N-CSR

Table of Contents

Harbor ETF Trust
Harbor Commodity All-Weather Strategy ETF
Manager’s Commentary	2
Consolidated Portfolio of Investments	4
Harbor Disruptive Innovation ETF
Manager’s Commentary	6
Portfolio of Investments	8
Harbor Dividend Growth Leaders ETF
Manager’s Commentary	11
Portfolio of Investments	13
Harbor Energy Transition Strategy ETF
Manager’s Commentary	15
Consolidated Portfolio of Investments	17
Harbor Health Care ETF
Manager’s Commentary	19
Portfolio of Investments	21
Harbor Human Capital Factor Unconstrained ETF
Manager’s Commentary	23
Portfolio of Investments	25
Harbor Human Capital Factor US Large Cap ETF
Manager’s Commentary	27
Portfolio of Investments	29
Harbor Human Capital Factor US Small Cap ETF
Manager’s Commentary	32
Portfolio of Investments	34
Harbor International Compounders ETF
Manager’s Commentary	38
Portfolio of Investments	40
Harbor Long-Term Growers ETF
Manager’s Commentary	42
Portfolio of Investments	44
Harbor Multi-Asset Explorer ETF
Manager’s Commentary	46
Portfolio of Investments	48
Harbor Scientific Alpha High-Yield ETF
Manager’s Commentary	49
Portfolio of Investments	51
Harbor Scientific Alpha Income ETF
Manager’s Commentary	56
Portfolio of Investments	58
Financial Statements
Statements of Assets and Liabilities	63
Statements of Operations	65
Statements of Changes in Net Assets	67
Financial Highlights	70
Notes to Financial Statements	77
Report of Independent Registered Public Accounting Firm	91

Harbor Commodity All-Weather Strategy ETF

MANAGER’S COMMENTARY (Unaudited)

SUBADVISOR

Quantix Commodities LP

Management’s Discussion of
Fund Performance

MARKET REVIEW

After a poor fourth quarter of 2022 for commodity markets, market observers looking for strong commodity markets in 2023 were mostly disappointed in the first half of the year. Many investors lost patience with the choppy price action and largely exited the long positions that they had been holding, with certain measures of investor positioning in certain markets, such as Crude Oil, falling to almost the lowest level in three years.

However, the third quarter finally brought the much-anticipated rally in Crude Oil during the seasonally quieter summer months, even as market participants were not positioned for it. West Texas Intermediate (“WTI”) Crude Oil prices were up 30% over three months, the strongest third quarter performance in over two decades. All the ingredients had been there for higher prices, but they needed a catalyst. For these markets, the extra heat applied by strong seasonal demand and a committed OPEC+ (that is, members of the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil-producing countries) caused the Petroleum sector to finally bubble over, increasing flat price (the absolute price level of a commodity) and more volatility in spreads.

The run up in Crude Oil was partly a result of strong demand and low inventories in products, such as Gasoline, early in the summer. Refiners ran at high capacity to meet this demand, requiring more crude oil. This was reflected in WTI Crude Oil inventories at Cushing, which drew down over the summer to multi-year lows.

The U.S. Federal Reserve (“Fed”) continued to demonstrate concern about high inflation in the U.S. throughout the period, continuing to raise interest rates. This sparked a rally in the U.S. Dollar Index as the Fed appeared more hawkish than other central banks around the world. This caused challenges in sectors such as Precious Metals and Industrial Metals.

Global events have also buffeted commodity markets so far in 2023. In the third quarter, Chinese policy makers did not take the action that some market participants were looking for to stimulate their economy. This caused those sectors more sensitive to Chinese growth, such as Industrial Metals, to fall, despite inventories for key commodities such as Copper remaining at historically low levels. In October 2023, the ongoing events in the Middle East resulted in investors bidding up Gold as a safe haven asset.

PERFORMANCE

Harbor Commodity All-Weather Strategy ETF returned 9.40% in the year ended October 31, 2023. The Fund seeks to track the performance of the Quantix Commodity Index (the “Index”), which returned 11.16% during the same period.

This difference in cash management arises from the fact that the methodology in the Index, similar to other major commodity benchmarks, is not able to be fully replicated. This can put the Fund at somewhat of a disadvantage relative to the Index in a period of rapid interest rate rises, such as in 2022 and so far in 2023, and conversely helps the Fund relative to the Index in a period of rapid interest rate decreases.

On a sector basis, the Precious Metals sector was the biggest contributor. Almost all of the positive performance came from Gold which is the largest individual commodity weight, as buying from official institutions offset the challenges from higher real interest rates. The Petroleum sector also contributed positively, with all the gains coming in 2023 from Heating Oil, Brent Crude Oil, and Gasoil, from a mixture of price appreciation and positive roll yield. The Softs sector was also positive, largely from Sugar.

These gains were partially offset by negative contributions from Grains and the Industrial Metals sector. Individual commodities within Grains were down or flat due to greater than expected harvests and geopolitical risk premium continuing to come out of the market. The

⬤

Harbor Commodity All-Weather Strategy ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 02/09/2022 through 10/31/2023

The graph compares a $10,000 investment in shares of the Fund with the performance of the Quantix Commodity Index and the Bloomberg Commodity Index . The Fund’s performance assumes the reinvestment of all dividend and capital gain distributions. Past performance is no guarantee of future results.

TOTAL RETURNS
For the periods ended 10/31/2023
Annualized
	1 Year	5 Years	Life of Fund
Harbor Commodity All-Weather Strategy ETF (Based on Net Asset Value)1	9.40%	N/A	8.13%
Harbor Commodity All-Weather Strategy ETF (At Market Price)1	9.49	N/A	8.21
Comparative Index
Quantix Commodity Index1	11.16%	N/A	9.94%
Bloomberg Commodity Index 1	-2.97	N/A	0.89

As stated in the Fund’s prospectus dated March 1, 2023, the expense ratio was 0.68%. The expense ratio in the prospectus may differ from the actual expense ratio for the period disclosed within this report. The expense ratio shown in the prospectus is adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus (or supplement thereto, if applicable).

The Quantix Commodity Index is calculated on a total return basis, which combines the returns of the futures contracts with the returns on cash collateral invested in 13-week U.S. Treasury Bills. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Quantix Commodity Index was developed by Quantix Commodities LP and is owned by Quantix Commodities Indices LLC. The Bloomberg Commodity Index measures the performance of futures contracts on physical commodities which traded on U.S. exchanges and London Metal Exchange. The commodity weightings are based on production and liquidity, subject to weighting restrictions applied annually.

Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

Industrial Metals, particularly Nickel and Zinc, continue to be affected by the weaker economic growth in China and overhangs in supply.

The Index rebalances once a quarter and, at each rebalance, updates the weighting between scarcity and debasement within the Index.

In the most recent rebalance, calculated in September 2023 and implemented in October 2023, the Index kept both the sector and individual commodity weights broadly similar to the previous quarters in 2023. Two of the three macroeconomic indicators that the Index takes into account - the shape of the U.S. Treasury curve, relative performance of Copper and Gold, and the shape of the futures curves of commodities - remain pointing at debasement, keeping the weight of Gold relatively high compared to the consumable commodities.

OUTLOOK & STRATEGY

We believe that the outlook for commodity markets remains bright, especially relative to other asset classes. In the short term, we believe that the fundamentals of most markets remain supportive. For example, in Petroleum, tightness in sweet crude markets such as WTI and Brent has caught up with the tightness in sour markets. Oil markets appear to be fundamentally tight. Although product margins are off their highs, demand is still robust and the apparent resolve of OPEC+ for higher prices, in addition to the recent geopolitical events, appears strong enough to keep Oil higher through the end of 2023. Investors are also earning significant positive roll yield as the Oil futures curve remained in backwardation.

The strengthening dollar continues to be a headwind for Gold as it fell below $1,900 per ounce at the end of September 2023 before surging above $2,000 per ounce in October 2023 due to increased demand as a safe haven asset. Rates are definitionally closer to their peak than they were before and, like Oil a few months ago, speculators are more lightly positioned (as seen from outflows from “GLD” – the main physical gold ETF) and official sector interest remains strong.

1 The “Life of Fund” return as shown reflects the period 02/09/2022 (commencement of operations) through 10/31/2023. The first day of secondary market trading was a few days after the date on which the Fund commenced investment operations; therefore, the Net Asset Value of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

This report contains the current opinions of Quantix Commodities LP as of the date of this report and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

There is no guarantee that the investment objective of the Fund will be achieved. Commodities and commodity-linked derivative instruments can be significantly more volatile than other securities, such as stocks or bonds. The Fund is non-diversified and may have significant exposure to a particular sector of the commodities market (such as metal, gas or emissions products). As a result, the Fund may be more susceptible to risks associated with a single issuer or sector than a more diversified portfolio.

⬤

Harbor Commodity All-Weather Strategy ETF

CONSOLIDATED PORTFOLIO OF INVESTMENTS—October 31, 2023

RISK ALLOCATION* (% of Net Assets) - Unaudited

Asset Class	Sector
COMMODITIES
	Petroleum	32.3%
	Precious Metals	31.6%
	Industrial Metals	16.6%
	Grains and Soybean Products	15.5%
	Softs	4.0%

*Based on notional value and represents the sector allocation of the Quantix Commodity Index.

PORTFOLIO OF INVESTMENTS

Principal Amounts, Value and Cost in Thousands

SHORT-TERM INVESTMENTS—93.3%

Principal Amount		Value
U.S. TREASURY BILLS—93.3%
	U.S. Treasury Bills
$39,125	5.259%—11/09/2023†	$39,079
8,733	5.290%—02/06/2024†	8,608
16,526	5.291%—02/22/2024†	16,250
26,723	5.297%—12/21/2023†	26,526
8,212	5.308%—12/28/2023†	8,143
TOTAL SHORT-TERM INVESTMENTS (Cost $98,608)		98,606
TOTAL INVESTMENTS—93.3% (Cost $98,608)		98,606
CASH AND OTHER ASSETS, LESS LIABILITIES—6.7%		7,122
TOTAL NET ASSETS—100%		$105,728

SWAP AGREEMENTS
OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS ON INDICES
Counterparty	Fixed Rate	Pay/Receive Fixed Rate	Reference Index1	Expiration Date	Payment Frequency	Notional Amount (000s)	Value (000s)	Upfront Premiums (Received)/ Paid (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Macquarie Bank Limited	0.120%	Pay	Quantix Commodity Index	11/30/2023	Monthly	$105,715	$—	$—	$—

FAIR VALUE MEASUREMENTS

All investments as of October 31, 2023 (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.

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

⬤

Harbor Disruptive Innovation ETF

MANAGER’S COMMENTARY (Unaudited)

ADVISER

Harbor Capital Advisors, Inc.

Management’s Discussion of
Fund Performance

MARKET REVIEW

U.S. Markets started the year facing inflation fears and the Federal Reserve’s (the “Fed”) reaction was the central storyline all year as policy transitioned from highly accommodative to tightened across the globe. The market provided mixed results for U.S. equity markets, with indices initially surpassing the highs of the year before reversing course. The Fed’s policy trajectory was a central focus during the period as investors broadly expected a pause in interest rate hikes that was confirmed in September. Over the course of the year, there was also a growing acceptance of the Fed’s higher-for-longer mantra leading to the swift rise in longer-dated yields. Questions also began to percolate about the health of the consumer and the durability of their spending power given the rise in oil, planned resumption of student loan payments, dramatically higher borrowing costs, and the exhaustion of COVID-era savings. Consequently, cracks began to emerge in the key pillars of the argument supporting a soft-landing which drove a shift in risk tolerances towards quality, shorter duration equities.

PERFORMANCE

Harbor Disruptive Innovation ETF returned 1.66% for the year ended October 31, 2023, while the S&P 500 Index (the “Index”) returned 10.14% during the same period. The Fund lagged the Index during the period and faced notable headwinds from both a stock specific and factor perspective. The Fund’s exposure to less profitable companies than the benchmark holdings proved a meaningful headwind during the year, particularly Health Care companies. Within Health Care, investments within the Biotech segment experienced declines as investor preference shifted away from higher valuation companies and focused more on quality. Shares of Ascendis Pharma sold off during the year as investors reacted negatively to the news that the Food and Drug Administration identified deficiencies in the company’s new drug application for TransCon. Given the market’s prevailing short-term focus and low appetite for increased risk, the stock reacted negatively during the period. In addition, the Fund’s underweight investment in NVIDIA contributed negatively to relative returns as the stock was up over 200% for the year. Relative results were also hindered from performance within the Communication Services sector, notably from a relative underweight to Meta Platforms and Alphabet. Performance within the Consumer Discretionary sector was additive to performance over the year as delivery companies such as DoorDash and Deliveroo as well as the ecommerce company MercadoLibre outperformed the market. From a factor standpoint, the Fund’s overweight to companies that are more sensitive to market movements than the overall market (i.e., Beta) contributed positively to performance.

OUTLOOK & STRATEGY

U.S. economic growth likely reaccelerated in the third quarter on the back of strong consumption. While this spending was frontloaded and momentum waned over the period, we believe the strong labor market remains a bedrock for consumers. The labor market’s gradual transition from overheating to full employment appears to be on track. We see signs of slack emerging at the margin with fewer workers quitting, slowing wage gains, and less demand for temporary help. However, continued monthly job increases and low unemployment claims run counter to any fears of broader weakness. The steady string of good news on inflation is challenging the Fed’s message discipline. Acknowledged progress is lagging actual progress despite the near-term upside risk posed by energy prices.

⬤

Harbor Disruptive Innovation ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 12/01/2021 through 10/31/2023

The graph compares a $10,000 investment in shares of the Fund with the performance of the S&P 500 Index and the Russell 3000® Growth Index. The Fund’s performance assumes the reinvestment of all dividend and capital gain distributions. Past performance is no guarantee of future results.

TOTAL RETURNS
For the periods ended 10/31/2023
Annualized
	1 Year	5 Years	Life of Fund
Harbor Disruptive Innovation ETF (Based on Net Asset Value)1	1.66%	N/A	-24.66%
Harbor Disruptive Innovation ETF (At Market Price)1	1.66	N/A	-24.66
Comparative Index
S&P 500 Index1	10.14%	N/A	-2.20%
Russell 3000® Growth Index1	17.32	N/A	-5.47

As stated in the Fund’s prospectus dated March 1, 2023, the expense ratio was 0.75%. The expense ratio in the prospectus may differ from the actual expense ratio for the period disclosed within this report. The expense ratio shown in the prospectus is adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus (or supplement thereto, if applicable).

The S&P 500 Index is an unmanaged index generally representative of the U.S. market for large capitalization equities. The Russell 3000® Growth Index measures the performance of the broad growth segment of the U.S. equity universe. It includes Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted. These unmanaged indices do not reflect fees and expenses and are not available for direct investment. The Russell 3000® Growth Index and Russell® are trademarks of Frank Russell Company.

Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

1 The “Life of Fund” return as shown reflects the period 12/01/2021 (commencement of operations) through 10/31/2023. The first day of secondary market trading was a few days after the date on which the Fund commenced investment operations; therefore, the Net Asset Value of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

This report contains the current opinions of Harbor Capital Advisors, Inc. as of the date of this report and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

⬤

Harbor Disruptive Innovation ETF

PORTFOLIO OF INVESTMENTS—October 31, 2023

SECTOR ALLOCATION (% of investments) - Unaudited

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands

COMMON STOCKS—97.0%
Shares		Value
AUTOMOBILES—0.9%
1,096	Tesla, Inc. *	$220
BIOTECHNOLOGY—10.5%
1,586	89bio, Inc. *	12
44,269	Adaptimmune Therapeutics PLC ADR*,1	24
3,071	Alkermes PLC *	74
23,185	Allogene Therapeutics, Inc. *	65
6,755	Arrowhead Pharmaceuticals, Inc. *	166
3,832	Ascendis Pharma AS ADR (Denmark)*,1	342
95,116	Autolus Therapeutics PLC ADR (United Kingdom)*,1	268
10,156	Avidity Biosciences, Inc. *	52
8,268	Bicycle Therapeutics PLC ADR (United Kingdom)*,1	125
23,102	C4 Therapeutics, Inc. *	35
4,855	Fate Therapeutics, Inc. *	9
6,256	Freeline Therapeutics Holdings PLC ADR (United Kingdom)*,1	31
4,317	Intellia Therapeutics, Inc. *	108
22,766	Iovance Biotherapeutics, Inc. *	87
1,923	Krystal Biotech, Inc. *	225
5,052	Kymera Therapeutics, Inc. *	59
1,903	Legend Biotech Corp. ADR*,1	126
57,473	Magenta Therapeutics, Inc. - CVR *	— x
1,861	Moderna, Inc. *	141
48,106	Precision BioSciences, Inc. *	15
10,698	REGENXBIO, Inc. *	138
16,270	Repare Therapeutics, Inc. (Canada)*	55
10,150	Replimune Group, Inc. *	148
17,508	Rocket Pharmaceuticals, Inc. *	317
533	Sarepta Therapeutics, Inc. *	36
9,632	Synlogic, Inc. *	18
8,624	uniQure NV (Netherlands)*	49
		2,725
BROADLINE RETAIL—5.7%
5,475	Amazon.com, Inc. *	728
601	MercadoLibre, Inc. (Brazil)*	746
		1,474
CHEMICALS—2.7%
1,794	Linde PLC	686
CONSUMER STAPLES DISTRIBUTION & RETAIL—1.5%
98,907	Dada Nexus Ltd. ADR (China)*,1	380

COMMON STOCKS—Continued
Shares		Value
ELECTRICAL EQUIPMENT—0.3%
300	Hubbell, Inc. Class B	$81
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%
4,476	Cognex Corp.	161
ENTERTAINMENT—0.3%
1,573	Sea Ltd. ADR (Singapore)*,1	66
FINANCIAL SERVICES—5.5%
446	Adyen NV (Netherlands)*,2	299
10,099	Block, Inc. *	407
5,022	Fiserv, Inc. *	571
9,529	Toast, Inc. Class A*	152
		1,429
HEALTH CARE EQUIPMENT & SUPPLIES—3.2%
312	Cooper Cos., Inc.	97
4,299	Dexcom, Inc. *	382
249	IDEXX Laboratories, Inc. *	100
696	Inspire Medical Systems, Inc. *	102
561	Insulet Corp. *	74
1,204	Lantheus Holdings, Inc. *	78
		833
HEALTH CARE PROVIDERS & SERVICES—0.2%
70,896	Invitae Corp. *	43
HOTELS, RESTAURANTS & LEISURE—5.1%
2,123	Airbnb, Inc. Class A*	251
169	Chipotle Mexican Grill, Inc. Class A*	328
251,156	Deliveroo PLC Class A (United Kingdom)*,2	397
4,593	DoorDash, Inc. Class A*	345
		1,321
INSURANCE—2.6%
4,313	Progressive Corp.	682
INTERACTIVE MEDIA & SERVICES—2.9%
3,787	Alphabet, Inc. Class A*	470
894	Meta Platforms, Inc. Class A*	269
		739

⬤

Harbor Disruptive Innovation ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands

COMMON STOCKS—Continued
Shares		Value
IT SERVICES—5.5%
6,255	Cloudflare, Inc. Class A*	$355
515	MongoDB, Inc. *	177
3,315	Okta, Inc. *	223
8,469	Shopify, Inc. Class A (Canada)*	400
1,859	Snowflake, Inc. Class A*	270
		1,425
LIFE SCIENCES TOOLS & SERVICES—4.3%
3,207	Danaher Corp.	616
761	ICON PLC *	185
401	Lonza Group AG (Switzerland)	140
412	Thermo Fisher Scientific, Inc.	183
		1,124
MACHINERY—1.0%
2,174	Chart Industries, Inc. *	253
PHARMACEUTICALS—1.4%
5,805	Arvinas, Inc. *	94
3,283	Catalent, Inc. *	113
282	Eli Lilly & Co.	156
		363
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.5%
6,763	Advanced Micro Devices, Inc. *	666
1,804	Applied Materials, Inc.	239
1,010	ASML Holding NV (Netherlands)	604
1,291	Lam Research Corp.	760
2,950	Lattice Semiconductor Corp. *	164
2,164	Microchip Technology, Inc.	154
876	NVIDIA Corp.	357
3,925	Texas Instruments, Inc.	557
		3,501
SOFTWARE—25.0%
130,927	Agora, Inc. ADR (China)*,1	385

COMMON STOCKS—Continued
Shares		Value
SOFTWARE—Continued
910	Atlassian Corp. Class A*	$164
2,885	Cadence Design Systems, Inc. *	692
7,635	CCC Intelligent Solutions Holdings, Inc. *	82
2,432	Datadog, Inc. Class A*	198
2,498	Dynatrace, Inc. *	112
4,210	Fortinet, Inc. *	241
600	HubSpot, Inc. *	254
4,050	Microsoft Corp.	1,369
528	Nice Ltd. ADR (Israel)*,1	82
964	Palo Alto Networks, Inc. *	234
3,912	Procore Technologies, Inc. *	239
1,857	Salesforce, Inc. *	373
16,259	Samsara, Inc. Class A*	375
1,259	ServiceNow, Inc. *	733
6,107	Smartsheet, Inc. Class A*	241
2,380	Splunk, Inc. *	350
988	Workday, Inc. Class A*	209
848	Zscaler, Inc. *	135
		6,468
SPECIALTY RETAIL—1.2%
203,928	Farfetch Ltd. Class A (United Kingdom)*	306
TRADING COMPANIES & DISTRIBUTORS—1.6%
1,048	United Rentals, Inc.	426
WIRELESS TELECOMMUNICATION SERVICES—1.5%
2,643	T-Mobile U.S., Inc. *	380
TOTAL COMMON STOCKS (Cost $25,834)		25,086
TOTAL INVESTMENTS—97.0% (Cost $25,834)		25,086
CASH AND OTHER ASSETS, LESS LIABILITIES—3.0%		772
TOTAL NET ASSETS—100%		$25,858

FAIR VALUE MEASUREMENTS

As of October 31, 2023, the investment in Magenta Therapeutics, Inc - CVR (as disclosed in the preceding Portfolio of Investments) was classified as Level 3 and all other investments were classified as Level 1.

The following is a rollforward of the Fund’s Level 3 investments during the year ended October 31, 2023. 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 Description	Beginning Balance as of 11/01/2022 (000s)	Purchases (000s)	Sales (000s)	Discount/ (Premium) (000s)	Total Realized Gain/(Loss) (000s)	Change in Unrealized Appreciation/ (Depreciation) (000s)	Transfers Into Level 3h (000s)	Transfers Out of Level 3 (000s)	Ending Balance as of 10/31/2023 (000s)	Unrealized Gain/(Loss) as of 10/31/2023 (000s)
Common Stock	$—	$—	$—	$—	$—	$—	$—	$—	$—	$—

⬤

Harbor Disruptive Innovation ETF

PORTFOLIO OF INVESTMENTS—Continued

FAIR VALUE MEASUREMENTS—Continued

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

Valuation Descriptions	Ending Balance as of 10/31/23 (000s)	Valuation Technique	Unobservable Input(s)	Input Value(s)
Investments in Securities
Common Stocks
Magenta Therapeutics, Inc. - CVR*	$—	Market Approach	Estimated Recovery Value	$0.00

Non-income producing security

Fair valued in accordance with Harbor Funds' Valuation Procedures.

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

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, 2023, the aggregate value of these securities was $696 or 3% of net assets.

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

⬤

Harbor Dividend Growth Leaders ETF

MANAGER’S COMMENTARY (Unaudited)

SUBADVISOR

Westfield Capital Management Company, L.P.

Management’s Discussion of
Fund Performance

MARKET REVIEW

U.S. equities closed out 2022 much the way they started, with a series of lower highs and lower lows amidst high volatility. After stocks surged in January 2023 on the hopes of more expansionary monetary policy by the U.S. Federal Reserve (the “Fed”) and a perceived soft-landing coming to pass, indexes reversed course in February 2023, as data showed persistent inflation and more aggressive Fed commentary. Then, almost 12 months into the interest rate raising cycle, financial balance sheet concerns emerged in the banking system which ultimately led to the collapse of Silicon Valley Bank. In the second quarter of 2023, cap-weighted broad market indices such as the S&P 500 and NASDAQ surged, driven predominantly by robust gains from a select group of mega cap tech stocks aptly named the ‘Magnificent 7.’ The third quarter of 2023 provided mixed results for U.S. equity markets, with indices initially surpassing the previous highs of the year before reversing course to end the quarter lower. The Fed policy trajectory was a central focus as investors broadly expected a pause in interest rate hikes that was confirmed in September 2023. There was also a growing acceptance of the Fed’s higher-for-longer mantra leading to the swift rise in longer-dated yields. Questions also began to percolate about the health of the consumer and the durability of their spending power given the rise in oil, planned resumption of student loan payments, dramatically higher borrowing costs, and the exhaustion of COVID-era savings. Consequently, challenges to the argument supporting a soft-landing drove a shift in risk tolerances towards quality, shorter duration equities.

PERFORMANCE

Harbor Dividend Growth Leaders ETF returned 4.05% in the year ended October 31, 2023, underperforming the 10.14% return of the S&P 500 Index and the 5.22% return of the NASDAQ Dividend Achievers Select Total Return Index during the same period.

Given this is not a benchmark-driven strategy, there can be periods where the performance looks materially different. From a sector standpoint, relative weakness within Energy and Consumer Staples offset relative strength within Health Care.

Energy was the largest source of relative weakness, costing 224 basis points (“bps”). Within the sector, exploration & production company, Devon Energy Corporation (“Devon”), was the largest detractor from relative results. The stock sold off after a disappointing fourth quarter combined with significant pressure on the overall oil sector. Devon also stumbled on volume and capex for the second quarter in a row, and while free-cash-flow guidance only came down marginally, the stock was weak as investors lost some confidence in management and were shaken by the decline in global macro and oil prices. Given the headwinds, we decided to exit the Fund’s position during the period.

Consumer Staples also detracted from relative results, costing 175 bps of relative performance. Target Corporation, a general merchandise retailer, was the biggest relative underperformer within the sector. The stock sold off due to a weakening revenue trend in the sector and the impending resumption of student loan payments. The pause on student loan repayments, in place since the start of the COVID-19 pandemic, has provided some financial relief to borrowers; however, repayments are set to resume. Given the headwinds, we decided to exit the Fund’s position during the period.

Health Care was the largest contributor to relative performance, adding 385 bps of relative returns to the Fund, primarily due to investments within Pharmaceuticals. Pharmaceutical developer and manufacturer, Eli Lilly (“Eli”), was the top contributing stock within the sector over the period. Eli’s stock price continued to climb higher on investor hype and enthusiasm around GLP-1 obesity drugs. Estimates for peak-sales for these types of drugs continue to

⬤

Harbor Dividend Growth Leaders ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 11/01/2013 through 10/31/2023

The graph compares a $10,000 investment in shares of the Fund with the performance of the S&P 500 Index and the NASDAQ Dividend Achievers Select Total Return Index. The Fund’s performance assumes the reinvestment of all dividend and capital gain distributions. Past performance is no guarantee of future results.

TOTAL RETURNS
For the periods ended 10/31/2023
Annualized
	1 Year	5 Years	10 Years
Harbor Dividend Growth Leaders ETF (Based on Net Asset Value)1	4.05%	10.33%	9.57%
Harbor Dividend Growth Leaders ETF (At Market Price)1	3.97	10.33	9.57
Comparative Index
S&P 500 Index1	10.14%	11.01%	11.18%
NASDAQ Dividend Achievers Select Total Return Index1	5.22	10.22	10.00

As stated in the Fund’s prospectus dated March 1, 2023, the expense ratio was 0.50%. The expense ratio in the prospectus may differ from the actual expense ratio for the period disclosed within this report. The expense ratio shown in the prospectus is adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus (or supplement thereto, if applicable).

The S&P 500 Index is an unmanaged index generally representative of the U.S. market for large capitalization equities. The NASDAQ Dividend Achievers Select Total Return Index is a modified market capitalization weighted index. The NASDAQ Dividend Achievers Select Total Return Index is comprised of a select group of securities with at least ten consecutive years of increasing annual regular dividend payments. The indices are unmanaged and do not reflect fees and expenses and are not available for direct investment.

Performance data shown represents past performance and is no guarantee of future results. Past performance is net of management fees and expenses and reflects reinvested dividends and distributions. Past performance reflects the beneficial effect of any expense waivers or reimbursements, without which returns would have been lower. Investment returns and principal value will fluctuate and when redeemed may be worth more or less than their original cost. Returns for periods less than one year are not annualized. Current performance may be higher or lower and is available through the most recent month end at harborcapital.com or by calling 800-422-1050.

be revised higher, with Eli’s compound Mounjaro being a leader in the space with more effective weight loss and greater tolerability in patients. Mounjaro is on track to be approved by the FDA later this year and is appearing to be a behemoth drug in obesity for the company.

OUTLOOK & STRATEGY

Our focus has been and will continue to be on identifying what we believe are high-quality companies with robust businesses and cash flows able to maintain and raise their dividends throughout varying market environments. Looking ahead, we are incrementally more cautious today than we were three months ago as the evolving macro backdrop increasingly warrants a more balanced posture between growth and durability. Historical precedents suggest a low likelihood of a so-called soft landing, with the more likely outcome being a period of slowing economic growth, both in the U.S. and around the globe. Disinflationary trends, once pointed to as evidence of the soft-landing scenario playing out, are being offset by rising borrowing costs, the exhaustion of surplus consumer savings, and a restrictive lending posture by U.S. banks. All the while, we remain encouraged by the quality of the businesses in which we invest on behalf of our clients and will remain focused on allocating capital prudently in this turbulent market environment.

1 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 will be 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.

This report contains the current opinions of Westfield Capital Management Company, L.P. as of the date of this report and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Such opinions are subject to change without notice and securities described herein may no longer be included in, or may at any time be removed from, the Fund’s portfolio. This report is distributed for informational purposes only. Information contained herein has been obtained from sources believed reliable, but not guaranteed.

There is no guarantee the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. The Fund’s emphasis on dividend paying stocks involves the risk that such stocks may fall out of favor with investors and under-perform the market. There is no guarantee that a company will pay or continually increase its dividend. The Fund may invest in a limited number of companies or at times may be more heavily invested in particular sectors. As a result, the Fund’s performance may be more volatile, and the value of its shares may be especially sensitive to factors that specifically affect those sectors. The Fund may invest in foreign securities which may be more volatile and less liquid due to currency fluctuation, political instability, government sanctions, social and economic risks. Foreign currencies can decline in value and can adversely affect the dollar value of the fund.

⬤

Harbor Dividend Growth Leaders ETF

PORTFOLIO OF INVESTMENTS—October 31, 2023

SECTOR ALLOCATION (% of investments) - Unaudited

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands

COMMON STOCKS—95.1%
Shares		Value
BANKS—3.3%
120,652	Bank of America Corp.	$3,178
372,947	New York Community Bancorp, Inc.	3,536
		6,714
BEVERAGES—5.5%
94,328	Coca-Cola Co.	5,329
34,727	PepsiCo, Inc.	5,670
		10,999
BIOTECHNOLOGY—2.2%
56,791	Gilead Sciences, Inc.	4,460
CAPITAL MARKETS—4.4%
10,163	Ameriprise Financial, Inc.	3,197
28,947	Ares Management Corp. Class A	2,854
13,590	CME Group, Inc.	2,901
		8,952
CHEMICALS—2.1%
37,223	Celanese Corp. Class A	4,262
COMMERCIAL SERVICES & SUPPLIES—1.9%
7,453	Cintas Corp.	3,780
COMMUNICATIONS EQUIPMENT—2.6%
102,503	Cisco Systems, Inc.	5,343
DIVERSIFIED TELECOMMUNICATION SERVICES—1.6%
49,662	Cogent Communications Holdings, Inc.	3,227
ELECTRIC UTILITIES—1.6%
56,700	NextEra Energy, Inc.	3,306
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.4%
24,391	CDW Corp.	4,888
FINANCIAL SERVICES—1.5%
28,396	Global Payments, Inc.	3,016
FOOD PRODUCTS—1.9%
20,123	Hershey Co.	3,770
HEALTH CARE PROVIDERS & SERVICES—5.3%
23,833	Cardinal Health, Inc.	2,169

COMMON STOCKS—Continued
Shares		Value
HEALTH CARE PROVIDERS & SERVICES—Continued
16,023	UnitedHealth Group, Inc.	$8,581
		10,750
HOTELS, RESTAURANTS & LEISURE—1.6%
12,574	McDonald’s Corp.	3,297
HOUSEHOLD DURABLES—1.4%
25,511	Lennar Corp. Class A	2,722
INSURANCE—8.2%
70,979	American International Group, Inc.	4,352
32,246	Arthur J Gallagher & Co.	7,593
23,949	Primerica, Inc.	4,578
		16,523
IT SERVICES—3.6%
49,896	International Business Machines Corp.	7,217
MACHINERY—3.7%
22,398	IDEX Corp.	4,287
85,128	Mueller Industries, Inc.	3,210
		7,497
OIL, GAS & CONSUMABLE FUELS—3.3%
22,996	Chevron Corp.	3,351
27,340	ConocoPhillips	3,248
		6,599
PHARMACEUTICALS—7.5%
18,015	Eli Lilly & Co.	9,979
49,299	Merck & Co., Inc.	5,063
		15,042
RESIDENTIAL REITS—3.1%
51,371	Equity LifeStyle Properties, Inc.	3,380
26,703	Sun Communities, Inc.	2,971
		6,351
RETAIL REITS—1.5%
81,620	Spirit Realty Capital, Inc.	2,937
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.4%
7,912	Broadcom, Inc.	6,657

⬤

Harbor Dividend Growth Leaders ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands

COMMON STOCKS—Continued
Shares		Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued
68,432	Microchip Technology, Inc.	$4,878
19,608	NXP Semiconductors NV (China)	3,381
		14,916
SOFTWARE—5.8%
34,433	Microsoft Corp.	11,642
SPECIALIZED REITS—2.0%
5,620	Equinix, Inc.	4,101
SPECIALTY RETAIL—1.4%
14,388	Tractor Supply Co.	2,771
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.5%
65,559	Apple, Inc.	11,196

COMMON STOCKS—Continued
Shares		Value
TRADING COMPANIES & DISTRIBUTORS—2.8%
12,275	Ferguson PLC	$1,844
11,080	Watsco, Inc.	3,865
		5,709
TOTAL COMMON STOCKS (Cost $175,876)		191,987
TOTAL INVESTMENTS—95.1% (Cost $175,876)		191,987
CASH AND OTHER ASSETS, LESS LIABILITIES—4.9%		9,898
TOTAL NET ASSETS—100%		$201,885

FAIR VALUE MEASUREMENTS

All investments as of October 31, 2023 (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 Energy Transition Strategy ETF

MANAGER’S COMMENTARY (Unaudited)

SUBADVISOR

Quantix Commodities LP

Management’s Discussion of
Fund Performance

MARKET REVIEW

After a poor fourth quarter of 2022 for commodity markets, market observers looking for strong commodity markets in 2023 were mostly disappointed in the first half of the year. Many investors lost patience with the choppy price action and largely exited the long positions that they had been holding. Various bank estimates put managed money in commodity indices at the mid-point of 2023 at a new low going back to the early 2000s, and yet other estimates put commodity investment nearly a quarter less than at the same time in 2022.

The U.S. Federal Reserve (the “Fed”) continued to demonstrate concern about high inflation in the U.S. throughout the period, continuing to raise interest rates. This sparked a rally in the U.S. Dollar Index as the Fed appeared more hawkish than other central banks around the world. This caused challenges in sectors such as Precious Metals and Industrial Metals.

Natural Gas markets lost ground over the past 12 months due to historically warm weather at the start of 2023 decreasing demand for the fuel. The geopolitical risk premium that had been built into these markets after the invasion of Ukraine in 2022 also continued to come out of the market, causing prices in global gas markets to fall.

Global events have also buffeted commodity markets. Many market participants had been anticipating an increase in commodity demand in 2023 driven by China reopening their economy after years of COVID-related restrictions. However, this period has been more about a social re-opening than true economic expansion as services and transportation fuel demand has increased but manufacturing has struggled. In the third quarter of 2023, Chinese policy makers did not take the action that some market participants were looking for to stimulate their economy. This caused those sectors more sensitive to Chinese growth, such as Industrial Metals, to fall, despite inventories for key commodities such as Copper remaining at historically low levels. This combination of tight fundamentals and the low investor positioning may usher in a period of higher volatility for more and more commodity markets in the medium term.

PERFORMANCE

Harbor Energy Transition Strategy ETF returned -23.46% in the year ended October 31, 2023. The Fund seeks to track the performance of the Quantix Energy Transition Index (the “Index”), which returned -21.01% during the same period.

This difference in cash management arises from the fact that the methodology in the Index, similar to other major commodity benchmarks, is not able to be fully replicated. This can put the Fund at somewhat of a disadvantage relative to the Index in a period of rapid interest rate increases, such as in 2022 and so far in 2023, and conversely helps the fund relative to the Index in a period of rapid interest rate decreases.

On a sector basis, all of the underperformance came from Natural Gas, half from European gas and a quarter from each of U.K. gas and U.S. gas. The historically warm winter in the northern hemisphere decreased demand and removed the fears of running out of supply that had elevated prices in these markets coming into the fourth quarter of 2022. The significant geopolitical risk premium, which had also been built into these markets in the first half of 2022 (European gas prices were down 85% from their peak in 2022), has slowly depleted through 2023.

The Oilseeds sector was also down for the period, due to losses in Soybean Oil, along with the Industrial Metals sector, due to losses in Nickel and Aluminum, which continue to be affected by the weaker economic growth in China and overhangs in supply.

The Precious Metals sector contributed positively to performance, with Silver and Platinum outweighing a negative contribution from Palladium.

The Index rebalances once a month and, at each rebalance, resets the weighting of individual commodities and sectors according to the index methodology, primarily driven by the Open Interest of each commodity.

OUTLOOK & STRATEGY

We believe that the long-term investment thesis for the energy transition remains intact. For example, as of June 2023, over 92% of global GDP is committed to an energy transition which will likely include a massive expansion of renewables over the next 30 years, according to Net Zero Tracker. This should require commodities that the world will be in short supply of at current production levels and the availability of those materials does not seem to have been factored into any commitments, including those enshrined in law.

⬤

Harbor Energy Transition Strategy ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 07/13/2022 through 10/31/2023

The graph compares a $10,000 investment in shares of the Fund with the performance of the Quantix Energy Transition Index and the Bloomberg Commodity Index. The Fund’s performance assumes the reinvestment of all dividend and capital gain distributions. Past performance is no guarantee of future results.

TOTAL RETURNS
For the periods ended 10/31/2023
Annualized
	1 Year	5 Years	Life of Fund
Harbor Energy Transition Strategy ETF (Based on Net Asset Value)1	-23.46%	N/A	-21.74%
Harbor Energy Transition Strategy ETF (At Market Price)1	-23.86	N/A	-21.71
Comparative Index
Quantix Energy Transition Index1	-21.01%	N/A	-19.12%
Bloomberg Commodity Index1	-2.97	N/A	-1.80

As stated in the Fund’s prospectus dated March 1, 2023, the expense ratio was 0.80%. The expense ratio in the prospectus may differ from the actual expense ratio for the period disclosed within this report. The expense ratio shown in the prospectus is adjusted to reflect changes, if any, in contractual arrangements that occurred prior to the date of the prospectus (or supplement thereto, if applicable).

The Quantix Energy Transition Index is an unmanaged index that maintains exposure to at least 10 commodities from its eligible universe of energy transition themes in the United States, Canada, United Kingdom and other European exchanges. Commodity futures from the component candidates are selected for the Index and weighted based on QCI’s quantitative methodology. Under normal circumstances, the Index is rebalanced on a monthly basis. The Bloomberg Commodity Index measure the performance of futures contracts on physical commodities which traded on U.S. exchanges and London Metal Exchange. The commodity weightings are based on production and liquidity, subject to weighting restrictions applied nnually. The indices are unmanaged and do not reflect fees and expenses and are not available for direct investment.

The Index which the Fund aims to track has a prescriptive, rules-based methodology, with weights largely determined by Open Interest, and therefore does not incorporate any discretionary views from Quantix.

For Natural Gas, winter weather is by far the biggest driver of Natural Gas prices. While inventory levels are high in Europe, if the coming winter is colder than expected, there is possibility for price appreciation as there will still be pressures on supply as there is not enough storage.

The strengthening dollar continues to be a headwind for Precious Metals. However, rates are definitionally closer to their peak than they were before. Strong seasonal retail buying in China and India is also due to start, alongside increasing geopolitical risk fueling safe-haven demand.

In Industrial Metals, the long-term bullish story from earlier in the year remains intact but starting from a lower base. Despite a struggling property sector, Chinese copper demand has remained strong in yet another sign of the demand effects of the Energy Transition on commodity balances. A dollar reversal would also benefit Industrial Metals as the majority of consumption is in non-USD economies.

Global emission prices have continued to converge in the third quarter of 2023 and they may continue to do so. In California, expectations are for vigilance from the Californian regulator for additional support for Community Choice Aggregations . In Europe, the supply at auction has increased to generate €20bn of revenues, helping to mitigate the Ukraine-Russia war costs, and continues to weigh on a market already feeling the effect of lost industrial demand and higher deployment of renewables.

1 The “Life of Fund” return as shown reflects the period 07/13/2022 (commencement of operations) through 10/31/2023. The first day of secondary market trading was a few days after the date on which the Fund commenced investment operations; therefore, the Net Asset Value of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

⬤

Harbor Energy Transition Strategy ETF

CONSOLIDATED PORTFOLIO OF INVESTMENTS—October 31, 2023

RISK ALLOCATION* (% of Net Assets) - Unaudited

Asset Class	Sector
COMMODITIES
	Industrial Metals	34.3%
	Natural Gas	27.1%
	Emissions	17.6%
	Precious Metals	11.7%
	Oilseeds	9.3%

*Based on notional value and represents the sector allocation of the Quantix Energy Transition Index.

PORTFOLIO OF INVESTMENTS

Principal Amounts, Value and Cost in Thousands

SHORT-TERM INVESTMENTS—78.5%

Principal Amount		Value
U.S. TREASURY BILLS—78.5%
	U.S. Treasury Bills
$1,117	5.256%—02/06/2024†	$1,100
6,171	5.261%—11/09/2023†	6,164
5,411	5.297%—12/21/2023†	5,371
6,691	5.308%—12/28/2023†	6,635
TOTAL SHORT-TERM INVESTMENTS (Cost $19,270)		19,270
TOTAL INVESTMENTS—78.5% (Cost $19,270)		19,270
CASH AND OTHER ASSETS, LESS LIABILITIES—21.5%		5,267
TOTAL NET ASSETS—100%		$24,537

SWAP AGREEMENTS
OVER-THE-COUNTER (OTC) EXCESS RETURN SWAPS ON INDICES
Counterparty	Fixed Rate	Pay/Receive Fixed Rate	Reference Index1	Expiration Date	Payment Frequency	Notional Amount (000s)	Value (000s)	Upfront Premiums (Received)/ Paid (000s)	Unrealized Appreciation/ (Depreciation) (000s)
Goldman Sachs International	0.750%	Pay	Quantix Energy Transition Index	11/15/2023	Monthly	$24,535	$—	$—	$—

FAIR VALUE MEASUREMENTS

All investments as of October 31, 2023 (as disclosed in the preceding Portfolio of Investments and Swap Agreements schedule) were classified as Level 2.

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

⬤

Harbor Health Care ETF

MANAGER’S COMMENTARY (Unaudited)

SUBADVISOR

Westfield Capital Management Company, L.P.

Management’s Discussion of
Fund Performance

MARKET REVIEW

PERFORMANCE

Harbor Health Care ETF returned 6.97% since inception on November 16, 2022 through October 31, 2023, outperforming the Russell 3000® Growth Health Care Index, which returned 0.76% during the same period.

Relative outperformance was broad-based with four industries adding double digit returns to relative results. Most notable was relative strength in Biotechnology and Health Care Providers & Services, which offset relative weakness in Health Care Equipment & Supplies.

Biotechnology was the largest contributor to relative performance, adding 480 basis points (“bps”) of relative returns to the Fund. Rocket Pharmaceuticals, Inc., a clinical-stage biotech company focused on the development of gene therapy treatment options for rare and devastating pediatric diseases, was the top contributor to relative performance over the period. The stock outperformed after the company reached alignment with the FDA on a pivotal trial design for their gene therapy targeting Danon Disease. We believe the agreed trial will be successful based on the data we have seen to date and suggests a clear desire from the Agency to bring the drug to market using the Accelerated Approval pathway, which allows for earlier approval of drugs that treat serious conditions and fill an unmet medical need.

Health Care Providers & Services was another strong contributor, adding 137 bps to relative results. Humana Inc. (“Humana”), a health insurance services company, was the top contributor to relative returns. Humana outperformed after releasing strong second quarter earnings results, demonstrating that the potential impacts of GLP-1 drugs on Managed Care have been overblown. We maintain our conviction in Humana and believe the company is well positioned within Medicare Advantage.

Health Care Equipment & Supplies was the largest source of relative weakness, costing 105 bps. Inspire Medical Systems, Inc. (“Inspire”), a medical technology company that develops systems to treat obstructive sleep apnea (“OSA”), was the top detractor from relative returns during the period. Despite posting a strong second quarter earnings report against the backdrop of very high expectations, shares of Inspire were impacted by the news of the Novo Nordisk

⬤

Harbor Health Care ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 11/16/2022 through 10/31/2023

The graph compares a $10,000 investment in shares of the Fund with the performance of the Russell 3000 Growth Health Care Index. The Fund’s performance assumes the reinvestment of all dividend and capital gain distributions. Past performance is no guarantee of future results.

TOTAL RETURNS
For the periods ended 10/31/2023
Unannualized
	1 Year	5 Years	Life of Fund
Harbor Health Care ETF (Based on Net Asset Value)1	N/A	N/A	6.97%
Harbor Health Care ETF (At Market Price)1	N/A	N/A	7.81
Comparative Index
Russell 3000 Growth Health Care Index1	N/A	N/A	0.76%

The Russell 3000® Growth Health Care Index is an unmanaged index generally representative of companies involved in medical services or health care in the Russell 3000 Index, which is comprised of the 3,000 largest U.S. companies as determined by total market capitalization. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

SELECT data, with Inspire highlighting impacts to their bariatric volumes from GLP-1 uptake. Since OSA and obesity are correlated, Inspire was a natural target, but we believe the sell off was an overreaction and used the opportunity to add to our position.

OUTLOOK & STRATEGY

Looking ahead, we are incrementally more cautious today than we were three months ago as the evolving macro backdrop increasingly warrants a more balanced posture between growth and durability. Historical precedents suggest a low likelihood of a so-called “soft landing”, with the more likely outcome being a period of slowing economic growth, both in the U.S. and around the globe. Disinflationary trends, once pointed to as evidence of the soft-landing scenario playing out, are being offset by rising borrowing costs, the exhaustion of surplus consumer savings, and a restrictive lending posture by U.S. banks. All the while, we remain encouraged by the quality of the businesses in which we invest and will remain focused on seeking to allocate capital prudently in this turbulent market environment.

1 The “Life of Fund” return as shown reflects the period 11/16/2022 (commencement of operations) through 10/31/2023. The first day of secondary market trading was a few days after the date on which the Fund commenced investment operations; therefore, the Net Asset Value of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Since the Fund may hold foreign securities, it may be subject to greater risks than funds invested only in the U.S. These risks are more severe for securities of issuers in emerging market regions. Foreign currencies currencies can decline in value and can adversely affect the dollar value of the Fund. Since the Fund typically invests in a limited number of companies, an adverse event affecting a particular company may hurt the Fund’s performance more than if it had invested in a larger number of companies. Health Care Industry Risk: Because the Fund seeks to invest all, or substantially all, of its assets in the health care industry, the value of its shares will depend on the general condition of the that industry. The health care industry may be affected by any number of factors, including, but not limited to, lapsing patent protection, industry innovation, extensive government regulation, restrictions on government reimbursement for medical expenses, research and development costs, limited product lines, product liability litigation, an increased emphasis on outpatient services, and competitive forces. Authorized Participant Concentration/Trading Risk: Only authorized participants may engage in creation or redemption transactions directly with the Fund. The Fund is classified as non-diversified, a non-diversified Fund may invest a greater percentage of its assets in securities of a single issuer, and/or invest in a relatively small number of issuers, it is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio. New Fund Risk: There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. Small and Mid Cap Risk: The Fund’s performance may be more volatile because it may invest in issuers that are smaller companies.

⬤

Harbor Health Care ETF

PORTFOLIO OF INVESTMENTS—October 31, 2023

SECTOR ALLOCATION (% of investments) - Unaudited

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands

COMMON STOCKS—99.2%
Shares		Value
BIOTECHNOLOGY—34.0%
1,357	AbbVie, Inc.	$191
2,634	Alkermes PLC *	64
571	Apellis Pharmaceuticals, Inc. *	28
6,045	Ascendis Pharma AS ADR (Denmark)*,1	540
1,464	Cerevel Therapeutics Holdings, Inc. *	35
2,724	Legend Biotech Corp. ADR*,1	180
786	Mirum Pharmaceuticals, Inc. *	21
867	MoonLake Immunotherapeutics Class A*	45
502	Neurocrine Biosciences, Inc. *	56
10,422	Rocket Pharmaceuticals, Inc. *	189
333	Sarepta Therapeutics, Inc. *	22
1,514	Vaxcyte, Inc. *	73
		1,444
HEALTH CARE EQUIPMENT & SUPPLIES—20.7%
1,917	Boston Scientific Corp. *	98
214	Cooper Cos., Inc.	67
3,046	Dexcom, Inc. *	270
1,034	GE HealthCare Technologies, Inc.	69
677	Haemonetics Corp. *	58
105	IDEXX Laboratories, Inc. *	42
658	Inspire Medical Systems, Inc. *	97
575	Insulet Corp. *	76
1,190	Lantheus Holdings, Inc. *	77
118	Shockwave Medical, Inc. *	24
		878
HEALTH CARE PROVIDERS & SERVICES—23.8%
389	Cencora, Inc.	72

COMMON STOCKS—Continued
Shares		Value
HEALTH CARE PROVIDERS & SERVICES—Continued
420	Humana, Inc.	$220
4,811	Option Care Health, Inc. *	133
1,095	UnitedHealth Group, Inc.	587
		1,012
HEALTH CARE TECHNOLOGY—1.3%
4,221	Veradigm, Inc. *	56
LIFE SCIENCES TOOLS & SERVICES—4.8%
2,893	Avantor, Inc. *	50
640	ICON PLC *	156
		206
PHARMACEUTICALS—14.6%
885	Eli Lilly & Co.	490
5,154	Innoviva, Inc. *	64
650	Merck & Co., Inc.	67
		621
TOTAL COMMON STOCKS (Cost $4,034)		4,217
TOTAL INVESTMENTS—99.2% (Cost $4,034)		4,217
CASH AND OTHER ASSETS, LESS LIABILITIES—0.8%		32
TOTAL NET ASSETS—100%		$4,249

⬤

Harbor Human Capital Factor Unconstrained ETF

MANAGER’S COMMENTARY (Unaudited)

ADVISER

Harbor Capital Advisors, Inc.

Management’s Discussion of
Fund Performance

MARKET REVIEW

Throughout the one-year trailing period ended October 31, 2023, investor concerns pertaining to elevated inflation, restrictive monetary policy, heightened geopolitical risk, along with slowing global growth contributed to volatility within U.S. equities. That said, the S&P 500 Index delivered 10.14% on a trailing 1-year basis ended October 31, 2023, while the Russell 1000 Index returned 9.48%. Much of the indexes’ performance can be attributed to narrow yet very strong returns from the “magnificent seven:” Nvidia, Meta, Apple, Tesla, Alphabet, Microsoft, and Amazon – companies that have been benefiting significantly from the growing artificial intelligence theme prevalent in today’s markets. That said, the mega-cap growth rally slowed in the last part of the third quarter as the market continues to price in the potential for higher GDP growth and higher for longer interest rates. Perhaps unsurprisingly, from a style perspective, growth came back into favor during the stated period with the Russell 1000 Growth Index returning 18.95% compared to the Russell 1000 Value index returning 0.13% through the end of October.

PERFORMANCE

Harbor Human Capital Factor Unconstrained ETF seeks to provide investment results that correspond, before fees and expenses, to the performance of the Human Capital Factor Unconstrained Index (the “Index”). The Fund employs an indexing investment approach designed to track the performance of the Index.

The Fund returned 7.29% in the year ended October 31, 2023, while the Index returned 8.44% during the same period. The Fund’s performance dispersion relative to the Index can be largely attributed to trading costs.

The two largest absolute return contributors to performance were Nvidia and Meta, contributing 157 bps and 152 bps as both stocks performed extremely well during the period. The largest absolute detractors include First Republic Bank, which has since been removed from the Index, and Thought works Holding Inc., which detracted 100 bps.

⬤

Harbor Human Capital Factor Unconstrained ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 02/23/2022 through 10/31/2023

The graph compares a $10,000 investment in shares of the Fund with the performance of the Human Capital Factor Unconstrained Index. The Fund’s performance assumes the reinvestment of all dividend and capital gain distributions. Past performance is no guarantee of future results.

TOTAL RETURNS
For the periods ended 10/31/2023
Annualized
	1 Year	5 Years	Life of Fund
Harbor Human Capital Factor Unconstrained ETF (Based on Net Asset Value)1	7.29%	N/A	-6.67%
Harbor Human Capital Factor Unconstrained ETF (At Market Price)1	7.22	N/A	-6.67
Comparative Index
Human Capital Factor Unconstrained Index1	8.44%	N/A	-5.68%

The Human Capital Factor Unconstrained Index is designed to deliver exposure to equity securities of large cap U.S. companies that demonstrate high employee engagement, based on scores produced by Irrational Capital LLC. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

1 The “Life of Fund” return as shown reflects the period 02/23/2022 (commencement of operations) through 10/31/2023. The first day of secondary market trading was a few days after the date on which the Fund commenced investment operations; therefore, the Net Asset Value of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. The Fund may not exactly track the performance of the Index with perfect accuracy at all times. Tracking error may occur because of pricing differences, timing and costs incurred by the fund or during times of heightened market volatility.

The Fund relies on the Index provider’s proprietary scoring methodology in assessing whether a company may be considered a to have a strong corporate culture. There is no guarantee that the construction methodology will accurately assess a company to include or exclude it from the index which could have an adverse effect on the Fund’s returns. The Fund’s assets may be concentrated in a particular sector or industries to the extent the Index is concentrated and is subject to the risk that economic, political, or other market conditions that have a negative effect on that sector or industry will negatively impact the value of the Fund. Since the Fund may hold foreign securities, it may be subject to greater risks than funds invested only in the U.S.

⬤

Harbor Human Capital Factor Unconstrained ETF

PORTFOLIO OF INVESTMENTS—October 31, 2023

SECTOR ALLOCATION (% of investments) - Unaudited

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands

COMMON STOCKS—99.9%
Shares		Value
BANKS—1.3%
2,021	Pinnacle Financial Partners, Inc.	$126
BIOTECHNOLOGY—3.0%
789	Alnylam Pharmaceuticals, Inc. *	120
3,695	Intellia Therapeutics, Inc. *	93
1,284	Sarepta Therapeutics, Inc. *	86
		299
BROADLINE RETAIL—1.2%
1,830	Etsy, Inc. *	114
CAPITAL MARKETS—10.1%
339	FactSet Research Systems, Inc.	146
2,324	KKR & Co., Inc.	129
659	Morningstar, Inc.	167
262	MSCI, Inc.	124
370	S&P Global, Inc.	129
5,260	TPG, Inc.	145
1,754	Tradeweb Markets, Inc. Class A	158
		998
CONSUMER FINANCE—2.4%
292	Credit Acceptance Corp. *	118
4,206	Synchrony Financial	118
		236
ELECTRIC UTILITIES—1.4%
5,547	PPL Corp.	136
ENTERTAINMENT—5.7%
339	Netflix, Inc. *	140
4,763	ROBLOX Corp. Class A*	151
1,755	Roku, Inc. *	104
1,036	Spotify Technology SA *	171
		566
FINANCIAL SERVICES—1.4%
361	Mastercard, Inc. Class A	136
HEALTH CARE EQUIPMENT & SUPPLIES—4.1%
2,796	Boston Scientific Corp. *	143
2,002	GE HealthCare Technologies, Inc.	133

COMMON STOCKS—Continued
Shares		Value
HEALTH CARE EQUIPMENT & SUPPLIES—Continued
472	Intuitive Surgical, Inc. *	$124
		400
HEALTH CARE PROVIDERS & SERVICES—1.4%
7,717	agilon health, Inc. *	139
HEALTH CARE TECHNOLOGY—1.3%
6,157	Doximity, Inc. Class A*	126
HOTELS, RESTAURANTS & LEISURE—1.3%
1,087	Airbnb, Inc. Class A*	129
HOUSEHOLD PRODUCTS—2.9%
1,897	Colgate-Palmolive Co.	143
923	Procter & Gamble Co.	138
		281
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—1.1%
7,560	AES Corp.	113
INDUSTRIAL REITS—1.2%
1,166	Prologis, Inc.	117
INSURANCE—2.6%
2,256	First American Financial Corp.	116
1,072	RLI Corp.	143
		259
INTERACTIVE MEDIA & SERVICES—6.5%
1,101	Alphabet, Inc. Class A*	137
1,096	Alphabet, Inc. Class C*	137
473	Meta Platforms, Inc. Class A*	142
2,127	Ziff Davis, Inc. *	129
7,807	ZoomInfo Technologies, Inc. *	101
		646
IT SERVICES—6.3%
593	EPAM Systems, Inc. *	129
820	Globant SA *	140
396	MongoDB, Inc. *	136
28,383	Thoughtworks Holding, Inc. *	96
2,337	Twilio, Inc. Class A*	120
		621

⬤

COMMON STOCKS—Continued
Shares		Value
LIFE SCIENCES TOOLS & SERVICES—1.2%
1,134	Agilent Technologies, Inc.	$117
MEDIA—1.4%
1,923	Trade Desk, Inc. Class A*	136
METALS & MINING—2.5%
2,570	Commercial Metals Co.	109
1,333	Steel Dynamics, Inc.	142
		251
MULTI-UTILITIES—1.4%
1,609	Consolidated Edison, Inc.	141
OIL, GAS & CONSUMABLE FUELS—3.0%
1,227	ConocoPhillips	146
607	Pioneer Natural Resources Co.	145
		291
PASSENGER AIRLINES—1.0%
3,258	Delta Air Lines, Inc.	102
PHARMACEUTICALS—1.3%
833	Johnson & Johnson	124
PROFESSIONAL SERVICES—2.3%
1,764	ASGN, Inc. *	147
1,809	TransUnion	80
		227
RETAIL REITS—1.3%
3,680	Spirit Realty Capital, Inc.	132
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.0%
4,074	Intel Corp.	149
332	NVIDIA Corp.	135
1,028	Silicon Laboratories, Inc. *	95

Fees and Expenses Example	93
Additional Information	95
Additional Tax Information	95
Proxy Voting	95
Quarterly Portfolio Disclosures	95
Advisory Agreement Approvals	96
Trustees and Officers	98
Harbor’s Privacy Statement	101

†	Coupon represents yield to maturity
1	The reference index components are published daily on Harbor Capital’s website at harborcapital.com. The index is comprised of publicly traded futures contracts on physical commodities. The table below represents the reference index components as of the year ended October 31, 2023.

Commodity	Weight
Gold	31.6%
Brent Crude Oil	13.2
Heating Oil	10.3
RBOB Gasoline	6.7
Copper	5.0
Aluminum	4.2
Zinc	4.0
Corn	3.6
Nickel	3.4
Soybeans	3.4
Soybean Oil	2.4
Soymeal	2.2
GasOil	2.1
Sugar	2.1
Wheat	2.0
KC Wheat	1.9
Cotton	1.9

Commodity	Weight
Emissions (Europe)	14.3%
Natural Gas (Europe)	12.6
Aluminum	12.3
Natural Gas (United States)	10.9
Copper	8.7
Silver	7.2
Nickel	7.1
Soybean Oil	7.0
Zinc	3.9
Natural Gas (United Kingdom)	3.6
Emissions (California)	3.3
Platinum	2.4
Ethanol	2.3
Lead	2.3
Palladium	2.1