Morgan Stanley ETF Trust NPORT-P Calvert US Select Equity ETF (Jun 2024 report)

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.5%)

Australia

(

5

.0

%

)

ANZ

Group

Holdings

Ltd.

18,917

$

356,776

APA

Group

8,889

47,433

ASX

Ltd.

886

35,503

BlueScope

Steel

Ltd.

7,204

98,293

Brambles

Ltd.

10,145

98,446

CAR

Group

Ltd.

923

21,729

Cochlear

Ltd.

453

100,487

Coles

Group

Ltd.

11,399

129,646

Commonwealth

Bank

of

Australia

9,332

793,880

Computershare

Ltd.

3,238

56,960

Endeavour

Group

Ltd.

8,294

27,973

Fortescue

Ltd.

16,707

238,888

Goodman

Group

9,693

224,953

Insurance

Australia

Group

Ltd.

15,583

74,307

Macquarie

Group

Ltd.

2,409

329,316

Medibank

Pvt.

Ltd.

17,500

43,594

National

Australia

Bank

Ltd.

17,661

427,329

Pilbara

Minerals

Ltd.

28,776

58,999

Pro

Medicus

Ltd.

297

28,416

Qantas

Airways

Ltd.(a)

12,522

48,922

QBE

Insurance

Group

Ltd.

9,330

108,358

Ramsay

Health

Care

Ltd.

1,759

55,754

REA

Group

Ltd.

279

36,644

Reece

Ltd.

1,413

23,752

Scentre

Group

18,447

38,438

Seven

Group

Holdings

Ltd.

1,051

26,448

Sonic

Healthcare

Ltd.

3,239

56,891

South32

Ltd.

64,492

157,640

Stockland

15,760

43,891

Suncorp

Group

Ltd.

7,978

92,762

Telstra

Group

Ltd.

21,686

52,428

Transurban

Group

22,423

185,693

Vicinity

Ltd.

20,866

25,780

Wesfarmers

Ltd.

7,314

318,382

Westpac

Banking

Corp.

19,355

351,981

WiseTech

Global

Ltd.

1,005

67,320

Woolworths

Group

Ltd.

9,454

213,345

5,097,357

Austria

(

0

.3

%

)

ANDRITZ

AG

404

25,048

Erste

Group

Bank

AG

1,381

65,479

Mondi

plc

2,047

39,293

OMV

AG

1,984

86,457

Verbund

AG

613

48,387

voestalpine

AG

1,551

41,923

306,587

Belgium

(

0

.7

%

)

Ackermans

&

van

Haaren

NV

100

17,309

Ageas

SA/NV

180

8,234

Anheuser-Busch

InBev

SA/NV

4,982

288,971

Azelis

Group

NV

1,684

30,249

D'ieteren

Group

102

21,656

Elia

Group

SA/NV

256

23,993

Groupe

Bruxelles

Lambert

NV

960

68,575

KBC

Group

NV

777

54,878

Liberty

Global

Ltd.,

Class

A(a)

2,304

40,159

Shares

Value

Sofina

SA

49

$

11,196

Syensqo

SA

359

32,154

UCB

SA

590

87,705

685,079

Brazil

(

0

.0

%

)

(b)

Yara

International

ASA

990

28,601

Canada

(

8

.8

%

)

Agnico

Eagle

Mines

Ltd.

4,935

322,713

Alimentation

Couche-Tard,

Inc.

5,879

329,836

AltaGas

Ltd.

1,914

43,236

Bank

of

Montreal

3,970

333,157

Bank

of

Nova

Scotia

(The)

7,154

327,180

BCE,

Inc.

827

26,780

Brookfield

Asset

Management

Ltd.,

Class

A

2,176

82,819

Brookfield

Corp.,

Class

A

7,260

301,892

CAE,

Inc.(a)

2,802

52,033

Cameco

Corp.

5,456

268,384

Canadian

Imperial

Bank

of

Commerce

5,609

266,646

Canadian

National

Railway

Co.

4,129

487,809

Canadian

Pacific

Kansas

City

Ltd.

5,790

455,888

Canadian

Tire

Corp.

Ltd.,

Class

A

346

34,323

CCL

Industries,

Inc.,

Class

B

1,032

54,257

Celestica,

Inc.(a)

541

30,973

CGI,

Inc.(a)

1,637

163,359

Constellation

Software,

Inc.

136

391,783

Descartes

Systems

Group,

Inc.

(The)(a)

314

30,417

Dollarama,

Inc.

1,751

159,840

Element

Fleet

Management

Corp.

621

11,296

Emera,

Inc.

577

19,249

Empire

Co.

Ltd.,

Class

A

1,387

35,447

FirstService

Corp.

57

8,673

Fortis,

Inc.

1,883

73,168

George

Weston

Ltd.

60

8,629

Gildan

Activewear,

Inc.

758

28,744

Great-West

Lifeco,

Inc.

1,705

49,729

Hydro

One

Ltd.(c)

3,207

93,396

IGM

Financial,

Inc.

387

10,682

Intact

Financial

Corp.

1,046

174,296

Loblaw

Cos.

Ltd.

1,300

150,773

Magna

International,

Inc.

836

35,032

Manulife

Financial

Corp.

12,282

326,987

Metro,

Inc.,

Class

A

2,186

121,078

National

Bank

of

Canada

1,463

116,016

Nutrien

Ltd.

3,435

174,844

Open

Text

Corp.

1,180

35,425

Power

Corp.

of

Canada

4,827

134,120

RB

Global,

Inc.

1,184

90,283

Rogers

Communications,

Inc.,

Class

B

2,137

79,024

Royal

Bank

of

Canada

7,673

816,730

Saputo,

Inc.

1,492

33,496

Shopify,

Inc.,

Class

A(a)

7,333

484,482

Stantec,

Inc.

140

11,718

Sun

Life

Financial,

Inc.

3,532

173,148

Teck

Resources

Ltd.,

Class

B

5,942

284,691

TELUS

Corp.

3,214

48,644

TFI

International,

Inc.

631

91,601

Thomson

Reuters

Corp.

1,108

186,733

TMX

Group

Ltd.

1,658

46,141

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Canada

(cont’d)

Toromont

Industries

Ltd.

563

$

49,838

Toronto-Dominion

Bank

(The)

9,591

527,090

West

Fraser

Timber

Co.

Ltd.

572

43,921

WSP

Global,

Inc.

845

131,553

8,870,002

Chile

(

0

.3

%

)

Antofagasta

plc

4,732

126,214

Lundin

Mining

Corp.

13,078

145,561

271,775

China

(

0

.9

%

)

BOC

Hong

Kong

Holdings

Ltd.

23,000

70,850

ESR

Group

Ltd.(c)

39,400

51,777

Lenovo

Group

Ltd.

56,000

79,043

NXP

Semiconductors

NV

1,281

344,704

Prosus

NV

8,623

307,379

Wharf

Holdings

Ltd.

(The)

21,000

59,040

912,793

Denmark

(

3

.2

%

)

AP

Moller

-

Maersk

A/S,

Class

B

24

41,752

Carlsberg

A/S,

Class

B

564

67,730

Coloplast

A/S,

Class

B

637

76,588

Danske

Bank

A/S

3,495

104,224

Demant

A/S(a)

617

26,726

DSV

A/S

579

88,786

Genmab

A/S(a)

241

60,439

GN

Store

Nord

A/S(a)

855

23,850

Jyske

Bank

A/S

161

12,819

Novo

Nordisk

A/S,

Class

B

15,613

2,256,393

Novonesis

(Novozymes)

B,

Class

B

2,278

139,498

Orsted

A/S(a)(c)

548

29,187

Pandora

A/S

657

99,236

ROCKWOOL

A/S,

Class

B

141

57,266

Tryg

A/S

334

7,306

Vestas

Wind

Systems

A/S(a)

5,574

129,172

3,220,972

Finland

(

0

.8

%

)

Elisa

OYJ

778

35,721

Fortum

OYJ

2,287

33,458

Kesko

OYJ,

Class

B

2,006

35,237

Kone

OYJ,

Class

B

1,547

76,417

Metso

OYJ

2,746

29,089

Neste

OYJ

2,979

53,079

Nokia

OYJ

33,426

127,481

Nordea

Bank

Abp

13,925

165,808

Orion

OYJ,

Class

B

638

27,255

Sampo

OYJ,

Class

A

970

41,688

Stora

Enso

OYJ,

Class

R

4,042

55,255

UPM-Kymmene

OYJ

2,942

102,854

Valmet

OYJ

1,654

47,313

Wartsila

OYJ

Abp

725

13,986

844,641

France

(

7

.1

%

)

Accor

SA

1,060

43,511

Air

Liquide

SA

3,168

547,595

Alstom

SA

1,221

20,545

Amundi

SA(c)

124

8,007

Shares

Value

Arkema

SA

593

$

51,575

AXA

SA

9,945

325,832

BioMerieux

221

21,021

BNP

Paribas

SA

5,242

334,446

Bouygues

SA

2,331

74,872

Bureau

Veritas

SA

1,805

50,026

Capgemini

SE

830

165,190

Carrefour

SA

2,506

35,453

Cie

de

Saint-Gobain

SA

4,386

341,364

Cie

Generale

des

Etablissements

Michelin

SCA

3,694

142,961

Covivio

SA

515

24,496

Credit

Agricole

SA

5,671

77,432

Danone

SA

4,147

253,695

Dassault

Systemes

SE

3,507

132,679

Edenred

SE

1,021

43,125

Eiffage

SA

453

41,637

Elis

SA

1,174

25,441

Engie

SA

10,245

146,419

EssilorLuxottica

SA

1,604

345,880

Eurazeo

SE

218

17,371

Gecina

SA

256

23,582

Getlink

SE

2,395

39,658

Hermes

International

SCA

183

419,719

Ipsen

SA

185

22,702

Kering

SA

198

71,832

Legrand

SA

1,445

143,470

L'Oreal

SA

1,201

527,805

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,210

925,409

Neoen

SA(c)

342

13,804

Nexans

SA

218

24,042

Orange

SA

9,781

98,056

Pernod

Ricard

SA

841

114,200

Publicis

Groupe

SA

1,387

147,730

Renault

SA

1,078

55,272

Rexel

SA

1,426

36,924

Safran

SA

1,915

405,144

Sartorius

Stedim

Biotech

106

17,416

SCOR

SE

1,265

32,077

SEB

SA

241

24,693

Societe

Generale

SA

2,617

61,480

Sodexo

SA

544

48,975

Sopra

Steria

Group

119

23,097

Teleperformance

SE

161

16,969

Thales

SA

556

89,086

Unibail-Rodamco-Westfield

413

32,542

Veolia

Environnement

SA

3,946

118,077

Verallia

SA(c)

851

30,901

Vinci

SA

2,828

298,181

Vivendi

SE

2,871

30,019

7,163,435

Germany

(

6

.6

%

)

adidas

AG

864

206,496

Allianz

SE

2,000

556,238

Bayerische

Motoren

Werke

AG

1,702

161,216

Bechtle

AG

743

34,990

Beiersdorf

AG

450

65,856

BioNTech

SE

ADR(a)

428

34,394

Brenntag

SE

904

61,000

Commerzbank

AG

6,595

100,262

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Germany

(cont’d)

Continental

AG

650

$

36,852

Covestro

AG(a)(c)

1,682

98,787

CTS

Eventim

AG

&

Co.

KGaA

567

47,339

Daimler

Truck

Holding

AG

2,605

103,775

Deutsche

Boerse

AG

942

192,932

Deutsche

Post

AG

5,366

217,331

Deutsche

Telekom

AG

16,605

417,860

E.ON

SE

8,741

114,807

Evonik

Industries

AG

2,940

60,026

GEA

Group

AG

1,017

42,400

Hannover

Rueck

SE

308

78,135

HeidelbergCement

AG

1,855

192,488

Henkel

AG

&

Co.

KGaA

1,036

81,554

Infineon

Technologies

AG

7,750

284,940

KION

Group

AG

814

34,102

Knorr-Bremse

AG

400

30,566

LEG

Immobilien

SE

333

27,217

Mercedes-Benz

Group

AG

5,078

351,412

Merck

KGaA

504

83,590

MTU

Aero

Engines

AG

313

80,107

Muenchener

Rueckversicherungs-Gesellschaft

AG

722

361,366

Nemetschek

SE

563

55,422

Puma

SE

124

5,697

SAP

SE

5,737

1,165,288

Scout24

SE(c)

399

30,447

Siemens

AG

4,232

787,932

Siemens

Energy

AG(a)

2,757

71,832

Siemens

Healthineers

AG(c)

1,606

92,602

Symrise

AG,

Class

A

599

73,378

Talanx

AG

288

23,011

Volkswagen

AG

1,125

135,161

Vonovia

SE

3,592

102,210

Zalando

SE(a)(c)

1,646

38,616

6,739,634

Hong

Kong

(

1

.2

%

)

AIA

Group

Ltd.

54,400

369,291

CK

Infrastructure

Holdings

Ltd.

500

2,824

CLP

Holdings

Ltd.

8,500

68,697

Hang

Seng

Bank

Ltd.

7,300

93,875

Hong

Kong

Exchanges

&

Clearing

Ltd.

7,200

230,735

Hongkong

Land

Holdings

Ltd.

1,900

6,137

Link

REIT

17,700

68,806

Prudential

plc

10,009

90,895

Sino

Land

Co.

Ltd.

42,000

43,305

Sun

Hung

Kai

Properties

Ltd.

3,000

25,956

Swire

Pacific

Ltd.,

Class

A

2,500

22,094

Techtronic

Industries

Co.

Ltd.

6,500

74,263

WH

Group

Ltd.(c)

39,500

26,005

Wharf

Real

Estate

Investment

Co.

Ltd.

18,000

47,724

1,170,607

Ireland

(

0

.5

%

)

AerCap

Holdings

NV

862

80,338

AIB

Group

plc

7,375

39,015

Bank

of

Ireland

Group

plc

4,491

47,016

Kerry

Group

plc,

Class

A

1,287

104,347

Kingspan

Group

plc

2,585

220,253

Shares

Value

Smurfit

Kappa

Group

plc

1,443

$

64,360

555,329

Israel

(

0

.5

%

)

Bank

Hapoalim

BM

6,311

55,802

Bank

Leumi

Le-Israel

BM

10,229

83,359

Check

Point

Software

Technologies

Ltd.(a)

795

131,175

Mizrahi

Tefahot

Bank

Ltd.

702

23,778

Nice

Ltd.

ADR(a)

478

82,202

Nova

Ltd.(a)

138

32,365

Wix.com

Ltd.(a)

404

64,264

472,945

Italy

(

2

.0

%

)

A2A

SpA

11,193

22,307

Amplifon

SpA

816

29,070

Assicurazioni

Generali

SpA

6,663

166,316

Banca

Monte

dei

Paschi

di

Siena

SpA

5,235

24,603

Banco

BPM

SpA

3,405

21,947

Coca-Cola

HBC

AG

1,216

41,472

Enel

SpA

50,849

353,906

FinecoBank

Banca

Fineco

SpA

3,068

45,771

Hera

SpA

5,811

19,892

Infrastrutture

Wireless

Italiane

SpA(c)

2,033

21,244

Interpump

Group

SpA

1,072

47,657

Intesa

Sanpaolo

SpA

93,171

346,600

Mediobanca

Banca

di

Credito

Finanziario

SpA

653

9,581

Moncler

SpA

1,183

72,345

Nexi

SpA(a)(c)

3,059

18,668

Poste

Italiane

SpA(c)

2,802

35,721

PRADA

SpA

5,600

41,888

Prysmian

SpA

1,785

110,614

Recordati

Industria

Chimica

e

Farmaceutica

SpA

650

33,926

Reply

SpA

144

21,267

Snam

SpA

14,823

65,627

Telecom

Italia

SpA(a)

107,167

25,670

Terna

-

Rete

Elettrica

Nazionale

10,153

78,543

UniCredit

SpA

9,849

365,279

2,019,914

Japan

(

16

.9

%

)

Advantest

Corp.

4,900

195,714

Aeon

Co.

Ltd.

5,000

106,894

AGC,

Inc.

3,400

110,036

Aisin

Corp.

1,600

52,150

Ajinomoto

Co.,

Inc.

3,600

126,244

ANA

Holdings,

Inc.

1,700

31,382

Asahi

Group

Holdings

Ltd.

3,600

127,005

Asics

Corp.

2,400

36,718

Astellas

Pharma,

Inc.

5,000

49,422

Bandai

Namco

Holdings,

Inc.

2,300

44,896

Bridgestone

Corp.

3,500

137,554

Canon,

Inc.

6,600

178,642

Capcom

Co.

Ltd.

1,500

28,282

Central

Japan

Railway

Co.

2,700

58,294

Chugai

Pharmaceutical

Co.

Ltd.

4,400

156,350

Dai

Nippon

Printing

Co.

Ltd.

2,400

80,746

Daifuku

Co.

Ltd.

1,500

28,068

Dai-ichi

Life

Holdings,

Inc.

3,000

80,157

Daiichi

Sankyo

Co.

Ltd.

10,500

360,574

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Japan

(cont’d)

Daikin

Industries

Ltd.

1,400

$

194,691

Daito

Trust

Construction

Co.

Ltd.

100

10,310

Daiwa

House

Industry

Co.

Ltd.

4,900

124,191

Daiwa

Securities

Group,

Inc.

12,800

97,635

Denso

Corp.

9,800

152,185

Dentsu

Group,

Inc.

1,700

42,833

Disco

Corp.

500

189,730

East

Japan

Railway

Co.

4,300

71,226

Ebara

Corp.

2,000

31,624

Eisai

Co.

Ltd.

700

28,686

FANUC

Corp.

4,300

117,858

Fast

Retailing

Co.

Ltd.

800

201,716

Fuji

Electric

Co.

Ltd.

1,600

91,031

FUJIFILM

Holdings

Corp.

6,800

159,030

Fujitsu

Ltd.

8,000

125,177

Hankyu

Hanshin

Holdings,

Inc.

1,700

45,168

Hoya

Corp.

1,900

220,934

Hulic

Co.

Ltd.

5,800

51,362

Isuzu

Motors

Ltd.

6,500

86,109

ITOCHU

Corp.

5,400

263,655

Japan

Airlines

Co.

Ltd.

1,500

23,671

Japan

Exchange

Group,

Inc.

1,500

34,987

Japan

Post

Bank

Co.

Ltd.

5,200

49,120

Kao

Corp.

2,600

105,448

KDDI

Corp.

8,900

235,364

Keisei

Electric

Railway

Co.

Ltd.

800

25,742

Keyence

Corp.

1,100

482,438

Kikkoman

Corp.

8,700

100,786

Kirin

Holdings

Co.

Ltd.

2,500

32,217

Komatsu

Ltd.

5,300

153,900

Kubota

Corp.

7,500

104,905

Kyocera

Corp.

8,000

92,080

Kyowa

Kirin

Co.

Ltd.

3,000

51,240

LY

Corp.

34,000

82,199

Makita

Corp.

1,600

43,486

Marubeni

Corp.

5,200

96,187

MEIJI

Holdings

Co.

Ltd.

1,400

30,191

MinebeaMitsumi,

Inc.

3,200

65,548

Mitsubishi

Chemical

Group

Corp.

13,100

72,732

Mitsubishi

Electric

Corp.

14,200

226,647

Mitsubishi

Estate

Co.

Ltd.

8,400

131,593

Mitsubishi

HC

Capital,

Inc.

11,600

76,583

Mitsubishi

Heavy

Industries

Ltd.

17,200

184,232

Mitsubishi

UFJ

Financial

Group,

Inc.

61,300

658,882

Mitsui

Fudosan

Co.

Ltd.

17,800

162,497

Mizuho

Financial

Group,

Inc.

14,000

292,254

MS&AD

Insurance

Group

Holdings,

Inc.

8,500

188,907

Murata

Manufacturing

Co.

Ltd.

10,600

218,906

Nidec

Corp.

2,300

102,732

Nintendo

Co.

Ltd.

5,300

281,902

Nippon

Paint

Holdings

Co.

Ltd.

6,700

43,650

Nippon

Telegraph

&

Telephone

Corp.

122,700

115,789

Nissin

Foods

Holdings

Co.

Ltd.

1,000

25,376

Nitori

Holdings

Co.

Ltd.

100

10,562

Nitto

Denko

Corp.

700

55,309

Nomura

Holdings,

Inc.

23,300

133,548

Nomura

Research

Institute

Ltd.

1,900

53,400

NTT

Data

Group

Corp.

2,300

33,772

Shares

Value

Obayashi

Corp.

2,600

$

30,904

Olympus

Corp.

8,300

133,819

Omron

Corp.

1,000

34,372

Ono

Pharmaceutical

Co.

Ltd.

1,500

20,482

Oracle

Corp.

Japan

100

6,900

Oriental

Land

Co.

Ltd.

4,300

119,810

ORIX

Corp.

6,900

152,361

Osaka

Gas

Co.

Ltd.

3,200

70,481

Otsuka

Corp.

3,200

61,489

Otsuka

Holdings

Co.

Ltd.

2,100

88,381

Panasonic

Holdings

Corp.

10,200

83,510

Rakuten

Group,

Inc.(a)

5,200

26,828

Recruit

Holdings

Co.

Ltd.

9,200

492,257

Renesas

Electronics

Corp.

9,900

185,187

Resona

Holdings,

Inc.

17,700

117,131

SCREEN

Holdings

Co.

Ltd.

200

18,028

Secom

Co.

Ltd.

400

23,616

Sekisui

Chemical

Co.

Ltd.

4,200

58,120

Sekisui

House

Ltd.

5,100

112,963

Shin-Etsu

Chemical

Co.

Ltd.

10,800

418,814

Shionogi

&

Co.

Ltd.

1,100

42,924

Shiseido

Co.

Ltd.

700

19,965

SMC

Corp.

300

142,372

SoftBank

Corp.

18,500

225,931

SoftBank

Group

Corp.

5,800

374,624

Sompo

Holdings,

Inc.

5,100

108,905

Sony

Group

Corp.

7,100

602,039

Sumitomo

Electric

Industries

Ltd.

6,600

102,676

Sumitomo

Mitsui

Financial

Group,

Inc.

7,500

500,047

Sumitomo

Mitsui

Trust

Holdings,

Inc.

3,200

73,008

Suntory

Beverage

&

Food

Ltd.

1,600

56,765

Sysmex

Corp.

2,400

38,657

T&D

Holdings,

Inc.

2,500

43,648

Takeda

Pharmaceutical

Co.

Ltd.

9,400

243,795

TDK

Corp.

2,100

128,786

Terumo

Corp.

7,200

118,747

Toho

Co.

Ltd.

300

8,773

Tokio

Marine

Holdings,

Inc.

10,400

388,238

Tokyo

Electron

Ltd.

2,400

520,701

Tokyo

Gas

Co.

Ltd.

3,300

70,878

Tokyu

Corp.

5,100

56,181

TOPPAN

Holdings,

Inc.

2,500

68,895

Toray

Industries,

Inc.

16,300

77,163

Toyota

Industries

Corp.

800

67,462

Toyota

Motor

Corp.

65,200

1,333,507

Trend

Micro,

Inc.

1,100

44,661

Unicharm

Corp.

1,800

57,818

West

Japan

Railway

Co.

3,200

59,580

Yamaha

Motor

Co.

Ltd.

5,800

53,688

Yaskawa

Electric

Corp.

1,700

61,052

ZOZO,

Inc.

1,200

30,049

17,150,049

Jordan

(

0

.0

%

)

(b)

Hikma

Pharmaceuticals

plc

1,220

29,163

Luxembourg

(

0

.1

%

)

Eurofins

Scientific

SE

1,450

72,341

Netherlands

(

3

.8

%

)

Aalberts

NV

1,264

51,370

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Netherlands

(cont’d)

ABN

AMRO

Bank

NV

CVA(c)

2,180

$

35,864

Adyen

NV(a)(c)

128

152,713

Aegon

Ltd.

5,759

35,601

Akzo

Nobel

NV

745

45,336

Argenx

SE(a)

257

112,545

ASM

International

NV

254

193,769

ASML

Holding

NV

2,008

2,075,030

ASR

Nederland

NV

216

10,304

BE

Semiconductor

Industries

NV

429

71,795

Euronext

NV(c)

446

41,347

IMCD

NV

326

45,176

ING

Groep

NV

14,551

248,928

JDE

Peet's

NV

945

18,838

Koninklijke

Ahold

Delhaize

NV

6,369

188,329

Koninklijke

KPN

NV

21,604

82,891

Koninklijke

Vopak

NV

948

39,381

NN

Group

NV

461

21,468

Universal

Music

Group

NV

4,864

144,817

Wolters

Kluwer

NV

1,600

265,451

3,880,953

New

Zealand

(

0

.1

%

)

Auckland

International

Airport

Ltd.

9,549

44,397

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

1,463

26,816

Meridian

Energy

Ltd.

6,039

23,146

Xero

Ltd.(a)

569

51,833

146,192

Norway

(

0

.6

%

)

DNB

Bank

ASA

4,841

95,342

Gjensidige

Forsikring

ASA

1,457

26,109

Kongsberg

Gruppen

ASA

751

61,364

Mowi

ASA

4,403

73,483

Norsk

Hydro

ASA

18,055

112,764

Orkla

ASA

8,175

66,606

Salmar

ASA

671

35,417

Schibsted

ASA,

Class

A

1,270

37,596

Telenor

ASA

5,432

62,087

570,768

Portugal

(

0

.1

%

)

EDP

-

Energias

de

Portugal

SA

14,854

55,703

Jeronimo

Martins

SGPS

SA

2,136

41,779

97,482

Singapore

(

1

.2

%

)

DBS

Group

Holdings

Ltd.

11,350

299,736

Grab

Holdings

Ltd.,

Class

A(a)

8,602

30,537

Oversea-Chinese

Banking

Corp.

Ltd.

19,600

208,691

Sea

Ltd.

ADR(a)

1,479

105,630

Singapore

Airlines

Ltd.

13,200

67,205

Singapore

Exchange

Ltd.

5,400

37,773

Singapore

Technologies

Engineering

Ltd.

12,800

40,896

Singapore

Telecommunications

Ltd.

61,000

123,778

STMicroelectronics

NV

3,684

145,586

United

Overseas

Bank

Ltd.

7,200

166,446

1,226,278

South

Africa

(

0

.4

%

)

Anglo

American

plc

12,055

381,273

Shares

Value

South

Korea

(

4

.0

%

)

Delivery

Hero

SE(a)(c)

1,021

$

24,238

Doosan

Enerbility

Co.

Ltd.(a)

4,836

70,616

Hana

Financial

Group,

Inc.

2,268

100,013

HD

Hyundai

Electric

Co.

Ltd.

124

27,926

HMM

Co.

Ltd.

2,364

33,713

Hyundai

Mobis

Co.

Ltd.

613

112,001

Hyundai

Motor

Co.

1,050

225,027

Kakao

Corp.

1,193

35,231

KB

Financial

Group,

Inc.

2,024

115,426

Kia

Corp.

1,604

150,670

Krafton,

Inc.(a)

196

40,083

LG

Chem

Ltd.

128

32,128

LG

Electronics,

Inc.

686

55,269

LG

Energy

Solution

Ltd.(a)

416

98,673

Meritz

Financial

Group,

Inc.

490

28,158

NAVER

Corp.

910

110,337

POSCO

Holdings,

Inc.

724

190,928

Samsung

Biologics

Co.

Ltd.(a)(c)

80

42,252

Samsung

C&T

Corp.

419

43,224

Samsung

Electro-Mechanics

Co.

Ltd.

355

40,748

Samsung

Electronics

Co.

Ltd.

28,838

1,707,444

Samsung

Heavy

Industries

Co.

Ltd.(a)

3,980

27,034

Samsung

Life

Insurance

Co.

Ltd.

414

26,617

Samsung

SDS

Co.

Ltd.

233

25,137

Shinhan

Financial

Group

Co.

Ltd.

2,807

98,189

SK

Hynix,

Inc.

3,020

518,874

SK

Square

Co.

Ltd.(a)

410

29,786

4,009,742

Spain

(

2

.0

%

)

Aena

SME

SA(c)

432

87,043

Amadeus

IT

Group

SA

2,252

149,980

Banco

Bilbao

Vizcaya

Argentaria

SA

26,033

260,929

Banco

de

Sabadell

SA

12,440

24,005

Banco

Santander

SA

78,281

363,319

Bankinter

SA

6,107

49,914

CaixaBank

SA

20,460

108,390

Cellnex

Telecom

SA(c)

2,800

91,137

EDP

Renovaveis

SA

3,081

43,092

Grifols

SA(a)

2,408

20,285

Iberdrola

SA

31,992

415,392

Industria

de

Diseno

Textil

SA

5,351

265,872

Naturgy

Energy

Group

SA

1,046

22,600

Redeia

Corp.

SA

2,287

40,002

Telefonica

SA

32,014

135,872

2,077,832

Sweden

(

2

.7

%

)

AddTech

AB,

Class

B

1,124

27,956

Alfa

Laval

AB

1,604

70,293

Assa

Abloy

AB,

Class

B

5,461

154,493

Atlas

Copco

AB,

Class

A

18,362

345,386

Beijer

Ref

AB,

Class

B

2,909

44,911

Boliden

AB

3,656

117,066

Castellum

AB(a)

4,234

51,735

Epiroc

AB,

Class

A

5,288

105,608

EQT

AB

2,075

61,367

Essity

AB,

Class

B

2,934

75,191

Fastighets

AB

Balder,

Class

B(a)

4,485

30,755

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Sweden

(cont’d)

Getinge

AB,

Class

B

1,199

$

20,385

H

&

M

Hennes

&

Mauritz

AB,

Class

B

3,329

52,700

Hexagon

AB,

Class

B

12,204

137,883

Holmen

AB,

Class

B

598

23,558

Husqvarna

AB,

Class

B

2,475

19,851

Industrivarden

AB,

Class

A

1,414

48,147

Indutrade

AB

1,507

38,649

Investment

AB

Latour,

Class

B

406

10,972

Investor

AB,

Class

B

10,063

275,753

L

E

Lundbergforetagen

AB,

Class

B

436

21,573

Lifco

AB,

Class

B

1,232

33,853

Nibe

Industrier

AB,

Class

B

8,096

34,356

Saab

AB,

Class

B

1,244

29,954

Sagax

AB,

Class

B

1,094

28,016

Sandvik

AB

5,895

118,232

Skandinaviska

Enskilda

Banken

AB,

Class

A

7,843

115,902

Skanska

AB,

Class

B

1,408

25,367

SKF

AB,

Class

B

2,189

43,986

SSAB

AB,

Class

A

7,973

43,998

Svenska

Cellulosa

AB

SCA,

Class

B

4,057

59,973

Svenska

Handelsbanken

AB,

Class

A

5,644

53,801

Sweco

AB,

Class

B

727

9,982

Swedbank

AB,

Class

A

4,625

95,250

Swedish

Orphan

Biovitrum

AB(a)

1,034

27,690

Tele2

AB,

Class

B

1,354

13,642

Telia

Co.

AB

9,821

26,365

Trelleborg

AB,

Class

B

1,288

50,157

Volvo

AB,

Class

B

9,513

243,525

2,788,281

Switzerland

(

5

.2

%

)

ABB

Ltd.

8,479

471,035

Adecco

Group

AG

1,192

39,556

Alcon,

Inc.

2,522

225,144

Avolta

AG

297

11,535

Bachem

Holding

AG

168

15,415

Baloise

Holding

AG

465

81,864

Barry

Callebaut

AG

5

8,146

Belimo

Holding

AG

112

56,162

BKW

AG

127

20,253

Chocoladefabriken

Lindt

&

Spruengli

AG

1

115,513

Cie

Financiere

Richemont

SA

2,316

361,472

DSM-Firmenich

AG

789

89,296

Emmi

AG

2

1,976

Flughafen

Zurich

AG

177

39,139

Geberit

AG

333

196,702

Georg

Fischer

AG

889

59,606

Givaudan

SA

40

189,628

Helvetia

Holding

AG

179

24,203

Julius

Baer

Group

Ltd.

977

54,580

Kuehne

+

Nagel

International

AG

253

72,752

Logitech

International

SA

594

57,457

Lonza

Group

AG

361

197,011

Novartis

AG

9,599

1,027,305

On

Holding

AG,

Class

A(a)

1,319

51,177

Partners

Group

Holding

AG

91

116,864

PSP

Swiss

Property

AG

283

36,312

Schindler

Holding

AG

324

80,766

SFS

Group

AG

78

10,364

Shares

Value

SGS

SA

932

$

82,974

Sika

AG

756

216,385

Sonova

Holding

AG

251

77,540

Straumann

Holding

AG

382

47,314

Swatch

Group

AG

(The),

Class

BR

171

35,024

Swiss

Life

Holding

AG

126

92,628

Swiss

Prime

Site

AG

478

45,321

Swisscom

AG

125

70,318

Temenos

AG

495

34,153

UBS

Group

AG

12,557

369,611

VAT

Group

AG(c)

164

92,969

Zurich

Insurance

Group

AG

648

345,489

5,220,959

Taiwan

(

6

.3

%

)

Accton

Technology

Corp.

3,000

51,323

Advantech

Co.

Ltd.

1,099

12,534

ASE

Technology

Holding

Co.

Ltd.(a)

19,000

98,685

Cathay

Financial

Holding

Co.

Ltd.(a)

74,000

134,581

Chailease

Holding

Co.

Ltd.

1,000

4,732

Chang

Hwa

Commercial

Bank

Ltd.

104,000

59,146

Chunghwa

Telecom

Co.

Ltd.(a)

19,000

73,502

CTBC

Financial

Holding

Co.

Ltd.

111,000

129,505

Delta

Electronics,

Inc.

9,000

107,501

E

Ink

Holdings,

Inc.

5,000

38,839

Eva

Airways

Corp.

54,000

63,502

Evergreen

Marine

Corp.

Taiwan

Ltd.

13,000

77,339

Far

EasTone

Telecommunications

Co.

Ltd.

19,000

49,255

Fubon

Financial

Holding

Co.

Ltd.

57,400

140,309

Gigabyte

Technology

Co.

Ltd.

3,000

28,251

Global

Unichip

Corp.

1,000

49,474

Hotai

Motor

Co.

Ltd.

1,020

19,556

Inventec

Corp.

15,000

25,800

Lite-On

Technology

Corp.

11,000

35,942

MediaTek,

Inc.

8,000

345,237

Mega

Financial

Holding

Co.

Ltd.

94,737

117,978

Nanya

Technology

Corp.(a)

20,000

42,970

Novatek

Microelectronics

Corp.

2,000

37,360

Quanta

Computer,

Inc.

19,000

182,729

Realtek

Semiconductor

Corp.

1,000

16,830

Taishin

Financial

Holding

Co.

Ltd.

115,890

67,337

Taiwan

Mobile

Co.

Ltd.(a)

16,000

52,772

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

121,000

3,602,978

TCC

Group

Holdings

118,000

124,396

Unimicron

Technology

Corp.

14,000

77,678

Uni-President

Enterprises

Corp.

45,000

112,772

United

Microelectronics

Corp.(a)

87,000

149,373

Wan

Hai

Lines

Ltd.

26,000

71,008

Yang

Ming

Marine

Transport

Corp.

24,000

55,189

Yuanta

Financial

Holding

Co.

Ltd.

103,050

101,806

6,358,189

United

Kingdom

(

9

.7

%

)

3i

Group

plc

5,105

197,856

Admiral

Group

plc

1,052

34,775

Ashtead

Group

plc

3,015

201,311

Associated

British

Foods

plc

2,723

85,159

AstraZeneca

plc

7,987

1,247,507

Auto

Trader

Group

plc(c)

5,953

60,292

Aviva

plc

15,748

94,877

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

United

Kingdom

(cont’d)

B&M

European

Value

Retail

SA

5,844

$

32,298

BAE

Systems

plc

21,480

358,418

Barratt

Developments

plc

7,216

43,073

Beazley

plc

1,539

13,774

Berkeley

Group

Holdings

plc

741

42,976

British

Land

Co.

plc

(The)

4,792

24,933

BT

Group

plc

44,570

79,074

Bunzl

plc

2,086

79,371

Centrica

plc

18,161

30,969

Coca-Cola

Europacific

Partners

plc

1,731

126,138

Compass

Group

plc

12,766

348,570

ConvaTec

Group

plc(c)

11,149

33,091

Croda

International

plc

1,274

63,581

DCC

plc

1,351

94,612

Diageo

plc

13,253

417,069

Diploma

plc

653

34,240

DS

Smith

plc

8,560

45,555

Halma

plc

3,840

131,353

Hargreaves

Lansdown

plc

2,115

30,265

Howden

Joinery

Group

plc

3,378

37,513

HSBC

Holdings

plc

100,051

864,959

IMI

plc

525

11,707

Informa

plc

10,905

117,972

InterContinental

Hotels

Group

plc

1,424

149,875

Intermediate

Capital

Group

plc

1,701

46,918

Intertek

Group

plc

1,215

73,630

Investec

plc

3,446

24,982

J

Sainsbury

plc

12,618

40,674

JD

Sports

Fashion

plc

9,669

14,606

Kingfisher

plc

13,981

43,971

Land

Securities

Group

plc

3,589

28,106

Legal

&

General

Group

plc

35,828

102,809

Lloyds

Banking

Group

plc

376,326

260,406

London

Stock

Exchange

Group

plc

2,281

271,041

LondonMetric

Property

plc

10,677

26,103

M&G

plc

15,758

40,636

Marks

&

Spencer

Group

plc

7,167

25,956

Melrose

Industries

plc

9,256

64,751

National

Grid

plc

27,406

305,767

Next

plc

808

92,293

Pearson

plc

3,252

40,730

Persimmon

plc

1,548

26,456

Phoenix

Group

Holdings

plc

9,271

61,117

Reckitt

Benckiser

Group

plc

3,149

170,451

RELX

plc

13,172

605,920

Rentokil

Initial

plc

13,509

78,758

Rightmove

plc

4,852

32,936

Sage

Group

plc

(The)

6,600

90,814

Schroders

plc

9,842

45,261

Segro

plc

7,843

89,051

Severn

Trent

plc

1,693

50,935

Smith

&

Nephew

plc

5,830

72,267

Smiths

Group

plc

2,476

53,365

Spirax

Group

plc

730

78,253

SSE

plc

6,363

143,938

Standard

Chartered

plc

12,119

109,689

Subsea

7

SA

1,974

37,227

Taylor

Wimpey

plc

18,969

34,086

Shares

Value

Tesco

plc

52,920

$

204,702

Tritax

Big

Box

REIT

plc

13,384

26,241

Unilever

plc

13,739

754,617

UNITE

Group

plc

(The)

2,331

26,284

United

Utilities

Group

plc

4,861

60,379

Vistry

Group

plc(a)

1,773

26,514

Vodafone

Group

plc

125,739

110,881

Weir

Group

plc

(The)

1,792

44,943

Whitbread

plc

1,442

54,229

Wise

plc,

Class

A(a)

5,698

49,087

WPP

plc

8,188

74,979

9,849,922

United

States

(

8

.5

%

)

BP

plc

99,601

598,304

Chubb

Ltd.

1,666

424,963

CSL

Ltd.

3,056

602,509

CyberArk

Software

Ltd.(a)

352

96,244

Experian

plc

5,169

240,848

Ferrovial

SE

2,776

107,880

Flex

Ltd.(a)

2,800

82,572

Garmin

Ltd.

722

117,628

GFL

Environmental,

Inc.

1,406

54,746

GSK

plc

24,379

471,354

Haleon

plc

34,749

141,706

Holcim

AG

3,684

326,419

ICON

plc(a)

564

176,797

James

Hardie

Industries

plc

CDI(a)

6,862

216,766

Monday.com

Ltd.(a)

304

73,191

Nestle

SA

13,629

1,391,110

QIAGEN

NV(a)

1,251

51,404

Roche

Holding

AG

3,387

940,415

Sanofi

SA

6,407

617,591

Schneider

Electric

SE

2,929

704,113

Spotify

Technology

SA(a)

684

214,632

Stellantis

NV

10,464

207,137

Swiss

Re

AG

1,297

160,934

TE

Connectivity

Ltd.

1,808

271,977

Waste

Connections,

Inc.

1,844

323,466

8,614,706

Total

Common

Stocks

(Cost

$90,794,249)

100,833,801

No.

of

Warrants

Warrants

(0.0%)

(b)

Canada

(

0.0%

)(b)

Constellation

Software,

Inc.

Expires

03/31/2040

(a)

(

Cost

$0

)

97

492

No.

of

Rights

Rights

(0.0%)

(b)

Italy

(

0.0%

)

Amplifon

SpA(a)

(

Cost

$0

)  

816

–

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Short-Term

Investment

(

0

.1

%

)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(d)

(Cost

$82,674)

82,674

$

82,674

Total

Investments

(

99

.6

%

)

(Cost

$

90,876,923

)

(e)

100,916,967

Other

Assets

in

Excess

of

Liabilities

(0.4%)

389,287

NET

ASSETS

(100.0%)

$101,306,254

The

country

classifications

used

for

financial

reporting

purposes

may

differ

from

the

classifications

determined

by

Calvert

Research

and

Management.

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$240

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(e)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$90,876,923.

The

aggregate

gross

unrealized

appreciation

is

$12,905,854

and

the

aggregate

gross

unrealized

depreciation

is

$2,865,810,

resulting

in

net

unrealized

appreciation

of

$10,040,044.

ADR

American

Depositary

Receipt

CDI

CREST

Depository

Interest

CVA

Dutch

Certification

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

65

.2

%

Banks

12

.2

Semiconductors

&

Semiconductor

Equipment

9

.0

Pharmaceuticals

7

.8

Insurance

5

.8

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(94.3%)

Asset-Backed

Securities

(

13

.7

%

)

Ally

Bank

Auto

Credit-Linked

Notes,

2024-A

5.83%,

5/17/32(a)

$

600,000

$

600,174

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

178,898

180,039

Auxilior

Term

Funding

LLC,

2024-1A

5.84%,

3/15/27(a)

208,000

208,036

CarNow

Auto

Receivables

Trust,

2023-2A

7.38%,

1/15/26(a)

66,503

66,656

Chesapeake

Funding

II

LLC,

2024-1A

SOFR30A

+

0.77%,

6.10%,

5/15/36(a)(b)

208,317

208,649

Conn's

Receivables

Funding

LLC,

2023-A

8.01%,

1/17/28(a)

26,694

26,719

2024-A

7.05%,

1/16/29(a)

282,851

283,147

Dell

Equipment

Finance

Trust,

2023-2

5.84%,

1/22/29(a)

66,696

66,731

DLLST

LLC,

2024-1A

5.33%,

1/20/26(a)

130,000

129,713

Domino's

Pizza

Master

Issuer

LLC,

2015-1A

4.47%,

10/25/45(a)

417,375

409,741

Driven

Brands

Funding

LLC,

2018-1A

4.74%,

4/20/48(a)

235,000

231,823

Enterprise

Fleet

Financing

LLC,

2023-1

5.51%,

1/22/29(a)

241,008

240,653

2024-2

5.74%,

12/20/26(a)

200,000

200,616

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

196,657

198,797

2024-2A

5.89%,

6/15/30(a)

75,000

75,190

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

141,690

141,104

GM

Financial

Automobile

Leasing

Trust,

2023-2

5.44%,

10/20/25

19,967

19,960

GM

Financial

Consumer

Automobile

Receivables

Trust,

2023-4

5.89%,

11/16/26

123,405

123,583

Hyundai

Auto

Lease

Securitization

Trust,

2023-B

5.47%,

9/15/25(a)

73,868

73,853

Face

Amount

Value

J.P.

Morgan

Mortgage

Trust,

2023-HE2

SOFR30A

+

1.70%,

7.02%,

3/25/54(a)(b)

$

100,930

$

101,838

2024-HE2

SOFR30A

+

1.20%,

6.53%,

10/25/54(a)(b)

267,272

268,781

LAD

Auto

Receivables

Trust,

2023-1A

5.68%,

10/15/26(a)

51,852

51,845

2023-2A

5.93%,

6/15/27(a)

147,270

147,428

2023-3A

6.09%,

6/15/26(a)

86,340

86,402

2023-3A

6.12%,

9/15/27(a)

150,000

150,612

Lendbuzz

Securitization

Trust,

2024-1A

6.19%,

8/15/29(a)

165,000

165,444

Marlette

Funding

Trust,

2020-1A

3.54%,

3/15/30(a)

23,452

23,424

2023-1A

6.07%,

4/15/33(a)

28,839

28,840

2023-3A

6.49%,

9/15/33(a)

170,183

170,341

Mercury

Financial

Credit

Card

Master

Trust,

2024-2A

6.56%,

7/20/29(a)

207,000

207,469

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

8.00%,

7/25/50(a)(b)

120,518

120,099

Octane

Receivables

Trust,

2023-1A

5.87%,

5/21/29(a)

55,910

55,952

2024-2A

5.80%,

7/20/32(a)

450,000

450,656

Oportun

Issuance

Trust,

2024-1A

6.33%,

4/8/31(a)

231,596

231,728

Oscar

US

Funding

XIII

LLC,

2021-2A

0.86%,

9/10/25(a)

12,188

12,127

Oscar

US

Funding

XV

LLC,

2023-1A

6.07%,

9/10/26(a)

303,525

303,898

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

200,000

199,612

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

450,000

449,834

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

1

Month

+

1.36%,

6.71%,

7/25/51(a)(b)

628,765

624,688

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(13.7%)

(cont’d)

2021-1A

CME

Term

SOFR

1

Month

+

2.61%,

7.96%,

7/25/51(a)(b)

$

106,319

$

107,214

Prosper

Marketplace

Issuance

Trust,

2023-1A

7.06%,

7/16/29(a)

105,967

106,385

Reach

ABS

Trust,

2023-1A

7.05%,

2/18/31(a)

62,291

62,434

SFS

Auto

Receivables

Securitization

Trust,

2024-1A

5.35%,

6/21/27(a)

121,993

121,779

SoFi

Consumer

Loan

Program

Trust,

2023-1S

5.81%,

5/15/31(a)

165,697

165,677

Theorem

Funding

Trust,

2023-1A

7.58%,

4/15/29(a)

41,631

42,007

Tricolor

Auto

Securitization

Trust,

2024-2A

6.36%,

12/15/27(a)

158,188

158,330

8,100,028

Commercial

Mortgage-Backed

Securities

(

11

.0

%

)

BPR

Trust

CME

Term

SOFR

1

Month

+

3.00%,

8.33%,

5/15/39(a)(b)

150,000

150,769

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.06%,

6.39%,

9/15/36(a)(b)

425,000

418,652

CAMB

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.55%,

6.88%,

12/15/37(a)(b)

286,543

286,597

CME

Term

SOFR

1

Month

+

2.05%,

7.38%,

12/15/37(a)(b)

288,000

288,051

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.00%,

6.34%,

12/25/41(a)(b)

93,827

94,165

SOFR30A

+

2.95%,

8.29%,

6/25/42(a)(b)

343,049

355,694

CSMC

Trust

CME

Term

SOFR

1

Month

+

3.14%,

8.47%,

9/9/24(a)(b)

500,000

502,101

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.19%,

6.52%,

7/15/38(a)(b)

499,287

498,618

CME

Term

SOFR

1

Month

+

1.49%,

6.82%,

7/15/38(a)(b)

363,118

362,401

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.35%,

6.69%,

2/25/44(a)(b)

133,357

134,131

FHLMC,

REMIC

SOFR30A

+

0.51%,

5.85%,

1/15/42(b)

269,748

266,601

SOFR30A

+

0.66%,

6.00%,

4/15/36(b)

223,091

220,230

Face

Amount

Value

FNMA,

REMIC

SOFR30A

+

0.36%,

5.70%,

6/25/36(b)

$

202,939

$

200,727

SOFR30A

+

0.65%,

5.99%,

2/25/38(b)

232,293

230,672

Hawaii

Hotel

Trust

CME

Term

SOFR

1

Month

+

1.45%,

6.78%,

5/15/38(a)(b)

250,000

249,773

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.97%,

6/15/41(a)(b)

195,000

194,757

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

Month

+

1.41%,

6.74%,

4/15/38(a)(b)

100,000

99,336

Marlette

Funding

Trust

6.50%,

4/15/33(a)

260,000

261,252

Med

Trust

CME

Term

SOFR

1

Month

+

1.56%,

6.89%,

11/15/38(a)(b)

233,878

233,523

CME

Term

SOFR

1

Month

+

1.91%,

7.24%,

11/15/38(a)(b)

204,021

203,840

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.92%,

6.24%,

4/15/38(a)(b)

461,382

458,614

ORL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

7.68%,

10/19/36(a)(b)

100,000

100,563

Radnor

RE

Ltd.

SOFR30A

+

1.85%,

7.19%,

11/25/31(a)(b)

4,426

4,438

Reach

Abs

Trust

6.30%,

2/18/31(a)

263,882

265,202

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

6.91%,

6/15/39(a)(b)

195,000

194,027

VMC

Finance

LLC

CME

Term

SOFR

1

Month

+

1.76%,

7.10%,

1/18/37(a)(b)

255,464

250,614

6,525,348

Corporate

Bonds

(

59

.2

%

)

Aerospace

&

Defense

(0.4%)

BAE

Systems

Holdings,

Inc.

3.80%,

10/7/24(a)

250,000

248,617

Automobiles

(2.2%)

General

Motors

Co.

6.13%,

10/1/25

225,000

226,253

Hyundai

Capital

America

5.45%,

6/24/26(a)

300,000

299,649

5.80%,

6/26/25(a)

371,000

371,375

6.71%,

11/3/25(a)(b)

150,000

150,968

Volkswagen

Group

of

America

Finance

LLC

6.18%,

3/20/26(a)(b)

250,000

250,922

1,299,167

Banks

(20.4%)

Australia

&

New

Zealand

Banking

Group

Ltd.

5.91%,

3/18/26(a)(b)

250,000

250,576

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(59.2%)

(cont’d)

Banco

Bilbao

Vizcaya

Argentaria

SA

5.86%,

9/14/26(b)

$

200,000

$

200,060

Banco

Santander

SA

5.15%,

8/18/25

200,000

198,499

Bank

of

America

Corp.

2.46%,

10/22/25(b)

1,300,000

1,286,600

3.38%,

4/2/26(b)

300,000

294,680

3.95%,

4/21/25

200,000

197,170

Bank

of

Ireland

Group

plc

6.25%,

9/16/26(a)(b)

600,000

603,214

BNP

Paribas

SA

3.38%,

1/9/25(a)

400,000

394,828

BPCE

SA

5.15%,

7/21/24(a)

200,000

199,818

5.97%,

1/14/25(a)(b)

500,000

500,576

Capital

One

NA

2.28%,

1/28/26(b)

400,000

391,831

Citigroup,

Inc.

3.88%,

3/26/25

200,000

197,290

6.07%,

10/30/24(b)

875,000

875,842

6.09%,

1/25/26(b)

200,000

200,217

Discover

Bank

2.45%,

9/12/24

250,000

248,272

HSBC

Holdings

plc

4.18%,

12/9/25

550,000

545,979

Intesa

Sanpaolo

SpA

7.00%,

11/21/25(a)

350,000

355,744

JPMorgan

Chase

&

Co.

2.08%,

4/22/26(b)

900,000

874,152

5.55%,

12/15/25(b)

550,000

549,507

KeyCorp

6.62%,

5/23/25(b)

470,000

468,332

Lloyds

Banking

Group

plc

4.45%,

5/8/25

250,000

247,505

National

Bank

of

Canada

0.00%,

7/2/27(b)

300,000

300,337

5.25%,

1/17/25

250,000

249,361

5.60%,

7/2/27(b)

250,000

250,001

PNC

Financial

Services

Group,

Inc.

(The)

5.67%,

10/28/25(b)

210,000

209,789

Royal

Bank

of

Canada

4.95%,

4/25/25

140,000

139,357

Santander

Holdings

USA,

Inc.

5.81%,

9/9/26(b)

275,000

273,753

Societe

Generale

SA

5.52%,

1/19/28(a)(b)

225,000

222,232

Standard

Chartered

plc

1.82%,

11/23/25(a)(b)

240,000

236,138

Swedbank

AB

6.14%,

9/12/26(a)

218,000

221,785

Wells

Fargo

&

Co.

2.41%,

10/30/25(b)

375,000

370,779

3.91%,

4/25/26(b)

550,000

541,840

12,096,064

Face

Amount

Value

Biotechnology

(0.1%)

Amgen,

Inc.

5.25%,

3/2/25

$

80,000

$

79,851

Capital

Markets

(7.2%)

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(b)

304,000

303,600

Goldman

Sachs

Group,

Inc.

(The)

3.27%,

9/29/25(b)

225,000

223,566

3.50%,

1/23/25

240,000

237,092

5.88%,

10/21/24(b)

400,000

400,096

HAT

Holdings

I

LLC

6.00%,

4/15/25(a)

555,000

554,922

8.00%,

6/15/27(a)

285,000

296,653

Macquarie

Bank

Ltd.

5.39%,

12/7/26(a)

120,000

120,347

Nuveen

Finance

LLC

4.13%,

11/1/24(a)

475,000

472,089

Stifel

Financial

Corp.

4.25%,

7/18/24

350,000

349,710

UBS

AG

1.38%,

1/13/25(a)

600,000

586,359

7.95%,

1/9/25

250,000

252,656

UBS

Group

AG

2.59%,

9/11/25(a)(b)

475,000

471,873

4,268,963

Chemicals

(0.5%)

Celanese

US

Holdings

LLC

6.05%,

3/15/25

275,000

275,401

Commercial

Services

&

Supplies

(0.8%)

Republic

Services,

Inc.

2.50%,

8/15/24

450,000

448,103

Consumer

Finance

(5.0%)

AerCap

Ireland

Capital

DAC

1.65%,

10/29/24

500,000

493,273

Ally

Financial,

Inc.

4.63%,

3/30/25

125,000

123,868

5.80%,

5/1/25

415,000

414,725

Avolon

Holdings

Funding

Ltd.

2.88%,

2/15/25(a)

285,000

279,255

Capital

One

Financial

Corp.

4.99%,

7/24/26(b)

405,000

401,569

Discover

Financial

Services

3.75%,

3/4/25

125,000

123,375

3.95%,

11/6/24

300,000

298,107

Ford

Motor

Credit

Co.

LLC

5.13%,

6/16/25

475,000

471,563

General

Motors

Financial

Co.,

Inc.

6.71%,

4/7/25(b)

350,000

351,846

2,957,581

Electric

Utilities

(2.3%)

Enel

Finance

International

NV

2.65%,

9/10/24(a)

400,000

397,350

NextEra

Energy

Capital

Holdings,

Inc.

5.75%,

9/1/25

700,000

701,763

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(59.2%)

(cont’d)

6.05%,

3/1/25

$

250,000

$

250,540

1,349,653

Electronic

Equipment,

Instruments

&

Components

(1.3%)

Amphenol

Corp.

4.75%,

3/30/26

40,000

39,688

CDW

LLC

4.13%,

5/1/25

324,000

318,928

TD

SYNNEX

Corp.

1.25%,

8/9/24

400,000

397,880

756,496

Entertainment

(1.0%)

Warnermedia

Holdings,

Inc.

6.41%,

3/15/26

589,000

589,037

Financial

Services

(0.8%)

Synchrony

Bank

5.40%,

8/22/25

500,000

496,402

Food

Products

(1.3%)

Campbell

Soup

Co.

5.30%,

3/20/26

250,000

249,484

JDE

Peet's

NV

0.80%,

9/24/24(a)

525,000

517,843

767,327

Ground

Transportation

(0.2%)

Penske

Truck

Leasing

Co.

LP

5.75%,

5/24/26(a)

120,000

120,351

Health

Care

Providers

&

Services

(0.7%)

Centene

Corp.

4.25%,

12/15/27

100,000

95,562

Elevance

Health,

Inc.

2.38%,

1/15/25

300,000

294,859

390,421

Health

Care

REITs

(0.5%)

Ventas

Realty

LP

2.65%,

1/15/25

274,000

269,287

Hotels,

Restaurants

&

Leisure

(0.9%)

Hyatt

Hotels

Corp.

1.80%,

10/1/24

325,000

321,590

5.38%,

4/23/25(c)

225,000

224,145

545,735

Household

Durables

(0.5%)

Lennar

Corp.

4.75%,

5/30/25

290,000

287,812

Insurance

(4.0%)

Athene

Global

Funding

6.23%,

5/8/26(a)(b)

645,000

645,218

Corebridge

Global

Funding

5.35%,

6/24/26(a)

375,000

374,867

GA

Global

Funding

Trust

0.80%,

9/13/24(a)

200,000

197,789

5.85%,

9/13/24(a)(b)

475,000

474,877

Metropolitan

Life

Global

Funding

I

0.70%,

9/27/24(a)

200,000

197,659

Face

Amount

Value

Protective

Life

Global

Funding

6.10%,

4/10/26(a)(b)

$

500,000

$

500,577

2,390,987

Leisure

Products

(0.5%)

Brunswick

Corp.

0.85%,

8/18/24

325,000

322,679

Media

(0.1%)

Charter

Communications

Operating

LLC

4.91%,

7/23/25

64,000

63,403

Metals

&

Mining

(0.5%)

Anglo

American

Capital

plc

3.63%,

9/11/24(a)

270,000

268,680

Multi-Utilities

(0.4%)

Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/26(c)

260,000

258,866

Oil,

Gas

&

Consumable

Fuels

(0.4%)

Occidental

Petroleum

Corp.

6.95%,

7/1/24

225,000

225,000

Passenger

Airlines

(0.9%)

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.50%,

10/20/25(a)

516,122

509,968

Professional

Services

(0.4%)

Concentrix

Corp.

6.65%,

8/2/26

254,000

256,708

Retail

REITs

(0.5%)

Kimco

Realty

OP

LLC

3.30%,

2/1/25

275,000

270,885

Semiconductors

&

Semiconductor

Equipment

(0.7%)

Qorvo,

Inc.

1.75%,

12/15/24

400,000

392,209

Software

(0.5%)

Oracle

Corp.

2.50%,

4/1/25

293,000

286,301

Specialized

REITs

(0.9%)

EPR

Properties

4.50%,

4/1/25

560,000

554,058

Technology

Hardware,

Storage

&

Peripherals

(0.7%)

Dell

International

LLC

5.85%,

7/15/25

90,000

90,242

Hewlett

Packard

Enterprise

Co.

5.90%,

10/1/24

355,000

354,982

445,224

Textiles,

Apparel

&

Luxury

Goods

(0.4%)

Tapestry,

Inc.

7.05%,

11/27/25

225,000

228,834

Trading

Companies

&

Distributors

(1.0%)

Air

Lease

Corp.

5.30%,

6/25/26

120,000

119,630

Aviation

Capital

Group

LLC

5.50%,

12/15/24(a)

464,000

462,844

582,474

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(59.2%)

(cont’d)

Wireless

Telecommunication

Services

(1.2%)

Rogers

Communications,

Inc.

2.95%,

3/15/25

$

370,000

$

362,816

Sprint

LLC

7.63%,

2/15/25

175,000

176,241

T-Mobile

USA,

Inc.

3.50%,

4/15/25

150,000

147,505

686,562

34,989,106

U.S.

Government

and

Agency

Securities

(

10

.4

%

)

U.S.

Treasury

Notes

3.88%,

3/31/25

3,315,000

3,282,584

3.88%,

4/30/25

2,875,000

2,844,175

6,126,759

Total

Fixed

Income

Securities

(Cost

$55,608,454)

55,741,241

–

Shares

Short-Term

Investments

(6.4%)

Investment

Company

(

2

.0

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(d)

(Cost

$1,156,649)

1,156,649

1,156,649

Face

Amount

Commercial

Paper

(

4

.4

%

)

Bacardi-Martini

BV

5.38%,

7/10/24

$

400,000

399,233

DNB

Bank

ASA

5.81%,

7/1/24

500,000

499,780

General

Motors

Financial

Co.,

Inc.

5.62%,

2/4/25

260,000

251,086

HSBC

USA,

Inc.

6.36%,

9/9/24(a)

250,000

247,213

HSBC

USA,

Inc.

5.86%,

6/5/25

250,000

237,527

Jabil,

Inc.

5.95%,

7/19/24(a)

450,000

448,405

Whirlpool

Corp.

5.58%,

7/8/24

550,000

549,108

Total

Commercial

Paper

(Cost

$2,632,647)

2,632,352

Total

Short-Term

Investments

(Cost

$3,789,296)

3,789,001

Total

Investments

(100.7%)

(Cost

$59,397,750)

(e)

59,530,242

Liabilities

in

Excess

of

Other

Assets

(-0.7%)

(391,140)

Net

Assets

(100.0%)

$59,139,102

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

June

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(c)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

June

30,

2024.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$1,615

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(e)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$59,397,750.

The

aggregate

gross

unrealized

appreciation

is

$158,359

and

the

aggregate

gross

unrealized

depreciation

is

$25,867,

resulting

in

net

unrealized

appreciation

of

$132,492.

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

June

30,

2024:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

Short:

U.S.

Treasury

2

Year

Notes

3

Sep-24

$

(

600,000

)

$

(

612,656

)

$

721

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

26‌

.2

%

Banks

20‌

.3

Asset-Backed

Securities

13‌

.6

Commercial

Mortgage-Backed

Securities

11‌

.0

U.S.

Government

and

Agency

Securities

10‌

.3

Capital

Markets

7‌

.2

Short-Term

Investments

6‌

.4

Consumer

Finance

5‌

.0

Total

Investments

100‌.0%**

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

**

Does

not

include

open

short

futures

contracts

with

a

value

of

$

612,656

and

total

unrealized

appreciation

of

$

721

.

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.9%)

Aerospace

&

Defense

(

0

.7

%

)

Axon

Enterprise,

Inc.(a)

692

$

203,614

Curtiss-Wright

Corp.

369

99,992

General

Electric

Co.

9,816

1,560,449

HEICO

Corp.

992

221,821

Hexcel

Corp.

799

49,898

Moog,

Inc.,

Class

 A

274

45,840

Woodward,

Inc.

551

96,083

2,277,697

Air

Freight

&

Logistics

(

0

.5

%

)

CH

Robinson

Worldwide,

Inc.

965

85,036

Expeditors

International

of

Washington,

Inc.

1,170

146,004

FedEx

Corp.

1,877

562,800

GXO

Logistics,

Inc.(a)

915

46,208

United

Parcel

Service,

Inc.,

Class

 B

6,098

834,511

1,674,559

Automobile

Components

(

0

.1

%

)

Aptiv

plc(a)

2,257

158,938

Autoliv,

Inc.

677

72,432

BorgWarner,

Inc.

1,887

60,837

Lear

Corp.

473

54,021

Modine

Manufacturing

Co.(a)

429

42,982

389,210

Automobiles

(

1

.6

%

)

Ford

Motor

Co.

32,627

409,143

General

Motors

Co.

9,522

442,392

Harley-Davidson,

Inc.

1,113

37,330

Rivian

Automotive,

Inc.,

Class

 A(a)

5,987

80,345

Tesla,

Inc.(a)

20,403

4,037,346

Thor

Industries,

Inc.

424

39,623

5,046,179

Banks

(

4

.0

%

)

Bank

of

America

Corp.

55,789

2,218,729

Bank

OZK

929

38,089

BOK

Financial

Corp.

223

20,436

Cadence

Bank

1,578

44,626

Citigroup,

Inc.

16,352

1,037,698

Citizens

Financial

Group,

Inc.

3,874

139,580

Comerica,

Inc.

1,128

57,573

Commerce

Bancshares,

Inc.

1,075

59,963

Cullen/Frost

Bankers,

Inc.

512

52,035

East

West

Bancorp,

Inc.

1,182

86,558

Fifth

Third

Bancorp

5,831

212,773

First

Citizens

BancShares,

Inc.,

Class

 A

91

153,208

First

Horizon

Corp.

4,633

73,062

FNB

Corp.

3,045

41,656

Home

BancShares,

Inc.

1,592

38,144

Huntington

Bancshares,

Inc.

12,283

161,890

JPMorgan

Chase

&

Co.

20,638

4,174,242

KeyCorp

8,057

114,490

M&T

Bank

Corp.

1,424

215,537

Old

National

Bancorp

2,710

46,585

Pinnacle

Financial

Partners,

Inc.

649

51,946

PNC

Financial

Services

Group,

Inc.

(The)

3,408

529,876

Popular,

Inc.

607

53,677

Prosperity

Bancshares,

Inc.

786

48,056

Regions

Financial

Corp.

7,833

156,973

Shares

Value

SouthState

Corp.

644

$

49,214

Synovus

Financial

Corp.

1,242

49,916

Truist

Financial

Corp.

11,443

444,561

U.S.

Bancorp

13,393

531,702

Webster

Financial

Corp.

1,457

63,511

Wells

Fargo

&

Co.

29,931

1,777,602

Western

Alliance

Bancorp

919

57,732

Wintrust

Financial

Corp.

523

51,547

Zions

Bancorp

NA

1,247

54,082

12,907,269

Beverages

(

1

.5

%

)

Celsius

Holdings,

Inc.(a)

1,519

86,720

Coca-Cola

Co.

(The)

34,818

2,216,166

Coca-Cola

Consolidated,

Inc.

46

49,910

Keurig

Dr

Pepper,

Inc.

10,288

343,619

Monster

Beverage

Corp.(a)

7,318

365,534

PepsiCo,

Inc.

11,483

1,893,891

4,955,840

Biotechnology

(

2

.4

%

)

AbbVie,

Inc.

13,819

2,370,235

Alnylam

Pharmaceuticals,

Inc.(a)

984

239,112

Amgen,

Inc.

4,193

1,310,103

Apellis

Pharmaceuticals,

Inc.(a)

779

29,882

Biogen,

Inc.(a)

1,130

261,957

BioMarin

Pharmaceutical,

Inc.(a)

1,457

119,955

Blueprint

Medicines

Corp.(a)

480

51,734

Bridgebio

Pharma,

Inc.(a)

1,112

28,167

Exact

Sciences

Corp.(a)

1,425

60,206

Exelixis,

Inc.(a)

2,217

49,816

Gilead

Sciences,

Inc.

9,754

669,222

GRAIL,

Inc.(a)

206

3,166

Halozyme

Therapeutics,

Inc.(a)

992

51,941

Incyte

Corp.(a)

1,438

87,172

Ionis

Pharmaceuticals,

Inc.(a)

1,049

49,995

Moderna,

Inc.(a)

2,633

312,669

Neurocrine

Biosciences,

Inc.(a)

770

106,006

Regeneron

Pharmaceuticals,

Inc.(a)

832

874,457

Sarepta

Therapeutics,

Inc.(a)

697

110,126

United

Therapeutics

Corp.(a)

324

103,210

Vertex

Pharmaceuticals,

Inc.(a)

2,016

944,940

7,834,071

Broadline

Retail

(

3

.8

%

)

Amazon.com,

Inc.(a)

61,968

11,975,316

eBay,

Inc.

3,512

188,665

Etsy,

Inc.(a)

814

48,010

Macy's,

Inc.

1,925

36,960

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

433

42,507

12,291,458

Building

Products

(

1

.0

%

)

AAON,

Inc.

657

57,317

Advanced

Drainage

Systems,

Inc.

673

107,942

Allegion

plc

845

99,837

AO

Smith

Corp.

1,169

95,601

Armstrong

World

Industries,

Inc.

307

34,765

AZEK

Co.,

Inc.

(The),

Class

 A(a)

1,003

42,256

Carlisle

Cos.,

Inc.

908

367,931

Carrier

Global

Corp.

8,161

514,796

Fortune

Brands

Innovations,

Inc.

874

56,757

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Building

Products

(cont’d)

Johnson

Controls

International

plc

6,514

$

432,985

Lennox

International,

Inc.

309

165,309

Masco

Corp.

1,540

102,672

Owens

Corning

1,646

285,943

Simpson

Manufacturing

Co.,

Inc.

406

68,423

Trane

Technologies

plc

2,189

720,028

Trex

Co.,

Inc.(a)

764

56,628

UFP

Industries,

Inc.

424

47,488

Zurn

Elkay

Water

Solutions

Corp.

1,015

29,841

3,286,519

Capital

Markets

(

3

.6

%

)

Affiliated

Managers

Group,

Inc.

269

42,026

Ameriprise

Financial,

Inc.

853

364,393

Ares

Management

Corp.,

Class

 A

1,426

190,057

Bank

of

New

York

Mellon

Corp.

(The)

6,397

383,116

BlackRock,

Inc.

1,264

995,173

Blackstone,

Inc.

6,081

752,828

Blue

Owl

Capital,

Inc.,

Class

 A

4,238

75,225

Carlyle

Group,

Inc.

(The)

1,801

72,310

Cboe

Global

Markets,

Inc.

899

152,884

Charles

Schwab

Corp.

(The)

12,727

937,853

CME

Group,

Inc.

3,086

606,708

Coinbase

Global,

Inc.,

Class

 A(a)

1,617

359,346

Evercore,

Inc.,

Class

 A

305

63,571

FactSet

Research

Systems,

Inc.

297

121,256

Franklin

Resources,

Inc.

2,564

57,305

Goldman

Sachs

Group,

Inc.

(The)

2,759

1,247,951

Hamilton

Lane,

Inc.,

Class

 A

282

34,850

Houlihan

Lokey,

Inc.,

Class

 A

450

60,687

Interactive

Brokers

Group,

Inc.,

Class

 A

887

108,746

Intercontinental

Exchange,

Inc.

4,891

669,529

Invesco

Ltd.

3,794

56,758

Janus

Henderson

Group

plc

1,158

39,036

Jefferies

Financial

Group,

Inc.

1,352

67,276

KKR

&

Co.,

Inc.

5,768

607,024

LPL

Financial

Holdings,

Inc.

636

177,635

MarketAxess

Holdings,

Inc.

290

58,154

Moody's

Corp.

1,240

521,953

Morningstar,

Inc.

211

62,424

MSCI,

Inc.,

Class

 A

599

288,568

Nasdaq,

Inc.

3,178

191,506

Northern

Trust

Corp.

1,730

145,285

Raymond

James

Financial,

Inc.

1,605

198,394

S&P

Global,

Inc.

2,445

1,090,470

SEI

Investments

Co.

910

58,868

State

Street

Corp.

2,571

190,254

Stifel

Financial

Corp.

851

71,612

T

Rowe

Price

Group,

Inc.

1,873

215,976

TPG,

Inc.,

Class

 A

692

28,683

Tradeweb

Markets,

Inc.,

Class

 A

989

104,834

11,470,524

Chemicals

(

1

.5

%

)

Air

Products

and

Chemicals,

Inc.

2,141

552,485

Arcadium

Lithium

plc(a)

20,737

69,676

Ashland,

Inc.

483

45,639

Axalta

Coating

Systems

Ltd.(a)

2,128

72,714

Balchem

Corp.

313

48,186

Shares

Value

Cabot

Corp.

527

$

48,426

Celanese

Corp.,

Class

 A

1,053

142,039

Eastman

Chemical

Co.

1,131

110,804

Ecolab,

Inc.

2,464

586,432

Element

Solutions,

Inc.

2,148

58,254

FMC

Corp.

1,200

69,060

International

Flavors

&

Fragrances,

Inc.

2,224

211,747

Linde

plc

4,100

1,799,121

Mosaic

Co.

(The)

3,091

89,330

PPG

Industries,

Inc.

2,260

284,511

Sherwin-Williams

Co.

(The)

2,260

674,452

4,862,876

Commercial

Services

&

Supplies

(

0

.8

%

)

Brink's

Co.

(The)

343

35,123

Casella

Waste

Systems,

Inc.,

Class

 A(a)

482

47,824

Cintas

Corp.

606

424,358

Clean

Harbors,

Inc.(a)

433

97,923

Copart,

Inc.(a)

6,826

369,696

MSA

Safety,

Inc.

358

67,193

Republic

Services,

Inc.,

Class

 A

1,750

340,095

Rollins,

Inc.

2,263

110,412

Stericycle,

Inc.(a)

787

45,748

Tetra

Tech,

Inc.

454

92,834

Veralto

Corp.

1,741

166,213

Waste

Management,

Inc.

3,419

729,410

2,526,829

Communications

Equipment

(

0

.9

%

)

Arista

Networks,

Inc.(a)

1,889

662,057

Ciena

Corp.(a)

1,058

50,974

Cisco

Systems,

Inc.

29,638

1,408,101

F5,

Inc.(a)

429

73,887

Juniper

Networks,

Inc.

2,360

86,046

Motorola

Solutions,

Inc.

1,225

472,911

2,753,976

Construction

&

Engineering

(

0

.3

%

)

AECOM

1,155

101,802

API

Group

Corp.(a)

1,776

66,831

Comfort

Systems

USA,

Inc.

300

91,236

Dycom

Industries,

Inc.(a)

242

40,840

EMCOR

Group,

Inc.

395

144,206

MasTec,

Inc.(a)

526

56,277

Quanta

Services,

Inc.

1,232

313,039

Valmont

Industries,

Inc.

192

52,694

WillScot

Mobile

Mini

Holdings

Corp.(a)

1,572

59,170

926,095

Construction

Materials

(

0

.5

%

)

CRH

plc

10,082

755,948

Summit

Materials,

Inc.,

Class

 A(a)

2,291

83,874

Vulcan

Materials

Co.

2,538

631,150

1,470,972

Consumer

Finance

(

0

.7

%

)

Ally

Financial,

Inc.

2,316

91,876

American

Express

Co.

4,981

1,153,351

Capital

One

Financial

Corp.

3,243

448,993

Credit

Acceptance

Corp.(a)

56

28,822

Discover

Financial

Services

2,134

279,149

FirstCash

Holdings,

Inc.

339

35,554

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Consumer

Finance

(cont’d)

OneMain

Holdings,

Inc.

1,021

$

49,508

SLM

Corp.

1,805

37,526

SoFi

Technologies,

Inc.(a)

9,069

59,946

Synchrony

Financial

3,422

161,484

2,346,209

Consumer

Staples

Distribution

&

Retail

(

2

.1

%

)

Albertsons

Cos.,

Inc.,

Class

 A

3,229

63,773

BJ's

Wholesale

Club

Holdings,

Inc.(a)

922

80,988

Casey's

General

Stores,

Inc.

357

136,217

Costco

Wholesale

Corp.

3,111

2,644,319

Dollar

General

Corp.

1,539

203,502

Dollar

Tree,

Inc.(a)

1,529

163,251

Kroger

Co.

(The)

6,975

348,262

Performance

Food

Group

Co.(a)

1,465

96,851

Sprouts

Farmers

Market,

Inc.(a)

965

80,732

Sysco

Corp.

4,803

342,886

Target

Corp.

3,247

480,686

U.S.

Foods

Holding

Corp.(a)

2,361

125,086

Walmart,

Inc.

30,517

2,066,306

6,832,859

Containers

&

Packaging

(

0

.4

%

)

Amcor

plc

14,000

136,920

AptarGroup,

Inc.

636

89,555

Avery

Dennison

Corp.

768

167,923

Ball

Corp.

2,987

179,280

Berry

Global

Group,

Inc.

1,104

64,970

Crown

Holdings,

Inc.

1,158

86,144

Graphic

Packaging

Holding

Co.

2,934

76,900

Packaging

Corp.

of

America

851

155,359

Sealed

Air

Corp.

1,395

48,532

Silgan

Holdings,

Inc.

799

33,822

Sonoco

Products

Co.

942

47,778

Westrock

Co.

2,481

124,695

1,211,878

Distributors

(

0

.1

%

)

Genuine

Parts

Co.

974

134,724

LKQ

Corp.

1,861

77,399

Pool

Corp.

261

80,213

292,336

Diversified

Consumer

Services

(

0

.1

%

)

Bright

Horizons

Family

Solutions,

Inc.(a)

449

49,426

Duolingo,

Inc.,

Class

 A(a)

284

59,262

H&R

Block,

Inc.

1,076

58,352

Service

Corp.

International

1,110

78,954

245,994

Diversified

REITs

(

0

.0

%

)

(b)

Essential

Properties

Realty

Trust,

Inc.

1,330

36,854

WP

Carey,

Inc.

1,852

101,953

138,807

Diversified

Telecommunication

Services

(

0

.7

%

)

AT&T,

Inc.

52,814

1,009,276

Verizon

Communications,

Inc.

31,022

1,279,347

2,288,623

Electric

Utilities

(

0

.9

%

)

Alliant

Energy

Corp.

2,180

110,962

Shares

Value

Avangrid,

Inc.

604

$

21,460

Constellation

Energy

Corp.

2,687

538,125

Evergy,

Inc.

1,929

102,179

Eversource

Energy

2,993

169,733

Exelon

Corp.

8,507

294,427

IDACORP,

Inc.

430

40,055

NextEra

Energy,

Inc.

17,532

1,241,441

NRG

Energy,

Inc.

1,745

135,866

Portland

General

Electric

Co.

874

37,792

Xcel

Energy,

Inc.

4,717

251,935

2,943,975

Electrical

Equipment

(

1

.2

%

)

Acuity

Brands,

Inc.

298

71,949

AMETEK,

Inc.

2,230

371,763

Atkore,

Inc.

348

46,956

Eaton

Corp.

plc

3,869

1,213,125

Emerson

Electric

Co.

5,529

609,075

GE

Vernova,

Inc.(a)

2,341

401,505

Hubbell,

Inc.,

Class

 B

518

189,319

NEXTracker,

Inc.,

Class

 A(a)

1,300

60,944

nVent

Electric

plc

1,589

121,733

Regal

Rexnord

Corp.

641

86,676

Rockwell

Automation,

Inc.

1,101

303,083

Sensata

Technologies

Holding

plc

1,441

53,879

Vertiv

Holdings

Co.,

Class

 A

3,517

304,467

3,834,474

Electronic

Equipment,

Instruments

&

Components

(

0

.8

%

)

Amphenol

Corp.,

Class

 A

11,589

780,751

Arrow

Electronics,

Inc.(a)

371

44,802

Avnet,

Inc.

630

32,439

Badger

Meter,

Inc.

284

52,923

CDW

Corp.

986

220,706

Cognex

Corp.

1,658

77,528

Coherent

Corp.(a)

1,261

91,372

Corning,

Inc.

5,692

221,134

Insight

Enterprises,

Inc.(a)

196

38,879

Itron,

Inc.(a)

443

43,839

Jabil,

Inc.

854

92,907

Keysight

Technologies,

Inc.(a)

1,676

229,193

Littelfuse,

Inc.

238

60,830

Novanta,

Inc.(a)

345

56,273

TD

SYNNEX

Corp.

548

63,239

Teledyne

Technologies,

Inc.(a)

454

176,143

Trimble,

Inc.(a)

2,355

131,692

Vontier

Corp.

1,132

43,242

Zebra

Technologies

Corp.,

Class

 A(a)

376

116,158

2,574,050

Energy

Equipment

&

Services

(

0

.2

%

)

Baker

Hughes

Co.,

Class

 A

19,167

674,103

Entertainment

(

1

.4

%

)

AMC

Entertainment

Holdings,

Inc.,

Class

 A(a)

1

5

Electronic

Arts,

Inc.

1,772

246,893

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A(a)

1,823

117,091

Liberty

Media

Corp-Liberty

Live,

Class

 A(a)

531

19,918

Live

Nation

Entertainment,

Inc.(a)

1,202

112,675

Netflix,

Inc.(a)

3,149

2,125,197

ROBLOX

Corp.,

Class

 A(a)

3,658

136,114

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Entertainment

(cont’d)

Roku,

Inc.,

Class

 A(a)

927

$

55,555

Take-Two

Interactive

Software,

Inc.(a)

1,157

179,902

Walt

Disney

Co.

(The)

14,254

1,415,280

Warner

Bros

Discovery,

Inc.(a)

18,220

135,557

Warner

Music

Group

Corp.,

Class

 A

1,046

32,060

4,576,247

Financial

Services

(

2

.7

%

)

Affirm

Holdings,

Inc.,

Class

 A(a)

1,838

55,526

Apollo

Global

Management,

Inc.

3,516

415,134

Block,

Inc.,

Class

 A(a)

4,023

259,443

Equitable

Holdings,

Inc.

2,791

114,040

Essent

Group

Ltd.

887

49,840

Euronet

Worldwide,

Inc.(a)

313

32,395

Fidelity

National

Information

Services,

Inc.

4,089

308,147

Fiserv,

Inc.(a)

4,282

638,189

Jack

Henry

&

Associates,

Inc.

533

88,489

Jackson

Financial,

Inc.,

Class

 A

651

48,343

Mastercard,

Inc.,

Class

 A

6,104

2,692,841

MGIC

Investment

Corp.

2,255

48,595

Mr

Cooper

Group,

Inc.(a)

533

43,295

PayPal

Holdings,

Inc.(a)

7,690

446,251

PennyMac

Financial

Services,

Inc.

221

20,907

Radian

Group,

Inc.

1,277

39,715

Shift4

Payments,

Inc.,

Class

 A(a)

445

32,641

Toast,

Inc.,

Class

 A(a)

2,788

71,847

Visa,

Inc.,

Class

 A

11,572

3,037,303

Voya

Financial,

Inc.

859

61,118

WEX,

Inc.(a)

306

54,205

8,558,264

Food

Products

(

0

.9

%

)

Bunge

Global

SA

1,355

144,673

Campbell

Soup

Co.

1,901

85,906

Conagra

Brands,

Inc.

4,596

130,618

Darling

Ingredients,

Inc.(a)

1,525

56,044

Flowers

Foods,

Inc.

1,899

42,158

Freshpet,

Inc.(a)

455

58,872

General

Mills,

Inc.

5,437

343,945

Hershey

Co.

(The)

1,422

261,406

Hormel

Foods

Corp.

2,800

85,372

Ingredion,

Inc.

629

72,146

JM

Smucker

Co.

(The)

1,001

109,149

Kellanova

2,775

160,062

Kraft

Heinz

Co.

(The)

7,748

249,641

Lamb

Weston

Holdings,

Inc.

1,369

115,106

Lancaster

Colony

Corp.

186

35,148

McCormick

&

Co.,

Inc.

(Non-Voting)

2,554

181,181

Mondelez

International,

Inc.,

Class

 A

12,945

847,121

2,978,548

Gas

Utilities

(

0

.0

%

)

(b)

National

Fuel

Gas

Co.

773

41,889

Southwest

Gas

Holdings,

Inc.

527

37,090

UGI

Corp.

1,779

40,739

119,718

Ground

Transportation

(

0

.9

%

)

JB

Hunt

Transport

Services,

Inc.

689

110,240

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,305

65,146

Shares

Value

Landstar

System,

Inc.

296

$

54,606

Lyft,

Inc.,

Class

 A(a)

2,555

36,026

Old

Dominion

Freight

Line,

Inc.

1,569

277,085

Ryder

System,

Inc.

356

44,101

Saia,

Inc.(a)

221

104,818

Uber

Technologies,

Inc.(a)

14,801

1,075,737

Union

Pacific

Corp.

5,086

1,150,758

XPO,

Inc.(a)

956

101,479

3,019,996

Health

Care

Equipment

&

Supplies

(

2

.7

%

)

Abbott

Laboratories

13,531

1,406,006

Align

Technology,

Inc.(a)

550

132,787

Baxter

International,

Inc.

3,966

132,663

Becton

Dickinson

&

Co.

2,262

528,652

Boston

Scientific

Corp.(a)

11,467

883,074

Cooper

Cos.,

Inc.

(The)

1,546

134,966

DENTSPLY

SIRONA,

Inc.

1,611

40,130

Dexcom,

Inc.(a)

3,060

346,943

Edwards

Lifesciences

Corp.(a)

4,635

428,135

GE

HealthCare

Technologies,

Inc.

3,318

258,539

Glaukos

Corp.(a)

383

45,328

Globus

Medical,

Inc.,

Class

 A(a)

874

59,860

Hologic,

Inc.(a)

1,801

133,724

IDEXX

Laboratories,

Inc.(a)

639

311,321

Inspire

Medical

Systems,

Inc.(a)

228

30,513

Insulet

Corp.(a)

543

109,577

Intuitive

Surgical,

Inc.(a)

2,760

1,227,786

Masimo

Corp.(a)

337

42,442

Medtronic

plc

10,268

808,194

Merit

Medical

Systems,

Inc.(a)

443

38,076

Penumbra,

Inc.(a)

292

52,551

ResMed,

Inc.

1,140

218,219

STERIS

plc

771

169,265

Stryker

Corp.

2,800

952,700

Teleflex,

Inc.

368

77,401

Zimmer

Biomet

Holdings,

Inc.

1,606

174,299

8,743,151

Health

Care

Providers

&

Services

(

2

.2

%

)

Centene

Corp.(a)

4,128

273,686

Chemed

Corp.

116

62,939

Cigna

Group

(The)

2,184

721,965

CVS

Health

Corp.

9,821

580,028

DaVita,

Inc.(a)

424

58,754

Elevance

Health,

Inc.

1,813

982,392

Encompass

Health

Corp.

775

66,487

Ensign

Group,

Inc.

(The)

430

53,187

HealthEquity,

Inc.(a)

626

53,961

Henry

Schein,

Inc.(a)

989

63,395

Humana,

Inc.

940

351,231

Labcorp

Holdings,

Inc.

650

132,282

Molina

Healthcare,

Inc.(a)

453

134,677

Option

Care

Health,

Inc.(a)

1,347

37,312

Quest

Diagnostics,

Inc.

865

118,401

UnitedHealth

Group,

Inc.

6,829

3,477,737

7,168,434

Health

Care

REITs

(

0

.4

%

)

Alexandria

Real

Estate

Equities,

Inc.

1,478

172,882

Healthcare

Realty

Trust,

Inc.,

Class

 A

3,238

53,362

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Health

Care

REITs

(cont’d)

Healthpeak

Properties,

Inc.

6,008

$

117,757

Omega

Healthcare

Investors,

Inc.

2,114

72,405

Ventas,

Inc.

3,447

176,693

Welltower,

Inc.

5,106

532,300

1,125,399

Health

Care

Technology

(

0

.1

%

)

Doximity,

Inc.,

Class

 A(a)

873

24,418

Veeva

Systems,

Inc.,

Class

 A(a)

1,083

198,200

222,618

Hotel

&

Resort

REITs

(

0

.1

%

)

Host

Hotels

&

Resorts,

Inc.

5,961

107,179

Ryman

Hospitality

Properties,

Inc.

499

49,830

157,009

Hotels,

Restaurants

&

Leisure

(

1

.6

%

)

Airbnb,

Inc.,

Class

 A(a)

3,091

468,688

Aramark

2,537

86,309

Booking

Holdings,

Inc.

250

990,375

Chipotle

Mexican

Grill,

Inc.,

Class

 A(a)

13,200

826,980

Choice

Hotels

International,

Inc.

215

25,585

Darden

Restaurants,

Inc.

1,149

173,867

Domino's

Pizza,

Inc.

336

173,487

Hilton

Worldwide

Holdings,

Inc.

1,912

417,198

Hyatt

Hotels

Corp.,

Class

 A

342

51,957

Marriott

International,

Inc.,

Class

 A

1,875

453,319

Planet

Fitness,

Inc.,

Class

 A(a)

681

50,115

Starbucks

Corp.

10,743

836,342

Texas

Roadhouse,

Inc.,

Class

 A

645

110,753

Vail

Resorts,

Inc.

287

51,697

Wingstop,

Inc.

277

117,077

Wyndham

Hotels

&

Resorts,

Inc.

616

45,584

Yum!

Brands,

Inc.

2,717

359,894

5,239,227

Household

Durables

(

0

.5

%

)

D.R.

Horton,

Inc.

2,468

347,815

Installed

Building

Products,

Inc.

204

41,959

KB

Home

626

43,933

Lennar

Corp.,

Class

 A

2,112

316,525

Meritage

Homes

Corp.

302

48,879

Mohawk

Industries,

Inc.(a)

370

42,028

NVR,

Inc.(a)

26

197,303

PulteGroup,

Inc.

1,786

196,639

Taylor

Morrison

Home

Corp.,

Class

 A(a)

878

48,676

Tempur

Sealy

International,

Inc.

1,175

55,624

Toll

Brothers,

Inc.

869

100,091

TopBuild

Corp.(a)

270

104,023

Whirlpool

Corp.

373

38,121

1,581,616

Household

Products

(

1

.2

%

)

Church

&

Dwight

Co.,

Inc.

1,713

177,604

Clorox

Co.

(The)

870

118,729

Colgate-Palmolive

Co.

5,765

559,435

Kimberly-Clark

Corp.

2,359

326,014

Procter

&

Gamble

Co.

(The)

16,585

2,735,198

3,916,980

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

)

AES

Corp.

(The)

6,031

105,965

Shares

Value

Brookfield

Renewable

Corp.,

Class

 A

1,133

$

32,154

Clearway

Energy,

Inc.,

Class

 C

767

18,937

157,056

Industrial

REITs

(

0

.4

%

)

Americold

Realty

Trust,

Inc.

2,432

62,113

EastGroup

Properties,

Inc.

409

69,571

First

Industrial

Realty

Trust,

Inc.

1,132

53,781

Prologis,

Inc.

7,877

884,666

Rexford

Industrial

Realty,

Inc.

1,864

83,116

STAG

Industrial,

Inc.

1,562

56,326

Terreno

Realty

Corp.

815

48,232

1,257,805

Insurance

(

2

.4

%

)

Aflac,

Inc.

4,407

393,589

Allstate

Corp.

(The)

2,250

359,235

American

Financial

Group,

Inc.

625

76,888

American

International

Group,

Inc.

5,692

422,574

Aon

plc,

Class

 A

1,847

542,242

Arch

Capital

Group

Ltd.(a)

3,123

315,080

Arthur

J

Gallagher

&

Co.

1,691

438,493

Axis

Capital

Holdings

Ltd.

668

47,194

Brown

&

Brown,

Inc.

1,846

165,051

Cincinnati

Financial

Corp.

1,319

155,774

Everest

Group

Ltd.

367

139,834

First

American

Financial

Corp.

772

41,649

Globe

Life,

Inc.

774

63,685

Hanover

Insurance

Group,

Inc.

(The)

305

38,259

Hartford

Financial

Services

Group,

Inc.

(The)

2,536

254,969

Kinsale

Capital

Group,

Inc.

189

72,818

Lincoln

National

Corp.

1,443

44,877

Marsh

&

McLennan

Cos.,

Inc.

4,233

891,978

MetLife,

Inc.

5,156

361,900

Old

Republic

International

Corp.

2,162

66,806

Primerica,

Inc.

294

69,555

Principal

Financial

Group,

Inc.

1,999

156,822

Progressive

Corp.

(The)

5,021

1,042,912

Prudential

Financial,

Inc.

3,074

360,242

Reinsurance

Group

of

America,

Inc.

562

115,362

RenaissanceRe

Holdings

Ltd.

435

97,227

Ryan

Specialty

Holdings,

Inc.,

Class

 A

843

48,818

Selective

Insurance

Group,

Inc.

517

48,510

Travelers

Cos.,

Inc.

(The)

1,956

397,733

Unum

Group

1,611

82,338

W.

R.

Berkley

Corp.

1,725

135,551

White

Mountains

Insurance

Group

Ltd.

21

38,166

Willis

Towers

Watson

plc

874

229,110

7,715,241

Interactive

Media

&

Services

(

4

.3

%

)

Alphabet,

Inc.,

Class

 A

73,983

13,476,003

Pinterest,

Inc.,

Class

 A(a)

4,356

191,969

Snap,

Inc.,

Class

 A(a)

7,623

126,618

ZoomInfo

Technologies,

Inc.,

Class

 A(a)

2,174

27,762

13,822,352

IT

Services

(

1

.3

%

)

Accenture

plc,

Class

 A

4,624

1,402,968

Akamai

Technologies,

Inc.(a)

1,100

99,088

Amdocs

Ltd.

858

67,713

Cloudflare,

Inc.,

Class

 A(a)

2,176

180,238

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

IT

Services

(cont’d)

Cognizant

Technology

Solutions

Corp.,

Class

 A

3,651

$

248,268

EPAM

Systems,

Inc.(a)

413

77,689

Gartner,

Inc.(a)

589

264,496

International

Business

Machines

Corp.

6,767

1,170,353

Kyndryl

Holdings,

Inc.(a)

1,686

44,359

MongoDB,

Inc.,

Class

 A(a)

521

130,229

Okta,

Inc.,

Class

 A(a)

1,165

109,056

Snowflake,

Inc.,

Class

 A(a)

2,276

307,465

Twilio,

Inc.,

Class

 A(a)

1,190

67,604

VeriSign,

Inc.(a)

652

115,926

4,285,452

Leisure

Products

(

0

.0

%

)

(b)

Brunswick

Corp.

645

46,937

Hasbro,

Inc.

913

53,410

Mattel,

Inc.(a)

2,392

38,894

139,241

Life

Sciences

Tools

&

Services

(

1

.5

%

)

Agilent

Technologies,

Inc.

2,281

295,686

Avantor,

Inc.(a)

5,174

109,689

Bio-Rad

Laboratories,

Inc.,

Class

 A(a)

155

42,332

Bio-Techne

Corp.

1,220

87,413

Bruker

Corp.

791

50,474

Charles

River

Laboratories

International,

Inc.(a)

398

82,219

Danaher

Corp.

5,292

1,322,206

Illumina,

Inc.(a)

1,239

129,327

IQVIA

Holdings,

Inc.(a)

1,413

298,765

Medpace

Holdings,

Inc.(a)

200

82,370

Mettler-Toledo

International,

Inc.(a)

165

230,602

PerkinElmer,

Inc.

961

100,770

Repligen

Corp.(a)

407

51,306

Thermo

Fisher

Scientific,

Inc.

2,985

1,650,705

Waters

Corp.(a)

463

134,326

West

Pharmaceutical

Services,

Inc.

567

186,764

4,854,954

Machinery

(

2

.6

%

)

AGCO

Corp.

600

58,728

Allison

Transmission

Holdings,

Inc.

842

63,908

Caterpillar,

Inc.

4,509

1,501,948

Chart

Industries,

Inc.(a)

412

59,468

CNH

Industrial

NV

9,438

95,607

Cummins,

Inc.

1,302

360,563

Deere

&

Co.

2,479

926,229

Donaldson

Co.,

Inc.

1,160

83,010

Dover

Corp.

1,324

238,916

Esab

Corp.

548

51,748

Federal

Signal

Corp.

582

48,696

Flowserve

Corp.

1,268

60,991

Fortive

Corp.

3,394

251,495

Franklin

Electric

Co.,

Inc.

384

36,987

Graco,

Inc.

1,621

128,513

IDEX

Corp.

731

147,077

Illinois

Tool

Works,

Inc.

2,885

683,630

Ingersoll

Rand,

Inc.

3,896

353,913

ITT,

Inc.

791

102,181

Lincoln

Electric

Holdings,

Inc.

540

101,866

Middleby

Corp.

(The)(a)

514

63,021

Mueller

Industries,

Inc.

1,060

60,356

Shares

Value

Nordson

Corp.

498

$

115,506

Oshkosh

Corp.

628

67,950

Otis

Worldwide

Corp.

3,909

376,280

PACCAR,

Inc.

4,994

514,082

Parker-Hannifin

Corp.

1,240

627,204

Pentair

plc

1,600

122,672

Snap-on,

Inc.

506

132,263

SPX

Technologies,

Inc.(a)

433

61,547

Stanley

Black

&

Decker,

Inc.

1,484

118,557

Timken

Co.

(The)

613

49,120

Toro

Co.

(The)

1,007

94,164

Watts

Water

Technologies,

Inc.,

Class

 A

262

48,043

Westinghouse

Air

Brake

Technologies

Corp.

1,689

266,946

Xylem,

Inc.

2,331

316,153

8,389,338

Media

(

0

.7

%

)

Charter

Communications,

Inc.,

Class

 A(a)

718

214,653

Comcast

Corp.,

Class

 A

28,656

1,122,169

Interpublic

Group

of

Cos.,

Inc.

(The)

2,936

85,408

Liberty

Broadband

Corp.,

Class

 C(a)

954

52,298

New

York

Times

Co.

(The),

Class

 A

1,250

64,013

Nexstar

Media

Group,

Inc.,

Class

 A

242

40,175

Omnicom

Group,

Inc.

1,512

135,626

Paramount

Global,

Class

 B

4,725

49,093

Trade

Desk,

Inc.

(The),

Class

 A(a)

3,249

317,330

2,080,765

Metals

&

Mining

(

0

.5

%

)

ATI,

Inc.(a)

2,354

130,529

Commercial

Metals

Co.

2,199

120,923

Nucor

Corp.

4,295

678,954

Reliance,

Inc.

1,095

312,732

Steel

Dynamics,

Inc.

2,818

364,931

1,608,069

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.1

%

)

AGNC

Investment

Corp.

6,314

60,236

Annaly

Capital

Management,

Inc.

4,309

82,129

Rithm

Capital

Corp.

4,165

45,440

Starwood

Property

Trust,

Inc.

2,569

48,657

236,462

Multi-Utilities

(

0

.7

%

)

Ameren

Corp.

2,264

160,993

CMS

Energy

Corp.

2,530

150,611

Consolidated

Edison,

Inc.

2,942

263,074

Dominion

Energy,

Inc.

7,133

349,517

DTE

Energy

Co.

1,758

195,156

NiSource,

Inc.

3,806

109,651

Public

Service

Enterprise

Group,

Inc.

4,239

312,414

Sempra

5,391

410,039

WEC

Energy

Group,

Inc.

2,687

210,822

2,162,277

Office

REITs

(

0

.0

%

)

(b)

Boston

Properties,

Inc.

1,343

82,675

COPT

Defense

Properties

971

24,304

Vornado

Realty

Trust

1,459

38,357

145,336

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(

0

.2

%

)

Occidental

Petroleum

Corp.

11,876

$

748,544

Paper

&

Forest

Products

(

0

.0

%

)

(b)

Louisiana-Pacific

Corp.

495

40,753

Passenger

Airlines

(

0

.1

%

)

Alaska

Air

Group,

Inc.(a)

1,054

42,582

American

Airlines

Group,

Inc.(a)

5,395

61,125

Delta

Air

Lines,

Inc.

5,364

254,468

358,175

Personal

Care

Products

(

0

.1

%

)

BellRing

Brands,

Inc.(a)

908

51,883

Coty,

Inc.,

Class

 A(a)

2,676

26,814

elf

Beauty,

Inc.(a)

377

79,441

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,628

173,219

331,357

Pharmaceuticals

(

3

.3

%

)

Bristol-Myers

Squibb

Co.

15,873

659,206

Catalent,

Inc.(a)

1,376

77,372

Elanco

Animal

Health,

Inc.(a)

3,818

55,094

Eli

Lilly

&

Co.

6,019

5,449,482

Jazz

Pharmaceuticals

plc(a)

478

51,017

Merck

&

Co.,

Inc.

19,817

2,453,345

Organon

&

Co.

2,007

41,545

Pfizer,

Inc.

44,376

1,241,640

Royalty

Pharma

plc,

Class

 A

2,991

78,873

Zoetis,

Inc.,

Class

 A

3,573

619,415

10,726,989

Professional

Services

(

0

.8

%

)

Automatic

Data

Processing,

Inc.

3,014

719,412

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

996

153,284

Broadridge

Financial

Solutions,

Inc.

864

170,208

Dayforce,

Inc.(a)

1,142

56,643

Equifax,

Inc.

960

232,762

ExlService

Holdings,

Inc.(a)

1,145

35,907

Exponent,

Inc.

390

37,097

FTI

Consulting,

Inc.(a)

275

59,271

Genpact

Ltd.

1,212

39,014

Maximus,

Inc.

475

40,707

Parsons

Corp.(a)

305

24,952

Paychex,

Inc.

2,371

281,106

Paycom

Software,

Inc.

373

53,354

Paylocity

Holding

Corp.(a)

325

42,851

Robert

Half,

Inc.

795

50,864

Science

Applications

International

Corp.

373

43,846

SS&C

Technologies

Holdings,

Inc.

1,579

98,956

TransUnion

1,510

111,982

TriNet

Group,

Inc.

248

24,800

Verisk

Analytics,

Inc.,

Class

 A

1,115

300,548

2,577,564

Real

Estate

Management

&

Development

(

0

.2

%

)

CBRE

Group,

Inc.,

Class

 A(a)

2,596

231,329

CoStar

Group,

Inc.(a)

3,150

233,541

Jones

Lang

LaSalle,

Inc.(a)

402

82,523

Zillow

Group,

Inc.,

Class

 C(a)

1,539

71,394

618,787

Shares

Value

Residential

REITs

(

0

.4

%

)

AvalonBay

Communities,

Inc.

1,211

$

250,544

Camden

Property

Trust

899

98,090

Equity

LifeStyle

Properties,

Inc.

1,526

99,388

Equity

Residential

3,177

220,293

Essex

Property

Trust,

Inc.

545

148,349

Mid-America

Apartment

Communities,

Inc.

993

141,612

Sun

Communities,

Inc.

1,053

126,718

UDR,

Inc.

2,805

115,426

1,200,420

Retail

REITs

(

0

.4

%

)

Brixmor

Property

Group,

Inc.

2,568

59,295

Federal

Realty

Investment

Trust

704

71,083

Kimco

Realty

Corp.

5,654

110,027

Kite

Realty

Group

Trust

1,874

41,940

NNN

REIT,

Inc.

1,561

66,499

Realty

Income

Corp.

7,433

392,611

Regency

Centers

Corp.

1,571

97,716

Simon

Property

Group,

Inc.

2,761

419,120

1,258,291

Semiconductors

&

Semiconductor

Equipment

(

11

.8

%

)

Advanced

Micro

Devices,

Inc.(a)

11,850

1,922,188

Allegro

MicroSystems,

Inc.(a)

551

15,560

Analog

Devices,

Inc.

3,645

832,008

Applied

Materials,

Inc.

6,083

1,435,527

Broadcom,

Inc.

3,261

5,235,633

Cirrus

Logic,

Inc.(a)

393

50,170

Enphase

Energy,

Inc.(a)

901

89,839

Entegris,

Inc.

1,104

149,482

First

Solar,

Inc.(a)

695

156,695

Intel

Corp.

31,373

971,622

KLA

Corp.

992

817,914

Lam

Research

Corp.

959

1,021,191

Lattice

Semiconductor

Corp.(a)

1,001

58,048

Marvell

Technology,

Inc.

6,298

440,230

Microchip

Technology,

Inc.

3,868

353,922

Micron

Technology,

Inc.

8,125

1,068,681

MKS

Instruments,

Inc.

647

84,485

Monolithic

Power

Systems,

Inc.

343

281,836

NVIDIA

Corp.

155,227

19,176,744

ON

Semiconductor

Corp.(a)

3,149

215,864

Onto

Innovation,

Inc.(a)

360

79,042

Qorvo,

Inc.(a)

699

81,112

QUALCOMM,

Inc.

8,211

1,635,467

Rambus,

Inc.(a)

788

46,303

Skyworks

Solutions,

Inc.

1,176

125,338

Teradyne,

Inc.

1,131

167,716

Texas

Instruments,

Inc.

6,703

1,303,935

Universal

Display

Corp.

323

67,911

37,884,463

Software

(

11

.3

%

)

Adobe,

Inc.(a)

3,289

1,827,171

Altair

Engineering,

Inc.,

Class

 A(a)

411

40,311

ANSYS,

Inc.(a)

640

205,760

Appfolio,

Inc.,

Class

 A(a)

159

38,887

AppLovin

Corp.,

Class

 A(a)

1,250

104,025

Aspen

Technology,

Inc.(a)

198

39,329

Atlassian

Corp.,

Class

 A(a)

1,162

205,534

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Software

(cont’d)

Autodesk,

Inc.(a)

1,581

$

391,218

BILL

Holdings,

Inc.(a)

747

39,307

Cadence

Design

Systems,

Inc.(a)

1,987

611,499

CCC

Intelligent

Solutions

Holdings,

Inc.(a)

2,520

27,997

Clearwater

Analytics

Holdings,

Inc.,

Class

 A(a)

1,075

19,909

CommVault

Systems,

Inc.(a)

316

38,416

Confluent,

Inc.,

Class

 A(a)

1,725

50,939

Crowdstrike

Holdings,

Inc.,

Class

 A(a)

1,664

637,628

Datadog,

Inc.,

Class

 A(a)

2,053

266,253

DocuSign,

Inc.,

Class

 A(a)

1,491

79,768

Dolby

Laboratories,

Inc.,

Class

 A

433

34,307

Dropbox,

Inc.,

Class

 A(a)

1,762

39,592

Dynatrace,

Inc.(a)

2,071

92,656

Elastic

NV(a)

614

69,941

Fair

Isaac

Corp.(a)

188

279,868

Fortinet,

Inc.(a)

4,633

279,231

Gen

Digital,

Inc.

4,186

104,566

Guidewire

Software,

Inc.(a)

609

83,975

HashiCorp,

Inc.,

Class

 A(a)

875

29,479

HubSpot,

Inc.(a)

360

212,324

Intuit,

Inc.

2,004

1,317,049

Manhattan

Associates,

Inc.(a)

448

110,513

Microsoft

Corp.

48,047

21,474,607

Nutanix,

Inc.,

Class

 A(a)

1,800

102,330

Oracle

Corp.

11,770

1,661,924

Palo

Alto

Networks,

Inc.(a)

2,358

799,386

PTC,

Inc.(a)

871

158,235

Qualys,

Inc.(a)

265

37,789

Roper

Technologies,

Inc.

786

443,037

Salesforce,

Inc.

6,956

1,788,388

SentinelOne,

Inc.,

Class

 A(a)

1,941

40,858

ServiceNow,

Inc.(a)

1,504

1,183,152

Smartsheet,

Inc.,

Class

 A(a)

963

42,449

SPS

Commerce,

Inc.(a)

270

50,803

Synopsys,

Inc.(a)

1,124

668,847

Tenable

Holdings,

Inc.(a)

860

37,479

Tyler

Technologies,

Inc.(a)

311

156,365

Varonis

Systems,

Inc.,

Class

 B(a)

801

38,424

Workday,

Inc.,

Class

 A(a)

1,532

342,494

Zoom

Video

Communications,

Inc.,

Class

 A(a)

1,768

104,648

Zscaler,

Inc.(a)

663

127,422

36,536,089

Specialized

REITs

(

1

.1

%

)

American

Tower

Corp.

3,980

773,632

Crown

Castle,

Inc.

3,707

362,174

CubeSmart

1,911

86,320

Digital

Realty

Trust,

Inc.

2,756

419,050

Equinix,

Inc.

808

611,333

Extra

Space

Storage,

Inc.

1,785

277,407

Iron

Mountain,

Inc.

2,146

192,325

Lamar

Advertising

Co.,

Class

 A

746

89,169

Public

Storage

1,359

390,916

SBA

Communications

Corp.,

Class

 A

911

178,829

Weyerhaeuser

Co.

5,011

142,262

3,523,417

Specialty

Retail

(

2

.1

%

)

Abercrombie

&

Fitch

Co.,

Class

 A(a)

354

62,955

Shares

Value

Asbury

Automotive

Group,

Inc.(a)

141

$

32,130

AutoNation,

Inc.(a)

185

29,485

AutoZone,

Inc.(a)

120

355,692

Bath

&

Body

Works,

Inc.

1,553

60,645

Best

Buy

Co.,

Inc.

1,389

117,079

Burlington

Stores,

Inc.(a)

448

107,520

CarMax,

Inc.(a)

1,100

80,674

Carvana

Co.,

Class

 A(a)

693

89,203

Chewy,

Inc.,

Class

 A(a)

844

22,991

Dick's

Sporting

Goods,

Inc.

393

84,436

Five

Below,

Inc.(a)

377

41,082

Floor

&

Decor

Holdings,

Inc.,

Class

 A(a)

741

73,663

GameStop

Corp.,

Class

 A(a)

1,883

46,491

Gap,

Inc.

(The)

1,577

37,675

Home

Depot,

Inc.

(The)

6,968

2,398,664

Lithia

Motors,

Inc.,

Class

 A

189

47,713

Lowe's

Cos.,

Inc.

4,003

882,501

O'Reilly

Automotive,

Inc.(a)

410

432,985

Penske

Automotive

Group,

Inc.

131

19,522

RH(a)

105

25,666

Ross

Stores,

Inc.

2,312

335,980

Signet

Jewelers

Ltd.

306

27,411

TJX

Cos.,

Inc.

(The)

7,958

876,176

Tractor

Supply

Co.

755

203,850

Ulta

Beauty,

Inc.(a)

335

129,266

Williams-Sonoma,

Inc.

436

123,113

6,744,568

Technology

Hardware,

Storage

&

Peripherals

(

7

.1

%

)

Apple,

Inc.

100,595

21,187,319

Dell

Technologies,

Inc.,

Class

 C

1,962

270,579

Hewlett

Packard

Enterprise

Co.

9,524

201,623

HP,

Inc.

6,345

222,202

NetApp,

Inc.

1,517

195,390

Pure

Storage,

Inc.,

Class

 A(a)

2,258

144,986

Seagate

Technology

Holdings

plc

1,537

158,726

Super

Micro

Computer,

Inc.(a)

370

303,159

Western

Digital

Corp.(a)

2,357

178,590

22,862,574

Textiles,

Apparel

&

Luxury

Goods

(

0

.4

%

)

Columbia

Sportswear

Co.

233

18,426

Crocs,

Inc.(a)

412

60,127

Deckers

Outdoor

Corp.(a)

178

172,295

Levi

Strauss

&

Co.,

Class

 A

637

12,281

Lululemon

Athletica,

Inc.(a)

774

231,194

NIKE,

Inc.,

Class

 B

8,233

620,521

PVH

Corp.

395

41,819

Ralph

Lauren

Corp.,

Class

 A

275

48,141

Skechers

USA,

Inc.,

Class

 A(a)

922

63,729

Tapestry,

Inc.

1,606

68,721

VF

Corp.

2,573

34,735

1,371,989

Trading

Companies

&

Distributors

(

0

.6

%

)

Air

Lease

Corp.,

Class

 A

1,009

47,958

Applied

Industrial

Technologies,

Inc.

369

71,586

Beacon

Roofing

Supply,

Inc.(a)

447

40,454

Boise

Cascade

Co.

277

33,024

Core

&

Main,

Inc.,

Class

 A(a)

1,863

91,175

Fastenal

Co.

4,010

251,988

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Trading

Companies

&

Distributors

(cont’d)

Ferguson

plc

1,412

$

273,434

FTAI

Aviation

Ltd.

963

99,410

GATX

Corp.

341

45,135

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

310

24,586

SiteOne

Landscape

Supply,

Inc.(a)

313

38,001

United

Rentals,

Inc.

642

415,201

Watsco,

Inc.

339

157,038

WESCO

International,

Inc.

329

52,153

WW

Grainger,

Inc.

312

281,499

1,922,642

Water

Utilities

(

0

.1

%

)

American

Water

Works

Co.,

Inc.

1,657

214,018

Essential

Utilities,

Inc.

2,326

86,830

300,848

Wireless

Telecommunication

Services

(

0

.2

%

)

T-Mobile

US,

Inc.

3,264

575,052

Total

Common

Stocks

(Cost

$257,650,165)

321,901,459

Short-Term

Investment

(0.1%)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(c)

(Cost

$302,604)

302,604

302,604

Total

Investments

(

100

.0

%

)

(Cost

$

257,952,769

)

(d)

322,204,063

Other

Assets

in

Excess

of

Liabilities

(0.0%)

(b)

130,395

NET

ASSETS

(100.0%)

$

322,334,458

REIT

Real

Estate

Investment

Trust

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$699

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(d)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$257,952,769.

The

aggregate

gross

unrealized

appreciation

is

$70,067,673

and

the

aggregate

gross

unrealized

depreciation

is

$5,816,379,

resulting

in

net

unrealized

appreciation

of

$64,251,294.

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

69

.8

%

Semiconductors

&

Semiconductor

Equipment

11

.8

Software

11

.3

Technology

Hardware,

Storage

&

Peripherals

7

.1

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.8%)

Air

Freight

&

Logistics

(

0

.3

%

)

Expeditors

International

of

Washington,

Inc.

169

$

21,089

FedEx

Corp.

271

81,257

102,346

Automobile

Components

(

0

.1

%

)

Aptiv

plc(a)

326

22,957

BorgWarner,

Inc.

273

8,802

Lear

Corp.

68

7,766

39,525

Automobiles

(

0

.0

%

)

(b)

Thor

Industries,

Inc.

61

5,700

Banks

(

4

.0

%

)

Bank

of

America

Corp.

8,304

330,250

Cadence

Bank

219

6,193

Citigroup,

Inc.

2,295

145,641

Citizens

Financial

Group,

Inc.

545

19,636

Comerica,

Inc.

158

8,064

Cullen/Frost

Bankers,

Inc.

71

7,216

East

West

Bancorp,

Inc.

166

12,156

Fifth

Third

Bancorp

820

29,922

Huntington

Bancshares,

Inc.

1,727

22,762

JPMorgan

Chase

&

Co.

3,452

698,202

KeyCorp

1,133

16,100

Old

National

Bancorp

381

6,549

Regions

Financial

Corp.

1,101

22,064

Synovus

Financial

Corp.

174

6,993

Truist

Financial

Corp.

1,609

62,510

U.S.

Bancorp

1,879

74,596

Wintrust

Financial

Corp.

73

7,195

Zions

Bancorp

NA

175

7,590

1,483,639

Beverages

(

1

.8

%

)

Celsius

Holdings,

Inc.(a)

188

10,733

Coca-Cola

Co.

(The)

5,158

328,307

Keurig

Dr

Pepper,

Inc.

1,281

42,785

PepsiCo,

Inc.

1,653

272,629

654,454

Biotechnology

(

2

.9

%

)

AbbVie,

Inc.

2,129

365,166

Alnylam

Pharmaceuticals,

Inc.(a)

151

36,693

Amgen,

Inc.

646

201,843

Biogen,

Inc.(a)

174

40,337

Blueprint

Medicines

Corp.(a)

73

7,868

Gilead

Sciences,

Inc.

1,502

103,052

Halozyme

Therapeutics,

Inc.(a)

151

7,906

Moderna,

Inc.(a)

406

48,212

Regeneron

Pharmaceuticals,

Inc.(a)

128

134,532

Vertex

Pharmaceuticals,

Inc.(a)

311

145,772

1,091,381

Broadline

Retail

(

0

.1

%

)

eBay,

Inc.

604

32,447

Etsy,

Inc.(a)

140

8,257

Macy's,

Inc.

331

6,355

47,059

Shares

Value

Building

Products

(

0

.8

%

)

AAON,

Inc.

81

$

7,066

Allegion

plc

105

12,406

Armstrong

World

Industries,

Inc.

52

5,888

AZEK

Co.,

Inc.

(The),

Class

 A(a)

172

7,246

Carrier

Global

Corp.

1,015

64,026

Fortune

Brands

Innovations,

Inc.

149

9,676

Johnson

Controls

International

plc

810

53,841

Masco

Corp.

265

17,668

Owens

Corning

103

17,893

Trane

Technologies

plc

272

89,469

Trex

Co.,

Inc.(a)

130

9,636

294,815

Capital

Markets

(

2

.3

%

)

Ameriprise

Financial,

Inc.

119

50,836

Bank

of

New

York

Mellon

Corp.

(The)

900

53,901

Cboe

Global

Markets,

Inc.

126

21,427

Charles

Schwab

Corp.

(The)

1,786

131,610

CME

Group,

Inc.

433

85,128

Intercontinental

Exchange,

Inc.

686

93,906

Janus

Henderson

Group

plc

160

5,394

Jefferies

Financial

Group,

Inc.

189

9,405

LPL

Financial

Holdings,

Inc.

89

24,858

MarketAxess

Holdings,

Inc.

45

9,024

Moody's

Corp.

191

80,398

Morningstar,

Inc.

32

9,467

Nasdaq,

Inc.

447

26,936

Northern

Trust

Corp.

243

20,407

Raymond

James

Financial,

Inc.

226

27,936

S&P

Global,

Inc.

377

168,142

Tradeweb

Markets,

Inc.,

Class

 A

138

14,628

833,403

Chemicals

(

0

.4

%

)

Ashland,

Inc.

60

5,669

Balchem

Corp.

39

6,004

Ecolab,

Inc.

306

72,828

FMC

Corp.

150

8,633

International

Flavors

&

Fragrances,

Inc.

277

26,373

Mosaic

Co.

(The)

385

11,127

130,634

Commercial

Services

&

Supplies

(

0

.6

%

)

Clean

Harbors,

Inc.(a)

61

13,795

Copart,

Inc.(a)

1,055

57,139

Republic

Services,

Inc.,

Class

 A

247

48,002

Tetra

Tech,

Inc.

64

13,087

Waste

Management,

Inc.

483

103,043

235,066

Communications

Equipment

(

1

.2

%

)

Arista

Networks,

Inc.(a)

309

108,298

Ciena

Corp.(a)

171

8,239

Cisco

Systems,

Inc.

4,850

230,424

Juniper

Networks,

Inc.

387

14,110

Motorola

Solutions,

Inc.

200

77,210

438,281

Construction

&

Engineering

(

0

.2

%

)

AECOM

163

14,367

EMCOR

Group,

Inc.

55

20,079

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Construction

&

Engineering

(cont’d)

Quanta

Services,

Inc.

174

$

44,212

78,658

Construction

Materials

(

0

.0

%

)

(b)

Summit

Materials,

Inc.,

Class

 A(a)

143

5,235

Consumer

Finance

(

0

.8

%

)

American

Express

Co.

699

161,854

Capital

One

Financial

Corp.

455

62,995

Discover

Financial

Services

300

39,243

FirstCash

Holdings,

Inc.

47

4,929

SoFi

Technologies,

Inc.(a)

1,276

8,434

Synchrony

Financial

481

22,698

300,153

Consumer

Staples

Distribution

&

Retail

(

1

.7

%

)

Casey's

General

Stores,

Inc.

44

16,789

Dollar

General

Corp.

265

35,041

Dollar

Tree,

Inc.(a)

263

28,080

Kroger

Co.

(The)

871

43,489

Performance

Food

Group

Co.(a)

183

12,098

Sysco

Corp.

600

42,834

Target

Corp.

557

82,458

U.S.

Foods

Holding

Corp.(a)

295

15,629

Walmart,

Inc.

5,236

354,530

630,948

Containers

&

Packaging

(

0

.1

%

)

Amcor

plc

1,737

16,988

Crown

Holdings,

Inc.

144

10,712

Graphic

Packaging

Holding

Co.

365

9,567

Silgan

Holdings,

Inc.

99

4,191

Sonoco

Products

Co.

117

5,934

47,392

Distributors

(

0

.0

%

)

(b)

Pool

Corp.

45

13,830

Diversified

Consumer

Services

(

0

.0

%

)

(b)

Service

Corp.

International

171

12,163

Diversified

Telecommunication

Services

(

1

.0

%

)

AT&T,

Inc.

8,642

165,149

Verizon

Communications,

Inc.

5,076

209,334

374,483

Electric

Utilities

(

0

.9

%

)

Alliant

Energy

Corp.

308

15,677

Avangrid,

Inc.

160

5,685

Eversource

Energy

424

24,045

Exelon

Corp.

1,204

41,670

IDACORP,

Inc.

60

5,589

NextEra

Energy,

Inc.

2,477

175,396

NRG

Energy,

Inc.

246

19,154

Portland

General

Electric

Co.

123

5,319

Xcel

Energy,

Inc.

668

35,678

328,213

Electrical

Equipment

(

0

.8

%

)

Eaton

Corp.

plc

481

150,818

Emerson

Electric

Co.

688

75,790

nVent

Electric

plc

198

15,169

Shares

Value

Rockwell

Automation,

Inc.

137

$

37,713

279,490

Electronic

Equipment,

Instruments

&

Components

(

0

.4

%

)

Amphenol

Corp.,

Class

 A

1,441

97,080

Badger

Meter,

Inc.

35

6,522

Itron,

Inc.(a)

54

5,344

TD

SYNNEX

Corp.

93

10,732

Trimble,

Inc.(a)

293

16,385

Zebra

Technologies

Corp.,

Class

 A(a)

61

18,845

154,908

Energy

Equipment

&

Services

(

0

.1

%

)

Baker

Hughes

Co.,

Class

 A

1,202

42,274

Entertainment

(

1

.6

%

)

Electronic

Arts,

Inc.

290

40,406

Netflix,

Inc.(a)

515

347,563

Walt

Disney

Co.

(The)

2,198

218,239

606,208

Financial

Services

(

3

.3

%

)

Equitable

Holdings,

Inc.

390

15,935

Fidelity

National

Information

Services,

Inc.

671

50,567

Fiserv,

Inc.(a)

701

104,477

Jack

Henry

&

Associates,

Inc.

87

14,444

Mastercard,

Inc.,

Class

 A

999

440,719

MGIC

Investment

Corp.

317

6,831

Mr

Cooper

Group,

Inc.(a)

74

6,011

PayPal

Holdings,

Inc.(a)

1,258

73,002

Radian

Group,

Inc.

179

5,567

Visa,

Inc.,

Class

 A

1,894

497,118

1,214,671

Food

Products

(

0

.6

%

)

Conagra

Brands,

Inc.

574

16,313

Flowers

Foods,

Inc.

237

5,261

General

Mills,

Inc.

679

42,954

Hershey

Co.

(The)

177

32,538

JM

Smucker

Co.

(The)

125

13,630

Kellanova

346

19,957

Mondelez

International,

Inc.,

Class

 A

1,613

105,555

236,208

Gas

Utilities

(

0

.0

%

)

(b)

Southwest

Gas

Holdings,

Inc.

74

5,208

Ground

Transportation

(

0

.5

%

)

Lyft,

Inc.,

Class

 A(a)

413

5,823

Union

Pacific

Corp.

734

166,075

XPO,

Inc.(a)

137

14,543

186,441

Health

Care

Equipment

&

Supplies

(

2

.5

%

)

Abbott

Laboratories

2,084

216,548

Align

Technology,

Inc.(a)

84

20,280

Baxter

International,

Inc.

612

20,471

Becton

Dickinson

&

Co.

348

81,331

Boston

Scientific

Corp.(a)

1,766

136,000

Edwards

Lifesciences

Corp.(a)

715

66,045

Hologic,

Inc.(a)

278

20,641

IDEXX

Laboratories,

Inc.(a)

98

47,746

Inspire

Medical

Systems,

Inc.(a)

35

4,684

Insulet

Corp.(a)

84

16,951

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Health

Care

Equipment

&

Supplies

(cont’d)

Medtronic

plc

1,581

$

124,440

Penumbra,

Inc.(a)

45

8,099

STERIS

plc

118

25,906

Stryker

Corp.

431

146,648

935,790

Health

Care

Providers

&

Services

(

2

.6

%

)

Centene

Corp.(a)

637

42,233

Cigna

Group

(The)

336

111,072

CVS

Health

Corp.

1,512

89,299

Elevance

Health,

Inc.

279

151,179

HealthEquity,

Inc.(a)

102

8,792

Henry

Schein,

Inc.(a)

152

9,743

UnitedHealth

Group,

Inc.

1,108

564,260

976,578

Health

Care

REITs

(

0

.3

%

)

Healthpeak

Properties,

Inc.

846

16,582

Omega

Healthcare

Investors,

Inc.

297

10,172

Ventas,

Inc.

486

24,912

Welltower,

Inc.

721

75,164

126,830

Health

Care

Technology

(

0

.1

%

)

Veeva

Systems,

Inc.,

Class

 A(a)

178

32,576

Hotel

&

Resort

REITs

(

0

.1

%

)

Host

Hotels

&

Resorts,

Inc.

839

15,085

Ryman

Hospitality

Properties,

Inc.

69

6,891

21,976

Hotels,

Restaurants

&

Leisure

(

1

.3

%

)

Booking

Holdings,

Inc.

41

162,421

Choice

Hotels

International,

Inc.

33

3,927

Hilton

Worldwide

Holdings,

Inc.

295

64,369

Hyatt

Hotels

Corp.,

Class

 A

52

7,900

Marriott

International,

Inc.,

Class

 A

289

69,872

Starbucks

Corp.

1,338

104,163

Texas

Roadhouse,

Inc.,

Class

 A

80

13,737

Vail

Resorts,

Inc.

44

7,926

Yum!

Brands,

Inc.

339

44,904

479,219

Household

Durables

(

0

.1

%

)

Meritage

Homes

Corp.

42

6,798

Tempur

Sealy

International,

Inc.

202

9,562

TopBuild

Corp.(a)

38

14,640

Whirlpool

Corp.

64

6,541

37,541

Household

Products

(

0

.5

%

)

Clorox

Co.

(The)

150

20,470

Colgate-Palmolive

Co.

989

95,973

Kimberly-Clark

Corp.

406

56,109

172,552

Independent

Power

and

Renewable

Electricity

Producers

(

0

.1

%

)

AES

Corp.

(The)

853

14,987

Clearway

Energy,

Inc.,

Class

 C

134

3,309

18,296

Industrial

REITs

(

0

.0

%

)

(b)

Rexford

Industrial

Realty,

Inc.

262

11,683

Shares

Value

Insurance

(

1

.8

%

)

Allstate

Corp.

(The)

316

$

50,453

American

Financial

Group,

Inc.

87

10,703

American

International

Group,

Inc.

798

59,244

Aon

plc,

Class

 A

259

76,037

Arch

Capital

Group

Ltd.(a)

438

44,190

First

American

Financial

Corp.

119

6,420

Globe

Life,

Inc.

108

8,886

Hartford

Financial

Services

Group,

Inc.

(The)

356

35,792

Lincoln

National

Corp.

203

6,313

Marsh

&

McLennan

Cos.,

Inc.

594

125,168

MetLife,

Inc.

725

50,888

Old

Republic

International

Corp.

304

9,394

Primerica,

Inc.

41

9,700

Principal

Financial

Group,

Inc.

281

22,044

Prudential

Financial,

Inc.

432

50,626

Reinsurance

Group

of

America,

Inc.

78

16,011

RenaissanceRe

Holdings

Ltd.

61

13,634

Travelers

Cos.,

Inc.

(The)

275

55,918

Unum

Group

226

11,551

662,972

Interactive

Media

&

Services

(

6

.7

%

)

Alphabet,

Inc.,

Class

 A

13,421

2,444,635

Pinterest,

Inc.,

Class

 A(a)

711

31,334

2,475,969

IT

Services

(

1

.4

%

)

Accenture

plc,

Class

 A

757

229,681

Akamai

Technologies,

Inc.(a)

180

16,214

EPAM

Systems,

Inc.(a)

67

12,603

Gartner,

Inc.(a)

91

40,865

International

Business

Machines

Corp.

1,107

191,456

Twilio,

Inc.,

Class

 A(a)

194

11,021

VeriSign,

Inc.(a)

106

18,847

520,687

Leisure

Products

(

0

.0

%

)

(b)

Brunswick

Corp.

80

5,821

Mattel,

Inc.(a)

411

6,683

12,504

Life

Sciences

Tools

&

Services

(

1

.7

%

)

Agilent

Technologies,

Inc.

352

45,630

Avantor,

Inc.(a)

798

16,917

Bio-Rad

Laboratories,

Inc.,

Class

 A(a)

24

6,555

Danaher

Corp.

815

203,628

IQVIA

Holdings,

Inc.(a)

218

46,094

Medpace

Holdings,

Inc.(a)

31

12,767

Thermo

Fisher

Scientific,

Inc.

460

254,380

Waters

Corp.(a)

71

20,598

West

Pharmaceutical

Services,

Inc.

87

28,657

635,226

Machinery

(

1

.4

%

)

Chart

Industries,

Inc.(a)

51

7,361

Cummins,

Inc.

162

44,863

Deere

&

Co.

308

115,078

Fortive

Corp.

423

31,344

Franklin

Electric

Co.,

Inc.

47

4,527

IDEX

Corp.

91

18,309

Ingersoll

Rand,

Inc.

486

44,148

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Machinery

(cont’d)

ITT,

Inc.

98

$

12,660

Lincoln

Electric

Holdings,

Inc.

67

12,639

Middleby

Corp.

(The)(a)

63

7,724

Otis

Worldwide

Corp.

487

46,879

Parker-Hannifin

Corp.

154

77,895

Stanley

Black

&

Decker,

Inc.

185

14,780

Toro

Co.

(The)

125

11,689

Westinghouse

Air

Brake

Technologies

Corp.

211

33,348

Xylem,

Inc.

291

39,468

522,712

Media

(

0

.8

%

)

Comcast

Corp.,

Class

 A

4,689

183,621

Interpublic

Group

of

Cos.,

Inc.

(The)

453

13,178

Omnicom

Group,

Inc.

233

20,900

Paramount

Global,

Class

 B

730

7,585

Trade

Desk,

Inc.

(The),

Class

 A(a)

533

52,058

277,342

Metals

&

Mining

(

0

.0

%

)

(b)

ATI,

Inc.(a)

147

8,151

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.0

%

)

(b)

Rithm

Capital

Corp.

580

6,328

Multi-Utilities

(

0

.4

%

)

CMS

Energy

Corp.

358

21,312

DTE

Energy

Co.

249

27,641

Public

Service

Enterprise

Group,

Inc.

600

44,220

Sempra

763

58,034

151,207

Passenger

Airlines

(

0

.1

%

)

Alaska

Air

Group,

Inc.(a)

152

6,141

Delta

Air

Lines,

Inc.

776

36,813

42,954

Personal

Care

Products

(

0

.1

%

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

280

29,792

Pharmaceuticals

(

4

.7

%

)

Bristol-Myers

Squibb

Co.

2,444

101,499

Elanco

Animal

Health,

Inc.(a)

589

8,499

Eli

Lilly

&

Co.

1,026

928,920

Merck

&

Co.,

Inc.

3,052

377,838

Organon

&

Co.

309

6,396

Pfizer,

Inc.

6,834

191,215

Royalty

Pharma

plc,

Class

 A

461

12,157

Zoetis,

Inc.,

Class

 A

550

95,348

1,721,872

Professional

Services

(

0

.8

%

)

Automatic

Data

Processing,

Inc.

493

117,674

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

153

23,547

Broadridge

Financial

Solutions,

Inc.

141

27,777

Dayforce,

Inc.(a)

187

9,275

Equifax,

Inc.

148

35,884

ExlService

Holdings,

Inc.(a)

187

5,864

FTI

Consulting,

Inc.(a)

42

9,052

Genpact

Ltd.

198

6,374

Maximus,

Inc.

72

6,170

Paycom

Software,

Inc.

61

8,725

Paylocity

Holding

Corp.(a)

53

6,988

Shares

Value

Robert

Half,

Inc.

123

$

7,870

Science

Applications

International

Corp.

61

7,171

TriNet

Group,

Inc.

66

6,600

278,971

Real

Estate

Management

&

Development

(

0

.2

%

)

CoStar

Group,

Inc.(a)

487

36,106

Jones

Lang

LaSalle,

Inc.(a)

56

11,496

Zillow

Group,

Inc.,

Class

 C(a)

252

11,690

59,292

Residential

REITs

(

0

.0

%

)

(b)

Equity

LifeStyle

Properties,

Inc.

215

14,003

Retail

REITs

(

0

.4

%

)

Brixmor

Property

Group,

Inc.

360

8,312

Kimco

Realty

Corp.

796

15,490

NNN

REIT,

Inc.

219

9,330

Realty

Income

Corp.

1,049

55,408

Simon

Property

Group,

Inc.

390

59,202

147,742

Semiconductors

&

Semiconductor

Equipment

(

15

.4

%

)

Advanced

Micro

Devices,

Inc.(a)

1,939

314,525

Analog

Devices,

Inc.

596

136,043

Broadcom,

Inc.

548

879,830

Cirrus

Logic,

Inc.(a)

64

8,170

First

Solar,

Inc.(a)

121

27,281

Intel

Corp.

5,133

158,969

Lam

Research

Corp.

157

167,181

Micron

Technology,

Inc.

1,330

174,935

MKS

Instruments,

Inc.

80

10,446

NVIDIA

Corp.

28,427

3,511,872

ON

Semiconductor

Corp.(a)

516

35,372

QUALCOMM,

Inc.

1,344

267,698

Teradyne,

Inc.

185

27,434

5,719,756

Software

(

14

.9

%

)

Adobe,

Inc.(a)

538

298,880

ANSYS,

Inc.(a)

104

33,436

Appfolio,

Inc.,

Class

 A(a)

26

6,359

Atlassian

Corp.,

Class

 A(a)

190

33,607

Autodesk,

Inc.(a)

259

64,090

BILL

Holdings,

Inc.(a)

122

6,420

CommVault

Systems,

Inc.(a)

51

6,200

Crowdstrike

Holdings,

Inc.,

Class

 A(a)

272

104,228

DocuSign,

Inc.,

Class

 A(a)

244

13,054

Dropbox,

Inc.,

Class

 A(a)

288

6,471

Dynatrace,

Inc.(a)

338

15,122

Fair

Isaac

Corp.(a)

29

43,171

Gen

Digital,

Inc.

686

17,136

HubSpot,

Inc.(a)

59

34,798

Intuit,

Inc.

328

215,565

Microsoft

Corp.

8,835

3,948,803

Nutanix,

Inc.,

Class

 A(a)

293

16,657

Palo

Alto

Networks,

Inc.(a)

386

130,858

Salesforce,

Inc.

1,138

292,580

ServiceNow,

Inc.(a)

246

193,521

Tenable

Holdings,

Inc.(a)

140

6,101

Tyler

Technologies,

Inc.(a)

51

25,642

5,512,699

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Specialized

REITs

(

0

.9

%

)

American

Tower

Corp.

562

$

109,242

Crown

Castle,

Inc.

523

51,097

CubeSmart

269

12,151

Digital

Realty

Trust,

Inc.

389

59,147

Equinix,

Inc.

114

86,252

Weyerhaeuser

Co.

876

24,870

342,759

Specialty

Retail

(

2

.2

%

)

Bath

&

Body

Works,

Inc.

267

10,426

Best

Buy

Co.,

Inc.

238

20,061

Burlington

Stores,

Inc.(a)

76

18,240

Dick's

Sporting

Goods,

Inc.

67

14,395

Home

Depot,

Inc.

(The)

1,196

411,711

Lowe's

Cos.,

Inc.

687

151,456

TJX

Cos.,

Inc.

(The)

1,365

150,287

Tractor

Supply

Co.

129

34,830

811,406

Technology

Hardware,

Storage

&

Peripherals

(

11

.0

%

)

Apple,

Inc.

18,485

3,893,311

Dell

Technologies,

Inc.,

Class

 C

322

44,407

Hewlett

Packard

Enterprise

Co.

1,562

33,068

HP,

Inc.

1,040

36,421

NetApp,

Inc.

248

31,942

Seagate

Technology

Holdings

plc

252

26,024

Western

Digital

Corp.(a)

386

29,247

4,094,420

Textiles,

Apparel

&

Luxury

Goods

(

0

.2

%

)

Columbia

Sportswear

Co.

40

3,163

Crocs,

Inc.(a)

70

10,216

Deckers

Outdoor

Corp.(a)

31

30,007

PVH

Corp.

67

7,093

Skechers

USA,

Inc.,

Class

 A(a)

158

10,921

VF

Corp.

442

5,967

67,367

Trading

Companies

&

Distributors

(

0

.2

%

)

Applied

Industrial

Technologies,

Inc.

46

8,924

Fastenal

Co.

689

43,297

GATX

Corp.

42

5,559

Watsco,

Inc.

42

19,456

77,236

Water

Utilities

(

0

.1

%

)

American

Water

Works

Co.,

Inc.

235

30,353

Wireless

Telecommunication

Services

(

0

.3

%

)

T-Mobile

US,

Inc.

534

94,080

Total

Common

Stocks

(Cost

$34,771,164)

37,003,627

Shares

Value

Short-Term

Investment

(0.2%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(c)

(Cost

$60,715)

60,715

$

60,715

Total

Investments

(

100

.0

%

)

(Cost

$

34,831,879

)

(d)

37,064,342

Other

Assets

in

Excess

of

Liabilities

(0.0%)

(b)

15,455

NET

ASSETS

(100.0%)

$

37,079,797

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$107

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(d)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$34,831,879.

The

aggregate

gross

unrealized

appreciation

is

$2,537,745

and

the

aggregate

gross

unrealized

depreciation

is

$305,282,

resulting

in

net

unrealized

appreciation

of

$2,232,463.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

51

.9

%

Semiconductors

&

Semiconductor

Equipment

15

.4

Software

14

.9

Technology

Hardware,

Storage

&

Peripherals

11

.1

Interactive

Media

&

Services

6

.7

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.8%)

Aerospace

&

Defense

(

0

.9

%

)

Axon

Enterprise,

Inc.(a)

509

$

149,768

Curtiss-Wright

Corp.

272

73,707

HEICO

Corp.

716

160,105

Hexcel

Corp.

585

36,533

Moog,

Inc.,

Class

 A

200

33,460

Woodward,

Inc.

403

70,275

523,848

Air

Freight

&

Logistics

(

0

.5

%

)

CH

Robinson

Worldwide,

Inc.

976

86,005

Expeditors

International

of

Washington,

Inc.

1,070

133,525

GXO

Logistics,

Inc.(a)

834

42,117

261,647

Automobile

Components

(

0

.7

%

)

Aptiv

plc(a)

1,899

133,728

Autoliv,

Inc.

685

73,288

BorgWarner,

Inc.

1,909

61,546

Lear

Corp.

479

54,707

Modine

Manufacturing

Co.(a)

433

43,382

366,651

Automobiles

(

0

.3

%

)

Harley-Davidson,

Inc.

1,126

37,766

Rivian

Automotive,

Inc.,

Class

 A(a)

6,014

80,708

Thor

Industries,

Inc.

429

40,090

158,564

Banks

(

2

.8

%

)

Bank

OZK

647

26,527

BOK

Financial

Corp.

156

14,296

Cadence

Bank

1,100

31,108

Citizens

Financial

Group,

Inc.

2,699

97,245

Comerica,

Inc.

786

40,117

Commerce

Bancshares,

Inc.

749

41,779

Cullen/Frost

Bankers,

Inc.

357

36,282

East

West

Bancorp,

Inc.

823

60,268

Fifth

Third

Bancorp

4,085

149,062

First

Citizens

BancShares,

Inc.,

Class

 A

64

107,751

First

Horizon

Corp.

3,228

50,905

FNB

Corp.

2,122

29,029

Home

BancShares,

Inc.

1,109

26,572

Huntington

Bancshares,

Inc.

8,608

113,453

KeyCorp

5,614

79,775

M&T

Bank

Corp.

997

150,906

Old

National

Bancorp

1,888

32,455

Pinnacle

Financial

Partners,

Inc.

452

36,178

Popular,

Inc.

423

37,406

Prosperity

Bancshares,

Inc.

547

33,444

Regions

Financial

Corp.

5,490

110,020

SouthState

Corp.

449

34,313

Synovus

Financial

Corp.

865

34,764

Webster

Financial

Corp.

1,016

44,287

Western

Alliance

Bancorp

641

40,268

Wintrust

Financial

Corp.

364

35,876

Zions

Bancorp

NA

869

37,688

1,531,774

Beverages

(

0

.2

%

)

Celsius

Holdings,

Inc.(a)

1,073

61,257

Shares

Value

Coca-Cola

Consolidated,

Inc.

33

$

35,805

97,062

Biotechnology

(

2

.1

%

)

Alnylam

Pharmaceuticals,

Inc.(a)

847

205,821

Apellis

Pharmaceuticals,

Inc.(a)

668

25,625

Biogen,

Inc.(a)

932

216,056

BioMarin

Pharmaceutical,

Inc.(a)

1,256

103,406

Blueprint

Medicines

Corp.(a)

411

44,298

Bridgebio

Pharma,

Inc.(a)

951

24,089

Exact

Sciences

Corp.(a)

1,222

51,630

Exelixis,

Inc.(a)

1,901

42,715

GRAIL,

Inc.(a)

177

2,721

Halozyme

Therapeutics,

Inc.(a)

850

44,506

Incyte

Corp.(a)

1,233

74,744

Ionis

Pharmaceuticals,

Inc.(a)

900

42,894

Neurocrine

Biosciences,

Inc.(a)

660

90,862

Sarepta

Therapeutics,

Inc.(a)

598

94,484

United

Therapeutics

Corp.(a)

278

88,557

1,152,408

Broadline

Retail

(

0

.5

%

)

eBay,

Inc.

3,066

164,706

Etsy,

Inc.(a)

707

41,699

Macy's,

Inc.

1,672

32,102

Ollie's

Bargain

Outlet

Holdings,

Inc.(a)

376

36,912

275,419

Building

Products

(

1

.8

%

)

AAON,

Inc.

481

41,962

Advanced

Drainage

Systems,

Inc.

493

79,072

Allegion

plc

618

73,017

AO

Smith

Corp.

855

69,922

Armstrong

World

Industries,

Inc.

266

30,122

AZEK

Co.,

Inc.

(The),

Class

 A(a)

871

36,695

Carlisle

Cos.,

Inc.

344

139,392

Fortune

Brands

Innovations,

Inc.

759

49,290

Lennox

International,

Inc.

227

121,440

Masco

Corp.

1,337

89,138

Owens

Corning

674

117,087

Simpson

Manufacturing

Co.,

Inc.

299

50,391

Trex

Co.,

Inc.(a)

659

48,845

UFP

Industries,

Inc.

368

41,216

Zurn

Elkay

Water

Solutions

Corp.

881

25,901

1,013,490

Capital

Markets

(

4

.7

%

)

Affiliated

Managers

Group,

Inc.

187

29,215

Ameriprise

Financial,

Inc.

596

254,605

Ares

Management

Corp.,

Class

 A

996

132,747

Bank

of

New

York

Mellon

Corp.

(The)

4,479

268,247

Blue

Owl

Capital,

Inc.,

Class

 A

2,975

52,806

Carlyle

Group,

Inc.

(The)

1,247

50,067

Cboe

Global

Markets,

Inc.

629

106,968

Evercore,

Inc.,

Class

 A

214

44,604

FactSet

Research

Systems,

Inc.

272

111,049

Franklin

Resources,

Inc.

1,786

39,917

Hamilton

Lane,

Inc.,

Class

 A

260

32,131

Houlihan

Lokey,

Inc.,

Class

 A

314

42,346

Invesco

Ltd.

2,643

39,539

Janus

Henderson

Group

plc

807

27,204

Jefferies

Financial

Group,

Inc.

942

46,874

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Capital

Markets

(cont’d)

LPL

Financial

Holdings,

Inc.

445

$

124,289

MarketAxess

Holdings,

Inc.

264

52,940

Morningstar,

Inc.

192

56,803

MSCI,

Inc.,

Class

 A

480

231,240

Nasdaq,

Inc.

2,226

134,139

Northern

Trust

Corp.

1,205

101,196

Raymond

James

Financial,

Inc.

1,124

138,938

SEI

Investments

Co.

654

42,307

State

Street

Corp.

1,801

133,274

Stifel

Financial

Corp.

593

49,901

T

Rowe

Price

Group,

Inc.

1,312

151,287

TPG,

Inc.,

Class

 A

481

19,937

Tradeweb

Markets,

Inc.,

Class

 A

689

73,034

2,587,604

Chemicals

(

1

.6

%

)

Arcadium

Lithium

plc(a)

14,997

50,390

Ashland,

Inc.

353

33,355

Axalta

Coating

Systems

Ltd.(a)

1,557

53,203

Balchem

Corp.

229

35,255

Cabot

Corp.

386

35,469

Celanese

Corp.,

Class

 A

775

104,540

Eastman

Chemical

Co.

828

81,119

Element

Solutions,

Inc.

1,571

42,605

FMC

Corp.

878

50,529

International

Flavors

&

Fragrances,

Inc.

1,622

154,431

Mosaic

Co.

(The)

2,261

65,343

PPG

Industries,

Inc.

1,524

191,856

898,095

Commercial

Services

&

Supplies

(

1

.0

%

)

Brink's

Co.

(The)

312

31,949

Casella

Waste

Systems,

Inc.,

Class

 A(a)

393

38,993

Clean

Harbors,

Inc.(a)

354

80,057

MSA

Safety,

Inc.

263

49,362

Rollins,

Inc.

2,063

100,654

Stericycle,

Inc.(a)

641

37,261

Tetra

Tech,

Inc.

372

76,067

Veralto

Corp.

1,504

143,587

557,930

Communications

Equipment

(

0

.3

%

)

Ciena

Corp.(a)

901

43,410

F5,

Inc.(a)

368

63,381

Juniper

Networks,

Inc.

2,028

73,941

180,732

Construction

&

Engineering

(

1

.3

%

)

AECOM

941

82,940

API

Group

Corp.(a)

1,447

54,450

Comfort

Systems

USA,

Inc.

245

74,509

Dycom

Industries,

Inc.(a)

197

33,246

EMCOR

Group,

Inc.

323

117,921

MasTec,

Inc.(a)

431

46,113

Quanta

Services,

Inc.

898

228,173

Valmont

Industries,

Inc.

140

38,423

WillScot

Mobile

Mini

Holdings

Corp.(a)

1,280

48,179

723,954

Construction

Materials

(

0

.5

%

)

Summit

Materials,

Inc.,

Class

 A(a)

1,687

61,761

Shares

Value

Vulcan

Materials

Co.

845

$

210,135

271,896

Consumer

Finance

(

0

.9

%

)

Ally

Financial,

Inc.

1,614

64,027

Credit

Acceptance

Corp.(a)

39

20,072

Discover

Financial

Services

1,494

195,430

FirstCash

Holdings,

Inc.

236

24,752

OneMain

Holdings,

Inc.

712

34,525

SLM

Corp.

1,307

27,173

SoFi

Technologies,

Inc.(a)

6,318

41,762

Synchrony

Financial

2,398

113,162

520,903

Consumer

Staples

Distribution

&

Retail

(

2

.2

%

)

Albertsons

Cos.,

Inc.,

Class

 A

2,280

45,030

BJ's

Wholesale

Club

Holdings,

Inc.(a)

801

70,360

Casey's

General

Stores,

Inc.

252

96,153

Dollar

General

Corp.

1,343

177,585

Dollar

Tree,

Inc.(a)

1,335

142,538

Kroger

Co.

(The)

4,527

226,033

Performance

Food

Group

Co.(a)

1,034

68,358

Sprouts

Farmers

Market,

Inc.(a)

681

56,972

Sysco

Corp.

3,142

224,307

U.S.

Foods

Holding

Corp.(a)

1,667

88,318

1,195,654

Containers

&

Packaging

(

1

.6

%

)

Amcor

plc

10,259

100,333

AptarGroup,

Inc.

468

65,899

Avery

Dennison

Corp.

564

123,319

Ball

Corp.

2,196

131,804

Berry

Global

Group,

Inc.

807

47,492

Crown

Holdings,

Inc.

847

63,008

Graphic

Packaging

Holding

Co.

2,146

56,247

Packaging

Corp.

of

America

626

114,282

Sealed

Air

Corp.

1,021

35,521

Silgan

Holdings,

Inc.

585

24,763

Sonoco

Products

Co.

689

34,946

Westrock

Co.

1,826

91,775

889,389

Distributors

(

0

.5

%

)

Genuine

Parts

Co.

851

117,710

LKQ

Corp.

1,616

67,210

Pool

Corp.

227

69,764

254,684

Diversified

Consumer

Services

(

0

.4

%

)

Bright

Horizons

Family

Solutions,

Inc.(a)

409

45,023

Duolingo,

Inc.,

Class

 A(a)

261

54,463

H&R

Block,

Inc.

989

53,633

Service

Corp.

International

1,012

71,984

225,103

Diversified

REITs

(

0

.2

%

)

Essential

Properties

Realty

Trust,

Inc.

1,082

29,982

WP

Carey,

Inc.

1,510

83,126

113,108

Electric

Utilities

(

1

.7

%

)

Alliant

Energy

Corp.

1,775

90,347

Avangrid,

Inc.

492

17,481

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Electric

Utilities

(cont’d)

Evergy,

Inc.

1,571

$

83,216

Eversource

Energy

2,451

138,996

Exelon

Corp.

6,270

217,005

IDACORP,

Inc.

351

32,696

NRG

Energy,

Inc.

1,415

110,172

Portland

General

Electric

Co.

712

30,787

Xcel

Energy,

Inc.

3,613

192,970

913,670

Electrical

Equipment

(

2

.0

%

)

Acuity

Brands,

Inc.

218

52,634

AMETEK,

Inc.

1,437

239,562

Atkore,

Inc.

255

34,407

Hubbell,

Inc.,

Class

 B

381

139,248

NEXTracker,

Inc.,

Class

 A(a)

952

44,630

nVent

Electric

plc

1,169

89,557

Regal

Rexnord

Corp.

469

63,418

Rockwell

Automation,

Inc.

750

206,460

Sensata

Technologies

Holding

plc

1,054

39,409

Vertiv

Holdings

Co.,

Class

 A

2,303

199,371

1,108,696

Electronic

Equipment,

Instruments

&

Components

(

2

.6

%

)

Arrow

Electronics,

Inc.(a)

323

39,005

Avnet,

Inc.

547

28,165

Badger

Meter,

Inc.

208

38,761

CDW

Corp.

851

190,488

Cognex

Corp.

1,213

56,720

Coherent

Corp.(a)

924

66,953

Corning,

Inc.

4,916

190,987

Insight

Enterprises,

Inc.(a)

171

33,919

Itron,

Inc.(a)

324

32,063

Jabil,

Inc.

738

80,287

Keysight

Technologies,

Inc.(a)

1,196

163,553

Littelfuse,

Inc.

174

44,473

Novanta,

Inc.(a)

252

41,104

TD

SYNNEX

Corp.

476

54,930

Teledyne

Technologies,

Inc.(a)

333

129,197

Trimble,

Inc.(a)

1,723

96,350

Vontier

Corp.

973

37,169

Zebra

Technologies

Corp.,

Class

 A(a)

323

99,784

1,423,908

Energy

Equipment

&

Services

(

0

.4

%

)

Baker

Hughes

Co.,

Class

 A

6,396

224,947

Entertainment

(

1

.7

%

)

Electronic

Arts,

Inc.

1,530

213,175

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A(a)

1,672

107,393

Liberty

Media

Corp-Liberty

Live,

Class

 A(a)

484

18,155

Live

Nation

Entertainment,

Inc.(a)

1,096

102,739

ROBLOX

Corp.,

Class

 A(a)

3,161

117,621

Roku,

Inc.,

Class

 A(a)

797

47,764

Take-Two

Interactive

Software,

Inc.(a)

999

155,334

Warner

Bros

Discovery,

Inc.(a)

16,712

124,337

Warner

Music

Group

Corp.,

Class

 A

954

29,240

915,758

Financial

Services

(

1

.9

%

)

Affirm

Holdings,

Inc.,

Class

 A(a)

1,568

47,369

Shares

Value

Block,

Inc.,

Class

 A(a)

3,474

$

224,038

Equitable

Holdings,

Inc.

1,948

79,595

Essent

Group

Ltd.

623

35,006

Euronet

Worldwide,

Inc.(a)

269

27,842

Fidelity

National

Information

Services,

Inc.

3,422

257,882

Jack

Henry

&

Associates,

Inc.

458

76,037

Jackson

Financial,

Inc.,

Class

 A

453

33,640

MGIC

Investment

Corp.

1,571

33,855

Mr

Cooper

Group,

Inc.(a)

371

30,136

PennyMac

Financial

Services,

Inc.

153

14,474

Radian

Group,

Inc.

890

27,679

Shift4

Payments,

Inc.,

Class

 A(a)

383

28,093

Toast,

Inc.,

Class

 A(a)

2,413

62,183

Voya

Financial,

Inc.

599

42,619

WEX,

Inc.(a)

263

46,588

1,067,036

Food

Products

(

2

.7

%

)

Bunge

Global

SA

962

102,713

Campbell

Soup

Co.

1,342

60,645

Conagra

Brands,

Inc.

3,244

92,194

Darling

Ingredients,

Inc.(a)

1,077

39,580

Flowers

Foods,

Inc.

1,341

29,770

Freshpet,

Inc.(a)

322

41,664

General

Mills,

Inc.

3,515

222,359

Hershey

Co.

(The)

971

178,499

Hormel

Foods

Corp.

1,977

60,279

Ingredion,

Inc.

444

50,927

JM

Smucker

Co.

(The)

707

77,091

Kellanova

1,970

113,630

Kraft

Heinz

Co.

(The)

5,324

171,539

Lamb

Weston

Holdings,

Inc.

967

81,305

Lancaster

Colony

Corp.

131

24,755

McCormick

&

Co.,

Inc.

(Non-Voting)

1,813

128,614

1,475,564

Gas

Utilities

(

0

.2

%

)

National

Fuel

Gas

Co.

629

34,086

Southwest

Gas

Holdings,

Inc.

429

30,193

UGI

Corp.

1,449

33,182

97,461

Ground

Transportation

(

1

.3

%

)

JB

Hunt

Transport

Services,

Inc.

687

109,920

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,320

65,894

Landstar

System,

Inc.

299

55,160

Lyft,

Inc.,

Class

 A(a)

2,192

30,907

Old

Dominion

Freight

Line,

Inc.

1,210

213,686

Ryder

System,

Inc.

360

44,597

Saia,

Inc.(a)

225

106,715

XPO,

Inc.(a)

968

102,753

729,632

Health

Care

Equipment

&

Supplies

(

3

.3

%

)

Align

Technology,

Inc.(a)

474

114,438

Baxter

International,

Inc.

3,420

114,399

Cooper

Cos.,

Inc.

(The)

1,333

116,371

DENTSPLY

SIRONA,

Inc.

1,381

34,401

GE

HealthCare

Technologies,

Inc.

2,728

212,566

Glaukos

Corp.(a)

328

38,819

Globus

Medical,

Inc.,

Class

 A(a)

749

51,299

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Health

Care

Equipment

&

Supplies

(cont’d)

Hologic,

Inc.(a)

1,553

$

115,310

IDEXX

Laboratories,

Inc.(a)

506

246,523

Inspire

Medical

Systems,

Inc.(a)

195

26,097

Insulet

Corp.(a)

466

94,039

Masimo

Corp.(a)

289

36,397

Merit

Medical

Systems,

Inc.(a)

380

32,661

Penumbra,

Inc.(a)

251

45,172

ResMed,

Inc.

956

182,997

STERIS

plc

664

145,774

Teleflex,

Inc.

315

66,254

Zimmer

Biomet

Holdings,

Inc.

1,385

150,314

1,823,831

Health

Care

Providers

&

Services

(

2

.1

%

)

Centene

Corp.(a)

3,312

219,586

Chemed

Corp.

100

54,258

DaVita,

Inc.(a)

362

50,162

Encompass

Health

Corp.

669

57,394

Ensign

Group,

Inc.

(The)

368

45,518

HealthEquity,

Inc.(a)

542

46,720

Henry

Schein,

Inc.(a)

848

54,357

Humana,

Inc.

737

275,380

Labcorp

Holdings,

Inc.

566

115,187

Molina

Healthcare,

Inc.(a)

391

116,244

Option

Care

Health,

Inc.(a)

1,155

31,993

Quest

Diagnostics,

Inc.

745

101,976

1,168,775

Health

Care

REITs

(

0

.9

%

)

Alexandria

Real

Estate

Equities,

Inc.

1,206

141,066

Healthcare

Realty

Trust,

Inc.,

Class

 A

2,637

43,458

Healthpeak

Properties,

Inc.

4,899

96,020

Omega

Healthcare

Investors,

Inc.

1,722

58,979

Ventas,

Inc.

2,812

144,143

483,666

Health

Care

Technology

(

0

.3

%

)

Doximity,

Inc.,

Class

 A(a)

750

20,978

Veeva

Systems,

Inc.,

Class

 A(a)

935

171,114

192,092

Hotel

&

Resort

REITs

(

0

.2

%

)

Host

Hotels

&

Resorts,

Inc.

4,861

87,401

Ryman

Hospitality

Properties,

Inc.

406

40,543

127,944

Hotels,

Restaurants

&

Leisure

(

1

.6

%

)

Aramark

1,793

60,998

Choice

Hotels

International,

Inc.

196

23,324

Darden

Restaurants,

Inc.

815

123,326

Domino's

Pizza,

Inc.

237

122,370

Hyatt

Hotels

Corp.,

Class

 A

311

47,247

Planet

Fitness,

Inc.,

Class

 A(a)

621

45,700

Texas

Roadhouse,

Inc.,

Class

 A

456

78,300

Vail

Resorts,

Inc.

262

47,194

Wingstop,

Inc.

196

82,841

Wyndham

Hotels

&

Resorts,

Inc.

562

41,588

Yum!

Brands,

Inc.

1,757

232,732

905,620

Household

Durables

(

1

.8

%

)

Installed

Building

Products,

Inc.

166

34,143

Shares

Value

KB

Home

514

$

36,072

Lennar

Corp.,

Class

 A

1,540

230,800

Meritage

Homes

Corp.

246

39,815

Mohawk

Industries,

Inc.(a)

322

36,576

NVR,

Inc.(a)

21

159,360

PulteGroup,

Inc.

1,435

157,993

Taylor

Morrison

Home

Corp.,

Class

 A(a)

715

39,640

Tempur

Sealy

International,

Inc.

1,021

48,334

Toll

Brothers,

Inc.

709

81,663

TopBuild

Corp.(a)

220

84,759

Whirlpool

Corp.

324

33,113

982,268

Household

Products

(

1

.0

%

)

Church

&

Dwight

Co.,

Inc.

1,496

155,105

Clorox

Co.

(The)

756

103,172

Kimberly-Clark

Corp.

2,050

283,310

541,587

Independent

Power

and

Renewable

Electricity

Producers

(

0

.2

%

)

AES

Corp.

(The)

4,912

86,304

Brookfield

Renewable

Corp.,

Class

 A

923

26,195

Clearway

Energy,

Inc.,

Class

 C

614

15,159

127,658

Industrial

REITs

(

0

.6

%

)

Americold

Realty

Trust,

Inc.

1,982

50,620

EastGroup

Properties,

Inc.

333

56,643

First

Industrial

Realty

Trust,

Inc.

922

43,804

Rexford

Industrial

Realty,

Inc.

1,519

67,732

STAG

Industrial,

Inc.

1,272

45,869

Terreno

Realty

Corp.

663

39,237

303,905

Insurance

(

4

.2

%

)

Allstate

Corp.

(The)

1,575

251,465

American

Financial

Group,

Inc.

435

53,514

Arch

Capital

Group

Ltd.(a)

2,180

219,940

Axis

Capital

Holdings

Ltd.

469

33,135

Brown

&

Brown,

Inc.

1,683

150,477

Cincinnati

Financial

Corp.

924

109,124

Everest

Group

Ltd.

256

97,541

First

American

Financial

Corp.

704

37,981

Globe

Life,

Inc.

539

44,349

Hanover

Insurance

Group,

Inc.

(The)

213

26,719

Hartford

Financial

Services

Group,

Inc.

(The)

1,771

178,056

Kinsale

Capital

Group,

Inc.

132

50,857

Lincoln

National

Corp.

1,005

31,255

Old

Republic

International

Corp.

1,518

46,906

Primerica,

Inc.

205

48,499

Principal

Financial

Group,

Inc.

1,401

109,908

Prudential

Financial,

Inc.

2,152

252,193

Reinsurance

Group

of

America,

Inc.

392

80,466

RenaissanceRe

Holdings

Ltd.

303

67,724

Ryan

Specialty

Holdings,

Inc.,

Class

 A

587

33,993

Selective

Insurance

Group,

Inc.

361

33,873

Unum

Group

1,122

57,345

W.

R.

Berkley

Corp.

1,202

94,453

White

Mountains

Insurance

Group

Ltd.

15

27,262

Willis

Towers

Watson

plc

612

160,430

2,297,465

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Interactive

Media

&

Services

(

0

.5

%

)

Pinterest,

Inc.,

Class

 A(a)

3,749

$

165,218

Snap,

Inc.,

Class

 A(a)

6,550

108,796

ZoomInfo

Technologies,

Inc.,

Class

 A(a)

1,840

23,497

297,511

IT

Services

(

2

.6

%

)

Akamai

Technologies,

Inc.(a)

945

85,126

Amdocs

Ltd.

737

58,164

Cloudflare,

Inc.,

Class

 A(a)

1,880

155,720

Cognizant

Technology

Solutions

Corp.,

Class

 A

3,153

214,404

EPAM

Systems,

Inc.(a)

355

66,779

Gartner,

Inc.(a)

489

219,590

Kyndryl

Holdings,

Inc.(a)

1,447

38,070

MongoDB,

Inc.,

Class

 A(a)

450

112,482

Okta,

Inc.,

Class

 A(a)

1,001

93,704

Snowflake,

Inc.,

Class

 A(a)

1,905

257,346

Twilio,

Inc.,

Class

 A(a)

1,023

58,117

VeriSign,

Inc.(a)

561

99,746

1,459,248

Leisure

Products

(

0

.2

%

)

Brunswick

Corp.

472

34,347

Hasbro,

Inc.

793

46,391

Mattel,

Inc.(a)

2,077

33,772

114,510

Life

Sciences

Tools

&

Services

(

2

.9

%

)

Agilent

Technologies,

Inc.

1,828

236,964

Avantor,

Inc.(a)

4,436

94,043

Bio-Rad

Laboratories,

Inc.,

Class

 A(a)

133

36,324

Bio-Techne

Corp.

1,046

74,946

Bruker

Corp.

678

43,263

Charles

River

Laboratories

International,

Inc.(a)

342

70,650

Illumina,

Inc.(a)

1,099

114,714

IQVIA

Holdings,

Inc.(a)

1,124

237,659

Medpace

Holdings,

Inc.(a)

171

70,426

Mettler-Toledo

International,

Inc.(a)

138

192,867

PerkinElmer,

Inc.

824

86,405

Repligen

Corp.(a)

349

43,995

Waters

Corp.(a)

399

115,758

West

Pharmaceutical

Services,

Inc.

488

160,742

1,578,756

Machinery

(

5

.2

%

)

AGCO

Corp.

439

42,969

Allison

Transmission

Holdings,

Inc.

616

46,754

Chart

Industries,

Inc.(a)

302

43,591

CNH

Industrial

NV

6,905

69,948

Cummins,

Inc.

843

233,452

Donaldson

Co.,

Inc.

848

60,683

Dover

Corp.

934

168,540

Esab

Corp.

404

38,150

Federal

Signal

Corp.

426

35,643

Flowserve

Corp.

935

44,974

Fortive

Corp.

2,373

175,839

Franklin

Electric

Co.,

Inc.

281

27,066

Graco,

Inc.

1,186

94,026

IDEX

Corp.

538

108,246

Ingersoll

Rand,

Inc.

2,529

229,734

ITT,

Inc.

582

75,183

Lincoln

Electric

Holdings,

Inc.

395

74,513

Shares

Value

Middleby

Corp.

(The)(a)

376

$

46,101

Mueller

Industries,

Inc.

782

44,527

Nordson

Corp.

364

84,426

Oshkosh

Corp.

460

49,772

Otis

Worldwide

Corp.

2,508

241,420

Pentair

plc

1,171

89,781

Snap-on,

Inc.

371

96,976

SPX

Technologies,

Inc.(a)

317

45,058

Stanley

Black

&

Decker,

Inc.

1,086

86,761

Timken

Co.

(The)

448

35,898

Toro

Co.

(The)

736

68,823

Watts

Water

Technologies,

Inc.,

Class

 A

192

35,207

Westinghouse

Air

Brake

Technologies

Corp.

1,149

181,600

Xylem,

Inc.

1,540

208,870

2,884,531

Media

(

1

.5

%

)

Charter

Communications,

Inc.,

Class

 A(a)

619

185,056

Interpublic

Group

of

Cos.,

Inc.

(The)

2,677

77,874

Liberty

Broadband

Corp.,

Class

 C(a)

820

44,952

New

York

Times

Co.

(The),

Class

 A

1,148

58,789

Nexstar

Media

Group,

Inc.,

Class

 A

221

36,688

Omnicom

Group,

Inc.

1,386

124,324

Paramount

Global,

Class

 B

4,309

44,771

Trade

Desk,

Inc.

(The),

Class

 A(a)

2,731

266,737

839,191

Metals

&

Mining

(

1

.2

%

)

ATI,

Inc.(a)

1,316

72,972

Commercial

Metals

Co.

1,326

72,917

Nucor

Corp.

1,478

233,642

Reliance,

Inc.

434

123,950

Steel

Dynamics,

Inc.

1,071

138,695

642,176

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.3

%

)

AGNC

Investment

Corp.

4,403

42,005

Annaly

Capital

Management,

Inc.

3,006

57,294

Rithm

Capital

Corp.

2,903

31,672

Starwood

Property

Trust,

Inc.

1,791

33,921

164,892

Multi-Utilities

(

2

.4

%

)

Ameren

Corp.

1,854

131,838

CMS

Energy

Corp.

2,072

123,346

Consolidated

Edison,

Inc.

2,225

198,960

Dominion

Energy,

Inc.

5,099

249,851

DTE

Energy

Co.

1,424

158,078

NiSource,

Inc.

3,119

89,858

Public

Service

Enterprise

Group,

Inc.

3,121

230,018

WEC

Energy

Group,

Inc.

2,145

168,297

1,350,246

Office

REITs

(

0

.2

%

)

Boston

Properties,

Inc.

1,095

67,408

COPT

Defense

Properties

789

19,749

Vornado

Realty

Trust

1,188

31,232

118,389

Paper

&

Forest

Products

(

0

.1

%

)

Louisiana-Pacific

Corp.

433

35,649

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Passenger

Airlines

(

0

.5

%

)

Alaska

Air

Group,

Inc.(a)

1,067

$

43,107

American

Airlines

Group,

Inc.(a)

5,458

61,839

Delta

Air

Lines,

Inc.

4,141

196,449

301,395

Personal

Care

Products

(

0

.5

%

)

BellRing

Brands,

Inc.(a)

794

45,369

Coty,

Inc.,

Class

 A(a)

2,324

23,286

elf

Beauty,

Inc.(a)

328

69,116

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,422

151,301

289,072

Pharmaceuticals

(

0

.5

%

)

Catalent,

Inc.(a)

1,180

66,351

Elanco

Animal

Health,

Inc.(a)

3,274

47,244

Jazz

Pharmaceuticals

plc(a)

410

43,759

Organon

&

Co.

1,720

35,604

Royalty

Pharma

plc,

Class

 A

2,565

67,639

260,597

Professional

Services

(

2

.9

%

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

909

139,895

Broadridge

Financial

Solutions,

Inc.

746

146,962

Dayforce,

Inc.(a)

981

48,658

Equifax,

Inc.

816

197,847

ExlService

Holdings,

Inc.(a)

984

30,858

Exponent,

Inc.

356

33,863

FTI

Consulting,

Inc.(a)

251

54,098

Genpact

Ltd.

1,041

33,510

Maximus,

Inc.

432

37,022

Parsons

Corp.(a)

261

21,352

Paychex,

Inc.

2,007

237,950

Paycom

Software,

Inc.

321

45,916

Paylocity

Holding

Corp.(a)

279

36,786

Robert

Half,

Inc.

725

46,385

Science

Applications

International

Corp.

320

37,616

SS&C

Technologies

Holdings,

Inc.

1,357

85,043

TransUnion

1,385

102,712

TriNet

Group,

Inc.

228

22,800

Verisk

Analytics,

Inc.,

Class

 A

901

242,865

1,602,138

Real

Estate

Management

&

Development

(

0

.9

%

)

CBRE

Group,

Inc.,

Class

 A(a)

2,048

182,497

CoStar

Group,

Inc.(a)

2,619

194,173

Jones

Lang

LaSalle,

Inc.(a)

327

67,126

Zillow

Group,

Inc.,

Class

 C(a)

1,322

61,328

505,124

Residential

REITs

(

1

.8

%

)

AvalonBay

Communities,

Inc.

949

196,338

Camden

Property

Trust

733

79,978

Equity

LifeStyle

Properties,

Inc.

1,244

81,022

Equity

Residential

2,562

177,649

Essex

Property

Trust,

Inc.

445

121,129

Mid-America

Apartment

Communities,

Inc.

810

115,514

Sun

Communities,

Inc.

859

103,372

UDR,

Inc.

2,288

94,151

969,153

Retail

REITs

(

0

.7

%

)

Brixmor

Property

Group,

Inc.

2,092

48,304

Shares

Value

Federal

Realty

Investment

Trust

574

$

57,957

Kimco

Realty

Corp.

4,611

89,730

Kite

Realty

Group

Trust

1,525

34,130

NNN

REIT,

Inc.

1,272

54,187

Regency

Centers

Corp.

1,281

79,678

363,986

Semiconductors

&

Semiconductor

Equipment

(

2

.6

%

)

Allegro

MicroSystems,

Inc.(a)

473

13,357

Cirrus

Logic,

Inc.(a)

340

43,404

Enphase

Energy,

Inc.(a)

721

71,891

Entegris,

Inc.

954

129,172

First

Solar,

Inc.(a)

558

125,807

Lattice

Semiconductor

Corp.(a)

860

49,871

MKS

Instruments,

Inc.

476

62,156

Monolithic

Power

Systems,

Inc.

295

242,396

ON

Semiconductor

Corp.(a)

2,720

186,456

Onto

Innovation,

Inc.(a)

309

67,844

Qorvo,

Inc.(a)

600

69,624

Rambus,

Inc.(a)

677

39,781

Skyworks

Solutions,

Inc.

1,017

108,392

Teradyne,

Inc.

976

144,731

Universal

Display

Corp.

278

58,449

1,413,331

Software

(

5

.9

%

)

Altair

Engineering,

Inc.,

Class

 A(a)

353

34,622

ANSYS,

Inc.(a)

552

177,468

Appfolio,

Inc.,

Class

 A(a)

135

33,017

AppLovin

Corp.,

Class

 A(a)

1,069

88,962

Aspen

Technology,

Inc.(a)

170

33,767

Atlassian

Corp.,

Class

 A(a)

1,003

177,411

Autodesk,

Inc.(a)

1,317

325,892

BILL

Holdings,

Inc.(a)

642

33,782

CCC

Intelligent

Solutions

Holdings,

Inc.(a)

2,160

23,998

Clearwater

Analytics

Holdings,

Inc.,

Class

 A(a)

920

17,038

CommVault

Systems,

Inc.(a)

271

32,945

Confluent,

Inc.,

Class

 A(a)

1,470

43,409

Datadog,

Inc.,

Class

 A(a)

1,773

229,940

DocuSign,

Inc.,

Class

 A(a)

1,281

68,534

Dolby

Laboratories,

Inc.,

Class

 A

372

29,474

Dropbox,

Inc.,

Class

 A(a)

1,514

34,020

Dynatrace,

Inc.(a)

1,770

79,190

Elastic

NV(a)

527

60,031

Fair

Isaac

Corp.(a)

156

232,231

Fortinet,

Inc.(a)

3,957

238,488

Gen

Digital,

Inc.

3,597

89,853

Guidewire

Software,

Inc.(a)

524

72,254

HashiCorp,

Inc.,

Class

 A(a)

742

24,998

HubSpot,

Inc.(a)

310

182,835

Manhattan

Associates,

Inc.(a)

387

95,465

Nutanix,

Inc.,

Class

 A(a)

1,539

87,492

PTC,

Inc.(a)

752

136,616

Qualys,

Inc.(a)

228

32,513

SentinelOne,

Inc.,

Class

 A(a)

1,649

34,711

Smartsheet,

Inc.,

Class

 A(a)

827

36,454

SPS

Commerce,

Inc.(a)

232

43,653

Tenable

Holdings,

Inc.(a)

739

32,206

Tyler

Technologies,

Inc.(a)

267

134,242

Varonis

Systems,

Inc.,

Class

 B(a)

687

32,955

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Software

(cont’d)

Zoom

Video

Communications,

Inc.,

Class

 A(a)

1,519

$

89,910

Zscaler,

Inc.(a)

573

110,125

3,230,501

Specialized

REITs

(

1

.9

%

)

Crown

Castle,

Inc.

2,648

258,710

CubeSmart

1,558

70,375

Extra

Space

Storage,

Inc.

1,367

212,446

Iron

Mountain,

Inc.

1,847

165,528

Lamar

Advertising

Co.,

Class

 A

608

72,674

SBA

Communications

Corp.,

Class

 A

743

145,851

Weyerhaeuser

Co.

4,014

113,957

1,039,541

Specialty

Retail

(

2

.3

%

)

Abercrombie

&

Fitch

Co.,

Class

 A(a)

308

54,775

Asbury

Automotive

Group,

Inc.(a)

123

28,028

AutoNation,

Inc.(a)

161

25,660

Bath

&

Body

Works,

Inc.

1,349

52,678

Best

Buy

Co.,

Inc.

1,208

101,822

Burlington

Stores,

Inc.(a)

389

93,360

CarMax,

Inc.(a)

956

70,113

Carvana

Co.,

Class

 A(a)

603

77,618

Chewy,

Inc.,

Class

 A(a)

733

19,967

Dick's

Sporting

Goods,

Inc.

342

73,479

Five

Below,

Inc.(a)

328

35,742

Floor

&

Decor

Holdings,

Inc.,

Class

 A(a)

643

63,921

GameStop

Corp.,

Class

 A(a)

1,649

40,714

Gap,

Inc.

(The)

1,368

32,682

Lithia

Motors,

Inc.,

Class

 A

164

41,402

Penske

Automotive

Group,

Inc.

114

16,988

RH(a)

91

22,244

Signet

Jewelers

Ltd.

265

23,739

Tractor

Supply

Co.

658

177,660

Ulta

Beauty,

Inc.(a)

291

112,288

Williams-Sonoma,

Inc.

379

107,018

1,271,898

Technology

Hardware,

Storage

&

Peripherals

(

2

.2

%

)

Hewlett

Packard

Enterprise

Co.

8,228

174,187

HP,

Inc.

5,481

191,945

NetApp,

Inc.

1,306

168,213

Pure

Storage,

Inc.,

Class

 A(a)

1,943

124,760

Seagate

Technology

Holdings

plc

1,328

137,142

Super

Micro

Computer,

Inc.(a)

313

256,456

Western

Digital

Corp.(a)

2,036

154,268

1,206,971

Textiles,

Apparel

&

Luxury

Goods

(

1

.2

%

)

Columbia

Sportswear

Co.

202

15,974

Crocs,

Inc.(a)

358

52,247

Deckers

Outdoor

Corp.(a)

154

149,064

Levi

Strauss

&

Co.,

Class

 A

549

10,585

Lululemon

Athletica,

Inc.(a)

675

201,623

PVH

Corp.

343

36,313

Ralph

Lauren

Corp.,

Class

 A

241

42,189

Skechers

USA,

Inc.,

Class

 A(a)

800

55,296

Tapestry,

Inc.

1,395

59,692

VF

Corp.

2,234

30,159

653,142

Shares

Value

Trading

Companies

&

Distributors

(

2

.7

%

)

Air

Lease

Corp.,

Class

 A

739

$

35,125

Applied

Industrial

Technologies,

Inc.

272

52,768

Beacon

Roofing

Supply,

Inc.(a)

385

34,842

Boise

Cascade

Co.

240

28,613

Core

&

Main,

Inc.,

Class

 A(a)

1,356

66,363

Fastenal

Co.

3,500

219,940

Ferguson

plc

1,229

237,996

FTAI

Aviation

Ltd.

706

72,880

GATX

Corp.

249

32,958

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

269

21,334

SiteOne

Landscape

Supply,

Inc.(a)

272

33,023

United

Rentals,

Inc.

405

261,926

Watsco,

Inc.

249

115,347

WESCO

International,

Inc.

284

45,020

WW

Grainger,

Inc.

272

245,409

1,503,544

Water

Utilities

(

0

.4

%

)

American

Water

Works

Co.,

Inc.

1,324

171,008

Essential

Utilities,

Inc.

1,895

70,740

241,748

Total

Common

Stocks

(Cost

$52,716,283)

55,048,638

Short-Term

Investment

(0.1%)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(b)

(Cost

$30,077)

30,077

30,077

Total

Investments

(

99

.9

%

)

(Cost

$

52,746,360

)

(c)

55,078,715

Other

Assets

in

Excess

of

Liabilities

(0.1%)

50,391

NET

ASSETS

(100.0%)

$

55,129,106

(a)

Non-income

producing

security.

(b)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$114

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(c)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$52,746,360.

The

aggregate

gross

unrealized

appreciation

is

$3,966,834

and

the

aggregate

gross

unrealized

depreciation

is

$1,634,479,

resulting

in

net

unrealized

appreciation

of

$2,332,355.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

88

.9

%

Software

5

.9

Machinery

5

.2

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.8%)

Aerospace

&

Defense

(

0

.0

%

)

(a)

Hexcel

Corp.

204

$

12,740

Air

Freight

&

Logistics

(

0

.2

%

)

Expeditors

International

of

Washington,

Inc.

627

78,243

Automobiles

(

0

.9

%

)

General

Motors

Co.

6,168

286,565

Banks

(

2

.0

%

)

Citizens

Financial

Group,

Inc.

3,990

143,760

Fifth

Third

Bancorp

2,517

91,845

Huntington

Bancshares,

Inc.

6,059

79,858

KeyCorp

1,055

14,991

Regions

Financial

Corp.

2,445

48,998

Truist

Financial

Corp.

6,750

262,237

641,689

Biotechnology

(

2

.0

%

)

Alnylam

Pharmaceuticals,

Inc.(b)

501

121,743

Amgen,

Inc.

847

264,645

Exact

Sciences

Corp.(b)

647

27,336

Gilead

Sciences,

Inc.

1,397

95,848

Moderna,

Inc.(b)

87

10,331

Regeneron

Pharmaceuticals,

Inc.(b)

44

46,246

Vertex

Pharmaceuticals,

Inc.(b)

139

65,152

631,301

Broadline

Retail

(

0

.4

%

)

eBay,

Inc.

1,974

106,043

Etsy,

Inc.(b)

184

10,853

116,896

Building

Products

(

0

.7

%

)

Trane

Technologies

plc

705

231,896

Capital

Markets

(

5

.1

%

)

Charles

Schwab

Corp.

(The)

2,656

195,721

FactSet

Research

Systems,

Inc.

157

64,099

Franklin

Resources,

Inc.

641

14,326

Intercontinental

Exchange,

Inc.

2,191

299,926

LPL

Financial

Holdings,

Inc.

136

37,985

Morningstar,

Inc.

306

90,530

MSCI,

Inc.,

Class

 A

55

26,496

Nasdaq,

Inc.

1,750

105,455

S&P

Global,

Inc.

1,350

602,100

State

Street

Corp.

1,448

107,152

T

Rowe

Price

Group,

Inc.

539

62,152

1,605,942

Chemicals

(

2

.4

%

)

Ecolab,

Inc.

952

226,576

FMC

Corp.

1,094

62,960

Linde

plc

481

211,068

Mosaic

Co.

(The)

3,684

106,467

Sherwin-Williams

Co.

(The)

536

159,958

767,029

Commercial

Services

&

Supplies

(

0

.6

%

)

Cintas

Corp.

72

50,419

MSA

Safety,

Inc.

441

82,771

Tetra

Tech,

Inc.

151

30,877

Shares

Value

Veralto

Corp.

169

$

16,134

180,201

Communications

Equipment

(

1

.0

%

)

Ciena

Corp.(b)

272

13,105

Cisco

Systems,

Inc.

5,170

245,627

Lumentum

Holdings,

Inc.(b)

189

9,624

Motorola

Solutions,

Inc.

140

54,047

322,403

Consumer

Finance

(

1

.6

%

)

American

Express

Co.

1,036

239,886

Capital

One

Financial

Corp.

875

121,144

Discover

Financial

Services

1,078

141,013

502,043

Consumer

Staples

Distribution

&

Retail

(

0

.6

%

)

Target

Corp.

1,261

186,678

Containers

&

Packaging

(

0

.4

%

)

Ball

Corp.

2,198

131,924

Distributors

(

0

.1

%

)

Genuine

Parts

Co.

244

33,750

Diversified

Consumer

Services

(

0

.4

%

)

Bright

Horizons

Family

Solutions,

Inc.(b)

739

81,349

Service

Corp.

International

745

52,992

134,341

Diversified

Telecommunication

Services

(

1

.0

%

)

Verizon

Communications,

Inc.

7,531

310,578

Electric

Utilities

(

0

.8

%

)

Eversource

Energy

3,552

201,434

NextEra

Energy,

Inc.

501

35,476

236,910

Electrical

Equipment

(

2

.1

%

)

Eaton

Corp.

plc

1,343

421,098

Emerson

Electric

Co.

1,249

137,590

Rockwell

Automation,

Inc.

369

101,578

660,266

Entertainment

(

2

.7

%

)

Electronic

Arts,

Inc.

212

29,538

Netflix,

Inc.(b)

634

427,874

Walt

Disney

Co.

(The)

3,887

385,940

843,352

Financial

Services

(

3

.3

%

)

Fidelity

National

Information

Services,

Inc.

606

45,668

Mastercard,

Inc.,

Class

 A

1,006

443,807

MGIC

Investment

Corp.

2,030

43,746

PayPal

Holdings,

Inc.(b)

1,291

74,917

Rocket

Cos.,

Inc.,

Class

 A(b)

1,523

20,865

Visa,

Inc.,

Class

 A

1,595

418,640

1,047,643

Food

Products

(

2

.0

%

)

Darling

Ingredients,

Inc.(b)

1,964

72,177

General

Mills,

Inc.

4,808

304,154

JM

Smucker

Co.

(The)

1,237

134,882

McCormick

&

Co.,

Inc.

(Non-Voting)

1,541

109,319

620,532

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Ground

Transportation

(

0

.2

%

)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,114

$

55,611

Health

Care

Equipment

&

Supplies

(

2

.6

%

)

Boston

Scientific

Corp.(b)

3,191

245,739

Edwards

Lifesciences

Corp.(b)

1,508

139,294

Hologic,

Inc.(b)

1,237

91,847

IDEXX

Laboratories,

Inc.(b)

241

117,415

ResMed,

Inc.

559

107,004

STERIS

plc

561

123,162

824,461

Health

Care

Providers

&

Services

(

0

.8

%

)

DaVita,

Inc.(b)

371

51,410

Humana,

Inc.

542

202,518

253,928

Health

Care

REITs

(

0

.1

%

)

Ventas,

Inc.

734

37,625

Hotel

&

Resort

REITs

(

0

.1

%

)

Host

Hotels

&

Resorts,

Inc.

970

17,441

Hotels,

Restaurants

&

Leisure

(

0

.6

%

)

Darden

Restaurants,

Inc.

615

93,062

Planet

Fitness,

Inc.,

Class

 A(b)

312

22,960

Vail

Resorts,

Inc.

486

87,543

203,565

Household

Products

(

0

.4

%

)

Church

&

Dwight

Co.,

Inc.

323

33,489

Clorox

Co.

(The)

616

84,065

117,554

Industrial

REITs

(

0

.7

%

)

Prologis,

Inc.

1,872

210,244

Insurance

(

4

.2

%

)

Hartford

Financial

Services

Group,

Inc.

(The)

633

63,642

MetLife,

Inc.

5,136

360,496

Primerica,

Inc.

280

66,242

Progressive

Corp.

(The)

1,910

396,726

Prudential

Financial,

Inc.

2,059

241,294

Travelers

Cos.,

Inc.

(The)

962

195,613

1,324,013

IT

Services

(

2

.1

%

)

Accenture

plc,

Class

 A

1,711

519,135

Akamai

Technologies,

Inc.(b)

530

47,742

Snowflake,

Inc.,

Class

 A(b)

257

34,718

Twilio,

Inc.,

Class

 A(b)

404

22,951

VeriSign,

Inc.(b)

140

24,892

649,438

Leisure

Products

(

0

.3

%

)

Hasbro,

Inc.

1,654

96,759

Life

Sciences

Tools

&

Services

(

1

.0

%

)

Agilent

Technologies,

Inc.

819

106,167

Danaher

Corp.

505

126,174

IQVIA

Holdings,

Inc.(b)

150

31,716

Waters

Corp.(b)

165

47,870

311,927

Shares

Value

Machinery

(

4

.7

%

)

Caterpillar,

Inc.

828

$

275,807

Cummins,

Inc.

1,043

288,838

Deere

&

Co.

454

169,628

Illinois

Tool

Works,

Inc.

746

176,772

Parker-Hannifin

Corp.

815

412,235

Pentair

plc

819

62,793

Stanley

Black

&

Decker,

Inc.

367

29,320

Xylem,

Inc.

386

52,353

1,467,746

Media

(

0

.9

%

)

Interpublic

Group

of

Cos.,

Inc.

(The)

2,961

86,135

Omnicom

Group,

Inc.

2,117

189,895

276,030

Metals

&

Mining

(

0

.7

%

)

Nucor

Corp.

1,429

225,896

Multi-Utilities

(

0

.8

%

)

Consolidated

Edison,

Inc.

1,754

156,843

Sempra

1,241

94,390

251,233

Office

REITs

(

0

.1

%

)

Boston

Properties,

Inc.

424

26,101

Personal

Care

Products

(

0

.4

%

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,144

121,722

Pharmaceuticals

(

6

.4

%

)

Bristol-Myers

Squibb

Co.

2,827

117,405

Eli

Lilly

&

Co.

1,144

1,035,755

Merck

&

Co.,

Inc.

6,027

746,142

Pfizer,

Inc.

3,460

96,811

1,996,113

Professional

Services

(

2

.4

%

)

Automatic

Data

Processing,

Inc.

953

227,472

FTI

Consulting,

Inc.(b)

287

61,857

Genpact

Ltd.

828

26,653

ManpowerGroup,

Inc.

426

29,735

Paylocity

Holding

Corp.(b)

64

8,438

Robert

Half,

Inc.

201

12,860

Verisk

Analytics,

Inc.,

Class

 A

1,443

388,961

755,976

Real

Estate

Management

&

Development

(

0

.9

%

)

CBRE

Group,

Inc.,

Class

 A(b)

1,792

159,685

Jones

Lang

LaSalle,

Inc.(b)

603

123,784

283,469

Residential

REITs

(

0

.2

%

)

Equity

Residential

840

58,246

Retail

REITs

(

0

.0

%

)

(a)

Brixmor

Property

Group,

Inc.

654

15,101

Semiconductors

&

Semiconductor

Equipment

(

10

.5

%

)

Advanced

Micro

Devices,

Inc.(b)

1,267

205,520

Applied

Materials,

Inc.

1,266

298,763

First

Solar,

Inc.(b)

62

13,979

Intel

Corp.

4,415

136,733

Lam

Research

Corp.

12

12,778

Micron

Technology,

Inc.

1,195

157,178

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(cont’d)

NVIDIA

Corp.

18,690

$

2,308,963

ON

Semiconductor

Corp.(b)

270

18,509

Texas

Instruments,

Inc.

797

155,040

3,307,463

Software

(

13

.7

%

)

Adobe,

Inc.(b)

432

239,993

Autodesk,

Inc.(b)

400

98,980

Cadence

Design

Systems,

Inc.(b)

483

148,643

HubSpot,

Inc.(b)

154

90,828

Intuit,

Inc.

342

224,766

Microsoft

Corp.

6,150

2,748,742

Salesforce,

Inc.

1,127

289,752

ServiceNow,

Inc.(b)

366

287,921

Synopsys,

Inc.(b)

140

83,308

Workday,

Inc.,

Class

 A(b)

351

78,470

4,291,403

Specialized

REITs

(

0

.8

%

)

American

Tower

Corp.

1,112

216,150

Extra

Space

Storage,

Inc.

309

48,022

264,172

Specialty

Retail

(

3

.5

%

)

Best

Buy

Co.,

Inc.

901

75,945

Dick's

Sporting

Goods,

Inc.

101

21,700

Gap,

Inc.

(The)

1,751

41,831

Home

Depot,

Inc.

(The)

1,119

385,205

Lowe's

Cos.,

Inc.

953

210,098

TJX

Cos.,

Inc.

(The)

1,063

117,036

Tractor

Supply

Co.

348

93,960

Ulta

Beauty,

Inc.(b)

298

114,989

Williams-Sonoma,

Inc.

112

31,626

1,092,390

Technology

Hardware,

Storage

&

Peripherals

(

7

.7

%

)

Apple,

Inc.

10,202

2,148,745

Hewlett

Packard

Enterprise

Co.

8,787

186,021

HP,

Inc.

2,803

98,161

2,432,927

Textiles,

Apparel

&

Luxury

Goods

(

0

.9

%

)

Lululemon

Athletica,

Inc.(b)

375

112,013

NIKE,

Inc.,

Class

 B

1,133

85,394

Ralph

Lauren

Corp.,

Class

 A

139

24,333

Tapestry,

Inc.

1,162

49,722

271,462

Trading

Companies

&

Distributors

(

1

.1

%

)

Core

&

Main,

Inc.,

Class

 A(b)

250

12,235

Ferguson

plc

806

156,082

United

Rentals,

Inc.

274

177,204

345,521

Water

Utilities

(

0

.7

%

)

American

Water

Works

Co.,

Inc.

1,722

222,414

Total

Common

Stocks

(Cost

$25,801,407)

31,390,873

Shares

Value

Short-Term

Investment

(0.1%)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(c)

(Cost

$28,301)

28,301

$

28,301

Total

Investments

(

99

.9

%

)

(Cost

$

25,829,708

)

(d)

31,419,174

Other

Assets

in

Excess

of

Liabilities

(0.1%)

16,166

NET

ASSETS

(100.0%)

$

31,435,340

(a)

Amount

is

less

than

0.05%.

(b)

Non-income

producing

security.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$76

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(d)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$25,829,708.

The

aggregate

gross

unrealized

appreciation

is

$6,622,631

and

the

aggregate

gross

unrealized

depreciation

is

$1,033,165,

resulting

in

net

unrealized

appreciation

of

$5,589,466.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

56

.6

%

Software

13

.7

Semiconductors

&

Semiconductor

Equipment

10

.5

Technology

Hardware,

Storage

&

Peripherals

7

.7

Pharmaceuticals

6

.4

Capital

Markets

5

.1

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(102.7%)

Asset-Backed

Securities

(

6

.6

%

)

ARES

LIV

CLO

Ltd.,

2019-54A

CME

Term

SOFR

3

Month

+

7.60%,

12.93%,

10/15/32(a)(b)

$

1,000,000

$

1,003,718

ARES

LVII

CLO

Ltd.,

2020-57A

CME

Term

SOFR

3

Month

+

6.53%,

11.86%,

1/25/35(a)(b)

2,750,000

2,768,018

Ballyrock

CLO

16

Ltd.,

2021-16A

CME

Term

SOFR

3

Month

+

6.51%,

11.84%,

7/20/34(a)(b)

2,500,000

2,480,112

Barings

CLO

Ltd.,

2024-3A

CME

Term

SOFR

3

Month

+

5.90%,

0.00%,

7/20/37(a)(b)

3,000,000

3,000,000

Bear

Mountain

Park

CLO

Ltd.,

2022-1A

CME

Term

SOFR

3

Month

+

5.95%,

0.00%,

7/15/37(a)(b)

3,000,000

3,000,000

Benefit

Street

Partners

CLO

XV

Ltd.,

2018-15A

CME

Term

SOFR

3

Month

+

6.45%,

0.00%,

7/15/37(a)(b)

3,000,000

3,000,000

BlueMountain

CLO

XXX

Ltd.,

2020-30A

CME

Term

SOFR

3

Month

+

6.70%,

12.03%,

4/15/35(a)(b)

2,000,000

1,950,426

BlueMountain

CLO

XXXIV

Ltd.,

2022-34A

CME

Term

SOFR

3

Month

+

7.55%,

12.87%,

4/20/35(a)(b)

1,000,000

999,652

Bryant

Park

Funding

Ltd.,

2024-23A

CME

Term

SOFR

3

Month

+

6.73%,

12.06%,

5/15/37(a)(b)

3,500,000

3,529,008

Canyon

CLO

Ltd.,

2020-2A

CME

Term

SOFR

3

Month

+

6.79%,

12.12%,

10/15/34(a)(b)

3,000,000

3,000,009

Carlyle

US

CLO

Ltd.,

2021-7A

CME

Term

SOFR

3

Month

+

6.51%,

11.84%,

10/15/35(a)(b)

1,000,000

1,006,036

CIFC

Funding

Ltd.,

2022-1A

CME

Term

SOFR

3

Month

+

6.40%,

11.72%,

4/17/35(a)(b)

1,000,000

1,003,438

Crown

Point

CLO

10

Ltd.,

2021-10A

CME

Term

SOFR

3

Month

+

7.11%,

12.44%,

7/20/34(a)(b)

3,000,000

3,011,049

Dryden

87

CLO

Ltd.,

2021-87A

CME

Term

SOFR

3

Month

+

6.41%,

11.74%,

5/20/34(a)(b)

2,500,000

2,398,513

Face

Amount

Value

Elmwood

CLO

VI

Ltd.,

2020-3A

CME

Term

SOFR

3

Month

+

5.90%,

0.00%,

7/18/37(a)(b)

$

3,000,000

$

3,000,000

Golub

Capital

Partners

CLO

52B

Ltd.,

2020-52A

CME

Term

SOFR

3

Month

+

6.75%,

12.07%,

4/20/37(a)(b)

4,000,000

4,034,332

Golub

Capital

Partners

CLO

74B

Ltd.,

2024-74A

CME

Term

SOFR

3

Month

+

6.10%,

11.41%,

7/25/37(a)(b)

2,500,000

2,508,845

Jamestown

CLO

XV

Ltd.,

2020-15A

CME

Term

SOFR

3

Month

+

7.06%,

12.39%,

7/15/35(a)(b)

2,000,000

1,991,118

Madison

Park

Funding

LIX

Ltd.,

2021-59A

CME

Term

SOFR

3

Month

+

6.40%,

11.73%,

4/18/37(a)(b)

1,500,000

1,506,416

Marble

Point

CLO

XXIII

Ltd.,

2021-4A

CME

Term

SOFR

3

Month

+

7.55%,

12.88%,

1/22/35(a)(b)

1,250,000

1,226,606

Neuberger

Berman

Loan

Advisers

CLO

46

Ltd.,

2021-46A

CME

Term

SOFR

3

Month

+

6.51%,

11.84%,

1/20/36(a)(b)

777,387

785,041

Oaktree

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

6.59%,

11.92%,

7/20/37(a)(b)

4,000,000

3,990,228

2021-2A

CME

Term

SOFR

3

Month

+

7.38%,

12.71%,

1/15/35(a)(b)

1,000,000

995,953

Regatta

VI

Funding

Ltd.,

2016-1A

CME

Term

SOFR

3

Month

+

7.01%,

12.34%,

4/20/34(a)(b)

1,000,000

1,005,593

53,194,111

Corporate

Bonds

(

6

.1

%

)

Automobile

Components

(0.7%)

Clarios

Global

LP

6.25%,

5/15/26(a)

6,000,000

5,998,672

Building

Products

(0.3%)

Smyrna

Ready

Mix

Concrete

LLC

8.88%,

11/15/31(a)

2,300,000

2,442,568

Capital

Markets

(0.1%)

AG

Issuer

LLC

6.25%,

3/1/28(a)

1,150,000

1,125,963

Chemicals

(0.6%)

INEOS

Finance

plc

7.50%,

4/15/29(a)

2,500,000

2,528,902

Olympus

Water

US

Holding

Corp.

9.75%,

11/15/28(a)

2,300,000

2,436,208

4,965,110

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(6.1%)

(cont’d)

Commercial

Services

&

Supplies

(0.2%)

Allied

Universal

Holdco

LLC

4.63%,

6/1/28(a)

$

300,000

$

273,646

Madison

IAQ

LLC

4.13%,

6/30/28(a)

1,300,000

1,213,528

1,487,174

Construction

&

Engineering

(0.2%)

Artera

Services

LLC

8.50%,

2/15/31(a)

1,700,000

1,751,430

Containers

&

Packaging

(0.0%)(c)

Pactiv

Evergreen

Group

Issuer

LLC

4.38%,

10/15/28(a)

300,000

280,392

Hotel

&

Resort

REITs

(0.2%)

Park

Intermediate

Holdings

LLC

5.88%,

10/1/28(a)

1,300,000

1,282,262

Hotels,

Restaurants

&

Leisure

(1.0%)

Caesars

Entertainment,

Inc.

6.50%,

2/15/32(a)

2,500,000

2,513,898

Fertitta

Entertainment

LLC

4.63%,

1/15/29(a)

2,300,000

2,096,314

NCL

Corp.

Ltd.

5.88%,

2/15/27(a)

3,500,000

3,456,953

8,067,165

Insurance

(0.7%)

Alliant

Holdings

Intermediate

LLC

7.00%,

1/15/31(a)

500,000

505,522

AmWINS

Group,

Inc.

6.38%,

2/15/29(a)

3,000,000

3,010,056

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(a)

2,000,000

2,024,408

5,539,986

Machinery

(0.1%)

TK

Elevator

US

Newco,

Inc.

5.25%,

7/15/27(a)

500,000

485,246

Oil,

Gas

&

Consumable

Fuels

(0.4%)

CITGO

Petroleum

Corp.

7.00%,

6/15/25(a)

3,400,000

3,402,255

Passenger

Airlines

(0.3%)

American

Airlines,

Inc.

5.75%,

4/20/29(a)

2,500,000

2,434,509

Professional

Services

(0.0%)(c)

CoreLogic,

Inc.

4.50%,

5/1/28(a)

100,000

90,854

Real

Estate

Management

&

Development

(0.2%)

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

5/15/28(a)

1,150,000

1,142,597

Software

(1.1%)

Central

Parent,

Inc.

7.25%,

6/15/29(a)

3,400,000

3,385,851

Cloud

Software

Group,

Inc.

8.25%,

6/30/32(a)

2,090,000

2,131,530

9.00%,

9/30/29(a)

1,750,000

1,699,242

Face

Amount

Value

GoTo

Group,

Inc.

5.50%,

5/1/28(a)

$

1,950,000

$

1,545,921

8,762,544

49,258,727

Variable

Rate

Senior

Loan

Interests  (

90

.0

%

)

Aerospace

&

Defense

(1.7%)

Dynasty

Acquisition

Co.,

Inc.,

2024

Specified

Refinancing

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

3.50%,

8.84%,

8/24/28(b)

4,031,541

4,052,707

2024

Specified

Refinancing

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

3.50%,

8.84%,

8/24/28(b)

1,554,459

1,562,619

TransDigm,

Inc.,

Term

Loan,

I,

CME

Term

SOFR

3

Month

+

2.75%,

8.08%,

8/24/28(b)

7,760,563

7,784,007

13,399,333

Automobile

Components

(2.0%)

Adient

US

LLC,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.75%,

8.09%,

1/31/31(b)

6,982,500

7,035,413

Autokiniton

U.S.

Holdings,

Inc.,

2024

Replacement

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.00%,

9.46%,

4/06/28(b)

6,869,989

6,921,514

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

9.35%,

10/04/28(b)

2,289,818

2,280,842

16,237,769

Automobiles

(0.2%)

American

Trailer

World

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

9.18%,

3/03/28(b)

1,600,000

1,568,250

Banks

(0.3%)

Chrysaor

Bidco

SARL,

USD

Term

Loan,

B,

TBD,

5/14/31(b)

2,793,413

2,809,126

Beverages

(0.8%)

BrewCo

Borrower

LLC,

First

Out

Cloasing

Date

Exchange

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

9.09%,

4/05/28(b)

1,072,564

984,077

Second

Out

Closing

Date

Exchanged

Term

Loan,

CME

Term

SOFR

3

Month,

10.59%,

4/05/28(b)

1,072,564

858,051

First

Out

New

Money

Term

Loan,

CME

Term

SOFR

3

Month

+

6.25%,

11.58%,

4/05/28(b)

23,523

21,583

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (90.0%)

(cont’d)

Triton

Water

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

8.81%,

3/31/28(b)

$

4,788,976

$

4,795,460

6,659,171

Broadline

Retail

(0.2%)

Peer

Holding

III

BV,

Term

Loan,

B5,

TBD,

6/20/31(b)

1,975,000

1,979,527

Building

Products

(3.4%)

ACProducts

Holdings,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

9.85%,

5/17/28(b)

1,243,590

1,057,051

Chariot

Buyer

LLC,

First

Lien,

Amendment

No.

2

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.84%,

11/03/28(b)

5,785,500

5,809,001

Cornerstone

Building

Brands,

Inc.,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

8.68%,

4/12/28(b)

2,787,655

2,725,928

EMRLD

Borrower

LP,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

TBD,

6/18/31(b)

1,450,000

1,453,173

LHS

Borrower

LLC,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.75%,

10.19%,

2/16/29(b)

1,196,373

1,135,059

MI

Windows

and

Doors

LLC,

2024

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.84%,

3/28/31(b)

450,000

453,375

Oscar

AcquisitionCo

LLC,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.25%,

9.55%,

4/29/29(b)

6,969,607

6,980,494

Quikrete

Holdings,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.50%,

7.84%,

4/14/31(b)

6,969,512

6,993,229

Standard

Building

Solutions,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

7.34%,

9/22/28(b)

495,969

497,984

27,105,294

Capital

Markets

(3.8%)

Aragon

Parent

Corp.,

2023

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

4.25%,

9.59%,

12/15/28(b)

6,969,987

7,001,352

Aretec

Group,

Inc.,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

4.00%,

9.34%,

8/09/30(b)

7,367,966

7,407,878

Face

Amount

Value

Edelman

Financial

Engines

Center

LLC

(The),

2024

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.58%,

4/07/28(b)

$

2,493,590

$

2,499,629

First

Lien,

2021

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.59%,

7/31/24(b)

1,000,000

1,001,394

Focus

Financial

Partners

LLC,

Term

Loan,

B7,

CME

Term

SOFR

1

Month

+

2.75%,

8.09%,

6/30/28(b)

771,125

771,305

Grant

Thornton

Advisors

LLC,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

8.60%,

6/02/31(b)

1,950,000

1,958,531

Osmosis

Buyer

Ltd.,

2022

Refinancing

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.00%,

9.33%,

7/31/28(b)

5,789,086

5,806,274

WEC

US

Holdings

Ltd.,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.75%,

8.09%,

1/27/31(b)

4,900,000

4,911,329

31,357,692

Chemicals

(3.6%)

Axalta

Coating

Systems

Dutch

Holding

B

BV,

Dollar

Term

Loan,

B6,

CME

Term

SOFR

3

Month

+

2.00%,

7.33%,

12/20/29(b)

7,647,736

7,674,029

CPC

Acqusition

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

9.35%,

12/29/27(b)

2,000,000

1,676,250

Herens

Holdco

SARL,

USD

Facility

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.93%,

9.36%,

7/03/28(b)

199,001

193,249

INEOS

US

Finance

LLC,

2027-II

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

8.60%,

7/31/24(b)

3,693,199

3,697,354

Momentive

Performance

Materials,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.50%,

9.84%,

3/29/28(b)

2,492,682

2,482,295

Olympus

Water

U.S.

Holding

Corp.,

Initial

Dollar

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.75%,

9.32%,

11/09/28(b)

1,554,738

1,560,029

PMHC

II,

Inc.,

Initial

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.25%,

9.71%,

4/23/29(b)

2,289,870

2,239,540

Rohm

Holding

GmbH,

USD

Term

Loan,

B,

CME

Term

SOFR

6

Month

+

5.00%,

10.58%,

7/31/26(b)

600,000

573,937

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (90.0%)

(cont’d)

Extended

USD

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

5.50%,

10.84%,

1/31/29(b)

$

1,700,000

$

1,627,750

W.

R.

Grace

Holdings

LLC,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.59%,

9/22/28(b)

6,969,375

7,009,198

28,733,631

Commercial

Services

&

Supplies

(8.9%)

Allied

Universal

Holdco

LLC,

Initial

U.S.

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

9.19%,

5/12/28(b)

4,181,578

4,171,383

Api

Group

DE,

Inc.,

Repriced

2021

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

7.34%,

12/18/28(b)

8,000,000

8,002,496

Bach

Finance

Ltd.,

Existing

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.35%,

1/31/28(b)

6,982,412

7,046,126

Camelot

U.S.

Acquisition

LLC,

Amendment

No.

6

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

8.09%,

1/31/31(b)

6,982,500

7,001,702

CCI

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.33%,

12/17/27(b)

3,386,878

3,393,229

Ensemble

RCM

LLC,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

8.33%,

8/01/29(b)

7,755,563

7,742,634

Envalior

Finance

GmbH,

USD

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

5.50%,

10.83%,

3/29/30(b)

2,293,751

2,156,126

GFL

Environmental,

Inc.,

Cov-Lite

Term

Loan,

B,

TBD,

6/27/31(b)

1,350,000

1,353,375

Homeserve

USA

Holding

Corp.,

Amendment

No.

1

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

7.84%,

10/21/30(b)

7,755,563

7,781,412

Indicor

LLC,

First

Lien,

Dollar

Term

Loan,

C,

CME

Term

SOFR

1

Month

+

3.25%,

8.58%,

11/22/29(b)

4,891,228

4,916,447

JFL-Tiger

Acquisition

Co.,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.50%,

9.83%,

10/17/30(b)

2,090,996

2,099,266

Madison

IAQ

LLC,

Term

Loan,

1

Month

USD

LIBOR

+

2.75%,

8.09%,

6/21/28(b)

4,181,531

4,189,630

Face

Amount

Value

Neptune

BidCo

US,

Inc.,

First

Lien,

Dollar

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

5.00%,

10.41%,

4/11/29(b)

$

2,294,207

$

2,163,437

Northstar

Group

Services,

Inc.,

2024

Term

Loan,

B,

CME

Term

SOFR

6

Month

+

4.75%,

10.01%,

5/08/30(b)

1,850,000

1,854,048

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

2.25%,

7.58%,

10/13/30(b)

1,250,000

1,251,367

Spin

Holdco,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.60%,

3/04/28(b)

1,796,401

1,534,576

TruGreen

LP,

First

Lien,

Second

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

9.44%,

11/02/27(b)

1,545,609

1,482,174

WestJet

Loyalty

LP,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

9.05%,

2/14/31(b)

3,500,000

3,520,562

71,659,990

Construction

&

Engineering

(1.6%)

Apple

Bidco

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

8.21%,

9/22/28(b)

5,775,500

5,783,921

Brown

Group

Holding

LLC,

Incremental

Term

Loan,

B2,

CME

Term

SOFR

3

Month

+

3.00%,

8.33%,

7/02/29(b)

6,982,500

6,987,346

12,771,267

Consumer

Finance

(0.8%)

Sabre

GLBL,

Inc.,

2022

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

5.00%,

10.44%,

6/30/28(b)

1,650,000

1,513,050

Trans

Union

LLC,

2024

Refinancing

Term

Loan,

B7,

CME

Term

SOFR

1

Month

+

2.00%,

7.34%,

12/01/28(b)

4,688,250

4,697,880

6,210,930

Consumer

Staples

Distribution

&

Retail

(0.3%)

Heritage

Grocers

Group

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

6.75%,

12.18%,

8/01/29(b)

2,289,870

2,291,777

Containers

&

Packaging

(1.1%)

Altium

Packaging

LLC,

First

Lien,

2024

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

7.84%,

6/11/31(b)

675,000

675,000

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (90.0%)

(cont’d)

Charter

Next

Generation,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.84%,

12/01/27(b)

$

3,490,979

$

3,499,707

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.68%,

9.12%,

4/13/29(b)

4,878,671

4,895,342

9,070,049

Distributors

(0.5%)

Gloves

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

9.46%,

12/29/27(b)

4,292,415

4,276,318

Windsor

Holdings

III

LLC,

2024

Dollar

Refinancing

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.00%,

9.34%,

8/01/30(b)

199,000

200,592

4,476,910

Diversified

Consumer

Services

(2.0%)

Ascend

Learning

LLC,

First

Lien,

2021

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.94%,

12/11/28(b)

3,686,211

3,689,503

Second

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

5.75%,

11.19%,

12/10/29(b)

1,000,000

980,833

Belron

Finance

U.S.

LLC,

2028

Dollar

Incremental

Term

Loan,

CME

Term

SOFR

3

Month

+

1.93%,

7.51%,

4/13/28(b)

748,072

749,787

KUEHG

Corp.,

Amendment

No.

2

Term

Loan,

CME

Term

SOFR

3

Month

+

4.50%,

9.83%,

6/12/30(b)

2,290,000

2,301,629

Sedgwick

Claims

Management

Services,

Inc.,

2023

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

9.09%,

2/24/28(b)

2,937,149

2,944,289

Sotheby's,

2021

Second

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

4.50%,

10.09%,

1/15/27(b)

3,000,000

2,769,999

Wand

NewCo

3,

Inc.,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

9.09%,

1/30/31(b)

3,500,000

3,526,614

16,962,654

Diversified

Telecommunication

Services

(0.4%)

Level

3

Financing,

Inc.,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

6.56%,

11.90%,

4/15/29(b)

3,000,000

2,945,001

Face

Amount

Value

Lumen

Technologies,

Inc.,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.35%,

7.81%,

4/15/29(b)

$

620,188

$

429,868

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.35%,

7.81%,

4/15/30(b)

623,254

422,644

3,797,513

Electronic

Equipment,

Instruments

&

Components

(0.9%)

Ingram

Micro,

Inc.,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

8.60%,

6/30/28(b)

6,255,319

6,287,897

VeriFone

Systems,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.60%,

8/20/25(b)

1,196,834

984,464

7,272,361

Entertainment

(1.0%)

Formula

One

Management

Ltd.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.25%,

7.58%,

1/15/30(b)

800,000

803,000

Playtika

Holding

Corp.,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.75%,

8.21%,

3/13/28(b)

6,987,147

6,995,154

7,798,154

Financial

Services

(2.9%)

CPI

Holdco

B

LLC,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

7.34%,

5/17/31(b)

1,675,000

1,673,953

GTCR

W

Merger

Sub

LLC,

USD

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

8.33%,

1/31/31(b)

7,000,000

7,013,125

HighTower

Holdings

LLC,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.59%,

4/21/28(b)

6,969,296

6,993,982

Kestra

Advisor

Services

Holdings

A,

Inc.,

Restatement

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

9.34%,

3/22/31(b)

2,000,000

2,010,000

Mariner

Wealth

Advisors

LLC,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

8.33%,

8/18/28(b)

2,487,370

2,492,422

Mermaid

Bidco,

Inc.,

USD

Term

Loan,

B,

TBD,

12/31/30(b)

675,000

676,687

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (90.0%)

(cont’d)

Osaic

Holdings,

Inc.,

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

9.34%,

8/17/28(b)

$

2,096,250

$

2,105,234

22,965,403

Food

Products

(0.2%)

Froneri

International

Ltd.,

First

Lien,

Facility

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.25%,

7.69%,

1/29/27(b)

746,114

746,688

Nomad

Foods

Ltd.,

Term

Loan,

B5,

CME

Term

SOFR

6

Month

+

2.50%,

7.81%,

11/12/29(b)

1,000,000

1,002,410

Simply

Good

Foods

USA,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

7.94%,

3/17/27(b)

246,939

248,070

1,997,168

Ground

Transportation

(1.4%)

Hertz

Corp.

(The),

Initial

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.25%,

8.86%,

6/30/28(b)

3,000,272

2,721,139

Initial

Term

Loan,

C,

CME

Term

SOFR

3

Month

+

3.25%,

8.86%,

6/30/28(b)

582,716

525,902

Uber

Technologies,

Inc.,

2023

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

8.09%,

3/03/30(b)

7,999,107

8,044,102

11,291,143

Health

Care

Equipment

&

Supplies

(0.8%)

Medline

Borrower

LP,

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

8.09%,

10/23/28(b)

6,569,036

6,592,093

Health

Care

Providers

&

Services

(2.5%)

Concentra

Health

Services,

Inc.,

Term

Loan,

B,

TBD,

6/26/31(b)

525,000

526,969

Medical

Solutions

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.69%,

11/01/28(b)

1,592,909

1,207,027

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

C,

CME

Term

SOFR

3

Month

+

3.75%,

9.18%,

3/02/28

64,114

60,654

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

9.19%,

3/02/28

2,224,391

2,104,367

Face

Amount

Value

Pacific

Dental

Services

LLC,

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.58%,

3/15/31(b)

$

3,491,250

$

3,503,798

Packaging

Coordinators

Midco,

Inc.,

First

Lien,

2024

Replacement

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

8.58%,

11/30/27(b)

5,000,000

5,024,480

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.50%,

9.07%,

11/30/27(b)

1,923,876

1,933,345

Radnet

Management,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%,

7.83%,

4/18/31(b)

975,000

976,828

Waystar

Technologies,

Inc.,

First

Lien,

2024

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

9.33%,

10/22/29(b)

5,593,386

5,616,107

20,953,575

Health

Care

Technology

(1.3%)

athenahealth

Group,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.59%,

2/15/29(b)

6,473,334

6,459,170

Cotiviti,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.58%,

5/01/31(b)

3,891,250

3,893,075

10,352,245

Hotels,

Restaurants

&

Leisure

(6.1%)

1011778

B.C.

Unlimited

Liability

Co.,

Term

Loan,

B6,

CME

Term

SOFR

1

Month

+

1.75%,

7.09%,

9/20/30(b)

6,280,000

6,264,300

Carnival

Corp.,

2024

Repricing

Advance

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

8.09%,

10/18/28(b)

4,510,248

4,535,619

ClubCorp

Holdings,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

3

Month

+

5.00%,

10.60%,

9/18/26(b)

4,077,180

4,105,211

Fertitta

Entertainment

LLC,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

9.08%,

1/27/29(b)

4,579,636

4,587,701

Light

&

Wonder

International,

Inc.,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.75%,

8.08%,

4/14/29(b)

7,780,500

7,808,463

Ontario

Gaming

GTA

LP,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.25%,

9.58%,

8/01/30(b)

2,289,996

2,303,354

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (90.0%)

(cont’d)

Playa

Resorts

Holding

BV,

2022

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.59%,

1/05/29(b)

$

7,770,707

$

7,784,811

Raptor

Acquisition

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

9.61%,

11/01/26(b)

3,493,655

3,512,213

Scientific

Games

Holdings

LP,

2024

Refinancing

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

8.31%,

4/04/29(b)

6,987,342

6,983,848

47,885,520

Household

Durables

(0.9%)

Hunter

Douglas

Holding

BV,

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

3.50%,

8.84%,

2/26/29(b)

2,792,888

2,777,427

Mattress

Firm,

Inc.,

2021

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

9.85%,

9/25/28(b)

4,578,759

4,579,712

7,357,139

Household

Products

(1.0%)

Kronos

Acquisition

Holdings,

Inc.,

Term

Loan,

TBD,

12/31/30(b)

2,625,000

2,611,875

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

3.75%,

9.31%,

12/22/26(b)

5,788,918

5,792,084

8,403,959

Insurance

(5.2%)

Acrisure

LLC,

Term

Loan,

B6,

CME

Term

SOFR

3

Month

+

3.25%,

8.59%,

11/06/30(b)

2,000,000

2,000,000

Alliant

Holdings

Intermediate

LLC,

New

Term

Loan,

B6,

CME

Term

SOFR

1

Month

+

3.50%,

8.84%,

11/06/30(b)

7,192,481

7,217,957

AssuredPartners,

Inc.,

2024

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.84%,

2/14/31(b)

5,810,438

5,832,227

Asurion

LLC,

New

Term

Loan,

B11,

CME

Term

SOFR

1

Month

+

4.25%,

9.69%,

8/19/28(b)

3,382,872

3,364,902

Second

Lien,

New

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

5.25%,

10.71%,

1/20/29(b)

2,700,000

2,496,296

Broadstreet

Partners,

Inc.,

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

3.25%,

8.59%,

5/09/31(b)

4,050,000

4,043,354

Face

Amount

Value

HUB

International

Ltd.,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

8.58%,

6/20/30(b)

$

8,007,140

$

8,033,315

USI,

Inc.,

2023

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

8.30%,

11/22/29(b)

9,454,657

9,470,418

42,458,469

IT

Services

(1.6%)

Endurance

International

Group

Holdings,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.94%,

2/10/28(b)

4,887,404

4,545,285

Gainwell

Acquisition

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

9.43%,

10/01/27(b)

198,969

192,065

Sitel

Worldwide

Corp.,

Initial

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

9.21%,

8/28/28(b)

397,954

308,059

Tempo

Acquisition

LLC,

Sixth

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

7.59%,

8/31/28(b)

7,964,962

7,987,862

13,033,271

Leisure

Products

(1.8%)

Majordrive

Holdings

IV

LLC,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.60%,

6/01/28(b)

4,579,479

4,592,970

Recess

Holdings,

Inc.,

First

Lien,

Amendment

No.

3

Term

Loan,

CME

Term

SOFR

1

Month

+

4.50%,

9.84%,

2/20/30(b)

2,950,000

2,973,045

Seaworld

Parks

&

Entertainment,

Inc.,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.50%,

7.84%,

8/25/28(b)

6,869,989

6,882,870

14,448,885

Life

Sciences

Tools

&

Services

(0.5%)

Curia

Global,

Inc.,

First

Lien,

2021

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

9.18%,

8/30/26(b)

2,293,576

2,165,996

Icon

Public

Ltd.

Co.,

Repriced

Lux

Term

Loan,

CME

Term

SOFR

3

Month

+

2.00%,

7.33%,

7/03/28(b)

1,616,123

1,624,002

Repriced

U.S.

Term

Loan,

CME

Term

SOFR

3

Month

+

2.00%,

7.33%,

7/03/28(b)

402,658

404,621

4,194,619

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (90.0%)

(cont’d)

Machinery

(3.8%)

Apex

Tool

Group

LLC,

Term

Loan,

A,

CME

Term

SOFR

1

Month,

5.34%,

2/08/29(b)

$

36,527

$

35,927

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

10.00%,

15.44%,

2/08/30(b)

85,168

82,613

CD&R

Hydra

Buyer,

Inc.,

First

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.42%,

3/25/31(b)

2,094,750

2,101,296

CPM

Holdings,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.50%,

9.83%,

9/28/28(b)

3,484,994

3,461,034

Crosby

U.S.

Acquisition

Corp.,

Amendment

No.

3

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

9.34%,

8/16/29(b)

2,090,996

2,104,554

Engineered

Machinery

Holdings,

Inc.,

First

Lien,

Incremental

Amendment

No.

5

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

9.35%,

5/19/28(b)

3,982,136

4,005,157

Second

Lien,

Incremental

Amendment

No.

3

Term

Loan,

CME

Term

SOFR

3

Month

+

6.00%,

11.60%,

5/21/29(b)

3,150,000

3,157,875

Filtration

Group

Corp.,

2023

Extended

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

4.25%,

8.96%,

7/31/24(b)

5,386,398

5,415,856

SPX

Flow,

Inc.,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.83%,

4/05/29(b)

1,840,975

1,853,805

TK

Elevator

Midco

GmbH,

USD

Term

Loan,

B2,

CME

Term

SOFR

6

Month

+

3.50%,

8.79%,

4/30/30(b)

7,716,286

7,768,132

29,986,249

Metals

&

Mining

(0.6%)

Arsenal

AIC

Parent

LLC,

2024

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

9.09%,

8/18/30(b)

4,579,992

4,612,913

Oil,

Gas

&

Consumable

Fuels

(2.7%)

Apro

LLC,

Term

Loan,

B,

TBD,

6/26/31(b)

850,000

852,125

CQP

Holdco

LP,

Amedment

No.

5

Refinancing

Term

Loan,

TBD,

12/31/30(b)

8,983,500

9,001,467

Discovery

Energy

Holding

Corp.,

Initial

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

4.75%,

10.08%,

5/01/31(b)

3,400,000

3,418,418

Face

Amount

Value

Freeport

LNG

Investments

LLLP,

Initial

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.50%,

9.09%,

12/21/28(b)

$

2,144,473

$

2,144,771

GIP

Pilot

Acquisition

Partners

LP,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.82%,

10/07/24(b)

6,000,000

6,015,000

Amendment

No.

1

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%,

7.83%,

10/04/30(b)

712,016

712,906

22,144,687

Passenger

Airlines

(1.6%)

AAdvantage

Loyalty

IP

Ltd.

(American

Airlines,

Inc.),

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.75%,

10.34%,

4/20/28(b)

6,494,118

6,715,320

Mileage

Plus

Holdings

LLC,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

5.25%,

10.74%,

6/21/27(b)

6,461,538

6,601,676

13,316,996

Personal

Care

Products

(0.7%)

Conair

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

9.21%,

5/17/28(b)

2,289,766

2,281,655

Journey

Personal

Care

Corp.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.25%,

9.69%,

3/01/28(b)

3,199,487

3,192,288

5,473,943

Professional

Services

(1.4%)

CoreLogic,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.96%,

6/02/28(b)

1,691,304

1,664,878

EAB

Global,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.94%,

8/16/28(b)

7,312,245

7,312,245

Employbridge

Holding

Co.,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.75%,

10.35%,

7/19/28(b)

1,691,304

1,179,157

TTF

Holdings

LLC,

Cov-Lite

Term

Loan,

TBD,

6/20/31(b)

1,975,000

1,972,531

12,128,811

Real

Estate

Management

&

Development

(0.3%)

Cushman

&

Wakefield

US

Borrower

LLC,

2024-2

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

8.34%,

1/31/30(b)

2,299,497

2,302,372

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (90.0%)

(cont’d)

Software

(15.7%)

Applied

Systems,

Inc.,

First

Lien,

2024

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

8.83%,

2/24/31(b)

$

7,000,000

$

7,061,250

Azalea

TopCo,

Inc.,

First

Lien,

2024

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.83%,

4/30/31(b)

875,000

875,547

Boxer

Parent

Co.,

Inc.,

2028

Extended

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

9.34%,

12/29/28(b)

5,774,741

5,792,273

Central

Parent

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

8.58%,

7/06/29(b)

7,775,000

7,680,852

Cloud

Software

Group,

Inc.,

Fourth

Amendment

Incremental

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.33%,

3/30/29(b)

6,698,988

6,701,782

Cloudera,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

9.19%,

10/08/28(b)

4,588,265

4,595,914

Constant

Contact,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.56%,

2/10/28(b)

1,995,972

1,966,531

DS

Admiral

Bidco

LLC,

Term

Loan,

B,

TBD,

6/24/31(b)

2,850,000

2,828,625

E2open

LLC,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.96%,

2/04/28(b)

771,030

775,247

ECI

Macola/MAX

Holding

LLC,

First

Lien,

2024

Extended

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

9.08%,

5/09/30(b)

6,982,500

7,034,143

Ellucian

Holdings,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

3.50%,

8.94%,

10/09/29(b)

6,996,387

7,036,469

Epicor

Software

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.58%,

5/30/31(b)

5,671,244

5,702,181

Term

Loan,

C,

CME

Term

SOFR

1

Month

+

3.25%,

8.59%,

7/29/24(b)

1,128,349

1,134,595

Informatica

LLC,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.59%,

7/31/24(b)

6,987,277

7,026,581

Face

Amount

Value

Ivanti

Software,

Inc.,

First

Lien,

2021

Specified

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

9.81%,

12/01/27(b)

$

1,243,639

$

987,138

Marcel

Bidco

LLC,

Term

Loan,

B5,

CME

Term

SOFR

1

Month

+

4.00%,

9.32%,

11/09/30(b)

5,500,000

5,551,562

McAfee

Corp.,

First

Amendment

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

3.25%,

8.58%,

3/01/29(b)

6,887,056

6,887,056

Oceankey

U.S.

II

Corp.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.94%,

12/15/28(b)

3,484,726

3,484,001

Polaris

Newco

LLC,

First

Lien,

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

9.59%,

6/02/28(b)

3,484,648

3,487,025

Precisely

Software,

Inc.,

First

Lien,

Third

Amendment

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

9.84%,

4/24/28(b)

5,973,391

5,888,766

Project

Alpha

Intermediate

Holding,

Inc.,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

9.07%,

10/28/30(b)

3,740,625

3,757,226

Proofpoint,

Inc.,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

8.32%,

8/31/28(b)

4,255,979

4,265,142

Quartz

AcquireCo

LLC,

Additional

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

2.75%,

8.08%,

6/28/30(b)

6,982,412

7,015,146

Quest

Software

US

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

9.73%,

2/01/29(b)

199,492

148,705

Rackspace

Finance

LLC,

2024

Incremental

Super

Priority

Term

Loan,

CME

Term

SOFR

1

Month

+

6.25%,

11.69%,

5/15/28(b)

2,992,500

3,031,154

Renaissance

Holding

Corp.,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

9.60%,

4/05/30(b)

2,944,625

2,946,006

Symplr

Software,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.50%,

9.93%,

12/22/27(b)

2,289,713

2,153,475

UKG,

Inc.,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.58%,

2/10/31(b)

10,800,000

10,852,877

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (90.0%)

(cont’d)

Veritas

U.S.,

Inc.,

2021

Dollar

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

5.00%,

10.46%,

9/01/25(b)

$

2,293,543

$

2,003,664

128,670,933

Specialty

Retail

(2.9%)

Great

Outdoors

Group

LLC,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

3.75%,

9.19%,

3/06/28(b)

3,190,788

3,191,895

Harbor

Freight

Tools

USA,

Inc.,

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

7.84%,

6/11/31(b)

3,300,000

3,294,730

LS

Group

Opco

Acquisition

LLC,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.00%,

8.34%,

4/23/31(b)

7,000,000

7,008,750

PetSmart

LLC,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

9.19%,

2/11/28(b)

2,294,103

2,290,212

RealTruck

Group,

Inc.,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.96%,

1/31/28(b)

2,936,884

2,932,426

White

Cap

Supply

Holdings

LLC,

Term

Loan,

C,

CME

Term

SOFR

1

Month

+

3.25%,

8.59%,

10/19/29(b)

4,366,071

4,376,581

23,094,594

Textiles,

Apparel

&

Luxury

Goods

(0.3%)

Hanesbrands,

Inc.,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

9.09%,

3/08/30(b)

2,293,689

2,303,366

Trading

Companies

&

Distributors

(0.3%)

Foundation

Building

Materials,

Inc.,

2024

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

9.33%,

1/29/31(b)

2,100,000

2,094,422

730,224,173

Total

Fixed

Income

Securities

(Cost

$834,135,221)

832,677,011

–

Shares

Value

Short-Term

Investment

(29.1%)

Investment

Company

(

29

.1

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(d)

(Cost

$236,059,799)

236,059,799

236,059,799

Total

Investments

(131.8%)

(Cost

$1,070,195,020)

(e)

1,068,736,810

Liabilities

in

Excess

of

Other

Assets

(-31.8%)

(257,569,323)

Net

Assets

(100.0%)

$811,167,487

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

June

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(c)

Amount

is

less

than

0.05%.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$135,759

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(e)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$1,070,195,020.

The

aggregate

gross

unrealized

appreciation

is

$1,793,605

and

the

aggregate

gross

unrealized

depreciation

is

$3,251,815,

resulting

in

net

unrealized

depreciation

of

$1,458,210.

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

LIBOR

London

Interbank

Offered

Rate

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

TBD

To

Be

Determined

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Variable

Rate

Senior

Loan

Interests

68‌

.3

%

Short-Term

Investment

22‌

.1

Asset-Backed

Securities

5‌

.0

Other*

4‌

.6

Total

Investments

100‌.0%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(95.2%)

Corporate

Bonds

(

95

.2

%

)

Aerospace

&

Defense

(2.8%)

Bombardier,

Inc.

7.00%,

6/1/32(a)

$

30,000

$

30,454

7.25%,

7/1/31(a)

30,000

30,839

7.88%,

4/15/27(a)

62,000

62,197

8.75%,

11/15/30(a)

40,000

43,281

Moog,

Inc.

4.25%,

12/15/27(a)

111,000

105,310

TransDigm,

Inc.

4.63%,

1/15/29

52,000

48,563

5.50%,

11/15/27

142,000

139,560

6.38%,

3/1/29(a)

25,000

25,157

6.63%,

3/1/32(a)

40,000

40,453

6.75%,

8/15/28(a)

68,000

68,916

594,730

Air

Freight

&

Logistics

(0.4%)

Cargo

Aircraft

Management,

Inc.

4.75%,

2/1/28(a)

96,000

89,158

Automobile

Components

(1.6%)

Clarios

Global

LP

6.75%,

5/15/25(a)

155,000

155,091

8.50%,

5/15/27(a)

100,000

100,751

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

7/15/29

56,000

52,179

5.25%,

7/15/31

28,000

25,518

333,539

Automobiles

(0.8%)

Ford

Motor

Co.

6.10%,

8/19/32

175,000

174,869

Broadline

Retail

(0.6%)

Match

Group

Holdings

II

LLC

3.63%,

10/1/31(a)

139,000

117,834

Building

Products

(3.8%)

Builders

FirstSource,

Inc.

4.25%,

2/1/32(a)

208,000

184,043

5.00%,

3/1/30(a)

51,000

48,307

CP

Atlas

Buyer,

Inc.

7.00%,

12/1/28(a)

21,000

17,975

EMRLD

Borrower

LP

6.63%,

12/15/30(a)

131,000

132,186

Masterbrand,

Inc.

7.00%,

7/15/32(a)

67,000

67,802

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/28(a)

117,000

114,431

Standard

Industries,

Inc.

3.38%,

1/15/31(a)

25,000

21,091

4.38%,

7/15/30(a)

163,000

147,409

Summit

Materials

LLC

7.25%,

1/15/31(a)

71,000

73,605

806,849

Capital

Markets

(2.9%)

AG

TTMT

Escrow

Issuer

LLC

8.63%,

9/30/27(a)

53,000

55,003

Face

Amount

Value

CI

Financial

Corp.

4.10%,

6/15/51

$

50,000

$

32,358

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/29(a)

121,000

114,877

HAT

Holdings

I

LLC

3.38%,

6/15/26(a)

185,000

174,623

Jane

Street

Group

4.50%,

11/15/29(a)

131,000

122,995

MSCI,

Inc.

3.88%,

2/15/31(a)

128,000

115,393

615,249

Chemicals

(1.0%)

Avient

Corp.

7.13%,

8/1/30(a)

112,000

114,270

WR

Grace

Holdings

LLC

4.88%,

6/15/27(a)

91,000

87,868

202,138

Commercial

Services

&

Supplies

(3.2%)

Allied

Universal

Holdco

LLC

6.63%,

7/15/26(a)

7,000

6,985

7.88%,

2/15/31(a)

65,000

65,228

Clean

Harbors,

Inc.

4.88%,

7/15/27(a)

117,000

113,393

GFL

Environmental,

Inc.

3.50%,

9/1/28(a)

112,000

103,355

4.75%,

6/15/29(a)

138,000

130,373

Reworld

Holding

Corp.

4.88%,

12/1/29(a)

103,000

94,118

WASH

Multifamily

Acquisition,

Inc.

5.75%,

4/15/26(a)

138,000

135,034

Wrangler

Holdco

Corp.

6.63%,

4/1/32(a)

25,000

24,909

673,395

Construction

&

Engineering

(0.2%)

Artera

Services

LLC

8.50%,

2/15/31(a)

50,000

51,513

Consumer

Finance

(1.5%)

Ford

Motor

Credit

Co.

LLC

4.13%,

8/17/27

220,000

209,136

Macquarie

Airfinance

Holdings

Ltd.

6.40%,

3/26/29(a)

15,000

15,265

6.50%,

3/26/31(a)

18,000

18,522

8.13%,

3/30/29(a)

59,000

62,421

305,344

Consumer

Staples

Distribution

&

Retail

(2.0%)

Albertsons

Cos.,

Inc.

4.88%,

2/15/30(a)

117,000

110,652

5.88%,

2/15/28(a)

47,000

46,491

7.50%,

3/15/26(a)

25,000

25,370

Performance

Food

Group,

Inc.

4.25%,

8/1/29(a)

155,000

141,210

US

Foods,

Inc.

4.75%,

2/15/29(a)

103,000

97,780

421,503

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(95.2%)

(cont’d)

Containers

&

Packaging

(1.3%)

Ball

Corp.

6.88%,

3/15/28

$

109,000

$

111,983

Berry

Global,

Inc.

5.63%,

7/15/27(a)

68,000

66,959

Owens-Brockway

Glass

Container,

Inc.

7.25%,

5/15/31(a)

93,000

92,955

271,897

Distributors

(1.3%)

Ritchie

Bros

Holdings,

Inc.

6.75%,

3/15/28(a)

66,000

67,273

7.75%,

3/15/31(a)

66,000

69,010

Velocity

Vehicle

Group

LLC

8.00%,

6/1/29(a)

15,000

15,443

Windsor

Holdings

III

LLC

8.50%,

6/15/30(a)

111,000

115,988

267,714

Diversified

Consumer

Services

(1.4%)

GEMS

MENASA

Cayman

Ltd.

7.13%,

7/31/26(a)

220,000

218,891

Wand

NewCo

3,

Inc.

7.63%,

1/30/32(a)

80,000

82,691

301,582

Diversified

REITs

(0.4%)

VICI

Properties

LP

3.75%,

2/15/27(a)

15,000

14,260

4.63%,

12/1/29(a)

57,000

53,987

5.75%,

2/1/27(a)

26,000

26,020

94,267

Diversified

Telecommunication

Services

(3.1%)

CCO

Holdings

LLC

4.50%,

8/15/30(a)

270,000

228,781

4.75%,

3/1/30

-

2/1/32(a)

149,000

128,348

6.38%,

9/1/29(a)

112,000

106,540

Virgin

Media

Finance

plc

5.00%,

7/15/30(a)

220,000

181,718

645,387

Electric

Utilities

(2.6%)

NextEra

Energy

Operating

Partners

LP

4.50%,

9/15/27(a)

115,000

108,939

NRG

Energy,

Inc.

3.63%,

2/15/31(a)

70,000

60,084

3.88%,

2/15/32(a)

56,000

48,145

10.25%,

3/15/28(a)(b)(c)

78,000

85,383

Pattern

Energy

Operations

LP

4.50%,

8/15/28(a)

69,000

63,935

Vistra

Operations

Co.

LLC

5.00%,

7/31/27(a)

136,000

131,653

6.88%,

4/15/32(a)

55,000

55,877

554,016

Electronic

Equipment,

Instruments

&

Components

(0.6%)

Coherent

Corp.

5.00%,

12/15/29(a)

44,000

41,686

Face

Amount

Value

Insight

Enterprises,

Inc.

6.63%,

5/15/32(a)

$

15,000

$

15,243

Sensata

Technologies,

Inc.

3.75%,

2/15/31(a)

81,000

70,659

127,588

Energy

Equipment

&

Services

(0.7%)

Transocean,

Inc.

8.75%,

2/15/30(a)

59,400

62,411

Weatherford

International

Ltd.

8.63%,

4/30/30(a)

77,000

79,855

142,266

Entertainment

(0.8%)

Cinemark

USA,

Inc.

5.25%,

7/15/28(a)

98,000

93,776

Playtika

Holding

Corp.

4.25%,

3/15/29(a)

94,000

82,574

176,350

Financial

Services

(0.6%)

Rocket

Mortgage

LLC

2.88%,

10/15/26(a)

32,000

29,912

3.63%,

3/1/29(a)

100,000

90,793

120,705

Food

Products

(1.8%)

Darling

Ingredients,

Inc.

6.00%,

6/15/30(a)

153,000

150,535

Fiesta

Purchaser,

Inc.

7.88%,

3/1/31(a)

44,000

45,504

Pilgrim's

Pride

Corp.

3.50%,

3/1/32

130,000

110,638

6.88%,

5/15/34

30,000

31,966

Post

Holdings,

Inc.

6.25%,

2/15/32(a)

45,000

45,115

383,758

Gas

Utilities

(1.0%)

Ferrellgas

LP

5.88%,

4/1/29(a)

120,000

110,494

Superior

Plus

LP

4.50%,

3/15/29(a)

103,000

94,619

205,113

Ground

Transportation

(0.1%)

Hertz

Corp.

(The)

4.63%,

12/1/26(a)

6,000

4,359

NESCO

Holdings

II,

Inc.

5.50%,

4/15/29(a)

15,000

13,910

18,269

Health

Care

Equipment

&

Supplies

(1.7%)

Avantor

Funding,

Inc.

4.63%,

7/15/28(a)

121,000

115,248

Medline

Borrower

LP

5.25%,

10/1/29(a)

253,000

241,641

356,889

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(95.2%)

(cont’d)

Health

Care

Providers

&

Services

(6.3%)

Concentra

Escrow

Issuer

Corp.

6.88%,

7/15/32(a)

$

20,000

$

20,288

Encompass

Health

Corp.

4.75%,

2/1/30

67,000

62,737

HCA,

Inc.

5.63%,

9/1/28

109,000

110,007

HealthEquity,

Inc.

4.50%,

10/1/29(a)

125,000

116,991

Heartland

Dental

LLC

10.50%,

4/30/28(a)

119,000

126,463

Legacy

LifePoint

Health

LLC

4.38%,

2/15/27(a)

101,000

96,564

LifePoint

Health,

Inc.

9.88%,

8/15/30(a)

56,000

59,790

ModivCare

Escrow

Issuer,

Inc.

5.00%,

10/1/29(a)

34,000

23,994

ModivCare,

Inc.

5.88%,

11/15/25(a)

96,000

97,410

Molina

Healthcare,

Inc.

3.88%,

11/15/30

-

5/15/32(a)

213,000

187,705

Option

Care

Health,

Inc.

4.38%,

10/31/29(a)

188,000

172,728

Tenet

Healthcare

Corp.

4.38%,

1/15/30

15,000

13,916

5.13%,

11/1/27

77,000

75,422

6.13%,

10/1/28

120,000

119,491

US

Acute

Care

Solutions

LLC

9.75%,

5/15/29(a)

45,000

44,372

1,327,878

Hotels,

Restaurants

&

Leisure

(8.8%)

1011778

BC

ULC

3.88%,

1/15/28(a)

109,000

102,183

4.00%,

10/15/30(a)

135,000

118,927

Boyne

USA,

Inc.

4.75%,

5/15/29(a)

62,000

57,892

Caesars

Entertainment,

Inc.

4.63%,

10/15/29(a)

194,000

177,993

6.50%,

2/15/32(a)

40,000

40,223

7.00%,

2/15/30(a)

112,000

114,498

Carnival

Corp.

6.00%,

5/1/29(a)

75,000

74,133

Churchill

Downs,

Inc.

5.75%,

4/1/30(a)

100,000

97,210

Dave

&

Buster's,

Inc.

7.63%,

11/1/25(a)

109,000

109,627

IRB

Holding

Corp.

7.00%,

6/15/25(a)

55,000

55,059

Jacobs

Entertainment,

Inc.

6.75%,

2/15/29(a)

58,000

53,836

Life

Time,

Inc.

5.75%,

1/15/26(a)

165,000

164,385

Light

&

Wonder

International,

Inc.

7.00%,

5/15/28(a)

111,000

111,643

NCL

Corp.

Ltd.

7.75%,

2/15/29(a)

95,000

98,836

Face

Amount

Value

NCL

Finance

Ltd.

6.13%,

3/15/28(a)

$

100,000

$

98,831

Raising

Cane's

Restaurants

LLC

9.38%,

5/1/29(a)

95,000

102,722

Royal

Caribbean

Cruises

Ltd.

3.70%,

3/15/28

25,000

23,380

6.25%,

3/15/32(a)

40,000

40,361

Viking

Cruises

Ltd.

5.88%,

9/15/27(a)

145,000

143,591

Yum!

Brands,

Inc.

3.63%,

3/15/31

81,000

71,548

1,856,878

Household

Durables

(1.5%)

Taylor

Morrison

Communities,

Inc.

5.88%,

6/15/27(a)

91,000

90,673

Tempur

Sealy

International,

Inc.

3.88%,

10/15/31(a)

120,000

100,692

TopBuild

Corp.

4.13%,

2/15/32(a)

135,000

119,011

310,376

Household

Products

(0.1%)

Spectrum

Brands,

Inc.

3.88%,

3/15/31(a)

14,000

11,714

Independent

Power

and

Renewable

Electricity

Producers

(0.6%)

Calpine

Corp.

5.00%,

2/1/31(a)

56,000

52,300

5.13%,

3/15/28(a)

74,000

71,225

123,525

Insurance

(2.0%)

Alliant

Holdings

Intermediate

LLC

7.00%,

1/15/31(a)

82,000

82,906

HUB

International

Ltd.

7.25%,

6/15/30(a)

55,000

56,422

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

3/15/30(a)

100,000

104,380

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(a)

164,000

166,001

409,709

IT

Services

(1.6%)

Arches

Buyer,

Inc.

4.25%,

6/1/28(a)

95,000

84,934

Booz

Allen

Hamilton,

Inc.

3.88%,

9/1/28(a)

111,000

104,615

Gartner,

Inc.

4.50%,

7/1/28(a)

144,000

138,910

328,459

Life

Sciences

Tools

&

Services

(0.4%)

Fortrea

Holdings,

Inc.

7.50%,

7/1/30(a)

90,000

89,535

Machinery

(1.9%)

Calderys

Financing

LLC

11.25%,

6/1/28(a)

101,000

106,965

Chart

Industries,

Inc.

9.50%,

1/1/31(a)

117,000

126,904

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(95.2%)

(cont’d)

Esab

Corp.

6.25%,

4/15/29(a)

$

42,000

$

42,304

Roller

Bearing

Co.

of

America,

Inc.

4.38%,

10/15/29(a)

125,000

115,186

391,359

Media

(3.3%)

Clear

Channel

Outdoor

Holdings,

Inc.

7.88%,

4/1/30(a)

103,000

103,757

DISH

Network

Corp.

11.75%,

11/15/27(a)

74,000

72,627

McGraw-Hill

Education,

Inc.

5.75%,

8/1/28(a)

101,000

97,488

Neptune

Bidco

US,

Inc.

9.29%,

4/15/29(a)

43,000

41,311

Outfront

Media

Capital

LLC

4.63%,

3/15/30(a)

119,000

107,330

Sirius

XM

Radio,

Inc.

3.13%,

9/1/26(a)

62,000

58,388

Stagwell

Global

LLC

5.63%,

8/15/29(a)

86,000

79,501

Townsquare

Media,

Inc.

6.88%,

2/1/26(a)

67,000

66,033

Univision

Communications,

Inc.

7.38%,

6/30/30(a)

57,000

53,065

8.00%,

8/15/28(a)

13,000

12,690

692,190

Metals

&

Mining

(3.1%)

Arsenal

AIC

Parent

LLC

11.50%,

10/1/31(a)

122,000

136,673

Big

River

Steel

LLC

6.63%,

1/31/29(a)

55,000

55,186

Compass

Minerals

International,

Inc.

6.75%,

12/1/27(a)

153,000

146,358

Eldorado

Gold

Corp.

6.25%,

9/1/29(a)

84,000

80,798

Hudbay

Minerals,

Inc.

4.50%,

4/1/26(a)

69,000

67,561

6.13%,

4/1/29(a)

35,000

34,860

Novelis

Corp.

3.25%,

11/15/26(a)

45,000

42,390

4.75%,

1/30/30(a)

100,000

92,867

656,693

Oil,

Gas

&

Consumable

Fuels

(11.7%)

Aethon

United

BR

LP

8.25%,

2/15/26(a)

109,000

110,279

Antero

Midstream

Partners

LP

5.75%,

3/1/27(a)

95,000

94,292

Cheniere

Energy

Partners

LP

4.00%,

3/1/31

108,000

98,283

Cheniere

Energy,

Inc.

4.63%,

10/15/28

118,000

114,603

Civitas

Resources,

Inc.

8.63%,

11/1/30(a)

92,000

98,719

8.75%,

7/1/31(a)

33,000

35,382

Face

Amount

Value

CrownRock

LP

5.63%,

10/15/25(a)

$

53,000

$

52,909

DT

Midstream,

Inc.

4.13%,

6/15/29(a)

127,000

117,431

Enviva

Partners

LP

6.50%,

1/15/26(a)

68,000

30,626

EQM

Midstream

Partners

LP

4.50%,

1/15/29(a)

87,000

82,168

4.75%,

1/15/31(a)

70,000

65,497

6.50%,

7/1/27(a)

51,000

51,584

7.50%,

6/1/30(a)

62,000

66,205

Genesis

Energy

LP

7.88%,

5/15/32

31,000

31,317

Kinetik

Holdings

LP

5.88%,

6/15/30(a)

113,000

111,422

Matador

Resources

Co.

6.50%,

4/15/32(a)

55,000

55,045

Occidental

Petroleum

Corp.

8.50%,

7/15/27

51,000

54,689

Parkland

Corp.

4.63%,

5/1/30(a)

100,000

91,279

Permian

Resources

Operating

LLC

5.88%,

7/1/29(a)

177,000

174,401

Plains

All

American

Pipeline

LP

9.69%,

7/29/24(b)(c)

91,000

91,055

Southwestern

Energy

Co.

4.75%,

2/1/32

125,000

115,069

Sunoco

LP

4.50%,

4/30/30

111,000

102,748

7.25%,

5/1/32(a)

45,000

46,579

TerraForm

Power

Operating

LLC

4.75%,

1/15/30(a)

32,000

29,197

5.00%,

1/31/28(a)

89,000

85,098

Venture

Global

Calcasieu

Pass

LLC

4.13%,

8/15/31(a)

64,000

57,473

Venture

Global

LNG,

Inc.

8.38%,

6/1/31(a)

217,000

225,241

9.50%,

2/1/29(a)

20,000

21,914

9.88%,

2/1/32(a)

16,000

17,425

Vital

Energy,

Inc.

7.88%,

4/15/32(a)

12,000

12,208

9.75%,

10/15/30

54,000

59,011

Western

Midstream

Operating

LP

4.05%,

2/1/30(d)

65,000

60,494

2,459,643

Passenger

Airlines

(0.6%)

United

Airlines,

Inc.

4.38%,

4/15/26(a)

59,000

57,063

VistaJet

Malta

Finance

plc

6.38%,

2/1/30(a)

94,000

73,965

131,028

Personal

Care

Products

(1.0%)

BellRing

Brands,

Inc.

7.00%,

3/15/30(a)

116,000

118,991

Edgewell

Personal

Care

Co.

4.13%,

4/1/29(a)

80,000

73,710

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(95.2%)

(cont’d)

Prestige

Brands,

Inc.

3.75%,

4/1/31(a)

$

25,000

$

21,778

214,479

Pharmaceuticals

(0.5%)

Catalent

Pharma

Solutions,

Inc.

3.50%,

4/1/30(a)

46,000

44,091

Endo

Finance

Holdings,

Inc.

8.50%,

4/15/31(a)

35,000

36,163

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.10%,

10/1/46

38,000

26,582

106,836

Professional

Services

(1.0%)

AMN

Healthcare,

Inc.

4.63%,

10/1/27(a)

76,000

72,493

VT

Topco,

Inc.

8.50%,

8/15/30(a)

122,000

128,248

200,741

Real

Estate

Management

&

Development

(0.2%)

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

5/15/28(a)

48,000

47,691

Semiconductors

&

Semiconductor

Equipment

(0.4%)

ON

Semiconductor

Corp.

3.88%,

9/1/28(a)

91,000

84,051

Software

(2.8%)

Central

Parent

LLC

8.00%,

6/15/29(a)

91,000

92,471

Clarivate

Science

Holdings

Corp.

4.88%,

7/1/29(a)

95,000

88,259

Cloud

Software

Group,

Inc.

6.50%,

3/31/29(a)

61,000

58,625

9.00%,

9/30/29(a)

66,000

64,086

Fair

Isaac

Corp.

4.00%,

6/15/28(a)

85,000

79,582

NCR

Voyix

Corp.

5.13%,

4/15/29(a)

74,000

69,756

Open

Text

Corp.

3.88%,

2/15/28(a)

63,000

58,376

Rocket

Software,

Inc.

9.00%,

11/28/28(a)

20,000

20,344

SS&C

Technologies,

Inc.

5.50%,

9/30/27(a)

67,000

66,020

597,519

Specialty

Retail

(4.5%)

Asbury

Automotive

Group,

Inc.

4.63%,

11/15/29(a)

34,000

31,464

5.00%,

2/15/32(a)

14,000

12,693

Bath

&

Body

Works,

Inc.

6.75%,

7/1/36

40,000

39,863

6.88%,

11/1/35

18,000

18,172

Cougar

JV

Subsidiary

LLC

8.00%,

5/15/32(a)

62,000

64,162

Evergreen

Acqco

1

LP

9.75%,

4/26/28(a)

97,000

103,721

Face

Amount

Value

Group

1

Automotive,

Inc.

4.00%,

8/15/28(a)

$

128,000

$

118,348

LCM

Investments

Holdings

II

LLC

4.88%,

5/1/29(a)

91,000

85,193

Lithia

Motors,

Inc.

3.88%,

6/1/29(a)

91,000

81,819

4.38%,

1/15/31(a)

92,000

82,008

Sonic

Automotive,

Inc.

4.63%,

11/15/29(a)

129,000

116,574

4.88%,

11/15/31(a)

134,000

118,082

Valvoline,

Inc.

3.63%,

6/15/31(a)

88,000

75,928

948,027

Technology

Hardware,

Storage

&

Peripherals

(0.9%)

Seagate

HDD

Cayman

8.25%,

12/15/29

84,000

90,158

9.63%,

12/1/32

80,000

91,321

181,479

Textiles,

Apparel

&

Luxury

Goods

(0.5%)

Hanesbrands,

Inc.

9.00%,

2/15/31(a)

95,000

99,618

Trading

Companies

&

Distributors

(1.7%)

EquipmentShare.com,

Inc.

8.63%,

5/15/32(a)

52,000

53,985

Imola

Merger

Corp.

4.75%,

5/15/29(a)

134,000

125,379

WESCO

Distribution,

Inc.

6.38%,

3/15/29(a)

32,000

32,156

6.63%,

3/15/32(a)

33,000

33,388

7.25%,

6/15/28(a)

108,000

110,047

354,955

Transportation

Infrastructure

(0.5%)

Seaspan

Corp.

5.50%,

8/1/29(a)

107,000

95,617

Wireless

Telecommunication

Services

(1.1%)

Sprint

LLC

7.63%,

2/15/25

-

3/1/26

140,000

141,911

T-Mobile

USA,

Inc.

2.25%,

2/15/26

54,000

51,323

2.88%,

2/15/31

41,000

35,629

228,863

Total

Fixed

Income

Securities

(Cost

$19,081,660)

20,000,785

–

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Short-Term

Investment

(4.0%)

Investment

Company

(

4

.0

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(e)

(Cost

$850,636)

850,636

850,636

Total

Investments

(99.2%)

(Cost

$19,932,296)

(f)

20,851,421

Other

Assets

in

Excess

of

Liabilities

(0.8%)

176,837

Net

Assets

(100.0%)

$21,028,258

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Perpetual

—

One

or

more

securities

do

not

have

a

predetermined

maturity

date.

Rates

for

these

securities

are

fixed

for

a

period

of

time,

after

which

they

revert

to

a

floating

rate.

Interest

rates

in

effect

are

as

of

June

30,

2024.

(c)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

June

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(d)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

June

30,

2024.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(e)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$861

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(f)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$19,932,296.

The

aggregate

gross

unrealized

appreciation

is

$948,343

and

the

aggregate

gross

unrealized

depreciation

is

$29,218,

resulting

in

net

unrealized

appreciation

of

$919,125.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

72‌

.9

%

Oil,

Gas

&

Consumable

Fuels

11‌

.8

Hotels,

Restaurants

&

Leisure

8‌

.9

Health

Care

Providers

&

Services

6‌

.4

Total

Investments

100‌.0%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(97.9%)

Corporate

Bonds

(

1

.8

%

)

Diversified

Consumer

Services

(0.6%)

Cornell

University

4.84%,

6/15/34

$

140,000

$

139,175

Health

Care

Providers

&

Services

(1.2%)

Adventist

Health

System

5.76%,

12/1/34

250,000

249,898

389,073

Municipal

Bonds

(

96

.1

%

)

Alabama

(

1

.3

%

)

County

of

Jefferson

AL,

Sewer

Series

2024

5.00%,

10/1/30

250,000

272,346

Arizona

(

1

.2

%

)

City

of

Mesa

AZ,

Utility

System

Series

2014

4.00%,

7/1/37

250,000

248,908

California

(

9

.2

%

)

California

Community

Choice

Financing

Authority,

Series

2023

F

5.50%,

10/1/54(a)

495,000

541,550

Los

Angeles

Department

of

Water

&

Power

Water

System,

Series

2022

CC

5.00%,

7/1/42

500,000

558,469

Menifee

Union

School

District,

Series

2017

A

3.25%,

8/1/37

250,000

235,351

University

of

California,

Series

2024

BV

5.00%,

5/15/40

500,000

573,793

1,909,163

Colorado

(

6

.3

%

)

Board

of

Governors

of

Colorado

State

University

System,

Series

2023

A-2

4.38%,

3/1/48(a)

500,000

524,459

Colorado

Health

Facilities

Authority,

AdventHealth

Obligated

Group

Series

A-1

5.00%,

11/15/58(a)

500,000

531,033

CommonSpirit

Health

Obligated

Group

Series

2019

B-2

5.00%,

8/1/49(a)

250,000

254,905

1,310,397

Connecticut

(

3

.8

%

)

Connecticut

State

Health

&

Educational

Facilities

Authority,

Quinnipiac

University

Series

M

5.00%,

7/1/29

250,000

255,392

State

of

Connecticut

CT,

Special

Tax

Series

2021

A

5.00%,

5/1/41

500,000

545,520

800,912

Face

Amount

Value

District

of

Columbia

(

2

.5

%

)

Metropolitan

Washington

Airports

Authority

Aviation,

Series

A

(AMT)

5.00%,

10/1/31

$

500,000

$

511,899

Georgia

(

5

.1

%

)

Main

Street

Natural

Gas,

Inc.,

Series

2022

B

5.00%,

12/1/52

-

7/1/53(a)

1,000,000

1,055,066

Illinois

(

9

.9

%

)

Chicago

Board

of

Education,

Series

2012

B

5.00%,

12/1/33

500,000

499,959

City

of

Chicago

IL,

Series

2021

A

5.00%,

1/1/34

250,000

267,815

Illinois

Finance

Authority,

Ascension

Health

Credit

Group

Series

2016

C

5.00%,

2/15/41

500,000

511,864

State

of

Illinois

Water

Revolving

Fund

-

Clean

Water

Program

Series

2017

5.00%,

7/1/32

425,000

441,540

State

of

Illinois

IL,

Series

2020

5.50%,

5/1/39

315,000

345,012

2,066,190

Massachusetts

(

3

.1

%

)

Commonwealth

of

Massachusetts,

Series

2015

B

4.00%,

5/1/45

250,000

247,697

Massachusetts

Clean

Water

Trust

(The),

Massachusetts

Clean

Water

State

Revolving

Fund

Series

B-25

5.00%,

2/1/43

350,000

391,260

638,957

Michigan

(

2

.8

%

)

City

of

Detroit

MI,

Series

2020

5.50%,

4/1/40

250,000

265,635

Michigan

State

Housing

Development

Authority,

Series

B

3.35%,

12/1/34

335,000

310,143

575,778

Nebraska

(

1

.9

%

)

Nebraska

Public

Power

District,

Series

2016

A

5.00%,

1/1/25

400,000

403,092

New

Jersey

(

2

.6

%

)

New

Jersey

Transportation

Trust

Fund

Authority,

Series

2022

CC

5.00%,

6/15/42

500,000

544,026

New

York

(

13

.4

%

)

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured

Series

2024

C

5.00%,

5/1/37

500,000

573,591

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(96.1%)

(cont’d)

New

York

(13.4%)

(cont’d)

New

York

State

Urban

Development

Corp.,

State

of

New

York

Sales

Tax

Series

2023

A

5.00%,

3/15/44

$

500,000

$

555,069

New

York

Transportation

Development

Corp.,

Delta

Air

Lines,

Inc.

Series

2023

(AMT)

5.63%,

4/1/40

250,000

272,029

JFK

International

Air

Terminal

LLC

Series

2022

(AMT)

5.00%,

12/1/32

500,000

539,679

JFK

NTO

LLC

Series

2023

(AMT)

5.50%,

6/30/38

250,000

272,918

Utility

Debt

Securitization

Authority,

Series

2023

TE-1

5.00%,

12/15/41

500,000

575,308

2,788,594

North

Carolina

(

1

.2

%

)

North

Carolina

Municipal

Power

Agency

No.

1,

Series

A

5.00%,

1/1/27

250,000

255,528

Pennsylvania

(

4

.7

%

)

Allegheny

County

Industrial

Development

Authority,

United

States

Steel

Corp.

Series

2019

4.88%,

11/1/24

220,000

220,580

City

of

Philadelphia

PA,

Airport

Series

2017

B

(AMT)

5.00%,

7/1/25

500,000

505,667

Pennsylvania

Economic

Development

Financing

Authority,

UPMC

Obligated

Group

Series

2014

A

5.00%,

2/1/25

250,000

250,226

976,473

Puerto

Rico

(

3

.3

%

)

Commonwealth

of

Puerto

Rico,

Series

2022

A-1

5.63%,

7/1/27

221,000

230,766

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax,

Series

A-2

4.33%,

7/1/40

465,000

460,341

691,107

South

Carolina

(

2

.5

%

)

City

of

Aiken

SC,

Water

&

Sewer

System

Series

2024

A

4.00%,

8/1/49

250,000

242,730

South

Carolina

Jobs-Economic

Development

Authority,

Novant

Health

Obligated

Group

Series

2024

A

5.50%,

11/1/48

250,000

280,904

523,634

Face

Amount

Value

Tennessee

(

2

.7

%

)

Shelby

County

Health

Educational

&

Housing

Facilities

Board,

Baptist

Memorial

Health

Care

Obligated

Group

Series

2024

A

5.25%,

9/1/39

$

500,000

$

553,490

Texas

(

12

.2

%

)

Aldine

Independent

School

District,

Series

2024

4.00%,

2/15/54

200,000

190,545

Cypress-Fairbanks

Independent

School

District,

Series

2023

A

5.00%,

2/15/37

250,000

282,931

Dallas

Independent

School

District,

Series

2023

5.00%,

2/15/42

260,000

283,816

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Memorial

Hermann

Health

System

Obligated

Group

Series

2022

A

5.00%,

7/1/29

250,000

269,703

Texas

Children's

Hospital

Obligated

Group

Series

2015-1

5.00%,

10/1/28

500,000

508,618

Humble

Independent

School

District,

Series

2024

4.00%,

2/15/54

250,000

238,182

North

Texas

Tollway

Authority,

Series

2023

A

5.00%,

1/1/41

250,000

275,636

Prosper

Independent

School

District,

Series

2024

4.00%,

2/15/54

250,000

236,975

Texas

Private

Activity

Bond

Surface

Transportation

Corp.,

NTE

Mobility

Partners

Segments

3

LLC

Series

2023

(AMT)

5.38%,

6/30/38

250,000

271,201

2,557,607

Virginia

(

1

.7

%

)

Virginia

Small

Business

Financing

Authority,

95

Express

Lanes

LLC

Series

2022

(AMT)

5.00%,

7/1/38

335,000

354,170

Washington

(

4

.7

%

)

Energy

Northwest,

Bonneville

Power

Administration

Series

2021

A

5.00%,

7/1/41

405,000

443,216

University

of

Washington,

Series

2024

A

5.00%,

4/1/44

250,000

277,467

Washington

State

Housing

Finance

Commission,

Provident

Group-SH

I

Properties

LLC

Series

2024

5.50%,

7/1/44

250,000

272,471

993,154

20,030,491

Total

Fixed

Income

Securities

(Cost

$19,647,507)

20,419,564

–

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Short-Term

Investments

(1.1%)

Investment

Company

(

0

.5

%

)

BlackRock

Liquidity

Funds

-

MuniCash

-

Institutional

Shares  3.90%

(Cost

$96,882)

96,873

$

96,882

Face

Amount

Municipal

Bonds

(

0

.6

%

)

New

York

(

0

.6

%

)

New

York

City

Municipal

Water

Finance

Authority,

Water

&

Sewer

System

Series

2023

CC

4.90%,

6/15/53(a)

(Cost

$115,000)

$

115,000

115,000

Total

Short-Term

Investments

(Cost

$211,882)

211,882

Total

Investments

(99.0%)

(Cost

$19,859,389)

(b)

20,631,446

Other

Assets

in

Excess

of

Liabilities

(1.0%)

210,682

Net

Assets

(100.0%)

$20,842,128

(a)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

June

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(b)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$19,859,389.

The

aggregate

gross

unrealized

appreciation

is

$799,770

and

the

aggregate

gross

unrealized

depreciation

is

$27,713,

resulting

in

net

unrealized

appreciation

of

$772,057.

AMT

Alternative

Minimum

Tax

Summary

of

Investments

by

State

Classification  

Percentage

of

Total

Investments

Other*

42

.7

%

New

York

14

.1

Texas

12

.4

Illinois

10

.0

California

9

.3

Colorado

6

.4

Georgia

5

.1

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(96.8%)

Asset-Backed

Securities

(

23.2%

)

Affirm

Asset

Securitization

Trust,

2022-Z1

4.55%,

6/15/27(a)

$

189,731

$

188,612

Alterna

Funding

III

LLC,

2024-1A

6.26%,

5/16/39(a)

1,005,000

1,007,256

AMSR

Trust,

2020-SFR3

2.11%,

9/17/37(a)

975,000

927,750

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

463,509

466,464

Auxilior

Term

Funding

LLC,

2023-1A

6.18%,

12/15/28(a)

979,000

983,758

2024-1A

5.84%,

3/15/27(a)

255,000

255,044

BHG

Securitization

Trust,

2023-A

5.55%,

4/17/36(a)

984,236

978,881

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

2021-1A

2.44%,

7/15/46(a)

606,253

543,285

Cartiga

Asset

Finance

Trust

LLC,

2023-1

7.00%,

3/15/35(a)

322,636

323,418

Cascade

MH

Asset

Trust,

2022-MH1

4.25%,

8/25/54(a)(b)

1,438,335

1,310,537

CFMT

LLC,

2023-HB12

4.25%,

4/25/33(a)(c)

2,025,000

1,928,497

Chesapeake

Funding

II

LLC,

2024-1A

5.52%,

5/15/36(a)

809,045

809,115

CIM

Trust,

2021-NR2

5.57%,

7/25/59(a)(b)

598,646

593,589

Cologix

Data

Centers

US

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

1,225,000

1,122,765

Commonbond

Student

Loan

Trust,

2021-AGS

1.20%,

3/25/52(a)

815,474

676,456

Crossroads

Asset

Trust,

2024-A

5.90%,

8/20/30(a)

250,000

249,928

Dext

ABS

LLC,

2023-2

6.56%,

5/15/34(a)

1,120,568

1,124,321

Domino's

Pizza

Master

Issuer

LLC,

2015-1A

4.47%,

10/25/45(a)

463,750

455,268

ECMC

Group

Student

Loan

Trust,

2020-3A

SOFR30A

+

1.11%,

6.45%,

1/27/70(a)(c)

489,104

488,341

Face

Amount

Value

ELFI

Graduate

Loan

Program

LLC,

2021-A

1.53%,

12/26/46(a)

$

1,179,131

$

1,015,353

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(a)

185,900

171,210

FCI

Funding

LLC,

2021-1A

1.13%,

4/15/33(a)

44,191

43,583

FHF

Trust,

2021-1A

1.27%,

3/15/27(a)

75,185

74,170

FMC

GMSR

Issuer

Trust,

2020-GT1

4.45%,

1/25/26(a)(c)

1,500,000

1,397,357

2022-GT2

7.90%,

7/25/27(a)

1,600,000

1,625,205

GAIA

Aviation

Ltd.,

2019-1

3.97%,

12/15/44(a)(b)

398,683

367,275

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

869,977

866,381

2024-2A

5.58%,

6/17/30(a)

230,000

230,167

Golub

Capital

Partners

ABS

Funding

Ltd.,

2020-1A

3.21%,

1/22/29(a)

723,183

700,839

2021-1A

2.77%,

4/20/29(a)

1,488,630

1,437,968

Honda

Auto

Receivables

Owner

Trust,

2024-1

5.21%,

8/15/28

810,000

810,906

J.P.

Morgan

Mortgage

Trust,

2024-HE2

SOFR30A

+

1.20%,

6.53%,

10/25/54(a)(c)

461,652

464,257

LAD

Auto

Receivables

Trust,

2024-1A

5.23%,

1/18/28(a)

740,000

736,058

Lendbuzz

Securitization

Trust,

2024-1A

6.19%,

8/15/29(a)

1,260,000

1,263,387

Loanpal

Solar

Loan

Ltd.,

2021-1GS

2.29%,

1/20/48(a)

892,963

719,027

2021-2GS

2.22%,

3/20/48(a)

1,175,091

924,240

Lunar

Structured

Aircraft

Portfolio

Notes,

2021-1

2.64%,

10/15/46(a)

1,458,015

1,305,441

MACH

1

Cayman

Ltd.,

2019-1

3.47%,

10/15/39(a)

295,628

270,063

MAPS

Trust,

2021-1A

2.52%,

6/15/46(a)

341,775

308,187

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(23.2%)

(cont’d)

Marlette

Funding

Trust,

2023-1A

6.07%,

4/15/33(a)

$

301,503

$

301,504

Monroe

Capital

ABS

Funding

Ltd.,

2021-1A

2.82%,

4/22/31(a)

1,374,311

1,315,823

Mosaic

Solar

Loan

Trust,

2020-1A

2.10%,

4/20/46(a)

163,201

141,158

2021-1A

2.05%,

12/20/46(a)

773,318

603,158

Nelnet

Student

Loan

Trust,

2021-CA

1.32%,

4/20/62(a)

656,506

596,071

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

8.00%,

7/25/50(a)(c)

606,635

604,527

NextGear

Floorplan

Master

Owner

Trust,

2024-1A

5.12%,

3/15/29(a)

685,000

683,052

NRZ

Excess

Spread-Collateralized

Notes,

2021-FHT1

3.10%,

7/25/26(a)

417,766

393,394

2021-FNT2

3.23%,

5/25/26(a)

834,210

790,050

2021-GNT1

3.47%,

11/25/26(a)

451,932

422,042

NRZ

FHT

Excess

LLC,

2020-FHT1

4.21%,

11/25/25(a)

187,972

182,322

Octane

Receivables

Trust,

2021-2A

1.21%,

9/20/28(a)

87,941

86,328

2023-1A

5.87%,

5/21/29(a)

413,736

414,043

Option

One

Mortgage

Loan

Trust,

2000-5

CME

Term

SOFR

1

Month

+

0.61%,

5.95%,

8/20/30(c)

25,971

26,041

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

610,000

608,815

Oxford

Finance

Funding

LLC,

2020-1A

3.10%,

2/15/28(a)

64,809

63,975

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

427,000

426,842

PK

Alift

Loan

Funding

3

LP,

2024-1

5.84%,

9/15/39(a)

370,000

371,016

Planet

Fitness

Master

Issuer

LLC,

2024-1A

5.77%,

6/5/54(a)

564,000

563,243

Face

Amount

Value

PNMAC

GMSR

Issuer

Trust,

2024-GT1

CME

Term

SOFR

1

Month

+

3.20%,

8.55%,

3/25/29(a)(c)

$

700,000

$

708,035

Post

Road

Equipment

Finance

LLC,

2024-1A

5.59%,

11/15/29(a)

645,000

645,118

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

US

Prime

Rate

-

0.50%,

8.00%,

12/27/44(a)(c)

58,411

58,515

Republic

Finance

Issuance

Trust,

2020-A

2.47%,

11/20/30(a)

108,548

107,870

ServiceMaster

Funding

LLC,

2020-1

2.84%,

1/30/51(a)

103,726

92,453

SMB

Private

Education

Loan

Trust,

2021-E

1.68%,

2/15/51(a)

484,933

443,924

Stanwich

Mortgage

Loan

Co.

LLC,

2021-NPB1

2.73%,

10/16/26(a)(b)

992,022

965,833

Start

II

Ltd.,

2019-1

4.09%,

3/15/44(a)

539,912

517,488

Start

Ltd.,

2018-1

4.09%,

5/15/43(a)

1,030,693

975,389

Theorem

Funding

Trust,

2022-3A

7.60%,

4/15/29(a)

141,852

143,002

2023-1A

7.58%,

4/15/29(a)

171,025

172,570

VCP

RRL

ABS

I

Ltd.,

2021-1A

2.15%,

10/20/31(a)

319,077

302,743

VOLT

XCVI

LLC,

2021-NPL5

5.12%,

3/27/51(a)(b)

443,184

439,623

43,330,326

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  

(

4.3%

)

FHLMC

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.31%,

6.45%,

3/1/37(c)

124,210

125,691

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.32%,

6.58%,

7/1/38(c)

97,955

98,941

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.32%,

6.72%,

1/1/36(c)

102,088

103,090

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.18%,

6.73%,

6/1/38(c)

45,240

45,664

FHLMC

Gold

Pool,

15

Year

4.50%,

12/1/24

5,017

5,000

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  (4.3%)

(cont’d)

FHLMC

Gold

Pool,

30

Year

7.50%,

5/1/35

$

7,088

$

7,434

8.00%,

8/1/32

3,643

3,752

8.50%,

8/1/31

4,523

4,748

GNMA

I,

30

Year

8.50%,

7/15/30

400

407

GNMA

I,

Single

Family,

30

Year

6.00%,

11/15/38

40,056

41,144

UMBS,

15

Year

4.50%,

7/1/24

207

207

5.00%,

12/1/24

4,667

4,652

UMBS,

30

Year

6.00%,

9/1/37

22,766

23,529

6.50%,

2/1/28

-

10/1/32

71,851

73,898

7.00%,

7/1/29

-

3/1/37

75,464

78,292

7.50%,

8/1/37

9,091

9,521

8.00%,

4/1/33

15,418

15,910

8.50%,

10/1/32

8,461

8,880

UMBS,

Single

Family,

30

Year

5.00%,

7/25/54

7,700,000

7,442,830

8,093,590

Commercial

Mortgage-Backed

Securities

(

10.8%

)

Ajax

Mortgage

Loan

Trust

1.70%,

5/25/59(a)(b)

446,375

406,500

Angel

Oak

SB

Commercial

Mortgage

Trust

2.07%,

5/25/50(a)(c)

533,308

477,000

BFLD

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.89%,

0.00%,

7/15/41(a)(c)

562,000

560,573

BPR

Trust

CME

Term

SOFR

1

Month

+

1.90%,

7.23%,

4/15/37(a)(c)

354,000

355,137

Brean

Asset-Backed

Securities

Trust

5.25%,

1/25/63(a)(b)

1,798,083

1,722,129

Bunker

Hill

Loan

Depositary

Trust

1.72%,

2/25/55(a)(c)

128,935

124,093

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.81%,

6.14%,

4/15/34(a)(c)

1,100,000

1,061,179

BX

Trust

CME

Term

SOFR

1

Month

+

1.58%,

6.91%,

1/15/39(a)(c)

820,000

806,489

CAMB

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.37%,

6.70%,

12/15/37(a)(c)

1,210,000

1,212,123

Cascade

Funding

Mortgage

Trust

2.80%,

6/25/69(a)(c)

39,722

39,387

4.00%,

10/25/68(a)(c)

172,464

170,956

CHL

Mortgage

Pass-Through

Trust

5.50%,

5/25/34

29,889

29,201

CSMC

Trust

3.53%,

8/15/37(a)

575,000

540,803

3.90%,

4/25/62(a)(c)

1,358,478

1,274,968

Face

Amount

Value

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.49%,

6.82%,

7/15/38(a)(c)

$

1,089,353

$

1,087,203

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

2/25/59

491,154

425,466

FHLMC,

REMIC

7.50%,

9/15/29

90,175

91,310

FS

Commercial

Mortgage

Trust

7.07%,

11/10/39(a)

920,000

955,081

GNMA

CME

Term

SOFR

1

Month

+

0.56%,

5.50%,

5/20/62(c)

84

83

CME

Term

SOFR

1

Month

+

0.39%,

5.72%,

5/20/63(c)

2,920

2,849

CME

Term

SOFR

1

Month

+

0.61%,

5.94%,

3/20/61(c)

36,431

36,466

CME

Term

SOFR

1

Month

+

0.67%,

6.00%,

9/20/62(c)

64,252

64,274

CME

Term

SOFR

1

Month

+

0.71%,

6.04%,

1/20/64(c)

23,669

23,713

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

1.54%,

6.87%,

3/15/39(a)(c)

891,000

890,867

Headlands

Residential

LLC

2.49%,

9/25/26(a)(c)

1,577,579

1,515,450

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.99%,

7.32%,

6/15/41(a)(c)

660,000

659,182

JW

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.94%,

7.26%,

6/15/39(a)(c)

436,000

436,000

Natixis

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

Month

+

2.28%,

7.61%,

7/15/36(a)(c)

850,000

723,780

New

Residential

Mortgage

Loan

Trust

3.75%,

5/28/52(a)(c)

27,264

25,467

3.75%,

8/25/55(a)(c)

63,945

59,940

3.84%,

9/25/57(a)(c)

170,445

156,714

Oceanview

Mortgage

Loan

Trust

1.73%,

5/28/50(a)(c)

207,104

187,633

ORL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

7.68%,

10/19/36(a)(c)

560,000

563,151

Reach

Abs

Trust

6.30%,

2/18/31(a)

376,471

378,355

Residential

Mortgage

Loan

Trust

1.65%,

5/25/60(a)(c)

60,073

59,509

SDR

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.74%,

7.07%,

5/15/39(a)(c)

437,000

436,454

Sequoia

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.73%,

6.07%,

8/20/34(c)

58,935

54,927

Silver

Hill

Trust

3.10%,

11/25/49(a)(c)

203,165

200,644

Towd

Point

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.71%,

6.06%,

2/25/57(a)(c)

27,911

28,559

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(10.8%)

(cont’d)

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

6.91%,

6/15/39(a)(c)

$

375,000

$

373,128

CME

Term

SOFR

1

Month

+

2.64%,

7.96%,

6/15/39(a)(c)

400,000

400,477

TYSN

Mortgage

Trust

6.80%,

12/10/33(a)(c)

825,000

857,876

VMC

Finance

LLC

CME

Term

SOFR

1

Month

+

1.76%,

7.10%,

1/18/37(a)(c)

829,139

813,395

20,288,491

Corporate

Bonds

(

51.0%

)

Aerospace

&

Defense

(1.3%)

BAE

Systems

plc

5.00%,

3/26/27(a)

1,130,000

1,122,016

Boeing

Co.

(The)

6.26%,

5/1/27(a)

1,272,000

1,281,078

2,403,094

Air

Freight

&

Logistics

(0.2%)

Cargo

Aircraft

Management,

Inc.

4.75%,

2/1/28(a)

400,000

371,490

Automobiles

(1.6%)

General

Motors

Co.

6.80%,

10/1/27

900,000

934,654

Hyundai

Capital

America

5.30%,

6/24/29(a)

750,000

746,162

5.50%,

3/30/26(a)

675,000

674,646

Volkswagen

Group

of

America

Finance

LLC

5.40%,

3/20/26(a)

649,000

647,667

3,003,129

Banks

(15.9%)

Banco

Santander

SA

4.18%,

3/24/28(c)

600,000

578,527

6.61%,

11/7/28

1,200,000

1,260,822

Bank

of

America

Corp.

4.38%,

4/27/28(c)

2,900,000

2,831,260

5.08%,

1/20/27(c)

1,848,000

1,837,424

Bank

of

Ireland

Group

plc

6.25%,

9/16/26(a)(c)

990,000

995,302

Barclays

plc

5.30%,

8/9/26(c)

1,425,000

1,415,913

CaixaBank

SA

5.67%,

3/15/30(a)(c)

925,000

921,442

Capital

One

NA

2.28%,

1/28/26(c)

1,200,000

1,175,491

Citigroup,

Inc.

4.60%,

3/9/26

1,160,000

1,142,024

5.61%,

9/29/26(c)

400,000

399,893

Danske

Bank

A/S

5.43%,

3/1/28(a)(c)

1,480,000

1,481,547

Fifth

Third

Bank

NA

5.85%,

10/27/25(c)

1,160,000

1,159,087

HSBC

Holdings

plc

2.63%,

11/7/25(c)

1,325,000

1,309,718

5.60%,

5/17/28(c)

920,000

923,835

Face

Amount

Value

Intesa

Sanpaolo

SpA

7.00%,

11/21/25(a)

$

650,000

$

660,667

JPMorgan

Chase

&

Co.

5.57%,

4/22/28(c)

750,000

756,234

6.09%,

10/23/29(c)

900,000

930,146

KeyBank

NA

5.85%,

11/15/27

650,000

648,071

KeyCorp

6.62%,

5/23/25(c)

950,000

946,628

PNC

Financial

Services

Group,

Inc.

(The)

5.30%,

1/21/28(c)

1,112,000

1,110,736

5.49%,

5/14/30(c)

925,000

930,360

Societe

Generale

SA

2.63%,

1/22/25(a)

825,000

809,104

Swedbank

AB

6.14%,

9/12/26(a)

1,330,000

1,353,095

Synovus

Bank

5.63%,

2/15/28

375,000

362,467

Truist

Financial

Corp.

6.05%,

6/8/27(c)

465,000

468,473

U.S.

Bancorp

5.38%,

1/23/30(c)

915,000

917,635

5.78%,

6/12/29(c)

905,000

918,945

UniCredit

SpA

2.57%,

9/22/26(a)(c)

1,000,000

959,442

Westpac

New

Zealand

Ltd.

5.13%,

2/26/27(a)

625,000

623,321

29,827,609

Capital

Markets

(5.7%)

Antares

Holdings

LP

3.95%,

7/15/26(a)

600,000

567,594

Blue

Owl

Credit

Income

Corp.

6.60%,

9/15/29(a)

560,000

552,639

Charles

Schwab

Corp.

(The)

5.88%,

8/24/26

600,000

607,071

CI

Financial

Corp.

3.20%,

12/17/30

575,000

453,474

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(c)

1,730,000

1,727,722

Goldman

Sachs

Group,

Inc.

(The)

5.80%,

8/10/26(c)

650,000

650,439

HAT

Holdings

I

LLC

3.38%,

6/15/26(a)

225,000

212,379

8.00%,

6/15/27(a)

360,000

374,720

LPL

Holdings,

Inc.

4.00%,

3/15/29(a)

125,000

116,577

Macquarie

Group

Ltd.

5.11%,

8/9/26(a)(c)

1,000,000

994,887

Nuveen

LLC

5.55%,

1/15/30(a)

550,000

553,177

Oaktree

Strategic

Credit

Fund

8.40%,

11/14/28(a)

350,000

370,144

UBS

AG

7.95%,

1/9/25

3,380,000

3,415,912

10,596,735

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(51.0%)

(cont’d)

Chemicals

(0.7%)

Celanese

US

Holdings

LLC

6.17%,

7/15/27

$

894,000

$

907,763

Sasol

Financing

USA

LLC

8.75%,

5/3/29(a)

375,000

381,741

1,289,504

Construction

&

Engineering

(0.2%)

MasTec,

Inc.

5.90%,

6/15/29

430,000

432,155

Consumer

Finance

(2.7%)

Ally

Financial,

Inc.

8.00%,

11/1/31

600,000

662,524

Ford

Motor

Credit

Co.

LLC

6.95%,

6/10/26

2,520,000

2,569,420

General

Motors

Financial

Co.,

Inc.

5.40%,

4/6/26

930,000

928,378

Hyundai

Capital

Services,

Inc.

2.13%,

4/24/25(a)

1,000,000

972,299

5,132,621

Containers

&

Packaging

(0.7%)

Silgan

Holdings,

Inc.

1.40%,

4/1/26(a)

1,325,000

1,229,235

Distributors

(0.3%)

Genuine

Parts

Co.

6.50%,

11/1/28

500,000

524,452

Diversified

REITs

(0.5%)

VICI

Properties

LP

4.38%,

5/15/25

945,000

933,237

Electric

Utilities

(1.3%)

NextEra

Energy

Capital

Holdings,

Inc.

5.75%,

9/1/25

1,265,000

1,268,187

6.05%,

3/1/25

360,000

360,777

Southern

Co.

(The)

4.48%,

8/1/24(b)

825,000

823,845

2,452,809

Electronic

Equipment,

Instruments

&

Components

(0.8%)

Vontier

Corp.

1.80%,

4/1/26

1,700,000

1,591,282

Financial

Services

(3.0%)

Corebridge

Financial,

Inc.

3.50%,

4/4/25

1,630,000

1,603,207

Enact

Holdings,

Inc.

6.25%,

5/28/29

1,155,000

1,155,811

Essent

Group

Ltd.

6.25%,

7/1/29

470,000

469,934

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

6.38%,

7/1/34(a)

938,000

919,155

Synchrony

Bank

5.40%,

8/22/25

1,480,000

1,469,350

5,617,457

Face

Amount

Value

Food

Products

(1.1%)

JDE

Peet's

NV

0.80%,

9/24/24(a)

$

2,150,000

$

2,120,690

Gas

Utilities

(0.2%)

Ferrellgas

LP

5.38%,

4/1/26(a)

300,000

293,702

Ground

Transportation

(1.5%)

Ashtead

Capital,

Inc.

4.00%,

5/1/28(a)

1,000,000

945,294

Penske

Truck

Leasing

Co.

LP

5.35%,

1/12/27(a)

500,000

499,242

5.75%,

5/24/26(a)

1,300,000

1,303,804

2,748,340

Health

Care

Providers

&

Services

(1.2%)

Centene

Corp.

4.25%,

12/15/27

967,000

924,081

HCA,

Inc.

5.88%,

2/15/26

1,350,000

1,352,389

2,276,470

Hotels,

Restaurants

&

Leisure

(0.3%)

Las

Vegas

Sands

Corp.

5.90%,

6/1/27

478,000

480,705

Insurance

(2.9%)

Athene

Global

Funding

5.52%,

3/25/27(a)

1,170,000

1,173,392

5.62%,

5/8/26(a)

990,000

991,172

Equitable

Financial

Life

Global

Funding

1.40%,

7/7/25(a)

2,350,000

2,251,847

Global

Atlantic

Fin

Co.

4.40%,

10/15/29(a)

1,000,000

931,989

5,348,400

IT

Services

(0.7%)

Genpact

Luxembourg

SARL

6.00%,

6/4/29

470,000

475,585

Kyndryl

Holdings,

Inc.

2.70%,

10/15/28

935,000

831,603

3.15%,

10/15/31

115,000

96,350

1,403,538

Media

(1.2%)

Charter

Communications

Operating

LLC

4.91%,

7/23/25

139,000

137,704

6.10%,

6/1/29

1,500,000

1,505,472

Videotron

Ltd.

3.63%,

6/15/29(a)

600,000

548,301

2,191,477

Multi-Utilities

(0.7%)

Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/26(b)

1,250,000

1,244,549

Oil,

Gas

&

Consumable

Fuels

(0.8%)

Columbia

Pipelines

Holding

Co.

LLC

6.04%,

8/15/28(a)

800,000

818,456

Energy

Transfer

LP

4.75%,

1/15/26

325,000

321,225

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(51.0%)

(cont’d)

TerraForm

Power

Operating

LLC

5.00%,

1/31/28(a)

$

400,000

$

382,463

1,522,144

Passenger

Airlines

(0.3%)

American

Airlines,

Inc.

5.50%,

4/20/26(a)

566,667

562,154

Pharmaceuticals

(0.7%)

Bayer

US

Finance

LLC

3.38%,

10/8/24(a)

1,240,000

1,231,160

Professional

Services

(0.6%)

Concentrix

Corp.

6.60%,

8/2/28

600,000

607,521

6.65%,

8/2/26

600,000

606,397

1,213,918

Specialized

REITs

(0.6%)

EPR

Properties

4.50%,

4/1/25

184,000

182,047

4.95%,

4/15/28

1,000,000

957,732

1,139,779

Specialty

Retail

(0.2%)

Lithia

Motors,

Inc.

3.88%,

6/1/29(a)

500,000

449,557

Technology

Hardware,

Storage

&

Peripherals

(0.2%)

Seagate

HDD

Cayman

9.63%,

12/1/32

325,000

370,994

Textiles,

Apparel

&

Luxury

Goods

(0.3%)

Tapestry,

Inc.

7.05%,

11/27/25

520,000

528,861

Tobacco

(1.3%)

Imperial

Brands

Finance

plc

3.13%,

7/26/24(a)

1,440,000

1,437,296

5.50%,

2/1/30(a)

1,000,000

990,931

2,428,227

Trading

Companies

&

Distributors

(0.8%)

Air

Lease

Corp.

5.30%,

6/25/26

555,000

553,286

Aviation

Capital

Group

LLC

6.25%,

4/15/28(a)

850,000

867,613

1,420,899

Transportation

Infrastructure

(0.2%)

Seaspan

Corp.

5.50%,

8/1/29(a)

400,000

357,448

Wireless

Telecommunication

Services

(0.3%)

Connect

Finco

SARL

6.75%,

10/1/26(a)

650,000

627,907

95,365,728

U.S.

Government

and

Agency

Securities

(7.5%)

U.S.

Treasury

Notes

4.13%,

3/31/29

2,925,000

2,895,693

4.50%,

5/31/29

11,000,000

11,076,484

13,972,177

Face

Amount

Value

Total

Fixed

Income

Securities

(Cost

$183,565,618)

181,050,312

–

Shares

Investment

Companies

(3.0%)

Eaton

Vance

Floating-Rate

ETF(d)

92,849

$

4,668,912

Eaton

Vance

Ultra-Short

Income

ETF(d)

20,000

1,008,200

Total

Investment

Companies

(Cost

$5,704,788)

5,677,112

Short-Term

Investments

(4.7%)

Investment

Company

(

3.9%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(e)

(Cost

$7,228,009)

7,228,009

7,228,009

Face

Amount

U.S.

Government

and

Agency

Security

(

0.8%

)

U.S.

Treasury

Bill

5.20%,

8/1/24

(Cost

1,523,056)

$

1,530,000

1,523,097

Total

Short-Term

Investments

(Cost

$8,751,065)

8,751,106

Total

Investments

(104.5%)

(Cost

$198,021,471)

(f)

195,478,530

Liabilities

in

Excess

of

Other

Assets

(-4.5%)

(8,473,053)

Net

Assets

(100.0%)

$187,005,477

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

June

30,

2024.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(c)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

June

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(d)

For

the

period

ended

June

30,

2024,

the

cost

of

purchases

of

Eaton

Vance

Floating-Rate

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF,

which

may

be

deemed

affiliates

of

the

Adviser

under

the

Investment

Company

Act

of

1940,

were

$4,692,588

and

$1,012,200,

respectively.

For

the

period

ended

June

30,

2024,

management

fees

related

to

the

Fund’s

investments

in

Eaton

Vance

Floating-Rate

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF

were

reduced

by

approximately

$893

and

$24,

respectively.

(e)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$14,262

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

(f)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$198,021,471.

The

aggregate

gross

unrealized

appreciation

is

$527,428

and

the

aggregate

gross

unrealized

depreciation

is

$3,070,369,

resulting

in

net

unrealized

depreciation

of

$2,542,941.

CME

Chicago

Mercantile

Exchange

FHLMC

Federal

Home

Loan

Mortgage

Corp.

GNMA

Government

National

Mortgage

Association

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SDR

Swedish

Depositary

Receipt

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

June

30,

2024:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Long:

U.S.

Treasury

2

Year

Notes

298

Sep-24

$

59,600,000

$

60,857,188

$

175,662

Short:

U.S.

Treasury

5

Year

Notes

149

Sep-24

(14,900,000)

(15,880,141)

(95,273)

U.S.

Treasury

10

Year

Notes

68

Sep-24

(6,800,000)

(7,478,938)

(93,500)

U.S.

Treasury

10

Year

Ultra

Bonds

19

Sep-24

(1,900,000)

(2,157,094)

15,889

$

2,778

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

39.6

%

Asset-Backed

Securities

22.2

Banks

15.3

Commercial

Mortgage-Backed

Securities

10.4

U.S.

Government

and

Agency

Securities

7.1

Capital

Markets

5.4

Total

Investments

100.0%**

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

**

Does

not

include

open

long/short

futures

contracts

with

a

value

of

$86,373,361

and

total

unrealized

appreciation

of

$

2,778.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(100.6%)

Municipal

Bonds

(

100

.6

%

)

Alabama

(

2

.9

%

)

Black

Belt

Energy

Gas

District,

Series

2023

D-1

5.50%,

6/1/49(a)

$

2,450,000

$

2,601,101

County

of

Jefferson

AL,

Sewer

Series

2024

5.00%,

10/1/27

1,000,000

1,045,646

3,646,747

Arizona

(

1

.6

%

)

Chandler

Industrial

Development

Authority,

Intel

Corp.

Series

2007

(AMT)

4.10%,

12/1/37(a)

2,000,000

2,012,359

California

(

4

.8

%

)

California

Community

Choice

Financing

Authority,

Series

2023

F

5.50%,

10/1/54(a)

1,000,000

1,094,040

California

Health

Facilities

Financing

Authority,

Adventist

Health

System/West

Obligated

Group

Series

2024

A

5.00%,

12/1/28

1,000,000

1,065,304

California

Pollution

Control

Financing

Authority,

Waste

Management,

Inc.

Series

2003

A

(AMT)

4.20%,

11/1/38(a)

1,000,000

1,001,339

California

State

Public

Works

Board,

Series

2023

C

5.00%,

9/1/27

1,600,000

1,692,277

State

of

California

Department

of

General

Services

Series

2024

B

5.00%,

4/1/26

1,000,000

995,079

5,848,039

Colorado

(

6

.9

%

)

Board

of

Governors

of

Colorado

State

University

System,

Series

2023

A-2

4.38%,

3/1/48(a)

1,000,000

1,048,919

Colorado

Health

Facilities

Authority,

AdventHealth

Obligated

Group

Series

A-1

5.00%,

11/15/58(a)

2,000,000

2,124,134

CommonSpirit

Health

Obligated

Group

Series

2019

B-2

5.00%,

8/1/49(a)

1,500,000

1,529,430

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

1,

Series

2024

A

5.00%,

12/1/27

-

12/1/28

760,000

799,785

E-470

Public

Highway

Authority,

Series

2000

B

0.00%,

9/1/25

2,000,000

1,916,884

Series

2024

B

4.33%,

9/1/39(a)

1,000,000

1,000,372

8,419,524

Connecticut

(

3

.5

%

)

City

of

New

Haven

CT,

Series

2019

A

5.00%,

8/1/24

1,000,000

1,000,758

Face

Amount

Value

Connecticut

State

Health

&

Educational

Facilities

Authority,

Yale-New

Haven

Health

Obligated

Group

Series

2024

A

5.00%,

7/1/26

$

875,000

$

903,401

State

of

Connecticut

CT,

Special

Tax

Series

2023

A

5.00%,

7/1/25

2,400,000

2,442,803

4,346,962

Florida

(

1

.6

%

)

County

of

Broward

FL,

Airport

System

Series

A

(AMT)

5.00%,

10/1/29

2,000,000

2,026,672

Georgia

(

3

.7

%

)

Development

Authority

of

Burke

County

(The),

Georgia

Power

Co.

Series

2013-1

3.38%,

11/1/53(a)

500,000

496,525

Main

Street

Natural

Gas,

Inc.,

Series

2021

A

4.00%,

7/1/52(a)

2,500,000

2,510,952

Series

2023

D

5.00%,

5/1/54(a)

1,500,000

1,589,820

4,597,297

Idaho

(

0

.5

%

)

Idaho

Health

Facilities

Authority,

Trinity

Health

Corp

Obligated

Group

Series

2013

ID

3.70%,

12/1/48(a)

650,000

650,106

Illinois

(

12

.2

%

)

Chicago

Board

of

Education,

Series

2017

D

5.00%,

12/1/25

1,200,000

1,215,832

Chicago

Midway

International

Airport,

Series

2023

B

5.00%,

1/1/26

1,000,000

1,025,172

City

of

Chicago

IL,

Series

2020

A

5.00%,

1/1/27

2,000,000

2,058,637

Illinois

Finance

Authority,

Series

2020

3.88%,

5/1/40(a)

1,500,000

1,497,895

OSF

Healthcare

System

Obligated

Group

Series

2020

B-2

5.00%,

5/15/50(a)

2,500,000

2,555,934

Metropolitan

Pier

&

Exposition

Authority,

Series

2023

A

5.00%,

12/15/28

1,000,000

1,040,075

Sales

Tax

Securitization

Corp.,

Series

2020

A

5.00%,

1/1/27

1,290,000

1,339,874

State

of

Illinois

IL,

Series

2017

D

5.00%,

11/1/28

2,500,000

2,607,815

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(100.6%)

(cont’d)

Illinois

(12.2%)

(cont’d)

Sales

Tax

Series

2021

A

4.00%,

6/15/25

$

1,750,000

$

1,753,943

15,095,177

Indiana

(

2

.9

%

)

City

of

Whiting

IN,

BP

Products

North

America,

Inc.

Series

2019

A

(AMT)

5.00%,

12/1/44(a)

2,500,000

2,547,727

Indiana

Housing

&

Community

Development

Authority,

Triple

P

Apartments

LP

Series

2023

4.10%,

9/1/28(a)

1,000,000

1,001,972

3,549,699

Iowa

(

0

.8

%

)

Iowa

Finance

Authority,

Gevo

NW

Iowa

RNG

LLC

Series

2021

(AMT)

3.88%,

1/1/42(a)

1,000,000

997,556

Kentucky

(

2

.1

%

)

Kentucky

Economic

Development

Finance

Authority,

Republic

Services,

Inc.

Series

2010

B

3.90%,

4/1/31(a)

1,000,000

1,000,428

University

of

Kentucky,

Series

2014

D

3.00%,

10/1/25

1,600,000

1,586,090

2,586,518

Massachusetts

(

1

.3

%

)

City

of

Quincy

MA,

Series

2024

5.00%,

7/25/25

1,000,000

1,014,641

Massachusetts

Educational

Financing

Authority,

Series

2024

B

(AMT)

5.00%,

7/1/29

575,000

605,130

1,619,771

Michigan

(

6

.7

%

)

Detroit

Downtown

Development

Authority,

Catalyst

Development

Area

Series

2024

5.00%,

7/1/28

-

7/1/29

2,000,000

2,131,091

Michigan

Finance

Authority,

Trinity

Health

Corp.

Obligated

Group

Series

2015

MI

4.73%,

12/1/39(a)

2,000,000

2,000,192

Saginaw

Valley

State

University,

Series

2016

A

5.00%,

7/1/30

1,750,000

1,791,683

Wayne

County

Airport

Authority,

Detroit

Metropolitan

Wayne

County

Airport

Series

F

(AMT)

5.00%,

12/1/31

2,500,000

2,530,482

8,453,448

Face

Amount

Value

Minnesota

(

1

.2

%

)

Minnesota

Rural

Water

Finance

Authority,

Inc.,

Series

2023

4.38%,

4/1/25

$

1,500,000

$

1,500,272

Missouri

(

3

.1

%

)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

BJC

Healthcare

Obligated

Group

Series

2021

A

4.00%,

7/1/26

1,100,000

1,112,458

St

Luke's

Health

System

Obligated

Group

Series

2016

5.00%,

11/15/28

1,300,000

1,336,376

Missouri

Joint

Municipal

Electric

Utility

Commission,

Series

2023

5.00%,

1/1/26

1,345,000

1,375,287

3,824,121

New

Jersey

(

3

.0

%

)

Bergen

County

Improvement

Authority

(The),

Series

2024

4.50%,

5/28/25

1,000,000

1,006,498

Hudson

County

Improvement

Authority,

Series

B-1

4.50%,

7/11/25

1,000,000

1,009,198

New

Jersey

Economic

Development

Authority,

New

Jersey-American

Water

Co.,

Inc.

Series

2020

D

(AMT)

1.10%,

11/1/29(a)

2,000,000

1,742,533

3,758,229

New

Mexico

(

0

.3

%

)

New

Mexico

Mortgage

Finance

Authority,

JLG

NM

SAF

2023

LLLP

Series

2023

5.00%,

2/1/42(a)

325,000

325,646

New

York

(

8

.2

%

)

Long

Island

Power

Authority,

Series

2022

B

5.00%,

9/1/52(a)

2,000,000

2,075,311

Metropolitan

Transportation

Authority,

Series

A-2

5.00%,

11/15/24

1,360,000

1,365,949

Payroll

Mobility

Tax

Series

2024

A

5.37%,

12/19/24

1,000,000

998,656

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured

Series

2024

C

5.00%,

5/1/25

500,000

507,038

Port

Authority

of

New

York

&

New

Jersey,

Series

242

5.00%,

12/1/26

-

9/1/28

4,000,000

4,113,939

Triborough

Bridge

&

Tunnel

Authority,

Series

2021

A

5.00%,

11/1/25

1,025,000

1,049,133

10,110,026

North

Carolina

(

0

.4

%

)

North

Carolina

Municipal

Power

Agency

No.

1,

Series

A

5.00%,

1/1/27

530,000

541,719

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(100.6%)

(cont’d)

Pennsylvania

(

7

.2

%

)

Clairton

Municipal

Authority,

Series

2024

B

5.00%,

12/1/27

$

1,450,000

$

1,497,999

Commonwealth

of

Pennsylvania,

Series

2016

5.00%,

9/15/24

1,775,000

1,780,035

Pennsylvania

Economic

Development

Financing

Authority,

UPMC

Obligated

Group

Series

2014

A

5.00%,

2/1/25

750,000

750,678

Waste

Management

Obligated

Group

Series

2011

(AMT)

0.00%,

7/1/41(a)

1,000,000

1,000,837

Pennsylvania

Turnpike

Commission

Registration

Fee,

Series

2023

3.88%,

7/15/41(a)

2,000,000

2,000,912

Redevelopment

Authority

of

the

City

of

Philadelphia,

Series

A

5.00%,

4/15/27

2,000,000

2,023,123

9,053,584

Puerto

Rico

(

1

.9

%

)

Commonwealth

of

Puerto

Rico,

Series

2022

A-1

5.63%,

7/1/27

2,198,000

2,295,127

South

Carolina

(

3

.8

%

)

Greenville

County

School

District,

Series

2023

5.00%,

12/1/24

2,000,000

2,011,497

South

Carolina

Jobs-Economic

Development

Authority,

Novant

Health

Obligated

Group

Series

2024

A

5.00%,

11/1/31

2,500,000

2,781,153

4,792,650

Tennessee

(

0

.6

%

)

Shelby

County

Health

Educational

&

Housing

Facilities

Board,

Baptist

Memorial

Health

Care

Obligated

Group

Series

2024

B

5.00%,

9/1/49(a)

750,000

790,573

Texas

(

14

.2

%

)

City

of

San

Antonio

TX,

Series

2023

5.00%,

2/1/25

1,335,000

1,348,112

Series

2023

5.64%,

2/1/26

1,500,000

1,504,498

Cypress-Fairbanks

Independent

School

District,

Series

2023

A

5.00%,

2/15/26

1,000,000

1,026,965

Dallas

Fort

Worth

International

Airport,

Series

2023

B

(AMT)

5.00%,

11/1/25

-

11/1/27

2,500,000

2,576,639

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Memorial

Hermann

Health

System

Obligated

Group

Series

2022

A

5.00%,

7/1/29

880,000

949,354

Face

Amount

Value

Texas

Children's

Hospital

Obligated

Group

Series

2015-1

5.00%,

10/1/28

$

2,610,000

$

2,654,989

Leander

Independent

School

District,

Series

2016

0.00%,

8/16/25

2,500,000

2,401,517

North

Texas

Tollway

Authority,

Tollway

System

Series

2023

A

5.00%,

1/1/27

1,000,000

1,042,567

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

CHRISTUS

Health

Obligated

Group

Series

2024

B

5.00%,

7/1/30

1,500,000

1,627,403

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II,

Series

2012

C

4.39%,

9/15/27(a)

1,550,000

1,549,625

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

for

Texas

Series

2023

A

5.00%,

10/15/25

1,000,000

1,023,494

17,705,163

Virginia

(

2

.4

%

)

City

of

Bristol

VA,

Series

2023

5.00%,

9/1/27

1,000,000

1,015,318

Virginia

Housing

Development

Authority,

Series

2023

E

4.10%,

10/1/27

2,000,000

2,001,677

3,016,995

Washington

(

2

.4

%

)

Port

of

Seattle,

Series

C

(AMT)

5.00%,

4/1/31

2,000,000

2,003,274

Washington

State

Housing

Finance

Commission,

Ardea

Twg

LLLP

Series

2023

5.00%,

12/1/43(a)

1,000,000

1,017,929

3,021,203

Wisconsin

(

0

.4

%

)

Wisconsin

Housing

&

Economic

Development

Authority

Housing,

Series

2023

E

3.88%,

11/1/54(a)

500,000

498,403

Total

Fixed

Income

Securities

(Cost

$124,413,714)

125,083,586

–

Short-Term

Investments

(3.4%)

Municipal

Bonds

(

3

.4

%

)

New

York

(

2

.1

%

)

City

of

New

York

NY,

Series

2019

D-4

4.90%,

12/1/47(a)

100,000

100,000

New

York

City

Municipal

Water

Finance

Authority,

Water

&

Sewer

System

Series

2023

CC

4.90%,

6/15/53(a)

2,500,000

2,500,000

2,600,000

–

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

At

2

Face

Amount

Value

Municipal

Bonds

(3.4%)

(cont’d)

Ohio

(

1

.3

%

)

Ohio

Higher

Educational

Facility

Commission,

Cleveland

Clinic

Health

System

Obligated

Group

Series

2008

B-4

4.85%,

1/1/43(a)

$

1,600,000

$

1,600,000

Total

Municipal

Bonds

(Cost

$4,200,000)

4,200,000

Total

Short-Term

Investments

(Cost

$4,200,000)

4,200,000

Total

Investments

(104.0%)

(Cost

$128,613,714)

(b)

129,283,586

Liabilities

in

Excess

of

Other

Assets

(-4.0%)

(4,969,079)

Net

Assets

(100.0%)

$124,314,507

(a)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

June

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(b)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$128,613,714.

The

aggregate

gross

unrealized

appreciation

is

$756,867

and

the

aggregate

gross

unrealized

depreciation

is

$86,995,

resulting

in

net

unrealized

appreciation

of

$669,872.

AGM

Insured

by

Assured

Guaranty

Municipal

Corp.

AMT

Alternative

Minimum

Tax

NATL

Insured

by

National

Public

Finance

Guarantee

Corp.

Summary

of

Investments

by

State

Classification  

Percentage

of

Total

Investments

Other*

44

.8

%

Texas

13

.7

Illinois

11

.7

New

York

9

.8

Pennsylvania

7

.0

Michigan

6

.5

Colorado

6

.5

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(97.3%)

Asset-Backed

Securities

(

15.2%

)

AASET

US

Ltd.,

2018-2A

4.45%,

11/18/38(a)

$

1,202,604

$

1,133,622

ACHV

ABS

Trust,

2023-3PL

7.17%,

8/19/30(a)

129,097

129,579

American

Homes

4

Rent

Trust,

2015-SFR2

6.07%,

10/17/52(a)

1,001,000

996,952

Aqua

Finance

Trust,

2019-A

3.47%,

7/16/40(a)

590,936

556,919

Barings

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

4.60%,

9.92%,

7/15/37(a)(b)

1,000,000

1,001,215

BCMSC

Trust,

1998-C

7.51%,

1/15/29(b)

927,724

899,576

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

2021-1A

2.44%,

7/15/46(a)

1,146,768

1,027,660

CFMT

LLC,

2022-HB9

3.25%,

9/25/37(a)(b)

1,840,000

1,579,707

Cologix

Data

Centers

US

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

2,125,000

1,947,654

Conn's

Receivables

Funding

LLC,

2023-A

10.00%,

1/17/28(a)

370,000

373,606

ContiMortgage

Home

Equity

Loan

Trust,

1995-2

8.10%,

8/15/25

17,335

15,099

Dell

Equipment

Finance

Trust,

2023-3

5.93%,

4/23/29(a)

675,000

680,314

ELFI

Graduate

Loan

Program

LLC,

2022-A

4.51%,

8/26/47(a)

1,283,576

1,220,050

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(a)

1,199,054

1,104,307

FirstKey

Homes

Trust,

2021-SFR2

3.41%,

9/17/38(a)

1,000,000

894,426

2021-SFR3

3.98%,

12/17/38(a)

1,000,000

893,459

FMC

GMSR

Issuer

Trust,

2022-GT2

7.90%,

7/25/27(a)

2,675,000

2,717,139

FortiFi

,

2023-1A

6.23%,

9/20/59(a)

2,809,156

2,657,428

GAIA

Aviation

Ltd.,

2019-1

7.00%,

12/15/44(a)(c)

1,651,585

1,137,637

Face

Amount

Value

GCI

Funding

I

LLC,

2020-1

2.82%,

10/18/45(a)

$

574,778

$

524,009

Golub

Capital

Partners

ABS

Funding

Ltd.,

2020-1A

3.21%,

1/22/29(a)

1,749,466

1,695,412

2021-1A

2.77%,

4/20/29(a)

755,102

729,404

Goodgreen

Trust,

2020-1A

5.53%,

4/15/55(a)

1,558,520

1,257,454

2021-1A

5.74%,

10/15/56(a)

2,256,225

1,824,431

JOL

Air

Ltd.,

2019-1

4.95%,

4/15/44(a)

203,331

182,909

Lunar

Aircraft

Ltd.,

2020-1A

3.38%,

2/15/45(a)

284,104

270,147

MACH

1

Cayman

Ltd.,

2019-1

3.47%,

10/15/39(a)

645,005

589,227

MAPS

Ltd.,

2018-1A

4.21%,

5/15/43(a)

106,763

101,490

Marlette

Funding

Trust,

2023-3A

6.71%,

9/15/33(a)

2,300,000

2,314,049

METAL

LLC,

2017-1

4.58%,

10/15/42(a)

503,297

331,003

Mosaic

Solar

Loan

Trust,

2020-1A

2.10%,

4/20/46(a)

448,804

388,185

Newtek

Small

Business

Loan

Trust,

2018-1

US

Prime

Rate

-

0.55%,

7.95%,

2/25/44(a)(b)

130,194

129,291

2023-1

US

Prime

Rate

-

0.50%,

8.00%,

7/25/50(a)(b)

869,510

866,488

Oaktree

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

4.70%,

10.03%,

7/20/37(a)(b)

1,000,000

1,002,723

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

2,365,000

2,360,406

Planet

Fitness

Master

Issuer

LLC,

2024-1A

5.77%,

6/5/54(a)

973,000

971,694

PMC

PLS

ESR

Issuer

LLC,

2022-PLS1

5.11%,

2/25/27(a)(c)

1,336,630

1,311,462

PMT

Issuer

Trust-FMSR,

2021-FT1

CME

Term

SOFR

1

Month

+

3.11%,

8.46%,

3/25/26(a)(b)

3,900,000

3,949,284

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(15.2%)

(cont’d)

2022-FT1

SOFR30A

+

4.19%,

9.53%,

6/25/27(a)(b)

$

2,700,000

$

2,736,826

PRET

LLC,

2021-NPL6

2.49%,

7/25/51(a)(c)

653,425

643,359

Progress

Residential,

2021-SFR4

2.31%,

5/17/38(a)

650,000

607,762

PRPM

LLC,

2022-3

5.56%,

6/25/27(a)(c)

1,916,454

1,899,745

Raptor

Aircraft

Finance

I

LLC,

2019-1

4.21%,

8/23/44(a)

1,908,186

1,611,934

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

US

Prime

Rate

-

0.50%,

8.00%,

12/27/44(a)(b)

194,703

195,048

Republic

Finance

Issuance

Trust,

2020-A

3.54%,

11/20/30(a)

1,385,000

1,363,776

Retained

Vantage

Data

Centers

Issuer

LLC,

2023-1A

5.00%,

9/15/48(a)

1,423,000

1,374,235

SERVPRO

Master

Issuer

LLC,

2024-1A

6.17%,

1/25/54(a)

628,425

634,419

Stanwich

Mortgage

Loan

Co.

LLC,

2021-NPB1

2.73%,

10/16/26(a)(c)

1,546,701

1,505,868

STAR

Trust,

2021-SFR1

CME

Term

SOFR

1

Month

+

3.31%,

8.64%,

4/17/38(a)(b)

800,000

779,753

Start

II

Ltd.,

2019-1

4.09%,

3/15/44(a)

228,424

218,937

Start

Ltd.,

2018-1

4.09%,

5/15/43(a)

2,147,276

2,032,061

Sunbird

Engine

Finance

LLC,

2020-1A

3.67%,

2/15/45(a)

731,007

695,253

Sunnova

Hestia

I

Issuer

LLC,

2023-GRID1

5.75%,

12/20/50(a)

478,033

482,246

Willis

Engine

Structured

Trust

VII,

2023-A

8.00%,

10/15/48(a)

700,369

741,355

59,287,994

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  

(

20.9%

)

FHLMC

Gold

Pool,

30

Year

4.00%,

6/1/44

-

1/1/48

265,760

249,021

6.00%,

10/1/36

-

8/1/38

34,183

35,395

6.50%,

12/1/25

-

8/1/33

41,225

42,598

7.00%,

6/1/28

-

11/1/31

6,925

7,154

Face

Amount

Value

FHLMC

Gold

Pool,

Other

3.50%,

4/1/49

-

8/1/49

$

164,695

$

145,711

4.00%,

10/1/49

-

11/1/49

137,413

125,369

5.41%,

7/1/37

-

8/1/37

8,712

8,356

5.44%,

1/1/37

-

2/1/38

37,015

35,249

5.46%,

8/1/37

-

1/1/38

25,683

24,447

5.50%,

8/1/37

-

11/1/37

37,410

35,960

5.62%,

12/1/36

-

8/1/37

35,714

34,338

FNMA,

30

Year

3.50%,

2/1/48

-

5/1/48

820,397

739,516

5.62%,

12/1/36

16,085

15,383

FNMA,

Other

3.50%,

1/1/48

-

1/1/50

1,043,366

927,063

4.00%,

8/1/49

-

9/1/49

380,009

346,702

4.50%,

3/1/49

-

8/1/49

362,838

340,980

GNMA

I,

30

Year

6.50%,

5/15/40

157,276

161,367

GNMA

II,

Other

4.50%,

5/20/49

-

7/20/49

127,346

120,266

GNMA

II,

Single

Family,

30

Year

3.50%,

11/20/40

-

7/20/46

340,040

312,579

4.00%,

8/20/41

-

11/20/49

1,811,525

1,693,597

4.50%,

4/20/49

22,974

22,121

5.00%,

12/20/48

13,517

12,492

UMBS

Pool,

30

Year

4.00%,

4/1/49

319,901

296,760

4.50%,

2/1/49

269,462

257,356

UMBS,

30

Year

4.00%,

11/1/41

-

3/1/49

1,867,202

1,757,649

4.50%,

3/1/41

-

11/1/44

519,164

504,130

5.00%,

3/1/41

64,594

64,656

5.50%,

6/1/35

-

1/1/37

23,982

24,389

6.50%,

6/1/26

-

1/1/34

295,287

303,184

7.00%,

5/1/28

-

12/1/33

43,639

45,228

9.50%,

4/1/30

2,459

2,471

UMBS,

Single

Family,

30

Year

4.00%,

7/25/54

4,875,000

4,461,387

4.50%,

7/25/54

18,800,000

17,727,075

5.00%,

7/25/54

43,560,000

42,105,150

5.50%,

7/25/54

8,775,000

8,656,057

81,641,156

Commercial

Mortgage-Backed

Securities

(

19.7%

)

Adjustable

Rate

Mortgage

Trust

5.69%,

6/25/35(b)

13,938

13,767

Ajax

Mortgage

Loan

Trust

1.70%,

5/25/59(a)(c)

1,171,734

1,067,063

Alternative

Loan

Trust

CME

Term

SOFR

1

Month

+

0.47%,

5.82%,

5/25/47(b)

62,061

55,805

Banc

of

America

Alternative

Loan

Trust

CME

Term

SOFR

1

Month

+

0.76%,

6.00%,

7/25/46(b)

85,969

66,617

6.36%,

10/25/36(c)

382,723

109,471

Banc

of

America

Funding

Trust

5.25%,

7/25/37

7,745

7,579

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(19.7%)

(cont’d)

BANK

3.02%,

12/15/53(b)

$

4,200,000

$

2,251,495

IO

0.96%,

10/17/52(b)

13,944,681

477,250

BBCMS

Mortgage

Trust

IO

0.64%,

12/15/55(b)

18,371,040

637,017

Bear

Stearns

ARM

Trust

5.03%,

2/25/34(b)

357,835

336,220

Benchmark

Mortgage

Trust

3.76%,

7/15/53(a)

2,000,000

1,901,160

IO

0.99%,

9/15/48(a)(b)

31,000,000

646,645

BF

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.00%,

7.33%,

12/15/35(a)(b)

2,500,000

2,241,670

BPR

Trust

CME

Term

SOFR

1

Month

+

3.00%,

8.33%,

5/15/39(a)(b)

2,320,000

2,331,894

BRAVO

Residential

Funding

Trust

2.00%,

5/25/59(a)(b)

1,319,193

1,195,432

Brean

Asset-Backed

Securities

Trust

1.40%,

10/25/63(a)(b)

2,067,728

1,814,853

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.14%,

8.47%,

6/15/27(a)(b)

5,000,000

5,026,032

BXP

Trust

CME

Term

SOFR

1

Month

+

3.05%,

8.38%,

11/15/34(a)(b)

1,150,000

525,669

Cascade

Funding

Mortgage

Trust

4.00%,

10/25/68(a)(b)

2,119,215

1,914,038

CFMT

LLC

3.75%,

4/25/25(a)(b)

2,650,000

2,547,446

ChaseFlex

Trust

6.00%,

2/25/37

591,956

214,598

Citigroup

Commercial

Mortgage

Trust

3.62%,

12/10/41(a)(b)

1,100,000

785,900

IO

0.86%,

11/10/48(b)

2,265,741

14,990

1.02%,

9/10/58(b)

4,070,468

35,195

COLT

Trust

1.67%,

9/25/61(a)(b)

1,150,510

1,007,316

Commercial

Mortgage

Trust

3.51%,

8/15/57(a)(b)

1,400,000

1,370,938

IO

0.77%,

10/10/47(b)

1,938,121

1,170

0.93%,

7/15/47(b)

235,446

127

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

2.36%,

7.69%,

7/15/38(a)(b)

1,811,050

1,811,406

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

9/25/55

878,217

752,065

3.00%,

8/25/57

630,861

537,015

3.00%,

3/25/58

862,883

735,411

4.25%,

8/25/59(a)(b)

2,700,000

2,492,423

4.25%,

11/25/60(a)(b)

750,000

690,051

Face

Amount

Value

4.75%,

10/25/58(b)

$

1,300,000

$

1,237,974

FHLMC,

Multifamily

Structured

Pass-Through

Certificates

IO

REMIC

2.72%,

1/25/49(b)

17,200,000

2,389,924

2.72%,

1/25/49(b)

4,091,469

531,329

2.74%,

2/25/49(b)

9,522,157

1,301,939

2.83%,

8/25/48(b)

5,484,002

698,403

3.17%,

11/25/36(b)

4,400,000

1,087,298

3.32%,

5/25/32(b)

11,220,034

2,161,252

FHLMC,

REMIC

IO

REMIC

SOFR30A

+

5.89%,

0.55%,

11/15/43(b)

347,633

23,381

FNMA,

REMIC

7.00%,

9/25/32

71,249

73,648

IO

REMIC

8.00%,

9/18/27

13,698

1,166

FNMA,

Strips

IO

REMIC

6.50%,

9/25/29

15,599

1,583

6.50%,

9/25/29

6,438

595

6.50%,

9/25/29

10,441

906

6.50%,

12/25/29

14,982

1,415

6.50%,

12/25/29

6,495

595

6.50%,

12/25/29

9,713

893

6.50%,

12/25/29

12,834

1,083

8.50%,

10/25/25

607

9

FREMF

Mortgage

Trust

SOFR30A

+

4.46%,

9.79%,

12/25/26(a)(b)

60,721

59,169

SOFR30A

+

5.36%,

10.69%,

7/25/26(a)(b)

44,850

30,994

FS

Commercial

Mortgage

Trust

7.07%,

11/10/39(a)

1,775,000

1,842,684

GNMA

IO

REMIC

5.00%,

2/16/41

70,550

13,597

GS

Mortgage

Securities

Trust

IO

0.68%,

9/10/47(b)

2,279,916

1,250

1.35%,

10/10/48(b)

4,353,538

56,768

GWT

CME

Term

SOFR

1

Month

+

1.69%,

7.02%,

5/15/41(a)(b)

1,363,000

1,367,258

Headlands

Residential

LLC

2.49%,

9/25/26(a)(b)

2,699,775

2,593,451

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.97%,

6/15/41(a)(b)

840,000

838,952

CME

Term

SOFR

1

Month

+

2.54%,

7.87%,

6/15/41(a)(b)

810,000

807,988

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

IO

0.64%,

4/15/46(b)

6,956,250

19,660

0.71%,

12/15/49(b)

3,513,283

36,129

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(19.7%)

(cont’d)

J.P.

Morgan

Mortgage

Trust

5.09%,

6/25/37(b)

$

45,293

$

36,495

Jackson

Park

Trust

3.35%,

10/14/39(a)(b)

1,700,000

1,342,931

JPMBB

Commercial

Mortgage

Securities

Trust

IO

0.99%,

8/15/47(b)

265,678

170

JW

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.94%,

7.26%,

6/15/39(a)(b)

885,000

885,001

Lehman

Mortgage

Trust

6.50%,

9/25/37

619,817

201,238

LHOME

Mortgage

Trust

8.00%,

6/25/28(a)(c)

425,000

432,227

MF1X

CME

Term

SOFR

1

Month

+

2.82%,

8.15%,

12/15/34(a)(b)

4,350,000

4,162,848

MFT

Mortgage

Trust

3.39%,

8/10/40(a)(b)

1,000,000

627,098

MFT

Trust

3.59%,

2/10/42(a)(b)

800,000

422,792

MKT

Mortgage

Trust

3.04%,

2/12/40(a)(b)

1,000,000

528,998

Natixis

Commercial

Mortgage

Securities

Trust

4.46%,

1/15/43(a)(b)

800,000

655,177

CME

Term

SOFR

1

Month

+

2.28%,

7.61%,

7/15/36(a)(b)

2,300,000

1,958,464

Olympic

Tower

Mortgage

Trust

3.57%,

5/10/39(a)

2,900,000

2,529,262

ORL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

7.68%,

10/19/36(a)(b)

850,000

854,782

SDR

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.39%,

6.72%,

5/15/39(a)(b)

1,193,000

1,191,508

SG

Commercial

Mortgage

Securities

Trust

3.85%,

3/15/37(a)(b)

1,900,000

1,651,486

SLG

Office

Trust

IO

0.26%,

7/15/41(a)(b)

34,800,000

482,138

Taubman

Centers

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.19%,

7.51%,

5/15/37(a)(b)

2,300,000

2,319,099

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

6.91%,

6/15/39(a)(b)

765,000

761,181

TYSN

Mortgage

Trust

6.80%,

12/10/33(a)(b)

1,717,000

1,785,421

VMC

Finance

LLC

CME

Term

SOFR

1

Month

+

1.76%,

7.10%,

1/18/37(a)(b)

1,434,186

1,406,953

77,032,290

Corporate

Bonds

(

30.3%

)

Aerospace

&

Defense

(0.4%)

Boeing

Co.

(The)

6.26%,

5/1/27(a)

363,000

365,591

Face

Amount

Value

6.30%,

5/1/29(a)

$

1,217,000

$

1,234,485

1,600,076

Automobiles

(1.2%)

Ford

Motor

Co.

3.25%,

2/12/32

1,855,000

1,533,987

Hyundai

Capital

America

5.30%,

6/24/29(a)

3,275,000

3,258,239

4,792,226

Banks

(11.0%)

AIB

Group

plc

5.87%,

3/28/35(a)(b)

1,000,000

993,885

Banco

de

Credito

e

Inversiones

SA

2.88%,

10/14/31(a)

1,230,000

1,050,402

Banco

Santander

SA

4.18%,

3/24/28(b)

1,200,000

1,157,054

5.54%,

3/14/30(b)

1,200,000

1,191,417

6.35%,

3/14/34

1,560,000

1,562,009

Bank

Hapoalim

BM

3.26%,

1/21/32(a)(b)

1,059,000

953,005

Bank

of

America

Corp.

5.47%,

1/23/35(b)

3,767,000

3,764,576

Bank

of

Ireland

Group

plc

2.03%,

9/30/27(a)(b)

1,425,000

1,314,059

5.60%,

3/20/30(a)(b)

1,250,000

1,249,839

Bank

of

Nova

Scotia

(The)

8.00%,

1/27/84(b)

1,000,000

1,035,169

BBVA

Bancomer

SA

8.13%,

1/8/39(a)(b)

1,607,000

1,628,434

BNP

Paribas

SA

5.18%,

1/9/30(a)(b)

737,000

729,503

7.75%,

8/16/29(a)(b)(d)

1,000,000

1,011,015

BPCE

SA

5.15%,

7/21/24(a)

2,900,000

2,897,365

CaixaBank

SA

6.84%,

9/13/34(a)(b)

1,212,000

1,280,605

Credit

Agricole

SA

6.25%,

1/10/35(a)(b)

1,926,000

1,938,824

Intesa

Sanpaolo

SpA

8.25%,

11/21/33(a)(b)

1,340,000

1,478,762

JPMorgan

Chase

&

Co.

2.52%,

4/22/31(b)

50,000

43,232

2.74%,

10/15/30(b)

50,000

44,255

2.96%,

1/25/33(b)

50,000

42,648

3.78%,

2/1/28(b)

200,000

192,712

4.01%,

4/23/29(b)

50,000

47,821

4.91%,

7/25/33(b)

50,000

48,581

5.34%,

1/23/35(b)

2,296,000

2,283,246

5.35%,

6/1/34(b)

200,000

199,222

5.77%,

4/22/35(b)

1,714,000

1,759,234

KeyBank

NA

5.85%,

11/15/27

1,000,000

997,032

Societe

Generale

SA

2.63%,

1/22/25(a)

1,625,000

1,593,690

5.63%,

1/19/30(a)(b)

1,302,000

1,284,594

6.07%,

1/19/35(a)(b)

621,000

615,218

Swedbank

AB

5.41%,

3/14/29(a)

1,000,000

1,001,618

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(30.3%)

(cont’d)

Toronto-Dominion

Bank

(The)

8.13%,

10/31/82(b)

$

1,825,000

$

1,895,923

Truist

Financial

Corp.

7.16%,

10/30/29(b)

925,000

982,465

U.S.

Bancorp

5.38%,

1/23/30(b)

276,000

276,795

5.68%,

1/23/35(b)

3,342,000

3,356,130

5.84%,

6/12/34(b)

330,000

334,745

5.85%,

10/21/33(b)

660,000

670,632

42,905,716

Biotechnology

(0.2%)

AbbVie,

Inc.

5.50%,

3/15/64

804,000

794,328

Capital

Markets

(3.0%)

Blue

Owl

Credit

Income

Corp.

6.65%,

3/15/31

1,500,000

1,466,895

Brookfield

Finance,

Inc.

5.68%,

1/15/35

1,677,000

1,659,969

Charles

Schwab

Corp.

(The)

5.85%,

5/19/34(b)

1,220,000

1,244,481

6.14%,

8/24/34(b)

942,000

981,311

CI

Financial

Corp.

3.20%,

12/17/30

1,493,000

1,177,456

HAT

Holdings

I

LLC

3.38%,

6/15/26(a)

624,000

588,998

3.75%,

9/15/30(a)

375,000

327,432

Jefferies

Financial

Group,

Inc.

6.20%,

4/14/34

1,369,000

1,387,313

LPL

Holdings,

Inc.

4.00%,

3/15/29(a)

878,000

818,835

Nuveen

LLC

5.85%,

4/15/34(a)

1,086,000

1,090,902

TPG

Operating

Group

II

LP

5.88%,

3/5/34

1,160,000

1,165,370

11,908,962

Chemicals

(0.3%)

Celanese

US

Holdings

LLC

6.17%,

7/15/27

1,100,000

1,116,934

Construction

&

Engineering

(0.3%)

MasTec

,

Inc.

5.90%,

6/15/29

979,000

983,906

Consumer

Finance

(1.8%)

Ally

Financial,

Inc.

4.70%,

5/15/26(b)(d)

1,053,000

929,921

6.85%,

1/3/30(b)

810,000

832,620

8.00%,

11/1/31

1,190,000

1,314,006

Ford

Motor

Credit

Co.

LLC

6.13%,

3/8/34

500,000

494,902

7.12%,

11/7/33

597,000

631,197

7.35%,

3/6/30

1,002,000

1,060,968

General

Motors

Financial

Co.,

Inc.

5.80%,

1/7/29

1,197,000

1,208,097

5.95%,

4/4/34

628,000

628,783

7,100,494

Face

Amount

Value

Containers

&

Packaging

(0.5%)

Smurfit

Kappa

Treasury

ULC

5.78%,

4/3/54(a)

$

766,000

$

762,374

Trivium

Packaging

Finance

BV

5.50%,

8/15/26(a)(c)

1,381,000

1,354,570

2,116,944

Diversified

REITs

(0.3%)

VICI

Properties

LP

5.75%,

4/1/34

1,086,000

1,076,540

Diversified

Telecommunication

Services

(0.5%)

AT&T,

Inc.

2.75%,

6/1/31

50,000

42,829

3.50%,

9/15/53

2,150,000

1,460,640

3.65%,

6/1/51

385,000

272,158

5.55%,

8/15/41

300,000

292,442

2,068,069

Entertainment

(0.3%)

Warnermedia

Holdings,

Inc.

5.14%,

3/15/52

1,392,000

1,084,525

Financial

Services

(2.0%)

Enact

Holdings,

Inc.

6.25%,

5/28/29

1,715,000

1,716,205

Essent

Group

Ltd.

6.25%,

7/1/29

690,000

689,904

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

6.38%,

7/1/34(a)

2,941,000

2,881,913

Nationwide

Building

Society

4.30%,

3/8/29(a)(b)

1,050,000

1,005,603

Rocket

Mortgage

LLC

3.88%,

3/1/31(a)

1,537,000

1,340,699

7,634,324

Food

Products

(0.1%)

Smithfield

Foods,

Inc.

5.20%,

4/1/29(a)

200,000

194,125

Ground

Transportation

(0.5%)

Ashtead

Capital,

Inc.

5.95%,

10/15/33(a)

1,850,000

1,854,888

Health

Care

Equipment

&

Supplies

(0.3%)

Medline

Borrower

LP

3.88%,

4/1/29(a)

1,453,000

1,339,179

Health

Care

Providers

&

Services

(0.5%)

Centene

Corp.

2.50%,

3/1/31

2,603,000

2,138,171

Health

Care

REITs

(0.3%)

Ventas

Realty

LP

5.63%,

7/1/34

1,356,000

1,344,758

Hotels,

Restaurants

&

Leisure

(0.4%)

Las

Vegas

Sands

Corp.

6.00%,

8/15/29

676,000

679,721

Resorts

World

Las

Vegas

LLC

4.63%,

4/16/29(a)

1,100,000

987,603

1,667,324

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(30.3%)

(cont’d)

Insurance

(1.0%)

Global

Atlantic

Fin

Co.

4.70%,

10/15/51(a)(b)

$

1,320,000

$

1,226,381

6.75%,

3/15/54(a)

1,655,000

1,638,120

7.95%,

10/15/54(a)(b)

890,000

896,866

3,761,367

IT

Services

(0.3%)

Kyndryl

Holdings,

Inc.

6.35%,

2/20/34

1,200,000

1,219,617

Media

(0.8%)

Charter

Communications

Operating

LLC

3.70%,

4/1/51

750,000

456,506

4.80%,

3/1/50

2,261,000

1,660,270

LCPR

Senior

Secured

Financing

DAC

6.75%,

10/15/27(a)

1,150,000

1,078,263

3,195,039

Metals

&

Mining

(0.7%)

Compass

Minerals

International,

Inc.

6.75%,

12/1/27(a)

1,380,000

1,320,094

Nexa

Resources

SA

6.75%,

4/9/34(a)

1,234,000

1,254,743

2,574,837

Oil,

Gas

&

Consumable

Fuels

(1.3%)

Aethon

United

BR

LP

8.25%,

2/15/26(a)

1,110,000

1,123,028

Global

Partners

LP

7.00%,

8/1/27

615,000

618,045

Petrobras

Global

Finance

BV

6.50%,

7/3/33

1,379,000

1,374,250

Raizen

Fuels

Finance

SA

6.45%,

3/5/34(a)

722,000

733,857

6.95%,

3/5/54(a)

340,000

346,080

TerraForm

Power

Operating

LLC

4.75%,

1/15/30(a)

902,000

822,995

5,018,255

Pharmaceuticals

(0.1%)

Bristol-Myers

Squibb

Co.

5.65%,

2/22/64

262,000

256,136

Professional

Services

(0.6%)

Concentrix

Corp.

6.60%,

8/2/28

2,200,000

2,227,576

Software

(0.2%)

McAfee

Corp.

7.38%,

2/15/30(a)

975,000

901,424

Specialized

REITs

(0.3%)

EPR

Properties

3.60%,

11/15/31

1,526,000

1,272,997

Specialty

Retail

(0.1%)

PetSmart,

Inc.

4.75%,

2/15/28(a)

450,000

418,516

Face

Amount

Value

Textiles,

Apparel

&

Luxury

Goods

(0.4%)

Tapestry,

Inc.

7.00%,

11/27/26

$

425,000

$

436,936

7.35%,

11/27/28

1,000,000

1,038,145

1,475,081

Trading

Companies

&

Distributors

(0.3%)

Air

Lease

Corp.

3.38%,

7/1/25

52,000

50,826

5.20%,

7/15/31

1,015,000

992,228

1,043,054

Wireless

Telecommunication

Services

(0.3%)

Connect

Finco

SARL

6.75%,

10/1/26(a)

1,125,000

1,086,763

118,172,151

Municipal

Bonds

(

1.1%

)

Illinois

(

0.2%

)

Chicago

O'Hare

International

Airport,

Series

2010

B

6.40%,

1/1/40

255,000

274,617

Illinois

State

Toll

Highway

Authority,

Series

2009

A

6.18%,

1/1/34

477,000

499,668

774,285

Michigan

(

0.3%

)

University

of

Michigan,

Series

2022

A

4.45%,

4/1/22

1,645,000

1,363,542

New

York

(

0.6%

)

City

of

New

York

NY,

Series

2010

G-1

5.97%,

3/1/36

270,000

280,113

Onondaga

Civic

Development

Corp.,

Syracuse

University

Series

2020

B

3.07%,

12/1/55

2,925,000

1,988,231

2,268,344

4,406,171

Sovereign

(

1.1%

)

Dominican

Republic

Government

Bond

5.88%,

1/30/60(a)

700,000

595,653

Mexico

Government

Bond

3.25%,

4/16/30

750,000

661,432

3.75%,

4/19/71

850,000

512,830

Petroleos

Mexicanos

6.84%,

1/23/30

2,685,000

2,365,340

Philippine

Government

Bond

4.20%,

3/29/47

420,000

351,225

4,486,480

Supranational

(

0.3%

)

Banque

Ouest

Africaine

de

Developpement

4.70%,

10/22/31(a)

1,240,000

1,086,099

U.S.

Government

and

Agency

Securities

(

8.7%

)

U.S.

Treasury

Bonds

4.25%,

2/15/54

2,395,000

2,281,050

4.50%,

2/15/44

900,000

883,125

4.63%,

5/15/44

247,000

246,576

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

U.S.

Government

and

Agency

Securities

(8.7%)

(cont’d)

U.S.

Treasury

Notes

4.00%,

2/29/28

$

1,850,000

$

1,822,033

4.00%,

2/15/34

1,825,000

1,771,818

4.38%,

5/15/34

7,912,000

7,915,091

4.50%,

3/31/26

5,500,000

5,471,641

4.50%,

5/31/29

2,820,000

2,839,608

4.88%,

11/30/25

9,250,000

9,240,786

4.88%,

5/31/26

1,531,000

1,534,229

34,005,957

Total

Fixed

Income

Securities

(Cost

$395,522,718)

380,118,298

–

Shares

Investment

Companies

(1.3%)

Eaton

Vance

Floating-Rate

ETF(e)

77,300

3,887,030

Eaton

Vance

Ultra-Short

Income

ETF(e)

23,000

1,159,430

Total

Investment

Companies

(Cost

$5,080,498)

5,046,460

Short-Term

Investments

(20.2%)

Investment

Company

(

8.7%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(f)

(Cost

$34,022,908)

34,022,908

34,022,908

Face

Amount

U.S.

Government

and

Agency

Securities

(

11.5%

)

U.S.

Treasury

Bills

5.14%,

7/25/24

$

42,000,000

41,853,560

5.20%,

8/1/24

3,015,000

3,001,397

Total

U.S.

Government

and

Agency

Securities

(Cost

$44,852,065)

44,854,957

Total

Short-Term

Investments

(Cost

$78,874,973)

78,877,865

Total

Investments

(118.8%)

(Cost

$479,478,189)

(g)

464,042,623

Liabilities

in

Excess

of

Other

Assets

(-18.8%)

(73,313,832)

Net

Assets

(100.0%)

$390,728,791

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

June

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(c)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

June

30,

2024.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(d)

Perpetual

—

One

or

more

securities

do

not

have

a

predetermined

maturity

date.

Rates

for

these

securities

are

fixed

for

a

period

of

time,

after

which

they

revert

to

a

floating

rate.

Interest

rates

in

effect

are

as

of

June

30,

2024.

(e)

For

the

period

ended

June

30,

2024,

the

cost

of

purchases

of

Eaton

Vance

Floating-Rate

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF,

which

may

be

deemed

affiliates

of

the

Adviser

under

the

Investment

Company

Act

of

1940,

were

$3,917,358

and

$1,163,140,

respectively.

For

the

period

ended

June

30,

2024,

management

fees

related

to

the

Fund’s

investments

in

Eaton

Vance

Floating-Rate

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF

were

reduced

by

approximately

$5,245

and

$341,

respectively.

(f)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$43,660

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(g)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$479,478,189.

The

aggregate

gross

unrealized

appreciation

is

$2,399,627

and

the

aggregate

gross

unrealized

depreciation

is

$17,835,193,

resulting

in

net

unrealized

depreciation

of

$15,435,566.

ARM

Adjustable

Rate

Mortgage

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

IO

Interest

Only

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SDR

Swedish

Depositary

Receipt

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

STRIPS

Separate

Trading

of

Registered

Interest

and

Principal

Securities.

The

STRIPS

Program

lets

investors

hold

and

trade

individual

interest

and

principal

components

of

eligible

notes

and

bonds

as

separate

securities.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

June

30,

2024:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Long:

U.S.

Treasury

2

Year

Notes

309

Sep-24

$

61,800,000

$

63,103,594

$

126,476

U.S.

Treasury

5

Year

Notes

656

Sep-24

65,600,000

69,915,250

513,949

U.S.

Treasury

10

Year

Notes

138

Sep-24

13,800,000

15,177,844

126,535

U.S.

Treasury

Long

Bonds

74

Sep-24

7,400,000

8,755,125

142,412

U.S.

Treasury

Ultra

Bonds

148

Sep-24

14,800,000

18,550,875

499,243

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

203

Sep-24

(20,300,000)

(23,046,844)

(138,494)

$

1,270,121

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

19.5

%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

17.6

Short-Term

Investments

17.0

Commercial

Mortgage-Backed

Securities

16.6

Asset-Backed

Securities

12.8

Banks

9.2

U.S.

Government

and

Agency

Securities

7.3

Total

Investments

100.0%**

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

**

Does

not

include

open

long/short

futures

contracts

with

a

value

of

$198,549,532

and

total

unrealized

appreciation

of

$

1,270,121.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(91.1%)

Asset-Backed

Securities

(

19.8%

)

ACHV

ABS

TRUST,

2023-4CP

6.81%,

11/25/30(a)

$

22,962

$

22,977

ACM

Auto

Trust,

2023-2A

7.97%,

6/20/30(a)

164,209

165,092

Ally

Bank

Auto

Credit-Linked

Notes,

2024-A

5.83%,

5/17/32(a)

400,000

400,116

Alterna

Funding

III

LLC,

2024-1A

6.26%,

5/16/39(a)

205,000

205,460

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

81,317

81,836

Auxilior

Term

Funding

LLC,

2024-1A

5.84%,

3/15/27(a)

325,000

325,056

Bank

of

America

Auto

Trust,

2023-2A

5.85%,

8/17/26(a)

188,200

188,363

CarNow

Auto

Receivables

Trust,

2023-2A

7.38%,

1/15/26(a)

29,557

29,625

Chesapeake

Funding

II

LLC,

2023-2A

6.16%,

10/15/35(a)

328,249

330,322

2024-1A

SOFR30A

+

0.77%,

6.10%,

5/15/36(a)(b)

156,964

157,214

Conn's

Receivables

Funding

LLC,

2023-A

8.01%,

1/17/28(a)

9,205

9,213

2024-A

7.05%,

1/16/29(a)

228,376

228,615

Continental

Airlines

Pass-Through

Trust,

2012-2A

4.00%,

10/29/24

250,878

250,858

Dell

Equipment

Finance

Trust,

2023-1

5.65%,

9/22/28(a)

103,704

103,719

DLLST

LLC,

2024-1A

5.33%,

1/20/26(a)

65,000

64,856

Domino's

Pizza

Master

Issuer

LLC,

2015-1A

4.47%,

10/25/45(a)

324,625

318,688

Driven

Brands

Funding

LLC,

2018-1A

4.74%,

4/20/48(a)

169,200

166,913

Enterprise

Fleet

Financing

LLC,

2023-1

5.51%,

1/22/29(a)

181,683

181,415

2024-2

5.74%,

12/20/26(a)

145,000

145,447

Face

Amount

Value

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

$

171,006

$

172,867

Ford

Credit

Auto

Owner

Trust,

2023-B

5.57%,

6/15/26

158,055

158,001

FREED

ABS

Trust,

2022-4FP

7.58%,

12/18/29(a)

1,013

1,014

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

70,845

70,552

GM

Financial

Consumer

Automobile

Receivables

Trust,

2023-2

5.10%,

5/18/26

112,563

112,410

2024-1

5.12%,

2/16/27

30,000

29,912

HPEFS

Equipment

Trust,

2024-1A

5.38%,

5/20/31(a)

220,000

219,640

Hyundai

Auto

Lease

Securitization

Trust,

2022-C

4.38%,

10/15/25(a)

66,558

66,379

Invitation

Homes

Trust,

2018-SFR4

CME

Term

SOFR

1

Month

+

1.21%,

6.54%,

1/17/38(a)(b)

437,448

438,372

J.P.

Morgan

Mortgage

Trust,

2023-HE3

SOFR30A

+

1.60%,

6.93%,

5/25/54(a)(b)

62,013

62,634

2024-HE2

SOFR30A

+

1.20%,

6.53%,

10/25/54(a)(b)

194,380

195,477

LAD

Auto

Receivables

Trust,

2023-1A

5.68%,

10/15/26(a)

89,121

89,109

2023-2A

5.93%,

6/15/27(a)

72,428

72,506

2023-4A

6.21%,

10/15/26(a)

67,478

67,569

Lendbuzz

Securitization

Trust,

2024-1A

6.19%,

8/15/29(a)

100,000

100,269

LL

ABS

Trust,

2022-1A

5.05%,

11/15/29(a)

226,688

225,878

Marlette

Funding

Trust,

2023-2A

6.04%,

6/15/33(a)

50,344

50,331

2023-3A

6.49%,

9/15/33(a)

89,346

89,429

Mercury

Financial

Credit

Card

Master

Trust,

2024-2A

6.56%,

7/20/29(a)

147,000

147,333

Octane

Receivables

Trust,

2022-1A

4.18%,

3/20/28(a)

228,500

226,782

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(19.8%)

(cont’d)

2024-2A

5.80%,

7/20/32(a)

$

300,000

$

300,437

Oportun

Funding

XIV

LLC,

2021-A

1.21%,

3/8/28(a)

71,574

69,467

Oportun

Issuance

Trust,

2024-1A

6.33%,

4/8/31(a)

198,511

198,624

Oscar

US

Funding

XIV

LLC,

2022-1A

2.30%,

4/10/26(a)

157,895

156,077

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

265,000

264,485

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

300,000

299,889

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

1

Month

+

1.36%,

6.71%,

7/25/51(a)(b)

524,804

521,401

Prosper

Marketplace

Issuance

Trust,

2023-1A

7.06%,

7/16/29(a)

148,354

148,939

2023-1A

7.48%,

7/16/29(a)

200,000

202,047

SFS

Auto

Receivables

Securitization

Trust,

2024-1A

5.35%,

6/21/27(a)

52,283

52,191

SoFi

Consumer

Loan

Program

Trust,

2023-1S

5.81%,

5/15/31(a)

178,316

178,295

Theorem

Funding

Trust,

2023-1A

7.58%,

4/15/29(a)

140,646

141,916

8,506,017

Commercial

Mortgage-Backed

Securities

(

10.4%

)

BPR

Trust

CME

Term

SOFR

1

Month

+

1.90%,

7.23%,

4/15/37(a)(b)

185,000

185,594

CME

Term

SOFR

1

Month

+

3.00%,

8.33%,

5/15/39(a)(b)

200,000

201,025

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.81%,

6.14%,

9/15/36(a)(b)

200,000

198,025

CAMB

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.37%,

6.70%,

12/15/37(a)(b)

265,000

265,465

CME

Term

SOFR

1

Month

+

1.55%,

6.88%,

12/15/37(a)(b)

300,000

300,056

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.00%,

6.34%,

12/25/41(a)(b)

342,079

343,309

CSMC

Trust

CME

Term

SOFR

1

Month

+

3.14%,

8.47%,

9/9/24(a)(b)

350,000

351,471

Face

Amount

Value

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.19%,

6.52%,

7/15/38(a)(b)

$

295,033

$

294,638

CME

Term

SOFR

1

Month

+

1.49%,

6.82%,

7/15/38(a)(b)

170,665

170,329

CME

Term

SOFR

1

Month

+

1.81%,

7.14%,

7/15/38(a)(b)

90,779

90,713

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.25%,

6.59%,

3/25/44(a)(b)

195,762

196,603

SOFR30A

+

1.35%,

6.69%,

2/25/44(a)(b)

466,748

469,460

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.97%,

6/15/41(a)(b)

140,000

139,825

Marlette

Funding

Trust

6.50%,

4/15/33(a)

325,000

326,566

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.92%,

6.24%,

4/15/38(a)(b)

188,747

187,615

ORL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

7.68%,

10/19/36(a)(b)

200,000

201,125

Reach

Abs

Trust

6.30%,

2/18/31(a)

265,289

266,617

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

6.91%,

6/15/39(a)(b)

140,000

139,301

VMC

Finance

LLC

CME

Term

SOFR

1

Month

+

1.76%,

7.10%,

1/18/37(a)(b)

123,250

120,910

4,448,647

Corporate

Bonds

(

55.5%

)

Aerospace

&

Defense

(0.6%)

BAE

Systems

Holdings,

Inc.

3.80%,

10/7/24(a)

175,000

174,032

Boeing

Co.

(The)

4.88%,

5/1/25

100,000

98,957

272,989

Automobiles

(1.6%)

Hyundai

Capital

America

5.45%,

6/24/26(a)

200,000

199,766

5.80%,

6/26/25(a)

175,000

175,177

6.25%,

11/3/25(a)

70,000

70,555

Volkswagen

Group

of

America

Finance

LLC

6.18%,

3/20/26(a)(b)

250,000

250,922

696,420

Banks

(20.0%)

Australia

&

New

Zealand

Banking

Group

Ltd.

5.91%,

3/18/26(a)(b)

310,000

310,715

Banco

Santander

SA

5.15%,

8/18/25

200,000

198,499

Bank

of

America

Corp.

2.46%,

10/22/25(b)

200,000

197,939

3.38%,

4/2/26(b)

1,000,000

982,266

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(55.5%)

(cont’d)

Bank

of

Ireland

Group

plc

6.25%,

9/16/26(a)(b)

$

450,000

$

452,410

Barclays

plc

5.20%,

5/12/26

400,000

395,586

BNP

Paribas

SA

3.38%,

1/9/25(a)

300,000

296,121

BPCE

SA

4.63%,

7/11/24(a)

250,000

249,821

5.97%,

1/14/25(a)(b)

250,000

250,288

Capital

One

NA

2.28%,

1/28/26(b)

250,000

244,894

Citigroup,

Inc.

6.07%,

10/30/24(b)

225,000

225,217

Discover

Bank

2.45%,

9/12/24

250,000

248,272

HSBC

Holdings

plc

2.63%,

11/7/25(b)

410,000

405,271

Intesa

Sanpaolo

SpA

7.00%,

11/21/25(a)

200,000

203,282

JPMorgan

Chase

&

Co.

0.77%,

8/9/25(b)

200,000

198,912

2.08%,

4/22/26(b)

625,000

607,050

5.55%,

12/15/25(b)

185,000

184,834

KeyCorp

6.62%,

5/23/25(b)

415,000

413,527

National

Bank

of

Canada

0.00%,

7/2/27(b)

250,000

250,281

5.60%,

7/2/27(b)

250,000

250,001

PNC

Financial

Services

Group,

Inc.

(The)

5.67%,

10/28/25(b)

250,000

249,749

Royal

Bank

of

Canada

4.95%,

4/25/25

150,000

149,311

Santander

Holdings

USA,

Inc.

5.81%,

9/9/26(b)

200,000

199,093

Societe

Generale

SA

5.52%,

1/19/28(a)(b)

200,000

197,539

Standard

Chartered

plc

1.82%,

11/23/25(a)(b)

200,000

196,782

Swedbank

AB

6.14%,

9/12/26(a)

400,000

406,946

Wells

Fargo

&

Co.

3.91%,

4/25/26(b)

625,000

615,727

8,580,333

Capital

Markets

(6.7%)

Charles

Schwab

Corp.

(The)

3.63%,

4/1/25

175,000

172,395

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(b)

87,000

86,886

Goldman

Sachs

Group,

Inc.

(The)

3.27%,

9/29/25(b)

75,000

74,522

3.50%,

1/23/25

300,000

296,365

5.80%,

8/10/26(b)

340,000

340,230

HAT

Holdings

I

LLC

6.00%,

4/15/25(a)

305,000

304,957

8.00%,

6/15/27(a)

195,000

202,973

Nuveen

Finance

LLC

4.13%,

11/1/24(a)

325,000

323,008

Face

Amount

Value

Stifel

Financial

Corp.

4.25%,

7/18/24

$

100,000

$

99,917

UBS

AG

1.38%,

1/13/25(a)

225,000

219,885

3.70%,

2/21/25

250,000

246,796

7.95%,

1/9/25

250,000

252,656

UBS

Group

AG

2.59%,

9/11/25(a)(b)

250,000

248,354

2,868,944

Chemicals

(0.5%)

Celanese

US

Holdings

LLC

6.05%,

3/15/25

200,000

200,292

Commercial

Services

&

Supplies

(0.5%)

Republic

Services,

Inc.

2.50%,

8/15/24

200,000

199,157

Consumer

Finance

(4.0%)

Ally

Financial,

Inc.

5.80%,

5/1/25

300,000

299,801

Avolon

Holdings

Funding

Ltd.

2.88%,

2/15/25(a)

200,000

195,968

Capital

One

Financial

Corp.

4.99%,

7/24/26(b)

290,000

287,544

Discover

Financial

Services

3.95%,

11/6/24

200,000

198,738

Ford

Motor

Credit

Co.

LLC

5.13%,

6/16/25

400,000

397,106

General

Motors

Financial

Co.,

Inc.

6.71%,

4/7/25(b)

350,000

351,846

1,731,003

Electric

Utilities

(2.2%)

NextEra

Energy

Capital

Holdings,

Inc.

5.75%,

9/1/25

350,000

350,882

6.05%,

3/1/25

425,000

425,917

Southern

Co.

(The)

4.48%,

8/1/24(c)

150,000

149,790

926,589

Electronic

Equipment,

Instruments

&

Components

(1.2%)

CDW

LLC

4.13%,

5/1/25

235,000

231,321

TD

SYNNEX

Corp.

1.25%,

8/9/24

269,000

267,575

498,896

Entertainment

(0.8%)

Warnermedia

Holdings,

Inc.

6.41%,

3/15/26

350,000

350,022

Financial

Services

(0.6%)

Synchrony

Bank

5.40%,

8/22/25

250,000

248,201

Food

Products

(1.1%)

Campbell

Soup

Co.

5.30%,

3/20/26

190,000

189,608

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(55.5%)

(cont’d)

JDE

Peet's

NV

0.80%,

9/24/24(a)

$

310,000

$

305,774

495,382

Health

Care

Providers

&

Services

(0.7%)

Centene

Corp.

4.25%,

12/15/27

80,000

76,449

HCA,

Inc.

5.38%,

2/1/25

225,000

224,284

300,733

Hotels,

Restaurants

&

Leisure

(0.4%)

Las

Vegas

Sands

Corp.

2.90%,

6/25/25

160,000

155,380

Household

Durables

(0.5%)

Lennar

Corp.

4.75%,

5/30/25

210,000

208,415

Insurance

(3.6%)

Athene

Global

Funding

6.23%,

5/8/26(a)(b)

466,000

466,158

Corebridge

Global

Funding

5.35%,

6/24/26(a)

250,000

249,911

GA

Global

Funding

Trust

6.76%,

4/11/25(a)(b)

450,000

452,740

Protective

Life

Global

Funding

6.10%,

4/10/26(a)(b)

380,000

380,439

1,549,248

Leisure

Products

(0.3%)

Brunswick

Corp.

0.85%,

8/18/24

125,000

124,107

Machinery

(0.6%)

Daimler

Truck

Finance

North

America

LLC

5.20%,

1/17/25(a)

239,000

238,387

Media

(0.1%)

Charter

Communications

Operating

LLC

4.91%,

7/23/25

47,000

46,562

Metals

&

Mining

(0.5%)

Anglo

American

Capital

plc

3.63%,

9/11/24(a)

200,000

199,022

Multi-Utilities

(0.7%)

Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/26(c)

195,000

194,149

Dominion

Energy,

Inc.

3.30%,

3/15/25

100,000

98,352

292,501

Oil,

Gas

&

Consumable

Fuels

(0.6%)

Occidental

Petroleum

Corp.

6.95%,

7/1/24

250,000

250,000

Passenger

Airlines

(1.0%)

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.50%,

10/20/25(a)

225,000

222,317

Face

Amount

Value

Southwest

Airlines

Co.

5.25%,

5/4/25

$

200,000

$

199,118

421,435

Professional

Services

(0.4%)

Concentrix

Corp.

6.65%,

8/2/26

191,000

193,036

Semiconductors

&

Semiconductor

Equipment

(0.6%)

Qorvo,

Inc.

1.75%,

12/15/24

243,000

238,267

Specialized

REITs

(0.9%)

EPR

Properties

4.50%,

4/1/25

405,000

400,702

Technology

Hardware,

Storage

&

Peripherals

(0.8%)

Hewlett

Packard

Enterprise

Co.

5.90%,

10/1/24

350,000

349,982

Textiles,

Apparel

&

Luxury

Goods

(0.4%)

Tapestry,

Inc.

7.05%,

11/27/25

175,000

177,982

Tobacco

(1.1%)

BAT

Capital

Corp.

3.22%,

8/15/24

494,000

492,168

Trading

Companies

&

Distributors

(1.0%)

Air

Lease

Corp.

5.30%,

6/25/26

80,000

79,753

Aviation

Capital

Group

LLC

5.50%,

12/15/24(a)

351,000

350,126

429,879

Wireless

Telecommunication

Services

(1.5%)

Rogers

Communications,

Inc.

2.95%,

3/15/25

270,000

264,758

Sprint

LLC

7.63%,

2/15/25

100,000

100,709

T-Mobile

USA,

Inc.

3.50%,

4/15/25

285,000

280,260

645,727

23,781,761

U.S.

Government

and

Agency

Security

(

5.4%

)

U.S.

Treasury

Note

3.88%,

3/31/25

2,350,000

2,327,021

–

Total

Fixed

Income

Securities

(Cost

$38,985,300)

39,063,446

–

Shares

Short-Term

Investments

(11.0%)

Investment

Company

(

4.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(d)

(Cost

$1,743,620)

1,743,620

1,743,620

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Paper

(

3.1%

)

General

Motors

Financial

Co.,

Inc.

5.62%,

2/4/25

$

250,000

$

241,429

HSBC

USA,

Inc.

6.49%,

10/11/24

250,000

245,995

Jabil,

Inc.

5.95%,

7/19/24(a)

310,000

308,901

Svenska

Handelsbanken

AB

5.90%,

9/18/24(a)

250,000

246,971

Whirlpool

Corp.

5.72%,

7/12/24

300,000

299,313

Total

Commercial

Paper

(Cost

$1,342,755)

1,342,609

U.S.

Government

and

Agency

Security

(

3.8%

)

U.S.

Treasury

Bill

5.16%,

11/29/24

(Cost

1,619,933)

$

1,655,000

1,619,493

Total

Short-Term

Investments

(Cost

$4,706,308)

4,705,722

Total

Investments

(102.1%)

(Cost

$43,691,608)

(e)

43,769,168

Liabilities

in

Excess

of

Other

Assets

(-2.1%)

(911,067)

Net

Assets

(100.0%)

$42,858,101

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

June

30,

2024.

For

securities

based

on

a

published

reference

rate

and

spread,

the

reference

rate

and

spread

are

indicated

in

the

description

in

the

Portfolio

of

Investments.

Certain

variable

rate

securities

may

not

be

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

are

based

on

current

market

conditions.

These

securities

do

not

indicate

a

reference

rate

and

spread

in

their

description

in

the

Portfolio

of

Investments.

(c)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

June

30,

2024.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$951

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(e)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$43,691,608.

The

aggregate

gross

unrealized

appreciation

is

$94,645

and

the

aggregate

gross

unrealized

depreciation

is

$17,085,

resulting

in

net

unrealized

appreciation

of

$77,560.

CME

Chicago

Mercantile

Exchange

FHLMC

Federal

Home

Loan

Mortgage

Corp.

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

June

30,

2024:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

Short:

U.S.

Treasury

2

Year

Notes

4

Sep-24

$

(800,000)

$

(816,875)

$

959

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

28.1

%

Banks

19.6

Asset-Backed

Securities

19.4

Short-Term

Investments

10.8

Commercial

Mortgage-Backed

Securities

10.2

Capital

Markets

6.6

U.S.

Government

and

Agency

Security

5.3

Total

Investments

100.0%**

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

**

Does

not

include

open

short

futures

contracts

with

a

value

of

$816,875

and

total

unrealized

appreciation

of

$

959.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Shares

Value

Common

Stocks

(98.6%)

Aerospace

&

Defense

(

3

.0

%

)

General

Dynamics

Corp.

839

$

243,428

Huntington

Ingalls

Industries,

Inc.

722

177,850

L3Harris

Technologies,

Inc.

1,176

264,106

Lockheed

Martin

Corp.

464

216,735

RTX

Corp.

2,847

285,810

1,187,929

Air

Freight

&

Logistics

(

0

.6

%

)

United

Parcel

Service,

Inc.,

Class

 B

1,601

219,097

Automobile

Components

(

1

.0

%

)

BorgWarner,

Inc.

5,955

191,989

Gentex

Corp.

6,704

225,992

417,981

Banks

(

2

.7

%

)

Cullen/Frost

Bankers,

Inc.

2,690

273,385

FNB

Corp.

17,510

239,537

Prosperity

Bancshares,

Inc.

3,410

208,487

Regions

Financial

Corp.

8,124

162,805

United

Bankshares,

Inc.

6,348

205,929

1,090,143

Beverages

(

2

.1

%

)

Brown-Forman

Corp.,

Class

 B

3,248

140,281

Coca-Cola

Co.

(The)

3,852

245,180

Keurig

Dr

Pepper,

Inc.

7,254

242,283

PepsiCo,

Inc.

1,274

210,121

837,865

Biotechnology

(

0

.8

%

)

AbbVie,

Inc.

1,331

228,293

Gilead

Sciences,

Inc.

1,231

84,459

312,752

Building

Products

(

0

.8

%

)

Johnson

Controls

International

plc

4,828

320,917

Capital

Markets

(

1

.5

%

)

Artisan

Partners

Asset

Management,

Inc.,

Class

 A

5,634

232,515

CME

Group,

Inc.

715

140,569

T

Rowe

Price

Group,

Inc.

1,860

214,477

587,561

Chemicals

(

6

.0

%

)

Air

Products

and

Chemicals,

Inc.

315

81,286

Ashland,

Inc.

2,736

258,525

Corteva,

Inc.

4,209

227,033

Dow,

Inc.

4,186

222,067

DuPont

de

Nemours,

Inc.

3,130

251,934

Eastman

Chemical

Co.

2,950

289,012

FMC

Corp.

4,732

272,327

Huntsman

Corp.

9,773

222,531

Linde

plc

535

234,763

LyondellBasell

Industries

NV,

Class

 A

2,240

214,278

PPG

Industries,

Inc.

1,107

139,360

2,413,116

Communications

Equipment

(

0

.9

%

)

Cisco

Systems,

Inc.

2,908

138,159

Shares

Value

Juniper

Networks,

Inc.

6,142

$

223,937

362,096

Construction

&

Engineering

(

0

.7

%

)

MDU

Resources

Group,

Inc.

10,944

274,694

Consumer

Staples

Distribution

&

Retail

(

1

.4

%

)

Costco

Wholesale

Corp.

330

280,497

Walmart,

Inc.

3,906

264,475

544,972

Containers

&

Packaging

(

2

.9

%

)

Amcor

plc

23,909

233,830

AptarGroup,

Inc.

1,648

232,055

International

Paper

Co.

5,383

232,277

Packaging

Corp.

of

America

1,355

247,369

Sonoco

Products

Co.

3,938

199,735

1,145,266

Distributors

(

1

.0

%

)

Genuine

Parts

Co.

1,323

182,998

LKQ

Corp.

4,870

202,543

385,541

Diversified

Telecommunication

Services

(

1

.2

%

)

AT&T,

Inc.

12,990

248,239

Verizon

Communications,

Inc.

6,023

248,388

496,627

Electric

Utilities

(

5

.2

%

)

Alliant

Energy

Corp.

4,100

208,690

American

Electric

Power

Co.,

Inc.

2,735

239,969

Duke

Energy

Corp.

2,299

230,429

Evergy,

Inc.

4,279

226,659

OGE

Energy

Corp.

5,985

213,664

Portland

General

Electric

Co.

5,273

228,005

PPL

Corp.

8,533

235,937

Southern

Co.

(The)

3,069

238,062

Xcel

Energy,

Inc.

4,709

251,508

2,072,923

Electrical

Equipment

(

0

.4

%

)

Emerson

Electric

Co.

1,601

176,366

Electronic

Equipment,

Instruments

&

Components

(

1

.7

%

)

Amphenol

Corp.,

Class

 A

4,970

334,829

Corning,

Inc.

9,137

354,972

689,801

Energy

Equipment

&

Services

(

0

.6

%

)

Baker

Hughes

Co.,

Class

 A

7,295

256,565

Financial

Services

(

1

.5

%

)

MGIC

Investment

Corp.

10,106

217,784

Radian

Group,

Inc.

5,975

185,823

Western

Union

Co.

(The)

14,882

181,858

585,465

Food

Products

(

4

.5

%

)

Archer-Daniels-Midland

Co.

3,339

201,842

Bunge

Global

SA

2,005

214,074

Cal-Maine

Foods,

Inc.

4,208

257,151

Conagra

Brands,

Inc.

7,408

210,535

Hormel

Foods

Corp.

8,432

257,092

Ingredion,

Inc.

2,228

255,552

Kellanova

4,093

236,084

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Food

Products

(cont’d)

Kraft

Heinz

Co.

(The)

5,771

$

185,942

1,818,272

Gas

Utilities

(

2

.4

%

)

Atmos

Energy

Corp.

1,827

213,120

National

Fuel

Gas

Co.

5,727

310,346

New

Jersey

Resources

Corp.

4,933

210,836

ONE

Gas,

Inc.

3,380

215,813

950,115

Health

Care

Equipment

&

Supplies

(

2

.1

%

)

Abbott

Laboratories

1,866

193,896

Becton

Dickinson

&

Co.

952

222,492

Medtronic

plc

2,828

222,592

Stryker

Corp.

641

218,100

857,080

Health

Care

Providers

&

Services

(

4

.5

%

)

Cardinal

Health,

Inc.

2,111

207,553

Cencora,

Inc.

1,049

236,340

Chemed

Corp.

380

206,180

Cigna

Group

(The)

682

225,449

Labcorp

Holdings,

Inc.

969

197,201

Patterson

Cos.,

Inc.

4,552

109,794

Premier,

Inc.,

Class

 A

10,983

205,053

Quest

Diagnostics,

Inc.

1,669

228,453

UnitedHealth

Group,

Inc.

380

193,519

1,809,542

Hotels,

Restaurants

&

Leisure

(

2

.5

%

)

Cracker

Barrel

Old

Country

Store,

Inc.

2,256

95,113

Darden

Restaurants,

Inc.

1,267

191,722

Texas

Roadhouse,

Inc.,

Class

 A

2,101

360,763

Vail

Resorts,

Inc.

919

165,540

Wendy's

Co.

(The)

10,978

186,187

999,325

Household

Durables

(

1

.4

%

)

Garmin

Ltd.

1,950

317,694

Leggett

&

Platt,

Inc.

2,883

33,039

Whirlpool

Corp.

2,221

226,986

577,719

Household

Products

(

2

.5

%

)

Church

&

Dwight

Co.,

Inc.

2,327

241,263

Colgate-Palmolive

Co.

2,880

279,475

Kimberly-Clark

Corp.

1,732

239,363

Procter

&

Gamble

Co.

(The)

1,433

236,330

996,431

Industrial

Conglomerates

(

0

.8

%

)

3M

Co.

2,297

234,730

Honeywell

International,

Inc.

457

97,588

332,318

Insurance

(

5

.3

%

)

Aflac,

Inc.

2,545

227,294

American

Financial

Group,

Inc.

1,866

229,555

Cincinnati

Financial

Corp.

2,045

241,514

Fidelity

National

Financial,

Inc.

4,035

199,410

Hartford

Financial

Services

Group,

Inc.

(The)

2,877

289,254

Old

Republic

International

Corp.

7,011

216,640

Principal

Financial

Group,

Inc.

2,982

233,938

Shares

Value

Prudential

Financial,

Inc.

2,173

$

254,654

Travelers

Cos.,

Inc.

(The)

1,076

218,794

2,111,053

IT

Services

(

1

.9

%

)

Accenture

plc,

Class

 A

520

157,773

Amdocs

Ltd.

2,519

198,800

Cognizant

Technology

Solutions

Corp.,

Class

 A

2,675

181,900

International

Business

Machines

Corp.

1,300

224,835

763,308

Leisure

Products

(

0

.6

%

)

Hasbro,

Inc.

4,366

255,411

Machinery

(

1

.7

%

)

Cummins,

Inc.

907

251,176

Donaldson

Co.,

Inc.

3,440

246,166

Snap-on,

Inc.

691

180,620

677,962

Media

(

1

.6

%

)

Interpublic

Group

of

Cos.,

Inc.

(The)

7,066

205,550

New

York

Times

Co.

(The),

Class

 A

4,304

220,408

Omnicom

Group,

Inc.

2,470

221,559

647,517

Metals

&

Mining

(

2

.5

%

)

Newmont

Corp.

6,860

287,228

Reliance,

Inc.

810

231,336

Royal

Gold,

Inc.

1,917

239,932

Southern

Copper

Corp.

2,115

227,870

986,366

Multi-Utilities

(

4

.0

%

)

Ameren

Corp.

3,103

220,654

Avista

Corp.

6,360

220,120

Consolidated

Edison,

Inc.

2,323

207,723

Dominion

Energy,

Inc.

6,104

299,096

Public

Service

Enterprise

Group,

Inc.

3,355

247,264

Sempra

2,941

223,692

WEC

Energy

Group,

Inc.

2,518

197,562

1,616,111

Oil,

Gas

&

Consumable

Fuels

(

10

.5

%

)

Antero

Midstream

Corp.

16,394

241,648

Chevron

Corp.

1,390

217,424

Civitas

Resources,

Inc.

3,110

214,590

ConocoPhillips

1,671

191,129

Coterra

Energy,

Inc.

7,568

201,839

CVR

Energy,

Inc.

6,635

177,619

Devon

Energy

Corp.

4,452

211,025

Diamondback

Energy,

Inc.

1,245

249,237

DT

Midstream,

Inc.

3,759

267,002

EOG

Resources,

Inc.

1,784

224,552

Exxon

Mobil

Corp.

3,911

450,234

HF

Sinclair

Corp.

3,881

207,012

Kinder

Morgan,

Inc.

11,939

237,228

Magnolia

Oil

&

Gas

Corp.,

Class

 A

9,363

237,258

ONEOK,

Inc.

2,332

190,175

Phillips

66

1,458

205,826

Valero

Energy

Corp.

1,378

216,015

Williams

Cos.,

Inc.

(The)

5,919

251,557

4,191,370

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Pharmaceuticals

(

2

.6

%

)

Bristol-Myers

Squibb

Co.

5,156

$

214,129

Johnson

&

Johnson

1,330

194,393

Merck

&

Co.,

Inc.

1,760

217,888

Pfizer,

Inc.

6,634

185,619

Royalty

Pharma

plc,

Class

 A

8,301

218,897

1,030,926

Professional

Services

(

1

.9

%

)

Automatic

Data

Processing,

Inc.

486

116,003

ManpowerGroup,

Inc.

3,419

238,646

Paychex,

Inc.

2,424

287,390

Robert

Half,

Inc.

1,987

127,128

769,167

Semiconductors

&

Semiconductor

Equipment

(

1

.8

%

)

Analog

Devices,

Inc.

1,060

241,955

Skyworks

Solutions,

Inc.

1,729

184,277

Texas

Instruments,

Inc.

1,432

278,567

704,799

Software

(

0

.5

%

)

Dolby

Laboratories,

Inc.,

Class

 A

2,449

194,034

Specialty

Retail

(

0

.6

%

)

Best

Buy

Co.,

Inc.

2,940

247,813

Technology

Hardware,

Storage

&

Peripherals

(

1

.6

%

)

Hewlett

Packard

Enterprise

Co.

12,222

258,740

HP,

Inc.

7,692

269,374

Xerox

Holdings

Corp.

10,581

122,951

651,065

Textiles,

Apparel

&

Luxury

Goods

(

2

.3

%

)

Carter's,

Inc.

2,324

144,018

Columbia

Sportswear

Co.

2,908

229,965

Steven

Madden

Ltd.

5,264

222,667

Tapestry,

Inc.

5,063

216,646

VF

Corp.

8,297

112,009

925,305

Tobacco

(

1

.1

%

)

Altria

Group,

Inc.

4,533

206,478

Philip

Morris

International,

Inc.

2,208

223,737

430,215

Trading

Companies

&

Distributors

(

1

.4

%

)

Fastenal

Co.

2,717

170,736

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

1,353

107,307

Watsco,

Inc.

612

283,503

561,546

Total

Common

Stocks

(Cost

$40,143,360)

39,482,447

Shares

Value

Short-Term

Investment

(1.9%)

Investment

Company

(1.9%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(a)

(Cost

$773,079)

773,079

$

773,079

Total

Investments

(

100

.5

%

)

(Cost

$

40,916,439

)

(b)

40,255,526

Total

Written

Options

(-0.1%)

(Premiums

Received

$

(

70,848

)

)

(37,167)

Other

Assets

in

Excess

of

Liabilities

((0.4)%)

(167,260)

NET

ASSETS

(100.0%)

$

40,051,099

(a)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$493

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(b)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$40,916,439.

The

aggregate

gross

unrealized

appreciation

is

$436,046

and

the

aggregate

gross

unrealized

depreciation

is

$1,096,959,

resulting

in

net

unrealized

depreciation

of

$660,913.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

June

30,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

SPDR

S&P

500

ETF

Trust

231

USD

556

7/03/24

$

12,571,482

$

(

709

)

$

(

23,677

)

$

22,968

SPDR

S&P

500

ETF

Trust

239

USD

554

7/08/24

13,006,858

(

7,573

)

(

18,657

)

11,084

SPDR

S&P

500

ETF

Trust

265

USD

555

7/12/24

14,421,830

(

28,885

)

(

28,514

)

(

371

)

Total

$(37,167)

$(70,848)

$33,681

USD

United

States

Dollar

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

73

.2

%

Oil,

Gas

&

Consumable

Fuels

10

.4

Chemicals

6

.0

Insurance

5

.2

Electric

Utilities

5

.2

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)

Shares

Value

Common

Stocks

(102.7%)

Aerospace

&

Defense

(

1

.5

%

)

Boeing

Co.

(The)(a)

832

$

151,432

HEICO

Corp.

299

66,859

HEICO

Corp.,

Class

 A

238

42,250

Howmet

Aerospace,

Inc.

1,179

91,526

Lockheed

Martin

Corp.

392

183,103

535,170

Air

Freight

&

Logistics

(

0

.2

%

)

Expeditors

International

of

Washington,

Inc.

699

87,228

Automobile

Components

(

0

.2

%

)

Aptiv

plc(a)

949

66,829

Mobileye

Global,

Inc.,

Class

 A(a)

486

13,649

80,478

Automobiles

(

1

.2

%

)

Tesla,

Inc.(a)

2,154

426,234

Banks

(

3

.5

%

)

Bank

of

America

Corp.

7,610

302,650

Citizens

Financial

Group,

Inc.

2,001

72,096

First

Citizens

BancShares,

Inc.,

Class

 A

20

33,672

Huntington

Bancshares,

Inc.

6,416

84,563

JPMorgan

Chase

&

Co.

2,680

542,057

Wells

Fargo

&

Co.

3,271

194,264

1,229,302

Beverages

(

1

.7

%

)

Celsius

Holdings,

Inc.(a)

231

13,188

Coca-Cola

Co.

(The)

4,565

290,562

PepsiCo,

Inc.

1,648

271,805

575,555

Biotechnology

(

2

.5

%

)

AbbVie,

Inc.

1,871

320,914

Alnylam

Pharmaceuticals,

Inc.(a)

204

49,572

Amgen,

Inc.

577

180,284

BioMarin

Pharmaceutical,

Inc.(a)

256

21,076

GRAIL,

Inc.(a)

24

369

Moderna,

Inc.(a)

310

36,812

Regeneron

Pharmaceuticals,

Inc.(a)

119

125,073

Vertex

Pharmaceuticals,

Inc.(a)

301

141,085

875,185

Broadline

Retail

(

4

.4

%

)

Amazon.com,

Inc.(a)

7,378

1,425,799

Coupang,

Inc.(a)

400

8,380

MercadoLibre,

Inc.(a)

48

78,883

1,513,062

Building

Products

(

0

.5

%

)

Builders

FirstSource,

Inc.(a)

170

23,530

Carlisle

Cos.,

Inc.

150

60,781

Lennox

International,

Inc.

152

81,317

165,628

Capital

Markets

(

2

.0

%

)

Ares

Management

Corp.,

Class

 A

557

74,237

Blue

Owl

Capital,

Inc.,

Class

 A

852

15,123

Charles

Schwab

Corp.

(The)

1,582

116,577

Coinbase

Global,

Inc.,

Class

 A(a)

145

32,223

Franklin

Resources,

Inc.

2,940

65,709

Shares

Value

Interactive

Brokers

Group,

Inc.,

Class

 A

222

$

27,217

KKR

&

Co.,

Inc.

1,132

119,132

LPL

Financial

Holdings,

Inc.

129

36,030

Morgan

Stanley(b)

1,069

103,896

Nasdaq,

Inc.

1,095

65,985

Tradeweb

Markets,

Inc.,

Class

 A

303

32,118

688,247

Chemicals

(

1

.5

%

)

Celanese

Corp.,

Class

 A

245

33,048

International

Flavors

&

Fragrances,

Inc.

667

63,505

Linde

plc

536

235,202

LyondellBasell

Industries

NV,

Class

 A

978

93,555

PPG

Industries,

Inc.

537

67,603

Westlake

Corp.

107

15,496

508,409

Commercial

Services

&

Supplies

(

1

.2

%

)

Cintas

Corp.

199

139,352

Republic

Services,

Inc.,

Class

 A

651

126,515

Waste

Management,

Inc.

733

156,378

422,245

Communications

Equipment

(

0

.7

%

)

Cisco

Systems,

Inc.

5,021

238,548

Construction

Materials

(

0

.1

%

)

CRH

plc

477

35,765

Consumer

Finance

(

0

.7

%

)

American

Express

Co.

730

169,031

Synchrony

Financial

1,494

70,502

239,533

Consumer

Staples

Distribution

&

Retail

(

2

.0

%

)

Albertsons

Cos.,

Inc.,

Class

 A

361

7,130

Costco

Wholesale

Corp.

445

378,245

Walmart,

Inc.

4,597

311,263

696,638

Containers

&

Packaging

(

0

.2

%

)

Amcor

plc

7,445

72,812

Diversified

REITs

(

0

.2

%

)

WP

Carey,

Inc.

1,246

68,592

Diversified

Telecommunication

Services

(

0

.6

%

)

AT&T,

Inc.

10,901

208,318

Electric

Utilities

(

1

.2

%

)

Alliant

Energy

Corp.

1,934

98,441

Avangrid,

Inc.

694

24,658

Entergy

Corp.

981

104,967

FirstEnergy

Corp.

2,071

79,257

PPL

Corp.

3,667

101,392

408,715

Electrical

Equipment

(

0

.4

%

)

AMETEK,

Inc.

528

88,023

Hubbell,

Inc.,

Class

 B

110

40,203

Vertiv

Holdings

Co.,

Class

 A

300

25,971

154,197

Electronic

Equipment,

Instruments

&

Components

(

0

.6

%

)

Corning,

Inc.

1,992

77,389

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(cont’d)

TE

Connectivity

Ltd.

839

$

126,211

203,600

Energy

Equipment

&

Services

(

0

.2

%

)

Halliburton

Co.

2,026

68,438

Entertainment

(

1

.7

%

)

Netflix,

Inc.(a)

378

255,105

ROBLOX

Corp.,

Class

 A(a)

871

32,410

Spotify

Technology

SA(a)

159

49,892

Walt

Disney

Co.

(The)

1,799

178,623

Warner

Bros

Discovery,

Inc.(a)

7,212

53,657

Warner

Music

Group

Corp.,

Class

 A

275

8,429

578,116

Financial

Services

(

4

.2

%

)

Apollo

Global

Management,

Inc.

675

79,697

Berkshire

Hathaway,

Inc.,

Class

 B(a)

1,213

493,448

Block,

Inc.,

Class

 A(a)

510

32,890

Mastercard,

Inc.,

Class

 A

831

366,604

PayPal

Holdings,

Inc.(a)

1,200

69,636

Rocket

Cos.,

Inc.,

Class

 A(a)

917

12,563

Visa,

Inc.,

Class

 A

1,551

407,091

1,461,929

Food

Products

(

0

.9

%

)

Campbell

Soup

Co.

1,552

70,135

Conagra

Brands,

Inc.

2,301

65,395

JM

Smucker

Co.

(The)

600

65,424

Kellanova

1,730

99,786

300,740

Ground

Transportation

(

1

.0

%

)

JB

Hunt

Transport

Services,

Inc.

481

76,960

Uber

Technologies,

Inc.(a)

1,422

103,351

Union

Pacific

Corp.

800

181,008

361,319

Health

Care

Equipment

&

Supplies

(

2

.1

%

)

Abbott

Laboratories

1,879

195,247

Align

Technology,

Inc.(a)

94

22,694

Dexcom,

Inc.(a)

351

39,796

Intuitive

Surgical,

Inc.(a)

407

181,054

Medtronic

plc

2,133

167,889

ResMed,

Inc.

376

71,974

Zimmer

Biomet

Holdings,

Inc.

456

49,490

728,144

Health

Care

Providers

&

Services

(

2

.1

%

)

Cencora,

Inc.

499

112,424

Labcorp

Holdings,

Inc.

478

97,278

Molina

Healthcare,

Inc.(a)

166

49,352

UnitedHealth

Group,

Inc.

903

459,862

718,916

Health

Care

REITs

(

0

.5

%

)

Alexandria

Real

Estate

Equities,

Inc.

715

83,634

Healthpeak

Properties,

Inc.

5,007

98,137

181,771

Health

Care

Technology

(

0

.1

%

)

Veeva

Systems,

Inc.,

Class

 A(a)

177

32,393

Shares

Value

Hotels,

Restaurants

&

Leisure

(

1

.6

%

)

Airbnb,

Inc.,

Class

 A(a)

457

$

69,295

Booking

Holdings,

Inc.

32

126,768

Darden

Restaurants,

Inc.

655

99,115

DoorDash,

Inc.,

Class

 A(a)

266

28,935

DraftKings,

Inc.,

Class

 A(a)

665

25,383

MGM

Resorts

International(a)

1,222

54,306

Yum

China

Holdings,

Inc.

1,104

34,047

Yum!

Brands,

Inc.

895

118,552

556,401

Household

Durables

(

0

.3

%

)

PulteGroup,

Inc.

849

93,475

Household

Products

(

1

.5

%

)

Kimberly-Clark

Corp.

904

124,933

Procter

&

Gamble

Co.

(The)

2,349

387,397

512,330

Industrial

Conglomerates

(

0

.4

%

)

3M

Co.

1,306

133,460

Insurance

(

2

.1

%

)

Brown

&

Brown,

Inc.

1,026

91,735

Hartford

Financial

Services

Group,

Inc.

(The)

1,086

109,186

Loews

Corp.

1,021

76,310

Markel

Group,

Inc.(a)

47

74,056

Principal

Financial

Group,

Inc.

826

64,800

Prudential

Financial,

Inc.

1,053

123,401

Travelers

Cos.,

Inc.

(The)

542

110,210

W.

R.

Berkley

Corp.

821

64,514

714,212

Interactive

Media

&

Services

(

7

.4

%

)

Alphabet,

Inc.,

Class

 A

4,850

883,428

Alphabet,

Inc.,

Class

 C

3,979

729,828

Meta

Platforms,

Inc.,

Class

 A

1,754

884,402

Pinterest,

Inc.,

Class

 A(a)

602

26,530

Snap,

Inc.,

Class

 A(a)

1,602

26,609

2,550,797

IT

Services

(

1

.0

%

)

Akamai

Technologies,

Inc.(a)

685

61,705

Amdocs

Ltd.

368

29,042

Cloudflare,

Inc.,

Class

 A(a)

271

22,447

International

Business

Machines

Corp.

981

169,664

Okta,

Inc.,

Class

 A(a)

175

16,382

Snowflake,

Inc.,

Class

 A(a)

253

34,178

333,418

Life

Sciences

Tools

&

Services

(

0

.8

%

)

Avantor,

Inc.(a)

1,062

22,514

Illumina,

Inc.(a)

145

15,135

Thermo

Fisher

Scientific,

Inc.

418

231,154

268,803

Machinery

(

1

.7

%

)

Caterpillar,

Inc.

527

175,544

Deere

&

Co.

396

147,957

Dover

Corp.

589

106,285

Nordson

Corp.

199

46,156

Otis

Worldwide

Corp.

1,227

118,111

594,053

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Shares

Value

Media

(

0

.2

%

)

Sirius

XM

Holdings,

Inc.

7,364

$

20,840

Trade

Desk,

Inc.

(The),

Class

 A(a)

540

52,742

73,582

Metals

&

Mining

(

0

.4

%

)

Newmont

Corp.

2,031

85,038

Southern

Copper

Corp.

247

26,612

Steel

Dynamics,

Inc.

282

36,519

148,169

Multi-Utilities

(

1

.1

%

)

Ameren

Corp.

1,192

84,763

CenterPoint

Energy,

Inc.

3,273

101,398

CMS

Energy

Corp.

1,646

97,986

DTE

Energy

Co.

945

104,904

389,051

Oil,

Gas

&

Consumable

Fuels

(

3

.5

%

)

Cheniere

Energy,

Inc.

369

64,512

Chevron

Corp.

1,895

296,416

Devon

Energy

Corp.

1,630

77,262

Diamondback

Energy,

Inc.

503

100,696

Exxon

Mobil

Corp.

4,275

492,138

Marathon

Oil

Corp.

2,992

85,781

Targa

Resources

Corp.

844

108,690

1,225,495

Passenger

Airlines

(

0

.3

%

)

Delta

Air

Lines,

Inc.

2,223

105,459

Pharmaceuticals

(

4

.3

%

)

Bristol-Myers

Squibb

Co.

3,134

130,155

Eli

Lilly

&

Co.

719

650,968

Johnson

&

Johnson

2,466

360,431

Merck

&

Co.,

Inc.

2,623

324,727

Royalty

Pharma

plc,

Class

 A

591

15,585

1,481,866

Professional

Services

(

0

.4

%

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

300

46,170

SS&C

Technologies

Holdings,

Inc.

1,024

64,174

TransUnion

356

26,401

136,745

Residential

REITs

(

1

.2

%

)

AvalonBay

Communities,

Inc.

547

113,169

Equity

Residential

1,574

109,141

Essex

Property

Trust,

Inc.

233

63,423

Mid-America

Apartment

Communities,

Inc.

620

88,418

Sun

Communities,

Inc.

310

37,305

411,456

Semiconductors

&

Semiconductor

Equipment

(

12

.2

%

)

Advanced

Micro

Devices,

Inc.(a)

1,386

224,823

Broadcom,

Inc.

379

608,496

Enphase

Energy,

Inc.(a)

206

20,540

KLA

Corp.

203

167,376

Lam

Research

Corp.

195

207,646

Marvell

Technology,

Inc.

1,020

71,298

Micron

Technology,

Inc.

1,160

152,575

NVIDIA

Corp.

18,610

2,299,079

ON

Semiconductor

Corp.(a)

792

54,292

QUALCOMM,

Inc.

1,146

228,260

Shares

Value

Texas

Instruments,

Inc.

1,080

$

210,092

4,244,477

Software

(

11

.4

%

)

Adobe,

Inc.(a)

419

232,771

Aspen

Technology,

Inc.(a)

48

9,534

Atlassian

Corp.,

Class

 A(a)

90

15,919

Bentley

Systems,

Inc.,

Class

 B

321

15,845

Crowdstrike

Holdings,

Inc.,

Class

 A(a)

300

114,957

Datadog,

Inc.,

Class

 A(a)

364

47,207

HubSpot,

Inc.(a)

80

47,183

Microsoft

Corp.

5,893

2,633,876

MicroStrategy,

Inc.,

Class

 A(a)

21

28,927

Oracle

Corp.

1,452

205,023

Palantir

Technologies,

Inc.,

Class

 A(a)

1,968

49,850

Palo

Alto

Networks,

Inc.(a)

286

96,957

Salesforce,

Inc.

710

182,541

ServiceNow,

Inc.(a)

218

171,494

Workday,

Inc.,

Class

 A(a)

177

39,570

Zoom

Video

Communications,

Inc.,

Class

 A(a)

802

47,470

Zscaler,

Inc.(a)

153

29,405

3,968,529

Specialized

REITs

(

0

.3

%

)

Extra

Space

Storage,

Inc.

712

110,652

Specialty

Retail

(

2

.2

%

)

Home

Depot,

Inc.

(The)

1,034

355,944

Lowe's

Cos.,

Inc.

834

183,864

Ross

Stores,

Inc.

875

127,155

Ulta

Beauty,

Inc.(a)

231

89,136

Williams-Sonoma,

Inc.

27

7,624

763,723

Technology

Hardware,

Storage

&

Peripherals

(

7

.5

%

)

Apple,

Inc.

11,816

2,488,686

Dell

Technologies,

Inc.,

Class

 C

389

53,647

Super

Micro

Computer,

Inc.(a)

56

45,884

2,588,217

Textiles,

Apparel

&

Luxury

Goods

(

0

.2

%

)

Lululemon

Athletica,

Inc.(a)

238

71,091

Trading

Companies

&

Distributors

(

0

.4

%

)

Ferguson

plc

358

69,327

United

Rentals,

Inc.

106

68,553

137,880

Wireless

Telecommunication

Services

(

0

.4

%

)

T-Mobile

US,

Inc.

825

145,349

Total

Common

Stocks

(Cost

$31,008,322)

35,623,917

Short-Term

Investment

(1.3%)

Investment

Company

(1.3%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

5.22%(c)

(Cost

$460,987)

460,987

460,987

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Value

Total

Investments

Excluding

Purchased

Options

(

104

.0

%

)

(Cost

$

31,469,309

)

$

36,084,904

Total

Purchased

Options

Outstanding

(0.8%)

(Cost

$571,050)

294,718

Total

Investments

(

104

.8

%

)

(Cost

$

32,040,359

)

(d)

36,379,622

Total

Written

Options

(-5.4%)

(Premiums

Received

$

(

1,177,558

)

)

(1,889,286)

Other

Assets

in

Excess

of

Liabilities

(0.6%)

207,322

NET

ASSETS

(100.0%)

$

34,697,658

(a)

Non-income

producing

security.

(b)

For

the

period

ended

June

30,

2024

,

the

cost

of

purchases

of

Morgan

Stanley,

Common

Stock,

which

may

be

deemed

an

affiliate

of

the

Adviser

under

the

Investment

Company

Act

of

1940,

was

$

116,165

and

proceeds

from

sales

were

$

28,678

,

including

net

realized

gain

of

$

5,264

.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Funds”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Funds.

For

the

period

ended

June

30,

2024,

management

fees

paid

were

reduced

by

$373

relating

to

the

Fund’s

investment

in

the

Liquidity

Funds.

(d)

At

June

30,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$32,040,359.

The

aggregate

gross

unrealized

appreciation

is

$4,781,905

and

the

aggregate

gross

unrealized

depreciation

is

$442,642,

resulting

in

net

unrealized

appreciation

of

$4,339,263.

REIT

Real

Estate

Investment

Trust

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

Third

Quarter

Report

June

30,

2024

(unaudited)(cont’d)

Put

Options

Purchased:

The

Fund

had

the

following

put

options

purchased

open

at

June

30,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

S&P

500

Index

17

USD

3,950

9/30/24

$

9,282,816

$

6,970

$

105,042

$

(

98,072

)

S&P

500

Index

17

USD

4,300

12/31/24

9,282,816

36,465

137,930

(

101,465

)

S&P

500

Index

17

USD

4,725

3/31/25

9,282,816

110,415

187,005

(

76,590

)

S&P

500

Index

12

USD

4,950

6/30/25

6,552,576

140,868

141,073

(

205

)

Total

$294,718

$571,050

$(276,332)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

June

30,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Depreciation

S&P

500

Index

17

USD

4,975

9/30/24

$

9,282,816

$

(

984,300

)

$

(

453,343

)

$

(

530,957

)

S&P

500

Index

17

USD

5,400

12/31/24

9,282,816

(

565,063

)

(

274,630

)

(

290,433

)

S&P

500

Index

17

USD

6,050

3/31/25

9,282,816

(

149,685

)

(

147,392

)

(

2,293

)

S&P

500

Index

12

USD

6,250

6/30/25

6,552,576

(

104,520

)

(

104,507

)

(

13

)

Total

$(1,803,568)

$(979,872)

$(823,696)

Put

Options

Written:

The

Fund

had

the

following

put

options

written

open

at

June

30,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation

S&P

500

Index

17

USD

3,050

9/30/24

$

9,282,816

$

(

2,125

)

$

(

48,551

)

$

46,426

S&P

500

Index

17

USD

3,350

12/31/24

9,282,816

(

12,410

)

(

50,597

)

38,187

S&P

500

Index

17

USD

3,675

3/31/25

9,282,816

(

32,555

)

(

59,803

)

27,248

S&P

500

Index

12

USD

3,850

6/30/25

6,552,576

(

38,628

)

(

38,735

)

107

Total

$(85,718)

$(197,686)

$111,968

USD

United

States

Dollar

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

63

.3

%

Semiconductors

&

Semiconductor

Equipment

11

.7

Software

10

.9

Technology

Hardware,

Storage

&

Peripherals

7

.1

Interactive

Media

&

Services

7

.0

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

Morgan

Stanley

ETF

Trust

1.

Security

Valuation:

(1)

An

equity

portfolio

security

list-

ed

or

traded

on

an

exchange

is

valued

at

its

latest

reported

sales

price

(or

at

the

exchange

official

closing

price

if

such

exchange

reports

an

official

closing

price),

and

if

there

were

no

sales

on

a

given

day

and

if

there

is

no

official

ex-

change

closing

price

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

rele-

vant

exchanges.

If

only

bid

prices

are

available

then

the

latest

bid

price

may

be

used.

Listed

equity

securities

not

traded

on

the

valuation

date

with

no

reported

bid

and

asked

prices

available

on

the

exchange

are

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers.

In

cases

where

a

security

is

traded

on

more

than

one

exchange,

the

security

is

valued

on

the

exchange

designated

as

the

primary

market;

(2)

all

other

equity

portfolio

securities

for

which

over-the-counter

(“OTC”)

market

quotations

are

readily

available

are

valued

at

the

latest

reported

sales

price

(or

at

the

market

official

closing

price

if

such

market

reports

an

official

closing

price),

and

if

there

was

no

trading

in

the

security

on

a

given

day

and

if

there

is

no

official

closing

price

from

relevant

markets

for

that

day,

the

security

is

valued

at

the

mean

between

the

last

reported

bid

and

asked

prices

if

such

bid

and

asked

prices

are

available

on

the

relevant

markets.

An

unlisted

equity

security

that

does

not

trade

on

the

valuation

date

and

for

which

bid

and

asked

prices

from

the

relevant

markets

are

unavailable

is

valued

at

the

mean

between

the

current

bid

and

asked

prices

obtained

from

one

or

more

reputable

brokers/dealers;

(3)

certain

portfolio

securities

may

be

valued

by

an

outside

pricing

service/vendor

approved

by

the

Trust’s

Board

of

Trustees

(the

“Trustees”).

The

pricing

service/vendor

may

employ

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteris-

tics.

If

Morgan

Stanley

Investment

Management

Inc.

(the

“Adviser”)

a

wholly-owned

subsidiary

of

Morgan

Stanley,

determines

that

the

price

provided

by

the

outside

pricing

service/vendor

or

exchange

does

not

reflect

the

security’s

fair

value

or

is

unable

to

provide

a

price,

prices

from

bro-

kers

or

dealers

may

also

be

utilized.

In

these

circumstanc-

es,

the

value

of

the

security

will

be

the

mean

of

bid

and

asked

prices

obtained

from

reputable brokers/dealers;

(4)

listed

options

are

valued

at

the

last

reported

sales

price

on

the

exchange

on

which

they

are

listed

(or

at

the

exchange

official

closing

price

if

such

exchange

reports

an

official

closing

price).

If

an

official

closing

price

or

last

reported

sales

price

is

unavailable,

the

listed

option

should

be

fair

valued

at

the

mean

between

its

latest

bid

and

ask

prices.

Unlisted

options

are

valued

at

the

mean

between

their

latest

bid

and

ask

prices

from

a

broker/dealer

or

valued

by

a

pricing

service/vendor; (5)

when

market

quotations

are

not

readily

available,

as

defined

by

Rule

2a-5

under

the

Act,

including

circumstances

under

which

the

Adviser

de-

termines

that

the

closing

price,

last

sale

price

or

the

mean

between

the

last

reported

bid

and

asked

prices

are

not

reflective

of

a

security’s

market

value,

portfolio

securities

are

valued

at

their

fair

value

as

determined

in

good

faith

under

procedures

established

by

and

under

the

general

supervision

of

the

Trustees;

(6)

loans

are

valued

using

a

price

provided

by

an

approved

valuation

vendor

and

if

a

valuation

is

not

available

from

ant

of

the

approved

valua-

tion

vendor,

then

a

quote

from

the

broker/dealer

will

be

used;

and

(7)investments

in

mutual

funds,

including

the

Morgan

Stanley

Institutional

Liquidity

Funds,

are

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

In

connection

with

Rule

2a-5

of

the

Act,

the

Trust-

ees

have

designated

the

Trust's

Adviser

as

its

valuation

designee.

The

valuation

designee

has

responsibility

for

determining

fair

value

and

to

make

the

actual

calculations

pursuant

to

the

fair

valuation

methodologies

previously

approved

by

the

Trustees.

Under

procedures

approved

by

the

Trustees,

the

Trust’s

Adviser

has

formed

a

Valuation

Committee

whose

members

are

approved

by

the

Trustees.

The

Valuation

Committee

provides

administration

and

oversight

of

the

Trust’s

valuation

policies

and

procedures,

which

are

reviewed

at

least

annually

by

the

Trustees.

These

procedures

allow

the Trust

to

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers

and

other

market

sources

to

determine

fair

value.

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

2.

Fair

Value

Measurement:

Financial

Accounting

Stan-

dards

Board

(“FASB”)

Accounting

Standards

Codifica-

tion

TM

(“ASC”),

“Fair

Value

Measurement”

(“ASC

820”),

defines

fair

value

as

the

price

that

would

be

received

to

sell

an

asset

or

pay to

transfer

a

liability

in

an orderly

transaction

between

market

participants

at

the

measure-

ment

date. ASC

820

establishes

a

three tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assump-

tions

market

participants

would

use

in

valuing

an

asset

or

liability

developed

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity

(observable

inputs)

and

(2)

inputs

that

reflect

the

reporting

entity’s

own

assumptions

about

the

assumptions

market

partici-

pants

would

use

in

valuing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circum-

stances

(unobservable

inputs)

and

to

establish

classifica-

tion

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

–

other

significant

observable

inputs

(includ-

ing

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

including

the

Fund’s

own

assumptions

in

determin-

ing

the

fair

value

of

investments.

Factors

considered

in

making

this

determination

may

include,

but

are

not

limited

to,

infor-

mation

obtained

by

contacting

the

issuer,

analysts,

or

the

appropriate

stock

exchange

(for

exchange-traded

securities),

analysis

of

the

issuer’s

financial

statements

or

other

available

documents

and,

if

necessary,

available

information

concerning

other

securities

in

similar

circumstances.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities

and

the

determination

of

the

significance

of

a

particular

input

to

the

fair

value

mea-

surement

in

its

entirety

requires

judgment

and

considers

factors

specific

to

each

security. 

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

International

Responsible

Index

ETF

Assets:  

Common

Stocks

$100,834

(1)

$—

‌

$—

‌

$100,834

‌

Rights

 —

‌

 —

(2)

 —

‌

 —

(2)

Warrants

 —

‌

 —

(2)

 —

‌

 —

(2)

Short-Term

Investment

Investment

Company

 83

‌

 —

‌

 —

‌

 83

‌

Total

Assets

$100,917

‌

$—

‌

$—

‌

$100,917

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

(2)

Value

is

less

than

$500

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

Ultra-Short

Investment

Grade

ETF

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$—

‌

$

8,100

$—

‌

$8,100

‌

Commercial

Mortgage-

Backed

Securities

 —

‌

6,525

 —

‌

 6,525

‌

Corporate

Bonds

 —

‌

34,989

 —

‌

 34,989

‌

U.S.

Government

and

Agency

Securities

 —

‌

6,127

 —

‌

 6,127

‌

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

 —

‌

 55,741

‌

 —

‌

 55,741

‌

 —

‌

 —

‌

 —

‌

 —

‌

Short-Term

Investments

Investment

Company

 1,157

‌

 —

‌

 —

‌

 1,157

‌

Commercial

Paper

 —

‌

 2,632

‌

 —

‌

 2,632

‌

Total

Short-Term

Investments

 1,157

‌

 2,632

‌

 —

‌

 3,789

‌

Futures

Contracts

1

‌

 —

‌

 —

‌

1

‌

Total

Assets

$1,158

‌

$58,373

$—

‌

$59,531

‌

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Assets:  

Common

Stocks

$321,901

(1)

$—

‌

$—

‌

$321,901

‌

Short-Term

Investment

Investment

Company

 303

‌

 —

‌

 —

‌

 303

‌

Total

Assets

$322,204

‌

$—

‌

$—

‌

$322,204

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Assets:  

Common

Stocks

$37,003

(1)

$—

‌

$—

‌

$37,003

‌

Short-Term

Investment

Investment

Company

 61

‌

 —

‌

 —

‌

 61

‌

Total

Assets

$37,064

‌

$—

‌

$—

‌

$37,064

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Assets:  

Common

Stocks

$55,049

(1)

$—

‌

$—

‌

$55,049

‌

Short-Term

Investment

Investment

Company

 30

‌

 —

‌

 —

‌

 30

‌

Total

Assets

$55,079

‌

$—

‌

$—

‌

$55,079

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Calvert

US

Select

Equity

ETF

Assets:  

Common

Stocks

$31,391

(1)

$—

‌

$—

‌

$31,391

‌

Short-Term

Investment

Investment

Company

 28

‌

 —

‌

 —

‌

 28

‌

Total

Assets

$31,419

‌

$—

‌

$—

‌

$31,419

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

Floating-Rate

ETF

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$—

‌

$

53,194

$—

‌

$53,194

‌

Corporate

Bonds

 —

‌

49,259

 —

‌

 49,259

‌

Variable

Rate

Senior

Loan

Interests

 —

‌

730,224

 —

‌

 730,224

‌

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

 —

‌

 832,677

‌

 —

‌

 832,677

‌

 —

‌

 —

‌

 —

‌

 —

‌

Short-Term

Investment

Investment

Company

 236,060

‌

 —

‌

 —

‌

 236,060

‌

Total

Assets

$236,060

‌

$832,677

$—

‌

$1,068,737

‌

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

High

Yield

ETF

Assets:

Fixed

Income

Securities

Corporate

Bonds

$—

‌

$

20,000

$—

‌

$20,000

‌

 —

‌

 —

‌

 —

‌

 —

‌

Short-Term

Investment

Investment

Company

 851

‌

 —

‌

 —

‌

 851

‌

Total

Assets

$851

‌

$20,000

$—

‌

$20,851

‌

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

Intermediate

Municipal

Income

ETF

Assets:

Fixed

Income

Securities

Corporate

Bonds

$—

‌

$

389

$—

‌

$389

‌

Municipal

Bonds

 —

‌

20,031

 —

‌

 20,031

‌

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

 —

‌

 20,420

‌

 —

‌

 20,420

‌

 —

‌

 —

‌

 —

‌

 —

‌

Short-Term

Investments

Investment

Company

 96

‌

 —

‌

 —

‌

 96

‌

Municipal

Bonds

 —

‌

 115

‌

 —

‌

 115

‌

Total

Short-Term

Investments

 96

‌

 115

‌

 —

‌

 211

‌

Total

Assets

$96

‌

$20,535

$—

‌

$20,631

‌

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

Short

Duration

Income

ETF

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$—

‌

$

43,330

$—

‌

$43,330

‌

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

 —

‌

8,094

 —

‌

 8,094

‌

Commercial

Mortgage-

Backed

Securities

 —

‌

20,288

 —

‌

 20,288

‌

Corporate

Bonds

 —

‌

95,366

 —

‌

 95,366

‌

U.S.

Government

and

Agency

Securities

 —

‌

13,972

 —

‌

 13,972

‌

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

 —

‌

 181,050

‌

 —

‌

 181,050

‌

 —

‌

 —

‌

 —

‌

 —

‌

Investment

Companies

 5,677

‌

 —

‌

 —

‌

 5,677

‌

Short-Term

Investments

Investment

Company

 7,228

‌

 —

‌

 —

‌

 7,228

‌

U.S.

Government

and

Agency

Security

 —

‌

 1,523

‌

 —

‌

 1,523

‌

Total

Short-Term

Investments

 7,228

‌

 1,523

‌

 —

‌

 8,751

‌

Futures

Contracts

192

‌

 —

‌

 —

‌

192

‌

Total

Assets

$13,097

‌

$182,573

$—

‌

$195,670

‌

Liabilities:

Futures

Contracts

 (189

)

 —

‌

 —

‌

 (189

)

Total

$12,908

‌

$182,573

$—

‌

$195,481

‌

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Assets:

Fixed

Income

Securities

Municipal

Bonds

$—

‌

$

125,084

$—

‌

$125,084

‌

 —

‌

 —

‌

 —

‌

 —

‌

Short-Term

Investments

Municipal

Bonds

 —

‌

 4,200

‌

 —

‌

 4,200

‌

Total

Assets

$—

‌

$129,284

$—

‌

$129,284

‌

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

Total

Return

Bond

ETF

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$—

‌

$

59,288

$—

‌

$59,288

‌

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

 —

‌

81,641

 —

‌

 81,641

‌

Commercial

Mortgage-

Backed

Securities

 —

‌

77,032

 —

‌

 77,032

‌

Corporate

Bonds

 —

‌

118,172

 —

‌

 118,172

‌

Municipal

Bonds

 —

‌

4,406

 —

‌

 4,406

‌

Sovereign

 —

‌

4,487

 —

‌

 4,487

‌

Supranational

 —

‌

1,086

 —

‌

 1,086

‌

U.S.

Government

and

Agency

Securities

 —

‌

34,006

 —

‌

 34,006

‌

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

 —

‌

 380,118

‌

 —

‌

 380,118

‌

 —

‌

 —

‌

 —

‌

 —

‌

Investment

Companies

 5,046

‌

 —

‌

 —

‌

 5,046

‌

Short-Term

Investments

Investment

Company

 34,023

‌

 —

‌

 —

‌

 34,023

‌

U.S.

Government

and

Agency

Securities

 —

‌

 44,855

‌

 —

‌

 44,855

‌

Total

Short-Term

Investments

 34,023

‌

 44,855

‌

 —

‌

 78,878

‌

Futures

Contracts

1,409

‌

 —

‌

 —

‌

1,409

‌

Total

Assets

$40,478

‌

$424,973

$—

‌

$465,451

‌

Liabilities:

Futures

Contracts

 (138

)

 —

‌

 —

‌

 (138

)

Total

$40,340

‌

$424,973

$—

‌

$465,313

‌

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Eaton

Vance

Ultra-Short

Income

ETF

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$—

‌

$

8,506

$—

‌

$8,506

‌

Commercial

Mortgage-

Backed

Securities

 —

‌

4,449

 —

‌

 4,449

‌

Corporate

Bonds

 —

‌

23,782

 —

‌

 23,782

‌

U.S.

Government

and

Agency

Security

 —

‌

2,326

 —

‌

 2,326

‌

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

 —

‌

 39,063

‌

 —

‌

 39,063

‌

 —

‌

 —

‌

 —

‌

 —

‌

Short-Term

Investments

Investment

Company

 1,744

‌

 —

‌

 —

‌

 1,744

‌

Commercial

Paper

 —

‌

 1,343

‌

 —

‌

 1,343

‌

U.S.

Government

and

Agency

Security

 —

‌

 1,619

‌

 —

‌

 1,619

‌

Total

Short-Term

Investments

 1,744

‌

 2,962

‌

 —

‌

 4,706

‌

Futures

Contracts

1

‌

 —

‌

 —

‌

1

‌

Total

Assets

$1,745

‌

$42,025

$—

‌

$43,770

‌

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Parametric

Equity

Premium

Income

ETF

Assets:  

Common

Stocks

$39,483

(1)

$—

‌

$—

‌

$39,483

‌

Short-Term

Investment

Investment

Company

 773

‌

 —

‌

 —

‌

 773

‌

Total

Assets

$40,256

‌

$—

‌

$—

‌

$40,256

‌

Liabilities:

Written

Options

 —

‌

 (37

)

 —

‌

 (37

)

Total

Liabilities

$—

‌

$(37

)

$—

‌

$(37

)

Total

$40,256

‌

$(37

)

$—

‌

$40,219

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

Third

Quarter

Report

—

June

30,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

The

following

is

a

summary

of

the

inputs

used

to

value

the

Fund's

investments

as

of

June

30,

2024:

Transfers

between

investment

levels

may

occur

as

the

markets

fluctuate

and/or

the

availability

of

data

used

in

an

investment’s

valuation

changes. 

Investment

Type

Level

1

Unadjusted

quoted

prices

(000)

Level

2

Other

significant

observable

inputs

(000)

Level

3

Significant

unobservable

inputs

(000)

Total

(000)

Parametric

Hedged

Equity

ETF

Assets:  

Common

Stocks

$35,624

(1)

$—

‌

$—

‌

$35,624

‌

Purchased

Options

295

‌

—

—

295

Short-Term

Investment

Investment

Company

 461

‌

 —

‌

 —

‌

 461

‌

Total

Assets

$36,380

‌

$—

‌

$—

‌

$36,380

‌

Liabilities:

Written

Options

 (1,889

)

 —

‌

 —

‌

 (1,889

)

Total

Liabilities

$(1,889

)

$—

‌

$—

‌

$(1,889

)

Total

$34,491

‌

$—

‌

$—

‌

$34,491

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.