsp;&nbsp; (4919)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 46303 |
| Harbor Scientific Alpha High-Yield ETF | &nbsp;&nbsp; 1157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3166 | &nbsp;&nbsp; (122575)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (118252)<br>|
| Harbor Scientific Alpha Income ETF | &nbsp;&nbsp; 388 | &nbsp;&nbsp; — | &nbsp;&nbsp; 840 | &nbsp;&nbsp; (5061)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3833)<br>|
| Harbor SMID Cap Core ETF | &nbsp;&nbsp; 49 | &nbsp;&nbsp; — | &nbsp;&nbsp; 284 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 333 |
| Harbor SMID Cap Value ETF | &nbsp;&nbsp; 110 | &nbsp;&nbsp; — | &nbsp;&nbsp; 457 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 567 |
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1397 | &nbsp;&nbsp; (45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1352 |

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As of October 31, 2025, for federal income tax purposes, the following Fund had a qualified late year loss deferral to offset fiscal year 2026 ordinary income:

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| | |
|:---|:---|
|  | **Qualified Late Year Ordinary Loss Deferral** <br>**(000s)**<br>|
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; $640 |
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; 8 |

---

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 6—TAX INFORMATION—Continued** 

As of October 31, 2025, each Fund in the following table had capital loss carryforwards for federal tax purposes which will reduce each Fund's taxable income arising from future net realized gains on investments to the extent permitted by the Internal Revenue Code. Use of the capital loss carryforwards will reduce the amount of the distribution to shareholders which would otherwise be necessary to relieve each Fund of any federal tax liability. The capital loss carryforwards do not expire.

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss Carryforward** | **Capital Loss Carryforward** | **Capital Loss Carryforward** |
|  | **Short-Term** <br>**(000s)**<br>| **Long-Term** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; $(177) <br>| &nbsp;&nbsp; $(5) <br>| &nbsp;&nbsp; $(182)<br>|
| Harbor AlphaEdge™ Next Generation REITs ETF | &nbsp;&nbsp; (97) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (97)<br>|
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; (264) <br>| &nbsp;&nbsp; (114) <br>| &nbsp;&nbsp; (378)<br>|
| Harbor Commodity All-Weather Strategy ETF(Consolidated) | &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (1)<br>|
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; (65) <br>| &nbsp;&nbsp; (4) <br>| &nbsp;&nbsp; (69)<br>|
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; (21992) <br>| &nbsp;&nbsp; (443) <br>| &nbsp;&nbsp; (22435)<br>|
| Harbor Emerging Markets Select ETF | &nbsp;&nbsp; (26) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (26)<br>|
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; (1289) <br>| &nbsp;&nbsp; (3094) <br>| &nbsp;&nbsp; (4383)<br>|
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; (25541) <br>| &nbsp;&nbsp; (3352) <br>| &nbsp;&nbsp; (28893)<br>|
| Harbor International Compounders ETF | &nbsp;&nbsp; (1334) <br>| &nbsp;&nbsp; (4089) <br>| &nbsp;&nbsp; (5423)<br>|
| Harbor International Equity ETF | &nbsp;&nbsp; (4) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (4)<br>|
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; (3703) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (3703)<br>|
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; (41434) <br>| &nbsp;&nbsp; (5485) <br>| &nbsp;&nbsp; (46919)<br>|
| Harbor Multi-Asset Explorer ETF(Consolidated) | &nbsp;&nbsp; (49) <br>| &nbsp;&nbsp; (2) <br>| &nbsp;&nbsp; (51)<br>|
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; (516) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (516)<br>|
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; (4919) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (4919)<br>|
| Harbor Scientific Alpha High-Yield ETF\* | &nbsp;&nbsp; (16589) <br>| &nbsp;&nbsp; (105986) <br>| &nbsp;&nbsp; (122575)<br>|
| Harbor Scientific Alpha Income ETF | &nbsp;&nbsp; (4106) <br>| &nbsp;&nbsp; (955) <br>| &nbsp;&nbsp; (5061)<br>|
| Harbor Transformative Technologies ETF | &nbsp;&nbsp; (37) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (37)<br>|

---

------

\* A portion of the capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 6—TAX INFORMATION—Continued** 

The identified cost for federal income tax purposes of investments owned by each Fund and its respective gross unrealized appreciation and depreciation as of October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Identified Cost** <br>**(000s)** | **Gross Unrealized** | **Gross Unrealized** | **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)** |
|  | **Identified Cost** <br>**(000s)** | **Appreciation** <br>**(000s)**<br>| **(Depreciation)** <br>**(000s)**<br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>**(000s)** |
| Harbor Active Small Cap ETF  | &nbsp;&nbsp; $21525<br>| &nbsp;&nbsp; $1336 | &nbsp;&nbsp; $(2017)<br>| &nbsp;&nbsp; $(681)<br>|
| Harbor Alpha Layering ETF (Consolidated) | &nbsp;&nbsp; 2560<br>| &nbsp;&nbsp; 189 | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; 169 |
| Harbor AlphaEdge™ Large Cap Value ETF <sup>\*</sup> | &nbsp;&nbsp; 4801<br>| &nbsp;&nbsp; 422 | &nbsp;&nbsp; (94)<br>| &nbsp;&nbsp; 328 |
| Harbor AlphaEdge™ Next Generation REITs ETF <sup>\*</sup> | &nbsp;&nbsp; 1948<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; (202)<br>| &nbsp;&nbsp; (149)<br>|
| Harbor AlphaEdge™ Small Cap Earners ETF <sup>\*</sup> | &nbsp;&nbsp; 9270<br>| &nbsp;&nbsp; 905 | &nbsp;&nbsp; (1029)<br>| &nbsp;&nbsp; (124)<br>|
| Harbor Commodity All-Weather Strategy ETF (Consolidated)<sup>\*</sup> | &nbsp;&nbsp; 1039245<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162 |
| Harbor Disciplined Bond ETF <sup>\*</sup> | &nbsp;&nbsp; 35221<br>| &nbsp;&nbsp; 873 | &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; 835 |
| Harbor Dividend Growth Leaders ETF <sup>\*</sup> | &nbsp;&nbsp; 160477<br>| &nbsp;&nbsp; 48593 | &nbsp;&nbsp; (2371)<br>| &nbsp;&nbsp; 46222 |
| Harbor Emerging Markets Equity ETF  | &nbsp;&nbsp; 5140<br>| &nbsp;&nbsp; 886 | &nbsp;&nbsp; (170)<br>| &nbsp;&nbsp; 716 |
| Harbor Emerging Markets Select ETF <sup>\*</sup> | &nbsp;&nbsp; 8245<br>| &nbsp;&nbsp; 1573 | &nbsp;&nbsp; (368)<br>| &nbsp;&nbsp; 1205 |
| Harbor Health Care ETF  | &nbsp;&nbsp; 17900<br>| &nbsp;&nbsp; 3205 | &nbsp;&nbsp; (290)<br>| &nbsp;&nbsp; 2915 |
| Harbor Human Capital Factor US Large Cap ETF <sup>\*</sup> | &nbsp;&nbsp; 317945<br>| &nbsp;&nbsp; 131533 | &nbsp;&nbsp; (10776)<br>| &nbsp;&nbsp; 120757 |
| Harbor Human Capital Factor US Small Cap ETF <sup>\*</sup> | &nbsp;&nbsp; 129810<br>| &nbsp;&nbsp; 21378 | &nbsp;&nbsp; (10715)<br>| &nbsp;&nbsp; 10663 |
| Harbor International Compounders ETF <sup>\*</sup> | &nbsp;&nbsp; 490220<br>| &nbsp;&nbsp; 62303 | &nbsp;&nbsp; (17270)<br>| &nbsp;&nbsp; 45033 |
| Harbor International Equity ETF <sup>\*</sup> | &nbsp;&nbsp; 5412<br>| &nbsp;&nbsp; 731 | &nbsp;&nbsp; (162)<br>| &nbsp;&nbsp; 569 |
| Harbor Long-Short Equity ETF (includes investments sold short) <sup>\*</sup> | &nbsp;&nbsp; 6343<br>| &nbsp;&nbsp; 5433 | &nbsp;&nbsp; (425)<br>| &nbsp;&nbsp; 5008 |
| Harbor Long-Term Growers ETF <sup>\*</sup> | &nbsp;&nbsp; 779784<br>| &nbsp;&nbsp; 315185 | &nbsp;&nbsp; (7479)<br>| &nbsp;&nbsp; 307706 |
| Harbor Mid Cap Core ETF  | &nbsp;&nbsp; 3511<br>| &nbsp;&nbsp; 455 | &nbsp;&nbsp; (149)<br>| &nbsp;&nbsp; 306 |
| Harbor Mid Cap Value ETF  | &nbsp;&nbsp; 3515<br>| &nbsp;&nbsp; 483 | &nbsp;&nbsp; (207)<br>| &nbsp;&nbsp; 276 |
| Harbor Multi-Asset Explorer ETF (Consolidated)<sup>\*</sup> | &nbsp;&nbsp; 7339<br>| &nbsp;&nbsp; 672 | &nbsp;&nbsp; (47)<br>| &nbsp;&nbsp; 625 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF  | &nbsp;&nbsp; 113537<br>| &nbsp;&nbsp; 16368 | &nbsp;&nbsp; (1771)<br>| &nbsp;&nbsp; 14597 |
| Harbor Osmosis International Resource Efficient ETF <sup>\*</sup> | &nbsp;&nbsp; 117914<br>| &nbsp;&nbsp; 17688 | &nbsp;&nbsp; (1184)<br>| &nbsp;&nbsp; 16504 |
| Harbor PanAgora Dynamic Large Cap Core ETF <sup>\*</sup> | &nbsp;&nbsp; 573177<br>| &nbsp;&nbsp; 62505 | &nbsp;&nbsp; (12599)<br>| &nbsp;&nbsp; 49906 |
| Harbor Scientific Alpha High-Yield ETF <sup>\*</sup> | &nbsp;&nbsp; 155947<br>| &nbsp;&nbsp; 4601 | &nbsp;&nbsp; (1435)<br>| &nbsp;&nbsp; 3166 |
| Harbor Scientific Alpha Income ETF <sup>\*</sup> | &nbsp;&nbsp; 31453<br>| &nbsp;&nbsp; 992 | &nbsp;&nbsp; (152)<br>| &nbsp;&nbsp; 840 |
| Harbor SMID Cap Core ETF  | &nbsp;&nbsp; 3038<br>| &nbsp;&nbsp; 417 | &nbsp;&nbsp; (133)<br>| &nbsp;&nbsp; 284 |
| Harbor SMID Cap Value ETF  | &nbsp;&nbsp; 3589<br>| &nbsp;&nbsp; 579 | &nbsp;&nbsp; (122)<br>| &nbsp;&nbsp; 457 |
| Harbor Transformative Technologies ETF <sup>\*</sup> | &nbsp;&nbsp; 4491<br>| &nbsp;&nbsp; 1423 | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; 1397 |

---

------

\* 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 year ended October 31, 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 year as disclosed in the Statement of Operations, are indicators of the volume of derivative activity for each Fund.

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 7—DERIVATIVES—Continued** 

**Derivative Instruments**

As of October 31, 2025, the fair values of derivatives, by primary risk exposure, were reflected in the Statement of Assets and Liabilities as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor Alpha Layering ETF (CONSOLIDATED)** |  |  |  |  |  |
| **Statement of Assets and Liabilities Caption** | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Foreign Exchange** <br>**Contracts** <br>**(000s)**<br>| **Equity** <br>**Contracts** <br>**(000s)**<br>| **Commodity** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Assets** |  |  |  |  |  |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $88 | &nbsp;&nbsp; $55 | &nbsp;&nbsp; $67 | &nbsp;&nbsp; $214 |
| **Liabilities** |  |  |  |  |  |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; (7)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; (20)<br>|

---

------

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

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

---

| | |
|:---|:---|
| **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** |  |
| **Statement of Assets and Liabilities Caption** | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Liabilities** |  |
| 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>|
| **Assets** |  |
| Purchased options (included in Investments, at value) | &nbsp;&nbsp; $320 |
| Rights/Warrants (included in Investments, at value) | &nbsp;&nbsp; 5 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Harbor Scientific Alpha Income ETF**  |  |  |  |
| **Statement of Assets and Liabilities Caption** | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Credit** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Assets** |  |  |  |
| Variation margin on centrally cleared swap agreements<sup>a,b</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3 | &nbsp;&nbsp; $3 |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 |
| **Liabilities** |  |  |  |
| Variation margin on futures contracts<sup>a</sup> | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|

---

------

---

| | |
|:---|:---|
| a | Balance includes cumulative appreciation/depreciation of contracts as reported in the Portfolio of Investments. Only current day's variation margin is reported within <br> the Statement of Assets and Liabilities.<br>|
| b | Net of upfront premium paid of $196 |

---

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 7—DERIVATIVES—Continued** 

Net realized gain/(loss) and the change in net unrealized appreciation/(depreciation) on derivatives, by primary risk exposure, for the year ended October 31, 2025, were:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** | **Harbor Alpha Layering ETF (CONSOLIDATED)** |
|  | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Foreign Exchange** <br>**Contracts** <br>**(000s)**<br>| **Equity** <br>**Contracts** <br>**(000s)**<br>| **Commodity** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Net Realized Gain/(Loss) on Derivatives** | **Net Realized Gain/(Loss) on Derivatives** | **Net Realized Gain/(Loss) on Derivatives** | **Net Realized Gain/(Loss) on Derivatives** | **Net Realized Gain/(Loss) on Derivatives** | **Net Realized Gain/(Loss) on Derivatives** |
| Futures Contracts | &nbsp;&nbsp; $(67)<br>| &nbsp;&nbsp; $(56)<br>| &nbsp;&nbsp; $40 | &nbsp;&nbsp; $139 | &nbsp;&nbsp; $56 |
|  | **Interest Rate** <br>**Contracts** <br>**(000s)**<br>| **Foreign Exchange** <br>**Contracts** <br>**(000s)**<br>| **Equity** <br>**Contracts** <br>**(000s)**<br>| **Commodity** <br>**Contracts** <br>**(000s)**<br>| **Total** <br>**(000s)**<br>|
| **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** | **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** | **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** | **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** | **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** | **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** |
| Futures Contracts | &nbsp;&nbsp; $(3)<br>| &nbsp;&nbsp; $85 | &nbsp;&nbsp; $55 | &nbsp;&nbsp; $57 | &nbsp;&nbsp; $194 |

---

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

---

| | |
|:---|:---|
| **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** | **Harbor Commodity All-Weather Strategy ETF (CONSOLIDATED)** |
|  | **Commodity** <br>**Contracts** <br>**(000s)**<br>|
| **Net realized gain/(loss) on derivatives** | **Net realized gain/(loss) on derivatives** |
| Swap agreements | &nbsp;&nbsp; $73379 |
|  | **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 Human Capital Factor US Small Cap ETF** | **Harbor Human Capital Factor US Small Cap ETF** |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Net Realized Gain/(Loss) on Derivatives** | **Net Realized Gain/(Loss) on Derivatives** |
| Rights/Warrants (included in Investments) | &nbsp;&nbsp; $1 |

---

&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; $(539)<br>|
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** | **Change in Net Unrealized Appreciation/(Depreciation) on Derivatives** |
| Purchased options (included in Investments) | &nbsp;&nbsp; $320 |
| Rights/Warrants (included in Investments) | &nbsp;&nbsp; 5 |
| Change in net unrealized appreciation/(depreciation) on derivatives | &nbsp;&nbsp; $325 |

---

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

---

| | |
|:---|:---|
| **Harbor Osmosis International Resource Efficient ETF** | **Harbor Osmosis International Resource Efficient ETF** |
|  | **Equity** <br>**Contracts** <br>**(000s)**<br>|
| **Net Realized Gain/(Loss) on Derivatives** | **Net Realized Gain/(Loss) on Derivatives** |
| Rights/Warrants (included in Investments) | &nbsp;&nbsp; $(167)<br>|

---

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

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 7—DERIVATIVES—Continued** 

---

| | | | |
|:---|:---|:---|:---|
| **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; $(110)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(110)<br>|
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; (76)<br>|
| Net realized gain/(loss) on derivatives | &nbsp;&nbsp; $(110)<br>| &nbsp;&nbsp; $(76)<br>| &nbsp;&nbsp; $(186)<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; $206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206 |
| Swap agreements | &nbsp;&nbsp; — | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| Change in net unrealized appreciation/(depreciation) on derivatives | &nbsp;&nbsp; $206 | &nbsp;&nbsp; $11 | &nbsp;&nbsp; $217 |

---

**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 year ended October 31, 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 October 31, 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 October 31, 2025.

------

⬤

------

**Harbor ETF Trust**

**Notes to Financial Statements—Continued**

------

**NOTE 8—OFFSETTING ASSETS AND LIABILITIES—Continued** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial Derivative Assets** |  |  |
| **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>|  |  |  |
| Goldman Sachs International | $— | $31850 | $— |
| Macquarie Bank Limited |  | 33240 |  |

---

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

---

| |
|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>\*Of the total collateral received and/or pledged shown in the above table, cash of $65,090 included in "Due from broker" on the Consolidated Statements of Assets <br> and Liabilities, was pledged as collateral for swaps held in the 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.

------

⬤

------

**Report of Independent Registered Public Accounting Firm**

------

The Board of Trustees and Shareholders of

Harbor ETF Trust

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of assets and liabilities of Harbor Alpha Layering ETF (Consolidated), Harbor Commodity All-Weather Strategy ETF (Consolidated), and Harbor Multi-Asset Explorer ETF (Consolidated) (three of the Funds comprising Harbor ETF Trust) (the "Trust"), including the consolidated portfolios of investments, as of October 31, 2025, and the related consolidated statements of operations and changes in net assets, and consolidated financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the "consolidated financial statements"). We have also audited the accompanying statements of assets and liabilities of Harbor Active Small Cap ETF, Harbor AlphaEdge™ Large Cap Value ETF, Harbor AlphaEdge™ Next Generation REITs ETF, Harbor AlphaEdge™ Small Cap Earners ETF, Harbor Disciplined Bond ETF, Harbor Dividend Growth Leaders ETF, Harbor Emerging Markets Equity ETF, Harbor Emerging Markets Select ETF, Harbor Health Care ETF, Harbor Human Capital Factor US Large Cap ETF, Harbor Human Capital Factor US Small Cap ETF, Harbor International Compounders ETF, Harbor International Equity ETF, Harbor Long-Short Equity ETF, Harbor Long-Term Growers ETF, Harbor Mid Cap Core ETF, Harbor Mid Cap Value ETF, Harbor Osmosis Emerging Markets Resource Efficient ETF, Harbor Osmosis International Resource Efficient ETF, Harbor PanAgora Dynamic Large Cap Core ETF, Harbor Scientific Alpha High-Yield ETF, Harbor Scientific Alpha Income ETF, Harbor SMID Cap Core ETF, Harbor SMID Cap Value ETF, and Harbor Transformative Technologies ETF (twenty-five of the Funds constituting the "Trust") (collectively, with Harbor Alpha Layering ETF (Consolidated), Harbor Commodity All-Weather Strategy ETF (Consolidated), and Harbor Multi-Asset Explorer ETF (Consolidated) referred to as the "Funds"), including the portfolios of investments, as of October 31, 2025, and the related statements of operations, and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively, together with the consolidated financial statements, referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twenty-eight of the Funds comprising Harbor ETF Trust) at October 31, 2025, the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table, in conformity with U.S. generally accepted accounting principles.

---

| | | | |
|:---|:---|:---|:---|
| **Funds comprising the Harbor ETF Trust** | &nbsp;&nbsp; **Statement of** <br>**operations**<br>| &nbsp;&nbsp; **Statement of changes in net** <br>**assets**<br>| **Financial highlights** |
| Harbor Active Small Cap ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from August 28, 2024 <br> (commencement of operations) through October 31, 2024 | &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from August 28, 2024 <br> (commencement of operations) through October 31, 2024 |
| Harbor Alpha Layering ETF (Consolidated) | For the period from August 13, 2025 (commencement of operations) through October 31, 2025 | For the period from August 13, 2025 (commencement of operations) through October 31, 2025 | For the period from August 13, 2025 (commencement of operations) through October 31, 2025 |
| &nbsp;&nbsp; Harbor AlphaEdge™ Large Cap Value ETF <br>Harbor AlphaEdge™ Next Generation REITs ETF<br>| &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from September 4, 2024 <br> (commencement of operations) through October 31, 2024 | &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from September 4, 2024 <br> (commencement of operations) through October 31, 2024 |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from July 9, 2024 <br> (commencement of operations) through October 31, 2024 | &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from July 9, 2024 <br> (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; Harbor Commodity All-Weather Strategy ETF <br> (Consolidated)<br>| &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the three years in the period <br> ended October 31, 2025 and for the <br> period from February 9, 2022 <br> (commencement of operations) through <br> October 31, 2022<br>|
| Harbor Disciplined Bond ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from May 1, 2024 <br> (commencement of operations) through October 31, 2024 | &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from May 1, 2024 <br> (commencement of operations) through October 31, 2024 |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the four years in the period <br> ended October 31, 2025<br>|
| Harbor Emerging Markets Equity ETF | For the period from June 4, 2025 (commencement of operations) through October 31, 2025 | For the period from June 4, 2025 (commencement of operations) through October 31, 2025 | For the period from June 4, 2025 (commencement of operations) through October 31, 2025 |
| Harbor Emerging Markets Select ETF | For the period from May 14, 2025 (commencement of operations) through October 31, 2025 | For the period from May 14, 2025 (commencement of operations) through October 31, 2025 | For the period from May 14, 2025 (commencement of operations) through October 31, 2025 |
| Harbor Health Care ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the period <br> ended October 31, 2025 and for the <br> period from November 16, 2022 <br> (commencement of operations) through <br> October 31, 2023<br>|
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the three years in the period <br> ended October 31, 2025 and for the <br> period from October 12, 2022 <br> (commencement of operations) through <br> October 31, 2022<br>|

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**Report of Independent Registered Public Accounting Firm—Continued**

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| | | | |
|:---|:---|:---|:---|
| **Funds comprising the Harbor ETF Trust** | &nbsp;&nbsp; **Statement of**<br> **operations**<br>| &nbsp;&nbsp; **Statement of changes in net**<br> **assets**<br>| **Financial highlights** |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the period <br> ended October 31, 2025 and for the <br> period from April 12, 2023 <br> (commencement of operations) through <br> October 31, 2023<br>|
| Harbor International Compounders ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the three years in the period <br> ended October 31, 2025 and for the <br> period from September 7, 2022 <br> (commencement of operations) through <br> October 31, 2022<br>|
| Harbor International Equity ETF | For the period from June 4, 2025 (commencement of operations) through October 31, 2025 | For the period from June 4, 2025 (commencement of operations) through October 31, 2025 | For the period from June 4, 2025 (commencement of operations) through October 31, 2025 |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from December 4, 2023 <br> (commencement of operations) through October 31, 2024 | &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from December 4, 2023 <br> (commencement of operations) through October 31, 2024 |
| Harbor Long-Term Growers ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the three years in the period <br> ended October 31, 2025 and for the <br> period from February 2, 2022 <br> (commencement of operations) through <br> October 31, 2022<br>|
| &nbsp;&nbsp; Harbor Mid Cap Core ETF <br>Harbor Mid Cap Value ETF<br>| For the period from May 1, 2025 (commencement of operations) through October 31, 2025 | For the period from May 1, 2025 (commencement of operations) through October 31, 2025 | For the period from May 1, 2025 (commencement of operations) through October 31, 2025 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the period <br> ended October 31, 2025 and for the <br> period from September 13, 2023 <br> (commencement of operations) through <br> October 31, 2023<br>|
| &nbsp;&nbsp; Harbor Osmosis Emerging Markets Resource <br> Efficient ETF<br>| For the period from December 18, 2024 (commencement of operations) through October 31, 2025 | For the period from December 18, 2024 (commencement of operations) through October 31, 2025 | For the period from December 18, 2024 (commencement of operations) through October 31, 2025 |
| Harbor Osmosis International Resource Efficient ETF | For the period from December 11, 2024 (commencement of operations) through October 31, 2025 | For the period from December 11, 2024 (commencement of operations) through October 31, 2025 | For the period from December 11, 2024 (commencement of operations) through October 31, 2025 |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from October 9, 2024 <br> (commencement of operations) through October 31, 2024 | &nbsp;&nbsp; For the year ended October 31, 2025 and for the period from October 9, 2024 <br> (commencement of operations) through October 31, 2024 |
| &nbsp;&nbsp; Harbor Scientific Alpha High-Yield ETF <br>Harbor Scientific Alpha Income ETF<br>| &nbsp;&nbsp; For the year ended <br> October 31, 2025<br>| &nbsp;&nbsp; For each of the two years in the <br> period ended October 31, 2025<br>| &nbsp;&nbsp; For each of the four years in the period <br> ended October 31, 2025 and for the <br> period from September 14, 2021 <br> (commencement of operations) through <br> October 31, 2021<br>|
| &nbsp;&nbsp; Harbor SMID Cap Core ETF <br>Harbor SMID Cap Value ETF<br>| For the period from May 1, 2025 (commencement of operations) through October 31, 2025 | For the period from May 1, 2025 (commencement of operations) through October 31, 2025 | For the period from May 1, 2025 (commencement of operations) through October 31, 2025 |
| Harbor Transformative Technology ETF | For the period from April 16, 2025 (commencement of operations) through October 31, 2025 | For the period from April 16, 2025 (commencement of operations) through October 31, 2025 | For the period from April 16, 2025 (commencement of operations) through October 31, 2025 |

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The financial highlights for the year ended October 31, 2021 for the Harbor Dividend Growth Leaders ETF were audited by other auditors whose report dated December 30, 2021 expressed an unqualified opinion on the financial highlights.

**Basis for Opinion**

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial

reporting. Accordingly, we express no such opinion.

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**Report of Independent Registered Public Accounting Firm—Continued**

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Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, brokers and others; when replies were not received from brokers or others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](imge5d17d6c3.jpg)

We have served as the auditor of one or more Harbor funds investment companies since 2000.

Chicago, Illinois

December 22, 2025

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)**

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**Additional Tax Information**

For the fiscal year ended October 31, 2025, each Fund reports up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code as qualified dividend income eligible for reduced tax rates. These lower rates range from 0% to 20% depending on an individual's tax bracket.

For the fiscal year ended October 31, 2025, each Fund reports up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income for individuals.

If a Fund pays a distribution during calendar year 2025, complete information will be reported in conjunction with Form 1099-DIV.

The Funds report the following portions of their distributions from investment company taxable income for the fiscal year ended October 31, 2025 as qualifying for the dividends received deduction for corporate shareholders.

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| | |
|:---|:---|
|  | **Percentage of** <br>**Distribution**<br>|
| Harbor Active Small Cap ETF | &nbsp;&nbsp; 52<br> %<br>|
| Harbor AlphaEdge™ Large Cap Value ETF | &nbsp;&nbsp; 87 |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 79 |
| Harbor Dividend Growth Leaders ETF | &nbsp;&nbsp; 100 |
| Harbor Emerging Markets Equity ETF | &nbsp;&nbsp; ˂1 |
| Harbor Health Care ETF | &nbsp;&nbsp; 100 |
| Harbor Human Capital Factor US Large Cap ETF | &nbsp;&nbsp; 100 |
| Harbor Human Capital Factor US Small Cap ETF | &nbsp;&nbsp; 100 |
| Harbor International Compounders ETF | &nbsp;&nbsp; 4 |
| Harbor International Equity ETF | &nbsp;&nbsp; 1 |
| Harbor Long-Short Equity ETF | &nbsp;&nbsp; 41 |
| Harbor Mid Cap Core ETF | &nbsp;&nbsp; 33 |
| Harbor Mid Cap Value ETF | &nbsp;&nbsp; 47 |
| Harbor Multi-Asset Explorer ETF (Consolidated) | &nbsp;&nbsp; ˂1 |
| Harbor PanAgora Dynamic Large Cap Core ETF | &nbsp;&nbsp; 82 |
| Harbor SMID Cap Core ETF | &nbsp;&nbsp; 37 |
| Harbor SMID Cap Value ETF | &nbsp;&nbsp; 20 |

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Pursuant to Section 852 of the Internal Revenue Code, the Funds report the following capital gain dividends for the fiscal year ended October 31, 2025:

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| | |
|:---|:---|
|  | **Amount** <br>**(000s)**<br>|
| Harbor Active Small Cap ETF | &nbsp;&nbsp; $5 |
| Harbor AlphaEdge™ Small Cap Earners ETF | &nbsp;&nbsp; 4 |
| Harbor Health Care ETF | &nbsp;&nbsp; 42 |

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For the fiscal year ended October 31, 2025, the Funds, if applicable, report up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code 163 (j) as interest income eligible for income inclusion for corporate shareholders.

The Funds report the following foreign taxes paid and foreign source income for Federal income tax purposes:

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| | | |
|:---|:---|:---|
|  | **Foreign Taxes Paid** <br>**(000s)**<br>| **Foreign Source** <br>**Earned Income** <br>**(000s)**<br>|
| Harbor Emerging Markets Equity ETF | &nbsp;&nbsp; $13 | &nbsp;&nbsp; $82 |
| Harbor Emerging Markets Select ETF | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 40 |
| Harbor International Compounders ETF | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 6313 |
| Harbor International Equity ETF | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 27 |
| Harbor Osmosis Emerging Markets Resource Efficient ETF | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 4017 |
| Harbor Osmosis International Resource Efficient ETF | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 3075 |

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Shareholders that received distributions from a Fund through a taxable account during calendar year 2025 will receive a Form 1099-DIV in January 2026 that will show the tax character of those distributions.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**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 AGREEMENT AND SUBADVISORY AGREEMENT OF Harbor Emerging Markets Equity ETF, Harbor International Equity ETF, Harbor Mid Cap Core ETF, Harbor Mid Cap Value ETF, Harbor SMID Cap Core ETF, Harbor SMID Cap Value 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 Agreements between the Trust, on behalf of Harbor Emerging Markets Equity ETF, Harbor International Equity ETF, Harbor Mid Cap Core ETF, Harbor Mid Cap Value ETF, Harbor SMID Cap Core ETF, Harbor SMID Cap Value ETF (each a "Fund" and, collectively, the "Funds"), and Harbor Capital Advisors, Inc. (the "Adviser" or "Harbor Capital"); and (ii) the Subadvisory Agreements among the Adviser, the Trust, on behalf of each Fund, and EARNEST Partners LLC (the "Subadvisor" or "EARNEST").

In evaluating the Investment Advisory Agreements and the Subadvisory Agreements, the Trustees reviewed materials furnished by the Adviser and the Subadvisor, 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 Subadvisor in its capacity as a subadvisor for other Harbor funds. 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 Subadvisor. The Trustees also discussed with representatives of the Adviser, at the Meeting and at prior meetings, the Harbor funds' operations and the Adviser's ability, consistent with the "manager-of-managers" structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadvisor for each Fund, (ii) monitor and oversee the performance and investment capabilities of such subadvisor, and (iii) recommend the replacement of a subadvisor when appropriate.

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 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 Subadvisor present and were represented throughout the process by legal counsel to the Independent Trustees and the Trust.

**Factors Considered**

In considering the 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 EARNEST, including the background, education, expertise and experience of the investment professionals of Harbor Capital and EARNEST to provide services to each Fund;

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The favorable history, reputation, qualifications and background of Harbor Capital and EARNEST as well as the qualifications of their personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The fees proposed to be charged by Harbor Capital and EARNEST for investment advisory and subadvisory services, respectively, including the portion of the fees to be retained by Harbor Capital, after payment of EARNEST's fees, for investment advisory and related services to be provided by Harbor Capital (including investment, business, legal, compliance, financial and administrative services) and for Harbor Capital's undertaking to bear the operating expenses of 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 EARNEST 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, EARNEST 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 subadvisors for the Funds, to monitor and oversee the performance and investment capabilities of each subadvisor, and to recommend the replacement of a subadvisor when appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisors for particular Funds in circumstances in which the Board and Harbor Capital had determined that a change in subadvisor 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 subadvisor'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 subadvisor believed to better serve the shareholders than the existing subadvisor.

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 Funds generally, including the breadth and depth of experience and expertise of the investment, administrative, legal and compliance professionals dedicated to each Fund's operations. The Trustees determined that Harbor Capital has the expertise and resources to identify, select, oversee and monitor subadvisors 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 the Subadvisor's personnel, the quality of the Subadvisor's processes and the culture of the Subadvisor.

**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 the Emerging Markets Equity ETF is below the average and median of a peer group consisting of mutual funds and ETFs and above the average and median of a peer group consisting solely of ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes.

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**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

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**FORM N-CSR ITEMS 8-11—Continued** 

The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the International Equity ETF is below the average and median of a peer group consisting of mutual funds and ETFs and above the average and median of a peer group consisting solely of ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes.

The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the Mid Cap Core ETF is equal to the average and above the median of a peer group consisting of mutual funds and ETFs and above the average and median of a peer group consisting solely of ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes.

The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the Mid Cap Value ETF is below the average and median of a peer group consisting of mutual funds and ETFs and above the average and median of a peer group consisting solely of ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes.

The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the SMID Cap Core ETF is equal to the average and above the median of a peer group consisting of mutual funds and ETFs and above the average and median of a peer group consisting solely of ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes.

The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the SMID Cap Value ETF is below the average and median of a peer group consisting of mutual funds and ETFs and above the average and median of a peer group 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, 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 the Subadvisor 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 Emerging Markets Select 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 Emerging Markets Select 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 C WorldWide Asset Management Fondsmaeglerselskab A/S (the "Subadvisor" or "C WorldWide").

In evaluating the Investment Advisory Agreement and the Subadvisory Agreement, the Trustees reviewed materials furnished by the Adviser and the Subadvisor, 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 Subadvisor in its capacity as a subadvisor for other Harbor funds. In connection with their consideration of the Investment Advisory Agreement and Subadvisory Agreement, the Trustees, including the Independent Trustees, requested and received materials and presentations relating to the services to be rendered by the Adviser and Subadvisor. The Trustees also discussed with representatives of the Adviser, at the Meeting and at prior meetings, the Harbor funds' operations and the Adviser's ability, consistent with the "manager-of-managers" structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadvisor for the Fund, (ii) monitor and oversee the performance and investment capabilities of such subadvisor, and (iii) recommend the replacement of a subadvisor when 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 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 Subadvisor 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 C WorldWide, including the background, education, expertise and experience of the investment professionals of Harbor Capital and C WorldWide 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 C WorldWide 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 C WorldWide for investment advisory and subadvisory services, respectively, including the portion of the fees to be retained by Harbor Capital, after payment of C WorldWide'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 C WorldWide 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, C WorldWide and their respective affiliates as a result of their relationship with the Fund.

**Nature, Extent, and Quality of Services**

In evaluating the nature, extent, and quality of the services to be provided by Harbor Capital, the reasonableness of the overall compensation provided under the proposed advisory agreement and other considerations, the Trustees considered Harbor Capital's ability, consistent with the manager-of-managers structure of the Fund, to identify and recommend to the Trustees quality subadvisors for the Fund, to monitor and oversee the performance and investment capabilities of each subadvisor, and to recommend the replacement of a subadvisor when appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisors for particular Harbor funds in circumstances in which the Board and Harbor Capital had determined that a change in subadvisor was in the best interests of a fund and its shareholders,

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⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

whether as a result of (i) long-term underperformance not explained by market conditions or market cycles relative to the subadvisor'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 subadvisor believed to better serve the shareholders than the existing subadvisor.

The Board evaluated the nature, extent, and quality of Harbor Capital's proposed services in light of the Board's actual experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to the Harbor funds generally, including the breadth and depth of experience and expertise of the investment, administrative, legal and compliance professionals dedicated to the Harbor funds' operations. The Trustees determined that Harbor Capital has the expertise and resources to identify, select, oversee and monitor subadvisors 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 Subadvisor's personnel, the quality of the Subadvisor's processes and the culture of the Subadvisor.

**Advisory Fee and Expense Ratio**

The Trustees noted that the proposed Investment Advisory Agreement provides that Harbor Capital will pay all of the operating expenses of the Fund, with certain limited exceptions set forth in the agreement, and that such unitary fee structure effectively acts as a cap on the fees and expenses of the Fund. The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the Fund was below the average and median of a peer group of funds consisting of mutual funds and ETFs and above the average and median of a peer group of funds consisting solely of ETFs, both compiled using Morningstar data and presented to the Board for comparison purposes.

The Trustees also reviewed and determined to be reasonable, in relation to the services to be provided by each party, the split between the advisory fee to be paid to Harbor Capital and the subadvisory fee to be paid to C WorldWide and specifically the net advisory fee to be retained by Harbor Capital at various asset levels.

**Profitability**

The Trustees noted that Harbor Capital expected to operate the Fund initially at a loss.

**Economies of Scale**

The Trustees concluded that breakpoints in the Fund's advisory fee schedule were not necessary at the present time in light of, among other things, Harbor Capital's forward-looking approach to setting the contractual advisory fee, its absorbing Fund expenses and the uncertainty surrounding the aspects of the Fund's future asset growth. It was agreed, however, that the Board would consider the issue of breakpoints in the Fund's advisory fee schedule at least annually after the initial two-year contract term as part of its annual contract review process for all of the Harbor funds.

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 AGREEMENT AND SUBADVISORY AGREEMENT OF HARBOR ALPHA LAYERING ETF**

At a meeting of the Board held on May 18-20, 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 Alpha Layering 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 PanAgora Asset Management, Inc. (the "Subadvisor" or "PanAgora").

In evaluating the Investment Advisory Agreement and the Subadvisory Agreement, the Trustees reviewed materials furnished by the Adviser and the Subadvisor, 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 Subadvisor in its capacity as a subadvisor 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 Subadvisor. The Trustees also discussed with representatives of the Adviser, at the Meeting and at prior meetings, the Harbor funds' operations

------

⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

and the Adviser's ability, consistent with the "manager-of-managers" structure of many Harbor funds, to (i) identify and recommend to the Trustees a subadvisor for the Fund, (ii) monitor and oversee the performance and investment capabilities of such subadvisor, and (iii) recommend the replacement of a subadvisor when appropriate.

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 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 Subadvisor 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 PanAgora, including the background, education, expertise and experience of the investment professionals of Harbor Capital and PanAgora 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 PanAgora 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 PanAgora for investment advisory and subadvisory services, respectively, including the portion of the fees to be retained by Harbor Capital, after payment of PanAgora'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;•Simulated performance for the proposed strategy, together with consideration of the limitations of such simulated performance information;

&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, PanAgora 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 subadvisors for the Fund, to monitor and oversee the performance and investment capabilities of each subadvisor, and to recommend the replacement of a subadvisor when appropriate. The Trustees specifically considered Harbor Capital's history as a manager-of-managers, including its history of replacing subadvisors for particular Harbor funds in circumstances

------

⬤

------

**Harbor ETF Trust**

**ADDITIONAL INFORMATION (Unaudited)—Continued**

------

**FORM N-CSR ITEMS 8-11—Continued** 

in which the Board and Harbor Capital had determined that a change in subadvisor 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 subadvisor'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 subadvisor believed to better serve the shareholders than the existing subadvisor.

The Board evaluated the nature, extent and quality of Harbor Capital's proposed services in light of the Board's actual experience with Harbor Capital, as well as materials provided by Harbor Capital concerning the financial and other resources devoted by Harbor Capital to the Harbor funds generally, including the breadth and depth of experience and expertise of the investment, administrative, legal and compliance professionals dedicated to the Harbor funds' operations. The Trustees determined that Harbor Capital has the expertise and resources to identify, select, oversee and monitor subadvisors 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 Subadvisor's personnel, the quality of the Subadvisor's processes and the culture of the Subadvisor.

**Advisory Fee and Expense Ratio**

The Trustees noted that the proposed Investment Advisory Agreement provides that Harbor Capital will pay all of the operating expenses of the Fund, with certain limited exceptions set forth in the agreement, and that such unitary fee structure effectively acts as a cap on the fees and expenses of the Fund. The Trustees observed that the data available concerning comparative fees and expense ratios showed that the proposed net expense ratio for the Fund was below the average and median of a peer group of funds consisting of mutual funds and ETFs and below 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 PanAgora and specifically the net advisory fee to be retained by Harbor Capital at various asset levels.

**Profitability**

The Trustees noted that Harbor Capital expected to operate the Fund initially at a loss.

**Economies of Scale**

The Trustees concluded that breakpoints in the Fund's advisory fee schedule were not necessary at the present time in light of, among other things, Harbor Capital's forward-looking approach to setting the contractual advisory fee, its absorbing Fund expenses and the uncertainty surrounding the aspects of the Fund's future asset growth. It was agreed, however, that the Board would consider the issue of breakpoints in the Fund's advisory fee schedule at least annually after the initial two-year contract term as part of its annual investment contract review process for all of the Harbor funds.

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![](img88937eea5.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 INVESTMET 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)**&nbsp;&nbsp;&nbsp;&nbsp; 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)**&nbsp;&nbsp;&nbsp;&nbsp; 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)(1) | [Code of Ethics referred to in Item 2 is attached hereto.](hf-efp21603_ex99codeeth.htm) |
| (a)(2) | [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.](hf-efp21603_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.](hf-efp21603_906cert.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 December 22, 2025 on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **HARBOR ETF TRUST** | **HARBOR ETF TRUST** |
| By: | /s/ Charles F. McCain |
|  | Charles F. McCain<br> Chairman, President and Trustee<br> (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 | &nbsp;&nbsp;&nbsp;December 22, 2025 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ Howard M. Reich | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial<br> and Accounting Officer) | &nbsp;&nbsp;&nbsp;December 22, 2025 |
|  | Howard M. Reich | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer (Principal Financial<br> and Accounting Officer) |  |

---

Exhibit Index

---

| | |
|:---|:---|
| Number | Description |
| 99.CODE ETH | [Code of Business Conduct and Ethics.](hf-efp21603_ex99codeeth.htm) |
| 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)).](hf-efp21603_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)).](hf-efp21603_ex99cert.htm#ex99001) |
| 99.906CERT | [Certification as required by Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350).](hf-efp21603_906cert.htm) |

---

## Ex-99.Codeeth

**EX-99.CODE ETH**

![](img_001.jpg)

**Code of Ethics for Covered officers**

Code of Ethics for Covered officers Page 1 of 9 <br> Eff 07/01/2025

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  | | **Page Number** |
| **I.** | **Overview** | **3** |
| **II.** | **Purposes of the Code** | **3** |
| **III.** | **Responsibilities of Covered Officers** | **3** |
| **A.** | **Honest and Ethical Conduct** | **3** |
| **B.** | **Conflicts of Interest** | **4** |
| **C.** | **Use of Personal Fund Shareholder Information** | **5** |
| **D.** | **Public Communications** | **5** |
| **E.** | **Compliance with Applicable Laws, Rules and Regulations** | **5** |
| **IV.** | **Violation Reporting** | **6** |
| **A.** | **Overview** | **6** |
| **B.** | **How to Report** | **6** |
| **C.** | **Process for Violation Reporting to the Board** | **6** |
| **D.** | **Sanctions for Code Violations** | **6** |
| **V.** | **Waivers from the Code** | **6** |
| **VI.** | **Amendments to the Code** | **7** |
| **VII.** | **Acknowledgement and Certification of Adherence to the Code** | **7** |
| **VIII.** | **Scope of Responsibilities** | **7** |
| **IX.** | **Recordkeeping** | **7** |
| **X.** | **Confidentiality** | **7** |
| **Appendices** | **Appendices** |  |
| **Appendix A:** | **Appendix A:** | **8** |
| **Appendix B:** | **Appendix B:** | **9** |

---

Code of Ethics for Covered officers Page 2 of 9 <br> Eff 07/01/2025

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Overview** 

This Code of Business Conduct and Ethics (the "**<u>Code</u>**") sets forth the legal and ethical standards of conduct for the principal executive officer and principal financial officer (the "**<u>Covered Officers</u>**"), of Harbor Funds,Harbor ETF Trust, and Harbor Funds II (each, the "**<u>Trust</u>**" and together "**<u>Harbor</u>**"). Charles F. McCain and Howard M. Reich currently serve as the President and Treasurer, respectively, of each Trust and therefore are the Trusts' Covered Officers.

Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the Securities and Exchange Commission's (the "**<u>SEC</u>**") rules thereunder, the Board of Trustees of each Trust (the "**<u>Board</u>**") has implemented the Code to promote and demonstrate honest and ethical conduct in its Covered Officers.

The Covered Officers are also employees of Harbor Capital Advisors, Inc. (the "**<u>Adviser</u>**"). In addition to adhering to the Code, these individuals must comply with other Trust and Adviser policies and procedures, such as the Trusts' code of ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "**<u>Investment Company Act</u>**").

Diana R. Podgorny, as the Trusts' Chief Compliance Officer (the "**<u>Compliance Officer</u>**"), in consultation with counsel to the Trusts, is primarily responsible for implementing and enforcing this Code. The Compliance Officer, in consultation with counsel to the Trusts, has the authority to interpret the Code and its applicability to particular circumstances. Any questions about the Code should be directed to the Compliance Officer and counsel to the Trusts. The Compliance Officer is not a Covered Officer under this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Purposes of the Code** 

The purposes of the Code are to deter wrongdoing and to:

&nbsp;&nbsp;&nbsp;&nbsp;• promote
 honest and ethical conduct among Covered Officers, including the ethical handling of actual
 or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;• promote
 full, fair, accurate, timely and understandable disclosures in reports and documents that
 a Trust files with or submits to the SEC (and in other public communications from the Trust
 or any series of the Trust (a "  **<u>Fund</u>** ")) and that are within the
 Covered Officers' responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;• promote
 compliance with applicable laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• encourage
 the prompt internal reporting of violations of the Code to the Compliance Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;• establish
 accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Responsibilities of Covered Officers** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Honest and Ethical Conduct** 

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the shareholders of the Trust they serve.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated. Covered Officers also should responsibly use and control all Trust assets and resources entrusted to them.

Covered Officers may not discourage the reporting of actual or apparent violations of the Code or applicable laws or regulations. Individuals that report in good faith suspected violations of the Code or applicable laws or regulations should not be adversely affected in employment or other matters for making such reports. Covered Officers should create an environment that

Code of Ethics for Covered officers Page 3 of 9 <br> Eff 07/01/2025

encourages the exchange of information, including concerns of the type that this Code is designed to address.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's personal interests interfere with the interests of a Trust for which he or she serves as an officer. Covered Officers may not improperly use their position with the Trust for personal or private gain to themselves, their family, or any other person.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Trust that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Trust because of their status as "affiliated persons" of the Trust. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior will also be deemed a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship between a Trust and the Adviser, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to the Adviser's fiduciary duties to the Trust, the Covered Officers will in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both) be involved in establishing policies and implementing decisions which may have different effects on the Adviser and the Trust. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between a Trust and the Adviser and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Trust.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer's duties to s Trust and his or her personal interests. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the Compliance Officer and counsel for the Trusts.

When actual, apparent or suspected conflicts of interest arise that have not been addressed or reported in connection with a Covered Officer, the Adviser's personnel aware of the matter should promptly contact the Compliance Officer and counsel for the Trusts. There will be no reprisal against any person reporting in good faith an actual, apparent or suspected conflict of interest.

Upon receipt of a report of a possible conflict, the Compliance Officer and counsel to the Trusts will take steps to determine whether a conflict exists. In so doing, the Compliance Officer and counsel to the Trusts may take any actions they determine to be appropriate in their discretion and may use all reasonable resources, including retaining or engaging independent legal counsel, accounting firms or other consultants, subject to applicable law.<sup>1</sup> After full review of a report of a possible conflict of interest, the Compliance Officer and counsel to the Trusts may determine that no conflict or reasonable appearance of a conflict exists. If, however, the Compliance Officer and counsel to the Trusts determine that an actual conflict exists, the Compliance Officer and counsel to the Trusts will seek to resolve the conflict in the best interests of the shareholders of a Trust, and will report the conflict and its resolution to the Board. If the Compliance Officer and counsel to the Trusts determine that the appearance of a conflict exists, the Compliance Officer and counsel to the Trusts will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists, the Compliance Officer and counsel to the Trusts may refer the matter to the Board.

<sup>1</sup> For example, retaining a Trust's independent accounting firm may require pre-approval by the Trust's audit committee.

Code of Ethics for Covered officers Page 4 of 9 <br> Eff 07/01/2025

After receiving a report of a possible conflict of interest, the Compliance Officer and counsel to the Trusts will discuss the matter with the person who reported it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Conflicts disclosed to the Compliance Officer (and/or the Board) and counsel to the Trusts, or otherwise resolved by the Compliance Officer and counsel to the Trusts, are not considered to be waivers from the Code's requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the Compliance Officer and counsel to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Use of Personal Fund Shareholder Information** 

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for a Fund. Each Covered Officer also must abide by the respective Trust's and the Adviser's privacy policies under SEC Regulation S-P.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Public Communications** 

In connection with his or her responsibilities for or involvement with a Trust's public communications and disclosure documents (e.g., Fund shareholder reports, registration statements, press releases), each Covered Officer must provide information to Trust service providers (within the Adviser's organization or otherwise) and to government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers will endeavor to ensure full, fair, timely, accurate and understandable disclosure in Trust disclosure documents. Covered Officers involved in or responsible for a Trust's public disclosure documents will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Trust, if applicable to his or her responsibilities as a Covered Officer, and will adhere to, and will promote adherence to, Trust and Adviser disclosure controls, processes and procedures, including the Adviser's disclosure controls and procedures, which govern the process by which Trust disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund's books and records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Compliance with Applicable Laws, Rules and Regulations** 

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations that apply to his or her role, responsibilities and duties with respect to the Trust ("**<u>Applicable Laws</u>**"). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the Compliance Officer.

Code of Ethics for Covered officers Page 5 of 9 <br> Eff 07/01/2025

&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Violation Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Overview** 

Each Covered Officer must promptly report, and promote the reporting of, any known or suspected violations of the Code to the Compliance Officer and the counsel to the Trusts.

Examples of violations of the Code include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unethical
 or dishonest behavior

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obvious
 lack of adherence to policies surrounding review and approval of public communications and
 regulatory filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure
 to report violations of the Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Known
 or obvious deviations from Applicable Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure
 to acknowledge and certify adherence to the Code

The Compliance Officer and counsel to the Trusts have the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Trust's Board, the independent Board members, a Board committee, independent legal counsel and/or counsel to the independent Board members. The Compliance Officer and counsel to the Trust also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **How to Report** 

Any known or suspected violations of the Code must be promptly reported to the Compliance Officer and counsel to the Trusts.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Process for Violation Reporting to the Board** 

The Compliance Officer and counsel to the Trusts will report any material violations of the Code to the respective Trust's Board on a periodic basis and/or as the Board may request.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Sanctions for Code Violations** 

Violations of the Code will be taken seriously. In response to reported or otherwise known violations, the Adviser and the respective Trust's Board may impose sanctions which they deem appropriate within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by the Adviser could include termination of employment. Sanctions imposed by ae Trust's Board could include termination of association with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Waivers from the Code** 

A Covered Officer may request a waiver from the Code by transmitting a written request for a waiver to the Compliance Officer and counsel to the Trust.<sup>2</sup> The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Code.

The Compliance Officer and counsel to the Trust may grant waivers from the Code, as appropriate, subject to and in furtherance of, the standards of conduct described in the Code. The Compliance Officer and counsel to the Trusts must fully document their consideration of any waiver request, including the rationale for granting or denying the waiver. The Compliance Officer and counsel to the Trusts will monitor the activities subject to the waiver, as appropriate, and will report to the Trust's Board, on a periodic basis and/or as the Board may request, regarding any waivers granted since the

<sup>2</sup> There would not be a waiver of the Code if the Compliance Officer and counsel to the Trust determines that a matter is not a deviation from the Code's requirements or is otherwise not covered by the Code.

Code of Ethics for Covered officers Page 6 of 9 <br> Eff 07/01/2025

last report. In lieu of determining whether to grant a waiver, the Compliance Officer and counsel to the Trusts may refer the matter to the Trust's Board.

The Compliance Officer and counsel to the Trusts will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

&nbsp;&nbsp;&nbsp;&nbsp;**VI.** **Amendments to the Code** 

The Compliance Officer and counsel to the Trusts may request Trust Board approval to amend the Code as appropriate. The Compliance Officer and counsel to the Trust will coordinate and facilitate any required public disclosures of Code amendments.

&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Acknowledgement and Certification of Adherence to the Code** 

Each Covered Officer must sign a statement annually acknowledging that he or she has received a copy of the Code, as amended or updated, and confirming that he or she has complied with it (see **<u>Appendix A: Code Acknowledgement and Certification Form</u>**).

&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Scope of Responsibilities** 

Covered Officer's responsibilities under the Code are limited to:

Trust matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer's responsibilities as a Trust officer); and

Trust matters of which the Officer has actual knowledge.

&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Recordkeeping** 

The Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

&nbsp;&nbsp;&nbsp;&nbsp;**X.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Compliance Officer, the Covered Officer, a Trust's Board and legal counsel.

Code of Ethics for Covered officers Page 7 of 9 <br> Eff 07/01/2025

![](img_001.jpg)

**Appendix A**

**Certification**

**Annual Acknowledgement and Certification of Obligations Under the Code of Business Conduct and Ethics**

I acknowledge and certify that I am a Covered Officer under the Harbor Code of Business Conduct and Ethics (the "**<u>Code</u>**") and therefore subject to all of its requirements and provisions.

I have read and understand the requirements and provisions set forth in the Code.

I have adhered to the Code and will continue to adhere to the Code.

---

| | |
|:---|:---|
| Date | Signature |
|  | Print Name and Title |

---

Code of Ethics for Covered officers Page 8 of 9 <br> Eff 07/01/2025

**Appendix B**

**Definitions**

---

| | |
|:---|:---|
| **<u>Principal Executive Officer</u>** | Individual holding the office of President of the Trust, or a person performing a similar function. |
| **<u>Principal Financial Officer</u>** | Individual holding the office of Treasurer of the Trust, or a person performing a similar function. |
| **<u>Registered Management Investment Company</u>** | Registered investment companies other than a face-amount certificate company or a unit investment trust. |
| **<u>Waiver</u>** | A waiver is an approval of an exemption from a Code requirement. |
| **<u>Implicit Waiver</u>** | An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Code that has been made known to the Compliance Officer and counsel to the Trust. |

---

Code of Ethics for Covered officers Page 9 of 9 <br> Eff 07/01/2025

## 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: December 22, 2025 | /s/ Charles F. McCain |
|  | Charles F. McCain |
|  | Chairman, President and Trustee |
|  | (Principal Executive Officer) |

---

**EX-99.CERT2**

**CERTIFICATION**

I, **Howard M. Reich**, certify that:

1. I have reviewed this report on Form N-CSR of Harbor ETF Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in

which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 22, 2025 | /s/ Howard M. Reich |
|  | Howard M. Reich |
|  | 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 year ended October 31, 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 | December 22, 2025 |
|  | Charles F. McCain | &nbsp;&nbsp;&nbsp;(Principal Executive Officer) |  |
| By: | /s/ Howard M. Reich | &nbsp;&nbsp;&nbsp;Treasurer (Principal Financial | December 22, 2025 |
|  | Howard M. Reich | &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.