Summary

• In the first quarter of 2026, the Harbor Mid Cap Core ETF returned 3.28% (NAV), outperforming its benchmark, the Russell Midcap® Index, which returned 1.29%.
• Harbor Mid Cap Core ETF’s Information Technology holdings outperformed the benchmark as investor preference shifted toward companies with stronger earnings visibility, cash flow generation, and valuation support.
• Albemarle Corporation shares gained approximately 27% during the quarter as investor sentiment improved following a prolonged period of lithium price correction through 2024–2025.
• Akamai Technologies shares gained more than 30% during the first quarter, following a strong fourth quarter earnings report where revenue grew 7% year over year.
• The Harbor Mid Cap Core ETF remains focused on businesses with attractive valuations, durable earnings profiles, and sound balance sheets to deliver long-term outperformance.

Beyond geopolitical developments, the quarter reflected a continuation of the more measured market environment that began in late 2025, as investors recalibrated valuations and placed greater emphasis on earnings durability, cash-flow generation, and balance sheet strength. -