Morgan
Stanley
ETF
Trust
Calvert
International
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Shares
Value
Common
Stocks
(99.4%)
Australia
(5.0%)
ANZ
Group
Holdings
Ltd.
28,743
$
551,626
APA
Group
7,760
41,726
ASX
Ltd.
1,427
65,517
BlueScope
Steel
Ltd.
11,627
176,845
Brambles
Ltd.
16,371
252,341
CAR
Group
Ltd.
1,497
36,868
Cochlear
Ltd.
728
143,941
Coles
Group
Ltd.
18,394
252,289
Commonwealth
Bank
of
Australia
14,214
1,728,326
Computershare
Ltd.
3,389
88,973
Evolution
Mining
Ltd.
37,634
192,949
Fortescue
Ltd.
28,050
282,086
Goodman
Group
17,667
398,127
Insurance
Australia
Group
Ltd.
25,178
149,635
Macquarie
Group
Ltd.
3,372
507,616
Medibank
Pvt.
Ltd.
28,325
94,143
National
Australia
Bank
Ltd.
26,973
698,730
Northern
Star
Resources
Ltd.
28,111
343,198
Pro
Medicus
Ltd.
473
88,747
Qantas
Airways
Ltd.
20,237
143,046
QBE
Insurance
Group
Ltd.
15,061
231,851
REA
Group
Ltd.
444
70,276
Reece
Ltd.
4,723
44,606
Scentre
Group
29,880
70,009
SGH
Ltd.
1,700
60,497
Sonic
Healthcare
Ltd.
3,094
54,553
South32
Ltd.
89,306
171,040
Stockland
25,501
89,959
Suncorp
Group
Ltd.
10,960
155,880
Technology
One
Ltd.
1,929
52,065
Telstra
Group
Ltd.
35,076
111,733
Transurban
Group
36,177
332,862
Vicinity
Ltd.
33,867
55,055
Wesfarmers
Ltd.
11,094
618,803
Westpac
Banking
Corp.
29,560
658,743
WiseTech
Global
Ltd.
1,614
115,818
Woolworths
Group
Ltd.
11,878
243,203
9,373,682
Austria
(0.3%)
ANDRITZ
AG(a)
647
48,091
Erste
Group
Bank
AG
2,228
189,749
Mondi
plc
3,290
53,718
OMV
AG
3,198
173,964
Verbund
AG(a)
987
75,746
541,268
Belgium
(0.7%)
Ackermans
&
van
Haaren
NV
167
42,688
Ageas
SA/NV
180
12,160
Anheuser-Busch
InBev
SA/NV
8,071
553,701
D'ieteren
Group
157
33,733
Elia
Group
SA/NV
543
62,524
Groupe
Bruxelles
Lambert
NV
1,577
134,306
KBC
Group
NV
1,277
131,862
Lotus
Bakeries
NV
5
48,119
Sofina
SA
49
16,162
Syensqo
SA
607
46,819
Shares
Value
UCB
SA
961
$
188,989
1,271,063
Brazil
(0.0%)(b)
Yara
International
ASA
1,595
58,867
Canada
(9.8%)
Agnico
Eagle
Mines
Ltd.
6,999
833,867
Alimentation
Couche-Tard,
Inc.(a)
9,494
471,929
AltaGas
Ltd.(a)
4,773
138,555
Bank
of
Montreal
6,405
709,806
Bank
of
Nova
Scotia
(The)(a)
11,552
638,785
Brookfield
Asset
Management
Ltd.,
Class
A
3,528
195,267
Brookfield
Corp.,
Class
A
11,721
725,424
CAE,
Inc.(c)
4,566
133,820
Cameco
Corp.(a)
8,818
654,866
Canadian
Imperial
Bank
of
Commerce
9,056
642,815
Canadian
National
Railway
Co.
5,521
575,271
Canadian
Pacific
Kansas
City
Ltd.
9,342
742,146
Canadian
Tire
Corp.
Ltd.,
Class
A
566
77,056
CCL
Industries,
Inc.,
Class
B
1,681
98,027
Celestica,
Inc.(a)(c)
883
137,960
CGI,
Inc.
2,646
277,881
Constellation
Software,
Inc.
205
751,684
Descartes
Systems
Group,
Inc.
(The)(c)
512
52,010
Dollarama,
Inc.
2,828
398,464
Element
Fleet
Management
Corp.(a)
621
15,555
Emera,
Inc.(a)
956
43,793
Empire
Co.
Ltd.,
Class
A
2,271
94,242
FirstService
Corp.
57
9,947
Fortis,
Inc.
3,919
187,122
George
Weston
Ltd.
297
59,566
Gildan
Activewear,
Inc.
1,244
61,298
Great-West
Lifeco,
Inc.
2,778
105,653
Hydro
One
Ltd.(a)(d)
5,202
187,452
iA
Financial
Corp.,
Inc.
436
47,799
IGM
Financial,
Inc.
387
12,226
Intact
Financial
Corp.
1,684
391,583
Ivanhoe
Mines
Ltd.,
Class
A(a)(c)
12,802
96,174
Kinross
Gold
Corp.
26,998
421,896
Loblaw
Cos.
Ltd.
2,100
347,365
Magna
International,
Inc.
3,314
128,106
Manulife
Financial
Corp.
18,698
597,842
Metro,
Inc.,
Class
A
3,536
277,765
National
Bank
of
Canada(a)
3,356
346,308
Nutrien
Ltd.
4,834
281,680
Open
Text
Corp.
1,943
56,774
Power
Corp.
of
Canada(a)
6,783
264,944
RB
Global,
Inc.(a)
1,915
203,446
Rogers
Communications,
Inc.,
Class
B(a)
1,330
39,448
Royal
Bank
of
Canada(a)
11,979
1,578,756
Saputo,
Inc.
2,465
50,449
Shopify,
Inc.,
Class
A(c)
10,850
1,251,436
Stantec,
Inc.
755
82,150
Sun
Life
Financial,
Inc.
5,708
379,807
Teck
Resources
Ltd.,
Class
B
13,172
532,684
TELUS
Corp.
2,786
44,744
TFI
International,
Inc.
604
54,219
Thomson
Reuters
Corp.
1,790
359,959
TMX
Group
Ltd.
2,700
114,444
Morgan
Stanley
ETF
Trust
Calvert
International
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Canada
(cont’d)
Toromont
Industries
Ltd.(a)
915
$
82,237
Toronto-Dominion
Bank
(The)
14,848
1,092,106
WSP
Global,
Inc.
1,362
277,821
18,434,429
Chile
(0.2%)
Antofagasta
plc
7,618
189,216
Lundin
Mining
Corp.(a)
17,298
181,904
371,120
China
(0.7%)
BOC
Hong
Kong
Holdings
Ltd.
39,500
171,587
Chow
Tai
Fook
Jewellery
Group
Ltd.
29,000
49,578
ESR
Group
Ltd.(d)
71,000
117,580
Lenovo
Group
Ltd.
46,000
55,200
Prosus
NV
12,997
726,757
Wharf
Holdings
Ltd.
(The)(a)
36,000
109,606
1,230,308
Denmark
(1.8%)
AP
Moller
-
Maersk
A/S,
Class
B
37
68,786
Carlsberg
A/S,
Class
B
562
79,627
Coloplast
A/S,
Class
B
780
74,087
Danske
Bank
A/S
5,693
232,169
Demant
A/S(c)
1,051
43,840
DSV
A/S
1,334
320,560
Genmab
A/S(c)
572
118,757
Jyske
Bank
A/S
161
16,294
Novo
Nordisk
A/S,
Class
B
26,411
1,833,081
Novonesis
Novozymes
B,
Class
B
3,699
265,201
Orsted
A/S(c)(d)
1,106
47,497
Pandora
A/S
884
155,202
ROCKWOOL
A/S,
Class
B
2,301
107,680
Tryg
A/S
334
8,627
Vestas
Wind
Systems
A/S
6,536
98,054
3,469,462
Finland
(0.9%)
Elisa
OYJ
1,261
69,932
Fortum
OYJ
3,733
69,873
Kesko
OYJ,
Class
B
3,273
80,733
Kone
OYJ,
Class
B
2,503
164,757
Metso
OYJ
4,501
58,215
Neste
OYJ
9,584
130,055
Nokia
OYJ
47,605
247,072
Nordea
Bank
Abp
22,512
335,030
Orion
OYJ,
Class
B
1,034
77,769
Sampo
OYJ,
Class
A
12,414
133,509
Stora
Enso
OYJ,
Class
R
8,814
95,768
UPM-Kymmene
OYJ
4,074
111,144
Valmet
OYJ
2,688
83,180
Wartsila
OYJ
Abp
2,808
66,286
1,723,323
France
(7.1%)
Accor
SA
1,735
90,599
Air
Liquide
SA
5,335
1,100,643
Alstom
SA(c)
2,032
47,393
Amundi
SA(d)
124
10,035
Arkema
SA
641
47,229
AXA
SA
15,168
744,524
Shares
Value
BioMerieux
364
$
50,338
BNP
Paribas
SA
8,463
760,833
Bouygues
SA
2,915
131,855
Bureau
Veritas
SA
2,949
100,531
Capgemini
SE
1,184
202,300
Carrefour
SA
2,902
40,918
Cie
de
Saint-Gobain
SA
6,768
794,366
Cie
Generale
des
Etablissements
Michelin
SCA
5,990
222,544
Covivio
SA
851
53,680
Credit
Agricole
SA
9,226
174,591
Danone
SA
6,699
547,326
Dassault
Systemes
SE
5,684
205,752
Edenred
SE
1,383
42,829
Eiffage
SA
739
103,808
Elis
SA
1,952
55,966
Engie
SA
16,590
389,378
EssilorLuxottica
SA
2,583
708,632
Eurofins
Scientific
SE
1,705
121,388
Gecina
SA
421
46,269
Getlink
SE
3,941
76,087
Hermes
International
SCA
277
750,146
Ipsen
SA
306
36,442
Kering
SA
467
101,527
Legrand
SA
2,336
312,317
L'Oreal
SA
1,850
791,270
LVMH
Moet
Hennessy
Louis
Vuitton
SE
1,933
1,012,344
Orange
SA
15,880
241,586
Pernod
Ricard
SA
991
98,758
Publicis
Groupe
SA
2,244
252,913
Renault
SA
1,271
58,584
Rexel
SA
2,352
72,422
Safran
SA
3,085
1,002,614
Sartorius
Stedim
Biotech
172
41,089
SCOR
SE
2,086
68,851
SEB
SA
398
37,553
Societe
Generale
SA
4,253
243,227
Sodexo
SA
588
36,155
Teleperformance
SE
170
16,485
Thales
SA
897
263,733
Unibail-Rodamco-Westfield
680
64,994
Veolia
Environnement
SA
6,401
228,087
Vinci
SA
4,566
672,853
13,273,764
Germany
(7.8%)
adidas
AG
1,392
324,580
Allianz
SE
3,221
1,305,576
Bayerische
Motoren
Werke
AG
2,530
224,887
Bechtle
AG(a)
1,208
56,606
Beiersdorf
AG
725
91,038
BioNTech
SE
ADR(c)
692
73,677
Brenntag
SE
1,459
96,587
Carl
Zeiss
Meditec
AG(a)
659
44,247
Commerzbank
AG
9,330
294,320
Continental
AG
1,051
91,738
CTS
Eventim
AG
&
Co.
KGaA
914
113,479
Daimler
Truck
Holding
AG
5,785
273,736
Deutsche
Boerse
AG
1,514
493,828
Deutsche
Post
AG
8,659
399,937
Deutsche
Telekom
AG
26,781
977,001
Morgan
Stanley
ETF
Trust
Calvert
International
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Germany
(cont’d)
E.ON
SE
16,717
$
307,684
Evonik
Industries
AG
4,766
98,247
GEA
Group
AG
1,645
115,101
Hannover
Rueck
SE
495
155,800
HeidelbergCement
AG
2,813
660,892
Henkel
AG
&
Co.
KGaA
1,674
121,271
Infineon
Technologies
AG
12,510
532,196
KION
Group
AG(a)
1,324
73,676
Knorr-Bremse
AG
643
62,146
LEG
Immobilien
SE
542
48,107
Mercedes-Benz
Group
AG
5,651
330,766
Merck
KGaA
946
122,578
MTU
Aero
Engines
AG
500
222,161
Muenchener
Rueckversicherungs-Gesellschaft
AG
1,162
753,649
Nemetschek
SE
904
130,979
SAP
SE
8,794
2,674,148
Scout24
SE(d)
641
88,418
Siemens
AG
6,821
1,748,774
Siemens
Energy
AG(c)
6,743
778,882
Siemens
Healthineers
AG(d)
2,599
144,074
Symrise
AG,
Class
A
1,365
143,328
Talanx
AG
464
60,068
Volkswagen
AG
1,471
158,895
Vonovia
SE
5,807
204,595
Zalando
SE(c)(d)
2,669
87,873
14,685,545
Hong
Kong
(1.3%)
AIA
Group
Ltd.
84,600
758,711
CK
Infrastructure
Holdings
Ltd.
500
3,309
CLP
Holdings
Ltd.
14,000
117,886
Hang
Seng
Bank
Ltd.
10,200
152,806
Hong
Kong
Exchanges
&
Clearing
Ltd.
10,400
554,847
Hongkong
Land
Holdings
Ltd.
1,900
10,963
Link
REIT
32,000
170,804
Power
Assets
Holdings
Ltd.
7,000
44,988
Prudential
plc
17,179
215,198
Sino
Land
Co.
Ltd.
66,000
70,204
Sun
Hung
Kai
Properties
Ltd.
6,000
68,829
Swire
Pacific
Ltd.,
Class
A
2,500
21,417
Techtronic
Industries
Co.
Ltd.
12,000
131,924
WH
Group
Ltd.(d)
84,000
80,790
Wharf
Real
Estate
Investment
Co.
Ltd.
29,000
82,013
2,484,689
Ireland
(0.6%)
AerCap
Holdings
NV
1,843
215,631
AIB
Group
plc
11,940
98,242
Bank
of
Ireland
Group
plc
11,718
166,812
Kerry
Group
plc,
Class
A
2,269
250,572
Kingspan
Group
plc
4,232
359,923
1,091,180
Israel
(0.5%)
Bank
Hapoalim
BM
10,171
195,128
Check
Point
Software
Technologies
Ltd.(c)
1,279
282,979
Mizrahi
Tefahot
Bank
Ltd.
1,131
73,703
Nice
Ltd.
ADR(a)(c)
775
130,906
Nova
Ltd.(c)
441
121,363
Shares
Value
Wix.com
Ltd.(c)
646
$
102,365
906,444
Italy
(2.3%)
A2A
SpA
18,409
49,550
Banca
Monte
dei
Paschi
di
Siena
SpA(a)
8,552
72,753
Banco
BPM
SpA(a)
5,573
65,069
BPER
Banca
SpA
5,267
47,872
Coca-Cola
HBC
AG
1,953
101,977
Enel
SpA
76,904
729,785
FinecoBank
Banca
Fineco
SpA
4,990
110,712
Generali
9,921
353,047
Hera
SpA(a)
9,568
46,232
Infrastrutture
Wireless
Italiane
SpA(d)
3,353
40,998
Intesa
Sanpaolo
SpA
134,514
775,062
Mediobanca
Banca
di
Credito
Finanziario
SpA
3,488
81,085
Moncler
SpA
1,916
109,214
Nexi
SpA(d)
3,234
19,329
Poste
Italiane
SpA(a)(d)
4,563
98,040
PRADA
SpA
6,700
41,566
Prysmian
SpA
2,886
204,110
Recordati
Industria
Chimica
e
Farmaceutica
SpA
1,057
66,488
Reply
SpA
233
40,236
Ryanair
Holdings
plc
1,701
48,129
Snam
SpA(a)
24,058
145,720
Telecom
Italia
SpA(a)(c)
175,388
86,482
Terna
-
Rete
Elettrica
Nazionale(a)
16,461
169,199
UniCredit
SpA
13,271
889,650
4,392,305
Japan
(16.3%)
Advantest
Corp.
7,100
525,332
Aeon
Co.
Ltd.(a)
7,400
227,131
AGC,
Inc.(a)
5,600
164,378
Aisin
Corp.
9,000
115,433
Ajinomoto
Co.,
Inc.
11,600
314,881
ANA
Holdings,
Inc.
2,000
39,200
Asahi
Group
Holdings
Ltd.(a)
18,300
244,945
Asahi
Kasei
Corp.
7,300
52,061
Asics
Corp.
4,400
112,441
Astellas
Pharma,
Inc.
9,200
90,495
Bandai
Namco
Holdings,
Inc.
3,700
132,861
Bridgestone
Corp.(a)
4,100
167,980
Canon,
Inc.(a)
9,300
270,530
Capcom
Co.
Ltd.
2,600
89,065
Central
Japan
Railway
Co.
4,100
92,019
Chugai
Pharmaceutical
Co.
Ltd.
6,700
350,109
Concordia
Financial
Group
Ltd.
7,400
48,160
Dai
Nippon
Printing
Co.
Ltd.
8,000
121,662
Daifuku
Co.
Ltd.
2,700
69,785
Dai-ichi
Life
Holdings,
Inc.
21,300
162,111
Daiichi
Sankyo
Co.
Ltd.
16,700
390,233
Daikin
Industries
Ltd.
2,200
260,095
Daito
Trust
Construction
Co.
Ltd.
100
10,885
Daiwa
House
Industry
Co.
Ltd.
6,500
223,610
Daiwa
Securities
Group,
Inc.
23,400
166,475
Denso
Corp.
13,000
176,081
Disco
Corp.
900
266,428
East
Japan
Railway
Co.
7,600
164,028
Morgan
Stanley
ETF
Trust
Calvert
International
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Japan
(cont’d)
Ebara
Corp.
4,000
$
77,164
Eisai
Co.
Ltd.
2,000
57,609
FANUC
Corp.
9,300
254,450
Fast
Retailing
Co.
Ltd.
1,300
447,040
Fuji
Electric
Co.
Ltd.
2,000
92,413
FUJIFILM
Holdings
Corp.
11,200
244,369
Fujikura
Ltd.
2,100
110,407
Fujitsu
Ltd.
13,500
329,520
Hankyu
Hanshin
Holdings,
Inc.
2,000
54,443
Hoya
Corp.
3,000
357,383
Hulic
Co.
Ltd.(a)
11,300
113,977
Isuzu
Motors
Ltd.
10,100
128,385
ITOCHU
Corp.
9,600
503,716
Japan
Airlines
Co.
Ltd.
2,700
55,151
Japan
Exchange
Group,
Inc.
6,100
61,866
Japan
Post
Bank
Co.
Ltd.
10,100
109,062
Kao
Corp.
3,700
165,903
Kawasaki
Heavy
Industries
Ltd.
1,300
98,399
KDDI
Corp.
27,700
477,039
Keyence
Corp.
1,800
722,975
Kikkoman
Corp.
8,800
81,764
Kirin
Holdings
Co.
Ltd.(a)
4,800
67,314
Komatsu
Ltd.
8,600
282,894
Kubota
Corp.(a)
8,900
100,245
Kyocera
Corp.
14,600
175,752
Kyowa
Kirin
Co.
Ltd.(a)
3,800
65,060
LY
Corp.
45,100
166,113
M3,
Inc.
6,000
82,726
Makita
Corp.
2,700
83,491
Marubeni
Corp.
9,500
192,170
MEIJI
Holdings
Co.
Ltd.
2,500
55,328
Mitsubishi
Chemical
Group
Corp.
25,000
131,593
Mitsubishi
Electric
Corp.
21,900
473,115
Mitsubishi
Estate
Co.
Ltd.
13,900
260,906
Mitsubishi
HC
Capital,
Inc.
16,700
122,984
Mitsubishi
Heavy
Industries
Ltd.
31,100
779,633
Mitsubishi
UFJ
Financial
Group,
Inc.
100,000
1,377,036
Mitsui
Fudosan
Co.
Ltd.
30,600
296,427
Mizuho
Financial
Group,
Inc.
22,800
632,203
MonotaRO
Co.
Ltd.
2,400
47,415
MS&AD
Insurance
Group
Holdings,
Inc.
12,800
287,101
Murata
Manufacturing
Co.
Ltd.
15,100
225,863
NEC
Corp.
8,000
234,381
Nidec
Corp.
5,700
111,027
Nintendo
Co.
Ltd.
8,600
828,916
Nippon
Paint
Holdings
Co.
Ltd.(a)
13,400
107,941
Nippon
Sanso
Holdings
Corp.
1,200
45,523
Nippon
Telegraph
&
Telephone
Corp.
187,200
200,193
Nissin
Foods
Holdings
Co.
Ltd.
2,100
43,683
Nitori
Holdings
Co.
Ltd.
400
38,665
Nitto
Denko
Corp.
5,300
102,739
Nomura
Holdings,
Inc.
35,400
234,025
Nomura
Research
Institute
Ltd.
3,000
120,475
Obayashi
Corp.
5,200
78,918
Olympus
Corp.
10,300
122,666
Oracle
Corp.
Japan
100
11,934
Oriental
Land
Co.
Ltd.
5,700
131,570
ORIX
Corp.
11,300
255,811
Shares
Value
Osaka
Gas
Co.
Ltd.
5,400
$
138,483
Otsuka
Corp.
5,400
110,115
Otsuka
Holdings
Co.
Ltd.
3,200
158,906
Panasonic
Holdings
Corp.
16,100
173,908
Rakuten
Group,
Inc.(c)
11,800
65,258
Recruit
Holdings
Co.
Ltd.
13,300
788,275
Renesas
Electronics
Corp.
14,700
182,621
Resona
Holdings,
Inc.
26,500
245,116
SCREEN
Holdings
Co.
Ltd.
200
16,333
Secom
Co.
Ltd.
2,500
89,980
Sekisui
Chemical
Co.
Ltd.
7,500
136,037
Sekisui
House
Ltd.
7,500
165,775
Shimadzu
Corp.
1,900
47,129
Shin-Etsu
Chemical
Co.
Ltd.
16,700
553,400
Shionogi
&
Co.
Ltd.
6,600
118,888
Shiseido
Co.
Ltd.(a)
3,100
55,400
SMC
Corp.
400
144,551
SoftBank
Corp.
312,200
483,460
SoftBank
Group
Corp.
9,100
664,467
Sompo
Holdings,
Inc.
8,400
253,450
Sony
Group
Corp.
55,500
1,437,554
Subaru
Corp.
2,800
48,911
Sumitomo
Electric
Industries
Ltd.
10,100
217,072
Sumitomo
Mitsui
Financial
Group,
Inc.
34,700
875,663
Sumitomo
Mitsui
Trust
Group,
Inc.
5,400
143,958
Suntory
Beverage
&
Food
Ltd.(a)
2,700
86,434
Sysmex
Corp.
3,500
61,102
T&D
Holdings,
Inc.
4,700
103,462
Takeda
Pharmaceutical
Co.
Ltd.
15,000
460,922
TDK
Corp.
17,800
209,575
Terumo
Corp.
12,600
231,867
Tokio
Marine
Holdings,
Inc.
15,300
649,271
Tokyo
Electron
Ltd.
4,000
768,862
Tokyo
Gas
Co.
Ltd.
5,500
183,021
Tokyu
Corp.
6,500
77,365
TOPPAN
Holdings,
Inc.
3,700
100,847
Toray
Industries,
Inc.
24,400
167,371
Toyo
Suisan
Kaisha
Ltd.
700
46,592
Toyota
Industries
Corp.
800
90,552
Toyota
Motor
Corp.
86,900
1,504,404
Trend
Micro,
Inc.
1,300
90,067
Unicharm
Corp.
7,000
50,578
West
Japan
Railway
Co.
5,400
123,821
Yamaha
Motor
Co.
Ltd.(a)
11,700
87,706
Yaskawa
Electric
Corp.
1,900
43,131
Yokogawa
Electric
Corp.
1,900
50,863
ZOZO,
Inc.
7,000
75,685
30,743,493
Netherlands
(3.6%)
ABN
AMRO
Bank
NV
CVA(d)
3,590
98,278
Adyen
NV(c)(d)
244
447,915
Aegon
Ltd.
9,519
68,937
Akzo
Nobel
NV
1,859
130,075
Argenx
SE(c)
564
312,118
ASM
International
NV
500
320,049
ASML
Holding
NV
3,247
2,591,687
ASR
Nederland
NV
216
14,345
BE
Semiconductor
Industries
NV
693
103,713
Euronext
NV(d)
721
123,234
Morgan
Stanley
ETF
Trust
Calvert
International
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Netherlands
(cont’d)
IMCD
NV
526
$
70,666
ING
Groep
NV
23,534
516,348
JDE
Peet's
NV
1,588
45,343
Koninklijke
Ahold
Delhaize
NV
10,302
430,801
Koninklijke
KPN
NV
35,200
171,494
Koninklijke
Vopak
NV
1,558
77,484
NN
Group
NV
1,488
98,892
NXP
Semiconductors
NV
2,331
509,300
Randstad
NV
967
44,652
Universal
Music
Group
NV(a)
7,889
255,368
Wolters
Kluwer
NV
2,396
400,635
6,831,334
New
Zealand
(0.2%)
Auckland
International
Airport
Ltd.
15,396
72,684
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
4,297
94,423
Meridian
Energy
Ltd.
9,747
35,054
Xero
Ltd.(c)
910
107,685
309,846
Norway
(0.6%)
DNB
Bank
ASA
7,804
215,707
Gjensidige
Forsikring
ASA
2,353
59,622
Kongsberg
Gruppen
ASA
6,012
233,128
Mowi
ASA
7,106
137,193
Norsk
Hydro
ASA
29,154
166,431
Orkla
ASA
13,199
143,522
Salmar
ASA
1,078
46,716
Telenor
ASA
8,775
136,421
Vend
Marketplaces
ASA,
Class
A
2,051
72,237
1,210,977
Portugal
(0.1%)
Banco
Comercial
Portugues
SA,
Class
R
59,079
45,973
EDP
SA
13,683
59,346
Jeronimo
Martins
SGPS
SA
3,434
86,888
192,207
Singapore
(1.2%)
CapitaLand
Integrated
Commercial
Trust
27,400
46,762
CapitaLand
Investment
Ltd.
22,900
47,727
DBS
Group
Holdings
Ltd.
18,550
655,195
Grab
Holdings
Ltd.,
Class
A(c)
14,146
71,154
Oversea-Chinese
Banking
Corp.
Ltd.
28,900
370,711
Singapore
Airlines
Ltd.
21,100
115,664
Singapore
Exchange
Ltd.
8,700
101,814
Singapore
Technologies
Engineering
Ltd.
20,600
126,209
Singapore
Telecommunications
Ltd.
86,300
259,273
STMicroelectronics
NV
6,183
188,901
United
Overseas
Bank
Ltd.
11,600
328,431
2,311,841
South
Africa
(0.3%)
Anglo
American
plc
17,106
504,832
Valterra
Platinum
Ltd.(c)
1
44
504,876
South
Korea
(3.6%)
Delivery
Hero
SE(c)(d)
1,666
45,078
Doosan
Enerbility
Co.
Ltd.(c)
7,017
355,633
Hana
Financial
Group,
Inc.
3,668
234,550
HD
Hyundai
Electric
Co.
Ltd.
201
75,509
Shares
Value
HMM
Co.
Ltd.
3,860
$
64,352
Hyundai
Mobis
Co.
Ltd.
987
209,891
Hyundai
Motor
Co.
1,502
226,480
Kakao
Corp.
1,944
86,426
KB
Financial
Group,
Inc.
3,267
268,458
Kia
Corp.
2,588
185,816
Krafton,
Inc.(c)
317
85,263
LG
Chem
Ltd.
699
109,542
LG
Electronics,
Inc.
690
37,731
LG
Energy
Solution
Ltd.(c)
669
147,224
Meritz
Financial
Group,
Inc.
798
66,520
NAVER
Corp.
1,464
284,751
POSCO
Holdings,
Inc.
1,424
275,388
Samsung
Biologics
Co.
Ltd.(c)(d)
222
163,177
Samsung
C&T
Corp.
672
80,365
Samsung
Electro-Mechanics
Co.
Ltd.
575
57,389
Samsung
Electronics
Co.
Ltd.
46,547
2,062,471
Samsung
Heavy
Industries
Co.
Ltd.(c)
6,491
80,608
Samsung
Life
Insurance
Co.
Ltd.
670
63,247
Samsung
SDS
Co.
Ltd.
395
49,638
Shinhan
Financial
Group
Co.
Ltd.
4,541
206,593
SK
Hynix,
Inc.
5,156
1,115,554
SK
Square
Co.
Ltd.(c)
664
90,036
Woori
Financial
Group,
Inc.
2,986
49,671
6,777,361
Spain
(2.5%
)
Aena
SME
SA(d)
6,960
185,779
Amadeus
IT
Group
SA
3,630
305,646
Banco
Bilbao
Vizcaya
Argentaria
SA
41,970
645,420
Banco
de
Sabadell
SA
19,046
60,643
Banco
Santander
SA
121,347
1,004,444
Bankinter
SA(a)
9,856
128,637
CaixaBank
SA
32,993
285,807
Cellnex
Telecom
SA(d)
4,509
175,010
EDP
Renovaveis
SA
8,058
89,936
Grifols
SA(c)
3,892
47,450
Iberdrola
SA
53,833
1,032,991
Industria
de
Diseno
Textil
SA
8,622
448,705
Redeia
Corp.
SA
3,687
78,827
Telefonica
SA(a)
44,725
234,864
4,724,159
Sweden
(2.7%)
AAK
AB
1,674
43,916
AddTech
AB,
Class
B
1,837
62,522
Alfa
Laval
AB
2,603
109,448
Assa
Abloy
AB,
Class
B
8,830
275,515
Atlas
Copco
AB,
Class
A
37,112
599,580
Beijer
Ref
AB,
Class
B(a)
4,745
74,905
Boliden
AB
7,430
231,753
Castellum
AB(a)
6,903
90,511
Epiroc
AB,
Class
A
8,563
185,906
EQT
AB(a)
3,371
112,558
Essity
AB,
Class
B
4,757
131,735
H
&
M
Hennes
&
Mauritz
AB,
Class
B(a)
5,428
76,249
Hexagon
AB,
Class
B
19,753
198,680
Holmen
AB,
Class
B(a)
982
38,944
Industrivarden
AB,
Class
A
2,302
83,507
Indutrade
AB
2,461
67,164
Morgan
Stanley
ETF
Trust
Calvert
International
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Sweden
(cont’d)
Investment
AB
Latour,
Class
B
406
$
10,694
Investor
AB,
Class
B
16,248
480,438
L
E
Lundbergforetagen
AB,
Class
B
715
35,641
Lifco
AB,
Class
B
2,006
81,165
Nibe
Industrier
AB,
Class
B(a)
22,305
95,106
Saab
AB,
Class
B
3,325
185,423
Sagax
AB,
Class
B
1,799
41,073
Sandvik
AB
9,539
218,691
Skandinaviska
Enskilda
Banken
AB,
Class
A
12,697
221,572
Skanska
AB,
Class
B
2,309
53,741
SKF
AB,
Class
B
3,569
81,898
SSAB
AB,
Class
A
22,032
132,366
Svenska
Cellulosa
AB
SCA,
Class
B
6,603
85,845
Svenska
Handelsbanken
AB,
Class
A
9,172
122,589
Sweco
AB,
Class
B
727
12,602
Swedbank
AB,
Class
A
7,493
198,395
Swedish
Orphan
Biovitrum
AB(c)
1,694
51,603
Tele2
AB,
Class
B
1,354
19,786
Telia
Co.
AB
16,120
57,880
Trelleborg
AB,
Class
B
2,091
77,819
Volvo
AB,
Class
B
15,360
430,883
5,078,103
Switzerland
(4.1%)
ABB
Ltd.
13,748
819,734
Accelleron
Industries
AG
752
52,885
Avolta
AG
572
31,013
Baloise
Holding
AG
598
141,087
Barry
Callebaut
AG(a)
42
45,734
Belimo
Holding
AG
179
182,282
BKW
AG
226
49,361
Chocoladefabriken
Lindt
&
Spruengli
AG
1
166,614
Cie
Financiere
Richemont
SA
3,750
706,330
DSM-Firmenich
AG
1,695
180,215
Emmi
AG
2
1,999
Flughafen
Zurich
AG
298
84,880
Geberit
AG
632
497,029
Georg
Fischer
AG
1,489
121,699
Givaudan
SA
72
348,544
Helvetia
Holding
AG
306
71,771
Julius
Baer
Group
Ltd.
1,638
110,735
Kuehne
+
Nagel
International
AG
301
65,116
Logitech
International
SA
1,005
90,487
Lonza
Group
AG
581
413,719
On
Holding
AG,
Class
A(c)
2,143
111,543
Partners
Group
Holding
AG
132
172,185
PSP
Swiss
Property
AG
480
88,384
Schindler
Holding
AG
533
193,128
SFS
Group
AG
78
10,696
SGS
SA
1,538
156,039
SIG
Group
AG(c)
2,422
44,750
Sika
AG
1,229
333,640
Sonova
Holding
AG
414
123,347
Straumann
Holding
AG
644
84,046
Sulzer
AG
247
44,578
Swatch
Group
AG
(The),
Class
BR
293
47,673
Swiss
Life
Holding
AG
203
205,341
Swiss
Prime
Site
AG
801
119,930
Swisscom
AG
202
143,204
Shares
Value
Temenos
AG
851
$
60,866
UBS
Group
AG
21,656
732,830
VAT
Group
AG(d)
272
114,737
Zurich
Insurance
Group
AG
1,044
729,728
7,697,879
Taiwan
(5.9%)
Accton
Technology
Corp.
3,000
74,969
Advantech
Co.
Ltd.
1,099
12,791
Alchip
Technologies
Ltd.
1,000
105,950
ASE
Technology
Holding
Co.
Ltd.
30,000
151,479
Asia
Vital
Components
Co.
Ltd.
2,000
50,870
Cathay
Financial
Holding
Co.
Ltd.
100,000
214,980
Chang
Hwa
Commercial
Bank
Ltd.
160,712
102,879
Chunghwa
Telecom
Co.
Ltd.
30,000
138,642
CTBC
Financial
Holding
Co.
Ltd.
176,000
263,289
Delta
Electronics,
Inc.
13,000
183,794
E
Ink
Holdings,
Inc.
5,000
37,827
E.Sun
Financial
Holding
Co.
Ltd.
81,000
91,088
Elite
Material
Co.
Ltd.
2,000
60,386
Eva
Airways
Corp.
88,000
120,197
Evergreen
Marine
Corp.
Taiwan
Ltd.
20,000
136,245
Far
EasTone
Telecommunications
Co.
Ltd.
41,000
125,757
Fubon
Financial
Holding
Co.
Ltd.
93,470
279,335
Hotai
Motor
Co.
Ltd.
1,020
19,693
Jentech
Precision
Industrial
Co.
Ltd.
1,000
51,691
Lite-On
Technology
Corp.
23,000
87,002
MediaTek,
Inc.
11,000
470,697
Mega
Financial
Holding
Co.
Ltd.
143,819
202,101
Novatek
Microelectronics
Corp.
2,000
37,313
Quanta
Computer,
Inc.
30,000
281,905
Realtek
Semiconductor
Corp.
1,000
19,410
Taishin
Financial
Holding
Co.
Ltd.
205,045
110,553
Taiwan
Mobile
Co.
Ltd.
30,000
118,102
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
180,000
6,531,562
TCC
Group
Holdings
Co.
Ltd.
142,000
123,956
Uni-President
Enterprises
Corp.
76,000
210,735
United
Microelectronics
Corp.
140,000
211,831
Wan
Hai
Lines
Ltd.
33,000
100,541
Wiwynn
Corp.
1,000
86,608
Yageo
Corp.
3,000
49,808
Yang
Ming
Marine
Transport
Corp.
43,000
104,659
Yuanta
Financial
Holding
Co.
Ltd.
136,291
159,330
11,127,975
United
Kingdom
(9.7%)
3i
Group
plc
8,222
464,980
Admiral
Group
plc
1,690
75,857
Ashtead
Group
plc
4,222
270,584
Associated
British
Foods
plc
2,982
84,239
AstraZeneca
plc
13,185
1,831,557
Auto
Trader
Group
plc(d)
9,587
108,488
Aviva
plc
25,377
215,690
BAE
Systems
plc
34,619
896,460
Barclays
plc
116,787
540,718
Barratt
Redrow
plc
11,010
68,900
Beazley
plc
2,474
31,752
Berkeley
Group
Holdings
plc
1,144
60,614
BT
Group
plc
71,838
191,054
Bunzl
plc
2,520
80,251
Morgan
Stanley
ETF
Trust
Calvert
International
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
United
Kingdom
(cont’d)
Centrica
plc
29,266
$
64,898
Coca-Cola
Europacific
Partners
plc
2,798
259,431
Compass
Group
plc
18,789
636,257
ConvaTec
Group
plc(d)
17,966
71,122
Croda
International
plc
1,278
51,294
DCC
plc
2,176
141,220
Diageo
plc
19,206
481,918
Diploma
plc
1,049
70,383
Halma
plc
6,183
271,587
Hikma
Pharmaceuticals
plc
1,957
53,403
Howden
Joinery
Group
plc
5,439
63,908
HSBC
Holdings
plc
143,808
1,740,656
IMI
plc
844
24,259
Informa
plc
17,569
194,327
InterContinental
Hotels
Group
plc
2,036
232,073
Intermediate
Capital
Group
plc
2,735
72,381
International
Consolidated
Airlines
Group
SA
10,596
49,626
Intertek
Group
plc
1,952
127,004
Investec
plc
5,547
41,497
J
Sainsbury
plc
20,331
80,875
Kingfisher
plc
22,529
89,928
Land
Securities
Group
plc
5,778
50,046
Legal
&
General
Group
plc
57,745
201,805
Lloyds
Banking
Group
plc
606,591
638,633
London
Stock
Exchange
Group
plc
3,668
535,459
LondonMetric
Property
plc
17,207
47,947
M&G
plc
25,394
89,583
Marks
&
Spencer
Group
plc
11,549
56,182
Melrose
Industries
plc
14,914
108,664
National
Grid
plc
44,168
643,558
NatWest
Group
plc
60,705
426,133
Next
plc
1,292
220,619
Pearson
plc
3,957
58,199
Persimmon
plc
2,489
44,278
Phoenix
Group
Holdings
plc
14,940
135,041
Reckitt
Benckiser
Group
plc
5,067
344,631
RELX
plc
18,965
1,024,892
Rentokil
Initial
plc
13,901
67,185
Rightmove
plc
7,815
84,595
Sage
Group
plc
(The)
10,630
182,464
Schroders
plc
15,856
78,658
Segro
plc
3,825
35,682
Severn
Trent
plc
2,727
102,340
Smith
&
Nephew
plc
9,387
143,411
Smiths
Group
plc
3,983
122,795
Spirax
Group
plc
574
46,919
SSE
plc
8,493
213,456
Standard
Chartered
plc
17,296
286,558
Taylor
Wimpey
plc
30,568
49,827
Tesco
plc
74,161
408,512
Unilever
plc
21,617
1,313,011
UNITE
Group
plc
(The)
3,750
43,625
United
Utilities
Group
plc
7,831
122,702
Vodafone
Group
plc
202,673
216,383
Weir
Group
plc
(The)
2,881
98,470
Whitbread
plc
2,322
89,977
Wise
plc,
Class
A(c)
9,178
131,021
Shares
Value
WPP
plc
4,284
$
30,143
18,232,595
United
States
(9.6%)
Alcon
AG
4,109
363,541
Amrize
Ltd.(c)
5,976
298,103
ARM
Holdings
plc
ADR(a)(c)
9,551
1,544,779
BP
plc
169,246
849,578
Chubb
Ltd.
2,725
789,487
CSL
Ltd.
4,218
664,815
CyberArk
Software
Ltd.(c)
697
283,595
Experian
plc
8,329
428,959
Ferrovial
SE
4,555
242,845
Garmin
Ltd.
1,162
242,533
GFL
Environmental,
Inc.
2,289
115,547
GSK
plc
37,368
712,975
Haleon
plc
64,799
333,015
Holcim
AG
5,976
443,615
ICON
plc(c)
420
61,089
James
Hardie
Industries
plc
CDI(c)
8,830
242,338
Monday.com
Ltd.(c)
491
154,410
Nestle
SA
22,006
2,186,317
Novartis
AG
15,504
1,879,160
QIAGEN
NV(c)
1,980
95,159
Roche
Holding
AG
5,896
1,920,129
Sanofi
SA
10,048
973,041
Schneider
Electric
SE
5,193
1,381,240
Spotify
Technology
SA(c)
1,181
906,228
Stellantis
NV
8,359
83,784
Swiss
Re
AG
2,114
365,411
Waste
Connections,
Inc.
2,786
520,435
18,082,128
Total
Common
Stocks
(Cost
$154,900,849)
187,132,223
Preferred
Stocks
(0.0%)(b)
Germany
(0.0%)(b)
FUCHS
SE
(acquisition
cost
—
$46,345;
acquired
6/20/25)
870
48,002
No.
of
Warrants
Warrants
(0.0%)(b)
Canada
(
0.0%
)(b)
Constellation
Software,
Inc.
Expires
03/31/2040
(c)(e)
(
Cost
$0
)
97
–
Shares
Value
Short-Term
Investments
(1.3%)
Investment
Company
(
0.1%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(f)
(Cost
$214,237)
214,237
214,237
Morgan
Stanley
ETF
Trust
Calvert
International
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Security
held
as
Collateral
on
Loaned
Securities
(
1.2%
)
Investment
Company
(1.2%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(f)
(Cost
$2,311,828)
2,311,828
$
2,311,828
Total
Short-Term
Investments
(Cost
$2,526,065)
2,526,065
Total
Investments
(
100.7%
)
(Cost
$157,473,259
)
including
$7,572,896
of
Securities
Loaned
(g)
189,706,290
Liabilities
in
Excess
of
Other
Assets
(
-0.7%
)
(1,306,647)
NET
ASSETS
(100.0%)
$188,399,643
The
country
classifications
used
for
financial
reporting
purposes
may
differ
from
the
classifications
determined
by
Calvert
Research
and
Management.
(a)
All
or
a
portion
of
this
security
was
on
loan.
The
value
of
loaned
securities
and
related
collateral
outstanding
at
June
30,
2025,
were
$7,572,896
and
$7,964,351,
respectively.
The
Fund
received
cash
collateral
of
$
2,311,828
,
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
$5,652,523
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)
Amount
is
less
than
0.05%.
(c)
Non-income
producing
security.
(d)
144A
security
—
Certain
conditions
for
public
sale
may
exist.
Unless
otherwise
noted,
these
securities
are
deemed
to
be
liquid.
(e)
At
June
30,
2025,
the
fund
held
a
fair
valued
security
at
$0,
representing
0.0%
of
net
assets.
This
security
has
been
fair
valued
using
significant
unobservable
inputs
as
determined
in
good
faith
under
procedures
established
by
and
under
the
general
supervision
of
the
Trust's
Directors.
(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
June
30,
2025,
management
fees
paid
were
reduced
by
$366
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(g)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$157,473,259.
The
aggregate
gross
unrealized
appreciation
is
$35,428,395
and
the
aggregate
gross
unrealized
depreciation
is
$3,195,364,
resulting
in
net
unrealized
appreciation
of
$32,233,031.
ADR
American
Depositary
Receipt
CDI
CREST
Depository
Interest
CVA
Dutch
Certification
REIT
Real
Estate
Investment
Trust
Sector
Classification
of
Portfolio*
Classification  
Percentage
of
Total
Investments
Financials
25.3
%
Industrials
17.3
Information
Technology
16.3
Other**
10.8
Health
Care
9.1
Consumer
Discretionary
8.3
Consumer
Staples
6.8
Materials
6.1
Total
Investments
100.0
%
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Calvert
Ultra-Short
Investment
Grade
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Face
Amount
Value
Fixed
Income
Securities
(94.6%)
Asset-Backed
Securities
(
18
.6
%
)
Alaska
Airlines
Pass-Through
Trust,
2020-1
8.00%,
8/15/25(a)
$
101,983
$
102,356
Ally
Bank
Auto
Credit-Linked
Notes,
2024-A
5.83%,
5/17/32(a)
369,432
374,984
2024-B
5.12%,
9/15/32(a)
353,427
355,931
Amur
Equipment
Finance
Receivables
XII
LLC,
2023-1A
6.09%,
12/20/29(a)
99,072
100,063
Auxilior
Term
Funding
LLC,
2024-1A
5.84%,
3/15/27(a)
120,586
121,222
BHG
Securitization
Trust,
2022-C
5.93%,
10/17/35(a)
569,608
571,625
Blue
Owl
Asset
Leasing
Trust
LLC,
2024-1A
5.05%,
3/15/29(a)
1,959,177
1,963,073
Cajun
Global
LLC,
2021-1
3.93%,
11/20/51(a)
628,063
615,240
Chase
Auto
Credit
Linked
Notes,
2025-1
4.75%,
2/25/33(a)
875,000
877,832
Chesapeake
Funding
II
LLC,
2024-1A
SOFR30A
+
0.77%,
5.07%,
5/15/36(a)(b)
142,003
141,931
Clarus
Capital
Funding
LLC,
2024-1A
4.71%,
8/20/32(a)
217,778
218,075
Crossroads
Asset
Trust,
2024-A
5.90%,
8/20/30(a)
761,820
771,404
2025-A
4.91%,
2/20/32(a)
700,000
702,229
DB
Master
Finance
LLC,
2017-1A
4.03%,
11/20/47(a)
208,688
206,699
2019-1A
4.02%,
5/20/49(a)
558,903
554,303
2021-1A
2.05%,
11/20/51(a)
443,900
427,677
DLLMT
LLC,
2024-1A
5.08%,
2/22/27(a)
195,598
196,065
DLLST
LLC,
2024-1A
5.33%,
1/20/26(a)
25,653
25,671
Domino's
Pizza
Master
Issuer
LLC,
2015-1A
4.47%,
10/25/45(a)
1,182,563
1,181,523
2018-1A
4.12%,
7/25/48(a)
710,625
708,489
Face
Amount
Value
Driven
Brands
Funding
LLC,
2019-1A
4.64%,
4/20/49(a)
$
1,042,820
$
1,039,299
Enterprise
Fleet
Financing
LLC,
2023-1
5.51%,
1/22/29(a)
100,194
100,520
2024-2
5.74%,
12/20/26(a)
141,497
142,148
FHF
Issuer
Trust,
2023-2A
6.79%,
10/15/29(a)
100,834
102,291
2024-2A
5.89%,
6/15/30(a)
54,143
54,812
GLS
Auto
Select
Receivables
Trust,
2024-1A
5.24%,
3/15/30(a)
81,675
82,166
J.P.
Morgan
Mortgage
Trust,
2023-HE2
SOFR30A
+
1.70%,
6.00%,
3/20/54(a)(b)
508,339
510,789
2024-HE1
SOFR30A
+
1.50%,
5.80%,
8/25/54(a)(b)
1,380,695
1,384,373
2024-HE2
SOFR30A
+
1.20%,
5.50%,
10/20/54(a)(b)
167,551
167,512
LAD
Auto
Receivables
Trust,
2023-3A
6.12%,
9/15/27(a)
56,509
56,666
Lendbuzz
Securitization
Trust,
2023-1A
6.92%,
8/15/28(a)
488,815
495,845
2023-2A
7.09%,
10/16/28(a)
540,322
549,465
2023-3A
7.50%,
12/15/28(a)
509,479
520,515
2024-1A
6.19%,
8/15/29(a)
91,523
92,295
2024-3A
4.97%,
10/15/29(a)
212,656
212,942
2025-2A
5.18%,
5/15/30(a)
190,000
190,541
Mercury
Financial
Credit
Card
Master
Trust,
2024-2A
6.56%,
7/20/29(a)
207,000
208,901
Newtek
Small
Business
Loan
Trust,
2023-1
US
Prime
Rate
-
0.50%,
7.00%,
7/25/50(a)(b)
96,136
97,160
Octane
Receivables
Trust,
2023-1A
5.87%,
5/21/29(a)
16,432
16,469
2024-2A
5.80%,
7/20/32(a)
303,510
306,324
2024-3A
4.94%,
5/20/30(a)
1,712,487
1,718,056
2024-RVM1
5.01%,
1/22/46(a)
431,743
436,280
Morgan
Stanley
ETF
Trust
Calvert
Ultra-Short
Investment
Grade
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(18.6%)
(cont’d)
OneMain
Financial
Issuance
Trust,
2021-1A
1.95%,
6/16/36(a)
$
277,000
$
259,136
Oportun
Funding
Trust,
2024-3
5.26%,
8/15/29(a)
464,158
464,351
Oportun
Issuance
Trust,
2024-1A
6.55%,
4/8/31(a)
292,549
293,109
2025-A
5.01%,
2/8/33(a)
525,000
524,842
Oscar
US
Funding
XV
LLC,
2023-1A
6.07%,
9/10/26(a)
20,102
20,110
Oscar
US
Funding
XVI
LLC,
2024-1A
5.48%,
2/10/27(a)
79,612
79,869
Pagaya
Ai
Debt
Grantor
Trust,
2024-9
5.07%,
3/15/32(a)
189,463
189,493
Pagaya
AI
Debt
Grantor
Trust,
2025-1
5.16%,
7/15/32(a)
1,049,910
1,053,110
PEAC
Solutions
Receivables
LLC,
2024-1A
5.79%,
6/21/27(a)
353,009
355,861
2024-2A
4.74%,
4/20/27(a)
236,727
236,837
Prodigy
Finance
DAC,
2021-1A
CME
Term
SOFR
1
Month
+
1.36%,
5.68%,
7/25/51(a)(b)
438,641
438,652
2021-1A
CME
Term
SOFR
1
Month
+
2.61%,
6.93%,
7/25/51(a)(b)
549,624
556,313
2021-1A
CME
Term
SOFR
1
Month
+
6.01%,
10.33%,
7/25/51(a)(b)
178,751
184,451
Prosper
Marketplace
Issuance
Trust,
2024-1A
6.12%,
8/15/29(a)
95,945
96,085
Reach
ABS
Trust,
2024-2A
5.88%,
7/15/31(a)
483,180
484,447
2025-1A
4.96%,
8/16/32(a)
344,292
344,376
Santander
Bank
Auto
Credit-Linked
Notes,
2022-B
11.91%,
8/16/32(a)
291,978
294,255
SERVPRO
Master
Issuer
LLC,
2019-1A
3.88%,
10/25/49(a)
537,705
529,223
SFS
Auto
Receivables
Securitization
Trust,
2024-1A
5.35%,
6/21/27(a)
10,396
10,402
Face
Amount
Value
SoFi
Consumer
Loan
Program
Trust,
2025-1
4.80%,
2/27/34(a)
$
407,539
$
408,422
Stack
Infrastructure
Issuer
LLC,
2021-1A
1.88%,
3/26/46(a)
1,090,000
1,064,696
Taco
Bell
Funding
LLC,
2016-1A
4.97%,
5/25/46(a)
2,221,875
2,222,948
Theorem
Funding
Trust,
2022-2A
9.27%,
12/15/28(a)
1,345,000
1,362,611
2022-3A
8.95%,
4/15/29(a)
500,000
510,851
2023-1A
7.58%,
4/15/29(a)
8,066
8,095
Tricolor
Auto
Securitization
Trust,
2024-2A
6.36%,
12/15/27(a)
64,567
64,774
2024-3A
5.22%,
6/15/28(a)
340,210
340,743
Vantage
Data
Centers
Issuer
LLC,
2020-1A
1.65%,
9/15/45(a)
800,000
793,818
Wendy's
Funding
LLC,
2019-1A
3.78%,
6/15/49(a)
466,335
460,325
Wingspire
Equipment
Finance
LLC,
2024-1A
4.99%,
9/20/32(a)
156,000
156,175
32,510,141
Commercial
Mortgage-Backed
Securities
(
12
.3
%
)
BPR
Trust
CME
Term
SOFR
1
Month
+
3.00%,
7.31%,
5/15/39(a)(b)
150,000
150,234
BX
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.06%,
5.38%,
9/15/36(a)(b)
411,752
410,247
CENT
Trust
CME
Term
SOFR
1
Month
+
2.62%,
6.93%,
9/15/38(a)(b)
595,000
596,811
Connecticut
Avenue
Securities
Trust
SOFR30A
+
1.00%,
5.31%,
12/25/41(a)(b)
48,386
48,522
SOFR30A
+
2.95%,
7.26%,
6/25/42(a)(b)
255,241
262,556
Extended
Stay
America
Trust
CME
Term
SOFR
1
Month
+
1.19%,
5.51%,
7/15/38(a)(b)
471,750
472,166
CME
Term
SOFR
1
Month
+
1.49%,
5.81%,
7/15/38(a)(b)
686,182
686,884
FHLMC
STACR
REMIC
Trust
SOFR30A
+
1.35%,
5.66%,
2/25/44(a)(b)
85,550
86,006
FHLMC,
REMIC
SOFR30A
+
0.51%,
4.82%,
1/15/42(b)
222,053
220,457
Morgan
Stanley
ETF
Trust
Calvert
Ultra-Short
Investment
Grade
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Commercial
Mortgage-Backed
Securities
(12.3%)
(cont’d)
SOFR30A
+
0.66%,
4.97%,
4/15/36(b)
$
183,269
$
181,641
SOFR30A
+
1.00%,
5.31%,
3/25/55(b)
388,062
387,517
SOFR30A
+
1.00%,
5.31%,
3/25/55(b)
962,295
960,694
SOFR30A
+
1.10%,
5.41%,
5/25/54(b)
729,965
731,722
SOFR30A
+
1.15%,
5.46%,
7/25/55(b)
780,000
781,007
SOFR30A
+
1.20%,
5.51%,
3/25/54(b)
2,177,868
2,181,763
SOFR30A
+
1.25%,
5.56%,
3/25/54(b)
609,755
612,960
SOFR30A
+
1.43%,
5.74%,
12/25/54(b)
2,356,846
2,358,510
FNMA,
REMIC
SOFR30A
+
0.36%,
4.67%,
6/25/36(b)
160,353
159,243
SOFR30A
+
0.65%,
4.96%,
2/25/38(b)
216,394
215,965
SOFR30A
+
0.95%,
5.26%,
1/25/54(b)
528,122
529,926
SOFR30A
+
1.05%,
5.36%,
12/25/54(b)
891,533
888,405
GNMA
SOFR30A
+
0.90%,
5.20%,
7/20/53(b)
890,656
889,239
SOFR30A
+
1.05%,
5.35%,
12/20/54(b)
997,227
997,609
HILT
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.94%,
6.25%,
5/15/37(a)(b)
505,000
505,694
HLTN
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.64%,
5.95%,
6/15/41(a)(b)
760,600
762,174
INTOWN
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.75%,
6.06%,
3/15/42(a)(b)
865,000
862,829
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
CME
Term
SOFR
1
Month
+
1.41%,
5.73%,
4/15/38(a)(b)
100,000
100,167
Marlette
Funding
Trust
6.50%,
4/15/33(a)
78,516
78,629
MHC
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
0.92%,
5.23%,
4/15/38(a)(b)
67,866
67,893
NRTH
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.64%,
5.95%,
3/15/39(a)(b)
760,000
761,508
Oceanview
Mortgage
Trust
SOFR30A
+
0.95%,
5.26%,
5/25/55(a)(b)
1,660,000
1,664,150
ORL
Trust
CME
Term
SOFR
1
Month
+
1.49%,
5.80%,
12/15/39(a)(b)
637,000
637,750
Face
Amount
Value
Reach
Abs
Trust
6.30%,
2/18/31(a)
$
60,187
$
60,334
SHR
Trust
CME
Term
SOFR
1
Month
+
1.95%,
6.26%,
10/15/41(a)(b)
605,000
605,750
TX
Trust
CME
Term
SOFR
1
Month
+
1.59%,
5.90%,
6/15/39(a)(b)
510,000
507,607
21,424,569
Corporate
Bonds
(
47
.9
%
)
Aerospace
&
Defense
(0.2%)
Hexcel
Corp.
4.20%,
2/15/27(c)
375,000
371,583
Automobiles
(0.8%)
General
Motors
Co.
6.13%,
10/1/25
45,000
45,082
Hyundai
Capital
America
1.50%,
6/15/26(a)
45,000
43,700
4.88%,
6/23/27(a)
864,000
869,353
Volkswagen
Group
of
America
Finance
LLC
4.90%,
8/14/26(a)
400,000
400,874
1,359,009
Banks
(21.6%)
ABN
AMRO
Bank
NV
4.75%,
7/28/25(a)
828,000
828,172
Banco
Bilbao
Vizcaya
Argentaria
SA
5.86%,
9/14/26(b)
1,533,000
1,536,228
Bank
of
America
Corp.
4.83%,
7/22/26(b)
4,856,000
4,856,052
Bank
of
Ireland
Group
plc
6.25%,
9/16/26(a)(b)
1,337,000
1,341,393
Bank
of
Nova
Scotia
(The)
4.50%,
12/16/25
951,000
950,450
Barclays
plc
7.33%,
11/2/26(b)
1,300,000
1,310,885
BNP
Paribas
SA
4.38%,
9/28/25(a)
799,000
797,462
CaixaBank
SA
6.68%,
9/13/27(a)(b)(d)
821,000
840,988
Citigroup,
Inc.
5.61%,
9/29/26(b)
2,010,000
2,014,610
HSBC
Holdings
plc
4.29%,
9/12/26(b)
825,000
824,212
Intesa
Sanpaolo
SpA
5.71%,
1/15/26(a)
1,200,000
1,202,797
7.00%,
11/21/25(a)
610,000
614,859
JPMorgan
Chase
&
Co.
1.04%,
2/4/27(b)
1,800,000
1,763,114
1.05%,
11/19/26(b)
850,000
838,592
National
Bank
of
Canada
4.70%,
3/5/27(b)
1,465,000
1,465,467
PNC
Bank
NA
4.54%,
5/13/27(b)
990,000
990,632
4.78%,
1/15/27(b)
1,700,000
1,702,950
Santander
Holdings
USA,
Inc.
5.81%,
9/9/26(b)
934,000
935,713
Morgan
Stanley
ETF
Trust
Calvert
Ultra-Short
Investment
Grade
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(47.9%)
(cont’d)
Santander
UK
Group
Holdings
plc
6.83%,
11/21/26(b)
$
1,518,000
$
1,530,539
Societe
Generale
SA
1.49%,
12/14/26(a)(b)
630,000
620,889
5.25%,
2/19/27(a)
849,000
857,812
5.52%,
1/19/28(a)(b)
225,000
227,853
Swedbank
AB
6.14%,
9/12/26(a)
200,000
204,344
Synovus
Financial
Corp.
5.20%,
8/11/25
1,719,000
1,718,396
Truist
Financial
Corp.
4.26%,
7/28/26(b)
2,908,000
2,906,875
UniCredit
SpA
2.57%,
9/22/26(a)(b)
880,000
875,500
US
Bank
NA
4.73%,
5/15/28(b)
560,000
563,000
Wachovia
Corp.
6.61%,
10/1/25
850,000
853,331
Wells
Fargo
&
Co.
3.20%,
6/17/27(b)
1,750,000
1,729,392
4.54%,
8/15/26(b)
778,000
777,853
37,680,360
Capital
Markets
(5.2%)
Apollo
Management
Holdings
LP
4.40%,
5/27/26(a)
49,000
48,937
Bank
of
New
York
Mellon
(The)
4.59%,
4/20/27(b)
273,000
273,671
Citadel
LP
4.88%,
1/15/27(a)
876,000
874,087
Goldman
Sachs
Bank
USA
5.41%,
5/21/27(b)
105,000
105,885
Goldman
Sachs
Group,
Inc.
(The)
5.80%,
8/10/26(b)
3,355,000
3,359,744
HAT
Holdings
I
LLC
3.38%,
6/15/26(a)
1,035,000
1,013,712
8.00%,
6/15/27(a)
684,000
713,466
Jefferies
Financial
Group,
Inc.
5.00%,
2/10/26
577,000
577,067
Marex
Group
plc
5.83%,
5/8/28
590,000
597,754
UBS
Group
AG
5.71%,
1/12/27(a)(b)
1,450,000
1,458,850
9,023,173
Consumer
Finance
(2.8%)
Ally
Financial,
Inc.
5.75%,
11/20/25
333,000
333,785
Avolon
Holdings
Funding
Ltd.
5.50%,
1/15/26(a)
500,000
500,817
Capital
One
Financial
Corp.
4.99%,
7/24/26(b)
670,000
669,980
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/25
1,400,000
1,390,810
4.39%,
1/8/26
775,000
771,641
4.54%,
8/1/26
350,000
347,688
Face
Amount
Value
6.95%,
3/6/26
$
925,000
$
934,052
4,948,773
Containers
&
Packaging
(1.0%)
Berry
Global,
Inc.
1.57%,
1/15/26
371,000
364,415
4.88%,
7/15/26(a)
961,000
960,586
Silgan
Holdings,
Inc.
1.40%,
4/1/26(a)
375,000
364,951
1,689,952
Electric
Utilities
(2.1%)
Enel
Finance
International
NV
7.05%,
10/14/25(a)(c)
1,665,000
1,674,906
NextEra
Energy
Capital
Holdings,
Inc.
5.75%,
9/1/25
299,000
299,451
NRG
Energy,
Inc.
2.00%,
12/2/25(a)
1,700,000
1,675,444
3,649,801
Electronic
Equipment,
Instruments
&
Components
(0.6%)
Vontier
Corp.
1.80%,
4/1/26
1,083,000
1,059,793
Financial
Services
(1.7%)
Radian
Group,
Inc.
4.88%,
3/15/27
1,000,000
1,001,284
Rocket
Mortgage
LLC
2.88%,
10/15/26(a)(d)
655,000
639,240
Synchrony
Bank
5.40%,
8/22/25
1,323,000
1,322,775
2,963,299
Food
Products
(0.9%)
JDE
Peet's
NV
1.38%,
1/15/27(a)
500,000
475,906
Smithfield
Foods,
Inc.
4.25%,
2/1/27(a)
1,142,000
1,131,430
1,607,336
Health
Care
Providers
&
Services
(0.7%)
Centene
Corp.
4.25%,
12/15/27
1,300,000
1,281,114
Independent
Power
and
Renewable
Electricity
Producers
(0.4%)
AES
Corp.
(The)
1.38%,
1/15/26(d)
730,000
716,202
Insurance
(1.2%)
American
National
Group,
Inc.
5.00%,
6/15/27
1,305,000
1,310,796
Athene
Global
Funding
1.61%,
6/29/26(a)
24,000
23,349
5.68%,
2/23/26(a)
247,000
248,740
GA
Global
Funding
Trust
1.63%,
1/15/26(a)
304,000
298,887
2.25%,
1/6/27(a)
230,000
222,148
2,103,920
IT
Services
(0.6%)
Genpact
Luxembourg
SARL
1.75%,
4/10/26
69,000
67,368
Morgan
Stanley
ETF
Trust
Calvert
Ultra-Short
Investment
Grade
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(47.9%)
(cont’d)
Kyndryl
Holdings,
Inc.
2.05%,
10/15/26
$
990,000
$
959,692
1,027,060
Media
(1.5%)
Charter
Communications
Operating
LLC
4.91%,
7/23/25
2,555,000
2,554,854
Multi-Utilities
(0.2%)
Algonquin
Power
&
Utilities
Corp.
5.37%,
6/15/26(c)
390,000
392,165
Office
REITs
(0.5%)
COPT
Defense
Properties
LP
2.25%,
3/15/26
935,000
917,416
Passenger
Airlines
(1.4%)
Delta
Air
Lines,
Inc.
4.75%,
10/20/28(a)(d)
449,000
450,252
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.50%,
10/20/25(a)
2,016,778
2,012,171
2,462,423
Pharmaceuticals
(0.3%)
Royalty
Pharma
plc
1.20%,
9/2/25
436,000
433,137
Professional
Services
(0.4%)
Concentrix
Corp.
6.65%,
8/2/26
679,000
691,550
Semiconductors
&
Semiconductor
Equipment
(0.6%)
Intel
Corp.
2.60%,
5/19/26
975,000
959,088
4.88%,
2/10/26
37,000
37,060
996,148
Specialized
REITs
(0.9%)
EPR
Properties
4.75%,
12/15/26
602,000
601,344
Equinix,
Inc.
1.25%,
7/15/25
971,000
969,755
1,571,099
Technology
Hardware,
Storage
&
Peripherals
(0.7%)
Dell
International
LLC
4.90%,
10/1/26
672,000
675,184
Hewlett
Packard
Enterprise
Co.
4.90%,
10/15/25(c)
567,000
567,029
1,242,213
Trading
Companies
&
Distributors
(1.6%)
Air
Lease
Corp.
1.88%,
8/15/26
37,000
35,979
5.30%,
6/25/26
350,000
352,397
Aircastle
Ltd.
5.25%,
8/11/25(a)
1,461,000
1,460,932
Aviation
Capital
Group
LLC
4.88%,
10/1/25(a)
956,000
955,581
2,804,889
83,547,269
Face
Amount
Value
U.S.
Government
and
Agency
Securities
(
15
.8
%
)
U.S.
Treasury
Notes
1.88%,
6/30/26(d)
$
11,340,000
$
11,106,086
4.13%,
10/31/26
4,450,000
4,463,037
4.88%,
5/31/26
11,900,000
11,986,132
27,555,255
Total
Fixed
Income
Securities
(Cost
$164,615,680)
165,037,234
–
Shares
Short-Term
Investments
(
6
.1
%
)
Investment
Company
(
2
.1
%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(e)
(Cost
$3,678,103)
3,678,103
3,678,103
Security
held
as
Collateral
on
Loaned
Securities
(
0
.1
%
)
Investment
Company
(0.1%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(e)
(Cost
$227,570)
227,570
227,570
Face
Amount
Commercial
Paper
(
3
.9
%
)
Brookfield
Infrastructure
Holdings
Canada,
Inc.
4.81%,
7/8/25
$
910,000
909,044
4.94%,
10/7/25
1,770,000
1,746,745
Crown
Castle
International
Corp.
4.71%,
8/5/25
875,000
870,605
CVS
Health
Corp.
5.07%,
7/23/25
1,580,000
1,574,950
Jabil,
Inc.
4.86%,
7/2/25(a)
1,780,000
1,779,495
Total
Commercial
Paper
(Cost
$6,880,869)
6,880,839
Total
Short-Term
Investments
(Cost
$10,786,542)
10,786,512
Total
Investments
(
100
.7
%
)
(
Cost
$
175,402,222
)
including
$
3,364,565
of
Securities
Loaned
(f)
175,823,746
Liabilities
in
Excess
of
Other
Assets
(-0.7%)
(1,197,358)
Net
Assets
(100.0%)
$174,626,388
(a)
144A
security
—
Certain
conditions
for
public
sale
may
exist.
Unless
otherwise
noted,
these
securities
are
deemed
to
be
liquid.
(b)
Floating
or
variable
rate
securities:
The
rates
disclosed
are
as
of
June
30,
2025.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
the
description
in
the
Portfolio
of
Investments.
Certain
variable
rate
securities
may
not
be
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description
in
the
Portfolio
of
Investments.
(c)
Multi-step
—
Coupon
rate
changes
in
predetermined
increments
to
maturity.
Rate
disclosed
is
as
of
June
30,
2025.
Maturity
date
disclosed
is
the
ultimate
maturity
date.
Morgan
Stanley
ETF
Trust
Calvert
Ultra-Short
Investment
Grade
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
(d)
All
or
a
portion
of
this
security
was
on
loan
.
The
value
of
loaned
securities
and
related
collateral
outstanding
at
June
30,
2025
,
were
$
3,364,565
and
$
3,437,751
,
respectively.
The
Fund
received
cash
collateral
of
$
227,570
,
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
$
3,210,181
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)
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
June
30,
2025,
management
fees
paid
were
reduced
by
$6,924
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(f)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$175,402,222.
The
aggregate
gross
unrealized
appreciation
is
$448,225
and
the
aggregate
gross
unrealized
depreciation
is
$26,701,
resulting
in
net
unrealized
appreciation
of
$421,524.
CME
Chicago
Mercantile
Exchange
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
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
Portfolio
Composition*
Classification  
Percentage
of
Total
Investments
Corporate
Bonds
47‌
.6
%
Asset-Backed
Securities
18‌
.5
U.S.
Government
and
Agency
Securities
15‌
.7
Commercial
Mortgage-Backed
Securities
12‌
.2
Short-Term
Investments
6‌
.0
Total
Investments
100‌
.0
%
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Shares
Value
Common
Stocks
(99.8%)
Aerospace
&
Defense
(
1
.1
%
)
ATI,
Inc.
(a)
3,657
$
315,745
Axon
Enterprise,
Inc.
(a)
975
807,242
Curtiss-Wright
Corp.
497
242,809
General
Electric
Co.
12,009
3,090,997
HEICO
Corp.
1,357
445,096
Loar
Holdings,
Inc.
(a)
359
30,935
Moog,
Inc.,
Class
 A
365
66,054
Woodward,
Inc.
745
182,592
5,181,470
Air
Freight
&
Logistics
(
0
.7
%
)
CH
Robinson
Worldwide,
Inc.
3,051
292,743
Expeditors
International
of
Washington,
Inc.
3,530
403,303
FedEx
Corp.
5,140
1,168,373
GXO
Logistics,
Inc.
(a)
1,255
61,119
United
Parcel
Service,
Inc.,
Class
 B
13,381
1,350,678
3,276,216
Automobile
Components
(
0
.2
%
)
Aptiv
plc
(a)
5,580
380,668
Autoliv,
Inc.
1,879
210,260
BorgWarner,
Inc.
5,653
189,262
Lear
Corp.
1,381
131,167
Modine
Manufacturing
Co.
(a)
1,321
130,119
1,041,476
Automobiles
(
0
.5
%
)
Ford
Motor
Co.
101,025
1,096,121
General
Motors
Co.
22,557
1,110,030
Rivian
Automotive,
Inc.,
Class
 A
(a)(b)
18,759
257,749
2,463,900
Banks
(
4
.6
%
)
Bank
of
America
Corp.
73,145
3,461,221
Bank
OZK
(b)
1,284
60,425
BOK
Financial
Corp.
265
25,872
Cadence
Bank
(b)
2,153
68,853
Citigroup,
Inc.
22,146
1,885,068
Citizens
Financial
Group,
Inc.
5,111
228,717
Columbia
Banking
System,
Inc.
2,476
57,889
Comerica,
Inc.
(b)
1,548
92,338
Commerce
Bancshares,
Inc.
(b)
1,534
95,369
Cullen/Frost
Bankers,
Inc.
(b)
709
91,135
East
West
Bancorp,
Inc.
1,622
163,790
Fifth
Third
Bancorp
7,894
324,680
First
Citizens
BancShares,
Inc.,
Class
 A
113
221,081
First
Financial
Bankshares,
Inc.
1,640
59,007
First
Horizon
Corp.
6,082
128,938
Flagstar
Financial,
Inc.
3,704
39,262
FNB
Corp.
4,212
61,411
Glacier
Bancorp,
Inc.
1,341
57,770
Hancock
Whitney
Corp.
1,004
57,630
Home
BancShares,
Inc.
2,173
61,844
Huntington
Bancshares,
Inc.
17,130
287,099
JPMorgan
Chase
&
Co.
26,480
7,676,817
KeyCorp
12,989
226,268
M&T
Bank
Corp.
1,923
373,043
Old
National
Bancorp
3,773
80,516
Pinnacle
Financial
Partners,
Inc.
906
100,031
PNC
Financial
Services
Group,
Inc.
(The)
4,684
873,191
Shares
Value
Popular,
Inc.
805
$
88,719
Regions
Financial
Corp.
10,655
250,606
SouthState
Corp.
1,191
109,608
Synovus
Financial
Corp.
1,646
85,180
Truist
Financial
Corp.
15,544
668,237
U.S.
Bancorp
18,482
836,311
UMB
Financial
Corp.
861
90,543
United
Bankshares,
Inc.
1,649
60,073
Valley
National
Bancorp
5,763
51,464
Webster
Financial
Corp.
2,005
109,473
Wells
Fargo
&
Co.
37,356
2,992,963
Western
Alliance
Bancorp
1,286
100,282
Wintrust
Financial
Corp.
780
96,704
Zions
Bancorp
NA
1,726
89,648
22,489,076
Beverages
(
1
.4
%
)
Celsius
Holdings,
Inc.
(a)
2,094
97,141
Coca-Cola
Co.
(The)
43,108
3,049,891
Coca-Cola
Consolidated,
Inc.
872
97,359
Keurig
Dr
Pepper,
Inc.
18,615
615,412
Monster
Beverage
Corp.
(a)
10,031
628,342
PepsiCo,
Inc.
16,997
2,244,284
Primo
Brands
Corp.,
Class
 A
3,696
109,475
6,841,904
Biotechnology
(
2
.2
%
)
AbbVie,
Inc.
18,962
3,519,726
Alkermes
plc
(a)
1,766
50,525
Alnylam
Pharmaceuticals,
Inc.
(a)
1,365
445,113
Amgen,
Inc.
5,878
1,641,196
Biogen,
Inc.
(a)
1,485
186,501
BioMarin
Pharmaceutical,
Inc.
(a)
1,807
99,331
Blueprint
Medicines
Corp.
(a)
681
87,291
Exact
Sciences
Corp.
(a)
2,036
108,193
Exelixis,
Inc.
(a)
2,899
127,773
Gilead
Sciences,
Inc.
13,608
1,508,719
Halozyme
Therapeutics,
Inc.
(a)
1,332
69,291
Incyte
Corp.
(a)
1,738
118,358
Insmed,
Inc.
(a)
1,943
195,543
Ionis
Pharmaceuticals,
Inc.
(a)
1,701
67,206
Madrigal
Pharmaceuticals,
Inc.
(a)
194
58,712
Moderna,
Inc.
(a)
3,198
88,233
Neurocrine
Biosciences,
Inc.
(a)
1,045
131,346
Regeneron
Pharmaceuticals,
Inc.
1,104
579,600
Revolution
Medicines,
Inc.
(a)
1,771
65,155
Roivant
Sciences
Ltd.
(a)
4,754
53,578
United
Therapeutics
Corp.
(a)
479
137,641
Vertex
Pharmaceuticals,
Inc.
(a)
2,804
1,248,341
10,587,372
Broadline
Retail
(
3
.9
%
)
Amazon.com,
Inc.
(a)
85,094
18,668,772
eBay,
Inc.
4,389
326,805
Etsy,
Inc.
(a)
767
38,473
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
582
76,696
19,110,746
Building
Products
(
1
.0
%
)
AAON,
Inc.
(b)
744
54,870
Advanced
Drainage
Systems,
Inc.
901
103,489
Allegion
plc
1,135
163,576
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Building
Products
(cont’d)
AO
Smith
Corp.
1,567
$
102,748
Armstrong
World
Industries,
Inc.
408
66,276
AZEK
Co.,
Inc.
(The),
Class
 A
(a)
1,343
72,992
Builders
FirstSource,
Inc.
(a)
1,024
119,491
Carlisle
Cos.,
Inc.
1,108
413,727
Carrier
Global
Corp.
10,679
781,596
CSW
Industrials,
Inc.
216
61,955
Fortune
Brands
Innovations,
Inc.
926
47,671
Johnson
Controls
International
plc
8,693
918,155
Lennox
International,
Inc.
(b)
425
243,627
Masco
Corp.
2,001
128,784
Owens
Corning
2,065
283,979
Simpson
Manufacturing
Co.,
Inc.
(b)
551
85,576
Trane
Technologies
plc
2,947
1,289,047
Trex
Co.,
Inc.
(a)
824
44,809
UFP
Industries,
Inc.
565
56,138
Zurn
Elkay
Water
Solutions
Corp.
1,433
52,405
5,090,911
Capital
Markets
(
4
.3
%
)
Affiliated
Managers
Group,
Inc.
337
66,311
Ameriprise
Financial,
Inc.
1,129
602,581
Ares
Management
Corp.,
Class
 A
2,413
417,932
Bank
of
New
York
Mellon
Corp.
(The)
8,483
772,886
BlackRock,
Inc.
1,709
1,793,168
Blackstone,
Inc.
8,557
1,279,956
Blue
Owl
Capital,
Inc.,
Class
 A
6,832
131,243
Carlyle
Group,
Inc.
(The)
2,594
133,332
Cboe
Global
Markets,
Inc.
1,238
288,714
Charles
Schwab
Corp.
(The)
20,373
1,858,833
CME
Group,
Inc.
4,272
1,177,449
Coinbase
Global,
Inc.,
Class
 A
(a)
2,401
841,526
Evercore,
Inc.,
Class
 A
428
115,569
FactSet
Research
Systems,
Inc.
424
189,647
Franklin
Resources,
Inc.
3,365
80,255
Goldman
Sachs
Group,
Inc.
(The)
3,629
2,568,425
Hamilton
Lane,
Inc.,
Class
 A
409
58,127
Houlihan
Lokey,
Inc.,
Class
 A
638
114,808
Interactive
Brokers
Group,
Inc.,
Class
 A
5,006
277,382
Intercontinental
Exchange,
Inc.
6,773
1,242,642
Invesco
Ltd.
5,276
83,202
Janus
Henderson
Group
plc
1,513
58,765
Jefferies
Financial
Group,
Inc.
1,854
101,395
KKR
&
Co.,
Inc.
8,181
1,088,318
LPL
Financial
Holdings,
Inc.
943
353,597
MarketAxess
Holdings,
Inc.
346
77,276
Moody's
Corp.
1,766
885,808
Morningstar,
Inc.
(b)
278
87,273
MSCI,
Inc.,
Class
 A
837
482,731
Nasdaq,
Inc.
5,095
455,595
Northern
Trust
Corp.
(b)
2,274
288,320
PJT
Partners,
Inc.,
Class
 A
267
44,058
Raymond
James
Financial,
Inc.
2,168
332,506
S&P
Global,
Inc.
3,430
1,808,605
SEI
Investments
Co.
1,128
101,362
State
Street
Corp.
3,376
359,004
Stifel
Financial
Corp.
1,186
123,083
T
Rowe
Price
Group,
Inc.
2,570
248,005
TPG,
Inc.,
Class
 A
1,366
71,647
Shares
Value
Tradeweb
Markets,
Inc.,
Class
 A
1,377
$
201,593
Virtu
Financial,
Inc.,
Class
 A
938
42,013
21,304,942
Chemicals
(
1
.4
%
)
Air
Products
and
Chemicals,
Inc.
2,923
824,461
Axalta
Coating
Systems
Ltd.
(a)
2,882
85,567
Balchem
Corp.
429
68,297
Celanese
Corp.,
Class
 A
1,174
64,957
Eastman
Chemical
Co.
1,448
108,108
Ecolab,
Inc.
3,363
906,127
Element
Solutions,
Inc.
2,976
67,406
FMC
Corp.
1,295
54,066
International
Flavors
&
Fragrances,
Inc.
3,244
238,596
Linde
plc
5,554
2,605,826
Mosaic
Co.
(The)
4,177
152,377
PPG
Industries,
Inc.
2,990
340,113
RPM
International,
Inc.
1,679
184,421
Sherwin-Williams
Co.
(The)
3,086
1,059,609
6,759,931
Commercial
Services
&
Supplies
(
0
.7
%
)
Casella
Waste
Systems,
Inc.,
Class
 A
(a)
723
83,420
Cintas
Corp.
3,268
728,339
Clean
Harbors,
Inc.
(a)
590
136,396
Copart,
Inc.
(a)
9,898
485,695
MSA
Safety,
Inc.
488
81,755
Republic
Services,
Inc.,
Class
 A
2,356
581,013
Tetra
Tech,
Inc.
3,049
109,642
Veralto
Corp.
2,462
248,539
Waste
Management,
Inc.
4,680
1,070,877
3,525,676
Communications
Equipment
(
1
.0
%
)
Arista
Networks,
Inc.
(a)
10,697
1,094,410
Ciena
Corp.
(a)
1,440
117,115
Cisco
Systems,
Inc.
40,759
2,827,860
F5,
Inc.
(a)
591
173,943
Juniper
Networks,
Inc.
3,420
136,561
Lumentum
Holdings,
Inc.
(a)
690
65,591
Motorola
Solutions,
Inc.
1,724
724,873
5,140,353
Construction
&
Engineering
(
0
.4
%
)
AECOM
1,536
173,353
API
Group
Corp.
(a)
2,887
147,381
Comfort
Systems
USA,
Inc.
405
217,165
Construction
Partners,
Inc.,
Class
 A
(a)(b)
533
56,647
Dycom
Industries,
Inc.
(a)
323
78,938
EMCOR
Group,
Inc.
517
276,538
IES
Holdings,
Inc.
(a)
96
28,438
MasTec,
Inc.
(a)
712
121,346
Quanta
Services,
Inc.
1,709
646,139
Sterling
Infrastructure,
Inc.
(a)
341
78,679
Valmont
Industries,
Inc.
261
85,235
WillScot
Holdings
Corp.
1,526
41,813
1,951,672
Construction
Materials
(
0
.5
%
)
CRH
plc
13,595
1,248,021
Knife
River
Corp.
(a)
1,457
118,949
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Construction
Materials
(cont’d)
Vulcan
Materials
Co.
3,429
$
894,352
2,261,322
Consumer
Finance
(
0
.9
%
)
Ally
Financial,
Inc.
3,257
126,860
American
Express
Co.
6,584
2,100,165
Capital
One
Financial
Corp.
7,504
1,596,551
Credit
Acceptance
Corp.
(a)(b)
77
39,226
FirstCash
Holdings,
Inc.
459
62,029
OneMain
Holdings,
Inc.
1,405
80,085
SLM
Corp.
2,463
80,762
SoFi
Technologies,
Inc.
(a)
13,144
239,352
Synchrony
Financial
4,553
303,867
4,628,897
Consumer
Staples
Distribution
&
Retail
(
2
.4
%
)
Albertsons
Cos.,
Inc.,
Class
 A
5,991
128,866
BJ's
Wholesale
Club
Holdings,
Inc.
(a)(b)
1,246
134,356
Casey's
General
Stores,
Inc.
535
272,995
Costco
Wholesale
Corp.
4,191
4,148,839
Dollar
General
Corp.
1,950
223,041
Dollar
Tree,
Inc.
(a)
2,028
200,853
Kroger
Co.
(The)
(b)
9,561
685,811
Maplebear,
Inc.
(a)
2,396
108,395
Performance
Food
Group
Co.
(a)
2,219
194,096
Sprouts
Farmers
Market,
Inc.
(a)
1,410
232,142
Sysco
Corp.
6,999
530,104
Target
Corp.
4,147
409,102
U.S.
Foods
Holding
Corp.
(a)
3,326
256,135
Walmart,
Inc.
41,336
4,041,834
11,566,569
Containers
&
Packaging
(
0
.4
%
)
Amcor
plc
30,465
279,973
AptarGroup,
Inc.
866
135,468
Avery
Dennison
Corp.
1,019
178,804
Ball
Corp.
3,665
205,570
Crown
Holdings,
Inc.
1,528
157,354
Graphic
Packaging
Holding
Co.
3,869
81,520
International
Paper
Co.
6,929
324,485
Packaging
Corp.
of
America
1,166
219,733
Sealed
Air
Corp.
1,915
59,423
Silgan
Holdings,
Inc.
1,168
63,282
Smurfit
WestRock
plc
6,769
292,082
1,997,694
Distributors
(
0
.1
%
)
Genuine
Parts
Co.
1,316
159,644
LKQ
Corp.
2,443
90,415
Pool
Corp.
343
99,978
350,037
Diversified
Consumer
Services
(
0
.1
%
)
ADT,
Inc.
4,156
35,201
Adtalem
Global
Education,
Inc.
(a)
391
49,747
Bright
Horizons
Family
Solutions,
Inc.
(a)
634
78,356
Duolingo,
Inc.,
Class
 A
(a)
419
171,798
H&R
Block,
Inc.
1,481
81,292
Service
Corp.
International
(b)
1,549
126,089
Stride,
Inc.
(a)
473
68,675
611,158
Shares
Value
Diversified
REITs
(
0
.1
%
)
Essential
Properties
Realty
Trust,
Inc.
(b)
2,289
$
73,042
WP
Carey,
Inc.
2,517
157,010
230,052
Diversified
Telecommunication
Services
(
0
.8
%
)
AT&T,
Inc.
74,552
2,157,535
Verizon
Communications,
Inc.
43,714
1,891,505
4,049,040
Electric
Utilities
(
1
.0
%
)
Alliant
Energy
Corp.
2,987
180,624
Constellation
Energy
Corp.
3,648
1,177,429
Evergy,
Inc.
2,643
182,182
Eversource
Energy
4,271
271,721
Exelon
Corp.
11,763
510,749
IDACORP,
Inc.
627
72,387
NextEra
Energy,
Inc.
23,979
1,664,622
NRG
Energy,
Inc.
2,253
361,787
Portland
General
Electric
Co.
1,266
51,438
TXNM
Energy,
Inc.
970
54,630
Xcel
Energy,
Inc.
(b)
6,710
456,951
4,984,520
Electrical
Equipment
(
1
.4
%
)
Acuity,
Inc.
(b)
407
121,424
AMETEK,
Inc.
3,046
551,204
Eaton
Corp.
plc
5,174
1,847,066
Emerson
Electric
Co.
7,436
991,442
GE
Vernova,
Inc.
3,179
1,682,168
Hubbell,
Inc.,
Class
 B
704
287,521
NEXTracker,
Inc.,
Class
 A
(a)
1,903
103,466
nVent
Electric
plc
2,152
157,634
Regal
Rexnord
Corp.
873
126,550
Rockwell
Automation,
Inc.
1,490
494,933
Vertiv
Holdings
Co.,
Class
 A
4,948
635,373
6,998,781
Electronic
Equipment,
Instruments
&
Components
(
1
.1
%
)
Amphenol
Corp.,
Class
 A
15,937
1,573,779
Arrow
Electronics,
Inc.
(a)
490
62,441
Badger
Meter,
Inc.
388
95,041
CDW
Corp.
1,361
243,061
Cognex
Corp.
1,837
58,270
Coherent
Corp.
(a)
2,023
180,472
Corning,
Inc.
8,122
427,136
Flex
Ltd.
(a)
3,838
191,593
Itron,
Inc.
(a)
596
78,451
Jabil,
Inc.
1,079
235,330
Keysight
Technologies,
Inc.
(a)
2,263
370,815
Littelfuse,
Inc.
322
73,007
Ralliant
Corp.
(a)
1,494
72,444
TD
SYNNEX
Corp.
748
101,503
TE
Connectivity
plc
3,923
661,692
Teledyne
Technologies,
Inc.
(a)
614
314,558
Trimble,
Inc.
(a)
3,182
241,768
Vontier
Corp.
1,523
56,199
Zebra
Technologies
Corp.,
Class
 A
(a)
510
157,264
5,194,824
Energy
Equipment
&
Services
(
0
.2
%
)
Baker
Hughes
Co.,
Class
 A
25,652
983,498
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Entertainment
(
2
.0
%
)
Electronic
Arts,
Inc.
2,348
$
374,976
Liberty
Media
Corp-Liberty
Formula
One,
Class
 A
(a)
2,827
268,452
Liberty
Media
Corp-Liberty
Live,
Class
 A
(a)
745
59,213
Netflix,
Inc.
(a)
4,216
5,645,772
Roku,
Inc.,
Class
 A
(a)
1,334
117,245
Take-Two
Interactive
Software,
Inc.
(a)
1,695
411,631
Walt
Disney
Co.
(The)
20,117
2,494,709
Warner
Bros
Discovery,
Inc.
(a)
26,338
301,833
Warner
Music
Group
Corp.,
Class
 A
1,531
41,704
9,715,535
Financial
Services
(
3
.0
%
)
Affirm
Holdings,
Inc.,
Class
 A
(a)
2,778
192,071
Apollo
Global
Management,
Inc.
4,844
687,218
Corpay,
Inc.
(a)
704
233,601
Equitable
Holdings,
Inc.
3,607
202,353
Essent
Group
Ltd.
1,186
72,026
Euronet
Worldwide,
Inc.
(a)
421
42,681
Fidelity
National
Information
Services,
Inc.
5,443
443,115
Fiserv,
Inc.
(a)
5,704
983,427
Jack
Henry
&
Associates,
Inc.
751
135,308
Jackson
Financial,
Inc.,
Class
 A
840
74,583
Mastercard,
Inc.,
Class
 A
8,258
4,640,500
MGIC
Investment
Corp.
2,812
78,286
Mr
Cooper
Group,
Inc.
(a)
743
110,863
PayPal
Holdings,
Inc.
(a)
10,046
746,619
PennyMac
Financial
Services,
Inc.
378
37,664
Shift4
Payments,
Inc.,
Class
 A
(a)(b)
684
67,791
Toast,
Inc.,
Class
 A
(a)
4,662
206,480
Visa,
Inc.,
Class
 A
(b)
16,603
5,894,895
Voya
Financial,
Inc.
1,140
80,940
14,930,421
Food
Products
(
0
.8
%
)
Bunge
Global
SA
1,923
154,378
Campbell's
Co.
(The)
2,393
73,346
Conagra
Brands,
Inc.
6,186
126,627
Darling
Ingredients,
Inc.
(a)
2,259
85,707
General
Mills,
Inc.
7,670
397,383
Hershey
Co.
(The)
2,133
353,971
Hormel
Foods
Corp.
4,200
127,050
Ingredion,
Inc.
923
125,177
J.M.
Smucker
Co.
(The)
1,502
147,496
Kellanova
3,790
301,419
Kraft
Heinz
Co.
(The)
12,577
324,738
Lamb
Weston
Holdings,
Inc.
1,755
90,997
McCormick
&
Co.,
Inc.
(Non-Voting)
3,832
290,542
Mondelez
International,
Inc.,
Class
 A
18,715
1,262,140
Pilgrim's
Pride
Corp.
600
26,988
Post
Holdings,
Inc.
(a)
711
77,520
3,965,479
Gas
Utilities
(
0
.0
%
)
(c)
Southwest
Gas
Holdings,
Inc.
744
55,346
UGI
Corp.
(b)
2,497
90,941
146,287
Ground
Transportation
(
1
.2
%
)
JB
Hunt
Transport
Services,
Inc.
2,041
293,088
Shares
Value
Knight-Swift
Transportation
Holdings,
Inc.,
Class
 A
4,074
$
180,193
Landstar
System,
Inc.
315
43,791
Lyft,
Inc.,
Class
 A
(a)
3,959
62,394
Old
Dominion
Freight
Line,
Inc.
4,716
765,407
Ryder
System,
Inc.
1,038
165,042
Saia,
Inc.
(a)
631
172,888
Uber
Technologies,
Inc.
(a)
20,845
1,944,838
Union
Pacific
Corp.
8,345
1,920,018
XPO,
Inc.
(a)
2,967
374,702
5,922,361
Health
Care
Equipment
&
Supplies
(
2
.7
%
)
Abbott
Laboratories
18,936
2,575,485
Align
Technology,
Inc.
(a)
662
125,336
Baxter
International,
Inc.
5,577
168,872
Becton
Dickinson
&
Co.
3,035
522,779
Boston
Scientific
Corp.
(a)
16,142
1,733,812
Cooper
Cos.,
Inc.
(The)
(a)
1,959
139,402
Dexcom,
Inc.
(a)
4,047
353,263
Edwards
Lifesciences
Corp.
(a)
6,294
492,254
GE
HealthCare
Technologies,
Inc.
4,999
370,276
Glaukos
Corp.
(a)
578
59,702
Globus
Medical,
Inc.,
Class
 A
(a)
1,079
63,683
Hologic,
Inc.
(a)
2,420
157,687
IDEXX
Laboratories,
Inc.
(a)
872
467,688
Insulet
Corp.
(a)
767
240,976
Intuitive
Surgical,
Inc.
(a)
3,904
2,121,473
Medtronic
plc
14,029
1,222,908
Merit
Medical
Systems,
Inc.
(a)
630
58,892
Penumbra,
Inc.
(a)
411
105,475
ResMed,
Inc.
1,595
411,510
STERIS
plc
1,074
257,996
Stryker
Corp.
3,917
1,549,683
Teleflex,
Inc.
360
42,610
Zimmer
Biomet
Holdings,
Inc.
2,164
197,378
13,439,140
Health
Care
Providers
&
Services
(
1
.6
%
)
Centene
Corp.
(a)
5,273
286,218
Chemed
Corp.
157
76,448
Cigna
Group
(The)
2,880
952,070
CorVel
Corp.
(a)
342
35,151
CVS
Health
Corp.
13,841
954,752
DaVita,
Inc.
(a)
515
73,362
Elevance
Health,
Inc.
2,417
940,116
Encompass
Health
Corp.
1,087
133,299
Ensign
Group,
Inc.
(The)
608
93,790
Guardant
Health,
Inc.
(a)
1,286
66,923
HealthEquity,
Inc.
(a)
872
91,351
Henry
Schein,
Inc.
(a)
1,350
98,618
Humana,
Inc.
1,255
306,822
Labcorp
Holdings,
Inc.
913
239,672
Molina
Healthcare,
Inc.
(a)
585
174,272
Option
Care
Health,
Inc.
(a)
1,769
57,457
Quest
Diagnostics,
Inc.
1,216
218,430
UnitedHealth
Group,
Inc.
9,815
3,061,986
7,860,737
Health
Care
REITs
(
0
.4
%
)
Alexandria
Real
Estate
Equities,
Inc.
1,788
129,862
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Health
Care
REITs
(cont’d)
American
Healthcare
REIT,
Inc.
1,838
$
67,528
CareTrust
REIT,
Inc.
2,215
67,779
Healthcare
Realty
Trust,
Inc.,
Class
 A
4,067
64,503
Healthpeak
Properties,
Inc.
8,065
141,218
Omega
Healthcare
Investors,
Inc.
3,367
123,401
Ventas,
Inc.
5,233
330,464
Welltower,
Inc.
7,621
1,171,576
2,096,331
Health
Care
Technology
(
0
.1
%
)
Doximity,
Inc.,
Class
 A
(a)
1,377
84,465
Veeva
Systems,
Inc.,
Class
 A
(a)
1,549
446,081
Waystar
Holding
Corp.
(a)
941
38,459
569,005
Hotel
&
Resort
REITs
(
0
.0
%
)
(c)
Host
Hotels
&
Resorts,
Inc.
7,975
122,496
Ryman
Hospitality
Properties,
Inc.
706
69,661
192,157
Hotels,
Restaurants
&
Leisure
(
2
.0
%
)
Airbnb,
Inc.,
Class
 A
(a)
4,294
568,268
Aramark
3,770
157,850
Booking
Holdings,
Inc.
333
1,927,817
Brinker
International,
Inc.
(a)
631
113,788
Cava
Group,
Inc.
(a)(b)
957
80,608
Chipotle
Mexican
Grill,
Inc.,
Class
 A
(a)
19,364
1,087,289
Choice
Hotels
International,
Inc.
(b)
295
37,430
Darden
Restaurants,
Inc.
1,690
368,369
Domino's
Pizza,
Inc.
493
222,146
DoorDash,
Inc.,
Class
 A
(a)
3,519
867,469
Hilton
Worldwide
Holdings,
Inc.
2,604
693,549
Hyatt
Hotels
Corp.,
Class
 A
448
62,563
Life
Time
Group
Holdings,
Inc.
(a)
1,137
34,485
Marriott
International,
Inc.,
Class
 A
2,547
695,866
Planet
Fitness,
Inc.,
Class
 A
(a)
935
101,962
Shake
Shack,
Inc.,
Class
 A
(a)
550
77,330
Starbucks
Corp.
16,421
1,504,656
Texas
Roadhouse,
Inc.,
Class
 A
955
178,976
Vail
Resorts,
Inc.
405
63,638
Wingstop,
Inc.
401
135,033
Wyndham
Hotels
&
Resorts,
Inc.
843
68,460
Yum!
Brands,
Inc.
4,019
595,535
9,643,087
Household
Durables
(
0
.3
%
)
DR
Horton,
Inc.
3,032
390,885
Lennar
Corp.,
Class
 A
2,629
290,794
Mohawk
Industries,
Inc.
(a)
431
45,186
NVR,
Inc.
(a)
32
236,341
PulteGroup,
Inc.
2,321
244,773
Somnigroup
International,
Inc.
(b)
1,911
130,044
Taylor
Morrison
Home
Corp.,
Class
 A
(a)
1,149
70,572
Toll
Brothers,
Inc.
1,048
119,608
TopBuild
Corp.
(a)
330
106,834
1,635,037
Household
Products
(
1
.0
%
)
Church
&
Dwight
Co.,
Inc.
2,341
224,994
Clorox
Co.
(The)
1,080
129,676
Colgate-Palmolive
Co.
7,707
700,566
Shares
Value
Kimberly-Clark
Corp.
3,154
$
406,614
Procter
&
Gamble
Co.
(The)
22,192
3,535,629
4,997,479
Independent
Power
and
Renewable
Electricity
Producers
(
0
.0
%
)
(c)
AES
Corp.
(The)
6,885
72,430
Brookfield
Renewable
Corp.
(b)
1,685
55,234
Clearway
Energy,
Inc.,
Class
 C
1,084
34,688
162,352
Industrial
REITs
(
0
.3
%
)
Americold
Realty
Trust,
Inc.
2,946
48,992
EastGroup
Properties,
Inc.
606
101,275
First
Industrial
Realty
Trust,
Inc.
1,530
73,639
Lineage,
Inc.
(b)
719
31,291
Prologis,
Inc.
10,771
1,132,247
Rexford
Industrial
Realty,
Inc.
2,748
97,746
STAG
Industrial,
Inc.
2,162
78,437
Terreno
Realty
Corp.
(b)
1,180
66,163
1,629,790
Insurance
(
2
.5
%
)
Aflac,
Inc.
5,771
608,610
Allstate
Corp.
(The)
3,130
630,100
American
Financial
Group,
Inc.
847
106,900
American
International
Group,
Inc.
6,826
584,237
Aon
plc,
Class
 A
2,485
886,549
Arch
Capital
Group
Ltd.
4,306
392,061
Arthur
J
Gallagher
&
Co.
2,838
908,501
Axis
Capital
Holdings
Ltd.
915
94,995
Brown
&
Brown,
Inc.
2,659
294,803
Cincinnati
Financial
Corp.
1,823
271,481
Everest
Group
Ltd.
505
171,624
First
American
Financial
Corp.
1,095
67,222
Globe
Life,
Inc.
980
121,804
Hanover
Insurance
Group,
Inc.
(The)
422
71,685
Hartford
Insurance
Group,
Inc.
(The)
3,365
426,918
Kinsale
Capital
Group,
Inc.
262
126,782
Lincoln
National
Corp.
2,009
69,511
Marsh
&
McLennan
Cos.,
Inc.
5,853
1,279,700
MetLife,
Inc.
6,754
543,157
Old
Republic
International
Corp.
2,704
103,942
Primerica,
Inc.
388
106,184
Principal
Financial
Group,
Inc.
2,646
210,172
Progressive
Corp.
(The)
6,952
1,855,211
Prudential
Financial,
Inc.
4,201
451,355
Reinsurance
Group
of
America,
Inc.
783
155,316
RenaissanceRe
Holdings
Ltd.
551
133,838
Ryan
Specialty
Holdings,
Inc.,
Class
 A
1,270
86,347
Selective
Insurance
Group,
Inc.
715
61,955
Travelers
Cos.,
Inc.
(The)
2,682
717,542
Unum
Group
2,057
166,123
W.
R.
Berkley
Corp.
3,532
259,496
Willis
Towers
Watson
plc
1,173
359,525
12,323,646
Interactive
Media
&
Services
(
3
.6
%
)
Alphabet,
Inc.,
Class
 A
97,931
17,258,380
Pinterest,
Inc.,
Class
 A
(a)
6,069
217,634
Snap,
Inc.,
Class
 A
(a)
9,342
81,182
17,557,196
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
IT
Services
(
1
.6
%
)
Accenture
plc,
Class
 A
6,477
$
1,935,911
Akamai
Technologies,
Inc.
(a)
1,500
119,640
Amdocs
Ltd.
1,147
104,652
Cloudflare,
Inc.,
Class
 A
(a)
3,155
617,844
Cognizant
Technology
Solutions
Corp.,
Class
 A
5,088
397,017
EPAM
Systems,
Inc.
(a)
478
84,520
Gartner,
Inc.
(a)
829
335,098
GoDaddy,
Inc.,
Class
 A
(a)
1,467
264,148
International
Business
Machines
Corp.
9,578
2,823,403
Kyndryl
Holdings,
Inc.
(a)
2,345
98,396
MongoDB,
Inc.,
Class
 A
(a)
741
155,603
Snowflake,
Inc.,
Class
 A
(a)
3,291
736,427
Twilio,
Inc.,
Class
 A
(a)
1,504
187,037
VeriSign,
Inc.
858
247,790
8,107,486
Leisure
Products
(
0
.0
%
)
(c)
Hasbro,
Inc.
1,248
92,127
Mattel,
Inc.
(a)
3,114
61,408
153,535
Life
Sciences
Tools
&
Services
(
1
.0
%
)
Agilent
Technologies,
Inc.
3,100
365,831
Avantor,
Inc.
(a)
6,200
83,452
Bio-Rad
Laboratories,
Inc.,
Class
 A
(a)
143
34,509
Bio-Techne
Corp.
1,409
72,493
Bruker
Corp.
760
31,312
Charles
River
Laboratories
International,
Inc.
(a)
496
75,258
Danaher
Corp.
7,146
1,411,621
Illumina,
Inc.
(a)
1,520
145,023
IQVIA
Holdings,
Inc.
(a)
1,779
280,353
Medpace
Holdings,
Inc.
(a)
265
83,173
Mettler-Toledo
International,
Inc.
(a)
226
265,487
PerkinElmer,
Inc.
1,285
124,285
Repligen
Corp.
(a)
545
67,787
Thermo
Fisher
Scientific,
Inc.
4,068
1,649,411
Waters
Corp.
(a)
651
227,225
West
Pharmaceutical
Services,
Inc.
711
155,567
5,072,787
Machinery
(
2
.6
%
)
AGCO
Corp.
819
84,488
Allison
Transmission
Holdings,
Inc.
1,109
105,344
Caterpillar,
Inc.
6,092
2,364,975
Chart
Industries,
Inc.
(a)
584
96,156
CNH
Industrial
NV
10,717
138,892
Cummins,
Inc.
1,795
587,862
Deere
&
Co.
3,322
1,689,204
Donaldson
Co.,
Inc.
(b)
1,549
107,423
Dover
Corp.
1,808
331,280
Esab
Corp.
751
90,533
ESCO
Technologies,
Inc.
340
65,236
Federal
Signal
Corp.
786
83,646
Flowserve
Corp.
1,722
90,147
Fortive
Corp.
4,482
233,647
Gates
Industrial
Corp.
plc
(a)
3,350
77,150
Graco,
Inc.
2,189
188,188
IDEX
Corp.
999
175,394
Illinois
Tool
Works,
Inc.
3,869
956,610
Ingersoll
Rand,
Inc.
5,335
443,765
Shares
Value
ITT,
Inc.
1,047
$
164,201
JBT
Marel
Corp.
672
80,815
Lincoln
Electric
Holdings,
Inc.
706
146,368
Middleby
Corp.
(The)
(a)
699
100,656
Mueller
Industries,
Inc.
1,425
113,245
Nordson
Corp.
679
145,557
Oshkosh
Corp.
846
96,055
Otis
Worldwide
Corp.
5,224
517,280
PACCAR,
Inc.
6,827
648,975
Parker-Hannifin
Corp.
1,689
1,179,716
Pentair
plc
2,167
222,464
Snap-on,
Inc.
685
213,158
SPX
Technologies,
Inc.
(a)(b)
601
100,776
Stanley
Black
&
Decker,
Inc.
(b)
1,884
127,641
Timken
Co.
(The)
829
60,144
Toro
Co.
(The)
1,256
88,774
Watts
Water
Technologies,
Inc.,
Class
 A
358
88,029
Westinghouse
Air
Brake
Technologies
Corp.
2,242
469,363
Xylem,
Inc.
3,205
414,599
12,887,756
Media
(
0
.6
%
)
Charter
Communications,
Inc.,
Class
 A
(a)
982
401,451
Comcast
Corp.,
Class
 A
38,352
1,368,783
Interpublic
Group
of
Cos.,
Inc.
(The)
4,123
100,931
Liberty
Broadband
Corp.,
Class
 C
(a)
1,350
132,813
New
York
Times
Co.
(The),
Class
 A
1,787
100,036
Nexstar
Media
Group,
Inc.,
Class
 A
314
54,306
Omnicom
Group,
Inc.
1,949
140,211
Paramount
Global,
Class
 B
6,485
83,657
Sirius
XM
Holdings,
Inc.
2,406
55,266
Trade
Desk,
Inc.
(The),
Class
 A
(a)
4,390
316,036
2,753,490
Metals
&
Mining
(
0
.4
%
)
Carpenter
Technology
Corp.
1,250
345,475
Commercial
Metals
Co.
2,944
143,991
Nucor
Corp.
5,963
772,447
Reliance,
Inc.
1,366
428,788
Steel
Dynamics,
Inc.
3,607
461,732
2,152,433
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(
0
.1
%
)
AGNC
Investment
Corp.
(b)
10,741
98,710
Annaly
Capital
Management,
Inc.
7,182
135,165
Rithm
Capital
Corp.
6,275
70,845
Starwood
Property
Trust,
Inc.
(b)
3,795
76,165
380,885
Multi-Utilities
(
0
.7
%
)
Ameren
Corp.
3,212
308,481
CMS
Energy
Corp.
(b)
3,464
239,986
Consolidated
Edison,
Inc.
4,192
420,667
Dominion
Energy,
Inc.
(b)
9,928
561,131
DTE
Energy
Co.
2,411
319,361
NiSource,
Inc.
5,472
220,740
Public
Service
Enterprise
Group,
Inc.
5,810
489,086
Sempra
7,598
575,700
WEC
Energy
Group,
Inc.
3,715
387,103
3,522,255
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Office
REITs
(
0
.1
%
)
BXP,
Inc.
1,841
$
124,212
COPT
Defense
Properties
1,313
36,213
Cousins
Properties,
Inc.
1,939
58,228
Kilroy
Realty
Corp.
1,346
46,181
Vornado
Realty
Trust
2,093
80,037
344,871
Oil,
Gas
&
Consumable
Fuels
(
0
.2
%
)
Occidental
Petroleum
Corp.
17,346
728,705
Paper
&
Forest
Products
(
0
.0
%
)
(c)
Louisiana-Pacific
Corp.
651
55,979
Passenger
Airlines
(
0
.2
%
)
Alaska
Air
Group,
Inc.
(a)
3,135
155,120
American
Airlines
Group,
Inc.
(a)(b)
16,724
187,643
Delta
Air
Lines,
Inc.
16,810
826,716
1,169,479
Personal
Care
Products
(
0
.1
%
)
BellRing
Brands,
Inc.
(a)
1,199
69,458
elf
Beauty,
Inc.
(a)
448
55,749
Estee
Lauder
Cos.,
Inc.
(The),
Class
 A
2,021
163,297
Kenvue,
Inc.
18,277
382,538
671,042
Pharmaceuticals
(
2
.5
%
)
Bristol-Myers
Squibb
Co.
22,277
1,031,202
Corcept
Therapeutics,
Inc.
(a)
1,026
75,308
Elanco
Animal
Health,
Inc.
(a)
5,391
76,984
Eli
Lilly
&
Co.
8,263
6,441,256
Jazz
Pharmaceuticals
plc
(a)(b)
643
68,235
Merck
&
Co.,
Inc.
27,166
2,150,461
Pfizer,
Inc.
61,262
1,484,991
Royalty
Pharma
plc,
Class
 A
4,218
151,975
Zoetis,
Inc.,
Class
 A
4,874
760,100
12,240,512
Professional
Services
(
0
.8
%
)
Amentum
Holdings,
Inc.
(a)
2,055
48,518
Automatic
Data
Processing,
Inc.
4,205
1,296,822
Booz
Allen
Hamilton
Holding
Corp.,
Class
 A
1,228
127,872
Broadridge
Financial
Solutions,
Inc.
1,212
294,552
Dayforce,
Inc.
(a)
1,569
86,907
Equifax,
Inc.
1,383
358,709
ExlService
Holdings,
Inc.
(a)
1,623
71,071
FTI
Consulting,
Inc.
(a)
357
57,655
Genpact
Ltd.
1,658
72,969
Parsons
Corp.
(a)
375
26,914
Paychex,
Inc.
3,342
486,127
Paycom
Software,
Inc.
530
122,642
Paylocity
Holding
Corp.
(a)
462
83,710
Robert
Half,
Inc.
754
30,952
Science
Applications
International
Corp.
494
55,629
SS&C
Technologies
Holdings,
Inc.
2,221
183,899
TransUnion
2,169
190,872
UL
Solutions,
Inc.,
Class
 A
688
50,128
Verisk
Analytics,
Inc.,
Class
 A
1,562
486,563
4,132,511
Real
Estate
Management
&
Development
(
0
.2
%
)
CBRE
Group,
Inc.,
Class
 A
(a)
3,448
483,134
Shares
Value
CoStar
Group,
Inc.
(a)
4,659
$
374,584
Jones
Lang
LaSalle,
Inc.
(a)
548
140,167
Zillow
Group,
Inc.,
Class
 C
(a)
2,201
154,180
1,152,065
Residential
REITs
(
0
.4
%
)
AvalonBay
Communities,
Inc.
(b)
1,653
336,385
Camden
Property
Trust
1,223
137,820
Equity
LifeStyle
Properties,
Inc.
2,173
134,009
Equity
Residential
4,395
296,619
Essex
Property
Trust,
Inc.
745
211,133
Invitation
Homes,
Inc.
7,115
233,372
Mid-America
Apartment
Communities,
Inc.
1,353
200,257
Sun
Communities,
Inc.
1,470
185,940
UDR,
Inc.
3,843
156,910
1,892,445
Retail
REITs
(
0
.4
%
)
Brixmor
Property
Group,
Inc.
3,539
92,156
Federal
Realty
Investment
Trust
996
94,610
Kimco
Realty
Corp.
7,719
162,253
Kite
Realty
Group
Trust
2,533
57,372
NNN
REIT,
Inc.
2,171
93,744
Phillips
Edison
&
Co.,
Inc.
1,453
50,899
Realty
Income
Corp.
10,510
605,481
Regency
Centers
Corp.
(b)
2,101
149,654
Simon
Property
Group,
Inc.
3,773
606,548
1,912,717
Semiconductors
&
Semiconductor
Equipment
(
12
.3
%
)
Advanced
Micro
Devices,
Inc.
(a)
16,518
2,343,904
Allegro
MicroSystems,
Inc.
(a)(b)
1,271
43,455
Analog
Devices,
Inc.
5,134
1,221,995
Applied
Materials,
Inc.
8,236
1,507,765
Astera
Labs,
Inc.
(a)
1,137
102,808
Broadcom,
Inc.
42,548
11,728,356
Cirrus
Logic,
Inc.
(a)
536
55,881
Enphase
Energy,
Inc.
(a)
796
31,561
Entegris,
Inc.
1,356
109,361
First
Solar,
Inc.
(a)
854
141,371
Intel
Corp.
44,224
990,618
KLA
Corp.
1,369
1,226,268
Lam
Research
Corp.
13,211
1,285,959
Lattice
Semiconductor
Corp.
(a)(b)
1,119
54,820
Marvell
Technology,
Inc.
8,677
671,600
Microchip
Technology,
Inc.
5,483
385,839
Micron
Technology,
Inc.
11,538
1,422,058
MKS,
Inc.
(b)
879
87,337
Monolithic
Power
Systems,
Inc.
476
348,137
NVIDIA
Corp.
206,532
32,629,991
ON
Semiconductor
Corp.
(a)
4,016
210,479
Qorvo,
Inc.
(a)
932
79,136
QUALCOMM,
Inc.
11,376
1,811,742
Rambus,
Inc.
(a)
1,102
70,550
Skyworks
Solutions,
Inc.
1,418
105,669
Teradyne,
Inc.
1,488
133,801
Texas
Instruments,
Inc.
9,410
1,953,704
Universal
Display
Corp.
425
65,645
60,819,810
Software
(
11
.5
%
)
ACI
Worldwide,
Inc.
(a)
1,073
49,261
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Software
(cont’d)
Adobe,
Inc.
(a)
4,342
$
1,679,833
ANSYS,
Inc.
(a)
908
318,908
Appfolio,
Inc.,
Class
 A
(a)
227
52,274
AppLovin
Corp.,
Class
 A
(a)
2,199
769,826
Atlassian
Corp.,
Class
 A
(a)
1,601
325,147
Autodesk,
Inc.
(a)
2,214
685,388
Bentley
Systems,
Inc.,
Class
 B
1,313
70,863
Box,
Inc.,
Class
 A
(a)
1,441
49,239
Cadence
Design
Systems,
Inc.
(a)
2,817
868,059
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)(b)
5,369
50,522
Clearwater
Analytics
Holdings,
Inc.,
Class
 A
(a)
2,342
51,360
CommVault
Systems,
Inc.
(a)
448
78,100
Confluent,
Inc.,
Class
 A
(a)
2,752
68,607
Crowdstrike
Holdings,
Inc.,
Class
 A
(a)
2,477
1,261,561
Datadog,
Inc.,
Class
 A
(a)
3,182
427,438
Docusign,
Inc.,
Class
 A
(a)
2,074
161,544
Dolby
Laboratories,
Inc.,
Class
 A
629
46,710
Dropbox,
Inc.,
Class
 A
(a)
2,300
65,780
Dynatrace,
Inc.
(a)
3,064
169,163
Elastic
NV
(a)
919
77,499
Fair
Isaac
Corp.
(a)
265
484,409
Fortinet,
Inc.
(a)
6,593
697,012
Gen
Digital,
Inc.
5,821
171,137
Guidewire
Software,
Inc.
(a)
867
204,135
HubSpot,
Inc.
(a)
515
286,664
Intuit,
Inc.
2,818
2,219,541
Manhattan
Associates,
Inc.
(a)
541
106,831
MARA
Holdings,
Inc.
(a)(b)
2,582
40,486
Microsoft
Corp.
64,523
32,094,385
Nutanix,
Inc.,
Class
 A
(a)
2,653
202,795
Oracle
Corp.
17,031
3,723,488
Palo
Alto
Networks,
Inc.
(a)
6,852
1,402,193
PTC,
Inc.
(a)
1,231
212,151
Q2
Holdings,
Inc.
(a)
615
57,558
Qualys,
Inc.
(a)
372
53,148
Roper
Technologies,
Inc.
1,111
629,759
Salesforce,
Inc.
9,554
2,605,280
Samsara,
Inc.,
Class
 A
(a)
2,907
115,641
SentinelOne,
Inc.,
Class
 A
(a)(b)
2,716
49,649
ServiceNow,
Inc.
(a)
2,140
2,200,091
SPS
Commerce,
Inc.
(a)
321
43,685
Synopsys,
Inc.
(a)
1,598
819,263
Tyler
Technologies,
Inc.
(a)
444
263,221
Varonis
Systems,
Inc.,
Class
 B
(a)
1,107
56,180
Workday,
Inc.,
Class
 A
(a)
2,217
532,080
Zscaler,
Inc.
(a)
1,003
314,882
56,912,746
Specialized
REITs
(
1
.1
%
)
American
Tower
Corp.
5,441
1,202,570
Crown
Castle,
Inc.
5,061
519,917
CubeSmart
2,631
111,817
Digital
Realty
Trust,
Inc.
3,920
683,374
Equinix,
Inc.
1,133
901,267
Extra
Space
Storage,
Inc.
2,440
359,754
Iron
Mountain,
Inc.
3,037
311,505
Lamar
Advertising
Co.,
Class
 A
1,017
123,423
National
Storage
Affiliates
Trust
828
26,488
Public
Storage
1,848
542,240
Shares
Value
SBA
Communications
Corp.,
Class
 A
1,235
$
290,027
Weyerhaeuser
Co.
6,806
174,846
5,247,228
Specialty
Retail
(
2
.0
%
)
AutoNation,
Inc.
(a)
270
53,636
AutoZone,
Inc.
(a)
158
586,532
Bath
&
Body
Works,
Inc.
2,013
60,310
Best
Buy
Co.,
Inc.
1,826
122,579
Boot
Barn
Holdings,
Inc.
(a)
286
43,472
Burlington
Stores,
Inc.
(a)
597
138,886
CarMax,
Inc.
(a)
1,449
97,387
Carvana
Co.,
Class
 A
(a)(b)
1,169
393,906
Chewy,
Inc.,
Class
 A
(a)
1,826
77,824
Dick's
Sporting
Goods,
Inc.
521
103,059
Five
Below,
Inc.
(a)
453
59,425
Floor
&
Decor
Holdings,
Inc.,
Class
 A
(a)
916
69,579
GameStop
Corp.,
Class
 A
(a)
3,858
94,097
Gap,
Inc.
(The)
2,300
50,163
Group
1
Automotive,
Inc.
118
51,532
Home
Depot,
Inc.
(The)
9,417
3,452,649
Lithia
Motors,
Inc.,
Class
 A
243
82,090
Lowe's
Cos.,
Inc.
5,331
1,182,789
O'Reilly
Automotive,
Inc.
(a)
8,248
743,392
Penske
Automotive
Group,
Inc.
174
29,895
Ross
Stores,
Inc.
3,063
390,778
TJX
Cos.,
Inc.
(The)
10,610
1,310,229
Tractor
Supply
Co.
5,033
265,591
Ulta
Beauty,
Inc.
(a)
434
203,034
Urban
Outfitters,
Inc.
(a)
532
38,591
Williams-Sonoma,
Inc.
1,126
183,955
9,885,380
Technology
Hardware,
Storage
&
Peripherals
(
5
.9
%
)
Apple,
Inc.
131,861
27,053,922
Dell
Technologies,
Inc.,
Class
 C
3,168
388,397
Hewlett
Packard
Enterprise
Co.
13,547
277,036
HP,
Inc.
9,092
222,390
NetApp,
Inc.
2,131
227,058
Pure
Storage,
Inc.,
Class
 A
(a)
3,204
184,486
Sandisk
Corp.
(a)
1,197
54,284
Seagate
Technology
Holdings
plc
2,190
316,083
Super
Micro
Computer,
Inc.
(a)(b)
4,980
244,070
Western
Digital
Corp.
3,584
229,340
29,197,066
Textiles,
Apparel
&
Luxury
Goods
(
0
.3
%
)
Crocs,
Inc.
(a)
511
51,754
Deckers
Outdoor
Corp.
(a)
1,253
129,147
Lululemon
Athletica,
Inc.
(a)
927
220,237
NIKE,
Inc.,
Class
 B
10,731
762,330
Ralph
Lauren
Corp.,
Class
 A
365
100,112
Tapestry,
Inc.
1,970
172,986
VF
Corp.
2,276
26,743
1,463,309
Trading
Companies
&
Distributors
(
0
.6
%
)
Air
Lease
Corp.,
Class
 A
1,376
80,482
Applied
Industrial
Technologies,
Inc.
499
115,993
Core
&
Main,
Inc.,
Class
 A
(a)
2,503
151,056
Fastenal
Co.
10,904
457,968
Ferguson
Enterprises,
Inc.
1,860
405,015
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Trading
Companies
&
Distributors
(cont’d)
FTAI
Aviation
Ltd.
1,330
$
153,003
GATX
Corp.
468
71,866
SiteOne
Landscape
Supply,
Inc.
(a)
416
50,311
United
Rentals,
Inc.
856
644,911
Watsco,
Inc.
465
205,353
WESCO
International,
Inc.
451
83,525
WW
Grainger,
Inc.
429
446,263
2,865,746
Water
Utilities
(
0
.1
%
)
American
Water
Works
Co.,
Inc.
2,267
315,362
Essential
Utilities,
Inc.
2,928
108,746
424,108
Wireless
Telecommunication
Services
(
0
.2
%
)
T-Mobile
US,
Inc.
4,778
1,138,406
Total
Common
Stocks
(Cost
$397,240,633)
492,692,829
Short-Term
Investments
(0.3%)
Investment
Company
(0.2%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(d)
(Cost
$718,763)
718,763
718,763
Security
held
as
Collateral
on
Loaned
Securities
(
0
.1
%
)
Investment
Company
(0.1%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(d)
(Cost
$567,944)
567,944
567,944
Total
Short-Term
Investments
(Cost
$1,286,707)
1,286,707
–
Total
Investments
(
100
.1
%
)
(Cost
$
398,527,340
)
including
$
10,162,925
of
Securities
Loaned
(e)
493,979,536
Liabilities
in
Excess
of
Other
Assets
(
-0.1%
)
(348,447)
NET
ASSETS
(100.0%)
$
493,631,089
(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
June
30,
2025
,
were
$
10,162,925
and
$
10,407,572
,
respectively.
The
Fund
received
cash
collateral
of
$
567,944
,
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
$
9,839,628
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
June
30,
2025,
management
fees
paid
were
reduced
by
$924
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(e)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$398,527,340.
The
aggregate
gross
unrealized
appreciation
is
$108,689,917
and
the
aggregate
gross
unrealized
depreciation
is
$13,237,721,
resulting
in
net
unrealized
appreciation
of
$95,452,196.
REIT
Real
Estate
Investment
Trust
Sector
Classification
of
Portfolio
*
Classification  
Percentage
of
Total
Investments
Information
Technology
33
.5
%
Financials
15
.4
Industrials
10
.7
Health
Care
10
.1
Consumer
Discretionary
9
.4
Other**
8
.1
Communication
Services
7
.1
Consumer
Staples
5
.7
Total
Investments
100
.0
%
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Shares
Value
Common
Stocks
(99.8%)
Aerospace
&
Defense
(
0
.3
%
)
Axon
Enterprise,
Inc.
(a)
95
$
78,654
Air
Freight
&
Logistics
(
0
.3
%
)
Expeditors
International
of
Washington,
Inc.
39
4,456
FedEx
Corp.
88
20,003
United
Parcel
Service,
Inc.,
Class
 B
409
41,284
65,743
Automobile
Components
(
0
.0
%
)
(b)
Aptiv
plc
(a)
71
4,843
BorgWarner,
Inc.
168
5,625
10,468
Automobiles
(
0
.2
%
)
Ford
Motor
Co.
5,013
54,391
Banks
(
5
.3
%
)
Bank
of
America
Corp.
8,563
405,201
BOK
Financial
Corp.
29
2,831
Cadence
Bank
(c)
91
2,910
East
West
Bancorp,
Inc.
175
17,672
Hancock
Whitney
Corp.
63
3,616
JPMorgan
Chase
&
Co.
3,152
913,796
Popular,
Inc.
86
9,478
Synovus
Financial
Corp.
177
9,160
UMB
Financial
Corp.
93
9,780
United
Bankshares,
Inc.
46
1,676
Zions
Bancorp
NA
186
9,661
1,385,781
Beverages
(
2
.2
%
)
Coca-Cola
Co.
(The)
4,992
353,184
PepsiCo,
Inc.
1,759
232,258
585,442
Biotechnology
(
1
.6
%
)
Alkermes
plc
(a)
207
5,922
Amgen,
Inc.
690
192,655
Blueprint
Medicines
Corp.
(a)
79
10,126
Insmed,
Inc.
(a)
225
22,644
Neurocrine
Biosciences,
Inc.
(a)
122
15,334
Revolution
Medicines,
Inc.
(a)
46
1,692
United
Therapeutics
Corp.
(a)
56
16,092
Vertex
Pharmaceuticals,
Inc.
(a)
329
146,471
410,936
Broadline
Retail
(
3
.6
%
)
Amazon.com,
Inc.
(a)
4,059
890,504
eBay,
Inc.
591
44,006
Etsy,
Inc.
(a)
132
6,621
941,131
Building
Products
(
0
.7
%
)
AAON,
Inc.
(c)
29
2,139
Allegion
plc
72
10,377
AZEK
Co.,
Inc.
(The),
Class
 A
(a)
170
9,239
Johnson
Controls
International
plc
316
33,376
Simpson
Manufacturing
Co.,
Inc.
53
8,231
Trane
Technologies
plc
286
125,099
188,461
Shares
Value
Capital
Markets
(
3
.1
%
)
Ameriprise
Financial,
Inc.
67
$
35,760
Cboe
Global
Markets,
Inc.
134
31,250
CME
Group,
Inc.
462
127,336
FactSet
Research
Systems,
Inc.
49
21,917
Hamilton
Lane,
Inc.,
Class
 A
20
2,842
Intercontinental
Exchange,
Inc.
184
33,758
Invesco
Ltd.
339
5,346
KKR
&
Co.,
Inc.
489
65,052
LPL
Financial
Holdings,
Inc.
28
10,499
MarketAxess
Holdings,
Inc.
29
6,477
Moody's
Corp.
203
101,823
MSCI,
Inc.,
Class
 A
96
55,367
Nasdaq,
Inc.
551
49,270
Raymond
James
Financial,
Inc.
(c)
207
31,748
S&P
Global,
Inc.
394
207,752
Tradeweb
Markets,
Inc.,
Class
 A
149
21,814
808,011
Chemicals
(
0
.3
%
)
Eastman
Chemical
Co.
69
5,151
Ecolab,
Inc.
139
37,452
International
Flavors
&
Fragrances,
Inc.
192
14,122
Mosaic
Co.
(The)
235
8,573
65,298
Commercial
Services
&
Supplies
(
0
.0
%
)
(b)
Tetra
Tech,
Inc.
337
12,119
Communications
Equipment
(
1
.8
%
)
Cisco
Systems,
Inc.
5,086
352,867
Juniper
Networks,
Inc.
425
16,970
Motorola
Solutions,
Inc.
213
89,558
459,395
Construction
&
Engineering
(
0
.3
%
)
Comfort
Systems
USA,
Inc.
38
20,376
Quanta
Services,
Inc.
135
51,041
71,417
Consumer
Finance
(
1
.8
%
)
Ally
Financial,
Inc.
352
13,710
American
Express
Co.
712
227,114
Capital
One
Financial
Corp.
812
172,761
SLM
Corp.
266
8,722
SoFi
Technologies,
Inc.
(a)
1,423
25,913
Synchrony
Financial
488
32,569
480,789
Consumer
Staples
Distribution
&
Retail
(
0
.0
%
)
(b)
Albertsons
Cos.,
Inc.,
Class
 A
139
2,990
Containers
&
Packaging
(
0
.1
%
)
Amcor
plc
1,278
11,745
Ball
Corp.
182
10,208
Crown
Holdings,
Inc.
47
4,840
Smurfit
WestRock
plc
147
6,343
33,136
Diversified
Consumer
Services
(
0
.1
%
)
Duolingo,
Inc.,
Class
 A
(a)
45
18,451
H&R
Block,
Inc.
101
5,544
23,995
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Diversified
REITs
(
0
.0
%
)
(b)
WP
Carey,
Inc.
139
$
8,671
Diversified
Telecommunication
Services
(
1
.2
%
)
AT&T,
Inc.
2,304
66,678
Verizon
Communications,
Inc.
5,426
234,783
301,461
Electric
Utilities
(
1
.2
%
)
Constellation
Energy
Corp.
402
129,749
Eversource
Energy
227
14,442
Exelon
Corp.
1,299
56,403
NextEra
Energy,
Inc.
1,395
96,841
Portland
General
Electric
Co.
84
3,413
300,848
Electrical
Equipment
(
0
.7
%
)
GE
Vernova,
Inc.
351
185,732
Electronic
Equipment,
Instruments
&
Components
(
0
.9
%
)
Amphenol
Corp.,
Class
 A
653
64,484
CDW
Corp.
168
30,003
Itron,
Inc.
(a)
50
6,582
Jabil,
Inc.
35
7,633
Keysight
Technologies,
Inc.
(a)
219
35,885
TE
Connectivity
plc
381
64,263
Trimble,
Inc.
(a)
305
23,174
232,024
Energy
Equipment
&
Services
(
0
.2
%
)
Baker
Hughes
Co.,
Class
 A
1,273
48,807
Entertainment
(
3
.0
%
)
Electronic
Arts,
Inc.
291
46,472
Netflix,
Inc.
(a)
544
728,487
774,959
Financial
Services
(
5
.8
%
)
Affirm
Holdings,
Inc.,
Class
 A
(a)
345
23,853
Equitable
Holdings,
Inc.
239
13,408
Mastercard,
Inc.,
Class
 A
1,056
593,409
MGIC
Investment
Corp.
300
8,352
PayPal
Holdings,
Inc.
(a)
1,247
92,677
Toast,
Inc.,
Class
 A
(a)
578
25,600
Visa,
Inc.,
Class
 A
(c)
2,143
760,872
1,518,171
Food
Products
(
0
.5
%
)
Campbell's
Co.
(The)
252
7,724
General
Mills,
Inc.
702
36,371
Hershey
Co.
(The)
94
15,599
J.M.
Smucker
Co.
(The)
66
6,481
Mondelez
International,
Inc.,
Class
 A
888
59,887
126,062
Gas
Utilities
(
0
.0
%
)
(b)
Southwest
Gas
Holdings,
Inc.
82
6,100
UGI
Corp.
69
2,513
8,613
Health
Care
Equipment
&
Supplies
(
3
.1
%
)
Boston
Scientific
Corp.
(a)
1,897
203,757
GE
HealthCare
Technologies,
Inc.
587
43,479
Glaukos
Corp.
(a)
70
7,230
Hologic,
Inc.
(a)
284
18,505
Shares
Value
Intuitive
Surgical,
Inc.
(a)
458
$
248,882
Medtronic
plc
652
56,835
ResMed,
Inc.
187
48,246
Stryker
Corp.
460
181,990
808,924
Health
Care
Providers
&
Services
(
0
.9
%
)
Centene
Corp.
(a)
633
34,359
HealthEquity,
Inc.
(a)
94
9,848
Henry
Schein,
Inc.
(a)
158
11,542
UnitedHealth
Group,
Inc.
594
185,310
241,059
Health
Care
REITs
(
0
.2
%
)
Alexandria
Real
Estate
Equities,
Inc.
220
15,978
Ventas,
Inc.
578
36,501
52,479
Health
Care
Technology
(
0
.0
%
)
(b)
Doximity,
Inc.,
Class
 A
(a)
170
10,428
Hotel
&
Resort
REITs
(
0
.0
%
)
(b)
Host
Hotels
&
Resorts,
Inc.
423
6,497
Hotels,
Restaurants
&
Leisure
(
1
.4
%
)
Booking
Holdings,
Inc.
26
150,520
Hilton
Worldwide
Holdings,
Inc.
299
79,636
Hyatt
Hotels
Corp.,
Class
 A
51
7,122
Marriott
International,
Inc.,
Class
 A
291
79,504
Texas
Roadhouse,
Inc.,
Class
 A
30
5,623
Vail
Resorts,
Inc.
14
2,200
Yum!
Brands,
Inc.
357
52,900
377,505
Household
Durables
(
0
.2
%
)
PulteGroup,
Inc.
256
26,998
Taylor
Morrison
Home
Corp.,
Class
 A
(a)
123
7,555
Toll
Brothers,
Inc.
125
14,266
TopBuild
Corp.
(a)
34
11,007
59,826
Household
Products
(
2
.6
%
)
Church
&
Dwight
Co.,
Inc.
316
30,371
Clorox
Co.
(The)
158
18,971
Colgate-Palmolive
Co.
1,042
94,718
Kimberly-Clark
Corp.
426
54,920
Procter
&
Gamble
Co.
(The)
3,017
480,668
679,648
Independent
Power
and
Renewable
Electricity
Producers
(
0
.0
%
)
(b)
AES
Corp.
(The)
502
5,281
Industrial
REITs
(
0
.1
%
)
EastGroup
Properties,
Inc.
64
10,696
Rexford
Industrial
Realty,
Inc.
304
10,813
STAG
Industrial,
Inc.
238
8,635
30,144
Insurance
(
2
.0
%
)
American
International
Group,
Inc.
324
27,731
Aon
plc,
Class
 A
189
67,428
Axis
Capital
Holdings
Ltd.
97
10,070
First
American
Financial
Corp.
46
2,824
Hartford
Insurance
Group,
Inc.
(The)
364
46,181
Primerica,
Inc.
42
11,494
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Insurance
(cont’d)
Principal
Financial
Group,
Inc.
286
$
22,717
Progressive
Corp.
(The)
752
200,679
Prudential
Financial,
Inc.
454
48,778
Travelers
Cos.,
Inc.
(The)
259
69,293
Unum
Group
135
10,902
518,097
Interactive
Media
&
Services
(
5
.4
%
)
Alphabet,
Inc.,
Class
 A
7,885
1,389,573
Pinterest,
Inc.,
Class
 A
(a)
753
27,003
1,416,576
IT
Services
(
1
.8
%
)
Akamai
Technologies,
Inc.
(a)
184
14,676
Cognizant
Technology
Solutions
Corp.,
Class
 A
193
15,060
GoDaddy,
Inc.,
Class
 A
(a)
182
32,771
International
Business
Machines
Corp.
1,195
352,262
Twilio,
Inc.,
Class
 A
(a)
163
20,270
VeriSign,
Inc.
106
30,613
465,652
Life
Sciences
Tools
&
Services
(
0
.3
%
)
Bio-Rad
Laboratories,
Inc.,
Class
 A
(a)
11
2,655
Bio-Techne
Corp.
72
3,704
Thermo
Fisher
Scientific,
Inc.
148
60,008
Waters
Corp.
(a)
21
7,330
73,697
Machinery
(
1
.3
%
)
AGCO
Corp.
29
2,991
Cummins,
Inc.
174
56,985
Deere
&
Co.
322
163,734
IDEX
Corp.
97
17,030
JBT
Marel
Corp.
65
7,817
Otis
Worldwide
Corp.
222
21,982
Parker-Hannifin
Corp.
47
32,828
Toro
Co.
(The)
126
8,906
Westinghouse
Air
Brake
Technologies
Corp.
79
16,539
328,812
Media
(
0
.8
%
)
Comcast
Corp.,
Class
 A
4,760
169,884
Interpublic
Group
of
Cos.,
Inc.
(The)
196
4,798
New
York
Times
Co.
(The),
Class
 A
205
11,476
Omnicom
Group,
Inc.
93
6,690
Paramount
Global,
Class
 B
474
6,115
198,963
Metals
&
Mining
(
0
.1
%
)
Steel
Dynamics,
Inc.
128
16,385
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(
0
.0
%
)
(b)
Annaly
Capital
Management,
Inc.
495
9,316
Rithm
Capital
Corp.
243
2,743
12,059
Multi-Utilities
(
0
.9
%
)
CMS
Energy
Corp.
(c)
382
26,465
Consolidated
Edison,
Inc.
463
46,462
Dominion
Energy,
Inc.
(c)
714
40,355
DTE
Energy
Co.
149
19,737
NiSource,
Inc.
121
4,881
Public
Service
Enterprise
Group,
Inc.
344
28,958
Shares
Value
Sempra
839
$
63,571
230,429
Office
REITs
(
0
.0
%
)
(b)
COPT
Defense
Properties
64
1,765
Cousins
Properties,
Inc.
214
6,427
8,192
Oil,
Gas
&
Consumable
Fuels
(
0
.1
%
)
Occidental
Petroleum
Corp.
875
36,759
Passenger
Airlines
(
0
.2
%
)
Delta
Air
Lines,
Inc.
837
41,164
Personal
Care
Products
(
0
.0
%
)
(b)
elf
Beauty,
Inc.
(a)
69
8,586
Pharmaceuticals
(
5
.0
%
)
Bristol-Myers
Squibb
Co.
2,618
121,187
Elanco
Animal
Health,
Inc.
(a)
281
4,013
Eli
Lilly
&
Co.
1,063
828,640
Merck
&
Co.,
Inc.
3,231
255,766
Zoetis,
Inc.,
Class
 A
572
89,204
1,298,810
Professional
Services
(
0
.3
%
)
Booz
Allen
Hamilton
Holding
Corp.,
Class
 A
158
16,453
Broadridge
Financial
Solutions,
Inc.
150
36,454
Dayforce,
Inc.
(a)
198
10,967
Genpact
Ltd.
206
9,066
Parsons
Corp.
(a)
58
4,163
Paycom
Software,
Inc.
20
4,628
Science
Applications
International
Corp.
59
6,644
88,375
Residential
REITs
(
0
.2
%
)
AvalonBay
Communities,
Inc.
111
22,588
Camden
Property
Trust
135
15,213
Essex
Property
Trust,
Inc.
47
13,320
51,121
Retail
REITs
(
0
.4
%
)
Federal
Realty
Investment
Trust
110
10,449
NNN
REIT,
Inc.
128
5,527
Realty
Income
Corp.
1,161
66,885
Regency
Centers
Corp.
232
16,526
99,387
Semiconductors
&
Semiconductor
Equipment
(
12
.7
%
)
Allegro
MicroSystems,
Inc.
(a)
157
5,368
Analog
Devices,
Inc.
457
108,775
Applied
Materials,
Inc.
1,030
188,562
Cirrus
Logic,
Inc.
(a)
53
5,526
Entegris,
Inc.
91
7,339
First
Solar,
Inc.
(a)
65
10,760
Intel
Corp.
5,602
125,485
KLA
Corp.
170
152,276
Lam
Research
Corp.
1,639
159,540
Lattice
Semiconductor
Corp.
(a)
174
8,524
Monolithic
Power
Systems,
Inc.
15
10,971
NVIDIA
Corp.
14,377
2,271,422
Teradyne,
Inc.
206
18,524
Texas
Instruments,
Inc.
1,168
242,500
Morgan
Stanley
ETF
Trust
Calvert
US
Large-Cap
Diversity,
Equity
and
Inclusion
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(cont’d)
Universal
Display
Corp.
50
$
7,723
3,323,295
Software
(
15
.1
%
)
ACI
Worldwide,
Inc.
(a)
103
4,729
Adobe,
Inc.
(a)
546
211,236
ANSYS,
Inc.
(a)
112
39,337
Autodesk,
Inc.
(a)
274
84,822
Box,
Inc.,
Class
 A
(a)
176
6,014
CommVault
Systems,
Inc.
(a)
55
9,588
Confluent,
Inc.,
Class
 A
(a)
346
8,626
Datadog,
Inc.,
Class
 A
(a)
394
52,926
Dropbox,
Inc.,
Class
 A
(a)
285
8,151
Dynatrace,
Inc.
(a)
340
18,771
Elastic
NV
(a)
116
9,782
Gen
Digital,
Inc.
722
21,227
Intuit,
Inc.
349
274,883
Microsoft
Corp.
4,427
2,202,034
Nutanix,
Inc.,
Class
 A
(a)
281
21,480
Palo
Alto
Networks,
Inc.
(a)
850
173,944
PTC,
Inc.
(a)
152
26,196
Q2
Holdings,
Inc.
(a)
41
3,837
Salesforce,
Inc.
1,199
326,955
SentinelOne,
Inc.,
Class
 A
(a)(c)
382
6,983
ServiceNow,
Inc.
(a)
265
272,441
SPS
Commerce,
Inc.
(a)
42
5,716
Synopsys,
Inc.
(a)
164
84,080
Workday,
Inc.,
Class
 A
(a)
275
66,000
3,939,758
Specialized
REITs
(
0
.6
%
)
American
Tower
Corp.
245
54,150
Digital
Realty
Trust,
Inc.
433
75,485
Extra
Space
Storage,
Inc.
269
39,661
169,296
Specialty
Retail
(
0
.3
%
)
Bath
&
Body
Works,
Inc.
127
3,805
TJX
Cos.,
Inc.
(The)
555
68,537
72,342
Technology
Hardware,
Storage
&
Peripherals
(
7
.9
%
)
Apple,
Inc.
9,297
1,907,465
Dell
Technologies,
Inc.,
Class
 C
393
48,182
Hewlett
Packard
Enterprise
Co.
1,682
34,397
HP,
Inc.
1,206
29,499
NetApp,
Inc.
264
28,129
Seagate
Technology
Holdings
plc
134
19,340
2,067,012
Textiles,
Apparel
&
Luxury
Goods
(
0
.3
%
)
Deckers
Outdoor
Corp.
(a)
189
19,480
Lululemon
Athletica,
Inc.
(a)
134
31,836
Tapestry,
Inc.
266
23,357
VF
Corp.
178
2,092
76,765
Trading
Companies
&
Distributors
(
0
.3
%
)
Core
&
Main,
Inc.,
Class
 A
(a)
243
14,665
United
Rentals,
Inc.
83
62,532
Watsco,
Inc.
20
8,833
Shares
Value
WESCO
International,
Inc.
22
$
4,074
90,104
Water
Utilities
(
0
.1
%
)
American
Water
Works
Co.,
Inc.
122
16,971
Total
Common
Stocks
(Cost
$24,014,971)
26,103,903
Short-Term
Investment
(0.2%)
Investment
Company
(0.2%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(d)
(Cost
$54,168)
54,168
54,168
Total
Investments
(
100
.0
%
)
(Cost
$
24,069,139
)
including
$
481,005
of
Securities
Loaned
(e)
26,158,071
Other
Assets
in
Excess
of
Liabilities
(
0.0%
)
(b)
10,157
NET
ASSETS
(100.0%)
$
26,168,228
(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
June
30,
2025
,
were
$
481,005
and
$
492,182
,
respectively.
The
collateral
of
$
492,182
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
June
30,
2025,
management
fees
paid
were
reduced
by
$60
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(e)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$24,069,139.
The
aggregate
gross
unrealized
appreciation
is
$2,613,128
and
the
aggregate
gross
unrealized
depreciation
is
$524,196,
resulting
in
net
unrealized
appreciation
of
$2,088,932.
REIT
Real
Estate
Investment
Trust
Sector
Classification
of
Portfolio
Classification  
Percentage
of
Total
Investments
Information
Technology
40
.1
%
Financials
18
.1
Health
Care
10
.9
Communication
Services
10
.3
Other*
9
.0
Consumer
Discretionary
6
.2
Consumer
Staples
5
.4
Total
Investments
100
.0
%
*
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Shares
Value
Common
Stocks
(99.8%)
Aerospace
&
Defense
(
1
.0
%
)
ATI,
Inc.
(a)
1,525
$
131,669
Curtiss-Wright
Corp.
302
147,542
HEICO
Corp.
810
265,680
Loar
Holdings,
Inc.
(a)
218
18,785
Moog,
Inc.,
Class
 A
222
40,175
Woodward,
Inc.
452
110,781
714,632
Air
Freight
&
Logistics
(
0
.4
%
)
CH
Robinson
Worldwide,
Inc.
1,057
101,419
Expeditors
International
of
Washington,
Inc.
1,223
139,728
GXO
Logistics,
Inc.
(a)
1,041
50,697
291,844
Automobile
Components
(
0
.5
%
)
Aptiv
plc
(a)
1,933
131,869
Autoliv,
Inc.
651
72,847
BorgWarner,
Inc.
1,957
65,520
Lear
Corp.
479
45,496
Modine
Manufacturing
Co.
(a)
462
45,507
361,239
Automobiles
(
1
.0
%
)
Ford
Motor
Co.
29,161
316,397
General
Motors
Co.
6,997
344,322
Rivian
Automotive,
Inc.,
Class
 A
(a)(b)
6,889
94,655
755,374
Banks
(
4
.0
%
)
Bank
OZK
(b)
779
36,660
BOK
Financial
Corp.
164
16,011
Cadence
Bank
(b)
1,305
41,734
Citizens
Financial
Group,
Inc.
3,097
138,591
Columbia
Banking
System,
Inc.
1,501
35,093
Comerica,
Inc.
939
56,011
Commerce
Bancshares,
Inc.
930
57,818
Cullen/Frost
Bankers,
Inc.
(b)
430
55,272
East
West
Bancorp,
Inc.
984
99,364
Fifth
Third
Bancorp
4,783
196,725
First
Citizens
BancShares,
Inc.,
Class
 A
70
136,953
First
Financial
Bankshares,
Inc.
993
35,728
First
Horizon
Corp.
3,606
76,447
Flagstar
Financial,
Inc.
2,237
23,712
FNB
Corp.
2,554
37,237
Glacier
Bancorp,
Inc.
812
34,981
Hancock
Whitney
Corp.
608
34,899
Home
BancShares,
Inc.
1,318
37,510
Huntington
Bancshares,
Inc.
10,378
173,935
KeyCorp
7,869
137,078
M&T
Bank
Corp.
1,152
223,477
Old
National
Bancorp
2,286
48,783
Pinnacle
Financial
Partners,
Inc.
550
60,726
Popular,
Inc.
483
53,232
Regions
Financial
Corp.
6,456
151,845
SouthState
Corp.
722
66,446
Synovus
Financial
Corp.
991
51,284
Truist
Financial
Corp.
9,417
404,837
UMB
Financial
Corp.
523
54,999
United
Bankshares,
Inc.
999
36,394
Valley
National
Bancorp
3,486
31,130
Shares
Value
Webster
Financial
Corp.
1,202
$
65,629
Western
Alliance
Bancorp
756
58,953
Wintrust
Financial
Corp.
473
58,643
Zions
Bancorp
NA
1,046
54,329
2,882,466
Beverages
(
0
.7
%
)
Celsius
Holdings,
Inc.
(a)
1,263
58,590
Coca-Cola
Consolidated,
Inc.
469
52,364
Keurig
Dr
Pepper,
Inc.
9,518
314,665
Primo
Brands
Corp.,
Class
 A
1,990
58,944
484,563
Biotechnology
(
2
.0
%
)
Alkermes
plc
(a)
1,237
35,390
Alnylam
Pharmaceuticals,
Inc.
(a)
945
308,155
Biogen,
Inc.
(a)
1,124
141,163
BioMarin
Pharmaceutical,
Inc.
(a)
1,452
79,816
Blueprint
Medicines
Corp.
(a)
478
61,270
Exact
Sciences
Corp.
(a)
1,427
75,831
Exelixis,
Inc.
(a)
2,027
89,340
Halozyme
Therapeutics,
Inc.
(a)
936
48,691
Incyte
Corp.
(a)
1,219
83,014
Insmed,
Inc.
(a)
1,362
137,072
Ionis
Pharmaceuticals,
Inc.
(a)
1,193
47,135
Madrigal
Pharmaceuticals,
Inc.
(a)
137
41,462
Moderna,
Inc.
(a)
2,630
72,562
Neurocrine
Biosciences,
Inc.
(a)
734
92,256
Revolution
Medicines,
Inc.
(a)(b)
1,244
45,767
Roivant
Sciences
Ltd.
(a)
3,210
36,177
United
Therapeutics
Corp.
(a)
338
97,124
1,492,225
Broadline
Retail
(
0
.5
%
)
eBay,
Inc.
3,243
241,474
Etsy,
Inc.
(a)
727
36,466
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
432
56,929
334,869
Building
Products
(
1
.7
%
)
AAON,
Inc.
(b)
541
39,899
Advanced
Drainage
Systems,
Inc.
573
65,815
Allegion
plc
690
99,443
AO
Smith
Corp.
952
62,423
Armstrong
World
Industries,
Inc.
303
49,219
AZEK
Co.,
Inc.
(The),
Class
 A
(a)
995
54,078
Builders
FirstSource,
Inc.
(a)
759
88,568
Carlisle
Cos.,
Inc.
404
150,854
CSW
Industrials,
Inc.
133
38,148
Fortune
Brands
Innovations,
Inc.
843
43,398
Lennox
International,
Inc.
259
148,469
Masco
Corp.
1,484
95,510
Owens
Corning
915
125,831
Simpson
Manufacturing
Co.,
Inc.
335
52,029
Trex
Co.,
Inc.
(a)
752
40,894
UFP
Industries,
Inc.
418
41,532
Zurn
Elkay
Water
Solutions
Corp.
1,050
38,398
1,234,508
Capital
Markets
(
4
.6
%
)
Affiliated
Managers
Group,
Inc.
199
39,157
Ameriprise
Financial,
Inc.
685
365,605
Morgan
Stanley
ETF
Trust
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Capital
Markets
(cont’d)
Blue
Owl
Capital,
Inc.,
Class
 A
4,137
$
79,472
Carlyle
Group,
Inc.
(The)
1,574
80,904
Cboe
Global
Markets,
Inc.
753
175,607
Evercore,
Inc.,
Class
 A
260
70,205
FactSet
Research
Systems,
Inc.
350
156,548
Franklin
Resources,
Inc.
2,039
48,630
Hamilton
Lane,
Inc.,
Class
 A
365
51,874
Houlihan
Lokey,
Inc.,
Class
 A
387
69,641
Invesco
Ltd.
3,199
50,448
Janus
Henderson
Group
plc
917
35,616
Jefferies
Financial
Group,
Inc.
1,183
64,698
LPL
Financial
Holdings,
Inc.
572
214,483
MarketAxess
Holdings,
Inc.
341
76,159
Morningstar,
Inc.
(b)
231
72,518
MSCI,
Inc.,
Class
 A
556
320,667
Nasdaq,
Inc.
3,087
276,039
Northern
Trust
Corp.
1,378
174,717
PJT
Partners,
Inc.,
Class
 A
162
26,732
Raymond
James
Financial,
Inc.
1,309
200,761
SEI
Investments
Co.
676
60,745
State
Street
Corp.
2,043
217,253
Stifel
Financial
Corp.
717
74,410
T
Rowe
Price
Group,
Inc.
1,558
150,347
TPG,
Inc.,
Class
 A
829
43,481
Tradeweb
Markets,
Inc.,
Class
 A
835
122,244
Virtu
Financial,
Inc.,
Class
 A
583
26,113
3,345,074
Chemicals
(
1
.2
%
)
Axalta
Coating
Systems
Ltd.
(a)
1,749
51,928
Balchem
Corp.
261
41,551
Celanese
Corp.,
Class
 A
876
48,469
Eastman
Chemical
Co.
922
68,836
Element
Solutions,
Inc.
1,809
40,974
FMC
Corp.
997
41,625
International
Flavors
&
Fragrances,
Inc.
2,025
148,939
Mosaic
Co.
(The)
2,536
92,513
PPG
Industries,
Inc.
1,817
206,684
RPM
International,
Inc.
1,020
112,037
853,556
Commercial
Services
&
Supplies
(
1
.1
%
)
Casella
Waste
Systems,
Inc.,
Class
 A
(a)
500
57,690
Clean
Harbors,
Inc.
(a)
408
94,322
Copart,
Inc.
(a)
6,490
318,464
MSA
Safety,
Inc.
297
49,756
Tetra
Tech,
Inc.
2,109
75,840
Veralto
Corp.
1,881
189,887
785,959
Communications
Equipment
(
0
.5
%
)
Ciena
Corp.
(a)
1,099
89,382
F5,
Inc.
(a)
452
133,033
Juniper
Networks,
Inc.
2,612
104,297
Lumentum
Holdings,
Inc.
(a)
526
50,001
376,713
Construction
&
Engineering
(
1
.8
%
)
AECOM
1,060
119,632
API
Group
Corp.
(a)
1,992
101,692
Comfort
Systems
USA,
Inc.
280
150,139
Shares
Value
Construction
Partners,
Inc.,
Class
 A
(a)(b)
369
$
39,217
Dycom
Industries,
Inc.
(a)
224
54,743
EMCOR
Group,
Inc.
355
189,886
IES
Holdings,
Inc.
(a)
65
19,255
MasTec,
Inc.
(a)
492
83,851
Quanta
Services,
Inc.
1,061
401,143
Sterling
Infrastructure,
Inc.
(a)
235
54,221
Valmont
Industries,
Inc.
159
51,925
WillScot
Holdings
Corp.
1,425
39,045
1,304,749
Construction
Materials
(
0
.5
%
)
Knife
River
Corp.
(a)
909
74,211
Vulcan
Materials
Co.
1,015
264,732
338,943
Consumer
Finance
(
0
.8
%
)
Ally
Financial,
Inc.
1,974
76,887
Credit
Acceptance
Corp.
(a)(b)
48
24,453
FirstCash
Holdings,
Inc.
278
37,569
OneMain
Holdings,
Inc.
852
48,564
SLM
Corp.
1,493
48,955
SoFi
Technologies,
Inc.
(a)
7,963
145,006
Synchrony
Financial
2,731
182,267
563,701
Consumer
Staples
Distribution
&
Retail
(
2
.8
%
)
Albertsons
Cos.,
Inc.,
Class
 A
3,218
69,219
BJ's
Wholesale
Club
Holdings,
Inc.
(a)(b)
924
99,635
Casey's
General
Stores,
Inc.
288
146,958
Dollar
General
Corp.
1,548
177,060
Dollar
Tree,
Inc.
(a)
1,480
146,579
Kroger
Co.
(The)
(b)
4,857
348,393
Maplebear,
Inc.
(a)
1,290
58,359
Performance
Food
Group
Co.
(a)
1,192
104,264
Sprouts
Farmers
Market,
Inc.
(a)
758
124,797
Sysco
Corp.
3,712
281,147
Target
Corp.
3,198
315,483
U.S.
Foods
Holding
Corp.
(a)
1,787
137,617
2,009,511
Containers
&
Packaging
(
1
.7
%
)
Amcor
plc
18,487
169,896
AptarGroup,
Inc.
526
82,282
Avery
Dennison
Corp.
619
108,616
Ball
Corp.
2,227
124,912
Crown
Holdings,
Inc.
928
95,565
Graphic
Packaging
Holding
Co.
(b)
2,392
50,400
International
Paper
Co.
4,205
196,920
Packaging
Corp.
of
America
709
133,611
Sealed
Air
Corp.
1,163
36,088
Silgan
Holdings,
Inc.
709
38,414
Smurfit
WestRock
plc
4,108
177,260
1,213,964
Distributors
(
0
.4
%
)
Genuine
Parts
Co.
976
118,398
LKQ
Corp.
1,810
66,988
Pool
Corp.
(b)
258
75,202
260,588
Diversified
Consumer
Services
(
0
.7
%
)
ADT,
Inc.
3,438
29,120
Morgan
Stanley
ETF
Trust
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Diversified
Consumer
Services
(cont’d)
Adtalem
Global
Education,
Inc.
(a)
325
$
41,350
Bright
Horizons
Family
Solutions,
Inc.
(a)
526
65,008
Duolingo,
Inc.,
Class
 A
(a)
334
136,947
H&R
Block,
Inc.
1,227
67,350
Service
Corp.
International
(b)
1,283
104,436
Stride,
Inc.
(a)
393
57,059
501,270
Diversified
REITs
(
0
.2
%
)
Essential
Properties
Realty
Trust,
Inc.
(b)
1,579
50,386
WP
Carey,
Inc.
1,737
108,354
158,740
Electric
Utilities
(
1
.9
%
)
Alliant
Energy
Corp.
2,061
124,629
Evergy,
Inc.
1,824
125,728
Eversource
Energy
2,947
187,488
Exelon
Corp.
7,444
323,218
IDACORP,
Inc.
433
49,990
NRG
Energy,
Inc.
1,534
246,330
Portland
General
Electric
Co.
876
35,592
TXNM
Energy,
Inc.
668
37,622
Xcel
Energy,
Inc.
(b)
4,312
293,647
1,424,244
Electrical
Equipment
(
2
.0
%
)
Acuity,
Inc.
(b)
248
73,988
AMETEK,
Inc.
1,717
310,708
Hubbell,
Inc.,
Class
 B
428
174,800
NEXTracker,
Inc.,
Class
 A
(a)
1,155
62,797
nVent
Electric
plc
1,307
95,738
Regal
Rexnord
Corp.
530
76,829
Rockwell
Automation,
Inc.
863
286,663
Vertiv
Holdings
Co.,
Class
 A
2,798
359,291
1,440,814
Electronic
Equipment,
Instruments
&
Components
(
3
.3
%
)
Arrow
Electronics,
Inc.
(a)
364
46,384
Badger
Meter,
Inc.
236
57,808
CDW
Corp.
1,038
185,376
Cognex
Corp.
1,347
42,727
Coherent
Corp.
(a)
1,237
110,353
Corning,
Inc.
5,906
310,597
Flex
Ltd.
(a)
2,927
146,116
Itron,
Inc.
(a)
362
47,650
Jabil,
Inc.
825
179,932
Keysight
Technologies,
Inc.
(a)
1,374
225,144
Littelfuse,
Inc.
197
44,666
Ralliant
Corp.
(a)
908
44,013
TD
SYNNEX
Corp.
555
75,313
TE
Connectivity
plc
2,161
364,496
Teledyne
Technologies,
Inc.
(a)
374
191,604
Trimble,
Inc.
(a)
1,912
145,274
Vontier
Corp.
1,162
42,878
Zebra
Technologies
Corp.,
Class
 A
(a)
400
123,344
2,383,675
Energy
Equipment
&
Services
(
0
.4
%
)
Baker
Hughes
Co.,
Class
 A
7,538
289,007
Entertainment
(
1
.6
%
)
Electronic
Arts,
Inc.
1,767
282,190
Shares
Value
Liberty
Media
Corp-Liberty
Formula
One,
Class
 A
(a)
2,160
$
205,114
Liberty
Media
Corp-Liberty
Live,
Class
 A
(a)
619
49,198
Roku,
Inc.,
Class
 A
(a)
1,018
89,472
Take-Two
Interactive
Software,
Inc.
(a)
1,244
302,105
Warner
Bros
Discovery,
Inc.
(a)
19,831
227,263
Warner
Music
Group
Corp.,
Class
 A
1,269
34,568
1,189,910
Financial
Services
(
1
.9
%
)
Affirm
Holdings,
Inc.,
Class
 A
(a)
2,123
146,784
Corpay,
Inc.
(a)
538
178,519
Equitable
Holdings,
Inc.
2,179
122,242
Essent
Group
Ltd.
706
42,875
Euronet
Worldwide,
Inc.
(a)
321
32,543
Fidelity
National
Information
Services,
Inc.
3,908
318,150
Jack
Henry
&
Associates,
Inc.
573
103,238
Jackson
Financial,
Inc.,
Class
 A
505
44,839
MGIC
Investment
Corp.
1,680
46,771
Mr
Cooper
Group,
Inc.
(a)
451
67,294
PennyMac
Financial
Services,
Inc.
230
22,917
Shift4
Payments,
Inc.,
Class
 A
(a)(b)
522
51,736
Toast,
Inc.,
Class
 A
(a)
3,555
157,451
Voya
Financial,
Inc.
691
49,061
1,384,420
Food
Products
(
2
.0
%
)
Bunge
Global
SA
1,033
82,929
Campbell's
Co.
(The)
1,528
46,833
Conagra
Brands,
Inc.
3,691
75,555
Darling
Ingredients,
Inc.
(a)
1,214
46,059
General
Mills,
Inc.
4,244
219,882
Hershey
Co.
(The)
1,146
190,179
Hormel
Foods
Corp.
2,256
68,244
Ingredion,
Inc.
496
67,267
J.M.
Smucker
Co.
(The)
807
79,247
Kellanova
2,035
161,844
Kraft
Heinz
Co.
(The)
6,900
178,158
Lamb
Weston
Holdings,
Inc.
1,088
56,413
McCormick
&
Co.,
Inc.
(Non-Voting)
2,058
156,038
Pilgrim's
Pride
Corp.
320
14,394
Post
Holdings,
Inc.
(a)
383
41,758
1,484,800
Gas
Utilities
(
0
.1
%
)
Southwest
Gas
Holdings,
Inc.
514
38,236
UGI
Corp.
(b)
1,723
62,752
100,988
Ground
Transportation
(
1
.0
%
)
JB
Hunt
Transport
Services,
Inc.
707
101,525
Knight-Swift
Transportation
Holdings,
Inc.,
Class
 A
1,411
62,409
Landstar
System,
Inc.
316
43,930
Lyft,
Inc.,
Class
 A
(a)
3,020
47,595
Old
Dominion
Freight
Line,
Inc.
1,458
236,633
Ryder
System,
Inc.
360
57,240
Saia,
Inc.
(a)
239
65,484
XPO,
Inc.
(a)
1,028
129,826
744,642
Morgan
Stanley
ETF
Trust
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Health
Care
Equipment
&
Supplies
(
4
.1
%
)
Align
Technology,
Inc.
(a)
522
$
98,830
Baxter
International,
Inc.
3,906
118,274
Becton
Dickinson
&
Co.
2,075
357,419
Cooper
Cos.,
Inc.
(The)
(a)
1,522
108,305
Dexcom,
Inc.
(a)
2,968
259,077
Edwards
Lifesciences
Corp.
(a)
4,229
330,750
GE
HealthCare
Technologies,
Inc.
3,505
259,615
Glaukos
Corp.
(a)
423
43,692
Globus
Medical,
Inc.,
Class
 A
(a)
862
50,875
Hologic,
Inc.
(a)
1,696
110,511
IDEXX
Laboratories,
Inc.
(a)
596
319,659
Insulet
Corp.
(a)
538
169,029
Merit
Medical
Systems,
Inc.
(a)
443
41,411
Penumbra,
Inc.
(a)
289
74,166
ResMed,
Inc.
1,116
287,928
STERIS
plc
753
180,886
Teleflex,
Inc.
338
40,006
Zimmer
Biomet
Holdings,
Inc.
1,518
138,457
2,988,890
Health
Care
Providers
&
Services
(
1
.9
%
)
Centene
Corp.
(a)
3,777
205,016
Chemed
Corp.
111
54,049
CorVel
Corp.
(a)
207
21,276
DaVita,
Inc.
(a)
362
51,567
Encompass
Health
Corp.
762
93,444
Ensign
Group,
Inc.
(The)
426
65,715
Guardant
Health,
Inc.
(a)
903
46,992
HealthEquity,
Inc.
(a)
666
69,770
Henry
Schein,
Inc.
(a)
946
69,105
Humana,
Inc.
925
226,144
Labcorp
Holdings,
Inc.
640
168,006
Molina
Healthcare,
Inc.
(a)
411
122,437
Option
Care
Health,
Inc.
(a)
1,240
40,275
Quest
Diagnostics,
Inc.
853
153,224
1,387,020
Health
Care
REITs
(
0
.6
%
)
Alexandria
Real
Estate
Equities,
Inc.
1,375
99,866
American
Healthcare
REIT,
Inc.
1,270
46,660
CareTrust
REIT,
Inc.
1,531
46,849
Healthcare
Realty
Trust,
Inc.,
Class
 A
2,805
44,487
Healthpeak
Properties,
Inc.
5,565
97,443
Omega
Healthcare
Investors,
Inc.
2,323
85,138
420,443
Health
Care
Technology
(
0
.6
%
)
Doximity,
Inc.,
Class
 A
(a)
1,051
64,468
Veeva
Systems,
Inc.,
Class
 A
(a)
1,113
320,522
Waystar
Holding
Corp.
(a)
716
29,263
414,253
Hotel
&
Resort
REITs
(
0
.2
%
)
Host
Hotels
&
Resorts,
Inc.
5,499
84,465
Ryman
Hospitality
Properties,
Inc.
488
48,151
132,616
Hotels,
Restaurants
&
Leisure
(
1
.8
%
)
Aramark
2,025
84,787
Brinker
International,
Inc.
(a)
340
61,312
Cava
Group,
Inc.
(a)(b)
586
49,359
Shares
Value
Choice
Hotels
International,
Inc.
(b)
243
$
30,832
Darden
Restaurants,
Inc.
908
197,917
Domino's
Pizza,
Inc.
265
119,409
Hyatt
Hotels
Corp.,
Class
 A
372
51,950
Life
Time
Group
Holdings,
Inc.
(a)
940
28,510
Planet
Fitness,
Inc.,
Class
 A
(a)
774
84,405
Shake
Shack,
Inc.,
Class
 A
(a)
297
41,758
Texas
Roadhouse,
Inc.,
Class
 A
513
96,141
Vail
Resorts,
Inc.
336
52,795
Wingstop,
Inc.
216
72,736
Wyndham
Hotels
&
Resorts,
Inc.
699
56,766
Yum!
Brands,
Inc.
2,084
308,807
1,337,484
Household
Durables
(
1
.6
%
)
DR
Horton,
Inc.
2,124
273,826
Lennar
Corp.,
Class
 A
1,914
211,708
Mohawk
Industries,
Inc.
(a)
359
37,638
NVR,
Inc.
(a)
23
169,870
PulteGroup,
Inc.
1,602
168,947
Somnigroup
International,
Inc.
(b)
1,415
96,291
Taylor
Morrison
Home
Corp.,
Class
 A
(a)
786
48,276
Toll
Brothers,
Inc.
785
89,592
TopBuild
Corp.
(a)
229
74,136
1,170,284
Household
Products
(
0
.8
%
)
Church
&
Dwight
Co.,
Inc.
1,735
166,751
Clorox
Co.
(The)
867
104,100
Kimberly-Clark
Corp.
2,337
301,286
572,137
Independent
Power
and
Renewable
Electricity
Producers
(
0
.2
%
)
AES
Corp.
(The)
5,700
59,964
Brookfield
Renewable
Corp.
(b)
1,163
38,123
Clearway
Energy,
Inc.,
Class
 C
760
24,320
122,407
Industrial
REITs
(
0
.5
%
)
Americold
Realty
Trust,
Inc.
2,285
38,000
EastGroup
Properties,
Inc.
419
70,023
First
Industrial
Realty
Trust,
Inc.
1,056
50,825
Lineage,
Inc.
(b)
494
21,499
Rexford
Industrial
Realty,
Inc.
1,900
67,583
STAG
Industrial,
Inc.
1,492
54,130
Terreno
Realty
Corp.
(b)
814
45,641
347,701
Insurance
(
4
.1
%
)
American
Financial
Group,
Inc.
514
64,872
American
International
Group,
Inc.
4,137
354,086
Arch
Capital
Group
Ltd.
2,609
237,549
Axis
Capital
Holdings
Ltd.
546
56,686
Brown
&
Brown,
Inc.
1,936
214,644
Cincinnati
Financial
Corp.
1,105
164,557
Everest
Group
Ltd.
306
103,994
First
American
Financial
Corp.
911
55,926
Globe
Life,
Inc.
591
73,455
Hanover
Insurance
Group,
Inc.
(The)
257
43,657
Hartford
Insurance
Group,
Inc.
(The)
2,040
258,815
Kinsale
Capital
Group,
Inc.
159
76,940
Lincoln
National
Corp.
1,217
42,108
Morgan
Stanley
ETF
Trust
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Insurance
(cont’d)
Old
Republic
International
Corp.
1,639
$
63,003
Primerica,
Inc.
236
64,586
Principal
Financial
Group,
Inc.
1,604
127,406
Prudential
Financial,
Inc.
2,545
273,435
Reinsurance
Group
of
America,
Inc.
475
94,221
RenaissanceRe
Holdings
Ltd.
335
81,372
Ryan
Specialty
Holdings,
Inc.,
Class
 A
(b)
770
52,352
Selective
Insurance
Group,
Inc.
434
37,606
Unum
Group
1,244
100,465
W.
R.
Berkley
Corp.
2,130
156,491
Willis
Towers
Watson
plc
712
218,228
3,016,454
Interactive
Media
&
Services
(
0
.3
%
)
Pinterest,
Inc.,
Class
 A
(a)
4,630
166,032
Snap,
Inc.,
Class
 A
(a)
8,491
73,787
239,819
IT
Services
(
2
.1
%
)
Akamai
Technologies,
Inc.
(a)
1,134
90,448
Amdocs
Ltd.
876
79,926
Cognizant
Technology
Solutions
Corp.,
Class
 A
3,685
287,541
EPAM
Systems,
Inc.
(a)
432
76,386
Gartner,
Inc.
(a)
584
236,065
GoDaddy,
Inc.,
Class
 A
(a)
1,120
201,667
Kyndryl
Holdings,
Inc.
(a)
1,783
74,815
MongoDB,
Inc.,
Class
 A
(a)
622
130,614
Twilio,
Inc.,
Class
 A
(a)
1,148
142,765
VeriSign,
Inc.
658
190,030
1,510,257
Leisure
Products
(
0
.1
%
)
Hasbro,
Inc.
928
68,505
Mattel,
Inc.
(a)
2,262
44,607
113,112
Life
Sciences
Tools
&
Services
(
2
.0
%
)
Agilent
Technologies,
Inc.
2,173
256,436
Avantor,
Inc.
(a)
5,089
68,498
Bio-Rad
Laboratories,
Inc.,
Class
 A
(a)
144
34,750
Bio-Techne
Corp.
1,191
61,277
Bruker
Corp.
792
32,630
Charles
River
Laboratories
International,
Inc.
(a)
373
56,595
Illumina,
Inc.
(a)
1,181
112,679
IQVIA
Holdings,
Inc.
(a)
1,317
207,546
Medpace
Holdings,
Inc.
(a)
180
56,495
Mettler-Toledo
International,
Inc.
(a)
159
186,781
PerkinElmer,
Inc.
902
87,242
Repligen
Corp.
(a)
408
50,747
Waters
Corp.
(a)
456
159,162
West
Pharmaceutical
Services,
Inc.
549
120,121
1,490,959
Machinery
(
5
.4
%
)
AGCO
Corp.
497
51,270
Allison
Transmission
Holdings,
Inc.
674
64,023
Chart
Industries,
Inc.
(a)
360
59,274
CNH
Industrial
NV
6,506
84,318
Cummins,
Inc.
1,002
328,155
Donaldson
Co.,
Inc.
932
64,634
Dover
Corp.
1,098
201,186
Shares
Value
Esab
Corp.
456
$
54,971
ESCO
Technologies,
Inc.
206
39,525
Federal
Signal
Corp.
478
50,869
Flowserve
Corp.
1,046
54,758
Fortive
Corp.
2,723
141,950
Gates
Industrial
Corp.
plc
(a)
2,036
46,889
Graco,
Inc.
1,332
114,512
IDEX
Corp.
607
106,571
Ingersoll
Rand,
Inc.
3,136
260,852
ITT,
Inc.
629
98,646
JBT
Marel
Corp.
410
49,307
Lincoln
Electric
Holdings,
Inc.
430
89,148
Middleby
Corp.
(The)
(a)
424
61,056
Mueller
Industries,
Inc.
860
68,344
Nordson
Corp.
413
88,535
Oshkosh
Corp.
514
58,360
Otis
Worldwide
Corp.
2,992
296,268
PACCAR,
Inc.
3,749
356,380
Pentair
plc
1,316
135,101
Snap-on,
Inc.
417
129,762
SPX
Technologies,
Inc.
(a)
365
61,203
Stanley
Black
&
Decker,
Inc.
(b)
1,241
84,078
Timken
Co.
(The)
504
36,565
Toro
Co.
(The)
792
55,979
Watts
Water
Technologies,
Inc.,
Class
 A
218
53,604
Westinghouse
Air
Brake
Technologies
Corp.
1,308
273,830
Xylem,
Inc.
1,915
247,724
3,967,647
Media
(
1
.1
%
)
Interpublic
Group
of
Cos.,
Inc.
(The)
3,417
83,648
Liberty
Broadband
Corp.,
Class
 C
(a)
1,030
101,331
New
York
Times
Co.
(The),
Class
 A
1,481
82,906
Nexstar
Media
Group,
Inc.,
Class
 A
261
45,140
Omnicom
Group,
Inc.
1,789
128,701
Paramount
Global,
Class
 B
5,079
65,519
Sirius
XM
Holdings,
Inc.
1,992
45,756
Trade
Desk,
Inc.
(The),
Class
 A
(a)
3,456
248,798
801,799
Metals
&
Mining
(
1
.1
%
)
Carpenter
Technology
Corp.
520
143,718
Commercial
Metals
Co.
1,825
89,261
Nucor
Corp.
1,900
246,126
Reliance,
Inc.
504
158,205
Steel
Dynamics,
Inc.
1,289
165,005
802,315
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(
0
.3
%
)
AGNC
Investment
Corp.
(b)
6,217
57,134
Annaly
Capital
Management,
Inc.
4,349
81,848
Rithm
Capital
Corp.
3,801
42,914
Starwood
Property
Trust,
Inc.
(b)
2,300
46,161
228,057
Multi-Utilities
(
3
.2
%
)
Ameren
Corp.
2,216
212,825
CMS
Energy
Corp.
2,390
165,579
Consolidated
Edison,
Inc.
2,729
273,855
Dominion
Energy,
Inc.
6,198
350,311
DTE
Energy
Co.
1,663
220,281
NiSource,
Inc.
3,775
152,283
Morgan
Stanley
ETF
Trust
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Multi-Utilities
(cont’d)
Public
Service
Enterprise
Group,
Inc.
3,733
$
314,244
Sempra
4,702
356,271
WEC
Energy
Group,
Inc.
2,462
256,540
2,302,189
Office
REITs
(
0
.3
%
)
BXP,
Inc.
1,271
85,754
COPT
Defense
Properties
905
24,960
Cousins
Properties,
Inc.
1,339
40,210
Kilroy
Realty
Corp.
929
31,874
Vornado
Realty
Trust
1,444
55,219
238,017
Oil,
Gas
&
Consumable
Fuels
(
0
.3
%
)
Occidental
Petroleum
Corp.
5,497
230,929
Paper
&
Forest
Products
(
0
.1
%
)
Louisiana-Pacific
Corp.
482
41,447
Passenger
Airlines
(
0
.5
%
)
Alaska
Air
Group,
Inc.
(a)
1,086
53,735
American
Airlines
Group,
Inc.
(a)(b)
5,835
65,469
Delta
Air
Lines,
Inc.
5,113
251,457
370,661
Personal
Care
Products
(
0
.7
%
)
BellRing
Brands,
Inc.
(a)
885
51,268
elf
Beauty,
Inc.
(a)
380
47,287
Estee
Lauder
Cos.,
Inc.
(The),
Class
 A
1,645
132,916
Kenvue,
Inc.
13,538
283,351
514,822
Pharmaceuticals
(
0
.4
%
)
Corcept
Therapeutics,
Inc.
(a)
720
52,848
Elanco
Animal
Health,
Inc.
(a)
3,778
53,950
Jazz
Pharmaceuticals
plc
(a)(b)
452
47,966
Royalty
Pharma
plc,
Class
 A
2,955
106,469
261,233
Professional
Services
(
2
.4
%
)
Amentum
Holdings,
Inc.
(a)
1,300
30,693
Booz
Allen
Hamilton
Holding
Corp.,
Class
 A
1,140
118,708
Broadridge
Financial
Solutions,
Inc.
925
224,803
Dayforce,
Inc.
(a)
1,218
67,465
Equifax,
Inc.
964
250,033
ExlService
Holdings,
Inc.
(a)
1,239
54,256
FTI
Consulting,
Inc.
(a)
313
50,549
Genpact
Ltd.
1,268
55,805
Parsons
Corp.
(a)
362
25,981
Paycom
Software,
Inc.
405
93,717
Paylocity
Holding
Corp.
(a)
353
63,960
Robert
Half,
Inc.
917
37,643
Science
Applications
International
Corp.
369
41,553
SS&C
Technologies
Holdings,
Inc.
1,695
140,346
TransUnion
1,798
158,224
UL
Solutions,
Inc.,
Class
 A
570
41,530
Verisk
Analytics,
Inc.,
Class
 A
1,031
321,156
1,776,422
Real
Estate
Management
&
Development
(
1
.1
%
)
CBRE
Group,
Inc.,
Class
 A
(a)
2,252
315,550
CoStar
Group,
Inc.
(a)
3,290
264,516
Jones
Lang
LaSalle,
Inc.
(a)
379
96,941
Shares
Value
Zillow
Group,
Inc.,
Class
 C
(a)
1,679
$
117,614
794,621
Residential
REITs
(
1
.8
%
)
AvalonBay
Communities,
Inc.
(b)
1,133
230,566
Camden
Property
Trust
844
95,110
Equity
LifeStyle
Properties,
Inc.
1,499
92,443
Equity
Residential
3,032
204,630
Essex
Property
Trust,
Inc.
515
145,951
Invitation
Homes,
Inc.
4,908
160,983
Mid-America
Apartment
Communities,
Inc.
933
138,093
Sun
Communities,
Inc.
1,014
128,261
UDR,
Inc.
2,652
108,281
1,304,318
Retail
REITs
(
1
.2
%
)
Brixmor
Property
Group,
Inc.
2,442
63,590
Federal
Realty
Investment
Trust
688
65,353
Kimco
Realty
Corp.
5,327
111,974
Kite
Realty
Group
Trust
1,748
39,592
NNN
REIT,
Inc.
1,498
64,684
Phillips
Edison
&
Co.,
Inc.
1,002
35,100
Realty
Income
Corp.
6,509
374,983
Regency
Centers
Corp.
(b)
1,450
103,283
858,559
Semiconductors
&
Semiconductor
Equipment
(
2
.9
%
)
Allegro
MicroSystems,
Inc.
(a)
970
33,164
Astera
Labs,
Inc.
(a)
871
78,756
Cirrus
Logic,
Inc.
(a)
406
42,327
Enphase
Energy,
Inc.
(a)
840
33,306
Entegris,
Inc.
1,183
95,409
First
Solar,
Inc.
(a)
674
111,574
Lattice
Semiconductor
Corp.
(a)(b)
1,070
52,419
Marvell
Technology,
Inc.
6,192
479,261
Microchip
Technology,
Inc.
4,178
294,006
MKS,
Inc.
536
53,257
Monolithic
Power
Systems,
Inc.
364
266,222
ON
Semiconductor
Corp.
(a)
3,284
172,114
Qorvo,
Inc.
(a)
730
61,984
Rambus,
Inc.
(a)
844
54,033
Skyworks
Solutions,
Inc.
1,184
88,232
Teradyne,
Inc.
1,266
113,839
Universal
Display
Corp.
345
53,289
2,083,192
Software
(
4
.6
%
)
ACI
Worldwide,
Inc.
(a)
817
37,508
ANSYS,
Inc.
(a)
693
243,395
Appfolio,
Inc.,
Class
 A
(a)
174
40,069
Bentley
Systems,
Inc.,
Class
 B
1,001
54,024
Box,
Inc.,
Class
 A
(a)
1,099
37,553
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)(b)
4,097
38,553
Clearwater
Analytics
Holdings,
Inc.,
Class
 A
(a)
1,908
41,842
CommVault
Systems,
Inc.
(a)
343
59,795
Confluent,
Inc.,
Class
 A
(a)
2,131
53,126
Datadog,
Inc.,
Class
 A
(a)
2,345
315,004
Docusign,
Inc.,
Class
 A
(a)
1,583
123,300
Dolby
Laboratories,
Inc.,
Class
 A
480
35,645
Dropbox,
Inc.,
Class
 A
(a)
1,757
50,250
Dynatrace,
Inc.
(a)
2,337
129,026
Elastic
NV
(a)
714
60,211
Morgan
Stanley
ETF
Trust
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Software
(cont’d)
Fair
Isaac
Corp.
(a)
177
$
323,549
Gen
Digital,
Inc.
4,440
130,536
Guidewire
Software,
Inc.
(a)
662
155,868
HubSpot,
Inc.
(a)
402
223,765
Manhattan
Associates,
Inc.
(a)
474
93,601
MARA
Holdings,
Inc.
(a)
2,722
42,681
Nutanix,
Inc.,
Class
 A
(a)
2,015
154,026
PTC,
Inc.
(a)
939
161,827
Q2
Holdings,
Inc.
(a)
471
44,081
Qualys,
Inc.
(a)
285
40,718
Samsara,
Inc.,
Class
 A
(a)
2,217
88,192
SentinelOne,
Inc.,
Class
 A
(a)(b)
2,363
43,196
SPS
Commerce,
Inc.
(a)
297
40,419
Tyler
Technologies,
Inc.
(a)
339
200,973
Varonis
Systems,
Inc.,
Class
 B
(a)
845
42,884
Zscaler,
Inc.
(a)
765
240,164
3,345,781
Specialized
REITs
(
1
.8
%
)
Crown
Castle,
Inc.
3,211
329,866
CubeSmart
1,815
77,138
Extra
Space
Storage,
Inc.
1,644
242,391
Iron
Mountain,
Inc.
2,317
237,655
Lamar
Advertising
Co.,
Class
 A
702
85,195
National
Storage
Affiliates
Trust
566
18,106
SBA
Communications
Corp.,
Class
 A
853
200,319
Weyerhaeuser
Co.
4,805
123,440
1,314,110
Specialty
Retail
(
2
.3
%
)
AutoNation,
Inc.
(a)
195
38,737
Bath
&
Body
Works,
Inc.
1,476
44,221
Best
Buy
Co.,
Inc.
1,375
92,304
Boot
Barn
Holdings,
Inc.
(a)
213
32,376
Burlington
Stores,
Inc.
(a)
443
103,059
CarMax,
Inc.
(a)
1,070
71,915
Chewy,
Inc.,
Class
 A
(a)
1,352
57,622
Dick's
Sporting
Goods,
Inc.
384
75,959
Five
Below,
Inc.
(a)
379
49,717
Floor
&
Decor
Holdings,
Inc.,
Class
 A
(a)
747
56,742
GameStop
Corp.,
Class
 A
(a)
2,884
70,341
Gap,
Inc.
(The)
1,704
37,164
Group
1
Automotive,
Inc.
87
37,994
Lithia
Motors,
Inc.,
Class
 A
179
60,470
Penske
Automotive
Group,
Inc.
130
22,335
Ross
Stores,
Inc.
2,270
289,607
Tractor
Supply
Co.
3,853
203,323
Ulta
Beauty,
Inc.
(a)
317
148,299
Urban
Outfitters,
Inc.
(a)
393
28,508
Williams-Sonoma,
Inc.
835
136,414
1,657,107
Technology
Hardware,
Storage
&
Peripherals
(
1
.9
%
)
Hewlett
Packard
Enterprise
Co.
10,336
211,371
HP,
Inc.
7,414
181,346
NetApp,
Inc.
1,626
173,250
Pure
Storage,
Inc.,
Class
 A
(a)
2,444
140,726
Sandisk
Corp.
(a)
913
41,405
Seagate
Technology
Holdings
plc
1,671
241,175
Super
Micro
Computer,
Inc.
(a)(b)
4,055
198,736
Shares
Value
Western
Digital
Corp.
2,734
$
174,949
1,362,958
Textiles,
Apparel
&
Luxury
Goods
(
0
.7
%
)
Crocs,
Inc.
(a)
380
38,486
Deckers
Outdoor
Corp.
(a)
1,037
106,884
Lululemon
Athletica,
Inc.
(a)
738
175,334
Ralph
Lauren
Corp.,
Class
 A
262
71,861
Tapestry,
Inc.
1,460
128,203
VF
Corp.
2,576
30,268
551,036
Trading
Companies
&
Distributors
(
2
.1
%
)
Air
Lease
Corp.,
Class
 A
836
48,898
Applied
Industrial
Technologies,
Inc.
304
70,665
Core
&
Main,
Inc.,
Class
 A
(a)
1,522
91,853
Fastenal
Co.
8,078
339,276
Ferguson
Enterprises,
Inc.
1,376
299,624
FTAI
Aviation
Ltd.
810
93,182
GATX
Corp.
284
43,611
SiteOne
Landscape
Supply,
Inc.
(a)
312
37,733
United
Rentals,
Inc.
475
357,865
Watsco,
Inc.
283
124,978
WESCO
International,
Inc.
338
62,598
1,570,283
Water
Utilities
(
0
.4
%
)
American
Water
Works
Co.,
Inc.
1,564
217,568
Essential
Utilities,
Inc.
2,021
75,060
292,628
Total
Common
Stocks
(Cost
$67,044,945)
72,640,955
Short-Term
Investments
(0.3%)
Investment
Company
(0.1%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(c)
(Cost
$98,481)
98,481
98,481
Security
held
as
Collateral
on
Loaned
Securities
(
0
.2
%
)
Investment
Company
(0.2%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(c)
(Cost
$148,478)
148,478
148,478
Total
Short-Term
Investments
(Cost
$246,959)
246,959
–
Total
Investments
(
100
.1
%
)
(Cost
$
67,291,904
)
including
$
2,507,183
of
Securities
Loaned
(d)
72,887,914
Liabilities
in
Excess
of
Other
Assets
(
-0.1%
)
(75,022)
NET
ASSETS
(100.0%)
$
72,812,892
Morgan
Stanley
ETF
Trust
Calvert
US
Mid-Cap
Core
Responsible
Index
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(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
June
30,
2025
,
were
$
2,507,183
and
$
2,565,854
,
respectively.
The
Fund
received
cash
collateral
of
$
148,478
,
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
$
2,417,376
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
June
30,
2025,
management
fees
paid
were
reduced
by
$219
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(d)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$67,291,904.
The
aggregate
gross
unrealized
appreciation
is
$8,858,076
and
the
aggregate
gross
unrealized
depreciation
is
$3,262,066,
resulting
in
net
unrealized
appreciation
of
$5,596,010.
REIT
Real
Estate
Investment
Trust
Sector
Classification
of
Portfolio
*
Classification  
Percentage
of
Total
Investments
Industrials
19
.5
%
Financials
15
.7
Information
Technology
15
.2
Health
Care
11
.0
Consumer
Discretionary
9
.7
Other**
8
.4
Real
Estate
7
.7
Consumer
Staples
7
.0
Utilities
5
.8
Total
Investments
100
.0
%
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Calvert
US
Select
Equity
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Shares
Value
Common
Stocks
(99.9%)
Aerospace
&
Defense
(
0
.1
%
)
Hexcel
Corp.
119
$
6,722
Air
Freight
&
Logistics
(
0
.0
%
)
(a)
Expeditors
International
of
Washington,
Inc.
37
4,227
Automobile
Components
(
0
.0
%
)
(a)
Aptiv
plc
(b)
58
3,957
Automobiles
(
0
.6
%
)
General
Motors
Co.
1,630
80,212
Banks
(
1
.6
%
)
Citizens
Financial
Group,
Inc.
1,895
84,801
Fifth
Third
Bancorp
310
12,750
PNC
Financial
Services
Group,
Inc.
(The)
439
81,839
Truist
Financial
Corp.
828
35,596
214,986
Biotechnology
(
2
.2
%
)
Alnylam
Pharmaceuticals,
Inc.
(b)
138
45,000
Amgen,
Inc.
175
48,862
Exact
Sciences
Corp.
(b)
81
4,304
Gilead
Sciences,
Inc.
366
40,579
Moderna,
Inc.
(b)
210
5,794
Neurocrine
Biosciences,
Inc.
(b)
171
21,493
Regeneron
Pharmaceuticals,
Inc.
62
32,550
United
Therapeutics
Corp.
(b)
89
25,574
Vertex
Pharmaceuticals,
Inc.
(b)
163
72,568
296,724
Broadline
Retail
(
0
.8
%
)
eBay,
Inc.
1,306
97,245
Etsy,
Inc.
(b)
254
12,740
109,985
Building
Products
(
0
.7
%
)
Trane
Technologies
plc
224
97,980
Capital
Markets
(
5
.1
%
)
BlackRock,
Inc.
138
144,796
Charles
Schwab
Corp.
(The)
1,096
99,999
Intercontinental
Exchange,
Inc.
456
83,662
Nasdaq,
Inc.
876
78,332
Northern
Trust
Corp.
(c)
414
52,491
Raymond
James
Financial,
Inc.
(c)
161
24,693
S&P
Global,
Inc.
295
155,551
State
Street
Corp.
408
43,387
682,911
Chemicals
(
1
.9
%
)
Ecolab,
Inc.
462
124,481
FMC
Corp.
369
15,406
Linde
plc
71
33,312
Mosaic
Co.
(The)
1,495
54,538
Sherwin-Williams
Co.
(The)
76
26,095
253,832
Commercial
Services
&
Supplies
(
1
.6
%
)
Cintas
Corp.
609
135,728
Copart,
Inc.
(b)
778
38,177
RB
Global,
Inc.
354
37,591
211,496
Shares
Value
Communications
Equipment
(
1
.9
%
)
Ciena
Corp.
(b)
627
$
50,994
Cisco
Systems,
Inc.
2,757
191,281
Lumentum
Holdings,
Inc.
(b)(c)
205
19,487
261,762
Construction
Materials
(
0
.5
%
)
CRH
plc
792
72,706
Consumer
Finance
(
3
.4
%
)
American
Express
Co.
672
214,354
Capital
One
Financial
Corp.
1,176
250,206
464,560
Consumer
Staples
Distribution
&
Retail
(
0
.7
%
)
Target
Corp.
618
60,966
U.S.
Foods
Holding
Corp.
(b)
401
30,881
91,847
Containers
&
Packaging
(
0
.1
%
)
Ball
Corp.
189
10,601
Distributors
(
0
.3
%
)
Genuine
Parts
Co.
292
35,422
LKQ
Corp.
272
10,067
45,489
Diversified
Consumer
Services
(
0
.4
%
)
Bright
Horizons
Family
Solutions,
Inc.
(b)
272
33,617
Service
Corp.
International
(c)
306
24,908
58,525
Electric
Utilities
(
1
.4
%
)
Eversource
Energy
916
58,276
Exelon
Corp.
2,500
108,550
NextEra
Energy,
Inc.
235
16,314
183,140
Electrical
Equipment
(
2
.8
%
)
Eaton
Corp.
plc
630
224,904
Emerson
Electric
Co.
590
78,665
Regal
Rexnord
Corp.
41
5,943
Rockwell
Automation,
Inc.
218
72,413
381,925
Entertainment
(
4
.2
%
)
Electronic
Arts,
Inc.
323
51,583
Netflix,
Inc.
(b)
260
348,174
Walt
Disney
Co.
(The)
1,342
166,421
566,178
Financial
Services
(
3
.9
%
)
Mastercard,
Inc.,
Class
 A
388
218,033
PayPal
Holdings,
Inc.
(b)
467
34,707
Rocket
Cos.,
Inc.,
Class
 A
(c)
654
9,274
Visa,
Inc.,
Class
 A
748
265,577
527,591
Food
Products
(
1
.4
%
)
Darling
Ingredients,
Inc.
(b)
471
17,870
General
Mills,
Inc.
1,718
89,009
J.M.
Smucker
Co.
(The)
278
27,300
McCormick
&
Co.,
Inc.
(Non-Voting)
703
53,301
187,480
Morgan
Stanley
ETF
Trust
Calvert
US
Select
Equity
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Ground
Transportation
(
0
.1
%
)
JB
Hunt
Transport
Services,
Inc.
77
$
11,057
Health
Care
Equipment
&
Supplies
(
4
.4
%
)
Abbott
Laboratories
1,655
225,097
Boston
Scientific
Corp.
(b)
2,551
274,003
Edwards
Lifesciences
Corp.
(b)
283
22,133
Insulet
Corp.
(b)
166
52,154
ResMed,
Inc.
78
20,124
593,511
Health
Care
Providers
&
Services
(
0
.4
%
)
DaVita,
Inc.
(b)
129
18,376
Humana,
Inc.
144
35,205
53,581
Health
Care
REITs
(
0
.1
%
)
Ventas,
Inc.
268
16,924
Hotels,
Restaurants
&
Leisure
(
1
.1
%
)
Darden
Restaurants,
Inc.
401
87,406
Planet
Fitness,
Inc.,
Class
 A
(b)
275
29,989
Vail
Resorts,
Inc.
164
25,769
143,164
Industrial
REITs
(
0
.8
%
)
Prologis,
Inc.
1,069
112,373
Insurance
(
3
.0
%
)
Aon
plc,
Class
 A
118
42,098
Hartford
Insurance
Group,
Inc.
(The)
229
29,053
MetLife,
Inc.
1,461
117,493
Progressive
Corp.
(The)
538
143,571
Prudential
Financial,
Inc.
576
61,885
Travelers
Cos.,
Inc.
(The)
44
11,772
405,872
IT
Services
(
2
.3
%
)
Accenture
plc,
Class
 A
674
201,452
Akamai
Technologies,
Inc.
(b)
328
26,161
Twilio,
Inc.,
Class
 A
(b)
405
50,366
VeriSign,
Inc.
122
35,234
313,213
Life
Sciences
Tools
&
Services
(
0
.3
%
)
Danaher
Corp.
178
35,162
Repligen
Corp.
(b)
65
8,085
43,247
Machinery
(
3
.9
%
)
Deere
&
Co.
245
124,580
Ingersoll
Rand,
Inc.
509
42,339
Parker-Hannifin
Corp.
411
287,071
Stanley
Black
&
Decker,
Inc.
(c)
106
7,181
Westinghouse
Air
Brake
Technologies
Corp.
226
47,313
Xylem,
Inc.
86
11,125
519,609
Media
(
0
.8
%
)
Interpublic
Group
of
Cos.,
Inc.
(The)
1,758
43,036
Omnicom
Group,
Inc.
872
62,732
105,768
Metals
&
Mining
(
0
.7
%
)
Nucor
Corp.
285
36,919
Shares
Value
Steel
Dynamics,
Inc.
426
$
54,532
91,451
Multi-Utilities
(
1
.3
%
)
Consolidated
Edison,
Inc.
731
73,356
Public
Service
Enterprise
Group,
Inc.
1,170
98,490
171,846
Personal
Care
Products
(
0
.4
%
)
Estee
Lauder
Cos.,
Inc.
(The),
Class
 A
595
48,076
Pharmaceuticals
(
3
.0
%
)
Bristol-Myers
Squibb
Co.
(c)
765
35,412
Eli
Lilly
&
Co.
308
240,095
Merck
&
Co.,
Inc.
1,044
82,643
Pfizer,
Inc.
1,990
48,238
406,388
Professional
Services
(
2
.0
%
)
Automatic
Data
Processing,
Inc.
741
228,524
Genpact
Ltd.
319
14,039
Verisk
Analytics,
Inc.,
Class
 A
63
19,625
262,188
Real
Estate
Management
&
Development
(
1
.6
%
)
CBRE
Group,
Inc.,
Class
 A
(b)
624
87,435
CoStar
Group,
Inc.
(b)
972
78,149
Jones
Lang
LaSalle,
Inc.
(b)
217
55,504
221,088
Residential
REITs
(
0
.3
%
)
Equity
Residential
527
35,567
Semiconductors
&
Semiconductor
Equipment
(
11
.1
%
)
Advanced
Micro
Devices,
Inc.
(b)
436
61,869
Analog
Devices,
Inc.
233
55,459
Applied
Materials,
Inc.
418
76,523
First
Solar,
Inc.
(b)
26
4,304
Intel
Corp.
1,498
33,555
KLA
Corp.
11
9,853
Lam
Research
Corp.
783
76,217
Micron
Technology,
Inc.
462
56,942
NVIDIA
Corp.
6,385
1,008,766
QUALCOMM,
Inc.
443
70,552
Texas
Instruments,
Inc.
240
49,829
1,503,869
Software
(
14
.0
%
)
Adobe,
Inc.
(b)
140
54,163
Atlassian
Corp.,
Class
 A
(b)
166
33,713
Autodesk,
Inc.
(b)
305
94,419
Cadence
Design
Systems,
Inc.
(b)
155
47,763
Elastic
NV
(b)
169
14,252
Guidewire
Software,
Inc.
(b)
140
32,963
Intuit,
Inc.
176
138,623
Microsoft
Corp.
2,066
1,027,649
Palo
Alto
Networks,
Inc.
(b)
437
89,428
Salesforce,
Inc.
497
135,527
ServiceNow,
Inc.
(b)
153
157,296
Synopsys,
Inc.
(b)
95
48,704
Workday,
Inc.,
Class
 A
(b)
69
16,560
1,891,060
Morgan
Stanley
ETF
Trust
Calvert
US
Select
Equity
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Specialized
REITs
(
0
.5
%
)
American
Tower
Corp.
276
$
61,002
Specialty
Retail
(
2
.8
%
)
Best
Buy
Co.,
Inc.
661
44,373
Dick's
Sporting
Goods,
Inc.
77
15,232
Gap,
Inc.
(The)
672
14,656
Home
Depot,
Inc.
(The)
292
107,059
Lithia
Motors,
Inc.,
Class
 A
19
6,419
Lowe's
Cos.,
Inc.
128
28,399
TJX
Cos.,
Inc.
(The)
533
65,820
Tractor
Supply
Co.
(c)
306
16,148
Ulta
Beauty,
Inc.
(b)
99
46,314
Williams-Sonoma,
Inc.
230
37,575
381,995
Technology
Hardware,
Storage
&
Peripherals
(
6
.6
%
)
Apple,
Inc.
3,535
725,276
Dell
Technologies,
Inc.,
Class
 C
236
28,933
Hewlett
Packard
Enterprise
Co.
2,855
58,385
HP,
Inc.
3,308
80,914
893,508
Textiles,
Apparel
&
Luxury
Goods
(
1
.4
%
)
Deckers
Outdoor
Corp.
(b)
180
18,552
Lululemon
Athletica,
Inc.
(b)
177
42,052
NIKE,
Inc.,
Class
 B
391
27,777
Ralph
Lauren
Corp.,
Class
 A
187
51,290
Tapestry,
Inc.
585
51,369
191,040
Trading
Companies
&
Distributors
(
1
.2
%
)
Core
&
Main,
Inc.,
Class
 A
(b)
536
32,348
Ferguson
Enterprises,
Inc.
134
29,178
United
Rentals,
Inc.
100
75,340
WESCO
International,
Inc.
127
23,520
160,386
Water
Utilities
(
0
.2
%
)
American
Water
Works
Co.,
Inc.
195
27,126
Total
Common
Stocks
(Cost
$12,613,267)
13,479,745
Short-Term
Investments
(0.2%)
Investment
Company
(0.1%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(d)
(Cost
$15,782)
15,782
15,782
Shares
Value
Security
held
as
Collateral
on
Loaned
Securities
(
0
.1
%
)
Investment
Company
(0.1%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(d)
(Cost
$13,628)
13,628
$
13,628
Total
Short-Term
Investments
(Cost
$29,410)
29,410
–
Total
Investments
(
100
.1
%
)
(Cost
$
12,642,677
)
including
$
160,905
of
Securities
Loaned
(e)
13,509,155
Liabilities
in
Excess
of
Other
Assets
(
-0.1%
)
(7,753)
NET
ASSETS
(100.0%)
$
13,501,402
(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
June
30,
2025
,
were
$
160,905
and
$
164,323
,
respectively.
The
Fund
received
cash
collateral
of
$
13,628
,
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
$
150,695
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
June
30,
2025,
management
fees
paid
were
reduced
by
$42
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(e)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$12,642,677.
The
aggregate
gross
unrealized
appreciation
is
$1,482,517
and
the
aggregate
gross
unrealized
depreciation
is
$616,039,
resulting
in
net
unrealized
appreciation
of
$866,478.
REIT
Real
Estate
Investment
Trust
Sector
Classification
of
Portfolio
*
Classification  
Percentage
of
Total
Investments
Information
Technology
36
.0
%
Financials
17
.0
Industrials
12
.3
Other**
11
.9
Health
Care
10
.3
Consumer
Discretionary
7
.5
Communication
Services
5
.0
Total
Investments
100
.0
%
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Shares
Value
Common
Stocks
(0.1%)
Software
(0.1%)
Cohesity,
Inc.
Series
 G
16,507
$
379,661
Series
 G-1
11,404
262,292
–
Total
Common
Stocks
(Cost
$572,175)
641,953
–
Face
Amount
Fixed
Income
Securities
(98.4%)
Asset-Backed
Securities
(
9.0%
)
Ares
LIV
CLO
Ltd.,
2019-54A
CME
Term
SOFR
3
Month
+
7.60%,
11.86%,
10/15/32(a)(b)
$
1,000,000
1,014,994
Ares
LVII
CLO
Ltd.,
2020-57A
CME
Term
SOFR
3
Month
+
6.53%,
10.81%,
1/25/35(a)(b)
2,750,000
2,760,455
Ares
LXI
CLO
Ltd.,
2021-61A
CME
Term
SOFR
3
Month
+
6.84%,
11.11%,
4/20/37(a)(b)
2,000,000
2,008,114
Ares
LXXVII
CLO
Ltd.,
2025-77A
CME
Term
SOFR
3
Month
+
5.55%,
0.00%,
7/15/38(a)(b)
2,000,000
2,010,000
Ballyrock
CLO
15
Ltd.,
2021-1A
CME
Term
SOFR
3
Month
+
5.25%,
9.51%,
1/15/38(a)(b)
3,500,000
3,435,019
Ballyrock
CLO
16
Ltd.,
2021-16A
CME
Term
SOFR
3
Month
+
3.75%,
8.00%,
4/20/38(a)(b)
2,100,000
2,078,561
2021-16A
CME
Term
SOFR
3
Month
+
5.15%,
9.40%,
4/20/38(a)(b)
3,000,000
2,959,920
Barings
CLO
Ltd.,
2022-4A
CME
Term
SOFR
3
Month
+
6.75%,
11.02%,
10/20/37(a)(b)
3,750,000
3,805,028
2024-3A
CME
Term
SOFR
3
Month
+
5.90%,
10.17%,
7/20/37(a)(b)
3,000,000
3,048,087
Battalion
CLO
XXIX
Ltd.,
2025-29A
CME
Term
SOFR
3
Month
+
6.35%,
10.63%,
3/31/38(a)(b)
2,000,000
2,010,000
Bear
Mountain
Park
CLO
Ltd.,
2022-1A
CME
Term
SOFR
3
Month
+
5.95%,
10.21%,
7/15/37(a)(b)
3,000,000
3,014,727
Benefit
Street
Partners
CLO
XV
Ltd.,
2018-15A
CME
Term
SOFR
3
Month
+
6.45%,
10.71%,
7/15/37(a)(b)
3,000,000
3,011,148
Face
Amount
Value
Benefit
Street
Partners
CLO
XVI
Ltd.,
2018-16A
CME
Term
SOFR
3
Month
+
4.90%,
9.18%,
1/17/38(a)(b)
$
3,000,000
$
2,983,146
Betony
CLO
2
Ltd.,
2018-1A
CME
Term
SOFR
3
Month
+
5.91%,
10.19%,
4/30/31(a)(b)
3,750,000
3,687,503
BlueMountain
CLO
XXX
Ltd.,
2020-30A
CME
Term
SOFR
3
Month
+
6.70%,
10.96%,
4/15/35(a)(b)
2,000,000
1,970,668
BlueMountain
CLO
XXXIV
Ltd.,
2022-34A
CME
Term
SOFR
3
Month
+
7.55%,
11.82%,
4/20/35(a)(b)
1,000,000
1,002,897
Bowling
Green
Park
CLO
LLC,
2019-1A
CME
Term
SOFR
3
Month
+
4.50%,
8.09%,
4/18/35(a)(b)
3,825,000
3,670,577
Bryant
Park
Funding
Ltd.,
2023-19A
CME
Term
SOFR
3
Month
+
5.00%,
9.29%,
4/15/38(a)(b)
5,000,000
4,869,000
2024-23A
CME
Term
SOFR
3
Month
+
6.73%,
11.06%,
5/15/37(a)(b)
3,500,000
3,554,449
Canyon
Capital
CLO
Ltd.,
2019-1A
CME
Term
SOFR
3
Month
+
7.50%,
11.76%,
7/15/37(a)(b)
3,000,000
2,984,946
Carlyle
US
CLO
Ltd.,
2019-3A
CME
Term
SOFR
3
Month
+
7.34%,
11.61%,
4/20/37(a)(b)
2,000,000
2,039,032
2021-1A
CME
Term
SOFR
3
Month
+
7.30%,
11.56%,
1/15/40(a)(b)
4,000,000
4,102,448
CIFC
Funding
Ltd.,
2022-1A
CME
Term
SOFR
3
Month
+
6.40%,
10.68%,
4/17/35(a)(b)
1,000,000
1,006,661
Crown
Point
CLO
10
Ltd.,
2021-10A
CME
Term
SOFR
3
Month
+
7.11%,
11.38%,
7/20/34(a)(b)
3,000,000
2,959,248
Dryden
87
CLO
Ltd.,
2021-87A
CME
Term
SOFR
3
Month
+
6.41%,
10.73%,
5/20/34(a)(b)
2,500,000
2,486,912
Elmwood
CLO
VI
Ltd.,
2020-3A
CME
Term
SOFR
3
Month
+
5.90%,
10.17%,
7/18/37(a)(b)
3,000,000
2,990,223
Elmwood
CLO
XI
Ltd.,
2021-4A
CME
Term
SOFR
3
Month
+
4.70%,
8.99%,
1/20/38(a)(b)
2,500,000
2,469,475
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(9.0%)
(cont’d)
Golub
Capital
Partners
CLO
52BR
Ltd.,
2020-52A
CME
Term
SOFR
3
Month
+
6.75%,
11.02%,
4/20/37(a)(b)
$
4,000,000
$
4,042,732
Golub
Capital
Partners
CLO
53B
Ltd.,
2021-53A
CME
Term
SOFR
3
Month
+
4.70%,
9.01%,
7/20/34(a)(b)
5,000,000
4,949,900
Golub
Capital
Partners
CLO
74B
Ltd.,
2024-74A
CME
Term
SOFR
3
Month
+
6.10%,
10.38%,
7/25/37(a)(b)
2,500,000
2,530,390
Harvest
US
CLO
Ltd.,
2024-2A
CME
Term
SOFR
3
Month
+
6.90%,
11.16%,
10/15/37(a)(b)
3,000,000
3,032,853
2024-3A
CME
Term
SOFR
3
Month
+
6.70%,
11.05%,
1/18/38(a)(b)
3,000,000
3,011,529
Jamestown
CLO
XV
Ltd.,
2020-15A
CME
Term
SOFR
3
Month
+
7.06%,
11.32%,
7/15/35(a)(b)
2,000,000
1,976,706
Madison
Park
Funding
LIX
Ltd.,
2021-59A
CME
Term
SOFR
3
Month
+
6.40%,
10.67%,
4/18/37(a)(b)
1,500,000
1,500,097
Madison
Park
Funding
XXII
Ltd.,
2016-22A
CME
Term
SOFR
3
Month
+
5.90%,
10.16%,
1/15/38(a)(b)
3,000,000
2,993,742
Marble
Point
CLO
XXIII
Ltd.,
2021-4A
CME
Term
SOFR
3
Month
+
7.55%,
11.82%,
1/22/35(a)(b)
1,250,000
1,255,360
Neuberger
Berman
CLO
XVII
Ltd.,
2014-17A
CME
Term
SOFR
3
Month
+
6.75%,
11.02%,
7/22/38(a)(b)
1,000,000
1,022,378
Neuberger
Berman
Loan
Advisers
CLO
59
Ltd.,
2024-59A
CME
Term
SOFR
3
Month
+
4.80%,
9.10%,
1/23/39(a)(b)
2,000,000
2,006,848
New
Mountain
CLO
6
Ltd.,
CLO-6A
CME
Term
SOFR
3
Month
+
6.10%,
10.36%,
10/15/37(a)(b)
2,000,000
2,011,610
Oaktree
CLO
Ltd.,
2019-4A
CME
Term
SOFR
3
Month
+
6.59%,
10.86%,
7/20/37(a)(b)
4,000,000
3,970,000
OCP
Aegis
CLO
Ltd.,
2023-29A
CME
Term
SOFR
3
Month
+
5.00%,
9.27%,
1/20/36(a)(b)
3,000,000
2,957,361
Face
Amount
Value
Octagon
60
Ltd.,
2022-1A
CME
Term
SOFR
3
Month
+
7.00%,
11.27%,
10/20/37(a)(b)
$
4,000,000
$
4,062,064
Post
CLO
Ltd.,
2018-1A
CME
Term
SOFR
3
Month
+
7.68%,
11.94%,
10/16/37(a)(b)
2,000,000
2,048,542
Regatta
VI
Funding
Ltd.,
2016-1A
CME
Term
SOFR
3
Month
+
7.01%,
11.28%,
4/20/34(a)(b)
1,000,000
1,002,877
Sixth
Street
CLO
XIV
Ltd.,
2019-14A
CME
Term
SOFR
3
Month
+
4.65%,
8.97%,
1/20/38(a)(b)
3,500,000
3,458,326
121,766,553
Corporate
Bonds
(
4.3%
)
Aerospace
&
Defense
(0.0%)(c)
Goat
Holdco
LLC
6.75%,
2/1/32(a)
400,000
406,990
Building
Products
(0.2%)
Smyrna
Ready
Mix
Concrete
LLC
8.88%,
11/15/31(a)
2,800,000
2,937,835
Capital
Markets
(0.2%)
AG
Issuer
LLC
6.25%,
3/1/28(a)
1,150,000
1,150,941
Focus
Financial
Partners
LLC
6.75%,
9/15/31(a)
2,000,000
2,042,878
3,193,819
Chemicals
(0.3%)
INEOS
Finance
plc
7.50%,
4/15/29(a)(d)
750,000
752,492
Olympus
Water
US
Holding
Corp.
9.75%,
11/15/28(a)
3,300,000
3,479,124
4,231,616
Commercial
Services
&
Supplies
(0.1%)
Allied
Universal
Holdco
LLC
4.63%,
6/1/28(a)
800,000
776,291
Madison
IAQ
LLC
4.13%,
6/30/28(a)
1,300,000
1,263,862
2,040,153
Construction
&
Engineering
(0.1%)
Artera
Services
LLC
8.50%,
2/15/31(a)
2,100,000
1,750,405
Diversified
Telecommunication
Services
(0.3%)
Altice
France
SA
5.13%,
7/15/29(a)(d)
2,500,000
2,068,750
Level
3
Financing,
Inc.
11.00%,
11/15/29(a)
1,341,270
1,540,232
3,608,982
Health
Care
Equipment
&
Supplies
(0.1%)
Bausch
+
Lomb
Corp.
8.38%,
10/1/28(a)
1,000,000
1,045,000
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(4.3%)
(cont’d)
Hotel
&
Resort
REITs
(0.2%)
Park
Intermediate
Holdings
LLC
5.88%,
10/1/28(a)
$
2,300,000
$
2,298,516
Hotels,
Restaurants
&
Leisure
(0.9%)
Caesars
Entertainment,
Inc.
6.50%,
2/15/32(a)
2,500,000
2,566,852
Fertitta
Entertainment
LLC
4.63%,
1/15/29(a)
2,800,000
2,683,637
NCL
Corp.
Ltd.
5.88%,
2/15/27(a)
4,300,000
4,320,909
Sabre
GLBL,
Inc.
10.75%,
11/15/29(a)
2,165,000
2,232,756
11,804,154
Insurance
(0.6%)
Alliant
Holdings
Intermediate
LLC
7.00%,
1/15/31(a)
1,000,000
1,035,165
AmWINS
Group,
Inc.
6.38%,
2/15/29(a)
3,000,000
3,059,583
Panther
Escrow
Issuer
LLC
7.13%,
6/1/31(a)
2,000,000
2,078,812
Ryan
Specialty
LLC
5.88%,
8/1/32(a)
2,000,000
2,017,012
8,190,572
Passenger
Airlines
(0.3%)
American
Airlines,
Inc.
5.75%,
4/20/29(a)
3,500,000
3,499,117
Pharmaceuticals
(0.1%)
1261229
BC
Ltd.
10.00%,
4/15/32(a)
1,300,000
1,312,337
Professional
Services
(0.0%)(c)
CoreLogic,
Inc.
4.50%,
5/1/28(a)
600,000
572,851
Real
Estate
Management
&
Development
(0.1%)
Cushman
&
Wakefield
US
Borrower
LLC
6.75%,
5/15/28(a)
1,150,000
1,160,541
Software
(0.4%)
Central
Parent,
Inc.
7.25%,
6/15/29(a)
200,000
163,282
Cloud
Software
Group,
Inc.
8.25%,
6/30/32(a)
2,590,000
2,758,762
9.00%,
9/30/29(a)
2,150,000
2,230,529
GoTo
Group,
Inc.
5.50%,
5/1/28(a)
950,000
781,375
5,933,948
Technology
Hardware,
Storage
&
Peripherals
(0.3%)
Diebold
Nixdorf,
Inc.
7.75%,
3/31/30(a)(d)
3,400,000
3,615,543
Textiles,
Apparel
&
Luxury
Goods
(0.1%)
Champ
Acquisition
Corp.
8.38%,
12/1/31(a)
725,000
772,217
58,374,596
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (
85.1%
)
Aerospace
&
Defense
(1.1%)
Dynasty
Acquisition
Co.,
Inc.,
First
Lien,
Initial
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
2.00%,
6.33%,
10/31/31(b)
$
180,657
$
180,944
First
Lien,
Initial
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
2.00%,
6.33%,
10/31/31(b)
68,716
68,825
GOAT
Holdco
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
1/27/32(b)
1,995,000
2,000,576
Kaman
Corp.,
First
Lien,
Delayed
Term
Loan,
TBD,
2/26/32(b)
215,517
215,534
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
2.75%,
7.08%,
2/26/32(b)
2,284,483
2,284,666
Signia
Aerospace
LLC,
First
Lien,
Delayed
Draw
Term
Loan,
TBD,
12/11/31(b)
34,615
34,832
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.30%,
12/11/31(b)
414,346
416,936
TransDigm,
Inc.,
First
Lien,
Term
Loan,
J,
CME
Term
SOFR
3
Month
+
2.50%,
6.80%,
2/28/31(b)
7,697,250
7,719,611
First
Lien,
Term
Loan,
1,
CME
Term
SOFR
3
Month
+
2.75%,
7.05%,
8/24/28(b)
2,969,925
2,983,765
15,905,689
Automobile
Components
(1.3%)
Adient
US
LLC,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
1/31/31(b)
8,620,830
8,651,176
Autokiniton
US
Holdings,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
4.00%,
8.44%,
4/06/28(b)
1,917,508
1,855,793
Clarios
Global
LP,
First
Lien,
Amendment
No.
6
Dollar
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
1/28/32(b)
5,500,000
5,512,045
DexKo
Global,
Inc.,
First
Lien,
Closing
Date
Dollar
Term
Loan,
CME
Term
SOFR
1
Month
+
3.75%,
8.19%,
10/04/28(b)
1,268,970
1,217,437
Lippert
Components,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
2.50%,
6.83%,
3/25/32(b)
847,875
851,055
18,087,506
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
Automobiles
(0.1%)
American
Trailer
World
Corp.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.75%,
8.18%,
3/03/28(b)
$
2,050,000
$
1,683,347
Banks
(0.6%)
Chrysaor
Bidco
SARL,
First
Lien,
USD
Delayed
Draw
Commitment
Term
Loan,
TBD,
10/30/31(b)
206,587
208,222
First
Lien,
USD
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.00%,
7.24%,
10/30/31(b)
2,779,464
2,801,463
Dragon
Buyer,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.30%,
9/30/31(b)
497,500
499,055
First
Advantage
Holdings
LLC,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
10/31/31(b)
4,829,346
4,837,652
Orbit
Private
Holdings
I
Ltd.,
First
Lien,
2024
Refinancing
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.04%,
12/11/28(b)
473,807
476,886
8,823,278
Beverages
(1.2%)
BrewCo
Borrower
LLC,
First
Lien,
First-Out
Exchanged
Term
Loan,
CME
Term
SOFR
3
Month
+
3.50%,
8.02%,
4/05/28(b)
1,067,201
293,480
First
Lien,
Second-Out
Exchanged
Term
Loan,
CME
Term
SOFR
3
Month
+
5.00%,
1.50%
PIK,
9.52%,
4/05/28(b)(e)
1,071,259
4,687
First
Lien,
First-
Out
New
Money
Term
Loan,
CME
Term
SOFR
3
Month
+
6.25%,
10.51%,
4/05/28(b)
23,406
6,437
Celsius
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.25%,
7.55%,
4/01/32(b)
1,700,000
1,712,112
Primo
Brands
Corp.,
First
Lien,
2025
Refinancing
Term
Loan,
CME
Term
SOFR
3
Month
+
2.25%,
6.55%,
3/31/28(b)
12,662,504
12,722,271
Sazerac
Co.,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
12
Month
+
3.00%,
7.09%,
6/24/32(b)
2,250,000
2,252,812
16,991,799
Broadline
Retail
(0.4%)
Peer
Holding
III
BV,
First
Lien,
Term
Loan,
B5B,
CME
Term
SOFR
3
Month
+
2.50%,
6.80%,
7/01/31(b)
4,962,563
4,995,439
Face
Amount
Value
Building
Products
(2.2%)
ACProducts
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.25%,
8.81%,
5/17/28(b)
$
1,230,769
$
938,080
Chariot
Buyer
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.25%,
7.68%,
11/03/28(b)
2,023,509
2,029,256
Cornerstone
Building
Brands,
Inc.,
First
Lien,
New
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.25%,
7.66%,
4/12/28(b)
2,766,046
2,477,920
HP
PHRG
Borrower
LLC,
First
Lien,
Closing
Date
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.33%,
2/20/32(b)
2,150,000
2,144,625
LHS
Borrower
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
4.75%,
9.18%,
2/19/29(b)
1,183,936
1,091,198
MIWD
Holdco
II
LLC,
First
Lien,
2024
Incremental
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
3/28/31(b)
1,440,475
1,445,387
Oldcastle
BuildingEnvelope,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
4.25%,
8.55%,
4/30/29(b)
4,429,178
4,095,595
Quikrete
Holdings,
Inc.,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
4/14/31(b)
8,902,763
8,897,198
First
Lien,
Term
Loan,
B3,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
2/10/32(b)
3,765,563
3,765,092
Standard
Building
Solutions,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
1.75%,
6.07%,
9/22/28(b)
165,457
166,043
27,050,394
Capital
Markets
(2.9%)
AI
Aqua
Merger
Sub,
Inc.,
First
Lien,
2025
Refinancing
Term
Loan,
B,
CME
Term
SOFR
12
Month
+
3.25%,
7.42%,
7/31/28(b)
3,882,512
3,881,386
Aragorn
Parent
Corp.,
First
Lien,
2023
Replacement
Term
Loan,
CME
Term
SOFR
1
Month
+
4.25%,
8.58%,
12/15/28(b)
7,394,912
7,446,529
Aretec
Group,
Inc.,
First
Lien,
Term
Loan,
B3,
CME
Term
SOFR
1
Month
+
3.50%,
7.83%,
8/09/30(b)
5,383,725
5,399,553
Deerfield
Dakota
Holding
LLC,
First
Lien,
Initial
Dollar
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.05%,
4/09/27(b)
1,994,751
1,942,947
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
Edelman
Financial
Engines
Center
LLC
(The),
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
4/07/28(b)
$
2,273,935
$
2,278,995
Emerald
X,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
3.75%,
8.08%,
1/30/32(b)
500,000
503,595
Focus
Financial
Partners
LLC,
First
Lien,
Incremental
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
9/15/31(b)
5,254,919
5,249,690
Guggenheim
Partners
Investment
Management
Holdings
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
2.50%,
6.80%,
11/26/31(b)
4,975,000
5,001,417
HDI
Aerospace
Intermediate
Holding
III
Corp.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.50%,
8.73%,
2/11/32(b)
1,172,063
1,174,993
Hightower
Holding
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.26%,
2/03/32(b)
3,451,950
3,449,085
Osttra
Group
Ltd.,
First
Lien,
Term
Loan,
CME
Term
SOFR
12
Month
+
3.50%,
7.32%,
5/21/32(b)
1,625,000
1,631,906
37,960,096
Chemicals
(4.4%)
A-AP
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
9/09/31(b)
671,625
672,045
Discovery
Purchaser
Corp.,
First
Lien,
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.02%,
10/04/29(b)
3,580,659
3,579,531
Gates
Global
LLC,
First
Lien,
Initial
Dollar
Term
Loan,
B5,
CME
Term
SOFR
1
Month
+
1.75%,
6.08%,
6/04/31(b)
5,453,775
5,459,529
INEOS
Enterprises
Holdings
US
Finco
LLC,
First
Lien,
Term
Loan,
B,
TSFR3M
+
3.75%,
8.16%,
7/07/30(b)
3,482,368
3,473,662
INEOS
US
Finance
LLC,
First
Lien,
New
2031
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
2/07/31(b)
1,147,118
1,097,218
First
Lien,
2030
Dollar
Term
Loan,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
2/18/30(b)
4,590,485
4,411,388
Lonza
Group
AG,
First
Lien,
USD
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.93%,
8.32%,
7/03/28(b)
2,013,098
1,849,081
Face
Amount
Value
LTI
Holdings,
Inc.,
First
Lien,
2024
Term
Loan,
CME
Term
SOFR
1
Month
+
4.25%,
8.58%,
7/29/29(b)
$
4,002,024
$
4,006,406
Minerals
Technologies,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.00%,
6.33%,
11/26/31(b)
1,019,875
1,022,425
Momentive
Performance
Materials,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
4.00%,
8.33%,
3/29/28(b)
2,310,046
2,321,596
Natgasoline
LLC,
First
Lien,
2025
Term
Loan,
CME
Term
SOFR
1
Month
+
5.50%,
9.83%,
3/25/30(b)
1,217,344
1,212,779
Olympus
Water
US
Holding
Corp.,
First
Lien,
Dollar
Term
Loan,
B6,
CME
Term
SOFR
3
Month
+
3.00%,
7.30%,
6/23/31(b)
5,587,415
5,532,826
Paint
Intermediate
III
LLC,
First
Lien,
Initial
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.00%,
7.30%,
10/09/31(b)
922,688
916,921
Rohm
Holding
GmbH,
First
Lien,
Term
Loan,
CME
Term
SOFR
6
Month
+
5.50%,
,
9.74%,
1/31/29(b)(e)
3,277,450
3,166,836
Tronox
Finance
LLC,
First
Lien,
2024
Term
Loan,
B2,
CME
Term
SOFR
3
Month
+
2.25%,
6.55%,
4/04/29(b)
4,987,500
4,916,603
First
Lien,
2024
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
2.50%,
6.80%,
9/30/31(b)
3,728,928
3,659,011
Vibrantz
Technologies,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.25%,
8.64%,
4/23/29(b)
3,056,395
2,677,097
WR
Grace
Holdings
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.25%,
7.55%,
9/22/28(b)
6,897,894
6,916,587
56,891,541
Commercial
Services
&
Supplies
(6.3%)
Allied
Universal
Holdco
LLC,
First
Lien,
Initial
US
Dollar
Term
Loan,
CME
Term
SOFR
1
Month
+
3.75%,
8.18%,
5/12/28(b)
7,107,731
7,149,631
Amspec
Parent
LLC,
First
Lien,
Delayed
Draw
Term
Loan,
TBD,
12/22/31(b)
240,000
241,500
First
Lien,
Amendment
No.
1
Other
Term
Loan,
CME
Term
SOFR
3
Month
+
3.50%,
7.80%,
12/22/31(b)
2,080,000
2,093,000
First
Lien,
Amendment
No.
1
Delayed
Draw
Term
Loan,
CME
Term
SOFR
3
Month
+
3.50%,
7.82%,
12/22/31
80,000
80,500
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
APi
Group
DE,
Inc.,
First
Lien,
2021
Incremental
Term
Loan,
CME
Term
SOFR
1
Month
+
1.75%,
6.08%,
1/03/29(b)
$
1,529,122
$
1,531,194
Camelot
US
Acquisition
LLC,
First
Lien,
Incremental
Term
Loan.
B,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
1/31/31(b)
8,869,842
8,789,481
CohnReznick
Advisory
LLC,
First
Lien,
Delayed
Draw
Term
Loan,
TBD,
3/31/32(b)
314,850
314,062
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.30%,
3/31/32(b)
1,360,150
1,356,750
Ensemble
RCM
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.00%,
7.28%,
8/01/29(b)
7,779,098
7,818,226
GFL
Environmental
Services,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
2.50%,
6.82%,
3/03/32(b)
3,300,000
3,306,187
HomeServe
USA
Corp.,
First
Lien,
Amendment
No.
1
Refinancing
Term
Loan,
CME
Term
SOFR
1
Month
+
2.00%,
6.32%,
10/21/30(b)
5,489,918
5,501,941
JFL-Tiger
Acquisition
Co.,
Inc.,
First
Lien,
Initial
Term
Loan,
TSFR3M
+
3.75%,
8.05%,
10/17/30(b)
2,571,466
2,584,863
Madison
IAQ
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
6
Month
+
2.50%,
6.76%,
6/21/28(b)
10,683,535
10,703,566
Neptune
Bidco
US,
Inc.,
First
Lien,
Dollar
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
5.00%,
9.33%,
4/11/29(b)
3,326,463
3,154,785
Northstar
Group
Services,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
6
Month
+
4.75%,
8.88%,
5/31/30(b)
4,253,951
4,284,984
PG
Polaris
BidCo
SARL,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
2.75%,
7.05%,
3/26/31(b)
2,094,741
2,103,120
Prime
Security
Services
Borrower
LLC,
First
Lien,
2024-1
Refinancing
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
2.00%,
6.32%,
10/15/30(b)
7,708,153
7,720,679
Raven
Acquisition
Holdings
LLC,
First
Lien,
2024
Delayed
Draw
Term
Loan,
TSFR3M,
TBD,
11/19/31(b)
426,667
426,827
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
11/19/31(b)
5,958,400
5,960,634
Face
Amount
Value
SCUR-Alpha
1503
GmbH,
First
Lien,
USD
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
5.50%,
9.82%,
3/28/30(b)
$
2,775,341
$
2,628,081
Spin
Holdco,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.58%,
3/06/28(b)
4,257,687
3,752,087
Stepstone
Group
MidCo
2
GmbH
(The),
First
Lien,
Term
Loan,
CME
Term
SOFR
6
Month
+
4.50%,
8.65%,
12/04/31(b)
1,575,000
1,531,688
Teneo
Holdings
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
4.75%,
9.08%,
3/13/31(b)
1,984,925
2,006,838
Tidal
Waste
&
Recycling
Holdings
LLC,
First
Lien,
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.30%,
10/03/31(b)
1,147,125
1,155,247
86,195,871
Communications
Equipment
(0.2%)
Delta
Topco,
Inc.,
First
Lien,
Fourth
Amendment
Refinancing
Term
Loan,
CME
Term
SOFR
3
Month
+
2.75%,
7.07%,
11/30/29(b)
1,784,399
1,773,719
Viavi
Solutions,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
12
Month
+
2.50%,
6.32%,
6/11/32(b)
1,500,000
1,502,347
3,276,066
Construction
&
Engineering
(1.9%)
Apple
Bidco
LLC,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
2.50%,
6.83%,
9/23/31(b)
7,002,757
6,998,380
Artera
Services
LLC,
First
Lien,
Term
Loan,
C,
CME
Term
SOFR
3
Month
+
4.50%,
8.80%,
2/18/31(b)
1,487,410
1,252,295
Azuria
Water
Solutions,
Inc.,
First
Lien,
2025
Incremental
Delayed
Draw
Term
Loan,
TBD,
5/17/28(b)
146,104
146,834
First
Lien,
2025
Replacement
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
5/17/28(b)
976,443
981,325
Brown
Group
Holding
LLC,
First
Lien,
Incremental
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
2.50%,
6.81%,
7/01/31(b)
4,742,981
4,754,032
Construction
Partners,
Inc.,
First
Lien,
Closing
Date
Term
Loan,
CME
Term
SOFR
1
Month
+
2.50%,
6.83%,
11/03/31(b)
945,250
949,385
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
Cube
Industrial
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.25%,
7.52%,
10/18/31(b)
$
750,000
$
754,920
Kodiak
Building
Partners,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.75%,
8.03%,
12/04/31(b)
1,339,518
1,293,191
Red
SPV
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.25%,
6.56%,
3/15/32(b)
4,750,000
4,750,000
Service
Logic
Acquisition,
Inc.,
First
Lien,
Amendment
No.
8
Refinancing
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
10/29/27(b)
1,492,500
1,496,231
23,376,593
Construction
Materials
(0.0%)(c)
Knife
River
Corp.,
First
Lien,
Initial
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
2.00%,
6.31%,
3/08/32(b)
573,563
576,075
Consumer
Finance
(0.4%)
Citrin
Cooperman
Advisors
LLC,
First
Lien,
Delayed
Draw
Term
Loan,
TBD,
4/01/32(b)
184,848
185,002
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.30%,
4/01/32(b)
2,865,152
2,867,530
Sabre
GLBL,
Inc.,
First
Lien,
2021
Other
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
3.50%,
7.94%,
12/17/27(b)
689,957
680,591
First
Lien,
2021
Other
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
3.50%,
7.94%,
12/17/27(b)
807,816
796,850
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
5.00%,
9.43%,
6/30/28(b)
249,489
248,304
Shift4
Payments
LLC,
First
Lien,
Term
Loan,
CME
Term
SOFR
12
Month
+
2.75%,
6.80%,
5/07/32(b)
575,000
580,301
5,358,578
Consumer
Staples
Distribution
&
Retail
(0.2%)
Heritage
Grocers
Group
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
6.75%,
11.15%,
8/01/29(b)
2,768,573
2,554,355
Containers
&
Packaging
(1.2%)
Altium
Packaging
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
CME
Term
SOFR
1
Month
+
2.50%,
6.83%,
6/11/31(b)
668,250
667,137
Face
Amount
Value
Berlin
Packaging
LLC,
First
Lien,
2024-2
Replacement
Term
Loan,
CME
Term
SOFR
1
Month
+
3.50%;
CME
Term
SOFR
3
Month
+
3.50%,
7.82%,
6/09/31(b)
$
2,972,567
$
2,986,597
Charter
Next
Generation,
Inc.,
First
Lien,
2024
Replacement
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.06%,
11/29/30(b)
5,150,207
5,174,361
Clydesdale
Acquisition
Holdings,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.18%,
7.50%,
4/13/29(b)
6,448,965
6,443,484
15,271,579
Distributors
(0.5%)
Gloves
Buyer,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
4.00%,
8.32%,
5/21/32(b)
4,500,000
4,421,250
Windsor
Holdings
III
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.75%,
7.07%,
8/01/30(b)
2,672,077
2,675,858
7,097,108
Diversified
Consumer
Services
(2.8%)
Ascend
Learning
LLC,
Second
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
5.75%,
10.18%,
12/10/29(b)
1,885,963
1,893,035
Belron
Finance
2019
LLC,
First
Lien,
2031
Dollar
Incremental
Term
Loan,
CME
Term
SOFR
3
Month
+
2.75%,
7.05%,
10/16/31(b)
2,977,500
2,994,695
Fugue
Finance
BV,
First
Lien,
Initial
Dollar
Term
Loan,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
1/09/32(b)
7,924,848
7,981,827
Garda
World
Security
Corp.,
First
Lien,
Twelfth
Additional
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.31%,
2/01/29(b)
1,500,000
1,504,575
KUEHG
Corp.,
First
Lien,
2024
Refinancing
Term
Loan,
CME
Term
SOFR
3
Month
+
3.25%,
7.55%,
6/12/30(b)
9,872,749
9,888,940
Lernen
US
Finco
LLC,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
1
Day
+
4.00%,
8.29%,
10/27/31(b)
1,965,137
1,980,691
Mavis
Tire
Express
Services
Topco
Corp.,
First
Lien,
2025
Incremental
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.33%,
5/04/28(b)
3,970,050
3,973,087
Renaissance
Holdings
Corp.,
First
Lien,
2024-2
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.28%,
4/05/30(b)
3,099,443
2,823,391
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
Spring
Education
Group,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.30%,
9/30/30(b)
$
2,487,374
$
2,500,781
Wand
NewCo
3,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.50%,
6.83%,
1/30/31(b)
3,379,986
3,368,798
38,909,820
Diversified
Telecommunication
Services
(1.1%)
Altice
France
SA,
First
Lien,
Term
Loan,
B14,
CME
Term
SOFR
3
Month
+
5.50%,
9.76%,
8/15/28(b)
3,473,418
3,155,982
Level
3
Financing,
Inc.,
First
Lien,
Commitment
Term
Loan,
B3,
CME
Term
SOFR
1
Month
+
4.25%,
8.58%,
3/29/32(b)
3,000,000
3,036,885
Lumen
Technologies,
Inc.,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
2.35%,
6.79%,
4/16/29(b)
3,068,304
3,035,719
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
2.35%,
6.79%,
4/15/30(b)
6,576,532
6,504,124
15,732,710
Electric
Utilities
(0.7%)
Cogentrix
Finance
Holdco
I
LLC,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
2/13/32(b)
1,995,000
2,000,995
Lightning
Power
LLC,
First
Lien,
Initial
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
2.25%,
6.55%,
8/18/31(b)
4,466,250
4,479,582
MRP
Buyer
LLC,
First
Lien,
Delayed
Draw
Term
Loan,
TBD,
6/04/32(b)
547,581
540,054
First
Lien,
Closing
Date
Term
Loan,
CME
Term
SOFR
3
Month
+
3.25%,
7.57%,
6/04/32(b)
4,302,419
4,243,283
11,263,914
Electrical
Equipment
(1.2%)
BCP
VI
Summit
Holdings
LP,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.50%,
7.83%,
1/30/32(b)
2,000,000
2,015,130
Indicor
LLC,
First
Lien,
Dollar
Term
Loan,
D,
CME
Term
SOFR
3
Month
+
2.75%,
7.05%,
11/22/29(b)
4,437,493
4,434,165
LSF12
Crown
US
Commercial
Bidco
LLC,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
4.25%,
8.57%,
12/02/31(b)
3,650,000
3,673,962
Face
Amount
Value
WEC
US
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.25%,
6.57%,
1/27/31(b)
$
5,450,691
$
5,458,186
15,581,443
Electronic
Equipment,
Instruments
&
Components
(0.5%)
Ingram
Micro,
Inc.,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
3
Month
+
2.25%,
6.56%,
9/22/31(b)
3,835,125
3,857,906
Minimax
Viking
GmbH,
First
Lien,
Senior
USD
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
2/20/32(b)
1,350,000
1,357,594
VeriFone
Systems,
Inc.,
First
Lien,
Term
Loan,
TSFR3M
+
4.00%,
8.58%,
8/20/25(b)
1,321,959
1,240,659
6,456,159
Entertainment
(0.6%)
Playtika
Holding
Corp.,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
2.75%,
7.19%,
3/13/28(b)
7,886,770
7,772,096
Financial
Services
(2.8%)
Blackhawk
Network
Holdings,
Inc.,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
4.00%,
8.33%,
3/12/29(b)
995,000
1,001,607
Boost
Newco
Borrower
LLC,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
3
Month
+
2.00%,
6.30%,
1/31/31(b)
12,758,240
12,806,084
CPI
Holdco
B
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.00%,
6.33%,
5/19/31(b)
1,662,438
1,659,528
Kestra
Advisor
Services
Holdings
A,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
3/24/31(b)
2,481,281
2,483,093
Mariner
Wealth
Advisors
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
2.50%,
6.80%,
8/18/28(b)
4,806,943
4,824,969
Mermaid
Bidco,
Inc.,
First
Lien,
USD
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.25%,
7.51%,
7/03/31(b)
1,057,973
1,060,618
OID-OL
Intermediate
I
LLC,
First
Lien,
Initial
Second
Out
Term
Loan,
CME
Term
SOFR
3
Month
+
4.25%,
8.73%,
2/02/29(b)
2,002,937
1,680,795
First
Lien,
Initial
First
Out
Term
Loan,
CME
Term
SOFR
3
Month
+
6.00%,
10.33%,
2/01/29(b)
487,652
503,299
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
Orion
Advisor
Solutions,
Inc.,
First
Lien,
2024
Refinance
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.03%,
9/24/30(b)
$
2,133,875
$
2,147,638
Osaic
Holdings,
Inc.,
First
Lien,
Term
Loan,
B4,
CME
Term
SOFR
1
Month
+
3.50%,
7.83%,
8/17/28(b)
2,830,325
2,840,118
Trans
Union
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
B9,
CME
Term
SOFR
1
Month
+
1.75%,
6.08%,
6/24/31(b)
4,653,118
4,663,075
Walker
&
Dunlop,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.00%,
6.31%,
3/15/32(b)
1,645,875
1,654,104
WEX,
Inc.,
First
Lien,
Term
Loan,
B3,
CME
Term
SOFR
1
Month
+
1.75%,
6.08%,
3/05/32(b)
1,895,250
1,893,772
39,218,700
Food
Products
(1.5%)
AAG
US
GSI
Bidco,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
5.00%,
9.30%,
10/08/31(b)
922,688
920,381
Alltech,
Inc.,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
4.25%,
8.69%,
8/13/30(b)
2,441,439
2,448,690
Froneri
International
Ltd.,
First
Lien,
Term
Loan,
B4,
CME
Term
SOFR
6
Month
+
2.00%,
6.24%,
9/30/31(b)
5,727,022
5,676,939
Nomad
Foods
US
LLC,
First
Lien,
2023
USD
Term
Loan,
B4,
CME
Term
SOFR
6
Month
+
2.50%,
6.54%,
11/13/29(b)
7,415,000
7,426,011
Pretzel
Parent,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
4.50%,
8.83%,
10/01/31(b)
2,394,000
2,380,235
18,852,256
Ground
Transportation
(1.1%)
AIT
Worldwide
Logistics
Holdings,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
4.00%,
8.26%,
4/08/30(b)
2,164,125
2,172,511
First
Student
Bidco,
Inc.,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
3
Month
+
2.50%,
6.80%,
7/21/28(b)
2,411,924
2,415,687
Hertz
Corp.
(The),
First
Lien,
Initial
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.50%,
8.04%,
6/30/28(b)
2,969,341
2,476,356
Face
Amount
Value
First
Lien,
Initial
Term
Loan,
C,
CME
Term
SOFR
3
Month
+
3.50%,
8.04%,
6/30/28(b)
$
582,716
$
485,971
Kenan
Advantage
Group,
Inc.
(The),
First
Lien,
U.S.
Term
Loan,
B4,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
1/25/29(b)
2,977,353
2,940,136
Student
Transportation
of
America
Holdings,
Inc.,
First
Lien,
Delayed
Draw
Term
Loan,
TBD,
6/10/32(b)
270,000
270,886
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.25%,
7.57%,
6/10/32(b)
3,780,000
3,792,398
14,553,945
Health
Care
Equipment
&
Supplies
(1.3%)
Bausch
+
Lomb
Corp.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
12
Month
+
4.25%,
8.04%,
12/17/30(b)
4,959,712
4,975,236
Medline
Borrower
LP,
First
Lien,
Dollar
Incremental
Term
Loan,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
10/23/28(b)
10,171,449
10,194,589
Sotera
Health
Holdings
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
CME
Term
SOFR
3
Month
+
3.25%,
7.55%,
5/30/31(b)
1,471,294
1,479,577
16,649,402
Health
Care
Providers
&
Services
(2.5%)
CNT
Holdings
I
Corp.,
First
Lien,
2025
Replacement
Term
Loan,
CME
Term
SOFR
3
Month
+
2.50%,
6.78%,
11/08/32(b)
4,962,437
4,980,277
Concentra
Health
Services,
Inc.,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
2.00%,
6.33%,
7/28/31(b)
5,497,410
5,524,897
Examworks
Bidco,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
11/01/28(b)
1,571,063
1,576,844
Hanger,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.50%,
7.83%,
10/23/31(b)
2,187,199
2,193,400
First
Lien,
Delayed
Draw
Term
Loan,
CME
Term
SOFR
1
Month
+
7.00%,
7.83%,
10/23/31(b)
282,214
283,014
MED
ParentCo
LP,
First
Lien,
Ninth
Amendment
Refinancing
Term
Loan,
CME
Term
SOFR
1
Month
+
3.50%,
7.83%,
4/15/31(b)
2,977,500
2,992,923
Medical
Solutions
Holdings,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
3
Month
+
3.50%,
7.88%,
11/01/28(b)
1,576,696
849,611
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
National
Mentor
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
C,
CME
Term
SOFR
3
Month
+
3.75%,
8.15%,
3/02/28(b)
$
120,215
$
116,459
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.75%;
CME
Term
SOFR
3
Month
+
3.75%,
8.17%,
3/02/28(b)
4,820,463
4,669,823
Pacific
Dental
Services,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.07%,
3/17/31(b)
6,207,296
6,220,052
Phoenix
Newco,
Inc.,
First
Lien,
Sixth
Amendment
Term
Loan,
CME
Term
SOFR
1
Month
+
2.50%,
6.83%,
11/15/28(b)
2,189,108
2,192,183
Select
Medical
Corp.,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
2.00%,
6.33%,
12/03/31(b)
1,815,875
1,823,829
Waystar
Technologies,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
10/22/29(b)
558,430
561,225
33,984,537
Health
Care
Technology
(1.0%)
AthenaHealth
Group,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
2/15/29(b)
5,925,456
5,926,197
Cotiviti,
Inc.,
First
Lien,
Amendment
No.
2
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.07%,
3/26/32(b)
1,000,000
996,460
First
Lien,
New
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.75%,
7.07%,
5/01/31(b)
6,851,333
6,827,799
13,750,456
Hotels,
Restaurants
&
Leisure
(3.9%)
Carnival
Corp.,
First
Lien,
2025
Repricing
Advance
Term
Loan,
CME
Term
SOFR
1
Month
+
4.00%,
6.31%,
8/09/27(b)
3,815,008
3,822,870
ClubCorp
Holdings,
Inc.,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
3
Month
+
5.00%,
9.56%,
9/18/26(b)
4,333,658
4,344,493
Fertitta
Entertainment
LLC,
First
Lien,
Initial
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.50%,
7.83%,
1/29/29(b)
5,522,555
5,522,776
Flutter
Financing
BV,
First
Lien,
Third
Incremental
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
2.00%,
6.30%,
6/04/32(b)
1,425,000
1,426,781
Face
Amount
Value
Herschend
Entertainment
Co.
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.25%,
7.57%,
5/27/32(b)
$
900,000
$
907,407
IRB
Holding
Corp.,
First
Lien,
2024
Second
Replacement
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.50%,
6.83%,
12/15/27(b)
8,766,723
8,775,884
Light
&
Wonder
International,
Inc.,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
1
Month
+
2.25%,
6.56%,
4/16/29(b)
7,722,090
7,738,499
Ontario
Gaming
GTA
LP,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
4.25%,
8.55%,
8/01/30(b)
3,555,911
3,526,468
Sabre
GLBL,
Inc.,
First
Lien,
2024
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
6.00%,
10.43%,
11/15/29(b)
2,238,059
2,238,059
Scientific
Games
Holdings
LP,
First
Lien,
2024
Refinancing
Dollar
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.28%,
4/04/29(b)
2,461,206
2,461,932
SeaWorld
Parks
&
Entertainment,
Inc.,
First
Lien,
Term
Loan,
B3,
CME
Term
SOFR
1
Month
+
2.00%,
6.33%,
12/04/31(b)
6,801,332
6,805,583
Voyager
Parent
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
12
Month
+
4.75%,
8.80%,
5/10/32(b)
2,500,000
2,477,775
50,048,527
Household
Durables
(0.2%)
Somnigroup
International,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
12
Month
+
2.25%,
6.30%,
10/24/31(b)
2,805,000
2,814,355
Household
Products
(0.6%)
Energizer
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.00%,
6.32%,
3/19/32(b)
4,275,000
4,291,929
Kronos
Acquisition
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.30%,
6/27/31(b)
4,094,063
3,680,562
7,972,491
Independent
Power
and
Renewable
Electricity
Producers
(0.2%)
Invenergy
Thermal
Operating
I
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Day
+
3.50%,
7.91%,
5/06/32(b)
2,109,375
2,128,096
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
First
Lien,
Term
Loan,
C,
CME
Term
SOFR
1
Day
+
3.50%,
7.91%,
5/06/32(b)
$
140,625
$
141,873
2,269,969
Insurance
(5.6%)
Acrisure
LLC,
First
Lien,
Term
Loan,
B6,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
11/06/30(b)
3,965,006
3,960,347
Alera
Group,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
5/31/32(b)
4,700,000
4,719,387
Alliant
Holdings
Intermediate
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.07%,
9/19/31(b)
9,095,627
9,107,997
AssuredPartners,
Inc.,
First
Lien,
2024
Term
Loan,
CME
Term
SOFR
1
Month
+
3.50%,
7.83%,
2/14/31(b)
5,752,188
5,773,097
Asurion
LLC,
First
Lien,
New
Term
Loan,
B11,
CME
Term
SOFR
1
Month
+
4.25%,
8.68%,
8/21/28(b)
3,887,593
3,851,827
Second
Lien,
New
Term
Loan,
B3,
CME
Term
SOFR
1
Month
+
5.25%,
9.69%,
1/31/28(b)
1,767,000
1,694,668
Second
Lien,
New
Term
Loan,
B4,
CME
Term
SOFR
1
Month
+
5.25%,
9.69%,
1/19/29(b)
3,200,000
2,977,248
Broadstreet
Partners,
Inc.,
First
Lien,
2024
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
6.00%,
7.33%,
6/16/31(b)
5,910,356
5,924,098
HUB
International
Ltd.,
First
Lien,
2025
Incremental
Term
Loan,
CME
Term
SOFR
3
Month
+
2.50%,
6.77%,
6/20/30(b)
10,597,490
10,641,152
IMA
Financial
Group,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
11/01/28(b)
525,000
525,549
Ryan
Specialty
Group
LLC,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
9/15/31(b)
2,189,000
2,191,736
Sedgwick
Claims
Management
Services,
Inc.,
First
Lien,
2024
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
7/31/31(b)
9,426,694
9,471,235
Trucordia
Insurance
Holdings
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.25%,
7.56%,
6/14/32(b)
2,000,000
2,006,250
Face
Amount
Value
Truist
Insurance
Holdings
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
2.75%,
7.05%,
5/06/31(b)
$
1,608,871
$
1,611,550
USI,
Inc.,
First
Lien,
2024
Term
Loan,
D,
CME
Term
SOFR
3
Month
+
2.25%,
6.55%,
11/21/29(b)
12,035,825
12,029,265
76,485,406
IT
Services
(2.3%)
Endurance
International
Group,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.50%,
7.93%,
2/10/28(b)
4,837,018
3,508,362
Foundever
Worldwide
Corp.,
First
Lien,
Initial
Dollar
Term
Loan,
CME
Term
SOFR
1
Month
+
3.75%,
8.19%,
8/28/28(b)
1,383,579
765,797
Gainwell
Acquisition
Corp.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
4.00%,
8.40%,
10/01/27(b)
5,155,402
4,978,830
Plano
HoldCo,
Inc.,
First
Lien,
Closing
Date
Term
Loan,
CME
Term
SOFR
3
Month
+
3.50%,
7.80%,
10/02/31(b)
847,875
807,601
Speedster
Bidco
GmbH,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.25%,
7.55%,
11/13/31(b)
4,014,938
4,043,805
Synechron,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.03%,
10/03/31(b)
1,546,125
1,507,472
Tempo
Acquisition
LLC,
First
Lien,
Seventh
Incremental
Term
Loan,
CME
Term
SOFR
1
Month
+
1.75%,
6.08%,
8/31/28(b)
7,520,440
7,498,142
X
Corp.,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
3
Month
+
6.50%,
10.95%,
10/26/29(b)
5,320,022
5,204,072
28,314,081
Leisure
Products
(2.3%)
Endeavor
Operating
Co.
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
3/24/32(b)
8,500,000
8,521,250
GBT
US
III
LLC,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
3
Month
+
2.50%,
6.78%,
7/25/31(b)
7,867,513
7,890,447
GSM
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
5.00%,
9.30%,
9/29/31(b)
2,830,615
2,744,522
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
Horizon
US
Finco
LP,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
4.75%,
9.03%,
10/31/31(b)
$
3,575,718
$
3,519,097
MajorDrive
Holdings
IV
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
5.50%,
9.95%,
6/01/28(b)
3,580,824
3,521,651
Recess
Holdings,
Inc.,
First
Lien,
Amendment
No.
5
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.03%,
2/21/30(b)
4,175,502
4,191,181
Sabre
GLBL,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
4.25%,
8.68%,
6/30/28(b)
151,205
149,580
30,537,728
Machinery
(3.8%)
Alliance
Laundry
Systems
LLC,
First
Lien,
Initial
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.50%,
6.83%,
8/19/31(b)
2,979,000
2,987,937
Apex
Tool
Group
LLC,
First
Lien,
Term
Loan,
A,
TSFR1M
+
5.25%,
7.35%
PIK,
9.68%,
2/08/29(b)(e)
38,216
33,216
First
Lien,
Incremental
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
10.00%,
2.50%
PIK,
14.43%,
2/08/30(b)(e)
90,442
71,449
Cleanova
Holding
Ltd.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.75%,
9.07%,
5/24/32(b)
1,250,000
1,228,125
CPM
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
4.50%,
8.82%,
9/28/28(b)
2,953,747
2,897,212
Crosby
US
Acquisition
Corp.,
First
Lien,
Amendment
No.
4
Replacement
Term
Loan,
CME
Term
SOFR
1
Month
+
3.50%,
7.83%,
8/16/29(b)
2,565,086
2,577,835
Crown
Equipment
Corp.,
First
Lien,
Initial
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
2.25%,
6.57%,
10/10/31(b)
1,920,188
1,920,591
Dynamo
US
Bidco,
Inc.,
First
Lien,
USD
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.50%,
7.80%,
10/01/31(b)
3,968,120
3,985,500
Engineered
Machinery
Holdings,
Inc.,
First
Lien,
Incremental
US
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.31%,
5/19/28(b)
4,436,166
4,468,261
Second
Lien,
Incremental
Amendment
No.
3
Term
Loan,
CME
Term
SOFR
3
Month
+
6.00%,
10.56%,
5/21/29(b)
3,150,000
3,167,719
Face
Amount
Value
Filtration
Group
Corp.,
First
Lien,
2025
Incremental
Dollar
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
10/23/28(b)
$
3,122,646
$
3,138,228
Madison
Safety
&
Flow
LLC,
First
Lien,
2025
Incremental
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
9/26/31(b)
1,913,050
1,919,028
Pro
Mach
Group,
Inc.,
First
Lien,
Amendment
No.
5
Refinancing
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
8/31/28(b)
3,543,590
3,554,841
SPX
FLOW,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
4/05/29(b)
5,883,566
5,911,101
SunSource
Borrower
LLC,
First
Lien,
First
Refinancing
Term
Loan,
CME
Term
SOFR
1
Month
+
4.00%,
8.43%,
3/25/31(b)
3,568,790
3,520,165
TK
Elevator
Midco
GmbH,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
3
Month
+
3.00%,
7.24%,
4/30/30(b)
11,440,098
11,482,999
52,864,207
Media
(0.7%)
Charter
Communications
Operating
LLC,
First
Lien,
Term
Loan,
B5,
CME
Term
SOFR
3
Month
+
2.25%,
6.55%,
12/15/31(b)
7,099,350
7,118,447
MJH
Healthcare
Holdings
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
1/29/29(b)
3,300,063
3,313,807
10,432,254
Metals
&
Mining
(0.7%)
Arsenal
AIC
Parent
LLC,
First
Lien,
2025
Refinancing
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
8/19/30(b)
6,519,319
6,522,579
Novelis,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
2.00%,
6.30%,
3/11/32(b)
2,169,563
2,174,986
WireCo
WorldGroup,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.75%,
8.02%,
11/13/28(b)
547,222
521,229
9,218,794
Oil,
Gas
&
Consumable
Fuels
(2.9%)
Apro
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.75%,
8.06%,
7/09/31(b)
2,332,375
2,329,460
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
CQP
Holdco
LP,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
2.00%,
6.30%,
12/31/30(b)
$
10,933,639
$
10,947,743
Discovery
Energy
Holding
Corp.,
First
Lien,
Initial
Dollar
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.05%,
5/01/31(b)
3,614,989
3,624,605
EPIC
Crude
Services
LP,
First
Lien,
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.26%,
10/15/31(b)
4,146,049
4,165,059
Freeport
LNG
Investments
LLLP,
First
Lien,
2025
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.25%,
7.52%,
12/21/28(b)
2,504,093
2,509,840
GIP
Pilot
Acquisition
Partners
LP,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
2.00%,
6.28%,
10/04/30(b)
6,715,787
6,746,545
Hilcorp
Energy
I
LP,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.00%,
6.31%,
2/06/30(b)
1,845,375
1,851,142
Matador
Bidco
SARL,
First
Lien,
2024
Specified
Refinancing
Term
Loan,
CME
Term
SOFR
1
Month
+
4.25%,
8.68%,
7/16/29(b)
5,423,774
5,457,673
WhiteWater
Matterhorn
Holdings
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
2.25%,
6.57%,
6/16/32(b)
1,100,000
1,100,918
38,732,985
Passenger
Airlines
(0.7%)
AAdvantage
Loyalty
IP
Ltd.,
First
Lien,
Term
Loan,
CME
Term
SOFR
3
Month
+
2.25%,
6.52%,
4/20/28(b)
7,576,471
7,537,982
Vista
Management
Holding,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.05%,
4/01/31(b)
1,375,000
1,380,156
8,918,138
Personal
Care
Products
(0.9%)
Conair
Holdings
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.75%,
8.19%,
5/17/28(b)
2,266,221
1,677,003
Journey
Personal
Care
Corp.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.75%,
8.05%,
3/01/28(b)
5,334,286
5,343,167
Face
Amount
Value
Opal
LLC,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
6
Month
+
3.25%,
7.44%,
3/31/32(b)
$
5,830,000
$
5,860,986
12,881,156
Pharmaceuticals
(0.4%)
1261229
BC
Ltd.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
6.25%,
10.56%,
10/08/30(b)
1,975,000
1,909,114
Mallinckrodt
plc,
First
Lien,
Second-Out
Term
Loan,
CME
Term
SOFR
1
Month
+
9.50%,
14.00%,
11/14/28(b)
3,473,485
3,594,449
5,503,563
Professional
Services
(1.6%)
CoreLogic,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.50%,
7.94%,
6/02/28(b)
5,663,550
5,613,116
Creative
Artists
Agency
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
10/01/31(b)
2,664,685
2,675,637
EAB
Global,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
8/16/30(b)
2,236,069
2,199,733
EmployBridge
Holding
Co.,
First
Lien,
First
Out
Delayed
Draw
Term
Loan,
TBD,
1/21/30(b)
296,979
232,015
First
Lien,
Second
Out
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
4.75%,
9.31%,
1/18/30(b)
1,582,115
420,582
First
Lien,
First
Out
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
5.50%,
9.80%,
1/21/30(b)
707,449
552,695
Grant
Thornton
Advisors
LLC,
First
Lien,
2025
Incremental
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
6/02/31(b)
1,632,806
1,633,418
First
Lien,
2025-2
Incremental
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
6/02/31(b)
3,250,000
3,259,344
Soliant
Lower
Intermediate
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.00%,
7/18/31(b)
1,939,442
1,928,533
WestJet
Loyalty
LP,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.25%,
7.55%,
2/14/31(b)
5,457,456
5,464,960
23,980,033
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
Real
Estate
Management
&
Development
(0.2%)
Cushman
&
Wakefield
US
Borrower
LLC,
First
Lien,
2025-1
Term
Loan,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
1/31/30(b)
$
2,293,749
$
2,307,603
Software
(12.6%)
Applied
Systems,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
2.50%,
6.80%,
2/24/31(b)
4,118,522
4,141,359
Ascend
Learning
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
12/11/28(b)
5,618,611
5,624,145
Azalea
Topco,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
4/30/31(b)
1,159,446
1,162,948
Boxer
Parent
Co.,
Inc.,
First
Lien,
2031
Replacement
Dollar
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.33%,
7/30/31(b)
7,755,304
7,716,023
Second
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
5.75%,
10.08%,
7/30/31(b)
3,100,000
3,024,453
Central
Parent
LLC,
First
Lien,
2024
Refinancing
Term
Loan,
CME
Term
SOFR
3
Month
+
3.25%,
7.55%,
7/06/29(b)
4,538,188
3,800,959
Cloud
Software
Group,
Inc.,
First
Lien,
Initial
Dollar
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.50%,
7.80%,
3/30/29(b)
11,002,538
11,026,909
Cloudera,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.75%,
8.18%,
10/09/28(b)
6,159,933
5,938,175
Clover
Holdings
2
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.31%,
12/09/31(b)
4,750,000
4,763,347
Constant
Contact,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.52%,
2/10/28(b)
2,473,602
2,376,723
DS
Admiral
Bidco
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.25%,
8.55%,
6/26/31(b)
2,080,330
2,075,129
E2open
LLC,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
3.50%,
7.94%,
2/04/28(b)
3,961,541
3,979,942
ECI
Macola/Max
Holding
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.25%,
7.55%,
5/09/30(b)
8,493,112
8,545,344
Face
Amount
Value
Ellucian
Holdings,
Inc.,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
10/09/29(b)
$
9,888,979
$
9,924,530
Epicor
Software
Corp.,
First
Lien,
Term
Loan,
E,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
5/30/31(b)
12,061,695
12,105,961
Imprivata,
Inc.,
First
Lien,
2024
Refinancing
Term
Commitment
Term
Loan,
CME
Term
SOFR
3
Month
+
3.50%,
7.78%,
12/01/27(b)
3,746,579
3,768,178
Informatica
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
10/27/28(b)
6,898,154
6,934,818
Ivanti
Software,
Inc.,
First
Lien,
2025-1
Fourth
Amendment
Refinancing
Term
Loan,
CME
Term
SOFR
3
Month
+
4.75%,
9.02%,
6/01/29(b)
607,574
506,756
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
5.75%,
10.02%,
6/01/29(b)
275,000
283,594
Marcel
Bidco
LLC,
First
Lien,
Term
Loan,
B7,
CME
Term
SOFR
1
Day
+
3.50%,
7.76%,
11/12/30(b)
2,715,728
2,734,412
McAfee
Corp.,
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
3.00%,
7.32%,
3/01/29(b)
7,341,708
7,145,170
Oceankey
US
II
Corp.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.50%,
7.93%,
12/15/28(b)
5,538,280
5,556,279
Open
Text
Corp.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
1.75%,
6.08%,
1/31/30(b)
1,447,613
1,448,974
PointClickCare
Technologies,
Inc.,
First
Lien,
2014-1
Term
Loan,
CME
Term
SOFR
6
Month
+
3.25%,
7.42%,
11/03/31(b)
1,119,375
1,125,677
Polaris
Newco
LLC,
First
Lien,
Dollar
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.29%,
6/02/28(b)
5,235,422
5,109,248
Project
Alpha
Intermediate
Holding,
Inc.,
First
Lien,
Second
Amendment
Refinancing
Term
Loan,
CME
Term
SOFR
6
Month
+
3.25%,
7.55%,
10/28/30(b)
5,607,292
5,640,011
Project
Boost
Purchaser
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.30%,
7/16/31(b)
4,453,622
4,466,404
Second
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
5.25%,
9.55%,
7/02/32(b)
525,000
530,468
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
Project
Ruby
Ultimate
Parent
Corp.,
First
Lien,
Incremental
Term
Loan,
B4,
CME
Term
SOFR
1
Month
+
3.00%,
7.44%,
3/10/28(b)
$
1,994,987
$
1,999,556
Proofpoint,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.33%,
8/31/28(b)
6,006,757
6,017,509
Quartz
AcquireCo
LLC,
First
Lien,
Term
Loan,
B2,
CME
Term
SOFR
3
Month
+
2.25%,
6.55%,
6/28/30(b)
1,428,721
1,435,864
Rackspace
Finance
LLC,
First
Lien,
2024
Incremental
Super-Priority
Term
Loan,
CME
Term
SOFR
1
Month
+
6.25%,
10.68%,
5/15/28(b)
2,970,000
2,986,439
RealPage,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.00%,
7.56%,
4/24/28(b)
1,695,596
1,685,855
First
Lien,
2024-1
Incremental
Term
Loan,
CME
Term
SOFR
3
Month
+
3.75%,
8.05%,
4/24/28(b)
1,850,000
1,855,263
Starlight
Parent
LLC,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.26%,
4/16/32(b)
4,750,000
4,655,997
Symplr
Software,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
4.50%,
8.88%,
12/22/27(b)
1,766,054
1,614,712
UKG,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.00%,
7.31%,
2/10/31(b)
14,164,481
14,233,958
Veritas
US,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
8.00%,
4.50%
PIK,
12.30%,
12/10/29(b)
(e)
1,287,625
1,296,639
Vision
Solutions,
Inc.,
First
Lien,
New
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
4.00%,
8.54%,
4/24/28(b)
5,911,968
5,628,194
174,865,922
Specialty
Retail
(2.2%)
EG
Finco
Ltd.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
4.25%,
8.58%,
2/07/28(b)
3,224,846
3,243,550
Great
Outdoors
Group
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
1/23/32(b)
5,143,447
5,144,270
Face
Amount
Value
Harbor
Freight
Tools
USA,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
6/11/31(b)
$
3,569,250
$
3,499,721
LS
Group
OpCo
Acquistion
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.50%;
CME
Term
SOFR
3
Month
+
2.50%,
6.83%,
4/23/31(b)
3,544,425
3,545,542
Park
River
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
3
Month
+
3.25%,
7.80%,
12/28/27(b)
5,450,845
5,321,361
RealTruck
Group,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
3.75%,
8.19%,
1/31/28(b)
2,906,529
2,612,606
White
Cap
Supply
Holdings
LLC,
First
Lien,
Term
Loan,
C,
CME
Term
SOFR
1
Month
+
3.25%,
7.58%,
10/19/29(b)
5,309,379
5,288,486
28,655,536
Technology
Hardware,
Storage
&
Peripherals
(0.0%)(c)
Clover
Holdings
SPV
III
LLC,
First
Lien,
Margin
Term
Loan,
15.00%
PIK,
15.00%,
12/09/27(b)(e)
453,497
452,930
Textiles,
Apparel
&
Luxury
Goods
(1.0%)
ABG
Intermediate
Holdings
2
LLC,
First
Lien,
2025
Delayed
Draw
Term
Loan,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
2/13/32(b)
1,371,563
1,370,705
First
Lien,
Term
Loan,
B1,
CME
Term
SOFR
1
Month
+
2.25%,
6.58%,
12/21/28(b)
5,023,816
5,027,333
Beach
Acquisition
Bidco
LLC,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
12
Month
+
3.25%,
7.32%,
6/25/32(b)
1,000,000
1,006,250
Hanesbrands,
Inc.,
First
Lien,
Initial
Term
Loan,
B,
CME
Term
SOFR
1
Month
+
2.75%,
7.08%,
3/08/32(b)
1,988,903
1,996,570
Varsity
Brands,
Inc.,
First
Lien,
Term
Loan,
B,
CME
Term
SOFR
3
Month
+
3.50%,
7.83%,
8/26/31(b)
4,488,750
4,493,665
13,894,523
Trading
Companies
&
Distributors
(0.2%)
Foundation
Building
Materials,
Inc.,
First
Lien,
Term
Loan,
CME
Term
SOFR
3
Month
+
4.00%,
8.28%,
1/29/31(b)
1,392,069
1,366,713
Morgan
Stanley
ETF
Trust
Eaton
Vance
Floating-Rate
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Variable
Rate
Senior
Loan
Interests  (85.1%)
(cont’d)
Herc
Holdings,
Inc.,
First
Lien,
Initial
Term
Loan,
CME
Term
SOFR
1
Month
+
2.00%,
6.32%,
6/02/32(b)
$
850,000
$
854,250
2,220,963
Wireless
Telecommunication
Services
(0.1%)
Crown
Subsea
Communications
Holding,
Inc.,
First
Lien,
2024
Term
Loan,
TSFR1M
+
4.00%,
8.33%,
1/30/31(b)
1,500,000
1,511,565
1,149,703,481
Total
Fixed
Income
Securities
(Cost
$1,337,562,401)
1,329,844,630
–
Shares
Short-Term
Investments
(5.5%)
Investment
Company
(
5.4%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(f)
(Cost
$73,333,907)
73,333,907
73,333,907
Security
held
as
Collateral
on
Loaned
Securities
(
0.1%
)
Investment
Company
(0.1%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(f)
(Cost
$1,107,753)
1,107,753
1,107,753
Total
Short-Term
Investments
(Cost
$74,441,660)
74,441,660
Total
Investments
(104.0%)
(Cost
$1,412,576,236)
including
$1,331,509
of
Securities
Loaned
1,404,928,243
Less:
Unfunded
Loan
Commitments
(-0.2%)
(cost
$3,190,907)
(3,136,920)
Net
Investments
(103.8%)
(cost
$1,409,385,329)(g)
1,401,791,323
Liabilities
in
Excess
of
Other
Assets
(-3.8%)
(51,095,996)
Net
Assets
(100.0%)
$1,350,695,327
(a)
144A
security
—
Certain
conditions
for
public
sale
may
exist.
Unless
otherwise
noted,
these
securities
are
deemed
to
be
liquid.
(b)
Floating
or
variable
rate
securities:
The
rates
disclosed
are
as
of
June
30,
2025.
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
June
30,
2025,
were
$1,331,509
and
$1,391,610,
respectively.
The
Fund
received
cash
collateral
of
$
1,107,753
,
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
$283,857
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
fro
m
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
June
30,
2025,
management
fees
paid
were
reduced
by
$105,918
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(g)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$1,409,385,329.
The
aggregate
gross
unrealized
appreciation
is
$6,048,320
and
the
aggregate
gross
unrealized
depreciation
is
$13,642,326,
resulting
in
net
unrealized
depreciation
of
$7,594,006.
CME
Chicago
Mercantile
Exchange
CLO
Collateralized
Loan
Obligation
PIK
Payment-in-Kind
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
Portfolio
Composition*
Classification  
Percentage
of
Total
Investments
Variable
Rate
Senior
Loan
Interests
81.9
%
Asset-Backed
Securities
8.7
Short-Term
Investments
5.2
Other**
4.2
Total
Investments
100.0%
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Eaton
Vance
High
Income
Municipal
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Face
Amount
Value
Fixed
Income
Securities
(97.2%)
Municipal
Bonds
(
97
.2
%
)
Education
(
19
.9
%
)
Arizona
Industrial
Development
Authority,
Somerset
Academy
of
Las
Vegas
Series
2021
A
3.00%,
12/15/31(a)
$
210,000
$
193,310
California
Municipal
Finance
Authority,
California
Baptist
University
Series
2025
A
5.63%,
11/1/54(a)
500,000
497,973
California
School
Finance
Authority,
Magnolia
Public
Schools
Obligated
Group
Series
2025
A
4.25%,
7/1/35(a)
700,000
688,621
Capital
Trust
Authority,
St
Johns
Classical
Academy,
Inc.
Series
2025
A
5.13%,
6/15/50(a)
500,000
454,683
Dayton-Montgomery
County
Port
Authority,
Dayton
Regional
STEM
Schools,
Inc.
Series
2024
5.00%,
12/1/60
400,000
373,639
Development
Authority
of
Cobb
County
(The),
MT
Bethel
Christian
Academy,
Inc.
Series
2025
6.25%,
6/1/55(a)
555,000
562,937
District
of
Columbia,
International
School
Obligated
Group
Series
2019
5.00%,
7/1/49
745,000
712,508
Iowa
Higher
Education
Loan
Authority,
Series
2025
5.00%,
10/1/45
500,000
470,911
Louisiana
Public
Facilities
Authority,
Acadiana
Renaissance
Charter
Academy
Series
2025
6.00%,
6/15/45(a)
500,000
502,522
Navajo
County
Unified
School
District
No.
27,
Kayenta
Series
2025
6.00%,
7/1/44
500,000
521,723
Public
Finance
Authority,
Triad
Educational
Services,
Inc.
Series
2025
5.25%,
6/15/45
750,000
734,691
San
Antonio
Education
Facilities
Corp.,
University
of
the
Incarnate
Word
Series
2025
5.00%,
10/1/50
500,000
451,022
Sheldon
Community
School
District
School,
Infrastructure
Sales
Services
Series
2025
5.00%,
6/1/45
10,000
10,020
Sierra
Vista
Industrial
Development
Authority,
American
Leadership
Academy,
Inc.
Series
2024
5.00%,
6/15/44(a)
500,000
477,763
Face
Amount
Value
Washington
State
Housing
Finance
Commission,
Evergreen
School
(The)
Series
2025
4.50%,
7/1/55
$
1,000,000
$
877,745
7,530,068
General
Obligation
(
9
.1
%
)
Chicago
Board
of
Education,
Series
2022
A
5.00%,
12/1/47
500,000
462,093
Series
2015
C
5.25%,
12/1/39
500,000
494,282
City
of
Chicago,
Series
2025
E
6.00%,
1/1/42
500,000
530,396
City
of
Chicago
IL,
Series
2024
A
5.25%,
1/1/45
400,000
389,561
Series
2019
A
5.50%,
1/1/49
1,000,000
993,132
Mida
Cormont
Public
Infrastructure
District,
Series
2025
B
8.50%,
6/15/55(a)
546,000
548,319
3,417,783
Hospital
(
4
.0
%
)
California
Statewide
Communities
Development
Authority,
Loma
Linda
University
Medical
Center
Obligated
Group
Series
2014
A
5.50%,
12/1/54
500,000
492,155
Denver
Health
&
Hospital
Authority,
Series
2025
A
5.13%,
12/1/50
500,000
495,513
Industrial
Development
Authority
of
the
County
of
Yavapai
(The),
Yavapai
Community
Hospital
Association
Obligated
Group
Series
2019
4.00%,
8/1/43
115,000
102,088
Massachusetts
Development
Finance
Agency,
Seven
Hills
Foundation
Obligated
Group
Series
2025
6.00%,
9/1/45
405,000
424,839
1,514,595
Housing
(
3
.9
%
)
Public
Finance
Authority,
Campus
Real
Estate
Holding
Corp.
LLC
Series
2025
A
5.25%,
6/1/45
370,000
362,890
Series
2025
A
5.50%,
6/1/55
600,000
592,150
KSU
Bixby
Real
Estate
Foundation
LLC
Series
2025
C
5.75%,
6/15/55
500,000
485,418
1,440,458
Other
Revenue
(
50
.2
%
)
Alachua
County
Housing
Finance
Authority,
Woodland
Park
II
LLC
Series
2025
A
6.30%,
7/1/55(a)(b)
300,000
301,579
Morgan
Stanley
ETF
Trust
Eaton
Vance
High
Income
Municipal
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(97.2%)
(cont’d)
Other
Revenue
(50.2%)
(cont’d)
Series
2025
C
7.00%,
7/1/29(a)(b)
$
300,000
$
301,747
Atlanta
Development
Authority
(The),
Westside
Tax
Allocation
District
Gulch
Area
Series
2024
A-2
5.50%,
4/1/39(a)
1,000,000
1,006,723
Baldwin
County
Industrial
Development
Authority,
Novelis
Corp.
Series
2025
A
(AMT)
5.00%,
6/1/55(a)(b)
500,000
504,502
Berks
County
Industrial
Development
Authority,
Highlands
at
Wyomissing
Obligated
Group
Series
2017
A
5.00%,
5/15/32
500,000
506,353
California
Infrastructure
&
Economic
Development
Bank,
Desertxpress
Enterprises
LLC
Series
2025
A
(AMT)
9.50%,
1/1/65(a)(b)
1,000,000
948,203
California
Municipal
Finance
Authority,
Witmer
Manor
Community
Partners
LP
Series
2025
B
6.00%,
11/1/43
1,000,000
1,005,111
California
Public
Finance
Authority,
Kendal
at
Sonoma
Obligated
Group
Series
2021
A
5.00%,
11/15/56(a)
410,000
346,252
City
of
Valparaiso
IN,
Pratt
Paper
LLC
Project
Series
2024
(AMT)
5.00%,
1/1/54(a)
750,000
705,296
County
of
Denton
TX,
Green
Meadows
Public
Improvement
District
Improvement
Area
No.
1
Project
Series
2025
5.63%,
12/31/55(a)
500,000
504,929
Downtown
Revitalization
Public
Infrastructure
District,
City
of
Salt
Lake
City
Revitalization
Series
2025
C
5.00%,
7/15/35(a)
300,000
301,097
Florida
Development
Finance
Corp.,
GFL
Solid
Waste
Southeast
LLC
Series
2024
A
(AMT)
4.38%,
10/1/54(a)(b)
500,000
498,431
FW
Texas
Street
Public
Facility
Corp.,
Series
2025
5.00%,
5/1/38
1,000,000
994,659
Hoover
Industrial
Development
Board,
United
States
Steel
Corp.
Series
2019
(AMT)
5.75%,
10/1/49
750,000
756,659
Iowa
Finance
Authority,
Lifespace
Communities,
Inc.
Obligated
Group
Series
2016
A
5.00%,
5/15/41
280,000
276,860
Face
Amount
Value
Jefferson
County
Port
Authority,
JSW
Steel
USA
Ohio,
Inc.
Series
2021
(AMT)
3.50%,
12/1/51(a)
$
500,000
$
361,829
Series
2023
5.00%,
12/1/53(a)(b)
150,000
150,288
Kingston
One
Community
Development
District,
Assessment
Area
One
-
2025
Project
Series
2025
5.75%,
5/1/45(a)
250,000
249,425
Series
2025
6.00%,
5/1/57(a)(c)
500,000
498,525
Lakewood
Ranch
Stewardship
District,
Villages
of
Lakewood
Ranch
South
Project
Series
2016
5.13%,
5/1/46
1,000,000
967,861
Mobile
County
Industrial
Development
Authority,
AM/NS
Calvert
LLC
Series
2024
A
(AMT)
5.00%,
6/1/54
750,000
720,282
New
Hampshire
Business
Finance
Authority,
Series
2025
A-2
4.09%,
1/20/41(b)
499,283
449,734
New
Hope
Cultural
Education
Facilities
Finance
Corp.,
Bella
Vida
Forefront
Living
Obligated
Group
Series
2025
A
5.50%,
10/1/35
755,000
759,411
Westminster
Manor
Series
2025
5.00%,
11/1/60
500,000
459,727
Niagara
Area
Development
Corp.,
Reworld
Holding
Corp.
Series
2018
A
(AMT)
4.75%,
11/1/42(a)
750,000
680,410
North
Carolina
Medical
Care
Commission,
Penick
Village
Obligated
Group
Series
2024
A
5.50%,
9/1/44
760,000
761,031
Ohio
Housing
Finance
Agency,
Havens
Edge
Apartments
LLC
Series
2025
A
5.70%,
8/1/43(a)
500,000
506,305
Point
Phase
1
Public
Infrastructure
District
No.
1,
Series
2025
A-1
5.88%,
3/1/45
500,000
508,407
Puerto
Rico
Sales
Tax
Financing
Corp.,
Series
A-1
5.00%,
7/1/58
447,000
420,893
Sales
Tax
Series
A-1
0.00%,
7/1/51
1,532,000
358,196
St.
Louis
County
Industrial
Development
Authority,
Friendship
Village
St.
Louis
Obligated
Group
Series
2017
5.00%,
9/1/48
500,000
465,270
Stamford
Housing
Authority,
TJH
Senior
Living
LLC
Obligated
Group
Series
2025
A
6.25%,
10/1/60
530,000
514,525
Morgan
Stanley
ETF
Trust
Eaton
Vance
High
Income
Municipal
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(97.2%)
(cont’d)
Other
Revenue
(50.2%)
(cont’d)
Tempe
Industrial
Development
Authority,
Mirabella
at
ASU,
Inc.
Series
2017
A
6.00%,
10/1/37(a)
$
300,000
$
223,205
Series
2017
A
6.13%,
10/1/52(a)
300,000
191,021
Vermont
Economic
Development
Authority,
Casella
Waste
Systems,
Inc.
Series
2022
A-2
(AMT)
4.38%,
6/1/52(a)(b)
500,000
493,316
Washington
State
Housing
Finance
Commission,
Bayview
Manor
Homes
Obligated
Group
Series
A
5.00%,
7/1/36(a)
100,000
100,077
West
Virginia
Economic
Development
Authority,
Commercial
Metals
Co.
Series
2025
(AMT)
4.63%,
4/15/55(b)
205,000
204,239
19,002,378
Transportation
(
6
.6
%
)
California
Municipal
Finance
Authority,
LAX
Integrated
Express
Solutions
LLC
Series
2018
A
(AMT)
5.00%,
12/31/47
1,000,000
958,634
City
of
Houston
TX,
Airport
System,
United
Airlines,
Inc.
Series
2024
B
(AMT)
5.25%,
7/15/34
500,000
515,593
United
Airlines,
Inc.
Series
2024
B
(AMT)
5.50%,
7/15/37
500,000
519,733
City
of
Los
Angeles
CA,
Department
of
Airports
Series
2025
A
(AMT)
5.25%,
5/15/45
500,000
515,974
2,509,934
Water
&
Sewer
(
3
.5
%
)
Beaufort-Jasper
Water
&
Sewer
Authority,
Series
2025
A
4.00%,
3/1/47
395,000
355,293
Chisholm
Creek
Utility
Authority,
Series
2025
4.00%,
9/1/45
530,000
471,777
City
of
Hot
Springs
AR,
Wastewater
Series
2025
B
4.38%,
12/1/50
490,000
451,307
1,278,377
Total
Fixed
Income
Securities
(Cost
$37,230,563)
36,693,593
–
Face
Amount
Value
Short-Term
Investments
(
6
.6
%
)
Municipal
Bonds
(
6
.6
%
)
Other
Revenue
(
4
.6
%
)
Maryland
Community
Development
Administration,
Residential
Series
2012
B
4.35%,
9/1/33(b)
$
250,000
$
250,000
North
Dakota
Housing
Finance
Agency,
Series
2015
F
4.35%,
1/1/47(b)
750,000
750,000
University
of
California,
Series
Z-1
4.39%,
7/1/41(b)
750,000
750,000
1,750,000
Utility
(
2
.0
%
)
Development
Authority
of
Burke
County
(The),
Georgia
Power
Co.
Series
2009-1
3.95%,
7/1/49(b)
750,000
750,000
Total
Municipal
Bonds
(Cost
$2,500,000)
2,500,000
Total
Short-Term
Investments
(Cost
$2,500,000)
2,500,000
Total
Investments
(
103
.8
%
)
(
Cost
$
39,730,563
)
(d)
39,193,593
Liabilities
in
Excess
of
Other
Assets
(-3.8%)
(1,431,833)
Net
Assets
(100.0%)
$37,761,760
(a)
144A
security
—
Certain
conditions
for
public
sale
may
exist.
Unless
otherwise
noted,
these
securities
are
deemed
to
be
liquid.
(b)
Floating
or
variable
rate
securities:
The
rates
disclosed
are
as
of
June
30,
2025.
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)
When-issued
security.
(d)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$39,730,563.
The
aggregate
gross
unrealized
appreciation
is
$201,330
and
the
aggregate
gross
unrealized
depreciation
is
$738,300,
resulting
in
net
unrealized
depreciation
of
$536,970.
AMT
Alternative
Minimum
Tax
Portfolio
Composition
Classification
Percentage
of
Total
Investments
Other
Revenue
52
.9
%
Education
19
.2
Other*
12
.8
General
Obligation
8
.7
Transportation
6
.4
Total
Investments
100
.0
%
*
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Eaton
Vance
High
Yield
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Face
Amount
Value
Fixed
Income
Securities
(95.2%)
Corporate
Bonds
(
95
.2
%
)
Aerospace
&
Defense
(2.4%)
Axon
Enterprise,
Inc.
6.13%,
3/15/30(a)
$
20,000
$
20,617
6.25%,
3/15/33(a)(b)
15,000
15,483
Bombardier,
Inc.
7.00%,
6/1/32(a)
30,000
31,279
7.25%,
7/1/31(a)(b)
30,000
31,529
7.88%,
4/15/27(a)
61,000
61,390
8.75%,
11/15/30(a)
40,000
43,353
Moog,
Inc.
4.25%,
12/15/27(a)
111,000
108,639
TransDigm,
Inc.
4.63%,
1/15/29
52,000
51,059
6.38%,
3/1/29(a)
25,000
25,680
6.63%,
3/1/32(a)
40,000
41,466
6.75%,
8/15/28(a)
68,000
69,523
500,018
Air
Freight
&
Logistics
(0.1%)
Stonepeak
Nile
Parent
LLC
7.25%,
3/15/32(a)(b)
28,000
29,700
Automobile
Components
(1.6%)
Clarios
Global
LP
6.75%,
2/15/30(a)(b)
95,000
98,856
8.50%,
5/15/27(a)
100,000
100,625
Goodyear
Tire
&
Rubber
Co.
(The)
5.00%,
7/15/29
56,000
54,787
5.25%,
7/15/31
28,000
26,865
Patrick
Industries,
Inc.
6.38%,
11/1/32(a)
64,000
64,221
345,354
Broadline
Retail
(0.6%)
Match
Group
Holdings
II
LLC
3.63%,
10/1/31(a)
139,000
124,461
Building
Products
(4.8%)
Builders
FirstSource,
Inc.
4.25%,
2/1/32(a)
208,000
192,850
5.00%,
3/1/30(a)
51,000
50,105
CP
Atlas
Buyer,
Inc.
7.00%,
12/1/28(a)
21,000
19,454
EMRLD
Borrower
LP
6.63%,
12/15/30(a)
131,000
134,068
JH
North
America
Holdings,
Inc.
5.88%,
1/31/31(a)
28,000
28,262
6.13%,
7/31/32(a)
36,000
36,620
Masterbrand,
Inc.
7.00%,
7/15/32(a)
87,000
88,964
Quikrete
Holdings,
Inc.
6.38%,
3/1/32(a)
80,000
82,315
6.75%,
3/1/33(a)(b)
86,000
88,791
Smyrna
Ready
Mix
Concrete
LLC
6.00%,
11/1/28(a)
117,000
116,788
Standard
Industries,
Inc.
3.38%,
1/15/31(a)
25,000
22,438
Face
Amount
Value
4.38%,
7/15/30(a)
$
163,000
$
154,437
1,015,092
Capital
Markets
(1.5%)
CI
Financial
Corp.
4.10%,
6/15/51
50,000
35,582
Compass
Group
Diversified
Holdings
LLC
5.25%,
4/15/29(a)
100,000
89,844
Focus
Financial
Partners
LLC
6.75%,
9/15/31(a)
81,000
82,737
HAT
Holdings
I
LLC
3.38%,
6/15/26(a)
40,000
39,177
Jane
Street
Group
6.13%,
11/1/32(a)
59,000
59,600
306,940
Chemicals
(1.8%)
Avient
Corp.
6.25%,
11/1/31(a)
35,000
35,349
7.13%,
8/1/30(a)
122,000
125,923
Celanese
US
Holdings
LLC
6.75%,
4/15/33(b)
20,000
20,224
7.20%,
11/15/33(c)
106,000
112,591
WR
Grace
Holdings
LLC
4.88%,
6/15/27(a)
91,000
90,588
384,675
Commercial
Services
&
Supplies
(3.3%)
Allied
Universal
Holdco
LLC
6.88%,
6/15/30(a)
30,000
30,435
7.88%,
2/15/31(a)
65,000
67,963
Clarivate
Science
Holdings
Corp.
4.88%,
7/1/29(a)
83,000
78,235
Clean
Harbors,
Inc.
4.88%,
7/15/27(a)
117,000
116,509
6.38%,
2/1/31(a)
15,000
15,379
GFL
Environmental,
Inc.
4.75%,
6/15/29(a)
138,000
136,268
Reworld
Holding
Corp.
4.88%,
12/1/29(a)
103,000
98,070
WASH
Multifamily
Acquisition,
Inc.
5.75%,
4/15/26(a)
138,000
137,601
Wrangler
Holdco
Corp.
6.63%,
4/1/32(a)(b)
25,000
26,046
706,506
Construction
&
Engineering
(0.4%)
Arcosa,
Inc.
6.88%,
8/15/32(a)
42,000
43,615
Artera
Services
LLC
8.50%,
2/15/31(a)
60,000
50,011
93,626
Consumer
Finance
(0.5%)
Azorra
Finance
Ltd.
7.25%,
1/15/31(a)
47,000
48,101
Phoenix
Aviation
Capital
Ltd.
9.25%,
7/15/30(a)
47,000
48,716
96,817
Morgan
Stanley
ETF
Trust
Eaton
Vance
High
Yield
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(95.2%)
(cont’d)
Consumer
Staples
Distribution
&
Retail
(2.1%)
Albertsons
Cos.,
Inc.
4.88%,
2/15/30(a)(b)
$
117,000
$
115,136
5.88%,
2/15/28(a)
47,000
46,991
Performance
Food
Group,
Inc.
4.25%,
8/1/29(a)
155,000
149,612
6.13%,
9/15/32(a)
40,000
40,967
US
Foods,
Inc.
4.75%,
2/15/29(a)
103,000
101,291
453,997
Containers
&
Packaging
(2.3%)
Ball
Corp.
6.88%,
3/15/28
109,000
111,612
Clydesdale
Acquisition
Holdings,
Inc.
6.75%,
4/15/32(a)
69,000
70,856
8.75%,
4/15/30(a)
78,000
79,834
Owens-Brockway
Glass
Container,
Inc.
7.25%,
5/15/31(a)
75,000
76,955
Toucan
FinCo
Ltd.
9.50%,
5/15/30(a)
150,000
153,462
492,719
Distributors
(1.1%)
RB
Global
Holdings,
Inc.
6.75%,
3/15/28(a)
66,000
67,783
7.75%,
3/15/31(a)
66,000
69,466
Windsor
Holdings
III
LLC
8.50%,
6/15/30(a)
96,000
102,996
240,245
Diversified
Consumer
Services
(0.5%)
Wand
NewCo
3,
Inc.
7.63%,
1/30/32(a)
109,000
114,649
Diversified
Telecommunication
Services
(3.2%)
CCO
Holdings
LLC
4.25%,
2/1/31(a)
13,000
12,152
4.50%,
8/15/30(a)
257,000
245,179
4.75%,
3/1/30
-
2/1/32(a)
100,000
96,608
6.38%,
9/1/29(a)
112,000
114,325
Virgin
Media
Finance
plc
5.00%,
7/15/30(a)(b)
220,000
201,232
669,496
Electric
Utilities
(4.0%)
Alpha
Generation
LLC
6.75%,
10/15/32(a)
115,000
118,624
NRG
Energy,
Inc.
3.63%,
2/15/31(a)
70,000
64,470
3.88%,
2/15/32(a)
56,000
51,464
6.00%,
2/1/33(a)
50,000
50,530
6.25%,
11/1/34(a)
30,000
30,584
10.25%,
3/15/28(a)(d)(e)
78,000
86,664
Pattern
Energy
Operations
LP
4.50%,
8/15/28(a)
69,000
66,894
Vistra
Operations
Co.
LLC
5.00%,
7/31/27(a)
136,000
135,923
6.88%,
4/15/32(a)
55,000
57,537
Face
Amount
Value
XPLR
Infrastructure
Operating
Partners
LP
4.50%,
9/15/27(a)
$
115,000
$
112,174
8.38%,
1/15/31(a)(b)
30,000
32,067
8.63%,
3/15/33(a)(b)
30,000
32,176
839,107
Electronic
Equipment,
Instruments
&
Components
(0.8%)
Coherent
Corp.
5.00%,
12/15/29(a)
44,000
43,260
Insight
Enterprises,
Inc.
6.63%,
5/15/32(a)
51,000
52,579
Sensata
Technologies,
Inc.
3.75%,
2/15/31(a)
81,000
73,911
169,750
Energy
Equipment
&
Services
(0.6%)
Transocean,
Inc.
8.75%,
2/15/30(a)
52,800
54,339
Weatherford
International
Ltd.
8.63%,
4/30/30(a)
77,000
79,417
133,756
Entertainment
(1.1%)
Cinemark
USA,
Inc.
5.25%,
7/15/28(a)
98,000
97,606
7.00%,
8/1/32(a)
40,000
41,557
Playtika
Holding
Corp.
4.25%,
3/15/29(a)
94,000
85,392
224,555
Financial
Services
(1.2%)
Rocket
Cos.,
Inc.
6.13%,
8/1/30(a)
45,000
45,884
6.38%,
8/1/33(a)
70,000
71,712
Rocket
Mortgage
LLC
3.63%,
3/1/29(a)
100,000
95,101
Shift4
Payments
LLC
6.75%,
8/15/32(a)
42,000
43,646
256,343
Food
Products
(1.9%)
Darling
Ingredients,
Inc.
6.00%,
6/15/30(a)
140,000
141,970
Pilgrim's
Pride
Corp.
3.50%,
3/1/32
130,000
117,156
6.88%,
5/15/34(b)
30,000
32,894
Post
Holdings,
Inc.
6.25%,
2/15/32(a)
45,000
46,302
Viking
Baked
Goods
Acquisition
Corp.
8.63%,
11/1/31(a)
56,000
55,007
393,329
Gas
Utilities
(1.0%)
Ferrellgas
LP
5.88%,
4/1/29(a)
120,000
111,120
Superior
Plus
LP
4.50%,
3/15/29(a)
103,000
99,137
210,257
Morgan
Stanley
ETF
Trust
Eaton
Vance
High
Yield
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(95.2%)
(cont’d)
Ground
Transportation
(0.6%)
Avis
Budget
Car
Rental
LLC
8.38%,
6/15/32(a)
$
40,000
$
41,876
EquipmentShare.com,
Inc.
8.63%,
5/15/32(a)
31,000
32,982
NESCO
Holdings
II,
Inc.
5.50%,
4/15/29(a)
15,000
14,624
Watco
Cos.
LLC
7.13%,
8/1/32(a)(b)
45,000
47,072
136,554
Health
Care
Equipment
&
Supplies
(1.8%)
Avantor
Funding,
Inc.
4.63%,
7/15/28(a)
121,000
118,904
Medline
Borrower
LP
5.25%,
10/1/29(a)
253,000
251,213
370,117
Health
Care
Providers
&
Services
(5.9%)
Concentra
Health
Services,
Inc.
6.88%,
7/15/32(a)(b)
62,000
64,270
Encompass
Health
Corp.
4.75%,
2/1/30
67,000
66,202
HealthEquity,
Inc.
4.50%,
10/1/29(a)
125,000
121,692
Heartland
Dental
LLC
10.50%,
4/30/28(a)
138,000
145,885
LifePoint
Health,
Inc.
9.88%,
8/15/30(a)
56,000
60,646
Molina
Healthcare,
Inc.
3.88%,
11/15/30
-
5/15/32(a)
213,000
196,763
6.25%,
1/15/33(a)(b)
35,000
35,648
Option
Care
Health,
Inc.
4.38%,
10/31/29(a)
188,000
181,084
Team
Health
Holdings,
Inc.
9.00%
Cash,
4.50%
PIK,
13.50%,
6/30/28(a)(f)
67,819
73,168
Tenet
Healthcare
Corp.
4.38%,
1/15/30
15,000
14,532
5.13%,
11/1/27
77,000
76,927
6.13%,
10/1/28
120,000
120,243
US
Acute
Care
Solutions
LLC
9.75%,
5/15/29(a)
86,000
88,811
1,245,871
Health
Care
Technology
(0.3%)
IQVIA,
Inc.
6.25%,
6/1/32(a)
71,000
72,950
Hotels,
Restaurants
&
Leisure
(8.8%)
1011778
BC
ULC
3.88%,
1/15/28(a)
109,000
106,273
4.00%,
10/15/30(a)
135,000
125,944
Caesars
Entertainment,
Inc.
4.63%,
10/15/29(a)
194,000
185,305
6.00%,
10/15/32(a)
45,000
44,160
6.50%,
2/15/32(a)
40,000
41,070
7.00%,
2/15/30(a)
112,000
116,055
Face
Amount
Value
Carnival
Corp.
6.00%,
5/1/29(a)(b)
$
145,000
$
146,605
Churchill
Downs,
Inc.
5.75%,
4/1/30(a)
100,000
100,391
Light
&
Wonder
International,
Inc.
7.00%,
5/15/28(a)
111,000
111,393
Mohegan
Tribal
Gaming
Authority
8.25%,
4/15/30(a)
82,000
84,701
NCL
Corp.
Ltd.
6.75%,
2/1/32(a)
55,000
56,224
7.75%,
2/15/29(a)
95,000
101,071
NCL
Finance
Ltd.
6.13%,
3/15/28(a)
70,000
71,182
Raising
Cane's
Restaurants
LLC
9.38%,
5/1/29(a)
120,000
126,788
Royal
Caribbean
Cruises
Ltd.
6.00%,
2/1/33(a)
66,000
67,314
6.25%,
3/15/32(a)
30,000
30,855
Viking
Cruises
Ltd.
5.88%,
9/15/27(a)
145,000
145,172
Voyager
Parent
LLC
9.25%,
7/1/32(a)
115,000
119,721
Yum!
Brands,
Inc.
3.63%,
3/15/31
96,000
88,719
1,868,943
Household
Durables
(1.5%)
Somnigroup
International,
Inc.
3.88%,
10/15/31(a)
120,000
109,227
Taylor
Morrison
Communities,
Inc.
5.88%,
6/15/27(a)
91,000
92,595
TopBuild
Corp.
4.13%,
2/15/32(a)
135,000
125,279
327,101
Independent
Power
and
Renewable
Electricity
Producers
(0.7%)
Calpine
Corp.
5.00%,
2/1/31(a)
56,000
55,437
5.13%,
3/15/28(a)
74,000
73,963
Clearway
Energy
Operating
LLC
3.75%,
2/15/31(a)
27,000
24,811
154,211
Insurance
(3.4%)
Alliant
Holdings
Intermediate
LLC
6.50%,
10/1/31(a)
12,000
12,238
7.00%,
1/15/31(a)
82,000
84,884
AmWINS
Group,
Inc.
6.38%,
2/15/29(a)
100,000
101,986
HUB
International
Ltd.
7.25%,
6/15/30(a)
105,000
109,806
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
3/15/30(a)
100,000
106,066
Panther
Escrow
Issuer
LLC
7.13%,
6/1/31(a)
185,000
192,290
Ryan
Specialty
LLC
5.88%,
8/1/32(a)
103,000
103,876
711,146
Morgan
Stanley
ETF
Trust
Eaton
Vance
High
Yield
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(95.2%)
(cont’d)
Interactive
Media
&
Services
(0.4%)
Snap,
Inc.
6.88%,
3/1/33(a)(b)
$
78,000
$
80,087
IT
Services
(1.1%)
Arches
Buyer,
Inc.
4.25%,
6/1/28(a)
95,000
90,990
Gartner,
Inc.
4.50%,
7/1/28(a)
144,000
142,603
233,593
Life
Sciences
Tools
&
Services
(0.3%)
Fortrea
Holdings,
Inc.
7.50%,
7/1/30(a)
70,000
63,450
Machinery
(2.2%)
Calderys
Financing
LLC
11.25%,
6/1/28(a)
101,000
107,200
Chart
Industries,
Inc.
9.50%,
1/1/31(a)
117,000
124,981
Esab
Corp.
6.25%,
4/15/29(a)
62,000
63,557
New
Flyer
Holdings,
Inc.
9.25%,
7/1/30(a)
49,000
51,736
Roller
Bearing
Co.
of
America,
Inc.
4.38%,
10/15/29(a)
125,000
121,200
468,674
Media
(2.9%)
Clear
Channel
Outdoor
Holdings,
Inc.
7.88%,
4/1/30(a)
103,000
106,415
DISH
Network
Corp.
11.75%,
11/15/27(a)
74,000
76,338
EchoStar
Corp.
10.75%,
11/30/29
48,000
49,481
McGraw-Hill
Education,
Inc.
5.75%,
8/1/28(a)
101,000
101,678
7.38%,
9/1/31(a)
30,000
31,317
Outfront
Media
Capital
LLC
4.63%,
3/15/30(a)
119,000
113,743
Sinclair
Television
Group,
Inc.
8.13%,
2/15/33(a)
52,000
52,576
Stagwell
Global
LLC
5.63%,
8/15/29(a)
86,000
82,351
613,899
Metals
&
Mining
(3.4%)
Arsenal
AIC
Parent
LLC
11.50%,
10/1/31(a)
112,000
125,684
Big
River
Steel
LLC
6.63%,
1/31/29(a)
55,000
55,480
Cleveland-Cliffs,
Inc.
7.38%,
5/1/33(a)
55,000
51,680
7.50%,
9/15/31(a)(b)
45,000
43,439
Compass
Minerals
International,
Inc.
6.75%,
12/1/27(a)
28,000
28,251
8.00%,
7/1/30(a)
59,000
61,002
Eldorado
Gold
Corp.
6.25%,
9/1/29(a)(b)
84,000
84,190
Face
Amount
Value
Hudbay
Minerals,
Inc.
4.50%,
4/1/26(a)
$
69,000
$
68,614
6.13%,
4/1/29(a)
35,000
35,571
Novelis
Corp.
3.25%,
11/15/26(a)
45,000
44,310
3.88%,
8/15/31(a)
26,000
23,383
4.75%,
1/30/30(a)
100,000
95,882
717,486
Oil,
Gas
&
Consumable
Fuels
(7.4%)
Aethon
United
BR
LP
7.50%,
10/1/29(a)
60,000
62,981
Antero
Midstream
Partners
LP
5.75%,
3/1/27(a)
95,000
94,943
Civitas
Resources,
Inc.
8.63%,
11/1/30(a)
77,000
78,236
EQT
Corp.
4.75%,
1/15/31(a)
70,000
68,940
6.50%,
7/1/27(a)
51,000
52,166
Kinetik
Holdings
LP
5.88%,
6/15/30(a)
113,000
114,029
Matador
Resources
Co.
6.50%,
4/15/32(a)
55,000
55,065
NGL
Energy
Operating
LLC
8.13%,
2/15/29(a)
21,000
21,233
8.38%,
2/15/32(a)
21,000
21,080
Parkland
Corp.
4.63%,
5/1/30(a)
200,000
95,836
Permian
Resources
Operating
LLC
5.88%,
7/1/29(a)
177,000
177,804
6.25%,
2/1/33(a)
40,000
40,397
Plains
All
American
Pipeline
LP
8.70%,
11/15/73(d)(e)
91,000
91,420
SM
Energy
Co.
7.00%,
8/1/32(a)
45,000
44,389
Sunoco
LP
4.50%,
4/30/30
111,000
106,816
7.25%,
5/1/32(a)
45,000
47,280
TerraForm
Power
Operating
LLC
4.75%,
1/15/30(a)
32,000
30,657
5.00%,
1/31/28(a)
89,000
88,154
Venture
Global
LNG,
Inc.
7.00%,
1/15/30(a)
30,000
30,354
8.38%,
6/1/31(a)
101,000
104,974
9.00%,
9/30/29(a)(d)(e)
79,000
76,879
9.50%,
2/1/29(a)
20,000
21,800
9.88%,
2/1/32(a)
5,000
5,403
Vital
Energy,
Inc.
7.88%,
4/15/32(a)
2,000
1,712
9.75%,
10/15/30(b)
46,000
41,673
1,574,221
Passenger
Airlines
(0.5%)
VistaJet
Malta
Finance
plc
6.38%,
2/1/30(a)
104,000
97,604
9.50%,
6/1/28(a)
17,000
17,486
115,090
Morgan
Stanley
ETF
Trust
Eaton
Vance
High
Yield
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(95.2%)
(cont’d)
Personal
Care
Products
(1.1%)
BellRing
Brands,
Inc.
7.00%,
3/15/30(a)
$
116,000
$
120,916
Edgewell
Personal
Care
Co.
4.13%,
4/1/29(a)
80,000
75,642
Prestige
Brands,
Inc.
3.75%,
4/1/31(a)
35,000
32,276
228,834
Pharmaceuticals
(1.7%)
1261229
BC
Ltd.
10.00%,
4/15/32(a)
200,000
201,898
Endo
Finance
Holdings,
Inc.
8.50%,
4/15/31(a)
55,000
58,290
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4.10%,
10/1/46
143,000
102,998
363,186
Professional
Services
(1.3%)
Amentum
Holdings,
Inc.
7.25%,
8/1/32(a)
41,000
42,224
AMN
Healthcare,
Inc.
4.63%,
10/1/27(a)
76,000
73,974
CACI
International,
Inc.
6.38%,
6/15/33(a)
40,000
41,328
VT
Topco,
Inc.
8.50%,
8/15/30(a)
102,000
107,621
265,147
Real
Estate
Management
&
Development
(0.3%)
Cushman
&
Wakefield
US
Borrower
LLC
6.75%,
5/15/28(a)
68,000
68,623
Semiconductors
&
Semiconductor
Equipment
(0.4%)
ON
Semiconductor
Corp.
3.88%,
9/1/28(a)
91,000
88,108
Software
(1.9%)
Cloud
Software
Group,
Inc.
6.50%,
3/31/29(a)
61,000
61,608
9.00%,
9/30/29(a)
66,000
68,472
Ellucian
Holdings,
Inc.
6.50%,
12/1/29(a)
53,000
54,335
Fair
Isaac
Corp.
4.00%,
6/15/28(a)
85,000
82,800
Open
Text
Corp.
3.88%,
2/15/28(a)
63,000
61,155
SS&C
Technologies,
Inc.
5.50%,
9/30/27(a)
67,000
67,105
395,475
Specialty
Retail
(5.1%)
Asbury
Automotive
Group,
Inc.
4.63%,
11/15/29(a)
34,000
32,853
5.00%,
2/15/32(a)
14,000
13,329
Bath
&
Body
Works,
Inc.
6.75%,
7/1/36(b)
40,000
40,719
6.88%,
11/1/35(b)
18,000
18,694
Cougar
JV
Subsidiary
LLC
8.00%,
5/15/32(a)
69,000
73,617
Face
Amount
Value
Evergreen
Acqco
1
LP
9.75%,
4/26/28(a)
$
74,000
$
77,471
Group
1
Automotive,
Inc.
4.00%,
8/15/28(a)
128,000
123,652
6.38%,
1/15/30(a)
20,000
20,575
LCM
Investments
Holdings
II
LLC
4.88%,
5/1/29(a)
91,000
88,568
Lithia
Motors,
Inc.
3.88%,
6/1/29(a)
91,000
86,858
4.38%,
1/15/31(a)
92,000
87,543
Sonic
Automotive,
Inc.
4.63%,
11/15/29(a)
129,000
125,257
4.88%,
11/15/31(a)
134,000
127,448
Specialty
Building
Products
Holdings
LLC
7.75%,
10/15/29(a)
68,000
66,887
Valvoline,
Inc.
3.63%,
6/15/31(a)
112,000
101,504
1,084,975
Technology
Hardware,
Storage
&
Peripherals
(1.2%)
Diebold
Nixdorf,
Inc.
7.75%,
3/31/30(a)
75,000
79,754
Seagate
HDD
Cayman
8.25%,
12/15/29
84,000
89,670
9.63%,
12/1/32
80,000
90,246
259,670
Textiles,
Apparel
&
Luxury
Goods
(1.7%)
Beach
Acquisition
Bidco
LLC
10.00%,
7/15/33(a)(f)
200,000
207,803
Champ
Acquisition
Corp.
8.38%,
12/1/31(a)
53,000
56,451
Hanesbrands,
Inc.
9.00%,
2/15/31(a)
81,000
85,838
350,092
Trading
Companies
&
Distributors
(2.0%)
Herc
Holdings,
Inc.
7.00%,
6/15/30(a)
45,000
47,024
7.25%,
6/15/33(a)
35,000
36,696
Imola
Merger
Corp.
4.75%,
5/15/29(a)
134,000
129,461
WESCO
Distribution,
Inc.
6.38%,
3/15/29
-
3/15/33(a)
72,000
74,334
6.63%,
3/15/32(a)
33,000
34,334
7.25%,
6/15/28(a)
108,000
109,415
431,264
Transportation
Infrastructure
(0.5%)
Seaspan
Corp.
5.50%,
8/1/29(a)
107,000
101,811
Total
Fixed
Income
Securities
(Cost
$19,109,929)
20,191,970
–
Morgan
Stanley
ETF
Trust
Eaton
Vance
High
Yield
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Short-Term
Investments
(
5
.7
%
)
Investment
Company
(
5
.0
%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(g)
(Cost
$1,071,133)
1,071,133
$
1,071,133
Security
held
as
Collateral
on
Loaned
Securities
(
0
.7
%
)
Investment
Company
(0.7%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(g)
(Cost
$140,493)
140,493
140,493
Total
Short-Term
Investments
(Cost
$1,211,626)
1,211,626
Total
Investments
(
100
.9
%
)
(
Cost
$
20,321,555
)
including
$
966,286
of
Securities
Loaned
(h)
21,403,596
Liabilities
in
Excess
of
Other
Assets
(-0.9%)
(196,608)
Net
Assets
(100.0%)
$21,206,988
(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
June
30,
2025
,
were
$
966,286
and
$
1,007,656
,
respectively.
The
Fund
received
cash
collateral
of
$
140,493
,
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
$
867,163
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)
Multi-step
—
Coupon
rate
changes
in
predetermined
increments
to
maturity.
Rate
disclosed
is
as
of
June
30,
2025.
Maturity
date
disclosed
is
the
ultimate
maturity
date.
(d)
Perpetual
—
One
or
more
securities
do
not
have
a
predetermined
maturity
date.
Rates
for
these
securities
are
fixed
for
a
period
of
time,
after
which
they
revert
to
a
floating
rate.
Interest
rates
in
effect
are
as
of
June
30,
2025.
(e)
Floating
or
variable
rate
securities:
The
rates
disclosed
are
as
of
June
30,
2025.
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.
(f)
Income
may
be
paid
in
additional
securities
and/or
cash
at
the
descretion
of
the
issuer.
(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
June
30,
2025,
management
fees
paid
were
reduced
by
$690
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(h)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$20,321,555.
The
aggregate
gross
unrealized
appreciation
is
$1,117,333
and
the
aggregate
gross
unrealized
depreciation
is
$35,292,
resulting
in
net
unrealized
appreciation
of
$1,082,041.
PIK
Payment-in-Kind
Sector
Classification
of
Portfolio
*
Classification  
Percentage
of
Total
Investments
Consumer
Discretionary
21‌
.0
%
Industrials
18‌
.2
Health
Care
9‌
.9
Energy
8‌
.0
Materials
7‌
.5
Communication
Services
7‌
.5
Financials
6‌
.4
Utilities
5‌
.7
Information
Technology
5‌
.4
Consumer
Staples
5‌
.1
Short-Term
Investment
5‌
.0
Other**
0‌
.3
Total
Investments
100‌
.0
%
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Eaton
Vance
Intermediate
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Face
Amount
Value
Fixed
Income
Securities
(98.6%)
Corporate
Bonds
(
1
.1
%
)
Health
Care
Providers
&
Services
(1.1%)
Providence
St
Joseph
Health
Obligated
Group
5.37%,
10/1/32
$
1,000,000
$
1,017,683
Municipal
Bonds
(
97
.5
%
)
Certificate
of
Participation/Lease
(
1
.8
%
)
Adams
County
School
District
No.
1,
Series
2025
5.00%,
12/1/38
1,000,000
1,071,336
City
of
Golden
CO,
Series
2025
5.00%,
12/1/37
525,000
572,917
1,644,253
Education
(
16
.8
%
)
Arlington
Higher
Education
Finance
Corp.,
Lifeschool
of
Dallas
Series
2024
4.00%,
8/15/44
275,000
248,986
Board
of
Governors
of
Colorado
State,
University
System
Series
2025
C
5.00%,
3/1/37
625,000
688,256
Board
of
Governors
of
Colorado
State
University
System,
Series
2023
A-2
4.38%,
3/1/48(a)
500,000
510,076
Build
NYC
Resource
Corp.,
Nightingale-Bamford
School
Series
2025
5.00%,
7/1/40
1,000,000
1,042,771
Success
Academy
Charter
Schools
Inc
Obligated
Group
Series
2025
4.00%,
9/1/43
880,000
790,183
Colorado
Educational
&
Cultural
Facilities
Authority,
Kent
Denver
School
Series
2025
4.00%,
6/1/35
1,000,000
985,477
Connecticut
State
Health
&
Educational
Facilities
Authority,
Quinnipiac
University
Series
M
5.00%,
7/1/29
250,000
252,984
Yale
University
Series
2025
B-2
5.00%,
7/1/64(a)
1,000,000
1,119,586
Connecticut
State
Higher
Education
Supplement
Loan
Authority,
Series
2025
B-2
(AMT)
5.00%,
11/15/45(a)
250,000
251,984
Series
2025
B-1
(AMT)
5.25%,
11/15/34
580,000
611,912
Madison
County
Capital
Resource
Corp.,
Colgate
University
Series
2025
5.00%,
7/1/33
100,000
114,264
Massachusetts
Development
Finance
Agency,
President
and
Fellows
of
Harvard
College
Series
2025
A-2
5.00%,
5/15/55(a)
690,000
774,842
Face
Amount
Value
Trustees
of
Amherst
College
Series
2025
A
5.00%,
11/1/55(a)
$
500,000
$
567,141
Trustees
of
Boston
College
Series
2025
W
5.00%,
7/1/40
750,000
815,532
Navajo
County
Unified
School
District
No.
27,
Kayenta
Series
2025
5.50%,
7/1/35
500,000
548,350
New
Jersey
Educational
Facilities
Authority,
Trustees
of
Princeton
University
(The)
Series
2024
A-1
5.00%,
3/1/36
750,000
837,158
New
Jersey
Higher
Education
Student
Assistance
Authority,
Series
2025-1B
(AMT)
5.00%,
12/1/31
1,000,000
1,047,406
New
Jersey
Institute
of
Technology,
Series
2025
A
5.00%,
7/1/38
200,000
219,239
New
York
State
Dormitory
Authority,
Series
2025
A
5.00%,
10/1/32
220,000
247,345
Onondaga
Civic
Development
Corp.,
Syracuse
University
Series
2025
5.00%,
12/1/37
500,000
555,039
Private
Colleges
&
Universities
Authority,
Emory
University
Series
2025
A
5.25%,
9/1/39
1,000,000
1,104,179
Rhode
Island
Health
and
Educational
Building
Corp.,
Town
of
East
Greenwich
Series
2025
B
5.00%,
5/15/35
570,000
639,467
Sierra
Vista
Industrial
Development
Authority,
American
Leadership
Academy,
Inc.
Series
2024
5.00%,
6/15/34(b)
250,000
257,395
University
of
California,
Series
2024
BV
5.00%,
5/15/38
515,000
562,613
University
of
North
Carolina
at
Chapel
Hill,
Series
2012
B
3.92%,
12/1/41(a)
500,000
502,048
University
of
Washington,
Series
2024
A
5.00%,
4/1/44
250,000
258,705
15,552,938
General
Obligation
(
19
.9
%
)
Belmont-Redwood
Shores
School
District,
Series
A
5.00%,
8/1/39
250,000
279,520
Series
A
5.00%,
8/1/40
300,000
331,909
Charlton
County
School
District,
Series
2025
6.00%,
4/1/41
150,000
171,020
Morgan
Stanley
ETF
Trust
Eaton
Vance
Intermediate
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(97.5%)
(cont’d)
General
Obligation
(19.9%)
(cont’d)
Chicago
Board
of
Education,
Series
2012
B
5.00%,
12/1/33
$
500,000
$
500,006
City
of
Boston
MA,
Series
2025
A
5.00%,
2/1/35
785,000
894,550
City
of
Chicago
IL,
Series
2024
B
5.00%,
1/1/33
250,000
265,147
Series
2021
A
5.00%,
1/1/34
230,000
238,115
Series
2024
B
5.00%,
1/1/35
175,000
183,932
Series
2019
A
5.50%,
1/1/49
500,000
496,566
City
of
Detroit
MI,
Series
2020
5.50%,
4/1/40
250,000
259,216
City
of
New
York
NY,
Series
2025
F
5.00%,
8/1/35
270,000
304,551
Series
2024
D
5.00%,
4/1/39
630,000
677,233
City
of
Philadelphia,
Series
2025
C
5.00%,
8/1/34
1,000,000
1,124,534
Commonwealth
of
Massachusetts,
Series
2015
B
4.00%,
5/1/45
450,000
411,347
Commonwealth
of
Pennsylvania,
Series
2018
4.00%,
3/1/38
500,000
496,231
Commonwealth
of
Puerto
Rico,
Series
2022
A-1
5.63%,
7/1/27
371,000
381,885
Cupertino
Union
School
District,
Series
A
5.75%,
8/1/42
650,000
746,372
Cypress-Fairbanks
Independent
School
District,
Series
2023
A
5.00%,
2/15/37
250,000
271,107
Dallas
Independent
School
District,
Series
2023
5.00%,
2/15/42
260,000
269,001
Series
2025
A-6
5.00%,
2/15/55(a)
500,000
545,853
Detroit
City
School
District,
Series
2001
A
6.00%,
5/1/29
1,000,000
1,074,240
DuPage
County
Forest
Preserve
District,
Series
2025
5.00%,
11/1/33
200,000
226,302
Harris
County
Improvement
District
No.
18,
Series
2024
A
4.00%,
9/1/39
640,000
623,794
Harris
County
Municipal
Utility
District
No.
165,
Series
2024
3.38%,
3/1/41
500,000
417,277
Face
Amount
Value
L'Anse
Creuse
Public
Schools,
Series
2025
I
5.00%,
5/1/38
$
750,000
$
825,953
Maricopa
County
Elementary
School
District
No.
6,
Washington
Series
2025
B
5.00%,
7/1/38
500,000
538,545
Maricopa
County
Union
High
School
District
No.
201,
Buckeye
Series
2025
5.00%,
7/1/33
500,000
563,733
Menifee
Union
School
District,
Series
2017
A
3.25%,
8/1/37
250,000
230,239
Northside
Independent
School
District,
Series
2020
3.55%,
6/1/50(a)
750,000
756,231
Oregon
City
School
District
No.
62,
Series
2025
B
5.00%,
6/15/38
500,000
555,180
Raindance
Metropolitan
District
No.
2,
Series
2024
4.00%,
12/1/44
315,000
281,393
Riverside
Community
College
District,
Series
2025
A
4.00%,
8/1/42
200,000
194,857
State
of
Connecticut,
Series
2025
A
5.00%,
3/15/33
500,000
566,417
State
of
Illinois
IL,
Series
2020
5.50%,
5/1/39
315,000
330,105
State
of
Maryland,
Series
2017
A
3.00%,
8/1/31
325,000
320,761
State
of
New
York,
Series
2025
A
5.00%,
3/15/39
440,000
490,386
State
of
Oregon,
Series
2025
E
5.00%,
5/15/34
500,000
541,049
United
City
of
Yorkville
IL,
Series
2025
A
5.00%,
12/30/36
350,000
382,608
Village
of
Westchester
IL,
Series
2025
5.00%,
12/15/38
655,000
691,196
18,458,361
Hospital
(
10
.7
%
)
Allegheny
County
Hospital
Development
Authority,
UPMC
Obligated
Group
Series
2017
D-2
2.62%,
11/15/47(a)
500,000
494,417
City
of
Minneapolis
MN,
Children's
Health
Care
Obligated
Group
Series
2025
5.00%,
8/15/44
800,000
818,992
Morgan
Stanley
ETF
Trust
Eaton
Vance
Intermediate
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(97.5%)
(cont’d)
Hospital
(10.7%)
(cont’d)
Colorado
Health
Facilities
Authority,
AdventHealth
Obligated
Group
Series
A-1
5.00%,
11/15/58(a)
$
500,000
$
529,444
CommonSpirit
Health
Obligated
Group
Series
2019
B-2
5.00%,
8/1/49(a)
500,000
503,833
Harris
County
Cultural
Education
Facilities
Finance
Corp.,
Memorial
Hermann
Health
System
Obligated
Group
Series
2022
A
5.00%,
7/1/29
250,000
268,886
Texas
Children's
Hospital
Obligated
Group
Series
2015-1
5.00%,
10/1/28
500,000
502,036
Idaho
Health
Facilities
Authority,
St.
Luke's
Health
System
Ltd.
Obligated
Group
Series
2025
C
5.00%,
3/1/60(a)
1,000,000
1,088,419
Illinois
Finance
Authority,
Ascension
Health
Credit
Group
Series
2016
C
5.00%,
2/15/41
-
2/15/41
500,000
510,199
Indiana
Finance
Authority,
Indiana
University
Health,
Inc.
Obligated
Group
Series
2025
D-4
5.00%,
10/1/57(a)
1,000,000
1,097,071
Industrial
Development
Authority
of
the
County
of
Yavapai
(The),
Yavapai
Community
Hospital
Association
Obligated
Group
Series
2019
4.00%,
8/1/43
540,000
479,372
Michigan
State
Hospital
Finance
Authority,
Corewell
Health
Obligated
Group
Series
2025
B-1
5.00%,
8/15/55(a)
750,000
810,942
New
York
State
Dormitory
Authority,
Montefiore
Obligated
Group
Series
2024
5.00%,
11/1/35
500,000
539,194
White
Plains
Hospital
Obligated
Group
Series
2024
5.00%,
10/1/35
250,000
263,716
Pennsylvania
Higher
Educational
Facilities
Authority,
Thomas
Jefferson
University
Obligated
Group
Series
2024
B-1
5.25%,
11/1/40
750,000
796,931
Shelby
County
Health
Educational
&
Housing
Facilities
Board,
Baptist
Memorial
Health
Care
Obligated
Group
Series
2024
A
5.25%,
9/1/39
500,000
521,437
South
Carolina
Jobs-Economic
Development
Authority,
Novant
Health
Obligated
Group
Series
2024
A
5.50%,
11/1/48
250,000
260,896
Face
Amount
Value
University
of
Colorado
Hospital
Authority,
Series
2024
B
5.00%,
11/15/31
$
250,000
$
278,548
9,764,333
Housing
(
1
.4
%
)
Public
Finance
Authority,
KSU
Bixby
Real
Estate
Foundation
LLC
Series
2025
A
5.00%,
6/15/35
600,000
643,876
Series
2025
A
5.00%,
6/15/39
350,000
362,790
Washington
State
Housing
Finance
Commission,
Provident
Group-SH
I
Properties
LLC
Series
2024
5.50%,
7/1/44
250,000
258,603
1,265,269
Other
Revenue
(
25
.1
%
)
Buckeye
Tobacco
Settlement
Financing
Authority,
Series
2020
A-2
4.00%,
6/1/37
500,000
475,788
California
Community
Choice
Financing
Authority,
Series
2024
B
5.00%,
1/1/55(a)
90,000
93,036
Series
2024
C
5.00%,
8/1/55(a)
325,000
342,744
Series
2023
F
5.50%,
10/1/54(a)
490,000
525,609
City
of
Mesa
AZ,
Utility
System
Series
2014
4.00%,
7/1/37
250,000
247,107
City
of
Whiting
IN,
BP
Products
North
America,
Inc.
Series
2008
4.20%,
6/1/44(a)
1,000,000
999,684
Colorado
Housing
and
Finance
Authority,
Fitz
Affordable
Owner
LLC
Series
2024
A
4.48%,
3/1/44
250,000
241,462
District
of
Columbia
Housing
Finance
Agency,
Carl
F
West
LLC
Series
2023
A-2
4.40%,
9/1/45(a)
500,000
514,989
Downtown
Revitalization
Public
Infrastructure
District,
City
of
Salt
Lake
City
Revitalization
Series
2025
A
5.00%,
6/1/39
1,300,000
1,334,496
Empire
State
Development
Corp.,
State
of
New
York
Sales
Tax
Series
2023
A
5.00%,
3/15/44
500,000
517,657
EP
Cimarron
Ventanas
PFC,
Series
2024
4.00%,
12/1/34
500,000
490,828
FW
Texas
Street
Public
Facility
Corp.,
Series
2025
5.00%,
5/1/38
750,000
745,994
Morgan
Stanley
ETF
Trust
Eaton
Vance
Intermediate
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(97.5%)
(cont’d)
Other
Revenue
(25.1%)
(cont’d)
Idaho
State
Building
Authority,
State
of
Idaho
Sales
Tax
Series
2025
A
5.00%,
6/1/34
$
970,000
$
1,108,148
Industrial
Development
Board
of
the
City
of
Mobile
Alabama,
Alabama
Power
Co.
Series
2008
3.30%,
7/15/34(a)
500,000
500,336
Iowa
Finance
Authority,
Lifespace
Communities,
Inc.
Obligated
Group
Series
2024
A
5.00%,
5/15/39
500,000
503,937
Main
Street
Natural
Gas,
Inc.,
Series
2022
B
5.00%,
12/1/52(a)
500,000
519,208
Series
2023
B
5.00%,
7/1/53(a)
500,000
527,026
Series
2025
A
5.00%,
6/1/55(a)
500,000
532,031
Michigan
State
Housing
Development
Authority,
Series
B
3.35%,
12/1/34
335,000
314,288
Series
2024
D
3.40%,
6/1/30
45,000
45,111
Mission
Economic
Development
Corp.,
Republic
Services,
Inc.
Series
2020
A
(AMT)
4.10%,
5/1/50(a)
500,000
500,135
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority,
Evergy
Metro,
Inc.
Series
2008
(AMT)
0.00%,
5/1/38(a)
725,000
727,074
Montgomery
County
Housing
Opportunities
Commission,
Series
2025
A
3.85%,
7/1/34
500,000
500,886
New
Jersey
Transportation
Trust
Fund
Authority,
Series
2022
CC
5.00%,
6/15/42
500,000
512,768
New
York
City
Housing
Development
Corp.,
8
Spruce
NY
Owner
LLC
Series
2024
D
4.00%,
12/15/31
375,000
384,160
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured
Series
2024
C
5.00%,
5/1/37
500,000
544,256
New
York
State
Dormitory
Authority,
Series
2024
A
5.00%,
3/15/53
450,000
455,393
New
York
State
Energy
Research
&
Development
Authority,
Rochester
Gas
and
Electric
Corp.
Series
2004
B
(AMT)
4.00%,
5/15/32
375,000
377,567
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
751,378
Face
Amount
Value
West
38th
Street
LLC
Series
2014
A
3.57%,
5/1/42(a)
$
500,000
$
496,096
New
York
Transportation
Development
Corp.,
Delta
Air
Lines,
Inc.
Series
2023
(AMT)
5.63%,
4/1/40
250,000
257,075
Oklahoma
County
Finance
Authority,
Oklahoma
County
Independent
School
District
No.
41
Western
Heights
Series
2025
5.00%,
9/1/35
500,000
514,252
Oregon
State
Lottery,
Series
2025
A
5.00%,
4/1/38
500,000
553,395
Parish
of
St
John
the
Baptist,
Marathon
Oil
Corp.
Series
2017
C
3.30%,
6/1/37(a)
500,000
499,119
Pennsylvania
Economic
Development
Financing
Authority,
Waste
Management
Obligated
Group
Series
2013
(AMT)
4.10%,
8/1/45(a)
500,000
500,131
Puerto
Rico
Sales
Tax
Financing
Corp.
Sales
Tax,
Series
A-2
4.33%,
7/1/40
1,000,000
939,336
South
Carolina
Public
Service
Authority,
Series
2025
A
5.00%,
12/1/43
500,000
512,112
Southeast
Energy
Authority
A
Cooperative
District,
Series
2025
A
5.00%,
1/1/56(a)
25,000
25,528
Tobacco
Settlement
Financing
Corp.,
Series
2018
A
5.00%,
6/1/34
500,000
509,755
Vancouver
Housing
Authority,
Series
2024
4.00%,
8/1/34
750,000
730,139
Virginia
Housing
Development
Authority,
Series
2024
E
4.05%,
10/1/44
355,000
341,207
West
Virginia
Economic
Development
Authority,
Commercial
Metals
Co.
Series
2025
(AMT)
4.63%,
4/15/55(a)
775,000
772,125
Wisconsin
Health
&
Educational
Facilities
Authority,
Wisconsin
Housing
Preservation
Corp.
Series
2024
A
3.63%,
11/1/29
800,000
797,106
Wisconsin
Housing
&
Economic
Development
Authority,
Housing
Series
2024
B
3.75%,
11/1/55(a)
500,000
503,364
23,283,836
Transportation
(
14
.1
%
)
City
of
Houston
TX,
Airport
System,
United
Airlines,
Inc.
Series
2024
B
(AMT)
5.50%,
7/15/36
535,000
556,935
Morgan
Stanley
ETF
Trust
Eaton
Vance
Intermediate
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(97.5%)
(cont’d)
Transportation
(14.1%)
(cont’d)
City
of
Los
Angeles
CA,
Department
of
Airports
Series
2025
A
(AMT)
5.00%,
5/15/35
$
500,000
$
542,259
City
of
Philadelphia
PA,
Airport
Series
2017
B
(AMT)
5.00%,
7/1/25
500,000
500,000
City
of
Salt
Lake
City
UT,
Airport
Series
2017
A
(AMT)
5.00%,
7/1/36
555,000
561,102
Columbus
Regional
Airport
Authority,
Series
2025
B
5.00%,
1/1/37
725,000
802,897
Metropolitan
Transportation
Authority,
Series
A-1
5.00%,
11/15/46
500,000
494,690
Metropolitan
Washington
Airports
Authority
Aviation,
Series
A
(AMT)
5.00%,
10/1/31
500,000
506,654
New
Jersey
Turnpike
Authority,
Series
2025
B
5.00%,
1/1/33
1,000,000
1,124,147
New
York
Transportation
Development
Corp.,
JFK
International
Air
Terminal
LLC
Series
2022
(AMT)
5.00%,
12/1/32
500,000
536,070
JFK
Millennium
Partners
LLC
Series
2024
A
(AMT)
5.25%,
12/31/54
805,000
806,244
JFK
NTO
LLC
Series
2023
(AMT)
5.50%,
6/30/38
250,000
263,650
North
Texas
Tollway
Authority,
Series
2023
A
5.00%,
1/1/41
250,000
261,116
Pennsylvania
Turnpike
Commission,
Series
2024-1
5.00%,
6/1/36
750,000
828,906
Port
Authority
of
New
York
&
New
Jersey,
Series
(AMT)
5.00%,
9/15/32
1,000,000
1,031,046
Series
202
(AMT)
5.00%,
10/15/35
750,000
759,561
San
Francisco
City
&
County
Airport
Commission,
San
Francisco
International
Airport
Series
2025
A
(AMT)
5.00%,
5/1/35
750,000
813,509
South
Jersey
Transportation
Authority,
Series
2025
A
5.00%,
11/1/37
690,000
737,370
State
of
Alaska
International
Airports
System,
Series
2025
A
5.00%,
10/1/33
315,000
355,800
Face
Amount
Value
State
of
Connecticut
CT,
Special
Tax
Series
2021
A
5.00%,
5/1/41
$
500,000
$
521,363
State
of
Maryland
Department
of
Transportation,
Series
2019
2.50%,
10/1/33
300,000
269,966
Texas
Private
Activity
Bond
Surface
Transportation
Corp.,
NTE
Mobility
Partners
Segments
3
LLC
Series
2023
(AMT)
5.38%,
6/30/38
250,000
261,085
Texas
Transportation
Commission,
State
Highway
249
System
Series
2019
A
0.00%,
8/1/40
400,000
193,166
Virginia
Small
Business
Financing
Authority,
95
Express
Lanes
LLC
Series
2022
(AMT)
5.00%,
7/1/38
335,000
340,708
13,068,244
Utility
(
4
.1
%
)
Development
Authority
of
Monroe
County
(The),
Georgia
Power
Co.
Series
2008
3.35%,
11/1/48(a)
750,000
743,390
Oglethorpe
Power
Corp.
Series
2013
A
3.60%,
1/1/39(a)
500,000
503,307
Energy
Northwest,
Bonneville
Power
Administration
Series
2021
A
5.00%,
7/1/41
825,000
857,892
Intermountain
Power
Agency,
Intermountain
Power
Agency
Series
2025
5.00%,
7/1/38
550,000
576,351
Los
Angeles
Department
of
Water
&
Power,
Power
System
Series
2025
A
5.00%,
7/1/35
100,000
110,898
North
Carolina
Municipal
Power
Agency
No.
1,
Series
A
5.00%,
1/1/27
250,000
252,496
Northern
Illinois
Municipal
Power
Agency,
Series
2016
A
4.00%,
12/1/41
250,000
229,785
Utility
Debt
Securitization
Authority,
Series
2023
TE-1
5.00%,
12/15/41
500,000
538,872
3,812,991
Water
&
Sewer
(
3
.6
%
)
Berkeley
County
Public
Service
Sewer
District,
Series
2025
A
5.00%,
6/1/40
240,000
249,503
City
of
Seattle
WA,
Water
System
Series
2025
5.00%,
5/1/39
550,000
602,971
Morgan
Stanley
ETF
Trust
Eaton
Vance
Intermediate
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(97.5%)
(cont’d)
Water
&
Sewer
(3.6%)
(cont’d)
Indiana
Finance
Authority,
Series
2025
C
5.00%,
2/1/39
$
750,000
$
820,586
Jersey
City
Municipal
Utilities
Authority,
Water
Fund
Series
2025
D
5.75%,
10/15/38
-
10/15/38
615,000
708,086
Massachusetts
Clean
Water
Trust
(The),
Massachusetts
Clean
Water
State
Revolving
Fund
Series
B-25
5.00%,
2/1/43
350,000
368,680
Oklahoma
Water
Resources
Board,
Series
2024
C
4.00%,
10/1/44
455,000
418,246
3,168,072
90,018,297
Total
Fixed
Income
Securities
(Cost
$91,116,228)
91,035,980
–
Short-Term
Investments
(
3
.5
%
)
Municipal
Bonds
(
3
.5
%
)
Education
(
1
.1
%
)
University
of
Delaware,
Series
2013
C
3.95%,
11/1/37(a)
$
1,000,000
1,000,000
Other
Revenue
(
0
.5
%
)
New
York
City
Transitional
Finance
Authority,
Series
2019
A-4
4.00%,
8/1/45(a)
500,000
500,000
Utility
(
0
.8
%
)
Development
Authority
of
Burke
County
(The),
Georgia
Power
Co.
Series
2009-1
3.95%,
7/1/49(a)
700,000
700,000
Water
&
Sewer
(
1
.1
%
)
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Series
2024
C
3.95%,
12/1/54(a)
1,000,000
1,000,000
Total
Municipal
Bonds
(Cost
$3,200,000)
3,200,000
Total
Short-Term
Investments
(Cost
$3,200,000)
3,200,000
Total
Investments
(
102
.1
%
)
(
Cost
$
94,316,228
)
(c)
94,235,980
Liabilities
in
Excess
of
Other
Assets
(-2.1%)
(1,936,165)
Net
Assets
(100.0%)
$92,299,815
(a)
Floating
or
variable
rate
securities:
The
rates
disclosed
are
as
of
June
30,
2025.
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
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$94,316,228.
The
aggregate
gross
unrealized
appreciation
is
$785,245
and
the
aggregate
gross
unrealized
depreciation
is
$865,493,
resulting
in
net
unrealized
depreciation
of
$80,248.
AMT
Alternative
Minimum
Tax
Portfolio
Composition
Classification
Percentage
of
Total
Investments
Other
Revenue
25
.2
%
General
Obligation
19
.6
Education
17
.6
Transportation
13
.9
Other*
13
.3
Hospital
10
.4
Total
Investments
100
.0
%
*
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Face
Amount
Value
Fixed
Income
Securities
(96.0%)
Asset-Backed
Securities
(
19
.8
%
)
AASET
Ltd.,
2025-2A
5.52%,
2/16/50(a)
$
2,550,000
$
2,580,952
ACHV
ABS
Trust,
2024-3AL
5.45%,
12/26/31(a)
322,899
325,001
2024-3AL
5.68%,
12/26/31(a)
183,438
183,802
ACM
Auto
Trust,
2024-2A
6.06%,
2/20/29(a)
478,521
479,839
2025-1A
5.38%,
6/20/29(a)
300,853
301,166
2025-1A
7.87%,
11/20/31(a)
1,000,000
1,014,169
2025-2A
5.55%,
6/20/28(a)
1,694,794
1,697,285
ALTDE
Trust,
2025-1A
5.90%,
8/15/50(a)
755,096
771,658
Alterna
Funding
III
LLC,
2024-1A
6.26%,
5/16/39(a)
820,051
828,335
Amur
Equipment
Finance
Receivables
XII
LLC,
2023-1A
6.09%,
12/20/29(a)
256,687
259,255
Auxilior
Term
Funding
LLC,
2023-1A
6.18%,
12/15/28(a)
461,540
465,395
2024-1A
5.84%,
3/15/27(a)
147,834
148,613
BHG
Securitization
Trust,
2023-A
5.55%,
4/17/36(a)
372,523
373,189
Cajun
Global
LLC,
2021-1
3.93%,
11/20/51(a)
1,351,784
1,324,185
Cascade
MH
Asset
Trust,
2022-MH1
4.25%,
8/25/54(a)(b)
1,336,018
1,296,982
Castlelake
Aircraft
Structured
Trust,
2025-1A
5.78%,
2/15/50(a)
1,869,035
1,897,786
CFMT
LLC,
2023-HB12
4.25%,
4/25/33(a)(c)
2,025,000
1,993,165
Chase
Auto
Credit
Linked
Notes,
2025-1
4.75%,
2/25/33(a)
1,560,000
1,565,048
2025-1
4.85%,
2/25/33(a)
700,000
701,880
Chesapeake
Funding
II
LLC,
2024-1A
5.52%,
5/15/36(a)
551,500
557,254
Cloud
Capital
Holdco
LP,
2024-1A
5.78%,
11/22/49(a)
780,000
791,514
Face
Amount
Value
Cologix
Data
Centers
US
Issuer
LLC,
2021-1A
3.30%,
12/26/51(a)
$
1,225,000
$
1,186,144
Commonbond
Student
Loan
Trust,
2021-AGS
1.20%,
3/25/52(a)
681,367
589,752
Crockett
Partners
Equipment
Co.
IIA
LLC,
2024-1C
6.05%,
1/20/31(a)
412,500
417,200
Crossroads
Asset
Trust,
2024-A
5.90%,
8/20/30(a)
234,641
237,592
DB
Master
Finance
LLC,
2021-1A
2.05%,
11/20/51(a)
902,275
869,301
Dext
ABS
LLC,
2023-2
6.56%,
5/15/34(a)
500,076
504,341
Diamond
Infrastructure
Funding
LLC,
2021-1A
1.76%,
4/15/49(a)
600,000
570,974
Domino's
Pizza
Master
Issuer
LLC,
2015-1A
4.47%,
10/25/45(a)
463,750
463,342
2018-1A
4.12%,
7/25/48(a)
513,545
512,002
Driven
Brands
Funding
LLC,
2019-2A
3.98%,
10/20/49(a)
1,894,861
1,867,195
2020-1A
3.79%,
7/20/50(a)
682,174
666,623
2021-1A
2.79%,
10/20/51(a)
847,433
793,365
ECMC
Group
Student
Loan
Trust,
2020-3A
SOFR30A
+
1.11%,
5.42%,
1/27/70(a)(c)
431,546
433,924
ELFI
Graduate
Loan
Program
LLC,
2021-A
1.53%,
12/26/46(a)
984,368
876,115
Falcon
Aerospace
Ltd.,
2019-1
3.60%,
9/15/39(a)
116,122
113,989
FMC
GMSR
Issuer
Trust,
2020-GT1
4.45%,
1/25/26(a)(c)
1,500,000
1,467,593
2022-GT2
7.90%,
7/25/27(a)
1,600,000
1,627,216
FOCUS
Brands
Funding
LLC,
2017-1A
5.09%,
4/30/47(a)
2,252,160
2,239,828
GAIA
Aviation
Ltd.,
2019-1
3.97%,
12/15/44(a)(b)
370,928
358,338
Gilead
Aviation
LLC,
2025-1A
5.79%,
3/15/50(a)
622,294
635,029
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(19.8%)
(cont’d)
GLS
Auto
Select
Receivables
Trust,
2024-1A
5.24%,
3/15/30(a)
$
501,487
$
504,496
2024-2A
5.58%,
6/17/30(a)
154,965
156,479
Goddard
Funding
LLC,
2024-1A
6.83%,
10/30/54(a)
654,710
665,330
Golub
Capital
Partners
ABS
Funding
Ltd.,
2020-1A
3.21%,
1/22/29(a)
412,130
410,358
2021-1A
2.77%,
4/20/29(a)
1,183,679
1,177,793
Horizon
Aircraft
Finance
IV
Ltd.,
2024-1
5.38%,
9/15/49(a)
1,087,625
1,090,141
J.P.
Morgan
Mortgage
Trust,
2023-HE2
SOFR30A
+
1.70%,
6.00%,
3/20/54(a)(c)
511,052
513,515
2024-HE1
SOFR30A
+
1.50%,
5.80%,
8/25/54(a)(c)
257,113
257,798
2024-HE2
SOFR30A
+
1.20%,
5.50%,
10/20/54(a)(c)
289,406
289,339
Jersey
Mike's
Funding,
2021-1A
2.89%,
2/15/52(a)
588,060
569,846
Jersey
Mike's
Funding
LLC,
2019-1A
4.43%,
2/15/50(a)
748,525
742,527
LAD
Auto
Receivables
Trust,
2024-1A
5.23%,
1/18/28(a)
627,599
629,064
Lendbuzz
Securitization
Trust,
2024-1A
6.19%,
8/15/29(a)
698,902
704,796
2024-3A
4.97%,
10/15/29(a)
340,250
340,707
2025-1A
5.10%,
10/15/30(a)
750,000
752,751
2025-2A
5.18%,
5/15/30(a)
2,200,000
2,206,264
2025-2A
5.13%,
11/15/30(a)
1,165,000
1,172,300
loanDepot
GMSR
Trust,
2025-GT1
CME
Term
SOFR
1
Month
+
2.85%,
7.16%,
5/16/30(a)(c)
1,282,000
1,282,000
Loanpal
Solar
Loan
Ltd.,
2021-1GS
2.29%,
1/20/48(a)
800,255
668,962
2021-2GS
2.22%,
3/20/48(a)
1,064,829
864,579
Face
Amount
Value
Lunar
Structured
Aircraft
Portfolio
Notes,
2021-1
2.64%,
10/15/46(a)
$
1,301,629
$
1,214,483
MACH
1
Cayman
Ltd.,
2019-1
3.47%,
10/15/39(a)
159,834
155,601
MAPS
Trust,
2021-1A
2.52%,
6/15/46(a)
220,156
207,626
Monroe
Capital
ABS
Funding
Ltd.,
2021-1A
2.82%,
4/22/31(a)
881,468
872,788
Mosaic
Solar
Loan
Trust,
2019-2A
3.28%,
9/20/40(a)
1,525,112
1,377,290
2020-1A
2.10%,
4/20/46(a)
138,842
123,528
2021-1A
2.05%,
12/20/46(a)
672,797
536,747
Navigator
Aviation
Ltd.,
2024-1
5.40%,
8/15/49(a)
584,036
578,884
Neighborly
Issuer
LLC,
2021-1A
3.58%,
4/30/51(a)
1,243,200
1,164,481
Newtek
Small
Business
Loan
Trust,
2023-1
US
Prime
Rate
-
0.50%,
7.00%,
7/25/50(a)(c)
483,905
489,061
NRM
FNT1
Excess
LLC,
2024-FNT1
7.40%,
11/25/31(a)(b)
308,409
313,814
NRZ
Excess
Spread-Collateralized
Notes,
2021-FHT1
3.10%,
7/25/26(a)
345,451
337,379
2021-GNT1
3.47%,
11/25/26(a)
370,818
359,557
NRZ
FHT
Excess
LLC,
2020-FHT1
4.21%,
11/25/25(a)
156,602
155,497
Octane
Receivables
Trust,
2023-1A
5.87%,
5/21/29(a)
121,598
121,871
OneMain
Financial
Issuance
Trust,
2021-1A
1.95%,
6/16/36(a)
1,627,000
1,522,076
2022-2A
5.24%,
10/14/34(a)
1,800,000
1,807,333
Oportun
Funding
Trust,
2024-3
5.48%,
8/15/29(a)
800,000
801,113
Oportun
Issuance
Trust,
2021-B
1.96%,
5/8/31(a)
364,311
355,816
2025-A
5.01%,
2/8/33(a)
500,000
499,849
2025-A
5.30%,
2/8/33(a)
274,000
273,817
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(19.8%)
(cont’d)
2025-A
5.89%,
2/8/33(a)
$
719,000
$
719,203
Option
One
Mortgage
Loan
Trust,
2000-5
CME
Term
SOFR
1
Month
+
0.61%,
4.93%,
8/20/30(c)
25,971
26,340
Oscar
US
Funding
XVI
LLC,
2024-1A
5.48%,
2/10/27(a)
242,817
243,601
Oscar
US
Funding
XVII
LLC,
2024-2A
4.63%,
12/10/27(a)
515,076
514,645
Pagaya
AI
Debt
Grantor
Trust,
2025-1
5.16%,
7/15/32(a)
529,955
531,570
PEAC
Solutions
Receivables
LLC,
2024-1A
5.79%,
6/21/27(a)
334,966
337,673
2025-1A
5.04%,
7/20/32(a)
430,000
436,939
PK
Alift
Loan
Funding
3
LP,
2024-1
5.84%,
9/15/39(a)
313,263
317,576
Planet
Fitness
Master
Issuer
LLC,
2022-1A
4.01%,
12/5/51(a)
483,750
447,812
2024-1A
5.77%,
6/5/54(a)
1,056,020
1,072,990
PNMAC
GMSR
Issuer
Trust,
2024-GT1
CME
Term
SOFR
1
Month
+
3.20%,
7.52%,
3/25/29(a)(c)
700,000
710,454
Post
Road
Equipment
Finance
LLC,
2024-1A
5.59%,
11/15/29(a)
422,257
424,409
RAM
LLC,
2025-1
5.45%,
5/15/40(a)
1,677,136
1,683,718
Reach
ABS
Trust,
2024-2A
5.88%,
7/15/31(a)
193,272
193,779
ReadyCap
Lending
Small
Business
Loan
Trust,
2019-2
US
Prime
Rate
-
0.50%,
7.00%,
12/27/44(a)(c)
25,282
25,265
Research-Driven
Pagaya
Motor
Asset
Trust,
2025-1A
5.04%,
6/27/33(a)
906,962
905,673
2025-1A
5.49%,
6/27/33(a)
1,200,000
1,198,542
Retained
Vantage
Data
Centers
Issuer
LLC,
2023-1A
5.00%,
9/15/48(a)
1,106,000
1,098,000
Santander
Bank
Auto
Credit-Linked
Notes,
2022-B
11.91%,
8/16/32(a)
261,244
263,281
Face
Amount
Value
ServiceMaster
Funding
LLC,
2020-1
2.84%,
1/30/51(a)
$
376,184
$
349,965
SERVPRO
Master
Issuer
LLC,
2019-1A
3.88%,
10/25/49(a)
1,074,465
1,057,516
SoFi
Consumer
Loan
Program
Trust,
2025-2
4.97%,
6/25/34(a)
945,000
954,191
Stanwich
Mortgage
Loan
Co.
LLC,
2021-NPB1
6.23%,
10/16/26(a)(b)
1,618
1,619
STAR
Trust,
2021-SFR2
CME
Term
SOFR
1
Month
+
2.96%,
7.28%,
1/17/39(a)(c)
509,000
510,263
2022-SFR3
CME
Term
SOFR
1
Month
+
4.50%,
8.81%,
5/17/39(a)(c)
420,000
421,150
2025-SFR5
CME
Term
SOFR
1
Month
+
1.45%,
5.76%,
2/17/42(a)(c)
1,279,000
1,281,286
2025-SFR5
CME
Term
SOFR
1
Month
+
1.95%,
6.26%,
2/17/42(a)(c)
497,000
497,601
Start
II
Ltd.,
2019-1
4.09%,
3/15/44(a)
1,045,211
1,035,157
Start
Ltd.,
2018-1
4.09%,
5/15/43(a)
739,372
737,553
Stream
Innovations
Issuer
Trust,
2024-1A
6.27%,
7/15/44(a)
242,828
252,374
Subway
Funding
LLC,
2024-3A
5.25%,
7/30/54(a)
625,371
623,162
2024-3A
5.57%,
7/30/54(a)
497,500
496,999
Sunnova
Helios
V
Issuer
LLC,
2021-A
1.80%,
2/20/48(a)
719,493
564,034
Theorem
Funding
Trust,
2022-3A
7.60%,
4/15/29(a)
19,319
19,362
2022-3A
8.95%,
4/15/29(a)
852,000
870,490
2023-1A
7.58%,
4/15/29(a)
33,137
33,254
Tricon
Residential
Trust,
2025-SFR1
CME
Term
SOFR
1
Month
+
1.60%,
5.91%,
3/17/42(a)(c)
1,620,000
1,620,583
Vantage
Data
Centers
Issuer
LLC,
2020-1A
1.65%,
9/15/45(a)
1,400,000
1,389,182
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(19.8%)
(cont’d)
VCP
RRL
ABS
I
Ltd.,
2021-1A
2.15%,
10/20/31(a)
$
186,937
$
180,023
VOLT
XCVI
LLC,
2021-NPL5
6.12%,
3/27/51(a)(b)
45,321
45,342
Wendy's
Funding
LLC,
2019-1A
3.78%,
6/15/49(a)
405,278
400,055
Willis
Engine
Structured
Trust
VIII,
2025-A
5.58%,
6/15/50(a)
1,660,000
1,682,767
Wingspire
Equipment
Finance
LLC,
2024-1A
4.99%,
9/20/32(a)
347,000
347,389
90,776,779
Collateralized
Mortgage
Obligations
—
Agency
Collateral
Series  (
4
.6
%
)
FHLMC
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.18%,
6.52%,
6/1/38(c)
35,087
35,884
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.32%,
6.70%,
1/1/36(c)
79,831
81,542
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.32%,
6.75%,
7/1/38(c)
79,908
81,650
US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.32%,
7.02%,
3/1/37(c)
101,560
103,719
FHLMC
Gold
Pool,
30
Year
7.50%,
5/1/35
5,830
6,192
8.00%,
8/1/32
2,599
2,702
8.50%,
8/1/31
3,190
3,369
GNMA
I,
30
Year
8.50%,
7/15/30
99
101
GNMA
I,
Single
Family,
30
Year
6.00%,
11/15/38
37,488
39,100
UMBS,
30
Year
6.00%,
9/1/37
21,043
22,164
6.50%,
2/1/28
-
10/1/32
60,391
63,012
7.00%,
7/1/29
-
3/1/37
62,680
66,026
7.50%,
8/1/37
7,085
7,521
8.00%,
4/1/33
11,714
12,197
8.50%,
10/1/32
6,112
6,446
UMBS,
Single
Family,
30
Year
5.50%,
7/25/55,
TBA
3,692,000
3,691,133
6.00%,
7/25/55,
TBA
16,636,000
16,906,989
21,129,747
Commercial
Mortgage-Backed
Securities
(
11
.3
%
)
Ajax
Mortgage
Loan
Trust
1.70%,
5/25/59(a)(b)
375,421
353,434
Angel
Oak
SB
Commercial
Mortgage
Trust
2.07%,
5/25/50(a)(c)
348,739
329,362
BAMLL
Commercial
Mortgage
Securities
Trust
3.47%,
11/5/32(a)
591,000
554,852
Face
Amount
Value
BAMLL
Trust
CME
Term
SOFR
1
Month
+
2.35%,
6.66%,
8/15/39(a)(c)
$
534,000
$
537,738
BF
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.50%,
5.81%,
12/15/35(a)(c)
578,000
568,585
BFLD
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.84%,
6.15%,
11/15/41(a)(c)
500,000
501,504
BFLD
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.89%,
6.20%,
7/15/41(a)(c)
1,762,000
1,769,306
Brean
Asset-Backed
Securities
Trust
5.25%,
1/25/63(a)(b)
1,640,759
1,634,898
Bunker
Hill
Loan
Depositary
Trust
1.72%,
2/25/55(a)(c)
46,534
45,881
BX
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
0.81%,
5.13%,
4/15/34(a)(c)
1,100,000
1,084,055
CME
Term
SOFR
1
Month
+
2.11%,
6.43%,
6/15/27(a)(c)
750,000
755,666
CME
Term
SOFR
1
Month
+
3.89%,
8.20%,
6/15/27(a)(c)
980,000
994,524
BX
Trust
CME
Term
SOFR
1
Month
+
1.85%,
0.00%,
7/15/42(a)(c)
1,675,000
1,681,455
CSMC
Trust
3.90%,
4/25/62(a)(c)
1,226,447
1,189,159
CME
Term
SOFR
1
Month
+
3.83%,
8.14%,
8/15/26(a)(c)
1,233,623
1,157,635
Extended
Stay
America
Trust
CME
Term
SOFR
1
Month
+
1.49%,
5.81%,
7/15/38(a)(c)
1,029,273
1,030,326
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
3.00%,
2/25/59
433,073
379,904
FHLMC
STACR
REMIC
Trust
SOFR30A
+
7.80%,
12.11%,
11/25/41(a)(c)
685,000
736,240
SOFR30A
+
8.50%,
12.81%,
2/25/42(a)(c)
1,035,000
1,133,972
FHLMC,
REMIC
SOFR30A
+
1.00%,
5.31%,
3/25/55(c)
191,636
191,366
SOFR30A
+
1.00%,
5.31%,
3/25/55(c)
1,279,576
1,277,448
SOFR30A
+
1.10%,
5.41%,
4/25/54(c)
823,144
825,089
SOFR30A
+
1.10%,
5.41%,
5/25/54(c)
711,532
713,244
SOFR30A
+
1.10%,
5.41%,
9/25/54(c)
1,820,583
1,821,153
SOFR30A
+
1.15%,
5.46%,
7/25/55(c)
3,690,000
3,694,764
SOFR30A
+
1.43%,
5.74%,
12/25/54(c)
1,127,528
1,128,324
7.50%,
9/15/29
58,566
59,748
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Commercial
Mortgage-Backed
Securities
(11.3%)
(cont’d)
FNMA,
REMIC
SOFR30A
+
0.95%,
5.26%,
1/25/54(c)
$
541,147
$
542,996
SOFR30A
+
1.30%,
5.61%,
10/25/53(c)
1,943,396
1,949,523
FS
Commercial
Mortgage
Trust
7.07%,
11/10/39(a)
920,000
942,825
GNMA
CME
Term
SOFR
1
Month
+
0.39%,
4.73%,
5/20/63(c)
2,509
2,488
CME
Term
SOFR
1
Month
+
0.56%,
4.90%,
5/20/62(c)
84
83
CME
Term
SOFR
1
Month
+
0.61%,
4.95%,
3/20/61(c)
19,027
19,059
CME
Term
SOFR
1
Month
+
0.67%,
5.01%,
9/20/62(c)
46,055
46,146
CME
Term
SOFR
1
Month
+
0.71%,
5.05%,
1/20/64(c)
11,725
11,756
SOFR30A
+
0.90%,
5.20%,
7/20/53(c)
1,935,094
1,932,015
SOFR30A
+
0.95%,
5.25%,
3/20/54(c)
603,458
604,174
SOFR30A
+
1.05%,
5.35%,
12/20/54(c)
1,984,629
1,985,390
Great
Wolf
Trust
CME
Term
SOFR
1
Month
+
1.54%,
5.85%,
3/15/39(a)(c)
1,391,000
1,394,924
Hawaii
Hotel
Trust
CME
Term
SOFR
1
Month
+
1.39%,
5.70%,
3/15/42(a)(c)
520,000
521,009
HLTN
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.64%,
5.95%,
6/15/41(a)(c)
322,500
323,167
CME
Term
SOFR
1
Month
+
1.99%,
6.30%,
6/15/41(a)(c)
400,000
400,703
Home
RE
Ltd.
SOFR30A
+
4.15%,
8.46%,
1/25/34(a)(c)
1,005,000
1,031,216
Hudson
Yards
Mortgage
Trust
6.55%,
1/13/40(a)(c)
1,075,000
1,114,904
HYT
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.84%,
6.15%,
9/15/41(a)(c)
380,000
380,886
CME
Term
SOFR
1
Month
+
2.84%,
7.15%,
9/15/41(a)(c)
297,000
297,029
INTOWN
Mortgage
Trust
CME
Term
SOFR
1
Month
+
2.25%,
6.56%,
3/15/42(a)(c)
1,976,000
1,973,141
JW
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.94%,
6.25%,
6/15/39(a)(c)
436,000
436,747
LHOME
Mortgage
Trust
7.02%,
1/25/29(a)(b)
610,000
616,244
Marlette
Funding
Trust
7.20%,
4/15/33(a)
1,730,900
1,744,509
MFA
Trust
6.33%,
9/25/54(b)
461,153
462,736
Face
Amount
Value
New
Residential
Mortgage
Loan
Trust
3.75%,
5/28/52(a)(c)
$
5,011
$
4,804
3.75%,
8/25/55(a)(c)
54,802
53,239
3.80%,
9/25/57(a)(c)
145,638
135,987
NJ
6.28%,
3/5/35(a)(c)
540,000
542,382
NRM
FHT1
Excess
Owner
LLC
6.55%,
3/25/32(a)(b)
494,302
500,353
NRTH
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.64%,
5.95%,
3/15/39(a)(c)
480,000
480,952
NYCT
Trust
CME
Term
SOFR
1
Month
+
1.99%,
6.30%,
8/15/29(a)(c)
725,000
730,060
Oceanview
Mortgage
Loan
Trust
1.73%,
5/28/50(a)(c)
133,107
125,401
ORL
Trust
CME
Term
SOFR
1
Month
+
1.49%,
5.80%,
12/15/39(a)(c)
712,000
712,838
CME
Term
SOFR
1
Month
+
2.79%,
7.10%,
12/15/39(a)(c)
254,000
254,202
PRM5
Trust
5.81%,
3/10/33(a)(c)
600,000
597,969
Radnor
Re
Ltd.
SOFR30A
+
2.70%,
7.01%,
7/25/33(a)(c)
556,186
560,082
Reach
Abs
Trust
6.30%,
2/18/31(a)
85,866
86,076
SDR
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.74%,
6.05%,
5/15/39(a)(c)
437,000
435,517
Sequoia
Mortgage
Trust
CME
Term
SOFR
1
Month
+
0.73%,
5.05%,
8/20/34(c)
43,481
40,450
SHR
Trust
CME
Term
SOFR
1
Month
+
1.95%,
6.26%,
10/15/41(a)(c)
500,000
500,620
Silver
Hill
Trust
3.10%,
11/25/49(a)(c)
83,589
82,293
TX
Trust
CME
Term
SOFR
1
Month
+
1.59%,
5.90%,
6/15/39(a)(c)
375,000
373,241
TYSN
Mortgage
Trust
6.80%,
12/10/33(a)(c)
540,000
572,480
51,672,248
Corporate
Bonds
(
47
.5
%
)
Aerospace
&
Defense
(1.0%)
BAE
Systems
plc
5.00%,
3/26/27(a)
801,000
810,572
Boeing
Co.
(The)
6.30%,
5/1/29
2,767,000
2,926,036
Hexcel
Corp.
4.20%,
2/15/27(b)(d)
870,000
862,073
4,598,681
Automobile
Components
(0.0%)(e)
Clarios
Global
LP
6.75%,
2/15/30(a)
74,000
77,003
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(47.5%)
(cont’d)
Automobiles
(0.8%)
General
Motors
Co.
6.80%,
10/1/27
$
1,429,000
$
1,488,526
Hyundai
Capital
America
4.90%,
6/23/28(a)
2,334,000
2,351,301
3,839,827
Banks
(14.8%)
AIB
Group
plc
6.61%,
9/13/29(a)(c)
500,000
529,251
Banco
Santander
SA
4.18%,
3/24/28(c)
1,483,000
1,474,802
5.59%,
8/8/28
2,500,000
2,583,075
6.61%,
11/7/28
355,000
378,768
Bank
of
America
Corp.
4.38%,
4/27/28(c)(d)
4,451,000
4,451,719
5.08%,
1/20/27(c)
1,388,000
1,391,846
5.16%,
1/24/31(c)
1,882,000
1,929,434
Bank
of
Ireland
Group
plc
6.25%,
9/16/26(a)(c)
1,620,000
1,625,322
Barclays
plc
5.30%,
8/9/26(c)
2,101,000
2,101,635
BNP
Paribas
SA
5.13%,
1/13/29(a)(c)
2,625,000
2,665,297
BPCE
SA
5.88%,
1/14/31(a)(c)
3,124,000
3,241,528
6.71%,
10/19/29(a)(c)
949,000
1,005,336
CaixaBank
SA
5.67%,
3/15/30(a)(c)(d)
1,869,000
1,933,469
Canadian
Imperial
Bank
of
Commerce
4.86%,
3/30/29(c)
732,000
740,015
Citigroup,
Inc.
5.61%,
9/29/26(c)
653,000
654,498
First
Horizon
Corp.
5.51%,
3/7/31(c)
847,000
859,400
HSBC
Holdings
plc
5.60%,
5/17/28(c)
1,420,000
1,447,106
ING
Groep
NV
5.07%,
3/25/31(c)
2,900,000
2,950,644
Intesa
Sanpaolo
SpA
5.71%,
1/15/26(a)(d)
3,050,000
3,057,110
7.00%,
11/21/25(a)
1,096,000
1,104,730
JPMorgan
Chase
&
Co.
5.10%,
4/22/31(c)(d)
1,015,000
1,040,434
5.14%,
1/24/31(c)
1,850,000
1,897,600
5.57%,
4/22/28(c)
1,158,000
1,182,219
6.09%,
10/23/29(c)
3,364,000
3,536,326
KeyBank
NA
5.85%,
11/15/27(d)
500,000
516,335
National
Bank
of
Canada
4.70%,
3/5/27(c)
650,000
650,207
NatWest
Group
plc
4.45%,
5/8/30(c)
100,000
99,261
5.12%,
5/23/31(c)
2,759,000
2,805,142
PNC
Financial
Services
Group,
Inc.
(The)
4.90%,
5/13/31(c)(d)
2,113,000
2,140,343
5.30%,
1/21/28(c)
1,315,000
1,335,209
Face
Amount
Value
Societe
Generale
SA
5.51%,
5/22/31(a)(c)
$
3,868,000
$
3,945,985
Swedbank
AB
6.14%,
9/12/26(a)
1,516,000
1,548,927
Synovus
Bank
5.63%,
2/15/28
737,000
745,158
Synovus
Financial
Corp.
5.20%,
8/11/25
390,000
389,863
6.17%,
11/1/30(c)
1,726,000
1,771,204
Truist
Financial
Corp.
6.05%,
6/8/27(c)
1,154,000
1,169,732
U.S.
Bancorp
5.08%,
5/15/31(c)
1,951,000
1,990,596
UniCredit
SpA
2.57%,
9/22/26(a)(c)
2,626,000
2,612,573
Wells
Fargo
&
Co.
5.24%,
1/24/31(c)
1,821,000
1,868,555
Westpac
New
Zealand
Ltd.
5.13%,
2/26/27(a)(d)
695,000
704,093
68,074,747
Biotechnology
(0.3%)
Biogen,
Inc.
5.05%,
1/15/31
1,254,000
1,277,135
Capital
Markets
(6.7%)
Antares
Holdings
LP
2.75%,
1/15/27(a)(d)
1,098,000
1,054,258
3.75%,
7/15/27(a)
495,000
476,084
Bank
of
New
York
Mellon
(The)
4.73%,
4/20/29(c)
995,000
1,009,205
Bank
of
New
York
Mellon
Corp.
(The)
4.94%,
2/11/31(c)(d)
690,000
704,778
Blue
Owl
Credit
Income
Corp.
6.60%,
9/15/29
905,000
931,430
6.65%,
3/15/31(d)
320,000
329,285
Charles
Schwab
Corp.
(The)
5.88%,
8/24/26
600,000
610,216
CI
Financial
Corp.
3.20%,
12/17/30
260,000
229,471
7.50%,
5/30/29(a)
2,349,000
2,479,611
Citadel
LP
6.00%,
1/23/30(a)(d)
1,865,000
1,929,040
Citadel
Securities
Global
Holdings
LLC
5.50%,
6/18/30(a)
1,125,000
1,138,731
Deutsche
Bank
AG
5.37%,
1/10/29(c)
1,922,000
1,956,214
Goldman
Sachs
Bank
USA
5.41%,
5/21/27(c)
841,000
848,085
Goldman
Sachs
Group,
Inc.
(The)
5.22%,
4/23/31(c)(d)
1,880,000
1,927,811
5.80%,
8/10/26(c)
1,356,000
1,357,918
HAT
Holdings
I
LLC
3.75%,
9/15/30(a)(d)
1,740,000
1,597,879
Jefferies
Financial
Group,
Inc.
2.63%,
10/15/31(d)
325,000
282,910
2.75%,
10/15/32
612,000
516,493
4.15%,
1/23/30(d)
1,020,000
996,562
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(47.5%)
(cont’d)
LPL
Holdings,
Inc.
4.00%,
3/15/29(a)
$
1,416,000
$
1,375,900
Macquarie
Group
Ltd.
5.11%,
8/9/26(a)(c)
1,110,000
1,110,424
Marex
Group
plc
6.40%,
11/4/29(d)
1,344,000
1,383,994
Oaktree
Strategic
Credit
Fund
6.50%,
7/23/29
1,136,000
1,163,892
8.40%,
11/14/28
470,000
506,935
UBS
Group
AG
4.25%,
3/23/28(a)
4,759,000
4,733,954
30,651,080
Chemicals
(0.2%)
Celanese
US
Holdings
LLC
6.42%,
7/15/27(b)(d)
1,013,000
1,049,720
Consumer
Finance
(2.8%)
Aircastle
Ltd.
5.75%,
10/1/31(a)
752,000
773,762
Ally
Financial,
Inc.
5.74%,
5/15/29(c)
1,778,000
1,810,032
6.85%,
1/3/30(c)
1,882,000
1,987,775
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/25
2,620,000
2,602,801
4.13%,
8/4/25
1,140,000
1,138,851
5.11%,
5/3/29
2,631,000
2,573,575
5.30%,
9/6/29
175,000
171,911
General
Motors
Financial
Co.,
Inc.
5.40%,
4/6/26
656,000
659,099
5.63%,
4/4/32
893,000
903,849
12,621,655
Containers
&
Packaging
(0.1%)
Amcor
Flexibles
North
America,
Inc.
5.10%,
3/17/30(a)
510,000
518,923
Diversified
REITs
(0.3%)
VICI
Properties
LP
3.88%,
2/15/29(a)
1,431,000
1,385,176
Diversified
Telecommunication
Services
(0.2%)
CCO
Holdings
LLC
5.13%,
5/1/27(a)
804,000
801,964
Electric
Utilities
(1.5%)
Capital
Power
US
Holdings,
Inc.
5.26%,
6/1/28(a)
3,030,000
3,071,656
Liberty
Utilities
Co.
5.58%,
1/31/29(a)
482,000
496,088
NextEra
Energy
Capital
Holdings,
Inc.
4.90%,
2/28/28(d)
679,000
688,445
5.75%,
9/1/25
1,165,000
1,166,758
Pacific
Gas
and
Electric
Co.
6.10%,
1/15/29
370,000
383,475
XPLR
Infrastructure
Operating
Partners
LP
3.88%,
10/15/26(a)
1,181,000
1,154,566
6,960,988
Face
Amount
Value
Electronic
Equipment,
Instruments
&
Components
(0.6%)
Vontier
Corp.
1.80%,
4/1/26
$
2,656,000
$
2,599,087
Entertainment
(0.2%)
Warnermedia
Holdings,
Inc.
3.76%,
3/15/27
870,000
849,407
Financial
Services
(2.3%)
Enact
Holdings,
Inc.
6.25%,
5/28/29
1,814,000
1,883,263
Essent
Group
Ltd.
6.25%,
7/1/29
1,848,000
1,914,999
HA
Sustainable
Infrastructure
Capital,
Inc.
6.38%,
7/1/34
1,244,000
1,244,827
MGIC
Investment
Corp.
5.25%,
8/15/28
62,000
62,002
Radian
Group,
Inc.
4.88%,
3/15/27
2,125,000
2,127,729
Rocket
Mortgage
LLC
3.63%,
3/1/29(a)
1,410,000
1,340,924
Synchrony
Bank
5.40%,
8/22/25
1,917,000
1,916,674
10,490,418
Food
Products
(1.0%)
JDE
Peet's
NV
1.38%,
1/15/27(a)
1,609,000
1,531,467
Smithfield
Foods,
Inc.
4.25%,
2/1/27(a)
2,965,000
2,937,556
4,469,023
Gas
Utilities
(0.2%)
Ferrellgas
LP
5.38%,
4/1/26(a)
894,000
887,323
Ground
Transportation
(0.2%)
Uber
Technologies,
Inc.
4.50%,
8/15/29(a)(d)
920,000
915,231
Health
Care
Equipment
&
Supplies
(0.0%)(e)
Medline
Borrower
LP
5.25%,
10/1/29(a)(d)
191,000
189,651
Health
Care
Providers
&
Services
(1.2%)
Centene
Corp.
4.25%,
12/15/27
650,000
640,557
4.63%,
12/15/29
2,270,000
2,209,385
HCA,
Inc.
5.50%,
3/1/32
1,252,000
1,292,769
5.88%,
2/15/26
1,480,000
1,481,651
5,624,362
Health
Care
REITs
(0.2%)
DOC
DR
LLC
2.63%,
11/1/31(d)
940,000
829,875
Hotels,
Restaurants
&
Leisure
(0.3%)
Las
Vegas
Sands
Corp.
6.00%,
6/14/30
1,386,000
1,430,382
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(47.5%)
(cont’d)
Insurance
(3.0%)
American
International
Group,
Inc.
4.85%,
5/7/30
$
1,490,000
$
1,514,453
American
National
Global
Funding
5.25%,
6/3/30(a)
650,000
653,587
5.55%,
1/28/30(a)
349,000
356,633
American
National
Group,
Inc.
5.75%,
10/1/29
1,639,000
1,679,203
6.14%,
6/13/32(a)
546,000
560,516
Athene
Global
Funding
4.95%,
1/7/27(a)
1,548,000
1,558,836
5.52%,
3/25/27(a)
2,132,000
2,168,426
5.62%,
5/8/26(a)
1,184,000
1,194,832
Fortitude
Group
Holdings
LLC
6.25%,
4/1/30(a)
500,000
514,622
Global
Atlantic
Fin
Co.
4.40%,
10/15/29(a)
2,469,000
2,397,695
Jones
Deslauriers
Insurance
Management,
Inc.
8.50%,
3/15/30(a)
10,000
10,607
NLG
Global
Funding
5.40%,
1/23/30(a)
1,312,000
1,351,300
13,960,710
IT
Services
(0.4%)
Kyndryl
Holdings,
Inc.
3.15%,
10/15/31
1,786,000
1,613,775
Media
(1.3%)
Charter
Communications
Operating
LLC
4.91%,
7/23/25
1,137,000
1,136,935
6.10%,
6/1/29
2,679,000
2,805,532
Discovery
Communications
LLC
3.95%,
3/20/28
954,000
912,277
4.13%,
5/15/29
308,000
265,045
Videotron
Ltd.
3.63%,
6/15/29(a)
709,000
680,881
5,800,670
Multi-Utilities
(0.8%)
Algonquin
Power
&
Utilities
Corp.
5.37%,
6/15/26(b)
3,800,000
3,821,096
Office
REITs
(0.2%)
COPT
Defense
Properties
LP
2.00%,
1/15/29
353,000
321,740
2.75%,
4/15/31(d)
805,000
712,461
1,034,201
Oil,
Gas
&
Consumable
Fuels
(1.3%)
Continental
Resources,
Inc.
2.88%,
4/1/32(a)
891,000
749,505
Energy
Transfer
LP
5.25%,
7/1/29
368,000
377,120
Occidental
Petroleum
Corp.
5.20%,
8/1/29(d)
325,000
326,284
6.63%,
9/1/30
216,000
228,539
ONEOK,
Inc.
5.38%,
6/1/29(d)
881,000
900,152
Face
Amount
Value
Raizen
Fuels
Finance
SA
6.25%,
7/8/32(a)
$
812,000
$
806,925
TerraForm
Power
Operating
LLC
5.00%,
1/31/28(a)
915,000
906,302
Var
Energi
ASA
5.88%,
5/22/30(a)
1,840,000
1,886,302
6,181,129
Passenger
Airlines
(1.4%)
A/S
Mileage
Plan
IP
Ltd.
5.02%,
10/20/29(a)(d)
1,167,000
1,155,506
5.31%,
10/20/31(a)
190,000
187,042
American
Airlines,
Inc.
5.50%,
4/20/26(a)
1,153,847
1,151,921
Delta
Air
Lines,
Inc.
4.75%,
10/20/28(a)
1,983,200
1,988,732
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.50%,
10/20/25(a)
296,827
296,149
United
Airlines,
Inc.
4.38%,
4/15/26(a)
1,643,000
1,633,165
6,412,515
Pharmaceuticals
(0.8%)
Utah
Acquisition
Sub,
Inc.
3.95%,
6/15/26
1,483,000
1,469,356
Viatris,
Inc.
2.70%,
6/22/30(d)
2,271,000
2,023,664
3,493,020
Professional
Services
(0.4%)
Concentrix
Corp.
6.65%,
8/2/26
1,568,000
1,596,981
Semiconductors
&
Semiconductor
Equipment
(0.8%)
Broadcom,
Inc.
2.45%,
2/15/31(a)
885,000
791,633
Foundry
JV
Holdco
LLC
5.90%,
1/25/33(a)
2,015,000
2,090,784
Qorvo,
Inc.
3.38%,
4/1/31(a)
965,000
871,054
3,753,471
Specialized
REITs
(0.6%)
EPR
Properties
3.60%,
11/15/31
146,000
132,706
3.75%,
8/15/29
368,000
350,554
4.95%,
4/15/28
1,855,000
1,852,112
Extra
Space
Storage
LP
2.55%,
6/1/31(d)
335,000
296,368
2,631,740
Specialty
Retail
(0.5%)
Lithia
Motors,
Inc.
3.88%,
6/1/29(a)
1,470,000
1,403,092
Sonic
Automotive,
Inc.
4.63%,
11/15/29(a)
890,000
864,178
2,267,270
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(47.5%)
(cont’d)
Technology
Hardware,
Storage
&
Peripherals
(0.2%)
Seagate
HDD
Cayman
9.63%,
12/1/32
$
900,000
$
1,015,267
Tobacco
(0.3%)
Imperial
Brands
Finance
plc
5.50%,
2/1/30(a)
1,532,000
1,579,949
Transportation
Infrastructure
(0.2%)
Seaspan
Corp.
5.50%,
8/1/29(a)
905,000
861,113
Wireless
Telecommunication
Services
(0.4%)
T-Mobile
USA,
Inc.
2.55%,
2/15/31
2,030,000
1,818,252
217,982,817
Sovereign
(
0
.5
%
)
Petroleos
Mexicanos
6.50%,
3/13/27
1,491,000
1,481,573
Romanian
Government
Bond
3.00%,
2/14/31
1,044,000
894,354
2,375,927
U.S.
Government
and
Agency
Securities
(
12
.3
%
)
U.S.
Treasury
Bonds
1.25%,
5/15/50
93,000
44,713
6.25%,
5/15/30
1,056,000
1,170,428
U.S.
Treasury
Notes
0.63%,
5/15/30
78,000
67,126
1.00%,
7/31/28
71,000
65,470
1.25%,
5/31/28
90,000
83,974
1.25%,
9/30/28
288,000
266,518
1.38%,
10/31/28
37,000
34,316
1.38%,
12/31/28
845,000
780,800
1.63%,
8/15/29
1,384,000
1,274,794
3.75%,
6/30/30
57,000
56,866
4.13%,
2/28/27
2,322,000
2,334,426
4.13%,
3/31/29
4,517,000
4,579,109
4.25%,
12/31/25
215,000
215,013
4.25%,
1/31/26
242,000
242,004
4.50%,
11/15/25(d)
7,192,000
7,196,245
4.50%,
7/15/26
138,000
138,740
4.50%,
5/31/29
4,751,000
4,881,652
4.63%,
6/30/26
17,870,700
17,977,149
4.88%,
5/31/26
1,981,000
1,995,338
5.00%,
10/31/25(d)
12,977,000
13,004,558
56,409,239
Total
Fixed
Income
Securities
(Cost
$436,850,348)
440,346,757
–
Shares
Investment
Companies
(
2
.1
%
)
Eaton
Vance
Floating-Rate
ETF(f)
101,000
5,035,860
Eaton
Vance
Ultra-Short
Income
ETF(f)
90,000
4,572,900
Total
Investment
Companies
(Cost
$9,619,450)
9,608,760
Shares
Value
Short-Term
Investments
(
8
.8
%
)
Investment
Company
(
5
.1
%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(g)
(Cost
$23,199,523)
23,199,523
$
23,199,523
Security
held
as
Collateral
on
Loaned
Securities
(
3
.4
%
)
Investment
Company
(3.4%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(g)
(Cost
$15,683,816)
15,683,816
15,683,816
Face
Amount
U.S.
Government
and
Agency
Security
(
0
.3
%
)
U.S.
Treasury
Bill
4.22%,
8/5/25(h)
(Cost
$1,523,627)
$
1,530,000
1,523,678
Total
Short-Term
Investments
(Cost
$40,406,966)
40,407,017
Total
Investments
(
106
.9
%
)
(
Cost
$
486,876,764
)
including
$
41,277,902
of
Securities
Loaned
(i)
(j)
490,362,534
Liabilities
in
Excess
of
Other
Assets
(-6.9%)
(31,507,487)
Net
Assets
(100.0%)
$458,855,047
(a)
144A
security
—
Certain
conditions
for
public
sale
may
exist.
Unless
otherwise
noted,
these
securities
are
deemed
to
be
liquid.
(b)
Multi-step
—
Coupon
rate
changes
in
predetermined
increments
to
maturity.
Rate
disclosed
is
as
of
June
30,
2025.
Maturity
date
disclosed
is
the
ultimate
maturity
date.
(c)
Floating
or
variable
rate
securities:
The
rates
disclosed
are
as
of
June
30,
2025.
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
June
30,
2025
,
were
$
41,277,902
and
$
42,459,062
,
respectively.
The
Fund
received
cash
collateral
of
$
15,683,816
,
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
$
26,775,246
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)
Amount
is
less
than
0.05%.
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
(f)
For
the
period
ended
June
30,
2025,
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
$7,925,070
and
$4,071,190,
respectively
and
proceeds
from
sales
of
Eaton
Vance
Floating-Rate
ETF
and
Eaton
Vance
Ultra-Short
Income
ETF
were
$6,936,077
and
$509,900,
respectively
including
net
realized
gain/loss
of
$(181,662)
and
$900,
respectively.
For
the
period
ended
June
30,
2025,
management
fees
related
Fund's
investments
in
Eaton
Vance
Floating-Rate
ETF
and
Eaton
Vance
Ultra-Short
Income
ETF
were
reduced
by
$17,030
and
$2,450,
respectively.
(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
June
30,
2025,
management
fees
paid
were
reduced
by
$15,146
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(h)
All
or
a
portion
of
the
security
pledged
as
collateral
for
futures
contracts.
(i)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$486,876,764.
The
aggregate
gross
unrealized
appreciation
is
$4,642,970
and
the
aggregate
gross
unrealized
depreciation
is
$1,157,200,
resulting
in
net
unrealized
appreciation
of
$3,485,770.
(j)
Securities
are
available
for
collateral
in
connection
with
open
futures
contracts.
CME
Chicago
Mercantile
Exchange
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
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
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Futures
Contracts:
The
Fund
had
the
following
futures
contracts
open
at
June
30,
2025:
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation/
(Depreciation)
Long:
U.S.
Treasury
2
Year
Notes
599
Sep-25
$
119,800,000
$
124,606,039
$
513,969
U.S.
Treasury
5
Year
Notes
60
Sep-25
6,000,000
6,540,000
49,690
U.S.
Treasury
Long
Bonds
2
Sep-25
200,000
230,938
4,059
Short:
U.S.
Treasury
10
Year
Notes
169
Sep-25
(
16,900,000
)
(
18,949,125
)
(
401,804
)
U.S.
Treasury
10
Year
Ultra
Bonds
27
Sep-25
(
2,700,000
)
(
3,085,172
)
(
89,068
)
$
76,846
Portfolio
Composition*
Classification  
Percentage
of
Total
Investments
Corporate
Bonds
45‌
.9
%
Asset-Backed
Securities
19‌
.1
U.S.
Government
and
Agency
Securities
12‌
.2
Other**
11‌
.9
Commercial
Mortgage-Backed
Securities
10‌
.9
Total
Investments
100‌
.0
%
***
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
***
Does
not
include
open
futures
contracts
with
a
value
of
$
153,411,274
and
net
unrealized
appreciation
of
$
76,846
.
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Face
Amount
Value
Fixed
Income
Securities
(89.3%)
Corporate
Bonds
(
0
.8
%
)
Health
Care
Providers
&
Services
(0.8%)
Providence
St
Joseph
Health
Obligated
Group
5.37%,
10/1/32
$
2,500,000
$
2,544,208
Municipal
Bonds
(
88
.5
%
)
Certificate
of
Participation/Lease
(
0
.3
%
)
City
of
Lone
Tree
CO,
Series
2024
5.00%,
12/1/26
1,095,000
1,127,888
Education
(
10
.9
%
)
Board
of
Governors
of
Colorado
State
University
System,
Series
2023
A-2
4.38%,
3/1/48(a)
1,000,000
1,020,151
Clifton
Higher
Education
Finance
Corp.,
IDEA
Public
Schools
Series
2019
4.00%,
8/15/31
1,450,000
1,483,415
Colorado
Educational
&
Cultural
Facilities
Authority,
University
of
Denver
Series
2017
A
4.00%,
3/1/32
2,055,000
2,072,696
Connecticut
State
Health
&
Educational
Facilities
Authority,
Fairfield
University
Series
S
5.00%,
7/1/26
1,000,000
1,020,797
Yale
University
Series
2025
B-1
5.00%,
7/1/64(a)
2,500,000
2,735,335
Connecticut
State
Higher
Education
Supplement
Loan
Authority,
Series
2025
B-2
(AMT)
5.00%,
11/15/45(a)
750,000
755,952
Massachusetts
Development
Finance
Agency,
President
and
Fellows
of
Harvard
College
Series
2025
A-1
5.00%,
5/15/55(a)
2,470,000
2,742,943
Massachusetts
Educational
Financing
Authority,
Series
2024
B
(AMT)
5.00%,
7/1/29
575,000
602,067
Michigan
Finance
Authority,
Series
2024
A-1
5.00%,
7/21/25
1,500,000
1,501,595
New
Hampshire
Health
and
Education
Facilities
Authority
Act,
University
System
of
New
Hampshire
Series
2017
A
5.00%,
7/1/30
1,035,000
1,076,104
New
Jersey
Educational
Facilities
Authority,
Trustees
of
Princeton
University
(The)
Series
A-1
5.00%,
7/1/64(a)
1,430,000
1,572,872
New
Jersey
Higher
Education
Student
Assistance
Authority,
Series
2025-1B
(AMT)
5.00%,
12/1/29
2,000,000
2,090,808
Ohio
Higher
Educational
Facility
Commission,
Denison
University
Series
5.00%,
11/1/29
1,150,000
1,248,843
Face
Amount
Value
Saginaw
Valley
State
University,
Series
2016
A
5.00%,
7/1/30
$
1,750,000
$
1,780,745
State
Public
School
Building
Authority,
School
District
of
Philadelphia
(The)
Series
2006
B
5.00%,
6/1/29
1,000,000
1,072,318
University
of
Illinois,
Auxiliary
Facilities
System
Series
2016
A
4.00%,
4/1/29
2,500,000
2,514,887
University
of
Kentucky,
Series
2014
D
3.00%,
10/1/25
1,600,000
1,599,236
University
of
Michigan,
Series
2017
A
5.00%,
4/1/33
2,895,000
2,985,788
University
of
North
Carolina
at
Chapel
Hill,
Series
2012
B
3.92%,
12/1/41(a)
3,000,000
3,012,286
Washington
State
University,
Series
2025
5.00%,
4/1/31
1,440,000
1,596,439
Western
Michigan
University,
Series
2025
A
5.00%,
11/15/30
2,450,000
2,689,273
37,174,550
General
Obligation
(
13
.6
%
)
Chicago
Board
of
Education,
Series
2017
D
5.00%,
12/1/25
1,200,000
1,203,158
City
of
Bristol
VA,
Series
2023
5.00%,
9/1/27
1,000,000
1,003,174
City
of
Chicago
IL,
Series
2020
A
5.00%,
1/1/27
2,000,000
2,041,743
City
of
Hamilton
OH,
Series
2024
4.00%,
12/17/25
835,000
837,825
City
of
New
York
NY,
Series
C
5.00%,
8/1/30
2,000,000
2,023,076
City
of
Philadelphia,
Series
2025
C
5.00%,
8/1/30
750,000
821,831
City
of
Quincy
MA,
Series
2024
5.00%,
7/25/25
1,000,000
1,001,081
City
of
San
Antonio
TX,
Series
2023
5.64%,
2/1/26
1,500,000
1,501,918
Commonwealth
of
Pennsylvania,
Series
2016
5.00%,
9/15/29
1,260,000
1,290,586
Commonwealth
of
Puerto
Rico,
Series
2022
A-1
5.63%,
7/1/27
2,698,000
2,777,158
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(88.5%)
(cont’d)
General
Obligation
(13.6%)
(cont’d)
Cook
County
School
District
No.
87,
Berkeley
Series
2021
5.00%,
12/1/27
$
1,000,000
$
1,052,138
Cypress-Fairbanks
Independent
School
District,
Series
2023
A
5.00%,
2/15/26
1,000,000
1,013,820
Dallas
Independent
School
District,
Series
2025
A-2
5.00%,
2/15/55(a)
2,000,000
2,055,984
Detroit
City
School
District,
Series
2001
A
6.00%,
5/1/29
3,000,000
3,222,719
DuPage
County
Forest
Preserve
District,
Series
2025
5.00%,
11/1/27
825,000
866,993
El
Paso
County
Hospital
District,
Series
2024
5.00%,
8/15/30
1,400,000
1,515,182
Fort
Bend
Independent
School
District,
Series
2025
B
3.80%,
8/1/55(a)
1,850,000
1,878,171
Leander
Independent
School
District,
Series
2016
0.00%,
8/16/25
2,500,000
2,489,214
Metropolitan
District
(The),
Series
2016C
5.00%,
11/1/31
2,500,000
2,561,836
New
Caney
Independent
School
District,
Series
2018
4.00%,
2/15/50(a)
600,000
612,284
Northside
Independent
School
District,
Series
2020
3.55%,
6/1/50(a)
2,500,000
2,520,771
School
District
of
Philadelphia
(The),
Series
2019
A
5.00%,
9/1/28
1,000,000
1,059,913
State
of
Connecticut,
Series
2025
A
5.00%,
3/15/29
750,000
810,839
State
of
Hawaii
HI,
Series
FG
5.00%,
10/1/30
2,400,000
2,458,659
State
of
Illinois
IL,
Series
2017
D
5.00%,
11/1/28
2,500,000
2,589,932
State
of
Maryland,
Series
2017
A
3.00%,
8/1/31
2,060,000
2,033,128
State
of
Texas,
Series
2015
5.00%,
8/1/27
2,500,000
2,503,250
45,746,383
Face
Amount
Value
Hospital
(
12
.1
%
)
Allegheny
County
Hospital
Development
Authority,
UPMC
Obligated
Group
Series
2017
D-2
2.62%,
11/15/47(a)
$
2,000,000
$
1,977,670
California
Health
Facilities
Financing
Authority,
Adventist
Health
System/West
Obligated
Group
Series
2024
A
5.00%,
12/1/28
1,000,000
1,055,585
City
of
Minneapolis
MN,
Children's
Health
Care
Obligated
Group
Series
2025
5.00%,
8/15/28
1,500,000
1,601,734
Series
2025
5.00%,
8/15/29
1,250,000
1,356,276
Colorado
Health
Facilities
Authority,
AdventHealth
Obligated
Group
Series
A-1
5.00%,
11/15/58(a)
2,000,000
2,117,774
CommonSpirit
Health
Obligated
Group
Series
2019
B-2
5.00%,
8/1/49(a)
1,500,000
1,511,500
Connecticut
State
Health
&
Educational
Facilities
Authority,
Yale-New
Haven
Health
Obligated
Group
Series
2024
A
5.00%,
7/1/26
875,000
893,981
County
of
Montgomery
OH,
Kettering
Health
Network
Obligated
Group
Series
2021
5.00%,
8/1/26
1,050,000
1,072,663
District
of
Columbia,
Children's
National
Medical
Center
Obligated
Group
Series
2015
5.00%,
7/15/26
1,000,000
1,010,427
Harris
County
Cultural
Education
Facilities
Finance
Corp.,
Memorial
Hermann
Health
System
Obligated
Group
Series
2022
A
5.00%,
7/1/29
880,000
946,478
Texas
Children's
Hospital
Obligated
Group
Series
2015-1
5.00%,
10/1/28
2,610,000
2,620,627
Health
&
Educational
Facilities
Authority
of
the
State
of
Missouri,
BJC
Healthcare
Obligated
Group
Series
2021
A
4.00%,
7/1/26
1,100,000
1,112,001
St
Luke's
Health
System
Obligated
Group
Series
2016
5.00%,
11/15/28
1,300,000
1,323,636
Illinois
Finance
Authority,
Ascension
Health
Credit
Group
Series
2016
C
5.00%,
2/15/26
1,925,000
1,948,615
OSF
Healthcare
System
Obligated
Group
Series
2020
B-2
5.00%,
5/15/50(a)
2,500,000
2,532,784
Indiana
Finance
Authority,
Indiana
University
Health,
Inc.
Obligated
Group
Series
2025
D-1
5.00%,
10/1/64(a)
2,000,000
2,133,929
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(88.5%)
(cont’d)
Hospital
(12.1%)
(cont’d)
New
York
State
Dormitory
Authority,
Memorial
Sloan-Kettering
Cancer
Center
Series
2025
2-A
5.00%,
7/1/48(a)
$
3,000,000
$
3,187,406
Montefiore
Obligated
Group
Series
2024
5.00%,
11/1/26
375,000
383,195
White
Plains
Hospital
Obligated
Group
Series
2024
5.00%,
10/1/31
200,000
214,564
North
Carolina
Medical
Care
Commission,
Duke
University
Health
System,
Inc.
Obligated
Group
Series
2025
B
5.00%,
6/1/55(a)
2,000,000
2,155,846
Shelby
County
Health
Educational
&
Housing
Facilities
Board,
Baptist
Memorial
Health
Care
Obligated
Group
Series
2024
B
5.00%,
9/1/49(a)
750,000
786,414
South
Carolina
Jobs-Economic
Development
Authority,
Novant
Health
Obligated
Group
Series
2024
A
5.00%,
11/1/31
2,500,000
2,754,200
Tarrant
County
Cultural
Education
Facilities
Finance
Corp.,
CHRISTUS
Health
Obligated
Group
Series
2024
B
5.00%,
7/1/30
1,500,000
1,619,478
University
of
Colorado
Hospital
Authority,
Series
2024
B
5.00%,
11/15/31
2,000,000
2,228,387
University
of
Wisconsin
Hospitals
&
Clinics,
Series
2024
B
5.00%,
4/1/54(a)
2,000,000
2,181,777
40,726,947
Housing
(
0
.5
%
)
Public
Finance
Authority,
KSU
Bixby
Real
Estate
Foundation
LLC
Series
2025
A
5.00%,
6/15/27
390,000
403,758
Series
2025
A
5.00%,
6/15/31
475,000
513,086
Series
2025
A
5.00%,
6/15/33
750,000
813,516
1,730,360
Other
Revenue
(
33
.2
%
)
Bergen
County
Improvement
Authority
(The),
Series
2024
4.00%,
10/16/25
1,000,000
1,002,724
Series
2025
A
4.00%,
5/21/26
2,500,000
2,522,893
Black
Belt
Energy
Gas
District,
Series
2023
D-1
5.50%,
6/1/49(a)
2,450,000
2,585,007
California
Community
Choice
Financing
Authority,
Series
2023
F
5.50%,
10/1/54(a)
995,000
1,067,307
Face
Amount
Value
California
Municipal
Finance
Authority,
United
Airlines,
Inc.
Series
2019
(AMT)
4.00%,
7/15/29
$
2,330,000
$
2,282,324
View
at
San
Bruno
LP
Series
2024
A-1
5.00%,
6/1/56(a)
2,500,000
2,628,419
California
Pollution
Control
Financing
Authority,
Waste
Management,
Inc.
Series
2003
A
(AMT)
4.25%,
11/1/38(a)
1,000,000
1,016,071
California
State
Public
Works
Board,
Series
2023
C
5.00%,
9/1/27
1,600,000
1,683,555
State
of
California
Department
of
General
Services
Series
2024
B
5.00%,
4/1/26
1,000,000
1,005,430
Casino
Reinvestment
Development
Authority,
Inc.,
Series
2024
A
5.00%,
11/1/30
750,000
818,229
Series
2024
A
5.00%,
11/1/31
1,000,000
1,101,078
Central
Puget
Sound
Regional
Transit
Authority,
Sales
Motor
Vehicle
&
Rental
Car
Tax
Series
2016
S-1
5.00%,
11/1/30
2,580,000
2,643,291
Chandler
Industrial
Development
Authority,
Intel
Corp.
Series
2019
(AMT)
4.00%,
6/1/49(a)
1,500,000
1,497,150
Series
2007
(AMT)
4.10%,
12/1/37(a)
2,000,000
2,011,324
City
of
Whiting
IN,
BP
Products
North
America,
Inc.
Series
2019
A
(AMT)
5.00%,
12/1/44(a)
2,500,000
2,522,599
Colorado
Housing
and
Finance
Authority,
Series
2025
E-2
3.35%,
10/1/29
2,000,000
2,009,430
Series
2025
F-2
3.80%,
4/1/28
2,000,000
2,016,897
Colorado
Science
and
Technology
Park
Metropolitan
District
No.
1,
Series
2024
A
5.00%,
12/1/27
360,000
374,319
Series
2024
A
5.00%,
12/1/28
400,000
421,768
County
Square
Redevelopment
Corp.,
County
of
Greenville
Series
2025
5.00%,
4/1/30
500,000
551,074
Detroit
Downtown
Development
Authority,
Catalyst
Development
Area
Series
2024
5.00%,
7/1/28
1,000,000
1,059,306
Series
2024
5.00%,
7/1/29
1,000,000
1,072,811
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(88.5%)
(cont’d)
Other
Revenue
(33.2%)
(cont’d)
Florida
Development
Finance
Corp.,
GFL
Solid
Waste
Southeast
LLC
Series
2024
A
(AMT)
4.38%,
10/1/54(a)(b)
$
2,000,000
$
1,993,722
Hawaii
Housing
Finance
&
Development
Corp.,
Hale
Moiliili
LP
Series
2024
3.30%,
12/1/29(a)
1,500,000
1,509,200
Hudson
County
Improvement
Authority,
Series
2024
B-1
4.50%,
7/11/25
1,000,000
1,000,364
Indiana
Finance
Authority,
Republic
Services,
Inc.
Series
2010
A
(AMT)
3.95%,
5/1/28(a)
1,000,000
1,000,255
Indiana
Housing
&
Community
Development
Authority,
Triple
P
Apartments
LP
Series
2023
4.10%,
9/1/28(a)
1,000,000
1,000,662
Industrial
Development
Board
of
the
City
of
Mobile
Alabama,
Alabama
Power
Co.
Series
2008
3.30%,
7/15/34(a)
2,000,000
2,001,345
Iowa
Finance
Authority,
Gevo
NW
Iowa
RNG
LLC
Series
2021
(AMT)
3.88%,
1/1/42(a)
1,000,000
999,101
Kentucky
State
Property
&
Building
Commission,
Commonwealth
of
Kentucky
Series
A
5.00%,
4/1/30
750,000
822,402
Lambertson
Farms
Metropolitan
District
No.
1,
Series
2024
A
5.00%,
12/15/26
1,220,000
1,249,443
Long
Island
Power
Authority,
Series
2022
B
5.00%,
9/1/52(a)
2,000,000
2,061,846
Main
Street
Natural
Gas,
Inc.,
Series
2021
A
4.00%,
7/1/52(a)
2,500,000
2,524,023
Series
2025
A
5.00%,
6/1/29
500,000
527,826
Series
2025
A
5.00%,
12/1/29
1,000,000
1,060,404
Series
2023
D
5.00%,
5/1/54(a)
1,500,000
1,578,740
Metropolitan
Pier
&
Exposition
Authority,
State
of
Illinois
McCormick
Place
Expansion
Project
Fund
Series
2023
A
5.00%,
12/15/28
1,000,000
1,038,353
Series
2024
A
5.00%,
6/15/29
1,535,000
1,592,737
Metropolitan
Transportation
Authority
Dedicated
Tax
Fund,
Series
2008
B-3B
5.00%,
11/15/30
1,730,000
1,770,095
Face
Amount
Value
Michigan
State
Building
Authority,
Series
2016
I
5.00%,
10/15/31
$
2,870,000
$
2,938,518
Mission
Economic
Development
Corp.,
Republic
Services,
Inc.
Series
2020
A
(AMT)
4.10%,
5/1/50(a)
1,750,000
1,750,472
Missouri
State
Environmental
Improvement
&
Energy
Resources
Authority,
Evergy
Metro,
Inc.
Series
2008
(AMT)
0.00%,
5/1/38(a)
2,500,000
2,507,151
New
York
City
Housing
Development
Corp.,
Series
2024
F-2
3.40%,
11/1/64(a)
2,000,000
1,994,934
Series
2025
C-2
3.75%,
5/1/65(a)
1,000,000
1,007,102
8
Spruce
NY
Owner
LLC
Series
2024
D
4.00%,
12/15/31
1,000,000
1,024,426
New
York
City
Industrial
Development
Agency,
Yankee
Stadium
LLC
Series
2020
A
4.00%,
3/1/31
1,265,000
1,286,209
New
York
State
Dormitory
Authority,
Series
2017
B
5.00%,
2/15/32
2,500,000
2,601,611
New
York
State
Energy
Research
&
Development
Authority,
Rochester
Gas
and
Electric
Corp.
Series
2004
B
(AMT)
4.00%,
5/15/32
1,125,000
1,132,702
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
749,772
Series
2024
B-2
3.35%,
12/15/54(a)
1,650,000
1,645,473
West
38th
Street
LLC
Series
2014
A
3.57%,
5/1/42(a)
1,500,000
1,488,288
North
Carolina
Housing
Finance
Agency,
Series
55
C
3.20%,
7/1/56(a)
1,015,000
1,014,951
Oklahoma
County
Finance
Authority,
Oklahoma
County
Independent
School
District
No.
41
Western
Heights
Series
2025
5.00%,
9/1/30
1,100,000
1,151,240
Oklahoma
Development
Finance
Authority,
Oklahoma
State
Regents
for
Higher
Education
Series
2016
D
4.00%,
6/1/31
2,335,000
2,345,847
Oregon
State
Lottery,
Series
2025
A
5.00%,
4/1/30
500,000
550,371
Parish
of
St
John
the
Baptist,
Marathon
Oil
Corp.
Series
2017
C
3.30%,
6/1/37(a)
2,895,000
2,889,900
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(88.5%)
(cont’d)
Other
Revenue
(33.2%)
(cont’d)
Pennsylvania
Economic
Development
Financing
Authority,
Waste
Management
Obligated
Group
Series
2011
(AMT)
4.25%,
7/1/41(a)
$
1,000,000
$
1,009,924
Philadelphia
Gas
Works
Co.,
Series
14
5.00%,
10/1/33
2,425,000
2,467,654
Public
Finance
Authority,
Waste
Management,
Inc.
Series
A-2
(AMT)
4.10%,
10/1/25(a)
1,000,000
1,000,261
Series
A-3
(AMT)
4.10%,
9/1/27(a)
1,000,000
1,000,261
Sales
Tax
Securitization
Corp.,
Series
2020
AA
5.00%,
1/1/26
1,875,000
1,890,019
Series
2020
A
5.00%,
1/1/27
1,290,000
1,325,011
South
Carolina
Public
Service
Authority,
Series
2025
B
5.00%,
12/1/28(c)
1,250,000
1,336,600
State
of
Illinois
IL,
Sales
Tax
Series
2021
C
5.00%,
6/15/28
2,770,000
2,924,175
Texas
Municipal
Gas
Acquisition
and
Supply
Corp.
II,
Series
2012
C
3.71%,
9/15/27(a)
1,240,000
1,240,861
Triborough
Bridge
&
Tunnel
Authority,
Series
2025
A
5.00%,
3/1/28
1,500,000
1,584,913
Real
Estate
Transfer
Tax
Series
2025
A
5.00%,
12/1/28
1,000,000
1,077,055
Virgin
Islands
Transportation
&
Infrastructure
Corp.,
Series
2025
5.00%,
9/1/29
1,000,000
1,070,706
Virginia
Housing
Development
Authority,
Series
2023
E
4.10%,
10/1/27
2,000,000
2,001,135
Warner
Robins
Housing
Authority
Resident
Council
Corp.,
Arbours
at
Wellston
LLC
Series
2024
5.00%,
2/1/29(a)
1,000,000
1,047,584
Washington
State
Housing
Finance
Commission,
Ardea
Twg
LLLP
Series
2023
5.00%,
12/1/43(a)
1,000,000
1,017,211
West
Virginia
Economic
Development
Authority,
Commercial
Metals
Co.
Series
2025
(AMT)
4.63%,
4/15/55(a)
2,330,000
2,321,355
Wisconsin
Housing
&
Economic
Development
Authority,
Housing
Series
2024
B
3.75%,
11/1/55(a)
1,350,000
1,359,083
Face
Amount
Value
Wisconsin
Housing
&
Economic
Development
Authority
Housing,
Series
2023
E
3.88%,
11/1/54(a)
$
500,000
$
501,166
111,877,465
Transportation
(
10
.8
%
)
Chicago
Midway
International
Airport,
Series
2023
B
5.00%,
1/1/26
1,000,000
1,010,445
Chicago
O'Hare
International
Airport,
Series
2024
F
5.00%,
1/1/28
1,260,000
1,331,281
City
&
County
of
Denver
CO,
Airport
System
Series
2018
A
(AMT)
5.00%,
12/1/31
3,000,000
3,117,140
City
of
Cleveland
OH,
Airport
System
Series
2025
A
5.00%,
1/1/30
600,000
650,253
County
of
Broward
FL,
Airport
System
Series
A
(AMT)
5.00%,
10/1/29
2,000,000
2,005,409
Dallas
Fort
Worth
International
Airport,
Series
2023
B
5.00%,
11/1/25
1,250,000
1,257,360
Series
2023
C
(AMT)
5.00%,
11/1/27
1,250,000
1,301,242
E-470
Public
Highway
Authority,
Series
2000
B
0.00%,
9/1/25
2,000,000
1,989,883
Series
2024
B
3.69%,
9/1/39(a)
1,000,000
994,281
Massachusetts
Port
Authority,
Series
2019
A
(AMT)
5.00%,
7/1/26
1,000,000
1,017,722
Metropolitan
Transportation
Authority,
Series
2020
E
5.00%,
11/15/29
2,500,000
2,699,317
New
Jersey
Turnpike
Authority,
Series
2024
A
5.00%,
1/1/28
2,500,000
2,637,703
North
Carolina
Turnpike
Authority,
Series
2017
5.00%,
1/1/29
1,090,000
1,120,746
North
Texas
Tollway
Authority,
Tollway
System
Series
2023
A
5.00%,
1/1/27
1,000,000
1,035,928
Pennsylvania
Turnpike
Commission,
Series
2016
B
5.00%,
6/1/29
1,000,000
1,017,250
Pennsylvania
Turnpike
Commission
Registration
Fee,
Series
2023
2.77%,
7/15/41(a)
2,000,000
1,996,597
Port
Authority
of
New
York
&
New
Jersey,
Series
242
(AMT)
5.00%,
12/1/26
1,500,000
1,537,682
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(88.5%)
(cont’d)
Transportation
(10.8%)
(cont’d)
Series
242
(AMT)
5.00%,
12/1/27
$
1,500,000
$
1,563,546
Series
248
5.00%,
1/15/28
1,000,000
1,060,672
Port
of
Seattle,
Series
C
(AMT)
5.00%,
4/1/31
2,000,000
2,001,299
State
of
Alaska
International
Airports
System,
Series
2025
A
5.00%,
10/1/28
350,000
374,689
State
of
Connecticut
CT,
Special
Tax
Series
2023
A
5.00%,
7/1/25
2,400,000
2,400,000
Wayne
County
Airport
Authority,
Detroit
Metropolitan
Wayne
County
Airport
Series
F
(AMT)
5.00%,
12/1/31
2,500,000
2,505,638
36,626,083
Utility
(
4
.5
%
)
City
of
Springfield
IL,
Electric
Series
2024
5.00%,
3/1/30
2,500,000
2,708,426
Development
Authority
of
Burke
County
(The),
Georgia
Power
Co.
Series
2012-2
3.30%,
12/1/49(a)
750,000
745,045
Series
2013-1
3.38%,
11/1/53(a)
500,000
498,904
Development
Authority
of
Monroe
County
(The),
Georgia
Power
Co.
Series
2008
3.35%,
11/1/48(a)
2,250,000
2,230,169
Oglethorpe
Power
Corp.
Series
2013
A
3.60%,
1/1/39(a)
2,000,000
2,013,229
Energy
Northwest,
Bonneville
Power
Administration
Series
2020A
5.00%,
7/1/31
1,040,000
1,143,538
Grand
River
Dam
Authority,
Series
2016
A
5.00%,
6/1/29
1,165,000
1,196,905
Missouri
Joint
Municipal
Electric
Utility
Commission,
Series
2023
5.00%,
1/1/26
1,345,000
1,358,312
Municipal
Electric
Authority
of
Georgia,
Series
2024
A
5.00%,
1/1/26
1,000,000
1,009,698
Series
2021
A
5.00%,
1/1/29
1,225,000
1,305,338
Face
Amount
Value
North
Carolina
Municipal
Power
Agency
No.
1,
Series
A
5.00%,
1/1/27
$
530,000
$
535,291
14,744,855
Water
&
Sewer
(
2
.6
%
)
Clairton
Municipal
Authority,
Series
2024
B
5.00%,
12/1/27
1,450,000
1,509,390
Illinois
Finance
Authority,
Series
2020
3.88%,
5/1/40(a)
1,500,000
1,473,644
New
Jersey
Economic
Development
Authority,
New
Jersey-American
Water
Co.,
Inc.
Series
2020
D
(AMT)
1.10%,
11/1/29(a)
2,000,000
1,839,710
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
for
Texas
Series
2023
A
5.00%,
10/15/25
1,000,000
1,006,092
Trinity
River
Authority,
Central
Regional
Wastewater
System
Series
2017
5.00%,
8/1/29
2,835,000
2,947,402
8,776,238
298,530,769
Total
Fixed
Income
Securities
(Cost
$299,770,055)
301,074,977
–
Shares
Short-Term
Investments
(
11
.3
%
)
Investment
Company
(
0
.6
%
)
BlackRock
Liquidity
Funds
-
MuniCash
-
Institutional
Shares  2.13%
(Cost
$2,146,875)
2,146,660
2,146,875
Face
Amount
Municipal
Bonds
(
10
.7
%
)
Education
(
1
.4
%
)
University
of
Delaware,
Series
2005
3.95%,
11/1/35(a)
$
3,000,000
3,000,000
Series
2013
C
3.95%,
11/1/37(a)
1,700,000
1,700,000
4,700,000
General
Obligation
(
0
.5
%
)
City
of
New
York
NY,
Series
2014
I-2
4.00%,
3/1/40(a)
500,000
500,000
Series
2015
F-6
4.00%,
6/1/44(a)
1,120,000
1,120,000
1,620,000
Hospital
(
1
.6
%
)
County
of
Hamilton,
TriHealth
Obligated
Group
Series
2021
B
4.05%,
8/15/51(a)
2,500,000
2,500,000
Morgan
Stanley
ETF
Trust
Eaton
Vance
Short
Duration
Municipal
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Municipal
Bonds
(10.7%)
(cont’d)
Hospital
(1.6%)
(cont’d)
Iowa
Finance
Authority,
Iowa
Health
System
Obligated
Group
Series
2018
F
3.90%,
7/1/41(a)
$
3,000,000
$
3,000,000
5,500,000
Other
Revenue
(
3
.5
%
)
City
of
Gainesville
FL,
Utilities
System
Series
2012
B
4.00%,
10/1/42(a)
3,000,000
3,000,000
Gulf
Coast
Industrial
Development
Authority,
Exxon
Mobil
Corp.
Series
2012
3.95%,
11/1/41(a)
3,300,000
3,300,000
Mississippi
Business
Finance
Corp.,
Chevron
USA,
Inc.
Series
2007
B
3.65%,
12/1/30(a)
3,500,000
3,500,000
New
York
City
Transitional
Finance
Authority,
Series
2019
C-4
3.90%,
11/1/44(a)
2,000,000
2,000,000
11,800,000
Utility
(
1
.3
%
)
Development
Authority
of
Burke
County
(The),
Georgia
Power
Co.
Series
2009-1
3.95%,
7/1/49(a)
4,500,000
4,500,000
Water
&
Sewer
(
2
.4
%
)
New
York
City
Municipal
Water
Finance
Authority,
Water
&
Sewer
System
Series
2023
CC
3.90%,
6/15/53(a)
3,000,000
3,000,000
Series
AA-6
3.95%,
6/15/48(a)
1,500,000
1,500,000
Ohio
Water
Development
Authority,
Water
Pollution
Control
Loan
Fund
Series
2024
C
3.95%,
12/1/54(a)
3,300,000
3,300,000
7,800,000
Total
Municipal
Bonds
(Cost
$35,920,000)
35,920,000
Total
Short-Term
Investments
(Cost
$38,066,875)
38,066,875
Total
Investments
(
100
.6
%
)
(
Cost
$
337,836,930
)
(d)
339,141,852
Liabilities
in
Excess
of
Other
Assets
(-0.6%)
(1,971,109)
Net
Assets
(100.0%)
$337,170,743
(a)
Floating
or
variable
rate
securities:
The
rates
disclosed
are
as
of
June
30,
2025.
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)
When-issued
security.
(d)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$337,836,930.
The
aggregate
gross
unrealized
appreciation
is
$1,718,301
and
the
aggregate
gross
unrealized
depreciation
is
$413,379,
resulting
in
net
unrealized
appreciation
of
$1,304,922.
AMT
Alternative
Minimum
Tax
CME
Chicago
Mercantile
Exchange
NATL
Insured
by
National
Public
Finance
Guarantee
Corp.
Portfolio
Composition
Classification
Percentage
of
Total
Investments
Other
Revenue
36
.5
%
General
Obligation
14
.0
Hospital
13
.6
Education
12
.3
Transportation
10
.8
Other*
7
.1
Utility
5
.7
Total
Investments
100
.0
%
*
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Face
Amount
Value
Fixed
Income
Securities
(110.6%)
Asset-Backed
Securities
(
13
.2
%
)
AASET,
2025-1A
5.94%,
2/16/50(a)
$
4,584,884
$
4,678,236
AASET
Ltd.,
2025-2A
6.01%,
2/16/50(a)
4,225,000
4,256,092
ACHV
ABS
Trust,
2024-3AL
5.45%,
12/26/31(a)
1,452,784
1,462,241
2024-3AL
5.68%,
12/26/31(a)
825,130
826,765
2024-3AL
6.75%,
12/26/31(a)
1,750,000
1,762,466
ACM
Auto
Trust,
2025-1A
5.38%,
6/20/29(a)
3,492,515
3,496,143
2025-2A
5.55%,
6/20/28(a)
1,913,238
1,916,051
Ally
Bank
Auto
Credit-Linked
Notes,
2024-B
5.12%,
9/15/32(a)
1,232,901
1,241,639
ALTDE
Trust,
2025-1A
5.90%,
8/15/50(a)
4,814,591
4,920,197
American
Homes
4
Rent
Trust,
2015-SFR2
6.07%,
10/17/52(a)
1,001,000
999,062
Aqua
Finance
Trust,
2019-A
3.47%,
7/16/40(a)
434,224
421,834
Ballyrock
CLO
15
Ltd.,
2021-1A
CME
Term
SOFR
3
Month
+
2.85%,
7.11%,
1/15/38(a)(b)
1,000,000
1,001,976
Ballyrock
CLO
16
Ltd.,
2021-16A
CME
Term
SOFR
3
Month
+
2.75%,
7.00%,
4/20/38(a)(b)
1,500,000
1,476,174
Barings
CLO
Ltd.,
2019-4A
CME
Term
SOFR
3
Month
+
4.60%,
8.86%,
7/15/37(a)(b)
1,000,000
1,005,125
Battalion
CLO
XXIX
Ltd.,
2025-29A
CME
Term
SOFR
3
Month
+
3.30%,
7.58%,
3/31/38(a)(b)
1,500,000
1,505,625
BCMSC
Trust,
1998-C
7.51%,
1/15/29(b)
658,416
654,931
Benefit
Street
Partners
CLO
41
Ltd.,
2025-41A
CME
Term
SOFR
3
Month
+
2.75%,
0.00%,
7/25/38(a)(b)
1,500,000
1,505,625
Birch
Grove
CLO
14
Ltd.,
2025-14A
CME
Term
SOFR
3
Month
+
3.50%,
7.80%,
7/22/37(a)(b)
3,000,000
3,015,369
Face
Amount
Value
Bryant
Park
Funding
Ltd.,
2023-19A
CME
Term
SOFR
3
Month
+
2.80%,
7.09%,
4/15/38(a)(b)
$
3,000,000
$
2,999,361
2023-20A
CME
Term
SOFR
3
Month
+
3.40%,
7.73%,
4/15/38(a)(b)
3,000,000
3,008,550
Cajun
Global
LLC,
2021-1
3.93%,
11/20/51(a)
7,956,103
7,793,668
Castlelake
Aircraft
Structured
Trust,
2025-1A
5.78%,
2/15/50(a)
9,632,344
9,780,516
2025-1A
7.75%,
2/15/50(a)
3,155,206
3,109,720
CFMT
LLC,
2022-HB9
3.25%,
9/25/37(a)(b)
1,840,000
1,714,906
Cloud
Capital
Holdco
LP,
2024-1A
5.78%,
11/22/49(a)
4,500,000
4,566,429
Cologix
Data
Centers
US
Issuer
LLC,
2021-1A
3.30%,
12/26/51(a)
2,125,000
2,057,596
ContiMortgage
Home
Equity
Loan
Trust,
1995-2
8.10%,
8/15/25
17,080
15,359
DB
Master
Finance
LLC,
2017-1A
4.03%,
11/20/47(a)
2,545,060
2,520,808
2021-1A
2.05%,
11/20/51(a)
2,234,940
2,153,263
Dell
Equipment
Finance
Trust,
2023-3
5.93%,
4/23/29(a)
618,273
621,813
Driven
Brands
Funding
LLC,
2019-1A
4.64%,
4/20/49(a)
3,168,708
3,158,010
2019-2A
3.98%,
10/20/49(a)
2,305,184
2,271,527
2020-1A
3.79%,
7/20/50(a)
3,076,291
3,006,159
2020-2A
3.24%,
1/20/51(a)
2,148,827
2,056,277
2021-1A
2.79%,
10/20/51(a)
5,945,213
5,565,896
ELFI
Graduate
Loan
Program
LLC,
2022-A
4.51%,
8/26/47(a)
1,134,271
1,111,152
Elmwood
CLO
32
Ltd.,
2024-8A
CME
Term
SOFR
3
Month
+
2.85%,
7.12%,
10/18/37(a)(b)
1,000,000
1,003,179
Falcon
Aerospace
Ltd.,
2019-1
3.60%,
9/15/39(a)
748,987
735,227
FirstKey
Homes
Trust,
2021-SFR2
3.41%,
9/17/38(a)
1,000,000
953,470
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(13.2%)
(cont’d)
2021-SFR3
3.98%,
12/17/38(a)
$
1,000,000
$
951,895
Flatiron
CLO
28
Ltd.,
2024-1A
CME
Term
SOFR
3
Month
+
3.00%,
7.26%,
7/15/36(a)(b)
2,000,000
2,004,038
FMC
GMSR
Issuer
Trust,
2022-GT2
7.90%,
7/25/27(a)
2,675,000
2,720,501
FMC
Issuer
Trust-FMSR,
2024-FT1
6.56%,
9/25/29(a)
2,810,000
2,849,878
FOCUS
Brands
Funding
LLC,
2017-1A
5.09%,
4/30/47(a)
9,407,920
9,356,407
FortiFi,
2023-1A
6.23%,
9/20/59(a)
2,491,426
2,464,396
Galaxy
31
CLO
Ltd.,
2023-31A
CME
Term
SOFR
3
Month
+
3.20%,
7.51%,
7/15/38(a)(b)
2,350,000
2,352,858
GCI
Funding
I
LLC,
2020-1
2.82%,
10/18/45(a)
501,894
473,276
Gilead
Aviation
LLC,
2025-1A
5.79%,
3/15/50(a)
3,555,967
3,628,739
Goddard
Funding
LLC,
2024-1A
6.83%,
10/30/54(a)
1,501,455
1,525,809
Golub
Capital
Partners
ABS
Funding
Ltd.,
2020-1A
3.21%,
1/22/29(a)
996,992
992,704
2021-1A
2.77%,
4/20/29(a)
600,417
597,431
Goodgreen
Trust,
2020-1A
5.53%,
4/15/55(a)
1,385,765
1,142,502
2021-1A
5.74%,
10/15/56(a)
1,966,398
1,578,507
Harvest
US
CLO
Ltd.,
2024-2A
CME
Term
SOFR
3
Month
+
3.25%,
7.51%,
10/15/37(a)(b)
1,500,000
1,503,099
Horizon
Aircraft
Finance
IV
Ltd.,
2024-1
5.38%,
9/15/49(a)
4,408,250
4,418,448
Jersey
Mike's
Funding,
2021-1A
2.89%,
2/15/52(a)
2,475,000
2,398,343
Jersey
Mike's
Funding
LLC,
2019-1A
4.43%,
2/15/50(a)
1,897,975
1,882,765
JOL
Air
Ltd.,
2019-1
4.95%,
4/15/44(a)
146,372
144,640
Face
Amount
Value
Lendbuzz
Securitization
Trust,
2025-2A
5.13%,
11/15/30(a)
$
2,940,000
$
2,958,422
2025-2A
5.28%,
4/15/31(a)
4,545,000
4,577,658
loanDepot
GMSR
Trust,
2025-GT1
CME
Term
SOFR
1
Month
+
2.85%,
7.16%,
5/16/30(a)(b)
6,401,000
6,401,000
Loanpal
Solar
Loan
Ltd.,
2021-1GS
2.29%,
1/20/48(a)
833,865
697,059
Lunar
Aircraft
Ltd.,
2020-1A
3.38%,
2/15/45(a)
234,313
228,635
MACH
1
Cayman
Ltd.,
2019-1
3.47%,
10/15/39(a)
348,729
339,493
Madison
Park
Funding
LV
Ltd.,
2022-55A
CME
Term
SOFR
3
Month
+
3.15%,
7.42%,
7/18/37(a)(b)
1,500,000
1,506,125
Magnetite
XXII
Ltd.,
2019-22A
CME
Term
SOFR
3
Month
+
4.15%,
8.41%,
7/15/36(a)(b)
500,000
501,022
2019-22A
CME
Term
SOFR
3
Month
+
2.90%,
7.16%,
7/15/36(a)(b)
1,500,000
1,502,592
MAPS
Ltd.,
2018-1A
4.21%,
5/15/43(a)
81,583
81,460
Marlette
Funding
Trust,
2023-3A
6.71%,
9/15/33(a)
534,194
535,363
MidOcean
Credit
CLO
XV
Ltd.,
2024-15A
CME
Term
SOFR
3
Month
+
3.35%,
7.62%,
7/21/37(a)(b)
2,000,000
2,002,372
Mosaic
Solar
Loan
Trust,
2019-2A
3.28%,
9/20/40(a)
4,803,155
4,337,605
2020-1A
2.10%,
4/20/46(a)
381,817
339,701
Navigator
Aviation
Ltd.,
2024-1
5.40%,
8/15/49(a)
1,929,857
1,912,833
Neighborly
Issuer
LLC,
2021-1A
3.58%,
4/30/51(a)
4,747,200
4,446,610
New
Mountain
CLO
7
Ltd.,
CLO-7A
CME
Term
SOFR
3
Month
+
3.85%,
8.13%,
3/31/38(a)(b)
2,000,000
1,973,916
Newtek
Small
Business
Loan
Trust,
2023-1
US
Prime
Rate
-
0.50%,
7.00%,
7/25/50(a)(b)
693,598
700,987
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(13.2%)
(cont’d)
NRM
FNT1
Excess
LLC,
2024-FNT1
7.40%,
11/25/31(a)(c)
$
2,420,153
$
2,462,570
Oaktree
CLO
Ltd.,
2019-4A
CME
Term
SOFR
3
Month
+
4.70%,
8.97%,
7/20/37(a)(b)
1,000,000
1,004,514
Oportun
Funding
Trust,
2024-3
5.48%,
8/15/29(a)
1,020,000
1,021,419
Oportun
Issuance
Trust,
2021-B
1.96%,
5/8/31(a)
2,331,590
2,277,225
2021-C
2.18%,
10/8/31(a)
1,184,511
1,157,420
2025-A
5.01%,
2/8/33(a)
3,500,000
3,498,946
2025-A
5.30%,
2/8/33(a)
1,515,000
1,513,986
2025-A
5.89%,
2/8/33(a)
3,991,000
3,992,125
Oscar
US
Funding
XVI
LLC,
2024-1A
5.48%,
2/10/27(a)
941,412
944,454
Planet
Fitness
Master
Issuer
LLC,
2024-1A
5.77%,
6/5/54(a)
6,622,953
6,729,383
PMT
Issuer
Trust-FMSR,
2021-FT1
CME
Term
SOFR
1
Month
+
3.11%,
7.43%,
3/25/26(a)(b)
3,900,000
3,921,415
Progress
Residential,
2021-SFR4
2.31%,
5/17/38(a)
650,000
637,728
ReadyCap
Lending
Small
Business
Loan
Trust,
2019-2
US
Prime
Rate
-
0.50%,
7.00%,
12/27/44(a)(b)
84,273
84,216
Research-Driven
Pagaya
Motor
Asset
Trust,
2025-1A
5.49%,
6/27/33(a)
4,300,000
4,294,774
Retained
Vantage
Data
Centers
Issuer
LLC,
2023-1A
5.00%,
9/15/48(a)
1,423,000
1,412,707
ServiceMaster
Funding
LLC,
2020-1
2.84%,
1/30/51(a)
2,675,608
2,489,125
2021-1
2.87%,
7/30/51(a)
2,666,662
2,453,347
SERVPRO
Master
Issuer
LLC,
2019-1A
3.88%,
10/25/49(a)
4,488,750
4,417,942
2024-1A
6.17%,
1/25/54(a)
622,125
641,966
Face
Amount
Value
Sixth
Street
CLO
XV
Ltd.,
2020-15A
CME
Term
SOFR
3
Month
+
3.15%,
7.43%,
10/24/37(a)(b)
$
750,000
$
752,018
Sixth
Street
CLO
XX
Ltd.,
2021-20A
CME
Term
SOFR
3
Month
+
2.95%,
0.00%,
7/17/38(a)(b)
2,250,000
2,258,437
SoFi
Consumer
Loan
Program
Trust,
2025-2
5.22%,
6/25/34(a)
5,169,000
5,228,814
Stanwich
Mortgage
Loan
Co.
LLC,
2021-NPB1
6.23%,
10/16/26(a)(c)
2,522
2,525
STAR
Trust,
2021-SFR1
CME
Term
SOFR
1
Month
+
3.31%,
7.63%,
4/17/38(a)(b)
800,000
797,820
2021-SFR2
CME
Term
SOFR
1
Month
+
2.96%,
7.28%,
1/17/39(a)(b)
2,490,894
2,497,077
2022-SFR3
CME
Term
SOFR
1
Month
+
4.50%,
8.81%,
5/17/39(a)(b)
2,080,000
2,085,694
2024-SFR4
CME
Term
SOFR
1
Month
+
2.95%,
7.26%,
10/17/41(a)(b)
3,095,000
3,126,406
2025-SFR5
CME
Term
SOFR
1
Month
+
1.45%,
5.76%,
2/17/42(a)(b)
7,040,000
7,052,580
2025-SFR5
CME
Term
SOFR
1
Month
+
1.95%,
6.26%,
2/17/42(a)(b)
2,753,000
2,756,329
2025-SFR5
CME
Term
SOFR
1
Month
+
2.45%,
6.76%,
2/17/42(a)(b)
1,670,000
1,671,538
Start
II
Ltd.,
2019-1
4.09%,
3/15/44(a)
1,476,498
1,462,296
Start
Ltd.,
2018-1
4.09%,
5/15/43(a)
1,540,358
1,536,569
Subway
Funding
LLC,
2024-3A
5.25%,
7/30/54(a)
2,797,404
2,787,521
2024-3A
5.57%,
7/30/54(a)
5,470,510
5,464,999
Sunbird
Engine
Finance
LLC,
2020-1A
3.67%,
2/15/45(a)
661,069
645,062
Taco
Bell
Funding
LLC,
2021-1A
1.95%,
8/25/51(a)
1,139,700
1,087,265
Tricon
Residential
Trust,
2025-SFR1
CME
Term
SOFR
1
Month
+
1.35%,
5.66%,
3/17/42(a)(b)
1,800,000
1,803,457
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(13.2%)
(cont’d)
Wendy's
Funding
LLC,
2018-1A
3.88%,
3/15/48(a)
$
1,849,573
$
1,806,926
2019-1A
3.78%,
6/15/49(a)
1,016,735
1,003,631
Willis
Engine
Structured
Trust
VII,
2023-A
8.00%,
10/15/48(a)
607,625
627,177
Willis
Engine
Structured
Trust
VIII,
2025-A
5.58%,
6/15/50(a)
5,785,000
5,864,342
271,651,271
Collateralized
Mortgage
Obligations
—
Agency
Collateral
Series  (
27
.8
%
)
FHLMC
Gold
Pool,
30
Year
4.00%,
6/1/44
115,377
110,873
6.00%,
8/1/37
-
11/1/37
2,229
2,342
6.50%,
8/1/29
169
170
FHLMC
Gold
Pool,
Other
3.50%,
4/1/49
-
8/1/49
158,872
144,077
4.00%,
10/1/49
-
11/1/49
97,877
91,509
5.41%,
8/1/37
1,502
1,507
5.44%,
1/1/37
-
2/1/38
22,502
21,608
5.46%,
8/1/37
-
1/1/38
24,388
23,457
5.50%,
8/1/37
-
11/1/37
35,387
34,525
5.62%,
12/1/36
-
8/1/37
24,030
23,369
FNMA,
30
Year
3.50%,
2/1/48
-
5/1/48
791,149
721,649
5.62%,
12/1/36
15,139
14,704
FNMA,
Other
3.50%,
1/1/48
-
1/1/50
906,178
820,398
4.00%,
8/1/49
-
9/1/49
345,420
323,158
4.50%,
3/1/49
-
8/1/49
302,999
289,138
GNMA
I,
30
Year
6.50%,
5/15/40
129,280
134,356
GNMA
II,
Other
4.50%,
5/20/49
-
7/20/49
124,190
118,862
GNMA
II,
Single
Family,
30
Year
3.50%,
11/20/40
-
7/20/46
310,763
290,337
4.00%,
8/20/41
-
11/20/49
1,639,576
1,544,764
4.50%,
4/20/49
22,300
21,657
5.00%,
12/20/48
13,236
12,375
UMBS
Pool,
30
Year
4.00%,
4/1/49
290,557
274,010
4.50%,
2/1/49
238,758
231,641
UMBS,
30
Year
4.00%,
11/1/41
-
9/1/48
1,402,434
1,344,600
4.50%,
3/1/41
-
11/1/44
363,287
359,214
5.50%,
5/1/54
-
9/1/54
11,496,443
11,506,235
6.50%,
6/1/26
-
1/1/34
198,536
206,565
7.00%,
5/1/28
-
12/1/33
33,843
35,696
UMBS,
Single
Family,
30
Year
4.50%,
7/25/55,
TBA
6,657,175
6,367,483
5.00%,
7/25/55,
TBA
195,899,000
191,996,271
5.50%,
7/25/55,
TBA
249,790,908
249,732,244
6.00%,
7/25/55,
TBA
101,371,000
103,022,268
569,821,062
Face
Amount
Value
Commercial
Mortgage-Backed
Securities
(
8
.8
%
)
Adjustable
Rate
Mortgage
Trust
5.53%,
6/25/35(b)
$
8,672
$
8,685
Ajax
Mortgage
Loan
Trust
1.70%,
5/25/59(a)(c)
985,481
927,763
BAMLL
Commercial
Mortgage
Securities
Trust
3.47%,
11/5/32(a)
3,440,000
3,229,597
BAMLL
Trust
CME
Term
SOFR
1
Month
+
2.35%,
6.66%,
8/15/39(a)(b)
1,359,000
1,368,513
Banc
of
America
Alternative
Loan
Trust
6.36%,
10/25/36(c)
371,440
105,271
BANK
3.02%,
12/15/53(b)
4,200,000
2,265,069
IO
0.95%,
10/17/52(b)
13,644,159
385,637
BBCMS
Mortgage
Trust
IO
0.64%,
12/15/55(b)
18,280,099
622,447
Bear
Stearns
ARM
Trust
5.38%,
2/25/34(b)
306,917
290,249
Benchmark
Mortgage
Trust
3.76%,
7/15/53(a)
2,000,000
1,980,335
IO
0.93%,
9/15/48(a)(b)
25,152,299
415,174
BF
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.50%,
5.81%,
12/15/35(a)(b)
2,222,000
2,185,804
CME
Term
SOFR
1
Month
+
2.00%,
6.31%,
12/15/35(a)(b)
2,500,000
2,377,082
BFLD
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.84%,
6.15%,
11/15/41(a)(b)
3,000,000
3,009,021
BFLD
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.89%,
6.20%,
7/15/41(a)(b)
7,900,000
7,932,757
BPR
Trust
CME
Term
SOFR
1
Month
+
3.00%,
7.31%,
5/15/39(a)(b)
2,320,000
2,323,627
BRAVO
Residential
Funding
Trust
2.00%,
5/25/59(a)(b)
1,076,196
1,005,067
Brean
Asset-Backed
Securities
Trust
1.40%,
10/25/63(a)(b)
1,931,752
1,806,898
BX
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
3.14%,
7.45%,
6/15/27(a)(b)
5,100,000
5,150,922
CME
Term
SOFR
1
Month
+
3.89%,
8.20%,
6/15/27(a)(b)
4,980,000
5,053,803
BX
Trust
CME
Term
SOFR
1
Month
+
2.75%,
0.00%,
7/15/42(a)(b)
3,770,000
3,790,087
CME
Term
SOFR
1
Month
+
3.65%,
0.00%,
7/15/42(a)(b)
3,975,000
3,996,948
ChaseFlex
Trust
6.00%,
2/25/37
578,171
195,664
Citigroup
Commercial
Mortgage
Trust
IO
0.84%,
11/10/48(b)
2,136,239
4,940
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Commercial
Mortgage-Backed
Securities
(8.8%)
(cont’d)
0.92%,
9/10/58(b)
$
2,290,385
$
740
COLT
Trust
1.67%,
9/25/61(a)(b)
1,012,211
917,838
Commercial
Mortgage
Trust
3.51%,
8/15/57(a)(b)
1,400,000
1,271,826
CSMC
Trust
CME
Term
SOFR
1
Month
+
3.83%,
8.14%,
8/15/26(a)(b)
6,104,604
5,728,577
Extended
Stay
America
Trust
CME
Term
SOFR
1
Month
+
2.36%,
6.68%,
7/15/38(a)(b)
3,593,879
3,602,264
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
3.00%,
9/25/55
825,491
714,172
3.00%,
8/25/57
587,020
502,567
3.00%,
3/25/58
813,257
695,001
4.25%,
8/25/59(a)(b)
2,700,000
2,574,930
4.25%,
11/25/60(a)(b)
750,000
719,992
4.75%,
10/25/58(b)
1,057,227
1,029,626
FHLMC
STACR
REMIC
Trust
SOFR30A
+
7.80%,
12.11%,
11/25/41(a)(b)
3,115,000
3,348,011
SOFR30A
+
8.50%,
12.81%,
2/25/42(a)(b)
4,695,000
5,143,959
FHLMC,
Multifamily
Structured
Pass-Through
Certificates
IO
REMIC
2.72%,
1/25/49(b)
17,200,000
2,120,473
2.72%,
1/25/49(b)
4,091,469
467,739
2.74%,
2/25/49(b)
9,522,157
1,152,949
2.83%,
8/25/48(b)
5,484,002
605,012
3.17%,
11/25/36(b)
4,400,000
1,047,456
3.32%,
5/25/32(b)
11,220,034
1,977,570
FHLMC,
REMIC
SOFR30A
+
1.15%,
5.46%,
7/25/55(b)
5,480,000
5,487,075
SOFR30A
+
1.43%,
5.74%,
12/25/54(b)
5,105,977
5,109,582
IO
REMIC
SOFR30A
+
5.89%,
1.58%,
11/15/43(b)
299,020
24,435
FNMA,
REMIC
7.00%,
9/25/32
56,313
58,827
IO
REMIC
8.00%,
9/18/27
7,119
365
FNMA,
Strips
IO
REMIC
6.50%,
9/25/29
11,328
907
6.50%,
9/25/29
4,454
338
6.50%,
9/25/29
6,807
493
6.50%,
12/25/29
10,776
807
6.50%,
12/25/29
4,304
327
6.50%,
12/25/29
6,392
476
6.50%,
12/25/29
7,387
548
FREMF
Mortgage
Trust
SOFR30A
+
5.36%,
9.68%,
7/25/26(a)(b)
44,850
9,634
FS
Commercial
Mortgage
Trust
7.07%,
11/10/39(a)
1,775,000
1,819,038
Face
Amount
Value
GNMA
IO
REMIC
5.00%,
2/16/41
$
56,999
$
11,433
Great
Wolf
Trust
CME
Term
SOFR
1
Month
+
1.54%,
5.85%,
3/15/39(a)(b)
1,370,000
1,373,865
GS
Mortgage
Securities
Trust
IO
0.40%,
9/10/47(b)
374,799
5
1.33%,
10/10/48(b)
3,174,843
94
GWT
CME
Term
SOFR
1
Month
+
1.69%,
6.00%,
5/15/41(a)(b)
3,613,000
3,627,248
Hawaii
Hotel
Trust
CME
Term
SOFR
1
Month
+
1.39%,
5.70%,
3/15/42(a)(b)
3,045,000
3,050,907
HLTN
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.64%,
5.95%,
6/15/41(a)(b)
3,164,100
3,170,649
CME
Term
SOFR
1
Month
+
2.54%,
6.85%,
6/15/41(a)(b)
232,394
232,759
Hudson
Yards
Mortgage
Trust
6.55%,
1/13/40(a)(b)
1,925,000
1,996,455
HYT
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
2.34%,
6.65%,
9/15/41(a)(b)
289,000
289,266
INTOWN
Mortgage
Trust
CME
Term
SOFR
1
Month
+
2.25%,
6.56%,
3/15/42(a)(b)
3,061,000
3,056,571
CME
Term
SOFR
1
Month
+
2.85%,
7.16%,
3/15/42(a)(b)
5,357,000
5,355,282
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
IO
0.59%,
4/15/46(b)
4,656,505
14,155
0.70%,
12/15/49(b)
3,446,402
18,201
J.P.
Morgan
Mortgage
Trust
4.85%,
6/25/37(b)
42,151
33,067
JW
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.62%,
5.93%,
6/15/39(a)(b)
4,000,000
4,008,206
CME
Term
SOFR
1
Month
+
1.94%,
6.25%,
6/15/39(a)(b)
885,000
886,517
LHOME
Mortgage
Trust
7.02%,
1/25/29(a)(c)
3,290,000
3,323,677
8.00%,
6/25/28(a)(c)
751,000
755,984
MF1X
CME
Term
SOFR
1
Month
+
2.82%,
7.13%,
12/15/34(a)(b)
4,350,000
4,269,379
Natixis
Commercial
Mortgage
Securities
Trust
4.46%,
1/15/43(a)(b)
800,000
670,873
NJ
6.28%,
3/5/35(a)(b)
3,110,000
3,123,721
6.28%,
3/5/35(a)(b)
3,400,000
3,285,943
NRM
FHT1
Excess
Owner
LLC
6.55%,
3/25/32(a)(c)
6,477,716
6,557,012
NRTH
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.64%,
5.95%,
3/15/39(a)(b)
4,633,000
4,642,193
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Commercial
Mortgage-Backed
Securities
(8.8%)
(cont’d)
NYCT
Trust
CME
Term
SOFR
1
Month
+
1.99%,
6.30%,
8/15/29(a)(b)
$
4,664,000
$
4,696,554
Olympic
Tower
Mortgage
Trust
3.57%,
5/10/39(a)
2,900,000
2,567,275
ORL
Trust
CME
Term
SOFR
1
Month
+
1.49%,
5.80%,
12/15/39(a)(b)
3,847,000
3,851,527
CME
Term
SOFR
1
Month
+
2.79%,
7.10%,
12/15/39(a)(b)
1,367,000
1,368,087
PRM5
Trust
5.81%,
3/10/33(a)(b)
1,150,000
1,146,107
SDR
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.39%,
5.70%,
5/15/39(a)(b)
1,193,000
1,192,991
SG
Commercial
Mortgage
Securities
Trust
3.85%,
3/15/37(a)(b)
1,900,000
1,563,100
SHR
Trust
CME
Term
SOFR
1
Month
+
1.95%,
6.26%,
10/15/41(a)(b)
3,475,000
3,479,308
SLG
Office
Trust
IO
0.26%,
7/15/41(a)(b)
34,800,000
428,524
TX
Trust
CME
Term
SOFR
1
Month
+
1.59%,
5.90%,
6/15/39(a)(b)
3,350,000
3,334,284
TYSN
Mortgage
Trust
6.80%,
12/10/33(a)(b)
1,127,000
1,194,788
Vantage
Data
Centers
Germany
Borrower
Lux
SARL
4.29%,
6/28/50(a)
5,327,000
6,320,433
181,461,354
Corporate
Bonds
(
28
.5
%
)
Aerospace
&
Defense
(0.3%)
Boeing
Co.
(The)
5.81%,
5/1/50
2,646,000
2,539,957
5.93%,
5/1/60
2,947,000
2,803,896
5,343,853
Automobiles
(0.3%)
Ford
Motor
Co.
3.25%,
2/12/32
6,501,000
5,483,402
Banks
(7.5%)
AIB
Group
plc
5.32%,
5/15/31(a)(b)
8,116,000
8,261,091
Banco
Santander
SA
4.18%,
3/24/28(b)
2,386,000
2,372,810
5.54%,
3/14/30(b)(d)
2,875,000
2,965,367
Bank
of
America
Corp.
5.16%,
1/24/31(b)(d)
3,028,000
3,104,319
5.51%,
1/24/36(b)
7,705,000
7,925,326
Bank
of
Nova
Scotia
(The)
8.00%,
1/27/84(b)
6,860,000
7,291,912
Barclays
plc
8.00%,
3/15/29(b)(e)
2,848,000
2,994,464
BBVA
Mexico
SA
Institucion
de
Banca
Multiple
Grupo
Financiero
5.13%,
1/18/33(a)(b)
2,650,000
2,548,587
7.63%,
2/11/35(a)(b)(d)
1,757,000
1,808,480
Face
Amount
Value
8.13%,
1/8/39(a)(b)
$
2,157,000
$
2,231,026
BNP
Paribas
SA
5.13%,
1/13/29(a)(b)
3,620,000
3,675,572
5.91%,
11/19/35(a)(b)
3,261,000
3,290,937
7.75%,
8/16/29(a)(b)(e)
3,645,000
3,842,832
BPCE
SA
5.88%,
1/14/31(a)(b)(d)
5,841,000
6,060,743
CaixaBank
SA
6.84%,
9/13/34(a)(b)
9,071,000
9,968,249
First
Horizon
Corp.
5.51%,
3/7/31(b)
2,409,000
2,444,267
Intesa
Sanpaolo
SpA
8.25%,
11/21/33(a)(b)
8,794,000
10,212,140
JPMorgan
Chase
&
Co.
5.10%,
4/22/31(b)(d)
6,281,000
6,438,391
5.14%,
1/24/31(b)
1,384,000
1,419,610
5.58%,
4/22/30(b)
9,517,000
9,883,865
5.77%,
4/22/35(b)
4,503,000
4,732,665
PNC
Financial
Services
Group,
Inc.
(The)
5.58%,
1/29/36(b)(d)
2,080,000
2,144,625
6.88%,
10/20/34(b)
4,401,000
4,921,607
Santander
UK
Group
Holdings
plc
3.82%,
11/3/28(b)
1,045,000
1,024,366
Societe
Generale
SA
3.65%,
7/8/35(a)(b)
3,398,000
3,121,268
5.51%,
5/22/31(a)(b)
3,936,000
4,015,356
6.10%,
4/13/33(a)(b)
1,721,000
1,790,145
Swedbank
AB
5.34%,
9/20/27(a)(d)
675,000
688,883
Synovus
Bank
5.63%,
2/15/28
2,260,000
2,285,017
Synovus
Financial
Corp.
6.17%,
11/1/30(b)(d)
5,468,000
5,611,209
Toronto-Dominion
Bank
(The)
8.13%,
10/31/82(b)
7,331,000
7,674,875
Truist
Financial
Corp.
5.87%,
6/8/34(b)
5,191,000
5,424,909
U.S.
Bancorp
5.08%,
5/15/31(b)
2,441,000
2,490,540
5.84%,
6/12/34(b)
1,771,000
1,860,927
Wells
Fargo
&
Co.
2.57%,
2/11/31(b)
1,308,000
1,198,587
5.24%,
1/24/31(b)
6,014,000
6,171,054
153,896,021
Biotechnology
(0.3%)
Biogen,
Inc.
6.45%,
5/15/55
5,852,000
6,030,491
Building
Products
(0.4%)
Masterbrand,
Inc.
7.00%,
7/15/32(a)
4,182,000
4,276,396
Quikrete
Holdings,
Inc.
6.38%,
3/1/32(a)
4,330,000
4,455,331
8,731,727
Capital
Markets
(3.3%)
Antares
Holdings
LP
6.35%,
10/23/29(a)(d)
2,755,000
2,784,458
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(28.5%)
(cont’d)
Apollo
Debt
Solutions
BDC
6.70%,
7/29/31(d)
$
1,938,000
$
2,014,540
Blue
Owl
Credit
Income
Corp.
6.60%,
9/15/29
1,489,000
1,532,485
6.65%,
3/15/31
1,340,000
1,378,881
Brookfield
Asset
Management
Ltd.
5.80%,
4/24/35
6,301,000
6,468,177
Brookfield
Finance,
Inc.
6.30%,
1/15/55(b)
5,156,000
4,946,922
Charles
Schwab
Corp.
(The)
6.14%,
8/24/34(b)
1,885,000
2,040,281
CI
Financial
Corp.
7.50%,
5/30/29(a)
9,131,000
9,638,711
Citadel
LP
6.38%,
1/23/32(a)
8,051,000
8,411,516
Citadel
Securities
Global
Holdings
LLC
6.20%,
6/18/35(a)
1,425,000
1,462,709
Goldman
Sachs
Bank
USA
5.41%,
5/21/27(b)
24,000
24,202
HAT
Holdings
I
LLC
3.75%,
9/15/30(a)
1,723,000
1,582,268
Jefferies
Financial
Group,
Inc.
6.20%,
4/14/34
7,341,000
7,682,528
LPL
Holdings,
Inc.
4.00%,
3/15/29(a)
1,983,000
1,926,844
5.75%,
6/15/35
5,289,000
5,353,109
Marex
Group
plc
6.40%,
11/4/29(d)
6,744,000
6,944,685
Nuveen
LLC
5.85%,
4/15/34(a)
3,347,000
3,485,314
67,677,630
Chemicals
(0.2%)
Celanese
US
Holdings
LLC
1.40%,
8/5/26
717,000
691,627
Olympus
Water
US
Holding
Corp.
9.75%,
11/15/28(a)
3,804,000
4,010,481
4,702,108
Construction
&
Engineering
(0.2%)
Artera
Services
LLC
8.50%,
2/15/31(a)
4,386,600
3,656,346
Consumer
Finance
(1.6%)
Aircastle
Ltd.
5.75%,
10/1/31(a)
3,304,000
3,399,616
Ally
Financial,
Inc.
4.70%,
5/15/26(b)(e)
2,934,000
2,841,984
6.85%,
1/3/30(b)
7,985,000
8,433,785
8.00%,
11/1/31
2,307,000
2,608,937
Ford
Motor
Credit
Co.
LLC
4.00%,
11/13/30(d)
1,426,000
1,302,348
5.30%,
9/6/29
1,106,000
1,086,477
7.12%,
11/7/33
2,173,000
2,256,263
7.35%,
3/6/30
3,808,000
4,021,472
General
Motors
Financial
Co.,
Inc.
5.95%,
4/4/34
7,009,000
7,112,373
33,063,255
Face
Amount
Value
Diversified
Consumer
Services
(0.0%)(f)
Wand
NewCo
3,
Inc.
7.63%,
1/30/32(a)
$
250,000
$
262,957
Diversified
REITs
(0.4%)
VICI
Properties
LP
5.13%,
11/15/31
7,814,000
7,829,172
Diversified
Telecommunication
Services
(0.3%)
Bell
Canada
6.88%,
9/15/55(b)
4,008,000
4,118,275
Virgin
Media
Secured
Finance
plc
5.50%,
5/15/29(a)
2,276,000
2,240,056
6,358,331
Electric
Utilities
(0.5%)
California
Buyer
Ltd.
6.38%,
2/15/32(a)
250,000
250,630
Vistra
Operations
Co.
LLC
5.70%,
12/30/34(a)
5,538,000
5,643,825
XPLR
Infrastructure
Operating
Partners
LP
8.63%,
3/15/33(a)(d)
3,246,000
3,481,488
9,375,943
Entertainment
(0.4%)
Playtika
Holding
Corp.
4.25%,
3/15/29(a)
4,147,000
3,767,239
Warnermedia
Holdings,
Inc.
4.28%,
3/15/32
5,284,000
4,471,585
8,238,824
Financial
Services
(1.6%)
Enact
Holdings,
Inc.
6.25%,
5/28/29
7,364,000
7,645,177
Essent
Group
Ltd.
6.25%,
7/1/29
6,439,000
6,672,444
Global
Payments,
Inc.
5.95%,
8/15/52
440,000
423,411
HA
Sustainable
Infrastructure
Capital,
Inc.
6.38%,
7/1/34
11,463,000
11,470,620
MGIC
Investment
Corp.
5.25%,
8/15/28
346,000
346,013
Rocket
Cos.,
Inc.
6.38%,
8/1/33(a)
250,000
256,113
Rocket
Mortgage
LLC
3.63%,
3/1/29(a)
1,231,000
1,170,693
3.88%,
3/1/31(a)
5,695,000
5,283,729
33,268,200
Food
Products
(0.1%)
Smithfield
Foods,
Inc.
5.20%,
4/1/29(a)
1,983,000
1,997,008
Gas
Utilities
(0.2%)
Ferrellgas
LP
5.88%,
4/1/29(a)
5,042,000
4,668,889
Ground
Transportation
(0.0%)(f)
NESCO
Holdings
II,
Inc.
5.50%,
4/15/29(a)
250,000
243,730
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(28.5%)
(cont’d)
Health
Care
Equipment
&
Supplies
(0.1%)
Medline
Borrower
LP
3.88%,
4/1/29(a)
$
2,594,000
$
2,490,074
Health
Care
Providers
&
Services
(1.0%)
Centene
Corp.
2.50%,
3/1/31
5,900,000
5,083,746
3.38%,
2/15/30(d)
5,017,000
4,624,487
HCA,
Inc.
5.95%,
9/15/54(d)
1,981,000
1,926,700
6.20%,
3/1/55
4,637,000
4,673,834
LifePoint
Health,
Inc.
9.88%,
8/15/30(a)
4,595,000
4,976,187
21,284,954
Health
Care
REITs
(0.3%)
Healthpeak
OP
LLC
5.38%,
2/15/35
5,054,000
5,103,372
Hotels,
Restaurants
&
Leisure
(0.4%)
Las
Vegas
Sands
Corp.
6.00%,
6/14/30
7,582,000
7,824,790
Insurance
(2.3%)
Alliant
Holdings
Intermediate
LLC
7.00%,
1/15/31(a)
4,317,000
4,468,807
American
International
Group,
Inc.
4.85%,
5/7/30
2,111,000
2,145,645
5.45%,
5/7/35
2,370,000
2,431,593
American
National
Group,
Inc.
5.75%,
10/1/29
2,299,000
2,355,392
6.00%,
7/15/35
1,536,000
1,545,766
6.14%,
6/13/32(a)(d)
3,044,000
3,124,926
Athene
Holding
Ltd.
6.63%,
5/19/55
6,488,000
6,691,261
Belrose
Funding
Trust
II
6.79%,
5/15/55(a)
5,485,000
5,611,498
Global
Atlantic
Fin
Co.
3.13%,
6/15/31(a)
754,000
670,192
4.70%,
10/15/51(a)(b)
2,710,000
2,661,086
6.75%,
3/15/54(a)
5,525,000
5,666,423
7.95%,
10/15/54(a)(b)
3,535,000
3,689,048
Intact
Financial
Corp.
5.46%,
9/22/32(a)
2,328,000
2,385,003
Liberty
Mutual
Group,
Inc.
4.13%,
12/15/51(a)(b)
4,805,000
4,680,614
48,127,254
IT
Services
(0.6%)
Arches
Buyer,
Inc.
4.25%,
6/1/28(a)(d)
4,237,000
4,058,159
Kyndryl
Holdings,
Inc.
6.35%,
2/20/34(d)
6,785,000
7,252,066
11,310,225
Life
Sciences
Tools
&
Services
(0.1%)
Fortrea
Holdings,
Inc.
7.50%,
7/1/30(a)(d)
1,360,000
1,232,739
Face
Amount
Value
Machinery
(0.2%)
Calderys
Financing
LLC
11.25%,
6/1/28(a)
$
3,071,000
$
3,259,514
New
Flyer
Holdings,
Inc.
9.25%,
7/1/30(a)
250,000
263,958
3,523,472
Media
(1.1%)
Charter
Communications
Operating
LLC
4.80%,
3/1/50
12,778,000
10,230,958
Clear
Channel
Outdoor
Holdings,
Inc.
7.88%,
4/1/30(a)
4,373,000
4,517,982
McGraw-Hill
Education,
Inc.
5.75%,
8/1/28(a)
4,278,000
4,306,723
Virgin
Media
Vendor
Financing
Notes
IV
DAC
5.00%,
7/15/28(a)(d)
2,641,000
2,587,257
21,642,920
Metals
&
Mining
(0.1%)
Compass
Minerals
International,
Inc.
6.75%,
12/1/27(a)
229,000
231,055
First
Quantum
Minerals
Ltd.
8.00%,
3/1/33(a)
250,000
256,735
Nexa
Resources
SA
6.75%,
4/9/34(a)
2,387,000
2,494,811
2,982,601
Office
REITs
(0.2%)
COPT
Defense
Properties
LP
2.75%,
4/15/31(d)
2,555,000
2,261,290
2.90%,
12/1/33
2,919,000
2,400,582
4,661,872
Oil,
Gas
&
Consumable
Fuels
(1.0%)
Continental
Resources,
Inc.
2.88%,
4/1/32(a)(d)
900,000
757,076
Occidental
Petroleum
Corp.
5.38%,
1/1/32
1,164,000
1,155,277
Petrobras
Global
Finance
BV
6.50%,
7/3/33
1,557,000
1,597,676
Raizen
Fuels
Finance
SA
5.70%,
1/17/35(a)(d)
3,264,000
3,058,368
6.45%,
3/5/34(a)(d)
2,136,000
2,139,435
6.95%,
3/5/54(a)
1,581,000
1,467,924
TerraForm
Power
Operating
LLC
4.75%,
1/15/30(a)
2,743,000
2,627,894
5.00%,
1/31/28(a)
1,560,000
1,545,172
Var
Energi
ASA
5.88%,
5/22/30(a)
5,983,000
6,133,557
20,482,379
Passenger
Airlines
(0.7%)
A/S
Mileage
Plan
IP
Ltd.
5.02%,
10/20/29(a)(d)
6,217,000
6,155,771
5.31%,
10/20/31(a)
960,000
945,052
American
Airlines,
Inc.
5.50%,
4/20/26(a)
1,469,333
1,466,880
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(28.5%)
(cont’d)
Delta
Air
Lines,
Inc.
4.75%,
10/20/28(a)
$
6,735,400
$
6,754,187
15,321,890
Pharmaceuticals
(0.2%)
Bristol-Myers
Squibb
Co.
4.25%,
10/26/49
5,343,000
4,335,286
Teva
Pharmaceutical
Finance
Netherlands
III
BV
4.10%,
10/1/46
250,000
180,066
4,515,352
Semiconductors
&
Semiconductor
Equipment
(0.9%)
Foundry
JV
Holdco
LLC
6.10%,
1/25/36(a)
12,476,000
12,922,633
Intel
Corp.
4.75%,
3/25/50(d)
1,918,000
1,566,198
4.90%,
8/5/52(d)
3,883,800
3,214,415
17,703,246
Software
(0.4%)
Cloud
Software
Group,
Inc.
6.50%,
3/31/29(a)
4,584,000
4,629,648
McAfee
Corp.
7.38%,
2/15/30(a)
3,921,000
3,706,771
Oracle
Corp.
3.60%,
4/1/50
297,000
207,897
8,544,316
Specialized
REITs
(0.4%)
EPR
Properties
3.60%,
11/15/31
4,008,000
3,643,049
3.75%,
8/15/29(d)
2,601,000
2,477,690
4.95%,
4/15/28(d)
1,971,000
1,967,932
Extra
Space
Storage
LP
2.55%,
6/1/31(d)
185,000
163,666
8,252,337
Specialty
Retail
(0.2%)
PetSmart,
Inc.
4.75%,
2/15/28(a)
4,141,000
4,041,675
Technology
Hardware,
Storage
&
Peripherals
(0.2%)
Seagate
HDD
Cayman
9.63%,
12/1/32
3,117,500
3,516,771
Trading
Companies
&
Distributors
(0.0%)(f)
Air
Lease
Corp.
3.38%,
7/1/25
267,000
267,000
Transportation
Infrastructure
(0.2%)
Seaspan
Corp.
5.50%,
8/1/29(a)
4,100,000
3,901,176
Wireless
Telecommunication
Services
(0.3%)
Zegona
Finance
plc
8.63%,
7/15/29(a)
5,940,000
6,352,800
583,911,102
Sovereign
(
0
.5
%
)
Petroleos
Mexicanos
6.84%,
1/23/30
7,049,000
6,814,406
Face
Amount
Value
Sovereign
(0.5%)
(continued)
Romanian
Government
Bond
6.38%,
9/18/33(a)
$
3,200,000
$
3,894,027
10,708,433
Supranational
(
0
.1
%
)
Banque
Ouest
Africaine
de
Developpement
4.70%,
10/22/31(a)
1,240,000
1,133,513
U.S.
Government
and
Agency
Securities
(
31
.7
%
)
U.S.
Treasury
Bonds
1.25%,
5/15/50
1,729,000
831,271
1.88%,
11/15/51
5,226,000
2,909,412
2.25%,
8/15/46
679,000
445,037
2.50%,
5/15/46
14,422,000
9,965,827
4.75%,
5/15/55
57,792,000
57,475,950
5.00%,
5/15/45
72,546,000
74,535,348
U.S.
Treasury
Notes
0.50%,
4/30/27
5,658,000
5,335,980
0.63%,
3/31/27
10,236,000
9,697,810
0.63%,
5/15/30
3,611,000
3,107,576
0.63%,
8/15/30
8,455,000
7,212,677
0.88%,
11/15/30
15,577,000
13,365,188
1.50%,
2/15/30
22,923,000
20,748,001
1.63%,
8/15/29
5,363,000
4,939,826
1.75%,
11/15/29
18,746,000
17,266,823
3.88%,
9/30/29
179,201,000
180,069,005
3.88%,
4/30/30(d)
50,728,000
50,938,045
4.00%,
2/29/28
18,392,000
18,534,251
4.25%,
11/15/34
7,062,000
7,087,379
4.25%,
5/15/35
77,879,000
78,006,770
4.50%,
11/15/25(d)
1,533,000
1,533,905
4.88%,
11/30/25
15,961,000
15,996,306
4.88%,
5/31/26
70,370,000
70,879,337
650,881,724
Total
Fixed
Income
Securities
(Cost
$2,245,517,591)
2,269,568,459
–
Shares
Investment
Companies
(
0
.7
%
)
Eaton
Vance
High
Yield
ETF(d)(g)
9,300
494,106
Eaton
Vance
Short
Duration
Income
ETF(g)
235,000
12,015,550
Eaton
Vance
Ultra-Short
Income
ETF(g)
27,000
1,371,870
Total
Investment
Companies
(Cost
$13,784,891)
13,881,526
Short-Term
Investments
(
15
.9
%
)
Investment
Company
(
14
.8
%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(h)
(Cost
$303,132,240)
303,132,240
303,132,240
Morgan
Stanley
ETF
Trust
Eaton
Vance
Total
Return
Bond
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Security
held
as
Collateral
on
Loaned
Securities
(
0
.6
%
)
Investment
Company
(0.6%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(h)
(Cost
$12,482,600)
12,482,600
$
12,482,600
Face
Amount
U.S.
Government
and
Agency
Security
(
0
.5
%
)
U.S.
Treasury
Bill
4.22%,
8/5/25
(Cost
$9,276,199)
$
9,315,000
9,276,511
Total
Short-Term
Investments
(Cost
$324,891,039)
324,891,351
Total
Investments
(
127
.2
%
)
(
Cost
$
2,584,193,521
)
including
$
41,830,212
of
Securities
Loaned
(i)
2,608,341,336
Liabilities
in
Excess
of
Other
Assets
(-27.2%)
(557,284,136)
Net
Assets
(100.0%)
$2,051,057,200
(a)
144A
security
—
Certain
conditions
for
public
sale
may
exist.
Unless
otherwise
noted,
these
securities
are
deemed
to
be
liquid.
(b)
Floating
or
variable
rate
securities:
The
rates
disclosed
are
as
of
June
30,
2025.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
the
description
in
the
Portfolio
of
Investments.
Certain
variable
rate
securities
may
not
be
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description
in
the
Portfolio
of
Investments.
(c)
Multi-step
—
Coupon
rate
changes
in
predetermined
increments
to
maturity.
Rate
disclosed
is
as
of
June
30,
2025.
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
June
30,
2025
,
were
$
41,830,212
and
$
43,102,249
,
respectively.
The
Fund
received
cash
collateral
of
$
12,482,600
,
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
$
30,619,649
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
June
30,
2025.
(f)
Amount
is
less
than
0.05%.
(g)
For
the
period
ended
June
30,
2025,
the
cost
of
purchases
of
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
$498,666,
$11,919,925,
and
$203,160,
respectively.
For
the
period
ended
June
30,
2025,
management
fees
related
Fund's
investments
in
Eaton
Vance
High
Yield
ETF,
Eaton
Vance
Short
Duration
Income
ETF
and
Eaton
Vance
Ultra-Short
Income
ETF
were
reduced
by
$1,299,
$10,592
and
$1,719,
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
June
30,
2025,
management
fees
paid
were
reduced
by
$195,721
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(i)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$2,584,193,521.
The
aggregate
gross
unrealized
appreciation
is
$33,163,652
and
the
aggregate
gross
unrealized
depreciation
is
$9,015,837,
resulting
in
net
unrealized
appreciation
of
$24,147,815.
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
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Futures
Contracts:
The
Fund
had
the
following
futures
contracts
open
at
June
30,
2025:
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation/
(Depreciation)
Long:
U.S.
Treasury
2
Year
Notes
779
Sep-25
$
155,800,000
$
162,050,258
$
654,083
U.S.
Treasury
5
Year
Notes
1,056
Sep-25
105,600,000
115,104,000
1,463,676
U.S.
Treasury
10
Year
Notes
268
Sep-25
26,800,000
30,049,500
520,265
U.S.
Treasury
Long
Bonds
50
Sep-25
5,000,000
5,773,438
222,724
U.S.
Treasury
Ultra
Bonds
256
Sep-25
25,600,000
30,496,000
1,154,605
Short:
U.S.
Treasury
10
Year
Ultra
Bonds
49
Sep-25
(
4,900,000
)
(
5,599,016
)
(
55,391
)
$
3,959,962
Foreign
Currency
Forward
Exchange
Contracts:
The
Fund
had
the
following
foreign
currency
forward
exchange
contracts
open
at
June
30,
2025:
Counterparty
Contract
to
Deliver
In
Exchange
for
Delivery
Date
Unrealized
Appreciation
(Depreciation)
Bank
of
America
N.A.
AUD
3,127,000
$
2,033,469
9/25/25
$
28,267
Bank
of
America
N.A.
HUF
712,700,000
$
2,048,440
9/25/25
42,732
Bank
of
America
N.A.
EUR
1,648,000
$
1,921,265
9/25/25
31,140
Bank
of
America
N.A.
JPY
292,420,000
$
2,036,045
9/25/25
14,415
Bank
of
America
N.A.
MXN
97,976,000
$
5,095,151
9/25/25
78,407
BNP
Paribas
SA
KRW
2,750,340,000
$
2,030,491
9/25/25
18,447
BNP
Paribas
SA
BRL
28,535,000
$
5,069,644
9/25/25
69,535
BNP
Paribas
SA
EGP
263,359,416
$
5,158,852
9/25/25
150,813
Royal
Bank
of
Canada
$
8,780,699
EUR
10,180,167
9/25/25
(
222,428
)
$
211,328
Portfolio
Composition*
Classification  
Percentage
of
Total
Investments
U.S.
Government
and
Agency
Securities
25‌
.4
%
Corporate
Bonds
22‌
.5
Collateralized
Mortgage
Obligations
—
Agency
Collateral
Series
22‌
.0
Short-Term
Investments
11‌
.7
Asset-Backed
Securities
10‌
.4
Commercial
Mortgage-Backed
Securities
7‌
.0
Other**
1‌
.0
Total
Investments
100‌
.0
%
***
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
***
Does
not
include
open
futures
contracts
with
a
value
of
$
349,072,212
and
net
unrealized
appreciation
of
$
3,959,962
.
Does
not
include
open
foreign
currency
forward
exchange
contracts
with
net
unrealized
appreciation
of
$
211,328
.
Morgan
Stanley
ETF
Trust
Eaton
Vance
Ultra-Short
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Face
Amount
Value
Fixed
Income
Securities
(95.8%)
Asset-Backed
Securities
(
18
.4
%
)
ACHV
ABS
Trust,
2024-3AL
5.45%,
12/26/31(a)
$
87,157
$
87,724
ACM
Auto
Trust,
2024-2A
6.06%,
2/20/29(a)
187,247
187,763
2025-1A
5.38%,
6/20/29(a)
392,417
392,825
2025-2A
5.55%,
6/20/28(a)
834,901
836,129
Alaska
Airlines
Pass-Through
Trust,
2020-1
4.80%,
8/15/27(a)
744,341
745,574
Ally
Bank
Auto
Credit-Linked
Notes,
2024-A
5.83%,
5/17/32(a)
246,288
249,989
2024-A
6.02%,
5/17/32(a)
153,930
155,950
2024-B
5.12%,
9/15/32(a)
186,014
187,332
Alterna
Funding
III
LLC,
2024-1A
6.26%,
5/16/39(a)
167,274
168,964
Amur
Equipment
Finance
Receivables
XII
LLC,
2023-1A
6.09%,
12/20/29(a)
45,033
45,483
Auxilior
Term
Funding
LLC,
2024-1A
5.84%,
3/15/27(a)
481,185
483,722
Bank
of
America
Auto
Trust,
2023-2A
5.85%,
8/17/26(a)
2,604
2,606
BHG
Securitization
Trust,
2022-C
5.93%,
10/17/35(a)
136,706
137,190
Blue
Owl
Asset
Leasing
Trust
LLC,
2024-1A
5.05%,
3/15/29(a)
79,151
79,308
BRAVO
Residential
Funding
Trust,
2021-HE1
SOFR30A
+
1.50%,
5.81%,
1/25/70(a)(b)
2,427,000
2,430,379
Cajun
Global
LLC,
2021-1
3.93%,
11/20/51(a)
621,299
608,614
Chase
Auto
Credit
Linked
Notes,
2025-1
4.75%,
2/25/33(a)
1,060,000
1,063,430
Chesapeake
Funding
II
LLC,
2023-2A
6.16%,
10/15/35(a)
201,287
204,032
2024-1A
SOFR30A
+
0.77%,
5.07%,
5/15/36(a)(b)
106,998
106,943
Clarus
Capital
Funding
LLC,
2024-1A
4.71%,
8/20/32(a)
115,294
115,451
Face
Amount
Value
Crossroads
Asset
Trust,
2025-A
4.91%,
2/20/32(a)
$
2,150,000
$
2,156,845
DB
Master
Finance
LLC,
2017-1A
4.03%,
11/20/47(a)
208,688
206,699
2019-1A
4.02%,
5/20/49(a)
315,738
313,139
2021-1A
2.05%,
11/20/51(a)
588,650
567,137
DLLMT
LLC,
2024-1A
5.08%,
2/22/27(a)
109,035
109,296
DLLST
LLC,
2024-1A
5.33%,
1/20/26(a)
12,826
12,836
Domino's
Pizza
Master
Issuer
LLC,
2015-1A
4.47%,
10/25/45(a)
1,609,213
1,607,797
2018-1A
4.12%,
7/25/48(a)
165,813
165,314
Driven
Brands
Funding
LLC,
2019-1A
4.64%,
4/20/49(a)
497,626
495,946
2019-2A
3.98%,
10/20/49(a)
437,985
431,590
2020-1A
3.79%,
7/20/50(a)
330,864
323,321
Enterprise
Fleet
Financing
LLC,
2023-1
5.51%,
1/22/29(a)
75,531
75,777
2024-2
5.74%,
12/20/26(a)
102,585
103,058
FHF
Issuer
Trust,
2023-2A
6.79%,
10/15/29(a)
87,682
88,949
GLS
Auto
Select
Receivables
Trust,
2024-1A
5.24%,
3/15/30(a)
40,838
41,083
GM
Financial
Consumer
Automobile
Receivables
Trust,
2024-1
5.12%,
2/16/27
5,476
5,480
HPEFS
Equipment
Trust,
2024-1A
5.38%,
5/20/31(a)
25,958
25,969
J.P.
Morgan
Mortgage
Trust,
2023-HE1
SOFR30A
+
1.75%,
6.05%,
11/25/53(a)(b)
70,454
70,822
2023-HE2
SOFR30A
+
1.70%,
6.00%,
3/20/54(a)(b)
465,826
468,071
2023-HE3
SOFR30A
+
1.60%,
5.90%,
5/20/54(a)(b)
37,712
37,923
2024-HE2
SOFR30A
+
1.20%,
5.50%,
10/20/54(a)(b)
121,855
121,827
Morgan
Stanley
ETF
Trust
Eaton
Vance
Ultra-Short
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(18.4%)
(cont’d)
Lendbuzz
Securitization
Trust,
2023-2A
7.09%,
10/16/28(a)
$
172,659
$
175,581
2023-3A
7.50%,
12/15/28(a)
1,156,943
1,182,003
2024-1A
6.19%,
8/15/29(a)
332,811
335,617
2024-3A
4.97%,
10/15/29(a)
85,063
85,177
2025-1A
5.10%,
10/15/30(a)
180,000
180,660
2025-2A
5.18%,
5/15/30(a)
650,000
651,851
Mercury
Financial
Credit
Card
Master
Trust,
2024-2A
6.56%,
7/20/29(a)
147,000
148,350
NMEF
Funding
LLC,
2025-A
4.72%,
7/15/32(a)
1,420,000
1,421,387
Octane
Receivables
Trust,
2024-2A
5.80%,
7/20/32(a)
202,340
204,216
2024-3A
4.94%,
5/20/30(a)
166,492
167,033
2024-RVM1
5.01%,
1/22/46(a)
123,355
124,652
OneMain
Financial
Issuance
Trust,
2021-1A
1.95%,
6/16/36(a)
295,000
275,976
2022-2A
5.24%,
10/14/34(a)
840,000
843,422
2022-S1
4.13%,
5/14/35(a)
3,437,126
3,425,235
Oportun
Funding
Trust,
2024-3
5.26%,
8/15/29(a)
208,871
208,958
2024-3
5.48%,
8/15/29(a)
150,000
150,209
Oportun
Issuance
Trust,
2021-B
1.96%,
5/8/31(a)
488,177
476,794
2024-1A
6.55%,
4/8/31(a)
155,964
156,263
2025-A
5.01%,
2/8/33(a)
600,000
599,819
Oscar
US
Funding
XVI
LLC,
2024-1A
5.48%,
2/10/27(a)
105,486
105,827
Oscar
US
Funding
XVII
LLC,
2024-2A
4.63%,
12/10/27(a)
184,133
183,980
Pagaya
Ai
Debt
Grantor
Trust,
2024-9
5.07%,
3/15/32(a)
100,652
100,668
Pagaya
AI
Debt
Grantor
Trust,
2025-1
5.16%,
7/15/32(a)
599,949
601,777
Face
Amount
Value
PEAC
Solutions
Receivables
LLC,
2024-1A
5.79%,
6/21/27(a)
$
235,339
$
237,241
Prodigy
Finance
DAC,
2021-1A
CME
Term
SOFR
1
Month
+
1.36%,
5.68%,
7/25/51(a)(b)
784,532
784,553
Prosper
Marketplace
Issuance
Trust,
2023-1A
7.48%,
7/16/29(a)
68,647
68,761
2024-1A
6.12%,
8/15/29(a)
19,544
19,573
Reach
ABS
Trust,
2024-2A
5.88%,
7/15/31(a)
96,636
96,889
2025-1A
4.96%,
8/16/32(a)
530,783
530,913
Research-Driven
Pagaya
Motor
Asset
Trust,
2025-1A
5.04%,
6/27/33(a)
906,962
905,673
SERVPRO
Master
Issuer
LLC,
2019-1A
3.88%,
10/25/49(a)
447,930
440,864
SFS
Auto
Receivables
Securitization
Trust,
2024-1A
5.35%,
6/21/27(a)
4,456
4,458
SoFi
Consumer
Loan
Program
Trust,
2025-1
4.80%,
2/27/34(a)
693,600
695,103
2025-2
4.82%,
6/25/34(a)
745,000
746,395
Stack
Infrastructure
Issuer
LLC,
2021-1A
1.88%,
3/26/46(a)
1,325,000
1,294,241
STAR
Trust,
2025-SFR5
CME
Term
SOFR
1
Month
+
1.45%,
5.76%,
2/17/42(a)(b)
425,000
425,760
Taco
Bell
Funding
LLC,
2016-1A
4.97%,
5/25/46(a)
150,000
150,072
2021-1A
1.95%,
8/25/51(a)
594,413
567,065
Theorem
Funding
Trust,
2022-2A
9.27%,
12/15/28(a)
90,000
91,179
2022-3A
7.60%,
4/15/29(a)
69,278
69,434
2022-3A
8.95%,
4/15/29(a)
246,000
251,339
2023-1A
7.58%,
4/15/29(a)
1,022,815
1,026,435
Tricon
Residential
Trust,
2025-SFR1
CME
Term
SOFR
1
Month
+
1.35%,
5.66%,
3/17/42(a)(b)
350,000
350,672
Morgan
Stanley
ETF
Trust
Eaton
Vance
Ultra-Short
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Asset-Backed
Securities
(18.4%)
(cont’d)
2025-SFR1
CME
Term
SOFR
1
Month
+
1.60%,
5.91%,
3/17/42(a)(b)
$
280,000
$
280,101
Vantage
Data
Centers
Issuer
LLC,
2020-1A
1.65%,
9/15/45(a)
860,000
853,354
Verdant
Receivables
LLC,
2025-1A
4.85%,
3/13/28(a)
1,055,000
1,058,455
Wendy's
Funding
LLC,
2019-1A
3.78%,
6/15/49(a)
513,234
506,619
Wingspire
Equipment
Finance
LLC,
2024-1A
4.99%,
9/20/32(a)
100,000
100,112
39,079,003
Commercial
Mortgage-Backed
Securities
(
8
.1
%
)
BPR
Trust
CME
Term
SOFR
1
Month
+
3.00%,
7.31%,
5/15/39(a)(b)
200,000
200,313
BX
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
0.81%,
5.13%,
9/15/36(a)(b)
193,766
193,447
CME
Term
SOFR
1
Month
+
2.11%,
6.43%,
6/15/27(a)(b)
415,000
418,135
Connecticut
Avenue
Securities
Trust
SOFR30A
+
1.00%,
5.31%,
12/25/41(a)(b)
176,408
176,903
Extended
Stay
America
Trust
CME
Term
SOFR
1
Month
+
1.19%,
5.51%,
7/15/38(a)(b)
278,762
279,007
CME
Term
SOFR
1
Month
+
1.49%,
5.81%,
7/15/38(a)(b)
161,253
161,418
CME
Term
SOFR
1
Month
+
1.81%,
6.13%,
7/15/38(a)(b)
85,773
85,935
FHLMC
STACR
REMIC
Trust
SOFR30A
+
1.25%,
5.56%,
3/25/44(a)(b)
179,613
180,718
SOFR30A
+
1.35%,
5.66%,
2/25/44(a)(b)
299,423
301,020
FHLMC,
REMIC
SOFR30A
+
1.00%,
5.31%,
3/25/55(b)
1,600,159
1,597,909
SOFR30A
+
1.00%,
5.31%,
3/25/55(b)
796,054
794,730
SOFR30A
+
1.10%,
5.41%,
5/25/54(b)
173,275
173,692
SOFR30A
+
1.10%,
5.41%,
9/25/54(b)
1,009,162
1,009,478
SOFR30A
+
1.15%,
5.46%,
7/25/55(b)
1,530,000
1,531,975
SOFR30A
+
1.20%,
5.51%,
8/25/54(b)
282,137
283,213
SOFR30A
+
1.25%,
5.56%,
3/25/54(b)
456,627
457,409
SOFR30A
+
1.25%,
5.56%,
3/25/54(b)
83,478
83,917
Face
Amount
Value
SOFR30A
+
1.43%,
5.74%,
12/25/54(b)
$
368,012
$
368,272
FNMA,
REMIC
SOFR30A
+
0.95%,
5.26%,
1/25/54(b)
302,545
303,578
SOFR30A
+
1.30%,
5.61%,
10/25/53(b)
420,975
422,302
GNMA
SOFR30A
+
0.90%,
5.20%,
7/20/53(b)
1,230,258
1,228,301
SOFR30A
+
0.95%,
5.25%,
3/20/54(b)
385,186
385,643
SOFR30A
+
1.05%,
5.35%,
12/20/54(b)
1,233,024
1,233,497
HLTN
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.64%,
5.95%,
6/15/41(a)(b)
140,000
140,290
Home
RE
Ltd.
SOFR30A
+
4.15%,
8.46%,
1/25/34(a)(b)
555,000
569,477
INTOWN
Mortgage
Trust
CME
Term
SOFR
1
Month
+
1.75%,
6.06%,
3/15/42(a)(b)
840,000
837,892
Marlette
Funding
Trust
6.50%,
4/15/33(a)
735,476
736,534
MHC
Commercial
Mortgage
Trust
CME
Term
SOFR
1
Month
+
0.92%,
5.23%,
4/15/38(a)(b)
27,763
27,775
Oceanview
Mortgage
Trust
SOFR30A
+
0.95%,
5.26%,
5/25/55(a)(b)
2,085,000
2,090,213
ORL
Trust
CME
Term
SOFR
1
Month
+
1.49%,
5.80%,
12/15/39(a)(b)
175,000
175,206
Radnor
Re
Ltd.
SOFR30A
+
2.70%,
7.01%,
7/25/33(a)(b)
526,487
530,175
Reach
Abs
Trust
6.30%,
2/18/31(a)
60,508
60,655
TX
Trust
CME
Term
SOFR
1
Month
+
1.59%,
5.90%,
6/15/39(a)(b)
140,000
139,343
17,178,372
Corporate
Bonds
(
56
.5
%
)
Aerospace
&
Defense
(0.2%)
Hexcel
Corp.
4.20%,
2/15/27(c)
475,000
470,672
Automobiles
(1.0%)
Hyundai
Capital
America
4.88%,
6/23/27(a)
1,048,000
1,054,493
5.45%,
6/24/26(a)
165,000
166,364
6.25%,
11/3/25(a)
844,000
847,441
2,068,298
Banks
(23.0%)
ABN
AMRO
Bank
NV
4.75%,
7/28/25(a)
827,000
827,171
Morgan
Stanley
ETF
Trust
Eaton
Vance
Ultra-Short
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(56.5%)
(cont’d)
Banco
Bilbao
Vizcaya
Argentaria
SA
5.86%,
9/14/26(b)
$
1,055,000
$
1,057,221
Bank
of
America
Corp.
4.83%,
7/22/26(b)
3,497,000
3,497,037
Bank
of
Ireland
Group
plc
6.25%,
9/16/26(a)(b)
2,030,000
2,036,669
Bank
of
Nova
Scotia
(The)
4.50%,
12/16/25
700,000
699,595
Barclays
plc
5.20%,
5/12/26
825,000
828,899
7.33%,
11/2/26(b)
1,525,000
1,537,769
BPCE
SA
1.00%,
1/20/26(a)
500,000
490,485
5.98%,
1/18/27(a)(b)
575,000
578,972
CaixaBank
SA
6.68%,
9/13/27(a)(b)(d)
1,990,000
2,038,448
Citigroup,
Inc.
5.50%,
9/13/25
149,000
149,187
5.61%,
9/29/26(b)(d)
2,550,000
2,555,848
Fifth
Third
Bank
NA
3.85%,
3/15/26
480,000
477,046
HSBC
Holdings
plc
4.29%,
9/12/26(b)
1,439,000
1,437,626
ING
Groep
NV
1.40%,
7/1/26(a)(b)
1,005,000
1,005,000
Intesa
Sanpaolo
SpA
5.71%,
1/15/26(a)(d)
1,675,000
1,678,905
7.00%,
11/21/25(a)
478,000
481,807
JPMorgan
Chase
&
Co.
1.04%,
2/4/27(b)
1,650,000
1,616,188
1.05%,
11/19/26(b)
2,293,000
2,262,227
National
Bank
of
Canada
4.70%,
3/5/27(b)
1,542,000
1,542,492
NatWest
Group
plc
4.80%,
4/5/26
90,000
90,221
PNC
Bank
NA
4.54%,
5/13/27(b)
1,113,000
1,113,711
4.78%,
1/15/27(b)
1,060,000
1,061,839
Royal
Bank
of
Canada
4.65%,
1/27/26
1,705,000
1,704,693
Santander
UK
Group
Holdings
plc
1.53%,
8/21/26(b)
1,600,000
1,592,665
6.83%,
11/21/26(b)
1,410,000
1,421,648
Societe
Generale
SA
1.49%,
12/14/26(a)(b)
1,025,000
1,010,176
5.25%,
2/19/27(a)
571,000
576,927
5.52%,
1/19/28(a)(b)
500,000
506,340
Swedbank
AB
6.14%,
9/12/26(a)
700,000
715,204
Synovus
Financial
Corp.
5.20%,
8/11/25
1,847,500
1,846,850
Toronto-Dominion
Bank
(The)
1.20%,
6/3/26(d)
480,000
466,556
Truist
Financial
Corp.
4.26%,
7/28/26(b)
2,713,000
2,711,951
5.90%,
10/28/26(b)
1,039,000
1,043,347
Face
Amount
Value
U.S.
Bancorp
3.10%,
4/27/26
$
480,000
$
475,246
UniCredit
SpA
2.57%,
9/22/26(a)(b)
962,000
957,081
US
Bank
NA
4.73%,
5/15/28(b)
570,000
573,054
Wachovia
Corp.
6.61%,
10/1/25
1,055,000
1,059,134
Wells
Fargo
&
Co.
3.20%,
6/17/27(b)
2,080,000
2,055,507
4.54%,
8/15/26(b)
950,000
949,820
48,730,562
Capital
Markets
(6.5%)
Affiliated
Managers
Group,
Inc.
3.50%,
8/1/25
700,000
698,928
Bank
of
New
York
Mellon
(The)
4.59%,
4/20/27(b)
535,000
536,316
Citadel
Finance
LLC
3.38%,
3/9/26(a)
1,390,000
1,372,472
Citadel
LP
4.88%,
1/15/27(a)
788,000
786,279
Deutsche
Bank
AG
6.12%,
7/14/26(b)(d)
1,990,000
1,990,854
Goldman
Sachs
Bank
USA
5.41%,
5/21/27(b)
555,000
559,676
Goldman
Sachs
Group,
Inc.
(The)
5.80%,
8/10/26(b)
3,090,000
3,094,370
HAT
Holdings
I
LLC
3.38%,
6/15/26(a)
1,290,000
1,263,467
8.00%,
6/15/27(a)
395,000
412,016
Macquarie
Group
Ltd.
5.11%,
8/9/26(a)(b)
275,000
275,105
Marex
Group
plc
5.83%,
5/8/28
745,000
754,791
UBS
Group
AG
4.70%,
8/5/27(a)(b)
1,600,000
1,603,506
5.71%,
1/12/27(a)(b)
372,000
374,270
13,722,050
Chemicals
(0.4%)
Celanese
US
Holdings
LLC
1.40%,
8/5/26(d)
500,000
482,306
6.42%,
7/15/27(c)
430,000
445,587
927,893
Commercial
Services
&
Supplies
(0.4%)
WASH
Multifamily
Acquisition,
Inc.
5.75%,
4/15/26(a)
750,000
747,834
Consumer
Finance
(3.0%)
Ally
Financial,
Inc.
5.75%,
11/20/25
850,000
852,004
Capital
One
Financial
Corp.
4.99%,
7/24/26(b)
465,000
464,986
Ford
Motor
Credit
Co.
LLC
3.38%,
11/13/25
1,850,000
1,837,855
4.39%,
1/8/26
830,000
826,403
6.95%,
3/6/26
1,505,000
1,519,728
Morgan
Stanley
ETF
Trust
Eaton
Vance
Ultra-Short
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(56.5%)
(cont’d)
General
Motors
Financial
Co.,
Inc.
1.50%,
6/10/26
$
480,000
$
466,071
Synchrony
Financial
4.50%,
7/23/25
450,000
449,703
6,416,750
Containers
&
Packaging
(1.3%)
Berry
Global,
Inc.
1.57%,
1/15/26
619,000
608,013
4.88%,
7/15/26(a)
776,000
775,666
Canpack
SA
3.13%,
11/1/25(a)
775,000
768,637
Silgan
Holdings,
Inc.
1.40%,
4/1/26(a)
558,000
543,047
2,695,363
Diversified
REITs
(0.5%)
GLP
Capital
LP
5.38%,
4/15/26
1,075,000
1,075,906
Electric
Utilities
(3.1%)
Duke
Energy
Progress
LLC
3.25%,
8/15/25
124,000
123,800
Enel
Finance
International
NV
7.05%,
10/14/25(a)(c)
1,975,000
1,986,751
NextEra
Energy
Capital
Holdings,
Inc.
5.75%,
9/1/25
1,305,000
1,306,969
NRG
Energy,
Inc.
2.00%,
12/2/25(a)
1,625,000
1,601,527
Pacific
Gas
and
Electric
Co.
3.45%,
7/1/25
575,000
575,000
Vistra
Operations
Co.
LLC
5.05%,
12/30/26(a)
1,032,097
1,037,788
6,631,835
Electronic
Equipment,
Instruments
&
Components
(0.5%)
Vontier
Corp.
1.80%,
4/1/26
1,068,000
1,045,115
Entertainment
(0.0%)(e)
Warnermedia
Holdings,
Inc.
3.76%,
3/15/27
-
3/15/27
79,000
77,130
Financial
Services
(2.2%)
Global
Payments,
Inc.
4.80%,
4/1/26
1,080,000
1,079,626
Radian
Group,
Inc.
4.88%,
3/15/27
1,300,000
1,301,670
Rocket
Mortgage
LLC
2.88%,
10/15/26(a)
1,097,420
1,071,015
Synchrony
Bank
5.40%,
8/22/25
1,103,000
1,102,812
Western
Union
Co.
(The)
1.35%,
3/15/26
229,500
224,169
4,779,292
Food
Products
(0.7%)
JDE
Peet's
NV
1.38%,
1/15/27(a)
220,000
209,399
Face
Amount
Value
Smithfield
Foods,
Inc.
4.25%,
2/1/27(a)
$
1,214,000
$
1,202,763
1,412,162
Ground
Transportation
(0.2%)
Penske
Truck
Leasing
Co.
LP
4.45%,
1/29/26(a)
515,000
513,652
Health
Care
Providers
&
Services
(1.5%)
Centene
Corp.
4.25%,
12/15/27
1,823,000
1,796,516
CVS
Health
Corp.
3.88%,
7/20/25
860,000
859,354
HCA,
Inc.
5.00%,
3/1/28(d)
491,000
498,441
3,154,311
Hotels,
Restaurants
&
Leisure
(1.0%)
Las
Vegas
Sands
Corp.
3.50%,
8/18/26
2,102,000
2,074,870
Independent
Power
and
Renewable
Electricity
Producers
(0.4%)
AES
Corp.
(The)
1.38%,
1/15/26
918,000
900,649
Insurance
(1.7%)
American
National
Group,
Inc.
5.00%,
6/15/27
1,645,000
1,652,306
Athene
Global
Funding
4.86%,
8/27/26(a)
679,000
682,065
GA
Global
Funding
Trust
1.63%,
1/15/26(a)
948,000
932,056
2.25%,
1/6/27(a)
390,000
376,685
3,643,112
IT
Services
(0.5%)
Kyndryl
Holdings,
Inc.
2.05%,
10/15/26
1,110,000
1,076,018
Media
(1.5%)
Charter
Communications
Operating
LLC
4.91%,
7/23/25
3,123,000
3,122,822
Multi-Utilities
(0.8%)
Algonquin
Power
&
Utilities
Corp.
5.37%,
6/15/26(c)
1,642,000
1,651,116
Office
REITs
(0.4%)
COPT
Defense
Properties
LP
2.25%,
3/15/26
830,000
814,391
Passenger
Airlines
(2.5%)
American
Airlines,
Inc.
5.50%,
4/20/26(a)
726,711
725,498
Delta
Air
Lines,
Inc.
4.75%,
10/20/28(a)
120,428
120,764
Delta
Air
Lines,
Inc./SkyMiles
IP
Ltd.
4.50%,
10/20/25(a)
2,433,130
2,427,572
Mileage
Plus
Holdings
LLC
6.50%,
6/20/27(a)
694,000
695,344
United
Airlines,
Inc.
4.38%,
4/15/26(a)
1,368,000
1,359,811
5,328,989
Morgan
Stanley
ETF
Trust
Eaton
Vance
Ultra-Short
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Face
Amount
Value
Corporate
Bonds
(56.5%)
(cont’d)
Pharmaceuticals
(1.0%)
Royalty
Pharma
plc
1.20%,
9/2/25
$
510,000
$
506,650
Utah
Acquisition
Sub,
Inc.
3.95%,
6/15/26
1,610,000
1,595,188
2,101,838
Professional
Services
(0.6%)
Concentrix
Corp.
6.65%,
8/2/26
1,173,000
1,194,681
Specialized
REITs
(0.3%)
EPR
Properties
4.75%,
12/15/26
735,000
734,199
Technology
Hardware,
Storage
&
Peripherals
(0.1%)
Dell
International
LLC
4.90%,
10/1/26
250,000
251,185
Trading
Companies
&
Distributors
(0.9%)
Air
Lease
Corp.
3.38%,
7/1/25
868,000
868,000
Aircastle
Ltd.
5.25%,
8/11/25(a)
1,139,000
1,138,947
2,006,947
Wireless
Telecommunication
Services
(0.3%)
Sprint
LLC
7.63%,
3/1/26
480,000
484,644
T-Mobile
USA,
Inc.
2.63%,
4/15/26
83,000
81,767
566,411
119,936,053
Sovereign
(
0
.3
%
)
Petroleos
Mexicanos
6.88%,
8/4/26(d)
546,000
546,465
U.S.
Government
and
Agency
Securities
(
12
.5
%
)
U.S.
Treasury
Notes
1.88%,
6/30/26
11,771,700
11,528,881
4.88%,
5/31/26
14,950,000
15,058,208
26,587,089
Total
Fixed
Income
Securities
(Cost
$202,860,979)
203,326,982
–
Shares
Investment
Company
(
0
.3
%
)
Eaton
Vance
Floating-Rate
ETF(d)(f)
(Cost
$750,300)
15,000
747,900
Short-Term
Investments
(
6
.8
%
)
Investment
Company
(
1
.6
%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(g)
(Cost
$3,362,162)
3,362,162
3,362,162
Shares
Value
Security
held
as
Collateral
on
Loaned
Securities
(
0
.9
%
)
Investment
Company
(0.9%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%(g)
(Cost
$1,912,025)
1,912,025
$
1,912,025
Face
Amount
Commercial
Paper
(
4
.3
%
)
Brookfield
Infrastructure
Holdings
Canada,
Inc.
4.81%,
7/8/25
$
1,090,000
1,088,855
4.94%,
10/7/25
2,160,000
2,131,622
Crown
Castle
International
Corp.
4.71%,
8/5/25
1,100,000
1,094,475
CVS
Health
Corp.
5.07%,
7/23/25
910,000
907,091
HCA,
Inc.
4.63%,
7/18/25(a)
1,600,000
1,596,094
Jabil,
Inc.
4.86%,
7/2/25(a)
2,220,000
2,219,370
Total
Commercial
Paper
(Cost
$9,037,728)
9,037,507
Total
Short-Term
Investments
(Cost
$14,311,915)
14,311,694
Total
Investments
(
102
.9
%
)
(
Cost
$
217,923,194
)
including
$
4,298,227
of
Securities
Loaned
(h)
218,386,576
Liabilities
in
Excess
of
Other
Assets
(-2.9%)
(6,170,370)
Net
Assets
(100.0%)
$212,216,206
(a)
144A
security
—
Certain
conditions
for
public
sale
may
exist.
Unless
otherwise
noted,
these
securities
are
deemed
to
be
liquid.
(b)
Floating
or
variable
rate
securities:
The
rates
disclosed
are
as
of
June
30,
2025.
For
securities
based
on
a
published
reference
rate
and
spread,
the
reference
rate
and
spread
are
indicated
in
the
description
in
the
Portfolio
of
Investments.
Certain
variable
rate
securities
may
not
be
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
are
based
on
current
market
conditions.
These
securities
do
not
indicate
a
reference
rate
and
spread
in
their
description
in
the
Portfolio
of
Investments.
(c)
Multi-step
—
Coupon
rate
changes
in
predetermined
increments
to
maturity.
Rate
disclosed
is
as
of
June
30,
2025.
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
June
30,
2025
,
were
$
4,298,227
and
$
4,504,858
,
respectively.
The
Fund
received
cash
collateral
of
$
1,912,025
,
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
$
2,592,833
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)
Amount
is
less
than
0.05%.
Morgan
Stanley
ETF
Trust
Eaton
Vance
Ultra-Short
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
(f)
For
the
period
ended
June
30,
2025,
the
cost
of
purchases
of
Eaton
Vance
Floating-Rate
ETF,
which
may
be
deemed
an
affiliate
of
the
Adviser
under
the
Investment
Company
Act
of
1940,
was
$1,457,740
and
proceeds
from
sales
were
$698,600
including
net
realized
loss
of
$8,840.
For
the
period
ended
June
30,
2025,
management
fees
related
Fund's
investment
in
Eaton
Vance
Floating-
Rate
ETF
was
reduced
by
$568.
(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
June
30,
2025,
management
fees
paid
were
reduced
by
$5,139
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(h)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$217,923,194.
The
aggregate
gross
unrealized
appreciation
is
$499,156
and
the
aggregate
gross
unrealized
depreciation
is
$35,774,
resulting
in
net
unrealized
appreciation
of
$463,382.
CME
Chicago
Mercantile
Exchange
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
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
Eaton
Vance
Ultra-Short
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Futures
Contracts:
The
Fund
had
the
following
futures
contracts
open
at
June
30,
2025:
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Depreciation
Short:
U.S.
Treasury
2
Year
Notes
6
Sep-25
$
(
1,200,000
)
$
(
1,248,141
)
$
(
4,922
)
U.S.
Treasury
5
Year
Notes
4
Sep-25
(
400,000
)
(
436,000
)
(
5,500
)
$
(
10,422
)
Portfolio
Composition*
Classification  
Percentage
of
Total
Investments
Corporate
Bonds
55‌
.4
%
Asset-Backed
Securities
18‌
.0
U.S.
Government
and
Agency
Securities
12‌
.3
Commercial
Mortgage-Backed
Securities
7‌
.9
Short-Term
Investments
5‌
.7
Other**
0‌
.7
Total
Investments
100‌
.0
%
***
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
***
Does
not
include
open
futures
contracts
with
a
value
of
$
1,684,141
and
total
unrealized
depreciation
of
$
10,422
.
Morgan
Stanley
ETF
Trust
Parametric
Equity
Plus
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Shares
Value
Common
Stocks
(96.4%)
Aerospace
&
Defense
(
2
.1
%
)
General
Electric
Co.
646
$
166,274
HEICO
Corp.
136
44,608
HEICO
Corp.,
Class
 A
150
38,812
Lockheed
Martin
Corp.
206
95,407
RTX
Corp.
850
124,117
469,218
Air
Freight
&
Logistics
(
0
.1
%
)
Expeditors
International
of
Washington,
Inc.
238
27,191
Automobiles
(
1
.9
%
)
Ford
Motor
Co.
6,484
70,351
Tesla,
Inc.
(a)
1,081
343,391
413,742
Banks
(
3
.7
%
)
Bank
of
America
Corp.
3,942
186,535
Citizens
Financial
Group,
Inc.
748
33,473
Huntington
Bancshares,
Inc.
2,922
48,973
JPMorgan
Chase
&
Co.
1,347
390,509
Wells
Fargo
&
Co.
1,955
156,635
816,125
Beverages
(
1
.2
%
)
Coca-Cola
Co.
(The)
2,125
150,344
PepsiCo,
Inc.
864
114,082
264,426
Biotechnology
(
1
.4
%
)
AbbVie,
Inc.
884
164,088
Alnylam
Pharmaceuticals,
Inc.
(a)
102
33,261
BioMarin
Pharmaceutical,
Inc.
(a)
181
9,950
Natera,
Inc.
(a)
122
20,611
Vertex
Pharmaceuticals,
Inc.
(a)
186
82,807
310,717
Broadline
Retail
(
4
.4
%
)
Amazon.com,
Inc.
(a)
3,982
873,611
Coupang,
Inc.
(a)
825
24,717
MercadoLibre,
Inc.
(a)
30
78,409
976,737
Building
Products
(
0
.3
%
)
Builders
FirstSource,
Inc.
(a)
74
8,635
Carlisle
Cos.,
Inc.
26
9,708
Lennox
International,
Inc.
83
47,579
65,922
Capital
Markets
(
3
.2
%
)
Ares
Management
Corp.,
Class
 A
427
73,956
Bank
of
New
York
Mellon
Corp.
(The)
889
80,997
Charles
Schwab
Corp.
(The)
1,234
112,590
Interactive
Brokers
Group,
Inc.,
Class
 A
852
47,209
LPL
Financial
Holdings,
Inc.
121
45,371
Morgan
Stanley
(b)
493
69,444
Nasdaq,
Inc.
816
72,967
Robinhood
Markets,
Inc.,
Class
 A
(a)
414
38,763
State
Street
Corp.
694
73,800
T
Rowe
Price
Group,
Inc.
626
60,409
Tradeweb
Markets,
Inc.,
Class
 A
240
35,136
710,642
Shares
Value
Chemicals
(
1
.5
%
)
Dow,
Inc.
1,675
$
44,354
Linde
plc
272
127,617
LyondellBasell
Industries
NV,
Class
 A
(c)
261
15,102
PPG
Industries,
Inc.
529
60,174
Sherwin-Williams
Co.
(The)
187
64,208
Westlake
Corp.
208
15,793
327,248
Commercial
Services
&
Supplies
(
0
.7
%
)
Republic
Services,
Inc.,
Class
 A
272
67,078
Waste
Management,
Inc.
362
82,833
149,911
Communications
Equipment
(
0
.8
%
)
Cisco
Systems,
Inc.
2,482
172,201
Ubiquiti,
Inc.
31
12,761
184,962
Construction
Materials
(
0
.3
%
)
CRH
plc
663
60,863
Consumer
Staples
Distribution
&
Retail
(
1
.8
%
)
Costco
Wholesale
Corp.
197
195,018
Walmart,
Inc.
2,064
201,818
396,836
Diversified
Telecommunication
Services
(
0
.6
%
)
AT&T,
Inc.
4,352
125,947
Electric
Utilities
(
1
.1
%
)
Alliant
Energy
Corp.
765
46,259
Constellation
Energy
Corp.
68
21,948
Edison
International
297
15,325
Entergy
Corp.
680
56,522
FirstEnergy
Corp.
1,357
54,633
PPL
Corp.
1,496
50,699
245,386
Electrical
Equipment
(
1
.4
%
)
Eaton
Corp.
plc
(c)
333
118,878
GE
Vernova,
Inc.
158
83,606
Hubbell,
Inc.,
Class
 B
79
32,264
Rockwell
Automation,
Inc.
236
78,392
313,140
Electronic
Equipment,
Instruments
&
Components
(
0
.4
%
)
TE
Connectivity
plc
477
80,456
Energy
Equipment
&
Services
(
0
.1
%
)
Halliburton
Co.
662
13,492
Entertainment
(
2
.4
%
)
Netflix,
Inc.
(a)
192
257,113
ROBLOX
Corp.,
Class
 A
(a)
314
33,033
Spotify
Technology
SA
(a)
84
64,457
TKO
Group
Holdings,
Inc.,
Class
 A
128
23,290
Walt
Disney
Co.
(The)
1,122
139,139
Warner
Music
Group
Corp.,
Class
 A
306
8,335
525,367
Financial
Services
(
3
.9
%
)
Berkshire
Hathaway,
Inc.,
Class
 B
(a)
578
280,775
Block,
Inc.,
Class
 A
(a)
174
11,820
Mastercard,
Inc.,
Class
 A
421
236,577
Rocket
Cos.,
Inc.,
Class
 A
(c)
600
8,508
Morgan
Stanley
ETF
Trust
Parametric
Equity
Plus
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Financial
Services
(cont’d)
Toast,
Inc.,
Class
 A
(a)
455
$
20,152
Visa,
Inc.,
Class
 A
(c)
843
299,307
857,139
Food
Products
(
0
.4
%
)
Hershey
Co.
(The)
272
45,138
Kraft
Heinz
Co.
(The)
1,462
37,749
82,887
Ground
Transportation
(
1
.0
%
)
CSX
Corp.
2,405
78,475
JB
Hunt
Transport
Services,
Inc.
172
24,699
Uber
Technologies,
Inc.
(a)
1,139
106,269
209,443
Health
Care
Equipment
&
Supplies
(
1
.8
%
)
Abbott
Laboratories
1,020
138,730
Baxter
International,
Inc.
1,173
35,518
Edwards
Lifesciences
Corp.
(a)
816
63,819
Hologic,
Inc.
(a)
247
16,095
Intuitive
Surgical,
Inc.
(a)
204
110,856
Zimmer
Biomet
Holdings,
Inc.
425
38,764
403,782
Health
Care
Providers
&
Services
(
1
.7
%
)
Cencora,
Inc.
(c)
221
66,267
CVS
Health
Corp.
1,222
84,294
HCA
Healthcare,
Inc.
170
65,127
Humana,
Inc.
263
64,298
Molina
Healthcare,
Inc.
(a)
110
32,769
UnitedHealth
Group,
Inc.
163
50,851
363,606
Health
Care
REITs
(
0
.2
%
)
Alexandria
Real
Estate
Equities,
Inc.
134
9,733
Healthpeak
Properties,
Inc.
2,361
41,341
51,074
Health
Care
Technology
(
0
.2
%
)
Veeva
Systems,
Inc.,
Class
 A
(a)
170
48,957
Hotels,
Restaurants
&
Leisure
(
2
.1
%
)
DoorDash,
Inc.,
Class
 A
(a)
192
47,330
DraftKings,
Inc.,
Class
 A
(a)
413
17,714
Flutter
Entertainment
plc
(a)
153
43,721
Hilton
Worldwide
Holdings,
Inc.
313
83,365
Marriott
International,
Inc.,
Class
 A
301
82,236
McDonald's
Corp.
408
119,205
Yum!
Brands,
Inc.
391
57,938
451,509
Household
Durables
(
0
.1
%
)
PulteGroup,
Inc.
124
13,077
Household
Products
(
1
.1
%
)
Church
&
Dwight
Co.,
Inc.
398
38,252
Procter
&
Gamble
Co.
(The)
1,230
195,963
234,215
Industrial
Conglomerates
(
0
.4
%
)
3M
Co.
527
80,230
Insurance
(
2
.2
%
)
Arthur
J
Gallagher
&
Co.
221
70,746
Shares
Value
Brown
&
Brown,
Inc.
431
$
47,785
Hartford
Insurance
Group,
Inc.
(The)
459
58,233
Loews
Corp.
459
42,072
MetLife,
Inc.
731
58,787
Principal
Financial
Group,
Inc.
561
44,560
Prudential
Financial,
Inc.
459
49,315
W.
R.
Berkley
Corp.
782
57,454
Willis
Towers
Watson
plc
144
44,136
473,088
Interactive
Media
&
Services
(
6
.9
%
)
Alphabet,
Inc.,
Class
 A
2,373
418,194
Alphabet,
Inc.,
Class
 C
2,147
380,856
Meta
Platforms,
Inc.,
Class
 A
944
696,757
Pinterest,
Inc.,
Class
 A
(a)
476
17,069
Reddit,
Inc.,
Class
 A
(a)
94
14,154
1,527,030
IT
Services
(
1
.1
%
)
Accenture
plc,
Class
 A
357
106,704
Amdocs
Ltd.
136
12,409
Cloudflare,
Inc.,
Class
 A
(a)
204
39,949
Gartner,
Inc.
(a)
77
31,125
Okta,
Inc.,
Class
 A
(a)
85
8,497
Snowflake,
Inc.,
Class
 A
(a)
204
45,649
244,333
Life
Sciences
Tools
&
Services
(
0
.8
%
)
Danaher
Corp.
423
83,560
Thermo
Fisher
Scientific,
Inc.
255
103,392
186,952
Machinery
(
0
.9
%
)
Caterpillar,
Inc.
54
20,963
Dover
Corp.
316
57,901
IDEX
Corp.
54
9,481
Otis
Worldwide
Corp.
544
53,867
Westinghouse
Air
Brake
Technologies
Corp.
272
56,943
199,155
Media
(
0
.2
%
)
Fox
Corp.,
Class
 A
640
35,865
Fox
Corp.,
Class
 B
352
18,174
54,039
Metals
&
Mining
(
0
.4
%
)
Reliance,
Inc.
102
32,018
Southern
Copper
Corp.
593
59,994
92,012
Multi-Utilities
(
0
.9
%
)
Ameren
Corp.
544
52,246
CMS
Energy
Corp.
(c)
680
47,110
DTE
Energy
Co.
391
51,792
WEC
Energy
Group,
Inc.
527
54,913
206,061
Oil,
Gas
&
Consumable
Fuels
(
2
.7
%
)
Cheniere
Energy,
Inc.
289
70,377
Chevron
Corp.
(c)
918
131,448
Devon
Energy
Corp.
1,801
57,290
Expand
Energy
Corp.
210
24,557
Exxon
Mobil
Corp.
2,100
226,380
Occidental
Petroleum
Corp.
(c)
1,054
44,279
Morgan
Stanley
ETF
Trust
Parametric
Equity
Plus
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(cont’d)
Targa
Resources
Corp.
109
$
18,975
Texas
Pacific
Land
Corp.
14
14,790
588,096
Personal
Care
Products
(
0
.1
%
)
Estee
Lauder
Cos.,
Inc.
(The),
Class
 A
256
20,685
Pharmaceuticals
(
3
.1
%
)
Eli
Lilly
&
Co.
347
270,497
Johnson
&
Johnson
1,292
197,353
Merck
&
Co.,
Inc.
1,377
109,003
Pfizer,
Inc.
3,570
86,537
Royalty
Pharma
plc,
Class
 A
340
12,250
675,640
Professional
Services
(
0
.8
%
)
Booz
Allen
Hamilton
Holding
Corp.,
Class
 A
157
16,348
Broadridge
Financial
Solutions,
Inc.
221
53,710
SS&C
Technologies
Holdings,
Inc.
595
49,266
Verisk
Analytics,
Inc.,
Class
 A
187
58,251
177,575
Residential
REITs
(
0
.8
%
)
AvalonBay
Communities,
Inc.
(c)
221
44,974
Equity
Residential
680
45,893
Invitation
Homes,
Inc.
1,428
46,838
Sun
Communities,
Inc.
255
32,255
169,960
Retail
REITs
(
0
.3
%
)
Realty
Income
Corp.
1,003
57,783
Semiconductors
&
Semiconductor
Equipment
(
12
.2
%
)
Advanced
Micro
Devices,
Inc.
(a)
1,050
148,995
Broadcom,
Inc.
2,040
562,326
GLOBALFOUNDRIES,
Inc.
(a)
678
25,900
Intel
Corp.
2,182
48,877
Lam
Research
Corp.
1,231
119,825
Micron
Technology,
Inc.
846
104,269
Monolithic
Power
Systems,
Inc.
72
52,659
NVIDIA
Corp.
9,117
1,440,395
ON
Semiconductor
Corp.
(a)
948
49,685
QUALCOMM,
Inc.
626
99,697
Teradyne,
Inc.
286
25,717
2,678,345
Software
(
11
.0
%
)
AppLovin
Corp.,
Class
 A
(a)
114
39,909
Atlassian
Corp.,
Class
 A
(a)
165
33,510
Bentley
Systems,
Inc.,
Class
 B
595
32,112
Crowdstrike
Holdings,
Inc.,
Class
 A
(a)
170
86,583
Microsoft
Corp.
3,093
1,538,489
MicroStrategy,
Inc.,
Class
 A
(a)(c)
102
41,232
Palantir
Technologies,
Inc.,
Class
 A
(a)
875
119,280
Palo
Alto
Networks,
Inc.
(a)
522
106,822
Salesforce,
Inc.
557
151,888
Samsara,
Inc.,
Class
 A
(a)
402
15,992
ServiceNow,
Inc.
(a)
43
44,207
Synopsys,
Inc.
(a)
178
91,257
Workday,
Inc.,
Class
 A
(a)
204
48,960
Zoom
Communications,
Inc.,
Class
 A
(a)
300
23,394
Shares
Value
Zscaler,
Inc.
(a)
139
$
43,638
2,417,273
Specialized
REITs
(
0
.5
%
)
Crown
Castle,
Inc.
527
54,139
VICI
Properties,
Inc.,
Class
 A
1,632
53,203
107,342
Specialty
Retail
(
1
.5
%
)
Best
Buy
Co.,
Inc.
142
9,532
Home
Depot,
Inc.
(The)
541
198,352
Ross
Stores,
Inc.
391
49,884
Ulta
Beauty,
Inc.
(a)
85
39,765
Williams-Sonoma,
Inc.
256
41,823
339,356
Technology
Hardware,
Storage
&
Peripherals
(
6
.3
%
)
Apple,
Inc.
5,990
1,228,968
Dell
Technologies,
Inc.,
Class
 C
413
50,634
Pure
Storage,
Inc.,
Class
 A
(a)
229
13,186
Seagate
Technology
Holdings
plc
574
82,846
Super
Micro
Computer,
Inc.
(a)(c)
336
16,467
1,392,101
Textiles,
Apparel
&
Luxury
Goods
(
0
.1
%
)
Deckers
Outdoor
Corp.
(a)
238
24,531
Tobacco
(
0
.7
%
)
Philip
Morris
International,
Inc.
901
164,099
Trading
Companies
&
Distributors
(
0
.3
%
)
Ferguson
Enterprises,
Inc.
210
45,727
Watsco,
Inc.
53
23,406
69,133
Wireless
Telecommunication
Services
(
0
.3
%
)
T-Mobile
US,
Inc.
284
67,666
Total
Common
Stocks
(Cost
$19,447,756)
21,206,502
Short-Term
Investment
(3.4%)
Investment
Company
(3.4%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(d)
(Cost
$751,276)
751,276
751,276
Total
Investments
Excluding
Purchased
Options
(
99
.8
%
)
(Cost
$
20,199,032
)
21,957,778
Total
Purchased
Options
Outstanding
(1.3%)
(Cost
$207,796)
291,497
Total
Investments
(
101
.1
%
)
(Cost
$
20,406,828
)
including
$
445,636
of
Securities
Loaned
(e)
22,249,275
Total
Written
Options
(-1.1%)
(Premiums
Received
$
(
221,904
)
)
(243,597)
Liabilities
in
Excess
of
Other
Assets
(
0.0%
)
(f)
(3,028)
NET
ASSETS
(100.0%)
$
22,002,650
Morgan
Stanley
ETF
Trust
Parametric
Equity
Plus
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
(a)
Non-income
producing
security.
(b)
For
the
period
ended
June
30,
2025,
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
$71,045
and
proceeds
from
sales
were
$6,859,
including
net
realized
loss
of
$328.
(c)
All
or
a
portion
of
this
security
was
on
loan
.
The
value
of
loaned
securities
and
related
collateral
outstanding
at
June
30,
2025
,
were
$
445,636
and
$
479,364
,
respectively.
The
collateral
of
$
479,364
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
June
30,
2025,
management
fees
paid
were
reduced
by
$729
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(e)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$20,406,828.
The
aggregate
gross
unrealized
appreciation
is
$2,512,047
and
the
aggregate
gross
unrealized
depreciation
is
$669,600,
resulting
in
net
unrealized
appreciation
of
$1,842,447.
(f)
Amount
is
less
than
0.05%.
REIT
Real
Estate
Investment
Trust
Morgan
Stanley
ETF
Trust
Parametric
Equity
Plus
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Put
Options
Purchased:
The
Fund
had
the
following
put
options
purchased
open
at
June
30,
2025:
Description
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Value
Premiums
Paid
Unrealized
Depreciation
S&P
500
Mini-SPX
Index
20
USD
415
7/18/25
$
1,241,000
$
60
$
3,909
$
(
3,849
)
S&P
500
Mini-SPX
Index
16
USD
375
7/18/25
992,800
48
3,766
(
3,718
)
S&P
500
Mini-SPX
Index
43
USD
420
8/15/25
2,668,150
946
4,188
(
3,242
)
S&P
500
Mini-SPX
Index
18
USD
430
8/15/25
1,116,900
468
3,859
(
3,391
)
S&P
500
Mini-SPX
Index
33
USD
420
9/19/25
2,047,650
2,211
4,402
(
2,191
)
S&P
500
Mini-SPX
Index
16
USD
400
9/19/25
992,800
840
3,926
(
3,086
)
S&P
500
Mini-SPX
Index
6
USD
380
10/17/25
372,300
435
2,924
(
2,489
)
S&P
500
Mini-SPX
Index
15
USD
420
11/21/25
930,750
2,378
4,132
(
1,754
)
S&P
500
Mini-SPX
Index
14
USD
420
12/19/25
868,700
2,869
4,569
(
1,700
)
Total
$10,255
$35,675
$(25,420)
Call
Options
Purchased:
The
Fund
had
the
following
call
options
purchased
open
at
June
30,
2025:
Description
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Value
Premiums
Paid
Unrealized
Appreciation
SPDR
S&P
500
ETF
Trust
86
USD
600
9/19/25
$
5,313,510
$
281,242
$
172,121
$
109,121
Call
Options
Written:
The
Fund
had
the
following
call
options
written
open
at
June
30,
2025:
Description
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Value
Premiums
Received
Unrealized
Depreciation
S&P
500
Index
6
USD
6,180
7/02/25
$
3,722,970
$
(
18,504
)
$
(
6,592
)
$
(
11,912
)
S&P
500
Index
6
USD
6,120
7/02/25
3,722,970
(
58,452
)
(
11,409
)
(
47,043
)
S&P
500
Index
5
USD
6,220
7/03/25
3,102,475
(
9,085
)
(
4,543
)
(
4,542
)
S&P
500
Index
6
USD
6,270
7/07/25
3,722,970
(
6,420
)
(
6,172
)
(
248
)
S&P
500
Index
5
USD
6,140
7/07/25
3,102,475
(
44,825
)
(
8,243
)
(
36,582
)
S&P
500
Index
6
USD
6,260
7/11/25
3,722,970
(
17,580
)
(
9,711
)
(
7,869
)
Total
$(154,866)
$(46,670)
$(108,196)
Put
Options
Written:
The
Fund
had
the
following
put
options
written
open
at
June
30,
2025:
Description
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Value
Premiums
Received
Unrealized
Appreciation
SPDR
S&P
500
ETF
Trust
86
USD
600
9/19/25
$
5,313,510
$
(
88,731
)
$
(
175,234
)
$
86,503
USD
United
States
Dollar
Sector
Classification
of
Portfolio
Classification  
Percentage
of
Total
Investments
Information
Technology
31
.5
%
Other*
13
.4
Financials
12
.8
Communication
Services
10
.3
Consumer
Discretionary
10
.0
Health
Care
8
.9
Industrials
7
.9
Consumer
Staples
5
.2
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
Third
Quarter
Report
June
30,
2025
(unaudited)
Shares
Value
Common
Stocks
(100.5%)
Aerospace
&
Defense
(
2
.2
%
)
General
Dynamics
Corp.
4,044
$
1,179,473
Huntington
Ingalls
Industries,
Inc.
4,747
1,146,211
L3Harris
Technologies,
Inc.
5,015
1,257,963
RTX
Corp.
8,879
1,296,511
4,880,158
Air
Freight
&
Logistics
(
1
.1
%
)
Expeditors
International
of
Washington,
Inc.
10,085
1,152,211
United
Parcel
Service,
Inc.,
Class
 B
11,475
1,158,287
2,310,498
Automobile
Components
(
1
.0
%
)
Gentex
Corp.
49,555
1,089,714
Lear
Corp.
12,146
1,153,627
2,243,341
Banks
(
1
.6
%
)
Cullen/Frost
Bankers,
Inc.
(a)
8,821
1,133,851
Prosperity
Bancshares,
Inc.
15,887
1,115,903
Regions
Financial
Corp.
53,989
1,269,821
3,519,575
Beverages
(
2
.4
%
)
Brown-Forman
Corp.,
Class
 B
31,771
854,957
Coca-Cola
Co.
(The)
16,220
1,147,565
Keurig
Dr
Pepper,
Inc.
33,145
1,095,774
Molson
Coors
Beverage
Co.,
Class
 B
20,146
968,821
PepsiCo,
Inc.
8,442
1,114,682
5,181,799
Biotechnology
(
1
.1
%
)
AbbVie,
Inc.
5,955
1,105,367
Gilead
Sciences,
Inc.
11,365
1,260,038
2,365,405
Building
Products
(
1
.1
%
)
AO
Smith
Corp.
16,119
1,056,923
Johnson
Controls
International
plc
13,537
1,429,778
2,486,701
Capital
Markets
(
1
.6
%
)
CME
Group,
Inc.
4,498
1,239,739
Janus
Henderson
Group
plc
31,459
1,221,867
T
Rowe
Price
Group,
Inc.
11,878
1,146,227
3,607,833
Chemicals
(
6
.4
%
)
Air
Products
and
Chemicals,
Inc.
4,051
1,142,625
Ashland,
Inc.
22,834
1,148,094
Corteva,
Inc.
17,857
1,330,882
Dow,
Inc.
38,793
1,027,239
DuPont
de
Nemours,
Inc.
16,481
1,130,432
Eastman
Chemical
Co.
14,199
1,060,097
FMC
Corp.
31,091
1,298,049
Huntsman
Corp.
94,919
989,056
Linde
plc
2,500
1,172,950
LyondellBasell
Industries
NV,
Class
 A
(a)
19,340
1,119,012
Mosaic
Co.
(The)
40,320
1,470,874
PPG
Industries,
Inc.
10,053
1,143,529
14,032,839
Shares
Value
Communications
Equipment
(
0
.6
%
)
Cisco
Systems,
Inc.
18,486
$
1,282,559
Consumer
Staples
Distribution
&
Retail
(
1
.0
%
)
Costco
Wholesale
Corp.
1,144
1,132,491
Walmart,
Inc.
11,822
1,155,955
2,288,446
Containers
&
Packaging
(
2
.6
%
)
Amcor
plc
120,719
1,109,408
AptarGroup,
Inc.
7,171
1,121,759
International
Paper
Co.
24,868
1,164,568
Packaging
Corp.
of
America
6,065
1,142,949
Sonoco
Products
Co.
25,085
1,092,703
5,631,387
Distributors
(
1
.0
%
)
Genuine
Parts
Co.
9,375
1,137,281
LKQ
Corp.
27,459
1,016,258
2,153,539
Diversified
Telecommunication
Services
(
1
.6
%
)
AT&T,
Inc.
41,075
1,188,710
Cogent
Communications
Holdings,
Inc.
(a)
22,499
1,084,677
Verizon
Communications,
Inc.
26,236
1,135,232
3,408,619
Electric
Utilities
(
5
.6
%
)
Alliant
Energy
Corp.
18,518
1,119,783
American
Electric
Power
Co.,
Inc.
10,923
1,133,371
Duke
Energy
Corp.
9,508
1,121,944
Evergy,
Inc.
17,169
1,183,459
FirstEnergy
Corp.
25,904
1,042,895
IDACORP,
Inc.
9,958
1,149,651
OGE
Energy
Corp.
25,770
1,143,673
Portland
General
Electric
Co.
25,943
1,054,064
PPL
Corp.
32,204
1,091,394
Southern
Co.
(The)
12,656
1,162,200
Xcel
Energy,
Inc.
(a)
16,204
1,103,492
12,305,926
Electrical
Equipment
(
0
.6
%
)
Emerson
Electric
Co.
9,785
1,304,634
Electronic
Equipment,
Instruments
&
Components
(
2
.3
%
)
Avnet,
Inc.
21,828
1,158,630
Badger
Meter,
Inc.
4,962
1,215,442
Corning,
Inc.
24,418
1,284,143
TD
SYNNEX
Corp.
9,335
1,266,759
4,924,974
Energy
Equipment
&
Services
(
1
.5
%
)
Baker
Hughes
Co.,
Class
 A
30,159
1,156,296
Helmerich
&
Payne,
Inc.
62,576
948,652
Noble
Corp.
plc
48,056
1,275,887
3,380,835
Entertainment
(
0
.5
%
)
Electronic
Arts,
Inc.
7,456
1,190,723
Financial
Services
(
2
.0
%
)
Essent
Group
Ltd.
18,812
1,142,453
Jack
Henry
&
Associates,
Inc.
6,328
1,140,116
MGIC
Investment
Corp.
43,707
1,216,803
Morgan
Stanley
ETF
Trust
Parametric
Equity
Premium
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Financial
Services
(cont’d)
Western
Union
Co.
(The)
114,035
$
960,174
4,459,546
Food
Products
(
4
.1
%
)
Archer-Daniels-Midland
Co.
23,129
1,220,749
Bunge
Global
SA
14,231
1,142,465
Cal-Maine
Foods,
Inc.
12,075
1,203,032
Conagra
Brands,
Inc.
48,110
984,812
Flowers
Foods,
Inc.
63,968
1,022,209
Hormel
Foods
Corp.
37,694
1,140,243
Ingredion,
Inc.
8,339
1,130,935
Kraft
Heinz
Co.
(The)
39,226
1,012,815
8,857,260
Gas
Utilities
(
1
.6
%
)
Atmos
Energy
Corp.
(a)
7,146
1,101,270
National
Fuel
Gas
Co.
15,894
1,346,381
ONE
Gas,
Inc.
14,847
1,066,905
3,514,556
Health
Care
Equipment
&
Supplies
(
2
.1
%
)
Abbott
Laboratories
8,592
1,168,598
Becton
Dickinson
&
Co.
6,586
1,134,438
Medtronic
plc
13,327
1,161,715
Stryker
Corp.
3,001
1,187,286
4,652,037
Health
Care
Providers
&
Services
(
4
.7
%
)
Cardinal
Health,
Inc.
9,053
1,520,904
Cencora,
Inc.
4,039
1,211,094
Chemed
Corp.
1,927
938,314
Cigna
Group
(The)
3,434
1,135,212
Elevance
Health,
Inc.
2,818
1,096,089
Labcorp
Holdings,
Inc.
4,652
1,221,197
Premier,
Inc.,
Class
 A
49,585
1,087,399
Quest
Diagnostics,
Inc.
6,459
1,160,230
UnitedHealth
Group,
Inc.
2,898
904,089
10,274,528
Hotels,
Restaurants
&
Leisure
(
2
.1
%
)
Darden
Restaurants,
Inc.
5,756
1,254,635
Texas
Roadhouse,
Inc.,
Class
 A
6,336
1,187,430
Vail
Resorts,
Inc.
7,629
1,198,745
Wendy's
Co.
(The)
91,734
1,047,602
4,688,412
Household
Durables
(
1
.7
%
)
Garmin
Ltd.
5,929
1,237,501
Lennar
Corp.,
Class
 A
10,140
1,121,585
Whirlpool
Corp.
(a)
14,299
1,450,205
3,809,291
Household
Products
(
1
.5
%
)
Church
&
Dwight
Co.,
Inc.
12,410
1,192,725
Kimberly-Clark
Corp.
8,277
1,067,071
Procter
&
Gamble
Co.
(The)
6,974
1,111,098
3,370,894
Insurance
(
5
.2
%
)
Aflac,
Inc.
10,385
1,095,202
American
Financial
Group,
Inc.
9,049
1,142,074
Cincinnati
Financial
Corp.
7,742
1,152,939
Fidelity
National
Financial,
Inc.
19,025
1,066,541
Shares
Value
Hartford
Insurance
Group,
Inc.
(The)
8,969
$
1,137,897
Old
Republic
International
Corp.
30,160
1,159,350
Principal
Financial
Group,
Inc.
13,955
1,108,446
Prudential
Financial,
Inc.
10,736
1,153,476
Travelers
Cos.,
Inc.
(The)
4,251
1,137,313
Unum
Group
14,209
1,147,519
11,300,757
IT
Services
(
2
.1
%
)
Accenture
plc,
Class
 A
3,577
1,069,130
Amdocs
Ltd.
12,501
1,140,591
Cognizant
Technology
Solutions
Corp.,
Class
 A
13,900
1,084,617
International
Business
Machines
Corp.
4,595
1,354,514
4,648,852
Leisure
Products
(
1
.2
%
)
Hasbro,
Inc.
17,888
1,320,492
Polaris,
Inc.
(a)
31,451
1,278,483
2,598,975
Life
Sciences
Tools
&
Services
(
0
.5
%
)
Danaher
Corp.
5,813
1,148,300
Machinery
(
2
.1
%
)
Cummins,
Inc.
3,593
1,176,707
Donaldson
Co.,
Inc.
16,399
1,137,271
Graco,
Inc.
13,212
1,135,836
Snap-on,
Inc.
3,483
1,083,840
4,533,654
Media
(
3
.2
%
)
Comcast
Corp.,
Class
 A
32,765
1,169,383
Fox
Corp.,
Class
 A
22,299
1,249,636
Fox
Corp.,
Class
 B
23,847
1,231,221
Interpublic
Group
of
Cos.,
Inc.
(The)
44,459
1,088,356
New
York
Times
Co.
(The),
Class
 A
21,330
1,194,053
Omnicom
Group,
Inc.
14,629
1,052,410
6,985,059
Metals
&
Mining
(
1
.7
%
)
Newmont
Corp.
20,833
1,213,730
Reliance,
Inc.
3,851
1,208,829
Royal
Gold,
Inc.
6,808
1,210,735
3,633,294
Multi-Utilities
(
3
.1
%
)
Ameren
Corp.
11,748
1,128,278
Consolidated
Edison,
Inc.
10,612
1,064,914
Dominion
Energy,
Inc.
19,972
1,128,817
Public
Service
Enterprise
Group,
Inc.
13,955
1,174,732
Sempra
14,750
1,117,608
WEC
Energy
Group,
Inc.
10,620
1,106,604
6,720,953
Oil,
Gas
&
Consumable
Fuels
(
9
.2
%
)
Antero
Midstream
Corp.
63,566
1,204,576
Chevron
Corp.
7,953
1,138,790
Chord
Energy
Corp.
11,958
1,158,132
ConocoPhillips
12,430
1,115,468
Coterra
Energy,
Inc.
48,048
1,219,458
CVR
Energy,
Inc.
51,585
1,385,057
Devon
Energy
Corp.
33,848
1,076,705
DT
Midstream,
Inc.
10,928
1,201,097
EOG
Resources,
Inc.
9,903
1,184,498
Morgan
Stanley
ETF
Trust
Parametric
Equity
Premium
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(cont’d)
Exxon
Mobil
Corp.
10,254
$
1,105,381
HF
Sinclair
Corp.
32,702
1,343,398
International
Seaways,
Inc.
(a)
29,220
1,065,946
Kinder
Morgan,
Inc.
41,876
1,231,154
ONEOK,
Inc.
13,370
1,091,393
Phillips
66
9,919
1,183,337
Valero
Energy
Corp.
(a)
8,963
1,204,807
Williams
Cos.,
Inc.
(The)
19,842
1,246,276
20,155,473
Pharmaceuticals
(
2
.1
%
)
Johnson
&
Johnson
7,132
1,089,413
Merck
&
Co.,
Inc.
14,491
1,147,107
Pfizer,
Inc.
49,421
1,197,965
Royalty
Pharma
plc,
Class
 A
34,493
1,242,783
4,677,268
Professional
Services
(
2
.0
%
)
Automatic
Data
Processing,
Inc.
3,728
1,149,715
ManpowerGroup,
Inc.
27,633
1,116,374
Paychex,
Inc.
7,546
1,097,641
Robert
Half,
Inc.
24,560
1,008,188
4,371,918
Semiconductors
&
Semiconductor
Equipment
(
2
.9
%
)
Analog
Devices,
Inc.
5,337
1,270,313
Power
Integrations,
Inc.
21,134
1,181,391
QUALCOMM,
Inc.
7,589
1,208,624
Skyworks
Solutions,
Inc.
16,768
1,249,551
Texas
Instruments,
Inc.
6,389
1,326,484
6,236,363
Software
(
2
.2
%
)
Dolby
Laboratories,
Inc.,
Class
 A
14,602
1,084,345
InterDigital,
Inc.
5,396
1,209,945
Microsoft
Corp.
2,612
1,299,235
Roper
Technologies,
Inc.
2,011
1,139,915
4,733,440
Specialty
Retail
(
1
.6
%
)
Best
Buy
Co.,
Inc.
16,612
1,115,163
Penske
Automotive
Group,
Inc.
6,995
1,201,811
TJX
Cos.,
Inc.
(The)
8,936
1,103,507
3,420,481
Technology
Hardware,
Storage
&
Peripherals
(
1
.1
%
)
Hewlett
Packard
Enterprise
Co.
67,710
1,384,670
HP,
Inc.
43,224
1,057,259
2,441,929
Textiles,
Apparel
&
Luxury
Goods
(
1
.9
%
)
Carter's,
Inc.
33,495
1,009,204
Columbia
Sportswear
Co.
(a)
16,655
1,017,288
Oxford
Industries,
Inc.
(a)
21,273
856,238
Steven
Madden
Ltd.
49,773
1,193,557
4,076,287
Tobacco
(
1
.2
%
)
Altria
Group,
Inc.
19,237
1,127,865
Philip
Morris
International,
Inc.
7,836
1,427,171
2,555,036
Shares
Value
Trading
Companies
&
Distributors
(
1
.6
%
)
Fastenal
Co.
29,106
$
1,222,452
MSC
Industrial
Direct
Co.,
Inc.,
Class
 A
14,669
1,247,158
Watsco,
Inc.
2,306
1,018,376
3,487,986
Total
Common
Stocks
(Cost
$219,373,832)
219,852,340
Short-Term
Investments
(1.2%)
Investment
Company
(0.7%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(b)
(Cost
$1,620,050)
1,620,050
1,620,050
Security
held
as
Collateral
on
Loaned
Securities
(
0
.5
%
)
Investment
Company
(0.5%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(b)
(Cost
$1,013,662)
1,013,662
1,013,662
Total
Short-Term
Investments
(Cost
$2,633,712)
2,633,712
–
Total
Investments
(
101
.7
%
)
(Cost
$
222,007,544
)
including
$
5,842,806
of
Securities
Loaned
(c)
222,486,052
Total
Written
Options
(-1.0%)
(Premiums
Received
$
(
520,360
)
)
(2,213,881)
Liabilities
in
Excess
of
Other
Assets
(
-0.7%
)
(1,593,490)
NET
ASSETS
(100.0%)
$
218,678,681
(a)
All
or
a
portion
of
this
security
was
on
loan
.
The
value
of
loaned
securities
and
related
collateral
outstanding
at
June
30,
2025
,
were
$
5,842,806
and
$
6,003,515
,
respectively.
The
Fund
received
cash
collateral
of
$
1,013,662
,
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
$
4,989,853
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
June
30,
2025,
management
fees
paid
were
reduced
by
$2,086
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(c)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$222,007,544.
The
aggregate
gross
unrealized
appreciation
is
$12,851,648
and
the
aggregate
gross
unrealized
depreciation
is
$12,373,140,
resulting
in
net
unrealized
appreciation
of
$478,508.
Morgan
Stanley
ETF
Trust
Parametric
Equity
Premium
Income
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Call
Options
Written:
The
Fund
had
the
following
call
options
written
open
at
June
30,
2025:
Description
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Value
Premiums
Received
Unrealized
Depreciation
SPDR
S&P
500
ETF
Trust
1071
USD
610
7/02/25
$
66,171,735
$
(
888,556
)
$
(
180,774
)
$
(
707,782
)
SPDR
S&P
500
ETF
Trust
1318
USD
612
7/07/25
81,432,630
(
1,045,098
)
(
196,904
)
(
848,194
)
SPDR
S&P
500
ETF
Trust
1136
USD
625
7/11/25
70,187,760
(
280,227
)
(
142,682
)
(
137,545
)
Total
$(2,213,881)
$(520,360)
$(1,693,521)
USD
United
States
Dollar
Sector
Classification
of
Portfolio
*
Classification  
Percentage
of
Total
Investments
Information
Technology
11
.0
%
Energy
10
.6
Industrials
10
.6
Materials
10
.5
Health
Care
10
.4
Consumer
Discretionary
10
.4
Financials
10
.3
Utilities
10
.2
Consumer
Staples
10
.1
Communication
Services
5
.2
Other**
0
.7
Total
Investments
100
.0
%
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Morgan
Stanley
ETF
Trust
Parametric
Hedged
Equity
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)
Shares
Value
Common
Stocks
(100.0%)
Aerospace
&
Defense
(
2
.3
%
)
Boeing
Co.
(The)
(a)
2,901
$
607,846
HEICO
Corp.
804
263,712
HEICO
Corp.,
Class
 A
659
170,516
Howmet
Aerospace,
Inc.
(b)
3,153
586,868
Lockheed
Martin
Corp.
947
438,594
TransDigm
Group,
Inc.
195
296,525
2,364,061
Air
Freight
&
Logistics
(
0
.2
%
)
Expeditors
International
of
Washington,
Inc.
1,875
214,219
Automobile
Components
(
0
.1
%
)
Aptiv
plc
(a)
2,006
136,849
Automobiles
(
1
.7
%
)
Ford
Motor
Co.
26,914
292,017
Tesla,
Inc.
(a)
4,638
1,473,307
1,765,324
Banks
(
3
.9
%
)
Bank
of
America
Corp.
18,707
885,215
Citizens
Financial
Group,
Inc.
4,630
207,193
First
Citizens
BancShares,
Inc.,
Class
 A
47
91,954
Huntington
Bancshares,
Inc.
14,618
244,998
JPMorgan
Chase
&
Co.
6,430
1,864,121
Wells
Fargo
&
Co.
9,495
760,739
4,054,220
Beverages
(
1
.5
%
)
Coca-Cola
Co.
(The)
12,251
866,758
Constellation
Brands,
Inc.,
Class
 A
510
82,967
PepsiCo,
Inc.
4,420
583,617
1,533,342
Biotechnology
(
1
.8
%
)
AbbVie,
Inc.
5,024
932,555
Alnylam
Pharmaceuticals,
Inc.
(a)
540
176,089
Amgen,
Inc.
1,543
430,821
Vertex
Pharmaceuticals,
Inc.
(a)
751
334,345
1,873,810
Broadline
Retail
(
4
.3
%
)
Amazon.com,
Inc.
(a)
18,669
4,095,792
Coupang,
Inc.
(a)
1,072
32,117
MercadoLibre,
Inc.
(a)
124
324,090
4,451,999
Building
Products
(
0
.5
%
)
Builders
FirstSource,
Inc.
(a)
896
104,554
Carlisle
Cos.,
Inc.
358
133,677
Lennox
International,
Inc.
(b)
404
231,589
469,820
Capital
Markets
(
2
.1
%
)
Ares
Management
Corp.,
Class
 A
1,146
198,487
Blue
Owl
Capital,
Inc.,
Class
 A
1,393
26,759
Charles
Schwab
Corp.
(The)
5,895
537,860
Coinbase
Global,
Inc.,
Class
 A
(a)
615
215,551
Interactive
Brokers
Group,
Inc.,
Class
 A
2,000
110,820
KKR
&
Co.,
Inc.
1,697
225,752
LPL
Financial
Holdings,
Inc.
145
54,371
Morgan
Stanley
(c)
2,407
339,050
Shares
Value
Nasdaq,
Inc.
2,943
$
263,163
Robinhood
Markets,
Inc.,
Class
 A
(a)
841
78,743
Tradeweb
Markets,
Inc.,
Class
 A
807
118,145
2,168,701
Chemicals
(
1
.1
%
)
Dow,
Inc.
8,040
212,899
International
Flavors
&
Fragrances,
Inc.
787
57,884
Linde
plc
1,461
685,472
LyondellBasell
Industries
NV,
Class
 A
356
20,598
PPG
Industries,
Inc.
1,465
166,644
1,143,497
Commercial
Services
&
Supplies
(
1
.2
%
)
Cintas
Corp.
1,930
430,139
Republic
Services,
Inc.,
Class
 A
1,616
398,522
Waste
Management,
Inc.
1,953
446,885
1,275,546
Communications
Equipment
(
0
.9
%
)
Cisco
Systems,
Inc.
13,472
934,687
Construction
Materials
(
0
.1
%
)
CRH
plc
1,279
117,412
Consumer
Finance
(
0
.8
%
)
American
Express
Co.
1,830
583,734
Synchrony
Financial
3,161
210,965
794,699
Consumer
Staples
Distribution
&
Retail
(
2
.1
%
)
Costco
Wholesale
Corp.
1,122
1,110,712
Walmart,
Inc.
10,433
1,020,139
2,130,851
Containers
&
Packaging
(
0
.2
%
)
Amcor
plc
19,961
183,442
Diversified
Telecommunication
Services
(
0
.7
%
)
AT&T,
Inc.
25,930
750,414
Electric
Utilities
(
1
.2
%
)
Alliant
Energy
Corp.
4,442
268,608
Entergy
Corp.
5,054
420,088
FirstEnergy
Corp.
5,085
204,722
PPL
Corp.
(b)
9,048
306,637
1,200,055
Electrical
Equipment
(
0
.5
%
)
AMETEK,
Inc.
1,417
256,420
Hubbell,
Inc.,
Class
 B
433
176,842
Vertiv
Holdings
Co.,
Class
 A
263
33,772
467,034
Electronic
Equipment,
Instruments
&
Components
(
0
.6
%
)
Corning,
Inc.
4,984
262,109
TE
Connectivity
plc
2,268
382,543
644,652
Entertainment
(
2
.4
%
)
Netflix,
Inc.
(a)
918
1,229,321
ROBLOX
Corp.,
Class
 A
(a)
2,070
217,764
Spotify
Technology
SA
(a)
411
315,377
Walt
Disney
Co.
(The)
4,311
534,607
Warner
Bros
Discovery,
Inc.
(a)
16,186
185,492
Morgan
Stanley
ETF
Trust
Parametric
Hedged
Equity
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Entertainment
(cont’d)
Warner
Music
Group
Corp.,
Class
 A
737
$
20,076
2,502,637
Financial
Services
(
4
.6
%
)
Apollo
Global
Management,
Inc.
1,425
202,165
Berkshire
Hathaway,
Inc.,
Class
 B
(a)
2,953
1,434,479
Block,
Inc.,
Class
 A
(a)
3,968
269,546
Mastercard,
Inc.,
Class
 A
2,065
1,160,406
PayPal
Holdings,
Inc.
(a)
2,436
181,043
Rocket
Cos.,
Inc.,
Class
 A
(b)
2,471
35,039
Visa,
Inc.,
Class
 A
(b)
4,023
1,428,366
4,711,044
Food
Products
(
0
.4
%
)
Conagra
Brands,
Inc.
6,174
126,382
Kellanova
3,752
298,396
424,778
Ground
Transportation
(
0
.7
%
)
JB
Hunt
Transport
Services,
Inc.
1,385
198,886
Union
Pacific
Corp.
2,175
500,424
699,310
Health
Care
Equipment
&
Supplies
(
1
.8
%
)
Align
Technology,
Inc.
(a)
110
20,826
Dexcom,
Inc.
(a)
3,776
329,607
Intuitive
Surgical,
Inc.
(a)
1,079
586,340
Medtronic
plc
5,706
497,392
ResMed,
Inc.
1,006
259,548
Zimmer
Biomet
Holdings,
Inc.
1,215
110,820
1,804,533
Health
Care
Providers
&
Services
(
1
.4
%
)
Cencora,
Inc.
1,215
364,318
Labcorp
Holdings,
Inc.
(b)
1,276
334,963
Molina
Healthcare,
Inc.
(a)
461
137,332
UnitedHealth
Group,
Inc.
1,983
618,636
1,455,249
Health
Care
REITs
(
0
.3
%
)
Alexandria
Real
Estate
Equities,
Inc.
606
44,014
Healthpeak
Properties,
Inc.
12,607
220,748
264,762
Health
Care
Technology
(
0
.1
%
)
Veeva
Systems,
Inc.,
Class
 A
(a)
472
135,927
Hotels,
Restaurants
&
Leisure
(
1
.8
%
)
Airbnb,
Inc.,
Class
 A
(a)
2,624
347,260
Booking
Holdings,
Inc.
74
428,404
Darden
Restaurants,
Inc.
1,749
381,230
DoorDash,
Inc.,
Class
 A
(a)
728
179,459
DraftKings,
Inc.,
Class
 A
(a)
1,805
77,417
Las
Vegas
Sands
Corp.
(b)
1,936
84,235
Yum!
Brands,
Inc.
2,407
356,669
1,854,674
Household
Durables
(
0
.2
%
)
PulteGroup,
Inc.
1,652
174,220
Household
Products
(
1
.2
%
)
Kimberly-Clark
Corp.
2,270
292,649
Shares
Value
Procter
&
Gamble
Co.
(The)
6,013
$
957,991
1,250,640
Industrial
Conglomerates
(
0
.4
%
)
3M
Co.
2,979
453,523
Insurance
(
2
.2
%
)
Brown
&
Brown,
Inc.
2,748
304,671
Hartford
Insurance
Group,
Inc.
(The)
2,760
350,161
Loews
Corp.
2,753
252,340
Markel
Group,
Inc.
(a)
131
261,654
Principal
Financial
Group,
Inc.
2,212
175,699
Prudential
Financial,
Inc.
2,817
302,659
Travelers
Cos.,
Inc.
(The)
1,467
392,481
W.
R.
Berkley
Corp.
3,401
249,871
2,289,536
Interactive
Media
&
Services
(
7
.2
%
)
Alphabet,
Inc.,
Class
 A
11,733
2,067,707
Alphabet,
Inc.,
Class
 C
10,473
1,857,805
Meta
Platforms,
Inc.,
Class
 A
4,610
3,402,595
Pinterest,
Inc.,
Class
 A
(a)
1,004
36,003
7,364,110
IT
Services
(
1
.5
%
)
Akamai
Technologies,
Inc.
(a)
942
75,134
Amdocs
Ltd.
998
91,058
Cloudflare,
Inc.,
Class
 A
(a)
733
143,543
International
Business
Machines
Corp.
2,667
786,178
MongoDB,
Inc.,
Class
 A
(a)
1,452
304,905
Okta,
Inc.,
Class
 A
(a)
469
46,886
Snowflake,
Inc.,
Class
 A
(a)
457
102,263
1,549,967
Life
Sciences
Tools
&
Services
(
0
.7
%
)
Illumina,
Inc.
(a)
327
31,199
Thermo
Fisher
Scientific,
Inc.
1,064
431,409
West
Pharmaceutical
Services,
Inc.
1,181
258,403
721,011
Machinery
(
1
.5
%
)
Caterpillar,
Inc.
1,175
456,147
Deere
&
Co.
1,068
543,067
Dover
Corp.
1,436
263,118
Otis
Worldwide
Corp.
3,285
325,281
1,587,613
Metals
&
Mining
(
0
.4
%
)
Newmont
Corp.
4,974
289,785
Southern
Copper
Corp.
394
39,861
Steel
Dynamics,
Inc.
747
95,624
425,270
Multi-Utilities
(
1
.2
%
)
Ameren
Corp.
3,208
308,096
CenterPoint
Energy,
Inc.
8,775
322,394
CMS
Energy
Corp.
(b)
4,158
288,066
DTE
Energy
Co.
2,401
318,037
1,236,593
Oil,
Gas
&
Consumable
Fuels
(
3
.0
%
)
Cheniere
Energy,
Inc.
999
243,276
Chevron
Corp.
(b)
4,786
685,307
Devon
Energy
Corp.
5,926
188,506
Morgan
Stanley
ETF
Trust
Parametric
Hedged
Equity
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(cont’d)
Diamondback
Energy,
Inc.
542
$
74,471
EOG
Resources,
Inc.
2,909
347,946
Exxon
Mobil
Corp.
11,282
1,216,200
Targa
Resources
Corp.
1,687
293,673
3,049,379
Passenger
Airlines
(
0
.2
%
)
Delta
Air
Lines,
Inc.
3,160
155,409
Pharmaceuticals
(
3
.2
%
)
Bristol-Myers
Squibb
Co.
8,384
388,096
Eli
Lilly
&
Co.
1,938
1,510,729
Johnson
&
Johnson
6,627
1,012,274
Merck
&
Co.,
Inc.
4,417
349,650
Royalty
Pharma
plc,
Class
 A
1,599
57,612
3,318,361
Professional
Services
(
0
.3
%
)
Booz
Allen
Hamilton
Holding
Corp.,
Class
 A
787
81,950
SS&C
Technologies
Holdings,
Inc.
2,746
227,369
TransUnion
500
44,000
353,319
Residential
REITs
(
1
.1
%
)
AvalonBay
Communities,
Inc.
(b)
1,471
299,348
Equity
Residential
4,220
284,808
Essex
Property
Trust,
Inc.
611
173,157
Mid-America
Apartment
Communities,
Inc.
1,670
247,177
Sun
Communities,
Inc.
1,267
160,263
1,164,753
Semiconductors
&
Semiconductor
Equipment
(
12
.1
%
)
Advanced
Micro
Devices,
Inc.
(a)
1,030
146,157
Broadcom,
Inc.
8,607
2,372,519
First
Solar,
Inc.
(a)
433
71,679
Intel
Corp.
12,022
269,293
KLA
Corp.
450
403,083
Lam
Research
Corp.
3,096
301,365
Marvell
Technology,
Inc.
692
53,561
Microchip
Technology,
Inc.
5,150
362,405
Monolithic
Power
Systems,
Inc.
520
380,318
NVIDIA
Corp.
43,712
6,906,059
QUALCOMM,
Inc.
3,362
535,432
Texas
Instruments,
Inc.
2,886
599,191
12,401,062
Software
(
12
.2
%
)
Adobe,
Inc.
(a)
1,004
388,428
AppLovin
Corp.,
Class
 A
(a)
228
79,818
Atlassian
Corp.,
Class
 A
(a)
180
36,556
Bentley
Systems,
Inc.,
Class
 B
867
46,792
Crowdstrike
Holdings,
Inc.,
Class
 A
(a)
859
437,497
Datadog,
Inc.,
Class
 A
(a)
345
46,344
HubSpot,
Inc.
(a)
160
89,061
Microsoft
Corp.
14,833
7,378,083
MicroStrategy,
Inc.,
Class
 A
(a)(b)
589
238,091
Oracle
Corp.
3,657
799,530
Palantir
Technologies,
Inc.,
Class
 A
(a)
5,286
720,587
Palo
Alto
Networks,
Inc.
(a)
2,637
539,636
Salesforce,
Inc.
1,659
452,393
ServiceNow,
Inc.
(a)
468
481,141
Synopsys,
Inc.
(a)
850
435,778
Shares
Value
Workday,
Inc.,
Class
 A
(a)
471
$
113,040
Zoom
Communications,
Inc.,
Class
 A
(a)
2,150
167,657
Zscaler,
Inc.
(a)(b)
405
127,146
12,577,578
Specialized
REITs
(
0
.3
%
)
Extra
Space
Storage,
Inc.
1,888
278,367
Specialty
Retail
(
2
.1
%
)
Carvana
Co.,
Class
 A
(a)
231
77,838
Home
Depot,
Inc.
(The)
2,674
980,395
Lowe's
Cos.,
Inc.
2,075
460,380
Ross
Stores,
Inc.
2,221
283,355
Ulta
Beauty,
Inc.
(a)
609
284,903
Williams-Sonoma,
Inc.
140
22,872
2,109,743
Technology
Hardware,
Storage
&
Peripherals
(
6
.0
%
)
Apple,
Inc.
28,682
5,884,686
Super
Micro
Computer,
Inc.
(a)(b)
4,914
240,835
6,125,521
Textiles,
Apparel
&
Luxury
Goods
(
0
.3
%
)
Deckers
Outdoor
Corp.
(a)
1,787
184,186
Lululemon
Athletica,
Inc.
(a)
516
122,591
306,777
Tobacco
(
0
.3
%
)
Philip
Morris
International,
Inc.
1,630
296,872
Trading
Companies
&
Distributors
(
0
.6
%
)
Ferguson
Enterprises,
Inc.
853
185,741
United
Rentals,
Inc.
500
376,700
562,441
Wireless
Telecommunication
Services
(
0
.5
%
)
T-Mobile
US,
Inc.
1,992
474,614
Total
Common
Stocks
(Cost
$91,291,372)
102,754,227
Short-Term
Investments
(1.7%)
Investment
Company
(1.6%
)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(d)
(Cost
$1,676,043)
1,676,043
1,676,043
Security
held
as
Collateral
on
Loaned
Securities
(
0
.1
%
)
Investment
Company
(0.1%)
Morgan
Stanley
Institutional
Liquidity
Funds
-
Government
Portfolio
-
Institutional
Class
4.25%
(d)
(Cost
$35,976)
35,976
35,976
Total
Short-Term
Investments
(Cost
$1,712,019)
1,712,019
–
Morgan
Stanley
ETF
Trust
Parametric
Hedged
Equity
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Shares
Value
Total
Investments
Excluding
Purchased
Options
(
101
.7
%
)
(Cost
$
93,003,391
)
$
104,466,246
Total
Purchased
Options
Outstanding
(1.4%)
(Cost
$2,660,276)
1,436,586
Total
Investments
(
103
.1
%
)
(Cost
$
95,663,667
)
including
$
3,031,415
of
Securities
Loaned
(e)
105,902,832
Total
Written
Options
(-3.3%)
(Premiums
Received
$
(
2,979,547
)
)
(3,374,395)
Other
Assets
in
Excess
of
Liabilities
(
0.2%
)
225,608
NET
ASSETS
(100.0%)
$
102,754,045
(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
June
30,
2025
,
were
$
3,031,415
and
$
3,079,441
,
respectively.
The
Fund
received
cash
collateral
of
$
35,976
,
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
$
3,043,465
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
June
30,
2025,
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
$216,260
and
proceeds
from
sales
were
$75,566,
including
net
realized
gain
of
$8,962.
(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
June
30,
2025,
management
fees
paid
were
reduced
by
$1,620
relating
to
the
Fund’s
investment
in
the
Liquidity
Fund.
(e)
At
June
30,
2025,
the
aggregate
cost
for
federal
income
tax
purposes
is
$95,663,667.
The
aggregate
gross
unrealized
appreciation
is
$13,457,133
and
the
aggregate
gross
unrealized
depreciation
is
$3,217,968,
resulting
in
net
unrealized
appreciation
of
$10,239,165.
REIT
Real
Estate
Investment
Trust
Morgan
Stanley
ETF
Trust
Parametric
Hedged
Equity
ETF
Portfolio
of
Investments
Third
Quarter
Report
June
30,
2025
(unaudited)(cont’d)
Put
Options
Purchased:
The
Fund
had
the
following
put
options
purchased
open
at
June
30,
2025:
Description
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Value
Premiums
Paid
Unrealized
Depreciation
S&P
500
Index
44
USD
5,150
9/30/25
$
27,301,780
$
109,912
$
573,769
$
(
463,857
)
S&P
500
Index
43
USD
5,300
12/31/25
26,681,285
326,370
668,548
(
342,178
)
S&P
500
Index
44
USD
5,025
3/31/26
27,301,780
368,720
786,327
(
417,607
)
S&P
500
Index
34
USD
5,575
6/30/26
21,096,830
631,584
631,632
(
48
)
Total
$1,436,586
$2,660,276
$(1,223,690)
Call
Options
Written:
The
Fund
had
the
following
call
options
written
open
at
June
30,
2025:
Description
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Value
Premiums
Received
Unrealized
Appreciation/
(Depreciation)
S&P
500
Index
44
USD
6,400
9/30/25
$
27,301,780
$
(
445,896
)
$
(
572,888
)
$
126,992
S&P
500
Index
43
USD
6,625
12/31/25
26,681,285
(
483,363
)
(
490,623
)
7,260
S&P
500
Index
44
USD
6,350
3/31/26
27,301,780
(
1,486,100
)
(
536,144
)
(
949,956
)
S&P
500
Index
34
USD
6,900
6/30/26
21,096,830
(
516,256
)
(
516,208
)
(
48
)
Total
$(2,931,615)
$(2,115,863)
$(815,752)
Put
Options
Written:
The
Fund
had
the
following
put
options
written
open
at
June
30,
2025:
Description
Number
of
Contracts
Exercise
Price
Expiration
Date
Notional
Amount
Value
Premiums
Received
Unrealized
Appreciation/
(Depreciation)
S&P
500
Index
44
USD
4,000
9/30/25
$
27,301,780
$
(
29,656
)
$
(
195,579
)
$
165,923
S&P
500
Index
43
USD
4,100
12/31/25
26,681,285
(
85,656
)
(
223,521
)
137,865
S&P
500
Index
44
USD
3,900
3/31/26
27,301,780
(
127,820
)
(
244,984
)
117,164
S&P
500
Index
34
USD
4,350
6/30/26
21,096,830
(
199,648
)
(
199,600
)
(
48
)
Total
$(442,780)
$(863,684)
$420,904
USD
United
States
Dollar
Sector
Classification
of
Portfolio
*
Classification  
Percentage
of
Total
Investments
Information
Technology
32
.3
%
Financials
13
.2
Other**
11
.6
Communication
Services
10
.5
Consumer
Discretionary
10
.2
Health
Care
8
.8
Industrials
8
.1
Consumer
Staples
5
.3
Total
Investments
100
.0
%
*
Percentages
indicated
are
based
upon
total
investments
(excluding
Securities
held
as
Collateral
on
Loaned
Securities)
as
of
June
30,
2025.
**
Industries
and/or
investment
types
representing
less
than
5%
of
total
investments.
Third
Quarter
Report
—
June
30,
2025
(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;
(9) foreign
exchange
transactions
(“spot
contracts”) and
foreign
exchange
forward
contracts
(“for-
ward
contracts”)
are
valued
daily
using
an
independent
pricing
vendor
at
the
spot
and
forward
rates,
respectively,
as
of
the
close
of
the
New
York
Stock
Exchange;
and (10)
investments
in
mutual
funds,
including
the
Morgan
Stan-
ley
Institutional
Liquidity
Funds,
are
valued
at
the
net
asset
value
(“NAV”)
as
of
the
close
of
each
business
day.
In
connection
with
Rule
2a-5
of
the
Act,
the
Trust-
ees
have
designated
the
Trust's
Adviser
as
its
valuation
designee.
The
valuation
designee
has
responsibility
for
determining
fair
value
and
to
make
the
actual
calculations
pursuant
to
the
fair
valuation
methodologies
previously
approved
by
the
Trustees.
Under
procedures
approved
by
the
Trustees,
the
Trust’s
Adviser
has
formed
a
Valuation
Committee
whose
members
are
approved
by
the
Trustees.
The
Valuation
Committee
provides
administration
and
oversight
of
the
Trust’s
valuation
policies
and
procedures,
which
are
reviewed
at
least
annually
by
the
Trustees.
These
procedures
allow
the Trust
to
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers
and
other
market
sources
to
determine
fair
value.
Third
Quarter
Report
—
June
30,
2025
(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. 
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
‌
Aerospace
&
Defense
$
3,172
$
—
$
—
$
3,172
Air
Freight
&
Logistics
720
—
—
720
Automobile
Components
1,329
—
—
1,329
Automobiles
3,039
—
—
3,039
Banks
27,416
—
—
27,416
Beverages
1,974
—
—
1,974
Biotechnology
1,268
—
—
1,268
Broadline
Retail
2,107
—
—
2,107
Building
Products
2,736
—
—
2,736
Capital
Markets
5,688
—
—
5,688
Chemicals
4,356
—
—
4,356
Commercial
Services
&
Supplies
1,543
—
—
1,543
Communications
Equipment
322
—
—
322
Construction
&
Engineering
1,699
—
—
1,699
Construction
Materials
1,769
—
—
1,769
Consumer
Staples
Distribution
&
Retail
3,158
—
—
3,158
Containers
&
Packaging
143
—
—
143
Distributors
34
—
—
34
Diversified
Consumer
Services
58
—
—
58
Diversified
REITs
242
—
—
242
Diversified
Telecommunication
Services
3,281
—
—
3,281
Electric
Utilities
3,126
—
—
3,126
Electrical
Equipment
5,013
—
—
5,013
Electronic
Equipment,
Instruments
&
Components
2,430
—
—
2,430
Entertainment
2,278
—
—
2,278
Financial
Services
2,085
—
—
2,085
Food
Products
4,632
—
—
4,632
Gas
Utilities
648
—
—
648
Ground
Transportation
1,954
—
—
1,954
Health
Care
Equipment
&
Supplies
2,862
—
—
2,862
Health
Care
Providers
&
Services
55
—
—
55
Health
Care
Technology
171
—
—
171
Hotels,
Restaurants
&
Leisure
1,567
‌
—
‌
—
‌
1,567
‌
Investment
Type
Level
1
Unadjusted
quoted
prices
(000)
Level
2
Other
significant
observable
inputs
(000)
Level
3
Significant
unobservable
inputs
(000)
Total
(000)
Common
Stocks
(cont’d)
Household
Durables
$
2,319
$
—
$
—
$
2,319
Household
Products
648
—
—
648
Independent
Power
and
Renewable
Electricity
Producers
172
—
—
172
Industrial
Conglomerates
2,433
—
—
2,433
Industrial
REITs
434
—
—
434
Insurance
12,305
—
—
12,305
Interactive
Media
&
Services
926
—
—
926
IT
Services
2,775
—
—
2,775
Leisure
Products
133
—
—
133
Life
Sciences
Tools
&
Services
896
—
—
896
Machinery
5,655
—
—
5,655
Marine
Transportation
540
—
—
540
Media
550
—
—
550
Metals
&
Mining
4,733
—
—
4,733
Multi-Utilities
1,729
—
—
1,729
Office
REITs
46
—
—
46
Oil,
Gas
&
Consumable
Fuels
1,886
—
—
1,886
Paper
&
Forest
Products
385
—
—
385
Passenger
Airlines
571
—
—
571
Personal
Care
Products
2,417
—
—
2,417
Pharmaceuticals
11,721
—
—
11,721
Professional
Services
3,536
—
—
3,536
Real
Estate
Management
&
Development
1,898
118
—
2,016
Residential
REITs
44
—
—
44
Retail
REITs
408
—
—
408
Semiconductors
&
Semiconductor
Equipment
16,367
—
—
16,367
Software
5,344
—
—
5,344
Specialty
Retail
1,364
—
—
1,364
Technology
Hardware,
Storage
&
Peripherals
3,242
—
—
3,242
Textiles,
Apparel
&
Luxury
Goods
3,534
—
—
3,534
Trading
Companies
&
Distributors
2,008
—
—
2,008
Transportation
Infrastructure
752
—
—
752
Water
Utilities
225
‌
—
‌
—
‌
225
‌
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
Following
is
a
reconciliation
of
investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value:
Investment
Type
Level
1
Unadjusted
quoted
prices
(000)
Level
2
Other
significant
observable
inputs
(000)
Level
3
Significant
unobservable
inputs
(000)
Total
(000)
Common
Stocks
(cont’d)
Wireless
Telecommunication
Services
$
2,143
$
—
$
—
$
2,143
Total
Common
Stocks
187,014
‌
118
—
187,132
Preferred
Stocks
‌
Chemicals
48
—
—
48
Warrants
‌
Software
—
—
—
(1)
—
Short-Term
Investments
‌
Investment
Company
 2,526
‌
 —
‌
 —
‌
 2,526
‌
Total
Assets
$189,588
‌
$118
‌
$—
‌
$189,706
‌
(1)
Includes
a
security
valued
at
zero.
Warrants
(000)
Beginning
Balance
$
—
Purchases
—
Sales
—
Transfers
in
—
(1)
Transfers
out
—
Corporate
actions
—
Change
in
unrealized
appreciation
(depreciation)
—
Realized
gains
(losses)
—
Ending
Balance
$
—
(1)
Net
change
in
unrealized
appreciation
(depreciation)
from
Investments
still
held
as
of
June
30,
2025
$
—
(1)
Includes
a
security
valued
at
zero.
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$
—
$
32,510
$
—
$
32,510
Commercial
Mortgage-
Backed
Securities
—
21,425
—
21,425
Corporate
Bonds
—
83,547
—
83,547
U.S.
Government
and
Agency
Securities
—
27,555
—
27,555
 —
‌
 —
‌
 —
‌
 —
‌
Total
Fixed
Income
Securities
—
165,037
—
165,037
Short-Term
Investments
Investment
Company
3,906
—
—
3,906
Commercial
Paper
—
6,881
—
6,881
Total
Short-Term
Investments
3,906
6,881
—
10,787
Total
Assets
$3,906
$171,918
$—
$175,824
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$492,693
(1)
$—
‌
$—
‌
$492,693
‌
Short-Term
Investments
Investment
Company
 1,287
‌
 —
‌
 —
‌
 1,287
‌
Total
Assets
$493,980
‌
$—
‌
$—
‌
$493,980
‌
(1)
The
level
classification
by
major
category
of
investments
is
the
same
as
the
category
presentation
in
the
Portfolio
of
Investments.
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$26,104
(1)
$—
‌
$—
‌
$26,104
‌
Short-Term
Investment
Investment
Company
 54
‌
 —
‌
 —
‌
 54
‌
Total
Assets
$26,158
‌
$—
‌
$—
‌
$26,158
‌
(1)
The
level
classification
by
major
category
of
investments
is
the
same
as
the
category
presentation
in
the
Portfolio
of
Investments.
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$72,641
(1)
$—
‌
$—
‌
$72,641
‌
Short-Term
Investments
Investment
Company
 247
‌
 —
‌
 —
‌
 247
‌
Total
Assets
$72,888
‌
$—
‌
$—
‌
$72,888
‌
(1)
The
level
classification
by
major
category
of
investments
is
the
same
as
the
category
presentation
in
the
Portfolio
of
Investments.
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$13,480
(1)
$—
‌
$—
‌
$13,480
‌
Short-Term
Investments
Investment
Company
 29
‌
 —
‌
 —
‌
 29
‌
Total
Assets
$13,509
‌
$—
‌
$—
‌
$13,509
‌
(1)
The
level
classification
by
major
category
of
investments
is
the
same
as
the
category
presentation
in
the
Portfolio
of
Investments.
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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:
Common
Stocks
$
—
$
641
$
—
$
641
 —
‌
 —
‌
 —
‌
 —
‌
Fixed
Income
Securities
Asset-Backed
Securities
—
121,767
—
121,767
Corporate
Bonds
—
58,375
—
58,375
Variable
Rate
Senior
Loan
Interests
(Less
Unfunded
Loan
Commitments)
—
1,146,566
—
1,146,566
 —
‌
 —
‌
 —
‌
 —
‌
Total
Fixed
Income
Securities
—
1,326,708
—
1,326,708
Short-Term
Investments
Investment
Company
74,442
—
—
74,442
Total
Assets
$74,442
$1,327,349
$—
$1,401,791
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
Income
Municipal
ETF
Assets:
Fixed
Income
Securities
Municipal
Bonds
$
—
$
36,694
$
—
$
36,694
 —
‌
 —
‌
 —
‌
 —
‌
Short-Term
Investments
Municipal
Bonds
—
2,500
—
2,500
Total
Assets
$—
$39,194
$—
$39,194
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$
—
$
20,192
$
—
$
20,192
 —
‌
 —
‌
 —
‌
 —
‌
Short-Term
Investments
Investment
Company
1,212
—
—
1,212
Total
Assets
$1,212
$20,192
$—
$21,404
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
Investment
Type
Level
1
Unadjusted
quoted
prices
(000)
Level
2
Other
significant
observable
inputs
(000)
Level
3
Significant
unobservable
inputs
(000)
Total
(000)
Eaton
Vance
Intermediate
Municipal
Income
ETF
Assets:
Fixed
Income
Securities
Corporate
Bonds
$
—
$
1,018
$
—
$
1,018
Municipal
Bonds
—
90,018
—
90,018
 —
‌
 —
‌
 —
‌
 —
‌
Total
Fixed
Income
Securities
—
91,036
—
91,036
Short-Term
Investments
Municipal
Bonds
—
3,200
—
3,200
Total
Assets
$—
$94,236
$—
$94,236
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$
—
$
90,777
$
—
$
90,777
Collateralized
Mortgage
Obligations
—
Agency
Collateral
Series
—
21,130
—
21,130
Commercial
Mortgage-
Backed
Securities
—
51,672
—
51,672
Corporate
Bonds
—
217,983
—
217,983
Sovereign
—
2,376
—
2,376
U.S.
Government
and
Agency
Securities
—
56,409
—
56,409
 —
‌
 —
‌
 —
‌
 —
‌
Total
Fixed
Income
Securities
—
440,347
—
440,347
Investment
Companies
9,609
—
—
9,609
Short-Term
Investments
Investment
Company
38,883
—
—
38,883
U.S.
Government
and
Agency
Security
—
1,524
—
1,524
Total
Short-Term
Investments
38,883
1,524
—
40,407
Futures
Contracts
568
—
—
568
Total
Assets
$49,060
$441,871
$—
$490,931
Liabilities:
Futures
Contracts
(491)
—
—
(491)
Total
$48,569
$441,871
$—
$490,440
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
Corporate
Bonds
$
—
$
2,544
$
—
$
2,544
Municipal
Bonds
—
298,531
—
298,531
 —
‌
 —
‌
 —
‌
 —
‌
Total
Fixed
Income
Securities
—
301,075
—
301,075
Short-Term
Investments
Investment
Company
2,147
—
—
2,147
Municipal
Bonds
—
35,920
—
35,920
Total
Short-Term
Investments
2,147
35,920
—
38,067
Total
Assets
$2,147
$336,995
$—
$339,142
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$
—
$
271,651
$
—
$
271,651
Collateralized
Mortgage
Obligations
—
Agency
Collateral
Series
—
569,821
—
569,821
Commercial
Mortgage-
Backed
Securities
—
181,461
—
181,461
Corporate
Bonds
—
583,911
—
583,911
Sovereign
—
10,708
—
10,708
Supranational
—
1,134
—
1,134
U.S.
Government
and
Agency
Securities
—
650,882
—
650,882
 —
‌
 —
‌
 —
‌
 —
‌
Total
Fixed
Income
Securities
—
2,269,568
—
2,269,568
Investment
Companies
13,882
—
—
13,882
Short-Term
Investments
Investment
Company
315,614
—
—
315,614
U.S.
Government
and
Agency
Security
—
9,277
—
9,277
Total
Short-Term
Investments
315,614
9,277
—
324,891
Foreign
Currency
Forward
Exchange
Contracts
—
433
—
433
Futures
Contracts
4,015
—
—
4,015
Total
Assets
$333,511
$2,279,278
$—
$2,612,789
Liabilities:
Foreign
Currency
Forward
Exchange
Contracts
—
(222)
—
(222)
Futures
Contracts
(55)
—
—
(55)
Total
$333,456
$2,279,056
$—
$2,612,512
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$
—
$
39,079
$
—
$
39,079
Commercial
Mortgage-
Backed
Securities
—
17,179
—
17,179
Corporate
Bonds
—
119,936
—
119,936
Sovereign
—
546
—
546
U.S.
Government
and
Agency
Securities
—
26,587
—
26,587
 —
‌
 —
‌
 —
‌
 —
‌
Total
Fixed
Income
Securities
—
203,327
—
203,327
Investment
Company
748
—
—
748
Short-Term
Investments
Investment
Company
5,274
—
—
5,274
Commercial
Paper
—
9,038
—
9,038
Total
Short-Term
Investments
5,274
9,038
—
14,312
Total
Assets
$6,022
$212,365
$—
$218,387
Liabilities:
Futures
Contracts
(10)
—
—
(10)
Total
$6,012
$212,365
$—
$218,377
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$21,207
(1)
$—
‌
$—
‌
$21,207
‌
Purchased
Options
10
‌
281
—
291
Short-Term
Investment
Investment
Company
 751
‌
 —
‌
 —
‌
 751
‌
Total
Assets
$21,968
‌
$281
‌
$—
‌
$22,249
‌
Liabilities:
Written
Options
 (155
)
 (89
)
 —
‌
 (244
)
Total
Liabilities
$(155
)
$(89
)
$—
‌
$(244
)
Total
$21,813
‌
$192
‌
$—
‌
$22,005
‌
(1)
The
level
classification
by
major
category
of
investments
is
the
same
as
the
category
presentation
in
the
Portfolio
of
Investments.
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$219,852
(1)
$—
‌
$—
‌
$219,852
‌
Short-Term
Investments
Investment
Company
 2,634
‌
 —
‌
 —
‌
 2,634
‌
Total
Assets
$222,486
‌
$—
‌
$—
‌
$222,486
‌
Liabilities:
Written
Options
 —
‌
 (2,214
)
 —
‌
 (2,214
)
Total
Liabilities
$—
‌
$(2,214
)
$—
‌
$(2,214
)
Total
$222,486
‌
$(2,214
)
$—
‌
$220,272
‌
(1)
The
level
classification
by
major
category
of
investments
is
the
same
as
the
category
presentation
in
the
Portfolio
of
Investments.
Third
Quarter
Report
—
June
30,
2025
(unaudited)
Notes
to
the
Portfolio
of
Investments
(cont’d)
Morgan
Stanley
ETF
Trust
The
following
is
a
summary
of
the
inputs
used
to
value
the
Fund's
investments
as
of
June
30,
2025:
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
$102,754
(1)
$—
‌
$—
‌
$102,754
‌
Purchased
Options
1,437
‌
—
—
1,437
Short-Term
Investments
Investment
Company
 1,712
‌
 —
‌
 —
‌
 1,712
‌
Total
Assets
$105,903
‌
$—
‌
$—
‌
$105,903
‌
Liabilities:
Written
Options
 (3,374
)
 —
‌
 —
‌
 (3,374
)
Total
Liabilities
$(3,374
)
$—
‌
$—
‌
$(3,374
)
Total
$102,529
‌
$—
‌
$—
‌
$102,529
‌
(1)
The
level
classification
by
major
category
of
investments
is
the
same
as
the
category
presentation
in
the
Portfolio
of
Investments.