N-CSR

SUBADVISER

Quantix Commodities

LP

Management’s Discussion of

Fund Performance

Management’s Discussion of

Fund Performance

MARKET REVIEW

Commodity markets have experienced significant volatility so far in 2022 with extreme, opposing forces pulling the market in different directions. We believe that supply/demand fundamentals and geopolitical events have generally been pushing prices up while tightening monetary policy in the US and macro fears of a recession have generally been pulling prices down.

On a fundamental basis, almost every commodity has remained in tight supply for most of the year as we believe is evidenced by the unusually backwardated futures curves (where commodities for delivery in the short term cost more than those for delivery further out). On a geopolitical basis, Russia’s invasion of Ukraine has particularly disrupted energy and agricultural markets, both from a first order effect (Russia is a large energy exporter as is Ukraine in both Corn and Wheat) and with second order effects, triggering an energy crisis in Europe and raising costs downstream in items such as fertilizer and aluminum.

The historic pace of tightening in U.S. monetary policy so far in 2022 has provided a headwind for almost all financial markets as the risk-free rate gets repriced. While commodities have held up better than other asset classes with decently positive returns, we believe investors have remained on the sidelines due to fears that the Federal Reserve’s actions will cause a recession, impacting commodity demand. This is currently demonstrated in positioning data showing historically low levels of speculator interest across almost all commodities, despite the portfolio rationale for a commodities allocation in an inflationary environment.

PERFORMANCE

Harbor All-Weather Inflation Focus ETF returned 4.60% for the period ended October 31, 2022. The Fund tracked the performance of the Quantix Inflation Index (the “Index”), which returned 5.94%, after accounting for fees, fund expenses, and differences in cash management between the Fund and the Index.

This difference in cash management arise from the fact that the methodology in the Index is not able to be fully replicated. This puts the Fund at a disadvantage relative to the Index in a period of rapid interest rate rises, such as so far in 2022, and conversely helps the fund relative to the Index in a period of rapid interest rate decreases.

On a sector basis, Petroleum is the Fund’s largest sector and contributed all of the gains, over 13.0%. Within the sector, positive contributions came from Gasoil, Heating Oil and Brent Crude Oil, from a mixture of price appreciation and positive roll yield. The sector has persistently seen higher demand and less supply so far in 2022, even with the historic Strategic Petroleum Reserve release. These gains were offset by negative contributions from Industrial Metals and Precious Metals, both detracting -3.90%. The Industrial Metals, particularly Aluminum and Copper, were affected by the lockdown in China. Precious Metals, and particularly Gold, were negatively impacted by interest rate rises in the U.S. which caused real rates to rise.

While there were no significant asset allocation changes for the first three quarters in 2022, there was one that was reflected in the Fund in October. 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 2022 and implemented in October 2022, the Index shifted more weight to the debasement theme, resulting in an increase in

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Annual Report

HARBOR ETF TRUST

October 31, 2022

Harbor All-Weather Inflation Focus ETF

Harbor Corporate Culture ETF

Harbor Corporate Culture Leaders ETF

Harbor Disruptive Innovation ETF

Harbor Dividend Growth Leaders ETF

Harbor Energy Transition Strategy ETF

Harbor International Compounders ETF

Harbor Long-Term Growers ETF

Harbor Scientific Alpha High-Yield ETF

Harbor Scientific Alpha Income ETF

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Table of Contents


Harbor ETFTrust

HARBOR ALL-WEATHER INFLATION FOCUS ETF
Manager’s Commentary			3
Consolidated Portfolio of Investments			5

HARBOR CORPORATE CULTURE ETF
Manager’s Commentary			7
Portfolio of Investments			9

HARBOR CORPORATE CULTURE LEADERS ETF
Manager’s Commentary			12
Portfolio of Investments			14

HARBOR DISRUPTIVE INNOVATION ETF
Manager’s Commentary			16
Portfolio of Investments			18

HARBOR DIVIDEND GROWTH LEADERS ETF
Manager’s Commentary			20
Portfolio of Investments			23

HARBOR ENERGYTRANSITION STRATEGY ETF
Manager’s Commentary			25
Consolidated Portfolio of Investments			27

HARBOR INTERNATIONAL COMPOUNDERS ETF
Manager’s Commentary			29
Portfolio of Investments			31

HARBOR LONG-TERM GROWERS ETF
Manager’s Commentary			33
Portfolio of Investments			35

HARBOR SCIENTIFIC ALPHA HIGH-YIELD ETF
Manager’s Commentary			37
Portfolio of Investments			39

HARBOR SCIENTIFIC ALPHA INCOME ETF
Manager’s Commentary			43
Portfolio of Investments			45

Financial Statements

STATEMENTS OF ASSETS AND LIABILITIES			51

STATEMENTS OF OPERATIONS			53

STATEMENTS OF CHANGES IN NET ASSETS			55

FINANCIAL HIGHLIGHTS			57

Notes to Financial Statements			61

Report of Independent Registered Public Accounting Firm			74

Fees and Expenses Example			76

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.

Table of Contents



Additional Information			78

ADDITIONALTAX INFORMATION			78

CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM			78

PROXY VOTING			79

QUARTERLY PORTFOLIO DISCLOSURES			79

ADVISORY AGREEMENT APPROVALS			79

TRUSTEES AND OFFICERS			87

Harbor’s Privacy Statement			90

Harbor All-Weather Inflation Focus ETF

MANAGER’S COMMENTARY (Unaudited)

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Harbor All-Weather Inflation Focus ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

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

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The graph compares a $10,000 investment in shares of the Fund with the performance of the Quantix Inflation Index and 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 10/31/2022

the Gold weight relative to the previous quarter. This was a result of a change in the macroeconomic indicators that the Index takes into account, including the shape of the U.S. Treasury curve, relative performance of Copper and Gold, and the shape of the futures curves of commodities within the Index.

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 opposing forces referenced above will continue to pull markets in opposite directions, keeping volatility elevated.

We believe that fundamentals may remain supportive, with supply not keeping up with demand due to lead times in physically extracting or growing commodities. If this is the case, the futures curve may remain in backwardation, supporting overall returns from the asset class.

In addition, if some of the macroeconomic headwinds (such as the recent rapidly rising U.S. interest rates or the current economic lockdown in China) abate or even turn into tailwinds, then we believe that investors will reallocate to the asset class. However, if inflation remains elevated in the U.S. and central banks continue to raise interest rates or keep them higher for longer than the market expects, this may provide headwinds to certain commodities through demand destruction in the short to medium term.

On a strategy level, there are no changes anticipated to the Fund or the processes that underpin the underlying index.

Unannualized

1 Year

5 Years

Life of Fund

Harbor All-Weather Inflation Focus ETF
(Based on Net Asset Value)¹

N/A

4.60%

Harbor All-Weather Inflation Focus ETF
(At Market Price)¹

N/A

4.65%

Comparative Index

Quantix Inflation Index ¹

N/A

5.94%

Bloomberg Commodity Index¹

N/A

4.66%

As stated in the Fund’s prospectus dated March 1, 2022, 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 Inflation 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 Inflation Index was developed by Quantix Commodities LP and is owned by Quantix Commodities Indices LLC. The Bloomberg Commodity Index measures the performance of future contracts on physical commodities which traded on US 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. 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 02/09/2022 (commencement of operations) through 10/31/2022. 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.

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Harbor All-Weather Inflation Focus ETF

CONSOLIDATED PORTFOLIO OF INVESTMENTS—October 31, 2022



*RISK ALLOCATION (% of Net Assets) - Unaudited**
Asset Class	Sector
COMMODITIES
	Precious Metals	39.8	%
	Petroleum	33.8	%
	Industrial Metals	14.4	%
	Grains and Soybean Products	10.0	%
	Softs	2.0	%

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

PORTFOLIO OF INVESTMENTS

Principal Amounts, Value and Cost in Thousands



SHORT-TERM INVESTMENTS—77.2%

Principal Amount		Value
U.S. TREASURY BILLS—77.2%
U.S. Treasury Bill
$ 26,647	2.384%—11/03/2022^†	$	26,644
22,772	3.226%—12/29/2022^†		22,631


TOTAL SHORT-TERM INVESTMENTS
(Cost $49,297)			49,275


TOTAL INVESTMENTS—77.2%
(Cost $49,297)			49,275

CASH AND OTHER ASSETS, LESS LIABILITIES—22.8%			14,532

TOTAL NET ASSETS—100%		$	63,807

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 Inflation Index

11/30/2022

Monthly

$63,809

$—

FAIR VALUE MEASUREMENTS

All investments as of October 31, 2022 (as disclosed in the preceding Portfolio of Investments and Swap Agreements schedule) were classified as Level 2. There were no Level 3 investments as of October 31, 2022 or February 9, 2022 (commencement of operations).

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.

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Harbor All-Weather Inflation Focus ETF

CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued

†	Coupon represents yield to maturity

¹	The reference index components are published daily on Harbor’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 period ended October 31, 2022.


		Commodity		Weight

		Gold		37.768%

		Brent Crude Oil		13.162

		GasOil		6.680

		RBOB Gasoline		6.058

		Heating Oil		5.798

		Aluminum		4.563

		Copper		4.344

		Corn		3.568

		Zinc		3.409

		Soybean Oil		2.487

		Nickel		2.155

		WTI Crude Oil		2.102

		Silver		2.000

		Sugar		1.977

		KC Wheat		1.975

		Soybeans		1.954

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

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Harbor Corporate Culture ETF

MANAGER’S COMMENTARY (Unaudited)

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Harbor Corporate Culture ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 10/12/2022 through 10/31/2022

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The graph compares a $10,000 investment in shares of the Fund with the performance of the CIBC Human Capital 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 10/31/2022

Unannualized

1 Year

5 Years

Life of Fund

Harbor Corporate Culture ETF
(Based on Net Asset Value)¹

N/A

9.12%

Harbor Corporate Culture ETF
(At Market Price)¹

N/A

9.12%

Comparative Index

CIBC Human Capital Index¹

N/A

9.14%

As stated in the Fund’s prospectus dated September 28, 2022, the expense ratio was 0.36%. 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 CIBC Human Capital Index consists of a modified market-weighted portfolio of the equity securities of U.S. companies identified by Irrational Capital LLC as those it believes to possess strong corporate culture based on its proprietary scoring methodology. Constituents eligible are chosen from Solactive GBS United States 500 Index (the “index universe”) at the time of Index reconstitution. The Solactive GBS United States 500 Index intends to track the performance of the largest 500 companies from the US stock market. The index listed is unmanaged and does not reflect fees and expenses and is not available for direct investment.

¹ The “Life of Fund” return as shown reflects the period 10/12/2022 (commencement of operations) through 10/31/2022. 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.

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 methodology in assessing whether a company may be considered to have 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.

Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.

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Harbor Corporate Culture ETF

PORTFOLIO OF INVESTMENTS—October 31, 2022

SECTOR ALLOCATION (% of investments) - Unaudited

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PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—94.7%

Shares		Value

AEROSPACE & DEFENSE—2.3%
6,384	Lockheed Martin Corp.	$	3,107
3,591	Northrop Grumman Corp.		1,971

			5,078


AIRLINES—0.6%
15,960	Delta Air Lines, Inc. ^*		541
15,162	Southwest Airlines Co. ^*		551
7,581	United Airlines Holdings, Inc. ^*		327

			1,419


AUTOMOBILES—0.3%
53,860	Ford Motor Co.		720


BANKS—3.8%
88,364	Bank of America Corp.		3,185
2,394	First Republic Bank		288
35,903	JPMorgan Chase & Co.		4,519
798	SVB Financial Group ^*		184

			8,176


BEVERAGES—2.9%
45,597	Coca-Cola Co.		2,729
4,788	Monster Beverage Corp. ^*		449
16,758	PepsiCo, Inc.		3,043

			6,221


BIOTECHNOLOGY—2.9%
8,111	Amgen, Inc.		2,193
2,394	Biogen, Inc. ^*		678
5,985	Moderna, Inc. ^*		900
1,596	Regeneron Pharmaceuticals, Inc. ^*		1,195
3,990	Vertex Pharmaceuticals, Inc. ^*		1,245

			6,211


BUILDING PRODUCTS—0.5%
7,182	Trane Technologies PLC		1,146


CAPITAL MARKETS—3.6%
1,995	BlackRock, Inc.		1,289
9,208	Blackstone, Inc.		839
4,043	Goldman Sachs Group, Inc.		1,393
399	MarketAxess Holdings, Inc.		97
1,995	Moody’s Corp.		528



COMMON STOCKS—Continued

Shares		Value

CAPITAL MARKETS—Continued
17,556	Morgan Stanley	$	1,443
1,086	MSCI, Inc.		509
4,389	Nasdaq, Inc.		273
4,473	S&P Global, Inc.		1,437

			7,808


CHEMICALS—1.3%
17,760	Corteva, Inc.		1,160
18,763	Dow, Inc.		877
13,141	DuPont de Nemours, Inc.		752

			2,789


COMMUNICATIONS EQUIPMENT—1.2%
2,823	Arista Networks, Inc. ^*		341
49,875	Cisco Systems, Inc.		2,266

			2,607


CONSUMER FINANCE—0.6%
6,788	American Express Co.		1,008
6,783	Synchrony Financial		241

			1,249


ELECTRIC UTILITIES—1.4%
10,086	Duke Energy Corp.		940
5,187	Edison International		311
4,788	Eversource Energy		365
13,965	The Southern Co.		915
7,182	Xcel Energy, Inc.		468

			2,999


ELECTRICAL EQUIPMENT—0.4%
3,217	Rockwell Automation, Inc.		821


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%
1,699	CDW Corp.		294
2,394	Keysight Technologies, Inc. ^*		417
3,192	Trimble, Inc. ^*		192

			903


ENTERTAINMENT—3.4%
3,192	Electronic Arts, Inc.		402
4,389	Live Nation Entertainment, Inc. ^*		349
5,586	Netflix, Inc. ^*		1,631

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Harbor Corporate Culture ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



COMMON STOCKS—Continued

Shares		Value

ENTERTAINMENT—Continued
1,197	Take-Two Interactive Software, Inc. ^*	$	142
45,333	Walt Disney Co. ^*		4,830

			7,354


EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—2.1%
2,503	AvalonBay Communities, Inc.		438
5,686	Digital Realty Trust, Inc.		570
1,668	Equinix, Inc.		945
1,231	Essex Property Trust, Inc.		274
14,364	ProLogis, Inc.		1,591
1,995	SBA Communications Corp.		538
7,581	Ventas, Inc.		297

			4,653


FOOD & STAPLES RETAILING—3.2%
13,974	Costco Wholesale Corp.		7,008


FOOD PRODUCTS—1.6%
14,538	Archer-Daniels-Midland Co.		1,410
7,182	General Mills, Inc.		586
1,635	Hershey Co.		390
16,359	Mondelez International, Inc. Class A		1,006

			3,392


HEALTH CARE EQUIPMENT & SUPPLIES—2.3%
1,197	Align Technology ^*		233
20,349	Boston Scientific Corp. ^*		877
3,591	Hologic, Inc. ^*		244
5,187	Intuitive Surgical, Inc. ^*		1,278
19,551	Medtronic PLC		1,708
1,995	ResMed, Inc.		446
798	Teleflex, Inc.		171

			4,957


HOTELS, RESTAURANTS & LEISURE—0.8%
4,418	Expedia Group, Inc. ^*		413
7,980	Marriott International, Inc. Class A		1,278

			1,691


HOUSEHOLD DURABLES—0.1%
1,995	Garmin Ltd.		175
24	NVR, Inc. ^*		102

			277


HOUSEHOLD PRODUCTS—2.5%
1,596	Clorox Co.		233
10,374	Colgate-Palmolive Co.		766
3,990	Kimberly-Clark Corp.		496
28,839	Procter & Gamble Co.		3,884

			5,379


INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS—0.1%
8,511	AES Corp.		223


INDUSTRIAL CONGLOMERATES—1.9%
15,960	3M Co.		2,008
27,930	General Electric Co.		2,173

			4,181


INSURANCE—1.4%
1,995	Cincinnati Financial Corp.		206
6,384	Marsh & McLennan Cos., Inc.		1,031



COMMON STOCKS—Continued

Shares		Value

INSURANCE—Continued
3,192	Principal Financial Group, Inc.	$	282
7,182	Progressive Corp.		922
2,793	Travelers Cos., Inc.		515

			2,956


INTERACTIVE MEDIA & SERVICES—4.7%
67,608	Alphabet, Inc. Class C ^*		6,400
41,986	Meta Platforms, Inc. Class A^*		3,911

			10,311


INTERNET & DIRECT MARKETING RETAIL—0.6%
20,748	eBay, Inc.		826
4,576	Etsy, Inc. ^*		430

			1,256


IT SERVICES—6.1%
2,027	Akamai Technologies, Inc. ^*		179
5,215	Automatic Data Processing, Inc.		1,260
2,793	Cloudflare, Inc. Class A ^*		157
798	EPAM Systems, Inc. ^*		279
11,172	IBM Corp.		1,545
10,773	Mastercard, Inc. Class A		3,536
21,546	PayPal Holdings, Inc. ^*		1,801
1,197	VeriSign, Inc. ^*		240
20,460	Visa, Inc. Class A		4,239

			13,236


LIFE SCIENCES TOOLS & SERVICES—0.5%
4,448	Agilent Technologies, Inc.		615
2,394	Illumina, Inc. ^*		548

			1,163


MACHINERY—3.2%
14,372	Caterpillar, Inc.		3,111
3,690	Cummins, Inc.		902
7,237	Deere & Co.		2,865

			6,878


METALS & MINING—0.4%
19,152	Newmont Corp.		810


MULTI-UTILITIES—1.1%
3,289	Ameren Corp.		268
4,788	Consolidated Edison, Inc.		421
10,374	Dominion Energy, Inc.		726
2,461	DTE Energy Co.		276
3,990	Sempra Energy		602

			2,293


OIL, GAS & CONSUMABLE FUELS—4.7%
29,032	Chevron Corp.		5,252
20,588	ConocoPhillips		2,596
4,466	Hess Corp.		630
12,768	Occidental Petroleum Corp.		927
5,985	Valero Energy Corp.		751

			10,156


PHARMACEUTICALS—10.0%
30,324	Bristol-Myers Squibb Co.		2,349
12,814	Eli Lilly & Co.		4,640
39,354	Johnson & Johnson		6,847
38,304	Merck & Co., Inc.		3,876

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Harbor Corporate Culture ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



COMMON STOCKS—Continued

Shares		Value
PHARMACEUTICALS—Continued
84,699	Pfizer, Inc.	$	3,943

			21,655


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—5.6%
19,950	Advanced Micro Devices, Inc. ^*		1,198
1,596	Enphase Energy, Inc. ^*		490
50,673	Intel Corp.		1,441
1,995	Lam Research Corp.		808
7,182	Microchip Technology, Inc.		443
29,526	NVIDIA Corp.		3,985
14,763	QUALCOMM, Inc.		1,737
1,995	Teradyne, Inc.		162
12,369	Texas Instruments, Inc.		1,987

			12,251


SOFTWARE—9.0%
6,470	Adobe, Inc. ^*		2,061
1,197	ANSYS, Inc. ^*		265
2,881	Autodesk, Inc. ^*		617
3,591	Cadence Design Systems, Inc. ^*		544
7,980	Fortinet, Inc. ^*		456
3,591	Intuit, Inc.		1,535
42,294	Microsoft Corp.		9,818
1,197	Roper Technologies, Inc.		496
13,167	Salesforce, Inc. ^*		2,141
2,394	ServiceNow, Inc. ^*		1,007
1,995	Synopsys, Inc. ^*		583

			19,523


SPECIALTY RETAIL—0.1%
5,187	CarMax, Inc. ^*		327


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—5.5%
73,416	Apple, Inc.		11,258
15,561	Hewlett Packard Enterprise Co.		222



COMMON STOCKS—Continued

Shares		Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued
14,253	HP, Inc.	$	394
2,793	NetApp, Inc.		193

			12,067


TEXTILES, APPAREL & LUXURY GOODS—0.7%
15,561	NIKE, Inc. Class B		1,442
4,389	VF Corp.		124

			1,566


TOBACCO—0.7%
17,157	Philip Morris International, Inc.		1,576


WATER UTILITIES—0.2%
2,455	American Water Works Co., Inc.		357


TOTAL COMMON STOCKS
(Cost $204,495)			205,643



EXCHANGE-TRADED FUNDS—5.5%
(Cost $12,009)

CAPITAL MARKETS—5.5%
83,185	Consumer Discretionary Select Sector SPDR Fund		11,981


TOTAL INVESTMENTS—100.2%
(Cost $216,504)			217,624

CASH AND OTHER ASSETS, LESS LIABILITIES—(0.2)%			(378	)

TOTAL NET ASSETS—100%		$	217,246

FAIR VALUE MEASUREMENTS

All investments as of October 31, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments as of October 31, 2022 or October 12, 2022 (commencement of operations).

*	Non-income producing security

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

LOGO

Harbor Corporate Culture Leaders ETF

MANAGER’S COMMENTARY (Unaudited)

ADVISER

Harbor Capital

Advisors, Inc.

Management’s Discussion of

Fund Performance

MARKET REVIEW

Throughout the year ended October 31, 2022, investor concerns pertaining to elevated inflation, monetary policy tightening, increased geopolitical risk, and slowing global growth pressured U.S. equities. The S&P 500 Index delivered -17.70% on a year-to-date basis ended October 31, 2022, while the Russell 1000^® Index, returned -18.54%.

Markets were off balance as investors digested surging energy and food prices, which continued to demand a larger portion of consumers’ wallets. In addition, negative real wage growth and tightened financial conditions weighed on investor and consumer sentiment alike. Growth in all its forms came under pressure during the period, with high growth tech and other risk-on investments trailing value stocks and more defensive pockets of the market. Indeed, the Russell 1000^® Value Index returned on a year-to-date basis ended October 31, 2022, -9.32% compared to the -26.61% returned by its counterpart, Russell 1000^® Growth Index. Overall, this period constituted a challenging environment for risk and long duration assets.

PERFORMANCE

The Fund 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 Index rebalances quarterly and is reconstituted on an annual basis, based on scores produced by Irrational Capital LLC. At times, however, the Index may experience corporate actions; during the reporting period, IHS Markit and Zendesk were eliminated from the Index.

For the period ended October 31, 2022, the Fund returned -17.04% compared to -16.46% returned by the Human Capital Factor Unconstrained Index. The Fund faced both allocation and stock selection headwinds. While Healthcare contributed from a selection standpoint, Information Technology was a laggard from both an allocation and selection standpoint. The higher growth nature of the sector was pressured by rising interest rates. Within the sector, investments within the IT services and software segments experienced declines as investor preference shifted away from companies with duration growth towards those with lower volatility and more defensive profiles.

The two largest contributors to the portfolio were Alnylam Pharmaceuticals and Biogen. Alnylam Pharmaceuticals contributed 42 bps and Biogen contributed 41 bps. Contrarily, the largest portfolio detractors comprise Peloton and Royal Caribbean Group. Peloton detracted 112 bps and Royal Caribbean detracted 81 bps.

OUTLOOK & STRATEGY

As stated, 2022 has been a tough year for growth stocks, and the headwinds of interest rate hikes, inflation and geo-political risk are not set to dissipate anytime soon. This continued uncertainty presents further challenges to the growth sector. That said, should the Federal Reserve be successful in its attempt to thread the needle and achieve a “soft” landing while tightening monetary policy, relief in the form of a strong second half rally for 2023 is certainly a possibility. Our base case view for 2023 however is that a recession is likely as a result of further rate hikes driving up unemployment. Although anticipated to be mild, investors should be prepared for another tough year in general for equities.

LOGO

Harbor Corporate Culture Leaders ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

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

LOGO

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 10/31/2022

Unannualized

1 Year

5 Years

Life of Fund

Harbor Corporate Culture Leaders ETF
(Based on Net Asset Value)¹

N/A

-17.04%

Harbor Corporate Culture Leaders ETF
(At Market Price)¹

N/A

-16.99%

Comparative Index

Human Capital Factor Unconstrained Index¹

N/A

-16.46%

As stated in the Fund’s prospectus dated February 22, 2022, 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 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 10/31/2022. 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.

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.

LOGO

Harbor Corporate Culture Leaders ETF

PORTFOLIO OF INVESTMENTS—October 31, 2022

SECTOR ALLOCATION (% of investments) - Unaudited

LOGO

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—100.0%

Shares			Value

	AIRLINES—4.0%
	1,229	Copa Holdings SA Class A (Panama)^*	$	92
	2,691	Delta Air Lines, Inc. ^*		91
	2,352	Southwest Airlines Co. ^*		86

				269


	AUTOMOBILES—1.1%
	5,747	Ford Motor Co.		77


	BANKS—1.3%
	1,084	Pinnacle Financial Partners, Inc.		90


	BIOTECHNOLOGY—6.6%
	397	Alnylam Pharmaceuticals, Inc. ^*		82
	420	Biogen, Inc. ^*		119
	1,679	Natera, Inc. ^*		79
	1,795	Ultragenyx Pharmaceutical, Inc. ^*		73
	427	United Therapeutics Corp. ^*		98

				451


	CAPITAL MARKETS—4.7%
	343	MarketAxess Holdings, Inc.		84
	359	Morningstar, Inc.		83
	183	MSCI, Inc.		86
	1,267	Tradeweb Markets, Inc. Class A		70

				323


	CHEMICALS—1.2%
	1,659	Dow, Inc.		78


	COMMUNICATIONS EQUIPMENT—3.6%
	732	Arista Networks, Inc. ^*		89
	1,696	Ciena Corp. ^*		81
	538	F5, Inc. ^*		77

				247


	CONSUMER FINANCE—2.5%
	168	Credit Acceptance Corp. ^*		78
	2,569	Synchrony Financial		92

				170


	DIVERSIFIED CONSUMER SERVICES—1.2%
	1,377	Service Corp. International		83



COMMON STOCKS—Continued

Shares			Value

	ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—1.9%
	3,157	Plug Power, Inc. ^*	$	50
	1,295	Trimble, Inc. ^*		78

				128


	ENTERTAINMENT—3.0%
	1,365	Liberty Media Corp. Class C ^*		79
	1,112	Roku, Inc. ^*		62
	753	Spotify Technology SA (Sweden)^*		60

				201


	EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—6.4%
	637	Camden Property Trust		74
	312	Essex Property Trust, Inc.		69
	2,344	Invitation Homes, Inc.		74
	3,795	JBG SMITH Properties		75
	676	ProLogis, Inc.		75
	265	SBA Communications Corp.		71

				438


	GAS UTILITIES—1.2%
	792	Atmos Energy Corp.		84


	HEALTH CARE EQUIPMENT & SUPPLIES—1.4%
	2,189	Boston Scientific Corp. ^*		94


	HOTELS, RESTAURANTS & LEISURE—3.1%
	1,002	Hyatt Hotels Corp. Class A ^*		94
	2,204	Royal Caribbean Cruises Ltd. (Liberia)^*		118

				212


	HOUSEHOLD DURABLES—1.2%
	2,066	PulteGroup, Inc.		83


	HOUSEHOLD PRODUCTS—2.5%
	684	Kimberly-Clark Corp.		85
	632	Procter & Gamble Co.		85

				170


	INTERACTIVE MEDIA & SERVICES—3.2%
	758	Alphabet, Inc. Class C ^*		72
	515	Meta Platforms, Inc. Class A^*		48
	3,976	Pinterest, Inc. Class A ^*		98

				218

LOGO

Harbor Corporate Culture Leaders ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



COMMON STOCKS—Continued

Shares			Value

	INTERNET & DIRECT MARKETING RETAIL—1.1%
	777	Etsy, Inc. ^*	$	73


	IT SERVICES—7.4%
	209	EPAM Systems, Inc. ^*		73
	408	Globant SA (Luxembourg)^*		77
	262	Mastercard, Inc. Class A		86
	245	MongoDB, Inc. ^*		45
	552	Snowflake, Inc. Class A^*		89
	5,655	Thoughtworks Holding, Inc. ^*		54
	1,073	Twilio, Inc. Class A^*		80

				504


	LEISURE PRODUCTS—1.8%
	6,929	Peloton Interactive, Inc. Class A ^*		58
	2,038	YETI Holdings, Inc. ^*		66

				124


	MACHINERY—1.4%
	1,331	Graco, Inc.		93


	MULTI-UTILITIES—1.1%
	687	DTE Energy Co.		77


	PERSONAL PRODUCTS—1.0%
	3,185	Herbalife Nutrition Ltd. ^*		68


	PHARMACEUTICALS—2.8%
	1,019	Merck & Co., Inc.		103
	1,850	Pfizer, Inc.		86

				189


	REAL ESTATE MANAGEMENT & DEVELOPMENT—1.1%
	2,348	Zillow Group, Inc. Class C^*		72


	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—3.9%
	921	Advanced Micro Devices, Inc. ^*		55
	180	Lam Research Corp.		73
	498	NVIDIA Corp.		67
	891	Teradyne, Inc.		73

				268


	SOFTWARE—24.3%
	209	Adobe, Inc. ^*		66



COMMON STOCKS—Continued

Shares			Value

	SOFTWARE—Continued
	326	ANSYS, Inc. ^*	$	72
	329	Atlassian Corp. PLC Class A^*		67
	492	Cadence Design Systems, Inc. ^*		74
	1,252	DocuSign, Inc. ^*		60
	3,734	Dropbox, Inc. ^*		81
	2,146	Dynatrace, Inc. ^*		76
	1,134	Guidewire Software, Inc. ^*		67
	191	Intuit, Inc.		82
	3,448	Jamf Holding Corp. ^*		82
	318	Microsoft Corp.		74
	2,503	nCino, Inc. ^*		79
	1,337	New Relic, Inc. ^*		79
	9,387	Palantir Technologies, Inc. Class A ^*		82
	350	Paylocity Holding Corp. ^*		81
	1,479	Procore Technologies, Inc. ^*		81
	212	Roper Technologies, Inc.		88
	183	ServiceNow, Inc. ^*		77
	1,596	Unity Software, Inc. ^*		47
	763	VMware, Inc. Class A		86
	851	Zoom Video Communications, Inc. Class A ^*		71
	510	Zscaler, Inc. ^*		79

				1,651


	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.6%
	539	Apple, Inc.		83
	3,057	Pure Storage, Inc. Class A ^*		94

				177


	TEXTILES, APPAREL & LUXURY GOODS—1.4%
	289	Lululemon Athletica, Inc. (Canada)^*		95


	TOTAL COMMON STOCKS
	(Cost $7,990)			6,807


	TOTAL INVESTMENTS—100%
	(Cost $7,990)			6,807


	CASH AND OTHER ASSETS, LESS LIABILITIES—0.0%			—

	TOTAL NET ASSETS—100%		$	6,807

FAIR VALUE MEASUREMENTS

*	Non-income producing security

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

LOGO

Harbor Disruptive Innovation ETF

MANAGER’S COMMENTARY (Unaudited)

ADVISER

Harbor Capital

Advisors, Inc.

Management’s Discussion of

Fund Performance

MARKET REVIEW

Throughout the year, investor concerns pertaining to elevated inflation, monetary policy tightening, increased geopolitical risk and slowing global growth pressured U.S. equities. Markets were off balance as investors digested surging energy and food prices, which continued to demand a larger portion of consumers’ wallets. In addition, negative real wage growth and tightened financial conditions weighed on investor and consumer sentiment alike. Growth in all its forms came under pressure during the period, with high growth tech and other risk-on investments trailing value stocks and more defensive pockets of the market. This resulted in a challenging environment for risk and long-duration assets, weighing on Fund returns versus the broad market during the period.

PERFORMANCE

Harbor Disruptive Innovation ETF returned -42.85% while the S&P 500 Index returned -12.99% during the period ended October 31, 2022. The Fund lagged the S&P 500 Index during the period and faced notable headwinds from both a stock specific and factor perspective. The higher growth nature of the Fund proved a meaningful headwind during the period given larger exposure to growth-oriented sectors, particularly information technology, a sector which lagged the overall benchmark in terms of performance.

Within information technology, investments within the IT services and software segments experienced declines as investor preference shifted away from companies with duration growth towards those with lower volatility and higher liquidity profiles. Shares of Shopify sold off during the year as investors reacted negatively to management announcing a material increase in investment in 2022, reducing operating margins. Given the market’s prevailing short-term focus and low appetite for increased investment at the expense of margin gains, the stock reacted negatively during the period. In addition, the Fund’s investment in Block traded lower on growing fears that an economic slowdown would adversely impact the revenues of the company’s suite of financial services. Lightspeed Commerce shares were also pressured amidst a broader rotation out of fintech stocks across both scaled providers and digital new entrants.

Within Consumer Discretionary, challenging stock selection within the internet & direct marketing retail and specialty retail industries posed pressure on the Fund’s excess returns relative to the broad market. The Fund’s investment in Carvana weighed on returns versus the Index as inflationary pressures in used cars, as well as other factors resulted in the stock’s repricing during the period. Also, shares of Peloton fell on poor results and subsequent concerns that its customer growth would slow as gyms and health clubs reopened in the post COVID-19 environment.

In addition, biotechnology investments within the Health Care sector pressured excess returns during the period. The Fund’s investment in Cabaletta Bio sold off as investors reacted negatively to top line data from its mucosal Pemphigus Vulgaris (mPV) trial results during the period. In addition, shares of LogicBio Therapeutics fell on the back of the news that its clinical trial for its treatment of methylmalonic acidemia (MMA) has been placed on clinical hold by the FDA.

The Fund’s lack of exposure to the value-oriented Energy and Consumer Staples sectors also posed performance challenges as both groups outperformed the broad market during the period.

Despite overall headwinds facing the Fund’s investment strategy, stock specific investments generated strong results, helping modestly offset relative underperformance during the period. For instance, two of the Fund’s largest contributors to performance were SailPoint Technologies and T-Mobile. SailPoint received a buyout offer, boosting the stock price. T-Mobile continued to show improvements in line with the investment team’s thesis on cash generation and business rationalization. In addition, Dicerna Pharmaceuticals shares rose over 80% as the company

LOGO

Harbor Disruptive Innovation ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 12/01/2021 through 10/31/2022

LOGO

The graph compares a $10,000 investment in shares of the Fund with the performance of the S&P 500 Index and 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 10/31/2022

was acquired by Novo Nordisk at a premium during the period. Also, the Fund’s investment in Akouos surged as the company received FDA clearance of its IND Application for AK-OTOF, a gene therapy intended for the treatment of OTOF-mediated hearing loss. The IND for AK-OTOF is the first to receive FDA clearance for a genetic form of hearing loss and the first for an AAV vector therapy with the potential to treat an inner ear condition.

OUTLOOK & STRATEGY

The shift in market leadership during the year illustrates how unpredictable markets can be over shorter-term periods. Exogenous factors and sentiment can have an outsized influence on short-term price movements. Despite these shorter-term impacts, enterprises remain early in their digital transformation efforts, new technological offerings are enabling access to commerce and financial services, and life sciences innovations continue to change how we define, diagnose, and treat disease. Over the long-term, we believe we will be successful in identifying businesses that will extract most of the value created by these trends, as well as others.

Overall, the market’s disfavor for companies investing today for future growth proved a particularly damaging factor to performance. The positive outcome for the Fund’s approach, however, is that in many cases, we believe today’s valuations do not reflect the broad range of positive outcomes for many of the Fund’s holdings. While volatility adds market risk, the Fund’s underlying investment managers do not see a corresponding increase in the business risks across Fund holdings.

Unannualized

1 Year

5 Years

Life of Fund

Harbor Disruptive Innovation ETF
(Based on Net Asset Value)¹

N/A

-42.85%

Harbor Disruptive Innovation ETF
(At Market Price)¹

N/A

-42.85%

Comparative Index

S&P 500 Index¹

N/A

-12.99%

Russell 3000^® Growth Index¹

N/A

-23.48%

As stated in the Fund’s prospectus dated March 1, 2022, 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 Russell 3000^® Growth Index measures the performance of the broad growth segment of the US equity universe. It includes Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is market-capitalization weighted. The Standard & Poor’s 500 Index is an unmanaged index generally representative of the U.S. market for large capitalization equities. 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.

¹ The “Life of Fund” return as shown reflects the period 12/01/2021 (commencement of operations) through 10/31/2022. 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 issuers in emerging market regions. Investing in REITs will subject the Fund to additional risk.

LOGO

Harbor Disruptive Innovation ETF

PORTFOLIO OF INVESTMENTS—October 31, 2022

SECTOR ALLOCATION (% of investments) - Unaudited

LOGO

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—96.6%

Shares		Value

AUTOMOBILES—2.5%
770	Tesla, Inc. ^*	$	175


BIOTECHNOLOGY—10.0%
801	Alkermes PLC (Ireland)^*		18
2,906	Allogene Therapeutics, Inc. ^*		30
1,176	Arrowhead Pharmaceuticals, Inc. ^*		41
848	Ascendis Pharma AS ADR (Denmark)^*,1		98
9,009	Autolus Therapeutics PLC ADR (United Kingdom)^*,1		26
2,728	Avidity Biosciences, Inc. ^*		39
1,555	Bicycle Therapeutics PLC ADR (United Kingdom)^*,1		38
274	Blueprint Medicines Corp. ^*		14
1,600	C4 Therapeutics, Inc. ^*		15
833	Fate Therapeutics, Inc. ^*		17
8,083	Freeline Therapeutics Holdings PLC ADR (United Kingdom)^*,1		6
2,731	Iovance Biotherapeutics, Inc. ^*		25
676	Krystal Biotech, Inc. ^*		52
943	Kymera Therapeutics, Inc. ^*		29
11,465	Magenta Therapeutics, Inc. ^*		15
7,649	Precision BioSciences, Inc. ^*		11
1,770	REGENXBIO, Inc. ^*		42
2,317	Repare Therapeutics, Inc. (Canada)^*		35
1,727	Replimune Group, Inc. ^*		32
4,184	Rocket Pharmaceuticals, Inc. ^*		78
18,581	Synlogic, Inc. ^*		16
5,114	TCR² Therapeutics, Inc. ^*		8
1,744	UniQure NV (Netherlands)^*		32

			717


CAPITAL MARKETS—0.2%
238	Coinbase Global, Inc. Class A ^*		16


CONTAINERS & PACKAGING—2.2%
3,217	Ball Corp		159


ELECTRIC UTILITIES—0.5%
417	NextEra Energy, Inc.		32


ENTERTAINMENT—0.7%
1,043	Sea Ltd. ADR (Singapore)^*,1		52


HEALTH CARE EQUIPMENT & SUPPLIES—3.7%
567	Dexcom, Inc. ^*		68



COMMON STOCKS—Continued

Shares		Value

HEALTH CARE EQUIPMENT & SUPPLIES—Continued
120	IDEXX Laboratories, Inc. ^*	$	43
232	Insulet Corp. ^*		60
718	Lantheus Holdings, Inc. ^*		53
141	The Cooper Companies, Inc.		39

			263


HEALTH CARE PROVIDERS & SERVICES—1.6%
406	Amedisys, Inc. ^*		40
99	Humana, Inc.		55
7,966	Invitae Corp. ^*		20

			115


HOTELS, RESTAURANTS & LEISURE—1.3%
62	Chipotle Mexican Grill, Inc. ^*		93


INTERACTIVE MEDIA & SERVICES—4.7%
1,365	Alphabet, Inc. Class A^*		129
1,319	Alphabet, Inc. Class C ^*		125
173	Meta Platforms, Inc. Class A^*		16
1,416	ZoomInfo Technologies, Inc. ^*		63

			333


INTERNET & DIRECT MARKETING RETAIL—7.3%
2,381	Amazon.com, Inc. ^*		244
19,444	Deliveroo PLC (United Kingdom)^*,2		19
1,342	DoorDash, Inc. Class A ^*		58
226	MercadoLibre, Inc. (Argentina)^*		204

			525


IT SERVICES—14.4%
172	Adyen NV (Netherlands)^*,2		247
1,445	Block, Inc. ^*		87
2,409	Cloudflare, Inc. Class A ^*		136
1,024	Datadog, Inc. ^*		82
259	MongoDB, Inc. ^*		47
2,840	Okta, Inc. ^*		159
904	PayPal Holdings, Inc. ^*		76
1,732	Shopify, Inc. Class A (Canada)^*		59
858	Snowflake, Inc. Class A^*		138

			1,031


LEISURE PRODUCTS—0.2%
2,009	Peloton Interactive, Inc. Class A ^*		17

LOGO

Harbor Disruptive Innovation ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



COMMON STOCKS—Continued

Shares		Value

LIFE SCIENCES TOOLS & SERVICES—5.4%
84	Bio-Rad Laboratories, Inc. Class A ^*	$	29
571	Danaher Corp.		144
490	ICON PLC (Ireland)^*		97
73	Lonza Group AG (Switzerland)		38
31	Mettler-Toledo International, Inc. ^*		39
73	Thermo Fisher Scientific, Inc.		37

			384


MEDIA—1.1%
4,153	Paramount Global Class B		76


PHARMACEUTICALS—1.6%
891	Arvinas, Inc. ^*		44
360	Catalent, Inc. ^*		24
126	Eli Lilly & Co.		46

			114


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—13.5%
851	Advanced Micro Devices, Inc. ^*		51
659	Applied Materials, Inc.		58
198	ASML Holding NV (Netherlands)		94
641	Lam Research Corp.		259
3,664	Microchip Technology, Inc.		226
331	NVIDIA Corp.		45
970	Texas Instruments, Inc.		156
976	Wolfspeed, Inc. ^*		77

			966


SOFTWARE—22.9%
953	Atlassian Corp. PLC Class A^*		193
1,073	Cadence Design Systems, Inc. ^*		162
198	CrowdStrike Holdings, Inc. Class A^*		32



COMMON STOCKS—Continued

Shares		Value

SOFTWARE—Continued
378	CyberArk Software Ltd. (Israel)^*	$	59
1,115	Fortinet, Inc. ^*		64
211	HubSpot, Inc. ^*		63
508	Microsoft Corp.		118
845	Procore Technologies, Inc. ^*		46
1,467	Salesforce, Inc. ^*		239
6,272	Samsara, Inc. Class A ^*		77
583	ServiceNow, Inc. ^*		245
1,334	Smartsheet, Inc. Class A ^*		47
1,440	Workday, Inc. Class A ^*		224
281	Zoom Video Communications, Inc. Class A ^*		23
282	Zscaler, Inc. ^*		44

			1,636


SPECIALTY RETAIL—0.3%
1,952	AUTO1 Group SE (Germany)^*,2		13
628	Carvana Co. ^*		9

			22


WIRELESS TELECOMMUNICATION SERVICES—2.5%
1,154	T-Mobile US, Inc. ^*		175


TOTAL COMMON STOCKS
(Cost $8,954)			6,901


TOTAL INVESTMENTS—96.6%
(Cost $8,954)			6,901

CASH AND OTHER ASSETS, LESS LIABILITIES—3.4%			245

TOTAL NET ASSETS—100%		$	7,146

FAIR VALUE MEASUREMENTS

*	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, 2022, the aggregate value of these securities was $279 or 4% of net assets.

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

LOGO

Harbor Dividend Growth Leaders ETF

MANAGER’S COMMENTARY (Unaudited)

SUBADVISER

Westfield Capital

Management Company,

L.P.

Management’s Discussion of

Fund Performance

MARKET REVIEW

U.S. equities finished the third quarter of calendar year 2022 on the lows of the year, marking the largest decline during the first nine months of any year since 2002. Indexes turned sharply negative on the heels of higher-than-expected inflation data in August and a stern commitment by the Federal Reserve (the “Fed”) in Jackson Hole to tamp down inflation, even if it means inflicting some ‘pain’ and job losses on the U.S. economy. The steep trajectory of rate hikes by the U.S. roiled already unsettled markets and forced other central banks across the globe to follow suit or risk having their currencies devalued. Once again, we witnessed most asset classes falling in tandem with one exception being commodities, and even that was largely driven by strong returns in the energy markets. This unusual correlation further strained financial markets and even drove some policy makers to intervene to prevent more widespread disruptions.

PERFORMANCE

Harbor Dividend Growth Leaders ETF returned -8.48% during the year ended October 31, 2022, while the Fund’s primary benchmark, S&P 500 Index (the “Index”), returned -14.61%, and the NASDAQ Dividend Achievers Select Total Return Index returned -8.27%. The returns of the Fund prior to May 20, 2022 are those of the Westfield Capital Dividend Growth Fund (the “Predecessor Fund”)¹. 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 Information Technology and Materials offset relative strength within Communication Services and Energy.

Information Technology was the largest source of relative weakness, costing 130 basis points (“bps”). Within the sector, semiconductor company Silicon Motion Technology Corporation Sponsored ADR was the largest detractor from relative results. It was announced in May that the company was being acquired by MaxLinear, Inc. in 2023. Following this announcement, shares traded lower due to the lack of upcoming catalysts since the acquisition doesn’t close for a year. The company pays a healthy dividend and has a 12.00% shareholder yield which contributed to our decision to continue to hold the security following the announcement, but we decided to exit the position in October as a source of funds for other ideas which we believe have more near-term upside.

Materials also detracted from relative results, costing 108 bps of relative performance. Newmont Corporation, a goldminer, was the biggest relative underperformer within the sector. Shares traded lower as gold prices are inversely correlated with real interest rates, which have been rising as the Fed has been increasing interest rates over the last few months. Additionally, the company had some operational weakness which further weighed on sentiment. Given this backdrop, we sold the position in early September.

Communications Services was the largest contributor to relative performance, adding 130 bps of relative returns to the Fund. The majority of this relative performance stemmed from not owning the mega-cap benchmark names which do not meet our capital return thresholds.

The Fund’s investments within Energy also contributed to relative performance, adding 33 bps. Energy exploration and production companies ConocoPhillips and Devon Energy Corporation were the top relative contributors. The Fund’s Energy positioning is focused on having exposure to E&Ps and not investing in Coal, Services, Midstream and Refining,

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Harbor Dividend Growth Leaders ETF

MANAGER’S COMMENTARY—Continued


CHANGE IN A $10,000 INVESTMENT For the period 11/01/12 through 10/31/2022 The graph compares a $10,000 investment in shares of the Fund with the performance of the S&P 500 Index and NASDAQ U.S. 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 10/31/2022							which was rewarded during the period. Despite a pull-back in oil, ConocoPhillips and Devon Energy Corporation held in better than peers, showcasing their attractiveness as best-in-class operators with strong free cash flow and capital returns. OUTLOOK & STRATEGY Following yet another volatile quarter, we remain confident in our positioning in high quality companies with durable business models that we believe can reliably maintain and raise their dividends while also weathering the market turbulence. As we have witnessed in the market, there is no shortage of companies re-rating substantially lower amidst sharply rising interest rates and broader macro-economic uncertainty. With the Fed reiterating their singular focus on curbing inflation, we think now more than ever it is important to own companies that not only provide competitive yields which are increasing, but those that can also create equity value over time. Often times yield-focused alternatives lack the quality desired in a turbulent market when investors flock to relative safety at the expense of riskier segments of the market. Stocks owned today must also compete with higher yielding Treasuries and provide a reasonable return above those yields to account for the greater risk. We believe that is hard to justify in high yielding stocks in many cases and prefer the quality and equity value creation potential of dividend growth stocks.
			Annualized		Annualized
	1 Year		5 Years		10 Years
Harbor Dividend Growth Leaders ETF (Based on Net Asset Value)		-8.48%		11.21%		11.49%
Harbor Dividend Growth Leaders ETF (At Market Price)		-8.40%		11.23%		11.49%
Comparative Index
S&P 500 Index		-14.61%		10.44%		12.79%
NASDAQ U.S. Dividend Achievers Select Total Return Index		-8.27%		11.06%		11.99%
As stated in the Fund’s prospectus dated April 13, 2022, 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 U.S. Dividend Achievers Select Total Return Index is a modified market capitalization weighted index. The NASDAQ U.S. 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.

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Harbor Dividend Growth Leaders ETF

MANAGER’S COMMENTARY (Unaudited)

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 effect 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.

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Harbor Dividend Growth Leaders ETF

PORTFOLIO OF INVESTMENTS—October 31, 2022

SECTOR ALLOCATION (% of investments) - Unaudited

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PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands


COMMON STOCKS—95.8%
Shares		Value

BANKS—5.4%
83,469	Bank of America Corp.	$	3,008
17,549	Cullen/Frost Bankers, Inc.		2,721
26,686	East West Bancorp, Inc.		1,910

			7,639


BEVERAGES—4.8%
52,735	Coca-Cola Co.		3,156
19,747	PepsiCo, Inc.		3,586

			6,742


BIOTECHNOLOGY—4.6%
23,274	AbbVie, Inc.		3,407
39,291	Gilead Sciences, Inc.		3,083

			6,490


BUILDING PRODUCTS—1.9%
16,566	Trane Technologies PLC (Ireland)		2,644


CAPITAL MARKETS—1.2%
29,172	Hamilton Lane, Inc. Class A		1,745


COMMUNICATIONS EQUIPMENT—2.3%
70,921	Cisco Systems, Inc.		3,222


CONTAINERS & PACKAGING—1.5%
17,231	Packaging Corp. of America		2,071


DIVERSIFIED TELECOMMUNICATION SERVICES—1.3%
34,376	Cogent Communications Holdings, Inc.		1,805


EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—6.3%
35,533	Equity LifeStyle Properties, Inc.		2,273
13,487	Innovative Industrial Properties, Inc.		1,458
47,618	National Health Investors, Inc.		2,700
18,475	Sun Communities, Inc.		2,491

			8,922


FOOD PRODUCTS—3.7%
32,034	Bunge Ltd. (Bermuda)		3,162
8,963	Hershey Co.		2,140

			5,302


HEALTH CARE PROVIDERS & SERVICES—3.8%
22,580	Quest Diagnostics, Inc.		3,244


COMMON STOCKS—Continued
Shares		Value

HEALTH CARE PROVIDERS & SERVICES—Continued
3,932	UnitedHealth Group, Inc.	$	2,183

			5,427


HOTELS, RESTAURANTS & LEISURE—1.7%
66,960	Cheesecake Factory, Inc.		2,398


INSURANCE—9.0%
15,497	Allstate Corp.		1,957
20,961	American Financial Group, Inc.		3,042
62,970	American International Group, Inc.		3,589
22,291	Arthur J. Gallagher & Co.		4,170

			12,758


IT SERVICES—3.1%
31,977	IBM Corp.		4,422


MACHINERY—3.9%
8,736	Cummins, Inc.		2,136
15,497	IDEX Corp.		3,445

			5,581


MEDIA—1.6%
13,299	Nexstar Media Group, Inc.		2,278


MULTILINE RETAIL—2.4%
20,441	Target Corp.		3,358


OIL, GAS & CONSUMABLE FUELS—7.1%
42,587	ConocoPhillips		5,370
60,252	Devon Energy Corp.		4,660

			10,030


PHARMACEUTICALS—4.1%
8,413	Eli Lilly & Co.		3,046
27,842	Merck & Co., Inc.		2,818

			5,864


ROAD & RAIL—2.9%
21,135	Union Pacific Corp.		4,167


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—6.5%
13,444	Broadcom, Inc.		6,320

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Harbor Dividend Growth Leaders ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands


COMMON STOCKS—Continued
Shares		Value

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued
47,329	Microchip Technology, Inc.	$	2,922

			9,242


SOFTWARE—3.9%
23,852	Microsoft Corp.		5,537


SPECIALTY RETAIL—4.1%
19,718	Home Depot, Inc.		5,839


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.9%
45,363	Apple, Inc.		6,956


TEXTILES, APPAREL & LUXURY GOODS—3.8%
26,310	NIKE, Inc. Class B		2,438


COMMON STOCKS—Continued
Shares		Value

TEXTILES, APPAREL & LUXURY GOODS—Continued
91,188	Tapestry, Inc.	$	2,889


			5,327


TOTAL COMMON STOCKS
(Cost $112,342)			135,766


TOTAL INVESTMENTS—95.8%
(Cost $112,342)			135,766


CASH AND OTHER ASSETS, LESS LIABILITIES—4.2%			5,909


TOTAL NET ASSETS—100%		$	141,675

FAIR VALUE MEASUREMENTS

All investments as of October 31, 2022 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1. There were no Level 3 investments as of October 31, 2022 or 2021.

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

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Harbor Energy Transition Strategy ETF

MANAGER’S COMMENTARY (Unaudited)

SUBADVISER

Quantix Commodities

Management’s Discussion of

Fund Performance

MARKET REVIEW

Commodity markets have experienced significant volatility so far in 2022 with extreme, opposing forces pulling the market in different directions. We believe that supply/demand fundamentals and geopolitical events have generally been pushing prices up while tightening monetary policy in the US and macro fears of a recession have generally been pulling prices down.

On a fundamental basis, almost every commodity has remained in tight supply for most of the year as we believe is evidenced by the unusually backwardated futures curves (where commodities for delivery in the short term cost more than those for delivery further out). On a geopolitical basis, Russia’s invasion of Ukraine has particularly disrupted energy and agricultural markets, both from a first order effect (Russia is a large energy exporter as is Ukraine in both Corn and Wheat) and with second order effects, triggering an energy crisis in Europe and raising costs downstream in items such as fertilizer and aluminum.

The historic pace of tightening in U.S. monetary policy so far in 2022 has provided a headwind for almost all financial markets as the risk-free rate gets repriced. While commodities have held up better than other asset classes with decently positive returns, we believe investors have remained on the sidelines due to fears that the Federal Reserve’s actions will cause a recession, impacting commodity demand. This is currently demonstrated in positioning data showing historically low levels of speculator interest across almost all commodities, despite the portfolio rationale for a commodities allocation in an inflationary environment.

PERFORMANCE

Harbor Energy Transition Strategy ETF returned -5.10% for the period ended October 31, 2022. The Fund tracked the performance of the Quantix Energy Transition Index (the “Index”), which returned -4.00%, after accounting for fees, fund expenses, and differences in cash management between the Fund and the Index.

This difference in cash management arises from the fact that the methodology in the Index is not able to be fully replicated. This puts the Fund at a disadvantage relative to the Index in a period of rapid interest rate rises, such as so far in 2022, and conversely helps the Fund relative to the index in a period of rapid interest rate decreases.

On a sector basis, Natural Gas was the biggest detractor from performance, with a -6.80% contribution, entirely due to equal falls in UK Natural Gas and European Natural Gas. These commodities had extreme increases in price in the first half of 2022 as Russia’s invasion of Ukraine disrupted European gas supplies but a greater-than-expected build in inventories over the summer and a warmer start to the winter caused those prices to revert.

The Grains sector was a positive contributor adding 1.50% to returns. Soybean Oil, the only commodity that the Fund holds in that sector, rallied in tandem with energy prices more broadly. There were no significant asset allocation changes since the inception of the Fund. The weights within Index are primarily driven by the relative open interest of each commodity, which does not tend to change very much from month to month.

OUTLOOK & STRATEGY

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Harbor Energy Transition Strategy ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

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

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The graph compares a $10,000 investment in shares of the Fund with the performance of the Quantix Energy Transition Index and 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 10/31/2022

On a strategy level, there are no changes anticipated to the Fund or the processes that underpin the underlying index.

Unannualized

1 Year

5 Years

Life of Fund

Harbor Energy Transition Strategy ETF (Based on Net Asset Value)¹

N/A

-5.10%

Harbor Energy Transition Strategy ETF (At Market Price)¹

N/A

-4.55%

Comparative Index

Quantix Energy Transition Index¹

N/A

-4.00%

Bloomberg Commodity Index¹

N/A

0.64%

As stated in the Fund’s prospectus dated June 10, 2022, 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 (“QET”) is a dynamic commodity index with the objective of providing diversified exposure to the building blocks of the accelerating transition from carbon-intensive energy sources to less carbon intensive sources of energy using commodity futures. This index is unmanaged and does not reflect fees and expenses and is not available for direct investment. The Bloomberg Commodity Index measures the performance of future contracts on physical commodities which traded on US exchanges and London Metal Exchange. The commodity weightings are based on production and liquidity, subject to weighting restrictions applied annually.

¹ The “Life of Fund” return as shown reflects the period 07/13/2022 (commencement of operations) through 10/31/2022. 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.

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Harbor Energy Transition Strategy ETF

CONSOLIDATED PORTFOLIO OF INVESTMENTS—October 31, 2022



*RISK ALLOCATION (% of Net Assets) - Unaudited**

Asset Class	Sector
COMMODITIES
	Industrial Metals	31.5	%
	Emissions	22.4	%
	Natural Gas	18.8	%
	Precious Metals	15.2	%
	Oilseeds	12.1	%

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

PORTFOLIO OF INVESTMENTS

Principal Amounts, Value and Cost in Thousands



	SHORT-TERM INVESTMENTS—75.3%

Principal Amount			Value
	U.S. TREASURY BILLS—75.3%
		U.S. Treasury Bill
	$ 8,551	2.388%—11/03/2022^†	$	8,550
	7,554	2.820%—12/01/2022^†		7,532


	TOTAL SHORT-TERM INVESTMENTS
	(Cost $16,086)			16,082


	TOTAL INVESTMENTS—75.3%
	(Cost $16,086)			16,082

	CASH AND OTHER ASSETS, LESS LIABILITIES—24.7%			5,272

	TOTAL NET ASSETS—100%.		$	21,354

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

11/30/2022

Monthly

$21,353

$—

FAIR VALUE MEASUREMENTS

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

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Harbor Energy Transition Strategy ETF

CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued

†	Coupon represents yield to maturity

¹	The reference index components are published daily on Harbor’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 period ended October 31, 2022.


		Commodity		Weight

		Emissions (Europe)		18.790%

		Aluminum		11.087

		Natural Gas (United States)		9.776

		Silver		9.125

		Soybean Oil		8.561

		Copper		7.692

		Natural Gas (Europe)		6.201

		Nickel		5.994

		Zinc		4.453

		Ethanol		3.577

		Emissions (California)		3.544

		Platinum		3.475

		Natural Gas (United Kingdom)		2.838

		Palladium		2.619

		Lead		2.269

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

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Harbor International Compounders ETF

MANAGER’S COMMENTARY (Unaudited)

SUBADVISER

C WorldWide Asset

Management

Management’s Discussion of

Fund Performance

MARKET REVIEW

The U.S. Federal Reserve (the “Fed”) hiked rates by 75 bps twice in the third quarter of 2022 and the U.S. money supply fell at an annualized rate of 1.60% over the last three months, the steepest drop in 84 years. This is affecting asset price volatility. The price action at the end of the quarter of the investment bank Credit Suisse and a mini crash in the British Pound fueled by an inept budget proposal are also sending ominous signs that liquidity is drying up. On a more positive note, several sentiment indicators hit historic lows such as U.S. consumer confidence and the Bull/Bear survey. This is usually a good sign for subsequent 12-month market returns.

In October 2022, the closely watched China Party Congress turned out to be a bit more dramatic than expected when president Xi, had former president Hu escorted out of the congress hall, as another sign that China is turning into a country ruled by one man. The U.S. introduced wide-ranging restrictions on exports of semiconductors to China. What surprised investors the most was the U.S. forbidding its citizens to work with or for China’s semiconductor companies. While the full implications are unknown, these new significant restrictions will likely hinder China’s ambitions to catch up with the U.S. in the semiconductor arms race.

PERFORMANCE

Harbor International Compounders ETF returned -2.16% for the period ended October 31, 2022, out performing the MSCI All Country World ex. U.S. (ND) Index (the “Index”), which returned -4.94%.

The top three contributors were Bank of Central Asia (BCA), Hoya and HDFC Bank. Hoya’s Life Care business seems to be improving with eyeglass and contact lenses leading growth after a slowdown due to COVID-19. As for BCA, the Indonesian economy has demonstrated strong resilience both during COVID-19 and against the backdrop of a strong U.S. dollar. We believe the economy will continue to benefit from reforms which will likely be compounded by Indonesia’s leading position in nickel reserves, which are crucial inputs to the energy transition. All of this should continue to support BCA, the country’s leading bank.

The top three detractors from performance were Sony, AIA and AstraZeneca. On the top ten list of detractors, we find a lot of Asian names and companies with sales related to semiconductors. Sony, having both attributes and exposure to a weaker consumer through its gaming business, has sold-off since mid-August. The shares are now trading at around 12x next fiscal year’s earnings. Near term, Sony’s Game & Network Services division should benefit from a potentially successful launch of the latest iteration of the “Call of Duty” game, spurring upgrades to Sony’s PS5 console. Next year the Pictures division will also benefit from the launch of two “Spiderverse” animated films.

OUTLOOK & STRATEGY

Currently, we are facing an economic slowdown. We believe this is the result of tighter monetary policy. The yield curve is inverted on most time horizons. We believe this is one of the most accurate indicators of an impending recession. Globally, central banks are reducing their balance sheets by approximately USD 1 trillion, whereas they were expanding by USD 4-5 trillion during the COVID-19 crisis. The consequence has been a strong increase in bond yields, including rising real interest rates. Looking at Treasury Inflation-Protected Securities (TIPS), the 10-year real interest rate has risen from -1% at the beginning of the year to currently over 1.5%. This has affected the valuation of equities this year, with the aggregate P/E multiple of the Index declining from approximately 18x to 14x.

Growth stocks with long-term sustainable business models have been hard hit by rising bond yields. Not because their fundamental business has disappointed, but because the higher discount rate negatively affects the time value of these companies harder than slow growth

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Harbor International Compounders ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 09/07/2022 through 10/31/2022

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The graph compares a $10,000 investment in shares of the Fund with the performance of the MSCI All Country World Ex. US (ND) 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 10/31/2022

businesses. Conversely, in an economic downturn, cyclical companies suffer, and quality growth companies usually rebound driven by the underlying earnings growth and the help of falling interest rates. Also, recessions are typically short and viewed over an investor’s full life cycle, only play a marginal role.

When interest rates start to fall and real rates revert to zero, we believe investors’ focus will return to long-term investing and long-duration assets. In our view, assets that over time increase in fundamental real value will be in demand and highly valued in all but the most extreme scenarios. Therefore, we stick to our long-term approach with a continued focus on finding sustainable compounders that are generally aligned with important forward-looking themes and trends.

Unannualized

1 Year

5 Years

Life of Fund

Harbor International Compounders ETF (Based on Net Asset Value)¹

N/A

-2.16%

Harbor International Compounders ETF (At Market Price)¹

N/A

-2.21%

Comparative Index

MSCI All Country World Ex. US (ND) Index¹

N/A

-4.94%

As stated in the Fund’s prospectus dated August 17, 2022, the expense ratio was 0.55%. 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 MSCI All Country World Ex. US (ND) Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global developed and emerging markets, excluding the US 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 09/07/2022 (commencement of operations) through 10/31/2022. 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 C WorldWide Asset Management 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. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Investing in international and emerging markets poses special risks, including potentially greater price volatility due to social, political and economic factors, as well as currency exchange rate fluctuations. These risks are more severe for securities of issuers in emerging market regions. 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.

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Harbor International Compounders ETF

PORTFOLIO OF INVESTMENTS—October 31, 2022

REGION BREAKDOWN (% of investments) - Unaudited

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The Fund’s Portfolio of Investments include investments denominated in foreign currencies. As of October 31, 2022, 30.6% of the Fund’s investments were denominated in Euro. No other foreign currency denomination comprised more than 25% of the Fund’s net assets.

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands


COMMON STOCKS—98.4%

Shares		Value

BANKS—11.3%
7,800	HDFC Bank Ltd. ADR (India)¹	$	486
405,600	PT Bank Central Asia Tbk (Indonesia)		229

			715


BUILDING PRODUCTS—6.0%
9,178	Assa Abloy AB Class B (Sweden)		185
1,300	Daikin Industries Ltd. (Japan)		196

			381


CAPITAL MARKETS—3.2%
1,222	Deutsche Boerse AG (Germany)		199


CHEMICALS—4.4%
936	Linde PLC (Ireland)		280


CONSTRUCTION & ENGINEERING—2.1%
1,456	Vinci SA (France)		134


ELECTRIC UTILITIES—4.8%
12,090	Iberdrola SA (Spain)		123
10,127	SSE PLC (United Kingdom)		181

			304


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.4%
400	Keyence Corp. (Japan)		152


FOOD PRODUCTS—4.9%
2,821	Nestle SA (Switzerland)		307


HEALTH CARE EQUIPMENT & SUPPLIES—3.8%
2,600	Hoya Corp. (Japan)		243


HOUSEHOLD DURABLES—4.1%
3,900	Sony Group Corp. (Japan)		262


INDUSTRIAL CONGLOMERATES—3.4%
1,976	Siemens AG (Germany)		216


INSURANCE—2.8%
23,400	AIA Group Ltd. (Hong Kong)		177


COMMON STOCKS—Continued

Shares		Value

IT SERVICES—1.9%
83	Adyen NV (Netherlands)^*,2	$	119


MACHINERY—2.6%
15,262	Atlas Copco AB Class A (Sweden)		163


PHARMACEUTICALS—11.2%
2,314	AstraZeneca PLC (United Kingdom)		272
3,991	Novo Nordisk AS Class B (Denmark)		434

			706


REAL ESTATE MANAGEMENT & DEVELOPMENT—1.7%
4,849	Vonovia SE (Germany)		107


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.5%
663	ASML Holding NV (Netherlands)		313
2,600	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)¹		160

			473


SOFTWARE—3.1%
2,028	SAP SE (Germany)		196


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—3.0%
182	Samsung Electronics Co. Ltd. GDR (South Korea)¹		188


TEXTILES, APPAREL & LUXURY GOODS—3.9%
390	LVMH Moet Hennessy Louis Vuitton SE (France)		246


TOBACCO—6.2%
38,435	Swedish Match AB (Sweden)		395

LOGO

Harbor International Compounders ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands


COMMON STOCKS—Continued
Shares	Value

TRADING COMPANIES & DISTRIBUTORS—4.1%
2,392 Ferguson PLC (United Kingdom)	$	261


TOTAL COMMON STOCKS
(Cost $6,512)		6,224


TOTAL INVESTMENTS—98.4%
(Cost $6,512)		6,224


CASH AND OTHER ASSETS, LESS LIABILITIES—1.6%		100


TOTAL NET ASSETS—100%	$	6,324

FAIR VALUE MEASUREMENTS

*	Non-income producing security

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

LOGO

Harbor Long-Term Growers ETF

MANAGER’S COMMENTARY (Unaudited)

LOGO

Harbor Long-Term Growers ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

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

LOGO

The graph compares a $10,000 investment in shares of the Fund with the performance of the Russell 1000^® 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 10/31/2022

Unannualized

1 Year

5 Years

Life of Fund

Harbor Long-Term Growers ETF
(Based on Net Asset Value)¹

N/A

-25.22%

Harbor Long-Term Growers ETF
(At Market Price)¹

N/A

-25.21%

Comparative Index

Russell 1000^® Growth Index¹

N/A

-20.87%

As stated in the Fund’s prospectus dated March 1, 2022, the expense ratio was 0.57%. 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 Russell 1000^® Growth Index is an unmanaged index generally representative of the U.S. market for larger capitalization growth stocks. This unmanaged index does not reflect fees and expenses and is not available for direct investment. The Russell 1000^® Growth Index and Russell^® are trademarks of Frank Russell Company.

¹ The “Life of Fund” return as shown reflects the period 02/02/2022 (commencement of operations) through 10/31/2022. 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 Jennison Associates LLC 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.

All investments involve risk including the possible loss of principal. 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. At times, a growth investing style may be out of favor with investors which could cause growth securities to underperform value or other equity securities. 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. 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.

LOGO

Harbor Long-Term Growers ETF

PORTFOLIO OF INVESTMENTS—October 31, 2022

SECTOR ALLOCATION (% of investments) - Unaudited

LOGO

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—99.6%

Shares		Value
AEROSPACE & DEFENSE—1.0%
1,464	Northrop Grumman Corp.	$	804


AUTO COMPONENTS—0.7%
6,206	Aptiv PLC (Ireland)^*		565


AUTOMOBILES—7.2%
24,848	Tesla, Inc. ^*		5,654


BANKS—0.9%
5,465	JPMorgan Chase & Co.		688


BIOTECHNOLOGY—1.8%
5,210	AbbVie, Inc.		763
2,147	Vertex Pharmaceuticals, Inc. ^*		670

			1,433


CAPITAL MARKETS—1.9%
3,100	Blackstone, Inc.		283
659	Goldman Sachs Group, Inc.		227
2,156	Moody’s Corp.		571
1,376	S&P Global, Inc.		442

			1,523


CONSUMER FINANCE—0.3%
1,640	American Express Co.		243


DIVERSIFIED FINANCIAL SERVICES—0.4%
5,455	Apollo Global Management, Inc.		302


ENERGY EQUIPMENT & SERVICES—2.0%
30,787	Schlumberger NV		1,602


ENTERTAINMENT—1.7%
2,445	Netflix, Inc. ^*		714
8,951	ROBLOX Corp. Class A^*		400
2,622	Spotify Technology SA (Sweden)^*		211

			1,325


EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—1.4%
3,929	American Tower Corp.		814
1,117	SBA Communications Corp.		302

			1,116



COMMON STOCKS—Continued

Shares		Value
FOOD & STAPLES RETAILING—2.3%
3,566	Costco Wholesale Corp.	$	1,788


HEALTH CARE EQUIPMENT & SUPPLIES—2.1%
1,966	Abbott Laboratories		194
2,605	Dexcom, Inc. ^*		315
931	Intuitive Surgical, Inc. ^*		229
3,930	Stryker Corp.		901

			1,639


HEALTH CARE PROVIDERS & SERVICES—2.5%
10,158	Centene Corp. ^*		865
1,907	UnitedHealth Group, Inc.		1,058

			1,923


HOTELS, RESTAURANTS & LEISURE—3.7%
5,053	Airbnb, Inc. Class A^*		540
438	Chipotle Mexican Grill, Inc. ^*		656
2,406	Expedia Group, Inc. ^*		225
6,905	Hilton Worldwide Holdings, Inc.		934
3,256	Marriott International, Inc. Class A		522

			2,877


INTERACTIVE MEDIA & SERVICES—5.8%
45,479	Alphabet, Inc. Class A^*		4,298
3,075	Meta Platforms, Inc. Class A^*		287

			4,585


INTERNET & DIRECT MARKETING RETAIL—7.5%
44,067	Amazon.com, Inc. ^*		4,514
1,563	MercadoLibre, Inc. (Argentina)^*		1,409

			5,923


IT SERVICES—6.0%
59,688	Adyen NV ADR (Netherlands)^*,1		858
3,696	Mastercard, Inc. Class A		1,213
5,823	Snowflake, Inc. Class A^*		933
8,407	Visa, Inc. Class A		1,742

			4,746


LIFE SCIENCES TOOLS & SERVICES—1.5%
1,596	Agilent Technologies, Inc.		221
1,977	Danaher Corp.		497

LOGO

Harbor Long-Term Growers ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



	COMMON STOCKS—Continued

Shares			Value
	LIFE SCIENCES TOOLS & SERVICES—Continued
	926	Thermo Fisher Scientific, Inc.	$	476

				1,194


	MULTILINE RETAIL—0.5%
	2,245	Target Corp.		369


	PERSONAL PRODUCTS—1.7%
	2,814	Estee Lauder Cos., Inc. Class A		564
	11,689	L’Oreal SA ADR (France)¹		734

				1,298


	PHARMACEUTICALS—5.8%
	8,991	AstraZeneca PLC ADR (United Kingdom)¹		529
	5,670	Eli Lilly & Co.		2,053
	8,894	Merck & Co., Inc.		900
	3,494	Novo Nordisk AS ADR (Denmark)¹		380
	4,588	Zoetis, Inc.		692

				4,554


	ROAD & RAIL—1.5%
	42,705	Uber Technologies, Inc. ^*		1,135


	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.1%
	432	ASML Holding NV New York Registry Shares (Netherlands)		204
	658	Broadcom, Inc.		309
	1,257	Enphase Energy, Inc. ^*		386
	508	Lam Research Corp.		206
	5,931	Marvell Technology, Inc.		235
	14,098	NVIDIA Corp.		1,903

				3,243


	SOFTWARE—14.8%
	1,059	Adobe, Inc. ^*		337
	3,498	Atlassian Corp. PLC Class A^*		709
	3,777	CrowdStrike Holdings, Inc. Class A^*		609



	COMMON STOCKS—Continued

Shares			Value
	SOFTWARE—Continued
	4,628	Datadog, Inc. ^*	$	373
	33,973	Microsoft Corp.		7,886
	1,366	Palo Alto Networks, Inc. ^*		234
	5,817	Salesforce, Inc. ^*		946
	11,049	Trade Desk, Inc. Class A^*		588

				11,682


	SPECIALTY RETAIL—4.0%
	3,866	Home Depot, Inc.		1,145
	1,156	O’Reilly Automotive, Inc. ^*		968
	14,179	TJX Cos., Inc.		1,022

				3,135


	TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—11.9%
	61,286	Apple, Inc.		9,398


	TEXTILES, APPAREL & LUXURY GOODS—4.0%
	36,032	Cie Financiere Richemont SA ADR (Switzerland)¹		350
	2,551	Lululemon Athletica, Inc. (Canada)^*		839
	11,567	LVMH Moet Hennessy Louis Vuitton SE ADR (France)¹		1,460
	5,450	NIKE, Inc. Class B		505

				3,154


	WIRELESS TELECOMMUNICATION SERVICES—0.6%
	3,144	T-Mobile US, Inc. ^*		476


	TOTAL COMMON STOCKS
	(Cost $81,720)			78,374


	TOTAL INVESTMENTS—99.6%
	(Cost $81,720)			78,374

	CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%			352

	TOTAL NET ASSETS—100%		$	78,726



FAIR VALUE MEASUREMENTS

*	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.

LOGO

Harbor Scientific Alpha High-Yield ETF

MANAGER’S COMMENTARY (Unaudited)

LOGO

Harbor Scientific Alpha High-Yield ETF

MANAGER’S COMMENTARY—Continued

CHANGE IN A $10,000 INVESTMENT

For the period 09/14/2021 through 10/31/2022

LOGO

The graph compares a $10,000 investment in shares of the Fund with the performance of the ICE BofA US High Yield Index (H0A0). 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 10/31/2022

Annualized

1 Year

5 Years

Life of Fund

Harbor Scientific Alpha High-Yield ETF
(Based on Net Asset Value)¹

-9.49%

N/A

-9.01%<