Harbor Capital Logo

Harbor PanAgora Dynamic Large Cap Core ETF (INFO)

A storied systematic approach to large cap core investing

NAV as of 9/11/2026
$28.11
NAV Daily Change
$0.24
NAV YTD Return
14.83%
Net Expense Ratio (%)
0.35
Total Net Assets (million) as of 9/14/2026
$885.443
Benchmark
S&P 500 Index

Dynamic, quant investing in pursuit of differentiated alpha with INFO

  • The Harbor PanAgora Dynamic Large Cap Core ETF (INFO) is an actively managed quantitative strategy that aims to maintain beta exposure while generating consistent alpha.
  • INFO is managed by PanAgora, a leader in the quant space with over 35 years of experience. The firm leverages a strong research platform, an extensive alpha factor library, and leading technology to drive a systematic investment process.

Investment Team

Management Team Logo

Learn More

As of 9/11/2026

$28.11

Price (NAV)

$0.24

NAV Daily Change ($)

0.86%

NAV Daily Change (%)

14.83%

NAV YTD Return

$28.14

Market Price

$0.27

Market Daily Change ($)

0.97%

Market Daily Change (%)

14.81%

Market YTD Return

As of 9/11/2026

10/9/2024

Inception Date

0.35

Expense Ratio (%)

$885.443

Total Net Assets (million)

31,500,000

Shares Outstanding
(As of 9/14/2026)

INFO

Ticker

41151J745

Cusip

NYSE

Exchange

US41151J7458

ISIN

Foreside Fund Services, LLC

Distributor

Annual

Dividend Frequency

Large Cap Core

Morningstar Category

S&P 500 Index

Benchmark

143,961,914

Implied Liquidity™ (Shares)

$4,011,526,806.18

Implied Liquidity

Investment Objective:

The Fund seeks long-term total return.

Morningstar Medalist Rating™

Morningstar Silver
Analyst-Driven %
10
Data Coverage %
76
As of 6/30/2026
The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time.

Source: Morningstar

As of 9/11/2026

$28.15

Bid/Ask Mid Price

$28.14

Closing Market Price

$0.04

Premium/Discount ($)

0.13%

Premium/Discount (%)
2025
Q1 2026
Q2 2026
Q3 2026
YTD
Days Traded at a Premium
171
39
44
44
127
Days Traded at a Discount
79
22
18
7
47

0.11%

30-Day Median Bid/Ask Spread

20,701

Exchange Volume (Shares)

USD

Trading Currency

Historical Premium Discount to NAV

No Data Available

Performance

Select an option

Loading Performance Data...

3 Mo.
YTD Return
1 Yr.
Since Fund Inception
Net Expense Ratio
Gross Expense Ratio
PanAgora Dynamic Large Cap Core ETF - at NAV
15.76%
11.03%
24.43%
19.32%
0.35%
0.35%
Market Price
15.75%
10.93%
24.42%
19.35%
--
--
S&P 500 Index
15.20%
10.21%
22.32%
17.61%
--
--

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

The S&P 500 Index is an unmanaged index generally representative of the U.S. market for large capitalization equities. This unmanaged index does not reflect fees and expenses and is not available for direct investment.

Select an option

Ex-Date
Record Date
Payable Date
Ordinary Income
Short Term Capital Gains
Long Term Capital Gains
Total Distribution
12/18/2025
12/18/2025
12/23/2025
0.08592
--
--
0.08592
12/19/2024
12/19/2024
12/25/2024
0.03333
--
--
0.03333

Holdings

As of 8/31/2026

135

Number of Holdings

1648624.9

Wtd Avg Market Cap ($Mil)

8.45

Price/Book Ratio

27.8

Adjusted Trailing P/E Ratio

35.3

% EPS Growth - Past 3 Yr

22.29

Return on Equity (%)

22.6

Forecasted P/E Ratio

As of 9/10/2026

Company Name [Ticker]
% of Net Assets
NVIDIA CORP[NVDA]
8.9
APPLE INC[AAPL]
7.8
MICROSOFT CORP[MSFT]
5.8
ALPHABET INC-CL A[GOOGL]
5.8
AMAZON.COM INC[AMZN]
3.5
BROADCOM INC[AVGO]
2.6
META PLATFORMS INC-CLASS A[META]
2.4
MICRON TECHNOLOGY INC[MU]
1.9
ELI LILLY & CO[LLY]
1.8
JOHNSON & JOHNSON[JNJ]
1.5
% of Total Holdings:
42.0%

This information should not be considered as a recommendation to purchase or sell a particular security. The weightings, holdings, industry, sector and/or countries mentioned may change at any time and may not represent current or future investments.

As of 9/10/2026

Company Name [Ticker]
Category Name
Country
Cusip
Shares
Current Price ($)
Market Value ($)
% of Net Assets
NVIDIA CORP [NVDA]
EQUITY
67066G104
355,756
218.36
77,682,880.16
8.9
APPLE INC [AAPL]
EQUITY
037833100
210,058
326.57
68,598,641.06
7.8
MICROSOFT CORP [MSFT]
EQUITY
594918104
103,515
492.44
50,974,926.60
5.8
ALPHABET INC-CL A [GOOGL]
EQUITY
02079K305
152,407
332.60
50,690,568.20
5.8
AMAZON.COM INC [AMZN]
EQUITY
023135106
121,412
251.89
30,582,468.68
3.5
BROADCOM INC [AVGO]
EQUITY
11135F101
63,569
360.83
22,937,602.27
2.6
META PLATFORMS INC-CLASS A [META]
EQUITY
30303M102
33,133
644.38
21,350,242.54
2.4
MICRON TECHNOLOGY INC [MU]
EQUITY
595112103
17,052
977.41
16,666,795.32
1.9
ELI LILLY & CO [LLY]
EQUITY
532457108
13,938
1,123.00
15,652,374.00
1.8
JOHNSON & JOHNSON [JNJ]
EQUITY
478160104
50,874
266.35
13,550,289.90
1.5
ABBVIE INC [ABBV]
EQUITY
00287Y109
44,908
255.00
11,451,540.00
1.3
PHILIP MORRIS INTERNATIONAL [PM]
EQUITY
718172109
57,098
189.77
10,835,487.46
1.2
ADVANCED MICRO DEVICES [AMD]
EQUITY
007903107
20,999
503.60
10,575,096.40
1.2
TESLA INC [TSLA]
EQUITY
88160R101
27,191
363.56
9,885,559.96
1.1
MARATHON PETROLEUM CORP [MPC]
EQUITY
56585A102
22,732
392.42
8,920,491.44
1.0
NEXTERA ENERGY INC [NEE]
EQUITY
65339F101
106,567
82.44
8,785,383.48
1.0
BANK OF AMERICA CORP [BAC]
EQUITY
060505104
133,448
62.56
8,348,506.88
1.0
BANK OF NEW YORK MELLON CORP [BNY]
EQUITY
064058100
50,905
162.59
8,276,643.95
0.9
ANALOG DEVICES INC [ADI]
EQUITY
032654105
22,780
361.25
8,229,275.00
0.9
EOG RESOURCES INC [EOG]
EQUITY
26875P101
55,204
147.46
8,140,381.84
0.9
GENERAL MOTORS CO [GM]
EQUITY
37045V100
94,070
86.12
8,101,308.40
0.9
LAM RESEARCH CORP [LRCX]
EQUITY
512807306
26,590
298.01
7,924,085.90
0.9
STATE STREET CORP [STT]
EQUITY
857477103
39,349
191.30
7,527,463.70
0.9
INCYTE CORP [INCY]
EQUITY
45337C102
60,147
123.28
7,414,922.16
0.8
JOHNSON CONTROLS INTERNATION [JCI]
EQUITY
G51502105
51,789
142.81
7,395,987.09
0.8
WALMART INC [WMT]
EQUITY
931142103
69,866
105.73
7,386,932.18
0.8
NORTHERN TRUST CORP [NTRS]
EQUITY
665859104
39,131
187.19
7,324,931.89
0.8
AMERIPRISE FINANCIAL INC [AMP]
EQUITY
03076C106
13,052
553.53
7,224,673.56
0.8
ALTRIA GROUP INC [MO]
EQUITY
02209S103
104,181
68.79
7,166,610.99
0.8
GENERAL ELECTRIC [GE]
EQUITY
369604301
21,748
324.15
7,049,614.20
0.8
M & T BANK CORP [MTB]
EQUITY
55261F104
29,084
239.02
6,951,657.68
0.8
SYNCHRONY FINANCIAL [SYF]
EQUITY
87165B103
88,663
75.44
6,688,736.72
0.8
HOST HOTELS & RESORTS INC [HST]
EQUITY
44107P104
298,069
22.14
6,599,247.66
0.8
RTX CORP [RTX]
EQUITY
75513E101
33,045
198.12
6,546,875.40
0.7
EXXONMOBIL HOLDINGS CORP [XOM]
EQUITY
30233Q108
38,507
165.23
6,362,511.61
0.7
EBAY INC [EBAY]
EQUITY
278642103
60,256
105.03
6,328,687.68
0.7
METLIFE INC [MET]
EQUITY
59156R108
64,662
96.78
6,257,988.36
0.7
JPMORGAN CHASE & CO [JPM]
EQUITY
46625H100
17,630
353.56
6,233,262.80
0.7
DELL TECHNOLOGIES -C [DELL]
EQUITY
24703L202
12,268
506.62
6,215,214.16
0.7
HARTFORD INSURANCE GROUP INC [HIG]
EQUITY
416515104
45,330
136.80
6,201,144.00
0.7
BERKSHIRE HATHAWAY INC-CL B [BRK/B]
EQUITY
084670702
12,136
507.00
6,152,952.00
0.7
MASTERCARD INC - A [MA]
EQUITY
57636Q104
10,873
565.37
6,147,268.01
0.7
MCKESSON CORP [MCK]
EQUITY
58155Q103
6,752
880.86
5,947,566.72
0.7
WABTEC CORP [WAB]
EQUITY
929740108
20,724
280.27
5,808,315.48
0.7
CUMMINS INC [CMI]
EQUITY
231021106
10,449
550.03
5,747,263.47
0.7
CITIGROUP INC [C]
EQUITY
172967424
41,197
138.50
5,705,784.50
0.7
ROSS STORES INC [ROST]
EQUITY
778296103
25,030
225.48
5,643,764.40
0.6
NEWMONT CORP [NEM]
EQUITY
651639106
44,682
126.14
5,636,187.48
0.6
FORTINET INC [FTNT]
EQUITY
34959E109
35,417
158.85
5,625,990.45
0.6
UNITEDHEALTH GROUP INC [UNH]
EQUITY
91324P102
14,213
388.28
5,518,623.64
0.6
APPLIED MATERIALS INC [AMAT]
EQUITY
038222105
11,630
454.01
5,280,136.30
0.6
GILEAD SCIENCES INC [GILD]
EQUITY
375558103
36,147
144.81
5,234,447.07
0.6
ATMOS ENERGY CORP [ATO]
EQUITY
049560105
29,421
164.81
4,848,875.01
0.6
SERVICENOW INC [NOW]
EQUITY
81762P102
35,941
131.17
4,714,380.97
0.5
BOOKING HOLDINGS INC [BKNG]
EQUITY
09857L108
26,286
173.91
4,571,398.26
0.5
INTEL CORP [INTC]
EQUITY
458140100
44,827
100.32
4,497,044.64
0.5
COMFORT SYSTEMS USA INC [FIX]
EQUITY
199908104
2,739
1,590.81
4,357,228.59
0.5
CHEVRON CORP [CVX]
EQUITY
166764100
20,376
212.76
4,335,197.76
0.5
TD SYNNEX CORP [SNX]
EQUITY
87162W100
16,963
255.54
4,334,725.02
0.5
BORGWARNER INC [BWA]
EQUITY
099724106
62,399
65.69
4,098,990.31
0.5
WESTERN DIGITAL CORP [WDC]
EQUITY
958102105
8,770
460.93
4,042,356.10
0.5
HEICO CORP [HEI]
EQUITY
422806109
12,547
312.49
3,920,812.03
0.4
POPULAR INC [BPOP]
EQUITY
733174700
23,868
163.96
3,913,397.28
0.4
PARKER HANNIFIN CORP [PH]
EQUITY
701094104
4,108
934.34
3,838,268.72
0.4
PALANTIR TECHNOLOGIES INC-A [PLTR]
EQUITY
69608A108
22,875
165.86
3,794,047.50
0.4
INTUIT INC [INTU]
EQUITY
461202103
12,072
312.77
3,775,759.44
0.4
RENAISSANCERE HOLDINGS LTD [RNR]
EQUITY
G7496G103
11,344
326.53
3,704,156.32
0.4
RINGCENTRAL INC-CLASS A [RNG]
EQUITY
76680R206
53,333
69.04
3,682,110.32
0.4
KEYSIGHT TECHNOLOGIES IN [KEYS]
EQUITY
49338L103
11,234
325.65
3,658,352.10
0.4
RELIANCE INC [RS]
EQUITY
759509102
9,098
392.40
3,570,055.20
0.4
MAPLEBEAR INC [CART]
EQUITY
565394103
75,303
47.24
3,557,313.72
0.4
ZOOM COMMUNICATIONS INC [ZM]
EQUITY
98980L101
36,166
95.46
3,452,406.36
0.4
AVERY DENNISON CORP [AVY]
EQUITY
053611109
20,391
168.77
3,441,389.07
0.4
CROWN HOLDINGS INC [CCK]
EQUITY
228368106
29,984
112.84
3,383,394.56
0.4
AMETEK INC [AME]
EQUITY
031100100
14,137
234.24
3,311,450.88
0.4
FEDEX CORP [FDX]
EQUITY
31428X106
9,896
311.80
3,085,572.80
0.4
ALLSTATE CORP [ALL]
EQUITY
020002101
12,133
251.79
3,054,968.07
0.3
CVS HEALTH CORP [CVS]
EQUITY
126650100
31,338
95.29
2,986,198.02
0.3
SEAGATE TECHNOLOGY HOLDINGS [STX]
EQUITY
G7997R103
3,351
862.33
2,889,667.83
0.3
P G & E CORP [PCG]
EQUITY
69331C108
202,537
14.03
2,841,594.11
0.3
ALLY FINANCIAL INC [ALLY]
EQUITY
02005N100
66,627
42.17
2,809,660.59
0.3
CLOUDFLARE INC - CLASS A [NET]
EQUITY
18915M107
8,978
311.17
2,793,684.26
0.3
LAMAR ADVERTISING CO-A [LAMR]
EQUITY
512816109
18,822
147.70
2,780,009.40
0.3
GRACO INC [GGG]
EQUITY
384109104
36,513
75.97
2,773,892.61
0.3
STIFEL FINANCIAL CORP [SF]
EQUITY
860630102
34,731
79.69
2,767,713.39
0.3
QUALCOMM INC [QCOM]
EQUITY
747525103
14,945
176.88
2,643,471.60
0.3
AMPHENOL CORP-CL A [APH]
EQUITY
032095101
31,575
80.25
2,533,893.75
0.3
MONSTER BEVERAGE CORP [MNST]
EQUITY
61174X109
56,413
43.09
2,430,836.17
0.3
GARMIN LTD [GRMN]
EQUITY
H2906T109
8,803
271.15
2,386,933.45
0.3
KROGER CO [KR]
EQUITY
501044101
41,601
56.95
2,369,176.95
0.3
THE CIGNA GROUP [CI]
EQUITY
125523100
8,433
280.91
2,368,914.03
0.3
NRG ENERGY INC [NRG]
EQUITY
629377508
21,049
111.65
2,350,120.85
0.3
ZIONS BANCORP NA [ZION]
EQUITY
989701107
33,992
68.29
2,321,313.68
0.3
EXPEDIA GROUP INC [EXPE]
EQUITY
30212P303
8,275
276.88
2,291,182.00
0.3
ACUITY INC [AYI]
EQUITY
00508Y102
7,100
316.25
2,245,375.00
0.3
CONOCOPHILLIPS [COP]
EQUITY
20825C104
16,165
137.04
2,215,251.60
0.3
ROYAL CARIBBEAN CRUISES LTD [RCL]
EQUITY
V7780T103
8,507
259.01
2,203,398.07
0.3
BALL CORP [BALL]
EQUITY
058498106
36,550
59.74
2,183,497.00
0.2
TEXAS INSTRUMENTS INC [TXN]
EQUITY
882508104
8,133
258.82
2,104,983.06
0.2
CATERPILLAR INC [CAT]
EQUITY
149123101
2,596
805.00
2,089,780.00
0.2
UBER TECHNOLOGIES INC [UBER]
EQUITY
90353T100
28,560
72.56
2,072,313.60
0.2
COMCAST CORP-CLASS A [CMCSA]
EQUITY
20030N101
81,898
25.17
2,061,372.66
0.2
ALLEGION PLC [ALLE]
EQUITY
G0176J109
13,441
151.27
2,033,220.07
0.2
DTE ENERGY COMPANY [DTE]
EQUITY
233331107
14,829
134.34
1,992,127.86
0.2
FIDELITY NATIONAL INFO SERV [FIS]
EQUITY
31620M106
51,246
38.08
1,951,447.68
0.2
WELLS FARGO & CO [WFC]
EQUITY
949746101
21,679
89.45
1,939,186.55
0.2
FLEX LTD [FLEX]
EQUITY
Y2573F102
17,724
108.01
1,914,369.24
0.2
OSHKOSH CORP [OSK]
EQUITY
688239201
12,654
147.77
1,869,881.58
0.2
GAP INC/THE [GAP]
EQUITY
364760108
85,416
20.91
1,786,048.56
0.2
ROCKWELL AUTOMATION INC [ROK]
EQUITY
773903109
4,159
421.37
1,752,477.83
0.2
TYSON FOODS INC-CL A [TSN]
EQUITY
902494103
33,059
52.46
1,734,275.14
0.2
TAPESTRY INC [TPR]
EQUITY
876030107
14,788
115.87
1,713,485.56
0.2
BROADRIDGE FINANCIAL SOLUTIO [BR]
EQUITY
11133T103
9,367
168.24
1,575,904.08
0.2
ZSCALER INC [ZS]
EQUITY
98980G102
9,576
163.48
1,565,484.48
0.2
VISA INC-CLASS A SHARES [V]
EQUITY
92826C839
4,210
367.21
1,545,954.10
0.2
CRH PLC [CRH]
EQUITY
G25508105
17,287
87.66
1,515,378.42
0.2
ELASTIC NV [ESTC]
EQUITY
N14506104
18,089
83.48
1,510,069.72
0.2
CIENA CORP [CIEN]
EQUITY
171779309
4,478
334.56
1,498,159.68
0.2
VERSANT MEDIA GROUP INC [VSNT]
EQUITY
925283103
39,856
37.36
1,489,020.16
0.2
CARIS LIFE SCIENCES INC [CAI]
EQUITY
142152107
61,209
24.04
1,471,464.36
0.2
CENTENE CORP [CNC]
EQUITY
15135B101
22,253
65.40
1,455,346.20
0.2
CISCO SYSTEMS INC [CSCO]
EQUITY
17275R102
13,359
107.44
1,435,290.96
0.2
BLOCK INC [XYZ]
EQUITY
852234103
17,843
79.07
1,410,846.01
0.2
EQUINIX INC [EQIX]
EQUITY
29444U700
1,296
1,023.81
1,326,857.76
0.2
EVERCORE INC - A [EVR]
EQUITY
29977A105
4,574
283.62
1,297,277.88
0.1
DUPONT DE NEMOURS INC [DD]
EQUITY
26614N201
10,142
127.32
1,291,279.44
0.1
NETFLIX INC [NFLX]
EQUITY
64110L106
16,392
76.01
1,245,955.92
0.1
IRON MOUNTAIN INC [IRM]
EQUITY
46284V101
10,668
112.90
1,204,417.20
0.1
JACK HENRY & ASSOCIATES INC [JKHY]
EQUITY
426281101
6,534
161.42
1,054,718.28
0.1
JONES LANG LASALLE INC [JLL]
EQUITY
48020Q107
3,058
342.16
1,046,325.28
0.1
DEXCOM INC [DXCM]
EQUITY
252131107
11,639
84.51
983,611.89
0.1
GLOBUS MEDICAL INC - A [GMED]
EQUITY
379577208
11,422
73.56
840,202.32
0.1
LEONARDO DRS INC [DRS]
EQUITY
52661A108
19,288
36.31
700,347.28
0.1
EASTMAN CHEMICAL CO [EMN]
EQUITY
277432100
9,052
68.38
618,975.76
0.1
DEVON ENERGY CORP [DVN]
EQUITY
25179M103
7,492
50.02
374,749.84
0.0
Total
--
--
--
--
--
875,087,352.60
99.2
Cash and Other Assets Less Liabilities
--
--
--
--
--
--
0.8
Total Net Assets
--
--
--
--
--
--
100.0

As of 8/31/2026

Sector Breakdown

Information Technology

INFO

38.3%

Benchmark

37.9%

Financials

INFO

13.3%

Benchmark

12.3%

Consumer Discretionary

INFO

9.3%

Benchmark

9.1%

Communication Services

INFO

8.6%

Benchmark

9.5%

Health Care

INFO

8.6%

Benchmark

9.3%

Industrials

INFO

8.1%

Benchmark

8.3%

Consumer Staples

INFO

4.1%

Benchmark

4.5%

Energy

INFO

3.3%

Benchmark

3.5%

Materials

INFO

2.4%

Benchmark

1.8%

Utilities

INFO

2.3%

Benchmark

2.0%

Real Estate

INFO

1.5%

Benchmark

1.8%

Cash

INFO

0.2%

Benchmark

0.0%

INFO: PanAgora Dynamic Large Cap Core ETF

Benchmark: S&P 500 Index

As of 8/31/2026

Economic Sector
PanAgora Dynamic Large Cap Core ETF %
S&P 500 Index %

Energy

18.8
14.4

Financials

13.9
12.3

Health Care

13.7
14.5

Materials

9.9
4.3

Real Estate

4.5
1.5

Consumer Staples

1.9
1.9

Information Technology

1.4
-0.6

Industrials

0.7
1.4

Consumer Discretionary

-2.2
-4.0

Utilities

-7.0
-4.4

Communication Services

-9.6
-9.1

Investment Team

Sub-advisor logo

PanAgora Asset Management is a Boston‑based investment firm founded in 1989, specializing in quantitative investing. Their proprietary approach is designed to capitalize on inefficiencies across market cycles and to deliver appealing relative and absolute returns. PanAgora's roots in managing money for large public pension plans and sovereign wealth funds underscore the institutional caliber and robustness of their approach.

Important Information

Investing involves risk, principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

Shares are bought and sold at market price not net asset value (NAV). Market price returns are based upon the closing composite market price and do not represent the returns you would receive if you traded shares at other times.

There is no guarantee that the investment objective of the Fund will be achieved. Stock markets are volatile and equity values can decline significantly in response to adverse issuer, political, regulatory, market and economic conditions. Large cap stocks may fall out of favor relative to small or mid cap stocks, which may cause the Fund to underperform other equity funds that focus on small or mid cap stocks. The Fund utilizes a quantitative model and there are limitations in every quantitative model. There can be no assurances that the strategies pursued or the techniques implemented in the quantitative model will be profitable, and various market conditions may be materially less favorable to certain strategies than others. A non‑diversified Fund may invest a greater percentage of its assets in securities of a single issuer, and/or invest in a relatively small number of issuers, it is more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio.

The Subadvisor considers certain ESG factors in evaluating company quality which may result in the selection or exclusion of securities for reasons other than performance and the Fund may underperform relative to other funds that do not consider ESG factors.

The views expressed herein may not be reflective of current opinions, are subject to change without prior notice, and should not be considered investment advice.

Bid/Ask Mid Price: the midpoint between the highest bid and the lowest offer, as of the time that the Fund’s NAV is calculated, typically 4 p.m. Eastern Time.

Premium/Discount ($): the difference between the Fund’s market price and NAV, expressed as a percentage of NAV. A premium is the amount that the Fund is trading above the reported NAV. A discount is the amount that the Fund is trading below the reported NAV.

30‑Day Median Bid/Ask Spread: calculated by identifying national best bid and national best offer ("NBBO") for each fund as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage (rounded to the nearest hundredth).

Weighted Average Market Capitalization: The average size of the companies in a portfolio or index as measured by the market value of outstanding shares.

Price/Book: The price‑to‑book (P/B) ratio evaluates a firm's market value relative to its book value.

Adjusted Trailing P/E Ratio: The Adjusted Trailing P/E (Price/Earnings) Ratio is the closing stock price divided by the sum of the last 12 months actual EPS.

% EPS Growth – Past 3 year: Earnings per share refers to the bottom‑line measure of a company’s profitability defined as net income divided by the number of outstanding shares.

Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders' equity.

Forecasted P/E Ratio: a measure of the P/E (price‑to‑earnings) ratio using forecasted earnings for the P/E calculation.

Alpha is the risk‑adjusted excess return of an investment relative to the return of a benchmark index.

Beta measures the relative volatility of an investment, as an indication of its relative risk.

The Morningstar Medalist Ratings are shown for funds that have received a rating of Gold, Silver, or Bronze. The funds shown without Medalist Ratings may not have received a Medalist Rating or may have received lower ratings.

The Morningstar Medalist Rating™ is the summary expression of Morningstar’s forward‑looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk‑adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

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