Harbor All-Weather Inflation Focus ETF (currently, Harbor Commodity All-Weather Strategy ETF) (Consolidated)
Harbor Corporate Culture ETF
Harbor Corporate Culture Leaders ETF
Harbor Disruptive Innovation ETF
Harbor Dividend Growth Leaders ETF
Harbor Energy Transition Strategy ETF (Consolidated)
Harbor Health Care ETF
Harbor International Compounders ETF
Harbor Long-Term Growers ETF
Harbor Scientific Alpha High-Yield ETF
Harbor Scientific Alpha Income ETF
2 | ||||
HARBORALL-WEATHER INFLATION FOCUSETF (CURRENTLY,HARBORCOMMODITY |
2 | |||
4 | ||||
7 | ||||
9 | ||||
11 | ||||
13 | ||||
15 | ||||
16 | ||||
17 | ||||
19 | ||||
23 | ||||
28 |
Harbor All-Weather Inflation Focus ETF (currently, Harbor Commodity All-Weather Strategy ETF)
CONSOLIDATED PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Principal Amounts, Value and Cost in Thousands
SHORT-TERM INVESTMENTS83.5% |
Principal Amount |
Value | |||
|
||||
U.S. TREASURY BILLS83.5% |
||||
U.S. Treasury Bill |
||||
$ 36,183 4.029%02/09/2023 |
$ | 36,150 | ||
23,017 4.321%03/30/2023 |
22,853 | |||
|
|
|||
TOTAL SHORT-TERM INVESTMENTS |
59,003 | |||
|
|
|||
TOTAL INVESTMENTS83.5% |
59,003 | |||
|
|
|||
CASH AND OTHER ASSETS, LESS LIABILITIES16.5% |
11,622 | |||
|
|
|||
TOTAL NET ASSETS100%. |
$ | 70,625 | ||
|
|
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 | 02/28/2023 | Monthly | $70,622 | $ | $ | $ | |||||||||||||
|
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments and Swap Agreements schedule) were classified as Level 2.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
The accompanying notes are an integral part of the Portfolios of Investments.
Harbor All-Weather Inflation Focus ETF (currently, Harbor Commodity All-Weather Strategy ETF)
CONSOLIDATED PORTFOLIO OF INVESTMENTSContinued
| Coupon represents yield to maturity |
1 | The reference index components are published daily on Harbor Capitals 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 January 31, 2023. |
Commodity |
Weight |
|||||||
Gold |
|
32.1% | ||||||
Brent Crude Oil |
13.3 | |||||||
RBOB Gasoline |
9.6 | |||||||
|
Aluminum |
6.0 | ||||||
Copper |
5.5 | |||||||
Heating Oil |
5.4 | |||||||
Zinc |
5.4 | |||||||
GasOil |
4.1 | |||||||
Corn |
3.9 | |||||||
Soybeans |
3.4 | |||||||
Nickel |
3.2 | |||||||
Soybean Oil |
2.3 | |||||||
Sugar |
2.0 | |||||||
WTI Crude Oil |
1.9 | |||||||
Silver |
1.9 |
The accompanying notes are an integral part of the Portfolios of Investments.
PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Value and Cost in Thousands
COMMON STOCKS94.5% | ||||||
Shares | Value | |||||
AEROSPACE & DEFENSE2.0% |
| |||||
6,305 |
Lockheed Martin Corp. | $ | 2,921 | |||
3,561 |
Northrop Grumman Corp. | 1,595 | ||||
|
|
|||||
4,516 | ||||||
|
|
|||||
AIRLINES0.7% |
||||||
15,831 |
Delta Air Lines, Inc. * | 619 | ||||
15,067 |
Southwest Airlines Co. | 539 | ||||
7,532 |
United Airlines Holdings, Inc. * | 369 | ||||
|
|
|||||
1,527 | ||||||
|
|
|||||
AUTOMOBILES0.3% |
||||||
53,312 |
Ford Motor Co. | 720 | ||||
|
|
|||||
BANKS3.8% |
||||||
87,783 |
Bank of America Corp. | 3,115 | ||||
2,330 |
First Republic Bank | 328 | ||||
35,516 |
JPMorgan Chase & Co. | 4,971 | ||||
751 |
SVB Financial Group * | 227 | ||||
|
|
|||||
8,641 | ||||||
|
|
|||||
BEVERAGES2.7% |
||||||
45,319 |
Coca-Cola Co. | 2,779 | ||||
4,718 |
Monster Beverage Corp. * | 491 | ||||
16,658 |
PepsiCo, Inc. | 2,849 | ||||
|
|
|||||
6,119 | ||||||
|
|
|||||
BIOTECHNOLOGY2.7% |
||||||
8,059 |
Amgen, Inc. | 2,034 | ||||
2,337 |
Biogen, Inc. * | 680 | ||||
5,944 |
Moderna, Inc. * | 1,046 | ||||
1,542 |
Regeneron Pharmaceuticals, Inc. * | 1,170 | ||||
3,949 |
Vertex Pharmaceuticals, Inc. * | 1,276 | ||||
|
|
|||||
6,206 | ||||||
|
|
|||||
BUILDING PRODUCTS0.5% |
||||||
7,112 |
Trane Technologies PLC | 1,274 | ||||
|
|
|||||
CAPITAL MARKETS3.8% |
||||||
1,947 |
BlackRock, Inc. | 1,478 | ||||
9,142 |
Blackstone, Inc. | 877 | ||||
4,014 |
Goldman Sachs Group, Inc. | 1,468 | ||||
397 |
MarketAxess Holdings, Inc. | 144 | ||||
1,983 |
Moodys Corp. | 640 | ||||
17,434 |
Morgan Stanley | 1,697 | ||||
1,055 |
MSCI, Inc. | 561 | ||||
4,363 |
Nasdaq, Inc. | 263 | ||||
4,446 |
S&P Global, Inc. | 1,667 | ||||
|
|
|||||
8,795 | ||||||
|
|
|||||
CHEMICALS1.4% |
||||||
17,573 |
Corteva, Inc. | 1,133 | ||||
18,577 |
Dow, Inc. | 1,102 | ||||
12,955 |
DuPont de Nemours, Inc. | 958 | ||||
|
|
|||||
3,193 | ||||||
|
|
|||||
COMMUNICATIONS EQUIPMENT1.2% |
||||||
2,804 |
Arista Networks, Inc. * | 353 | ||||
49,574 |
Cisco Systems, Inc. | 2,413 | ||||
|
|
|||||
2,766 | ||||||
|
|
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
CONSUMER FINANCE0.6% |
| |||||
6,733 |
American Express Co. | $ | 1,178 | |||
6,695 |
Synchrony Financial | 246 | ||||
|
|
|||||
1,424 | ||||||
|
|
|||||
ELECTRIC UTILITIES1.4% |
||||||
10,022 |
Duke Energy Corp. | 1,027 | ||||
5,141 |
Edison International | 354 | ||||
4,752 |
Eversource Energy | 391 | ||||
13,882 |
The Southern Co. | 940 | ||||
7,139 |
Xcel Energy, Inc. | 491 | ||||
|
|
|||||
3,203 | ||||||
|
|
|||||
ELECTRICAL EQUIPMENT0.4% |
||||||
3,198 |
Rockwell Automation, Inc. | 902 | ||||
|
|
|||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS0.4% |
| |||||
1,689 |
CDW Corp. | 331 | ||||
2,354 |
Keysight Technologies, Inc. * | 422 | ||||
3,174 |
Trimble, Inc. * | 185 | ||||
|
|
|||||
938 | ||||||
|
|
|||||
ENTERTAINMENT3.4% |
||||||
3,173 |
Electronic Arts, Inc. | 408 | ||||
4,363 |
Live Nation Entertainment, Inc. * | 351 | ||||
5,552 |
Netflix, Inc. * | 1,965 | ||||
1,190 |
Take-Two Interactive Software, Inc. * | 135 | ||||
45,048 |
Walt Disney Co. * | 4,887 | ||||
|
|
|||||
7,746 | ||||||
|
|
|||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)2.4% |
| |||||
2,488 |
AvalonBay Communities, Inc. | 442 | ||||
5,645 |
Digital Realty Trust, Inc. | 647 | ||||
1,658 |
Equinix, Inc. | 1,224 | ||||
1,222 |
Essex Property Trust, Inc. | 276 | ||||
14,277 |
ProLogis, Inc. | 1,846 | ||||
1,983 |
SBA Communications Corp. | 590 | ||||
7,478 |
Ventas, Inc. | 387 | ||||
|
|
|||||
5,412 | ||||||
|
|
|||||
FOOD & STAPLES RETAILING3.1% |
||||||
13,890 |
Costco Wholesale Corp. | 7,100 | ||||
|
|
|||||
FOOD PRODUCTS1.4% |
||||||
14,403 |
Archer-Daniels-Midland Co. | 1,193 | ||||
7,139 |
General Mills, Inc. | 560 | ||||
1,625 |
Hershey Co. | 365 | ||||
16,261 |
Mondelez International, Inc. Class A | 1,064 | ||||
|
|
|||||
3,182 | ||||||
|
|
|||||
HEALTH CARE EQUIPMENT & SUPPLIES2.5% |
||||||
1,148 |
Align Technology, Inc. * | 310 | ||||
20,226 |
Boston Scientific Corp. * | 936 | ||||
9,253 |
GE Healthcare, Inc. * | 643 | ||||
3,566 |
Hologic, Inc. * | 290 | ||||
5,133 |
Intuitive Surgical, Inc. * | 1,261 | ||||
19,419 |
Medtronic PLC | 1,625 | ||||
1,983 |
ResMed, Inc. | 453 | ||||
753 |
Teleflex, Inc. | 183 | ||||
|
|
|||||
5,701 | ||||||
|
|
Harbor Corporate Culture ETF
PORTFOLIO OF INVESTMENTSContinued
Value and Cost in Thousands
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
HOTELS, RESTAURANTS & LEISURE0.8% |
| |||||
4,340 |
Expedia Group, Inc. * | $ | 496 | |||
7,911 |
Marriott International, Inc. Class A | 1,378 | ||||
|
|
|||||
1,874 | ||||||
|
|
|||||
HOUSEHOLD DURABLES0.1% |
| |||||
1,966 |
Garmin Ltd. | 194 | ||||
24 |
NVR, Inc. * | 127 | ||||
|
|
|||||
321 | ||||||
|
|
|||||
HOUSEHOLD PRODUCTS2.4% |
| |||||
1,586 |
Clorox Co. | 229 | ||||
10,302 |
Colgate-Palmolive Co. | 768 | ||||
3,966 |
Kimberly-Clark Corp. | 516 | ||||
28,663 |
Procter & Gamble Co. | 4,081 | ||||
|
|
|||||
5,594 | ||||||
|
|
|||||
INDEPENDENT POWER AND RENEWABLE
ELECTRICITY |
| |||||
8,443 |
AES Corp. | 231 | ||||
|
|
|||||
INDUSTRIAL CONGLOMERATES1.8% |
| |||||
15,864 |
3M Co. | 1,826 | ||||
27,761 |
General Electric Co. | 2,234 | ||||
|
|
|||||
4,060 | ||||||
|
|
|||||
INSURANCE1.4% |
||||||
1,947 |
Cincinnati Financial Corp. | 220 | ||||
6,291 |
Marsh & McLennan Cos., Inc. | 1,100 | ||||
3,173 |
Principal Financial Group, Inc. | 294 | ||||
7,139 |
Progressive Corp. | 973 | ||||
2,777 |
Travelers Cos., Inc. | 531 | ||||
|
|
|||||
3,118 | ||||||
|
|
|||||
INTERACTIVE MEDIA & SERVICES5.6% |
| |||||
67,201 |
Alphabet, Inc. Class C * | 6,711 | ||||
41,727 |
Meta Platforms, Inc. Class A* | 6,216 | ||||
|
|
|||||
12,927 | ||||||
|
|
|||||
INTERNET & DIRECT MARKETING RETAIL0.7% |
| |||||
20,553 |
eBay, Inc. | 1,017 | ||||
4,497 |
Etsy, Inc. * | 619 | ||||
|
|
|||||
1,636 | ||||||
|
|
|||||
IT SERVICES6.0% |
| |||||
2,015 |
Akamai Technologies, Inc. * | 179 | ||||
5,184 |
Automatic Data Processing, Inc. | 1,171 | ||||
2,721 |
Cloudflare, Inc. Class A * | 144 | ||||
773 |
EPAM Systems, Inc. * | 257 | ||||
11,105 |
IBM Corp. | 1,496 | ||||
10,709 |
Mastercard, Inc. Class A | 3,969 | ||||
21,396 |
PayPal Holdings, Inc. * | 1,744 | ||||
1,190 |
VeriSign, Inc. * | 259 | ||||
20,334 |
Visa, Inc. Class A | 4,681 | ||||
|
|
|||||
13,900 | ||||||
|
|
|||||
LIFE SCIENCES TOOLS & SERVICES0.5% |
| |||||
4,421 |
Agilent Technologies, Inc. | 672 | ||||
2,374 |
Illumina, Inc. * | 509 | ||||
|
|
|||||
1,181 | ||||||
|
|
|||||
MACHINERY3.3% |
| |||||
14,285 |
Caterpillar, Inc. | 3,604 |
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
MACHINERYContinued |
| |||||
3,664 |
Cummins, Inc. | $ | 914 | |||
7,179 |
Deere & Co. | 3,036 | ||||
|
|
|||||
7,554 | ||||||
|
|
|||||
METALS & MINING0.4% |
| |||||
19,008 |
Newmont Corp. | 1,006 | ||||
|
|
|||||
MULTI-UTILITIES1.0% |
| |||||
3,270 |
Ameren Corp. | 284 | ||||
4,741 |
Consolidated Edison, Inc. | 452 | ||||
10,311 |
Dominion Energy, Inc. | 656 | ||||
2,446 |
DTE Energy Co. | 285 | ||||
3,966 |
Sempra Energy | 636 | ||||
|
|
|||||
2,313 | ||||||
|
|
|||||
OIL, GAS & CONSUMABLE FUELS4.3% |
| |||||
28,806 |
Chevron Corp. | 5,013 | ||||
20,388 |
ConocoPhillips | 2,485 | ||||
4,413 |
Hess Corp. | 662 | ||||
12,662 |
Occidental Petroleum Corp. | 820 | ||||
5,913 |
Valero Energy Corp. | 828 | ||||
|
|
|||||
9,808 | ||||||
|
|
|||||
PHARMACEUTICALS9.0% |
| |||||
30,142 |
Bristol-Myers Squibb Co. | 2,190 | ||||
12,730 |
Eli Lilly & Co. | 4,381 | ||||
39,120 |
Johnson & Johnson | 6,393 | ||||
38,074 |
Merck & Co., Inc. | 4,089 | ||||
84,185 |
Pfizer, Inc. | 3,718 | ||||
|
|
|||||
20,771 | ||||||
|
|
|||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT6.4% |
| |||||
19,815 |
Advanced Micro Devices, Inc. * | 1,489 | ||||
1,548 |
Enphase Energy, Inc. * | 343 | ||||
50,364 |
Intel Corp. | 1,423 | ||||
1,929 |
Lam Research Corp. | 965 | ||||
7,099 |
Microchip Technology, Inc. | 551 | ||||
29,342 |
NVIDIA Corp. | 5,732 | ||||
14,659 |
QUALCOMM, Inc. | 1,953 | ||||
1,983 |
Teradyne, Inc. | 202 | ||||
12,294 |
Texas Instruments, Inc. | 2,178 | ||||
|
|
|||||
14,836 | ||||||
|
|
|||||
SOFTWARE9.0% |
| |||||
6,431 |
Adobe, Inc. * | 2,382 | ||||
1,172 |
ANSYS, Inc. * | 312 | ||||
2,864 |
Autodesk, Inc. * | 616 | ||||
3,561 |
Cadence Design Systems, Inc. * | 651 | ||||
7,933 |
Fortinet, Inc. * | 415 | ||||
3,512 |
Intuit, Inc. | 1,485 | ||||
42,039 |
Microsoft Corp. | 10,418 | ||||
1,190 |
Roper Technologies, Inc. | 508 | ||||
13,058 |
Salesforce, Inc. * | 2,193 | ||||
2,380 |
ServiceNow, Inc. * | 1,083 | ||||
1,970 |
Synopsys, Inc. * | 697 | ||||
|
|
|||||
20,760 | ||||||
|
|
|||||
SPECIALTY RETAIL0.2% |
| |||||
5,125 |
CarMax, Inc. * |
|
361 |
| ||
|
|
|||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS4.9% |
| |||||
72,970 |
Apple, Inc. | 10,529 |
Harbor Corporate Culture ETF
PORTFOLIO OF INVESTMENTSContinued
Value and Cost in Thousands
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALSContinued |
| |||||
15,426 |
Hewlett Packard Enterprise Co. | $ | 249 | |||
14,123 |
HP, Inc. | 411 | ||||
2,747 |
NetApp, Inc. | 182 | ||||
|
|
|||||
11,371 | ||||||
|
|
|||||
TEXTILES, APPAREL & LUXURY GOODS0.9% |
| |||||
15,467 |
NIKE, Inc. Class B | 1,969 | ||||
4,363 |
VF Corp. | 135 | ||||
|
|
|||||
2,104 | ||||||
|
|
|||||
TOBACCO0.8% |
| |||||
17,053 |
Philip Morris International, Inc. | 1,778 | ||||
|
|
|||||
WATER UTILITIES0.2% |
| |||||
2,440 |
American Water Works Co., Inc. | 382 | ||||
|
|
|||||
TOTAL COMMON STOCKS |
||||||
(Cost $203,030) |
217,251 | |||||
|
|
|||||
EXCHANGE-TRADED FUNDS5.3% | ||||||
(Cost $11,894) |
EXCHANGE-TRADED FUNDSContinued | ||||||
Shares | Value | |||||
|
||||||
CAPITAL MARKETS5.3% |
| |||||
82,388 |
Consumer Discretionary Select Sector SPDR Fund | 12,251 | ||||
|
|
|||||
TOTAL INVESTMENTS99.8% |
||||||
(Cost $214,924) |
229,502 | |||||
|
|
|||||
CASH AND OTHER ASSETS, LESS LIABILITIES0.2% |
382 | |||||
|
|
|||||
TOTAL NET ASSETS100%. |
$ | 229,884 | ||||
|
|
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
* | Non-income producing security |
The accompanying notes are an integral part of the Portfolios of Investments.
Harbor Corporate Culture Leaders ETF
PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Value and Cost in Thousands
COMMON STOCKS100.0% | ||||||
Shares | Value | |||||
|
||||||
AIRLINES3.6% |
| |||||
1,513 |
Copa Holdings SA Class A (Panama)* | $ | 139 | |||
3,268 |
Delta Air Lines, Inc. * | 128 | ||||
3,005 |
Southwest Airlines Co. | 108 | ||||
|
|
|||||
375 | ||||||
|
|
|||||
AUTOMOBILES1.0% |
| |||||
8,041 |
Ford Motor Co. | 109 | ||||
|
|
|||||
BANKS1.0% |
| |||||
1,341 |
Pinnacle Financial Partners, Inc. | 105 | ||||
|
|
|||||
BIOTECHNOLOGY5.9% |
| |||||
529 |
Alnylam Pharmaceuticals, Inc. * | 120 | ||||
380 |
Biogen, Inc. * | 111 | ||||
3,147 |
Natera, Inc. * | 135 | ||||
3,195 |
Ultragenyx Pharmaceutical, Inc. * | 145 | ||||
439 |
United Therapeutics Corp. * | 115 | ||||
|
|
|||||
626 | ||||||
|
|
|||||
CAPITAL MARKETS5.1% |
| |||||
425 |
MarketAxess Holdings, Inc. | 154 | ||||
472 |
Morningstar, Inc. | 115 | ||||
233 |
MSCI, Inc. | 124 | ||||
1,943 |
Tradeweb Markets, Inc. Class A | 145 | ||||
|
|
|||||
538 | ||||||
|
|
|||||
CHEMICALS1.2% |
| |||||
2,190 |
Dow, Inc. | 130 | ||||
|
|
|||||
COMMUNICATIONS EQUIPMENT3.3% |
| |||||
862 |
Arista Networks, Inc. * | 109 | ||||
2,539 |
Ciena Corp. * | 132 | ||||
748 |
F5, Inc. * | 110 | ||||
|
|
|||||
351 | ||||||
|
|
|||||
CONSUMER FINANCE2.1% |
| |||||
232 |
Credit Acceptance Corp. * | 107 | ||||
2,997 |
Synchrony Financial | 110 | ||||
|
|
|||||
217 | ||||||
|
|
|||||
DIVERSIFIED CONSUMER SERVICES1.1% |
| |||||
1,634 |
Service Corp. International | 121 | ||||
|
|
|||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS2.1% |
| |||||
6,595 |
Plug Power, Inc. * | 112 | ||||
1,903 |
Trimble, Inc. * | 111 | ||||
|
|
|||||
223 | ||||||
|
|
|||||
ENTERTAINMENT3.9% |
| |||||
1,992 |
Liberty Media Corp. Class C * | 141 | ||||
1,938 |
Roku, Inc. * | 111 | ||||
1,373 |
Spotify Technology SA * | 155 | ||||
|
|
|||||
407 | ||||||
|
|
|||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)6.9% |
| |||||
1,012 |
Camden Property Trust | 125 | ||||
534 |
Essex Property Trust, Inc. | 121 | ||||
3,621 |
Invitation Homes, Inc. | 118 | ||||
5,881 |
JBG SMITH Properties | 118 | ||||
1,007 |
ProLogis, Inc. | 130 |
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)Continued |
| |||||
390 |
SBA Communications Corp. | $ | 116 | |||
|
|
|||||
728 | ||||||
|
|
|||||
GAS UTILITIES1.4% |
| |||||
1,284 |
Atmos Energy Corp. | 151 | ||||
|
|
|||||
HEALTH CARE EQUIPMENT & SUPPLIES1.2% |
| |||||
2,671 |
Boston Scientific Corp. * | 123 | ||||
|
|
|||||
HOTELS, RESTAURANTS & LEISURE2.5% |
| |||||
1,226 |
Hyatt Hotels Corp. Class A * | 133 | ||||
1,968 |
Royal Caribbean Cruises Ltd. * | 128 | ||||
|
|
|||||
261 | ||||||
|
|
|||||
HOUSEHOLD DURABLES1.4% |
| |||||
2,644 |
PulteGroup, Inc. | 150 | ||||
|
|
|||||
HOUSEHOLD PRODUCTS2.2% |
| |||||
888 |
Kimberly-Clark Corp. | 115 | ||||
800 |
Procter & Gamble Co. | 114 | ||||
|
|
|||||
229 | ||||||
|
|
|||||
INTERACTIVE MEDIA & SERVICES3.7% |
| |||||
1,178 |
Alphabet, Inc. Class C * | 118 | ||||
1,000 |
Meta Platforms, Inc. Class A* | 149 | ||||
4,607 |
Pinterest, Inc. Class A * | 121 | ||||
|
|
|||||
388 | ||||||
|
|
|||||
INTERNET & DIRECT MARKETING RETAIL1.2% |
| |||||
935 |
Etsy, Inc. * | 129 | ||||
|
|
|||||
IT SERVICES8.2% |
| |||||
314 |
EPAM Systems, Inc. * | 104 | ||||
617 |
Globant SA * | 100 | ||||
334 |
Mastercard, Inc. Class A | 124 | ||||
665 |
MongoDB, Inc. * | 142 | ||||
719 |
Snowflake, Inc. Class A* | 113 | ||||
13,899 |
Thoughtworks Holding, Inc. * | 150 | ||||
2,117 |
Twilio, Inc. Class A* | 127 | ||||
|
|
|||||
860 | ||||||
|
|
|||||
LEISURE PRODUCTS2.4% |
| |||||
10,442 |
Peloton Interactive, Inc. Class A * | 135 | ||||
2,561 |
YETI Holdings, Inc. * | 115 | ||||
|
|
|||||
250 | ||||||
|
|
|||||
MACHINERY1.1% |
| |||||
1,636 |
Graco, Inc. | 112 | ||||
|
|
|||||
MULTI-UTILITIES1.1% |
| |||||
1,003 |
DTE Energy Co. | 117 | ||||
|
|
|||||
PERSONAL PRODUCTS1.1% |
| |||||
6,669 |
Herbalife Nutrition Ltd. * | 117 | ||||
|
|
|||||
PHARMACEUTICALS2.1% |
| |||||
1,129 |
Merck & Co., Inc. | 121 | ||||
2,301 |
Pfizer, Inc. | 102 | ||||
|
|
|||||
223 | ||||||
|
|
Harbor Corporate Culture Leaders ETF
PORTFOLIO OF INVESTMENTSContinued
Value and Cost in Thousands
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
REAL ESTATE MANAGEMENT & DEVELOPMENT1.3% |
| |||||
3,048 |
Zillow Group, Inc. Class C* | $ | 135 | |||
|
|
|||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT4.7% |
| |||||
1,534 |
Advanced Micro Devices, Inc. * | 115 | ||||
236 |
Lam Research Corp. | 118 | ||||
696 |
NVIDIA Corp. | 136 | ||||
1,198 |
Teradyne, Inc. | 122 | ||||
|
|
|||||
491 | ||||||
|
|
|||||
SOFTWARE24.3% |
| |||||
334 |
Adobe, Inc. * | 124 | ||||
452 |
ANSYS, Inc. * | 120 | ||||
632 |
Atlassian Corp. PLC Class A* | 102 | ||||
675 |
Cadence Design Systems, Inc. * | 123 | ||||
2,185 |
DocuSign, Inc. * | 133 | ||||
4,949 |
Dropbox, Inc. * | 115 | ||||
3,030 |
Dynatrace, Inc. * | 117 | ||||
1,870 |
Guidewire Software, Inc. * | 137 | ||||
286 |
Intuit, Inc. | 121 | ||||
5,104 |
Jamf Holding Corp. * | 101 | ||||
473 |
Microsoft Corp. | 117 | ||||
4,001 |
nCino, Inc. * | 115 | ||||
1,896 |
New Relic, Inc. * | 116 | ||||
14,012 |
Palantir Technologies, Inc. Class A * | 109 | ||||
531 |
Paylocity Holding Corp. * | 111 | ||||
1,964 |
Procore Technologies, Inc. * | 110 |
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
SOFTWAREContinued |
| |||||
263 |
Roper Technologies, Inc. | $ | 112 | |||
284 |
ServiceNow, Inc. * | 129 | ||||
3,438 |
Unity Software, Inc. * | 122 | ||||
983 |
VMware, Inc. Class A* | 120 | ||||
1,339 |
Zoom Video Communications, Inc. Class A * | 100 | ||||
832 |
Zscaler, Inc. * | 103 | ||||
|
|
|||||
2,557 | ||||||
|
|
|||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS2.0% |
| |||||
765 |
Apple, Inc. | 111 | ||||
3,640 |
Pure Storage, Inc. Class A * | 105 | ||||
|
|
|||||
216 | ||||||
|
|
|||||
TEXTILES, APPAREL & LUXURY GOODS0.9% |
| |||||
319 |
Lululemon Athletica, Inc. * | 98 | ||||
|
|
|||||
TOTAL COMMON STOCKS |
| |||||
(Cost $10,865) |
10,537 | |||||
|
|
|||||
TOTAL INVESTMENTS100.0% |
| |||||
(Cost $10,865) |
10,537 | |||||
|
|
|||||
CASH AND OTHER ASSETS, LESS LIABILITIES(0.0)% |
(3 | ) | ||||
|
|
|||||
TOTAL NET ASSETS100% |
$ | 10,534 | ||||
|
|
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
* | Non-income producing security |
The accompanying notes are an integral part of the Portfolios of Investments.
Harbor Disruptive Innovation ETF
PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Value and Cost in Thousands
COMMON STOCKS97.3% | ||||||
Shares | Value | |||||
|
||||||
AUTOMOBILES0.9% |
||||||
440 |
Tesla, Inc. * | $ | 76 | |||
|
|
|||||
BIOTECHNOLOGY10.8% |
||||||
3,032 |
Alkermes PLC * | 87 | ||||
4,228 |
Allogene Therapeutics, Inc. * | 33 | ||||
348 |
Apellis Pharmaceuticals, Inc. * | 18 | ||||
1,231 |
Arrowhead Pharmaceuticals, Inc. * | 43 | ||||
972 |
Ascendis Pharma AS ADR (Denmark)*,1 | 121 | ||||
17,860 |
Autolus Therapeutics PLC ADR (United Kingdom)*,1 |
38 | ||||
1,816 |
Avidity Biosciences, Inc. * | 43 | ||||
1,544 |
Bicycle Therapeutics PLC ADR (United Kingdom)*,1 |
43 | ||||
4,229 |
C4 Therapeutics, Inc. * | 33 | ||||
867 |
Fate Therapeutics, Inc. * | 5 | ||||
9,340 |
Freeline Therapeutics Holdings PLC ADR (United Kingdom)*,1 |
5 | ||||
780 |
Intellia Therapeutics, Inc. * | 33 | ||||
4,041 |
Iovance Biotherapeutics, Inc. * | 32 | ||||
84 |
Karuna Therapeutics, Inc. * | 17 | ||||
508 |
Krystal Biotech, Inc. * | 42 | ||||
890 |
Kymera Therapeutics, Inc. * | 33 | ||||
11,899 |
Magenta Therapeutics, Inc. * | 7 | ||||
8,033 |
Precision BioSciences, Inc. * | 9 | ||||
109 |
Prometheus Biosciences, Inc. * | 12 | ||||
1,940 |
REGENXBIO, Inc. * | 45 | ||||
2,691 |
Repare Therapeutics, Inc. (Canada)* | 33 | ||||
1,837 |
Replimune Group, Inc. * | 51 | ||||
4,228 |
Rocket Pharmaceuticals, Inc. * | 92 | ||||
172 |
Sarepta Therapeutics, Inc. * | 22 | ||||
21,512 |
Synlogic, Inc. * | 18 | ||||
5,348 |
TCR² Therapeutics, Inc. * | 8 | ||||
1,537 |
UniQure NV (Netherlands)* | 33 | ||||
|
|
|||||
956 | ||||||
|
|
|||||
CAPITAL MARKETS0.2% |
||||||
278 |
Coinbase Global, Inc. Class A * | 16 | ||||
|
|
|||||
CONTAINERS & PACKAGING2.5% |
||||||
3,771 |
Ball Corp. | 220 | ||||
|
|
|||||
ELECTRIC UTILITIES1.8% |
||||||
2,106 |
NextEra Energy, Inc. | 157 | ||||
|
|
|||||
ENTERTAINMENT0.9% |
||||||
1,197 |
Sea Ltd. ADR (Singapore)*,1 | 77 | ||||
|
|
|||||
HEALTH CARE EQUIPMENT & SUPPLIES3.4% |
||||||
651 |
Dexcom, Inc. * | 70 | ||||
138 |
IDEXX Laboratories, Inc. * | 66 | ||||
101 |
Inspire Medical Systems, Inc. * | 26 | ||||
182 |
Insulet Corp. * | 52 | ||||
832 |
Lantheus Holdings, Inc. * | 48 | ||||
106 |
The Cooper Companies, Inc. | 37 | ||||
|
|
|||||
299 | ||||||
|
|
|||||
HEALTH CARE PROVIDERS & SERVICES0.9% |
||||||
14,217 |
Invitae Corp. * |
34 | ||||
95 |
UnitedHealth Group, Inc. | 47 | ||||
|
|
|||||
81 | ||||||
|
|
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
HOTELS, RESTAURANTS & LEISURE2.2% |
| |||||
730 |
Airbnb, Inc. Class A* | $ | 81 | |||
67 |
Chipotle Mexican Grill, Inc. * | 110 | ||||
|
|
|||||
191 | ||||||
|
|
|||||
INSURANCE1.2% |
| |||||
776 |
Progressive Corp. | 106 | ||||
|
|
|||||
INTERACTIVE MEDIA & SERVICES3.6% |
| |||||
1,285 |
Alphabet, Inc. Class A* | 127 | ||||
1,564 |
Alphabet, Inc. Class C * | 156 | ||||
205 |
Meta Platforms, Inc. Class A* | 31 | ||||
|
|
|||||
314 | ||||||
|
|
|||||
INTERNET & DIRECT MARKETING RETAIL8.1% |
| |||||
2,797 |
Amazon.com, Inc. * | 288 | ||||
22,556 |
Deliveroo PLC (United Kingdom)*,2 | 26 | ||||
1,556 |
DoorDash, Inc. Class A * | 90 | ||||
263 |
MercadoLibre, Inc. (Argentina)* | 311 | ||||
|
|
|||||
715 | ||||||
|
|
|||||
IT SERVICES14.6% |
| |||||
201 |
Adyen NV (Netherlands)*,2 | 301 | ||||
1,657 |
Block, Inc. * | 135 | ||||
2,769 |
Cloudflare, Inc. Class A * | 147 | ||||
1,343 |
Fiserv, Inc. * | 143 | ||||
348 |
MongoDB, Inc. * | 75 | ||||
3,291 |
Okta, Inc. * | 242 | ||||
1,941 |
Shopify, Inc. Class A (Canada)* | 96 | ||||
961 |
Snowflake, Inc. Class A* | 150 | ||||
|
|
|||||
1,289 | ||||||
|
|
|||||
LEISURE PRODUCTS0.3% |
| |||||
2,345 |
Peloton Interactive, Inc. Class A * | 30 | ||||
|
|
|||||
LIFE SCIENCES TOOLS & SERVICES5.1% |
| |||||
101 |
Bio-Rad Laboratories, Inc. Class A * | 47 | ||||
694 |
Danaher Corp. | 183 | ||||
558 |
ICON PLC * | 129 | ||||
85 |
Lonza Group AG (Switzerland) | 48 | ||||
78 |
Thermo Fisher Scientific, Inc. | 45 | ||||
|
|
|||||
452 | ||||||
|
|
|||||
MACHINERY0.6% |
| |||||
371 |
Chart Industries, Inc. * | 50 | ||||
|
|
|||||
PHARMACEUTICALS1.3% |
| |||||
1,029 |
Arvinas, Inc. * | 34 | ||||
622 |
Catalent, Inc. * | 33 | ||||
150 |
Eli Lilly & Co. | 52 | ||||
|
|
|||||
119 | ||||||
|
|
|||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT14.0% |
| |||||
1,001 |
Advanced Micro Devices, Inc. * | 75 | ||||
631 |
Applied Materials, Inc. | 70 | ||||
232 |
ASML Holding NV (Netherlands) | 152 | ||||
654 |
Lam Research Corp. | 327 | ||||
2,968 |
Microchip Technology, Inc. | 231 | ||||
392 |
NVIDIA Corp. | 77 | ||||
1,152 |
Texas Instruments, Inc. | 204 |
Harbor Disruptive Innovation ETF
PORTFOLIO OF INVESTMENTSContinued
Value and Cost in Thousands
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENTContinued |
| |||||
1,232 |
Wolfspeed, Inc. * | $ | 95 | |||
|
|
|||||
1,231 | ||||||
|
|
|||||
SOFTWARE22.3% |
| |||||
1,248 |
Atlassian Corp. PLC Class A* | 202 | ||||
1,345 |
Cadence Design Systems, Inc. * | 246 | ||||
501 |
CyberArk Software Ltd. * | 71 | ||||
1,196 |
Datadog, Inc. * | 89 | ||||
858 |
Dynatrace, Inc. * | 33 | ||||
1,312 |
Fortinet, Inc. * | 69 | ||||
254 |
HubSpot, Inc. * | 88 | ||||
467 |
Microsoft Corp. | 116 | ||||
181 |
Palo Alto Networks, Inc. * | 29 | ||||
1,119 |
Procore Technologies, Inc. * | 63 | ||||
632 |
Salesforce, Inc. * | 106 | ||||
8,461 |
Samsara, Inc. Class A * | 115 | ||||
686 |
ServiceNow, Inc. * | 312 | ||||
1,523 |
Smartsheet, Inc. Class A * | 66 | ||||
1,717 |
Workday, Inc. Class A * | 311 | ||||
338 |
Zoom Video Communications, Inc. Class A * |
25 |
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
SOFTWAREContinued |
| |||||
242 |
Zscaler, Inc. * | $ | 30 | |||
|
|
|||||
1,971 | ||||||
|
|
|||||
SPECIALTY RETAIL0.3% |
| |||||
2,264 |
AUTO1 Group SE (Germany)*,2 | 18 | ||||
737 |
Carvana Co. * | 8 | ||||
|
|
|||||
26 | ||||||
|
|
|||||
WIRELESS TELECOMMUNICATION SERVICES2.3% |
| |||||
1,381 |
T-Mobile US, Inc. * | 206 | ||||
|
|
|||||
TOTAL COMMON STOCKS |
||||||
(Cost $9,520) |
8,582 | |||||
|
|
|||||
TOTAL INVESTMENTS97.3% |
||||||
(Cost $9,520) |
8,582 | |||||
|
|
|||||
CASH AND OTHER ASSETS, LESS LIABILITIES2.7% |
241 | |||||
|
|
|||||
TOTAL NET ASSETS100%. |
$ | 8,823 | ||||
|
|
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
* | Non-income producing security |
1 | 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. |
2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of January 31, 2023, the aggregate value of these securities was $345 or 4% of net assets. |
The accompanying notes are an integral part of the Portfolios of Investments.
Harbor Dividend Growth Leaders ETF
PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Value and Cost in Thousands
COMMON STOCKS97.9% | ||||||
Shares | Value | |||||
|
||||||
BANKS2.1% |
| |||||
91,644 |
Bank of America Corp. | $ | 3,252 | |||
|
|
|||||
BEVERAGES5.1% |
||||||
64,204 |
Coca-Cola Co. | 3,937 | ||||
23,957 |
PepsiCo, Inc. | 4,097 | ||||
|
|
|||||
8,034 | ||||||
|
|
|||||
BIOTECHNOLOGY4.7% |
| |||||
25,553 |
AbbVie, Inc. | 3,776 | ||||
43,141 |
Gilead Sciences, Inc. | 3,621 | ||||
|
|
|||||
7,397 | ||||||
|
|
|||||
BUILDING PRODUCTS2.1% |
| |||||
18,193 |
Trane Technologies PLC | 3,259 | ||||
|
|
|||||
CAPITAL MARKETS1.5% |
| |||||
3,070 |
BlackRock, Inc. | 2,331 | ||||
|
|
|||||
CHEMICALS2.0% |
| |||||
25,068 |
Celanese Corp. | 3,088 | ||||
|
|
|||||
COMMUNICATIONS EQUIPMENT2.4% |
||||||
77,868 |
Cisco Systems, Inc. | 3,790 | ||||
|
|
|||||
DIVERSIFIED TELECOMMUNICATION SERVICES1.7% |
| |||||
37,720 |
Cogent Communications Holdings, Inc. | 2,586 | ||||
|
|
|||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)3.8% |
| |||||
39,024 |
Equity LifeStyle Properties, Inc. | 2,801 | ||||
20,281 |
Sun Communities, Inc. | 3,181 | ||||
|
|
|||||
5,982 | ||||||
|
|
|||||
FOOD PRODUCTS1.7% |
||||||
11,587 |
Hershey Co. | 2,602 | ||||
|
|
|||||
HEALTH CARE PROVIDERS & SERVICES3.4% |
| |||||
10,593 |
UnitedHealth Group, Inc. | 5,288 | ||||
|
|
|||||
INSURANCE9.4% |
| |||||
17,014 |
Allstate Corp. | 2,186 | ||||
23,010 |
American Financial Group, Inc. | 3,281 | ||||
69,179 |
American International Group, Inc. | 4,373 | ||||
24,494 |
Arthur J. Gallagher & Co. | 4,794 | ||||
|
|
|||||
14,634 | ||||||
|
|
|||||
IT SERVICES3.3% |
||||||
37,912 |
IBM Corp. | 5,108 | ||||
|
|
|||||
MACHINERY4.4% |
| |||||
11,202 |
Cummins, Inc. | 2,795 | ||||
17,014 |
IDEX Corp. | 4,078 | ||||
|
|
|||||
6,873 | ||||||
|
|
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
MEDIA1.9% |
| |||||
14,590 |
Nexstar Media Group, Inc. | $ | 2,988 | |||
|
|
|||||
METALS & MINING1.5% |
| |||||
32,415 |
BHP Group Ltd. ADR (Australia)1 | 2,274 | ||||
|
|
|||||
MULTILINE RETAIL2.5% |
| |||||
22,430 |
Target Corp. | 3,861 | ||||
|
|
|||||
OIL, GAS & CONSUMABLE FUELS7.7% |
| |||||
12,464 |
Chevron Corp. | 2,169 | ||||
46,744 |
ConocoPhillips | 5,697 | ||||
66,181 |
Devon Energy Corp. | 4,185 | ||||
|
|
|||||
12,051 | ||||||
|
|
|||||
PHARMACEUTICALS5.7% |
||||||
14,349 |
Eli Lilly & Co. | 4,938 | ||||
37,467 |
Merck & Co., Inc. | 4,025 | ||||
|
|
|||||
8,963 | ||||||
|
|
|||||
ROAD & RAIL3.0% |
| |||||
23,220 |
Union Pacific Corp. | 4,741 | ||||
|
|
|||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT10.6% |
| |||||
14,770 |
Broadcom, Inc. | 8,641 | ||||
51,980 |
Microchip Technology, Inc. | 4,035 | ||||
28,793 |
QUALCOMM, Inc. | 3,835 | ||||
|
|
|||||
16,511 | ||||||
|
|
|||||
SOFTWARE5.9% |
| |||||
26,158 |
Microsoft Corp. | 6,482 | ||||
30,000 |
Oracle Corp. | 2,654 | ||||
|
|
|||||
9,136 | ||||||
|
|
|||||
SPECIALTY RETAIL4.5% |
| |||||
21,646 |
Home Depot, Inc. | 7,017 | ||||
|
|
|||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS4.6% |
| |||||
49,802 |
Apple, Inc. | 7,186 | ||||
|
|
|||||
TEXTILES, APPAREL & LUXURY GOODS2.4% |
| |||||
28,881 |
NIKE, Inc. Class B | 3,677 | ||||
|
|
|||||
TOTAL COMMON STOCKS |
| |||||
(Cost $123,592) |
152,629 | |||||
|
|
|||||
TOTAL INVESTMENTS97.9% |
| |||||
(Cost $123,592) |
152,629 | |||||
|
|
|||||
CASH AND OTHER ASSETS, LESS LIABILITIES2.1% |
3,207 | |||||
|
|
|||||
TOTAL NET ASSETS100%. |
$ | 155,836 | ||||
|
|
Harbor Dividend Growth Leaders ETF
PORTFOLIO OF INVESTMENTSContinued
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
1 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
The accompanying notes are an integral part of the Portfolios of Investments.
Harbor Energy Transition Strategy ETF
CONSOLIDATED PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Principal Amounts, Value and Cost in Thousands
SHORT-TERM INVESTMENTS76.6% | ||||
Principal Amount |
Value | |||
U.S. TREASURY BILLS76.6% |
||||
U.S. Treasury Bill |
||||
$ 8,349 4.032%02/09/2023 |
$ | 8,341 | ||
8,035 4.248%03/02/2023 |
8,006 | |||
2,724 4.396%03/30/2023 |
2,704 | |||
|
|
|||
TOTAL SHORT-TERM INVESTMENTS |
19,051 | |||
|
|
|||
TOTAL INVESTMENTS76.6% |
19,051 | |||
|
|
|||
CASH AND OTHER ASSETS, LESS LIABILITIES23.4% |
5,818 | |||
|
|
|||
TOTAL NET ASSETS100%. |
$ | 24,869 | ||
|
|
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 | 02/28/2023 | Monthly | $24,869 | $ | $ | $ | |||||||||||||
|
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments and Swap Agreements schedule) were classified as Level 2.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
The accompanying notes are an integral part of the Portfolios of Investments.
Harbor Energy Transition Strategy ETF
CONSOLIDATED PORTFOLIO OF INVESTMENTSContinued
| Coupon represents yield to maturity |
1 | The reference index components are published daily on Harbor Capitals 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 January 31, 2023. |
Commodity |
Weight |
|||||||
Emissions (Europe) |
17.1% | |||||||
Aluminum |
14.1 | |||||||
Copper |
|
8.9 | ||||||
Nickel |
8.0 | |||||||
Natural Gas (United States) |
7.8 | |||||||
Soybean Oil |
7.2 | |||||||
Zinc |
6.7 | |||||||
Silver |
6.6 | |||||||
Natural Gas (Europe) |
6.6 | |||||||
Natural Gas (United Kingdom) |
4.0 | |||||||
Emissions (California) |
2.7 | |||||||
Ethanol |
2.6 | |||||||
Platinum |
2.6 | |||||||
Lead |
2.6 | |||||||
Palladium |
2.5 |
The accompanying notes are an integral part of the Portfolios of Investments.
PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Value and Cost in Thousands
COMMON STOCKS99.6% | ||||||
Shares | Value | |||||
|
||||||
BIOTECHNOLOGY28.5% |
| |||||
930 |
AbbVie, Inc. | $ | 138 | |||
6,213 |
Alkermes PLC * | 178 | ||||
777 |
Apellis Pharmaceuticals, Inc. * | 41 | ||||
847 |
Arcutis Biotherapeutics, Inc. * | 14 | ||||
2,527 |
Ascendis Pharma AS ADR (Denmark)*,1 |
314 | ||||
651 |
Bicycle Therapeutics PLC ADR (United Kingdom)*,1 |
18 | ||||
97 |
Karuna Therapeutics, Inc. * | 19 | ||||
244 |
Neurocrine Biosciences, Inc. * | 27 | ||||
390 |
Prometheus Biosciences, Inc. * | 44 | ||||
2,261 |
Rocket Pharmaceuticals, Inc. * | 49 | ||||
665 |
Sarepta Therapeutics, Inc. * | 83 | ||||
217 |
Seagen, Inc. * | 30 | ||||
239 |
Vertex Pharmaceuticals, Inc. * | 77 | ||||
|
|
|||||
1,032 | ||||||
|
|
|||||
HEALTH CARE EQUIPMENT & SUPPLIES16.6% |
||||||
1,238 |
Dexcom, Inc. * | 133 | ||||
447 |
Haemonetics Corp. * | 38 | ||||
173 |
IDEXX Laboratories, Inc. * | 83 | ||||
238 |
Inspire Medical Systems, Inc. * | 60 | ||||
231 |
Insulet Corp. * | 66 | ||||
2,868 |
Lantheus Holdings, Inc. * | 165 | ||||
167 |
The Cooper Companies, Inc. | 58 | ||||
|
|
|||||
603 | ||||||
|
|
|||||
HEALTH CARE PROVIDERS & SERVICES17.3% |
||||||
777 |
Amedisys, Inc. * | 75 | ||||
1,169 |
Option Care Health, Inc. * | 34 | ||||
121 |
Quest Diagnostics, Inc. | 18 | ||||
1,001 |
UnitedHealth Group, Inc. | 500 | ||||
|
|
|||||
627 | ||||||
|
|
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
HEALTH CARE TECHNOLOGY1.4% |
| |||||
2,912 |
Veradigm, Inc. * | $ | 52 | |||
|
|
|||||
LIFE SCIENCES TOOLS & SERVICES18.3% |
||||||
3,353 |
Avantor, Inc. * | 80 | ||||
427 |
Azenta, Inc. | 24 | ||||
329 |
Bio-Rad Laboratories, Inc. Class A * | 154 | ||||
966 |
ICON PLC * | 223 | ||||
56 |
Repligen Corp. * | 10 | ||||
299 |
Thermo Fisher Scientific, Inc. | 171 | ||||
|
|
|||||
662 | ||||||
|
|
|||||
PHARMACEUTICALS17.5% |
||||||
1,727 |
Catalent, Inc. * | 93 | ||||
1,190 |
Eli Lilly & Co. | 410 | ||||
662 |
Innoviva, Inc. * | 8 | ||||
1,130 |
Merck & Co., Inc. | 121 | ||||
|
|
|||||
632 | ||||||
|
|
|||||
TOTAL COMMON STOCKS |
||||||
(Cost $3,451) |
3,608 | |||||
|
|
|||||
TOTAL INVESTMENTS99.6% |
||||||
(Cost $3,451) |
3,608 | |||||
|
|
|||||
CASH AND OTHER ASSETS, LESS LIABILITIES0.4% |
15 | |||||
|
|
|||||
TOTAL NET ASSETS100% |
$ | 3,623 | ||||
|
|
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
* | Non-income producing security |
1 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer.These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
The accompanying notes are an integral part of the Portfolios of Investments.
Harbor International Compounders ETF
PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Value and Cost in Thousands
COMMON STOCKS98.6% | ||||||
Shares | Value | |||||
|
||||||
BANKS9.7% |
||||||
11,676 |
HDFC Bank Ltd. ADR (India)1 | $ | 786 | |||
624,000 |
PT Bank Central Asia Tbk (Indonesia) | 353 | ||||
|
|
|||||
1,139 | ||||||
|
|
|||||
BEVERAGES3.0% |
||||||
8,142 |
Diageo PLC (United Kingdom) | 353 | ||||
|
|
|||||
BUILDING PRODUCTS5.8% |
||||||
14,120 |
Assa Abloy AB Class B (Sweden) | 332 | ||||
2,000 |
Daikin Industries Ltd. (Japan) | 345 | ||||
|
|
|||||
677 | ||||||
|
|
|||||
CAPITAL MARKETS2.9% |
||||||
1,880 |
Deutsche Boerse AG (Germany) | 336 | ||||
|
|
|||||
CHEMICALS4.0% |
||||||
1,440 |
Linde PLC (Ireland) | 474 | ||||
|
|
|||||
CONSTRUCTION & ENGINEERING2.1% |
||||||
2,240 |
Vinci SA (France) | 252 | ||||
|
|
|||||
ELECTRIC UTILITIES4.7% |
||||||
18,802 |
Iberdrola SA (Spain) | 220 | ||||
15,580 |
SSE PLC (United Kingdom) | 331 | ||||
|
|
|||||
551 | ||||||
|
|
|||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS2.3% |
| |||||
600 |
Keyence Corp. (Japan) | 273 | ||||
|
|
|||||
FOOD PRODUCTS4.5% |
||||||
4,340 |
Nestle SA | 529 | ||||
|
|
|||||
HEALTH CARE EQUIPMENT & SUPPLIES3.7% |
||||||
4,000 |
Hoya Corp. (Japan) | 436 | ||||
|
|
|||||
HOUSEHOLD DURABLES4.6% |
||||||
6,000 |
Sony Group Corp. (Japan) | 534 | ||||
|
|
|||||
INDUSTRIAL CONGLOMERATES4.0% |
||||||
3,040 |
Siemens AG (Germany) | 472 | ||||
|
|
|||||
INSURANCE3.5% |
||||||
36,000 |
AIA Group Ltd. (Hong Kong) | 407 | ||||
|
|
|||||
IT SERVICES1.6% |
||||||
125 |
Adyen NV (Netherlands)*,2 | 187 | ||||
|
|
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
MACHINERY3.0% |
| |||||
23,480 |
Atlas Copco AB Class A (Sweden) | $ | 277 | |||
3,976 |
Epiroc AB Class A (Sweden) | 77 | ||||
|
|
|||||
354 | ||||||
|
|
|||||
PERSONAL PRODUCTS3.4% |
||||||
966 |
LOreal SA (France) | 397 | ||||
|
|
|||||
PHARMACEUTICALS10.3% |
||||||
3,560 |
AstraZeneca PLC (United Kingdom) | 465 | ||||
5,402 |
Novo Nordisk AS Class B (Denmark) | 744 | ||||
|
|
|||||
1,209 | ||||||
|
|
|||||
REAL ESTATE MANAGEMENT & DEVELOPMENT1.8% |
| |||||
7,460 |
Vonovia SE (Germany) | 210 | ||||
|
|
|||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT8.9% |
||||||
1,020 |
ASML Holding NV (Netherlands) | 668 | ||||
4,000 |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)1 |
371 | ||||
|
|
|||||
1,039 | ||||||
|
|
|||||
SOFTWARE3.1% |
||||||
3,120 |
SAP SE (Germany) | 368 | ||||
|
|
|||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS2.9% |
| |||||
280 |
Samsung Electronics Co. Ltd. GDR (South Korea)1 |
345 | ||||
|
|
|||||
TEXTILES, APPAREL & LUXURY GOODS4.4% |
||||||
600 |
LVMH Moet Hennessy Louis Vuitton SE (France) |
522 | ||||
|
|
|||||
TRADING COMPANIES & DISTRIBUTORS4.4% |
||||||
3,680 |
Ferguson PLC | 515 | ||||
|
|
|||||
TOTAL COMMON STOCKS |
||||||
(Cost $10,581) |
11,579 | |||||
|
|
|||||
TOTAL INVESTMENTS98.6% |
||||||
(Cost $10,581) |
11,579 | |||||
|
|
|||||
CASH AND OTHER ASSETS, LESS LIABILITIES1.4% |
159 | |||||
|
|
|||||
TOTAL NET ASSETS100% |
$ | 11,738 | ||||
|
|
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
* | Non-income producing security |
1 | 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. |
2 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of January 31, 2023, the aggregate value of these securities was $187 or 2% of net assets. |
The accompanying notes are an integral part of the Portfolios of Investments.
PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Value and Cost in Thousands
COMMON STOCKS99.1% | ||||||
Shares | Value | |||||
|
||||||
AEROSPACE & DEFENSE0.4% |
| |||||
837 |
Northrop Grumman Corp. | $ | 375 | |||
|
|
|||||
AUTO COMPONENTS0.9% |
||||||
7,540 |
Aptiv PLC * | 853 | ||||
|
|
|||||
AUTOMOBILES3.8% |
||||||
21,636 |
Tesla, Inc. * | 3,748 | ||||
|
|
|||||
BANKS0.2% |
||||||
1,751 |
JPMorgan Chase & Co. | 245 | ||||
|
|
|||||
BIOTECHNOLOGY2.1% |
||||||
6,314 |
AbbVie, Inc. | 933 | ||||
3,514 |
Vertex Pharmaceuticals, Inc. * | 1,135 | ||||
|
|
|||||
2,068 | ||||||
|
|
|||||
CAPITAL MARKETS1.8% |
||||||
3,744 |
Blackstone, Inc. | 359 | ||||
797 |
Goldman Sachs Group, Inc. | 292 | ||||
2,616 |
Moodys Corp. | 844 | ||||
667 |
S&P Global, Inc. | 250 | ||||
|
|
|||||
1,745 | ||||||
|
|
|||||
CONSUMER FINANCE0.9% |
||||||
5,428 |
American Express Co. | 950 | ||||
|
|
|||||
DIVERSIFIED FINANCIAL SERVICES0.5% |
||||||
6,605 |
Apollo Global Management, Inc. | 467 | ||||
|
|
|||||
ENERGY EQUIPMENT & SERVICES1.8% |
||||||
31,573 |
Schlumberger NV | 1,799 | ||||
|
|
|||||
ENTERTAINMENT2.8% |
||||||
6,754 |
Netflix, Inc. * | 2,390 | ||||
10,837 |
ROBLOX Corp. Class A* | 403 | ||||
|
|
|||||
2,793 | ||||||
|
|
|||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)1.5% |
| |||||
4,757 |
American Tower Corp. | 1,062 | ||||
1,347 |
SBA Communications Corp. | 401 | ||||
|
|
|||||
1,463 | ||||||
|
|
|||||
FOOD & STAPLES RETAILING2.0% |
||||||
3,871 |
Costco Wholesale Corp. | 1,979 | ||||
|
|
|||||
HEALTH CARE EQUIPMENT & SUPPLIES2.2% |
||||||
2,380 |
Abbott Laboratories | 263 | ||||
6,870 |
Dexcom, Inc. * | 736 | ||||
1,288 |
Intuitive Surgical, Inc. * | 316 | ||||
3,593 |
Stryker Corp. | 912 | ||||
|
|
|||||
2,227 | ||||||
|
|
|||||
HEALTH CARE PROVIDERS & SERVICES1.7% |
||||||
12,320 |
Centene Corp. * | 940 | ||||
1,527 |
UnitedHealth Group, Inc. | 762 | ||||
|
|
|||||
1,702 | ||||||
|
|
|||||
HOTELS, RESTAURANTS & LEISURE2.5% |
||||||
2,242 |
Airbnb, Inc. Class A* | 249 | ||||
153 |
Chipotle Mexican Grill, Inc. * | 252 | ||||
2,912 |
Expedia Group, Inc. * | 333 | ||||
8,331 |
Hilton Worldwide Holdings, Inc. | 1,209 |
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
HOTELS, RESTAURANTS & LEISUREContinued |
| |||||
2,296 |
Marriott International, Inc. Class A | $ | 400 | |||
|
|
|||||
2,443 | ||||||
|
|
|||||
INTERACTIVE MEDIA & SERVICES5.7% |
| |||||
55,047 |
Alphabet, Inc. Class A* | 5,441 | ||||
1,662 |
Meta Platforms, Inc. Class A* | 247 | ||||
|
|
|||||
5,688 | ||||||
|
|
|||||
INTERNET & DIRECT MARKETING RETAIL7.1% |
| |||||
42,682 |
Amazon.com, Inc. * | 4,402 | ||||
2,205 |
MercadoLibre, Inc. (Argentina)* | 2,605 | ||||
|
|
|||||
7,007 | ||||||
|
|
|||||
IT SERVICES5.7% |
||||||
50,202 |
Adyen NV ADR (Netherlands)*,1 | 755 | ||||
4,478 |
Mastercard, Inc. Class A | 1,660 | ||||
5,452 |
Snowflake, Inc. Class A* | 853 | ||||
10,201 |
Visa, Inc. Class A | 2,348 | ||||
|
|
|||||
5,616 | ||||||
|
|
|||||
LIFE SCIENCES TOOLS & SERVICES1.2% |
| |||||
1,918 |
Agilent Technologies, Inc. | 292 | ||||
886 |
Danaher Corp. | 234 | ||||
1,110 |
Thermo Fisher Scientific, Inc. | 633 | ||||
|
|
|||||
1,159 | ||||||
|
|
|||||
MEDIA0.4% |
||||||
8,834 |
Trade Desk, Inc. Class A* | 448 | ||||
|
|
|||||
PERSONAL PRODUCTS2.1% |
||||||
3,412 |
Estee Lauder Cos., Inc. Class A | 945 | ||||
14,127 |
LOreal SA ADR (France)1 | 1,167 | ||||
|
|
|||||
2,112 | ||||||
|
|
|||||
PHARMACEUTICALS7.3% |
||||||
10,923 |
AstraZeneca PLC ADR (United Kingdom)1 | 714 | ||||
7,792 |
Eli Lilly & Co. | 2,682 | ||||
7,820 |
Merck & Co., Inc. | 840 | ||||
15,127 |
Novo Nordisk AS ADR (Denmark)1 | 2,099 | ||||
5,554 |
Zoetis, Inc. | 919 | ||||
|
|
|||||
7,254 | ||||||
|
|
|||||
ROAD & RAIL2.0% |
||||||
62,955 |
Uber Technologies, Inc. * | 1,947 | ||||
|
|
|||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT7.7% |
| |||||
3,230 |
Advanced Micro Devices, Inc. * | 243 | ||||
524 |
ASML Holding NV New York Registry Shares (Netherlands) |
346 | ||||
1,012 |
Broadcom, Inc. | 592 | ||||
1,533 |
Enphase Energy, Inc. * | 340 | ||||
1,665 |
Lam Research Corp. | 833 | ||||
21,905 |
Marvell Technology, Inc. | 945 | ||||
3,866 |
Micron Technology, Inc. | 233 | ||||
20,916 |
NVIDIA Corp. | 4,086 | ||||
|
|
|||||
7,618 | ||||||
|
|
|||||
SOFTWARE13.0% |
| |||||
669 |
Adobe, Inc. * | 248 | ||||
1,549 |
Atlassian Corp. PLC Class A* | 250 |
Harbor Long-Term Growers ETF
PORTFOLIO OF INVESTMENTSContinued
Value and Cost in Thousands
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
SOFTWAREContinued |
| |||||
1,308 |
Cadence Design Systems, Inc. * | $ | 239 | |||
3,458 |
CrowdStrike Holdings, Inc. Class A* | 366 | ||||
5,594 |
Datadog, Inc. * | 419 | ||||
41,103 |
Microsoft Corp. | 10,186 | ||||
5,622 |
Palo Alto Networks, Inc. * | 892 | ||||
1,728 |
Salesforce, Inc. * | 290 | ||||
|
|
|||||
12,890 | ||||||
|
|
|||||
SPECIALTY RETAIL3.3% |
||||||
789 |
Home Depot, Inc. | 256 | ||||
1,438 |
OReilly Automotive, Inc. * | 1,139 | ||||
17,169 |
TJX Cos., Inc. | 1,406 | ||||
958 |
Ulta Beauty, Inc. * | 492 | ||||
|
|
|||||
3,293 | ||||||
|
|
|||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS10.8% |
| |||||
74,166 |
Apple, Inc. | 10,701 | ||||
|
|
|||||
TEXTILES, APPAREL & LUXURY GOODS6.6% |
||||||
63,640 |
Cie Financiere Richemont SA ADR (Switzerland)1 | 977 |
COMMON STOCKSContinued | ||||||
Shares | Value | |||||
|
||||||
TEXTILES, APPAREL & LUXURY GOODSContinued |
| |||||
5,222 |
Lululemon Athletica, Inc. * | $ | 1,603 | |||
21,200 |
LVMH Moet Hennessy Louis Vuitton SE ADR (France)1 |
3,703 | ||||
1,929 |
NIKE, Inc. Class B | 246 | ||||
|
|
|||||
6,529 | ||||||
|
|
|||||
WIRELESS TELECOMMUNICATION SERVICES1.1% |
| |||||
7,420 |
T-Mobile US, Inc. * | 1,108 | ||||
|
|
|||||
TOTAL COMMON STOCKS |
||||||
(Cost $95,645) |
98,227 | |||||
|
|
|||||
TOTAL INVESTMENTS99.1% |
||||||
(Cost $95,645) |
98,227 | |||||
|
|
|||||
CASH AND OTHER ASSETS, LESS LIABILITIES0.9% |
907 | |||||
|
|
|||||
TOTAL NET ASSETS100%. |
$ | 99,134 | ||||
|
|
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
* | Non-income producing security |
1 | Depositary receipts such as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and other country specific depositary receipts are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depositary banks and generally trade on an established market in the U.S. or elsewhere. |
The accompanying notes are an integral part of the Portfolios of Investments.
Harbor Scientific Alpha High-Yield ETF
PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES96.9% | ||||||
Principal Amount |
Value | |||||
AEROSPACE & DEFENSE2.6% |
| |||||
Howmet Aerospace, Inc. | ||||||
$ 200 |
5.950%02/01/2037 |
$ | 202 | |||
100 |
6.750%01/15/2028 |
105 | ||||
|
|
|||||
307 | ||||||
|
|
|||||
Moog, Inc. | ||||||
200 |
4.250%12/15/20271 |
186 | ||||
TransDigm, Inc. | ||||||
100 |
4.875%05/01/2029 |
91 | ||||
Triumph Group, Inc. | ||||||
300 |
7.750%08/15/2025 |
255 | ||||
|
|
|||||
839 | ||||||
AIRLINES0.6% |
| |||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. | ||||||
200 |
5.500%04/20/20261 |
196 | ||||
|
|
|||||
AUTOMOBILES3.5% |
| |||||
Allison Transmission, Inc. | ||||||
200 |
4.750%10/01/20271 |
190 | ||||
Ford Motor Co. | ||||||
200 |
9.625%04/22/2030 |
236 | ||||
Jaguar Land Rover Automotive PLC | ||||||
400 |
5.875%01/15/20281 |
341 | ||||
Wabash National Corp. | ||||||
400 |
4.500%10/15/20281 |
351 | ||||
|
|
|||||
1,118 | ||||||
BANKS2.3% |
| |||||
Intesa Sanpaolo SpA | ||||||
200 |
4.198%06/01/20321,2 |
159 | ||||
200 |
5.017%06/26/20241 |
195 | ||||
354 | ||||||
UniCredit SpA MTN3 | ||||||
200 |
5.861%06/19/20321,2 |
186 | ||||
200 |
7.296%04/02/20341,2 |
195 | ||||
|
|
|||||
381 | ||||||
|
|
|||||
BUILDING PRODUCTS1.2% |
| |||||
Koppers, Inc. | ||||||
400 |
6.000%02/15/20251 |
394 | ||||
|
|
|||||
CAPITAL MARKETS0.9% |
| |||||
BrightSphere Investment Group, Inc. | ||||||
300 |
4.800%07/27/2026 |
279 | ||||
|
|
|||||
CHEMICALS3.2% |
| |||||
Ashland LLC | ||||||
200 |
6.875%05/15/2043 |
200 | ||||
Chemours Co. | ||||||
100 |
5.750%11/15/20281 |
91 | ||||
Mativ Holdings, Inc. | ||||||
400 |
6.875%10/01/20261 |
370 | ||||
Rain CII Carbon LLC/CII Carbon Corp. | ||||||
400 |
7.250%04/01/20251 |
377 | ||||
|
|
|||||
1,038 | ||||||
COMMERCIAL SERVICES & SUPPLIES3.3% |
| |||||
Cimpress PLC | ||||||
400 |
7.000%06/15/20261 |
278 |
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
COMMERCIAL SERVICES & SUPPLIESContinued |
| |||||
Clean Harbors, Inc. | ||||||
$ 100 |
4.875%07/15/20271 |
$ | 97 | |||
CoreCivic, Inc. | ||||||
200 |
4.750%10/15/2027 |
176 | ||||
CPI CG, Inc. | ||||||
100 |
8.625%03/15/20261 |
99 | ||||
GEO Group, Inc. | ||||||
300 |
10.500%06/30/2028 |
308 | ||||
Matthews International Corp. | ||||||
100 |
5.250%12/01/20251 |
96 | ||||
|
|
|||||
1,054 | ||||||
COMMUNICATIONS EQUIPMENT2.3% |
| |||||
CommScope, Inc. | ||||||
500 |
8.250%03/01/20271 |
426 | ||||
Viasat, Inc. | ||||||
400 |
6.500%07/15/20281 |
322 | ||||
|
|
|||||
748 | ||||||
CONSTRUCTION & ENGINEERING3.1% |
| |||||
Arcosa, Inc. | ||||||
400 |
4.375%04/15/20291 |
358 | ||||
Tutor Perini Corp. | ||||||
500 |
6.875%05/01/20251 |
446 | ||||
VM Consolidated, Inc. | ||||||
200 |
5.500%04/15/20291 |
185 | ||||
|
|
|||||
989 | ||||||
CONSTRUCTION MATERIALS0.3% |
| |||||
Brundage-Bone Concrete Pumping Holdings, Inc. | ||||||
100 |
6.000%02/01/20261 |
95 | ||||
|
|
|||||
CONSUMER FINANCE0.6% |
| |||||
Enova International, Inc. | ||||||
198 |
8.500%09/15/20251 |
189 | ||||
|
|
|||||
CONTAINERS & PACKAGING1.3% |
| |||||
Sealed Air Corp. | ||||||
400 |
6.875%07/15/20331 |
416 | ||||
|
|
|||||
DIVERSIFIED FINANCIAL SERVICES0.9% |
| |||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | ||||||
100 |
4.750%09/15/2024 |
98 | ||||
200 |
5.250%05/15/2027 |
186 | ||||
|
|
|||||
284 | ||||||
|
|
|||||
DIVERSIFIED TELECOMMUNICATION SERVICES1.9% |
| |||||
Frontier Communications Holdings LLC | ||||||
200 |
6.000%01/15/20301 |
165 | ||||
400 |
6.750%05/01/20291 |
343 | ||||
|
|
|||||
508 | ||||||
|
|
|||||
Nokia Oyj | ||||||
100 |
6.625%05/15/2039 |
102 | ||||
|
|
|||||
610 | ||||||
ENERGY EQUIPMENT & SERVICES4.9% |
| |||||
Ensign Drilling, Inc. | ||||||
400 |
9.250%04/15/20241 |
389 | ||||
Global Partners LP/GLP Finance Co. | ||||||
200 |
6.875%01/15/2029 |
189 |
Harbor Scientific Alpha High-Yield ETF
PORTFOLIO OF INVESTMENTSContinued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
ENERGY EQUIPMENT & SERVICESContinued |
| |||||
Patterson-UTI Energy, Inc. | ||||||
$ 200 |
5.150%11/15/2029 |
$ | 187 | |||
USA Compression Partners LP/USA Compression Finance Corp. |
||||||
400 |
6.875%04/01/2026 |
393 | ||||
Weatherford International Ltd. | ||||||
400 |
8.625%04/30/20301 |
404 | ||||
|
|
|||||
1,562 | ||||||
ENTERTAINMENT0.8% |
| |||||
Lions Gate Capital Holdings LLC | ||||||
100 |
5.500%04/15/20291 |
65 | ||||
Odeon Finco PLC | ||||||
200 |
12.750%11/01/20271 |
185 | ||||
|
|
|||||
250 | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)2.4% |
| |||||
Apollo Commercial Real Estate Finance, Inc. | ||||||
300 |
4.625%06/15/20291 |
246 | ||||
CTR Partnership LP/CareTrust Capital Corp. |
||||||
200 |
3.875%06/30/20281 |
179 | ||||
Iron Mountain, Inc. | ||||||
400 |
5.250%07/15/20301 |
363 | ||||
|
|
|||||
788 | ||||||
HEALTH CARE PROVIDERS & SERVICES3.0% |
| |||||
Acadia Healthcare Co., Inc. | ||||||
400 |
5.500%07/01/20281 |
386 | ||||
DaVita, Inc. | ||||||
500 |
4.625%06/01/20301 |
422 | ||||
Option Care Health, Inc. | ||||||
200 |
4.375%10/31/20291 |
173 | ||||
|
|
|||||
981 | ||||||
HOTELS, RESTAURANTS & LEISURE5.1% |
| |||||
Arrow Bidco LLC | ||||||
400 |
9.500%03/15/20241 |
400 | ||||
Hilton Domestic Operating Co., Inc. | ||||||
100 |
3.625%02/15/20321 |
84 | ||||
200 |
5.750%05/01/20281 |
199 | ||||
|
|
|||||
283 | ||||||
|
|
|||||
New Red Finance, Inc. | ||||||
300 |
3.875%01/15/20281 |
274 | ||||
Royal Caribbean Cruises Ltd. | ||||||
400 |
11.625%08/15/20271 |
425 | ||||
Yum! Brands, Inc. | ||||||
200 |
3.625%03/15/2031 |
171 | ||||
100 |
4.750%01/15/20301 |
94 | ||||
|
|
|||||
265 | ||||||
|
|
|||||
1,647 | ||||||
INSURANCE1.1% |
| |||||
Enstar Finance LLC | ||||||
300 |
5.750%09/01/20402 |
269 | ||||
NMI Holdings, Inc. | ||||||
100 |
7.375%06/01/20251 |
101 | ||||
|
|
|||||
370 | ||||||
INTERNET & CATALOG RETAIL3.9% |
| |||||
Cars.com, Inc. | ||||||
400 |
6.375%11/01/20281 |
371 | ||||
GrubHub Holdings, Inc. | ||||||
600 |
5.500%07/01/20271 |
481 |
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
INTERNET & CATALOG RETAILContinued |
| |||||
Rakuten Group, Inc. | ||||||
$ 400 |
10.250%11/30/20241 |
$ | 407 | |||
|
|
|||||
1,259 | ||||||
IT SERVICES1.2% |
| |||||
Gartner, Inc. | ||||||
400 |
4.500%07/01/20281 |
381 | ||||
|
|
|||||
LEISURE PRODUCTS0.8% |
| |||||
Vista Outdoor, Inc. | ||||||
300 |
4.500%03/15/20291 |
243 | ||||
|
|
|||||
MACHINERY0.3% |
| |||||
Chart Industries, Inc. | ||||||
100 |
9.500%01/01/2031 |
104 | ||||
|
|
|||||
MEDIA2.9% |
| |||||
Dish DBS Corp. | ||||||
400 |
7.375%07/01/2028 |
288 | ||||
Gannett Holdings LLC | ||||||
400 |
6.000%11/01/20261 |
310 | ||||
Sirius XM Radio, Inc. | ||||||
100 |
3.875%09/01/20311 |
83 | ||||
300 |
4.000%07/15/20281 |
267 | ||||
|
|
|||||
350 | ||||||
|
|
|||||
948 | ||||||
METALS & MINING5.4% |
| |||||
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. |
||||||
400 |
7.500%05/01/20251 |
398 | ||||
ATI, Inc. | ||||||
200 |
5.875%12/01/2027 |
193 | ||||
Eldorado Gold Corp. | ||||||
350 |
6.250%09/01/20291 |
321 | ||||
IAMGOLD Corp. | ||||||
300 |
5.750%10/15/20281 |
238 | ||||
Park-Ohio Industries, Inc. | ||||||
400 |
6.625%04/15/2027 |
294 | ||||
Warrior Met Coal, Inc. | ||||||
300 |
7.875%12/01/20281 |
296 | ||||
|
|
|||||
1,740 | ||||||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)1.8% |
| |||||
Rithm Capital Corp. | ||||||
400 |
6.250%10/15/20251 |
373 | ||||
Starwood Property Trust, Inc. | ||||||
200 |
4.750%03/15/2025 |
192 | ||||
|
|
|||||
565 | ||||||
OFFICE ELECTRONICS0.5% |
| |||||
Pitney Bowes, Inc. | ||||||
200 |
7.250%03/15/20291 |
158 | ||||
|
|
|||||
OIL, GAS & CONSUMABLE FUELS12.5% |
| |||||
Baytex Energy Corp. | ||||||
400 |
8.750%04/01/20271 |
414 | ||||
California Resources Corp. | ||||||
400 |
7.125%02/01/20261 |
390 | ||||
Civitas Resources, Inc. | ||||||
100 |
5.000%10/15/20261 |
93 | ||||
Delek Logistics Partners LP/Delek Logistics Finance Corp. | ||||||
400 |
7.125%06/01/20281 |
368 |
Harbor Scientific Alpha High-Yield ETF
PORTFOLIO OF INVESTMENTSContinued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
OIL, GAS & CONSUMABLE FUELSContinued |
| |||||
DT Midstream, Inc. | ||||||
$ 400 |
4.375%06/15/20311 |
$ | 350 | |||
EnLink Midstream Partners LP | ||||||
400 |
5.450%06/01/2047 |
333 | ||||
Murphy Oil Corp. | ||||||
400 |
6.125%12/01/2042 |
329 | ||||
Murphy Oil USA, Inc. | ||||||
300 |
3.750%02/15/20311 |
251 | ||||
200 |
4.750%09/15/2029 |
184 | ||||
|
|
|||||
435 | ||||||
|
|
|||||
New Fortress Energy, Inc. | ||||||
100 |
6.500%09/30/20261 |
92 | ||||
Par Petroleum LLC/Par Petroleum Finance Corp. | ||||||
100 |
7.750%12/15/20251 |
98 | ||||
PG&E Corp. | ||||||
100 |
5.000%07/01/2028 |
94 | ||||
200 |
5.250%07/01/2030 |
184 | ||||
|
|
|||||
278 | ||||||
|
|
|||||
Talos Production, Inc. | ||||||
100 |
12.000%01/15/2026 |
106 | ||||
Transocean, Inc. | ||||||
200 |
7.500%01/15/20261 |
188 | ||||
100 |
8.000%02/01/20271 |
92 | ||||
100 |
11.500%01/30/20271 |
105 | ||||
|
|
|||||
385 | ||||||
|
|
|||||
Western Midstream Operating LP | ||||||
400 |
5.500%02/01/2050 |
348 | ||||
|
|
|||||
4,019 | ||||||
PAPER & FOREST PRODUCTS0.8% |
| |||||
Louisiana-Pacific Corp. | ||||||
300 |
3.625%03/15/20291 |
260 | ||||
|
|
|||||
PERSONAL PRODUCTS1.2% |
| |||||
Coty, Inc. | ||||||
400 |
6.500%04/15/20261 |
395 | ||||
|
|
|||||
PHARMACEUTICALS2.4% |
| |||||
Bausch Health Cos., Inc. | ||||||
300 |
11.000%09/30/20281 |
236 | ||||
Herbalife Nutrition Ltd./HLF Financing, Inc. | ||||||
200 |
7.875%09/01/20251 |
188 | ||||
Perrigo Finance Unlimited Co. | ||||||
200 |
3.900%12/15/2024 |
194 | ||||
200 |
4.900%12/15/2044 |
149 | ||||
|
|
|||||
343 | ||||||
|
|
|||||
767 | ||||||
PROFESSIONAL SERVICES2.2% |
| |||||
KBR, Inc. | ||||||
300 |
4.750%09/30/20281 |
272 | ||||
TriNet Group, Inc. | ||||||
500 |
3.500%03/01/20291 |
421 | ||||
|
|
|||||
693 | ||||||
SOFTWARE2.1% |
| |||||
Fair Isaac Corp. | ||||||
200 |
4.000%06/15/20281 |
186 | ||||
Open Text Corp. | ||||||
400 |
3.875%12/01/20291 |
333 |
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
SOFTWAREContinued |
| |||||
Open Text Holdings, Inc. | ||||||
$ 200 |
4.125%12/01/20311 |
$ | 163 | |||
|
|
|||||
682 | ||||||
SPECIALTY RETAIL4.8% |
| |||||
Abercrombie & Fitch Management Co. | ||||||
300 |
8.750%07/15/20251 |
303 | ||||
Academy Ltd. | ||||||
400 |
6.000%11/15/20271 |
390 | ||||
Arko Corp. | ||||||
400 |
5.125%11/15/20291 |
318 | ||||
Bath & BodyWorks, Inc. | ||||||
300 |
6.625%10/01/20301 |
293 | ||||
200 |
6.750%07/01/2036 |
181 | ||||
|
|
|||||
474 | ||||||
|
|
|||||
Macys Retail Holdings LLC | ||||||
100 |
5.125%01/15/2042 |
68 | ||||
|
|
|||||
1,553 | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS2.5% |
| |||||
Pitney Bowes | ||||||
300 |
6.875%03/15/20271 |
252 | ||||
Seagate HDD Cayman | ||||||
145 |
4.125%01/15/2031 |
122 | ||||
Xerox Corp. | ||||||
200 |
4.800%03/01/2035 |
137 | ||||
Xerox Holdings Corp. | ||||||
350 |
5.500%08/15/20281 |
297 | ||||
|
|
|||||
808 | ||||||
THRIFTS & MORTGAGE FINANCE0.9% |
| |||||
MGIC Investment Corp. | ||||||
300 |
5.250%08/15/2028 |
283 | ||||
|
|
|||||
TOBACCO2.2% |
| |||||
Turning Point Brands, Inc. | ||||||
300 |
5.625%02/15/20261 |
273 | ||||
Vector Group Ltd. | ||||||
500 |
5.750%02/01/20291 |
437 | ||||
|
|
|||||
710 | ||||||
TRADING COMPANIES & DISTRIBUTORS3.2% |
| |||||
Alta Equipment Group, Inc. | ||||||
400 |
5.625%04/15/20261 |
375 | ||||
Fortress Transportation & Infrastructure Investors LLC | ||||||
300 |
9.750%08/01/20271 |
309 | ||||
GYP Holdings III Corp. | ||||||
400 |
4.625%05/01/20291 |
339 | ||||
|
|
|||||
1,023 | ||||||
|
|
|||||
TOTAL CORPORATE BONDS & NOTES |
| |||||
(Cost $31,794) |
31,173 | |||||
|
|
|||||
TOTAL INVESTMENTS96.9% |
| |||||
(Cost $31,794) |
31,173 | |||||
|
|
|||||
CASH AND OTHER ASSETS, LESS LIABILITIES3.1% |
986 | |||||
|
|
|||||
TOTAL NET ASSETS100.0% |
$ | 32,159 | ||||
|
|
Harbor Scientific Alpha High-Yield ETF
PORTFOLIO OF INVESTMENTSContinued
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
1 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of January 31, 2023, the aggregate value of these securities was $23,943 or 74% of net assets. |
2 | Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date. |
3 | MTN after the name of a security stands for Medium Term Note. |
The accompanying notes are an integral part of the Portfolios of Investments.
Harbor Scientific Alpha Income ETF
PORTFOLIO OF INVESTMENTSJanuary 31, 2023 (Unaudited)
PORTFOLIO OF INVESTMENTS |
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTES94.3% | ||||||
Principal Amount |
Value | |||||
AEROSPACE & DEFENSE2.6% |
| |||||
Howmet Aerospace, Inc. | ||||||
$ 100 |
3.000%01/15/2029 |
$ | 87 | |||
200 |
5.900%02/01/2027 |
204 | ||||
|
|
|||||
291 | ||||||
|
|
|||||
Moog, Inc. | ||||||
200 |
4.250%12/15/20271 |
186 | ||||
TransDigm, Inc. | ||||||
200 |
5.500%11/15/2027 |
191 | ||||
Triumph Group, Inc. | ||||||
200 |
7.750%08/15/2025 |
170 | ||||
|
|
|||||
838 | ||||||
AUTOMOBILES1.0% |
| |||||
Jaguar Land Rover Automotive PLC | ||||||
200 |
5.500%07/15/20291 |
160 | ||||
200 |
5.875%01/15/20281 |
170 | ||||
|
|
|||||
330 | ||||||
|
|
|||||
BANKS1.1% |
| |||||
UniCredit SpA | ||||||
200 |
5.459%06/30/20351,2 |
175 | ||||
UniCredit SpA MTN3 | ||||||
200 |
5.861%06/19/20321,2 |
186 | ||||
|
|
|||||
361 | ||||||
BEVERAGES0.6% |
| |||||
Keurig Dr Pepper, Inc. | ||||||
100 |
3.400%11/15/2025 |
97 | ||||
PepsiCo, Inc. | ||||||
100 |
2.625%07/29/2029 |
91 | ||||
|
|
|||||
188 | ||||||
BIOTECHNOLOGY0.9% |
| |||||
Biogen, Inc. | ||||||
300 |
4.050%09/15/2025 |
295 | ||||
|
|
|||||
BUILDING PRODUCTS1.5% |
| |||||
Carlisle Cos., Inc. | ||||||
200 |
3.750%12/01/2027 |
192 | ||||
Koppers, Inc. | ||||||
300 |
6.000%02/15/20251 |
296 | ||||
|
|
|||||
488 | ||||||
CHEMICALS4.0% |
| |||||
Ashland LLC | ||||||
300 |
3.375%09/01/20311 |
249 | ||||
HB Fuller Co. | ||||||
100 |
4.250%10/15/2028 |
89 | ||||
Minerals Technologies, Inc. | ||||||
100 |
5.000%07/01/20281 |
91 | ||||
Rain CII Carbon LLC/CII Carbon Corp. | ||||||
300 |
7.250%04/01/20251 |
283 | ||||
Rayonier AM Products, Inc. | ||||||
300 |
7.625%01/15/20261 |
281 | ||||
Yara International ASA | ||||||
300 |
4.750%06/01/20281 |
288 | ||||
|
|
|||||
1,281 | ||||||
COMMERCIAL SERVICES & SUPPLIES2.7% |
| |||||
CPI CG, Inc. | ||||||
200 |
8.625%03/15/20261 |
198 |
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
COMMERCIAL SERVICES & SUPPLIESContinued |
| |||||
GEO Group, Inc. | ||||||
$ 200 |
10.500%06/30/2028 |
$ | 205 | |||
Republic Services, Inc. | ||||||
300 |
2.500%08/15/2024 |
290 | ||||
Transurban Queensland Finance Pty. Ltd. | ||||||
200 |
4.500%04/19/2028 |
190 | ||||
|
|
|||||
883 | ||||||
COMMUNICATIONS EQUIPMENT2.6% |
| |||||
CommScope, Inc. | ||||||
200 |
8.250%03/01/20271 |
170 | ||||
Motorola Solutions, Inc. | ||||||
200 |
4.600%02/23/2028 |
199 | ||||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC |
||||||
300 |
5.152%09/20/20291 |
300 | ||||
Viasat, Inc. | ||||||
200 |
6.500%07/15/20281 |
161 | ||||
|
|
|||||
830 | ||||||
CONSTRUCTION & ENGINEERING1.4% |
| |||||
Arcosa, Inc. | ||||||
200 |
4.375%04/15/20291 |
179 | ||||
Williams Scotsman International, Inc. | ||||||
300 |
4.625%08/15/20281 |
278 | ||||
|
|
|||||
457 | ||||||
CONSUMER FINANCE0.6% |
| |||||
Enova International, Inc. | ||||||
200 |
8.500%09/15/20251 |
191 | ||||
|
|
|||||
CONTAINERS & PACKAGING2.0% |
| |||||
Amcor Finance USA, Inc. | ||||||
100 |
3.625%04/28/2026 |
96 | ||||
Brambles USA, Inc. | ||||||
200 |
4.125%10/23/20251 |
195 | ||||
Graphic Packaging International LLC | ||||||
100 |
3.50003/15/28-03/01/291 |
178 | ||||
Silgan Holdings, Inc. | ||||||
200 |
4.125%02/01/2028 |
187 | ||||
|
|
|||||
656 | ||||||
DIVERSIFIED TELECOMMUNICATION SERVICES1.7% |
| |||||
Frontier Communications Holdings LLC | ||||||
100 |
6.000%01/15/20301 |
82 | ||||
350 |
6.750%05/01/20291 |
301 | ||||
|
|
|||||
383 | ||||||
|
|
|||||
T-Mobile USA, Inc. | ||||||
200 |
2.625%02/15/2029 |
175 | ||||
|
|
|||||
558 | ||||||
ELECTRIC UTILITIES0.9% |
| |||||
Alexander Funding Trust | ||||||
300 |
1.841%11/15/20231 |
289 | ||||
|
|
|||||
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS0.6% |
| |||||
Keysight Technologies, Inc. | ||||||
200 |
4.550%10/30/2024 |
199 | ||||
|
|
|||||
ENERGY EQUIPMENT & SERVICES3.3% |
| |||||
Enterprise Products Operating LLC | ||||||
200 |
3.900%02/15/2024 |
198 |
Harbor Scientific Alpha Income ETF
PORTFOLIO OF INVESTMENTSContinued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
ENERGY EQUIPMENT & SERVICESContinued |
| |||||
Patterson-UTI Energy, Inc. | ||||||
$ 100 |
3.950%02/01/2028 |
$ | 91 | |||
200 |
5.150%11/15/2029 |
187 | ||||
|
|
|||||
278 | ||||||
|
|
|||||
USA Compression Partners LP/USA Compression Finance Corp. |
||||||
200 |
6.875%04/01/2026 |
196 | ||||
Weatherford International Ltd. | ||||||
400 |
8.625%04/30/20301 |
404 | ||||
|
|
|||||
1,076 | ||||||
ENTERTAINMENT0.8% |
| |||||
Lions Gate Capital Holdings LLC | ||||||
100 |
5.500%04/15/20291 |
65 | ||||
Odeon Finco PLC | ||||||
200 |
12.750%11/01/20271 |
185 | ||||
|
|
|||||
250 | ||||||
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)4.0% |
| |||||
Apollo Commercial Real Estate Finance, Inc. | ||||||
200 |
4.625%06/15/20291 |
164 | ||||
CTR Partnership LP/CareTrust Capital Corp. | ||||||
200 |
3.875%06/30/20281 |
179 | ||||
GLP Capital LP/GLP Financing II, Inc. | ||||||
100 |
5.37511/01/23-04/15/26 |
300 | ||||
Host Hotels & Resorts L.P. | ||||||
200 |
3.875%04/01/2024 |
197 | ||||
Iron Mountain, Inc. | ||||||
200 |
5.250%07/15/20301 |
181 | ||||
VICI Properties LP/VICI Note Co., Inc. | ||||||
300 |
3.750%02/15/20271 |
278 | ||||
|
|
|||||
1,299 | ||||||
FOOD & STAPLES RETAILING0.8% |
| |||||
CDW LLC/CDW Finance Corp. | ||||||
300 |
3.250%02/15/2029 |
260 | ||||
|
|
|||||
FOOD PRODUCTS3.5% |
| |||||
Conagra Brands, Inc. | ||||||
200 |
4.600%11/01/2025 |
199 | ||||
J M Smucker Co. | ||||||
300 |
3.500%03/15/2025 |
292 | ||||
Kellogg Co. | ||||||
100 |
2.650%12/01/2023 |
98 | ||||
Lamb Weston Holdings, Inc. | ||||||
300 |
4.125%01/31/20301 |
271 | ||||
Mondelez International Holdings Netherlands BV |
||||||
200 |
0.750%09/24/20241 |
187 | ||||
Pilgrims Pride Corp. | ||||||
100 |
5.875%09/30/20271 |
99 | ||||
|
|
|||||
1,146 | ||||||
HEALTH CARE EQUIPMENT & SUPPLIES2.0% |
| |||||
Edwards Lifesciences Corp. | ||||||
200 |
4.300%06/15/2028 |
197 | ||||
Hologic, Inc. | ||||||
300 |
3.250%02/15/20291 |
264 | ||||
Zimmer Biomet Holdings, Inc. | ||||||
200 |
1.450%11/22/2024 |
189 | ||||
|
|
|||||
650 |
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
HEALTH CARE PROVIDERS & SERVICES3.3% |
| |||||
Acadia Healthcare Co., Inc. | ||||||
$ 100 |
5.000%04/15/20291 |
$ | 94 | |||
AMN Healthcare, Inc. | ||||||
100 |
4.625%10/01/20271 |
93 | ||||
Centene Corp. | ||||||
300 |
3.375%02/15/2030 |
264 | ||||
DaVita, Inc. | ||||||
200 |
4.625%06/01/20301 |
169 | ||||
McKesson Corp. | ||||||
200 |
1.300%08/15/2026 |
178 | ||||
100 |
3.796%03/15/2024 |
99 | ||||
|
|
|||||
277 | ||||||
|
|
|||||
Molina Healthcare, Inc. | ||||||
200 |
3.875%11/15/20301 |
172 | ||||
|
|
|||||
1,069 | ||||||
HOTELS, RESTAURANTS & LEISURE2.8% |
| |||||
Hilton Domestic Operating Co., Inc. | ||||||
300 |
4.875%01/15/2030 |
283 | ||||
New Red Finance, Inc. | ||||||
200 |
3.875%01/15/20281 |
183 | ||||
Royal Caribbean Cruises Ltd. | ||||||
400 |
11.625%08/15/20271 |
425 | ||||
|
|
|||||
891 | ||||||
INSURANCE0.6% |
| |||||
Elevance Health, Inc. | ||||||
200 |
3.350%12/01/2024 |
195 | ||||
|
|
|||||
INTERACTIVE MEDIA & SERVICES0.3% |
| |||||
Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
||||||
100 |
3.500%03/01/20291 |
87 | ||||
|
|
|||||
INTERNET & CATALOG RETAIL2.6% |
| |||||
Cars.com, Inc. | ||||||
200 |
6.375%11/01/20281 |
186 | ||||
GrubHub Holdings, Inc. | ||||||
300 |
5.500%07/01/20271 |
240 | ||||
Rakuten Group, Inc. | ||||||
400 |
10.250%11/30/20241 |
407 | ||||
|
|
|||||
833 | ||||||
INTERNET & DIRECT MARKETING RETAIL0.6% |
| |||||
Gen Digital, Inc. | ||||||
200 |
7.125%09/30/20301 |
203 | ||||
|
|
|||||
IT SERVICES0.9% |
| |||||
Gartner, Inc. | ||||||
200 |
3.625%06/15/20291 |
180 | ||||
VeriSign, Inc. | ||||||
100 |
5.250%04/01/2025 |
100 | ||||
|
|
|||||
280 | ||||||
LEISURE PRODUCTS1.4% |
| |||||
Carnival Corp. | ||||||
300 |
7.625%03/01/20261 |
274 | ||||
NCL Corp. Ltd. | ||||||
200 |
5.875%03/15/20261 |
173 | ||||
|
|
|||||
447 | ||||||
MACHINERY1.2% |
| |||||
nVent Finance Sarl | ||||||
200 |
4.550%04/15/2028 |
190 |
Harbor Scientific Alpha Income ETF
PORTFOLIO OF INVESTMENTSContinued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
MACHINERYContinued |
| |||||
Westinghouse Air Brake Technologies Corp. |
||||||
$ 200 |
4.400%03/15/2024 |
$ | 198 | |||
|
|
|||||
388 | ||||||
MEDIA3.0% |
| |||||
AMC Networks, Inc. | ||||||
200 |
4.250%02/15/2029 |
124 | ||||
Dish DBS Corp. | ||||||
200 |
7.375%07/01/2028 |
144 | ||||
Gannett Holdings LLC | ||||||
200 |
6.000%11/01/20261 |
155 | ||||
RELX Capital, Inc. | ||||||
300 |
4.000%03/18/2029 |
286 | ||||
Sirius XM Radio, Inc. | ||||||
300 |
4.000%07/15/20281 |
267 | ||||
|
|
|||||
976 | ||||||
METALS & MINING3.9% |
| |||||
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. |
||||||
100 |
7.500%05/01/20251 |
99 | ||||
Commercial Metals Co. | ||||||
100 |
3.875%02/15/2031 |
87 | ||||
100 |
4.125%01/15/2030 |
90 | ||||
100 |
4.375%03/15/2032 |
88 | ||||
|
|
|||||
265 | ||||||
|
|
|||||
Eldorado Gold Corp. | ||||||
150 |
6.250%09/01/20291 |
138 | ||||
IAMGOLD Corp. | ||||||
300 |
5.750%10/15/20281 |
238 | ||||
Park-Ohio Industries, Inc. | ||||||
200 |
6.625%04/15/2027 |
147 | ||||
Reliance Steel & Aluminum Co. | ||||||
200 |
1.300%08/15/2025 |
183 | ||||
Warrior Met Coal, Inc. | ||||||
200 |
7.875%12/01/20281 |
197 | ||||
|
|
|||||
1,267 | ||||||
MORTGAGE REAL ESTATE INVESTMENT TRUSTS (REITS)0.9% |
| |||||
Rithm Capital Corp. | ||||||
200 |
6.250%10/15/20251 |
186 | ||||
Starwood Property Trust, Inc. | ||||||
100 |
4.750%03/15/2025 |
96 | ||||
|
|
|||||
282 | ||||||
OFFICE ELECTRONICS0.5% |
| |||||
Pitney Bowes, Inc. | ||||||
200 |
7.250%03/15/20291 |
158 | ||||
|
|
|||||
OIL, GAS & CONSUMABLE FUELS9.7% |
| |||||
Antero Resources Corp. | ||||||
117 |
7.625%02/01/20291 |
120 | ||||
Athabasca Oil Corp. | ||||||
85 |
9.750%11/01/20261 |
90 | ||||
Baytex Energy Corp. | ||||||
100 |
8.750%04/01/20271 |
104 | ||||
California Resources Corp. | ||||||
400 |
7.125%02/01/20261 |
390 | ||||
Delek Logistics Partners LP/Delek Logistics Finance Corp. |
||||||
100 |
7.125%06/01/20281 |
92 | ||||
DT Midstream, Inc. | ||||||
200 |
4.375%06/15/20311 |
175 |
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
OIL, GAS & CONSUMABLE FUELSContinued |
| |||||
Enbridge, Inc. | ||||||
$ 200 |
2.500%01/15/2025 |
$ | 191 | |||
Marathon Petroleum Corp. | ||||||
200 |
4.700%05/01/2025 |
200 | ||||
Murphy Oil Corp. | ||||||
200 |
6.125%12/01/2042 |
164 | ||||
Murphy Oil USA, Inc. | ||||||
200 |
3.750%02/15/20311 |
167 | ||||
100 |
4.750%09/15/2029 |
92 | ||||
|
|
|||||
259 | ||||||
|
|
|||||
New Fortress Energy, Inc. | ||||||
300 |
6.750%09/15/20251 |
287 | ||||
Par Petroleum LLC/Par Petroleum Finance Corp. |
||||||
200 |
7.750%12/15/20251 |
196 | ||||
Phillips 66 | ||||||
100 |
0.900%02/15/2024 |
96 | ||||
Schlumberger Holdings Corp. | ||||||
300 |
3.900%05/17/20281 |
287 | ||||
Transocean, Inc. | ||||||
200 |
8.000%02/01/20271 |
184 | ||||
Williams Cos., Inc. | ||||||
200 |
4.300%03/04/2024 |
198 | ||||
100 |
4.550%06/24/2024 |
100 | ||||
|
|
|||||
298 | ||||||
|
|
|||||
3,133 | ||||||
PERSONAL PRODUCTS0.9% |
| |||||
Edgewell Personal Care Co. | ||||||
300 |
5.500%06/01/20281 |
284 | ||||
|
|
|||||
PHARMACEUTICALS4.0% |
| |||||
Bausch Health Cos., Inc. | ||||||
400 |
11.000%09/30/20281 |
315 | ||||
Herbalife Nutrition Ltd./HLF Financing, Inc. |
||||||
300 |
7.875%09/01/20251 |
282 | ||||
Merck & Co., Inc. | ||||||
300 |
1.900%12/10/2028 |
265 | ||||
Perrigo Finance Unlimited Co. | ||||||
200 |
3.900%12/15/2024 |
193 | ||||
200 |
4.400%06/15/2030 |
176 | ||||
|
|
|||||
369 | ||||||
|
|
|||||
Takeda Pharmaceutical Co. Ltd. | ||||||
62 |
4.400%11/26/2023 |
62 | ||||
|
|
|||||
1,293 | ||||||
PROFESSIONAL SERVICES1.3% |
| |||||
Gartner, Inc. | ||||||
200 |
3.750%10/01/20301 |
178 | ||||
TriNet Group, Inc. | ||||||
300 |
3.500%03/01/20291 |
252 | ||||
|
|
|||||
430 | ||||||
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT1.6% |
| |||||
Broadcom, Inc. | ||||||
300 |
1.950%02/15/20281 |
261 | ||||
100 |
4.000%04/15/20291 |
94 | ||||
|
|
|||||
355 | ||||||
|
|
|||||
Texas Instruments, Inc. | ||||||
200 |
2.250%09/04/2029 |
178 | ||||
|
|
|||||
533 |
Harbor Scientific Alpha Income ETF
PORTFOLIO OF INVESTMENTSContinued
Principal Amounts, Value and Cost in Thousands
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
SOFTWARE4.3% |
| |||||
Fair Isaac Corp. | ||||||
$ 300 |
4.000%06/15/20281 |
$ | 279 | |||
Open Text Corp. | ||||||
400 |
3.875%02/15/20281 |
348 | ||||
200 |
6.900%12/01/20271 |
205 | ||||
|
|
|||||
553 | ||||||
|
|
|||||
Oracle Corp. | ||||||
300 |
2.300%03/25/2028 |
268 | ||||
100 |
6.150%11/09/2029 |
107 | ||||
|
|
|||||
375 | ||||||
|
|
|||||
PTC, Inc. | ||||||
200 |
3.625%02/15/20251 |
192 | ||||
|
|
|||||
1,399 | ||||||
SPECIALTY RETAIL2.7% |
| |||||
Abercrombie & Fitch Management Co. | ||||||
200 |
8.750%07/15/20251 |
202 | ||||
Arko Corp. | ||||||
200 |
5.125%11/15/20291 |
159 | ||||
Bath & BodyWorks, Inc. | ||||||
400 |
6.875%11/01/2035 |
365 | ||||
Gap, Inc. | ||||||
200 |
3.625%10/01/20291 |
154 | ||||
|
|
|||||
880 | ||||||
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS1.8% |
| |||||
Pitney Bowes | ||||||
200 |
6.875%03/15/20271 |
168 | ||||
Seagate HDD Cayman | ||||||
100 |
4.091%06/01/2029 |
89 | ||||
Xerox Holdings Corp. | ||||||
400 |
5.500%08/15/20281 |
339 | ||||
|
|
|||||
596 | ||||||
TEXTILES, APPAREL & LUXURY GOODS0.6% |
| |||||
Michael Kors USA, Inc. | ||||||
200 |
4.250%11/01/20241 |
195 | ||||
|
|
|||||
TOBACCO4.4% |
| |||||
Altria Group, Inc. | ||||||
300 |
4.800%02/14/2029 |
297 | ||||
B.A.T Capital Corp. | ||||||
300 |
2.259%03/25/2028 |
258 | ||||
Imperial Brands Finance Plc | ||||||
300 |
3.125%07/26/20241 |
290 |
CORPORATE BONDS & NOTESContinued | ||||||
Principal Amount |
Value | |||||
TOBACCOContinued |
| |||||
Philip Morris International, Inc. | ||||||
$ 200 |
5.625%11/17/2029 |
$ | 209 | |||
Turning Point Brands, Inc. | ||||||
100 |
5.625%02/15/20261 |
91 | ||||
Vector Group Ltd. | ||||||
300 |
5.750%02/01/20291 |
262 | ||||
|
|
|||||
1,407 | ||||||
TRADING COMPANIES & DISTRIBUTORS1.2% |
| |||||
Alta Equipment Group, Inc. | ||||||
200 |
5.625%04/15/20261 |
188 | ||||
Ferguson Finance PLC | ||||||
200 |
4.500%10/24/20281 |
192 | ||||
|
|
|||||
380 | ||||||
TRANSPORTATION INFRASTRUCTURE0.6% |
| |||||
Transurban Finance Co. Pty. Ltd. | ||||||
200 |
4.125%02/02/20261 |
195 | ||||
|
|
|||||
WATER UTILITIES0.6% |
| |||||
Huntington Ingalls Industries, Inc. | ||||||
200 |
3.844%05/01/2025 |
194 | ||||
|
|
|||||
TOTAL CORPORATE BONDS & NOTES |
| |||||
(Cost $31,089) |
30,520 | |||||
|
|
|||||
|
||||||
FOREIGN GOVERNMENT OBLIGATIONS1.6% | ||||||
Bahrain Government International Bond | ||||||
200 |
7.000%01/26/20261 |
208 | ||||
Hungary Government International Bond | ||||||
34 |
5.375%03/25/2024 |
34 | ||||
Indonesia Government International Bond | ||||||
200 |
3.500%01/11/2028 |
192 | ||||
Russian Foreign Bond - Eurobond | ||||||
200 |
4.250%06/23/20271 |
87 | ||||
|
|
|||||
TOTAL FOREIGN GOVERNMENT OBLIGATIONS |
||||||
(Cost $690) |
521 | |||||
|
|
|||||
TOTAL INVESTMENTS95.9% |
||||||
(Cost $31,779) |
31,041 | |||||
|
|
|||||
CASH AND OTHER ASSETS, LESS LIABILITIES4.1% |
1,325 | |||||
|
|
|||||
TOTAL NET ASSETS100.0% |
$ | 32,366 | ||||
|
|
Harbor Scientific Alpha Income ETF
PORTFOLIO OF INVESTMENTSContinued
CREDIT DEFAULT SWAP AGREEMENTSContinue | ||||||||||||||||||||||||||||||||||||||
CENTRALLY CLEARED SWAP AGREEMENTS | ||||||||||||||||||||||||||||||||||||||
Counterparty/Exchange |
Reference Entity |
Buy/ Sell4,5 |
Pay/Receive Fixed Rate |
Expiration Date |
Implied Credit Spread6 |
Payment Frequency |
Notional Amount7 (000s) |
Value8 (000s) |
Upfront Premiums (Received)/Paid (000s) |
Unrealized Appreciation/ (Depreciation) (000s) |
||||||||||||||||||||||||||||
ICE Clear Credit LLC |
Markit CDX North America High Yield Index Series 39 |
Buy | 1.000% | 12/20/2027 | 0.717% | Quarterly | 8,500 | (116) | (81) | (35 | ) | |||||||||||||||||||||||||||
ICE Clear Credit LLC |
Markit CDX North America High Yield Index Series 39 |
Buy | 5.000% | 12/20/2027 | 4.311% | Quarterly | 2,900 | (95) | (39) | (56 | ) | |||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||
Total Centrally Cleared Credit Default Swaps |
(91 | ) | ||||||||||||||||||||||||||||||||||||
|
|
FAIR VALUE MEASUREMENTS |
All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments and Credit Default Swap Agreements schedule) were classified as Level 2.
For more information on valuation inputs and their aggregation into the levels identified above, please refer to the Fair Value Measurements and Disclosures in Note 2 of the accompanying Notes to Portfolios of Investments.
1 | Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.The Fund has no right to demand registration of these securities. As of January 31, 2023, the aggregate value of these securities was $19,000 or 59% of net assets. |
2 | Rate changes from fixed to variable rate at a specified date prior to its final maturity. Stated rate is fixed rate currently in effect and stated date is the final maturity date. |
3 | MTN after the name of a security stands for MediumTerm Note. |
4 | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
5 | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. |
6 | Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as Defaulted indicates a credit event has occurred for the referenced entity or obligation. |
7 | The maximum potential amount the Fund could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
8 | The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. |
The accompanying notes are an integral part of the Portfolios of Investments.
NOTES TO PORTFOLIOS OF INVESTMENTSJanuary 31, 2023 (Unaudited)
NOTE 1ORGANIZATIONAL MATTERS |
Harbor ETF Trust (the Trust) is registered under the Investment Company Act of 1940, as amended (the Investment Company Act), as an open-end management investment company. As of January 31, 2023, the Trust consists of the following separate portfolios (individually or collectively referred to as a Fund or the Funds, respectively). The shares of each Fund are listed and traded on NYSE Arca, Inc. with the exception of shares of Harbor All-Weather Inflation Focus ETF (currently, Harbor Commodity All-Weather Strategy ETF), Harbor Dividend Growth Leaders ETF, and Harbor Long-Term Growers ETF that are listed and traded on NYSE. Harbor Capital Advisors, Inc. (the Adviser or Harbor Capital) is the investment adviser for the Funds.
Harbor All-Weather Inflation Focus ETF (currently, Harbor | Harbor Health Care ETF | |
Commodity All-Weather Strategy ETF) (Consolidated) | Harbor International Compounders ETF | |
Harbor Corporate Culture ETF | Harbor Long-Term Growers ETF | |
Harbor Corporate Culture Leaders ETF | Harbor Scientific Alpha High-Yield ETF | |
Harbor Disruptive Innovation ETF | Harbor Scientific Alpha Income ETF | |
Harbor Dividend Growth Leaders ETF | ||
Harbor Energy Transition Strategy ETF (Consolidated) |
Effective March 1, 2023, Harbor All-Weather Inflation Focus ETF was renamed Harbor Commodity All-Weather Strategy ETF.
NOTE 2SIGNIFICANT ACCOUNTING POLICIES |
Security Valuation
Investments are valued pursuant to valuation procedures approved by the Board of Trustees. The valuation procedures permit the Adviser to use a variety of valuation methodologies, consider a number of subjective factors, analyze applicable facts and circumstances and, in general, exercise judgment, when valuing Fund investments. The methodology used for a specific type of investment may vary based on the circumstances and relevant considerations, including available market data.
Equity securities (including common stock, preferred stock, and convertible preferred stock), exchange-traded funds and financial derivative instruments (such as futures contracts, rights and warrants) that are traded on a national securities exchange or system (except securities listed on the National Association of Securities Dealers Automated Quotation (NASDAQ) system and United Kingdom securities) are valued at the last sale price on a national exchange or system on which they are principally traded as of the valuation date. Securities listed on the NASDAQ system or a United Kingdom exchange are valued at the official closing price of those securities. In the case of securities for which there are no sales on the valuation day, (i) securities traded principally on a U.S. exchange, including NASDAQ, are valued at the mean (or average) of the closing bid and ask price; and (ii) securities traded principally on a foreign exchange, including United Kingdom securities, are valued at the official bid price determined as of the close of the primary exchange. Shares of open-end registered investment companies that are held by a Fund are valued at net asset value. To the extent these securities are actively traded and fair valuation adjustments are not applied, they are normally categorized as Level 1 in the fair value hierarchy. Equity securities traded on inactive markets or valued by reference to similar instruments are normally categorized as Level 2 in the fair value hierarchy. For more information on the fair value hierarchy, please refer to the Fair Value Measurements and Disclosures section.
Debt securities (including corporate bonds, municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, mortgage-backed and asset-backed securities, foreign government obligations, bank loans, and convertible securities, other than short-term securities, with a remaining maturity of less than 60 days at the time of acquisition) are valued using evaluated prices furnished by a pricing vendor. An evaluated price represents an assessment by the pricing vendor using various market inputs of what the pricing vendor believes is the fair value of a security at a particular point in time. The pricing vendor determines evaluated prices for debt securities that would be transacted at institutional-size quantities using inputs including, but not limited to, (i) recent transaction prices and dealer quotes, (ii) transaction prices for what the pricing vendor believes are securities with similar characteristics, (iii) the pricing vendors assessment of the risk inherent in the security taking into account criteria such as credit quality, payment history, liquidity and market conditions, and (iv) various correlations and relationships between security price movements and other factors, such as interest rate changes, which are recognized by institutional traders. In the case of asset-backed and mortgage-backed securities, the inputs used by the pricing vendor may also include information
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about cash flows, prepayment rates, default rates, delinquency and loss assumption, collateral characteristics, credit enhancements and other specific information about the particular offering. Because many debt securities trade infrequently, the pricing vendor will often not have current transaction price information available as an input in determining an evaluated price for a particular security. When current transaction price information is available, it is one input into the pricing vendors evaluation process, which means that the evaluated price supplied by the pricing vendor will frequently differ from that transaction price. Securities that use similar valuation techniques and inputs as described above are normally categorized as Level 2 in the fair value hierarchy.
Short-term securities with a remaining maturity of less than 60 days at the time of acquisition that are held by a Fund are valued at amortized cost to the extent amortized cost represents fair value. Such securities are normally categorized as Level 2 in the fair value hierarchy.
Swap agreements (including over-the-counter (OTC) and centrally cleared swaps) generally derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. The value of these swap agreements is generally determined by a pricing vendor using a series of techniques, including simulation pricing models, or by the counterparties to the OTC swap agreements, typically using its own proprietary models. The pricing models may use inputs such as issuer details, indices, exchange rates, interest rates, yield curves, and credit spreads, that are observed from actively quoted markets. Swap agreements are normally categorized as Level 2 in the fair value hierarchy.
When reliable market quotations or evaluated prices supplied by a pricing vendor are not readily available or are not believed to accurately reflect fair value, securities fair value determinations are made by the Adviser as designated by the Board of Trustees pursuant to the Investment Company Act. Fair value determinations for investments which incorporates significant unobservable inputs are normally categorized as Level 3 in the fair value hierarchy.
Fair Value Measurements and Disclosures
Various inputs may be used to determine the value of each Funds investments, which are summarized in three broad categories defined as Level 1, Level 2, and Level 3. The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those investments. The assignment of an investment to Levels 1, 2, or 3 is based on the lowest level of significant inputs used to determine its fair value.
Level 1 | Quoted prices in active markets for identical securities. | |
Level 2 | Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 | Significant unobservable inputs are used in situations where quoted prices or other observable inputs are not available or are deemed unreliable. Significant unobservable inputs may include each Funds own assumptions. |
The categorization of investments into Levels 1, 2, or 3, and a summary of significant unobservable inputs used for Level 3 investments, when applicable, can be found at the end of each Funds Portfolio of Investments schedule.
Each Fund used observable inputs in its valuation methodologies whenever they were available and deemed reliable.
Securities Transactions
Securities transactions are accounted for on the trade date (the date the order to buy or sell is executed).
Please refer to the most recent annual or semi-annual reports on the Harbor Capitals website at harborcapital.com for more information regarding each Funds significant accounting policies, investments, and related transactions.