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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

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Table of Contents


PORTFOLIOS OF INVESTMENTS			2

HARBORALL-WEATHER INFLATION FOCUSETF (CURRENTLY,HARBORCOMMODITY ALL-WEATHER STRATEGY ETF) (CONSOLIDATED)			2

HARBOR CORPORATE CULTURE ETF			4

HARBOR CORPORATE CULTURE LEADERS ETF			7

HARBOR DISRUPTIVE INNOVATION ETF			9

HARBOR DIVIDEND GROWTH LEADERS ETF			11

HARBOR ENERGY TRANSITION STRATEGY ETF (CONSOLIDATED)			13

HARBOR HEALTH CARE ETF			15

HARBOR INTERNATIONAL COMPOUNDERS ETF			16

HARBOR LONG-TERM GROWERS ETF			17

HARBOR SCIENTIFIC ALPHA HIGH-YIELD ETF			19

HARBOR SCIENTIFIC ALPHA INCOME ETF			23

Notes to Portfolios of Investments			28

Harbor All-Weather Inflation Focus ETF (currently, Harbor Commodity All-Weather Strategy ETF)

CONSOLIDATED PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Principal Amounts, Value and Cost in Thousands



SHORT-TERM INVESTMENTS—83.5%


Principal Amount	Value


U.S. TREASURY BILLS—83.5%
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 (Cost $59,010)		59,003


TOTAL INVESTMENTS—83.5% (Cost $59,010)		59,003

CASH AND OTHER ASSETS, LESS LIABILITIES—16.5%		11,622

TOTAL NET ASSETS—100%.	$	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.

LOGO

Harbor All-Weather Inflation Focus ETF (currently, Harbor Commodity All-Weather Strategy ETF)

CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued

†	Coupon represents yield to maturity

1	The reference index components are published daily on Harbor Capital’s website at harborcapital.com. The index is comprised of publicly 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.

LOGO

Harbor Corporate Culture ETF

PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—94.5%

Shares		Value

AEROSPACE & DEFENSE—2.0%
6,305	Lockheed Martin Corp.	$	2,921
3,561	Northrop Grumman Corp.		1,595

			4,516


AIRLINES—0.7%
15,831	Delta Air Lines, Inc. ^*		619
15,067	Southwest Airlines Co.		539
7,532	United Airlines Holdings, Inc. ^*		369

			1,527


AUTOMOBILES—0.3%
53,312	Ford Motor Co.		720


BANKS—3.8%
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


BEVERAGES—2.7%
45,319	Coca-Cola Co.		2,779
4,718	Monster Beverage Corp. ^*		491
16,658	PepsiCo, Inc.		2,849

			6,119


BIOTECHNOLOGY—2.7%
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 PRODUCTS—0.5%
7,112	Trane Technologies PLC		1,274


CAPITAL MARKETS—3.8%
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	Moody’s 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


CHEMICALS—1.4%
17,573	Corteva, Inc.		1,133
18,577	Dow, Inc.		1,102
12,955	DuPont de Nemours, Inc.		958

			3,193


COMMUNICATIONS EQUIPMENT—1.2%
2,804	Arista Networks, Inc. ^*		353
49,574	Cisco Systems, Inc.		2,413

			2,766



COMMON STOCKS—Continued

Shares		Value

CONSUMER FINANCE—0.6%
6,733	American Express Co.	$	1,178
6,695	Synchrony Financial		246

			1,424


ELECTRIC UTILITIES—1.4%
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 EQUIPMENT—0.4%
3,198	Rockwell Automation, Inc.		902


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.4%
1,689	CDW Corp.		331
2,354	Keysight Technologies, Inc. ^*		422
3,174	Trimble, Inc. ^*		185

			938


ENTERTAINMENT—3.4%
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 RETAILING—3.1%
13,890	Costco Wholesale Corp.		7,100


FOOD PRODUCTS—1.4%
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 & SUPPLIES—2.5%
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

LOGO

Harbor Corporate Culture ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



COMMON STOCKS—Continued

Shares		Value


HOTELS, RESTAURANTS & LEISURE—0.8%
4,340	Expedia Group, Inc. ^*	$	496
7,911	Marriott International, Inc. Class A		1,378

			1,874


HOUSEHOLD DURABLES—0.1%
1,966	Garmin Ltd.		194
24	NVR, Inc. ^*		127

			321


HOUSEHOLD PRODUCTS—2.4%
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 PRODUCERS—0.1%
8,443	AES Corp.		231


INDUSTRIAL CONGLOMERATES—1.8%
15,864	3M Co.		1,826
27,761	General Electric Co.		2,234

			4,060


INSURANCE—1.4%
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 & SERVICES—5.6%
67,201	Alphabet, Inc. Class C ^*		6,711
41,727	Meta Platforms, Inc. Class A^*		6,216

			12,927


INTERNET & DIRECT MARKETING RETAIL—0.7%
20,553	eBay, Inc.		1,017
4,497	Etsy, Inc. ^*		619

			1,636


IT SERVICES—6.0%
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 & SERVICES—0.5%
4,421	Agilent Technologies, Inc.		672
2,374	Illumina, Inc. ^*		509

			1,181


MACHINERY—3.3%
14,285	Caterpillar, Inc.		3,604



COMMON STOCKS—Continued

Shares		Value


MACHINERY—Continued
3,664	Cummins, Inc.	$	914
7,179	Deere & Co.		3,036

			7,554


METALS & MINING—0.4%
19,008	Newmont Corp.		1,006


MULTI-UTILITIES—1.0%
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 FUELS—4.3%
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


PHARMACEUTICALS—9.0%
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 EQUIPMENT—6.4%
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


SOFTWARE—9.0%
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 RETAIL—0.2%
5,125	CarMax, Inc. ^*		361


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.9%
72,970	Apple, Inc.		10,529

LOGO

Harbor Corporate Culture ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



COMMON STOCKS—Continued

Shares		Value


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—Continued
15,426	Hewlett Packard Enterprise Co.	$	249
14,123	HP, Inc.		411
2,747	NetApp, Inc.		182

			11,371


TEXTILES, APPAREL & LUXURY GOODS—0.9%
15,467	NIKE, Inc. Class B		1,969
4,363	VF Corp.		135

			2,104


TOBACCO—0.8%
17,053	Philip Morris International, Inc.		1,778


WATER UTILITIES—0.2%
2,440	American Water Works Co., Inc.		382


TOTAL COMMON STOCKS

(Cost $203,030)			217,251




EXCHANGE-TRADED FUNDS—5.3%
(Cost $11,894)



EXCHANGE-TRADED FUNDS—Continued

Shares		Value


CAPITAL MARKETS—5.3%
82,388	Consumer Discretionary Select Sector SPDR Fund		12,251


TOTAL INVESTMENTS—99.8%
(Cost $214,924)			229,502

CASH AND OTHER ASSETS, LESS LIABILITIES—0.2%			382

TOTAL NET ASSETS—100%.		$	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.

*	Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

LOGO

Harbor Corporate Culture Leaders ETF

PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—100.0%

Shares		Value


AIRLINES—3.6%
1,513	Copa Holdings SA Class A (Panama)^*	$	139
3,268	Delta Air Lines, Inc. ^*		128
3,005	Southwest Airlines Co.		108

			375


AUTOMOBILES—1.0%
8,041	Ford Motor Co.		109


BANKS—1.0%
1,341	Pinnacle Financial Partners, Inc.		105


BIOTECHNOLOGY—5.9%
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 MARKETS—5.1%
425	MarketAxess Holdings, Inc.		154
472	Morningstar, Inc.		115
233	MSCI, Inc.		124
1,943	Tradeweb Markets, Inc. Class A		145

			538


CHEMICALS—1.2%
2,190	Dow, Inc.		130


COMMUNICATIONS EQUIPMENT—3.3%
862	Arista Networks, Inc. ^*		109
2,539	Ciena Corp. ^*		132
748	F5, Inc. ^*		110

			351


CONSUMER FINANCE—2.1%
232	Credit Acceptance Corp. ^*		107
2,997	Synchrony Financial		110

			217


DIVERSIFIED CONSUMER SERVICES—1.1%
1,634	Service Corp. International		121


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.1%
6,595	Plug Power, Inc. ^*		112
1,903	Trimble, Inc. ^*		111

			223


ENTERTAINMENT—3.9%
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 STOCKS—Continued

Shares		Value


EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)—Continued
390	SBA Communications Corp.	$	116

			728


GAS UTILITIES—1.4%
1,284	Atmos Energy Corp.		151


HEALTH CARE EQUIPMENT & SUPPLIES—1.2%
2,671	Boston Scientific Corp. ^*		123


HOTELS, RESTAURANTS & LEISURE—2.5%
1,226	Hyatt Hotels Corp. Class A ^*		133
1,968	Royal Caribbean Cruises Ltd. ^*		128

			261


HOUSEHOLD DURABLES—1.4%
2,644	PulteGroup, Inc.		150


HOUSEHOLD PRODUCTS—2.2%
888	Kimberly-Clark Corp.		115
800	Procter & Gamble Co.		114

			229


INTERACTIVE MEDIA & SERVICES—3.7%
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 RETAIL—1.2%
935	Etsy, Inc. ^*		129


IT SERVICES—8.2%
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 PRODUCTS—2.4%
10,442	Peloton Interactive, Inc. Class A ^*		135
2,561	YETI Holdings, Inc. ^*		115

			250


MACHINERY—1.1%
1,636	Graco, Inc.		112


MULTI-UTILITIES—1.1%
1,003	DTE Energy Co.		117


PERSONAL PRODUCTS—1.1%
6,669	Herbalife Nutrition Ltd. ^*		117


PHARMACEUTICALS—2.1%
1,129	Merck & Co., Inc.		121
2,301	Pfizer, Inc.		102

			223

LOGO

Harbor Corporate Culture Leaders ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



COMMON STOCKS—Continued

Shares		Value


REAL ESTATE MANAGEMENT & DEVELOPMENT—1.3%
3,048	Zillow Group, Inc. Class C^*	$	135


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—4.7%
1,534	Advanced Micro Devices, Inc. ^*		115
236	Lam Research Corp.		118
696	NVIDIA Corp.		136
1,198	Teradyne, Inc.		122

			491


SOFTWARE—24.3%
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 STOCKS—Continued

Shares		Value


SOFTWARE—Continued
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 & PERIPHERALS—2.0%
765	Apple, Inc.		111
3,640	Pure Storage, Inc. Class A ^*		105

			216


TEXTILES, APPAREL & LUXURY GOODS—0.9%
319	Lululemon Athletica, Inc. ^*		98


TOTAL COMMON STOCKS
(Cost $10,865)			10,537


TOTAL INVESTMENTS—100.0%
(Cost $10,865)			10,537

CASH AND OTHER ASSETS, LESS LIABILITIES—(0.0)%			(3	)

TOTAL NET ASSETS—100%		$	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.

*	Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

LOGO

Harbor Disruptive Innovation ETF

PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—97.3%

Shares		Value


AUTOMOBILES—0.9%
440	Tesla, Inc. ^*	$	76


BIOTECHNOLOGY—10.8%
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 MARKETS—0.2%
278	Coinbase Global, Inc. Class A ^*		16


CONTAINERS & PACKAGING—2.5%
3,771	Ball Corp.		220


ELECTRIC UTILITIES—1.8%
2,106	NextEra Energy, Inc.		157


ENTERTAINMENT—0.9%
1,197	Sea Ltd. ADR (Singapore)^*,1		77


HEALTH CARE EQUIPMENT & SUPPLIES—3.4%
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 & SERVICES—0.9%
14,217	Invitae Corp. ^*		34
95	UnitedHealth Group, Inc.		47

			81



COMMON STOCKS—Continued

Shares		Value


HOTELS, RESTAURANTS & LEISURE—2.2%
730	Airbnb, Inc. Class A^*	$	81
67	Chipotle Mexican Grill, Inc. ^*		110

			191


INSURANCE—1.2%
776	Progressive Corp.		106


INTERACTIVE MEDIA & SERVICES—3.6%
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 RETAIL—8.1%
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 SERVICES—14.6%
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 PRODUCTS—0.3%
2,345	Peloton Interactive, Inc. Class A ^*		30


LIFE SCIENCES TOOLS & SERVICES—5.1%
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


MACHINERY—0.6%
371	Chart Industries, Inc. ^*		50


PHARMACEUTICALS—1.3%
1,029	Arvinas, Inc. ^*		34
622	Catalent, Inc. ^*		33
150	Eli Lilly & Co.		52

			119


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—14.0%
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

LOGO

Harbor Disruptive Innovation ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



COMMON STOCKS—Continued

Shares		Value


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—Continued
1,232	Wolfspeed, Inc. ^*	$	95

			1,231


SOFTWARE—22.3%
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 STOCKS—Continued

Shares		Value


SOFTWARE—Continued
242	Zscaler, Inc. ^*	$	30

			1,971


SPECIALTY RETAIL—0.3%
2,264	AUTO1 Group SE (Germany)^*,2		18
737	Carvana Co. ^*		8

			26


WIRELESS TELECOMMUNICATION SERVICES—2.3%
1,381	T-Mobile US, Inc. ^*		206


TOTAL COMMON STOCKS
(Cost $9,520)			8,582


TOTAL INVESTMENTS—97.3%
(Cost $9,520)			8,582


CASH AND OTHER ASSETS, LESS LIABILITIES—2.7%			241

TOTAL NET ASSETS—100%.		$	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.

*	Non-income producing security

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

Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933.These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. The Fund has no right to demand registration of these securities. As of 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.

LOGO

Harbor Dividend Growth Leaders ETF

PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—97.9%

Shares		Value


BANKS—2.1%
91,644	Bank of America Corp.	$	3,252


BEVERAGES—5.1%
64,204	Coca-Cola Co.		3,937
23,957	PepsiCo, Inc.		4,097

			8,034


BIOTECHNOLOGY—4.7%
25,553	AbbVie, Inc.		3,776
43,141	Gilead Sciences, Inc.		3,621

			7,397


BUILDING PRODUCTS—2.1%
18,193	Trane Technologies PLC		3,259


CAPITAL MARKETS—1.5%
3,070	BlackRock, Inc.		2,331


CHEMICALS—2.0%
25,068	Celanese Corp.		3,088


COMMUNICATIONS EQUIPMENT—2.4%
77,868	Cisco Systems, Inc.		3,790


DIVERSIFIED TELECOMMUNICATION SERVICES—1.7%
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 PRODUCTS—1.7%
11,587	Hershey Co.		2,602


HEALTH CARE PROVIDERS & SERVICES—3.4%
10,593	UnitedHealth Group, Inc.		5,288


INSURANCE—9.4%
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 SERVICES—3.3%
37,912	IBM Corp.		5,108


MACHINERY—4.4%
11,202	Cummins, Inc.		2,795
17,014	IDEX Corp.		4,078

			6,873



COMMON STOCKS—Continued

Shares		Value


MEDIA—1.9%
14,590	Nexstar Media Group, Inc.	$	2,988


METALS & MINING—1.5%
32,415	BHP Group Ltd. ADR (Australia)¹		2,274


MULTILINE RETAIL—2.5%
22,430	Target Corp.		3,861


OIL, GAS & CONSUMABLE FUELS—7.7%
12,464	Chevron Corp.		2,169
46,744	ConocoPhillips		5,697
66,181	Devon Energy Corp.		4,185

			12,051


PHARMACEUTICALS—5.7%
14,349	Eli Lilly & Co.		4,938
37,467	Merck & Co., Inc.		4,025

			8,963


ROAD & RAIL—3.0%
23,220	Union Pacific Corp.		4,741


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—10.6%
14,770	Broadcom, Inc.		8,641
51,980	Microchip Technology, Inc.		4,035
28,793	QUALCOMM, Inc.		3,835

			16,511


SOFTWARE—5.9%
26,158	Microsoft Corp.		6,482
30,000	Oracle Corp.		2,654

			9,136


SPECIALTY RETAIL—4.5%
21,646	Home Depot, Inc.		7,017


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—4.6%
49,802	Apple, Inc.		7,186


TEXTILES, APPAREL & LUXURY GOODS—2.4%
28,881	NIKE, Inc. Class B		3,677


TOTAL COMMON STOCKS
(Cost $123,592)			152,629


TOTAL INVESTMENTS—97.9%
(Cost $123,592)			152,629


CASH AND OTHER ASSETS, LESS LIABILITIES—2.1%			3,207

TOTAL NET ASSETS—100%.		$	155,836

LOGO

Harbor Dividend Growth Leaders ETF

PORTFOLIO OF INVESTMENTS—Continued

FAIR VALUE MEASUREMENTS

All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 1.

The accompanying notes are an integral part of the Portfolios of Investments.

LOGO

Harbor Energy Transition Strategy ETF

CONSOLIDATED PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Principal Amounts, Value and Cost in Thousands



SHORT-TERM INVESTMENTS—76.6%

Principal Amount	Value

U.S. TREASURY BILLS—76.6%
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 (Cost $19,053)		19,051


TOTAL INVESTMENTS—76.6% (Cost $19,053)		19,051

CASH AND OTHER ASSETS, LESS LIABILITIES—23.4%		5,818

TOTAL NET ASSETS—100%.	$	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.

The accompanying notes are an integral part of the Portfolios of Investments.

LOGO

Harbor Energy Transition Strategy ETF

CONSOLIDATED PORTFOLIO OF INVESTMENTS—Continued

†	Coupon represents yield to maturity

1	The reference index components are published daily on Harbor Capital’s website at harborcapital.com. The index is comprised of publicly traded futures contracts on physical commodities. The table below represents the reference index components as of the 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.

LOGO

Harbor Health Care ETF

PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—99.6%

Shares		Value


BIOTECHNOLOGY—28.5%
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 & SUPPLIES—16.6%
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 & SERVICES—17.3%
777	Amedisys, Inc. ^*		75
1,169	Option Care Health, Inc. ^*		34
121	Quest Diagnostics, Inc.		18
1,001	UnitedHealth Group, Inc.		500

			627



COMMON STOCKS—Continued

Shares		Value


HEALTH CARE TECHNOLOGY—1.4%
2,912	Veradigm, Inc. ^*	$	52


LIFE SCIENCES TOOLS & SERVICES—18.3%
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


PHARMACEUTICALS—17.5%
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 INVESTMENTS—99.6%
(Cost $3,451)			3,608

CASH AND OTHER ASSETS, LESS LIABILITIES—0.4%			15

TOTAL NET ASSETS—100%		$	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.

*	Non-income producing security

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

The accompanying notes are an integral part of the Portfolios of Investments.

LOGO

Harbor International Compounders ETF

PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—98.6%

Shares		Value


BANKS—9.7%
11,676	HDFC Bank Ltd. ADR (India)¹	$	786
624,000	PT Bank Central Asia Tbk (Indonesia)		353

			1,139


BEVERAGES—3.0%
8,142	Diageo PLC (United Kingdom)		353


BUILDING PRODUCTS—5.8%
14,120	Assa Abloy AB Class B (Sweden)		332
2,000	Daikin Industries Ltd. (Japan)		345

			677


CAPITAL MARKETS—2.9%
1,880	Deutsche Boerse AG (Germany)		336


CHEMICALS—4.0%
1,440	Linde PLC (Ireland)		474


CONSTRUCTION & ENGINEERING—2.1%
2,240	Vinci SA (France)		252


ELECTRIC UTILITIES—4.7%
18,802	Iberdrola SA (Spain)		220
15,580	SSE PLC (United Kingdom)		331

			551


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—2.3%
600	Keyence Corp. (Japan)		273


FOOD PRODUCTS—4.5%
4,340	Nestle SA		529


HEALTH CARE EQUIPMENT & SUPPLIES—3.7%
4,000	Hoya Corp. (Japan)		436


HOUSEHOLD DURABLES—4.6%
6,000	Sony Group Corp. (Japan)		534


INDUSTRIAL CONGLOMERATES—4.0%
3,040	Siemens AG (Germany)		472


INSURANCE—3.5%
36,000	AIA Group Ltd. (Hong Kong)		407


IT SERVICES—1.6%
125	Adyen NV (Netherlands)^*,2		187



COMMON STOCKS—Continued

Shares		Value


MACHINERY—3.0%
23,480	Atlas Copco AB Class A (Sweden)	$	277
3,976	Epiroc AB Class A (Sweden)		77

			354


PERSONAL PRODUCTS—3.4%
966	L’Oreal SA (France)		397


PHARMACEUTICALS—10.3%
3,560	AstraZeneca PLC (United Kingdom)		465
5,402	Novo Nordisk AS Class B (Denmark)		744

			1,209


REAL ESTATE MANAGEMENT & DEVELOPMENT—1.8%
7,460	Vonovia SE (Germany)		210


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—8.9%
1,020	ASML Holding NV (Netherlands)		668
4,000	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)¹		371

			1,039


SOFTWARE—3.1%
3,120	SAP SE (Germany)		368


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.9%
280	Samsung Electronics Co. Ltd. GDR (South Korea)¹		345


TEXTILES, APPAREL & LUXURY GOODS—4.4%
600	LVMH Moet Hennessy Louis Vuitton SE (France)		522


TRADING COMPANIES & DISTRIBUTORS—4.4%
3,680	Ferguson PLC		515


TOTAL COMMON STOCKS
(Cost $10,581)			11,579


TOTAL INVESTMENTS—98.6%
(Cost $10,581)			11,579

CASH AND OTHER ASSETS, LESS LIABILITIES—1.4%			159

TOTAL NET ASSETS—100%		$	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.

*	Non-income producing security

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

The accompanying notes are an integral part of the Portfolios of Investments.

LOGO

Harbor Long-Term Growers ETF

PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Value and Cost in Thousands



COMMON STOCKS—99.1%

Shares		Value


AEROSPACE & DEFENSE—0.4%
837	Northrop Grumman Corp.	$	375


AUTO COMPONENTS—0.9%
7,540	Aptiv PLC ^*		853


AUTOMOBILES—3.8%
21,636	Tesla, Inc. ^*		3,748


BANKS—0.2%
1,751	JPMorgan Chase & Co.		245


BIOTECHNOLOGY—2.1%
6,314	AbbVie, Inc.		933
3,514	Vertex Pharmaceuticals, Inc. ^*		1,135

			2,068


CAPITAL MARKETS—1.8%
3,744	Blackstone, Inc.		359
797	Goldman Sachs Group, Inc.		292
2,616	Moody’s Corp.		844
667	S&P Global, Inc.		250

			1,745


CONSUMER FINANCE—0.9%
5,428	American Express Co.		950


DIVERSIFIED FINANCIAL SERVICES—0.5%
6,605	Apollo Global Management, Inc.		467


ENERGY EQUIPMENT & SERVICES—1.8%
31,573	Schlumberger NV		1,799


ENTERTAINMENT—2.8%
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 RETAILING—2.0%
3,871	Costco Wholesale Corp.		1,979


HEALTH CARE EQUIPMENT & SUPPLIES—2.2%
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 & SERVICES—1.7%
12,320	Centene Corp. ^*		940
1,527	UnitedHealth Group, Inc.		762

			1,702


HOTELS, RESTAURANTS & LEISURE—2.5%
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 STOCKS—Continued

Shares		Value


HOTELS, RESTAURANTS & LEISURE—Continued
2,296	Marriott International, Inc. Class A	$	400

			2,443


INTERACTIVE MEDIA & SERVICES—5.7%
55,047	Alphabet, Inc. Class A^*		5,441
1,662	Meta Platforms, Inc. Class A^*		247

			5,688


INTERNET & DIRECT MARKETING RETAIL—7.1%
42,682	Amazon.com, Inc. ^*		4,402
2,205	MercadoLibre, Inc. (Argentina)^*		2,605

			7,007


IT SERVICES—5.7%
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 & SERVICES—1.2%
1,918	Agilent Technologies, Inc.		292
886	Danaher Corp.		234
1,110	Thermo Fisher Scientific, Inc.		633

			1,159


MEDIA—0.4%
8,834	Trade Desk, Inc. Class A^*		448


PERSONAL PRODUCTS—2.1%
3,412	Estee Lauder Cos., Inc. Class A		945
14,127	L’Oreal SA ADR (France)¹		1,167

			2,112


PHARMACEUTICALS—7.3%
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 & RAIL—2.0%
62,955	Uber Technologies, Inc. ^*		1,947


SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—7.7%
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


SOFTWARE—13.0%
669	Adobe, Inc. ^*		248
1,549	Atlassian Corp. PLC Class A^*		250

LOGO

Harbor Long-Term Growers ETF

PORTFOLIO OF INVESTMENTS—Continued

Value and Cost in Thousands



COMMON STOCKS—Continued

Shares		Value


SOFTWARE—Continued
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 RETAIL—3.3%
789	Home Depot, Inc.		256
1,438	O’Reilly Automotive, Inc. ^*		1,139
17,169	TJX Cos., Inc.		1,406
958	Ulta Beauty, Inc. ^*		492

			3,293


TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—10.8%
74,166	Apple, Inc.		10,701


TEXTILES, APPAREL & LUXURY GOODS—6.6%
63,640	Cie Financiere Richemont SA ADR (Switzerland)¹		977



COMMON STOCKS—Continued

Shares		Value


TEXTILES, APPAREL & LUXURY GOODS—Continued
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 SERVICES—1.1%
7,420	T-Mobile US, Inc. ^*		1,108


TOTAL COMMON STOCKS
(Cost $95,645)			98,227


TOTAL INVESTMENTS—99.1%
(Cost $95,645)			98,227

CASH AND OTHER ASSETS, LESS LIABILITIES—0.9%			907

TOTAL NET ASSETS—100%.		$	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.

*	Non-income producing security

The accompanying notes are an integral part of the Portfolios of Investments.

LOGO

Harbor Scientific Alpha High-Yield ETF

PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Principal Amounts, Value and Cost in Thousands



CORPORATE BONDS & NOTES—96.9%

Principal Amount		Value

AEROSPACE & DEFENSE—2.6%
	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

AIRLINES—0.6%
	American Airlines, Inc./AAdvantage Loyalty IP Ltd.
200	5.500%—04/20/2026¹		196


AUTOMOBILES—3.5%
	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

BANKS—2.3%
	Intesa Sanpaolo SpA
200	4.198%—06/01/2032^1,2		159
200	5.017%—06/26/2024¹		195
			354
	UniCredit SpA MTN³
200	5.861%—06/19/2032^1,2		186
200	7.296%—04/02/2034^1,2		195

			381


BUILDING PRODUCTS—1.2%
	Koppers, Inc.
400	6.000%—02/15/2025¹		394


CAPITAL MARKETS—0.9%
	BrightSphere Investment Group, Inc.
300	4.800%—07/27/2026		279


CHEMICALS—3.2%
	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 & SUPPLIES—3.3%
	Cimpress PLC
400	7.000%—06/15/2026¹		278



CORPORATE BONDS & NOTES—Continued

Principal Amount		Value

COMMERCIAL SERVICES & SUPPLIES—Continued
	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 EQUIPMENT—2.3%
	CommScope, Inc.
500	8.250%—03/01/2027¹		426
	Viasat, Inc.
400	6.500%—07/15/2028¹		322

			748

CONSTRUCTION & ENGINEERING—3.1%
	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 MATERIALS—0.3%
	Brundage-Bone Concrete Pumping Holdings, Inc.
100	6.000%—02/01/2026¹		95


CONSUMER FINANCE—0.6%
	Enova International, Inc.
198	8.500%—09/15/2025¹		189


CONTAINERS & PACKAGING—1.3%
	Sealed Air Corp.
400	6.875%—07/15/2033¹		416


DIVERSIFIED FINANCIAL SERVICES—0.9%
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.
100	4.750%—09/15/2024		98
200	5.250%—05/15/2027		186

			284


DIVERSIFIED TELECOMMUNICATION SERVICES—1.9%
	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 & SERVICES—4.9%
	Ensign Drilling, Inc.
400	9.250%—04/15/2024¹		389
	Global Partners LP/GLP Finance Co.
200	6.875%—01/15/2029		189

LOGO

Harbor Scientific Alpha High-Yield ETF

PORTFOLIO OF INVESTMENTS—Continued

Principal Amounts, Value and Cost in Thousands



CORPORATE BONDS & NOTES—Continued

Principal Amount		Value

ENERGY EQUIPMENT & SERVICES—Continued
	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

ENTERTAINMENT—0.8%
	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 & SERVICES—3.0%
	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 & LEISURE—5.1%
	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

INSURANCE—1.1%
	Enstar Finance LLC
300	5.750%—09/01/2040²		269
	NMI Holdings, Inc.
100	7.375%—06/01/2025¹		101

			370

INTERNET & CATALOG RETAIL—3.9%
	Cars.com, Inc.
400	6.375%—11/01/2028¹		371
	GrubHub Holdings, Inc.
600	5.500%—07/01/2027¹		481



CORPORATE BONDS & NOTES—Continued

Principal Amount		Value

INTERNET & CATALOG RETAIL—Continued
	Rakuten Group, Inc.
$ 400	10.250%—11/30/2024¹	$	407

			1,259

IT SERVICES—1.2%
	Gartner, Inc.
400	4.500%—07/01/2028¹		381


LEISURE PRODUCTS—0.8%
	Vista Outdoor, Inc.
300	4.500%—03/15/2029¹		243


MACHINERY—0.3%
	Chart Industries, Inc.
100	9.500%—01/01/2031		104


MEDIA—2.9%
	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 & MINING—5.4%
	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 ELECTRONICS—0.5%
	Pitney Bowes, Inc.
200	7.250%—03/15/2029¹		158


OIL, GAS & CONSUMABLE FUELS—12.5%
	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

LOGO

Harbor Scientific Alpha High-Yield ETF

PORTFOLIO OF INVESTMENTS—Continued

Principal Amounts, Value and Cost in Thousands



CORPORATE BONDS & NOTES—Continued

Principal Amount		Value

OIL, GAS & CONSUMABLE FUELS—Continued
	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 PRODUCTS—0.8%
	Louisiana-Pacific Corp.
300	3.625%—03/15/2029¹		260


PERSONAL PRODUCTS—1.2%
	Coty, Inc.
400	6.500%—04/15/2026¹		395


PHARMACEUTICALS—2.4%
	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 SERVICES—2.2%
	KBR, Inc.
300	4.750%—09/30/2028¹		272
	TriNet Group, Inc.
500	3.500%—03/01/2029¹		421

			693

SOFTWARE—2.1%
	Fair Isaac Corp.
200	4.000%—06/15/2028¹		186
	Open Text Corp.
400	3.875%—12/01/2029¹		333



CORPORATE BONDS & NOTES—Continued

Principal Amount		Value

SOFTWARE—Continued
	Open Text Holdings, Inc.
$ 200	4.125%—12/01/2031¹	$	163

			682

SPECIALTY RETAIL—4.8%
	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

	Macy’s Retail Holdings LLC
100	5.125%—01/15/2042		68

			1,553

TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS—2.5%
	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 FINANCE—0.9%
	MGIC Investment Corp.
300	5.250%—08/15/2028		283


TOBACCO—2.2%
	Turning Point Brands, Inc.
300	5.625%—02/15/2026¹		273
	Vector Group Ltd.
500	5.750%—02/01/2029¹		437

			710

TRADING COMPANIES & DISTRIBUTORS—3.2%
	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 INVESTMENTS—96.9%
(Cost $31,794)			31,173


CASH AND OTHER ASSETS, LESS LIABILITIES—3.1%			986


TOTAL NET ASSETS—100.0%		$	32,159

LOGO

Harbor Scientific Alpha High-Yield ETF

PORTFOLIO OF INVESTMENTS—Continued

FAIR VALUE MEASUREMENTS

All investments as of January 31, 2023 (as disclosed in the preceding Portfolio of Investments) were classified as Level 2.

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.

LOGO

Harbor Scientific Alpha Income ETF

PORTFOLIO OF INVESTMENTS—January 31, 2023 (Unaudited)

PORTFOLIO OF INVESTMENTS

Principal Amounts, Value and Cost in Thousands



CORPORATE BONDS & NOTES—94.3%

Principal Amount		Value

AEROSPACE & DEFENSE—2.6%
	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

AUTOMOBILES—1.0%
	Jaguar Land Rover Automotive PLC
200	5.500%—07/15/2029¹		160
200	5.875%—01/15/2028¹		170

			330


BANKS—1.1%
	UniCredit SpA
200	5.459%—06/30/2035^1,2		175
	UniCredit SpA MTN³
200	5.861%—06/19/2032^1,2		186

			361

BEVERAGES—0.6%
	Keurig Dr Pepper, Inc.
100	3.400%—11/15/2025		97
	PepsiCo, Inc.
100	2.625%—07/29/2029		91

			188

BIOTECHNOLOGY—0.9%
	Biogen, Inc.
300	4.050%—09/15/2025		295


BUILDING PRODUCTS—1.5%
	Carlisle Cos., Inc.
200	3.750%—12/01/2027		192
	Koppers, Inc.
300	6.000%—02/15/2025¹		296

			488

CHEMICALS—4.0%
	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 & SUPPLIES—2.7%
	CPI CG, Inc.
200	8.625%—03/15/2026¹		198



CORPORATE BONDS & NOTES—Continued

Principal Amount		Value

COMMERCIAL SERVICES & SUPPLIES—Continued
	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 EQUIPMENT—2.6%
	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 & ENGINEERING—1.4%
	Arcosa, Inc.
200	4.375%—04/15/2029¹		179
	Williams Scotsman International, Inc.
300	4.625%—08/15/2028¹		278

			457

CONSUMER FINANCE—0.6%
	Enova International, Inc.
200	8.500%—09/15/2025¹		191


CONTAINERS & PACKAGING—2.0%
	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	3.500—03/15/28-03/01/29¹		178
	Silgan Holdings, Inc.
200	4.125%—02/01/2028		187

			656

DIVERSIFIED TELECOMMUNICATION SERVICES—1.7%
	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 UTILITIES—0.9%
	Alexander Funding Trust
300	1.841%—11/15/2023¹		289


ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS—0.6%
	Keysight Technologies, Inc.
200	4.550%—10/30/2024		199


ENERGY EQUIPMENT & SERVICES—3.3%
	Enterprise Products Operating LLC
200	3.900%—02/15/2024		198

LOGO

Harbor Scientific Alpha Income ETF

PORTFOLIO OF INVESTMENTS—Continued

Principal Amounts, Value and Cost in Thousands



CORPORATE BONDS & NOTES—Continued

Principal Amount		Value

ENERGY EQUIPMENT & SERVICES—Continued
	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

ENTERTAINMENT—0.8%
	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	5.375—11/01/23-04/15/26		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 RETAILING—0.8%
	CDW LLC/CDW Finance Corp.
300	3.250%—02/15/2029		260


FOOD PRODUCTS—3.5%
	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
	Pilgrim’s Pride Corp.
100	5.875%—09/30/2027¹		99

			1,146

HEALTH CARE EQUIPMENT & SUPPLIES—2.0%
	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 & NOTES—Continued

Principal Amount		Value

HEALTH CARE PROVIDERS & SERVICES—3.3%
	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 & LEISURE—2.8%
	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

INSURANCE—0.6%
	Elevance Health, Inc.
200	3.350%—12/01/2024		195


INTERACTIVE MEDIA & SERVICES—0.3%
	Go Daddy Operating Co. LLC/GD Finance Co., Inc.
100	3.500%—03/01/2029¹		87


INTERNET & CATALOG RETAIL—2.6%
	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 RETAIL—0.6%
	Gen Digital, Inc.
200	7.125%—09/30/2030¹		203


IT SERVICES—0.9%
	Gartner, Inc.
200	3.625%—06/15/2029¹		180
	VeriSign, Inc.
100	5.250%—04/01/2025		100

			280

LEISURE PRODUCTS—1.4%
	Carnival Corp.
300	7.625%—03/01/2026¹		274
	NCL Corp. Ltd.
200	5.875%—03/15/2026¹		173

			447

MACHINERY—1.2%
	nVent Finance Sarl
200	4.550%—04/15/2028		190

LOGO

Harbor Scientific Alpha Income ETF

PORTFOLIO OF INVESTMENTS—Continued

Principal Amounts, Value and Cost in Thousands



CORPORATE BONDS & NOTES—Continued

Principal Amount		Value

MACHINERY—Continued
	Westinghouse Air Brake Technologies Corp.
$ 200	4.400%—03/15/2024	$	198

			388

MEDIA—3.0%
	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 & MINING—3.9%
	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 ELECTRONICS—0.5%
	Pitney Bowes, Inc.
200	7.250%—03/15/2029¹		158


OIL, GAS & CONSUMABLE FUELS—9.7%
	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 & NOTES—Continued

Principal Amount		Value

OIL, GAS & CONSUMABLE FUELS—Continued
	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 PRODUCTS—0.9%
	Edgewell Personal Care Co.
300	5.500%—06/01/2028¹		284


PHARMACEUTICALS—4.0%
	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 SERVICES—1.3%
	Gartner, Inc.
200	3.750%—10/01/2030¹		178
	TriNet Group, Inc.
300	3.500%—03/01/2029¹		252

			430

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT—1.6%
	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

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Harbor Scientific Alpha Income ETF

PORTFOLIO OF INVESTMENTS—Continued

Principal Amounts, Value and Cost in Thousands



CORPORATE BONDS & NOTES—Continued

Principal Amount		Value

SOFTWARE—4.3%
	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 RETAIL—2.7%
	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 & PERIPHERALS—1.8%
	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 GOODS—0.6%
	Michael Kors USA, Inc.
200	4.250%—11/01/2024¹		195


TOBACCO—4.4%
	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 & NOTES—Continued

Principal Amount		Value

TOBACCO—Continued
	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 & DISTRIBUTORS—1.2%
	Alta Equipment Group, Inc.
200	5.625%—04/15/2026¹		188
	Ferguson Finance PLC
200	4.500%—10/24/2028¹		192

			380

TRANSPORTATION INFRASTRUCTURE—0.6%
	Transurban Finance Co. Pty. Ltd.
200	4.125%—02/02/2026¹		195


WATER UTILITIES—0.6%
	Huntington Ingalls Industries, Inc.
200	3.844%—05/01/2025		194


TOTAL CORPORATE BONDS & NOTES
(Cost $31,089)			30,520



FOREIGN GOVERNMENT OBLIGATIONS—1.6%
	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 INVESTMENTS—95.9%
(Cost $31,779)			31,041


CASH AND OTHER ASSETS, LESS LIABILITIES—4.1%			1,325


TOTAL NET ASSETS—100.0%		$	32,366

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Harbor Scientific Alpha Income ETF

PORTFOLIO OF INVESTMENTS—Continued



CREDIT DEFAULT SWAP AGREEMENTS—Continue

CENTRALLY CLEARED SWAP AGREEMENTS
Counterparty/Exchange	Reference Entity	Buy/ Sell^4,5	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.

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.

If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

Implied credit spreads, represented in absolute terms, utilized in determining the value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

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.

The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The accompanying notes are an integral part of the Portfolios of Investments.

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Harbor ETF Trust

NOTES TO PORTFOLIOS OF INVESTMENTS—January 31, 2023 (Unaudited)

NOTE 1—ORGANIZATIONAL MATTERS

Harbor ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as an open-end management investment company. As of 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 2—SIGNIFICANT 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 vendor’s assessment of the risk inherent in the security taking into account criteria such as credit quality, payment history, liquidity and market conditions, and (iv) various correlations and relationships between security price movements and other factors, such as interest rate changes, which are recognized by institutional traders. In the case of asset-backed and mortgage-backed securities, the inputs used by the pricing vendor may also include information

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Harbor ETF Trust

NOTES TO PORTFOLIOS OF INVESTMENTS—Continued

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES—Continued

about cash flows, prepayment rates, default rates, delinquency and loss assumption, collateral characteristics, credit enhancements and other specific information about the particular offering. Because many debt securities trade infrequently, the pricing vendor will often not have current transaction price information available as an input in determining an evaluated price for a particular security. When current transaction price information is available, it is one input into the pricing vendor’s evaluation process, which means that the evaluated price supplied by the pricing vendor will frequently differ from that transaction price. Securities that use similar valuation techniques and inputs as described above are normally categorized as Level 2 in the fair value hierarchy.

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

Swap agreements (including over-the-counter (“OTC”) and centrally cleared swaps) generally derive their value from underlying asset prices, indices, reference rates and other inputs, or a combination of these factors. The value of 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 Fund’s investments, which are summarized in three broad categories defined as Level 1, Level 2, and Level 3. The inputs or methodologies used for valuing investments are not necessarily indicative of the risk associated with investing in those investments. The assignment of an investment to Levels 1, 2, or 3 is based on the lowest level of significant inputs used to determine its fair value.


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

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

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

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

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

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 Capital’s website at harborcapital.com for more information regarding each Fund’s significant accounting policies, investments, and related transactions.

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