Morgan Stanley ETF Trust NPORT-P Calvert International Responsible Index ETF (Dec 2024 report)

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.6%)

Australia

(

5

.0

%

)

ANZ

Group

Holdings

Ltd.

18,818

$

332,417

APA

Group

5,045

21,765

ASX

Ltd.

935

37,663

BlueScope

Steel

Ltd.

7,606

87,988

Brambles

Ltd.

10,711

127,553

CAR

Group

Ltd.

975

21,743

Cochlear

Ltd.

478

85,763

Coles

Group

Ltd.

12,035

140,713

Commonwealth

Bank

of

Australia

9,311

883,186

Computershare

Ltd.

2,214

46,524

Endeavour

Group

Ltd.

8,760

22,772

Fortescue

Ltd.

17,353

196,017

Goodman

Group

10,233

225,734

Insurance

Australia

Group

Ltd.

16,455

86,164

Macquarie

Group

Ltd.

2,400

329,257

Medibank

Pvt.

Ltd.

18,482

43,355

National

Australia

Bank

Ltd.

17,661

405,550

Northern

Star

Resources

Ltd.

12,032

114,985

Pilbara

Minerals

Ltd.(a)

49,886

67,620

Pro

Medicus

Ltd.

313

48,456

Qantas

Airways

Ltd.(a)

13,226

73,430

QBE

Insurance

Group

Ltd.

9,851

117,068

REA

Group

Ltd.

294

42,456

Reece

Ltd.

1,492

20,667

Scentre

Group

19,484

41,364

SGH

Ltd.

1,110

31,679

Sonic

Healthcare

Ltd.

3,420

57,175

South32

Ltd.

68,092

143,295

Stockland

16,645

49,452

Suncorp

Group

Ltd.

8,424

99,119

Telstra

Group

Ltd.

22,902

56,842

Transurban

Group

23,674

196,204

Vicinity

Ltd.

22,044

28,653

Wesfarmers

Ltd.

7,265

321,647

Westpac

Banking

Corp.

19,355

387,186

WiseTech

Global

Ltd.

1,061

79,501

Woolworths

Group

Ltd.

9,053

170,846

5,241,809

Austria

(

0

.3

%

)

ANDRITZ

AG

427

21,664

Erste

Group

Bank

AG

1,458

90,103

Mondi

plc

2,160

32,233

OMV

AG

2,095

81,032

Verbund

AG

647

46,914

voestalpine

AG

3,545

67,309

339,255

Belgium

(

0

.7

%

)

Ackermans

&

van

Haaren

NV

106

20,917

Ageas

SA/NV

180

8,745

Anheuser-Busch

InBev

SA/NV

5,261

262,944

Azelis

Group

NV

1,788

35,190

D'ieteren

Group

108

17,978

Elia

Group

SA/NV

271

20,885

Groupe

Bruxelles

Lambert

NV

1,015

69,444

KBC

Group

NV

821

63,391

Liberty

Global

Ltd.,

Class

A(a)

2,436

31,083

Shares

Value

Sofina

SA

49

$

11,085

Syensqo

SA

380

27,774

UCB

SA

625

124,432

Umicore

SA

6,192

63,851

757,719

Brazil

(

0

.0

%

)

(b)

Yara

International

ASA

1,045

27,614

Canada

(

9

.8

%

)

Agnico

Eagle

Mines

Ltd.

4,939

386,406

Alimentation

Couche-Tard,

Inc.(c)

6,207

344,236

AltaGas

Ltd.

3,100

72,203

Bank

of

Montreal(c)

4,192

406,966

Bank

of

Nova

Scotia

(The)(c)

7,555

405,698

Brookfield

Asset

Management

Ltd.,

Class

A

2,300

124,740

Brookfield

Corp.,

Class

A

7,668

440,732

CAE,

Inc.(a)(c)

2,964

75,262

Cameco

Corp.(c)

5,763

296,319

Canadian

Imperial

Bank

of

Commerce

5,923

374,676

Canadian

National

Railway

Co.

3,974

403,551

Canadian

Pacific

Kansas

City

Ltd.(c)

6,114

442,690

Canadian

Tire

Corp.

Ltd.,

Class

A

366

38,503

CCL

Industries,

Inc.,

Class

B

1,091

56,127

Celestica,

Inc.(a)

574

52,974

CGI,

Inc.

1,729

189,180

Constellation

Software,

Inc.

143

442,187

Descartes

Systems

Group,

Inc.

(The)(a)

332

37,740

Dollarama,

Inc.(c)

1,849

180,443

Element

Fleet

Management

Corp.

621

12,554

Emera,

Inc.(c)

612

22,876

Empire

Co.

Ltd.,

Class

A

1,468

44,823

FirstService

Corp.

57

10,325

Fortis,

Inc.

1,990

82,690

George

Weston

Ltd.

60

9,331

Gildan

Activewear,

Inc.

804

37,838

Great-West

Lifeco,

Inc.

1,804

59,826

Hydro

One

Ltd.(c)(d)

3,389

104,373

IGM

Financial,

Inc.

387

12,360

Intact

Financial

Corp.

1,104

201,016

Ivanhoe

Mines

Ltd.,

Class

A(a)(c)

6,312

74,912

Kinross

Gold

Corp.

12,600

117,020

Loblaw

Cos.

Ltd.

1,373

180,688

Magna

International,

Inc.

885

36,990

Manulife

Financial

Corp.

12,227

375,627

Metro,

Inc.,

Class

A

2,309

144,809

National

Bank

of

Canada(c)

1,546

140,936

Nutrien

Ltd.

3,157

141,263

Open

Text

Corp.

1,249

35,347

Power

Corp.

of

Canada(c)

4,424

138,003

RB

Global,

Inc.

1,251

112,912

Rogers

Communications,

Inc.,

Class

B

1,357

41,717

Royal

Bank

of

Canada

7,846

946,029

Saputo,

Inc.

1,578

27,433

Shopify,

Inc.,

Class

A(a)

7,335

780,549

Stantec,

Inc.

140

10,984

Sun

Life

Financial,

Inc.

3,731

221,532

Teck

Resources

Ltd.,

Class

B

6,274

254,373

TELUS

Corp.

3,399

46,086

TFI

International,

Inc.

666

89,995

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Canada

(cont’d)

Thomson

Reuters

Corp.(c)

1,170

$

187,874

TMX

Group

Ltd.

1,754

54,031

Toromont

Industries

Ltd.

595

47,039

Toronto-Dominion

Bank

(The)

9,717

517,334

West

Fraser

Timber

Co.

Ltd.

605

52,421

WSP

Global,

Inc.

892

156,973

10,301,522

Chile

(

0

.2

%

)

Antofagasta

plc

4,995

99,427

Lundin

Mining

Corp.(c)

11,247

96,786

196,213

China

(

0

.9

%

)

BOC

Hong

Kong

Holdings

Ltd.

24,500

78,705

ESR

Group

Ltd.(d)

42,200

64,876

Lenovo

Group

Ltd.

58,000

75,276

NXP

Semiconductors

NV

1,352

281,013

Prosus

NV

8,496

337,502

Wharf

Holdings

Ltd.

(The)

22,000

61,893

899,265

Denmark

(

2

.3

%

)

AP

Moller

-

Maersk

A/S,

Class

B

25

41,341

Carlsberg

A/S,

Class

B

362

34,696

Coloplast

A/S,

Class

B(c)

673

73,496

Danske

Bank

A/S

3,695

104,549

Demant

A/S(a)

655

24,038

DSV

A/S

874

185,624

Genmab

A/S(a)

413

85,621

Jyske

Bank

A/S

161

11,405

Novo

Nordisk

A/S,

Class

B

16,712

1,448,999

Novonesis

(Novozymes)

B,

Class

B

2,407

136,311

Pandora

A/S

574

105,006

ROCKWOOL

A/S,

Class

B

149

52,818

Tryg

A/S

334

7,029

Vestas

Wind

Systems

A/S(a)

3,535

48,160

Zealand

Pharma

A/S,

Class

A(a)

237

23,554

2,382,647

Finland

(

0

.8

%

)

Elisa

OYJ

822

35,591

Fortum

OYJ

2,419

33,865

Kesko

OYJ,

Class

B

2,123

39,980

Kone

OYJ,

Class

B

1,634

79,551

Metso

OYJ

2,906

27,031

Neste

OYJ

2,015

25,308

Nokia

OYJ

35,311

156,348

Nordea

Bank

Abp

14,705

159,891

Orion

OYJ,

Class

B

675

29,912

Sampo

OYJ,

Class

A

1,025

41,812

Stora

Enso

OYJ,

Class

R

6,971

70,173

UPM-Kymmene

OYJ

3,107

85,480

Valmet

OYJ

1,749

42,267

Wartsila

OYJ

Abp

725

12,849

840,058

France

(

7

.0

%

)

Accor

SA

1,121

54,622

Air

Liquide

SA

3,492

567,609

Alstom

SA(a)

1,294

28,899

Shares

Value

Amundi

SA(d)

124

$

8,246

Arkema

SA

627

47,769

AXA

SA

10,501

373,314

BioMerieux

234

25,087

BNP

Paribas

SA

5,535

339,534

Bouygues

SA

2,462

72,785

Bureau

Veritas

SA

1,907

57,957

Canal+

SADIR(a)

3,038

7,721

Capgemini

SE

744

121,882

Carrefour

SA(c)

2,651

37,703

Cie

de

Saint-Gobain

SA

4,631

411,105

Cie

Generale

des

Etablissements

Michelin

SCA(c)

3,901

128,499

Covivio

SA

545

27,527

Credit

Agricole

SA

5,992

82,489

Danone

SA

4,378

295,316

Dassault

Systemes

SE

3,703

128,498

Eiffage

SA

479

42,036

Elis

SA

1,242

24,315

Engie

SA

10,821

171,609

EssilorLuxottica

SA

1,693

413,170

Eurazeo

SE

231

17,216

Gecina

SA

271

25,391

Getlink

SE

2,532

40,404

Hermes

International

SCA

193

464,212

Ipsen

SA

196

22,475

Kering

SA

484

119,447

Legrand

SA

1,526

148,650

L'Oreal

SA

1,268

449,006

Louis

Hachette

Group(a)

3,038

4,752

LVMH

Moet

Hennessy

Louis

Vuitton

SE

1,277

840,627

Neoen

SA(d)

342

14,071

Nexans

SA

230

24,825

Orange

SA(c)

10,333

103,053

Pernod

Ricard

SA

932

105,230

Publicis

Groupe

SA

1,464

156,198

Renault

SA

1,139

55,511

Rexel

SA

1,509

38,452

Safran

SA

2,022

444,241

Sartorius

Stedim

Biotech

112

21,892

SCOR

SE

1,338

32,764

SEB

SA

255

23,112

Societe

Generale

SA

2,767

77,846

Sodexo

SA

575

47,381

Sopra

Steria

Group

126

22,318

Teleperformance

SE

170

14,637

Thales

SA

587

84,305

Unibail-Rodamco-Westfield

437

32,918

Veolia

Environnement

SA

4,168

117,045

Verallia

SA(d)

899

22,610

Vinci

SA

2,986

308,501

Vivendi

SE

3,038

8,097

7,354,879

Germany

(

7

.1

%

)

adidas

AG

912

223,704

Allianz

SE

2,111

647,038

Bayerische

Motoren

Werke

AG

1,797

147,015

Bechtle

AG(c)

785

25,289

Beiersdorf

AG

475

61,011

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Germany

(cont’d)

BioNTech

SE

ADR(a)

452

$

51,505

Brenntag

SE

955

57,257

Carl

Zeiss

Meditec

AG

429

20,228

Commerzbank

AG(c)

6,967

113,484

Continental

AG

688

46,195

Covestro

AG(a)

1,870

112,348

CTS

Eventim

AG

&

Co.

KGaA(c)

599

50,662

Daimler

Truck

Holding

AG

2,751

105,009

Deutsche

Boerse

AG

994

228,991

Deutsche

Post

AG

5,666

199,433

Deutsche

Telekom

AG

17,531

524,628

E.ON

SE

9,231

107,524

Evonik

Industries

AG

3,106

53,826

GEA

Group

AG

1,075

53,249

Hannover

Rueck

SE

325

81,268

HeidelbergCement

AG

1,958

241,964

Henkel

AG

&

Co.

KGaA

1,094

84,311

Infineon

Technologies

AG

8,183

266,158

KION

Group

AG

861

28,415

Knorr-Bremse

AG

423

30,825

LEG

Immobilien

SE

352

29,826

Mercedes-Benz

Group

AG

4,793

267,108

Merck

KGaA

532

77,095

MTU

Aero

Engines

AG

330

110,069

Muenchener

Rueckversicherungs-Gesellschaft

AG

762

384,477

Nemetschek

SE

594

57,592

Puma

SE

124

5,698

SAP

SE

5,970

1,461,285

Scout24

SE(d)

421

37,111

Siemens

AG

4,468

872,689

Siemens

Energy

AG(a)

2,913

152,018

Siemens

Healthineers

AG(d)

1,696

89,948

Symrise

AG,

Class

A

632

67,200

Talanx

AG

304

25,869

Volkswagen

AG

961

91,731

Vonovia

SE

3,794

115,228

Zalando

SE(a)(d)

1,740

58,379

7,464,660

Hong

Kong

(

1

.2

%

)

AIA

Group

Ltd.

54,600

395,792

CK

Infrastructure

Holdings

Ltd.

500

3,718

CLP

Holdings

Ltd.

9,000

75,670

Hang

Seng

Bank

Ltd.

7,800

95,960

Hong

Kong

Exchanges

&

Clearing

Ltd.

7,600

288,474

Hongkong

Land

Holdings

Ltd.

1,900

8,455

Link

REIT

19,000

80,363

Prudential

plc

8,567

68,318

Sino

Land

Co.

Ltd.

44,000

44,472

Sun

Hung

Kai

Properties

Ltd.

6,000

57,670

Swire

Pacific

Ltd.,

Class

A

2,500

22,677

Techtronic

Industries

Co.

Ltd.

6,500

85,784

WH

Group

Ltd.(d)

44,000

34,048

Wharf

Real

Estate

Investment

Co.

Ltd.

19,000

48,585

1,309,986

Ireland

(

0

.6

%

)

AerCap

Holdings

NV

1,203

115,127

Shares

Value

AIB

Group

plc

7,791

$

43,015

Bank

of

Ireland

Group

plc

4,744

43,273

Glanbia

plc

4,563

63,006

Kerry

Group

plc,

Class

A

1,358

131,173

Kingspan

Group

plc

3,028

220,970

616,564

Israel

(

0

.5

%

)

Bank

Hapoalim

BM

6,662

80,666

Check

Point

Software

Technologies

Ltd.(a)

839

156,641

Mizrahi

Tefahot

Bank

Ltd.

741

32,123

Nice

Ltd.

ADR(a)

505

85,769

Nova

Ltd.(a)

145

28,558

Wix.com

Ltd.(a)

426

91,398

475,155

Italy

(

2

.1

%

)

A2A

SpA

11,830

26,285

Amplifon

SpA

863

22,214

Banca

Monte

dei

Paschi

di

Siena

SpA

5,533

39,008

Banco

BPM

SpA

3,600

29,131

Coca-Cola

HBC

AG

1,283

43,881

Enel

SpA

53,685

382,928

FinecoBank

Banca

Fineco

SpA

3,242

56,385

Generali

7,036

198,750

Hera

SpA

6,143

21,839

Infrastrutture

Wireless

Italiane

SpA(d)

2,149

21,849

Interpump

Group

SpA

1,134

50,111

Intesa

Sanpaolo

SpA

98,368

393,618

Mediobanca

Banca

di

Credito

Finanziario

SpA

2,258

32,921

Moncler

SpA

1,250

66,009

Nexi

SpA(a)(c)(d)

3,234

17,956

Poste

Italiane

SpA(d)

2,962

41,789

PRADA

SpA

6,000

46,468

Prysmian

SpA

1,885

120,396

Recordati

Industria

Chimica

e

Farmaceutica

SpA

687

36,008

Reply

SpA

153

24,312

Snam

SpA

15,654

69,352

Telecom

Italia

SpA(a)(c)

113,224

28,922

Terna

-

Rete

Elettrica

Nazionale

10,723

84,638

UniCredit

SpA

9,873

393,993

2,248,763

Japan

(

17

.2

%

)

Advantest

Corp.

5,200

303,979

Aeon

Co.

Ltd.

4,400

103,327

AGC,

Inc.(c)

3,600

105,818

Aisin

Corp.

5,000

56,484

Ajinomoto

Co.,

Inc.

3,800

155,821

ANA

Holdings,

Inc.

1,900

34,602

Asahi

Group

Holdings

Ltd.

11,300

119,000

Asics

Corp.

2,400

47,437

Astellas

Pharma,

Inc.

7,900

77,044

Bandai

Namco

Holdings,

Inc.

2,500

60,043

Bridgestone

Corp.(c)

2,900

98,421

Canon,

Inc.(c)

6,300

206,643

Capcom

Co.

Ltd.

1,600

35,326

Central

Japan

Railway

Co.

2,100

39,572

Chugai

Pharmaceutical

Co.

Ltd.

4,700

209,065

Dai

Nippon

Printing

Co.

Ltd.

4,900

69,119

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Japan

(cont’d)

Daifuku

Co.

Ltd.

1,700

$

35,654

Dai-ichi

Life

Holdings,

Inc.

3,200

86,129

Daiichi

Sankyo

Co.

Ltd.

10,300

284,887

Daikin

Industries

Ltd.

1,200

142,312

Daito

Trust

Construction

Co.

Ltd.

100

11,170

Daiwa

House

Industry

Co.

Ltd.

4,500

138,937

Daiwa

Securities

Group,

Inc.

13,800

91,915

Denso

Corp.

8,000

112,593

Dentsu

Group,

Inc.(c)

1,800

43,609

Disco

Corp.

500

135,784

East

Japan

Railway

Co.

4,600

81,712

Ebara

Corp.(c)

2,000

31,275

FANUC

Corp.

4,600

122,057

Fast

Retailing

Co.

Ltd.

900

307,846

Fuji

Electric

Co.

Ltd.

1,700

92,463

FUJIFILM

Holdings

Corp.

7,200

151,418

Fujitsu

Ltd.

8,500

151,233

Hankyu

Hanshin

Holdings,

Inc.

1,800

47,098

Hoya

Corp.

2,000

251,867

Hulic

Co.

Ltd.(c)

6,300

54,854

Isuzu

Motors

Ltd.

7,000

96,028

ITOCHU

Corp.

5,700

283,723

Japan

Airlines

Co.

Ltd.

1,700

26,930

Japan

Exchange

Group,

Inc.

3,100

34,872

Japan

Post

Bank

Co.

Ltd.

5,700

54,140

Kao

Corp.(c)

2,700

109,617

Kawasaki

Heavy

Industries

Ltd.

700

32,387

KDDI

Corp.

9,400

301,216

Keisei

Electric

Railway

Co.

Ltd.

2,700

24,341

Keyence

Corp.

1,200

492,904

Kikkoman

Corp.

9,300

104,174

Kirin

Holdings

Co.

Ltd.(c)

2,700

35,160

Komatsu

Ltd.

5,600

154,819

Kubota

Corp.(c)

6,200

72,464

Kyocera

Corp.

8,600

86,112

Kyowa

Kirin

Co.

Ltd.

1,800

27,175

LY

Corp.

29,200

77,832

M3,

Inc.

3,000

26,636

Makita

Corp.

1,700

52,325

Marubeni

Corp.

5,500

83,630

MEIJI

Holdings

Co.

Ltd.

1,500

30,516

MinebeaMitsumi,

Inc.

3,400

55,523

Mitsubishi

Chemical

Group

Corp.

14,100

71,663

Mitsubishi

Electric

Corp.

13,900

237,372

Mitsubishi

Estate

Co.

Ltd.

8,900

124,468

Mitsubishi

HC

Capital,

Inc.

12,500

82,780

Mitsubishi

Heavy

Industries

Ltd.

18,400

259,959

Mitsubishi

UFJ

Financial

Group,

Inc.

65,000

762,592

Mitsui

Fudosan

Co.

Ltd.

19,000

153,357

Mizuho

Financial

Group,

Inc.

14,800

364,298

MS&AD

Insurance

Group

Holdings,

Inc.

9,000

197,280

Murata

Manufacturing

Co.

Ltd.

11,200

182,188

NEC

Corp.

900

78,477

Nidec

Corp.

4,700

85,281

Nintendo

Co.

Ltd.

5,600

329,711

Nippon

Paint

Holdings

Co.

Ltd.

7,300

47,485

Nippon

Telegraph

&

Telephone

Corp.

131,600

132,148

Nissin

Foods

Holdings

Co.

Ltd.

1,100

26,727

Shares

Value

Nitori

Holdings

Co.

Ltd.

100

$

11,843

Nitto

Denko

Corp.

3,300

56,208

Nomura

Holdings,

Inc.

24,900

147,379

Nomura

Research

Institute

Ltd.

2,000

59,220

NTT

Data

Group

Corp.

2,500

48,143

Obayashi

Corp.

3,000

39,906

Olympus

Corp.

8,800

132,578

Omron

Corp.

1,100

37,423

Oracle

Corp.

Japan

100

9,632

Oriental

Land

Co.

Ltd.

4,100

89,168

ORIX

Corp.

7,300

158,114

Osaka

Gas

Co.

Ltd.

3,400

74,766

Otsuka

Corp.

3,400

77,985

Otsuka

Holdings

Co.

Ltd.(c)

2,200

120,245

Panasonic

Holdings

Corp.

11,100

115,907

Rakuten

Group,

Inc.(a)

5,900

32,206

Recruit

Holdings

Co.

Ltd.

9,400

665,817

Renesas

Electronics

Corp.(a)

10,500

136,568

Resona

Holdings,

Inc.

16,000

116,381

SCREEN

Holdings

Co.

Ltd.

200

12,063

Secom

Co.

Ltd.

1,500

51,184

Sekisui

Chemical

Co.

Ltd.

4,500

77,648

Sekisui

House

Ltd.

5,400

129,796

Shin-Etsu

Chemical

Co.

Ltd.

10,700

360,146

Shionogi

&

Co.

Ltd.

3,600

50,770

SMC

Corp.

300

118,555

SoftBank

Corp.

195,200

246,753

SoftBank

Group

Corp.

6,100

356,087

Sompo

Holdings,

Inc.

5,400

141,362

Sony

Group

Corp.

37,500

802,933

Sumitomo

Electric

Industries

Ltd.

7,000

126,947

Sumitomo

Mitsui

Financial

Group,

Inc.

22,700

543,028

Sumitomo

Mitsui

Trust

Group,

Inc.

3,400

79,779

Suntory

Beverage

&

Food

Ltd.(c)

1,700

54,162

Sysmex

Corp.

2,600

48,193

T&D

Holdings,

Inc.

2,700

49,858

Takeda

Pharmaceutical

Co.

Ltd.

10,000

265,722

TDK

Corp.

10,800

142,254

Terumo

Corp.

7,800

151,791

Toho

Co.

Ltd.

300

11,734

Tokio

Marine

Holdings,

Inc.

10,300

374,962

Tokyo

Electron

Ltd.

2,400

368,896

Tokyo

Gas

Co.

Ltd.

3,500

97,207

Tokyu

Corp.

3,500

37,548

TOPPAN

Holdings,

Inc.

2,700

72,225

Toray

Industries,

Inc.

14,300

91,019

Toyota

Industries

Corp.

800

65,410

Toyota

Motor

Corp.

59,200

1,183,661

Trend

Micro,

Inc.(a)

1,300

70,781

Unicharm

Corp.

3,000

24,834

West

Japan

Railway

Co.

3,400

60,439

Yamaha

Motor

Co.

Ltd.(c)

6,300

56,235

Yaskawa

Electric

Corp.

900

23,263

ZOZO,

Inc.

1,300

40,460

18,012,018

Jordan

(

0

.0

%

)

(b)

Hikma

Pharmaceuticals

plc

1,287

32,111

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Luxembourg

(

0

.1

%

)

Eurofins

Scientific

SE

1,532

$

78,251

Netherlands

(

3

.2

%

)

Aalberts

NV

1,336

47,523

ABN

AMRO

Bank

NV

CVA(d)

2,308

35,598

Adyen

NV(a)(d)

135

200,950

Aegon

Ltd.

6,100

36,143

Akzo

Nobel

NV

788

47,310

Argenx

SE(a)

316

196,397

ASM

International

NV

268

155,127

ASML

Holding

NV

2,120

1,490,427

ASR

Nederland

NV

216

10,243

BE

Semiconductor

Industries

NV

453

62,081

Euronext

NV(d)

471

52,838

Havas

NV(a)

3,038

5,106

IMCD

NV

345

51,282

ING

Groep

NV

15,368

240,854

JDE

Peet's

NV

1,002

17,157

Koninklijke

Ahold

Delhaize

NV

6,728

219,460

Koninklijke

KPN

NV

22,838

83,153

Koninklijke

Vopak

NV

1,003

44,156

NN

Group

NV

490

21,353

Universal

Music

Group

NV

5,139

131,590

Wolters

Kluwer

NV

1,566

260,191

3,408,939

New

Zealand

(

0

.2

%

)

Auckland

International

Airport

Ltd.

10,082

49,076

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

1,463

31,432

Meridian

Energy

Ltd.

6,375

21,080

Xero

Ltd.(a)

600

62,598

164,186

Norway

(

0

.6

%

)

DNB

Bank

ASA

5,111

101,875

Gjensidige

Forsikring

ASA

1,538

27,157

Kongsberg

Gruppen

ASA

792

89,056

Mowi

ASA

4,649

79,536

Norsk

Hydro

ASA

19,064

104,737

Orkla

ASA

8,633

74,587

Salmar

ASA

708

33,617

Schibsted

ASA,

Class

A

1,341

41,467

Telenor

ASA

5,736

63,944

615,976

Portugal

(

0

.1

%

)

EDP

SA

15,680

50,205

Jeronimo

Martins

SGPS

SA

2,254

43,077

93,282

Singapore

(

1

.3

%

)

DBS

Group

Holdings

Ltd.

11,250

360,158

Grab

Holdings

Ltd.,

Class

A(a)

9,111

43,004

Oversea-Chinese

Banking

Corp.

Ltd.

18,900

230,982

Sea

Ltd.

ADR(a)

1,562

165,728

Singapore

Airlines

Ltd.

14,000

66,020

Singapore

Exchange

Ltd.

5,700

53,175

Singapore

Technologies

Engineering

Ltd.

13,600

46,407

Singapore

Telecommunications

Ltd.

55,900

126,073

STMicroelectronics

NV

3,079

76,794

Shares

Value

United

Overseas

Bank

Ltd.

7,600

$

202,181

1,370,522

South

Africa

(

0

.4

%

)

Anglo

American

plc

12,726

376,625

South

Korea

(

3

.0

%

)

Delivery

Hero

SE(a)(d)

1,080

30,340

Doosan

Enerbility

Co.

Ltd.(a)

5,110

60,918

Hana

Financial

Group,

Inc.

2,395

92,406

HD

Hyundai

Electric

Co.

Ltd.

131

33,992

HMM

Co.

Ltd.(a)

2,499

29,978

Hyundai

Mobis

Co.

Ltd.

647

103,940

Hyundai

Motor

Co.

860

123,846

Kakao

Corp.

1,260

32,695

KB

Financial

Group,

Inc.

2,137

120,339

Kia

Corp.

1,694

115,875

Krafton,

Inc.(a)

207

43,941

LG

Chem

Ltd.(a)

596

101,213

LG

Electronics,

Inc.

724

41,065

LG

Energy

Solution

Ltd.(a)

439

103,775

Meritz

Financial

Group,

Inc.(a)

518

36,594

NAVER

Corp.(a)

961

129,839

POSCO

Holdings,

Inc.

780

134,314

Samsung

Biologics

Co.

Ltd.(a)(d)

85

54,794

Samsung

C&T

Corp.(a)

442

34,468

Samsung

Electro-Mechanics

Co.

Ltd.(a)

375

31,536

Samsung

Electronics

Co.

Ltd.

31,594

1,141,732

Samsung

Heavy

Industries

Co.

Ltd.(a)

4,210

32,315

Samsung

Life

Insurance

Co.

Ltd.(a)

437

28,141

Samsung

SDS

Co.

Ltd.(a)

246

21,356

Shinhan

Financial

Group

Co.

Ltd.

2,964

95,938

SK

Hynix,

Inc.

3,188

376,587

SK

Square

Co.

Ltd.(a)

434

23,378

3,175,315

Spain

(

2

.1

%

)

Aena

SME

SA(d)

456

93,241

Amadeus

IT

Group

SA(c)

2,377

167,923

Banco

Bilbao

Vizcaya

Argentaria

SA

27,484

269,092

Banco

de

Sabadell

SA

12,443

24,193

Banco

Santander

SA

82,643

382,187

Bankinter

SA

6,449

51,037

CaixaBank

SA

21,600

117,152

Cellnex

Telecom

SA(d)

2,956

93,421

Grifols

SA(a)(c)

2,543

24,097

Iberdrola

SA

34,714

478,248

Industria

de

Diseno

Textil

SA

5,649

290,469

Naturgy

Energy

Group

SA

1,104

26,737

Redeia

Corp.

SA

2,414

41,259

Telefonica

SA(c)

29,274

119,384

2,178,440

Sweden

(

2

.6

%

)

AddTech

AB,

Class

B

1,188

32,342

Alfa

Laval

AB

1,694

70,829

Assa

Abloy

AB,

Class

B

5,767

170,344

Atlas

Copco

AB,

Class

A

22,558

344,267

Beijer

Ref

AB,

Class

B(c)

3,075

45,331

Boliden

AB

3,861

108,357

Castellum

AB(a)

4,475

48,759

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Sweden

(cont’d)

Epiroc

AB,

Class

A

5,585

$

97,199

EQT

AB(c)

2,192

60,645

Essity

AB,

Class

B

3,099

82,826

H

&

M

Hennes

&

Mauritz

AB,

Class

B(c)

3,517

47,396

Hexagon

AB,

Class

B

12,888

123,011

Holmen

AB,

Class

B

632

23,203

Husqvarna

AB,

Class

B(c)

2,620

13,673

Industrivarden

AB,

Class

A

1,494

47,181

Indutrade

AB

1,593

39,883

Investment

AB

Latour,

Class

B

406

10,124

Investor

AB,

Class

B

10,626

281,117

L

E

Lundbergforetagen

AB,

Class

B

461

20,875

Lifco

AB,

Class

B

1,302

37,728

Nibe

Industrier

AB,

Class

B(c)

14,472

56,560

Saab

AB,

Class

B

1,315

27,777

Sagax

AB,

Class

B

1,157

23,655

Sandvik

AB

6,226

111,590

Skandinaviska

Enskilda

Banken

AB,

Class

A

8,284

113,397

Skanska

AB,

Class

B

1,491

31,359

SKF

AB,

Class

B

2,313

43,401

SSAB

AB,

Class

A

14,335

58,266

Svenska

Cellulosa

AB

SCA,

Class

B

4,286

54,409

Svenska

Handelsbanken

AB,

Class

A

5,965

61,570

Sweco

AB,

Class

B

727

10,822

Swedbank

AB,

Class

A

4,886

96,405

Swedish

Orphan

Biovitrum

AB(a)

1,094

31,385

Tele2

AB,

Class

B

1,354

13,370

Telia

Co.

AB

10,389

28,799

Trelleborg

AB,

Class

B

1,361

46,573

Volvo

AB,

Class

B

10,044

243,841

2,758,269

Switzerland

(

5

.2

%

)

ABB

Ltd.

8,958

484,347

Adecco

Group

AG

1,267

31,216

Avolta

AG

323

12,934

Bachem

Holding

AG(c)

182

11,611

Baloise

Holding

AG

493

89,143

Barry

Callebaut

AG(c)

5

6,633

Belimo

Holding

AG

119

78,608

BKW

AG

136

22,508

Chocoladefabriken

Lindt

&

Spruengli

AG

1

110,187

Cie

Financiere

Richemont

SA

2,446

371,664

DSM-Firmenich

AG

833

84,319

Emmi

AG

2

1,622

Flughafen

Zurich

AG

188

45,076

Geberit

AG

352

199,591

Georg

Fischer

AG

944

71,407

Givaudan

SA

42

183,540

Helvetia

Holding

AG

191

31,442

Julius

Baer

Group

Ltd.

1,039

67,156

Kuehne

+

Nagel

International

AG

268

61,363

Logitech

International

SA

630

52,091

Lonza

Group

AG

381

224,935

Novartis

AG

10,136

990,649

On

Holding

AG,

Class

A(a)

1,394

76,349

Partners

Group

Holding

AG

96

130,109

PSP

Swiss

Property

AG

301

42,751

Schindler

Holding

AG

343

93,540

Shares

Value

SFS

Group

AG

78

$

10,795

SGS

SA

987

98,836

Sika

AG

799

189,989

Sonova

Holding

AG

266

86,845

Straumann

Holding

AG

406

51,111

Swatch

Group

AG

(The),

Class

BR

182

33,089

Swiss

Life

Holding

AG

133

102,525

Swiss

Prime

Site

AG

508

55,303

Swisscom

AG

132

73,378

TE

Connectivity

plc

1,909

272,930

Temenos

AG

528

37,292

UBS

Group

AG

14,106

431,006

VAT

Group

AG(d)

173

65,346

Zurich

Insurance

Group

AG

684

406,081

5,489,317

Taiwan

(

6

.5

%

)

Accton

Technology

Corp.

3,000

70,735

Advantech

Co.

Ltd.

1,099

11,615

ASE

Technology

Holding

Co.

Ltd.

20,000

98,827

Cathay

Financial

Holding

Co.

Ltd.

69,000

143,748

Chang

Hwa

Commercial

Bank

Ltd.

65,712

35,778

Chunghwa

Telecom

Co.

Ltd.

20,000

75,340

CTBC

Financial

Holding

Co.

Ltd.

99,000

118,071

Delta

Electronics,

Inc.

9,000

118,181

E

Ink

Holdings,

Inc.

5,000

41,636

E.Sun

Financial

Holding

Co.

Ltd.

28,000

23,017

Eva

Airways

Corp.

45,000

60,875

Evergreen

Marine

Corp.

Taiwan

Ltd.

10,000

68,630

Far

EasTone

Telecommunications

Co.

Ltd.

21,000

57,265

Fubon

Financial

Holding

Co.

Ltd.

64,470

177,573

Gigabyte

Technology

Co.

Ltd.

3,000

24,936

Global

Unichip

Corp.

1,000

41,483

Hotai

Motor

Co.

Ltd.

1,020

19,258

Inventec

Corp.

18,000

27,507

Lite-On

Technology

Corp.

12,000

36,420

MediaTek,

Inc.

8,000

345,285

Mega

Financial

Holding

Co.

Ltd.

77,819

91,860

Nanya

Technology

Corp.(a)

60,000

53,531

Novatek

Microelectronics

Corp.

2,000

30,624

Quanta

Computer,

Inc.

20,000

175,083

Realtek

Semiconductor

Corp.

1,000

17,325

Taishin

Financial

Holding

Co.

Ltd.

93,045

49,383

Taiwan

Mobile

Co.

Ltd.

18,000

62,316

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

126,000

4,131,526

TCC

Group

Holdings

Co.

Ltd.

128,000

123,766

Unimicron

Technology

Corp.

15,000

64,512

Uni-President

Enterprises

Corp.

48,000

118,446

United

Microelectronics

Corp.

94,000

123,433

Wan

Hai

Lines

Ltd.

28,000

69,264

Yang

Ming

Marine

Transport

Corp.

26,000

60,034

Yuanta

Financial

Holding

Co.

Ltd.

90,291

93,639

6,860,922

United

Kingdom

(

10

.3

%

)

3i

Group

plc

5,389

240,445

Admiral

Group

plc

1,110

36,741

Ashtead

Group

plc

3,182

197,783

Associated

British

Foods

plc

2,874

73,506

AstraZeneca

plc

8,431

1,104,873

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

United

Kingdom

(cont’d)

Auto

Trader

Group

plc(d)

6,284

$

62,385

Aviva

plc

16,625

97,571

B&M

European

Value

Retail

SA

6,169

28,343

BAE

Systems

plc

22,676

326,037

Barclays

plc

68,887

231,252

Barratt

Redrow

plc

7,217

39,763

Beazley

plc

1,624

16,600

Berkeley

Group

Holdings

plc

754

36,813

British

Land

Co.

plc

(The)

5,058

22,821

BT

Group

plc

47,052

84,852

Bunzl

plc

2,202

90,860

Centrica

plc

19,171

32,064

Coca-Cola

Europacific

Partners

plc

1,828

140,409

Compass

Group

plc

13,477

449,129

ConvaTec

Group

plc(d)

11,770

32,593

Croda

International

plc

838

35,512

DCC

plc

1,426

91,760

Diageo

plc

14,834

471,231

Diploma

plc

689

36,659

DS

Smith

plc

9,036

61,312

Halma

plc

4,053

136,439

Hargreaves

Lansdown

plc

2,115

29,072

Howden

Joinery

Group

plc

3,566

35,424

HSBC

Holdings

plc

100,922

992,181

IMI

plc

554

12,630

Informa

plc

11,512

115,064

InterContinental

Hotels

Group

plc

1,336

166,484

Intermediate

Capital

Group

plc

1,795

46,426

International

Consolidated

Airlines

Group

SA

6,943

26,241

Intertek

Group

plc

1,282

75,881

Investec

plc

3,637

24,769

J

Sainsbury

plc

13,319

45,620

JD

Sports

Fashion

plc

10,207

12,254

Kingfisher

plc

14,759

45,952

Land

Securities

Group

plc

3,788

27,694

Legal

&

General

Group

plc

37,823

108,812

Lloyds

Banking

Group

plc

397,284

272,454

London

Stock

Exchange

Group

plc

2,408

340,195

LondonMetric

Property

plc

11,271

25,412

M&G

plc

16,635

41,203

Marks

&

Spencer

Group

plc

7,566

35,567

Melrose

Industries

plc

9,771

67,743

National

Grid

plc

28,932

344,090

NatWest

Group

plc

30,800

155,044

Next

plc

852

101,307

Pearson

plc

3,433

55,097

Persimmon

plc

1,634

24,506

Phoenix

Group

Holdings

plc

9,787

62,487

Reckitt

Benckiser

Group

plc

3,324

201,116

RELX

plc

13,454

611,235

Rentokil

Initial

plc

14,261

71,556

Rightmove

plc

5,122

41,154

Sage

Group

plc

(The)

6,967

111,031

Schroders

plc

10,390

42,091

Segro

plc

8,279

72,676

Severn

Trent

plc

1,787

56,108

Smith

&

Nephew

plc

6,154

76,379

Smiths

Group

plc

2,613

56,232

Shares

Value

Spirax

Group

plc

770

$

66,080

SSE

plc

6,717

134,881

Standard

Chartered

plc

12,794

158,342

Subsea

7

SA

2,084

32,972

Taylor

Wimpey

plc

20,025

30,610

Tesco

plc

55,866

257,584

Tritax

Big

Box

REIT

plc

14,129

23,472

Unilever

plc

14,161

806,277

UNITE

Group

plc

(The)

2,460

24,838

United

Utilities

Group

plc

5,131

67,543

Vodafone

Group

plc

132,741

113,500

Weir

Group

plc

(The)

1,891

51,703

Whitbread

plc

1,522

56,133

Wise

plc,

Class

A(a)

6,015

80,272

WPP

plc

8,644

89,536

10,800,683

United

States

(

8

.3

%

)

Alcon

AG

2,667

225,985

BP

plc

105,148

517,325

Chubb

Ltd.

1,680

464,184

CSL

Ltd.

3,226

562,240

CyberArk

Software

Ltd.(a)

371

123,599

Experian

plc

5,456

235,306

Ferrovial

SE

2,967

124,779

Flex

Ltd.(a)

2,959

113,596

Garmin

Ltd.

762

157,170

GFL

Environmental,

Inc.(c)

1,487

66,289

GSK

plc

24,475

412,571

Haleon

plc

36,684

173,320

Holcim

AG

3,893

374,737

ICON

plc(a)

575

120,583

James

Hardie

Industries

plc

CDI(a)

7,244

224,497

Monday.com

Ltd.(a)

321

75,576

Nestle

SA

14,391

1,187,370

QIAGEN

NV(a)

1,322

58,869

Roche

Holding

AG

3,666

1,032,079

Sanofi

SA

6,763

656,691

Schneider

Electric

SE

3,201

798,766

Spotify

Technology

SA(a)

722

323,008

Stellantis

NV

9,555

124,610

Swiss

Re

AG

1,373

198,488

Waste

Connections,

Inc.

1,826

313,257

8,664,895

Total

Common

Stocks

(Cost

$96,236,973)

104,535,860

No.

of

Warrants

Warrants

(0.0%)(b)

Canada

(

0.0%

)(b)

Constellation

Software,

Inc.

Expires

03/31/2040

(a)

(

Cost

$0

)

97

–

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Short-Term

Investments

(

2

.3

%

)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(e)

(Cost

$104,434)

104,434

$

104,434

Security

held

as

Collateral

on

Loaned

Securities

(

2

.2

%

)

Investment

Company

(2.2%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(e)

(Cost

$2,349,974)

2,349,974

2,349,974

Total

Short-Term

Investments

(Cost

$2,454,408)

2,454,408

Total

Investments

(

101

.9

%

)

(Cost

$

98,691,381

)

(f)

106,990,268

Liabilities

in

Excess

of

Other

Assets

(

-1.9%

)

(2,039,614)

NET

ASSETS

(100.0%)

$104,950,654

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)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$4,187,116

and

$4,433,747,

respectively.

The

Fund

received

cash

collateral

of

$2,349,974,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$2,083,773

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(d)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(e)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$60

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(f)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$98,691,381.

The

aggregate

gross

unrealized

appreciation

is

$14,126,616

and

the

aggregate

gross

unrealized

depreciation

is

$5,827,729,

resulting

in

net

unrealized

appreciation

of

$8,298,887.

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

.6

%

Banks

13

.2

Semiconductors

&

Semiconductor

Equipment

8

.2

Pharmaceuticals

6

.7

Insurance

6

.3

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

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

First

Quarter

Report

December

31,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(93.9%)

Asset-Backed

Securities

(

17

.4

%

)

Ally

Bank

Auto

Credit-Linked

Notes,

2024-A

5.83%,

5/17/32(a)

$

469,558

$

475,239

2024-B

5.12%,

9/15/32(a)

443,088

443,675

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

139,268

141,180

Auxilior

Term

Funding

LLC,

2024-1A

5.84%,

3/15/27(a)

208,000

209,618

BHG

Securitization

Trust,

2022-C

5.93%,

10/17/35(a)

875,000

878,473

Blue

Owl

Asset

Leasing

Trust

LLC,

2024-1A

5.05%,

3/15/29(a)

2,500,000

2,506,417

Chesapeake

Funding

II

LLC,

2024-1A

SOFR30A

+

0.77%,

5.37%,

5/15/36(a)(b)

178,911

179,346

Clarus

Capital

Funding

LLC,

2024-1A

4.71%,

8/20/32(a)

255,000

254,212

Crossroads

Asset

Trust,

2024-A

5.90%,

8/20/30(a)

992,576

1,005,231

DB

Master

Finance

LLC,

2019-1A

4.02%,

5/20/49(a)

135,493

133,644

2021-1A

2.05%,

11/20/51(a)

446,200

422,749

Dell

Equipment

Finance

Trust,

2023-2

5.84%,

1/22/29(a)

17,715

17,737

DLLMT

LLC,

2024-1A

5.08%,

2/22/27(a)

235,000

235,983

DLLST

LLC,

2024-1A

5.33%,

1/20/26(a)

94,443

94,646

Domino's

Pizza

Master

Issuer

LLC,

2015-1A

4.47%,

10/25/45(a)

1,368,063

1,364,353

2018-1A

4.12%,

7/25/48(a)

710,625

706,665

Driven

Brands

Funding

LLC,

2019-1A

4.64%,

4/20/49(a)

1,048,520

1,039,938

Enterprise

Fleet

Financing

LLC,

2023-1

5.51%,

1/22/29(a)

170,428

171,324

2024-2

5.74%,

12/20/26(a)

200,000

201,737

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

147,136

149,910

Face

Amount

Value

2024-2A

5.89%,

6/15/30(a)

$

72,266

$

73,172

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

112,347

112,952

GM

Financial

Consumer

Automobile

Receivables

Trust,

2023-4

5.89%,

11/16/26

63,539

63,771

J.P.

Morgan

Mortgage

Trust,

2023-HE2

SOFR30A

+

1.70%,

6.30%,

3/20/54(a)(b)

82,229

82,990

2024-HE1

SOFR30A

+

1.50%,

6.10%,

8/25/54(a)(b)

1,852,066

1,863,956

2024-HE2

SOFR30A

+

1.20%,

5.80%,

10/20/54(a)(b)

213,718

215,069

LAD

Auto

Receivables

Trust,

2023-1A

5.68%,

10/15/26(a)

10,373

10,377

2023-2A

5.93%,

6/15/27(a)

66,877

67,049

2023-3A

6.12%,

9/15/27(a)

144,511

145,290

Lendbuzz

Securitization

Trust,

2023-1A

6.92%,

8/15/28(a)

681,007

692,165

2023-2A

7.09%,

10/16/28(a)

747,613

761,812

2023-3A

7.50%,

12/15/28(a)

349,805

358,885

2024-1A

6.19%,

8/15/29(a)

127,959

129,384

2024-3A

4.97%,

10/15/29(a)

250,000

250,056

Mercury

Financial

Credit

Card

Master

Trust,

2024-2A

6.56%,

7/20/29(a)

207,000

209,593

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

7.00%,

7/25/50(a)(b)

106,959

108,156

Octane

Receivables

Trust,

2023-1A

5.87%,

5/21/29(a)

35,111

35,278

2024-2A

5.80%,

7/20/32(a)

432,370

437,263

2024-3A

4.94%,

5/20/30(a)

2,000,000

2,004,099

2024-RVM1

5.01%,

1/22/46(a)

525,000

524,825

Onemain

Direct

Auto

Receivables

Trust,

2022-1A

5.07%,

6/14/29(a)

400,000

401,066

OneMain

Financial

Issuance

Trust,

2022-S1

4.13%,

5/14/35(a)

2,250,000

2,236,953

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(17.4%)

(cont’d)

Oportun

Funding

Trust,

2024-3

5.26%,

8/15/29(a)

$

852,508

$

853,443

Oportun

Issuance

Trust,

2024-1A

6.33%,

4/8/31(a)

1,771,398

1,775,109

2024-1A

6.55%,

4/8/31(a)

317,000

318,703

Oscar

US

Funding

XV

LLC,

2023-1A

6.07%,

9/10/26(a)

154,400

154,941

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

154,374

154,898

Oscar

US

Funding

XVII

LLC,

2024-2A

4.63%,

12/10/27(a)

206,000

205,747

Pagaya

Ai

Debt

Grantor

Trust,

2024-9

5.07%,

3/15/32(a)

395,385

395,710

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

450,000

454,287

2024-2A

4.74%,

4/20/27(a)

270,000

269,492

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

1

Month

+

1.36%,

5.70%,

7/25/51(a)(b)

523,134

523,010

2021-1A

CME

Term

SOFR

1

Month

+

2.61%,

6.95%,

7/25/51(a)(b)

655,495

660,883

2021-1A

CME

Term

SOFR

1

Month

+

6.01%,

10.35%,

7/25/51(a)(b)

213,183

219,351

Prosper

Marketplace

Issuance

Trust,

2023-1A

7.06%,

7/16/29(a)

32,124

32,199

2024-1A

6.12%,

8/15/29(a)

311,343

312,295

Reach

ABS

Trust,

2023-1A

7.05%,

2/18/31(a)

12,156

12,177

2024-2A

5.88%,

7/15/31(a)

809,465

813,659

Santander

Bank

Auto

Credit-Linked

Notes,

2022-B

11.91%,

8/16/32(a)

950,000

972,402

SFS

Auto

Receivables

Securitization

Trust,

2024-1A

5.35%,

6/21/27(a)

63,994

64,137

Stack

Infrastructure

Issuer

LLC,

2020-1A

1.89%,

8/25/45(a)

312,000

305,676

Taco

Bell

Funding

LLC,

2016-1A

4.97%,

5/25/46(a)

2,503,125

2,500,185

Face

Amount

Value

Theorem

Funding

Trust,

2022-2A

9.27%,

12/15/28(a)

$

1,345,000

$

1,384,701

2022-3A

8.95%,

4/15/29(a)

500,000

515,178

2023-1A

7.58%,

4/15/29(a)

22,812

23,020

Tricolor

Auto

Securitization

Trust,

2024-2A

6.36%,

12/15/27(a)

156,805

158,032

2024-3A

5.22%,

6/15/28(a)

643,153

645,232

Vantage

Data

Centers

Issuer

LLC,

2020-1A

1.65%,

9/15/45(a)

800,000

781,367

Wendy's

Funding

LLC,

2019-1A

3.78%,

6/15/49(a)

177,984

173,997

Wingspire

Equipment

Finance

LLC,

2024-1A

4.99%,

9/20/32(a)

156,000

156,358

36,252,427

Commercial

Mortgage-Backed

Securities

(

8

.9

%

)

BPR

Trust

CME

Term

SOFR

1

Month

+

1.90%,

6.30%,

4/15/37(a)(b)

905,000

910,838

CME

Term

SOFR

1

Month

+

3.00%,

7.40%,

5/15/39(a)(b)

150,000

150,787

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.06%,

5.46%,

9/15/36(a)(b)

425,000

424,278

CAMB

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.55%,

5.95%,

12/15/37(a)(b)

286,543

286,878

CME

Term

SOFR

1

Month

+

2.05%,

6.45%,

12/15/37(a)(b)

288,000

288,336

CENT

Trust

CME

Term

SOFR

1

Month

+

2.62%,

7.02%,

9/15/38(a)(b)

595,000

599,462

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.00%,

5.57%,

12/25/41(a)(b)

69,532

69,721

SOFR30A

+

2.95%,

7.51%,

6/25/42(a)(b)

295,448

305,560

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.19%,

5.59%,

7/15/38(a)(b)

484,435

485,638

CME

Term

SOFR

1

Month

+

1.49%,

5.89%,

7/15/38(a)(b)

792,712

794,678

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.35%,

5.92%,

2/25/44(a)(b)

108,475

108,997

FHLMC,

REMIC

SOFR30A

+

0.51%,

5.11%,

1/15/42(b)

246,703

244,938

SOFR30A

+

0.66%,

5.26%,

4/15/36(b)

204,930

203,040

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(8.9%)

(cont’d)

SOFR30A

+

1.10%,

5.67%,

5/25/54(b)

$

842,474

$

842,923

SOFR30A

+

1.20%,

5.77%,

3/25/54(b)

2,286,132

2,305,517

SOFR30A

+

1.25%,

5.82%,

3/25/54(b)

689,685

691,667

SOFR30A

+

1.43%,

6.00%,

12/25/54(b)

2,951,377

2,955,813

FNMA,

REMIC

SOFR30A

+

0.36%,

4.93%,

6/25/36(b)

176,441

175,004

SOFR30A

+

0.65%,

5.22%,

2/25/38(b)

224,466

223,564

SOFR30A

+

1.05%,

5.62%,

12/25/54(b)

978,691

974,256

Hawaii

Hotel

Trust

CME

Term

SOFR

1

Month

+

1.45%,

5.85%,

5/15/38(a)(b)

250,000

250,532

HILT

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.94%,

6.34%,

5/15/37(a)(b)

605,000

607,268

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.04%,

6/15/41(a)(b)

960,600

966,002

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

Month

+

1.41%,

5.81%,

4/15/38(a)(b)

100,000

100,094

Marlette

Funding

Trust

6.50%,

4/15/33(a)

376,803

379,408

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.92%,

5.31%,

4/15/38(a)(b)

167,591

167,749

NRTH

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.04%,

3/15/39(a)(b)

910,000

913,981

ORL

Trust

CME

Term

SOFR

1

Month

+

1.49%,

5.99%,

12/15/39(a)(b)

737,000

739,763

Reach

Abs

Trust

6.30%,

2/18/31(a)

144,484

145,750

SHR

Trust

CME

Term

SOFR

1

Month

+

1.95%,

6.35%,

10/15/41(a)(b)

605,000

608,585

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

5.99%,

6/15/39(a)(b)

610,000

610,769

18,531,796

Corporate

Bonds

(

56

.5

%

)

Automobiles

(1.5%)

General

Motors

Co.

6.13%,

10/1/25

171,000

172,377

Hyundai

Capital

America

1.50%,

6/15/26(a)

75,000

71,445

5.45%,

6/24/26(a)(c)

400,000

402,943

5.80%,

6/26/25(a)

971,000

974,684

5.81%,

11/3/25(a)(b)

500,000

503,050

Face

Amount

Value

Volkswagen

Group

of

America

Finance

LLC

4.90%,

8/14/26(a)

$

700,000

$

697,733

5.30%,

3/20/26(a)(b)

250,000

249,947

3,072,179

Banks

(23.8%)

Australia

&

New

Zealand

Banking

Group

Ltd.

5.03%,

3/18/26(a)(b)

250,000

250,638

Banco

Bilbao

Vizcaya

Argentaria

SA

5.86%,

9/14/26(b)

1,933,000

1,944,214

Banco

Santander

SA

2.75%,

5/28/25

450,000

445,778

5.15%,

8/18/25

1,000,000

1,001,203

Bank

of

America

Corp.

3.38%,

4/2/26(b)

400,000

398,494

3.95%,

4/21/25(c)

200,000

199,481

4.83%,

7/22/26(b)

5,345,000

5,346,035

Bank

of

Ireland

Group

plc

6.25%,

9/16/26(a)(b)

1,500,000

1,512,756

BNP

Paribas

SA

3.38%,

1/9/25(a)(c)

1,000,000

999,757

BPCE

SA

4.50%,

3/15/25(a)

275,000

274,519

5.03%,

1/15/25(a)

555,000

555,051

5.15%,

1/14/25(a)(b)

500,000

500,066

Capital

One

NA

2.28%,

1/28/26(b)

3,035,000

3,028,284

Citigroup,

Inc.

3.11%,

4/8/26(b)(c)

2,225,000

2,214,553

3.88%,

3/26/25

250,000

249,364

5.19%,

1/25/26(b)

550,000

550,370

5.61%,

9/29/26(b)

2,000,000

2,011,388

Danske

Bank

A/S

6.47%,

1/9/26(a)(b)(c)

1,000,000

1,000,218

HSBC

Holdings

plc

3.00%,

3/10/26(b)(c)

1,000,000

996,144

Intesa

Sanpaolo

SpA

7.00%,

11/21/25(a)

1,350,000

1,373,361

JPMorgan

Chase

&

Co.

2.08%,

4/22/26(b)(c)

1,100,000

1,090,699

4.08%,

4/26/26(b)

3,145,000

3,137,279

KeyBank

NA

4.15%,

8/8/25(c)

1,525,000

1,517,599

KeyCorp

5.73%,

5/23/25(b)

470,000

470,430

Lloyds

Banking

Group

plc

4.45%,

5/8/25

250,000

249,591

National

Bank

of

Canada

5.25%,

1/17/25

250,000

250,059

5.54%,

7/2/27(b)

300,000

301,155

5.60%,

7/2/27(b)(c)

250,000

252,840

PNC

Financial

Services

Group,

Inc.

(The)

5.81%,

6/12/26(b)

1,358,000

1,363,922

Royal

Bank

of

Canada

4.95%,

4/25/25(c)

140,000

140,194

Santander

Holdings

USA,

Inc.

5.81%,

9/9/26(b)

1,141,000

1,147,444

Santander

UK

Group

Holdings

plc

6.83%,

11/21/26(b)

1,535,000

1,557,418

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(56.5%)

(cont’d)

Societe

Generale

SA

2.63%,

1/22/25(a)(c)

$

2,000,000

$

1,997,308

5.25%,

2/19/27(a)

1,050,000

1,050,824

5.52%,

1/19/28(a)(b)

225,000

225,843

Swedbank

AB

6.14%,

9/12/26(a)

218,000

222,768

Synovus

Financial

Corp.

5.20%,

8/11/25

1,982,000

1,981,229

Truist

Financial

Corp.

4.26%,

7/28/26(b)

2,050,000

2,042,504

UniCredit

SpA

2.57%,

9/22/26(a)(b)

475,000

465,911

Wells

Fargo

&

Co.

2.16%,

2/11/26(b)

570,000

568,289

3.00%,

2/19/25

75,000

74,796

3.91%,

4/25/26(b)

4,025,000

4,013,300

4.54%,

8/15/26(b)(c)

720,000

718,738

49,691,814

Biotechnology

(0.0%)(d)

Amgen,

Inc.

5.25%,

3/2/25

80,000

80,050

Capital

Markets

(4.1%)

Apollo

Management

Holdings

LP

4.40%,

5/27/26(a)

75,000

74,452

Charles

Schwab

Corp.

(The)

3.85%,

5/21/25

75,000

74,807

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(b)

449,000

452,591

Goldman

Sachs

Group,

Inc.

(The)

3.50%,

1/23/25(c)

300,000

299,835

5.80%,

8/10/26(b)

4,075,000

4,098,856

HAT

Holdings

I

LLC

3.38%,

6/15/26(a)

1,385,000

1,343,000

8.00%,

6/15/27(a)

860,000

897,126

Macquarie

Bank

Ltd.

5.39%,

12/7/26(a)(c)

120,000

121,862

UBS

AG

1.38%,

1/13/25(a)

600,000

599,425

3.70%,

2/21/25

425,000

424,177

7.95%,

1/9/25(c)

250,000

250,121

8,636,252

Chemicals

(1.0%)

Celanese

US

Holdings

LLC

6.05%,

3/15/25(e)

2,080,000

2,081,671

Consumer

Finance

(5.7%)

Ally

Financial,

Inc.

4.63%,

3/30/25

1,130,000

1,128,004

5.80%,

5/1/25

1,537,000

1,538,989

Avolon

Holdings

Funding

Ltd.

2.88%,

2/15/25(a)

1,510,000

1,505,136

Capital

One

Financial

Corp.

4.99%,

7/24/26(b)

980,000

979,513

Discover

Financial

Services

3.75%,

3/4/25

1,068,000

1,065,803

Face

Amount

Value

Ford

Motor

Credit

Co.

LLC

5.13%,

6/16/25

$

4,000,000

$

3,998,624

General

Motors

Financial

Co.,

Inc.

5.81%,

4/7/25(b)(c)

1,000,000

1,002,466

Harley-Davidson

Financial

Services,

Inc.

3.35%,

6/8/25(a)

400,000

397,010

Synchrony

Financial

4.88%,

6/13/25

275,000

274,797

11,890,342

Containers

&

Packaging

(1.0%)

Sonoco

Products

Co.

1.80%,

2/1/25

1,870,000

1,864,468

4.45%,

9/1/26

195,000

193,754

2,058,222

Distributors

(0.0%)(d)

Genuine

Parts

Co.

1.75%,

2/1/25

75,000

74,802

Electric

Utilities

(1.9%)

Enel

Finance

International

NV

1.63%,

7/12/26(a)(e)

50,000

47,699

NextEra

Energy

Capital

Holdings,

Inc.

5.75%,

9/1/25

925,000

930,968

6.05%,

3/1/25

2,966,000

2,971,509

3,950,176

Electronic

Equipment,

Instruments

&

Components

(0.0%)(d)

Amphenol

Corp.

4.75%,

3/30/26

40,000

40,046

Entertainment

(0.8%)

Warnermedia

Holdings,

Inc.

3.64%,

3/15/25

1,000,000

996,879

6.41%,

3/15/26(c)

739,000

739,302

1,736,181

Financial

Services

(1.0%)

Rocket

Mortgage

LLC

2.88%,

10/15/26(a)(c)

455,000

432,029

Synchrony

Bank

5.40%,

8/22/25(c)

1,575,000

1,577,387

Western

Union

Co.

(The)

2.85%,

1/10/25

75,000

74,964

2,084,380

Food

Products

(0.1%)

Campbell's

Co.

(The)

5.30%,

3/20/26

250,000

251,812

Ground

Transportation

(0.1%)

Penske

Truck

Leasing

Co.

LP

5.75%,

5/24/26(a)

120,000

121,299

Health

Care

Providers

&

Services

(0.6%)

Centene

Corp.

4.25%,

12/15/27

750,000

727,086

Elevance

Health,

Inc.

2.38%,

1/15/25

575,000

574,512

1,301,598

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(56.5%)

(cont’d)

Health

Care

REITs

(0.2%)

Ventas

Realty

LP

2.65%,

1/15/25

$

374,000

$

373,409

Hotels,

Restaurants

&

Leisure

(0.2%)

Hyatt

Hotels

Corp.

5.38%,

4/23/25(e)

300,000

300,213

Household

Durables

(0.1%)

Lennar

Corp.

4.75%,

5/30/25(c)

290,000

289,721

Independent

Power

and

Renewable

Electricity

Producers

(1.0%)

AES

Corp.

(The)

1.38%,

1/15/26

730,000

703,465

3.30%,

7/15/25(a)

1,443,000

1,431,759

2,135,224

Insurance

(2.5%)

Athene

Global

Funding

1.61%,

6/29/26(a)

75,000

71,486

4.86%,

8/27/26(a)

342,000

341,824

5.34%,

5/8/26(a)(b)

1,045,000

1,045,205

5.68%,

2/23/26(a)

1,300,000

1,311,168

Corebridge

Global

Funding

5.35%,

6/24/26(a)

375,000

378,474

GA

Global

Funding

Trust

1.63%,

1/15/26(a)

690,000

666,674

3.85%,

4/11/25(a)

940,000

937,123

Protective

Life

Global

Funding

5.21%,

4/10/26(a)(b)

500,000

501,342

5,253,296

IT

Services

(0.0%)(d)

Genpact

Luxembourg

SARL

1.75%,

4/10/26

75,000

72,023

Machinery

(0.1%)

Westinghouse

Air

Brake

Technologies

Corp.

3.20%,

6/15/25(c)

150,000

148,827

Media

(1.2%)

Charter

Communications

Operating

LLC

4.91%,

7/23/25

1,986,000

1,984,334

Discovery

Communications

LLC

3.45%,

3/15/25

500,000

498,233

2,482,567

Multi-Utilities

(0.5%)

Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/26(e)

960,000

965,400

Passenger

Airlines

(1.2%)

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)

500,000

493,464

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.50%,

10/20/25(a)

2,041,556

2,029,395

2,522,859

Pharmaceuticals

(0.2%)

Royalty

Pharma

plc

1.20%,

9/2/25

470,000

458,511

Face

Amount

Value

Professional

Services

(0.3%)

Concentrix

Corp.

6.65%,

8/2/26

$

679,000

$

691,127

Retail

REITs

(0.6%)

Kimco

Realty

OP

LLC

3.30%,

2/1/25

375,000

374,424

Kite

Realty

Group

Trust

4.00%,

3/15/25

782,000

779,823

1,154,247

Semiconductors

&

Semiconductor

Equipment

(0.0%)(d)

Intel

Corp.

4.88%,

2/10/26

75,000

75,057

Software

(1.1%)

Oracle

Corp.

2.50%,

4/1/25

293,000

291,347

2.95%,

5/15/25

2,000,000

1,986,355

2,277,702

Specialized

REITs

(2.7%)

American

Tower

Corp.

2.95%,

1/15/25

2,399,000

2,397,500

EPR

Properties

4.50%,

4/1/25

1,783,000

1,778,801

4.75%,

12/15/26

75,000

74,423

Equinix,

Inc.

1.00%,

9/15/25(c)

280,000

272,707

1.25%,

7/15/25

1,025,000

1,005,515

5,528,946

Technology

Hardware,

Storage

&

Peripherals

(1.0%)

Hewlett

Packard

Enterprise

Co.

4.90%,

10/15/25(e)

567,000

567,200

HP,

Inc.

2.20%,

6/17/25(c)

1,525,000

1,506,385

2,073,585

Trading

Companies

&

Distributors

(0.9%)

Air

Lease

Corp.

2.88%,

1/15/26

75,000

73,440

3.25%,

3/1/25

255,000

254,292

Aircastle

Ltd.

5.25%,

8/11/25(a)

1,575,000

1,575,946

1,903,678

Wireless

Telecommunication

Services

(1.1%)

Rogers

Communications,

Inc.

2.95%,

3/15/25

1,505,000

1,496,915

T-Mobile

USA,

Inc.

3.50%,

4/15/25(c)

700,000

696,939

2,193,854

117,971,070

U.S.

Government

and

Agency

Securities

(

11

.1

%

)

U.S.

Treasury

Notes

0.38%,

1/31/26

10,750,000

10,316,212

2.63%,

1/31/26

10,400,000

10,225,307

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

U.S.

Government

and

Agency

Securities

(11.1%)

(continued)

4.25%,

1/31/26

$

2,650,000

$

2,650,465

23,191,984

Total

Fixed

Income

Securities

(Cost

$195,540,055)

195,947,277

–

Shares

Short-Term

Investments

(

6

.9

%

)

Investment

Company

(

3

.6

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(f)

(Cost

$7,514,374)

7,514,374

7,514,374

Security

held

as

Collateral

on

Loaned

Securities

(

1

.6

%

)

Investment

Company

(1.6%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(f)

(Cost

$3,391,600)

3,391,600

3,391,600

Face

Amount

Commercial

Paper

(

1

.7

%

)

Brookfield

Renewable

Partners

LP

5.02%,

1/6/25

$

1,358,000

1,356,987

General

Motors

Financial

Co.,

Inc.

5.62%,

2/4/25

260,000

258,831

Harley-Davidson

Financial

Services,

Inc.

4.99%,

2/3/25

600,000

597,317

5.05%,

1/23/25

1,100,000

1,096,701

HSBC

USA,

Inc.

5.86%,

6/5/25

250,000

245,083

Total

Commercial

Paper

(Cost

$3,553,188)

3,554,919

Total

Short-Term

Investments

(Cost

$14,459,162)

14,460,893

Total

Investments

(100.8%)

(Cost

$209,999,217)

(g)

210,408,170

Liabilities

in

Excess

of

Other

Assets

(-0.8%)

(1,634,682)

Net

Assets

(100.0%)

$208,773,488

(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

December

31,

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)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$3,286,247

and

$3,391,600,

respectively.

The

Fund

received

cash

collateral

of

$3,391,600,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(d)

Amount

is

less

than

0.05%.

(e)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

December

31,

2024.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(f)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$2,633

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(g)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$209,999,217.

The

aggregate

gross

unrealized

appreciation

is

$444,683

and

the

aggregate

gross

unrealized

depreciation

is

$35,730,

resulting

in

net

unrealized

appreciation

of

$408,953.

CME

Chicago

Mercantile

Exchange

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

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

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2024:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Depreciation

Short:

U.S.

Treasury

2

Year

Notes

6

Mar-25

$

(

1,200,000

)

$

(

1,233,656

)

$

(

375

)

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

Other**

27‌

.2

%

Banks

24‌

.0

Asset-Backed

Securities

17‌

.5

U.S.

Government

and

Agency

Securities

11‌

.2

Commercial

Mortgage-Backed

Securities

9‌

.0

Consumer

Finance

5‌

.7

Short-Term

Investments

5‌

.4

Total

Investments

100‌

.0

%

***

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

***

Does

not

include

open

futures

contracts

with

a

value

of

$

1,233,656

and

total

unrealized

depreciation

of

$

375

.

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.8%)

Aerospace

&

Defense

(

0

.8

%

)

Axon

Enterprise,

Inc.

(a)(b)

840

$

499,229

Curtiss-Wright

Corp.

438

155,433

General

Electric

Co.

12,171

2,030,001

HEICO

Corp.

(b)

1,169

277,918

Hexcel

Corp.

933

58,499

Moog,

Inc.,

Class

 A

325

63,973

Woodward,

Inc.

640

106,509

3,191,562

Air

Freight

&

Logistics

(

0

.4

%

)

CH

Robinson

Worldwide,

Inc.

1,181

122,021

Expeditors

International

of

Washington,

Inc.

1,398

154,856

FedEx

Corp.

2,248

632,430

GXO

Logistics,

Inc.

(a)

1,116

48,546

United

Parcel

Service,

Inc.,

Class

 B

7,352

927,087

1,884,940

Automobile

Components

(

0

.1

%

)

Aptiv

plc

(a)

2,732

165,231

Autoliv,

Inc.

790

74,094

BorgWarner,

Inc.

2,185

69,461

Lear

Corp.

545

51,612

Modine

Manufacturing

Co.

(a)(b)

518

60,052

420,450

Automobiles

(

2

.5

%

)

Ford

Motor

Co.

39,142

387,506

General

Motors

Co.

11,037

587,941

Harley-Davidson,

Inc.

(b)

1,271

38,295

Rivian

Automotive,

Inc.,

Class

 A

(a)(b)

7,436

98,899

Tesla,

Inc.

(a)

24,027

9,703,064

Thor

Industries,

Inc.

(b)

509

48,716

10,864,421

Banks

(

4

.2

%

)

Bank

of

America

Corp.

67,543

2,968,515

Bank

OZK

1,135

50,542

BOK

Financial

Corp.

238

25,335

Cadence

Bank

1,900

65,455

Citigroup,

Inc.

19,805

1,394,074

Citizens

Financial

Group,

Inc.

4,590

200,858

Comerica,

Inc.

1,369

84,673

Commerce

Bancshares,

Inc.

1,404

87,483

Cullen/Frost

Bankers,

Inc.

625

83,906

East

West

Bancorp,

Inc.

1,441

137,990

Fifth

Third

Bancorp

7,005

296,171

First

Citizens

BancShares,

Inc.,

Class

 A

107

226,093

First

Horizon

Corp.

5,499

110,750

FNB

Corp.

3,725

55,056

Home

BancShares,

Inc.

1,934

54,732

Huntington

Bancshares,

Inc.

15,083

245,400

JPMorgan

Chase

&

Co.

24,834

5,952,958

KeyCorp

10,368

177,708

M&T

Bank

Corp.

1,735

326,197

Old

National

Bancorp

3,319

72,039

Pinnacle

Financial

Partners,

Inc.

(b)

798

91,283

PNC

Financial

Services

Group,

Inc.

(The)

4,150

800,328

Popular,

Inc.

734

69,040

Regions

Financial

Corp.

9,515

223,793

SouthState

Corp.

793

78,888

Shares

Value

Synovus

Financial

Corp.

1,473

$

75,462

Truist

Financial

Corp.

13,903

603,112

U.S.

Bancorp

16,349

781,973

Webster

Financial

Corp.

1,784

98,512

Wells

Fargo

&

Co.

34,909

2,452,008

Western

Alliance

Bancorp

1,139

95,152

Wintrust

Financial

Corp.

688

85,800

Zions

Bancorp

NA

1,527

82,840

18,154,126

Beverages

(

1

.4

%

)

Celsius

Holdings,

Inc.

(a)(b)

2,068

54,471

Coca-Cola

Co.

(The)

40,996

2,552,411

Coca-Cola

Consolidated,

Inc.

74

93,239

Keurig

Dr

Pepper,

Inc.

13,962

448,460

Monster

Beverage

Corp.

(a)

8,593

451,648

PepsiCo,

Inc.

14,867

2,260,676

5,860,905

Biotechnology

(

2

.2

%

)

AbbVie,

Inc.

16,942

3,010,593

Alnylam

Pharmaceuticals,

Inc.

(a)

1,227

288,725

Amgen,

Inc.

5,146

1,341,253

Apellis

Pharmaceuticals,

Inc.

(a)

974

31,080

Biogen,

Inc.

(a)

1,389

212,406

BioMarin

Pharmaceutical,

Inc.

(a)

1,806

118,708

Blueprint

Medicines

Corp.

(a)(b)

591

51,547

Cytokinetics,

Inc.

(a)

1,089

51,227

Exact

Sciences

Corp.

(a)

1,750

98,332

Exelixis,

Inc.

(a)

2,673

89,011

Gilead

Sciences,

Inc.

11,946

1,103,452

Halozyme

Therapeutics,

Inc.

(a)

1,208

57,754

Incyte

Corp.

(a)

1,523

105,194

Insmed,

Inc.

(a)

1,673

115,504

Ionis

Pharmaceuticals,

Inc.

(a)(b)

1,396

48,804

Krystal

Biotech,

Inc.

(a)(b)

233

36,502

Madrigal

Pharmaceuticals,

Inc.

(a)

176

54,308

Moderna,

Inc.

(a)

3,293

136,923

Neurocrine

Biosciences,

Inc.

(a)

946

129,129

Regeneron

Pharmaceuticals,

Inc.

(a)

1,017

724,440

REVOLUTION

Medicines,

Inc.

(a)(b)

1,352

59,136

Roivant

Sciences

Ltd.

(a)

4,073

48,184

Sarepta

Therapeutics,

Inc.

(a)

854

103,838

United

Therapeutics

Corp.

(a)

420

148,193

Vaxcyte,

Inc.

(a)

1,153

94,385

Vertex

Pharmaceuticals,

Inc.

(a)

2,465

992,656

Viking

Therapeutics,

Inc.

(a)

1,036

41,689

9,292,973

Broadline

Retail

(

4

.1

%

)

Amazon.com,

Inc.

(a)

77,427

16,986,710

eBay,

Inc.

(b)

4,090

253,375

Etsy,

Inc.

(a)

955

50,510

Macy's,

Inc.

2,359

39,938

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

525

57,608

17,388,141

Building

Products

(

1

.0

%

)

AAON,

Inc.

777

91,437

Advanced

Drainage

Systems,

Inc.

(b)

822

95,023

Allegion

plc

1,005

131,333

AO

Smith

Corp.

1,391

94,880

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Building

Products

(cont’d)

Armstrong

World

Industries,

Inc.

369

$

52,151

AZEK

Co.,

Inc.

(The),

Class

 A

(a)

1,201

57,012

Carlisle

Cos.,

Inc.

1,067

393,552

Carrier

Global

Corp.

9,708

662,668

Fortune

Brands

Innovations,

Inc.

1,058

72,293

Johnson

Controls

International

plc

7,648

603,657

Lennox

International,

Inc.

372

226,660

Masco

Corp.

1,842

133,674

Owens

Corning

2,016

343,365

Simpson

Manufacturing

Co.,

Inc.

(b)

487

80,759

Trane

Technologies

plc

2,600

960,310

Trex

Co.,

Inc.

(a)

912

62,955

UFP

Industries,

Inc.

510

57,452

Zurn

Elkay

Water

Solutions

Corp.

(b)

1,218

45,432

4,164,613

Capital

Markets

(

4

.0

%

)

Affiliated

Managers

Group,

Inc.

(b)

309

57,140

Ameriprise

Financial,

Inc.

1,017

541,481

Ares

Management

Corp.,

Class

 A

1,970

348,749

Bank

of

New

York

Mellon

Corp.

(The)

7,613

584,907

BlackRock,

Inc.

1,503

1,540,740

Blackstone,

Inc.

7,505

1,294,012

Blue

Owl

Capital,

Inc.,

Class

 A

5,831

135,629

Carlyle

Group,

Inc.

(The)

2,293

115,774

Cboe

Global

Markets,

Inc.

1,095

213,963

Charles

Schwab

Corp.

(The)

15,633

1,156,998

CME

Group,

Inc.

3,772

875,972

Coinbase

Global,

Inc.,

Class

 A

(a)

2,026

503,056

Evercore,

Inc.,

Class

 A

373

103,392

FactSet

Research

Systems,

Inc.

361

173,381

Franklin

Resources,

Inc.

(b)

2,943

59,713

Goldman

Sachs

Group,

Inc.

(The)

3,281

1,878,766

Hamilton

Lane,

Inc.,

Class

 A

353

52,262

Houlihan

Lokey,

Inc.,

Class

 A

(b)

562

97,597

Interactive

Brokers

Group,

Inc.,

Class

 A

1,104

195,044

Intercontinental

Exchange,

Inc.

5,966

888,994

Invesco

Ltd.

4,640

81,107

Janus

Henderson

Group

plc

1,355

57,628

Jefferies

Financial

Group,

Inc.

1,615

126,616

KKR

&

Co.,

Inc.

7,097

1,049,717

LPL

Financial

Holdings,

Inc.

781

255,004

MarketAxess

Holdings,

Inc.

352

79,566

Moody's

Corp.

1,502

711,002

Morningstar,

Inc.

259

87,221

MSCI,

Inc.,

Class

 A

722

433,207

Nasdaq,

Inc.

4,324

334,288

Northern

Trust

Corp.

2,050

210,125

Raymond

James

Financial,

Inc.

1,927

299,321

S&P

Global,

Inc.

2,950

1,469,189

SEI

Investments

Co.

1,022

84,295

State

Street

Corp.

3,062

300,535

Stifel

Financial

Corp.

(b)

1,043

110,641

T

Rowe

Price

Group,

Inc.

2,281

257,958

TPG,

Inc.,

Class

 A

(b)

859

53,980

Tradeweb

Markets,

Inc.,

Class

 A

1,214

158,937

16,977,907

Shares

Value

Chemicals

(

1

.4

%

)

Air

Products

and

Chemicals,

Inc.

2,558

$

741,922

Arcadium

Lithium

plc

(a)

24,510

125,736

Ashland,

Inc.

540

38,589

Axalta

Coating

Systems

Ltd.

(a)

2,519

86,200

Balchem

Corp.

376

61,286

Cabot

Corp.

622

56,795

Celanese

Corp.,

Class

 A

1,262

87,343

Eastman

Chemical

Co.

1,336

122,004

Ecolab,

Inc.

2,941

689,135

Element

Solutions,

Inc.

2,574

65,457

FMC

Corp.

(b)

1,438

69,901

International

Flavors

&

Fragrances,

Inc.

2,958

250,099

Linde

plc

5,136

2,150,289

Mosaic

Co.

(The)

3,653

89,791

PPG

Industries,

Inc.

2,678

319,887

RPM

International,

Inc.

1,473

181,267

Sherwin-Williams

Co.

(The)

2,680

911,012

6,046,713

Commercial

Services

&

Supplies

(

0

.7

%

)

Brink's

Co.

(The)

414

38,407

Casella

Waste

Systems,

Inc.,

Class

 A

(a)

644

68,142

Cintas

Corp.

2,931

535,494

Clean

Harbors,

Inc.

(a)

528

121,514

Copart,

Inc.

(a)(b)

8,378

480,813

MSA

Safety,

Inc.

(b)

428

70,949

Republic

Services,

Inc.,

Class

 A

2,114

425,294

Rollins,

Inc.

2,762

128,019

Tetra

Tech,

Inc.

2,773

110,476

Veralto

Corp.

2,173

221,320

Waste

Management,

Inc.

4,168

841,061

3,041,489

Communications

Equipment

(

1

.0

%

)

Arista

Networks,

Inc.

(a)

9,456

1,045,172

Ciena

Corp.

(a)

1,303

110,507

Cisco

Systems,

Inc.

36,419

2,156,005

F5,

Inc.

(a)

532

133,782

Juniper

Networks,

Inc.

2,997

112,237

Motorola

Solutions,

Inc.

1,525

704,901

4,262,604

Construction

&

Engineering

(

0

.3

%

)

AECOM

1,373

146,664

API

Group

Corp.

(a)

2,562

92,155

Comfort

Systems

USA,

Inc.

365

154,782

Dycom

Industries,

Inc.

(a)

292

50,825

EMCOR

Group,

Inc.

473

214,695

MasTec,

Inc.

(a)

640

87,130

Quanta

Services,

Inc.

1,512

477,868

Valmont

Industries,

Inc.

229

70,227

WillScot

Holdings

Corp.

(a)

1,871

62,585

1,356,931

Construction

Materials

(

0

.5

%

)

CRH

plc

11,803

1,092,013

Summit

Materials,

Inc.,

Class

 A

(a)

2,836

143,502

Vulcan

Materials

Co.

3,109

799,728

2,035,243

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Consumer

Finance

(

0

.9

%

)

Ally

Financial,

Inc.

2,876

$

103,565

American

Express

Co.

5,883

1,746,016

Capital

One

Financial

Corp.

3,955

705,256

Credit

Acceptance

Corp.

(a)

64

30,045

Discover

Financial

Services

2,623

454,382

FirstCash

Holdings,

Inc.

407

42,165

OneMain

Holdings,

Inc.

1,246

64,954

SLM

Corp.

2,196

60,566

SoFi

Technologies,

Inc.

(a)(b)

11,393

175,452

Synchrony

Financial

4,070

264,550

3,646,951

Consumer

Staples

Distribution

&

Retail

(

2

.2

%

)

Albertsons

Cos.,

Inc.,

Class

 A

5,208

102,285

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

1,122

100,251

Casey's

General

Stores,

Inc.

457

181,077

Costco

Wholesale

Corp.

3,787

3,469,914

Dollar

General

Corp.

1,879

142,466

Dollar

Tree,

Inc.

(a)

1,840

137,890

Kroger

Co.

(The)

8,898

544,113

Performance

Food

Group

Co.

(a)

1,882

159,123

Sprouts

Farmers

Market,

Inc.

(a)

1,233

156,677

Sysco

Corp.

6,075

464,494

Target

Corp.

3,916

529,365

U.S.

Foods

Holding

Corp.

(a)

2,870

193,610

Walmart,

Inc.

37,297

3,369,784

9,551,049

Containers

&

Packaging

(

0

.4

%

)

Amcor

plc

(b)

16,692

157,072

AptarGroup,

Inc.

766

120,338

Avery

Dennison

Corp.

917

171,598

Ball

Corp.

3,446

189,978

Berry

Global

Group,

Inc.

1,331

86,076

Crown

Holdings,

Inc.

1,375

113,699

Graphic

Packaging

Holding

Co.

(b)

3,436

93,322

International

Paper

Co.

3,967

213,504

Packaging

Corp.

of

America

1,022

230,083

Sealed

Air

Corp.

1,659

56,124

Silgan

Holdings,

Inc.

978

50,905

Smurfit

WestRock

plc

5,904

317,989

Sonoco

Products

Co.

1,129

55,152

1,855,840

Distributors

(

0

.1

%

)

Genuine

Parts

Co.

1,187

138,594

LKQ

Corp.

2,212

81,291

Pool

Corp.

316

107,737

327,622

Diversified

Consumer

Services

(

0

.1

%

)

Bright

Horizons

Family

Solutions,

Inc.

(a)

549

60,857

Duolingo,

Inc.,

Class

 A

(a)

341

110,562

H&R

Block,

Inc.

1,289

68,111

Service

Corp.

International

(b)

1,338

106,799

346,329

Diversified

REITs

(

0

.0

%

)

(c)

Essential

Properties

Realty

Trust,

Inc.

(b)

1,813

56,711

WP

Carey,

Inc.

2,249

122,525

179,236

Shares

Value

Diversified

Telecommunication

Services

(

0

.7

%

)

AT&T,

Inc.

65,589

$

1,493,462

Verizon

Communications,

Inc.

38,566

1,542,254

3,035,716

Electric

Utilities

(

0

.9

%

)

Alliant

Energy

Corp.

2,664

157,549

Constellation

Energy

Corp.

3,235

723,702

Evergy,

Inc.

(b)

2,360

145,258

Eversource

Energy

3,802

218,349

Exelon

Corp.

10,450

393,338

IDACORP,

Inc.

552

60,322

NextEra

Energy,

Inc.

21,382

1,532,876

NRG

Energy,

Inc.

2,064

186,214

Portland

General

Electric

Co.

1,092

47,633

Xcel

Energy,

Inc.

(b)

5,957

402,217

3,867,458

Electrical

Equipment

(

1

.3

%

)

Acuity

Brands,

Inc.

357

104,291

AMETEK,

Inc.

2,670

481,294

Atkore,

Inc.

400

33,380

Eaton

Corp.

plc

4,573

1,517,642

Emerson

Electric

Co.

6,586

816,203

GE

Vernova,

Inc.

2,867

943,042

Hubbell,

Inc.,

Class

 B

620

259,712

NEXTracker,

Inc.,

Class

 A

(a)(b)

1,614

58,960

nVent

Electric

plc

1,890

128,822

Regal

Rexnord

Corp.

(b)

764

118,519

Rockwell

Automation,

Inc.

1,306

373,242

Sensata

Technologies

Holding

plc

1,716

47,018

Vertiv

Holdings

Co.,

Class

 A

4,269

485,001

5,367,126

Electronic

Equipment,

Instruments

&

Components

(

0

.8

%

)

Amphenol

Corp.,

Class

 A

13,872

963,410

Arrow

Electronics,

Inc.

(a)

448

50,678

Avnet,

Inc.

738

38,612

Badger

Meter,

Inc.

340

72,121

CDW

Corp.

1,217

211,807

Cognex

Corp.

1,984

71,146

Coherent

Corp.

(a)

1,768

167,483

Corning,

Inc.

7,141

339,340

Insight

Enterprises,

Inc.

(a)(b)

237

36,048

Itron,

Inc.

(a)

517

56,136

Jabil,

Inc.

(b)

991

142,605

Keysight

Technologies,

Inc.

(a)

1,996

320,618

Littelfuse,

Inc.

(b)

285

67,160

Novanta,

Inc.

(a)

413

63,094

TD

SYNNEX

Corp.

648

75,997

Teledyne

Technologies,

Inc.

(a)

534

247,845

Trimble,

Inc.

(a)

2,821

199,332

Vontier

Corp.

1,370

49,964

Zebra

Technologies

Corp.,

Class

 A

(a)

469

181,137

3,354,533

Energy

Equipment

&

Services

(

0

.2

%

)

Baker

Hughes

Co.,

Class

 A

22,889

938,907

Entertainment

(

1

.6

%

)

Electronic

Arts,

Inc.

2,173

317,910

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Entertainment

(cont’d)

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A

(a)

2,358

$

198,166

Liberty

Media

Corp-Liberty

Live,

Class

 A

(a)

636

42,332

Live

Nation

Entertainment,

Inc.

(a)(b)

1,469

190,236

Netflix,

Inc.

(a)

3,892

3,469,017

ROBLOX

Corp.,

Class

 A

(a)

4,857

281,026

Roku,

Inc.,

Class

 A

(a)

1,164

86,532

Take-Two

Interactive

Software,

Inc.

(a)

1,481

272,623

Walt

Disney

Co.

(The)

17,229

1,918,449

Warner

Bros

Discovery,

Inc.

(a)

22,249

235,172

Warner

Music

Group

Corp.,

Class

 A

(b)

1,279

39,649

7,051,112

Financial

Services

(

3

.1

%

)

Affirm

Holdings,

Inc.,

Class

 A

(a)

2,367

144,150

Apollo

Global

Management,

Inc.

4,247

701,435

Corpay,

Inc.

(a)

616

208,467

Equitable

Holdings,

Inc.

3,276

154,529

Essent

Group

Ltd.

1,080

58,795

Euronet

Worldwide,

Inc.

(a)

373

38,359

Fidelity

National

Information

Services,

Inc.

4,931

398,277

Fiserv,

Inc.

(a)

5,176

1,063,254

Jack

Henry

&

Associates,

Inc.

664

116,399

Jackson

Financial,

Inc.,

Class

 A

763

66,442

Mastercard,

Inc.,

Class

 A

7,495

3,946,642

MGIC

Investment

Corp.

2,620

62,120

Mr

Cooper

Group,

Inc.

(a)

648

62,214

PayPal

Holdings,

Inc.

(a)

9,157

781,550

PennyMac

Financial

Services,

Inc.

333

34,013

Radian

Group,

Inc.

1,542

48,912

Shift4

Payments,

Inc.,

Class

 A

(a)(b)

615

63,825

Toast,

Inc.,

Class

 A

(a)

3,739

136,287

Visa,

Inc.,

Class

 A

(b)

15,721

4,968,465

Voya

Financial,

Inc.

1,006

69,243

WEX,

Inc.

(a)

362

63,466

13,186,844

Food

Products

(

0

.9

%

)

Bunge

Global

SA

1,714

133,281

Campbell's

Co.

(The)

2,434

101,936

Conagra

Brands,

Inc.

5,885

163,309

Darling

Ingredients,

Inc.

(a)

1,949

65,662

Flowers

Foods,

Inc.

2,416

49,915

Freshpet,

Inc.

(a)(b)

593

87,829

General

Mills,

Inc.

6,856

437,207

Hershey

Co.

(The)

1,826

309,233

Hormel

Foods

Corp.

3,602

112,995

Ingredion,

Inc.

800

110,048

J.M.

Smucker

Co.

(The)

1,286

141,614

Kellanova

3,628

293,759

Kraft

Heinz

Co.

(The)

11,001

337,841

Lamb

Weston

Holdings,

Inc.

1,739

116,217

Lancaster

Colony

Corp.

238

41,207

McCormick

&

Co.,

Inc.

(Non-Voting)

3,280

250,067

Mondelez

International,

Inc.,

Class

 A

16,524

986,978

3,739,098

Gas

Utilities

(

0

.0

%

)

(c)

National

Fuel

Gas

Co.

932

56,554

Southwest

Gas

Holdings,

Inc.

642

45,396

Shares

Value

UGI

Corp.

2,225

$

62,811

164,761

Ground

Transportation

(

0

.8

%

)

JB

Hunt

Transport

Services,

Inc.

807

137,723

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,578

83,697

Landstar

System,

Inc.

321

55,167

Lyft,

Inc.,

Class

 A

(a)

3,243

41,835

Old

Dominion

Freight

Line,

Inc.

1,855

327,222

Ryder

System,

Inc.

413

64,783

Saia,

Inc.

(a)

267

121,680

Uber

Technologies,

Inc.

(a)

18,509

1,116,463

Union

Pacific

Corp.

6,081

1,386,711

XPO,

Inc.

(a)

1,148

150,560

3,485,841

Health

Care

Equipment

&

Supplies

(

2

.6

%

)

Abbott

Laboratories

16,533

1,870,048

Align

Technology,

Inc.

(a)

669

139,493

Baxter

International,

Inc.

4,861

141,747

Becton

Dickinson

&

Co.

2,770

628,430

Boston

Scientific

Corp.

(a)

14,082

1,257,804

Cooper

Cos.,

Inc.

(The)

(a)

1,902

174,851

DENTSPLY

SIRONA,

Inc.

1,896

35,986

Dexcom,

Inc.

(a)

3,700

287,749

Edwards

Lifesciences

Corp.

(a)

5,563

411,829

GE

HealthCare

Technologies,

Inc.

4,245

331,874

Glaukos

Corp.

(a)

510

76,469

Globus

Medical,

Inc.,

Class

 A

(a)

1,084

89,658

Hologic,

Inc.

(a)

2,147

154,777

IDEXX

Laboratories,

Inc.

(a)

778

321,656

Inspire

Medical

Systems,

Inc.

(a)

282

52,277

Insulet

Corp.

(a)

670

174,917

Intuitive

Surgical,

Inc.

(a)

3,397

1,773,098

Medtronic

plc

12,294

982,045

Merit

Medical

Systems,

Inc.

(a)

546

52,809

Penumbra,

Inc.

(a)

356

84,543

ResMed,

Inc.

1,398

319,709

STERIS

plc

945

194,254

Stryker

Corp.

3,429

1,234,612

Teleflex,

Inc.

445

79,201

Zimmer

Biomet

Holdings,

Inc.

1,908

201,542

11,071,378

Health

Care

Providers

&

Services

(

1

.8

%

)

Centene

Corp.

(a)

4,792

290,299

Chemed

Corp.

141

74,702

Cigna

Group

(The)

2,619

723,211

CVS

Health

Corp.

12,050

540,924

DaVita,

Inc.

(a)

483

72,233

Elevance

Health,

Inc.

2,221

819,327

Encompass

Health

Corp.

952

87,917

Ensign

Group,

Inc.

(The)

531

70,549

HealthEquity,

Inc.

(a)

781

74,937

Henry

Schein,

Inc.

(a)

1,181

81,725

Humana,

Inc.

1,153

292,528

Labcorp

Holdings,

Inc.

800

183,456

Molina

Healthcare,

Inc.

(a)

543

158,040

Option

Care

Health,

Inc.

(a)

1,614

37,445

Quest

Diagnostics,

Inc.

1,066

160,817

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Health

Care

Providers

&

Services

(cont’d)

UnitedHealth

Group,

Inc.

8,347

$

4,222,413

7,890,523

Health

Care

REITs

(

0

.4

%

)

Alexandria

Real

Estate

Equities,

Inc.

1,798

175,395

Healthcare

Realty

Trust,

Inc.,

Class

 A

3,664

62,105

Healthpeak

Properties,

Inc.

7,256

147,079

Omega

Healthcare

Investors,

Inc.

2,802

106,056

Ventas,

Inc.

4,346

255,936

Welltower,

Inc.

(b)

6,477

816,296

1,562,867

Health

Care

Technology

(

0

.1

%

)

Doximity,

Inc.,

Class

 A

(a)

1,132

60,437

Veeva

Systems,

Inc.,

Class

 A

(a)

1,351

284,048

344,485

Hotel

&

Resort

REITs

(

0

.1

%

)

Host

Hotels

&

Resorts,

Inc.

7,181

125,811

Ryman

Hospitality

Properties,

Inc.

605

63,126

188,937

Hotels,

Restaurants

&

Leisure

(

1

.7

%

)

Airbnb,

Inc.,

Class

 A

(a)

3,811

500,804

Aramark

3,251

121,295

Booking

Holdings,

Inc.

302

1,500,463

Cava

Group,

Inc.

(a)

933

105,242

Chipotle

Mexican

Grill,

Inc.,

Class

 A

(a)

16,755

1,010,326

Choice

Hotels

International,

Inc.

(b)

253

35,921

Darden

Restaurants,

Inc.

1,450

270,701

Domino's

Pizza,

Inc.

425

178,398

Hilton

Worldwide

Holdings,

Inc.

2,271

561,300

Hyatt

Hotels

Corp.,

Class

 A

(b)

388

60,908

Marriott

International,

Inc.,

Class

 A

2,319

646,862

Planet

Fitness,

Inc.,

Class

 A

(a)

798

78,898

Starbucks

Corp.

13,761

1,255,691

Texas

Roadhouse,

Inc.,

Class

 A

823

148,494

Vail

Resorts,

Inc.

(b)

345

64,670

Wingstop,

Inc.

361

102,596

Wyndham

Hotels

&

Resorts,

Inc.

726

73,174

Yum!

Brands,

Inc.

3,449

462,718

7,178,461

Household

Durables

(

0

.4

%

)

DR

Horton,

Inc.

2,947

412,049

Installed

Building

Products,

Inc.

(b)

246

43,111

KB

Home

737

48,436

Lennar

Corp.,

Class

 A

2,528

344,743

Meritage

Homes

Corp.

368

56,606

Mohawk

Industries,

Inc.

(a)

443

52,775

NVR,

Inc.

(a)

30

245,367

PulteGroup,

Inc.

2,120

230,868

Taylor

Morrison

Home

Corp.,

Class

 A

(a)

1,050

64,270

Tempur

Sealy

International,

Inc.

1,436

81,407

Toll

Brothers,

Inc.

1,045

131,618

TopBuild

Corp.

(a)

305

94,959

Whirlpool

Corp.

(b)

459

52,546

1,858,755

Household

Products

(

1

.1

%

)

Church

&

Dwight

Co.,

Inc.

2,096

219,472

Clorox

Co.

(The)

1,058

171,830

Shares

Value

Colgate-Palmolive

Co.

6,992

$

635,643

Kimberly-Clark

Corp.

2,853

373,857

Procter

&

Gamble

Co.

(The)

20,162

3,380,159

4,780,961

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

)

(c)

AES

Corp.

(The)

7,386

95,058

Brookfield

Renewable

Corp.

1,404

38,834

Clearway

Energy,

Inc.,

Class

 C

(b)

966

25,116

159,008

Industrial

REITs

(

0

.3

%

)

Americold

Realty

Trust,

Inc.

2,948

63,087

EastGroup

Properties,

Inc.

509

81,689

First

Industrial

Realty

Trust,

Inc.

1,366

68,478

Prologis,

Inc.

9,597

1,014,403

Rexford

Industrial

Realty,

Inc.

2,310

89,305

STAG

Industrial,

Inc.

1,894

64,055

Terreno

Realty

Corp.

(b)

1,015

60,027

1,441,044

Insurance

(

2

.4

%

)

Aflac,

Inc.

5,245

542,543

Allstate

Corp.

(The)

2,766

533,257

American

Financial

Group,

Inc.

768

105,162

American

International

Group,

Inc.

6,530

475,384

Aon

plc,

Class

 A

2,200

790,152

Arch

Capital

Group

Ltd.

3,820

352,777

Arthur

J

Gallagher

&

Co.

2,063

585,583

Axis

Capital

Holdings

Ltd.

806

71,428

Brown

&

Brown,

Inc.

2,253

229,851

Cincinnati

Financial

Corp.

1,613

231,788

Everest

Group

Ltd.

451

163,469

First

American

Financial

Corp.

935

58,381

Globe

Life,

Inc.

876

97,692

Hanover

Insurance

Group,

Inc.

(The)

375

57,997

Hartford

Financial

Services

Group,

Inc.

(The)

3,034

331,920

Kinsale

Capital

Group,

Inc.

232

107,910

Lincoln

National

Corp.

1,774

56,254

Marsh

&

McLennan

Cos.,

Inc.

5,152

1,094,336

MetLife,

Inc.

6,131

502,006

Old

Republic

International

Corp.

2,454

88,810

Primerica,

Inc.

349

94,726

Principal

Financial

Group,

Inc.

2,387

184,778

Progressive

Corp.

(The)

6,133

1,469,528

Prudential

Financial,

Inc.

3,732

442,354

Reinsurance

Group

of

America,

Inc.

689

147,191

RenaissanceRe

Holdings

Ltd.

522

129,879

Ryan

Specialty

Holdings,

Inc.,

Class

 A

(b)

1,080

69,293

Selective

Insurance

Group,

Inc.

633

59,198

Travelers

Cos.,

Inc.

(The)

2,374

571,873

Unum

Group

1,902

138,903

W.

R.

Berkley

Corp.

3,056

178,837

White

Mountains

Insurance

Group

Ltd.

26

50,572

Willis

Towers

Watson

plc

1,055

330,468

10,344,300

Interactive

Media

&

Services

(

4

.1

%

)

Alphabet,

Inc.,

Class

 A

91,007

17,227,625

Pinterest,

Inc.,

Class

 A

(a)

5,350

155,150

Snap,

Inc.,

Class

 A

(a)

9,800

105,546

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Interactive

Media

&

Services

(cont’d)

ZoomInfo

Technologies,

Inc.,

Class

 A

(a)

2,535

$

26,643

17,514,964

IT

Services

(

1

.5

%

)

Accenture

plc,

Class

 A

5,712

2,009,424

Akamai

Technologies,

Inc.

(a)

1,352

129,319

Amdocs

Ltd.

1,040

88,546

Cloudflare,

Inc.,

Class

 A

(a)

2,752

296,335

Cognizant

Technology

Solutions

Corp.,

Class

 A

4,534

348,665

EPAM

Systems,

Inc.

(a)

502

117,378

Gartner,

Inc.

(a)

714

345,911

GoDaddy,

Inc.,

Class

 A

(a)

1,279

252,436

International

Business

Machines

Corp.

8,466

1,861,081

Kyndryl

Holdings,

Inc.

(a)

2,097

72,556

MongoDB,

Inc.,

Class

 A

(a)

652

151,792

Snowflake,

Inc.,

Class

 A

(a)

2,799

432,194

Twilio,

Inc.,

Class

 A

(a)

1,323

142,990

VeriSign,

Inc.

(a)

774

160,187

6,408,814

Leisure

Products

(

0

.0

%

)

(c)

Brunswick

Corp.

753

48,704

Hasbro,

Inc.

1,124

62,843

Mattel,

Inc.

(a)(b)

2,860

50,708

162,255

Life

Sciences

Tools

&

Services

(

1

.3

%

)

Agilent

Technologies,

Inc.

2,746

368,898

Avantor,

Inc.

(a)

6,367

134,153

Bio-Rad

Laboratories,

Inc.,

Class

 A

(a)(b)

184

60,446

Bio-Techne

Corp.

1,509

108,693

Bruker

Corp.

988

57,916

Charles

River

Laboratories

International,

Inc.

(a)

486

89,716

Danaher

Corp.

6,648

1,526,048

Illumina,

Inc.

(a)

1,511

201,915

IQVIA

Holdings,

Inc.

(a)

1,728

339,569

Medpace

Holdings,

Inc.

(a)

244

81,064

Mettler-Toledo

International,

Inc.

(a)(b)

199

243,512

PerkinElmer,

Inc.

(b)

1,164

129,914

Repligen

Corp.

(a)

499

71,826

Thermo

Fisher

Scientific,

Inc.

3,666

1,907,163

Waters

Corp.

(a)

570

211,459

West

Pharmaceutical

Services,

Inc.

691

226,344

5,758,636

Machinery

(

2

.5

%

)

AGCO

Corp.

(b)

719

67,212

Allison

Transmission

Holdings,

Inc.

999

107,952

Caterpillar,

Inc.

5,443

1,974,503

Chart

Industries,

Inc.

(a)

494

94,275

CNH

Industrial

NV

9,405

106,559

Cummins,

Inc.

1,565

545,559

Deere

&

Co.

2,938

1,244,831

Donaldson

Co.,

Inc.

1,380

92,943

Dover

Corp.

1,583

296,971

Esab

Corp.

657

78,801

Federal

Signal

Corp.

(b)

692

63,934

Flowserve

Corp.

1,516

87,200

Fortive

Corp.

4,007

300,525

Franklin

Electric

Co.,

Inc.

454

44,242

Graco,

Inc.

1,939

163,438

Shares

Value

IDEX

Corp.

876

$

183,338

Illinois

Tool

Works,

Inc.

3,412

865,147

Ingersoll

Rand,

Inc.

(b)

4,663

421,815

ITT,

Inc.

939

134,164

Lincoln

Electric

Holdings,

Inc.

(b)

625

117,169

Middleby

Corp.

(The)

(a)

616

83,437

Mueller

Industries,

Inc.

1,272

100,946

Nordson

Corp.

628

131,403

Oshkosh

Corp.

749

71,207

Otis

Worldwide

Corp.

4,626

428,414

PACCAR,

Inc.

5,969

620,895

Parker-Hannifin

Corp.

1,485

944,505

Pentair

plc

1,906

191,820

Snap-on,

Inc.

603

204,706

SPX

Technologies,

Inc.

(a)

518

75,379

Stanley

Black

&

Decker,

Inc.

1,782

143,077

Timken

Co.

(The)

(b)

733

52,314

Toro

Co.

(The)

1,186

94,999

Watts

Water

Technologies,

Inc.,

Class

 A

314

63,836

Westinghouse

Air

Brake

Technologies

Corp.

1,972

373,871

Xylem,

Inc.

2,798

324,624

10,896,011

Media

(

0

.6

%

)

Charter

Communications,

Inc.,

Class

 A

(a)

881

301,980

Comcast

Corp.,

Class

 A

34,747

1,304,055

Interpublic

Group

of

Cos.,

Inc.

(The)

3,533

98,995

Liberty

Broadband

Corp.,

Class

 C

(a)

1,190

88,964

New

York

Times

Co.

(The),

Class

 A

(b)

1,527

79,480

Nexstar

Media

Group,

Inc.,

Class

 A

(b)

278

43,916

Omnicom

Group,

Inc.

1,836

157,970

Paramount

Global,

Class

 B

5,799

60,658

Trade

Desk,

Inc.

(The),

Class

 A

(a)

4,097

481,520

2,617,538

Metals

&

Mining

(

0

.4

%

)

ATI,

Inc.

(a)

2,921

160,772

Carpenter

Technology

Corp.

1,122

190,415

Commercial

Metals

Co.

2,675

132,680

Nucor

Corp.

5,536

646,106

Reliance,

Inc.

(b)

1,276

343,576

Steel

Dynamics,

Inc.

3,389

386,583

1,860,132

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.1

%

)

AGNC

Investment

Corp.

(b)

7,735

71,239

Annaly

Capital

Management,

Inc.

5,243

95,947

Rithm

Capital

Corp.

5,431

58,818

Starwood

Property

Trust,

Inc.

(b)

3,333

63,160

289,164

Multi-Utilities

(

0

.7

%

)

Ameren

Corp.

(b)

2,767

246,650

CMS

Energy

Corp.

(b)

3,090

205,949

Consolidated

Edison,

Inc.

3,598

321,050

Dominion

Energy,

Inc.

8,730

470,198

DTE

Energy

Co.

2,149

259,492

NiSource,

Inc.

4,845

178,102

Public

Service

Enterprise

Group,

Inc.

5,179

437,574

Sempra

6,588

577,899

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Multi-Utilities

(cont’d)

WEC

Energy

Group,

Inc.

3,287

$

309,109

3,006,023

Office

REITs

(

0

.1

%

)

BXP,

Inc.

1,642

122,099

COPT

Defense

Properties

1,168

36,149

Vornado

Realty

Trust

1,842

77,438

235,686

Oil,

Gas

&

Consumable

Fuels

(

0

.2

%

)

Occidental

Petroleum

Corp.

(b)

15,794

780,382

Paper

&

Forest

Products

(

0

.0

%

)

(c)

Louisiana-Pacific

Corp.

592

61,302

Passenger

Airlines

(

0

.1

%

)

Alaska

Air

Group,

Inc.

(a)(b)

1,271

82,297

American

Airlines

Group,

Inc.

(a)(b)

6,522

113,678

Delta

Air

Lines,

Inc.

6,467

391,254

587,229

Personal

Care

Products

(

0

.2

%

)

BellRing

Brands,

Inc.

(a)

1,093

82,347

Coty,

Inc.,

Class

 A

(a)

3,129

21,778

elf

Beauty,

Inc.

(a)

464

58,255

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,990

149,210

Kenvue,

Inc.

16,421

350,588

662,178

Pharmaceuticals

(

2

.7

%

)

Bristol-Myers

Squibb

Co.

19,445

1,099,809

Elanco

Animal

Health,

Inc.

(a)

4,673

56,590

Eli

Lilly

&

Co.

7,560

5,836,320

Jazz

Pharmaceuticals

plc

(a)

556

68,471

Merck

&

Co.,

Inc.

24,249

2,412,291

Organon

&

Co.

2,466

36,793

Pfizer,

Inc.

54,354

1,442,012

Royalty

Pharma

plc,

Class

 A

3,657

93,290

Zoetis,

Inc.,

Class

 A

4,326

704,835

11,750,411

Professional

Services

(

0

.8

%

)

Automatic

Data

Processing,

Inc.

3,729

1,091,590

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

1,198

154,183

Broadridge

Financial

Solutions,

Inc.

1,063

240,334

Dayforce,

Inc.

(a)

1,363

99,008

Equifax,

Inc.

1,174

299,194

ExlService

Holdings,

Inc.

(a)

1,424

63,197

Exponent,

Inc.

(b)

477

42,501

FTI

Consulting,

Inc.

(a)

337

64,411

Genpact

Ltd.

1,482

63,652

Maximus,

Inc.

568

42,401

Parsons

Corp.

(a)

419

38,653

Paychex,

Inc.

2,949

413,509

Paycom

Software,

Inc.

453

92,851

Paylocity

Holding

Corp.

(a)

405

80,785

Robert

Half,

Inc.

954

67,219

Science

Applications

International

Corp.

(b)

445

49,742

SS&C

Technologies

Holdings,

Inc.

1,946

147,468

TransUnion

1,846

171,143

TriNet

Group,

Inc.

302

27,412

Shares

Value

Verisk

Analytics,

Inc.,

Class

 A

1,342

$

369,627

3,618,880

Real

Estate

Management

&

Development

(

0

.2

%

)

CBRE

Group,

Inc.,

Class

 A

(a)

3,164

415,401

CoStar

Group,

Inc.

(a)

3,856

276,051

Jones

Lang

LaSalle,

Inc.

(a)

490

124,039

Zillow

Group,

Inc.,

Class

 C

(a)(b)

1,858

137,585

953,076

Residential

REITs

(

0

.4

%

)

AvalonBay

Communities,

Inc.

(b)

1,476

324,676

Camden

Property

Trust

1,093

126,832

Equity

LifeStyle

Properties,

Inc.

1,931

128,605

Equity

Residential

3,915

280,940

Essex

Property

Trust,

Inc.

664

189,532

Invitation

Homes,

Inc.

6,351

203,041

Mid-America

Apartment

Communities,

Inc.

(b)

1,206

186,411

Sun

Communities,

Inc.

1,307

160,722

UDR,

Inc.

3,417

148,332

1,749,091

Retail

REITs

(

0

.4

%

)

Brixmor

Property

Group,

Inc.

3,120

86,861

Federal

Realty

Investment

Trust

877

98,180

Kimco

Realty

Corp.

6,869

160,941

Kite

Realty

Group

Trust

2,268

57,244

NNN

REIT,

Inc.

(b)

1,936

79,086

Realty

Income

Corp.

(b)

9,098

485,924

Regency

Centers

Corp.

1,875

138,619

Simon

Property

Group,

Inc.

3,367

579,831

1,686,686

Semiconductors

&

Semiconductor

Equipment

(

11

.2

%

)

Advanced

Micro

Devices,

Inc.

(a)

14,786

1,786,001

Allegro

MicroSystems,

Inc.

(a)(b)

1,122

24,527

Analog

Devices,

Inc.

4,516

959,469

Applied

Materials,

Inc.

7,515

1,222,164

Broadcom,

Inc.

40,279

9,338,283

Cirrus

Logic,

Inc.

(a)

484

48,197

Enphase

Energy,

Inc.

(a)

1,098

75,411

Entegris,

Inc.

1,377

136,406

First

Solar,

Inc.

(a)

857

151,038

Intel

Corp.

39,496

791,895

KLA

Corp.

1,216

766,226

Lam

Research

Corp.

11,744

848,269

Lattice

Semiconductor

Corp.

(a)(b)

1,250

70,812

Marvell

Technology,

Inc.

7,862

868,358

Microchip

Technology,

Inc.

4,817

276,255

Micron

Technology,

Inc.

10,169

855,823

MKS

Instruments,

Inc.

(b)

776

81,007

Monolithic

Power

Systems,

Inc.

428

253,247

NVIDIA

Corp.

190,763

25,617,563

ON

Semiconductor

Corp.

(a)

3,878

244,508

Onto

Innovation,

Inc.

(a)

449

74,835

Qorvo,

Inc.

(a)(b)

860

60,140

QUALCOMM,

Inc.

10,174

1,562,930

Rambus,

Inc.

(a)

971

51,327

Skyworks

Solutions,

Inc.

(b)

1,459

129,384

Teradyne,

Inc.

1,453

182,962

Texas

Instruments,

Inc.

8,348

1,565,333

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(cont’d)

Universal

Display

Corp.

401

$

58,626

48,100,996

Software

(

10

.7

%

)

Adobe,

Inc.

(a)

4,018

1,786,724

Altair

Engineering,

Inc.,

Class

 A

(a)(b)

538

58,701

ANSYS,

Inc.

(a)

797

268,852

Appfolio,

Inc.,

Class

 A

(a)

203

50,084

AppLovin

Corp.,

Class

 A

(a)

1,899

614,953

Aspen

Technology,

Inc.

(a)

245

61,159

Atlassian

Corp.,

Class

 A

(a)

1,430

348,033

Autodesk,

Inc.

(a)

1,965

580,795

Bentley

Systems,

Inc.,

Class

 B

(b)

1,252

58,468

BILL

Holdings,

Inc.

(a)

905

76,663

Cadence

Design

Systems,

Inc.

(a)

2,477

744,239

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

3,852

45,184

Clearwater

Analytics

Holdings,

Inc.,

Class

 A

(a)

1,589

43,729

CommVault

Systems,

Inc.

(a)

393

59,308

Confluent,

Inc.,

Class

 A

(a)

2,263

63,274

Crowdstrike

Holdings,

Inc.,

Class

 A

(a)

2,105

720,247

Datadog,

Inc.,

Class

 A

(a)

2,760

394,376

DocuSign,

Inc.,

Class

 A

(a)

1,842

165,670

Dolby

Laboratories,

Inc.,

Class

 A

539

42,096

Dropbox,

Inc.,

Class

 A

(a)

2,014

60,501

Dynatrace,

Inc.

(a)

2,700

146,745

Elastic

NV

(a)

786

77,877

Fair

Isaac

Corp.

(a)

225

447,959

Fortinet,

Inc.

(a)

5,793

547,323

Gen

Digital,

Inc.

5,114

140,021

Guidewire

Software,

Inc.

(a)

760

128,121

HashiCorp,

Inc.,

Class

 A

(a)

1,364

46,662

HubSpot,

Inc.

(a)

454

316,334

Intuit,

Inc.

2,502

1,572,507

Manhattan

Associates,

Inc.

(a)

554

149,713

MARA

Holdings,

Inc.

(a)(b)

2,873

48,180

Microsoft

Corp.

59,494

25,076,721

Nutanix,

Inc.,

Class

 A

(a)

2,288

139,980

Oracle

Corp.

14,836

2,472,271

Palo

Alto

Networks,

Inc.

(a)

5,946

1,081,934

PTC,

Inc.

(a)

1,088

200,051

Qualys,

Inc.

(a)

332

46,553

Roper

Technologies,

Inc.

979

508,933

Salesforce,

Inc.

8,540

2,855,178

SentinelOne,

Inc.,

Class

 A

(a)

2,492

55,322

ServiceNow,

Inc.

(a)

1,879

1,991,966

Smartsheet,

Inc.,

Class

 A

(a)

1,186

66,452

SPS

Commerce,

Inc.

(a)

340

62,557

Synopsys,

Inc.

(a)

1,395

677,077

Tenable

Holdings,

Inc.

(a)

1,082

42,609

Tyler

Technologies,

Inc.

(a)

389

224,313

Varonis

Systems,

Inc.,

Class

 B

(a)(b)

993

44,119

Workday,

Inc.,

Class

 A

(a)

1,931

498,256

Zscaler,

Inc.

(a)

867

156,415

46,065,205

Specialized

REITs

(

1

.1

%

)

American

Tower

Corp.

4,844

888,438

Crown

Castle,

Inc.

4,509

409,237

CubeSmart

2,333

99,969

Shares

Value

Digital

Realty

Trust,

Inc.

3,447

$

611,256

Equinix,

Inc.

(b)

994

937,233

Extra

Space

Storage,

Inc.

2,177

325,679

Iron

Mountain,

Inc.

2,669

280,539

Lamar

Advertising

Co.,

Class

 A

908

110,540

Public

Storage

1,648

493,477

SBA

Communications

Corp.,

Class

 A

1,103

224,791

Weyerhaeuser

Co.

6,125

172,419

4,553,578

Specialty

Retail

(

2

.1

%

)

Abercrombie

&

Fitch

Co.,

Class

 A

(a)

430

64,272

Asbury

Automotive

Group,

Inc.

(a)(b)

165

40,100

AutoNation,

Inc.

(a)

222

37,704

AutoZone,

Inc.

(a)

144

461,088

Bath

&

Body

Works,

Inc.

1,834

71,104

Best

Buy

Co.,

Inc.

1,694

145,345

Burlington

Stores,

Inc.

(a)

541

154,217

CarMax,

Inc.

(a)

1,322

108,087

Carvana

Co.,

Class

 A

(a)(b)

986

200,513

Chewy,

Inc.,

Class

 A

(a)

1,113

37,274

Dick's

Sporting

Goods,

Inc.

477

109,157

Five

Below,

Inc.

(a)

461

48,387

Floor

&

Decor

Holdings,

Inc.,

Class

 A

(a)

905

90,228

GameStop

Corp.,

Class

 A

(a)(b)

3,328

104,300

Gap,

Inc.

(The)

1,716

40,549

Home

Depot,

Inc.

(The)

8,505

3,308,360

Lithia

Motors,

Inc.,

Class

 A

224

80,064

Lowe's

Cos.,

Inc.

4,829

1,191,797

O'Reilly

Automotive,

Inc.

(a)

491

582,228

Penske

Automotive

Group,

Inc.

158

24,085

RH

(a)

128

50,380

Ross

Stores,

Inc.

2,768

418,715

Signet

Jewelers

Ltd.

358

28,894

TJX

Cos.,

Inc.

(The)

9,581

1,157,481

Tractor

Supply

Co.

4,609

244,554

Ulta

Beauty,

Inc.

(a)

402

174,842

Williams-Sonoma,

Inc.

1,015

187,958

9,161,683

Technology

Hardware,

Storage

&

Peripherals

(

7

.6

%

)

Apple,

Inc.

122,239

30,611,090

Dell

Technologies,

Inc.,

Class

 C

3,037

349,984

Hewlett

Packard

Enterprise

Co.

11,847

252,934

HP,

Inc.

8,811

287,503

NetApp,

Inc.

1,856

215,445

Pure

Storage,

Inc.,

Class

 A

(a)

2,840

174,461

Seagate

Technology

Holdings

plc

(b)

1,927

166,319

Super

Micro

Computer,

Inc.

(a)

4,594

140,025

Western

Digital

Corp.

(a)

3,153

188,013

32,385,774

Textiles,

Apparel

&

Luxury

Goods

(

0

.4

%

)

Columbia

Sportswear

Co.

285

23,920

Crocs,

Inc.

(a)

481

52,684

Deckers

Outdoor

Corp.

(a)

1,292

262,392

Levi

Strauss

&

Co.,

Class

 A

814

14,082

Lululemon

Athletica,

Inc.

(a)

910

347,993

NIKE,

Inc.,

Class

 B

10,028

758,819

PVH

Corp.

474

50,126

Ralph

Lauren

Corp.,

Class

 A

333

76,917

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(cont’d)

Skechers

USA,

Inc.,

Class

 A

(a)

1,118

$

75,174

Tapestry,

Inc.

1,988

129,876

VF

Corp.

3,146

67,513

1,859,496

Trading

Companies

&

Distributors

(

0

.6

%

)

Air

Lease

Corp.,

Class

 A

1,209

58,286

Applied

Industrial

Technologies,

Inc.

442

105,846

Beacon

Roofing

Supply,

Inc.

(a)

527

53,533

Boise

Cascade

Co.

326

38,748

Core

&

Main,

Inc.,

Class

 A

(a)

2,196

111,798

Fastenal

Co.

4,899

352,287

Ferguson

Enterprises,

Inc.

1,704

295,763

FTAI

Aviation

Ltd.

(b)

1,171

168,671

GATX

Corp.

405

62,759

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

(b)

375

28,009

SiteOne

Landscape

Supply,

Inc.

(a)

380

50,073

United

Rentals,

Inc.

757

533,261

Watsco,

Inc.

407

192,873

WESCO

International,

Inc.

401

72,565

WW

Grainger,

Inc.

391

412,133

2,536,605

Water

Utilities

(

0

.1

%

)

American

Water

Works

Co.,

Inc.

2,024

251,968

Essential

Utilities,

Inc.

2,852

103,584

355,552

Wireless

Telecommunication

Services

(

0

.2

%

)

T-Mobile

US,

Inc.

4,419

975,406

Total

Common

Stocks

(Cost

$341,313,479)

428,454,913

Short-Term

Investments

(1.4%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(d)

(Cost

$665,950)

665,950

665,950

Security

held

as

Collateral

on

Loaned

Securities

(

1

.2

%

)

Investment

Company

(1.2%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(d)

(Cost

$5,215,573)

5,215,573

5,215,573

Total

Short-Term

Investments

(Cost

$5,881,523)

5,881,523

–

Total

Investments

(

101

.2

%

)

(Cost

$

347,195,002

)

(e)

434,336,436

Liabilities

in

Excess

of

Other

Assets

(

-1.2%

)

(4,981,013)

NET

ASSETS

(100.0%)

$

429,355,423

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$15,233,308

and

$15,517,593,

respectively.

The

Fund

received

cash

collateral

of

$5,215,573,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$10,302,020

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(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

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$262

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(e)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$347,195,002.

The

aggregate

gross

unrealized

appreciation

is

$96,157,489

and

the

aggregate

gross

unrealized

depreciation

is

$9,016,055,

resulting

in

net

unrealized

appreciation

of

$87,141,434.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

*

Classification  

Percentage

of

Total

Investments

Other**

70

.6

%

Semiconductors

&

Semiconductor

Equipment

11

.2

Software

10

.7

Technology

Hardware,

Storage

&

Peripherals

7

.5

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

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

First

Quarter

Report

December

31,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.8%)

Air

Freight

&

Logistics

(

0

.2

%

)

Expeditors

International

of

Washington,

Inc.

123

$

13,625

FedEx

Corp.

197

55,422

69,047

Automobile

Components

(

0

.1

%

)

Aptiv

plc

(a)

238

14,394

BorgWarner,

Inc.

182

5,786

Lear

Corp.

45

4,262

24,442

Automobiles

(

0

.0

%

)

(b)

Thor

Industries,

Inc.

(c)

44

4,211

Banks

(

4

.3

%

)

Bank

of

America

Corp.

5,950

261,503

Cadence

Bank

158

5,443

Citigroup,

Inc.

1,658

116,707

Citizens

Financial

Group,

Inc.

384

16,804

Comerica,

Inc.

115

7,113

Cullen/Frost

Bankers,

Inc.

52

6,981

East

West

Bancorp,

Inc.

120

11,491

Fifth

Third

Bancorp

591

24,987

Huntington

Bancshares,

Inc.

1,261

20,516

JPMorgan

Chase

&

Co.

2,460

589,687

KeyCorp

866

14,843

Old

National

Bancorp

277

6,012

Regions

Financial

Corp.

802

18,863

Synovus

Financial

Corp.

124

6,353

Truist

Financial

Corp.

1,166

50,581

U.S.

Bancorp

1,369

65,479

Wintrust

Financial

Corp.

57

7,108

Zions

Bancorp

NA

127

6,890

1,237,361

Beverages

(

1

.5

%

)

Celsius

Holdings,

Inc.

(a)(c)

146

3,846

Coca-Cola

Co.

(The)

3,404

211,933

Keurig

Dr

Pepper,

Inc.

988

31,734

PepsiCo,

Inc.

1,201

182,624

430,137

Biotechnology

(

2

.6

%

)

AbbVie,

Inc.

1,549

275,257

Alnylam

Pharmaceuticals,

Inc.

(a)(c)

112

26,355

Amgen,

Inc.

471

122,761

Biogen,

Inc.

(a)

125

19,115

Blueprint

Medicines

Corp.

(a)(c)

54

4,710

Gilead

Sciences,

Inc.

1,092

100,868

Halozyme

Therapeutics,

Inc.

(a)

110

5,259

Insmed,

Inc.

(a)

153

10,563

Moderna,

Inc.

(a)

301

12,516

Regeneron

Pharmaceuticals,

Inc.

(a)

93

66,247

Vertex

Pharmaceuticals,

Inc.

(a)

225

90,607

734,258

Broadline

Retail

(

0

.1

%

)

eBay,

Inc.

(c)

423

26,205

Etsy,

Inc.

(a)

93

4,919

Macy's,

Inc.

242

4,097

35,221

Shares

Value

Building

Products

(

0

.8

%

)

AAON,

Inc.

58

$

6,825

Allegion

plc

76

9,932

Armstrong

World

Industries,

Inc.

37

5,229

AZEK

Co.,

Inc.

(The),

Class

 A

(a)

124

5,886

Carrier

Global

Corp.

731

49,898

Fortune

Brands

Innovations,

Inc.

108

7,380

Johnson

Controls

International

plc

582

45,937

Masco

Corp.

191

13,861

Owens

Corning

76

12,944

Trane

Technologies

plc

197

72,762

Trex

Co.,

Inc.

(a)

90

6,213

236,867

Capital

Markets

(

2

.4

%

)

Ameriprise

Financial,

Inc.

85

45,257

Bank

of

New

York

Mellon

Corp.

(The)

639

49,095

Cboe

Global

Markets,

Inc.

92

17,977

Charles

Schwab

Corp.

(The)

1,309

96,879

CME

Group,

Inc.

316

73,385

Intercontinental

Exchange,

Inc.

500

74,505

Janus

Henderson

Group

plc

113

4,806

Jefferies

Financial

Group,

Inc.

138

10,819

LPL

Financial

Holdings,

Inc.

65

21,223

MarketAxess

Holdings,

Inc.

33

7,459

Moody's

Corp.

138

65,325

Morningstar,

Inc.

24

8,082

Nasdaq,

Inc.

361

27,909

Northern

Trust

Corp.

174

17,835

Raymond

James

Financial,

Inc.

161

25,008

S&P

Global,

Inc.

272

135,464

Tradeweb

Markets,

Inc.,

Class

 A

101

13,223

694,251

Chemicals

(

0

.4

%

)

Ashland,

Inc.

37

2,644

Balchem

Corp.

28

4,564

Ecolab,

Inc.

222

52,019

FMC

Corp.

(c)

108

5,250

International

Flavors

&

Fragrances,

Inc.

224

18,939

Mosaic

Co.

(The)

265

6,514

RPM

International,

Inc.

111

13,659

103,589

Commercial

Services

&

Supplies

(

0

.6

%

)

Clean

Harbors,

Inc.

(a)

45

10,356

Copart,

Inc.

(a)(c)

768

44,076

Republic

Services,

Inc.,

Class

 A

179

36,011

Tetra

Tech,

Inc.

234

9,323

Waste

Management,

Inc.

352

71,030

170,796

Communications

Equipment

(

1

.4

%

)

Arista

Networks,

Inc.

(a)

905

100,030

Ciena

Corp.

(a)

124

10,516

Cisco

Systems,

Inc.

3,489

206,549

Juniper

Networks,

Inc.

285

10,673

Motorola

Solutions,

Inc.

146

67,486

395,254

Construction

&

Engineering

(

0

.3

%

)

AECOM

118

12,605

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Construction

&

Engineering

(cont’d)

EMCOR

Group,

Inc.

40

$

18,156

Quanta

Services,

Inc.

128

40,454

71,215

Construction

Materials

(

0

.0

%

)

(b)

Summit

Materials,

Inc.,

Class

 A

(a)

105

5,313

Consumer

Finance

(

1

.0

%

)

American

Express

Co.

492

146,021

Capital

One

Financial

Corp.

331

59,024

Discover

Financial

Services

219

37,937

FirstCash

Holdings,

Inc.

34

3,522

SoFi

Technologies,

Inc.

(a)(c)

937

14,430

Synchrony

Financial

342

22,230

283,164

Consumer

Staples

Distribution

&

Retail

(

1

.9

%

)

Casey's

General

Stores,

Inc.

32

12,679

Dollar

General

Corp.

189

14,330

Dollar

Tree,

Inc.

(a)

189

14,164

Kroger

Co.

(The)

630

38,524

Performance

Food

Group

Co.

(a)(c)

133

11,245

Sysco

Corp.

432

33,031

Target

Corp.

399

53,937

U.S.

Foods

Holding

Corp.

(a)

207

13,964

Walmart,

Inc.

3,819

345,047

536,921

Containers

&

Packaging

(

0

.2

%

)

Amcor

plc

(c)

1,233

11,602

Crown

Holdings,

Inc.

105

8,682

Graphic

Packaging

Holding

Co.

(c)

260

7,062

International

Paper

Co.

300

16,146

Silgan

Holdings,

Inc.

72

3,748

Sonoco

Products

Co.

85

4,152

51,392

Distributors

(

0

.0

%

)

(b)

Pool

Corp.

33

11,251

Diversified

Consumer

Services

(

0

.0

%

)

(b)

Service

Corp.

International

123

9,818

Diversified

Telecommunication

Services

(

1

.0

%

)

AT&T,

Inc.

6,286

143,132

Verizon

Communications,

Inc.

3,692

147,643

290,775

Electric

Utilities

(

0

.9

%

)

Alliant

Energy

Corp.

224

13,247

Eversource

Energy

320

18,378

Exelon

Corp.

878

33,048

IDACORP,

Inc.

46

5,027

NextEra

Energy,

Inc.

1,799

128,970

NRG

Energy,

Inc.

177

15,969

Portland

General

Electric

Co.

90

3,926

Xcel

Energy,

Inc.

(c)

502

33,895

252,460

Electrical

Equipment

(

0

.8

%

)

Eaton

Corp.

plc

346

114,827

Emerson

Electric

Co.

499

61,841

nVent

Electric

plc

144

9,815

Shares

Value

Rockwell

Automation,

Inc.

99

$

28,293

214,776

Electronic

Equipment,

Instruments

&

Components

(

0

.4

%

)

Amphenol

Corp.,

Class

 A

1,053

73,131

Badger

Meter,

Inc.

26

5,515

Itron,

Inc.

(a)

39

4,235

TD

SYNNEX

Corp.

66

7,740

Trimble,

Inc.

(a)

213

15,051

Zebra

Technologies

Corp.,

Class

 A

(a)

45

17,380

123,052

Energy

Equipment

&

Services

(

0

.1

%

)

Baker

Hughes

Co.,

Class

 A

872

35,769

Entertainment

(

1

.9

%

)

Electronic

Arts,

Inc.

208

30,431

Netflix,

Inc.

(a)

373

332,462

Walt

Disney

Co.

(The)

1,589

176,935

539,828

Financial

Services

(

3

.9

%

)

Equitable

Holdings,

Inc.

279

13,160

Fidelity

National

Information

Services,

Inc.

475

38,366

Fiserv,

Inc.

(a)

496

101,888

Jack

Henry

&

Associates,

Inc.

63

11,044

Mastercard,

Inc.,

Class

 A

717

377,551

MGIC

Investment

Corp.

224

5,311

Mr

Cooper

Group,

Inc.

(a)

55

5,280

PayPal

Holdings,

Inc.

(a)

879

75,023

Radian

Group,

Inc.

130

4,124

Visa,

Inc.,

Class

 A

1,510

477,220

1,108,967

Food

Products

(

0

.6

%

)

Conagra

Brands,

Inc.

406

11,266

Flowers

Foods,

Inc.

172

3,554

General

Mills,

Inc.

(c)

489

31,184

Hershey

Co.

(The)

129

21,846

J.M.

Smucker

Co.

(The)

91

10,021

Kellanova

257

20,809

Mondelez

International,

Inc.,

Class

 A

1,164

69,526

168,206

Gas

Utilities

(

0

.0

%

)

(b)

Southwest

Gas

Holdings,

Inc.

53

3,748

Ground

Transportation

(

0

.5

%

)

Lyft,

Inc.,

Class

 A

(a)

301

3,883

Union

Pacific

Corp.

531

121,089

XPO,

Inc.

(a)

100

13,115

138,087

Health

Care

Equipment

&

Supplies

(

2

.4

%

)

Abbott

Laboratories

1,513

171,135

Align

Technology,

Inc.

(a)

61

12,719

Baxter

International,

Inc.

435

12,685

Becton

Dickinson

&

Co.

253

57,398

Boston

Scientific

Corp.

(a)

1,289

115,134

Edwards

Lifesciences

Corp.

(a)

512

37,903

Hologic,

Inc.

(a)

193

13,913

IDEXX

Laboratories,

Inc.

(a)

71

29,354

Inspire

Medical

Systems,

Inc.

(a)

26

4,820

Insulet

Corp.

(a)

61

15,925

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Health

Care

Equipment

&

Supplies

(cont’d)

Medtronic

plc

1,127

$

90,025

Penumbra,

Inc.

(a)

33

7,837

STERIS

plc

86

17,678

Stryker

Corp.

314

113,056

699,582

Health

Care

Providers

&

Services

(

2

.2

%

)

Centene

Corp.

(a)

434

26,292

Cigna

Group

(The)

240

66,274

CVS

Health

Corp.

1,096

49,199

Elevance

Health,

Inc.

203

74,887

HealthEquity,

Inc.

(a)

74

7,100

Henry

Schein,

Inc.

(a)

109

7,543

UnitedHealth

Group,

Inc.

805

407,217

638,512

Health

Care

REITs

(

0

.4

%

)

Healthpeak

Properties,

Inc.

612

12,405

Omega

Healthcare

Investors,

Inc.

236

8,933

Ventas,

Inc.

366

21,554

Welltower,

Inc.

(c)

546

68,812

111,704

Health

Care

Technology

(

0

.1

%

)

Veeva

Systems,

Inc.,

Class

 A

(a)

130

27,333

Hotel

&

Resort

REITs

(

0

.1

%

)

Host

Hotels

&

Resorts,

Inc.

(c)

609

10,670

Ryman

Hospitality

Properties,

Inc.

51

5,321

15,991

Hotels,

Restaurants

&

Leisure

(

1

.4

%

)

Booking

Holdings,

Inc.

29

144,084

Choice

Hotels

International,

Inc.

(c)

24

3,408

Hilton

Worldwide

Holdings,

Inc.

210

51,904

Hyatt

Hotels

Corp.,

Class

 A

(c)

36

5,651

Marriott

International,

Inc.,

Class

 A

214

59,693

Starbucks

Corp.

975

88,969

Texas

Roadhouse,

Inc.,

Class

 A

59

10,645

Vail

Resorts,

Inc.

32

5,999

Yum!

Brands,

Inc.

246

33,003

403,356

Household

Durables

(

0

.1

%

)

Meritage

Homes

Corp.

31

4,768

Tempur

Sealy

International,

Inc.

147

8,333

TopBuild

Corp.

(a)(c)

25

7,784

Whirlpool

Corp.

(c)

46

5,266

26,151

Household

Products

(

0

.4

%

)

Clorox

Co.

(The)

108

17,540

Colgate-Palmolive

Co.

718

65,273

Kimberly-Clark

Corp.

293

38,395

121,208

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

)

(b)

AES

Corp.

(The)

600

7,722

Clearway

Energy,

Inc.,

Class

 C

98

2,548

10,270

Industrial

REITs

(

0

.0

%

)

(b)

Rexford

Industrial

Realty,

Inc.

192

7,423

Shares

Value

Insurance

(

1

.8

%

)

Allstate

Corp.

(The)

230

$

44,342

American

Financial

Group,

Inc.

64

8,763

American

International

Group,

Inc.

549

39,967

Aon

plc,

Class

 A

184

66,085

Arch

Capital

Group

Ltd.

319

29,460

First

American

Financial

Corp.

86

5,370

Globe

Life,

Inc.

75

8,364

Hartford

Financial

Services

Group,

Inc.

(The)

254

27,788

Lincoln

National

Corp.

147

4,661

Marsh

&

McLennan

Cos.,

Inc.

431

91,549

MetLife,

Inc.

515

42,168

Old

Republic

International

Corp.

211

7,636

Primerica,

Inc.

29

7,871

Principal

Financial

Group,

Inc.

203

15,714

Prudential

Financial,

Inc.

313

37,100

Reinsurance

Group

of

America,

Inc.

57

12,177

RenaissanceRe

Holdings

Ltd.

43

10,699

Travelers

Cos.,

Inc.

(The)

199

47,937

Unum

Group

161

11,758

519,409

Interactive

Media

&

Services

(

6

.4

%

)

Alphabet,

Inc.,

Class

 A

9,658

1,828,259

Pinterest,

Inc.,

Class

 A

(a)

512

14,848

1,843,107

IT

Services

(

1

.7

%

)

Accenture

plc,

Class

 A

547

192,429

Akamai

Technologies,

Inc.

(a)

130

12,435

EPAM

Systems,

Inc.

(a)

49

11,457

Gartner,

Inc.

(a)

66

31,975

GoDaddy,

Inc.,

Class

 A

(a)

122

24,079

International

Business

Machines

Corp.

809

177,843

Twilio,

Inc.,

Class

 A

(a)

129

13,942

VeriSign,

Inc.

(a)

75

15,522

479,682

Leisure

Products

(

0

.0

%

)

(b)

Brunswick

Corp.

57

3,687

Mattel,

Inc.

(a)

296

5,248

8,935

Life

Sciences

Tools

&

Services

(

1

.6

%

)

Agilent

Technologies,

Inc.

252

33,854

Avantor,

Inc.

(a)(c)

568

11,968

Bio-Rad

Laboratories,

Inc.,

Class

 A

(a)(c)

17

5,585

Danaher

Corp.

608

139,566

IQVIA

Holdings,

Inc.

(a)

158

31,048

Medpace

Holdings,

Inc.

(a)

22

7,309

Thermo

Fisher

Scientific,

Inc.

335

174,277

Waters

Corp.

(a)

52

19,291

West

Pharmaceutical

Services,

Inc.

63

20,636

443,534

Machinery

(

1

.4

%

)

Chart

Industries,

Inc.

(a)

37

7,061

Cummins,

Inc.

118

41,135

Deere

&

Co.

222

94,061

Fortive

Corp.

306

22,950

Franklin

Electric

Co.,

Inc.

34

3,313

IDEX

Corp.

67

14,022

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Machinery

(cont’d)

Ingersoll

Rand,

Inc.

354

$

32,023

ITT,

Inc.

71

10,144

Lincoln

Electric

Holdings,

Inc.

48

8,999

Middleby

Corp.

(The)

(a)

46

6,231

Otis

Worldwide

Corp.

352

32,599

Parker-Hannifin

Corp.

112

71,235

Stanley

Black

&

Decker,

Inc.

134

10,759

Toro

Co.

(The)

89

7,129

Westinghouse

Air

Brake

Technologies

Corp.

150

28,439

Xylem,

Inc.

212

24,596

414,696

Media

(

0

.7

%

)

Comcast

Corp.,

Class

 A

3,332

125,050

Interpublic

Group

of

Cos.,

Inc.

(The)

329

9,218

Omnicom

Group,

Inc.

166

14,283

Paramount

Global,

Class

 B

508

5,314

Trade

Desk,

Inc.

(The),

Class

 A

(a)

392

46,072

199,937

Metals

&

Mining

(

0

.0

%

)

(b)

ATI,

Inc.

(a)

107

5,889

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.0

%

)

(b)

Rithm

Capital

Corp.

428

4,635

Multi-Utilities

(

0

.4

%

)

CMS

Energy

Corp.

(c)

261

17,396

DTE

Energy

Co.

181

21,856

Public

Service

Enterprise

Group,

Inc.

437

36,922

Sempra

556

48,772

124,946

Passenger

Airlines

(

0

.1

%

)

Alaska

Air

Group,

Inc.

(a)

110

7,122

Delta

Air

Lines,

Inc.

565

34,183

41,305

Personal

Care

Products

(

0

.1

%

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

200

14,996

Pharmaceuticals

(

3

.9

%

)

Bristol-Myers

Squibb

Co.

1,781

100,733

Elanco

Animal

Health,

Inc.

(a)

403

4,880

Eli

Lilly

&

Co.

746

575,912

Merck

&

Co.,

Inc.

2,214

220,249

Organon

&

Co.

225

3,357

Pfizer,

Inc.

4,969

131,828

Royalty

Pharma

plc,

Class

 A

323

8,240

Zoetis,

Inc.,

Class

 A

394

64,194

1,109,393

Professional

Services

(

0

.8

%

)

Automatic

Data

Processing,

Inc.

357

104,504

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

111

14,286

Broadridge

Financial

Solutions,

Inc.

102

23,061

Dayforce,

Inc.

(a)(c)

133

9,661

Equifax,

Inc.

109

27,779

ExlService

Holdings,

Inc.

(a)

136

6,036

FTI

Consulting,

Inc.

(a)

31

5,925

Genpact

Ltd.

143

6,142

Maximus,

Inc.

52

3,882

Paycom

Software,

Inc.

42

8,609

Shares

Value

Paylocity

Holding

Corp.

(a)

38

$

7,580

Robert

Half,

Inc.

88

6,200

Science

Applications

International

Corp.

(c)

40

4,471

TriNet

Group,

Inc.

25

2,269

230,405

Real

Estate

Management

&

Development

(

0

.2

%

)

CoStar

Group,

Inc.

(a)

355

25,414

Jones

Lang

LaSalle,

Inc.

(a)

41

10,379

Zillow

Group,

Inc.,

Class

 C

(a)

178

13,181

48,974

Residential

REITs

(

0

.1

%

)

Equity

LifeStyle

Properties,

Inc.

163

10,856

Invitation

Homes,

Inc.

535

17,104

27,960

Retail

REITs

(

0

.4

%

)

Brixmor

Property

Group,

Inc.

262

7,294

Kimco

Realty

Corp.

580

13,589

NNN

REIT,

Inc.

(c)

160

6,536

Realty

Income

Corp.

(c)

764

40,805

Simon

Property

Group,

Inc.

284

48,908

117,132

Semiconductors

&

Semiconductor

Equipment

(

15

.4

%

)

Advanced

Micro

Devices,

Inc.

(a)

1,414

170,797

Analog

Devices,

Inc.

433

91,995

Broadcom,

Inc.

4,013

930,374

Cirrus

Logic,

Inc.

(a)

46

4,581

First

Solar,

Inc.

(a)

89

15,685

Intel

Corp.

3,779

75,769

Lam

Research

Corp.

1,120

80,898

Micron

Technology,

Inc.

971

81,719

MKS

Instruments,

Inc.

56

5,846

NVIDIA

Corp.

20,625

2,769,731

ON

Semiconductor

Corp.

(a)

374

23,581

QUALCOMM,

Inc.

972

149,319

Teradyne,

Inc.

137

17,251

4,417,546

Software

(

13

.8

%

)

Adobe,

Inc.

(a)

384

170,757

ANSYS,

Inc.

(a)

77

25,974

Appfolio,

Inc.,

Class

 A

(a)

20

4,934

Atlassian

Corp.,

Class

 A

(a)

137

33,343

Autodesk,

Inc.

(a)

189

55,863

BILL

Holdings,

Inc.

(a)

86

7,285

CommVault

Systems,

Inc.

(a)

37

5,584

Crowdstrike

Holdings,

Inc.,

Class

 A

(a)

201

68,774

DocuSign,

Inc.,

Class

 A

(a)

178

16,009

Dropbox,

Inc.,

Class

 A

(a)

196

5,888

Dynatrace,

Inc.

(a)

258

14,022

Fair

Isaac

Corp.

(a)

21

41,810

Gen

Digital,

Inc.

490

13,416

HubSpot,

Inc.

(a)

44

30,658

Intuit,

Inc.

240

150,840

MARA

Holdings,

Inc.

(a)(c)

275

4,612

Microsoft

Corp.

6,424

2,707,716

Nutanix,

Inc.,

Class

 A

(a)

219

13,398

Palo

Alto

Networks,

Inc.

(a)

569

103,535

Salesforce,

Inc.

818

273,482

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Software

(cont’d)

ServiceNow,

Inc.

(a)

180

$

190,822

Tenable

Holdings,

Inc.

(a)

102

4,017

Tyler

Technologies,

Inc.

(a)

37

21,336

3,964,075

Specialized

REITs

(

0

.9

%

)

American

Tower

Corp.

407

74,648

Crown

Castle,

Inc.

380

34,489

CubeSmart

196

8,398

Digital

Realty

Trust,

Inc.

(c)

291

51,603

Equinix,

Inc.

84

79,203

Weyerhaeuser

Co.

625

17,594

265,935

Specialty

Retail

(

2

.3

%

)

Bath

&

Body

Works,

Inc.

190

7,367

Best

Buy

Co.,

Inc.

174

14,929

Burlington

Stores,

Inc.

(a)

55

15,679

Dick's

Sporting

Goods,

Inc.

49

11,213

Home

Depot,

Inc.

(The)

871

338,810

Lowe's

Cos.,

Inc.

495

122,166

TJX

Cos.,

Inc.

(The)

983

118,756

Tractor

Supply

Co.

470

24,938

653,858

Technology

Hardware,

Storage

&

Peripherals

(

12

.0

%

)

Apple,

Inc.

13,246

3,317,063

Dell

Technologies,

Inc.,

Class

 C

291

33,535

Hewlett

Packard

Enterprise

Co.

1,136

24,254

HP,

Inc.

845

27,573

NetApp,

Inc.

179

20,778

Seagate

Technology

Holdings

plc

184

15,881

Western

Digital

Corp.

(a)

302

18,008

3,457,092

Textiles,

Apparel

&

Luxury

Goods

(

0

.2

%

)

Columbia

Sportswear

Co.

28

2,350

Crocs,

Inc.

(a)

47

5,148

Deckers

Outdoor

Corp.

(a)

133

27,011

PVH

Corp.

46

4,864

Skechers

USA,

Inc.,

Class

 A

(a)

115

7,733

VF

Corp.

322

6,910

54,016

Trading

Companies

&

Distributors

(

0

.2

%

)

Applied

Industrial

Technologies,

Inc.

34

8,142

Fastenal

Co.

502

36,099

GATX

Corp.

30

4,649

Watsco,

Inc.

31

14,690

63,580

Water

Utilities

(

0

.1

%

)

American

Water

Works

Co.,

Inc.

170

21,163

Wireless

Telecommunication

Services

(

0

.3

%

)

T-Mobile

US,

Inc.

424

93,590

Total

Common

Stocks

(Cost

$26,755,941)

28,667,496

Shares

Value

Short-Term

Investments

(0.8%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(d)

(Cost

$42,104)

42,104

$

42,104

Security

held

as

Collateral

on

Loaned

Securities

(

0

.6

%

)

Investment

Company

(0.6%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(d)

(Cost

$185,722)

185,722

185,722

Total

Short-Term

Investments

(Cost

$227,826)

227,826

–

Total

Investments

(

100

.6

%

)

(Cost

$

26,983,767

)

(e)

28,895,322

Liabilities

in

Excess

of

Other

Assets

(

-0.6%

)

(171,217)

NET

ASSETS

(100.0%)

$

28,724,105

(a)

Non-income

producing

security.

(b)

Amount

is

less

than

0.05%.

(c)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$379,768

and

$387,771,

respectively.

The

Fund

received

cash

collateral

of

$185,722,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$202,049

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$28

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(e)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$26,983,767.

The

aggregate

gross

unrealized

appreciation

is

$2,869,107

and

the

aggregate

gross

unrealized

depreciation

is

$957,552,

resulting

in

net

unrealized

appreciation

of

$1,911,555.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

*

Classification  

Percentage

of

Total

Investments

Other**

52

.4

%

Semiconductors

&

Semiconductor

Equipment

15

.4

Software

13

.8

Technology

Hardware,

Storage

&

Peripherals

12

.0

Interactive

Media

&

Services

6

.4

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

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

First

Quarter

Report

December

31,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.5%)

Aerospace

&

Defense

(

1

.1

%

)

Axon

Enterprise,

Inc.

(a)(b)

490

$

291,217

Curtiss-Wright

Corp.

279

99,008

HEICO

Corp.

(b)

743

176,641

Hexcel

Corp.

593

37,181

Moog,

Inc.,

Class

 A

207

40,746

Woodward,

Inc.

407

67,733

712,526

Air

Freight

&

Logistics

(

0

.4

%

)

CH

Robinson

Worldwide,

Inc.

1,159

119,748

Expeditors

International

of

Washington,

Inc.

1,216

134,696

GXO

Logistics,

Inc.

(a)

889

38,672

293,116

Automobile

Components

(

0

.6

%

)

Aptiv

plc

(a)

2,478

149,869

Autoliv,

Inc.

789

74,000

BorgWarner,

Inc.

2,181

69,334

Lear

Corp.

544

51,517

Modine

Manufacturing

Co.

(a)

516

59,820

404,540

Automobiles

(

0

.3

%

)

Harley-Davidson,

Inc.

1,269

38,235

Rivian

Automotive,

Inc.,

Class

 A

(a)(b)

7,423

98,726

Thor

Industries,

Inc.

(b)

507

48,525

185,486

Banks

(

3

.0

%

)

Bank

OZK

707

31,483

BOK

Financial

Corp.

149

15,861

Cadence

Bank

1,184

40,789

Citizens

Financial

Group,

Inc.

2,858

125,066

Comerica,

Inc.

853

52,758

Commerce

Bancshares,

Inc.

844

52,590

Cullen/Frost

Bankers,

Inc.

390

52,358

East

West

Bancorp,

Inc.

898

85,992

Fifth

Third

Bancorp

4,363

184,468

First

Citizens

BancShares,

Inc.,

Class

 A

67

141,572

First

Horizon

Corp.

3,425

68,980

FNB

Corp.

2,320

34,290

Home

BancShares,

Inc.

1,205

34,101

Huntington

Bancshares,

Inc.

9,393

152,824

KeyCorp

6,458

110,690

M&T

Bank

Corp.

1,081

203,239

Old

National

Bancorp

2,067

44,864

Pinnacle

Financial

Partners,

Inc.

497

56,852

Popular,

Inc.

457

42,985

Regions

Financial

Corp.

5,926

139,380

SouthState

Corp.

494

49,143

Synovus

Financial

Corp.

918

47,029

Webster

Financial

Corp.

1,111

61,349

Western

Alliance

Bancorp

710

59,313

Wintrust

Financial

Corp.

428

53,376

Zions

Bancorp

NA

951

51,592

1,992,944

Beverages

(

0

.1

%

)

Celsius

Holdings,

Inc.

(a)(b)

1,211

31,898

Shares

Value

Coca-Cola

Consolidated,

Inc.

43

$

54,179

86,077

Biotechnology

(

2

.2

%

)

Alnylam

Pharmaceuticals,

Inc.

(a)

906

213,191

Apellis

Pharmaceuticals,

Inc.

(a)

719

22,943

Biogen,

Inc.

(a)

1,025

156,743

BioMarin

Pharmaceutical,

Inc.

(a)

1,333

87,618

Blueprint

Medicines

Corp.

(a)(b)

436

38,028

Cytokinetics,

Inc.

(a)

804

37,820

Exact

Sciences

Corp.

(a)

1,292

72,597

Exelixis,

Inc.

(a)(b)

1,972

65,668

Halozyme

Therapeutics,

Inc.

(a)

892

42,646

Incyte

Corp.

(a)

1,124

77,635

Insmed,

Inc.

(a)

1,235

85,264

Ionis

Pharmaceuticals,

Inc.

(a)

1,031

36,044

Krystal

Biotech,

Inc.

(a)(b)

172

26,946

Madrigal

Pharmaceuticals,

Inc.

(a)

130

40,114

Neurocrine

Biosciences,

Inc.

(a)

698

95,277

REVOLUTION

Medicines,

Inc.

(a)

998

43,653

Roivant

Sciences

Ltd.

(a)

3,005

35,549

Sarepta

Therapeutics,

Inc.

(a)

630

76,602

United

Therapeutics

Corp.

(a)

311

109,733

Vaxcyte,

Inc.

(a)

851

69,663

Viking

Therapeutics,

Inc.

(a)

764

30,743

1,464,477

Broadline

Retail

(

0

.5

%

)

eBay,

Inc.

3,048

188,824

Etsy,

Inc.

(a)

712

37,658

Macy's,

Inc.

1,758

29,763

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

391

42,904

299,149

Building

Products

(

1

.6

%

)

AAON,

Inc.

494

58,134

Advanced

Drainage

Systems,

Inc.

(b)

523

60,459

Allegion

plc

639

83,505

AO

Smith

Corp.

884

60,298

Armstrong

World

Industries,

Inc.

276

39,007

AZEK

Co.,

Inc.

(The),

Class

 A

(a)

895

42,486

Carlisle

Cos.,

Inc.

369

136,102

Fortune

Brands

Innovations,

Inc.

788

53,844

Lennox

International,

Inc.

237

144,404

Masco

Corp.

1,373

99,639

Owens

Corning

735

125,185

Simpson

Manufacturing

Co.,

Inc.

310

51,407

Trex

Co.,

Inc.

(a)

680

46,940

UFP

Industries,

Inc.

380

42,807

Zurn

Elkay

Water

Solutions

Corp.

908

33,868

1,078,085

Capital

Markets

(

5

.3

%

)

Affiliated

Managers

Group,

Inc.

193

35,690

Ameriprise

Financial,

Inc.

634

337,561

Ares

Management

Corp.,

Class

 A

1,228

217,393

Bank

of

New

York

Mellon

Corp.

(The)

4,729

363,329

Blue

Owl

Capital,

Inc.,

Class

 A

3,632

84,480

Carlyle

Group,

Inc.

(The)

1,428

72,100

Cboe

Global

Markets,

Inc.

682

133,263

Evercore,

Inc.,

Class

 A

232

64,308

FactSet

Research

Systems,

Inc.

288

138,321

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Capital

Markets

(cont’d)

Franklin

Resources,

Inc.

(b)

1,833

$

37,192

Hamilton

Lane,

Inc.,

Class

 A

282

41,750

Houlihan

Lokey,

Inc.,

Class

 A

350

60,781

Invesco

Ltd.

2,890

50,517

Janus

Henderson

Group

plc

844

35,895

Jefferies

Financial

Group,

Inc.

1,006

78,870

LPL

Financial

Holdings,

Inc.

486

158,684

MarketAxess

Holdings,

Inc.

280

63,291

Morningstar,

Inc.

207

69,709

MSCI,

Inc.,

Class

 A

514

308,405

Nasdaq,

Inc.

2,693

208,196

Northern

Trust

Corp.

1,277

130,892

Raymond

James

Financial,

Inc.

1,200

186,396

SEI

Investments

Co.

636

52,457

State

Street

Corp.

1,907

187,172

Stifel

Financial

Corp.

649

68,846

T

Rowe

Price

Group,

Inc.

1,420

160,588

TPG,

Inc.,

Class

 A

535

33,619

Tradeweb

Markets,

Inc.,

Class

 A

756

98,976

3,478,681

Chemicals

(

1

.5

%

)

Arcadium

Lithium

plc

(a)

15,836

81,239

Ashland,

Inc.

344

24,582

Axalta

Coating

Systems

Ltd.

(a)

1,601

54,786

Balchem

Corp.

239

38,956

Cabot

Corp.

395

36,067

Celanese

Corp.,

Class

 A

802

55,506

Eastman

Chemical

Co.

849

77,531

Element

Solutions,

Inc.

1,636

41,604

FMC

Corp.

(b)

914

44,430

International

Flavors

&

Fragrances,

Inc.

1,879

158,869

Mosaic

Co.

(The)

2,322

57,075

PPG

Industries,

Inc.

1,702

203,304

RPM

International,

Inc.

935

115,061

989,010

Commercial

Services

&

Supplies

(

0

.9

%

)

Brink's

Co.

(The)

330

30,614

Casella

Waste

Systems,

Inc.,

Class

 A

(a)

463

48,990

Clean

Harbors,

Inc.

(a)

381

87,683

MSA

Safety,

Inc.

272

45,090

Rollins,

Inc.

2,199

101,924

Tetra

Tech,

Inc.

1,996

79,521

Veralto

Corp.

1,684

171,515

565,337

Communications

Equipment

(

0

.4

%

)

Ciena

Corp.

(a)

1,009

85,573

F5,

Inc.

(a)

413

103,857

Juniper

Networks,

Inc.

2,323

86,997

276,427

Construction

&

Engineering

(

1

.4

%

)

AECOM

988

105,538

API

Group

Corp.

(a)

1,844

66,329

Comfort

Systems

USA,

Inc.

263

111,528

Dycom

Industries,

Inc.

(a)

211

36,727

EMCOR

Group,

Inc.

340

154,326

MasTec,

Inc.

(a)

461

62,760

Quanta

Services,

Inc.

972

307,200

Shares

Value

Valmont

Industries,

Inc.

146

$

44,774

WillScot

Holdings

Corp.

(a)

1,347

45,057

934,239

Construction

Materials

(

0

.5

%

)

Summit

Materials,

Inc.,

Class

 A

(a)

1,706

86,323

Vulcan

Materials

Co.

921

236,909

323,232

Consumer

Finance

(

1

.1

%

)

Ally

Financial,

Inc.

1,791

64,494

Credit

Acceptance

Corp.

(a)

41

19,248

Discover

Financial

Services

1,634

283,058

FirstCash

Holdings,

Inc.

254

26,314

OneMain

Holdings,

Inc.

776

40,453

SLM

Corp.

1,368

37,730

SoFi

Technologies,

Inc.

(a)

7,096

109,278

Synchrony

Financial

2,535

164,775

745,350

Consumer

Staples

Distribution

&

Retail

(

2

.0

%

)

Albertsons

Cos.,

Inc.,

Class

 A

3,048

59,863

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

836

74,696

Casey's

General

Stores,

Inc.

268

106,190

Dollar

General

Corp.

1,400

106,148

Dollar

Tree,

Inc.

(a)

1,372

102,818

Kroger

Co.

(The)

4,906

300,002

Performance

Food

Group

Co.

(a)

1,102

93,174

Sprouts

Farmers

Market,

Inc.

(a)

722

91,744

Sysco

Corp.

3,444

263,328

U.S.

Foods

Holding

Corp.

(a)

1,680

113,333

1,311,296

Containers

&

Packaging

(

1

.8

%

)

Amcor

plc

(b)

10,606

99,802

AptarGroup,

Inc.

487

76,508

Avery

Dennison

Corp.

583

109,097

Ball

Corp.

2,190

120,735

Berry

Global

Group,

Inc.

846

54,711

Crown

Holdings,

Inc.

874

72,271

Graphic

Packaging

Holding

Co.

2,184

59,317

International

Paper

Co.

2,521

135,680

Packaging

Corp.

of

America

650

146,335

Sealed

Air

Corp.

1,054

35,657

Silgan

Holdings,

Inc.

621

32,323

Smurfit

WestRock

plc

3,752

202,083

Sonoco

Products

Co.

717

35,025

1,179,544

Distributors

(

0

.4

%

)

Genuine

Parts

Co.

885

103,332

LKQ

Corp.

1,649

60,601

Pool

Corp.

236

80,462

244,395

Diversified

Consumer

Services

(

0

.4

%

)

Bright

Horizons

Family

Solutions,

Inc.

(a)

437

48,441

Duolingo,

Inc.,

Class

 A

(a)

272

88,191

H&R

Block,

Inc.

1,027

54,267

Service

Corp.

International

1,065

85,008

275,907

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Diversified

REITs

(

0

.2

%

)

Essential

Properties

Realty

Trust,

Inc.

(b)

1,305

$

40,821

WP

Carey,

Inc.

1,619

88,203

129,024

Electric

Utilities

(

1

.7

%

)

Alliant

Energy

Corp.

1,918

113,431

Evergy,

Inc.

(b)

1,698

104,512

Eversource

Energy

2,737

157,186

Exelon

Corp.

6,989

263,066

IDACORP,

Inc.

398

43,493

NRG

Energy,

Inc.

1,485

133,977

Portland

General

Electric

Co.

786

34,285

Xcel

Energy,

Inc.

(b)

3,952

266,839

1,116,789

Electrical

Equipment

(

2

.0

%

)

Acuity

Brands,

Inc.

227

66,314

AMETEK,

Inc.

1,569

282,828

Atkore,

Inc.

254

21,196

Hubbell,

Inc.,

Class

 B

394

165,043

NEXTracker,

Inc.,

Class

 A

(a)(b)

1,025

37,443

nVent

Electric

plc

1,201

81,860

Regal

Rexnord

Corp.

485

75,238

Rockwell

Automation,

Inc.

814

232,633

Sensata

Technologies

Holding

plc

1,091

29,893

Vertiv

Holdings

Co.,

Class

 A

2,488

282,662

1,275,110

Electronic

Equipment,

Instruments

&

Components

(

2

.6

%

)

Arrow

Electronics,

Inc.

(a)

334

37,782

Avnet,

Inc.

550

28,776

Badger

Meter,

Inc.

216

45,818

CDW

Corp.

944

164,294

Cognex

Corp.

1,261

45,219

Coherent

Corp.

(a)

1,123

106,382

Corning,

Inc.

5,472

260,029

Insight

Enterprises,

Inc.

(a)

177

26,922

Itron,

Inc.

(a)

329

35,723

Jabil,

Inc.

(b)

768

110,515

Keysight

Technologies,

Inc.

(a)

1,269

203,840

Littelfuse,

Inc.

181

42,653

Novanta,

Inc.

(a)

263

40,179

TD

SYNNEX

Corp.

483

56,646

Teledyne

Technologies,

Inc.

(a)

340

157,804

Trimble,

Inc.

(a)

1,793

126,693

Vontier

Corp.

1,062

38,731

Zebra

Technologies

Corp.,

Class

 A

(a)

364

140,584

1,668,590

Energy

Equipment

&

Services

(

0

.4

%

)

Baker

Hughes

Co.,

Class

 A

6,768

277,623

Entertainment

(

2

.0

%

)

Electronic

Arts,

Inc.

1,658

242,565

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A

(a)

1,878

157,827

Liberty

Media

Corp-Liberty

Live,

Class

 A

(a)

507

33,746

Live

Nation

Entertainment,

Inc.

(a)

1,170

151,515

ROBLOX

Corp.,

Class

 A

(a)

3,762

217,669

Roku,

Inc.,

Class

 A

(a)

902

67,055

Take-Two

Interactive

Software,

Inc.

(a)

1,148

211,324

Shares

Value

Warner

Bros

Discovery,

Inc.

(a)

17,719

$

187,290

Warner

Music

Group

Corp.,

Class

 A

(b)

1,019

31,589

1,300,580

Financial

Services

(

1

.9

%

)

Affirm

Holdings,

Inc.,

Class

 A

(a)

1,835

111,752

Corpay,

Inc.

(a)

477

161,426

Equitable

Holdings,

Inc.

2,040

96,227

Essent

Group

Ltd.

673

36,638

Euronet

Worldwide,

Inc.

(a)

289

29,721

Fidelity

National

Information

Services,

Inc.

3,648

294,649

Jack

Henry

&

Associates,

Inc.

515

90,279

Jackson

Financial,

Inc.,

Class

 A

475

41,363

MGIC

Investment

Corp.

1,632

38,695

Mr

Cooper

Group,

Inc.

(a)

404

38,788

PennyMac

Financial

Services,

Inc.

207

21,143

Radian

Group,

Inc.

960

30,451

Shift4

Payments,

Inc.,

Class

 A

(a)(b)

477

49,503

Toast,

Inc.,

Class

 A

(a)

2,896

105,559

Voya

Financial,

Inc.

627

43,156

WEX,

Inc.

(a)

281

49,265

1,238,615

Food

Products

(

2

.5

%

)

Bunge

Global

SA

1,004

78,071

Campbell's

Co.

(The)

1,425

59,679

Conagra

Brands,

Inc.

3,444

95,571

Darling

Ingredients,

Inc.

(a)

1,141

38,440

Flowers

Foods,

Inc.

1,414

29,213

Freshpet,

Inc.

(a)(b)

348

51,542

General

Mills,

Inc.

3,910

249,341

Hershey

Co.

(The)

1,069

181,035

Hormel

Foods

Corp.

2,109

66,159

Ingredion,

Inc.

469

64,516

J.M.

Smucker

Co.

(The)

753

82,921

Kellanova

2,123

171,899

Kraft

Heinz

Co.

(The)

6,438

197,711

Lamb

Weston

Holdings,

Inc.

1,018

68,033

Lancaster

Colony

Corp.

140

24,240

McCormick

&

Co.,

Inc.

(Non-Voting)

1,920

146,381

1,604,752

Gas

Utilities

(

0

.2

%

)

National

Fuel

Gas

Co.

671

40,716

Southwest

Gas

Holdings,

Inc.

463

32,739

UGI

Corp.

1,601

45,196

118,651

Ground

Transportation

(

1

.3

%

)

JB

Hunt

Transport

Services,

Inc.

731

124,752

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,574

83,485

Landstar

System,

Inc.

316

54,308

Lyft,

Inc.,

Class

 A

(a)

2,513

32,418

Old

Dominion

Freight

Line,

Inc.

1,274

224,734

Ryder

System,

Inc.

412

64,626

Saia,

Inc.

(a)

242

110,287

XPO,

Inc.

(a)

989

129,707

824,317

Health

Care

Equipment

&

Supplies

(

3

.0

%

)

Align

Technology,

Inc.

(a)

494

103,004

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Health

Care

Equipment

&

Supplies

(cont’d)

Baxter

International,

Inc.

3,587

$

104,597

Cooper

Cos.,

Inc.

(The)

(a)

1,403

128,978

DENTSPLY

SIRONA,

Inc.

1,399

26,553

GE

HealthCare

Technologies,

Inc.

3,126

244,391

Glaukos

Corp.

(a)

377

56,527

Globus

Medical,

Inc.,

Class

 A

(a)

800

66,168

Hologic,

Inc.

(a)

1,585

114,263

IDEXX

Laboratories,

Inc.

(a)

575

237,728

Inspire

Medical

Systems,

Inc.

(a)

209

38,744

Insulet

Corp.

(a)

494

128,969

Merit

Medical

Systems,

Inc.

(a)

403

38,978

Penumbra,

Inc.

(a)

263

62,457

ResMed,

Inc.

1,032

236,008

STERIS

plc

697

143,275

Teleflex,

Inc.

328

58,378

Zimmer

Biomet

Holdings,

Inc.

1,408

148,727

1,937,745

Health

Care

Providers

&

Services

(

1

.8

%

)

Centene

Corp.

(a)

3,536

214,211

Chemed

Corp.

105

55,629

DaVita,

Inc.

(a)

357

53,390

Encompass

Health

Corp.

703

64,922

Ensign

Group,

Inc.

(The)

392

52,081

HealthEquity,

Inc.

(a)

606

58,146

Henry

Schein,

Inc.

(a)

871

60,273

Humana,

Inc.

851

215,907

Labcorp

Holdings,

Inc.

591

135,528

Molina

Healthcare,

Inc.

(a)

401

116,711

Option

Care

Health,

Inc.

(a)

1,191

27,631

Quest

Diagnostics,

Inc.

787

118,727

1,173,156

Health

Care

REITs

(

0

.8

%

)

Alexandria

Real

Estate

Equities,

Inc.

1,294

126,230

Healthcare

Realty

Trust,

Inc.,

Class

 A

2,637

44,697

Healthpeak

Properties,

Inc.

5,222

105,850

Omega

Healthcare

Investors,

Inc.

2,018

76,381

Ventas,

Inc.

3,129

184,267

537,425

Health

Care

Technology

(

0

.4

%

)

Doximity,

Inc.,

Class

 A

(a)

878

46,876

Veeva

Systems,

Inc.,

Class

 A

(a)

1,048

220,342

267,218

Hotel

&

Resort

REITs

(

0

.2

%

)

Host

Hotels

&

Resorts,

Inc.

5,168

90,543

Ryman

Hospitality

Properties,

Inc.

435

45,388

135,931

Hotels,

Restaurants

&

Leisure

(

1

.6

%

)

Aramark

1,903

71,001

Cava

Group,

Inc.

(a)

547

61,702

Choice

Hotels

International,

Inc.

(b)

202

28,680

Darden

Restaurants,

Inc.

849

158,500

Domino's

Pizza,

Inc.

250

104,940

Hyatt

Hotels

Corp.,

Class

 A

(b)

309

48,507

Planet

Fitness,

Inc.,

Class

 A

(a)

636

62,881

Texas

Roadhouse,

Inc.,

Class

 A

482

86,967

Vail

Resorts,

Inc.

275

51,549

Shares

Value

Wingstop,

Inc.

212

$

60,250

Wyndham

Hotels

&

Resorts,

Inc.

578

58,257

Yum!

Brands,

Inc.

1,947

261,209

1,054,443

Household

Durables

(

1

.6

%

)

Installed

Building

Products,

Inc.

(b)

177

31,019

KB

Home

531

34,897

Lennar

Corp.,

Class

 A

1,671

227,874

Meritage

Homes

Corp.

265

40,762

Mohawk

Industries,

Inc.

(a)

330

39,313

NVR,

Inc.

(a)

22

179,936

PulteGroup,

Inc.

1,526

166,182

Taylor

Morrison

Home

Corp.,

Class

 A

(a)

756

46,275

Tempur

Sealy

International,

Inc.

1,071

60,715

Toll

Brothers,

Inc.

752

94,714

TopBuild

Corp.

(a)(b)

220

68,495

Whirlpool

Corp.

(b)

343

39,267

1,029,449

Household

Products

(

0

.9

%

)

Church

&

Dwight

Co.,

Inc.

1,562

163,557

Clorox

Co.

(The)

788

127,979

Kimberly-Clark

Corp.

2,127

278,722

570,258

Independent

Power

and

Renewable

Electricity

Producers

(

0

.2

%

)

AES

Corp.

(The)

5,316

68,417

Brookfield

Renewable

Corp.

1,010

27,937

Clearway

Energy,

Inc.,

Class

 C

682

17,732

114,086

Industrial

REITs

(

0

.5

%

)

Americold

Realty

Trust,

Inc.

2,122

45,411

EastGroup

Properties,

Inc.

366

58,739

First

Industrial

Realty

Trust,

Inc.

983

49,278

Rexford

Industrial

Realty,

Inc.

1,662

64,253

STAG

Industrial,

Inc.

1,363

46,097

Terreno

Realty

Corp.

(b)

731

43,231

307,009

Insurance

(

4

.2

%

)

Allstate

Corp.

(The)

1,723

332,177

American

Financial

Group,

Inc.

479

65,589

Arch

Capital

Group

Ltd.

2,379

219,701

Axis

Capital

Holdings

Ltd.

502

44,487

Brown

&

Brown,

Inc.

1,795

183,126

Cincinnati

Financial

Corp.

1,005

144,418

Everest

Group

Ltd.

281

101,851

First

American

Financial

Corp.

745

46,518

Globe

Life,

Inc.

546

60,890

Hanover

Insurance

Group,

Inc.

(The)

234

36,190

Hartford

Financial

Services

Group,

Inc.

(The)

1,890

206,766

Kinsale

Capital

Group,

Inc.

145

67,444

Lincoln

National

Corp.

1,105

35,040

Old

Republic

International

Corp.

1,529

55,334

Primerica,

Inc.

217

58,898

Principal

Financial

Group,

Inc.

1,486

115,031

Prudential

Financial,

Inc.

2,324

275,464

Reinsurance

Group

of

America,

Inc.

429

91,647

RenaissanceRe

Holdings

Ltd.

326

81,112

Ryan

Specialty

Holdings,

Inc.,

Class

 A

(b)

673

43,180

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Insurance

(cont’d)

Selective

Insurance

Group,

Inc.

394

$

36,847

Unum

Group

1,184

86,468

W.

R.

Berkley

Corp.

1,903

111,364

White

Mountains

Insurance

Group

Ltd.

16

31,121

Willis

Towers

Watson

plc

657

205,799

2,736,462

Interactive

Media

&

Services

(

0

.3

%

)

Pinterest,

Inc.,

Class

 A

(a)

4,145

120,205

Snap,

Inc.,

Class

 A

(a)

7,592

81,766

ZoomInfo

Technologies,

Inc.,

Class

 A

(a)

1,964

20,641

222,612

IT

Services

(

2

.9

%

)

Akamai

Technologies,

Inc.

(a)

1,047

100,145

Amdocs

Ltd.

807

68,708

Cloudflare,

Inc.,

Class

 A

(a)

2,133

229,681

Cognizant

Technology

Solutions

Corp.,

Class

 A

3,442

264,690

EPAM

Systems,

Inc.

(a)

390

91,190

Gartner,

Inc.

(a)

525

254,347

GoDaddy,

Inc.,

Class

 A

(a)

990

195,396

Kyndryl

Holdings,

Inc.

(a)

1,625

56,225

MongoDB,

Inc.,

Class

 A

(a)

506

117,802

Snowflake,

Inc.,

Class

 A

(a)

2,022

312,217

Twilio,

Inc.,

Class

 A

(a)

1,025

110,782

VeriSign,

Inc.

(a)

600

124,176

1,925,359

Leisure

Products

(

0

.2

%

)

Brunswick

Corp.

478

30,917

Hasbro,

Inc.

838

46,853

Mattel,

Inc.

(a)

2,132

37,800

115,570

Life

Sciences

Tools

&

Services

(

2

.6

%

)

Agilent

Technologies,

Inc.

1,994

267,874

Avantor,

Inc.

(a)

4,698

98,987

Bio-Rad

Laboratories,

Inc.,

Class

 A

(a)(b)

136

44,677

Bio-Techne

Corp.

1,114

80,241

Bruker

Corp.

729

42,734

Charles

River

Laboratories

International,

Inc.

(a)

359

66,271

Illumina,

Inc.

(a)

1,115

148,997

IQVIA

Holdings,

Inc.

(a)

1,275

250,550

Medpace

Holdings,

Inc.

(a)

181

60,134

Mettler-Toledo

International,

Inc.

(a)

148

181,105

PerkinElmer,

Inc.

(b)

859

95,873

Repligen

Corp.

(a)

369

53,114

Waters

Corp.

(a)

421

156,183

West

Pharmaceutical

Services,

Inc.

510

167,056

1,713,796

Machinery

(

5

.0

%

)

AGCO

Corp.

457

42,720

Allison

Transmission

Holdings,

Inc.

635

68,618

Chart

Industries,

Inc.

(a)

314

59,924

CNH

Industrial

NV

5,976

67,708

Cummins,

Inc.

901

314,089

Donaldson

Co.,

Inc.

877

59,066

Dover

Corp.

1,006

188,726

Esab

Corp.

417

50,015

Federal

Signal

Corp.

440

40,652

Shares

Value

Flowserve

Corp.

964

$

55,449

Fortive

Corp.

2,546

190,950

Franklin

Electric

Co.,

Inc.

289

28,163

Graco,

Inc.

1,232

103,845

IDEX

Corp.

557

116,575

Ingersoll

Rand,

Inc.

2,772

250,755

ITT,

Inc.

597

85,299

Lincoln

Electric

Holdings,

Inc.

398

74,613

Middleby

Corp.

(The)

(a)

391

52,961

Mueller

Industries,

Inc.

809

64,202

Nordson

Corp.

399

83,487

Oshkosh

Corp.

476

45,253

Otis

Worldwide

Corp.

2,760

255,604

Pentair

plc

1,211

121,875

Snap-on,

Inc.

383

130,021

SPX

Technologies,

Inc.

(a)

329

47,876

Stanley

Black

&

Decker,

Inc.

1,132

90,888

Timken

Co.

(The)

(b)

466

33,258

Toro

Co.

(The)

754

60,395

Watts

Water

Technologies,

Inc.,

Class

 A

199

40,457

Westinghouse

Air

Brake

Technologies

Corp.

1,221

231,489

Xylem,

Inc.

1,775

205,936

3,260,869

Media

(

1

.5

%

)

Charter

Communications,

Inc.,

Class

 A

(a)

675

231,370

Interpublic

Group

of

Cos.,

Inc.

(The)

2,814

78,848

Liberty

Broadband

Corp.,

Class

 C

(a)

923

69,004

New

York

Times

Co.

(The),

Class

 A

(b)

1,216

63,293

Nexstar

Media

Group,

Inc.,

Class

 A

221

34,911

Omnicom

Group,

Inc.

1,463

125,877

Paramount

Global,

Class

 B

4,618

48,304

Trade

Desk,

Inc.

(The),

Class

 A

(a)

2,929

344,245

995,852

Metals

&

Mining

(

1

.1

%

)

ATI,

Inc.

(a)

1,567

86,248

Carpenter

Technology

Corp.

537

91,134

Commercial

Metals

Co.

1,488

73,805

Nucor

Corp.

1,655

193,155

Reliance,

Inc.

(b)

467

125,744

Steel

Dynamics,

Inc.

1,167

133,120

703,206

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.3

%

)

AGNC

Investment

Corp.

(b)

4,817

44,365

Annaly

Capital

Management,

Inc.

3,266

59,768

Rithm

Capital

Corp.

3,382

36,627

Starwood

Property

Trust,

Inc.

(b)

2,076

39,340

180,100

Multi-Utilities

(

2

.5

%

)

Ameren

Corp.

1,991

177,478

CMS

Energy

Corp.

2,224

148,230

Consolidated

Edison,

Inc.

2,472

220,576

Dominion

Energy,

Inc.

5,623

302,855

DTE

Energy

Co.

1,547

186,800

NiSource,

Inc.

3,488

128,219

Public

Service

Enterprise

Group,

Inc.

3,363

284,140

WEC

Energy

Group,

Inc.

2,301

216,386

1,664,684

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Office

REITs

(

0

.3

%

)

BXP,

Inc.

1,182

$

87,893

COPT

Defense

Properties

841

26,029

Vornado

Realty

Trust

1,326

55,745

169,667

Paper

&

Forest

Products

(

0

.1

%

)

Louisiana-Pacific

Corp.

441

45,666

Magnera

Corp.

(a)

1

18

45,684

Passenger

Airlines

(

0

.7

%

)

Alaska

Air

Group,

Inc.

(a)

1,268

82,103

American

Airlines

Group,

Inc.

(a)

6,511

113,487

Delta

Air

Lines,

Inc.

4,449

269,164

464,754

Personal

Care

Products

(

0

.8

%

)

BellRing

Brands,

Inc.

(a)

815

61,402

Coty,

Inc.,

Class

 A

(a)

2,332

16,231

elf

Beauty,

Inc.

(a)

346

43,440

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,484

111,271

Kenvue,

Inc.

12,238

261,281

493,625

Pharmaceuticals

(

0

.3

%

)

Elanco

Animal

Health,

Inc.

(a)

3,448

41,755

Jazz

Pharmaceuticals

plc

(a)

411

50,615

Organon

&

Co.

1,820

27,154

Royalty

Pharma

plc,

Class

 A

2,699

68,852

188,376

Professional

Services

(

3

.0

%

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

954

122,780

Broadridge

Financial

Solutions,

Inc.

824

186,298

Dayforce,

Inc.

(a)

1,056

76,708

Equifax,

Inc.

896

228,346

ExlService

Holdings,

Inc.

(a)

1,104

48,995

Exponent,

Inc.

381

33,947

FTI

Consulting,

Inc.

(a)

269

51,414

Genpact

Ltd.

1,148

49,307

Maximus,

Inc.

452

33,742

Parsons

Corp.

(a)

325

29,981

Paychex,

Inc.

2,174

304,838

Paycom

Software,

Inc.

351

71,944

Paylocity

Holding

Corp.

(a)

315

62,833

Robert

Half,

Inc.

760

53,550

Science

Applications

International

Corp.

(b)

344

38,452

SS&C

Technologies

Holdings,

Inc.

1,508

114,276

TransUnion

1,470

136,284

TriNet

Group,

Inc.

240

21,785

Verisk

Analytics,

Inc.,

Class

 A

973

267,993

1,933,473

Real

Estate

Management

&

Development

(

1

.0

%

)

CBRE

Group,

Inc.,

Class

 A

(a)

2,089

274,265

CoStar

Group,

Inc.

(a)

2,930

209,759

Jones

Lang

LaSalle,

Inc.

(a)

353

89,358

Zillow

Group,

Inc.,

Class

 C

(a)(b)

1,440

106,632

680,014

Residential

REITs

(

1

.9

%

)

AvalonBay

Communities,

Inc.

(b)

1,023

225,029

Shares

Value

Camden

Property

Trust

787

$

91,324

Equity

LifeStyle

Properties,

Inc.

1,391

92,641

Equity

Residential

2,807

201,430

Essex

Property

Trust,

Inc.

478

136,440

Invitation

Homes,

Inc.

4,570

146,103

Mid-America

Apartment

Communities,

Inc.

868

134,167

Sun

Communities,

Inc.

942

115,838

UDR,

Inc.

2,459

106,745

1,249,717

Retail

REITs

(

0

.7

%

)

Brixmor

Property

Group,

Inc.

2,246

62,529

Federal

Realty

Investment

Trust

632

70,752

Kimco

Realty

Corp.

4,944

115,838

Kite

Realty

Group

Trust

1,632

41,192

NNN

REIT,

Inc.

(b)

1,394

56,945

Regency

Centers

Corp.

1,350

99,805

447,061

Semiconductors

&

Semiconductor

Equipment

(

1

.9

%

)

Allegro

MicroSystems,

Inc.

(a)(b)

869

18,996

Cirrus

Logic,

Inc.

(a)

376

37,442

Enphase

Energy,

Inc.

(a)

776

53,296

Entegris,

Inc.

1,067

105,697

First

Solar,

Inc.

(a)

606

106,802

Lattice

Semiconductor

Corp.

(a)

969

54,894

MKS

Instruments,

Inc.

493

51,464

Monolithic

Power

Systems,

Inc.

332

196,444

ON

Semiconductor

Corp.

(a)

3,004

189,402

Onto

Innovation,

Inc.

(a)

348

58,001

Qorvo,

Inc.

(a)

666

46,573

Rambus,

Inc.

(a)

752

39,751

Skyworks

Solutions,

Inc.

(b)

1,131

100,297

Teradyne,

Inc.

1,126

141,786

Universal

Display

Corp.

312

45,615

1,246,460

Software

(

6

.9

%

)

Altair

Engineering,

Inc.,

Class

 A

(a)

418

45,608

ANSYS,

Inc.

(a)

619

208,807

Appfolio,

Inc.,

Class

 A

(a)

157

38,735

AppLovin

Corp.,

Class

 A

(a)

1,325

429,075

Aspen

Technology,

Inc.

(a)

190

47,430

Atlassian

Corp.,

Class

 A

(a)

1,079

262,607

Autodesk,

Inc.

(a)

1,389

410,547

Bentley

Systems,

Inc.,

Class

 B

(b)

970

45,299

BILL

Holdings,

Inc.

(a)

701

59,382

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

2,985

35,014

Clearwater

Analytics

Holdings,

Inc.,

Class

 A

(a)

1,231

33,877

CommVault

Systems,

Inc.

(a)

305

46,028

Confluent,

Inc.,

Class

 A

(a)

1,753

49,014

Datadog,

Inc.,

Class

 A

(a)

2,042

291,781

DocuSign,

Inc.,

Class

 A

(a)

1,427

128,344

Dolby

Laboratories,

Inc.,

Class

 A

418

32,646

Dropbox,

Inc.,

Class

 A

(a)

1,561

46,892

Dynatrace,

Inc.

(a)

2,092

113,700

Elastic

NV

(a)

610

60,439

Fair

Isaac

Corp.

(a)

156

310,585

Fortinet,

Inc.

(a)

4,116

388,880

Gen

Digital,

Inc.

3,963

108,507

Guidewire

Software,

Inc.

(a)

590

99,462

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Software

(cont’d)

HashiCorp,

Inc.,

Class

 A

(a)

1,057

$

36,160

HubSpot,

Inc.

(a)

352

245,263

Manhattan

Associates,

Inc.

(a)

429

115,933

MARA

Holdings,

Inc.

(a)(b)

2,226

37,330

Nutanix,

Inc.,

Class

 A

(a)

1,773

108,472

PTC,

Inc.

(a)

844

155,186

Qualys,

Inc.

(a)

257

36,037

SentinelOne,

Inc.,

Class

 A

(a)

1,931

42,868

Smartsheet,

Inc.,

Class

 A

(a)

919

51,492

SPS

Commerce,

Inc.

(a)

264

48,573

Tenable

Holdings,

Inc.

(a)

839

33,040

Tyler

Technologies,

Inc.

(a)

302

174,145

Varonis

Systems,

Inc.,

Class

 B

(a)

769

34,167

Zscaler,

Inc.

(a)

672

121,235

4,532,560

Specialized

REITs

(

1

.7

%

)

Crown

Castle,

Inc.

2,937

266,562

CubeSmart

1,679

71,945

Extra

Space

Storage,

Inc.

1,487

222,455

Iron

Mountain,

Inc.

2,067

217,263

Lamar

Advertising

Co.,

Class

 A

653

79,496

SBA

Communications

Corp.,

Class

 A

794

161,817

Weyerhaeuser

Co.

4,326

121,777

1,141,315

Specialty

Retail

(

2

.3

%

)

Abercrombie

&

Fitch

Co.,

Class

 A

(a)

321

47,980

Asbury

Automotive

Group,

Inc.

(a)(b)

124

30,136

AutoNation,

Inc.

(a)

167

28,363

Bath

&

Body

Works,

Inc.

1,367

52,999

Best

Buy

Co.,

Inc.

1,262

108,280

Burlington

Stores,

Inc.

(a)

404

115,164

CarMax,

Inc.

(a)

985

80,534

Carvana

Co.,

Class

 A

(a)(b)

736

149,673

Chewy,

Inc.,

Class

 A

(a)

829

27,763

Dick's

Sporting

Goods,

Inc.

357

81,696

Five

Below,

Inc.

(a)

344

36,106

Floor

&

Decor

Holdings,

Inc.,

Class

 A

(a)

674

67,198

GameStop

Corp.,

Class

 A

(a)(b)

2,480

77,723

Gap,

Inc.

(The)

1,279

30,223

Lithia

Motors,

Inc.,

Class

 A

167

59,691

Penske

Automotive

Group,

Inc.

118

17,988

RH

(a)

96

37,785

Signet

Jewelers

Ltd.

267

21,549

Tractor

Supply

Co.

3,593

190,644

Ulta

Beauty,

Inc.

(a)

301

130,914

Williams-Sonoma,

Inc.

(b)

757

140,181

1,532,590

Technology

Hardware,

Storage

&

Peripherals

(

1

.7

%

)

Hewlett

Packard

Enterprise

Co.

9,179

195,972

HP,

Inc.

6,827

222,765

NetApp,

Inc.

1,438

166,923

Pure

Storage,

Inc.,

Class

 A

(a)

2,201

135,208

Seagate

Technology

Holdings

plc

1,494

128,947

Super

Micro

Computer,

Inc.

(a)

3,559

108,478

Western

Digital

Corp.

(a)

2,443

145,676

1,103,969

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(

1

.3

%

)

Columbia

Sportswear

Co.

212

$

17,793

Crocs,

Inc.

(a)

359

39,321

Deckers

Outdoor

Corp.

(a)

963

195,576

Levi

Strauss

&

Co.,

Class

 A

607

10,501

Lululemon

Athletica,

Inc.

(a)

678

259,274

PVH

Corp.

354

37,436

Ralph

Lauren

Corp.,

Class

 A

248

57,283

Skechers

USA,

Inc.,

Class

 A

(a)

834

56,078

Tapestry,

Inc.

(b)

1,483

96,884

VF

Corp.

2,344

50,302

820,448

Trading

Companies

&

Distributors

(

2

.6

%

)

Air

Lease

Corp.,

Class

 A

769

37,073

Applied

Industrial

Technologies,

Inc.

281

67,291

Beacon

Roofing

Supply,

Inc.

(a)

393

39,921

Boise

Cascade

Co.

243

28,883

Core

&

Main,

Inc.,

Class

 A

(a)

1,395

71,019

Fastenal

Co.

3,651

262,543

Ferguson

Enterprises,

Inc.

1,270

220,434

FTAI

Aviation

Ltd.

(b)

744

107,166

GATX

Corp.

258

39,980

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

280

20,913

SiteOne

Landscape

Supply,

Inc.

(a)

284

37,423

United

Rentals,

Inc.

429

302,205

Watsco,

Inc.

259

122,737

WESCO

International,

Inc.

300

54,288

WW

Grainger,

Inc.

292

307,783

1,719,659

Water

Utilities

(

0

.4

%

)

American

Water

Works

Co.,

Inc.

1,456

181,257

Essential

Utilities,

Inc.

2,053

74,565

255,822

Total

Common

Stocks

(Cost

$59,740,828)

65,064,293

Short-Term

Investments

(2.2%)

Investment

Company

(0.4%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(c)

(Cost

$253,127)

253,127

253,127

Security

held

as

Collateral

on

Loaned

Securities

(

1

.8

%

)

Investment

Company

(1.8%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(c)

(Cost

$1,201,136)

1,201,136

1,201,136

Total

Short-Term

Investments

(Cost

$1,454,263)

1,454,263

–

Total

Investments

(

101

.7

%

)

(Cost

$

61,195,091

)

(d)

66,518,556

Liabilities

in

Excess

of

Other

Assets

(

-1.7%

)

(1,143,799)

NET

ASSETS

(100.0%)

$

65,374,757

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$3,097,577

and

$3,163,802,

respectively.

The

Fund

received

cash

collateral

of

$1,201,136,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$1,962,666

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$64

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(d)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$61,195,091.

The

aggregate

gross

unrealized

appreciation

is

$7,795,745

and

the

aggregate

gross

unrealized

depreciation

is

$2,472,280,

resulting

in

net

unrealized

appreciation

of

$5,323,465.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

*

Classification  

Percentage

of

Total

Investments

Other**

87

.8

%

Software

6

.9

Capital

Markets

5

.3

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.9%)

Aerospace

&

Defense

(

0

.0

%

)

(a)

Hexcel

Corp.

186

$

11,662

Air

Freight

&

Logistics

(

0

.2

%

)

Expeditors

International

of

Washington,

Inc.

590

65,354

Automobiles

(

1

.0

%

)

General

Motors

Co.

5,793

308,593

Banks

(

2

.0

%

)

Citizens

Financial

Group,

Inc.

3,750

164,100

Fifth

Third

Bancorp

2,368

100,119

Huntington

Bancshares,

Inc.

5,077

82,603

KeyCorp

972

16,660

Regions

Financial

Corp.

2,292

53,908

Truist

Financial

Corp.

4,872

211,347

628,737

Biotechnology

(

1

.6

%

)

Alnylam

Pharmaceuticals,

Inc.

(b)(c)

306

72,005

Amgen,

Inc.

795

207,209

Exact

Sciences

Corp.

(b)

606

34,051

Gilead

Sciences,

Inc.

1,190

109,920

Moderna,

Inc.

(b)

198

8,233

Regeneron

Pharmaceuticals,

Inc.

(b)

40

28,493

Vertex

Pharmaceuticals,

Inc.

(b)

131

52,754

512,665

Broadline

Retail

(

0

.4

%

)

eBay,

Inc.

(c)

1,854

114,855

Etsy,

Inc.

(b)

173

9,150

124,005

Building

Products

(

0

.8

%

)

Trane

Technologies

plc

662

244,510

Capital

Markets

(

5

.0

%

)

Charles

Schwab

Corp.

(The)

2,497

184,803

Intercontinental

Exchange,

Inc.

2,051

305,619

Morningstar,

Inc.

283

95,303

MSCI,

Inc.,

Class

 A

52

31,201

Nasdaq,

Inc.

1,644

127,098

S&P

Global,

Inc.

1,267

631,004

State

Street

Corp.

1,363

133,778

T

Rowe

Price

Group,

Inc.

(c)

506

57,224

1,566,030

Chemicals

(

2

.3

%

)

Ecolab,

Inc.

894

209,482

FMC

Corp.

(c)

1,026

49,874

Linde

plc

452

189,239

Mosaic

Co.

(The)

3,457

84,973

Sherwin-Williams

Co.

(The)

503

170,985

704,553

Commercial

Services

&

Supplies

(

0

.6

%

)

Cintas

Corp.

270

49,329

Copart,

Inc.

(b)

180

10,330

MSA

Safety,

Inc.

414

68,629

Tetra

Tech,

Inc.

713

28,406

Veralto

Corp.

158

16,092

172,786

Shares

Value

Communications

Equipment

(

1

.1

%

)

Ciena

Corp.

(b)

253

$

21,457

Cisco

Systems,

Inc.

4,150

245,680

Lumentum

Holdings,

Inc.

(b)(c)

179

15,027

Motorola

Solutions,

Inc.

132

61,014

343,178

Construction

Materials

(

0

.1

%

)

CRH

plc

436

40,339

Consumer

Finance

(

2

.0

%

)

American

Express

Co.

974

289,073

Capital

One

Financial

Corp.

821

146,401

Discover

Financial

Services

1,012

175,309

610,783

Consumer

Staples

Distribution

&

Retail

(

0

.5

%

)

Target

Corp.

1,184

160,053

Containers

&

Packaging

(

0

.4

%

)

Ball

Corp.

2,067

113,954

Distributors

(

0

.1

%

)

Genuine

Parts

Co.

229

26,738

Diversified

Consumer

Services

(

0

.4

%

)

Bright

Horizons

Family

Solutions,

Inc.

(b)

620

68,727

Service

Corp.

International

699

55,794

124,521

Diversified

Telecommunication

Services

(

0

.9

%

)

Verizon

Communications,

Inc.

7,069

282,689

Electric

Utilities

(

0

.7

%

)

Eversource

Energy

3,338

191,701

NextEra

Energy,

Inc.

469

33,623

225,324

Electrical

Equipment

(

2

.1

%

)

Eaton

Corp.

plc

1,260

418,156

Emerson

Electric

Co.

1,174

145,494

Rockwell

Automation,

Inc.

347

99,169

662,819

Entertainment

(

3

.1

%

)

Electronic

Arts,

Inc.

199

29,114

Netflix,

Inc.

(b)

595

530,335

Walt

Disney

Co.

(The)

3,652

406,650

966,099

Financial

Services

(

3

.8

%

)

Fidelity

National

Information

Services,

Inc.

568

45,877

Mastercard,

Inc.,

Class

 A

946

498,135

MGIC

Investment

Corp.

1,902

45,097

PayPal

Holdings,

Inc.

(b)

1,211

103,359

Rocket

Cos.,

Inc.,

Class

 A

(b)(c)

1,443

16,248

Visa,

Inc.,

Class

 A

(c)

1,500

474,060

1,182,776

Food

Products

(

1

.9

%

)

Darling

Ingredients,

Inc.

(b)

1,842

62,057

General

Mills,

Inc.

(c)

4,516

287,985

J.M.

Smucker

Co.

(The)

1,161

127,850

McCormick

&

Co.,

Inc.

(Non-Voting)

1,446

110,243

588,135

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Ground

Transportation

(

0

.2

%

)

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,050

$

55,692

Health

Care

Equipment

&

Supplies

(

2

.6

%

)

Boston

Scientific

Corp.

(b)

3,000

267,960

Edwards

Lifesciences

Corp.

(b)

1,415

104,752

Hologic,

Inc.

(b)

1,161

83,697

IDEXX

Laboratories,

Inc.

(b)

228

94,264

Insulet

Corp.

(b)

96

25,063

ResMed,

Inc.

525

120,062

STERIS

plc

527

108,330

804,128

Health

Care

Providers

&

Services

(

0

.6

%

)

DaVita,

Inc.

(b)

348

52,044

Humana,

Inc.

509

129,138

181,182

Health

Care

REITs

(

0

.1

%

)

Ventas,

Inc.

692

40,752

Hotel

&

Resort

REITs

(

0

.0

%

)

(a)

Host

Hotels

&

Resorts,

Inc.

(c)

903

15,821

Hotels,

Restaurants

&

Leisure

(

0

.7

%

)

Darden

Restaurants,

Inc.

578

107,907

Planet

Fitness,

Inc.,

Class

 A

(b)

292

28,870

Vail

Resorts,

Inc.

405

75,917

212,694

Household

Products

(

0

.4

%

)

Church

&

Dwight

Co.,

Inc.

303

31,727

Clorox

Co.

(The)

578

93,873

125,600

Industrial

REITs

(

0

.6

%

)

Prologis,

Inc.

1,761

186,138

Insurance

(

4

.1

%

)

Hartford

Financial

Services

Group,

Inc.

(The)

594

64,984

MetLife,

Inc.

4,452

364,530

Primerica,

Inc.

263

71,383

Progressive

Corp.

(The)

1,328

318,202

Prudential

Financial,

Inc.

1,936

229,474

Travelers

Cos.,

Inc.

(The)

903

217,524

1,266,097

IT

Services

(

2

.3

%

)

Accenture

plc,

Class

 A

1,608

565,678

Akamai

Technologies,

Inc.

(b)

497

47,538

Snowflake,

Inc.,

Class

 A

(b)

241

37,213

Twilio,

Inc.,

Class

 A

(b)

381

41,178

VeriSign,

Inc.

(b)

133

27,526

719,133

Leisure

Products

(

0

.2

%

)

Hasbro,

Inc.

1,338

74,808

Life

Sciences

Tools

&

Services

(

0

.9

%

)

Agilent

Technologies,

Inc.

768

103,173

Danaher

Corp.

474

108,807

IQVIA

Holdings,

Inc.

(b)

141

27,708

Waters

Corp.

(b)

155

57,502

297,190

Shares

Value

Machinery

(

5

.2

%

)

Caterpillar,

Inc.

779

$

282,590

Cummins,

Inc.

978

340,931

Deere

&

Co.

423

179,225

Illinois

Tool

Works,

Inc.

696

176,478

Parker-Hannifin

Corp.

764

485,927

Pentair

plc

768

77,291

Stanley

Black

&

Decker,

Inc.

344

27,620

Xylem,

Inc.

362

41,999

1,612,061

Media

(

0

.8

%

)

Interpublic

Group

of

Cos.,

Inc.

(The)

2,775

77,755

Omnicom

Group,

Inc.

1,989

171,134

248,889

Metals

&

Mining

(

0

.5

%

)

Nucor

Corp.

1,346

157,092

Multi-Utilities

(

0

.5

%

)

Consolidated

Edison,

Inc.

1,649

147,140

Office

REITs

(

0

.1

%

)

BXP,

Inc.

397

29,521

Personal

Care

Products

(

0

.3

%

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,078

80,828

Pharmaceuticals

(

5

.1

%

)

Bristol-Myers

Squibb

Co.

2,237

126,525

Eli

Lilly

&

Co.

1,075

829,900

Merck

&

Co.,

Inc.

5,657

562,758

Pfizer,

Inc.

3,255

86,355

1,605,538

Professional

Services

(

2

.5

%

)

Automatic

Data

Processing,

Inc.

895

261,993

FTI

Consulting,

Inc.

(b)

270

51,605

Genpact

Ltd.

777

33,372

ManpowerGroup,

Inc.

399

23,030

Paylocity

Holding

Corp.

(b)

125

24,934

Robert

Half,

Inc.

188

13,247

Verisk

Analytics,

Inc.,

Class

 A

1,354

372,932

781,113

Real

Estate

Management

&

Development

(

1

.2

%

)

CBRE

Group,

Inc.,

Class

 A

(b)

1,685

221,224

CoStar

Group,

Inc.

(b)

336

24,054

Jones

Lang

LaSalle,

Inc.

(b)

526

133,151

378,429

Residential

REITs

(

0

.2

%

)

Equity

Residential

788

56,547

Retail

REITs

(

0

.1

%

)

Brixmor

Property

Group,

Inc.

609

16,955

Semiconductors

&

Semiconductor

Equipment

(

10

.3

%

)

Advanced

Micro

Devices,

Inc.

(b)

1,191

143,861

Applied

Materials,

Inc.

1,192

193,855

First

Solar,

Inc.

(b)

58

10,222

Intel

Corp.

3,324

66,646

KLA

Corp.

93

58,601

Lam

Research

Corp.

643

46,444

Micron

Technology,

Inc.

1,126

94,764

Morgan

Stanley

ETF

Trust

Calvert

US

Select

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(cont’d)

NVIDIA

Corp.

17,473

$

2,346,449

ON

Semiconductor

Corp.

(b)

253

15,952

QUALCOMM,

Inc.

574

88,178

Texas

Instruments,

Inc.

748

140,257

3,205,229

Software

(

13

.1

%

)

Adobe,

Inc.

(b)

404

179,651

Autodesk,

Inc.

(b)

376

111,134

Cadence

Design

Systems,

Inc.

(b)

454

136,409

Fair

Isaac

Corp.

(b)

7

13,937

HubSpot,

Inc.

(b)

145

101,032

Intuit,

Inc.

321

201,748

Microsoft

Corp.

5,775

2,434,162

Palo

Alto

Networks,

Inc.

(b)

252

45,854

Salesforce,

Inc.

1,057

353,387

ServiceNow,

Inc.

(b)

343

363,621

Synopsys,

Inc.

(b)

130

63,097

Workday,

Inc.,

Class

 A

(b)

331

85,408

4,089,440

Specialized

REITs

(

0

.8

%

)

American

Tower

Corp.

1,044

191,480

Extra

Space

Storage,

Inc.

290

43,384

234,864

Specialty

Retail

(

3

.7

%

)

Best

Buy

Co.,

Inc.

845

72,501

Dick's

Sporting

Goods,

Inc.

95

21,740

Gap,

Inc.

(The)

1,637

38,682

Home

Depot,

Inc.

(The)

1,052

409,218

Lowe's

Cos.,

Inc.

895

220,886

TJX

Cos.,

Inc.

(The)

999

120,689

Tractor

Supply

Co.

1,635

86,753

Ulta

Beauty,

Inc.

(b)

244

106,123

Williams-Sonoma,

Inc.

493

91,294

1,167,886

Technology

Hardware,

Storage

&

Peripherals

(

8

.7

%

)

Apple,

Inc.

9,580

2,399,024

Dell

Technologies,

Inc.,

Class

 C

445

51,282

Hewlett

Packard

Enterprise

Co.

8,267

176,500

HP,

Inc.

2,397

78,214

2,705,020

Textiles,

Apparel

&

Luxury

Goods

(

1

.3

%

)

Deckers

Outdoor

Corp.

(b)

369

74,940

Lululemon

Athletica,

Inc.

(b)

352

134,608

NIKE,

Inc.,

Class

 B

1,063

80,437

Ralph

Lauren

Corp.,

Class

 A

130

30,028

Tapestry,

Inc.

1,088

71,079

391,092

Trading

Companies

&

Distributors

(

1

.2

%

)

Core

&

Main,

Inc.,

Class

 A

(b)

1,061

54,016

Ferguson

Enterprises,

Inc.

757

131,392

United

Rentals,

Inc.

256

180,337

365,745

Shares

Value

Water

Utilities

(

0

.6

%

)

American

Water

Works

Co.,

Inc.

1,616

$

201,176

Total

Common

Stocks

(Cost

$26,502,281)

31,120,103

Short-Term

Investments

(0.7%)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(d)

(Cost

$35,556)

35,556

35,556

Security

held

as

Collateral

on

Loaned

Securities

(

0

.6

%

)

Investment

Company

(0.6%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(d)

(Cost

$192,450)

192,450

192,450

Total

Short-Term

Investments

(Cost

$228,006)

228,006

–

Total

Investments

(

100

.6

%

)

(Cost

$

26,730,287

)

(e)

31,348,109

Liabilities

in

Excess

of

Other

Assets

(

-0.6%

)

(175,177)

NET

ASSETS

(100.0%)

$

31,172,932

(a)

Amount

is

less

than

0.05%.

(b)

Non-income

producing

security.

(c)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$968,379

and

$986,867,

respectively.

The

Fund

received

cash

collateral

of

$192,450,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$794,417

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$17

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(e)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$26,730,287.

The

aggregate

gross

unrealized

appreciation

is

$5,780,907

and

the

aggregate

gross

unrealized

depreciation

is

$1,163,085,

resulting

in

net

unrealized

appreciation

of

$4,617,822.

REIT

Real

Estate

Investment

Trust

Portfolio

Composition

*

Classification  

Percentage

of

Total

Investments

Other**

52

.5

%

Software

13

.1

Semiconductors

&

Semiconductor

Equipment

10

.3

Technology

Hardware,

Storage

&

Peripherals

8

.7

Machinery

5

.2

Pharmaceuticals

5

.2

Capital

Markets

5

.0

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(101.4%)

Asset-Backed

Securities

(

8

.6

%

)

ARES

LIV

CLO

Ltd.,

2019-54A

CME

Term

SOFR

3

Month

+

7.60%,

12.26%,

10/15/32(a)(b)

$

1,000,000

$

1,004,820

ARES

LVII

CLO

Ltd.,

2020-57A

CME

Term

SOFR

3

Month

+

6.53%,

11.16%,

1/25/35(a)(b)

2,750,000

2,717,652

ARES

LXI

CLO

Ltd.,

2021-61A

CME

Term

SOFR

3

Month

+

6.84%,

11.46%,

4/20/37(a)(b)

2,000,000

2,042,184

Ballyrock

CLO

15

Ltd.,

2021-1A

CME

Term

SOFR

3

Month

+

5.25%,

0.00%,

1/15/38(a)(b)

3,500,000

3,517,500

Ballyrock

CLO

16

Ltd.,

2021-16A

CME

Term

SOFR

3

Month

+

6.51%,

11.13%,

7/20/34(a)(b)

2,500,000

2,517,745

Barings

CLO

Ltd.,

2022-4A

CME

Term

SOFR

3

Month

+

6.75%,

11.37%,

10/20/37(a)(b)

3,750,000

3,877,747

2024-3A

CME

Term

SOFR

3

Month

+

5.90%,

11.16%,

7/20/37(a)(b)

3,000,000

3,074,250

Bear

Mountain

Park

CLO

Ltd.,

2022-1A

CME

Term

SOFR

3

Month

+

5.95%,

10.61%,

7/15/37(a)(b)

3,000,000

3,071,334

Benefit

Street

Partners

CLO

XV

Ltd.,

2018-15A

CME

Term

SOFR

3

Month

+

6.45%,

11.11%,

7/15/37(a)(b)

3,000,000

3,076,500

Benefit

Street

Partners

CLO

XVI

Ltd.,

2018-16A

CME

Term

SOFR

3

Month

+

4.90%,

9.22%,

1/17/38(a)(b)

3,000,000

3,015,000

BlueMountain

CLO

XXX

Ltd.,

2020-30A

CME

Term

SOFR

3

Month

+

6.70%,

11.36%,

4/15/35(a)(b)

2,000,000

1,975,532

BlueMountain

CLO

XXXIV

Ltd.,

2022-34A

CME

Term

SOFR

3

Month

+

7.55%,

12.17%,

4/20/35(a)(b)

1,000,000

1,008,829

Bryant

Park

Funding

Ltd.,

2023-19A

CME

Term

SOFR

3

Month

+

9.05%,

13.71%,

4/15/36(a)(b)

3,000,000

3,045,342

2024-23A

CME

Term

SOFR

3

Month

+

6.73%,

11.25%,

5/15/37(a)(b)

3,500,000

3,560,000

Face

Amount

Value

Canyon

Capital

CLO

Ltd.,

2019-1A

CME

Term

SOFR

3

Month

+

7.50%,

12.16%,

7/15/37(a)(b)

$

3,000,000

$

3,042,255

Canyon

CLO

Ltd.,

2020-2A

CME

Term

SOFR

3

Month

+

6.79%,

11.45%,

10/15/34(a)(b)

3,000,000

3,021,396

Carlyle

US

CLO

Ltd.,

2019-3A

CME

Term

SOFR

3

Month

+

7.34%,

11.96%,

4/20/37(a)(b)

2,000,000

2,047,316

2021-1A

CME

Term

SOFR

3

Month

+

7.30%,

11.87%,

1/15/40(a)(b)

4,000,000

4,042,092

2021-7A

CME

Term

SOFR

3

Month

+

6.51%,

11.17%,

10/15/35(a)(b)

1,000,000

1,006,997

CIFC

Funding

Ltd.,

2022-1A

CME

Term

SOFR

3

Month

+

6.40%,

11.05%,

4/17/35(a)(b)

1,000,000

1,005,699

Crown

Point

CLO

10

Ltd.,

2021-10A

CME

Term

SOFR

3

Month

+

7.11%,

11.73%,

7/20/34(a)(b)

3,000,000

3,010,533

Dryden

87

CLO

Ltd.,

2021-87A

CME

Term

SOFR

3

Month

+

6.41%,

10.93%,

5/20/34(a)(b)

2,500,000

2,482,728

Elmwood

CLO

VI

Ltd.,

2020-3A

CME

Term

SOFR

3

Month

+

5.90%,

10.53%,

7/18/37(a)(b)

3,000,000

3,102,786

Golub

Capital

Partners

CLO

52B

Ltd.,

2020-52A

CME

Term

SOFR

3

Month

+

6.75%,

11.37%,

4/20/37(a)(b)

4,000,000

4,066,972

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

2,555,727

Harvest

US

CLO

Ltd.,

2024-2A

CME

Term

SOFR

3

Month

+

6.90%,

11.71%,

10/15/37(a)(b)

3,000,000

3,075,999

2024-3A

CME

Term

SOFR

3

Month

+

6.70%,

11.05%,

1/18/38(a)(b)

3,000,000

3,014,199

Jamestown

CLO

XV

Ltd.,

2020-15A

CME

Term

SOFR

3

Month

+

7.06%,

11.72%,

7/15/35(a)(b)

2,000,000

2,014,178

Madison

Park

Funding

LIX

Ltd.,

2021-59A

CME

Term

SOFR

3

Month

+

6.40%,

11.03%,

4/18/37(a)(b)

1,500,000

1,521,728

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(8.6%)

(cont’d)

Madison

Park

Funding

XXII

Ltd.,

2016-22A

CME

Term

SOFR

3

Month

+

5.90%,

0.00%,

1/15/38(a)(b)

$

3,000,000

$

3,015,000

Marble

Point

CLO

XXIII

Ltd.,

2021-4A

CME

Term

SOFR

3

Month

+

7.55%,

12.18%,

1/22/35(a)(b)

1,250,000

1,228,240

Neuberger

Berman

CLO

XVII

Ltd.,

2014-17A

CME

Term

SOFR

3

Month

+

6.75%,

11.38%,

7/22/38(a)(b)

1,000,000

1,028,300

Neuberger

Berman

Loan

Advisers

CLO

59

Ltd.,

2024-59A

CME

Term

SOFR

3

Month

+

4.80%,

0.00%,

1/23/39(a)(b)

2,000,000

2,010,410

Neuberger

Berman

Loan

Advisers

CLO

60

Ltd.,

2021-46A

CME

Term

SOFR

3

Month

+

6.51%,

11.13%,

1/20/36(a)(b)

777,387

782,905

New

Mountain

CLO

6

Ltd.,

CLO-6A

CME

Term

SOFR

3

Month

+

6.10%,

10.74%,

10/15/37(a)(b)

2,000,000

2,017,428

Oaktree

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

6.59%,

11.21%,

7/20/37(a)(b)

4,000,000

4,016,328

2021-2A

CME

Term

SOFR

3

Month

+

7.38%,

12.04%,

1/15/35(a)(b)

1,000,000

1,005,625

OCP

Aegis

CLO

Ltd.,

2023-29A

CME

Term

SOFR

3

Month

+

5.00%,

0.00%,

1/20/36(a)(b)

3,000,000

3,015,000

Octagon

60

Ltd.,

2022-1A

CME

Term

SOFR

3

Month

+

7.00%,

11.62%,

10/20/37(a)(b)

4,000,000

4,145,052

Post

CLO

Ltd.,

2018-1A

CME

Term

SOFR

3

Month

+

7.68%,

12.33%,

10/16/37(a)(b)

2,000,000

2,021,912

Regatta

VI

Funding

Ltd.,

2016-1A

CME

Term

SOFR

3

Month

+

7.01%,

11.63%,

4/20/34(a)(b)

1,000,000

1,007,580

RR

36

Ltd.,

2024-36RA

CME

Term

SOFR

3

Month

+

6.62%,

11.28%,

1/15/37(a)(b)

1,000,000

1,000,050

102,808,870

Corporate

Bonds

(

5

.7

%

)

Aerospace

&

Defense

(0.0%)(c)

Goat

Holdco

LLC

6.75%,

2/1/32(a)

400,000

396,534

Face

Amount

Value

Automobile

Components

(0.5%)

Clarios

Global

LP

6.25%,

5/15/26(a)

$

6,000,000

$

6,012,874

Building

Products

(0.2%)

Smyrna

Ready

Mix

Concrete

LLC

8.88%,

11/15/31(a)

2,800,000

2,944,788

Capital

Markets

(0.3%)

AG

Issuer

LLC

6.25%,

3/1/28(a)

1,150,000

1,145,511

Focus

Financial

Partners

LLC

6.75%,

9/15/31(a)

2,000,000

1,994,253

3,139,764

Chemicals

(0.4%)

INEOS

Finance

plc

7.50%,

4/15/29(a)(d)

1,750,000

1,793,526

Olympus

Water

US

Holding

Corp.

9.75%,

11/15/28(a)

3,300,000

3,505,479

5,299,005

Commercial

Services

&

Supplies

(0.2%)

Allied

Universal

Holdco

LLC

4.63%,

6/1/28(a)

800,000

754,280

Madison

IAQ

LLC

4.13%,

6/30/28(a)

1,300,000

1,231,709

1,985,989

Construction

&

Engineering

(0.2%)

Artera

Services

LLC

8.50%,

2/15/31(a)

2,100,000

2,026,315

Containers

&

Packaging

(0.0%)(c)

Pactiv

Evergreen

Group

Issuer

LLC

4.38%,

10/15/28(a)

300,000

300,041

Diversified

Telecommunication

Services

(0.3%)

Altice

France

SA

5.13%,

7/15/29(a)

2,500,000

1,874,845

Level

3

Financing,

Inc.

11.00%,

11/15/29(a)

1,500,000

1,689,254

3,564,099

Health

Care

Equipment

&

Supplies

(0.1%)

Bausch

+

Lomb

Corp.

8.38%,

10/1/28(a)

1,000,000

1,036,250

Hotel

&

Resort

REITs

(0.2%)

Park

Intermediate

Holdings

LLC

5.88%,

10/1/28(a)

2,300,000

2,249,436

Hotels,

Restaurants

&

Leisure

(1.0%)

Caesars

Entertainment,

Inc.

6.50%,

2/15/32(a)

2,500,000

2,513,321

Fertitta

Entertainment

LLC

4.63%,

1/15/29(a)

2,800,000

2,608,074

NCL

Corp.

Ltd.

5.88%,

2/15/27(a)

4,300,000

4,289,692

Sabre

GLBL,

Inc.

10.75%,

11/15/29(a)(d)

2,165,000

2,241,623

11,652,710

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(5.7%)

(cont’d)

Insurance

(0.7%)

Alliant

Holdings

Intermediate

LLC

7.00%,

1/15/31(a)

$

1,000,000

$

1,005,001

AmWINS

Group,

Inc.

6.38%,

2/15/29(a)

3,000,000

3,020,271

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(a)

2,000,000

2,022,169

Ryan

Specialty

LLC

5.88%,

8/1/32(a)

2,000,000

1,980,206

8,027,647

Oil,

Gas

&

Consumable

Fuels

(0.3%)

CITGO

Petroleum

Corp.

7.00%,

6/15/25(a)

3,400,000

3,413,552

Passenger

Airlines

(0.3%)

American

Airlines,

Inc.

5.75%,

4/20/29(a)

3,500,000

3,473,670

Professional

Services

(0.0%)(c)

CoreLogic,

Inc.

4.50%,

5/1/28(a)

600,000

561,430

Real

Estate

Management

&

Development

(0.1%)

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

5/15/28(a)

1,150,000

1,152,120

Software

(0.6%)

Central

Parent,

Inc.

7.25%,

6/15/29(a)

1,200,000

1,187,309

Cloud

Software

Group,

Inc.

8.25%,

6/30/32(a)

2,590,000

2,672,868

9.00%,

9/30/29(a)

2,150,000

2,185,569

GoTo

Group,

Inc.

5.50%,

5/1/28(a)

950,000

812,250

6,857,996

Technology

Hardware,

Storage

&

Peripherals

(0.3%)

Diebold

Nixdorf,

Inc.

7.75%,

3/31/30(a)(d)

3,400,000

3,498,778

Textiles,

Apparel

&

Luxury

Goods

(0.0%)(c)

Champ

Acquisition

Corp.

8.38%,

12/1/31(a)

725,000

741,370

68,334,368

Variable

Rate

Senior

Loan

Interests  (

87

.1

%

)

Aerospace

&

Defense

(1.6%)

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

2024

Specified

Refinancing

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

3.50%,

8.35%,

8/24/28(b)

2,123,718

2,136,163

GOAT

Holdco

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

3.00%,

7.17%,

12/10/31(b)

2,000,000

2,004,000

Signia

Aerospace

LLC,

First

Lien,

Delayed

Draw

Term

Loan,

TBD,

12/11/31(b)

226,923

227,350

Face

Amount

Value

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.40%,

11/21/31(b)

$

2,723,077

$

2,728,196

Standard

Aero

Ltd.,

First

Lien,

2024

Specified

Refinancing

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

3.50%,

8.35%,

8/24/28(b)

815,967

820,748

TransDigm,

Inc.,

First

Lien,

Term

Loan,

J,

CME

Term

SOFR

3

Month

+

2.50%,

6.83%,

2/28/31(b)

7,736,125

7,758,096

First

Lien,

Term

Loan,

1,

CME

Term

SOFR

3

Month

+

2.75%,

7.08%,

8/24/28(b)

2,984,962

2,997,872

18,672,425

Automobile

Components

(1.6%)

Adient

US

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.25%,

6.61%,

1/31/31(b)

8,539,480

8,583,714

Autokiniton

US

Holdings,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.00%,

8.47%,

4/06/28(b)

8,448,654

8,411,691

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.34%,

10/04/28(b)

2,278,105

2,159,382

19,154,787

Automobiles

(0.2%)

American

Trailer

World

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

8.21%,

3/03/28(b)

2,050,000

1,830,138

Banks

(0.6%)

Chrysaor

Bidco

SARL,

First

Lien,

USD

Delayed

Draw

Commitment

Term

Loan,

TBD,

5/14/31(b)

206,587

208,601

First

Lien,

USD

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.50%,

8.12%,

7/17/31(b)

2,793,413

2,820,649

Dragon

Buyer,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.58%,

9/30/31(b)

2,500,000

2,508,325

First

Advantage

Holdings

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

10/31/31(b)

2,875,000

2,909,141

8,446,716

Beverages

(1.0%)

BrewCo

Borrower

LLC,

First

Lien,

First-Out

Exchanged

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

8.42%,

4/05/28(b)

1,067,201

760,381

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

First

Lien,

Second-Out

Exchanged

Term

Loan,

CME

Term

SOFR

3

Month

+

5.00%,

1.50%

PIK,

9.92%,

4/05/28(b)(e)

$

1,067,211

$

419,771

First

Lien,

First-

Out

New

Money

Term

Loan,

CME

Term

SOFR

3

Month

+

6.25%,

10.91%,

4/05/28(b)

23,406

17,788

Triton

Water

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.84%,

3/31/28(b)

10,721,122

10,819,006

12,016,946

Broadline

Retail

(0.4%)

Peer

Holding

III

BV,

First

Lien,

Term

Loan,

B5,

CME

Term

SOFR

3

Month

+

3.00%,

7.33%,

7/01/31(b)

4,975,000

5,009,203

Building

Products

(2.0%)

ACProducts

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

8.84%,

5/17/28(b)

1,237,179

1,005,208

AZEK

Group

LLC

(The),

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

6.36%,

9/26/31(b)

1,296,750

1,303,642

Chariot

Buyer

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.71%,

11/03/28(b)

7,049,564

7,100,251

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

7.75%,

4/12/28(b)

2,773,249

2,656,079

LHS

Borrower

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.75%,

9.21%,

2/19/29(b)

1,190,155

1,140,561

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

7.36%,

3/28/31(b)

447,750

452,881

Oldcastle

BuildingEnvelope,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

6

Month

+

4.25%,

8.50%,

4/30/29(b)

3,460,756

3,429,679

Quikrete

Holdings,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.50%,

6.86%,

4/14/31(b)

6,947,500

6,952,224

Standard

Building

Solutions,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

1.75%,

6.11%,

9/22/28(b)

169,488

170,114

24,210,639

Face

Amount

Value

Capital

Markets

(3.2%)

AAL

Delaware

Holdco,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

7/30/31(b)

$

3,990,000

$

4,027,426

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.50%,

8.05%,

7/31/28(b)

8,054,170

8,071,003

Aragorn

Parent

Corp.,

First

Lien,

2023

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

8.34%,

12/15/28(b)

7,432,450

7,501,200

Aretec

Group,

Inc.,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

8/09/30(b)

2,860,779

2,870,391

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

7.38%,

4/07/28(b)

4,282,856

4,314,078

Focus

Financial

Partners

LLC,

First

Lien,

2024

Delayed

Draw

Commitment

Term

Loan,

TBD,

9/11/31(b)

74,788

75,569

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

9/11/31(b)

696,337

703,603

Grant

Thornton

Advisors

LLC,

First

Lien,

Delayed

Draw

Term

Loan,

TBD,

6/02/31(b)

150,000

150,220

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

2.75%,

7.06%,

6/02/31(b)

1,050,000

1,051,543

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.82%,

5/31/31(b)

3,940,125

3,945,917

HDI

Aerospace

Intermediate

Holding

III

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

4.50%,

9.24%,

9/19/31(b)

1,175,000

1,180,875

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

6.80%,

1/27/31(b)

5,281,750

5,292,472

39,184,297

Chemicals

(4.5%)

A-AP

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

9/09/31(b)

675,000

681,328

CPC

Acquisition

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.34%,

12/29/27(b)

2,000,000

1,796,250

Discovery

Purchaser

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

4.38%,

8.95%,

10/04/29(b)

2,344,125

2,361,272

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

Gates

Global

LLC,

First

Lien,

Initial

Dollar

Term

Loan,

B5,

CME

Term

SOFR

1

Month

+

1.75%,

6.11%,

6/04/31(b)

$

7,462,500

$

7,487,238

INEOS

Enterprises

Holdings

US

Finco

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.75%,

8.36%,

7/07/30(b)

3,500,000

3,517,500

INEOS

US

Finance

LLC,

First

Lien,

2030

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

8.50%,

2/18/30(b)

4,593,199

4,619,449

Lonza

Group

AG,

First

Lien,

USD

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.93%,

8.63%,

7/03/28(b)

1,196,004

1,175,755

LTI

Holdings,

Inc.,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

1

Month

+

4.75%,

9.11%,

7/29/29(b)

1,496,250

1,500,552

Minerals

Technologies,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.00%,

6.34%,

11/21/31(b)

1,025,000

1,030,125

Momentive

Performance

Materials,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

8.36%,

3/29/28(b)

2,480,061

2,511,061

Olympus

Water

US

Holding

Corp.,

First

Lien,

Dollar

Term

Loan,

B5,

CME

Term

SOFR

3

Month

+

3.50%,

8.10%,

6/20/31(b)

5,115,492

5,137,873

Paint

Intermediate

III

LLC,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

7.52%,

9/11/31(b)

925,000

931,554

Rohm

Holding

GmbH,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

5.50%,

10.59%,

1/31/29(b)

2,281,425

2,193,020

Tronox

Finance

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

2.25%,

6.42%,

4/04/29(b)

5,000,000

5,020,325

First

Lien,

2024

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.50%,

6.84%,

9/30/31(b)

3,750,000

3,765,713

Vibrantz

Technologies,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

9.06%,

4/23/29(b)

3,472,109

3,429,680

W.R.

Grace

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.58%,

9/22/28(b)

6,933,634

7,001,237

54,159,932

Face

Amount

Value

Commercial

Services

&

Supplies

(7.9%)

Allied

Universal

Holdco

LLC,

First

Lien,

Initial

US

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

8.21%,

5/12/28(b)

$

7,144,655

$

7,176,877

Amspec

Parent

LLC,

First

Lien,

Delayed

Draw

Term

Loan,

TBD,

12/12/31(b)

240,000

241,800

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

1

Month

+

4.25%,

8.62%,

12/22/31(b)

1,560,000

1,571,700

APi

Group

DE,

Inc.,

First

Lien,

Repriced

2021

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

6.36%,

1/03/29(b)

1,529,122

1,531,354

Camelot

US

Acquisition

LLC,

First

Lien,

Incremental

Term

Loan.

B,

CME

Term

SOFR

1

Month

+

2.75%,

7.11%,

1/31/31(b)

10,190,732

10,195,522

CCI

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.33%,

12/17/27(b)

5,162,650

5,174,163

Ensemble

RCM

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

7.59%,

8/01/29(b)

6,515,203

6,571,005

Fugue

Finance

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

8.51%,

1/31/28(b)

7,944,710

8,029,956

GFL

Environmental,

Inc.,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

2.00%,

6.61%,

7/03/31(b)

2,842,875

2,851,759

HomeServe

USA

Corp.,

First

Lien,

Amendment

No.

1

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

6.37%,

10/21/30(b)

5,517,715

5,529,440

JFL-Tiger

Acquisition

Co.,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.34%,

10/17/30(b)

2,577,976

2,601,333

Madison

IAQ

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

6

Month

+

2.75%,

7.89%,

6/21/28(b)

7,144,512

7,179,128

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

5.00%,

9.76%,

4/11/29(b)

3,343,435

3,009,693

Northstar

Group

Services,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.75%,

9.90%,

5/31/30(b)

3,509,305

3,535,993

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

PG

Polaris

BidCo

SARL,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.33%,

3/26/31(b)

$

600,000

$

605,688

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.00%,

6.52%,

10/15/30(b)

3,241,875

3,253,351

Raven

Acquisition

Holdings

LLC,

First

Lien,

2024

Delayed

Draw

Term

Loan,

TBD,

10/24/31(b)

360,000

361,262

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

10/24/31(b)

5,040,000

5,057,665

Roper

Industrial

Products

Investment

Co.,

First

Lien,

Term

Loan,

C,

CME

Term

SOFR

3

Month

+

2.75%,

7.35%,

11/22/29(b)

3,523,605

3,536,819

SCUR-Alpha

1503

GmbH,

First

Lien,

USD

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

5.50%,

10.09%,

3/28/30(b)

2,276,590

2,176,989

Spin

Holdco,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.71%,

3/06/28(b)

2,779,921

2,353,606

Stepstone

Group

MidCo

2

GmbH

(The),

First

Lien,

Term

Loan,

CME

Term

SOFR

12

Month

+

4.50%,

8.67%,

12/04/31(b)

1,575,000

1,559,250

Teneo

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.75%,

9.11%,

3/13/31(b)

1,994,975

2,015,763

Tidal

Waste

&

Recycling

Holdings

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

7.83%,

10/03/31(b)

1,150,000

1,160,425

TruGreen

LP,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.00%,

8.46%,

11/02/27(b)

1,537,601

1,501,083

WestJet

Loyalty

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.58%,

2/14/31(b)

4,471,237

4,495,203

93,276,827

Communications

Equipment

(0.2%)

Delta

Topco,

Inc.,

First

Lien,

Second

Amendment

Term

Loan,

CME

Term

SOFR

6

Month

+

3.50%,

8.20%,

11/30/29(b)

2,000,000

2,018,130

Face

Amount

Value

Construction

&

Engineering

(1.8%)

Apple

Bidco

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.22%,

9/22/28(b)

$

7,052,714

$

7,101,801

Arcosa,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

6.71%,

8/15/31(b)

525,000

529,924

Artera

Services

LLC,

First

Lien,

Term

Loan,

C,

CME

Term

SOFR

3

Month

+

4.50%,

8.83%,

2/18/31(b)

500,000

496,493

Brown

Group

Holding

LLC,

First

Lien,

Incremental

Term

Loan,

B2,

CME

Term

SOFR

3

Month

+

2.50%,

6.93%,

7/01/31(b)

8,582,500

8,617,645

Construction

Partners,

Inc.,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.84%,

11/03/31(b)

950,000

956,536

Cube

Industrial

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

8.13%,

10/09/31(b)

2,250,000

2,267,809

Kodiak

Building

Partners

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

8.27%,

12/04/31(b)

1,050,000

1,052,063

Service

Logic

Acquisition,

Inc.,

First

Lien,

Amendment

No.

7

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

8.09%,

10/29/27(b)

1,496,241

1,508,405

22,530,676

Consumer

Finance

(0.5%)

Sabre

GLBL,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

5.00%,

9.46%,

6/30/28(b)

1,650,000

1,615,969

Trans

Union

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

B9,

CME

Term

SOFR

1

Month

+

1.75%,

6.11%,

6/24/31(b)

4,676,500

4,675,635

6,291,604

Consumer

Staples

Distribution

&

Retail

(0.2%)

Heritage

Grocers

Group

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

6.75%,

11.18%,

8/01/29(b)

2,775,672

2,649,615

Containers

&

Packaging

(1.0%)

Altium

Packaging

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.86%,

6/11/31(b)

671,625

672,048

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

7.53%,

11/29/30(b)

$

4,259,772

$

4,288,079

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.18%,

7.75%,

4/13/29(b)

6,448,965

6,469,118

11,429,245

Distributors

(0.7%)

Gloves

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

8.47%,

12/29/27(b)

6,267,701

6,274,219

Windsor

Holdings

III

LLC,

First

Lien,

2024

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

8/01/30(b)

2,685,505

2,722,431

8,996,650

Diversified

Consumer

Services

(2.9%)

Ascend

Learning

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.96%,

12/11/28(b)

4,562,692

4,593,012

Second

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

5.75%,

10.21%,

12/10/29(b)

2,500,000

2,485,938

Belron

Finance

US

LLC,

First

Lien,

2031

Dollar

Incremental

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

7.27%,

10/16/31(b)

2,992,500

3,024,774

KUEHG

Corp.,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.84%,

6/12/30(b)

6,760,850

6,838,735

Lernen

US

Finco

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Day

+

4.00%,

4.00%,

9/30/31(b)

975,000

987,188

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2024-2

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

5/04/28(b)

3,980,000

4,011,721

Renaissance

Holdings

Corp.,

First

Lien,

2024-2

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

8.36%,

4/05/30(b)

4,117,708

4,112,849

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

1/30/31(b)

8,379,402

8,424,148

34,478,365

Face

Amount

Value

Diversified

Telecommunication

Services

(0.7%)

Altice

France

SA,

First

Lien,

Term

Loan,

B14,

CME

Term

SOFR

3

Month

+

5.50%,

10.16%,

8/15/28(b)

$

3,491,139

$

2,812,985

Level

3

Financing,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

6.56%,

10.92%,

4/16/29(b)

3,000,000

3,064,125

Lumen

Technologies,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.35%,

6.82%,

4/16/29(b)

3,083,928

2,906,062

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.35%,

6.82%,

4/15/30(b)

598,614

559,040

9,342,212

Electric

Utilities

(0.4%)

Lightning

Power

LLC,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.25%,

7.74%,

8/18/31(b)

4,500,000

4,556,880

Electrical

Equipment

(0.5%)

LSF12

Crown

US

Commercial

Bidco

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

4.25%,

8.80%,

10/10/31(b)

3,650,000

3,650,018

nVent

Electric

plc,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

3.50%,

8.24%,

9/12/31(b)

2,000,000

2,024,380

Roper

Industrial

Products

Investment

Co.

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

12

Month,

TBD,

6/30/31(b)

582,036

584,219

6,258,617

Electronic

Equipment,

Instruments

&

Components

(0.5%)

Ingram

Micro,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.75%,

7.08%,

9/19/31(b)

4,836,786

4,870,039

VeriFone

Systems,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.78%,

8/20/25(b)

1,489,706

1,401,515

6,271,554

Energy

Equipment

&

Services

(0.1%)

Star

Holding

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.50%,

8.86%,

7/18/31(b)

1,521,188

1,520,077

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

Entertainment

(0.7%)

Playtika

Holding

Corp.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.75%,

7.22%,

3/13/28(b)

$

7,927,954

$

7,961,410

Financial

Services

(2.3%)

Boost

Newco

Borrower

LLC,

First

Lien,

USD

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

2.50%,

6.83%,

1/31/31(b)

6,982,500

7,033,437

CPI

Holdco

B

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

6.36%,

5/19/31(b)

1,670,813

1,669,468

Hightower

Holding

LLC,

First

Lien,

Amendment

No.

7

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

8.07%,

4/21/28(b)

3,451,950

3,474,957

Kestra

Advisor

Services

Holdings

A,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.51%,

3/19/31(b)

2,493,750

2,499,723

Mariner

Wealth

Advisors

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

7.08%,

8/18/28(b)

4,818,990

4,829,544

Mermaid

Bidco,

Inc.,

First

Lien,

USD

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.25%,

7.80%,

7/03/31(b)

3,317,063

3,339,884

Orion

Advisor

Solutions,

Inc.,

First

Lien,

2024

Refinance

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.34%,

9/24/30(b)

2,144,625

2,167,744

Osaic

Holdings,

Inc.,

First

Lien,

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

8/17/28(b)

2,085,782

2,096,805

27,111,562

Food

Products

(1.5%)

AAG

US

GSI

Bidco,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

5.00%,

9.33%,

10/08/31(b)

925,000

934,250

Alltech,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.00%,

8.47%,

10/13/28(b)

947,558

953,632

Froneri

International

Ltd.,

First

Lien,

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

2.00%,

6.36%,

9/17/31(b)

5,746,114

5,758,439

Nomad

Foods

US

LLC,

First

Lien,

2023

USD

Term

Loan,

B4,

CME

Term

SOFR

6

Month

+

2.50%,

6.97%,

11/13/29(b)

7,425,000

7,459,007

Face

Amount

Value

Pretzel

Parent,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.50%,

8.86%,

10/01/31(b)

$

2,400,000

$

2,424,000

Simply

Good

Foods

USA,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.96%,

3/17/27(b)

272,094

274,815

17,804,143

Ground

Transportation

(0.7%)

AIT

Worldwide

Logistics

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.75%,

9.28%,

4/05/30(b)

1,175,000

1,184,911

Hertz

Corp.

(The),

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.50%,

7.97%,

6/30/28(b)

2,984,807

2,698,549

First

Lien,

Initial

Term

Loan,

C,

CME

Term

SOFR

1

Month

+

3.50%,

7.97%,

6/30/28(b)

582,716

526,831

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

1/25/29(b)

2,992,481

3,014,940

PODS

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.85%,

3/31/28(b)

1,802,589

1,691,568

9,116,799

Health

Care

Equipment

&

Supplies

(1.4%)

Bausch

+

Lomb

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.69%,

5/10/27(b)

2,493,606

2,506,186

Medline

Borrower

LP,

First

Lien,

Dollar

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

6.61%,

10/23/28(b)

9,222,690

9,265,668

Sotera

Health

Holdings

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.84%,

5/30/31(b)

4,987,500

5,006,228

16,778,082

Health

Care

Providers

&

Services

(4.0%)

CNT

Holdings

I

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

8.09%,

11/08/27(b)

4,974,874

5,013,604

Concentra

Health

Services,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

6.61%,

7/26/31(b)

5,511,188

5,559,410

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

Examworks

Bidco,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.11%,

11/01/28(b)

$

575,000

$

577,840

Hanger,

Inc.,

First

Lien,

Delayed

Draw

Term

Loan,

TBD,

10/23/31(b)

268,061

271,043

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

10/23/31(b)

2,081,939

2,105,101

MED

ParentCo

LP,

First

Lien,

Ninth

Amendment

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

4/15/31(b)

2,992,500

3,020,240

Medical

Solutions

Holdings,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

8.19%,

11/01/28(b)

1,584,802

1,130,051

National

Mentor

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

C,

CME

Term

SOFR

3

Month

+

3.75%,

8.18%,

3/02/28(b)

120,215

119,370

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.20%,

3/02/28(b)

4,845,635

4,811,546

Pacific

Dental

Services,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.13%,

3/17/31(b)

5,463,725

5,508,118

Packaging

Coordinators

Midco,

Inc.,

First

Lien,

2024

Replacement

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.84%,

11/30/27(b)

8,565,679

8,613,861

PAREXEL

International,

Inc.,

First

Lien,

Fifth

Amendment

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

7.36%,

11/15/28(b)

4,973,996

5,014,409

Select

Medical

Corp.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.00%,

6.53%,

12/03/31(b)

1,825,000

1,833,358

Waystar

Technologies,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.32%,

10/22/29(b)

3,076,037

3,093,986

46,671,937

Health

Care

Technology

(0.7%)

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

2/15/29(b)

6,440,307

6,469,063

Cotiviti,

Inc.,

First

Lien,

New

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.00%,

7.55%,

5/01/31(b)

2,875,799

2,895,584

9,364,647

Face

Amount

Value

Hotels,

Restaurants

&

Leisure

(4.1%)

Carnival

Corp.,

First

Lien,

2027

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.11%,

8/09/27(b)

$

700,277

$

706,296

First

Lien,

2028

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.11%,

10/18/28(b)

3,564,317

3,594,400

ClubCorp

Holdings,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

3

Month

+

5.00%,

9.59%,

9/18/26(b)

5,077,180

5,098,885

Fertitta

Entertainment

LLC,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

1/29/29(b)

5,551,096

5,578,574

IRB

Holding

Corp.,

First

Lien,

2024

Second

Replacement

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

2.50%,

7.24%,

12/15/27(b)

2,500,000

2,505,562

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.75%,

7.42%,

12/15/27(b)

2,000,000

2,004,450

Light

&

Wonder

International,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.25%,

6.63%,

4/16/29(b)

7,775,487

7,817,164

Ontario

Gaming

GTA

LP,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.25%,

8.58%,

8/01/30(b)

3,573,961

3,585,773

Playa

Resorts

Holding

BV,

First

Lien,

2022

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.11%,

1/05/29(b)

6,524,721

6,538,782

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.59%,

4/04/29(b)

3,977,373

3,991,791

SeaWorld

Parks

&

Entertainment,

Inc.,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

1

Month

+

2.00%,

6.36%,

12/04/31(b)

6,835,596

6,832,759

48,254,436

Household

Durables

(1.0%)

Hunter

Douglas,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

3.50%,

8.02%,

2/25/29(b)

2,785,747

2,787,836

Mattress

Firm,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

6

Month

+

4.25%,

8.92%,

9/21/28(b)

6,548,974

6,554,443

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

Tempur

Sealy

International,

Inc.,

First

Lien,

2024

Term

Loan,

B,

CME

Term

SOFR

1

Day

+

2.50%,

2.50%,

10/24/31(b)

$

3,000,000

$

3,012,180

12,354,459

Household

Products

(0.3%)

Kronos

Acquisition

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.58%,

6/27/31(b)

4,114,688

3,896,095

Insurance

(5.4%)

Acrisure

LLC,

First

Lien,

Term

Loan,

B6,

CME

Term

SOFR

12

Month

+

3.50%,

8.74%,

11/06/30(b)

1,995,000

2,000,766

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.11%,

9/19/31(b)

11,174,410

11,216,984

AssuredPartners,

Inc.,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

2/14/31(b)

5,781,313

5,800,275

Asurion

LLC,

First

Lien,

New

Term

Loan,

B11,

CME

Term

SOFR

1

Month

+

4.25%,

8.71%,

8/21/28(b)

3,365,743

3,372,963

Second

Lien,

New

Term

Loan,

B3,

CME

Term

SOFR

1

Month

+

5.25%,

9.72%,

1/31/28(b)

1,000,000

979,645

Second

Lien,

New

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

5.25%,

9.72%,

1/19/29(b)

2,700,000

2,614,140

Broadstreet

Partners,

Inc.,

First

Lien,

2024

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.00%,

7.57%,

6/16/31(b)

4,937,625

4,960,289

HUB

International

Ltd.,

First

Lien,

2024-1

Incremental

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

7.37%,

6/20/30(b)

12,424,686

12,515,635

Ryan

Specialty

Group

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.25%,

6.61%,

9/15/31(b)

2,200,000

2,211,000

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.59%,

7/31/31(b)

5,423,556

5,462,958

Truist

Insurance

Holdings

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.75%,

7.08%,

5/06/31(b)

1,608,871

1,616,159

Face

Amount

Value

USI,

Inc.,

First

Lien,

2024

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.25%,

6.61%,

11/21/29(b)

$

12,227,278

$

12,222,754

64,973,568

IT

Services

(1.9%)

Foundever

Worldwide

Corp.,

First

Lien,

Initial

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

8.22%,

8/28/28(b)

1,390,767

942,244

Gainwell

Acquisition

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

8.43%,

10/01/27(b)

3,182,394

3,090,455

Newfold

Digital

Holdings

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.14%,

2/10/28(b)

4,862,211

3,302,511

Plano

HoldCo,

Inc.,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

7.83%,

10/02/31(b)

850,000

858,500

Speedster

Bidco

GmbH,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

3.50%,

7.28%,

10/17/31(b)

4,025,000

4,040,939

Synechron,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

8.11%,

9/26/31(b)

1,550,000

1,563,563

Tempo

Acquisition

LLC,

First

Lien,

Sixth

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

6.61%,

8/31/28(b)

8,004,104

8,044,125

21,842,337

Leisure

Products

(1.7%)

GBT

US

III

LLC,

First

Lien,

Restatement

Date

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.63%,

7/28/31(b)

6,500,000

6,539,813

GSM

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

5.00%,

9.33%,

9/29/31(b)

2,044,875

2,006,534

Horizon

US

Finco

LP,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

4.75%,

9.06%,

12/18/31(b)

2,125,000

2,117,031

MajorDrive

Holdings

IV

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.59%,

6/01/28(b)

3,599,474

3,519,134

Recess

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.50%,

9.09%,

2/20/30(b)

4,196,484

4,242,394

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

Sabre

GLBL,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.25%,

8.71%,

6/30/28(b)

$

1,000,000

$

976,255

19,401,161

Life

Sciences

Tools

&

Services

(0.2%)

Curia

Global,

Inc.,

First

Lien,

2021

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.44%,

8/31/26(b)

2,287,665

2,193,539

Machinery

(4.1%)

Alliance

Laundry

Systems

LLC,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.50%,

7.84%,

8/19/31(b)

2,500,000

2,519,875

Apex

Tool

Group

LLC,

First

Lien,

Term

Loan,

A,

CME

Term

SOFR

1

Month

+

7.35%,

7.35%

PIK,

11.92%,

2/08/29(b)(e)

37,721

35,450

First

Lien,

Incremental

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

10.00%,

7.17%

PIK,

14.46%,

2/08/30(b)(e)

88,088

83,683

CPM

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.50%,

9.05%,

9/28/28(b)

2,977,475

2,895,177

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

8.07%,

8/16/29(b)

2,578,041

2,607,702

Crown

Equipment

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.94%,

10/10/31(b)

1,925,000

1,940,641

Dynamo

US

Bidco,

Inc.,

First

Lien,

USD

Term

Loan,

B,

CME

Term

SOFR

6

Month

+

4.00%,

8.26%,

10/01/31(b)

1,995,000

2,017,444

Engineered

Machinery

Holdings,

Inc.,

First

Lien,

Incremental

US

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.34%,

5/19/28(b)

4,459,151

4,499,573

Second

Lien,

Incremental

Amendment

No.3

Term

Loan,

CME

Term

SOFR

3

Month

+

6.00%,

10.59%,

5/21/29(b)

3,150,000

3,165,750

Filtration

Group

Corp.,

First

Lien,

2021

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.97%,

10/23/28(b)

5,344,964

5,393,737

Madison

Safety

&

Flow

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

9/26/31(b)

922,688

930,618

Face

Amount

Value

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment

No.

4

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.86%,

8/31/28(b)

$

2,000,000

$

2,020,000

SPX

FLOW,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.00%,

7.36%,

4/05/29(b)

5,606,218

5,659,841

SunSource

Borrower

LLC,

First

Lien,

First

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

8.46%,

3/25/31(b)

2,581,744

2,593,039

TK

Elevator

Midco

GmbH,

First

Lien,

Term

Loan,

C,

CME

Term

SOFR

6

Month

+

3.50%,

8.59%,

4/30/30(b)

10,466,264

10,555,280

46,917,810

Media

(0.4%)

Charter

Communications

Operating

LLC,

First

Lien,

Term

Loan,

B5,

CME

Term

SOFR

1

Month

+

2.25%,

6.78%,

12/15/31(b)

1,125,000

1,123,903

MJH

Healthcare

Holdings

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

7.71%,

1/29/29(b)

3,308,375

3,330,094

4,453,997

Metals

&

Mining

(0.6%)

Arsenal

AIC

Parent

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

8/19/30(b)

6,552,080

6,615,963

Oil,

Gas

&

Consumable

Fuels

(3.0%)

Apro

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.27%,

7/09/31(b)

2,344,125

2,370,004

CQP

Holdco

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.00%,

6.33%,

12/31/30(b)

10,961,041

10,992,554

Discovery

Energy

Holding

Corp.,

First

Lien,

Initial

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.35%,

5/01/31(b)

4,189,500

4,190,820

EPIC

Crude

Services

LP,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.66%,

10/15/31(b)

1,125,000

1,136,250

Freeport

LNG

Investments

LLLP,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.50%,

8.38%,

12/21/28(b)

3,625,689

3,647,497

GIP

Pilot

Acquisition

Partners

LP,

First

Lien,

2024

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.50%,

7.09%,

10/04/30(b)

6,730,466

6,780,945

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

Matador

Bidco

SARL,

First

Lien,

2024

Specified

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

4.25%,

8.71%,

7/16/29(b)

$

6,423,774

$

6,489,168

35,607,238

Passenger

Airlines

(0.6%)

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.75%,

9.63%,

4/20/28(b)

7,082,353

7,282,748

Personal

Care

Products

(0.5%)

Conair

Holdings

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

8.22%,

5/17/28(b)

2,277,993

2,057,119

Journey

Personal

Care

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

8.11%,

3/01/28(b)

3,881,233

3,889,714

5,946,833

Pharmaceuticals

(0.3%)

Mallinckrodt

plc,

First

Lien,

Second-Out

Term

Loan,

CME

Term

SOFR

1

Month

+

9.50%,

14.00%,

11/14/28(b)

3,500,000

3,730,125

Professional

Services

(1.2%)

CoreLogic,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.97%,

6/02/28(b)

1,682,609

1,664,428

Creative

Artists

Agency

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.75%,

7.11%,

10/01/31(b)

997,487

1,003,512

EAB

Global,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

8/16/28(b)

8,252,441

8,294,735

EmployBridge

Holding

Co.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.75%,

9.62%,

7/19/28(b)

1,682,609

1,118,093

Soliant

Lower

Intermediate

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

8.11%,

7/18/31(b)

1,975,000

1,965,125

14,045,893

Real

Estate

Management

&

Development

(0.2%)

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2023

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.00%,

7.36%,

1/31/30(b)

2,293,749

2,305,217

Face

Amount

Value

Software

(14.5%)

Applied

Systems,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

7.33%,

2/24/31(b)

$

8,557,000

$

8,649,886

Azalea

Topco,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.61%,

4/30/31(b)

1,870,313

1,877,915

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

New

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.34%,

7/30/31(b)

5,774,741

5,829,543

Second

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

5.75%,

10.34%,

7/02/32(b)

2,000,000

1,973,340

Central

Parent

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.58%,

7/06/29(b)

4,563,563

4,509,096

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.50%,

7.83%,

3/30/29(b)

8,652,529

8,688,913

Cloudera,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

8.21%,

10/09/28(b)

5,186,599

5,182,553

Clover

Holdings

2

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.43%,

11/03/31(b)

3,750,000

3,796,875

Constant

Contact,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.92%,

2/10/28(b)

2,484,413

2,232,866

DS

Admiral

Bidco

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.25%,

8.61%,

6/26/31(b)

2,842,875

2,771,803

E2open

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.97%,

2/04/28(b)

966,544

972,382

ECI

Macola/Max

Holding

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.25%,

7.58%,

5/09/30(b)

8,542,151

8,633,809

Ellucian

Holdings,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

3.00%,

7.36%,

10/09/29(b)

8,101,030

8,165,838

Epicor

Software

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

7.13%,

5/30/31(b)

12,693,079

12,799,511

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

Imprivata,

Inc.,

First

Lien,

2024

Refinancing

Term

Commitment

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

8.09%,

12/01/27(b)

$

3,415,065

$

3,442,419

Informatica

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.25%,

6.61%,

10/27/28(b)

6,933,803

6,977,140

Ivanti

Software,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

4.25%,

9.12%,

12/01/27(b)

1,237,277

858,361

Marcel

Bidco

LLC,

First

Lien,

Term

Loan,

B7,

CME

Term

SOFR

1

Day

+

3.50%,

8.07%,

11/12/30(b)

5,472,534

5,554,622

McAfee

Corp.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

3.00%,

7.37%,

3/01/29(b)

5,373,588

5,385,007

Oceankey

US

II

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.96%,

12/15/28(b)

3,466,902

3,483,508

Open

Text

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

1.75%,

6.11%,

1/31/30(b)

9,959,487

9,973,829

PointClickCare

Technologies,

Inc.,

First

Lien,

2024-1

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.58%,

11/03/31(b)

1,125,000

1,133,437

Polaris

Newco

LLC,

First

Lien,

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.85%,

6/02/28(b)

4,262,619

4,275,684

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.58%,

10/28/30(b)

3,721,922

3,750,413

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

8.15%,

7/16/31(b)

3,275,000

3,302,363

Second

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

5.25%,

9.90%,

7/02/32(b)

525,000

536,595

Proofpoint,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

7.36%,

8/31/28(b)

4,234,646

4,260,075

Quartz

Acquireco

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

2.75%,

7.08%,

6/28/30(b)

4,944,875

4,988,143

Face

Amount

Value

Quest

Software,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

8.99%,

2/01/29(b)

$

2,188,299

$

1,426,038

Rackspace

Technology

Global,

Inc.,

First

Lien,

2024

Incremental

Super-Priority

Term

Loan,

CME

Term

SOFR

1

Month

+

6.25%,

10.85%,

5/15/28(b)

2,977,500

3,090,392

RealPage,

Inc.,

First

Lien,

2024-1

Incremental

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.08%,

4/24/28(b)

850,000

855,049

Symplr

Software,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.50%,

9.19%,

12/22/27(b)

2,277,880

2,090,843

Thunder

Generation

Funding

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.33%,

9/26/31(b)

1,945,125

1,960,316

UKG,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

7.62%,

2/10/31(b)

13,233,500

13,343,404

Veritas

US,

Inc.,

First

Lien,

Dollar

2020

Term

Loan,

B,

PRIME

+

4.00%,

11.50%,

9/02/25(b)

7,287,601

7,205,615

Vision

Solutions,

Inc.,

First

Lien,

New

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

8.85%,

4/24/28(b)

5,942,680

5,862,453

169,840,036

Specialty

Retail

(2.7%)

EG

Finco

Ltd.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

4.25%,

8.56%,

2/07/28(b)

500,000

505,180

EG

Group

Ltd.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Day

+

5.50%,

10.33%,

2/07/28(b)

500,000

505,180

Great

Outdoors

Group

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

3.75%,

8.22%,

3/06/28(b)

3,169,294

3,190,686

Harbor

Freight

Tools

USA,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

6

Month

+

2.50%,

6.90%,

6/11/31(b)

4,089,750

4,039,405

LS

Group

OpCo

Acquistion

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.00%,

7.36%,

4/23/31(b)

8,444,678

8,497,457

Park

River

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

8.11%,

12/28/27(b)

6,987,072

6,836,221

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (87.1%)

(cont’d)

PetSmart

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

8.21%,

2/11/28(b)

$

2,282,308

$

2,277,549

RealTruck

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.97%,

1/31/28(b)

2,921,706

2,840,147

White

Cap

Supply

Holdings

LLC,

First

Lien,

Term

Loan,

C,

CME

Term

SOFR

1

Month

+

3.25%,

7.82%,

10/19/29(b)

4,841,071

4,856,393

33,548,218

Textiles,

Apparel

&

Luxury

Goods

(0.4%)

ABG

Intermediate

Holdings

2

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

12

Month

+

2.75%,

7.99%,

12/21/28(b)

350,000

351,804

Hanesbrands,

Inc.,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

8.11%,

3/08/30(b)

1,083,754

1,094,591

Varsity

Brands

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

8.27%,

8/26/31(b)

4,000,000

4,009,500

5,455,895

Trading

Companies

&

Distributors

(0.2%)

Foundation

Building

Materials,

Inc.,

First

Lien,

Term

Loan,

9.25%,

1/29/31(b)

2,089,500

2,062,086

1,037,841,769

Total

Fixed

Income

Securities

(Cost

$1,208,069,455)

1,208,985,007

–

Shares

Short-Term

Investments

(

8

.8

%

)

Investment

Company

(

8

.3

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(f)

(Cost

$99,299,679)

99,299,679

99,299,679

Shares

Value

Security

held

as

Collateral

on

Loaned

Securities

(

0

.5

%

)

Investment

Company

(0.5%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(f)

(Cost

$5,717,583)

5,717,583

$

5,717,583

Total

Short-Term

Investments

(Cost

$105,017,262)

105,017,262

Total

Investments

(110.2%)

(Cost

$1,313,086,717)

1,314,002,269

Less:

Unfunded

Loan

Commitments

(-0.1%)

(cost

$1,524,625)

(1,535,845)

Net

Investments

(110.1%)

(cost

$1,311,562,092)(g)

1,312,466,424

Liabilities

in

Excess

of

Other

Assets

(-10.1%)

(120,034,923)

Net

Assets

(100.0%)

$1,192,431,501

(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

December

31,

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)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$5,576,033

and

$5,717,583,

respectively.

The

Fund

received

cash

collateral

of

$5,717,583,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(e)

Income

may

be

paid

in

additional

securities

and/or

cash

at

the

descretion

of

the

issuer.

(f)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$47,524

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(g)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$1,311,562,092.

The

aggregate

gross

unrealized

appreciation

is

$7,357,349

and

the

aggregate

gross

unrealized

depreciation

is

$6,453,017,

resulting

in

net

unrealized

appreciation

of

$904,332.

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

PIK

Payment-in-Kind

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

79‌

.3

%

Asset-Backed

Securities

7‌

.9

Short-Term

Investments

7‌

.6

Other**

5‌

.2

Total

Investments

100‌

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(96.2%)

Corporate

Bonds

(

96

.2

%

)

Aerospace

&

Defense

(2.8%)

Bombardier,

Inc.

7.00%,

6/1/32(a)(b)

$

30,000

$

30,555

7.25%,

7/1/31(a)(b)

30,000

30,976

7.88%,

4/15/27(a)(b)

62,000

62,133

8.75%,

11/15/30(a)(b)

40,000

43,047

Moog,

Inc.

4.25%,

12/15/27(a)

111,000

106,036

TransDigm,

Inc.

4.63%,

1/15/29(b)

52,000

48,737

5.50%,

11/15/27

142,000

139,651

6.38%,

3/1/29(a)

25,000

25,087

6.63%,

3/1/32(a)

40,000

40,411

6.75%,

8/15/28(a)

68,000

68,678

595,311

Air

Freight

&

Logistics

(0.4%)

Cargo

Aircraft

Management,

Inc.

4.75%,

2/1/28(a)

96,000

95,309

Automobile

Components

(1.0%)

Clarios

Global

LP

8.50%,

5/15/27(a)

100,000

100,340

Goodyear

Tire

&

Rubber

Co.

(The)

5.00%,

7/15/29

56,000

51,483

5.25%,

7/15/31

28,000

25,108

Patrick

Industries,

Inc.

6.38%,

11/1/32(a)

40,000

38,750

215,681

Automobiles

(0.8%)

Ford

Motor

Co.

6.10%,

8/19/32

175,000

174,224

Broadline

Retail

(0.6%)

Match

Group

Holdings

II

LLC

3.63%,

10/1/31(a)

139,000

119,113

Building

Products

(4.0%)

Builders

FirstSource,

Inc.

4.25%,

2/1/32(a)

208,000

183,875

5.00%,

3/1/30(a)

51,000

48,653

CP

Atlas

Buyer,

Inc.

7.00%,

12/1/28(a)

21,000

18,493

EMRLD

Borrower

LP

6.63%,

12/15/30(a)

131,000

131,338

Masterbrand,

Inc.

7.00%,

7/15/32(a)

87,000

87,708

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/28(a)

117,000

114,243

Standard

Building

Solutions,

Inc.

6.50%,

8/15/32(a)

25,000

25,061

Standard

Industries,

Inc.

3.38%,

1/15/31(a)

25,000

21,456

4.38%,

7/15/30(a)

163,000

149,469

Summit

Materials

LLC

7.25%,

1/15/31(a)

59,000

62,660

842,956

Face

Amount

Value

Capital

Markets

(3.2%)

CI

Financial

Corp.

4.10%,

6/15/51

$

50,000

$

34,600

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/29(a)

121,000

116,234

Focus

Financial

Partners

LLC

6.75%,

9/15/31(a)

81,000

80,767

HAT

Holdings

I

LLC

3.38%,

6/15/26(a)

185,000

179,390

Jane

Street

Group

4.50%,

11/15/29(a)

93,000

87,165

6.13%,

11/1/32(a)

55,000

54,527

MSCI,

Inc.

3.88%,

2/15/31(a)

128,000

117,285

669,968

Chemicals

(1.2%)

Avient

Corp.

6.25%,

11/1/31(a)

35,000

34,562

7.13%,

8/1/30(a)

122,000

125,145

WR

Grace

Holdings

LLC

4.88%,

6/15/27(a)

91,000

88,298

248,005

Commercial

Services

&

Supplies

(3.3%)

Allied

Universal

Holdco

LLC

7.88%,

2/15/31(a)

65,000

66,516

Clean

Harbors,

Inc.

4.88%,

7/15/27(a)

117,000

114,716

6.38%,

2/1/31(a)

15,000

15,115

GFL

Environmental,

Inc.

3.50%,

9/1/28(a)(b)

112,000

105,648

4.75%,

6/15/29(a)(b)

138,000

132,646

Reworld

Holding

Corp.

4.88%,

12/1/29(a)

103,000

95,370

WASH

Multifamily

Acquisition,

Inc.

5.75%,

4/15/26(a)

138,000

137,580

Wrangler

Holdco

Corp.

6.63%,

4/1/32(a)

25,000

25,475

693,066

Construction

&

Engineering

(0.5%)

Arcosa,

Inc.

6.88%,

8/15/32(a)

42,000

42,725

Artera

Services

LLC

8.50%,

2/15/31(a)

60,000

57,895

100,620

Consumer

Finance

(1.5%)

Ford

Motor

Credit

Co.

LLC

4.13%,

8/17/27

220,000

212,821

Macquarie

Airfinance

Holdings

Ltd.

6.40%,

3/26/29(a)

15,000

15,445

6.50%,

3/26/31(a)(b)

18,000

18,653

8.13%,

3/30/29(a)

59,000

62,594

309,513

Consumer

Staples

Distribution

&

Retail

(2.2%)

Albertsons

Cos.,

Inc.

4.88%,

2/15/30(a)

117,000

111,587

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(96.2%)

(cont’d)

5.88%,

2/15/28(a)

$

47,000

$

46,845

7.50%,

3/15/26(a)

25,000

25,120

Performance

Food

Group,

Inc.

4.25%,

8/1/29(a)

155,000

143,988

6.13%,

9/15/32(a)

40,000

40,048

US

Foods,

Inc.

4.75%,

2/15/29(a)

103,000

98,744

466,332

Containers

&

Packaging

(1.2%)

Ball

Corp.

6.88%,

3/15/28

109,000

111,577

Berry

Global,

Inc.

5.63%,

7/15/27(a)

68,000

67,956

Owens-Brockway

Glass

Container,

Inc.

7.25%,

5/15/31(a)

75,000

73,085

252,618

Distributors

(1.3%)

Ritchie

Bros

Holdings,

Inc.

6.75%,

3/15/28(a)

66,000

67,560

7.75%,

3/15/31(a)

66,000

69,101

Windsor

Holdings

III

LLC

8.50%,

6/15/30(a)

121,000

127,469

264,130

Diversified

Consumer

Services

(0.5%)

Wand

NewCo

3,

Inc.

7.63%,

1/30/32(a)

100,000

102,814

Diversified

REITs

(0.2%)

VICI

Properties

LP

3.75%,

2/15/27(a)

15,000

14,564

5.75%,

2/1/27(a)

26,000

26,242

40,806

Diversified

Telecommunication

Services

(3.0%)

CCO

Holdings

LLC

4.25%,

2/1/31(a)

13,000

11,346

4.50%,

8/15/30(a)

257,000

230,988

4.75%,

3/1/30

-

2/1/32(a)

100,000

90,828

6.38%,

9/1/29(a)

112,000

111,167

Virgin

Media

Finance

plc

5.00%,

7/15/30(a)(b)

220,000

186,485

630,814

Electric

Utilities

(3.5%)

Alpha

Generation

LLC

6.75%,

10/15/32(a)(b)

94,000

93,088

NextEra

Energy

Operating

Partners

LP

4.50%,

9/15/27(a)

115,000

110,199

NRG

Energy,

Inc.

3.63%,

2/15/31(a)

70,000

61,260

3.88%,

2/15/32(a)

56,000

48,946

6.00%,

2/1/33(a)

50,000

48,601

6.25%,

11/1/34(a)

30,000

29,449

10.25%,

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

78,000

86,232

Pattern

Energy

Operations

LP

4.50%,

8/15/28(a)

69,000

64,807

Face

Amount

Value

Vistra

Operations

Co.

LLC

5.00%,

7/31/27(a)

$

136,000

$

133,555

6.88%,

4/15/32(a)

55,000

56,368

732,505

Electronic

Equipment,

Instruments

&

Components

(0.8%)

Coherent

Corp.

5.00%,

12/15/29(a)

44,000

42,031

Insight

Enterprises,

Inc.

6.63%,

5/15/32(a)

51,000

51,352

Sensata

Technologies,

Inc.

3.75%,

2/15/31(a)

81,000

70,902

164,285

Energy

Equipment

&

Services

(0.7%)

Transocean,

Inc.

8.75%,

2/15/30(a)

56,100

58,099

Weatherford

International

Ltd.

8.63%,

4/30/30(a)

77,000

79,567

137,666

Entertainment

(1.1%)

Cinemark

USA,

Inc.

5.25%,

7/15/28(a)

98,000

95,659

7.00%,

8/1/32(a)

40,000

40,854

Playtika

Holding

Corp.

4.25%,

3/15/29(a)

94,000

85,575

222,088

Financial

Services

(0.8%)

Rocket

Mortgage

LLC

2.88%,

10/15/26(a)

32,000

30,384

3.63%,

3/1/29(a)

100,000

90,632

Shift4

Payments

LLC

6.75%,

8/15/32(a)

42,000

42,752

163,768

Food

Products

(1.8%)

Darling

Ingredients,

Inc.

6.00%,

6/15/30(a)

140,000

138,229

Pilgrim's

Pride

Corp.

3.50%,

3/1/32

130,000

112,265

6.88%,

5/15/34

30,000

31,938

Post

Holdings,

Inc.

6.25%,

2/15/32(a)

45,000

44,718

Viking

Baked

Goods

Acquisition

Corp.

8.63%,

11/1/31(a)(b)

56,000

55,152

382,302

Gas

Utilities

(1.0%)

Ferrellgas

LP

5.88%,

4/1/29(a)

120,000

109,789

Superior

Plus

LP

4.50%,

3/15/29(a)(b)

103,000

93,744

203,533

Ground

Transportation

(0.4%)

EquipmentShare.com,

Inc.

8.63%,

5/15/32(a)(b)

31,000

32,435

NESCO

Holdings

II,

Inc.

5.50%,

4/15/29(a)

15,000

13,934

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(96.2%)

(cont’d)

Watco

Cos.

LLC

7.13%,

8/1/32(a)(b)

$

45,000

$

46,429

92,798

Health

Care

Equipment

&

Supplies

(1.7%)

Avantor

Funding,

Inc.

4.63%,

7/15/28(a)

121,000

115,597

Medline

Borrower

LP

5.25%,

10/1/29(a)

253,000

244,401

359,998

Health

Care

Providers

&

Services

(6.8%)

Concentra

Escrow

Issuer

Corp.

6.88%,

7/15/32(a)(b)

62,000

63,377

Encompass

Health

Corp.

4.75%,

2/1/30

67,000

63,564

HCA,

Inc.

5.63%,

9/1/28

109,000

110,506

HealthEquity,

Inc.

4.50%,

10/1/29(a)

125,000

117,326

Heartland

Dental

LLC

10.50%,

4/30/28(a)

138,000

146,481

LifePoint

Health,

Inc.

4.38%,

2/15/27(a)

101,000

96,881

9.88%,

8/15/30(a)

56,000

60,492

Molina

Healthcare,

Inc.

3.88%,

11/15/30

-

5/15/32(a)

213,000

187,951

6.25%,

1/15/33(a)(b)

35,000

34,624

Option

Care

Health,

Inc.

4.38%,

10/31/29(a)

188,000

173,557

Team

Health

Holdings,

Inc.

9.00

%

Cash,

4.50%

PIK,

13.50%,

6/30/28(a)(e)

66,327

72,885

Tenet

Healthcare

Corp.

4.38%,

1/15/30

15,000

13,943

5.13%,

11/1/27

77,000

75,479

6.13%,

10/1/28

120,000

119,885

US

Acute

Care

Solutions

LLC

9.75%,

5/15/29(a)

86,000

87,751

1,424,702

Hotels,

Restaurants

&

Leisure

(8.6%)

1011778

BC

ULC

3.88%,

1/15/28(a)

109,000

103,174

4.00%,

10/15/30(a)(b)

135,000

120,858

Boyne

USA,

Inc.

4.75%,

5/15/29(a)

62,000

58,823

Caesars

Entertainment,

Inc.

4.63%,

10/15/29(a)

194,000

181,790

6.00%,

10/15/32(a)

45,000

43,430

6.50%,

2/15/32(a)

40,000

40,213

7.00%,

2/15/30(a)

112,000

114,159

Carnival

Corp.

6.00%,

5/1/29(a)

145,000

144,768

Churchill

Downs,

Inc.

5.75%,

4/1/30(a)

100,000

98,212

Life

Time,

Inc.

5.75%,

1/15/26(a)

165,000

164,932

Face

Amount

Value

Light

&

Wonder

International,

Inc.

7.00%,

5/15/28(a)

$

111,000

$

111,325

NCL

Corp.

Ltd.

7.75%,

2/15/29(a)

95,000

99,830

NCL

Finance

Ltd.

6.13%,

3/15/28(a)

70,000

70,277

Raising

Cane's

Restaurants

LLC

9.38%,

5/1/29(a)

95,000

101,889

Royal

Caribbean

Cruises

Ltd.

3.70%,

3/15/28(b)

25,000

23,722

6.00%,

2/1/33(a)(b)

45,000

44,926

6.25%,

3/15/32(a)(b)

40,000

40,510

Viking

Cruises

Ltd.

5.88%,

9/15/27(a)

145,000

144,385

Yum!

Brands,

Inc.

3.63%,

3/15/31(b)

96,000

84,961

1,792,184

Household

Durables

(1.5%)

Taylor

Morrison

Communities,

Inc.

5.88%,

6/15/27(a)

91,000

91,762

Tempur

Sealy

International,

Inc.

3.88%,

10/15/31(a)

120,000

104,799

TopBuild

Corp.

4.13%,

2/15/32(a)

135,000

119,698

316,259

Household

Products

(0.1%)

Spectrum

Brands,

Inc.

3.88%,

3/15/31(a)

14,000

12,118

Independent

Power

and

Renewable

Electricity

Producers

(0.6%)

Calpine

Corp.

5.00%,

2/1/31(a)

56,000

52,701

5.13%,

3/15/28(a)

74,000

71,826

124,527

Insurance

(2.4%)

Alliant

Holdings

Intermediate

LLC

6.50%,

10/1/31(a)

12,000

11,896

7.00%,

1/15/31(a)

82,000

82,410

HUB

International

Ltd.

7.25%,

6/15/30(a)

55,000

56,420

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

3/15/30(a)(b)

100,000

105,681

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(a)

164,000

165,818

Ryan

Specialty

LLC

5.88%,

8/1/32(a)

78,000

77,228

499,453

IT

Services

(1.1%)

Arches

Buyer,

Inc.

4.25%,

6/1/28(a)

95,000

87,355

Gartner,

Inc.

4.50%,

7/1/28(a)

144,000

140,426

227,781

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(96.2%)

(cont’d)

Life

Sciences

Tools

&

Services

(0.4%)

Fortrea

Holdings,

Inc.

7.50%,

7/1/30(a)

$

90,000

$

90,262

Machinery

(2.0%)

Calderys

Financing

LLC

11.25%,

6/1/28(a)

101,000

108,236

Chart

Industries,

Inc.

9.50%,

1/1/31(a)

117,000

125,864

Esab

Corp.

6.25%,

4/15/29(a)

62,000

62,849

Roller

Bearing

Co.

of

America,

Inc.

4.38%,

10/15/29(a)

125,000

116,953

413,902

Media

(2.8%)

Clear

Channel

Outdoor

Holdings,

Inc.

7.88%,

4/1/30(a)

103,000

106,130

Directv

Financing

LLC

5.88%,

8/15/27(a)

15,000

14,630

DISH

Network

Corp.

11.75%,

11/15/27(a)

74,000

78,469

McGraw-Hill

Education,

Inc.

5.75%,

8/1/28(a)

101,000

98,726

7.38%,

9/1/31(a)

30,000

30,740

Outfront

Media

Capital

LLC

4.63%,

3/15/30(a)

119,000

110,058

Stagwell

Global

LLC

5.63%,

8/15/29(a)

86,000

81,983

Townsquare

Media,

Inc.

6.88%,

2/1/26(a)

62,000

61,864

582,600

Metals

&

Mining

(3.4%)

Arsenal

AIC

Parent

LLC

11.50%,

10/1/31(a)

122,000

136,644

Big

River

Steel

LLC

6.63%,

1/31/29(a)

55,000

55,053

Cleveland-Cliffs,

Inc.

7.38%,

5/1/33(a)(b)

55,000

54,086

Compass

Minerals

International,

Inc.

6.75%,

12/1/27(a)

153,000

150,870

Eldorado

Gold

Corp.

6.25%,

9/1/29(a)(b)

84,000

82,903

Hudbay

Minerals,

Inc.

4.50%,

4/1/26(a)

69,000

68,076

6.13%,

4/1/29(a)(b)

35,000

35,170

Novelis

Corp.

3.25%,

11/15/26(a)

45,000

42,903

4.75%,

1/30/30(a)

100,000

92,412

718,117

Oil,

Gas

&

Consumable

Fuels

(11.3%)

Aethon

United

BR

LP

7.50%,

10/1/29(a)

60,000

61,419

Antero

Midstream

Partners

LP

5.75%,

3/1/27(a)

95,000

94,622

Cheniere

Energy

Partners

LP

4.00%,

3/1/31

108,000

99,941

Face

Amount

Value

Cheniere

Energy,

Inc.

4.63%,

10/15/28

$

118,000

$

115,523

Civitas

Resources,

Inc.

8.63%,

11/1/30(a)

77,000

80,708

DT

Midstream,

Inc.

4.13%,

6/15/29(a)

127,000

118,691

EQM

Midstream

Partners

LP

4.50%,

1/15/29(a)

81,000

77,229

4.75%,

1/15/31(a)

70,000

65,879

6.50%,

7/1/27(a)

51,000

51,696

7.50%,

6/1/30(a)

62,000

66,200

Expand

Energy

Corp.

4.75%,

2/1/32

125,000

116,435

Genesis

Energy

LP

7.88%,

5/15/32

31,000

30,388

Kinetik

Holdings

LP

5.88%,

6/15/30(a)

113,000

111,311

Matador

Resources

Co.

6.50%,

4/15/32(a)

55,000

54,471

Parkland

Corp.

4.63%,

5/1/30(a)(b)

100,000

91,884

Permian

Resources

Operating

LLC

5.88%,

7/1/29(a)

177,000

173,801

6.25%,

2/1/33(a)

40,000

39,517

Plains

All

American

Pipeline

LP

8.90%,

1/30/25(c)(d)

91,000

90,780

SM

Energy

Co.

7.00%,

8/1/32(a)

45,000

44,410

Sunoco

LP

4.50%,

4/30/30

111,000

103,030

7.25%,

5/1/32(a)

45,000

46,519

TerraForm

Power

Operating

LLC

4.75%,

1/15/30(a)

32,000

29,607

5.00%,

1/31/28(a)

89,000

85,818

Venture

Global

LNG,

Inc.

7.00%,

1/15/30(a)

30,000

30,478

8.38%,

6/1/31(a)

217,000

226,540

9.00%,

9/30/29(a)(c)(d)

90,000

94,242

9.50%,

2/1/29(a)

20,000

22,118

9.88%,

2/1/32(a)

5,000

5,489

Vital

Energy,

Inc.

7.88%,

4/15/32(a)

12,000

11,558

9.75%,

10/15/30(b)

54,000

56,989

Western

Midstream

Operating

LP

4.05%,

2/1/30(f)

65,000

61,011

2,358,304

Passenger

Airlines

(0.5%)

VistaJet

Malta

Finance

plc

6.38%,

2/1/30(a)

104,000

90,983

9.50%,

6/1/28(a)

17,000

17,127

108,110

Personal

Care

Products

(1.1%)

BellRing

Brands,

Inc.

7.00%,

3/15/30(a)

116,000

119,002

Edgewell

Personal

Care

Co.

4.13%,

4/1/29(a)

80,000

73,849

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(96.2%)

(cont’d)

Prestige

Brands,

Inc.

3.75%,

4/1/31(a)

$

35,000

$

30,754

223,605

Pharmaceuticals

(0.7%)

Endo

Finance

Holdings,

Inc.

8.50%,

4/15/31(a)

55,000

58,343

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.10%,

10/1/46

118,000

84,989

143,332

Professional

Services

(1.2%)

Amentum

Holdings,

Inc.

7.25%,

8/1/32(a)

41,000

41,357

AMN

Healthcare,

Inc.

4.63%,

10/1/27(a)

76,000

72,589

VT

Topco,

Inc.

8.50%,

8/15/30(a)

122,000

129,368

243,314

Real

Estate

Management

&

Development

(0.3%)

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

5/15/28(a)

68,000

68,125

Semiconductors

&

Semiconductor

Equipment

(0.4%)

ON

Semiconductor

Corp.

3.88%,

9/1/28(a)

91,000

85,420

Software

(2.3%)

Clarivate

Science

Holdings

Corp.

4.88%,

7/1/29(a)

95,000

88,663

Cloud

Software

Group,

Inc.

6.50%,

3/31/29(a)

61,000

59,950

9.00%,

9/30/29(a)

66,000

67,092

Ellucian

Holdings,

Inc.

6.50%,

12/1/29(a)

53,000

53,155

Fair

Isaac

Corp.

4.00%,

6/15/28(a)

85,000

80,280

Open

Text

Corp.

3.88%,

2/15/28(a)(b)

63,000

59,401

SS&C

Technologies,

Inc.

5.50%,

9/30/27(a)

67,000

66,415

474,956

Specialty

Retail

(5.0%)

Asbury

Automotive

Group,

Inc.

4.63%,

11/15/29(a)

34,000

31,689

5.00%,

2/15/32(a)

14,000

12,786

Bath

&

Body

Works,

Inc.

6.75%,

7/1/36(b)

40,000

40,705

6.88%,

11/1/35(b)

18,000

18,443

Cougar

JV

Subsidiary

LLC

8.00%,

5/15/32(a)

69,000

71,691

Evergreen

Acqco

1

LP

9.75%,

4/26/28(a)

82,000

86,387

Group

1

Automotive,

Inc.

4.00%,

8/15/28(a)

128,000

119,933

6.38%,

1/15/30(a)

20,000

20,090

LCM

Investments

Holdings

II

LLC

4.88%,

5/1/29(a)

91,000

85,093

Face

Amount

Value

Lithia

Motors,

Inc.

3.88%,

6/1/29(a)

$

91,000

$

83,244

4.38%,

1/15/31(a)

92,000

83,752

Sonic

Automotive,

Inc.

4.63%,

11/15/29(a)

129,000

119,216

4.88%,

11/15/31(a)

134,000

120,353

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/29(a)

68,000

69,246

Valvoline,

Inc.

3.63%,

6/15/31(a)

88,000

75,397

1,038,025

Technology

Hardware,

Storage

&

Peripherals

(1.0%)

Diebold

Nixdorf,

Inc.

7.75%,

3/31/30(a)(b)

40,000

41,162

Seagate

HDD

Cayman

8.25%,

12/15/29

84,000

89,579

9.63%,

12/1/32

80,000

90,264

221,005

Textiles,

Apparel

&

Luxury

Goods

(0.7%)

Champ

Acquisition

Corp.

8.38%,

12/1/31(a)

53,000

54,197

Hanesbrands,

Inc.

9.00%,

2/15/31(a)

95,000

101,387

155,584

Trading

Companies

&

Distributors

(1.4%)

Imola

Merger

Corp.

4.75%,

5/15/29(a)

134,000

127,182

WESCO

Distribution,

Inc.

6.38%,

3/15/29(a)

32,000

32,468

6.63%,

3/15/32(a)

33,000

33,581

7.25%,

6/15/28(a)

108,000

109,902

303,133

Transportation

Infrastructure

(0.5%)

Seaspan

Corp.

5.50%,

8/1/29(a)

107,000

100,031

Wireless

Telecommunication

Services

(0.6%)

Sprint

LLC

7.63%,

3/1/26

43,000

43,984

T-Mobile

USA,

Inc.

2.25%,

2/15/26

54,000

52,488

2.88%,

2/15/31

41,000

36,079

132,551

Total

Fixed

Income

Securities

(Cost

$19,213,175)

20,137,623

–

Shares

Short-Term

Investments

(

11

.3

%

)

Investment

Company

(

2

.3

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(g)

(Cost

$476,144)

476,144

476,144

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Security

held

as

Collateral

on

Loaned

Securities

(

9

.0

%

)

Investment

Company

(9.0%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(g)

(Cost

$1,885,143)

1,885,143

$

1,885,143

Total

Short-Term

Investments

(Cost

$2,361,287)

2,361,287

Total

Investments

(107.5%)

(Cost

$21,574,462)

(h)

22,498,910

Liabilities

in

Excess

of

Other

Assets

(-7.5%)

(1,567,768)

Net

Assets

(100.0%)

$20,931,142

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$1,820,826

and

$1,885,143,

respectively.

The

Fund

received

cash

collateral

of

$1,885,143,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(c)

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

December

31,

2024.

(d)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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.

(e)

Income

may

be

paid

in

additional

securities

and/or

cash

at

the

descretion

of

the

issuer.

(f)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

December

31,

2024.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(g)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$268

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(h)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$21,574,462.

The

aggregate

gross

unrealized

appreciation

is

$944,101

and

the

aggregate

gross

unrealized

depreciation

is

$19,653,

resulting

in

net

unrealized

appreciation

of

$924,448.

PIK

Payment-in-Kind

REIT

Real

Estate

Investment

Trust

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

Other**

73‌

.0

%

Oil,

Gas

&

Consumable

Fuels

11‌

.4

Hotels,

Restaurants

&

Leisure

8‌

.7

Health

Care

Providers

&

Services

6‌

.9

Total

Investments

100‌

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

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

First

Quarter

Report

December

31,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(92.3%)

Municipal

Bonds

(

92

.3

%

)

Alabama

(

0

.6

%

)

Black

Belt

Energy

Gas

District,

Gas

Project

Series

2024

D

5.00%,

3/1/55(a)

$

235,000

$

249,588

Arizona

(

2

.1

%

)

City

of

Mesa

AZ,

Utility

System

Series

2014

4.00%,

7/1/37

250,000

245,741

Industrial

Development

Authority

of

the

County

of

Yavapai

(The),

Yavapai

Community

Hospital

Association

Obligated

Group

Series

2019

4.00%,

8/1/43

425,000

407,247

Sierra

Vista

Industrial

Development

Authority,

American

Leadership

Academy,

Inc.

Series

2024

5.00%,

6/15/34(b)

250,000

257,125

910,113

California

(

3

.8

%

)

California

Community

Choice

Financing

Authority,

Series

2024

C

5.00%,

8/1/55(a)

325,000

344,644

Series

2023

F

5.50%,

10/1/54(a)

490,000

533,494

Los

Angeles

Department

of

Water

&

Power

Water

System,

Series

2022

CC

5.00%,

7/1/42

500,000

555,360

Menifee

Union

School

District,

Series

2017

A

3.25%,

8/1/37

250,000

237,037

1,670,535

Colorado

(

5

.3

%

)

Board

of

Governors

of

Colorado

State

University

System,

Series

2023

A-2

4.38%,

3/1/48(a)

500,000

520,711

Colorado

Health

Facilities

Authority,

AdventHealth

Obligated

Group

Series

A-1

5.00%,

11/15/58(a)

500,000

532,748

CommonSpirit

Health

Obligated

Group

Series

2019

B-2

5.00%,

8/1/49(a)

250,000

257,788

Colorado

Housing

and

Finance

Authority,

Fitz

Affordable

Owner

LLC

Series

2024

A

4.48%,

3/1/44

250,000

247,078

Raindance

Metropolitan

District

No.

2,

Series

2024

4.00%,

12/1/44

500,000

491,725

University

of

Colorado

Hospital

Authority,

Series

2024

B

5.00%,

11/15/31

250,000

277,474

2,327,524

Face

Amount

Value

Connecticut

(

4

.3

%

)

Connecticut

State

Health

&

Educational

Facilities

Authority,

Quinnipiac

University

Series

M

5.00%,

7/1/29

$

250,000

$

254,871

State

of

Connecticut

CT,

Series

2024

G

5.00%,

11/15/40

1,000,000

1,119,791

Special

Tax

Series

2021

A

5.00%,

5/1/41

500,000

537,149

1,911,811

District

of

Columbia

(

2

.3

%

)

District

of

Columbia

Housing

Finance

Agency,

Carl

F

West

LLC

Series

2023

A-2

4.40%,

9/1/45(a)

500,000

509,762

Metropolitan

Washington

Airports

Authority

Aviation,

Series

A

(AMT)

5.00%,

10/1/31

500,000

509,342

1,019,104

Georgia

(

2

.4

%

)

Main

Street

Natural

Gas,

Inc.,

Series

2022

B

5.00%,

12/1/52(a)

500,000

520,833

Series

2023

B

5.00%,

7/1/53(a)

500,000

526,325

Illinois

(

9

.2

%

)

Chicago

Board

of

Education,

Series

2012

B

5.00%,

12/1/33

500,000

500,131

Chicago

O'Hare

International

Airport,

Series

2024

D

5.00%,

1/1/33

500,000

561,187

City

of

Chicago

IL,

Series

2024

B

5.00%,

1/1/33

500,000

534,221

Series

2021

A

5.00%,

1/1/34

230,000

240,032

Series

2024

B

5.00%,

1/1/35

175,000

187,367

City

of

Springfield

IL,

Electric

Series

2024

5.00%,

3/1/30

500,000

540,635

Illinois

Finance

Authority,

Ascension

Health

Credit

Group

Series

2016

C

5.00%,

2/15/41

500,000

507,726

State

of

Illinois

Water

Revolving

Fund

-

Clean

Water

Program

Series

2017

5.00%,

7/1/32

425,000

438,236

Northern

Illinois

Municipal

Power

Agency,

Series

2016

A

4.00%,

12/1/41

250,000

242,963

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(92.3%)

(cont’d)

Illinois

(9.2%)

(cont’d)

State

of

Illinois

IL,

Series

2020

5.50%,

5/1/39

$

315,000

$

339,428

4,091,926

Indiana

(

1

.4

%

)

Clark-Pleasant

Community

School

Building

Corp.,

Series

2024

5.00%,

7/15/41

575,000

626,951

Iowa

(

1

.2

%

)

Iowa

Finance

Authority,

Lifespace

Communities,

Inc.

Obligated

Group

Series

2024

A

5.00%,

5/15/39

500,000

517,358

Louisiana

(

1

.1

%

)

Parish

of

St

John

the

Baptist,

Marathon

Oil

Corp.

Series

2017

C

3.30%,

6/1/37(a)

500,000

492,517

Massachusetts

(

1

.5

%

)

Commonwealth

of

Massachusetts,

Series

2015

B

4.00%,

5/1/45

250,000

245,405

Massachusetts

Clean

Water

Trust

(The),

Massachusetts

Clean

Water

State

Revolving

Fund

Series

B-25

5.00%,

2/1/43

350,000

385,546

630,951

Michigan

(

1

.6

%

)

City

of

Detroit

MI,

Series

2020

5.50%,

4/1/40

250,000

265,871

Michigan

State

Housing

Development

Authority,

Series

B

3.35%,

12/1/34

335,000

312,953

Series

2024

D

3.40%,

6/1/30

150,000

147,247

726,071

Minnesota

(

1

.8

%

)

City

of

Minneapolis

MN,

Series

2024

3.00%,

12/1/41

885,000

785,796

Nebraska

(

0

.9

%

)

Nebraska

Public

Power

District,

Series

2016

A

5.00%,

1/1/25

400,000

400,000

New

Jersey

(

2

.4

%

)

New

Jersey

Transportation

Trust

Fund

Authority,

Series

2022

CC

5.00%,

6/15/42

500,000

536,241

Face

Amount

Value

Tobacco

Settlement

Financing

Corp.,

Series

2018

A

5.00%,

6/1/34

$

500,000

$

519,349

1,055,590

New

York

(

18

.8

%

)

Build

NYC

Resource

Corp.,

Success

Academy

Charter

Schools

Inc

Obligated

Group

Series

2025

4.00%,

9/1/43

880,000

840,520

Empire

State

Development

Corp.,

State

of

New

York

Sales

Tax

Series

2023

A

5.00%,

3/15/44

500,000

543,448

Metropolitan

Transportation

Authority,

Series

A-1

5.00%,

11/15/46

500,000

503,531

New

York

City

Housing

Development

Corp.,

8

Spruce

NY

Owner

LLC

Series

2024

D

4.00%,

12/15/31

375,000

380,928

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured

Series

2024

C

5.00%,

5/1/37

500,000

561,514

New

York

State

Dormitory

Authority,

Montefiore

Obligated

Group

Series

2024

5.00%,

11/1/35

500,000

544,903

State

of

New

York

Personal

Income

Tax

Series

2016

D

5.00%,

2/15/25

760,000

761,672

State

of

New

York

Sales

Tax

Series

2024

B

5.00%,

3/15/35

160,000

185,402

Series

2024

A

5.00%,

3/15/51

450,000

482,966

White

Plains

Hospital

Obligated

Group

Series

2024

5.00%,

10/1/35

250,000

270,282

New

York

State

Housing

Finance

Agency,

State

of

New

York

Personal

Income

Tax

Series

2024

A-2

3.45%,

6/15/54(a)

750,000

744,368

West

38th

Street

LLC

Series

2014

A

3.57%,

5/1/42(a)

500,000

496,302

New

York

Transportation

Development

Corp.,

Delta

Air

Lines,

Inc.

Series

2023

(AMT)

5.63%,

4/1/40

250,000

265,709

JFK

International

Air

Terminal

LLC

Series

2022

(AMT)

5.00%,

12/1/32

500,000

532,690

JFK

Millennium

Partners

LLC

Series

2024

A

(AMT)

5.25%,

12/31/54

335,000

355,571

JFK

NTO

LLC

Series

2023

(AMT)

5.50%,

6/30/38

250,000

270,061

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(92.3%)

(cont’d)

New

York

(18.8%)

(cont’d)

Utility

Debt

Securitization

Authority,

Series

2023

TE-1

5.00%,

12/15/41

$

500,000

$

564,704

8,304,571

North

Carolina

(

0

.6

%

)

North

Carolina

Municipal

Power

Agency

No.

1,

Series

A

5.00%,

1/1/27

250,000

253,941

Oklahoma

(

1

.1

%

)

Oklahoma

Water

Resources

Board,

Series

2024

C

4.00%,

10/1/44

490,000

486,939

Pennsylvania

(

6

.6

%

)

Allegheny

County

Hospital

Development

Authority,

UPMC

Obligated

Group

Series

2017

D-2

4.32%,

11/15/47(a)

500,000

495,862

City

of

Philadelphia

PA,

Airport

Series

2017

B

(AMT)

5.00%,

7/1/25

500,000

503,695

Pennsylvania

Economic

Development

Financing

Authority,

UPMC

Obligated

Group

Series

2014

A

5.00%,

2/1/25

250,000

250,296

Pennsylvania

Higher

Educational

Facilities

Authority,

Thomas

Jefferson

University

Obligated

Group

Series

2024

B-1

5.25%,

11/1/40

750,000

825,629

Pennsylvania

Turnpike

Commission,

Series

2024-1

5.00%,

6/1/36

750,000

855,012

2,930,494

Puerto

Rico

(

1

.5

%

)

Commonwealth

of

Puerto

Rico,

Series

2022

A-1

5.63%,

7/1/27

221,000

229,112

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax,

Series

A-2

4.33%,

7/1/40

465,000

459,242

688,354

Rhode

Island

(

1

.0

%

)

Rhode

Island

Housing

&

Mortgage

Finance

Corp.,

Series

84

A

4.40%,

10/1/44

450,000

442,629

South

Carolina

(

0

.6

%

)

South

Carolina

Jobs-Economic

Development

Authority,

Novant

Health

Obligated

Group

Series

2024

A

5.50%,

11/1/48

250,000

276,369

Face

Amount

Value

Tennessee

(

1

.2

%

)

Shelby

County

Health

Educational

&

Housing

Facilities

Board,

Baptist

Memorial

Health

Care

Obligated

Group

Series

2024

A

5.25%,

9/1/39

$

500,000

$

541,133

Texas

(

11

.4

%

)

Aldine

Independent

School

District,

Series

2024

4.00%,

2/15/54

150,000

143,154

Arlington

Higher

Education

Finance

Corp.,

Lifeschool

of

Dallas

Series

2024

4.00%,

8/15/44

375,000

364,742

City

of

Houston

TX,

United

Airlines,

Inc.

Series

2024

B

(AMT)

5.50%,

7/15/35

500,000

531,239

Cypress-Fairbanks

Independent

School

District,

Series

2023

A

5.00%,

2/15/37

250,000

278,831

Dallas

Independent

School

District,

Series

2023

5.00%,

2/15/42

260,000

280,889

EP

Cimarron

Ventanas

PFC,

Series

2024

4.00%,

12/1/34

500,000

486,812

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Memorial

Hermann

Health

System

Obligated

Group

Series

2022

A

5.00%,

7/1/29

250,000

268,864

Texas

Children's

Hospital

Obligated

Group

Series

2015-1

5.00%,

10/1/28

500,000

506,723

Harris

County

Improvement

District

No.

18,

Series

2024

A

4.00%,

9/1/39

815,000

787,792

Harris

County

Municipal

Utility

District

No.

165,

Series

2024

3.38%,

3/1/41

500,000

434,754

North

Texas

Tollway

Authority,

Series

2023

A

5.00%,

1/1/41

250,000

271,449

Prosper

Independent

School

District,

Series

2024

4.00%,

2/15/54

250,000

237,791

Texas

Private

Activity

Bond

Surface

Transportation

Corp.,

NTE

Mobility

Partners

Segments

3

LLC

Series

2023

(AMT)

5.38%,

6/30/38

250,000

267,890

Texas

Transportation

Commission,

State

Highway

249

System

Series

2019

A

0.00%,

8/1/40

400,000

193,851

5,054,781

Virginia

(

1

.9

%

)

Virginia

Housing

Development

Authority,

Series

2024

E

4.05%,

10/1/44

495,000

472,408

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(92.3%)

(cont’d)

Virginia

(1.9%)

(cont’d)

Virginia

Small

Business

Financing

Authority,

95

Express

Lanes

LLC

Series

2022

(AMT)

5.00%,

7/1/38

$

335,000

$

346,974

819,382

Washington

(

2

.8

%

)

Energy

Northwest,

Bonneville

Power

Administration

Series

2021

A

5.00%,

7/1/41

405,000

436,751

University

of

Washington,

Series

2024

A

5.00%,

4/1/44

250,000

273,278

Vancouver

Housing

Authority,

Series

2024

4.00%,

8/1/34

250,000

249,191

Washington

State

Housing

Finance

Commission,

Provident

Group-SH

I

Properties

LLC

Series

2024

5.50%,

7/1/44

250,000

273,095

1,232,315

Wisconsin

(

2

.9

%

)

Wisconsin

Health

&

Educational

Facilities

Authority,

Wisconsin

Housing

Preservation

Corp.

Series

2024

A

3.63%,

11/1/29

800,000

788,942

Wisconsin

Housing

&

Economic

Development

Authority,

Housing

Series

2024

B

3.75%,

11/1/55(a)

500,000

497,519

1,286,461

Total

Fixed

Income

Securities

(Cost

$40,403,093)

40,780,362

–

Shares

Short-Term

Investments

(

6

.8

%

)

Investment

Company

(

6

.0

%

)

BlackRock

Liquidity

Funds

-

MuniCash

-

Institutional

Shares  3.42%

(Cost

$2,646,450)

2,646,186

2,646,450

Face

Amount

Value

Municipal

Bonds

(

0

.8

%

)

Missouri

(

0

.8

%

)

Missouri

Development

Finance

Board,

Nelson

Gallery

Foundation

(The)

Series

2008

A

3.80%,

12/1/37

(Cost

$350,000)(a)

$

350,000

$

350,000

Total

Short-Term

Investments

(Cost

$2,996,450)

2,996,450

Total

Investments

(99.1%)

(Cost

$43,399,543)

(c)

43,776,812

Other

Assets

in

Excess

of

Liabilities

(0.9%)

404,022

Net

Assets

(100.0%)

$44,180,834

(a)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(c)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$43,399,543.

The

aggregate

gross

unrealized

appreciation

is

$682,193

and

the

aggregate

gross

unrealized

depreciation

is

$304,924,

resulting

in

net

unrealized

appreciation

of

$377,269.

AMT

Alternative

Minimum

Tax

Summary

of

Investments

by

State

Classification  

Percentage

of

Total

Investments

Other*

48

.2

%

New

York

19

.0

Texas

11

.5

Illinois

9

.3

Pennsylvania

6

.7

Colorado

5

.3

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

First

Quarter

Report

December

31,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(96.0%)

Asset-Backed

Securities

(

24

.4

%

)

ACHV

ABS

Trust,

2024-3AL

5.45%,

12/26/31(a)

$

615,000

$

616,229

2024-3AL

5.68%,

12/26/31(a)

269,000

269,670

ACHV

ABS

TRUST,

2023-4CP

7.24%,

11/25/30(a)

250,430

251,283

ACM

Auto

Trust,

2024-2A

6.06%,

2/20/29(a)

933,985

937,474

Affirm

Asset

Securitization

Trust,

2022-Z1

4.55%,

6/15/27(a)

75,110

75,033

Alterna

Funding

III

LLC,

2024-1A

6.26%,

5/16/39(a)

879,804

888,399

AMSR

Trust,

2020-SFR3

2.11%,

9/17/37(a)

975,000

955,555

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

360,830

365,786

Auxilior

Term

Funding

LLC,

2023-1A

6.18%,

12/15/28(a)

725,471

734,112

2024-1A

5.84%,

3/15/27(a)

255,000

256,983

BHG

Securitization

Trust,

2023-A

5.55%,

4/17/36(a)

679,453

681,099

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

2021-1A

2.44%,

7/15/46(a)

578,687

528,942

Cartiga

Asset

Finance

Trust

LLC,

2023-1

7.00%,

3/15/35(a)

67,568

67,607

Cascade

MH

Asset

Trust,

2022-MH1

4.25%,

8/25/54(a)(b)

1,380,734

1,323,309

CFMT

LLC,

2023-HB12

4.25%,

4/25/33(a)(c)

2,025,000

1,976,363

Chesapeake

Funding

II

LLC,

2024-1A

5.52%,

5/15/36(a)

694,839

702,683

CIM

Trust,

2021-NR2

5.57%,

7/25/59(a)(b)

509,486

508,912

Cloud

Capital

Holdco

LP,

2024-1A

5.78%,

11/22/49(a)

780,000

778,633

Cologix

Data

Centers

US

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

1,225,000

1,163,769

Face

Amount

Value

Commonbond

Student

Loan

Trust,

2021-AGS

1.20%,

3/25/52(a)

$

749,660

$

610,895

Crockett

Partners

Equipment

Co.

IIA

LLC,

2024-1C

6.05%,

1/20/31(a)

456,198

460,190

Crossroads

Asset

Trust,

2024-A

5.90%,

8/20/30(a)

305,713

309,611

DB

Master

Finance

LLC,

2021-1A

2.05%,

11/20/51(a)

654,750

620,339

Dext

ABS

LLC,

2023-2

6.56%,

5/15/34(a)

784,524

793,640

Diamond

Infrastructure

Funding

LLC,

2021-1A

1.76%,

4/15/49(a)

600,000

560,878

Domino's

Pizza

Master

Issuer

LLC,

2015-1A

4.47%,

10/25/45(a)

463,750

462,493

2018-1A

4.12%,

7/25/48(a)

229,295

228,017

Driven

Brands

Funding

LLC,

2019-2A

3.98%,

10/20/49(a)

1,413,787

1,381,268

ECMC

Group

Student

Loan

Trust,

2020-3A

SOFR30A

+

1.11%,

5.68%,

1/27/70(a)(c)

447,199

446,522

ELFI

Graduate

Loan

Program

LLC,

2021-A

1.53%,

12/26/46(a)

1,081,523

943,633

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(a)

168,605

159,446

FMC

GMSR

Issuer

Trust,

2020-GT1

4.45%,

1/25/26(a)(c)

1,500,000

1,440,566

2022-GT2

7.90%,

7/25/27(a)

1,600,000

1,622,995

FOCUS

Brands

Funding

LLC,

2017-1A

5.09%,

4/30/47(a)

534,650

527,370

GAIA

Aviation

Ltd.,

2019-1

3.97%,

12/15/44(a)(b)

383,319

364,551

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

689,808

693,525

2024-2A

5.58%,

6/17/30(a)

205,431

207,828

Goddard

Funding

LLC,

2024-1A

6.83%,

10/30/54(a)

658,000

661,041

Golub

Capital

Partners

ABS

Funding

Ltd.,

2020-1A

3.21%,

1/22/29(a)

529,369

520,106

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(24.4%)

(cont’d)

2021-1A

2.77%,

4/20/29(a)

$

1,341,829

$

1,323,837

Horizon

Aircraft

Finance

IV

Ltd.,

2024-1

5.38%,

9/15/49(a)

592,500

575,599

J.P.

Morgan

Mortgage

Trust,

2024-HE1

SOFR30A

+

1.50%,

6.10%,

8/25/54(a)(c)

344,891

347,105

2024-HE2

SOFR30A

+

1.20%,

5.80%,

10/20/54(a)(c)

369,149

371,483

Jersey

Mike's

Funding

LLC,

2019-1A

4.43%,

2/15/50(a)

752,315

743,569

LAD

Auto

Receivables

Trust,

2024-1A

5.23%,

1/18/28(a)

740,000

743,266

Lendbuzz

Securitization

Trust,

2024-1A

6.19%,

8/15/29(a)

977,139

988,023

2024-3A

4.97%,

10/15/29(a)

400,000

400,089

Loanpal

Solar

Loan

Ltd.,

2021-1GS

2.29%,

1/20/48(a)

846,530

670,002

2021-2GS

2.22%,

3/20/48(a)

1,118,356

861,473

Lunar

Structured

Aircraft

Portfolio

Notes,

2021-1

2.64%,

10/15/46(a)

1,385,559

1,267,514

MACH

1

Cayman

Ltd.,

2019-1

3.47%,

10/15/39(a)

254,704

244,824

MAPS

Trust,

2021-1A

2.52%,

6/15/46(a)

234,552

216,645

Monroe

Capital

ABS

Funding

Ltd.,

2021-1A

2.82%,

4/22/31(a)

1,168,107

1,135,682

Mosaic

Solar

Loan

Trust,

2020-1A

2.10%,

4/20/46(a)

150,171

130,442

2021-1A

2.05%,

12/20/46(a)

722,861

547,492

Navigator

Aviation

Ltd.,

2024-1

5.40%,

8/15/49(a)

606,214

593,073

Neighborly

Issuer

LLC,

2021-1A

3.58%,

4/30/51(a)

453,550

418,611

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

7.00%,

7/25/50(a)(c)

538,384

544,408

Face

Amount

Value

NRM

FNT1

Excess

LLC,

2024-FNT1

7.40%,

11/25/31(a)

$

346,016

$

348,381

NRZ

Excess

Spread-Collateralized

Notes,

2021-FHT1

3.10%,

7/25/26(a)

379,376

366,188

2021-FNT2

3.23%,

5/25/26(a)

756,405

733,715

2021-GNT1

3.47%,

11/25/26(a)

408,960

391,716

NRZ

FHT

Excess

LLC,

2020-FHT1

4.21%,

11/25/25(a)

171,352

169,217

Octane

Receivables

Trust,

2021-2A

1.21%,

9/20/28(a)

35,356

35,114

2023-1A

5.87%,

5/21/29(a)

259,821

261,056

Option

One

Mortgage

Loan

Trust,

2000-5

CME

Term

SOFR

1

Month

+

0.61%,

4.98%,

8/20/30(c)

25,971

26,194

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

470,841

472,439

Oscar

US

Funding

XVII

LLC,

2024-2A

4.63%,

12/10/27(a)

621,000

620,238

Oxford

Finance

Funding

LLC,

2020-1A

3.10%,

2/15/28(a)

59,742

59,199

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

427,000

431,068

PK

Alift

Loan

Funding

3

LP,

2024-1

5.84%,

9/15/39(a)

338,042

340,329

Planet

Fitness

Master

Issuer

LLC,

2024-1A

5.77%,

6/5/54(a)

662,340

666,234

PNMAC

GMSR

Issuer

Trust,

2024-GT1

CME

Term

SOFR

1

Month

+

3.20%,

7.54%,

3/25/29(a)(c)

700,000

709,760

Post

Road

Equipment

Finance

LLC,

2024-1A

5.59%,

11/15/29(a)

577,713

581,620

Reach

ABS

Trust,

2024-2A

5.88%,

7/15/31(a)

323,786

325,464

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

US

Prime

Rate

-

0.50%,

7.00%,

12/27/44(a)(c)

41,644

41,564

Santander

Bank

Auto

Credit-Linked

Notes,

2022-B

11.91%,

8/16/32(a)

850,000

870,044

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(24.4%)

(cont’d)

ServiceMaster

Funding

LLC,

2020-1

2.84%,

1/30/51(a)

$

377,184

$

344,243

Stanwich

Mortgage

Loan

Co.

LLC,

2021-NPB1

6.23%,

10/16/26(a)(b)

91,826

92,097

Start

II

Ltd.,

2019-1

4.09%,

3/15/44(a)

509,060

501,048

Start

Ltd.,

2018-1

4.09%,

5/15/43(a)

849,035

826,890

Stream

Innovations

Issuer

Trust,

2024-1A

6.27%,

7/15/44(a)

281,707

288,768

Subway

Funding

LLC,

2024-3A

5.25%,

7/30/54(a)

423,514

413,328

Sunnova

Helios

V

Issuer

LLC,

2021-A

1.80%,

2/20/48(a)

747,864

549,224

Theorem

Funding

Trust,

2022-3A

7.60%,

4/15/29(a)

73,316

73,921

2022-3A

8.95%,

4/15/29(a)

852,000

877,864

2023-1A

7.58%,

4/15/29(a)

93,716

94,569

Vantage

Data

Centers

Issuer

LLC,

2020-1A

1.65%,

9/15/45(a)

650,000

634,861

VCP

RRL

ABS

I

Ltd.,

2021-1A

2.15%,

10/20/31(a)

274,043

262,540

VOLT

XCVI

LLC,

2021-NPL5

5.12%,

3/27/51(a)(b)

270,131

270,263

Wendy's

Funding

LLC,

2019-1A

3.78%,

6/15/49(a)

225,149

220,106

Wingspire

Equipment

Finance

LLC,

2024-1A

4.99%,

9/20/32(a)

347,000

347,796

51,466,950

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  (

5

.3

%

)

FHLMC

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.19%,

6.81%,

6/1/38(c)

36,784

37,302

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.32%,

6.89%,

7/1/38(c)

91,368

92,753

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.32%,

7.00%,

1/1/36(c)

89,237

90,575

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.32%,

Face

Amount

Value

7.17%,

3/1/37(c)

$

115,034

$

116,886

FHLMC

Gold

Pool,

30

Year

7.50%,

5/1/35

6,484

6,840

8.00%,

8/1/32

3,089

3,194

8.50%,

8/1/31

3,822

4,021

GNMA

I,

30

Year

8.50%,

7/15/30

150

153

GNMA

I,

Single

Family,

30

Year

6.00%,

11/15/38

39,035

40,037

UMBS,

30

Year

6.00%,

9/1/37

21,917

22,760

6.50%,

2/1/28

-

10/1/32

66,354

68,612

7.00%,

7/1/29

-

3/1/37

69,242

72,290

7.50%,

8/1/37

8,087

8,523

8.00%,

4/1/33

13,538

14,007

8.50%,

10/1/32

7,141

7,502

UMBS,

Single

Family,

30

Year

5.00%,

1/25/55,

TBA

5,342,000

5,152,734

5.50%,

1/25/55,

TBA

1,848,000

1,822,806

6.00%,

1/25/55,

TBA

3,659,000

3,675,866

11,236,861

Commercial

Mortgage-Backed

Securities

(

12

.4

%

)

Ajax

Mortgage

Loan

Trust

1.70%,

5/25/59(a)(b)

411,198

379,600

Angel

Oak

SB

Commercial

Mortgage

Trust

2.07%,

5/25/50(a)(c)

473,097

430,124

BAHA

Trust

7.07%,

12/10/41(a)(c)

510,000

523,680

BAMLL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

6.75%,

8/15/39(a)(c)

534,000

538,649

BF

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.50%,

5.90%,

12/15/35(a)(c)

578,000

568,046

BFLD

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.84%,

6.24%,

11/15/41(a)(c)

500,000

501,876

BFLD

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.89%,

6.29%,

7/15/41(a)(c)

562,000

565,511

BPR

Trust

CME

Term

SOFR

1

Month

+

1.90%,

6.30%,

4/15/37(a)(c)

354,000

356,283

Brean

Asset-Backed

Securities

Trust

5.25%,

1/25/63(a)(b)

1,709,748

1,676,781

Bunker

Hill

Loan

Depositary

Trust

1.72%,

2/25/55(a)(c)

75,721

74,103

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.81%,

5.21%,

4/15/34(a)(c)

1,100,000

1,068,675

BX

Trust

CME

Term

SOFR

1

Month

+

1.58%,

5.98%,

1/15/39(a)(c)

820,000

818,394

CAMB

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.37%,

5.77%,

12/15/37(a)(c)

1,210,000

1,211,416

CHL

Mortgage

Pass-Through

Trust

5.50%,

5/25/34

28,834

27,981

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(12.4%)

(cont’d)

CSMC

Trust

3.53%,

8/15/37(a)

$

575,000

$

558,297

3.90%,

4/25/62(a)(c)

1,290,144

1,220,131

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.49%,

5.89%,

7/15/38(a)(c)

1,056,949

1,059,570

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

2/25/59

465,056

403,900

FHLMC,

REMIC

SOFR30A

+

1.10%,

5.67%,

5/25/54(c)

821,200

821,637

SOFR30A

+

1.43%,

6.00%,

12/25/54(c)

1,411,954

1,414,077

7.50%,

9/15/29

74,232

75,694

FS

Commercial

Mortgage

Trust

7.07%,

11/10/39(a)

920,000

958,548

GNMA

CME

Term

SOFR

1

Month

+

0.39%,

5.05%,

5/20/63(c)

2,690

2,668

CME

Term

SOFR

1

Month

+

0.56%,

5.22%,

5/20/62(c)

84

84

CME

Term

SOFR

1

Month

+

0.61%,

5.27%,

3/20/61(c)

24,904

24,979

CME

Term

SOFR

1

Month

+

0.67%,

5.33%,

9/20/62(c)

54,525

54,728

CME

Term

SOFR

1

Month

+

0.71%,

5.37%,

1/20/64(c)

16,685

16,756

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

1.54%,

5.94%,

3/15/39(a)(c)

891,000

893,697

Headlands

Residential

LLC

4.49%,

9/25/26(a)(c)

522,468

516,238

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.04%,

6/15/41(a)(c)

322,500

324,314

CME

Term

SOFR

1

Month

+

1.99%,

6.39%,

6/15/41(a)(c)

660,000

664,535

HYT

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.84%,

6.24%,

9/15/41(a)(c)

380,000

381,660

CME

Term

SOFR

1

Month

+

2.84%,

7.24%,

9/15/41(a)(c)

297,000

298,113

JW

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.94%,

6.34%,

6/15/39(a)(c)

436,000

437,635

LHOME

Mortgage

Trust

7.02%,

1/25/29(a)(b)

610,000

617,346

MFA

Trust

6.33%,

9/25/54(b)

488,043

489,418

New

Residential

Mortgage

Loan

Trust

3.75%,

5/28/52(a)(c)

25,398

23,820

3.75%,

8/25/55(a)(c)

59,098

55,662

3.83%,

9/25/57(a)(c)

157,277

144,259

NRTH

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.04%,

3/15/39(a)(c)

480,000

482,100

Face

Amount

Value

NYC

Trust

CME

Term

SOFR

1

Month

+

1.99%,

6.39%,

8/15/29(a)(c)

$

615,000

$

619,995

Oceanview

Mortgage

Loan

Trust

1.73%,

5/28/50(a)(c)

154,798

144,285

ORL

Trust

CME

Term

SOFR

1

Month

+

1.49%,

5.99%,

12/15/39(a)(c)

712,000

714,669

CME

Term

SOFR

1

Month

+

2.79%,

7.29%,

12/15/39(a)(c)

254,000

254,953

Reach

Abs

Trust

6.30%,

2/18/31(a)

206,131

207,936

ROCK

Trust

5.39%,

11/13/41(a)

595,000

593,165

SDR

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.74%,

6.14%,

5/15/39(a)(c)

437,000

433,589

Sequoia

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.73%,

5.10%,

8/20/34(c)

52,469

48,961

SHR

Trust

CME

Term

SOFR

1

Month

+

1.95%,

6.35%,

10/15/41(a)(c)

500,000

502,963

Silver

Hill

Trust

3.10%,

11/25/49(a)(c)

135,466

135,269

Towd

Point

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.71%,

5.05%,

2/25/57(a)(c)

15,294

15,999

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

5.99%,

6/15/39(a)(c)

375,000

375,473

CME

Term

SOFR

1

Month

+

2.64%,

7.04%,

6/15/39(a)(c)

400,000

400,120

TYSN

Mortgage

Trust

6.58%,

12/10/33(a)(c)

825,000

865,430

25,993,792

Corporate

Bonds

(

43

.7

%

)

Aerospace

&

Defense

(0.9%)

BAE

Systems

plc

5.00%,

3/26/27(a)(d)

636,000

638,956

Boeing

Co.

(The)

6.30%,

5/1/29(d)

788,000

817,210

7.25%,

6/15/25

410,000

413,616

1,869,782

Air

Freight

&

Logistics

(0.2%)

Cargo

Aircraft

Management,

Inc.

4.75%,

2/1/28(a)

446,000

442,789

Automobiles

(1.0%)

General

Motors

Co.

6.80%,

10/1/27(d)

900,000

940,349

Hyundai

Capital

America

5.30%,

6/24/29(a)(d)

429,000

430,521

5.50%,

3/30/26(a)

738,000

742,969

2,113,839

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(43.7%)

(cont’d)

Banks

(14.1%)

Banco

Santander

SA

4.18%,

3/24/28(c)(d)

$

783,000

$

767,327

6.61%,

11/7/28

1,200,000

1,263,043

Bank

of

America

Corp.

4.38%,

4/27/28(c)

2,911,000

2,880,584

5.08%,

1/20/27(c)

1,053,000

1,056,225

Bank

of

Ireland

Group

plc

6.25%,

9/16/26(a)(c)

1,170,000

1,179,949

Barclays

plc

5.30%,

8/9/26(c)

1,601,000

1,604,465

BNP

Paribas

SA

5.13%,

1/13/29(a)(c)(d)

1,112,000

1,111,910

BPCE

SA

5.72%,

1/18/30(a)(c)

250,000

251,388

6.71%,

10/19/29(a)(c)

535,000

556,790

CaixaBank

SA

5.67%,

3/15/30(a)(c)

1,075,000

1,085,896

Capital

One

NA

2.28%,

1/28/26(c)

900,000

898,008

Citigroup,

Inc.

4.60%,

3/9/26

1,223,000

1,220,454

5.61%,

9/29/26(c)

300,000

301,708

HSBC

Holdings

plc

5.60%,

5/17/28(c)

920,000

930,093

Intesa

Sanpaolo

SpA

7.00%,

11/21/25(a)

1,096,000

1,114,966

JPMorgan

Chase

&

Co.

5.57%,

4/22/28(c)(d)

738,000

750,641

6.09%,

10/23/29(c)(d)

1,276,000

1,323,776

KeyBank

NA

5.00%,

1/26/33

286,000

274,417

KeyCorp

5.73%,

5/23/25(c)

950,000

950,869

PNC

Financial

Services

Group,

Inc.

(The)

5.30%,

1/21/28(c)

1,215,000

1,225,592

5.49%,

5/14/30(c)

1,008,000

1,022,540

Societe

Generale

SA

5.63%,

1/19/30(a)(c)

650,000

649,077

Swedbank

AB

6.14%,

9/12/26(a)

1,366,000

1,395,875

Synovus

Bank

5.63%,

2/15/28

625,000

626,309

Synovus

Financial

Corp.

6.17%,

11/1/30(c)

696,000

701,520

Truist

Financial

Corp.

6.05%,

6/8/27(c)

511,000

519,513

U.S.

Bancorp

5.10%,

7/23/30(c)

2,246,000

2,243,880

UniCredit

SpA

2.57%,

9/22/26(a)(c)

1,276,000

1,251,583

Westpac

New

Zealand

Ltd.

5.13%,

2/26/27(a)

625,000

629,676

29,788,074

Capital

Markets

(5.5%)

Antares

Holdings

LP

3.95%,

7/15/26(a)

726,000

705,156

Face

Amount

Value

Blue

Owl

Credit

Income

Corp.

6.60%,

9/15/29(a)

$

560,000

$

571,864

Charles

Schwab

Corp.

(The)

5.88%,

8/24/26(d)

600,000

610,624

CI

Financial

Corp.

3.20%,

12/17/30

831,000

706,966

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(c)

1,851,000

1,865,806

Goldman

Sachs

Group,

Inc.

(The)

5.80%,

8/10/26(c)

732,000

736,285

HAT

Holdings

I

LLC

3.75%,

9/15/30(a)

405,000

357,183

LPL

Holdings,

Inc.

4.00%,

3/15/29(a)

610,000

578,646

6.00%,

5/20/34

319,000

324,986

Macquarie

Group

Ltd.

5.11%,

8/9/26(a)(c)

1,065,000

1,065,435

Marex

Group

plc

6.40%,

11/4/29(d)

469,000

473,965

Nuveen

LLC

5.55%,

1/15/30(a)

596,000

608,119

Oaktree

Strategic

Credit

Fund

8.40%,

11/14/28

350,000

375,122

UBS

Group

AG

4.25%,

3/23/28(a)(d)

2,644,000

2,570,093

11,550,250

Chemicals

(0.5%)

Celanese

US

Holdings

LLC

6.17%,

7/15/27(b)(d)

949,000

963,458

Construction

&

Engineering

(0.2%)

MasTec,

Inc.

5.90%,

6/15/29(d)

495,000

504,270

Consumer

Finance

(2.8%)

Aircastle

Ltd.

5.75%,

10/1/31(a)(d)

565,000

569,086

Ally

Financial,

Inc.

6.85%,

1/3/30(c)

1,070,000

1,109,705

Avolon

Holdings

Funding

Ltd.

4.95%,

1/15/28(a)

1,078,000

1,068,636

Ford

Motor

Credit

Co.

LLC

6.95%,

6/10/26

2,056,000

2,103,886

General

Motors

Financial

Co.,

Inc.

5.40%,

4/6/26

1,051,000

1,057,492

5,908,805

Diversified

REITs

(0.8%)

GLP

Capital

LP

5.25%,

6/1/25

1,005,000

1,005,397

VICI

Properties

LP

3.88%,

2/15/29(a)

696,000

656,340

1,661,737

Electric

Utilities

(0.7%)

NextEra

Energy

Capital

Holdings,

Inc.

5.75%,

9/1/25

1,165,000

1,172,517

6.05%,

3/1/25

360,000

360,668

1,533,185

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(43.7%)

(cont’d)

Electronic

Equipment,

Instruments

&

Components

(1.0%)

Arrow

Electronics,

Inc.

5.15%,

8/21/29(d)

$

407,000

$

405,503

Vontier

Corp.

1.80%,

4/1/26

1,796,000

1,723,898

2,129,401

Entertainment

(1.3%)

Warnermedia

Holdings,

Inc.

3.76%,

3/15/27

1,953,000

1,881,915

6.41%,

3/15/26(d)

775,000

775,317

2,657,232

Financial

Services

(2.6%)

Enact

Holdings,

Inc.

6.25%,

5/28/29

1,354,000

1,380,622

Essent

Group

Ltd.

6.25%,

7/1/29(d)

654,000

668,094

HA

Sustainable

Infrastructure

Capital,

Inc.

6.38%,

7/1/34(a)

938,000

913,976

Radian

Group,

Inc.

4.88%,

3/15/27(d)

1,107,000

1,099,905

Synchrony

Bank

5.40%,

8/22/25

1,506,000

1,508,282

5,570,879

Gas

Utilities

(0.2%)

Ferrellgas

LP

5.38%,

4/1/26(a)

444,000

439,648

Ground

Transportation

(0.4%)

Ashtead

Capital,

Inc.

4.00%,

5/1/28(a)

608,000

584,436

4.25%,

11/1/29(a)

350,000

332,043

916,479

Health

Care

Providers

&

Services

(1.3%)

Centene

Corp.

4.25%,

12/15/27

1,449,000

1,404,731

HCA,

Inc.

5.88%,

2/15/26

1,270,000

1,276,818

2,681,549

Hotels,

Restaurants

&

Leisure

(0.3%)

Las

Vegas

Sands

Corp.

5.90%,

6/1/27(d)

584,000

592,614

Insurance

(2.7%)

American

National

Group,

Inc.

5.75%,

10/1/29(d)

499,000

499,955

Athene

Global

Funding

4.86%,

8/27/26(a)

822,000

821,576

5.52%,

3/25/27(a)

1,170,000

1,184,114

5.62%,

5/8/26(a)

941,000

949,975

Corebridge

Global

Funding

4.65%,

8/20/27(a)(d)

870,000

867,327

Global

Atlantic

Fin

Co.

4.40%,

10/15/29(a)

1,344,000

1,274,747

5,597,694

Face

Amount

Value

IT

Services

(0.3%)

Kyndryl

Holdings,

Inc.

3.15%,

10/15/31

$

786,000

$

681,793

Media

(1.3%)

Charter

Communications

Operating

LLC

4.91%,

7/23/25

479,000

478,598

6.10%,

6/1/29

1,590,000

1,621,356

Videotron

Ltd.

3.63%,

6/15/29(a)

709,000

660,700

2,760,654

Multi-Utilities

(0.7%)

Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/26(b)

1,359,000

1,366,644

Oil,

Gas

&

Consumable

Fuels

(1.0%)

Columbia

Pipelines

Holding

Co.

LLC

6.04%,

8/15/28(a)

846,000

866,530

Energy

Transfer

LP

5.25%,

7/1/29

696,000

699,765

TerraForm

Power

Operating

LLC

5.00%,

1/31/28(a)

529,000

510,087

2,076,382

Passenger

Airlines

(1.2%)

A/S

Mileage

Plan

IP

Ltd.

5.02%,

10/20/29(a)(d)

506,000

493,392

5.31%,

10/20/31(a)(d)

220,000

214,936

American

Airlines,

Inc.

5.50%,

4/20/26(a)

629,250

627,713

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)

1,222,000

1,206,026

2,542,067

Professional

Services

(0.7%)

Concentrix

Corp.

6.60%,

8/2/28(d)

861,000

882,598

6.65%,

8/2/26

600,000

610,716

1,493,314

Specialized

REITs

(0.7%)

EPR

Properties

3.75%,

8/15/29

301,000

279,251

4.50%,

4/1/25

-

6/1/27

300,000

297,638

4.95%,

4/15/28

851,000

837,373

1,414,262

Specialty

Retail

(0.3%)

Lithia

Motors,

Inc.

3.88%,

6/1/29(a)

775,000

708,946

Technology

Hardware,

Storage

&

Peripherals

(0.2%)

Seagate

HDD

Cayman

9.63%,

12/1/32

425,000

479,529

Tobacco

(0.5%)

Imperial

Brands

Finance

plc

5.50%,

2/1/30(a)

1,000,000

1,011,057

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(43.7%)

(cont’d)

Transportation

Infrastructure

(0.3%)

Seaspan

Corp.

5.50%,

8/1/29(a)

$

576,000

$

538,484

91,994,817

Sovereign

(

0

.3

%

)

Petroleos

Mexicanos

6.50%,

3/13/27

662,000

640,543

U.S.

Government

and

Agency

Securities

(

9

.9

%

)

U.S.

Treasury

Notes

4.13%,

3/31/29

3,807,000

3,770,465

4.50%,

5/31/29

4,540,000

4,562,758

4.63%,

6/30/26(d)

12,338,700

12,406,704

20,739,927

Total

Fixed

Income

Securities

(Cost

$202,803,033)

202,072,890

–

Shares

Investment

Companies

(

3

.2

%

)

Eaton

Vance

Floating-Rate

ETF(d)(e)

104,524

5,264,351

Eaton

Vance

Ultra-Short

Income

ETF(d)(e)

27,000

1,368,630

Total

Investment

Companies

(Cost

$6,648,396)

6,632,981

Short-Term

Investments

(

11

.4

%

)

Investment

Company

(

4

.7

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(f)

(Cost

$9,858,550)

9,858,550

9,858,550

Security

held

as

Collateral

on

Loaned

Securities

(

6

.0

%

)

Investment

Company

(6.0%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(f)

(Cost

$12,707,884)

12,707,884

12,707,884

Face

Amount

U.S.

Government

and

Agency

Security

(

0

.7

%

)

U.S.

Treasury

Bill

5.09%,

1/16/25

(Cost

$1,526,622)

$

1,530,000

1,527,483

Total

Short-Term

Investments

(Cost

$24,093,056)

24,093,917

Total

Investments

(110.6%)

(Cost

$233,544,485)

(g)

232,799,788

Liabilities

in

Excess

of

Other

Assets

(-10.6%)

(22,254,282)

Net

Assets

(100.0%)

$210,545,506

(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

December

31,

2024.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(c)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$24,711,842

and

$25,361,459,

respectively.

The

Fund

received

cash

collateral

of

$12,707,884,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$12,653,575

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(e)

For

the

period

ended

December

31,

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

$1,042,727

and

$355,740,

respectively.

For

the

period

ended

December

31,

2024,

management

fees

related

Fund's

investments

in

Eaton

Vance

Floating-

Rate

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF

were

reduced

by

$6,855

and

$537,

respectively.

(f)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$1,922

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(g)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$233,544,485.

The

aggregate

gross

unrealized

appreciation

is

$1,349,751

and

the

aggregate

gross

unrealized

depreciation

is

$2,094,448,

resulting

in

net

unrealized

depreciation

of

$744,697.

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

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2024:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Long:

U.S.

Treasury

2

Year

Notes

373

Mar-25

$

74,600,000

$

76,692,297

$

(

768

)

Short:

U.S.

Treasury

5

Year

Notes

90

Mar-25

(

9,000,000

)

(

9,567,422

)

51,386

U.S.

Treasury

10

Year

Notes

105

Mar-25

(

10,500,000

)

(

11,418,750

)

99,175

U.S.

Treasury

10

Year

Ultra

Bonds

27

Mar-25

(

2,700,000

)

(

3,005,438

)

37,975

$

187,768

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

Other**

26‌

.3

%

Asset-Backed

Securities

23‌

.4

Banks

13‌

.5

Commercial

Mortgage-Backed

Securities

11‌

.8

U.S.

Government

and

Agency

Securities

9‌

.4

Capital

Markets

5‌

.3

Short-Term

Investments

5‌

.2

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

5‌

.1

Total

Investments

100‌

.0

%

***

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

***

Does

not

include

open

futures

contracts

with

a

value

of

$

100,683,907

and

net

unrealized

appreciation

of

$

187,768

.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(90.7%)

Municipal

Bonds

(

90

.7

%

)

Alabama

(

1

.3

%

)

Black

Belt

Energy

Gas

District,

Series

2023

D-1

5.50%,

6/1/49(a)

$

2,450,000

$

2,590,399

Arizona

(

1

.0

%

)

Chandler

Industrial

Development

Authority,

Intel

Corp.

Series

2007

(AMT)

4.10%,

12/1/37(a)

2,000,000

1,998,581

California

(

5

.1

%

)

California

Community

Choice

Financing

Authority,

Series

2023

F

5.50%,

10/1/54(a)

995,000

1,083,320

California

Health

Facilities

Financing

Authority,

Adventist

Health

System/West

Obligated

Group

Series

2024

A

5.00%,

12/1/28

1,000,000

1,064,702

California

Municipal

Finance

Authority,

United

Airlines,

Inc.

Series

2019

(AMT)

4.00%,

7/15/29

2,000,000

1,970,650

View

at

San

Bruno

LP

Series

2024

A-1

5.00%,

6/1/56(a)

2,500,000

2,633,491

California

Pollution

Control

Financing

Authority,

Waste

Management,

Inc.

Series

2003

A

(AMT)

4.25%,

11/1/38(a)

1,000,000

1,011,024

California

State

Public

Works

Board,

Series

2023

C

5.00%,

9/1/27

1,600,000

1,687,756

State

of

California

Department

of

General

Services

Series

2024

B

5.00%,

4/1/26

1,000,000

1,006,479

10,457,422

Colorado

(

6

.5

%

)

Board

of

Governors

of

Colorado

State

University

System,

Series

2023

A-2

4.38%,

3/1/48(a)

1,000,000

1,041,421

City

of

Lone

Tree

CO,

Series

2024

5.00%,

12/1/26

1,095,000

1,133,237

Colorado

Health

Facilities

Authority,

AdventHealth

Obligated

Group

Series

A-1

5.00%,

11/15/58(a)

2,000,000

2,130,992

CommonSpirit

Health

Obligated

Group

Series

2019

B-2

5.00%,

8/1/49(a)

1,500,000

1,546,726

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

1,

Series

2024

A

5.00%,

12/1/27

360,000

377,929

Series

2024

A

5.00%,

12/1/28

400,000

426,106

Face

Amount

Value

E-470

Public

Highway

Authority,

Series

2000

B

0.00%,

9/1/25

$

2,000,000

$

1,956,358

Series

2024

B

3.74%,

9/1/39(a)

1,000,000

999,679

Lambertson

Farms

Metropolitan

District

No.

1,

Series

2024

A

5.00%,

12/15/26

1,220,000

1,252,555

University

of

Colorado

Hospital

Authority,

Series

2024

B

5.00%,

11/15/31

2,000,000

2,219,794

13,084,797

Connecticut

(

4

.8

%

)

City

of

Danbury

CT,

Series

B

5.00%,

2/24/25(b)

2,600,000

2,605,784

Connecticut

State

Health

&

Educational

Facilities

Authority,

Fairfield

University

Series

S

5.00%,

7/1/26

1,000,000

1,026,750

Yale-New

Haven

Health

Obligated

Group

Series

2024

A

5.00%,

7/1/26

875,000

899,570

Metropolitan

District

(The),

Series

2016C

5.00%,

11/1/31

2,500,000

2,574,498

State

of

Connecticut

CT,

Special

Tax

Series

2023

A

5.00%,

7/1/25

2,400,000

2,423,067

9,529,669

District

of

Columbia

(

0

.5

%

)

District

of

Columbia,

Children's

National

Medical

Center

Obligated

Group

Series

2015

5.00%,

7/15/26

1,000,000

1,017,536

Florida

(

1

.0

%

)

County

of

Broward

FL,

Airport

System

Series

A

(AMT)

5.00%,

10/1/29

2,000,000

2,016,813

Georgia

(

3

.6

%

)

Development

Authority

of

Burke

County

(The),

Georgia

Power

Co.

Series

2012-2

3.30%,

12/1/49(a)

750,000

744,942

Series

2013-1

3.38%,

11/1/53(a)

500,000

500,297

Main

Street

Natural

Gas,

Inc.,

Series

2021

A

4.00%,

7/1/52(a)

2,500,000

2,518,387

Series

2023

D

5.00%,

5/1/54(a)

1,500,000

1,573,621

Municipal

Electric

Authority

of

Georgia,

Series

2024

A

5.00%,

1/1/26

1,000,000

1,017,088

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(90.7%)

(cont’d)

Georgia

(3.6%)

(cont’d)

Warner

Robins

Housing

Authority

Resident

Council

Corp.,

Arbours

at

Wellston

LLC

Series

2024

5.00%,

2/1/29(a)

$

1,000,000

$

1,041,604

7,395,939

Hawaii

(

0

.7

%

)

Hawaii

Housing

Finance

&

Development

Corp.,

Hale

Moiliili

LP

Series

2024

3.30%,

12/1/29(a)

1,500,000

1,487,844

Illinois

(

14

.2

%

)

Chicago

Board

of

Education,

Series

2017

D

5.00%,

12/1/25

1,200,000

1,206,762

Chicago

Midway

International

Airport,

Series

2023

B

5.00%,

1/1/26

1,000,000

1,018,470

Chicago

O'Hare

International

Airport,

Series

2024

F

5.00%,

1/1/28

1,260,000

1,329,146

City

of

Chicago

IL,

Series

2020

A

5.00%,

1/1/27

2,000,000

2,048,265

City

of

Springfield

IL,

Electric

Series

2024

5.00%,

3/1/30

2,500,000

2,703,176

Cook

County

School

District

No.

87,

Berkeley

Series

2021

5.00%,

12/1/27

1,000,000

1,053,920

Illinois

Finance

Authority,

Series

2020

3.88%,

5/1/40(a)

1,500,000

1,490,069

Ascension

Health

Credit

Group

Series

2016

C

5.00%,

2/15/26

1,925,000

1,964,765

OSF

Healthcare

System

Obligated

Group

Series

2020

B-2

5.00%,

5/15/50(a)

2,500,000

2,542,356

Metropolitan

Pier

&

Exposition

Authority,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

Series

2023

A

5.00%,

12/15/28

1,000,000

1,041,231

Series

2024

A

5.00%,

6/15/29

1,535,000

1,597,934

Sales

Tax

Securitization

Corp.,

Series

2020

AA

5.00%,

1/1/26

1,875,000

1,909,075

Series

2020

A

5.00%,

1/1/27

1,290,000

1,333,088

State

of

Illinois

IL,

Series

2017

D

5.00%,

11/1/28

2,500,000

2,608,071

Face

Amount

Value

Sales

Tax

Series

2021

A

4.00%,

6/15/25

$

1,750,000

$

1,752,791

Series

2021

C

5.00%,

6/15/28

2,770,000

2,934,613

28,533,732

Indiana

(

1

.8

%

)

City

of

Whiting

IN,

BP

Products

North

America,

Inc.

Series

2019

A

(AMT)

5.00%,

12/1/44(a)

2,500,000

2,533,179

Indiana

Housing

&

Community

Development

Authority,

Triple

P

Apartments

LP

Series

2023

4.10%,

9/1/28(a)

1,000,000

1,002,551

3,535,730

Iowa

(

0

.5

%

)

Iowa

Finance

Authority,

Gevo

NW

Iowa

RNG

LLC

Series

2021

(AMT)

3.88%,

1/1/42(a)

1,000,000

1,001,154

Kentucky

(

0

.8

%

)

University

of

Kentucky,

Series

2014

D

3.00%,

10/1/25

1,600,000

1,595,985

Louisiana

(

0

.7

%

)

Parish

of

St

John

the

Baptist,

Marathon

Oil

Corp.

Series

2017

C

3.30%,

6/1/37(a)

1,340,000

1,319,945

Massachusetts

(

0

.8

%

)

City

of

Quincy

MA,

Series

2024

5.00%,

7/25/25

1,000,000

1,009,902

Massachusetts

Educational

Financing

Authority,

Series

2024

B

(AMT)

5.00%,

7/1/29

575,000

598,313

1,608,215

Michigan

(

4

.1

%

)

Detroit

Downtown

Development

Authority,

Catalyst

Development

Area

Series

2024

5.00%,

7/1/28

1,000,000

1,056,779

Series

2024

5.00%,

7/1/29

1,000,000

1,068,106

Michigan

Finance

Authority,

Series

2024

A-1

5.00%,

7/21/25

1,500,000

1,512,887

Saginaw

Valley

State

University,

Series

2016

A

5.00%,

7/1/30

1,750,000

1,788,629

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(90.7%)

(cont’d)

Michigan

(4.1%)

(cont’d)

Wayne

County

Airport

Authority,

Detroit

Metropolitan

Wayne

County

Airport

Series

F

(AMT)

5.00%,

12/1/31

$

2,500,000

$

2,520,210

7,946,611

Minnesota

(

0

.8

%

)

Minnesota

Rural

Water

Finance

Authority,

Inc.,

Series

2023

4.38%,

4/1/25

1,500,000

1,499,282

Missouri

(

1

.9

%

)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

BJC

Healthcare

Obligated

Group

Series

2021

A

4.00%,

7/1/26

1,100,000

1,113,300

St

Luke's

Health

System

Obligated

Group

Series

2016

5.00%,

11/15/28

1,300,000

1,331,072

Missouri

Joint

Municipal

Electric

Utility

Commission,

Series

2023

5.00%,

1/1/26

1,345,000

1,368,514

3,812,886

New

Hampshire

(

0

.5

%

)

New

Hampshire

Health

and

Education

Facilities

Authority

Act,

University

System

of

New

Hampshire

Series

2017

A

5.00%,

7/1/30

1,035,000

1,078,255

New

Jersey

(

3

.4

%

)

Bergen

County

Improvement

Authority

(The),

Series

2024

4.00%,

10/16/25

1,000,000

1,006,671

Series

2024

4.50%,

5/28/25

1,000,000

1,004,772

Casino

Reinvestment

Development

Authority,

Inc.,

Series

2024

A

5.00%,

11/1/30

750,000

816,985

Series

2024

A

5.00%,

11/1/31

1,000,000

1,099,764

Hudson

County

Improvement

Authority,

Series

2024

B-1

4.50%,

7/11/25

1,000,000

1,006,327

New

Jersey

Economic

Development

Authority,

New

Jersey-American

Water

Co.,

Inc.

Series

2020

D

(AMT)

1.10%,

11/1/29(a)

2,000,000

1,787,956

6,722,475

New

Mexico

(

0

.2

%

)

New

Mexico

Mortgage

Finance

Authority,

JLG

NM

SAF

2023

LLLP

Series

2023

5.00%,

2/1/42(a)

325,000

325,393

New

York

(

8

.9

%

)

City

of

New

York

NY,

Series

C

5.00%,

8/1/30

2,000,000

2,037,223

Face

Amount

Value

Long

Island

Power

Authority,

Series

2022

B

5.00%,

9/1/52(a)

$

2,000,000

$

2,069,125

New

York

City

Housing

Development

Corp.,

Series

2024

F-2

3.40%,

11/1/64(a)

2,000,000

1,967,460

8

Spruce

NY

Owner

LLC

Series

2024

D

4.00%,

12/15/31

1,000,000

1,015,806

New

York

City

Industrial

Development

Agency,

Yankee

Stadium

LLC

Series

2020

A

4.00%,

3/1/31

1,265,000

1,299,478

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured

Series

2024

C

5.00%,

5/1/25

500,000

503,139

New

York

State

Dormitory

Authority,

Montefiore

Obligated

Group

Series

2024

5.00%,

11/1/26

375,000

384,259

State

of

New

York

Personal

Income

Tax

Series

2016

D

5.00%,

2/15/25

1,300,000

1,302,861

White

Plains

Hospital

Obligated

Group

Series

2024

5.00%,

10/1/31

200,000

215,140

New

York

State

Housing

Finance

Agency,

State

of

New

York

Personal

Income

Tax

Series

2024

A-2

3.35%,

6/15/54(a)

750,000

746,763

Series

2024

B-2

3.35%,

12/15/54(a)

1,650,000

1,642,294

West

38th

Street

LLC

Series

2014

A

3.57%,

5/1/42(a)

1,500,000

1,488,905

Port

Authority

of

New

York

&

New

Jersey,

Series

242

(AMT)

5.00%,

12/1/26

1,500,000

1,538,034

Series

242

(AMT)

5.00%,

12/1/27

1,500,000

1,564,689

17,775,176

North

Carolina

(

1

.4

%

)

North

Carolina

Housing

Finance

Agency,

Series

55

C

3.20%,

7/1/56(a)

1,015,000

1,010,156

North

Carolina

Municipal

Power

Agency

No.

1,

Series

A

5.00%,

1/1/27

530,000

538,355

North

Carolina

Turnpike

Authority,

Series

2017

5.00%,

1/1/29

1,090,000

1,125,153

2,673,664

Ohio

(

1

.8

%

)

City

of

Hamilton

OH,

Series

2024

4.00%,

12/17/25

835,000

840,037

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(90.7%)

(cont’d)

Ohio

(1.8%)

(cont’d)

County

of

Franklin,

Trinity

Health

Corp.

Obligated

Group

Series

2013

OH

3.55%,

12/1/46(a)

$

500,000

$

500,327

County

of

Montgomery

OH,

Kettering

Health

Network

Obligated

Group

Series

2021

5.00%,

8/1/26

1,050,000

1,077,236

State

of

Ohio

OH,

Republic

Services,

Inc.

Series

2010

3.70%,

11/1/35(a)

1,250,000

1,249,823

3,667,423

Pennsylvania

(

6

.1

%

)

Allegheny

County

Hospital

Development

Authority,

UPMC

Obligated

Group

Series

2017

D-2

4.32%,

11/15/47(a)

2,000,000

1,983,447

Clairton

Municipal

Authority,

Series

2024

B

5.00%,

12/1/27

1,450,000

1,499,098

Pennsylvania

Economic

Development

Financing

Authority,

UPMC

Obligated

Group

Series

2014

A

5.00%,

2/1/25

750,000

750,889

Waste

Management

Obligated

Group

Series

2011

(AMT)

4.25%,

7/1/41(a)

1,000,000

1,003,525

Pennsylvania

Turnpike

Commission,

Series

2016

B

5.00%,

6/1/29

1,000,000

1,022,159

Pennsylvania

Turnpike

Commission

Registration

Fee,

Series

2023

4.45%,

7/15/41(a)

2,000,000

1,997,027

Redevelopment

Authority

of

the

City

of

Philadelphia,

Series

A

5.00%,

4/15/27

2,000,000

2,010,181

School

District

of

Philadelphia

(The),

Series

2019

A

5.00%,

9/1/28

1,000,000

1,058,822

State

Public

School

Building

Authority,

School

District

of

Philadelphia

(The)

Series

2006

B

5.00%,

6/1/29

1,000,000

1,070,777

12,395,925

Puerto

Rico

(

1

.1

%

)

Commonwealth

of

Puerto

Rico,

Series

2022

A-1

5.63%,

7/1/27

2,198,000

2,278,678

South

Carolina

(

1

.4

%

)

South

Carolina

Jobs-Economic

Development

Authority,

Novant

Health

Obligated

Group

Series

2024

A

5.00%,

11/1/31

2,500,000

2,773,565

Face

Amount

Value

Tennessee

(

0

.4

%

)

Shelby

County

Health

Educational

&

Housing

Facilities

Board,

Baptist

Memorial

Health

Care

Obligated

Group

Series

2024

B

5.00%,

9/1/49(a)

$

750,000

$

790,457

Texas

(

9

.8

%

)

City

of

San

Antonio

TX,

Series

2023

5.64%,

2/1/26

1,500,000

1,500,966

Clifton

Higher

Education

Finance

Corp.,

IDEA

Public

Schools

Series

2019

4.00%,

8/15/31

1,450,000

1,480,741

Cypress-Fairbanks

Independent

School

District,

Series

2023

A

5.00%,

2/15/26

1,000,000

1,021,435

Dallas

Fort

Worth

International

Airport,

Series

2023

B

5.00%,

11/1/25

1,250,000

1,269,719

Series

2023

C

(AMT)

5.00%,

11/1/27

1,250,000

1,297,910

El

Paso

County

Hospital

District,

Series

2024

5.00%,

8/15/30

1,400,000

1,520,342

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Memorial

Hermann

Health

System

Obligated

Group

Series

2022

A

5.00%,

7/1/29

880,000

946,401

Texas

Children's

Hospital

Obligated

Group

Series

2015-1

5.00%,

10/1/28

2,610,000

2,645,094

Leander

Independent

School

District,

Series

2016

0.00%,

8/16/25

2,500,000

2,447,094

New

Caney

Independent

School

District,

Series

2018

4.00%,

2/15/50(a)

600,000

610,186

North

Texas

Tollway

Authority,

Tollway

System

Series

2023

A

5.00%,

1/1/27

1,000,000

1,037,723

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

CHRISTUS

Health

Obligated

Group

Series

2024

B

5.00%,

7/1/30

1,500,000

1,631,249

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II,

Series

2012

C

3.74%,

9/15/27(a)

1,240,000

1,241,201

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

for

Texas

Series

2023

A

5.00%,

10/15/25

1,000,000

1,015,278

19,665,339

Virginia

(

1

.5

%

)

City

of

Bristol

VA,

Series

2023

5.00%,

9/1/27

1,000,000

1,010,592

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(90.7%)

(cont’d)

Virginia

(1.5%)

(cont’d)

Virginia

Housing

Development

Authority,

Series

2023

E

4.10%,

10/1/27

$

2,000,000

$

2,000,721

3,011,313

Washington

(

2

.1

%

)

Energy

Northwest,

Bonneville

Power

Administration

Series

2020A

5.00%,

7/1/31

1,040,000

1,146,271

Port

of

Seattle,

Series

C

(AMT)

5.00%,

4/1/31

2,000,000

2,001,237

Washington

State

Housing

Finance

Commission,

Ardea

Twg

LLLP

Series

2023

5.00%,

12/1/43(a)

1,000,000

1,020,730

4,168,238

Wisconsin

(

2

.0

%

)

University

of

Wisconsin

Hospitals

&

Clinics,

Series

2024

B

5.00%,

4/1/54(a)

2,000,000

2,191,381

Wisconsin

Housing

&

Economic

Development

Authority,

Housing

Series

2024

B

3.75%,

11/1/55(a)

1,350,000

1,343,301

Wisconsin

Housing

&

Economic

Development

Authority

Housing,

Series

2023

E

3.88%,

11/1/54(a)

500,000

501,398

4,036,080

Total

Fixed

Income

Securities

(Cost

$181,349,787)

181,794,521

–

Shares

Short-Term

Investments

(

7

.0

%

)

Investment

Company

(

3

.6

%

)

BlackRock

Liquidity

Funds

-

MuniCash

-

Institutional

Shares  3.42%

(Cost

$7,193,325)

7,192,606

7,193,325

Face

Amount

Municipal

Bonds

(

3

.4

%

)

New

York

(

1

.3

%

)

City

of

New

York

NY,

Series

2014

I-2

4.05%,

3/1/40(a)

$

500,000

500,000

New

York

City

Municipal

Water

Finance

Authority,

Water

&

Sewer

System

Series

2023

CC

3.85%,

6/15/53(a)

2,000,000

2,000,000

2,500,000

Face

Amount

Value

Texas

(

1

.6

%

)

Gulf

Coast

Industrial

Development

Authority,

Exxon

Mobil

Corp.

Series

2012

4.05%,

11/1/41(a)

$

3,300,000

$

3,300,000

Wisconsin

(

0

.5

%

)

University

of

Wisconsin

Hospitals

&

Clinics

Authority,

Series

2024

C

3.80%,

4/1/54(a)

1,000,000

1,000,000

Total

Municipal

Bonds

(Cost

$6,800,000)

6,800,000

Total

Short-Term

Investments

(Cost

$13,993,325)

13,993,325

Total

Investments

(97.7%)

(Cost

$195,343,112)

(c)

195,787,846

Other

Assets

in

Excess

of

Liabilities

(2.3%)

4,592,780

Net

Assets

(100.0%)

$200,380,626

(a)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(c)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$195,343,112.

The

aggregate

gross

unrealized

appreciation

is

$876,545

and

the

aggregate

gross

unrealized

depreciation

is

$431,811,

resulting

in

net

unrealized

appreciation

of

$444,734.

AGM

Insured

by

Assured

Guaranty

Municipal

Corp.

AMT

Alternative

Minimum

Tax

CME

Chicago

Mercantile

Exchange

NATL

Insured

by

National

Public

Finance

Guarantee

Corp.

Summary

of

Investments

by

State

Classification  

Percentage

of

Total

Investments

Other*

45

.1

%

Illinois

14

.6

Texas

11

.7

New

York

10

.3

Colorado

6

.7

Pennsylvania

6

.3

California

5

.3

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

First

Quarter

Report

December

31,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(107.2%)

Asset-Backed

Securities

(

10

.1

%

)

AASET

US

Ltd.,

2018-2A

4.45%,

11/18/38(a)

$

914,628

$

896,708

ACHV

ABS

Trust,

2023-3PL

7.17%,

8/19/30(a)

3,534

3,538

2024-3AL

5.45%,

12/26/31(a)

2,767,000

2,772,528

2024-3AL

5.68%,

12/26/31(a)

1,210,000

1,213,016

2024-3AL

6.75%,

12/26/31(a)

1,750,000

1,760,752

Ally

Bank

Auto

Credit-Linked

Notes,

2024-B

5.12%,

9/15/32(a)

1,545,676

1,547,727

American

Homes

4

Rent

Trust,

2015-SFR2

6.07%,

10/17/52(a)

1,001,000

1,003,305

Aqua

Finance

Trust,

2019-A

3.47%,

7/16/40(a)

508,841

493,720

Ballyrock

CLO

15

Ltd.,

2021-1A

CME

Term

SOFR

3

Month

+

2.85%,

0.00%,

1/15/38(a)(b)

1,000,000

1,003,750

Barings

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

4.60%,

9.26%,

7/15/37(a)(b)

1,000,000

1,013,957

BCMSC

Trust,

1998-C

7.51%,

1/15/29(b)

791,994

776,501

Blackbird

Capital

II

Aircraft

Lease

Ltd.,

2021-1A

2.44%,

7/15/46(a)

1,094,624

1,000,529

CFMT

LLC,

2022-HB9

3.25%,

9/25/37(a)(b)

1,840,000

1,650,395

Cloud

Capital

Holdco

LP,

2024-1A

5.78%,

11/22/49(a)

4,500,000

4,492,114

Cologix

Data

Centers

US

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

2,125,000

2,018,783

Conn's

Receivables

Funding

LLC,

2023-A

10.00%,

1/17/28(a)

204,899

205,720

ContiMortgage

Home

Equity

Loan

Trust,

1995-2

8.10%,

8/15/25

17,335

15,725

DB

Master

Finance

LLC,

2017-1A

4.03%,

11/20/47(a)

2,558,780

2,485,694

2021-1A

2.05%,

11/20/51(a)

2,054,460

1,946,485

Face

Amount

Value

Dell

Equipment

Finance

Trust,

2023-3

5.93%,

4/23/29(a)

$

675,000

$

684,204

Driven

Brands

Funding

LLC,

2019-1A

4.64%,

4/20/49(a)

3,186,028

3,159,951

2019-2A

3.98%,

10/20/49(a)

2,317,684

2,264,373

ELFI

Graduate

Loan

Program

LLC,

2022-A

4.51%,

8/26/47(a)

1,212,090

1,163,561

Elmwood

CLO

32

Ltd.,

2024-8A

CME

Term

SOFR

3

Month

+

2.85%,

7.65%,

10/18/37(a)(b)

1,000,000

1,016,747

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(a)

1,087,501

1,028,424

FirstKey

Homes

Trust,

2021-SFR2

3.41%,

9/17/38(a)

1,000,000

929,588

2021-SFR3

3.98%,

12/17/38(a)

1,000,000

927,093

FMC

GMSR

Issuer

Trust,

2022-GT2

7.90%,

7/25/27(a)

2,675,000

2,713,444

FMC

Issuer

Trust-FMSR,

2024-FT1

6.56%,

9/25/29(a)

2,810,000

2,791,666

FOCUS

Brands

Funding

LLC,

2017-1A

5.09%,

4/30/47(a)

1,938,800

1,912,401

FortiFi,

2023-1A

6.23%,

9/20/59(a)

2,613,757

2,573,708

GCI

Funding

I

LLC,

2020-1

2.82%,

10/18/45(a)

535,767

494,887

Goddard

Funding

LLC,

2024-1A

6.83%,

10/30/54(a)

1,509,000

1,515,974

Golub

Capital

Partners

ABS

Funding

Ltd.,

2020-1A

3.21%,

1/22/29(a)

1,280,606

1,258,198

2021-1A

2.77%,

4/20/29(a)

680,638

671,511

Goodgreen

Trust,

2020-1A

5.53%,

4/15/55(a)

1,438,770

1,170,181

2021-1A

5.74%,

10/15/56(a)

2,043,062

1,673,423

Harvest

US

CLO

Ltd.,

2024-2A

CME

Term

SOFR

3

Month

+

3.25%,

8.06%,

10/15/37(a)(b)

1,500,000

1,524,010

Horizon

Aircraft

Finance

IV

Ltd.,

2024-1

5.38%,

9/15/49(a)

1,975,000

1,918,664

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(10.1%)

(cont’d)

Jersey

Mike's

Funding

LLC,

2019-1A

4.43%,

2/15/50(a)

$

1,907,585

$

1,885,408

JOL

Air

Ltd.,

2019-1

4.95%,

4/15/44(a)

181,521

177,099

Loanpal

Solar

Loan

Ltd.,

2021-1GS

2.29%,

1/20/48(a)

882,084

698,142

Lunar

Aircraft

Ltd.,

2020-1A

3.38%,

2/15/45(a)

250,661

241,599

MACH

1

Cayman

Ltd.,

2019-1

3.47%,

10/15/39(a)

555,718

534,161

Madison

Park

Funding

LV

Ltd.,

2022-55A

CME

Term

SOFR

3

Month

+

3.15%,

7.78%,

7/18/37(a)(b)

1,500,000

1,521,048

Magnetite

XXII

Ltd.,

2019-22A

CME

Term

SOFR

3

Month

+

4.15%,

8.81%,

7/15/36(a)(b)

500,000

501,518

2019-22A

CME

Term

SOFR

3

Month

+

2.90%,

7.56%,

7/15/36(a)(b)

1,500,000

1,514,329

MAPS

Ltd.,

2018-1A

4.21%,

5/15/43(a)

95,777

95,174

Marlette

Funding

Trust,

2023-3A

6.71%,

9/15/33(a)

2,036,822

2,047,334

Mosaic

Solar

Loan

Trust,

2020-1A

2.10%,

4/20/46(a)

412,971

358,715

Navigator

Aviation

Ltd.,

2024-1

5.40%,

8/15/49(a)

2,003,143

1,959,719

Neighborly

Issuer

LLC,

2021-1A

3.58%,

4/30/51(a)

3,609,100

3,331,074

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

7.00%,

7/25/50(a)(b)

771,683

780,317

NRM

FNT1

Excess

LLC,

2024-FNT1

7.40%,

11/25/31(a)

2,715,267

2,733,822

Oaktree

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

4.70%,

9.32%,

7/20/37(a)(b)

1,000,000

1,006,985

Oportun

Funding

Trust,

2024-3

5.48%,

8/15/29(a)

1,020,000

1,020,493

Face

Amount

Value

Oportun

Issuance

Trust,

2021-C

2.18%,

10/8/31(a)

$

1,814,420

$

1,760,321

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

1,825,473

1,831,668

Planet

Fitness

Master

Issuer

LLC,

2024-1A

5.77%,

6/5/54(a)

2,067,818

2,079,973

PMC

PLS

ESR

Issuer

LLC,

2022-PLS1

5.11%,

2/25/27(a)(c)

1,067,443

1,064,568

PMT

Issuer

Trust-FMSR,

2021-FT1

CME

Term

SOFR

1

Month

+

3.11%,

7.45%,

3/25/26(a)(b)

3,900,000

3,918,649

Progress

Residential,

2021-SFR4

2.31%,

5/17/38(a)

650,000

630,433

PRPM

LLC,

2022-3

5.56%,

6/25/27(a)(c)

1,834,296

1,832,828

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

US

Prime

Rate

-

0.50%,

7.00%,

12/27/44(a)(b)

138,814

138,548

Retained

Vantage

Data

Centers

Issuer

LLC,

2023-1A

5.00%,

9/15/48(a)

1,423,000

1,401,595

ServiceMaster

Funding

LLC,

2020-1

2.84%,

1/30/51(a)

1,456,873

1,329,640

2021-1

2.87%,

7/30/51(a)

2,673,687

2,405,314

SERVPRO

Master

Issuer

LLC,

2024-1A

6.17%,

1/25/54(a)

625,275

628,386

Sixth

Street

CLO

XV

Ltd.,

2020-15A

CME

Term

SOFR

3

Month

+

3.15%,

7.98%,

10/24/37(a)(b)

750,000

760,909

Stanwich

Mortgage

Loan

Co.

LLC,

2021-NPB1

6.23%,

10/16/26(a)(c)

143,169

143,593

STAR

Trust,

2021-SFR1

CME

Term

SOFR

1

Month

+

3.31%,

7.70%,

4/17/38(a)(b)

800,000

779,814

2024-SFR4

CME

Term

SOFR

1

Month

+

2.95%,

7.33%,

10/17/41(a)(b)

3,095,000

3,101,179

Start

II

Ltd.,

2019-1

4.09%,

3/15/44(a)

215,372

211,982

Start

Ltd.,

2018-1

4.09%,

5/15/43(a)

1,768,823

1,722,687

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(10.1%)

(cont’d)

Subway

Funding

LLC,

2024-3A

5.25%,

7/30/54(a)

$

1,681,461

$

1,641,021

2024-3A

5.57%,

7/30/54(a)

915,000

891,782

Sunbird

Engine

Finance

LLC,

2020-1A

3.67%,

2/15/45(a)

712,643

686,412

Sunnova

Hestia

I

Issuer

LLC,

2023-GRID1

5.75%,

12/20/50(a)

460,276

466,622

Taco

Bell

Funding

LLC,

2021-1A

1.95%,

8/25/51(a)

1,139,700

1,065,579

Wendy's

Funding

LLC,

2018-1A

3.88%,

3/15/48(a)

1,859,695

1,784,670

2019-1A

3.78%,

6/15/49(a)

1,022,517

999,611

Willis

Engine

Structured

Trust

VII,

2023-A

8.00%,

10/15/48(a)

638,832

661,998

112,039,674

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  (

27

.2

%

)

FHLMC

Gold

Pool,

30

Year

4.00%,

6/1/44

-

1/1/48

261,159

244,307

6.00%,

10/1/36

-

8/1/38

31,905

33,171

6.50%,

12/1/25

-

8/1/33

38,091

39,578

7.00%,

2/1/29

-

11/1/31

6,046

6,293

FHLMC

Gold

Pool,

Other

3.50%,

4/1/49

-

8/1/49

161,682

143,453

4.00%,

10/1/49

-

11/1/49

119,955

109,526

5.41%,

8/1/37

1,901

1,911

5.44%,

1/1/37

-

2/1/38

35,949

34,222

5.46%,

8/1/37

-

1/1/38

25,045

23,797

5.50%,

8/1/37

-

11/1/37

36,419

35,121

5.62%,

12/1/36

-

8/1/37

34,660

33,474

FNMA,

30

Year

3.50%,

2/1/48

-

5/1/48

803,189

719,633

5.62%,

12/1/36

15,619

15,018

FNMA,

Other

3.50%,

1/1/48

-

1/1/50

1,004,964

892,758

4.00%,

8/1/49

-

9/1/49

361,615

330,178

4.50%,

3/1/49

-

8/1/49

357,931

336,610

FNMA,

REMIC

5.50%,

5/1/54

-

9/1/54

12,081,061

11,928,173

GNMA

I,

30

Year

6.50%,

5/15/40

142,581

145,911

GNMA

II,

Other

4.50%,

5/20/49

-

7/20/49

125,745

118,406

GNMA

II,

Single

Family,

30

Year

3.50%,

11/20/40

-

7/20/46

319,753

292,791

4.00%,

8/20/41

-

11/20/49

1,724,879

1,603,402

4.50%,

4/20/49

22,679

21,739

5.00%,

12/20/48

13,379

12,354

UMBS

Pool,

30

Year

4.00%,

4/1/49

304,609

281,745

Face

Amount

Value

4.50%,

2/1/49

$

254,754

$

242,903

UMBS,

30

Year

4.00%,

11/1/41

-

3/1/49

1,788,040

1,674,458

4.50%,

3/1/41

-

11/1/44

495,704

480,240

5.00%,

3/1/41

60,209

60,066

5.50%,

6/1/35

-

1/1/37

22,438

22,946

6.50%,

6/1/26

-

1/1/34

230,462

237,627

7.00%,

5/1/28

-

12/1/33

38,263

39,860

9.50%,

4/1/30

495

496

UMBS,

Single

Family,

30

Year

4.50%,

1/25/55,

TBA

6,657,175

6,258,784

5.00%,

1/25/55,

TBA

87,936,000

84,820,449

5.50%,

1/25/55,

TBA

134,757,000

132,919,878

6.00%,

1/25/55,

TBA

57,274,000

57,537,996

301,699,274

Commercial

Mortgage-Backed

Securities

(

10

.7

%

)

Adjustable

Rate

Mortgage

Trust

5.60%,

6/25/35(b)

13,264

13,216

Ajax

Mortgage

Loan

Trust

1.70%,

5/25/59(a)(c)

1,079,394

996,451

Alternative

Loan

Trust

CME

Term

SOFR

1

Month

+

0.47%,

4.81%,

5/25/47(b)

60,498

55,755

BAHA

Trust

7.07%,

12/10/41(a)(b)

2,330,000

2,392,498

BAMLL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

6.75%,

8/15/39(a)(b)

1,359,000

1,370,831

Banc

of

America

Alternative

Loan

Trust

CME

Term

SOFR

1

Month

+

0.76%,

5.10%,

7/25/46(b)

80,759

63,616

6.36%,

10/25/36(c)

377,034

108,189

Banc

of

America

Funding

Trust

5.25%,

7/25/37

5,811

5,635

BANK

2.92%,

12/15/53(b)

4,200,000

2,328,192

IO

0.83%,

10/17/52(b)

13,704,584

425,974

BBCMS

Mortgage

Trust

IO

0.46%,

12/15/55(b)

18,319,783

610,397

Bear

Stearns

ARM

Trust

5.20%,

2/25/34(b)

338,766

320,936

Benchmark

Mortgage

Trust

3.76%,

7/15/53(a)

2,000,000

1,965,228

IO

0.88%,

9/15/48(a)(b)

31,000,000

554,126

BF

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.50%,

5.90%,

12/15/35(a)(b)

2,222,000

2,183,734

CME

Term

SOFR

1

Month

+

2.00%,

6.40%,

12/15/35(a)(b)

2,500,000

2,324,104

BFLD

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.84%,

6.24%,

11/15/41(a)(b)

3,000,000

3,011,254

BPR

Trust

CME

Term

SOFR

1

Month

+

3.00%,

7.40%,

5/15/39(a)(b)

2,320,000

2,332,180

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(10.7%)

(cont’d)

BRAVO

Residential

Funding

Trust

2.00%,

5/25/59(a)(b)

$

1,180,668

$

1,082,104

Brean

Asset-Backed

Securities

Trust

1.40%,

10/25/63(a)(b)

1,960,434

1,777,205

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.14%,

7.54%,

6/15/27(a)(b)

5,100,000

5,146,387

CFMT

LLC

3.75%,

4/25/25(a)(b)

2,650,000

2,594,335

ChaseFlex

Trust

6.00%,

2/25/37

586,067

207,632

Citigroup

Commercial

Mortgage

Trust

IO

0.71%,

11/10/48(b)

2,258,058

11,675

0.86%,

9/10/58(b)

3,985,415

18,809

COLT

Trust

1.67%,

9/25/61(a)(b)

1,073,556

948,073

Commercial

Mortgage

Trust

3.40%,

8/15/57(a)(b)

1,400,000

1,260,214

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

2.36%,

6.76%,

7/15/38(a)(b)

3,690,513

3,706,544

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

9/25/55

854,165

730,946

3.00%,

8/25/57

609,005

519,224

3.00%,

3/25/58

836,382

712,117

4.25%,

8/25/59(a)(b)

2,700,000

2,553,393

4.25%,

11/25/60(a)(b)

750,000

705,455

4.75%,

10/25/58(b)

1,170,515

1,130,110

FHLMC,

Multifamily

Structured

Pass-Through

Certificates

IO

REMIC

2.63%,

1/25/49(b)

17,200,000

2,243,798

2.63%,

1/25/49(b)

4,091,469

497,633

2.65%,

2/25/49(b)

9,522,157

1,224,125

2.74%,

8/25/48(b)

5,484,002

649,891

3.07%,

11/25/36(b)

4,400,000

1,054,297

3.21%,

5/25/32(b)

11,220,034

2,054,702

FHLMC,

REMIC

SOFR30A

+

1.43%,

6.00%,

12/25/54(b)

6,393,996

6,403,607

IO

REMIC

SOFR30A

+

5.89%,

1.29%,

11/15/43(b)

317,123

21,436

FNMA,

REMIC

7.00%,

9/25/32

63,457

66,121

IO

REMIC

8.00%,

9/18/27

10,492

672

FNMA,

Strips

IO

REMIC

6.50%,

9/25/29

13,588

1,225

6.50%,

9/25/29

5,523

471

6.50%,

9/25/29

8,786

698

6.50%,

12/25/29

12,868

1,091

6.50%,

12/25/29

5,452

458

6.50%,

12/25/29

7,986

674

6.50%,

12/25/29

10,084

806

8.50%,

10/25/25

78

1

Face

Amount

Value

FREMF

Mortgage

Trust

SOFR30A

+

5.36%,

10.03%,

7/25/26(a)(b)

$

44,850

$

26,523

FS

Commercial

Mortgage

Trust

7.07%,

11/10/39(a)

1,775,000

1,849,373

GNMA

IO

REMIC

5.00%,

2/16/41

63,692

12,748

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

1.54%,

5.94%,

3/15/39(a)(b)

1,370,000

1,374,147

GS

Mortgage

Securities

Trust

IO

0.33%,

9/10/47(b)

455,361

202

1.19%,

10/10/48(b)

4,306,211

30,100

GWT

CME

Term

SOFR

1

Month

+

1.69%,

6.09%,

5/15/41(a)(b)

3,613,000

3,640,098

Headlands

Residential

LLC

4.49%,

9/25/26(a)(b)

894,121

883,459

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.04%,

6/15/41(a)(b)

3,164,100

3,181,893

CME

Term

SOFR

1

Month

+

2.54%,

6.94%,

6/15/41(a)(b)

810,000

816,074

HYT

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.34%,

6.74%,

9/15/41(a)(b)

1,028,000

1,032,170

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

IO

0.57%,

12/15/49(b)

3,479,038

27,136

0.72%,

4/15/46(b)

6,956,250

25,875

J.P.

Morgan

Mortgage

Trust

5.07%,

6/25/37(b)

43,679

35,099

JW

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.62%,

6.02%,

6/15/39(a)(b)

4,000,000

4,016,256

CME

Term

SOFR

1

Month

+

1.94%,

6.34%,

6/15/39(a)(b)

885,000

888,319

Lehman

Mortgage

Trust

6.50%,

9/25/37

619,816

199,101

LHOME

Mortgage

Trust

7.02%,

1/25/29(a)(c)

3,290,000

3,329,623

8.00%,

6/25/28(a)(c)

751,000

760,530

MF1X

CME

Term

SOFR

1

Month

+

2.82%,

7.22%,

12/15/34(a)(b)

4,350,000

4,275,559

MFT

Mortgage

Trust

3.28%,

8/10/40(a)(b)

1,000,000

660,590

Natixis

Commercial

Mortgage

Securities

Trust

4.32%,

1/15/43(a)(b)

800,000

676,622

NRTH

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.04%,

3/15/39(a)(b)

4,633,000

4,653,268

NYC

Trust

CME

Term

SOFR

1

Month

+

1.99%,

6.39%,

8/15/29(a)(b)

3,794,000

3,824,813

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(10.7%)

(cont’d)

Olympic

Tower

Mortgage

Trust

3.57%,

5/10/39(a)

$

2,900,000

$

2,633,669

ORL

Trust

CME

Term

SOFR

1

Month

+

1.49%,

5.99%,

12/15/39(a)(b)

3,847,000

3,861,424

CME

Term

SOFR

1

Month

+

2.79%,

7.29%,

12/15/39(a)(b)

1,367,000

1,372,128

ROCK

Trust

5.39%,

11/13/41(a)

2,490,000

2,482,319

5.93%,

11/13/41(a)

1,540,000

1,543,921

SDR

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.39%,

5.79%,

5/15/39(a)(b)

1,193,000

1,197,103

SG

Commercial

Mortgage

Securities

Trust

3.73%,

3/15/37(a)(b)

1,900,000

1,617,182

SHR

Trust

CME

Term

SOFR

1

Month

+

1.95%,

6.35%,

10/15/41(a)(b)

3,475,000

3,495,590

SLG

Office

Trust

IO

0.26%,

7/15/41(a)(b)

34,800,000

452,877

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

5.99%,

6/15/39(a)(b)

3,350,000

3,354,221

TYSN

Mortgage

Trust

6.58%,

12/10/33(a)(b)

1,717,000

1,801,143

118,419,400

Corporate

Bonds

(

29

.3

%

)

Aerospace

&

Defense

(0.4%)

Boeing

Co.

(The)

5.15%,

5/1/30

1,491,000

1,471,206

6.53%,

5/1/34

2,411,000

2,527,039

3,998,245

Air

Freight

&

Logistics

(0.1%)

Cargo

Aircraft

Management,

Inc.

4.75%,

2/1/28(a)

807,000

801,190

Automobiles

(0.7%)

Ford

Motor

Co.

3.25%,

2/12/32(d)

5,595,000

4,654,848

Hyundai

Capital

America

5.30%,

6/24/29(a)(d)

2,792,000

2,801,902

7,456,750

Banks

(8.4%)

AIB

Group

plc

5.87%,

3/28/35(a)(b)(d)

2,976,000

2,983,028

Banco

de

Credito

e

Inversiones

SA

2.88%,

10/14/31(a)

1,270,000

1,073,661

Banco

Santander

SA

4.18%,

3/24/28(b)

2,136,000

2,093,243

5.44%,

7/15/31

550,000

549,191

5.54%,

3/14/30(b)(d)

1,895,000

1,904,312

6.35%,

3/14/34

3,260,000

3,307,272

Bank

of

America

Corp.

3.97%,

2/7/30(b)

3,406,000

3,265,560

5.47%,

1/23/35(b)

7,141,000

7,152,048

Face

Amount

Value

Bank

of

Ireland

Group

plc

2.03%,

9/30/27(a)(b)(d)

$

1,451,000

$

1,380,657

5.60%,

3/20/30(a)(b)

2,455,000

2,479,395

Bank

of

Nova

Scotia

(The)

8.00%,

1/27/84(b)

2,090,000

2,204,461

Barclays

plc

5.50%,

8/9/28(b)

2,323,000

2,348,704

BBVA

Bancomer

SA

5.13%,

1/18/33(a)(b)

2,550,000

2,373,965

8.13%,

1/8/39(a)(b)

1,957,000

1,997,883

BNP

Paribas

SA

5.13%,

1/13/29(a)(b)(d)

2,295,000

2,294,814

7.75%,

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

1,550,000

1,588,401

BPCE

SA

5.72%,

1/18/30(a)(b)

1,517,000

1,525,423

CaixaBank

SA

6.04%,

6/15/35(a)(b)

2,009,000

2,028,613

6.84%,

9/13/34(a)(b)

2,157,000

2,295,000

Credit

Agricole

SA

6.25%,

1/10/35(a)(b)

3,156,000

3,170,704

Intesa

Sanpaolo

SpA

8.25%,

11/21/33(a)(b)

4,678,000

5,250,020

JPMorgan

Chase

&

Co.

5.58%,

4/22/30(b)

9,394,000

9,582,377

5.77%,

4/22/35(b)

2,639,000

2,700,601

KeyBank

NA

5.00%,

1/26/33

3,627,000

3,480,111

PNC

Financial

Services

Group,

Inc.

(The)

5.40%,

7/23/35(b)

1,386,000

1,375,936

5.68%,

1/22/35(b)

917,000

928,001

6.88%,

10/20/34(b)(d)

1,803,000

1,968,860

Santander

UK

Group

Holdings

plc

3.82%,

11/3/28(b)

1,045,000

1,006,754

Societe

Generale

SA

2.63%,

1/22/25(a)

1,625,000

1,622,813

5.63%,

1/19/30(a)(b)

1,808,000

1,805,433

Swedbank

AB

5.41%,

3/14/29(a)

1,200,000

1,211,065

Synovus

Bank

5.63%,

2/15/28

1,710,000

1,713,582

Synovus

Financial

Corp.

6.17%,

11/1/30(b)

2,282,000

2,300,099

Toronto-Dominion

Bank

(The)

8.13%,

10/31/82(b)

3,321,000

3,469,848

U.S.

Bancorp

5.68%,

1/23/35(b)(d)

3,242,000

3,270,720

5.84%,

6/12/34(b)

1,139,000

1,161,539

5.85%,

10/21/33(b)(d)

2,887,000

2,951,676

93,815,770

Capital

Markets

(3.3%)

Antares

Holdings

LP

6.35%,

10/23/29(a)(d)

313,000

310,702

6.50%,

2/8/29(a)

250,000

249,936

Apollo

Debt

Solutions

BDC

6.70%,

7/29/31(a)

780,000

801,409

Blue

Owl

Credit

Income

Corp.

6.65%,

3/15/31(d)

1,500,000

1,527,460

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(29.3%)

(cont’d)

Brookfield

Finance,

Inc.

5.68%,

1/15/35

$

3,236,000

$

3,261,208

6.30%,

1/15/55(b)

1,714,000

1,680,251

Charles

Schwab

Corp.

(The)

5.85%,

5/19/34(b)

2,291,000

2,359,322

6.14%,

8/24/34(b)(d)

2,540,000

2,668,074

CI

Financial

Corp.

3.20%,

12/17/30

4,062,000

3,455,713

HAT

Holdings

I

LLC

3.75%,

9/15/30(a)

2,138,000

1,885,575

Jefferies

Financial

Group,

Inc.

6.20%,

4/14/34(d)

4,345,000

4,480,311

LPL

Holdings,

Inc.

4.00%,

3/15/29(a)

2,701,000

2,562,169

6.00%,

5/20/34

1,612,000

1,642,248

Marex

Group

plc

6.40%,

11/4/29(d)

4,874,000

4,925,600

Nuveen

LLC

5.85%,

4/15/34(a)

2,869,000

2,904,954

TPG

Operating

Group

II

LP

5.88%,

3/5/34

1,819,000

1,861,614

36,576,546

Chemicals

(0.2%)

Olympus

Water

US

Holding

Corp.

9.75%,

11/15/28(a)

2,125,000

2,257,316

Commercial

Services

&

Supplies

(0.2%)

Allied

Universal

Holdco

LLC

4.63%,

6/1/28(a)

2,729,000

2,573,036

Construction

&

Engineering

(0.4%)

Artera

Services

LLC

8.50%,

2/15/31(a)

2,381,260

2,297,706

MasTec,

Inc.

5.90%,

6/15/29(d)

1,734,000

1,766,474

4,064,180

Consumer

Finance

(2.0%)

Aircastle

Ltd.

5.75%,

10/1/31(a)(d)

3,430,000

3,454,802

Ally

Financial,

Inc.

4.70%,

5/15/26(b)(e)

2,115,000

1,980,255

6.85%,

1/3/30(b)

6,508,000

6,749,493

Ford

Motor

Credit

Co.

LLC

7.12%,

11/7/33

2,212,000

2,309,752

7.35%,

3/6/30

1,102,000

1,167,458

General

Motors

Financial

Co.,

Inc.

5.80%,

1/7/29(d)

2,494,000

2,545,435

5.95%,

4/4/34

3,729,000

3,750,358

21,957,553

Consumer

Staples

Distribution

&

Retail

(0.2%)

Kroger

Co.

(The)

5.00%,

9/15/34

1,864,000

1,806,361

Containers

&

Packaging

(0.1%)

Trivium

Packaging

Finance

BV

5.50%,

8/15/26(a)

1,643,000

1,625,740

Face

Amount

Value

Diversified

REITs

(0.3%)

VICI

Properties

LP

5.13%,

11/15/31

-

5/15/32

$

2,319,000

$

2,260,668

5.75%,

4/1/34

1,117,000

1,128,044

3,388,712

Diversified

Telecommunication

Services

(0.1%)

Virgin

Media

Secured

Finance

plc

5.50%,

5/15/29(a)

1,461,000

1,371,989

Electric

Utilities

(0.2%)

Vistra

Operations

Co.

LLC

5.70%,

12/30/34(a)

2,704,000

2,677,311

Electronic

Equipment,

Instruments

&

Components

(0.2%)

Arrow

Electronics,

Inc.

5.15%,

8/21/29(d)

2,509,000

2,499,770

Entertainment

(0.4%)

Playtika

Holding

Corp.

4.25%,

3/15/29(a)

1,447,000

1,317,300

Warnermedia

Holdings,

Inc.

4.28%,

3/15/32(d)

4,015,000

3,539,110

4,856,410

Financial

Services

(1.8%)

Enact

Holdings,

Inc.

6.25%,

5/28/29(d)

4,561,000

4,650,677

Essent

Group

Ltd.

6.25%,

7/1/29(d)

3,681,000

3,760,329

HA

Sustainable

Infrastructure

Capital,

Inc.

6.38%,

7/1/34(a)

8,637,000

8,415,786

Nationwide

Building

Society

4.30%,

3/8/29(a)(b)

1,272,000

1,236,109

Rocket

Mortgage

LLC

3.88%,

3/1/31(a)

2,720,000

2,371,628

20,434,529

Food

Products

(0.3%)

Gruma

SAB

de

CV

5.76%,

12/9/54(a)

1,470,000

1,392,825

Smithfield

Foods,

Inc.

5.20%,

4/1/29(a)

1,976,000

1,936,452

3,329,277

Gas

Utilities

(0.3%)

Ferrellgas

LP

5.88%,

4/1/29(a)(d)

3,017,000

2,760,278

Health

Care

Equipment

&

Supplies

(0.2%)

Medline

Borrower

LP

3.88%,

4/1/29(a)

1,793,000

1,661,944

Health

Care

Providers

&

Services

(0.7%)

Centene

Corp.

2.50%,

3/1/31

3,388,000

2,804,507

3.38%,

2/15/30

2,226,000

1,984,044

LifePoint

Health,

Inc.

9.88%,

8/15/30(a)

2,952,000

3,188,771

7,977,322

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(29.3%)

(cont’d)

Health

Care

REITs

(0.3%)

Ventas

Realty

LP

5.63%,

7/1/34

$

3,476,000

$

3,501,726

Hotels,

Restaurants

&

Leisure

(0.3%)

Las

Vegas

Sands

Corp.

3.90%,

8/8/29(d)

798,000

742,370

6.00%,

8/15/29

1,856,000

1,881,910

6.20%,

8/15/34

784,000

788,830

3,413,110

Insurance

(1.4%)

Alliant

Holdings

Intermediate

LLC

7.00%,

1/15/31(a)(d)

1,667,000

1,675,336

American

National

Group,

Inc.

5.75%,

10/1/29

2,505,000

2,509,795

Global

Atlantic

Fin

Co.

3.13%,

6/15/31(a)

115,000

98,763

4.70%,

10/15/51(a)(b)

2,135,000

2,063,371

6.75%,

3/15/54(a)

3,242,000

3,294,519

7.95%,

10/15/54(a)(b)

1,507,000

1,580,094

Liberty

Mutual

Group,

Inc.

4.13%,

12/15/51(a)(b)

4,168,000

3,968,840

15,190,718

IT

Services

(0.6%)

Arches

Buyer,

Inc.

4.25%,

6/1/28(a)(d)

2,564,000

2,357,663

Kyndryl

Holdings,

Inc.

3.15%,

10/15/31

1,099,000

953,296

6.35%,

2/20/34(d)

3,085,000

3,211,185

6,522,144

Machinery

(0.2%)

Calderys

Financing

LLC

11.25%,

6/1/28(a)

1,986,000

2,128,281

Media

(1.0%)

Charter

Communications

Operating

LLC

4.80%,

3/1/50(d)

7,746,000

5,826,655

Clear

Channel

Outdoor

Holdings,

Inc.

7.88%,

4/1/30(a)

1,899,000

1,956,707

McGraw-Hill

Education,

Inc.

5.75%,

8/1/28(a)

2,725,000

2,663,642

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

7/15/28(a)(d)

1,250,000

1,185,067

11,632,071

Metals

&

Mining

(0.3%)

Compass

Minerals

International,

Inc.

6.75%,

12/1/27(a)

1,380,000

1,360,788

Nexa

Resources

SA

6.75%,

4/9/34(a)(d)

1,886,000

1,922,529

3,283,317

Office

REITs

(0.1%)

COPT

Defense

Properties

LP

2.90%,

12/1/33

1,330,000

1,069,121

Face

Amount

Value

Oil,

Gas

&

Consumable

Fuels

(0.8%)

Global

Partners

LP

7.00%,

8/1/27(d)

$

847,000

$

854,424

Petrobras

Global

Finance

BV

6.50%,

7/3/33

1,612,000

1,579,188

Raizen

Fuels

Finance

SA

5.70%,

1/17/35(a)

1,650,000

1,528,725

6.45%,

3/5/34(a)(d)

1,172,000

1,159,447

6.95%,

3/5/54(a)(d)

936,000

923,947

TerraForm

Power

Operating

LLC

4.75%,

1/15/30(a)

2,743,000

2,537,887

5.00%,

1/31/28(a)

698,000

673,045

9,256,663

Passenger

Airlines

(0.8%)

A/S

Mileage

Plan

IP

Ltd.

5.02%,

10/20/29(a)(d)

2,454,000

2,392,856

5.31%,

10/20/31(a)(d)

985,000

962,325

American

Airlines,

Inc.

5.50%,

4/20/26(a)

2,204,000

2,198,617

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)

3,680,000

3,631,895

9,185,693

Professional

Services

(0.3%)

Concentrix

Corp.

6.60%,

8/2/28(d)

3,287,000

3,369,455

Semiconductors

&

Semiconductor

Equipment

(0.4%)

Intel

Corp.

4.75%,

3/25/50(d)

2,442,000

1,889,929

4.90%,

8/5/52

2,975,000

2,350,747

4,240,676

Software

(0.5%)

Cloud

Software

Group,

Inc.

6.50%,

3/31/29(a)

3,213,000

3,157,698

McAfee

Corp.

7.38%,

2/15/30(a)

1,930,000

1,876,908

5,034,606

Specialized

REITs

(0.6%)

EPR

Properties

3.60%,

11/15/31

2,994,000

2,620,985

3.75%,

8/15/29(d)

3,293,000

3,055,062

4.95%,

4/15/28

1,040,000

1,023,346

6,699,393

Specialty

Retail

(0.5%)

Lithia

Motors,

Inc.

4.38%,

1/15/31(a)

2,349,000

2,138,417

PetSmart,

Inc.

4.75%,

2/15/28(a)(d)

1,910,000

1,804,292

Sonic

Automotive,

Inc.

4.63%,

11/15/29(a)

1,407,000

1,300,292

5,243,001

Technology

Hardware,

Storage

&

Peripherals

(0.2%)

Seagate

HDD

Cayman

9.63%,

12/1/32

2,222,500

2,507,656

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(29.3%)

(cont’d)

Trading

Companies

&

Distributors

(0.0%)(f)

Air

Lease

Corp.

3.38%,

7/1/25(d)

$

267,000

$

264,979

Transportation

Infrastructure

(0.2%)

Seaspan

Corp.

5.50%,

8/1/29(a)

2,104,000

1,966,961

Wireless

Telecommunication

Services

(0.3%)

Zegona

Finance

plc

8.63%,

7/15/29(a)(d)

3,300,000

3,510,429

325,910,229

Sovereign

(

0

.4

%

)

Dominican

Republic

Government

Bond

5.88%,

1/30/60(a)

850,000

721,013

Petroleos

Mexicanos

6.84%,

1/23/30

4,163,000

3,806,014

4,527,027

Supranational

(

0

.1

%

)

Banque

Ouest

Africaine

de

Developpement

4.70%,

10/22/31(a)

1,240,000

1,121,084

U.S.

Government

and

Agency

Securities

(

29

.4

%

)

U.S.

Treasury

Bonds

3.38%,

5/15/44

52,682,000

42,713,493

4.63%,

5/15/54

14,796,800

14,381,161

U.S.

Treasury

Notes

3.88%,

9/30/29

146,661,000

143,505,443

4.00%,

2/29/28

6,180,000

6,124,892

4.38%,

5/15/34

54,227,000

53,410,420

4.88%,

11/30/25(d)

9,250,000

9,300,996

4.88%,

5/31/26

56,799,000

57,278,144

326,714,549

Total

Fixed

Income

Securities

(Cost

$1,209,652,441)

1,190,431,237

–

Shares

Investment

Companies

(

2

.0

%

)

Eaton

Vance

Floating-Rate

ETF(d)(g)

298,800

15,049,062

Eaton

Vance

High

Yield

ETF(g)

9,300

486,297

Eaton

Vance

Short

Duration

Income

ETF(g)

120,000

6,056,400

Eaton

Vance

Ultra-Short

Income

ETF(d)(g)

27,000

1,368,630

Total

Investment

Companies

(Cost

$23,036,243)

22,960,389

Short-Term

Investments

(

18

.2

%

)

Investment

Company

(

9

.3

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(h)

(Cost

$103,246,433)

103,246,433

103,246,433

Shares

Value

Security

held

as

Collateral

on

Loaned

Securities

(

2

.8

%

)

Investment

Company

(2.8%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(h)

(Cost

$30,841,990)

30,841,990

$

30,841,990

Face

Amount

U.S.

Government

and

Agency

Securities

(

6

.1

%

)

U.S.

Treasury

Bills

3.33%,

1/16/25

$

8,315,000

8,301,320

4.42%,

2/6/25

59,655,000

59,410,673

Total

U.S.

Government

and

Agency

Securities

(Cost

$67,685,434)

67,711,993

Total

Short-Term

Investments

(Cost

$201,773,857)

201,800,416

Total

Investments

(127.4%)

(Cost

$1,434,462,541)

(i)

1,415,192,042

Liabilities

in

Excess

of

Other

Assets

(-27.4%)

(303,999,311)

Net

Assets

(100.0%)

$1,111,192,731

(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

December

31,

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

December

31,

2024.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(d)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$46,196,332

and

$47,912,649,

respectively.

The

Fund

received

cash

collateral

of

$30,841,990,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$17,070,659

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(e)

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

December

31,

2024.

(f)

Amount

is

less

than

0.05%.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

(g)

For

the

period

ended

December

31,

2024,

the

cost

of

purchases

of

Eaton

Vance

Floating-Rate

ETF,

Eaton

Vance

High

Yield

ETF,

Eaton

Vance

Short

Duration

Income

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF,

which

may

be

deemed

affiliates

of

the

Adviser

under

the

Investment

Company

Act

of

1940,

were

$8,441,011,

$498,666,

$6,070,000

and

$203,160,

respectively.

For

the

period

ended

December

31,

2024,

management

fees

related

Fund's

investments

in

Eaton

Vance

Floating-Rate

ETF,

Eaton

Vance

High

Yield

ETF,

Eaton

Vance

Short

Duration

Income

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF

were

reduced

by

$16,089,

$136,

$764

and

$562,

respectively.

(h)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$28,693

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(i)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$1,434,462,541.

The

aggregate

gross

unrealized

appreciation

is

$2,804,531

and

the

aggregate

gross

unrealized

depreciation

is

$22,075,030,

resulting

in

net

unrealized

depreciation

of

$19,270,499.

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.

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2024:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation/

(Depreciation)

Long:

U.S.

Treasury

2

Year

Notes

840

Mar-25

$

168,000,000

$

172,711,876

$

(

11,331

)

U.S.

Treasury

5

Year

Notes

1,163

Mar-25

116,300,000

123,632,351

(

450,021

)

U.S.

Treasury

10

Year

Notes

120

Mar-25

12,000,000

13,050,000

(

133,816

)

U.S.

Treasury

Long

Bonds

86

Mar-25

8,600,000

9,790,563

(

250,865

)

U.S.

Treasury

Ultra

Bonds

212

Mar-25

21,200,000

25,208,125

(

301,345

)

Short:

U.S.

Treasury

10

Year

Ultra

Bonds

213

Mar-25

(

21,300,000

)

(

23,709,563

)

398,521

$

(

748,857

)

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

U.S.

Government

and

Agency

Securities

23‌

.6

%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

21‌

.8

Other**

18‌

.8

Short-Term

Investments

12‌

.3

Commercial

Mortgage-Backed

Securities

8‌

.6

Asset-Backed

Securities

8‌

.1

Banks

6‌

.8

Total

Investments

100‌

.0

%

***

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

***

Does

not

include

open

futures

contracts

with

a

value

of

$

368,102,478

and

net

unrealized

depreciation

of

$

748,857

.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(94.0%)

Asset-Backed

Securities

(

9

.4

%

)

ACHV

ABS

Trust,

2024-3AL

5.45%,

12/26/31(a)

$

166,000

$

166,332

ACHV

ABS

TRUST,

2023-4CP

7.24%,

11/25/30(a)

342,867

344,034

ACM

Auto

Trust,

2023-2A

7.97%,

6/20/30(a)

64,097

64,364

2024-2A

6.06%,

2/20/29(a)

365,472

366,838

Ally

Bank

Auto

Credit-Linked

Notes,

2024-A

5.83%,

5/17/32(a)

313,039

316,826

2024-B

5.12%,

9/15/32(a)

233,204

233,513

Alterna

Funding

III

LLC,

2024-1A

6.26%,

5/16/39(a)

179,463

181,216

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

63,303

64,173

Auxilior

Term

Funding

LLC,

2024-1A

5.84%,

3/15/27(a)

830,000

836,455

Bank

of

America

Auto

Trust,

2023-2A

5.85%,

8/17/26(a)

91,046

91,324

BHG

Securitization

Trust,

2022-C

5.93%,

10/17/35(a)

210,000

210,833

Blue

Owl

Asset

Leasing

Trust

LLC,

2024-1A

5.05%,

3/15/29(a)

101,000

101,259

Chesapeake

Funding

II

LLC,

2023-2A

6.16%,

10/15/35(a)

271,951

276,018

2024-1A

SOFR30A

+

0.77%,

5.37%,

5/15/36(a)(b)

134,807

135,135

Clarus

Capital

Funding

LLC,

2024-1A

4.71%,

8/20/32(a)

135,000

134,583

DB

Master

Finance

LLC,

2019-1A

4.02%,

5/20/49(a)

71,063

70,093

2021-1A

2.05%,

11/20/51(a)

232,800

220,565

DLLMT

LLC,

2024-1A

5.08%,

2/22/27(a)

131,000

131,548

DLLST

LLC,

2024-1A

5.33%,

1/20/26(a)

47,221

47,323

Domino's

Pizza

Master

Issuer

LLC,

2015-1A

4.47%,

10/25/45(a)

324,625

323,745

Face

Amount

Value

2018-1A

4.12%,

7/25/48(a)

$

165,813

$

164,888

Driven

Brands

Funding

LLC,

2019-1A

4.64%,

4/20/49(a)

252,013

249,950

Enterprise

Fleet

Financing

LLC,

2023-1

5.51%,

1/22/29(a)

128,476

129,152

2024-2

5.74%,

12/20/26(a)

145,000

146,260

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

127,944

130,356

Ford

Credit

Auto

Owner

Trust,

2023-B

5.57%,

6/15/26

64,705

64,813

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

56,173

56,476

GM

Financial

Consumer

Automobile

Receivables

Trust,

2023-2

5.10%,

5/18/26

17,976

17,980

2024-1

5.12%,

2/16/27

17,641

17,679

HPEFS

Equipment

Trust,

2024-1A

5.38%,

5/20/31(a)

162,956

163,243

J.P.

Morgan

Mortgage

Trust,

2023-HE3

SOFR30A

+

1.60%,

6.20%,

5/25/54(a)(b)

49,459

49,912

2024-HE2

SOFR30A

+

1.20%,

5.80%,

10/20/54(a)(b)

155,431

156,414

LAD

Auto

Receivables

Trust,

2023-1A

5.68%,

10/15/26(a)

17,828

17,836

2023-2A

5.93%,

6/15/27(a)

32,890

32,975

2023-4A

6.21%,

10/15/26(a)

16,922

16,942

Lendbuzz

Securitization

Trust,

2023-2A

7.09%,

10/16/28(a)

238,899

243,436

2024-1A

6.19%,

8/15/29(a)

271,427

274,451

2024-3A

4.97%,

10/15/29(a)

100,000

100,022

LL

ABS

Trust,

2022-1A

5.05%,

11/15/29(a)

23,220

23,216

Mercury

Financial

Credit

Card

Master

Trust,

2024-2A

6.56%,

7/20/29(a)

147,000

148,841

Octane

Receivables

Trust,

2022-1A

4.18%,

3/20/28(a)

90,895

90,786

2024-2A

5.80%,

7/20/32(a)

288,247

291,509

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(9.4%)

(cont’d)

2024-3A

4.94%,

5/20/30(a)

$

175,000

$

175,359

2024-RVM1

5.01%,

1/22/46(a)

150,000

149,950

Oportun

Funding

Trust,

2024-3

5.26%,

8/15/29(a)

383,628

384,049

Oportun

Issuance

Trust,

2024-1A

6.33%,

4/8/31(a)

116,008

116,251

2024-1A

6.55%,

4/8/31(a)

169,000

169,908

Oscar

US

Funding

XIV

LLC,

2022-1A

2.30%,

4/10/26(a)

45,081

44,963

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

204,546

205,240

Oscar

US

Funding

XVII

LLC,

2024-2A

4.63%,

12/10/27(a)

222,000

221,728

Pagaya

Ai

Debt

Grantor

Trust,

2024-9

5.07%,

3/15/32(a)

210,048

210,221

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

300,000

302,858

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

1

Month

+

1.36%,

5.70%,

7/25/51(a)(b)

436,638

436,535

Prosper

Marketplace

Issuance

Trust,

2023-1A

7.06%,

7/16/29(a)

44,974

45,079

2023-1A

7.48%,

7/16/29(a)

200,000

201,804

2024-1A

6.12%,

8/15/29(a)

63,422

63,616

Reach

ABS

Trust,

2024-2A

5.88%,

7/15/31(a)

161,893

162,732

SFS

Auto

Receivables

Securitization

Trust,

2024-1A

5.35%,

6/21/27(a)

27,426

27,487

Taco

Bell

Funding

LLC,

2016-1A

4.97%,

5/25/46(a)

150,000

149,824

Theorem

Funding

Trust,

2022-2A

9.27%,

12/15/28(a)

90,000

92,657

2022-3A

7.60%,

4/15/29(a)

262,917

265,086

2022-3A

8.95%,

4/15/29(a)

246,000

253,468

2023-1A

7.58%,

4/15/29(a)

77,069

77,771

Face

Amount

Value

Vantage

Data

Centers

Issuer

LLC,

2020-1A

1.65%,

9/15/45(a)

$

225,000

$

219,759

Wingspire

Equipment

Finance

LLC,

2024-1A

4.99%,

9/20/32(a)

100,000

100,229

10,979,888

Commercial

Mortgage-Backed

Securities

(

3

.8

%

)

BPR

Trust

CME

Term

SOFR

1

Month

+

1.90%,

6.30%,

4/15/37(a)(b)

370,000

372,387

CME

Term

SOFR

1

Month

+

3.00%,

7.40%,

5/15/39(a)(b)

200,000

201,050

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.81%,

5.21%,

9/15/36(a)(b)

200,000

200,037

CAMB

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.37%,

5.77%,

12/15/37(a)(b)

265,000

265,310

CME

Term

SOFR

1

Month

+

1.55%,

5.95%,

12/15/37(a)(b)

300,000

300,351

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.00%,

5.57%,

12/25/41(a)(b)

253,504

254,190

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.19%,

5.59%,

7/15/38(a)(b)

286,257

286,968

CME

Term

SOFR

1

Month

+

1.49%,

5.89%,

7/15/38(a)(b)

165,589

165,999

CME

Term

SOFR

1

Month

+

1.81%,

6.21%,

7/15/38(a)(b)

88,079

88,408

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.25%,

5.82%,

3/25/44(a)(b)

188,302

189,502

SOFR30A

+

1.35%,

5.92%,

2/25/44(a)(b)

379,661

381,490

FHLMC,

REMIC

SOFR30A

+

1.10%,

5.67%,

5/25/54(b)

199,981

200,088

SOFR30A

+

1.25%,

5.82%,

3/25/54(b)

94,421

94,692

SOFR30A

+

1.43%,

6.00%,

12/25/54(b)

460,846

461,539

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

6.04%,

6/15/41(a)(b)

140,000

140,787

Marlette

Funding

Trust

6.50%,

4/15/33(a)

324,876

327,122

MHC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.92%,

5.31%,

4/15/38(a)(b)

68,560

68,625

ORL

Trust

CME

Term

SOFR

1

Month

+

1.49%,

5.99%,

12/15/39(a)(b)

175,000

175,656

Reach

Abs

Trust

6.30%,

2/18/31(a)

145,255

146,527

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(3.8%)

(cont’d)

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

5.99%,

6/15/39(a)(b)

$

140,000

$

140,176

4,460,904

Corporate

Bonds

(

64

.0

%

)

Aerospace

&

Defense

(1.0%)

Boeing

Co.

(The)

7.25%,

6/15/25

1,160,000

1,170,231

Automobiles

(1.9%)

Hyundai

Capital

America

2.65%,

2/10/25(a)

235,000

234,419

5.45%,

6/24/26(a)

250,000

251,839

5.80%,

6/26/25(a)

235,000

235,892

6.25%,

11/3/25(a)

670,000

676,774

Volkswagen

Group

of

America

Finance

LLC

4.90%,

8/14/26(a)

575,000

573,138

5.30%,

3/20/26(a)(b)

250,000

249,946

2,222,008

Banks

(24.9%)

Australia

&

New

Zealand

Banking

Group

Ltd.

5.03%,

3/18/26(a)(b)

310,000

310,791

Banco

Santander

SA

2.75%,

5/28/25

400,000

396,246

5.15%,

8/18/25

200,000

200,241

Bank

of

America

Corp.

3.38%,

4/2/26(b)

923,000

919,525

4.83%,

7/22/26(b)

2,490,000

2,490,482

Bank

of

Ireland

Group

plc

6.25%,

9/16/26(a)(b)

1,680,000

1,694,286

Barclays

plc

5.20%,

5/12/26

600,000

601,180

7.33%,

11/2/26(b)

1,725,000

1,756,687

BNP

Paribas

SA

3.38%,

1/9/25(a)

904,000

903,780

BPCE

SA

1.00%,

1/20/26(a)

500,000

480,895

5.15%,

1/14/25(a)(b)

250,000

250,033

5.98%,

1/18/27(a)(b)

250,000

251,980

Capital

One

NA

2.28%,

1/28/26(b)

405,000

404,104

Citigroup,

Inc.

5.61%,

9/29/26(b)

2,620,000

2,634,918

Credit

Agricole

SA

4.38%,

3/17/25(a)

800,000

798,382

Danske

Bank

A/S

6.47%,

1/9/26(a)(b)(c)

690,000

690,151

Fifth

Third

Bank,

Inc.

3.95%,

7/28/25

500,000

497,800

HSBC

Holdings

plc

4.29%,

9/12/26(b)

1,060,000

1,055,599

ING

Groep

NV

1.40%,

7/1/26(a)(b)

350,000

343,892

Intesa

Sanpaolo

SpA

7.00%,

11/21/25(a)

653,000

664,300

JPMorgan

Chase

&

Co.

2.08%,

4/22/26(b)

2,595,000

2,573,059

Face

Amount

Value

KeyBank

NA

4.15%,

8/8/25(c)

$

328,000

$

326,408

KeyCorp

5.73%,

5/23/25(b)

415,000

415,380

Lloyds

Banking

Group

plc

4.45%,

5/8/25(c)

500,000

499,182

National

Bank

of

Canada

5.54%,

7/2/27(b)

250,000

250,962

5.60%,

7/2/27(b)

250,000

252,840

Royal

Bank

of

Canada

4.95%,

4/25/25(c)

150,000

150,208

Santander

Holdings

USA,

Inc.

5.81%,

9/9/26(b)

200,000

201,130

Santander

UK

Group

Holdings

plc

6.83%,

11/21/26(b)

860,000

872,560

Societe

Generale

SA

5.25%,

2/19/27(a)

950,000

950,745

5.52%,

1/19/28(a)(b)

200,000

200,750

Standard

Chartered

plc

2.82%,

1/30/26(a)(b)

525,000

523,966

Swedbank

AB

6.14%,

9/12/26(a)

600,000

613,122

Synovus

Financial

Corp.

5.20%,

8/11/25

1,727,500

1,726,828

Truist

Financial

Corp.

4.26%,

7/28/26(b)

489,000

487,212

Wells

Fargo

&

Co.

3.91%,

4/25/26(b)

1,600,000

1,595,349

28,984,973

Capital

Markets

(4.6%)

Affiliated

Managers

Group,

Inc.

3.50%,

8/1/25

500,000

496,518

Blackstone

Private

Credit

Fund

2.70%,

1/15/25

500,000

499,491

Charles

Schwab

Corp.

(The)

3.63%,

4/1/25

175,000

174,507

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(b)

87,000

87,696

Goldman

Sachs

Group,

Inc.

(The)

3.50%,

1/23/25

360,000

359,803

5.80%,

8/10/26(b)

1,890,000

1,901,064

HAT

Holdings

I

LLC

3.38%,

6/15/26(a)

515,000

499,383

8.00%,

6/15/27(a)

195,000

203,418

UBS

AG

1.38%,

1/13/25(a)

462,000

461,557

3.70%,

2/21/25

312,000

311,396

7.95%,

1/9/25(c)

386,000

386,187

5,381,020

Chemicals

(0.7%)

Celanese

US

Holdings

LLC

6.05%,

3/15/25(d)

808,000

808,649

Consumer

Finance

(5.8%)

Ally

Financial,

Inc.

4.63%,

3/30/25

488,000

487,138

5.80%,

5/1/25

644,000

644,834

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(64.0%)

(cont’d)

Avolon

Holdings

Funding

Ltd.

2.88%,

2/15/25(a)

$

443,000

$

441,573

5.50%,

1/15/26(a)

500,000

501,653

Capital

One

Financial

Corp.

4.25%,

4/30/25

500,000

498,977

4.99%,

7/24/26(b)

355,000

354,824

Discover

Financial

Services

3.75%,

3/4/25

500,000

498,971

Ford

Motor

Credit

Co.

LLC

5.13%,

6/16/25

2,309,000

2,308,205

General

Motors

Financial

Co.,

Inc.

4.35%,

4/9/25

500,000

499,108

5.81%,

4/7/25(b)(c)

350,000

350,863

Harley-Davidson

Financial

Services,

Inc.

3.35%,

6/8/25(a)

200,000

198,505

6,784,651

Containers

&

Packaging

(0.6%)

Canpack

SA

3.13%,

11/1/25(a)

250,000

244,304

Sonoco

Products

Co.

1.80%,

2/1/25

298,000

297,119

4.45%,

9/1/26

100,000

99,361

640,784

Diversified

REITs

(1.2%)

GLP

Capital

LP

5.25%,

6/1/25

445,000

445,176

VICI

Properties

LP

4.38%,

5/15/25

500,000

499,022

4.63%,

6/15/25(a)

475,000

473,819

1,418,017

Electric

Utilities

(3.0%)

NextEra

Energy

Capital

Holdings,

Inc.

5.75%,

9/1/25(c)

1,430,000

1,439,227

6.05%,

3/1/25

525,000

525,975

Pacific

Gas

and

Electric

Co.

3.45%,

7/1/25

575,000

570,619

Vistra

Operations

Co.

LLC

5.05%,

12/30/26(a)

485,097

485,929

Xcel

Energy,

Inc.

3.30%,

6/1/25

500,000

496,423

3,518,173

Entertainment

(1.0%)

Warnermedia

Holdings,

Inc.

3.64%,

3/15/25

250,000

249,220

3.79%,

3/15/25

500,000

498,537

6.41%,

3/15/26(c)

425,000

425,173

1,172,930

Financial

Services

(2.4%)

Corebridge

Financial,

Inc.

3.50%,

4/4/25

500,000

498,266

Global

Payments,

Inc.

2.65%,

2/15/25

500,000

498,462

Rocket

Mortgage

LLC

2.88%,

10/15/26(a)(c)

403,420

383,053

Face

Amount

Value

Synchrony

Bank

5.40%,

8/22/25

$

853,000

$

854,293

Western

Union

Co.

(The)

2.85%,

1/10/25

500,000

499,756

2,733,830

Ground

Transportation

(0.4%)

Penske

Truck

Leasing

Co.

LP

4.45%,

1/29/26(a)

500,000

497,526

Health

Care

Providers

&

Services

(1.7%)

Centene

Corp.

4.25%,

12/15/27

505,000

489,572

CVS

Health

Corp.

3.88%,

7/20/25

800,000

795,105

4.10%,

3/25/25(c)

175,000

174,597

HCA,

Inc.

5.38%,

2/1/25

575,000

575,133

2,034,407

Health

Care

REITs

(0.4%)

Alexandria

Real

Estate

Equities,

Inc.

3.45%,

4/30/25

500,000

497,617

Hotels,

Restaurants

&

Leisure

(0.2%)

Las

Vegas

Sands

Corp.

2.90%,

6/25/25(c)

232,750

230,363

Household

Durables

(0.2%)

Lennar

Corp.

4.75%,

5/30/25(c)

210,000

209,798

Independent

Power

and

Renewable

Electricity

Producers

(0.7%)

AES

Corp.

(The)

1.38%,

1/15/26

500,000

481,825

3.30%,

7/15/25(a)

296,000

293,694

775,519

Insurance

(1.8%)

Athene

Global

Funding

4.86%,

8/27/26(a)

261,000

260,865

5.34%,

5/8/26(a)(b)

466,000

466,092

Corebridge

Global

Funding

5.35%,

6/24/26(a)

305,000

307,825

GA

Global

Funding

Trust

1.63%,

1/15/26(a)

248,000

239,616

5.87%,

4/11/25(a)(b)

450,000

451,137

Protective

Life

Global

Funding

5.21%,

4/10/26(a)(b)

380,000

381,020

2,106,555

Machinery

(0.6%)

Daimler

Truck

Finance

North

America

LLC

5.20%,

1/17/25(a)

239,000

239,025

Westinghouse

Air

Brake

Technologies

Corp.

3.20%,

6/15/25(c)

500,000

496,088

735,113

Media

(0.9%)

Charter

Communications

Operating

LLC

4.91%,

7/23/25

531,000

530,554

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(64.0%)

(cont’d)

Fox

Corp.

3.05%,

4/7/25

$

500,000

$

497,666

1,028,220

Multi-Utilities

(1.1%)

Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/26(d)

1,094,000

1,100,154

Dominion

Energy,

Inc.

3.30%,

3/15/25

179,000

178,364

1,278,518

Oil,

Gas

&

Consumable

Fuels

(1.3%)

Enbridge,

Inc.

2.50%,

2/14/25

500,000

498,551

Occidental

Petroleum

Corp.

5.50%,

12/1/25(c)

1,050,000

1,053,652

1,552,203

Passenger

Airlines

(1.6%)

American

Airlines,

Inc.

5.50%,

4/20/26(a)

377,567

376,645

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)

170,428

168,200

Delta

Air

Lines,

Inc./SkyMiles

IP

Ltd.

4.50%,

10/20/25(a)

482,500

479,626

Mileage

Plus

Holdings

LLC

6.50%,

6/20/27(a)

817,500

823,241

1,847,712

Pharmaceuticals

(0.1%)

Royalty

Pharma

plc

1.20%,

9/2/25

110,000

107,311

Professional

Services

(0.9%)

Concentrix

Corp.

6.65%,

8/2/26

1,027,000

1,045,342

Retail

REITs

(0.2%)

Kite

Realty

Group

Trust

4.00%,

3/15/25

240,000

239,332

Semiconductors

&

Semiconductor

Equipment

(0.4%)

NXP

BV

2.70%,

5/1/25

500,000

496,628

Software

(0.5%)

Oracle

Corp.

2.95%,

5/15/25

550,000

546,248

Specialized

REITs

(1.4%)

American

Tower

Corp.

2.95%,

1/15/25

1,118,000

1,117,301

EPR

Properties

4.50%,

4/1/25

495,000

493,834

1,611,135

Technology

Hardware,

Storage

&

Peripherals

(0.5%)

HP,

Inc.

2.20%,

6/17/25

600,000

592,676

Face

Amount

Value

Tobacco

(0.3%)

Altria

Group,

Inc.

2.35%,

5/6/25

$

350,000

$

347,058

Trading

Companies

&

Distributors

(1.0%)

Air

Lease

Corp.

3.25%,

3/1/25

135,000

134,625

3.38%,

7/1/25

500,000

496,215

Aircastle

Ltd.

5.25%,

8/11/25(a)

529,000

529,318

1,160,158

Wireless

Telecommunication

Services

(0.7%)

Rogers

Communications,

Inc.

2.95%,

3/15/25

360,000

358,066

T-Mobile

USA,

Inc.

3.50%,

4/15/25

513,000

510,757

868,823

74,643,528

U.S.

Government

and

Agency

Securities

(

16

.8

%

)

U.S.

Treasury

Notes

0.38%,

1/31/26

6,200,000

5,949,815

2.63%,

12/31/25(c)

5,970,000

5,879,501

2.63%,

1/31/26

6,000,000

5,899,216

4.25%,

1/31/26

1,837,000

1,837,322

19,565,854

Total

Fixed

Income

Securities

(Cost

$109,449,208)

109,650,174

–

Shares

Short-Term

Investments

(

13

.8

%

)

Investment

Company

(

5

.0

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(e)

(Cost

$5,888,430)

5,888,430

5,888,430

Security

held

as

Collateral

on

Loaned

Securities

(

6

.5

%

)

Investment

Company

(6.5%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%(e)

(Cost

$7,520,915)

7,520,915

7,520,915

Face

Amount

Commercial

Paper

(

2

.3

%

)

Brookfield

Renewable

Partners

LP

5.09%,

2/5/25

$

500,000

497,710

Cencora,

Inc.

4.77%,

1/23/25(a)

1,160,000

1,156,600

General

Motors

Financial

Co.,

Inc.

5.62%,

2/4/25

250,000

248,876

Harley-Davidson

Financial

Services,

Inc.

5.05%,

1/23/25

250,000

249,250

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Paper

(2.3%)

(cont’d)

JBS

USA

Holding

Lux

SARL

5.22%,

1/8/25

$

500,000

$

499,458

Total

Commercial

Paper

(Cost

$2,651,272)

2,651,894

Total

Short-Term

Investments

(Cost

$16,060,617)

16,061,239

Total

Investments

(107.8%)

(Cost

$125,509,825)

(f)

125,711,413

Liabilities

in

Excess

of

Other

Assets

(-7.8%)

(9,149,442)

Net

Assets

(100.0%)

$116,561,971

(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

December

31,

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)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$7,341,996

and

$7,520,915,

respectively.

The

Fund

received

cash

collateral

of

$7,520,915,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(d)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

December

31,

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

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$423

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(f)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$125,509,825.

The

aggregate

gross

unrealized

appreciation

is

$208,726

and

the

aggregate

gross

unrealized

depreciation

is

$7,138,

resulting

in

net

unrealized

appreciation

of

$201,588.

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

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2024:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

Short:

U.S.

Treasury

2

Year

Notes

1

Mar-25

$

(

200,000

)

$

(

205,609

)

$

45

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

Other**

36‌

.7

%

Banks

24‌

.5

U.S.

Government

and

Agency

Securities

16‌

.6

Asset-Backed

Securities

9‌

.3

Short-Term

Investments

7‌

.2

Consumer

Finance

5‌

.7

Total

Investments

100‌

.0

%

***

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

***

Does

not

include

open

futures

contracts

with

a

value

of

$

205,609

and

total

unrealized

appreciation

of

$

45

.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Shares

Value

Common

Stocks

(96.4%)

Aerospace

&

Defense

(

1

.7

%

)

General

Electric

Co.

684

$

114,084

HEICO

Corp.

144

34,235

HEICO

Corp.,

Class

 A

159

29,587

Lockheed

Martin

Corp.

213

103,505

RTX

Corp.

900

104,148

385,559

Air

Freight

&

Logistics

(

0

.5

%

)

Expeditors

International

of

Washington,

Inc.

252

27,914

United

Parcel

Service,

Inc.,

Class

 B

612

77,173

105,087

Automobiles

(

2

.4

%

)

Ford

Motor

Co.

4,500

44,550

Tesla,

Inc.

(a)

1,224

494,300

538,850

Banks

(

3

.3

%

)

Bank

of

America

Corp.

3,816

167,713

Citizens

Financial

Group,

Inc.

792

34,658

Huntington

Bancshares,

Inc.

3,276

53,301

JPMorgan

Chase

&

Co.

1,368

327,923

Wells

Fargo

&

Co.

2,070

145,397

728,992

Beverages

(

1

.2

%

)

Coca-Cola

Co.

(The)

2,250

140,085

PepsiCo,

Inc.

810

123,169

263,254

Biotechnology

(

1

.3

%

)

AbbVie,

Inc.

936

166,327

Alnylam

Pharmaceuticals,

Inc.

(a)

108

25,414

BioMarin

Pharmaceutical,

Inc.

(a)

180

11,831

Vertex

Pharmaceuticals,

Inc.

(a)

210

84,567

288,139

Broadline

Retail

(

4

.4

%

)

Amazon.com,

Inc.

(a)

4,140

908,275

Coupang,

Inc.

(a)

972

21,365

MercadoLibre,

Inc.

(a)

35

59,515

989,155

Building

Products

(

0

.3

%

)

Builders

FirstSource,

Inc.

(a)

204

29,158

Carlisle

Cos.,

Inc.

108

39,834

68,992

Capital

Markets

(

2

.8

%

)

Ares

Management

Corp.,

Class

 A

324

57,358

Bank

of

New

York

Mellon

Corp.

(The)

846

64,998

Blackstone,

Inc.

540

93,107

Blue

Owl

Capital,

Inc.,

Class

 A

432

10,048

Charles

Schwab

Corp.

(The)

972

71,938

Coinbase

Global,

Inc.,

Class

 A

(a)

108

26,816

Interactive

Brokers

Group,

Inc.,

Class

 A

216

38,161

LPL

Financial

Holdings,

Inc.

90

29,386

Morgan

Stanley

(b)

522

65,626

Nasdaq,

Inc.

702

54,272

Robinhood

Markets,

Inc.,

Class

 A

(a)

306

11,401

State

Street

Corp.

558

54,768

TPG,

Inc.,

Class

 A

90

5,656

Shares

Value

Tradeweb

Markets,

Inc.,

Class

 A

270

$

35,348

618,883

Chemicals

(

1

.4

%

)

Linde

plc

288

120,577

LyondellBasell

Industries

NV,

Class

 A

576

42,780

PPG

Industries,

Inc.

414

49,452

Sherwin-Williams

Co.

(The)

198

67,306

Westlake

Corp.

306

35,083

315,198

Commercial

Services

&

Supplies

(

0

.6

%

)

Republic

Services,

Inc.,

Class

 A

288

57,940

Waste

Management,

Inc.

360

72,644

130,584

Communications

Equipment

(

0

.7

%

)

Cisco

Systems,

Inc.

2,628

155,578

Construction

&

Engineering

(

0

.2

%

)

EMCOR

Group,

Inc.

90

40,851

Construction

Materials

(

0

.3

%

)

CRH

plc

702

64,949

Consumer

Staples

Distribution

&

Retail

(

1

.8

%

)

Costco

Wholesale

Corp.

216

197,914

Walmart,

Inc.

2,322

209,793

407,707

Diversified

Telecommunication

Services

(

0

.5

%

)

AT&T,

Inc.

4,896

111,482

Electric

Utilities

(

1

.1

%

)

Alliant

Energy

Corp.

810

47,903

Edison

International

666

53,174

Entergy

Corp.

720

54,590

FirstEnergy

Corp.

1,206

47,975

PPL

Corp.

1,584

51,417

255,059

Electrical

Equipment

(

0

.4

%

)

GE

Vernova,

Inc.

144

47,366

Vertiv

Holdings

Co.,

Class

 A

288

32,720

80,086

Electronic

Equipment,

Instruments

&

Components

(

0

.3

%

)

TE

Connectivity

plc

396

56,616

Energy

Equipment

&

Services

(

0

.3

%

)

Halliburton

Co.

2,370

64,440

Entertainment

(

1

.9

%

)

Netflix,

Inc.

(a)

216

192,525

ROBLOX

Corp.,

Class

 A

(a)

288

16,664

Spotify

Technology

SA

(a)

108

48,317

TKO

Group

Holdings,

Inc.,

Class

 A

(a)

144

20,464

Walt

Disney

Co.

(The)

1,188

132,284

Warner

Music

Group

Corp.,

Class

 A

324

10,044

420,298

Financial

Services

(

4

.2

%

)

Apollo

Global

Management,

Inc.

360

59,458

Berkshire

Hathaway,

Inc.,

Class

 B

(a)

648

293,725

Block,

Inc.,

Class

 A

(a)

378

32,126

Mastercard,

Inc.,

Class

 A

414

218,000

PayPal

Holdings,

Inc.

(a)

720

61,452

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Financial

Services

(cont’d)

Visa,

Inc.,

Class

 A

828

$

261,681

926,442

Food

Products

(

0

.6

%

)

Campbell's

Co.

(The)

954

39,953

Hershey

Co.

(The)

288

48,773

Kraft

Heinz

Co.

(The)

1,548

47,539

136,265

Ground

Transportation

(

0

.7

%

)

CSX

Corp.

2,034

65,637

JB

Hunt

Transport

Services,

Inc.

90

15,360

Uber

Technologies,

Inc.

(a)

1,206

72,746

153,743

Health

Care

Equipment

&

Supplies

(

1

.9

%

)

Abbott

Laboratories

1,080

122,159

Baxter

International,

Inc.

1,242

36,217

Edwards

Lifesciences

Corp.

(a)

864

63,962

Hologic,

Inc.

(a)

642

46,282

Intuitive

Surgical,

Inc.

(a)

216

112,743

Zimmer

Biomet

Holdings,

Inc.

450

47,533

428,896

Health

Care

Providers

&

Services

(

1

.6

%

)

Cencora,

Inc.

234

52,575

CVS

Health

Corp.

1,374

61,679

HCA

Healthcare,

Inc.

180

54,027

Humana,

Inc.

278

70,531

Molina

Healthcare,

Inc.

(a)

116

33,762

UnitedHealth

Group,

Inc.

175

88,526

361,100

Health

Care

REITs

(

0

.2

%

)

Healthpeak

Properties,

Inc.

2,124

43,053

Health

Care

Technology

(

0

.2

%

)

Veeva

Systems,

Inc.,

Class

 A

(a)

180

37,845

Hotels,

Restaurants

&

Leisure

(

2

.1

%

)

Carnival

Corp.

(a)

990

24,671

DoorDash,

Inc.,

Class

 A

(a)

216

36,234

DraftKings,

Inc.,

Class

 A

(a)

437

16,256

Flutter

Entertainment

plc

(a)

162

41,869

Hilton

Worldwide

Holdings,

Inc.

270

66,733

Marriott

International,

Inc.,

Class

 A

252

70,293

McDonald's

Corp.

432

125,233

MGM

Resorts

International

(a)

918

31,809

Yum!

Brands,

Inc.

414

55,542

468,640

Household

Durables

(

0

.1

%

)

PulteGroup,

Inc.

233

25,374

Household

Products

(

1

.2

%

)

Church

&

Dwight

Co.,

Inc.

486

50,889

Procter

&

Gamble

Co.

(The)

1,224

205,204

256,093

Industrial

Conglomerates

(

0

.3

%

)

3M

Co.

558

72,032

Insurance

(

2

.1

%

)

Arthur

J

Gallagher

&

Co.

234

66,421

Shares

Value

Brown

&

Brown,

Inc.

486

$

49,582

Hartford

Financial

Services

Group,

Inc.

(The)

486

53,168

Loews

Corp.

486

41,159

MetLife,

Inc.

774

63,375

Principal

Financial

Group,

Inc.

594

45,981

Prudential

Financial,

Inc.

486

57,606

W.

R.

Berkley

Corp.

828

48,455

Willis

Towers

Watson

plc

162

50,745

476,492

Interactive

Media

&

Services

(

6

.8

%

)

Alphabet,

Inc.,

Class

 A

2,628

497,480

Alphabet,

Inc.,

Class

 C

2,268

431,918

Meta

Platforms,

Inc.,

Class

 A

972

569,116

Pinterest,

Inc.,

Class

 A

(a)

504

14,616

Snap,

Inc.,

Class

 A

(a)

540

5,816

1,518,946

IT

Services

(

1

.2

%

)

Accenture

plc,

Class

 A

378

132,977

Amdocs

Ltd.

144

12,260

Cloudflare,

Inc.,

Class

 A

(a)

216

23,259

Gartner,

Inc.

(a)

81

39,242

MongoDB,

Inc.,

Class

 A

(a)

90

20,953

Okta,

Inc.,

Class

 A

(a)

90

7,092

Snowflake,

Inc.,

Class

 A

(a)

216

33,352

269,135

Life

Sciences

Tools

&

Services

(

1

.2

%

)

Avantor,

Inc.

(a)

1,242

26,169

Danaher

Corp.

432

99,165

Illumina,

Inc.

(a)

162

21,648

Thermo

Fisher

Scientific,

Inc.

234

121,734

268,716

Machinery

(

1

.5

%

)

Caterpillar,

Inc.

306

111,005

Dover

Corp.

270

50,652

IDEX

Corp.

180

37,672

Nordson

Corp.

172

35,989

Otis

Worldwide

Corp.

576

53,343

Westinghouse

Air

Brake

Technologies

Corp.

288

54,602

343,263

Media

(

0

.4

%

)

Fox

Corp.,

Class

 A

720

34,978

Fox

Corp.,

Class

 B

396

18,113

Trade

Desk,

Inc.

(The),

Class

 A

(a)

270

31,733

84,824

Metals

&

Mining

(

0

.3

%

)

Reliance,

Inc.

108

29,080

Southern

Copper

Corp.

340

30,984

60,064

Multi-Utilities

(

0

.9

%

)

Ameren

Corp.

576

51,345

CMS

Energy

Corp.

720

47,988

DTE

Energy

Co.

414

49,990

WEC

Energy

Group,

Inc.

558

52,474

201,797

Oil,

Gas

&

Consumable

Fuels

(

2

.8

%

)

Cheniere

Energy,

Inc.

306

65,750

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(cont’d)

Chevron

Corp.

972

$

140,784

Diamondback

Energy,

Inc.

306

50,132

Exxon

Mobil

Corp.

2,214

238,160

Occidental

Petroleum

Corp.

1,116

55,142

Targa

Resources

Corp.

306

54,621

Texas

Pacific

Land

Corp.

19

21,013

625,602

Passenger

Airlines

(

0

.2

%

)

Delta

Air

Lines,

Inc.

567

34,304

Pharmaceuticals

(

3

.4

%

)

Eli

Lilly

&

Co.

396

305,712

Johnson

&

Johnson

1,398

202,179

Merck

&

Co.,

Inc.

1,458

145,042

Pfizer,

Inc.

3,780

100,283

Royalty

Pharma

plc,

Class

 A

360

9,184

762,400

Professional

Services

(

0

.8

%

)

Broadridge

Financial

Solutions,

Inc.

234

52,905

SS&C

Technologies

Holdings,

Inc.

630

47,741

TransUnion

180

16,688

Verisk

Analytics,

Inc.,

Class

 A

198

54,535

171,869

Residential

REITs

(

0

.8

%

)

AvalonBay

Communities,

Inc.

234

51,473

Equity

Residential

720

51,667

Invitation

Homes,

Inc.

1,512

48,339

Sun

Communities,

Inc.

270

33,202

184,681

Retail

REITs

(

0

.3

%

)

Realty

Income

Corp.

1,062

56,721

Semiconductors

&

Semiconductor

Equipment

(

10

.6

%

)

Broadcom,

Inc.

2,160

500,774

Entegris,

Inc.

581

57,554

GLOBALFOUNDRIES,

Inc.

(a)

1,150

49,346

Lam

Research

Corp.

1,303

94,116

Marvell

Technology,

Inc.

540

59,643

Microchip

Technology,

Inc.

1,180

67,673

NVIDIA

Corp.

10,463

1,405,076

QUALCOMM,

Inc.

830

127,505

2,361,687

Software

(

10

.5

%

)

Adobe,

Inc.

(a)

279

124,066

AppLovin

Corp.,

Class

 A

(a)

144

46,632

Atlassian

Corp.,

Class

 A

(a)

90

21,904

Bentley

Systems,

Inc.,

Class

 B

432

20,174

Datadog,

Inc.,

Class

 A

(a)

270

38,580

HubSpot,

Inc.

(a)

15

10,452

Microsoft

Corp.

3,186

1,342,899

MicroStrategy,

Inc.,

Class

 A

(a)

102

29,541

Oracle

Corp.

918

152,976

Palantir

Technologies,

Inc.,

Class

 A

(a)

972

73,512

Palo

Alto

Networks,

Inc.

(a)

432

78,607

Salesforce,

Inc.

522

174,520

ServiceNow,

Inc.

(a)

126

133,575

Workday,

Inc.,

Class

 A

(a)

216

55,735

Shares

Value

Zoom

Communications,

Inc.,

Class

 A

(a)

126

$

10,283

Zscaler,

Inc.

(a)

108

19,484

2,332,940

Specialized

REITs

(

0

.7

%

)

Crown

Castle,

Inc.

558

50,644

Iron

Mountain,

Inc.

450

47,299

VICI

Properties,

Inc.,

Class

 A

1,728

50,475

148,418

Specialty

Retail

(

1

.7

%

)

Carvana

Co.,

Class

 A

(a)

90

18,302

Home

Depot,

Inc.

(The)

535

208,110

Ross

Stores,

Inc.

414

62,626

Ulta

Beauty,

Inc.

(a)

90

39,144

Williams-Sonoma,

Inc.

216

39,999

368,181

Technology

Hardware,

Storage

&

Peripherals

(

8

.1

%

)

Apple,

Inc.

6,408

1,604,691

Dell

Technologies,

Inc.,

Class

 C

275

31,691

HP,

Inc.

2,059

67,185

NetApp,

Inc.

432

50,147

Pure

Storage,

Inc.,

Class

 A

(a)

360

22,115

Seagate

Technology

Holdings

plc

239

20,628

1,796,457

Textiles,

Apparel

&

Luxury

Goods

(

0

.3

%

)

NIKE,

Inc.,

Class

 B

1,026

77,637

Tobacco

(

0

.5

%

)

Philip

Morris

International,

Inc.

954

114,814

Trading

Companies

&

Distributors

(

0

.4

%

)

Ferguson

Enterprises,

Inc.

270

46,864

Watsco,

Inc.

90

42,650

89,514

Wireless

Telecommunication

Services

(

0

.4

%

)

T-Mobile

US,

Inc.

378

83,436

Total

Common

Stocks

(Cost

$21,572,207)

21,431,140

Short-Term

Investment

(4.1%)

Investment

Company

(4.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(c)

(Cost

$916,771)

916,771

916,771

Total

Investments

Excluding

Purchased

Options

(

100

.5

%

)

(Cost

$

22,488,978

)

22,347,911

Total

Purchased

Options

Outstanding

(0.4%)

(Cost

$200,653)

84,102

Total

Investments

(

100

.9

%

)

(Cost

$

22,689,631

)

(d)

22,432,013

Total

Written

Options

(-1.1%)

(Premiums

Received

$

(

215,588

)

)

(234,276)

Other

Assets

in

Excess

of

Liabilities

(

0.2%

)

35,865

NET

ASSETS

(100.0%)

$

22,233,602

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

(a)

Non-income

producing

security.

(b)

For

the

period

ended

December

31,

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

$67,583.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$197

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(d)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$22,689,631.

The

aggregate

gross

unrealized

appreciation

is

$658,723

and

the

aggregate

gross

unrealized

depreciation

is

$916,341,

resulting

in

net

unrealized

depreciation

of

$257,618.

REIT

Real

Estate

Investment

Trust

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Put

Options

Purchased:

The

Fund

had

the

following

put

options

purchased

open

at

December

31,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

S&P

500

Mini-SPX

Index

100

USD

420

1/17/25

$

5,881,600

$

950

$

4,440

$

(

3,490

)

S&P

500

Mini-SPX

Index

64

USD

420

2/21/25

3,764,224

2,624

4,570

(

1,946

)

S&P

500

Mini-SPX

Index

30

USD

410

3/21/25

1,764,480

2,085

4,632

(

2,547

)

S&P

500

Mini-SPX

Index

33

USD

420

4/17/25

1,940,928

3,778

4,567

(

789

)

S&P

500

Mini-SPX

Index

26

USD

420

5/16/25

1,529,216

4,134

4,378

(

244

)

S&P

500

Mini-SPX

Index

15

USD

412

6/20/25

882,240

3,022

4,491

(

1,469

)

Total

$16,593

$27,078

$(10,485)

Call

Options

Purchased:

The

Fund

had

the

following

call

options

purchased

open

at

December

31,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

SPDR

S&P

500

ETF

Trust

93

USD

607

3/21/25

$

5,450,544

$

67,509

$

173,575

$

(

106,066

)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

December

31,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

6

USD

6,035

1/03/25

$

3,528,978

$

(

264

)

$

(

5,452

)

$

5,188

S&P

500

Index

6

USD

6,080

1/06/25

3,528,978

(

180

)

(

6,550

)

6,370

S&P

500

Index

6

USD

6,020

1/06/25

3,528,978

(

1,200

)

(

5,272

)

4,072

S&P

500

Index

6

USD

5,975

1/08/25

3,528,978

(

7,620

)

(

7,972

)

352

S&P

500

Index

6

USD

6,070

1/10/25

3,528,978

(

1,980

)

(

8,632

)

6,652

S&P

500

Index

6

USD

6,010

1/15/25

3,528,978

(

10,020

)

(

9,790

)

(

230

)

Total

$(21,264)

$(43,668)

$22,404

Put

Options

Written:

The

Fund

had

the

following

put

options

written

open

at

December

31,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Depreciation

SPDR

S&P

500

ETF

Trust

93

USD

607

3/21/25

$

5,450,544

$

(

213,012

)

$

(

171,920

)

$

(

41,092

)

USD

United

States

Dollar

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Other*

64

.4

%

Semiconductors

&

Semiconductor

Equipment

10

.5

Software

10

.3

Technology

Hardware,

Storage

&

Peripherals

8

.0

Interactive

Media

&

Services

6

.8

Total

Investments

100

.0

%

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Shares

Value

Common

Stocks

(98.1%)

Aerospace

&

Defense

(

1

.8

%

)

General

Dynamics

Corp.

2,038

$

536,993

Huntington

Ingalls

Industries,

Inc.

2,368

447,481

L3Harris

Technologies,

Inc.

2,490

523,597

RTX

Corp.

4,913

568,532

2,076,603

Air

Freight

&

Logistics

(

1

.0

%

)

Expeditors

International

of

Washington,

Inc.

5,311

588,300

United

Parcel

Service,

Inc.,

Class

 B

4,792

604,271

1,192,571

Automobile

Components

(

1

.0

%

)

Gentex

Corp.

20,780

597,010

Lear

Corp.

5,916

560,245

1,157,255

Banks

(

1

.7

%

)

Cullen/Frost

Bankers,

Inc.

4,976

668,028

Prosperity

Bancshares,

Inc.

8,413

633,920

Regions

Financial

Corp.

26,629

626,314

1,928,262

Beverages

(

2

.4

%

)

Brown-Forman

Corp.,

Class

 B

(a)

12,536

476,117

Coca-Cola

Co.

(The)

9,258

576,403

Keurig

Dr

Pepper,

Inc.

16,939

544,081

Molson

Coors

Beverage

Co.,

Class

 B

11,122

637,513

PepsiCo,

Inc.

3,565

542,094

2,776,208

Biotechnology

(

1

.1

%

)

AbbVie,

Inc.

3,259

579,124

Gilead

Sciences,

Inc.

7,297

674,024

1,253,148

Building

Products

(

1

.0

%

)

AO

Smith

Corp.

8,154

556,184

Johnson

Controls

International

plc

8,171

644,937

1,201,121

Capital

Markets

(

1

.7

%

)

CME

Group,

Inc.

2,751

638,865

Janus

Henderson

Group

plc

15,395

654,749

T

Rowe

Price

Group,

Inc.

5,782

653,886

1,947,500

Chemicals

(

5

.5

%

)

Air

Products

and

Chemicals,

Inc.

1,894

549,336

Ashland,

Inc.

7,101

507,437

Corteva,

Inc.

10,407

592,783

Dow,

Inc.

11,749

471,487

DuPont

de

Nemours,

Inc.

7,561

576,526

Eastman

Chemical

Co.

5,699

520,433

FMC

Corp.

(a)

9,757

474,288

Huntsman

Corp.

26,498

477,759

Linde

plc

1,280

535,897

LyondellBasell

Industries

NV,

Class

 A

6,819

506,447

Mosaic

Co.

(The)

23,841

586,012

PPG

Industries,

Inc.

4,984

595,339

6,393,744

Shares

Value

Communications

Equipment

(

0

.6

%

)

Cisco

Systems,

Inc.

11,076

$

655,699

Consumer

Staples

Distribution

&

Retail

(

1

.1

%

)

Costco

Wholesale

Corp.

701

642,305

Walmart,

Inc.

7,564

683,408

1,325,713

Containers

&

Packaging

(

2

.6

%

)

Amcor

plc

(a)

57,144

537,725

AptarGroup,

Inc.

3,680

578,128

International

Paper

Co.

12,854

691,802

Packaging

Corp.

of

America

2,764

622,260

Sonoco

Products

Co.

11,960

584,246

3,014,161

Distributors

(

1

.1

%

)

Genuine

Parts

Co.

5,364

626,301

LKQ

Corp.

16,662

612,328

1,238,629

Diversified

Telecommunication

Services

(

1

.6

%

)

AT&T,

Inc.

28,097

639,769

Cogent

Communications

Holdings,

Inc.

7,719

594,903

Verizon

Communications,

Inc.

14,707

588,133

1,822,805

Electric

Utilities

(

5

.7

%

)

Alliant

Energy

Corp.

9,973

589,803

American

Electric

Power

Co.,

Inc.

6,139

566,200

Duke

Energy

Corp.

5,193

559,494

Evergy,

Inc.

(a)

10,193

627,379

FirstEnergy

Corp.

14,137

562,370

IDACORP,

Inc.

5,964

651,746

OGE

Energy

Corp.

15,210

627,412

Portland

General

Electric

Co.

12,752

556,242

PPL

Corp.

19,063

618,785

Southern

Co.

(The)

6,727

553,767

Xcel

Energy,

Inc.

(a)

9,748

658,185

6,571,383

Electrical

Equipment

(

0

.6

%

)

Emerson

Electric

Co.

5,845

724,371

Electronic

Equipment,

Instruments

&

Components

(

2

.2

%

)

Avnet,

Inc.

11,681

611,150

Badger

Meter,

Inc.

3,093

656,087

Corning,

Inc.

13,461

639,667

TD

SYNNEX

Corp.

5,321

624,047

2,530,951

Energy

Equipment

&

Services

(

1

.6

%

)

Baker

Hughes

Co.,

Class

 A

17,005

697,545

Helmerich

&

Payne,

Inc.

(a)

17,999

576,328

Noble

Corp.

plc

(a)

18,877

592,738

1,866,611

Entertainment

(

0

.5

%

)

Electronic

Arts,

Inc.

4,300

629,090

Financial

Services

(

2

.0

%

)

Essent

Group

Ltd.

9,586

521,862

Jack

Henry

&

Associates,

Inc.

3,471

608,466

MGIC

Investment

Corp.

24,822

588,530

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Financial

Services

(cont’d)

Western

Union

Co.

(The)

52,596

$

557,517

2,276,375

Food

Products

(

4

.1

%

)

Archer-Daniels-Midland

Co.

11,230

567,340

Bunge

Global

SA

7,073

549,996

Cal-Maine

Foods,

Inc.

7,085

729,188

Conagra

Brands,

Inc.

20,898

579,919

Flowers

Foods,

Inc.

28,162

581,827

Hormel

Foods

Corp.

19,963

626,239

Ingredion,

Inc.

4,591

631,538

Kraft

Heinz

Co.

(The)

17,281

530,700

4,796,747

Gas

Utilities

(

1

.5

%

)

Atmos

Energy

Corp.

(a)

4,313

600,672

National

Fuel

Gas

Co.

10,021

608,074

ONE

Gas,

Inc.

8,379

580,246

1,788,992

Health

Care

Equipment

&

Supplies

(

2

.0

%

)

Abbott

Laboratories

5,460

617,581

Becton

Dickinson

&

Co.

2,584

586,232

Medtronic

plc

6,863

548,216

Stryker

Corp.

1,722

620,006

2,372,035

Health

Care

Providers

&

Services

(

4

.6

%

)

Cardinal

Health,

Inc.

5,537

654,861

Cencora,

Inc.

2,637

592,481

Chemed

Corp.

1,063

563,177

Cigna

Group

(The)

1,976

545,653

Elevance

Health,

Inc.

1,510

557,039

Labcorp

Holdings,

Inc.

2,865

657,002

Premier,

Inc.,

Class

 A

(a)

31,653

671,043

Quest

Diagnostics,

Inc.

4,030

607,966

UnitedHealth

Group,

Inc.

1,078

545,317

5,394,539

Hotels,

Restaurants

&

Leisure

(

2

.2

%

)

Darden

Restaurants,

Inc.

3,829

714,836

Texas

Roadhouse,

Inc.,

Class

 A

3,537

638,181

Vail

Resorts,

Inc.

3,747

702,375

Wendy's

Co.

(The)

32,889

536,091

2,591,483

Household

Durables

(

1

.7

%

)

Garmin

Ltd.

3,880

800,289

Lennar

Corp.,

Class

 A

3,649

497,614

Whirlpool

Corp.

(a)

6,315

722,941

2,020,844

Household

Products

(

1

.6

%

)

Church

&

Dwight

Co.,

Inc.

6,132

642,082

Kimberly-Clark

Corp.

4,595

602,129

Procter

&

Gamble

Co.

(The)

3,740

627,011

1,871,222

Insurance

(

5

.3

%

)

Aflac,

Inc.

5,619

581,229

American

Financial

Group,

Inc.

4,786

655,347

Cincinnati

Financial

Corp.

4,505

647,369

Fidelity

National

Financial,

Inc.

10,501

589,526

Shares

Value

Hartford

Financial

Services

Group,

Inc.

(The)

5,278

$

577,413

Old

Republic

International

Corp.

17,590

636,582

Principal

Financial

Group,

Inc.

6,792

525,769

Prudential

Financial,

Inc.

5,076

601,658

Travelers

Cos.,

Inc.

(The)

2,465

593,794

Unum

Group

9,825

717,520

6,126,207

IT

Services

(

2

.1

%

)

Accenture

plc,

Class

 A

1,719

604,727

Amdocs

Ltd.

7,050

600,237

Cognizant

Technology

Solutions

Corp.,

Class

 A

8,303

638,501

International

Business

Machines

Corp.

2,661

584,967

2,428,432

Leisure

Products

(

0

.9

%

)

Hasbro,

Inc.

8,618

481,832

Polaris,

Inc.

(a)

8,995

518,292

1,000,124

Life

Sciences

Tools

&

Services

(

0

.5

%

)

Danaher

Corp.

2,464

565,611

Machinery

(

2

.2

%

)

Cummins,

Inc.

1,877

654,322

Donaldson

Co.,

Inc.

8,424

567,356

Graco,

Inc.

7,585

639,340

Snap-on,

Inc.

1,948

661,307

2,522,325

Media

(

3

.3

%

)

Comcast

Corp.,

Class

 A

15,277

573,346

Fox

Corp.,

Class

 A

15,322

744,343

Fox

Corp.,

Class

 B

16,129

737,740

Interpublic

Group

of

Cos.,

Inc.

(The)

20,934

586,571

New

York

Times

Co.

(The),

Class

 A

(a)

11,596

603,572

Omnicom

Group,

Inc.

6,259

538,524

3,784,096

Metals

&

Mining

(

1

.3

%

)

Newmont

Corp.

10,470

389,693

Reliance,

Inc.

(a)

2,230

600,450

Royal

Gold,

Inc.

4,160

548,496

1,538,639

Multi-Utilities

(

3

.0

%

)

Ameren

Corp.

7,033

626,922

Consolidated

Edison,

Inc.

5,824

519,675

Dominion

Energy,

Inc.

10,249

552,011

Public

Service

Enterprise

Group,

Inc.

6,880

581,291

Sempra

7,288

639,303

WEC

Energy

Group,

Inc.

6,291

591,606

3,510,808

Oil,

Gas

&

Consumable

Fuels

(

8

.6

%

)

Antero

Midstream

Corp.

42,533

641,823

Chevron

Corp.

4,188

606,590

Chord

Energy

Corp.

4,816

563,087

ConocoPhillips

5,818

576,971

Coterra

Energy,

Inc.

26,248

670,374

CVR

Energy,

Inc.

(a)

25,335

474,778

Devon

Energy

Corp.

15,313

501,194

DT

Midstream,

Inc.

7,221

717,984

EOG

Resources,

Inc.

5,065

620,868

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(cont’d)

Exxon

Mobil

Corp.

5,138

$

552,695

HF

Sinclair

Corp.

14,123

495,011

International

Seaways,

Inc.

(a)

13,561

487,382

Kinder

Morgan,

Inc.

25,056

686,534

ONEOK,

Inc.

6,521

654,708

Phillips

66

4,700

535,471

Valero

Energy

Corp.

4,567

559,869

Williams

Cos.,

Inc.

(The)

12,081

653,824

9,999,163

Pharmaceuticals

(

2

.0

%

)

Johnson

&

Johnson

3,771

545,362

Merck

&

Co.,

Inc.

5,925

589,419

Pfizer,

Inc.

21,859

579,919

Royalty

Pharma

plc,

Class

 A

23,058

588,210

2,302,910

Professional

Services

(

2

.1

%

)

Automatic

Data

Processing,

Inc.

2,145

627,906

ManpowerGroup,

Inc.

10,047

579,913

Paychex,

Inc.

4,376

613,603

Robert

Half,

Inc.

9,431

664,508

2,485,930

Semiconductors

&

Semiconductor

Equipment

(

2

.5

%

)

Analog

Devices,

Inc.

2,735

581,078

Power

Integrations,

Inc.

10,142

625,761

QUALCOMM,

Inc.

3,784

581,298

Skyworks

Solutions,

Inc.

(a)

6,397

567,286

Texas

Instruments,

Inc.

3,095

580,344

2,935,767

Software

(

2

.3

%

)

Dolby

Laboratories,

Inc.,

Class

 A

8,659

676,268

InterDigital,

Inc.

(a)

4,164

806,650

Microsoft

Corp.

1,485

625,928

Roper

Technologies,

Inc.

1,159

602,506

2,711,352

Specialty

Retail

(

1

.6

%

)

Best

Buy

Co.,

Inc.

6,738

578,121

Penske

Automotive

Group,

Inc.

4,146

632,016

TJX

Cos.,

Inc.

(The)

5,506

665,180

1,875,317

Technology

Hardware,

Storage

&

Peripherals

(

1

.1

%

)

Hewlett

Packard

Enterprise

Co.

32,472

693,277

HP,

Inc.

17,583

573,734

1,267,011

Textiles,

Apparel

&

Luxury

Goods

(

2

.1

%

)

Carter's,

Inc.

(a)

9,627

521,687

Columbia

Sportswear

Co.

8,042

674,965

Oxford

Industries,

Inc.

8,361

658,680

Steven

Madden

Ltd.

13,889

590,560

2,445,892

Tobacco

(

1

.1

%

)

Altria

Group,

Inc.

12,439

650,435

Philip

Morris

International,

Inc.

4,828

581,050

1,231,485

Shares

Value

Trading

Companies

&

Distributors

(

1

.6

%

)

Fastenal

Co.

8,294

$

596,421

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

7,810

583,329

Watsco,

Inc.

1,347

638,330

1,818,080

Total

Common

Stocks

(Cost

$116,418,131)

113,967,211

Short-Term

Investments

(3.6%)

Investment

Company

(1.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(b)

(Cost

$1,389,785)

1,389,785

1,389,785

Security

held

as

Collateral

on

Loaned

Securities

(

2

.4

%

)

Investment

Company

(2.4%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(b)

(Cost

$2,800,803)

2,800,803

2,800,803

Total

Short-Term

Investments

(Cost

$4,190,588)

4,190,588

–

Total

Investments

(

101

.7

%

)

(Cost

$

120,608,719

)

(c)

118,157,799

Total

Written

Options

(-0.1%)

(Premiums

Received

$

(

283,893

)

)

(119,426)

Liabilities

in

Excess

of

Other

Assets

(

-1.6%

)

(1,859,909)

NET

ASSETS

(100.0%)

$

116,178,464

(a)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$5,489,545

and

$5,605,996,

respectively.

The

Fund

received

cash

collateral

of

$2,800,803,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$2,805,193

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(b)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$368

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(c)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$120,608,719.

The

aggregate

gross

unrealized

appreciation

is

$2,953,618

and

the

aggregate

gross

unrealized

depreciation

is

$5,404,538,

resulting

in

net

unrealized

depreciation

of

$2,450,920.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

December

31,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

SPDR

S&P

500

ETF

Trust

629

USD

605

1/06/25

$

36,864,432

$

(

1,918

)

$

(

89,484

)

$

87,566

SPDR

S&P

500

ETF

Trust

715

USD

605

1/10/25

41,904,720

(

23,134

)

(

100,934

)

77,800

SPDR

S&P

500

ETF

Trust

642

USD

600

1/15/25

37,626,336

(

94,374

)

(

93,475

)

(

899

)

Total

$(119,426)

$(283,893)

$164,467

USD

United

States

Dollar

Portfolio

Composition

*

Classification  

Percentage

of

Total

Investments

Other**

74

.8

%

Oil,

Gas

&

Consumable

Fuels

8

.7

Electric

Utilities

5

.7

Chemicals

5

.5

Insurance

5

.3

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)

Shares

Value

Common

Stocks

(99.1%)

Aerospace

&

Defense

(

1

.6

%

)

Boeing

Co.

(The)

(a)

1,659

$

293,643

HEICO

Corp.

(b)

600

142,644

HEICO

Corp.,

Class

 A

489

90,993

Howmet

Aerospace,

Inc.

2,354

257,457

Lockheed

Martin

Corp.

792

384,865

1,169,602

Air

Freight

&

Logistics

(

0

.2

%

)

Expeditors

International

of

Washington,

Inc.

1,399

154,967

Automobile

Components

(

0

.2

%

)

Aptiv

plc

(a)

1,899

114,852

Automobiles

(

2

.3

%

)

Tesla,

Inc.

(a)

4,282

1,729,243

Banks

(

3

.7

%

)

Bank

of

America

Corp.

14,271

627,210

Citizens

Financial

Group,

Inc.

4,001

175,084

First

Citizens

BancShares,

Inc.,

Class

 A

39

82,408

Huntington

Bancshares,

Inc.

12,841

208,923

JPMorgan

Chase

&

Co.

4,922

1,179,853

Wells

Fargo

&

Co.

6,546

459,791

2,733,269

Beverages

(

1

.5

%

)

Coca-Cola

Co.

(The)

9,140

569,056

PepsiCo,

Inc.

3,298

501,494

1,070,550

Biotechnology

(

1

.9

%

)

AbbVie,

Inc.

3,749

666,197

Alnylam

Pharmaceuticals,

Inc.

(a)

404

95,065

Amgen,

Inc.

1,152

300,257

Regeneron

Pharmaceuticals,

Inc.

(a)

142

101,151

Vertex

Pharmaceuticals,

Inc.

(a)

564

227,123

1,389,793

Broadline

Retail

(

4

.5

%

)

Amazon.com,

Inc.

(a)

14,411

3,161,629

Coupang,

Inc.

(a)

800

17,584

MercadoLibre,

Inc.

(a)

90

153,040

3,332,253

Building

Products

(

0

.5

%

)

Builders

FirstSource,

Inc.

(a)

345

49,311

Carlisle

Cos.,

Inc.

301

111,021

Lennox

International,

Inc.

302

184,008

344,340

Capital

Markets

(

2

.0

%

)

Ares

Management

Corp.,

Class

 A

1,107

195,972

Blue

Owl

Capital,

Inc.,

Class

 A

1,702

39,589

Charles

Schwab

Corp.

(The)

3,157

233,650

Coinbase

Global,

Inc.,

Class

 A

(a)

295

73,248

Interactive

Brokers

Group,

Inc.,

Class

 A

447

78,971

KKR

&

Co.,

Inc.

2,257

333,833

LPL

Financial

Holdings,

Inc.

111

36,243

Morgan

Stanley

(c)

1,795

225,667

Nasdaq,

Inc.

2,195

169,695

Tradeweb

Markets,

Inc.,

Class

 A

603

78,945

1,465,813

Shares

Value

Chemicals

(

1

.2

%

)

International

Flavors

&

Fragrances,

Inc.

1,342

$

113,466

Linde

plc

1,087

455,094

LyondellBasell

Industries

NV,

Class

 A

1,953

145,049

PPG

Industries,

Inc.

1,091

130,320

Westlake

Corp.

207

23,733

867,662

Commercial

Services

&

Supplies

(

1

.1

%

)

Cintas

Corp.

1,437

262,540

Republic

Services,

Inc.,

Class

 A

1,208

243,026

Waste

Management,

Inc.

1,460

294,613

800,179

Communications

Equipment

(

0

.8

%

)

Cisco

Systems,

Inc.

10,055

595,256

Construction

Materials

(

0

.1

%

)

CRH

plc

956

88,449

Consumer

Finance

(

0

.8

%

)

American

Express

Co.

1,458

432,720

Synchrony

Financial

2,994

194,610

627,330

Consumer

Staples

Distribution

&

Retail

(

2

.0

%

)

Costco

Wholesale

Corp.

833

763,253

Walmart,

Inc.

7,781

703,013

1,466,266

Containers

&

Packaging

(

0

.2

%

)

Amcor

plc

(b)

14,895

140,162

Diversified

Telecommunication

Services

(

0

.7

%

)

AT&T,

Inc.

21,222

483,225

Electric

Utilities

(

1

.2

%

)

Alliant

Energy

Corp.

3,496

206,753

Entergy

Corp.

3,912

296,608

FirstEnergy

Corp.

3,793

150,886

PPL

Corp.

6,753

219,202

873,449

Electrical

Equipment

(

0

.5

%

)

AMETEK,

Inc.

1,060

191,075

Hubbell,

Inc.,

Class

 B

211

88,386

Vertiv

Holdings

Co.,

Class

 A

747

84,867

364,328

Electronic

Equipment,

Instruments

&

Components

(

0

.6

%

)

Corning,

Inc.

3,992

189,700

TE

Connectivity

plc

1,690

241,619

431,319

Energy

Equipment

&

Services

(

0

.1

%

)

Halliburton

Co.

4,051

110,147

Entertainment

(

1

.9

%

)

Netflix,

Inc.

(a)

680

606,098

ROBLOX

Corp.,

Class

 A

(a)

1,752

101,371

Spotify

Technology

SA

(a)

309

138,240

Walt

Disney

Co.

(The)

3,602

401,083

Warner

Bros

Discovery,

Inc.

(a)

14,494

153,201

Warner

Music

Group

Corp.,

Class

 A

(b)

550

17,050

1,417,043

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Financial

Services

(

4

.5

%

)

Apollo

Global

Management,

Inc.

1,350

$

222,966

Berkshire

Hathaway,

Inc.,

Class

 B

(a)

2,205

999,482

Block,

Inc.,

Class

 A

(a)

1,010

85,840

Mastercard,

Inc.,

Class

 A

1,538

809,865

PayPal

Holdings,

Inc.

(a)

2,400

204,840

Rocket

Cos.,

Inc.,

Class

 A

(a)(b)

1,842

20,741

Visa,

Inc.,

Class

 A

(b)

3,003

949,068

3,292,802

Food

Products

(

0

.7

%

)

Campbell's

Co.

(The)

3,102

129,912

Conagra

Brands,

Inc.

4,610

127,927

Kellanova

2,800

226,716

484,555

Ground

Transportation

(

0

.7

%

)

JB

Hunt

Transport

Services,

Inc.

956

163,151

Union

Pacific

Corp.

1,600

364,864

528,015

Health

Care

Equipment

&

Supplies

(

1

.5

%

)

Align

Technology,

Inc.

(a)

194

40,451

Intuitive

Surgical,

Inc.

(a)

807

421,222

Medtronic

plc

4,261

340,369

ResMed,

Inc.

751

171,746

Zimmer

Biomet

Holdings,

Inc.

909

96,017

1,069,805

Health

Care

Providers

&

Services

(

1

.9

%

)

Cencora,

Inc.

909

204,234

Labcorp

Holdings,

Inc.

953

218,542

Molina

Healthcare,

Inc.

(a)

342

99,539

UnitedHealth

Group,

Inc.

1,686

852,880

1,375,195

Health

Care

REITs

(

0

.5

%

)

Alexandria

Real

Estate

Equities,

Inc.

1,442

140,667

Healthpeak

Properties,

Inc.

10,007

202,842

343,509

Health

Care

Technology

(

0

.1

%

)

Veeva

Systems,

Inc.,

Class

 A

(a)

353

74,218

Hotels,

Restaurants

&

Leisure

(

1

.5

%

)

Airbnb,

Inc.,

Class

 A

(a)

809

106,311

Booking

Holdings,

Inc.

57

283,200

Darden

Restaurants,

Inc.

1,307

244,004

DoorDash,

Inc.,

Class

 A

(a)

541

90,753

DraftKings,

Inc.,

Class

 A

(a)(b)

1,346

50,071

MGM

Resorts

International

(a)

2,447

84,788

Yum

China

Holdings,

Inc.

854

41,137

Yum!

Brands,

Inc.

1,795

240,817

1,141,081

Household

Durables

(

0

.2

%

)

PulteGroup,

Inc.

1,585

172,607

Household

Products

(

1

.3

%

)

Kimberly-Clark

Corp.

1,804

236,396

Procter

&

Gamble

Co.

(The)

4,483

751,575

987,971

Shares

Value

Industrial

Conglomerates

(

0

.4

%

)

3M

Co.

2,488

$

321,176

Insurance

(

2

.1

%

)

Brown

&

Brown,

Inc.

2,051

209,243

Hartford

Financial

Services

Group,

Inc.

(The)

2,063

225,692

Loews

Corp.

2,056

174,123

Markel

Group,

Inc.

(a)

97

167,444

Principal

Financial

Group,

Inc.

1,651

127,804

Prudential

Financial,

Inc.

2,103

249,269

Travelers

Cos.,

Inc.

(The)

1,093

263,293

W.

R.

Berkley

Corp.

2,462

144,076

1,560,944

Interactive

Media

&

Services

(

7

.2

%

)

Alphabet,

Inc.,

Class

 A

9,182

1,738,153

Alphabet,

Inc.,

Class

 C

7,821

1,489,431

Meta

Platforms,

Inc.,

Class

 A

3,433

2,010,056

Pinterest,

Inc.,

Class

 A

(a)

749

21,721

Snap,

Inc.,

Class

 A

(a)

2,091

22,520

5,281,881

IT

Services

(

1

.1

%

)

Akamai

Technologies,

Inc.

(a)

1,360

130,084

Amdocs

Ltd.

743

63,259

Cloudflare,

Inc.,

Class

 A

(a)

546

58,793

International

Business

Machines

Corp.

1,987

436,802

MongoDB,

Inc.,

Class

 A

(a)

60

13,969

Okta,

Inc.,

Class

 A

(a)

350

27,580

Snowflake,

Inc.,

Class

 A

(a)

338

52,191

782,678

Life

Sciences

Tools

&

Services

(

0

.7

%

)

Avantor,

Inc.

(a)(b)

2,112

44,500

Illumina,

Inc.

(a)

295

39,421

Thermo

Fisher

Scientific,

Inc.

844

439,074

522,995

Machinery

(

1

.7

%

)

Caterpillar,

Inc.

1,052

381,624

Deere

&

Co.

796

337,265

Dover

Corp.

1,189

223,056

Nordson

Corp.

400

83,696

Otis

Worldwide

Corp.

2,452

227,080

1,252,721

Media

(

0

.2

%

)

Trade

Desk,

Inc.

(The),

Class

 A

(a)

1,090

128,108

Metals

&

Mining

(

0

.3

%

)

Newmont

Corp.

3,716

138,310

Southern

Copper

Corp.

(b)

500

45,565

Steel

Dynamics,

Inc.

560

63,879

247,754

Multi-Utilities

(

1

.1

%

)

Ameren

Corp.

(b)

2,392

213,223

CenterPoint

Energy,

Inc.

6,548

207,768

CMS

Energy

Corp.

(b)

3,104

206,881

DTE

Energy

Co.

1,789

216,022

843,894

Oil,

Gas

&

Consumable

Fuels

(

3

.1

%

)

Cheniere

Energy,

Inc.

744

159,863

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(cont’d)

Chevron

Corp.

3,798

$

550,102

Devon

Energy

Corp.

6,002

196,446

Diamondback

Energy,

Inc.

1,003

164,322

Exxon

Mobil

Corp.

8,558

920,584

Targa

Resources

Corp.

1,586

283,101

2,274,418

Passenger

Airlines

(

0

.4

%

)

Delta

Air

Lines,

Inc.

4,448

269,104

Pharmaceuticals

(

3

.6

%

)

Bristol-Myers

Squibb

Co.

6,259

354,009

Eli

Lilly

&

Co.

1,359

1,049,148

Johnson

&

Johnson

4,944

715,001

Merck

&

Co.,

Inc.

5,248

522,071

Royalty

Pharma

plc,

Class

 A

1,191

30,383

2,670,612

Professional

Services

(

0

.4

%

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

600

77,220

SS&C

Technologies

Holdings,

Inc.

2,049

155,273

TransUnion

706

65,453

297,946

Residential

REITs

(

1

.2

%

)

AvalonBay

Communities,

Inc.

(b)

1,097

241,307

Equity

Residential

3,149

225,972

Essex

Property

Trust,

Inc.

458

130,731

Mid-America

Apartment

Communities,

Inc.

(b)

1,245

192,440

Sun

Communities,

Inc.

610

75,012

865,462

Semiconductors

&

Semiconductor

Equipment

(

11

.2

%

)

Advanced

Micro

Devices,

Inc.

(a)

2,656

320,818

Broadcom,

Inc.

7,480

1,734,163

Entegris,

Inc.

151

14,958

KLA

Corp.

403

253,938

Lam

Research

Corp.

3,000

216,690

Marvell

Technology,

Inc.

2,045

225,870

Micron

Technology,

Inc.

2,310

194,410

NVIDIA

Corp.

35,638

4,785,827

ON

Semiconductor

Corp.

(a)

1,592

100,376

Texas

Instruments,

Inc.

2,155

404,084

8,251,134

Software

(

10

.6

%

)

Adobe,

Inc.

(a)

701

311,721

Atlassian

Corp.,

Class

 A

(a)

190

46,242

Bentley

Systems,

Inc.,

Class

 B

(b)

646

30,168

Crowdstrike

Holdings,

Inc.,

Class

 A

(a)

363

124,204

Datadog,

Inc.,

Class

 A

(a)

739

105,596

HubSpot,

Inc.

(a)

155

107,999

Microsoft

Corp.

11,182

4,713,213

MicroStrategy,

Inc.,

Class

 A

(a)(b)

437

126,564

Oracle

Corp.

2,906

484,256

Palantir

Technologies,

Inc.,

Class

 A

(a)

3,943

298,209

Palo

Alto

Networks,

Inc.

(a)

1,122

204,159

Salesforce,

Inc.

1,410

471,405

ServiceNow,

Inc.

(a)

443

469,633

Workday,

Inc.,

Class

 A

(a)

352

90,827

Zoom

Communications,

Inc.,

Class

 A

(a)

1,606

131,066

Shares

Value

Zscaler,

Inc.

(a)

303

$

54,664

7,769,926

Specialized

REITs

(

0

.3

%

)

Extra

Space

Storage,

Inc.

1,412

211,235

Specialty

Retail

(

2

.2

%

)

Home

Depot,

Inc.

(The)

2,060

801,320

Lowe's

Cos.,

Inc.

1,548

382,046

Ross

Stores,

Inc.

1,660

251,108

Ulta

Beauty,

Inc.

(a)

456

198,328

Williams-Sonoma,

Inc.

106

19,629

1,652,431

Technology

Hardware,

Storage

&

Peripherals

(

7

.7

%

)

Apple,

Inc.

22,213

5,562,580

Dell

Technologies,

Inc.,

Class

 C

789

90,924

5,653,504

Textiles,

Apparel

&

Luxury

Goods

(

0

.2

%

)

Lululemon

Athletica,

Inc.

(a)

488

186,616

Trading

Companies

&

Distributors

(

0

.4

%

)

Ferguson

Enterprises,

Inc.

710

123,235

United

Rentals,

Inc.

207

145,819

269,054

Wireless

Telecommunication

Services

(

0

.5

%

)

T-Mobile

US,

Inc.

1,537

339,262

Total

Common

Stocks

(Cost

$67,978,505)

72,892,110

Short-Term

Investments

(4.0%)

Investment

Company

(3.7%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(d)

(Cost

$2,689,143)

2,689,143

2,689,143

Security

held

as

Collateral

on

Loaned

Securities

(

0

.3

%

)

Investment

Company

(0.3%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

4.42%

(d)

(Cost

$242,352)

242,352

242,352

Total

Short-Term

Investments

(Cost

$2,931,495)

2,931,495

–

Total

Investments

Excluding

Purchased

Options

(

103

.1

%

)

(Cost

$

70,910,000

)

75,823,605

Total

Purchased

Options

Outstanding

(1.4%)

(Cost

$1,465,930)

1,010,230

Total

Investments

(

104

.5

%

)

(Cost

$

72,375,930

)

(e)

76,833,835

Total

Written

Options

(-2.4%)

(Premiums

Received

$

(

1,923,904

)

)

(1,786,447)

Liabilities

in

Excess

of

Other

Assets

(

-2.1%

)

(1,539,616)

NET

ASSETS

(100.0%)

$

73,507,772

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2024

(unaudited)(cont’d)

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

was

on

loan.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2024,

were

$1,639,102

and

$1,677,372,

respectively.

The

Fund

received

cash

collateral

of

$242,352,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$1,435,020

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(c)

For

the

period

ended

December

31,

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

$110,400

and

proceeds

from

sales

were

$45,962,

including

net

realized

gain

of

$2,061.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

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

Fund.

For

the

period

ended

December

31,

2024,

management

fees

paid

were

reduced

by

$377

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(e)

At

December

31,

2024,

the

aggregate

cost

for

federal

income

tax

purposes

is

$72,375,930.

The

aggregate

gross

unrealized

appreciation

is

$6,341,504

and

the

aggregate

gross

unrealized

depreciation

is

$1,883,599,

resulting

in

net

unrealized

appreciation

of

$4,457,905.

REIT

Real

Estate

Investment

Trust

Put

Options

Purchased:

The

Fund

had

the

following

put

options

purchased

open

at

December

31,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

S&P

500

Index

31

USD

4,725

3/31/25

$

18,233,053

$

46,190

$

242,027

$

(

195,837

)

S&P

500

Index

32

USD

4,950

6/30/25

18,821,216

171,680

308,860

(

137,180

)

S&P

500

Index

32

USD

5,150

9/30/25

18,821,216

329,280

451,921

(

122,641

)

S&P

500

Index

30

USD

5,300

12/31/25

17,644,890

463,080

463,122

(

42

)

Total

$1,010,230

$1,465,930

$(455,700)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

December

31,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

31

USD

6,050

3/31/25

$

18,233,053

$

(

376,340

)

$

(

317,074

)

$

(

59,266

)

S&P

500

Index

32

USD

6,250

6/30/25

18,821,216

(

358,272

)

(

357,869

)

(

403

)

S&P

500

Index

32

USD

6,400

9/30/25

18,821,216

(

404,320

)

(

457,975

)

53,655

S&P

500

Index

30

USD

6,625

12/31/25

17,644,890

(

347,070

)

(

347,028

)

(

42

)

Total

$(1,486,002)

$(1,479,946)

$(6,056)

Put

Options

Written:

The

Fund

had

the

following

put

options

written

open

at

December

31,

2024:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation/

(Depreciation)

S&P

500

Index

31

USD

3,675

3/31/25

$

18,233,053

$

(

17,205

)

$

(

79,473

)

$

62,268

S&P

500

Index

32

USD

3,850

6/30/25

18,821,216

(

52,480

)

(

92,180

)

39,700

S&P

500

Index

32

USD

4,000

9/30/25

18,821,216

(

96,000

)

(

137,587

)

41,587

S&P

500

Index

30

USD

4,100

12/31/25

17,644,890

(

134,760

)

(

134,718

)

(

42

)

Total

$(300,445)

$(443,958)

$143,513

USD

United

States

Dollar

Portfolio

Composition

*

Classification  

Percentage

of

Total

Investments

Other**

64

.8

%

Semiconductors

&

Semiconductor

Equipment

10

.8

Software

10

.1

Technology

Hardware,

Storage

&

Peripherals

7

.4

Interactive

Media

&

Services

6

.9

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2024.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

First

Quarter

Report

—

December

31,

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)

futures

are

valued

at

the

settlement

price

on

the

exchange

on

which

they

trade

or,

if

a

settlement

price

is

unavailable,

at

the

last

sale

price

on

the

exchange; (6)

when

market

quotations

are

not

readily

available,

as

defined

by

Rule

2a-5

under

the

Act,

includ-

ing

circumstances

under

which

the

Adviser

determines

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

pro-

cedures

established

by

and

under

the

general

supervision

of

the

Trustees;

(7)

senior loans

are

valued

using

a

price

provided

by

an

approved

valuation

vendor

and

if

a

valu-

ation

is

not

available

from

ant

of

the

approved

valuation

vendor,

then

a

quote

from

the

broker/dealer

will

be

used;

(8)

investments

in

Exchange

Traded

Funds

are

valued

at

market

price; and

(9)

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.

First

Quarter

Report

—

December

31,

2024

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

2.

Fair

Value

Measurement:

Financial

Accounting

Standards

Board

(“FASB”)

ASC

820,

“Fair

Value

Mea-

surement”

(“ASC

820”),

defines

fair

value

as

the

price

that

would

be

received

to

sell

an

asset

or

paid to

transfer

a

liability

in

an orderly

transaction

between

market

par-

ticipants

at

the

measurement

date. ASC

820

establishes

a

three tier

hierarchy

to

distinguish

between

(1)

inputs

that

reflect

the

assumptions

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

participants

would

use

in

valuing

an

asset

or

liability

developed

based

on

the

best

information

available

in

the

circumstances

(unobservable

inputs)

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Various

inputs

are

used

in

determin-

ing

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. 

First

Quarter

Report

—

December

31,

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

December

31,

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

$104,536

(1)

$—

‌

$—

‌

$104,536

‌

Warrants

 —

‌

 —

‌

 —

(2)

 —

(2)

Short-Term

Investments

Investment

Company

 2,454

‌

 —

‌

 —

‌

 2,454

‌

Total

Assets

$

106,990

‌

$

—

‌

$

—

‌

$

106,990

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

(2)

Includes

a

security

valued

at

zero.

First

Quarter

Report

—

December

31,

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

December

31,

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

$

—

$

36,252

$

—

$

36,252

Commercial

Mortgage-

Backed

Securities

—

18,532

—

18,532

Corporate

Bonds

—

117,971

—

117,971

U.S.

Government

and

Agency

Securities

—

23,192

—

23,192

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

—

195,947

—

195,947

Short-Term

Investments

Investment

Company

10,906

—

—

10,906

Commercial

Paper

—

3,555

—

3,555

Total

Short-Term

Investments

10,906

3,555

—

14,461

Total

Assets

$10,906

$199,502

$—

$210,408

Liabilities:

Futures

Contracts

—

(1)

—

—

—

(1)

Total

$10,906

$199,502

$—

$210,408

(1)

Value

is

less

than

$500.

First

Quarter

Report

—

December

31,

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

December

31,

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

$428,454

(1)

$—

‌

$—

‌

$428,454

‌

Short-Term

Investments

Investment

Company

 5,882

‌

 —

‌

 —

‌

 5,882

‌

Total

Assets

$

434,336

‌

$

—

‌

$

—

‌

$

434,336

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

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

December

31,

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

$28,667

(1)

$—

‌

$—

‌

$28,667

‌

Short-Term

Investments

Investment

Company

 228

‌

 —

‌

 —

‌

 228

‌

Total

Assets

$

28,895

‌

$

—

‌

$

—

‌

$

28,895

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

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

December

31,

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

$65,065

(1)

$—

‌

$—

‌

$65,065

‌

Short-Term

Investments

Investment

Company

 1,454

‌

 —

‌

 —

‌

 1,454

‌

Total

Assets

$

66,519

‌

$

—

‌

$

—

‌

$

66,519

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

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

December

31,

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

$31,120

(1)

$—

‌

$—

‌

$31,120

‌

Short-Term

Investments

Investment

Company

 228

‌

 —

‌

 —

‌

 228

‌

Total

Assets

$

31,348

‌

$

—

‌

$

—

‌

$

31,348

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

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

December

31,

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

$

—

$

102,809

$

—

$

102,809

Corporate

Bonds

—

68,334

—

68,334

Variable

Rate

Senior

Loan

Interests

(Less

Unfunded

Loan

Commitments)

—

1,036,306

—

1,036,306

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

—

1,207,449

—

1,207,449

Short-Term

Investments

Investment

Company

105,017

—

—

105,017

Total

Assets

$105,017

$1,207,449

$—

$1,312,466

First

Quarter

Report

—

December

31,

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

December

31,

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

$

—

$

20,138

$

—

$

20,138

 —

‌

 —

‌

 —

‌

 —

‌

Short-Term

Investments

Investment

Company

2,361

—

—

2,361

Total

Assets

$2,361

$20,138

$—

$22,499

First

Quarter

Report

—

December

31,

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

December

31,

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

Municipal

Bonds

$

—

$

40,780

$

—

$

40,780

 —

‌

 —

‌

 —

‌

 —

‌

Short-Term

Investments

Investment

Company

2,647

—

—

2,647

Municipal

Bonds

—

350

—

350

Total

Short-Term

Investments

2,647

350

—

2,997

Total

Assets

$2,647

$41,130

$—

$43,777

First

Quarter

Report

—

December

31,

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

December

31,

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

$

—

$

51,467

$

—

$

51,467

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

11,237

—

11,237

Commercial

Mortgage-

Backed

Securities

—

25,994

—

25,994

Corporate

Bonds

—

91,995

—

91,995

Sovereign

—

640

—

640

U.S.

Government

and

Agency

Securities

—

20,740

—

20,740

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

—

202,073

—

202,073

Investment

Companies

6,633

—

—

6,633

Short-Term

Investments

Investment

Company

22,566

—

—

22,566

U.S.

Government

and

Agency

Security

—

1,527

—

1,527

Total

Short-Term

Investments

22,566

1,527

—

24,093

Futures

Contracts

189

—

—

189

Total

Assets

$29,388

$203,600

$—

$232,988

Liabilities:

Futures

Contracts

(

1

)

—

—

(

1

)

Total

$29,387

$203,600

$—

$232,987

First

Quarter

Report

—

December

31,

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

December

31,

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

$

—

$

181,795

$

—

$

181,795

 —

‌

 —

‌

 —

‌

 —

‌

Short-Term

Investments

Investment

Company

7,193

—

—

7,193

Municipal

Bonds

—

6,800

—

6,800

Total

Short-Term

Investments

7,193

6,800

—

13,993

Total

Assets

$7,193

$188,595

$—

$195,788

First

Quarter

Report

—

December

31,

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

December

31,

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

$

—

$

112,040

$

—

$

112,040

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

301,699

—

301,699

Commercial

Mortgage-

Backed

Securities

—

118,419

—

118,419

Corporate

Bonds

—

325,910

—

325,910

Sovereign

—

4,527

—

4,527

Supranational

—

1,121

—

1,121

U.S.

Government

and

Agency

Securities

—

326,715

—

326,715

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

—

1,190,431

—

1,190,431

Investment

Companies

22,960

—

—

22,960

Short-Term

Investments

Investment

Company

134,088

—

—

134,088

U.S.

Government

and

Agency

Securities

—

67,712

—

67,712

Total

Short-Term

Investments

134,088

67,712

—

201,800

Futures

Contracts

399

—

—

399

Total

Assets

$157,447

$1,258,143

$—

$1,415,590

Liabilities:

Futures

Contracts

(

1,147

)

—

—

(

1,147

)

Total

$156,300

$1,258,143

$—

$1,414,443

First

Quarter

Report

—

December

31,

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

December

31,

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

$

—

$

10,980

$

—

$

10,980

Commercial

Mortgage-

Backed

Securities

—

4,461

—

4,461

Corporate

Bonds

—

74,643

—

74,643

U.S.

Government

and

Agency

Securities

—

19,566

—

19,566

 —

‌

 —

‌

 —

‌

 —

‌

Total

Fixed

Income

Securities

—

109,650

—

109,650

Short-Term

Investments

Investment

Company

13,409

—

—

13,409

Commercial

Paper

—

2,652

—

2,652

Total

Short-Term

Investments

13,409

2,652

—

16,061

Futures

Contracts

—

(1)

—

—

—

(1)

Total

Assets

$13,409

$112,302

$—

$125,711

(1)

Value

is

less

than

$500.

First

Quarter

Report

—

December

31,

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

December

31,

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

Plus

ETF

Assets:  

Common

Stocks

$21,430

(1)

$—

‌

$—

‌

$21,430

‌

Purchased

Options

17

‌

68

—

85

Short-Term

Investment

Investment

Company

 917

‌

 —

‌

 —

‌

 917

‌

Total

Assets

$

22,364

‌

$

68

‌

$

—

‌

$

22,432

‌

Liabilities:

Written

Options

 (

21

)

 (

213

)

 —

‌

 (

234

)

Total

Liabilities

$

(

21

)

$

(

213

)

$

—

‌

$

(

234

)

Total

$

22,343

‌

$

(

145

)

$

—

‌

$

22,198

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

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

December

31,

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

$113,967

(1)

$—

‌

$—

‌

$113,967

‌

Short-Term

Investments

Investment

Company

 4,191

‌

 —

‌

 —

‌

 4,191

‌

Total

Assets

$

118,158

‌

$

—

‌

$

—

‌

$

118,158

‌

Liabilities:

Written

Options

 —

‌

 (

119

)

 —

‌

 (

119

)

Total

Liabilities

$

—

‌

$

(

119

)

$

—

‌

$

(

119

)

Total

$

118,158

‌

$

(

119

)

$

—

‌

$

118,039

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

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

December

31,

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

$72,893

(1)

$—

‌

$—

‌

$72,893

‌

Purchased

Options

1,010

‌

—

—

1,010

Short-Term

Investments

Investment

Company

 2,931

‌

 —

‌

 —

‌

 2,931

‌

Total

Assets

$

76,834

‌

$

—

‌

$

—

‌

$

76,834

‌

Liabilities:

Written

Options

 (

1,786

)

 —

‌

 —

‌

 (

1,786

)

Total

Liabilities

$

(

1,786

)

$

—

‌

$

—

‌

$

(

1,786

)

Total

$

75,048

‌

$

—

‌

$

—

‌

$

75,048

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.