Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Shares

Value

Common

Stocks

(99.7%)

Australia

(

4

.8

%

)

ANZ

Group

Holdings

Ltd.

38,657

$

937,490

APA

Group

10,465

62,645

ASX

Ltd.

1,917

65,808

BlueScope

Steel

Ltd.

15,645

251,307

Brambles

Ltd.

22,022

337,429

CAR

Group

Ltd.

4,727

97,034

Cochlear

Ltd.

978

170,124

Coles

Group

Ltd.

24,745

354,051

Commonwealth

Bank

of

Australia

18,847

2,019,576

Computershare

Ltd.

4,559

103,869

CSL

Ltd.

5,115

589,340

Evolution

Mining

Ltd.

50,638

428,499

Fortescue

Ltd.

41,928

615,854

Goodman

Group

23,758

491,185

Insurance

Australia

Group

Ltd.

33,887

180,464

Macquarie

Group

Ltd.

4,532

614,564

Medibank

Pvt.

Ltd.

38,144

121,931

National

Australia

Bank

Ltd.

36,274

1,024,217

Northern

Star

Resources

Ltd.

37,817

674,590

Pro

Medicus

Ltd.

446

65,739

Qantas

Airways

Ltd.

23,678

164,020

QBE

Insurance

Group

Ltd.

18,167

241,141

REA

Group

Ltd.

594

72,697

Reece

Ltd.(a)

7,536

67,391

Scentre

Group

40,255

112,830

SGH

Ltd.

2,290

70,986

Sonic

Healthcare

Ltd.

4,164

62,830

South32

Ltd.

120,199

285,565

Stockland

34,341

131,317

Suncorp

Group

Ltd.

12,402

146,080

Telstra

Group

Ltd.

47,226

153,484

Transurban

Group

48,669

461,530

Vicinity

Ltd.

45,662

78,010

Wesfarmers

Ltd.

14,915

807,131

Westpac

Banking

Corp.

39,758

1,024,155

WiseTech

Global

Ltd.

1,224

55,921

Woolworths

Group

Ltd.

15,978

313,277

13,454,081

Austria

(

0

.3

%

)

ANDRITZ

AG

867

68,012

Erste

Group

Bank

AG

2,998

362,542

Mondi

plc

1

12

OMV

AG

4,298

240,024

Verbund

AG(a)

950

69,219

739,809

Belgium

(

0

.7

%

)

Ackermans

&

van

Haaren

NV

237

64,617

Ageas

SA/NV

180

12,650

Anheuser-Busch

InBev

SA/NV

10,906

703,639

D'ieteren

Group

223

40,332

Elia

Group

SA/NV

753

97,076

Groupe

Bruxelles

Lambert

NV

2,157

192,526

KBC

Group

NV

1,745

228,143

Lotus

Bakeries

NV

5

46,127

Sofina

SA

49

14,223

Syensqo

SA

857

69,050

Shares

Value

UCB

SA

1,301

$

364,804

1,833,187

Canada

(

10

.4

%

)

Agnico

Eagle

Mines

Ltd.

8,234

1,396,340

Alamos

Gold,

Inc.,

Class

A

9,255

357,375

Alimentation

Couche-Tard,

Inc.

12,774

697,635

AltaGas

Ltd.

6,438

196,299

Bank

of

Montreal

8,615

1,118,811

Bank

of

Nova

Scotia

(The)

15,542

1,146,273

Brookfield

Asset

Management

Ltd.,

Class

A

4,748

248,720

Brookfield

Corp.,

Class

A

23,654

1,086,063

CAE,

Inc.(a)(b)

6,156

187,207

Cameco

Corp.(a)

9,810

898,270

Canadian

Imperial

Bank

of

Commerce

12,184

1,104,554

Canadian

National

Railway

Co.

7,431

734,952

Canadian

Pacific

Kansas

City

Ltd.(a)

12,566

925,135

Canadian

Tire

Corp.

Ltd.,

Class

A(a)

766

97,073

CCL

Industries,

Inc.,

Class

B(a)

2,271

143,452

Celestica,

Inc.(a)(b)

1,454

430,104

CGI,

Inc.

3,556

328,461

Constellation

Software,

Inc.

231

555,625

Descartes

Systems

Group,

Inc.

(The)(b)

1,649

144,662

Dollarama,

Inc.(a)

3,808

569,140

Element

Fleet

Management

Corp.

621

16,311

Emera,

Inc.

1,296

63,868

Empire

Co.

Ltd.,

Class

A(a)

2,284

79,409

FirstService

Corp.(a)

410

63,761

Fortis,

Inc.(a)

5,279

274,460

George

Weston

Ltd.

1,196

82,510

Gildan

Activewear,

Inc.(a)

1,684

105,257

Great-West

Lifeco,

Inc.

3,748

184,840

Hydro

One

Ltd.(c)

7,012

279,142

iA

Financial

Corp.,

Inc.

586

75,923

IGM

Financial,

Inc.(a)

387

17,428

Intact

Financial

Corp.

1,991

414,476

Ivanhoe

Mines

Ltd.,

Class

A(a)(b)

17,298

196,730

Kinross

Gold

Corp.

31,356

883,190

Loblaw

Cos.

Ltd.(a)

11,290

510,396

Lundin

Gold,

Inc.(a)

1,998

165,977

Lundin

Mining

Corp.(a)

23,316

501,127

Magna

International,

Inc.

4,465

238,027

Manulife

Financial

Corp.

24,404

886,157

Metro,

Inc.,

Class

A

4,756

342,316

National

Bank

of

Canada(a)

4,516

567,926

Nutrien

Ltd.(a)

6,504

401,456

Open

Text

Corp.(a)

2,628

85,586

Power

Corp.

of

Canada(a)

9,133

485,412

RB

Global,

Inc.(a)

2,575

265,107

Rogers

Communications,

Inc.,

Class

B(a)

1,801

67,983

Royal

Bank

of

Canada

16,109

2,746,235

Saputo,

Inc.(a)

3,340

100,525

Shopify,

Inc.,

Class

A(b)

14,427

2,322,934

Stantec,

Inc.

1,015

95,780

Sun

Life

Financial,

Inc.

7,678

479,291

Teck

Resources

Ltd.,

Class

B

16,195

775,326

TELUS

Corp.

3,786

49,899

TFI

International,

Inc.(a)

814

84,137

Thomson

Reuters

Corp.(a)

1,460

192,670

TMX

Group

Ltd.(a)

3,641

138,552

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Canada

(cont’d)

Toromont

Industries

Ltd.(a)

1,235

$

149,409

Toronto-Dominion

Bank

(The)

19,969

1,882,037

WSP

Global,

Inc.

1,832

331,710

28,969,431

China

(

0

.0

%

)

(d)

Lenovo

Group

Ltd.

66,000

78,528

Denmark

(

1

.4

%

)

Carlsberg

A/S,

Class

B

762

100,135

Coloplast

A/S,

Class

B

1,060

91,129

Danske

Bank

A/S

7,694

385,689

Demant

A/S(a)(b)

1,453

49,198

DSV

A/S

1,794

455,864

Genmab

A/S(b)

772

246,213

Jyske

Bank

A/S

161

22,102

Novo

Nordisk

A/S,

Class

B

31,398

1,606,791

Novonesis

Novozymes

B,

Class

B

4,994

320,432

Orsted

A/S(b)(c)

4,344

83,624

Pandora

A/S

676

75,262

ROCKWOOL

A/S,

Class

B

1,658

58,800

Tryg

A/S

334

8,750

Vestas

Wind

Systems

A/S

13,168

359,260

3,863,249

Finland

(

1

.0

%

)

Amer

Sports,

Inc.(b)

1,558

58,191

Elisa

OYJ

1,691

74,999

Fortum

OYJ

5,023

107,317

Kesko

OYJ,

Class

B

4,403

99,607

Kone

OYJ,

Class

B

3,363

239,345

Konecranes

OYJ

792

87,398

Metso

OYJ

6,061

106,701

Neste

OYJ

12,895

294,143

Nokia

OYJ

64,065

419,512

Nordea

Bank

Abp

30,310

572,685

Orion

OYJ,

Class

B

1,385

103,600

Sampo

OYJ,

Class

A

16,705

202,796

Stora

Enso

OYJ,

Class

R(a)

11,864

149,255

UPM-Kymmene

OYJ

5,484

159,767

Valmet

OYJ

3,618

120,456

Wartsila

OYJ

Abp

3,778

134,973

2,930,745

France

(

6

.7

%

)

Accor

SA

2,345

132,887

Air

Liquide

SA

7,175

1,351,322

Alstom

SA(b)

2,767

81,847

Amundi

SA(c)

124

10,288

Arkema

SA

871

53,381

AXA

SA

20,413

982,604

BioMerieux

494

64,034

BNP

Paribas

SA

11,384

1,080,847

Bouygues

SA

3,935

205,093

Bureau

Veritas

SA

3,989

127,416

Capgemini

SE

1,594

266,472

Carrefour

SA

3,968

66,357

Cie

de

Saint-Gobain

SA

9,108

930,796

Cie

Generale

des

Etablissements

Michelin

SCA

8,077

268,721

Shares

Value

Covivio

SA

1,156

$

76,961

Credit

Agricole

SA

12,455

256,881

Danone

SA

9,017

813,621

Dassault

Systemes

SE

5,136

143,894

Edenred

SE

2,943

65,402

Eiffage

SA

999

143,701

Elis

SA

2,653

75,638

Engie

SA

22,348

588,562

EssilorLuxottica

SA

3,473

1,101,589

Eurofins

Scientific

SE

2,302

168,811

Gecina

SA

571

54,287

Getlink

SE

5,346

98,826

Hermes

International

SCA

367

915,215

Ipsen

SA

416

58,177

Kering

SA

627

221,792

Legrand

SA

2,903

434,127

L'Oreal

SA

2,490

1,072,762

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2,524

1,913,202

Orange

SA

21,415

357,370

Pernod

Ricard

SA

948

81,440

Publicis

Groupe

SA

3,024

314,938

Renault

SA

1,722

71,679

Rexel

SA

3,187

125,807

Safran

SA

4,302

1,503,568

Sartorius

Stedim

Biotech

232

57,256

SCOR

SE

2,827

95,483

Societe

Generale

SA

6,714

542,221

Sodexo

SA

799

41,034

SPIE

SA

1,126

65,185

Thales

SA

1,207

325,964

Unibail-Rodamco-Westfield

920

100,291

Veolia

Environnement

SA

8,631

301,454

Vinci

SA

6,146

867,095

18,676,298

Germany

(

7

.2

%

)

adidas

AG

1,615

320,848

Allianz

SE

4,331

1,987,563

Aumovio

SE(b)

617

31,136

Bayerische

Motoren

Werke

AG

3,400

372,158

Bechtle

AG

1,633

83,826

Beiersdorf

AG

737

81,138

BioNTech

SE

ADR(b)

936

89,107

Brenntag

SE

1,505

87,656

Carl

Zeiss

Meditec

AG

894

42,025

Commerzbank

AG

10,553

447,708

Continental

AG

1,420

113,411

CTS

Eventim

AG

&

Co.

KGaA

962

88,748

Daimler

Truck

Holding

AG

7,790

341,657

Deutsche

Boerse

AG

1,859

488,717

Deutsche

Post

AG

11,655

640,059

Deutsche

Telekom

AG

38,546

1,252,978

E.ON

SE

22,513

426,624

Evonik

Industries

AG

5,041

79,147

Fresenius

SE

&

Co.

KGaA

2,594

149,314

GEA

Group

AG

2,215

150,457

Hannover

Rueck

SE

665

208,037

HeidelbergCement

AG

3,358

880,030

Henkel

AG

&

Co.

KGaA

2,254

172,179

Infineon

Technologies

AG

16,836

746,513

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Germany

(cont’d)

KION

Group

AG

1,784

$

143,090

Knorr-Bremse

AG

863

96,501

LEG

Immobilien

SE

1,100

80,472

Mercedes-Benz

Group

AG

7,601

536,587

Merck

KGaA

1,741

250,842

MTU

Aero

Engines

AG

670

279,758

Muenchener

Rueckversicherungs-

Gesellschaft

AG

1,562

1,032,009

Nemetschek

SE

962

104,914

SAP

SE

12,097

2,961,986

Scout24

SE(c)

861

86,816

Siemens

AG

9,171

2,577,501

Siemens

Energy

AG(b)

9,775

1,383,105

Siemens

Healthineers

AG(c)

3,499

184,712

Symrise

AG,

Class

A

1,154

93,414

Talanx

AG

624

83,452

thyssenkrupp

AG

14,940

162,828

Tkms

AG

&

Co.

KGaA(b)

746

57,950

Volkswagen

AG

1,981

244,680

Vonovia

SE

7,825

225,668

Zalando

SE(b)(c)

3,604

107,326

19,974,647

Hong

Kong

(

1

.5

%

)

AIA

Group

Ltd.

114,600

1,176,525

BOC

Hong

Kong

Holdings

Ltd.

54,500

276,047

Chow

Tai

Fook

Jewellery

Group

Ltd.(a)

47,000

74,824

CK

Infrastructure

Holdings

Ltd.

500

3,701

CLP

Holdings

Ltd.

19,000

169,915

Hang

Seng

Bank

Ltd.

14,200

280,070

Hong

Kong

&

China

Gas

Co.

Ltd.

85,000

76,561

Hong

Kong

Exchanges

&

Clearing

Ltd.

13,400

701,792

Hongkong

Land

Holdings

Ltd.

10,900

75,755

Link

REIT

39,000

174,086

Power

Assets

Holdings

Ltd.

7,000

49,604

Prudential

plc

23,099

356,355

Sino

Land

Co.

Ltd.

86,000

112,933

Sun

Hung

Kai

Properties

Ltd.(a)

11,500

139,932

Swire

Pacific

Ltd.,

Class

A

2,500

20,141

Techtronic

Industries

Co.

Ltd.

17,000

196,371

WH

Group

Ltd.(c)

126,500

140,922

Wharf

Holdings

Ltd.

(The)(a)

46,000

128,495

Wharf

Real

Estate

Investment

Co.

Ltd.

39,000

123,173

4,277,202

Ireland

(

0

.5

%

)

AerCap

Holdings

NV

2,483

356,956

AIB

Group

plc

16,072

173,768

Bank

of

Ireland

Group

plc

15,767

303,418

Kerry

Group

plc,

Class

A

2,252

206,431

Kingspan

Group

plc

5,692

496,007

1,536,580

Israel

(

0

.5

%

)

Bank

Hapoalim

BM

18,934

428,379

Check

Point

Software

Technologies

Ltd.(a)

(b)

1,719

318,978

Mizrahi

Tefahot

Bank

Ltd.

1,548

108,108

Nice

Ltd.(b)

806

90,811

Nova

Ltd.(a)(b)

591

194,078

Shares

Value

Wix.com

Ltd.(a)(b)

1,388

$

144,199

1,284,553

Italy

(

2

.6

%

)

A2A

SpA

25,055

68,017

Banca

Monte

dei

Paschi

di

Siena

SpA

23,528

252,445

Banco

BPM

SpA

7,553

115,569

BPER

Banca

SpA

7,159

97,594

Coca-Cola

HBC

AG

2,623

135,841

Enel

SpA

100,655

1,050,058

Ferrari

NV

1,186

444,200

FinecoBank

Banca

Fineco

SpA

6,743

175,921

Generali(a)

12,678

532,646

Hera

SpA

13,035

61,581

Infrastrutture

Wireless

Italiane

SpA(c)

4,571

42,357

Intesa

Sanpaolo

SpA

169,503

1,179,463

Moncler

SpA

2,584

166,777

Poste

Italiane

SpA(c)

6,166

155,650

PRADA

SpA

11,200

64,759

Prysmian

SpA

3,886

394,483

Recordati

Industria

Chimica

e

Farmaceutica

SpA

1,427

81,402

Reply

SpA

313

42,191

Ryanair

Holdings

plc

4,650

161,481

Snam

SpA

32,479

215,886

Telecom

Italia

SpA(b)

237,524

143,421

Terna

-

Rete

Elettrica

Nazionale

22,214

236,363

UniCredit

SpA

17,273

1,439,621

7,257,726

Japan

(

16

.1

%

)

Advantest

Corp.

8,800

1,103,090

Aeon

Co.

Ltd.

29,400

464,912

AGC,

Inc.(a)

7,600

251,959

Aisin

Corp.

11,500

214,817

Ajinomoto

Co.,

Inc.

12,000

254,111

ANA

Holdings,

Inc.

3,000

57,054

Asahi

Group

Holdings

Ltd.

20,900

218,754

Asahi

Kasei

Corp.

12,300

109,070

Asics

Corp.

6,400

153,422

Astellas

Pharma,

Inc.

14,200

189,738

Bandai

Namco

Holdings,

Inc.

3,700

98,547

Bridgestone

Corp.(a)

10,200

228,823

Canon,

Inc.(a)

11,100

328,309

Capcom

Co.

Ltd.

3,600

83,910

Central

Japan

Railway

Co.

6,100

168,895

Chugai

Pharmaceutical

Co.

Ltd.

8,700

457,828

Dai

Nippon

Printing

Co.

Ltd.

12,000

206,384

Daifuku

Co.

Ltd.(a)

3,700

116,404

Dai-ichi

Life

Holdings,

Inc.

30,900

257,138

Daiichi

Sankyo

Co.

Ltd.

18,500

395,416

Daikin

Industries

Ltd.

2,500

320,480

Daito

Trust

Construction

Co.

Ltd.

700

13,344

Daiwa

House

Industry

Co.

Ltd.

8,500

282,067

Daiwa

Securities

Group,

Inc.

26,900

235,358

Denso

Corp.

18,000

247,983

Disco

Corp.

1,100

338,272

East

Japan

Railway

Co.

10,600

279,617

Ebara

Corp.(a)

6,000

141,113

Eisai

Co.

Ltd.

3,000

89,249

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Japan

(cont’d)

FANUC

Corp.

12,300

$

477,740

Fast

Retailing

Co.

Ltd.

1,700

617,965

Fuji

Electric

Co.

Ltd.

3,000

226,954

FUJIFILM

Holdings

Corp.

15,200

324,494

Fujikura

Ltd.

2,600

289,479

Fujitsu

Ltd.

18,500

511,277

Hankyu

Hanshin

Holdings,

Inc.

3,000

75,517

Hoya

Corp.

4,000

604,826

Hulic

Co.

Ltd.(a)

16,300

178,411

IHI

Corp.

9,000

158,264

Isuzu

Motors

Ltd.

14,700

228,937

ITOCHU

Corp.

63,000

794,337

Japan

Airlines

Co.

Ltd.

3,700

68,619

Japan

Exchange

Group,

Inc.

10,100

108,067

Japan

Post

Bank

Co.

Ltd.

15,100

212,946

Kajima

Corp.

2,400

89,402

Kao

Corp.(a)

4,700

187,862

Kawasaki

Heavy

Industries

Ltd.(a)

1,300

86,147

KDDI

Corp.

35,900

620,756

Keyence

Corp.

2,300

832,252

Kikkoman

Corp.(a)

10,700

97,136

Kirin

Holdings

Co.

Ltd.(a)

7,800

116,920

Komatsu

Ltd.

11,600

370,276

Kubota

Corp.(a)

12,900

182,539

Kyocera

Corp.

20,600

288,866

Kyowa

Kirin

Co.

Ltd.(a)

5,800

93,569

Lasertec

Corp.

800

151,405

LY

Corp.

40,500

107,869

M3,

Inc.(a)

6,900

93,122

Makita

Corp.

3,700

111,893

Marubeni

Corp.

13,500

375,163

MEIJI

Holdings

Co.

Ltd.

3,500

77,870

Mitsubishi

Chemical

Group

Corp.

37,500

219,077

Mitsubishi

Electric

Corp.

28,600

837,149

Mitsubishi

Estate

Co.

Ltd.

16,600

404,932

Mitsubishi

HC

Capital,

Inc.

24,700

206,727

Mitsubishi

Heavy

Industries

Ltd.

42,100

1,032,074

Mitsubishi

UFJ

Financial

Group,

Inc.

135,000

2,148,589

Mitsui

Fudosan

Co.

Ltd.

39,900

453,536

Mizuho

Financial

Group,

Inc.

27,900

1,015,258

MonotaRO

Co.

Ltd.(a)

3,900

62,257

MS&AD

Insurance

Group

Holdings,

Inc.

15,300

359,741

Murata

Manufacturing

Co.

Ltd.

21,100

437,248

NEC

Corp.

13,100

444,082

Nintendo

Co.

Ltd.

10,700

723,739

Nippon

Paint

Holdings

Co.

Ltd.(a)

11,700

78,242

Nissin

Foods

Holdings

Co.

Ltd.

3,100

57,620

Nitori

Holdings

Co.

Ltd.

2,200

38,518

Nitto

Denko

Corp.

7,300

173,133

Nomura

Holdings,

Inc.

47,000

390,366

Nomura

Research

Institute

Ltd.

4,000

153,754

NTT,

Inc.

272,500

274,344

Obayashi

Corp.

8,200

171,130

Olympus

Corp.

15,300

193,838

Oracle

Corp.

Japan

800

67,365

Oriental

Land

Co.

Ltd.

6,100

112,876

ORIX

Corp.

15,300

444,817

Osaka

Gas

Co.

Ltd.

7,400

256,525

Shares

Value

Otsuka

Corp.(a)

7,400

$

152,686

Otsuka

Holdings

Co.

Ltd.

4,200

237,912

Pan

Pacific

International

Holdings

Corp.

11,000

65,471

Panasonic

Holdings

Corp.

23,100

298,409

Rakuten

Group,

Inc.(b)

18,800

120,501

Recruit

Holdings

Co.

Ltd.

17,300

977,101

Renesas

Electronics

Corp.(b)

16,700

228,154

Resona

Holdings,

Inc.

32,600

310,724

Ryohin

Keikaku

Co.

Ltd.

3,200

56,834

SCREEN

Holdings

Co.

Ltd.

200

19,459

Secom

Co.

Ltd.

3,500

124,524

Seibu

Holdings,

Inc.

2,200

60,449

Sekisui

Chemical

Co.

Ltd.

8,200

137,941

Sekisui

House

Ltd.

10,500

234,480

Seven

&

i

Holdings

Co.

Ltd.

22,500

323,265

Shimadzu

Corp.

2,900

77,165

Shin-Etsu

Chemical

Co.

Ltd.

21,900

681,299

Shionogi

&

Co.

Ltd.

9,600

174,116

Shiseido

Co.

Ltd.(a)

5,100

74,169

SMC

Corp.

600

208,606

SoftBank

Corp.

379,100

519,859

SoftBank

Group

Corp.

42,800

1,202,247

Sompo

Holdings,

Inc.

11,400

388,345

Sony

Group

Corp.

71,300

1,831,660

Square

Enix

Holdings

Co.

Ltd.

3,000

54,766

Subaru

Corp.

4,800

104,035

Sumitomo

Electric

Industries

Ltd.

11,300

456,285

Sumitomo

Mitsui

Financial

Group,

Inc.

43,200

1,390,266

Sumitomo

Mitsui

Trust

Group,

Inc.

7,400

225,675

Suntory

Beverage

&

Food

Ltd.(a)

3,700

111,657

Sysmex

Corp.

6,400

63,024

T&D

Holdings,

Inc.

6,700

154,625

Takeda

Pharmaceutical

Co.

Ltd.

20,000

617,339

TDK

Corp.

24,800

350,056

Terumo

Corp.

12,800

185,495

Tokio

Marine

Holdings,

Inc.

18,300

679,591

Tokyo

Electron

Ltd.

4,800

1,051,685

Tokyo

Gas

Co.

Ltd.

6,200

245,601

Tokyu

Corp.

9,700

113,324

TOPPAN

Holdings,

Inc.

5,700

169,610

Toray

Industries,

Inc.

31,600

205,771

Toyo

Suisan

Kaisha

Ltd.

700

48,040

Toyota

Industries

Corp.

800

90,909

Toyota

Motor

Corp.

111,500

2,388,879

Trend

Micro,

Inc.(a)(b)

1,300

53,962

West

Japan

Railway

Co.

6,000

119,740

Yamaha

Motor

Co.

Ltd.(a)

17,900

132,502

Yaskawa

Electric

Corp.

2,900

88,052

Yokogawa

Electric

Corp.

2,900

92,865

Yokohama

Financial

Group,

Inc.

12,400

102,397

ZOZO,

Inc.

7,800

64,286

44,689,694

Netherlands

(

4

.1

%

)

ABN

AMRO

Bank

NV

CVA(c)

4,864

170,285

Adyen

NV(b)(c)

325

525,167

Akzo

Nobel

NV

2,509

174,556

Argenx

SE(b)

858

722,765

ASM

International

NV

670

407,550

ASML

Holding

NV

4,165

4,509,984

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Netherlands

(cont’d)

ASR

Nederland

NV

216

$

15,388

BE

Semiconductor

Industries

NV

933

146,652

Euronext

NV(c)

971

146,063

ING

Groep

NV

31,693

894,267

JDE

Peet's

NV

2,169

81,211

Koninklijke

Ahold

Delhaize

NV

13,876

568,628

Koninklijke

KPN

NV

47,587

222,355

Koninklijke

Vopak

NV

2,118

94,286

Magnum

Ice

Cream

Co.

NV

(The)(b)

5,664

89,900

Nebius

Group

NV,

Class

A(a)(b)

1,845

154,436

NN

Group

NV

2,018

155,906

NXP

Semiconductors

NV

3,131

679,615

Prosus

NV

15,622

970,272

Randstad

NV(a)

1,319

50,176

Universal

Music

Group

NV

12,775

333,743

Wolters

Kluwer

NV

2,268

235,457

11,348,662

New

Zealand

(

0

.2

%

)

Auckland

International

Airport

Ltd.

20,707

99,311

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

5,777

125,560

Meridian

Energy

Ltd.

13,117

42,292

Xero

Ltd.(b)

2,320

176,532

443,695

Norway

(

0

.6

%

)

DNB

Bank

ASA

10,501

293,257

Gjensidige

Forsikring

ASA

3,163

94,765

Kongsberg

Gruppen

ASA

6,231

159,855

Mowi

ASA

9,556

230,558

Norsk

Hydro

ASA

39,221

304,274

Orkla

ASA

17,760

198,214

Salmar

ASA

1,448

88,704

Telenor

ASA

11,807

171,834

Vend

Marketplaces

ASA,

Class

B

2,752

76,444

Yara

International

ASA

2,145

88,098

1,706,003

Portugal

(

0

.1

%

)

Banco

Comercial

Portugues

SA,

Class

R

79,555

83,789

EDP

SA

18,404

84,675

Jeronimo

Martins

SGPS

SA

3,465

82,500

250,964

Singapore

(

1

.2

%

)

CapitaLand

Integrated

Commercial

Trust

39,200

72,886

CapitaLand

Investment

Ltd.

32,400

68,309

DBS

Group

Holdings

Ltd.

24,550

1,076,426

Grab

Holdings

Ltd.,

Class

A(b)

21,511

107,340

Oversea-Chinese

Banking

Corp.

Ltd.

38,900

597,996

Singapore

Airlines

Ltd.

29,100

144,889

Singapore

Exchange

Ltd.

11,700

154,374

Singapore

Technologies

Engineering

Ltd.

27,600

180,793

Singapore

Telecommunications

Ltd.

117,300

415,213

STMicroelectronics

NV

6,994

184,442

United

Overseas

Bank

Ltd.

15,600

425,499

3,428,167

South

Korea

(

4

.7

%

)

Doosan

Enerbility

Co.

Ltd.(b)

7,127

372,540

Hana

Financial

Group,

Inc.

3,778

246,788

Shares

Value

HD

Hyundai

Electric

Co.

Ltd.

405

$

217,604

HMM

Co.

Ltd.

4,805

68,378

Hyundai

Mobis

Co.

Ltd.

1,216

314,858

Hyundai

Motor

Co.

2,022

416,176

Kakao

Corp.

2,626

109,557

KB

Financial

Group,

Inc.

4,397

380,623

Kia

Corp.

3,120

263,799

Krafton,

Inc.(b)

313

53,450

LG

Chem

Ltd.

939

217,061

LG

Electronics,

Inc.

932

59,457

LG

Energy

Solution

Ltd.(b)

795

203,365

Meritz

Financial

Group,

Inc.

1,078

84,636

NAVER

Corp.

1,766

297,286

POSCO

Holdings,

Inc.

1,914

405,241

Samsung

Biologics

Co.

Ltd.(b)(c)

184

216,501

Samsung

C&T

Corp.(b)

902

149,963

Samsung

Electro-Mechanics

Co.

Ltd.(b)

775

137,187

Samsung

Electronics

Co.

Ltd.

58,276

4,850,434

Samsung

Episholdings

Co.

Ltd.(b)

99

51,062

Samsung

Heavy

Industries

Co.

Ltd.(b)

8,774

146,787

Samsung

Life

Insurance

Co.

Ltd.(b)

900

98,462

Samsung

SDS

Co.

Ltd.(b)

535

63,693

Shinhan

Financial

Group

Co.

Ltd.

5,591

298,461

SK

hynix,

Inc.

6,529

2,950,525

SK

Innovation

Co.

Ltd.

1,294

90,905

SK

Square

Co.

Ltd.(b)

894

228,379

Woori

Financial

Group,

Inc.

4,053

78,778

13,071,956

Spain

(

2

.9

%

)

Aena

SME

SA(c)

9,360

262,017

Amadeus

IT

Group

SA

4,880

360,386

Banco

Bilbao

Vizcaya

Argentaria

SA

56,445

1,330,000

Banco

de

Sabadell

SA

23,559

93,165

Banco

Santander

SA

155,458

1,839,731

Bankinter

SA

13,257

220,530

CaixaBank

SA

44,382

544,787

Cellnex

Telecom

SA(c)

5,175

166,820

EDP

Renovaveis

SA(a)

10,838

153,351

Grifols

SA(a)

5,242

65,916

Iberdrola

SA

74,035

1,606,565

Industria

de

Diseno

Textil

SA

11,592

767,515

Redeia

Corp.

SA

4,957

88,372

Repsol

SA(a)

25,556

478,282

Telefonica

SA(a)

40,075

164,507

8,141,944

Sweden

(

2

.9

%

)

AAK

AB

2,264

64,872

AddTech

AB,

Class

B

2,477

88,087

Alfa

Laval

AB

3,513

177,701

Assa

Abloy

AB,

Class

B

11,890

463,512

Atlas

Copco

AB,

Class

A

49,938

900,690

Beijer

Ref

AB,

Class

B

6,415

103,891

Boliden

AB

10,001

559,661

Castellum

AB(a)

9,328

107,804

Epiroc

AB,

Class

A

11,534

262,965

EQT

AB

4,542

179,480

Essity

AB,

Class

B

6,417

184,846

H

&

M

Hennes

&

Mauritz

AB,

Class

B(a)

7,333

148,070

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Sweden

(cont’d)

Hexagon

AB,

Class

B

26,614

$

316,541

Holmen

AB,

Class

B

1,332

51,275

Industrivarden

AB,

Class

A

3,102

139,963

Indutrade

AB

3,326

86,848

Investment

AB

Latour,

Class

B

406

9,940

Investor

AB,

Class

B

21,866

784,720

L

E

Lundbergforetagen

AB,

Class

B

965

53,614

Lifco

AB,

Class

B

2,706

103,461

Nibe

Industrier

AB,

Class

B

18,633

72,091

Saab

AB,

Class

B

4,475

261,311

Sagax

AB,

Class

B

2,439

52,349

Sandvik

AB

12,847

419,465

Skandinaviska

Enskilda

Banken

AB,

Class

A

17,102

362,418

SKF

AB,

Class

B

4,819

128,660

SSAB

AB,

Class

A

29,721

227,528

Svenska

Cellulosa

AB

SCA,

Class

B

8,919

118,771

Svenska

Handelsbanken

AB,

Class

A

12,372

180,544

Sweco

AB,

Class

B

727

11,916

Swedbank

AB,

Class

A

10,093

352,019

Swedish

Orphan

Biovitrum

AB(b)

2,294

82,924

Tele2

AB,

Class

B

1,354

22,730

Telia

Co.

AB

21,832

93,384

Trelleborg

AB,

Class

B

2,821

120,329

Volvo

AB,

Class

B

20,670

664,341

7,958,721

Switzerland

(

4

.2

%

)

ABB

Ltd.

18,547

1,386,635

Accelleron

Industries

AG

1,057

82,134

Avolta

AG

835

49,693

Barry

Callebaut

AG(a)

52

85,737

Belimo

Holding

AG

239

235,651

BKW

AG

318

67,607

Chocoladefabriken

Lindt

&

Spruengli

AG

2

293,902

Cie

Financiere

Richemont

SA

5,060

1,099,070

DSM-Firmenich

AG

1,726

139,472

Emmi

AG

2

1,856

Flughafen

Zurich

AG

408

129,699

Galderma

Group

AG

1,312

268,495

Geberit

AG

852

666,455

Georg

Fischer

AG

1,498

101,367

Givaudan

SA

106

421,002

Helvetia

Baloise

Holding

AG

1,216

321,155

Julius

Baer

Group

Ltd.

2,253

177,487

Kuehne

+

Nagel

International

AG

423

91,451

Logitech

International

SA

1,382

142,265

Lonza

Group

AG

781

530,264

On

Holding

AG,

Class

A(b)

3,425

159,194

Partners

Group

Holding

AG

181

224,485

PSP

Swiss

Property

AG

662

119,931

Schindler

Holding

AG

723

256,943

SFS

Group

AG

78

10,694

SGS

SA

2,100

240,886

SIG

Group

AG

3,545

50,752

Sika

AG

1,976

405,628

Sonova

Holding

AG

775

202,629

Straumann

Holding

AG

896

105,719

Sulzer

AG

349

64,945

Swatch

Group

AG

(The),

Class

BR(a)

410

87,088

Shares

Value

Swiss

Life

Holding

AG

273

$

315,978

Swiss

Prime

Site

AG

1,103

171,556

Swisscom

AG

272

197,621

Temenos

AG

1,190

119,586

UBS

Group

AG

30,431

1,419,934

VAT

Group

AG(c)

372

181,233

Zurich

Insurance

Group

AG

1,404

1,066,693

11,692,892

Taiwan

(

6

.7

%

)

Accton

Technology

Corp.

5,000

188,571

Advantech

Co.

Ltd.

1,099

10,073

Alchip

Technologies

Ltd.

1,000

111,710

ASE

Technology

Holding

Co.

Ltd.

40,000

318,900

Asia

Vital

Components

Co.

Ltd.

2,000

96,116

Cathay

Financial

Holding

Co.

Ltd.

150,000

361,866

Chang

Hwa

Commercial

Bank

Ltd.

249,497

162,385

Chunghwa

Telecom

Co.

Ltd.

42,000

174,440

CTBC

Financial

Holding

Co.

Ltd.

241,000

385,042

Delta

Electronics,

Inc.

19,000

582,327

E

Ink

Holdings,

Inc.

15,000

94,524

E.Sun

Financial

Holding

Co.

Ltd.

149,111

160,166

Elite

Material

Co.

Ltd.

2,000

104,709

Eva

Airways

Corp.

81,000

94,224

Evergreen

Marine

Corp.

Taiwan

Ltd.

17,000

102,799

Far

EasTone

Telecommunications

Co.

Ltd.

63,000

177,047

Fubon

Financial

Holding

Co.

Ltd.

136,306

416,894

Hotai

Motor

Co.

Ltd.

1,020

17,855

Jentech

Precision

Industrial

Co.

Ltd.

1,000

87,363

King

Slide

Works

Co.

Ltd.

1,000

119,349

Lite-On

Technology

Corp.

33,000

171,719

MediaTek,

Inc.

15,000

682,675

Mega

Financial

Holding

Co.

Ltd.

183,819

234,012

Novatek

Microelectronics

Corp.

2,000

23,806

Quanta

Computer,

Inc.

35,000

302,987

Realtek

Semiconductor

Corp.

1,000

15,563

Taiwan

Mobile

Co.

Ltd.

43,000

148,486

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

240,000

11,839,404

TCC

Group

Holdings

Co.

Ltd.

142,000

104,849

TS

Financial

Holding

Co.

Ltd.

346,045

224,672

Uni-President

Enterprises

Corp.

103,000

252,743

United

Microelectronics

Corp.

190,000

297,815

Wan

Hai

Lines

Ltd.

43,000

107,840

Wiwynn

Corp.

1,000

142,741

Yageo

Corp.

15,000

110,278

Yang

Ming

Marine

Transport

Corp.

36,000

63,818

Yuanta

Financial

Holding

Co.

Ltd.

203,549

254,594

18,744,362

United

Kingdom

(

10

.4

%

)

3i

Group

plc

7,959

350,066

Admiral

Group

plc

2,270

97,181

Anglo

American

plc

22,997

956,313

Antofagasta

plc

10,238

452,512

Ashtead

Group

plc

5,672

388,854

Associated

British

Foods

plc

4,002

114,741

AstraZeneca

plc

17,725

3,294,764

Auto

Trader

Group

plc(c)

9,254

73,147

Aviva

plc

34,121

314,779

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

United

Kingdom

(cont’d)

BAE

Systems

plc

43,260

$

999,473

Barclays

plc

157,053

1,007,584

Barratt

Redrow

plc

14,800

76,028

Beazley

plc

3,324

37,278

Berkeley

Group

Holdings

plc

1,534

80,725

BT

Group

plc

85,661

212,517

Bunzl

plc

2,449

68,531

Centrica

plc

39,354

89,942

Coca-Cola

Europacific

Partners

plc

3,768

341,758

Compass

Group

plc

25,260

804,923

ConvaTec

Group

plc(c)

24,156

79,189

Croda

International

plc

1,718

62,410

DCC

plc

2,926

182,612

Diageo

plc

23,812

514,682

Diploma

plc

1,409

100,566

Halma

plc

7,735

368,886

Hikma

Pharmaceuticals

plc

2,627

54,886

Howden

Joinery

Group

plc

7,309

82,019

HSBC

Holdings

plc

191,621

3,031,873

ICG

plc

3,675

101,749

IMI

plc

1,134

38,031

Informa

plc

23,620

281,453

InterContinental

Hotels

Group

plc

2,736

385,764

International

Consolidated

Airlines

Group

SA

27,699

154,687

Intertek

Group

plc

2,622

163,498

Investec

plc

7,457

55,435

J

Sainsbury

plc(a)

27,339

119,768

Kingfisher

plc

30,290

127,674

Land

Securities

Group

plc

7,768

65,129

Legal

&

General

Group

plc

77,654

274,140

Lloyds

Banking

Group

plc

771,454

1,021,580

London

Stock

Exchange

Group

plc

4,607

555,920

LondonMetric

Property

plc

23,137

59,163

M&G

plc

34,145

131,818

Marks

&

Spencer

Group

plc

15,529

69,077

Melrose

Industries

plc

20,054

159,055

National

Grid

plc

59,393

913,871

NatWest

Group

plc

81,634

717,231

Next

plc

1,732

319,380

Pearson

plc

5,317

75,254

Persimmon

plc

3,339

61,143

Phoenix

Group

Holdings

plc

20,090

199,582

Reckitt

Benckiser

Group

plc

6,807

550,713

RELX

plc

22,289

907,343

Rentokil

Initial

plc

29,618

178,658

Rightmove

plc

10,505

73,576

Rolls-Royce

Holdings

plc

107,702

1,669,534

Sage

Group

plc

(The)

14,290

208,610

Schroders

plc

21,317

116,948

Segro

plc

5,135

49,864

Severn

Trent

plc

3,667

137,858

Smith

&

Nephew

plc

12,617

210,633

Smiths

Group

plc

5,353

169,710

Spirax

Group

plc

764

70,235

SSE

plc

11,414

335,250

St.

James's

Place

plc

4,614

86,108

Standard

Chartered

plc

23,256

571,159

Shares

Value

Taylor

Wimpey

plc

41,102

$

59,559

Tesco

plc

99,730

593,916

Unilever

plc

25,837

1,692,417

United

Utilities

Group

plc

10,529

169,459

Vodafone

Group

plc

272,559

363,281

Weir

Group

plc

(The)

3,871

148,502

Whitbread

plc

2,113

72,630

Wise

plc,

Class

A(b)

9,491

113,989

WPP

plc

14,673

66,752

28,905,345

United

States

(

8

.0

%

)

Aegon

Ltd.

12,955

101,092

Alcon

AG

5,572

445,141

Amrize

Ltd.(b)

11,957

657,703

AP

Moller

-

Maersk

A/S,

Class

B(a)

47

108,263

ARM

Holdings

plc

ADR(b)

11,861

1,296,526

CyberArk

Software

Ltd.(b)

1,059

472,378

Experian

plc

11,199

507,668

Ferrovial

SE

6,175

401,595

Galaxy

Digital,

Inc.,

Class

A(a)(b)

1,998

44,733

Garmin

Ltd.

1,562

316,852

GFL

Environmental,

Inc.

3,089

132,693

GSK

plc

50,249

1,235,791

Haleon

plc

87,140

440,241

Holcim

AG

8,694

853,485

ICON

plc(a)(b)

911

166,002

James

Hardie

Industries

plc

CDI(b)

13,790

284,181

Monday.com

Ltd.(b)

473

69,796

Nestle

SA

29,629

2,945,319

Novartis

AG

20,877

2,888,675

QIAGEN

NV

2,684

120,700

Roche

Holding

AG

7,936

3,288,215

Sanofi

SA

12,504

1,215,546

Schneider

Electric

SE

7,178

1,981,519

Spotify

Technology

SA(b)

1,533

890,228

Stellantis

NV

18,628

207,117

Swiss

Re

AG

2,857

479,172

Waste

Connections,

Inc.

3,746

656,979

22,207,610

Total

Common

Stocks

(Cost

$218,510,995)

277,466,051

Preferred

Stocks

(0.0%)(d)

Germany

(

0

.0

%

)

(d)

FUCHS

SE

(acquisition

cost

—

$60,762;

acquired

6/20/25)

1,176

52,711

No.

of

Warrants

Warrants

(0.0%)(d)

Canada

(

0.0%

)(d)

Constellation

Software,

Inc.

Expires

03/31/2040

(b)(e)

(

Cost

$0

)

97

–

Morgan

Stanley

ETF

Trust

Calvert

International

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Short-Term

Investments

(

2

.2

%

)

Investment

Company

(

0.0%

)(d)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(f)

(Cost

$14,471)

14,471

$

14,471

Security

held

as

Collateral

on

Loaned

Securities

(

2

.2

%

)

Investment

Company

(2.2%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(f)

(Cost

$6,017,011)

6,017,011

6,017,011

Total

Short-Term

Investments

(Cost

$6,031,482)

6,031,482

Total

Investments

(

101

.9

%

)

(Cost

$

224,603,239

)

including

$

11,232,219

of

Securities

Loaned

(g)

283,550,244

Liabilities

in

Excess

of

Other

Assets

(

-1.9%

)

(5,244,600)

NET

ASSETS

(100.0%)

$278,305,644

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

December

31,

2025

,

were

$

11,232,219

and

$

12,040,788

,

respectively.

The

Fund

received

cash

collateral

of

$

6,017,011

,

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

$

6,023,777

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)

Non-income

producing

security.

(c)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(d)

Amount

is

less

than

0.05%.

(e)

At

December

31,

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

December

31,

2025,

management

fees

paid

were

reduced

by

$303

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(g)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$224,603,239.

The

aggregate

gross

unrealized

appreciation

is

$62,567,049

and

the

aggregate

gross

unrealized

depreciation

is

$3,620,044,

resulting

in

net

unrealized

appreciation

of

$58,947,005.

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

.8

%

Information

Technology

17

.7

Industrials

16

.9

Other**

9

.5

Health

Care

8

.9

Consumer

Discretionary

8

.3

Materials

6

.6

Consumer

Staples

6

.3

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(95.5%)

Asset-Backed

Securities

(

14

.2

%

)

Ally

Bank

Auto

Credit-Linked

Notes,

2024-A

5.83%,

5/17/32(a)

$

284,628

$

289,547

2024-B

5.12%,

9/15/32(a)

275,979

278,667

2025-B

4.31%,

9/15/33(a)

432,406

433,697

2025-B

4.50%,

9/15/33(a)

534,696

537,007

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

59,216

59,720

Auxilior

Term

Funding

LLC,

2024-1A

5.84%,

3/15/27(a)

26,629

26,682

BHG

Securitization

Trust,

2022-C

5.93%,

10/17/35(a)

247,416

248,090

Blue

Owl

Asset

Leasing

Trust

LLC,

2024-1A

5.05%,

3/15/29(a)

1,064,710

1,069,033

Chase

Auto

Credit

Linked

Notes,

2025-1

4.75%,

2/25/33(a)

729,454

735,380

Chesapeake

Funding

II

LLC,

2024-1A

SOFR30A

+

0.77%,

4.75%,

5/15/36(a)(b)

110,509

110,617

Clarus

Capital

Funding

LLC,

2024-1A

4.71%,

8/20/32(a)

131,105

131,620

Cologix

Data

Centers

US

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

580,000

570,260

Crossroads

Asset

Trust,

2024-A

5.90%,

8/20/30(a)

526,862

532,601

2025-A

4.91%,

2/20/32(a)

686,733

692,129

DB

Master

Finance

LLC,

2017-1A

4.03%,

11/20/47(a)

207,563

206,384

2021-1A

2.05%,

11/20/51(a)

441,600

433,360

DLLMT

LLC,

2024-1A

5.08%,

2/22/27(a)

74,855

75,021

Driven

Brands

Funding

LLC,

2020-2A

3.24%,

1/20/51(a)

799,175

775,274

Enterprise

Fleet

Financing

LLC,

2023-1

5.51%,

1/22/29(a)

27,689

27,732

2024-2

5.74%,

12/20/26(a)

66,031

66,272

Face

Amount

Value

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

$

64,094

$

64,578

2024-2A

5.89%,

6/15/30(a)

36,404

36,638

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

55,628

56,010

GS

Mortgage-Backed

Securities

Trust,

2025-HE1

SOFR30A

+

1.55%,

5.42%,

10/25/55(a)(b)

408,253

409,525

J.P.

Morgan

Mortgage

Trust,

2023-HE2

SOFR30A

+

1.70%,

5.62%,

3/20/54(a)(b)

246,798

247,920

2024-HE1

SOFR30A

+

1.50%,

5.42%,

8/25/54(a)(b)

1,068,751

1,071,472

2024-HE2

SOFR30A

+

1.20%,

5.12%,

10/20/54(a)(b)

124,202

124,364

Jersey

Mike's

Funding

LLC,

2021-1A

2.89%,

2/15/52(a)

458,025

451,692

Lendbuzz

Securitization

Trust,

2023-1A

6.92%,

8/15/28(a)

319,503

322,823

2023-2A

7.09%,

10/16/28(a)

355,542

360,275

2023-3A

7.50%,

12/15/28(a)

352,117

358,536

2024-1A

6.19%,

8/15/29(a)

56,761

57,087

2024-3A

4.97%,

10/15/29(a)

150,085

150,149

2025-2A

5.18%,

5/15/30(a)

186,218

187,156

Marlette

Funding

Trust,

2024-1A

6.34%,

7/17/34(a)

490,000

496,483

Mercury

Financial

Credit

Card

Master

Trust,

2024-2A

6.56%,

7/20/29(a)

207,000

208,173

MMP

Capital

LLC,

2025-A

5.36%,

12/15/31(a)

237,711

239,948

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

2025-1

4.18%,

9/25/30(a)

186,000

186,884

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

6.25%,

7/25/50(a)(b)

84,752

85,600

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(14.2%)

(cont’d)

OBX

Trust,

2025-HE1

SOFR30A

+

1.60%,

5.47%,

2/25/55(a)(b)

$

776,517

$

782,168

Octane

Receivables

Trust,

2023-1A

5.87%,

5/21/29(a)

34

34

2024-2A

5.80%,

7/20/32(a)

198,430

200,135

2024-3A

4.94%,

5/20/30(a)

1,206,419

1,213,410

2024-RVM1

5.01%,

1/22/46(a)

333,406

338,567

OneMain

Financial

Issuance

Trust,

2021-1A

1.95%,

6/16/36(a)

277,000

262,559

Oportun

Funding

Trust,

2024-3

5.26%,

8/15/29(a)

106,435

106,479

Oportun

Issuance

Trust,

2025-A

5.01%,

2/8/33(a)

525,000

525,016

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

8,736

8,749

Pagaya

Ai

Debt

Grantor

Trust,

2024-9

5.07%,

3/15/32(a)

124,889

125,244

Pagaya

AI

Debt

Grantor

Trust,

2025-1

5.16%,

7/15/32(a)

706,485

712,762

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

229,892

231,741

2024-2A

4.74%,

4/20/27(a)

131,581

131,899

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

1

Month

+

1.36%,

5.09%,

7/25/51(a)(b)

358,740

358,180

2021-1A

CME

Term

SOFR

1

Month

+

2.61%,

6.34%,

7/25/51(a)(b)

449,507

447,722

2021-1A

CME

Term

SOFR

1

Month

+

6.01%,

9.74%,

7/25/51(a)(b)

146,190

146,509

RCKT

Trust,

2025-1A

4.90%,

7/25/34(a)

275,811

276,604

RCKTL,

2025-2A

4.48%,

11/27/34(a)

396,704

397,174

Reach

ABS

Trust,

2024-2A

5.88%,

7/15/31(a)

233,639

234,618

2025-1A

4.96%,

8/16/32(a)

209,325

209,987

Face

Amount

Value

Saluda

Grade

Alternative

Mortgage

Trust,

2025-LOC5

CME

Term

SOFR

1

Month

+

1.60%,

5.55%,

10/25/55(a)(b)

$

532,481

$

533,810

Santander

Bank

Auto

Credit-Linked

Notes,

2025-A

4.48%,

1/16/34(a)

264,712

265,498

SERVPRO

Master

Issuer

LLC,

2021-1A

2.39%,

4/25/51(a)

401,100

379,748

SoFi

Consumer

Loan

Program

Trust,

2025-1

4.80%,

2/27/34(a)

235,366

236,284

Stack

Infrastructure

Issuer

LLC,

2021-1A

1.88%,

3/26/46(a)

1,365,000

1,355,079

Tesla

Lease

Electric

Vehicle

Securitization

LLC,

2025-A

4.14%,

6/20/28(a)

895,000

897,047

Theorem

Funding

Trust,

2022-2A

9.27%,

12/15/28(a)

942,119

943,391

2022-3A

8.95%,

4/15/29(a)

394,483

396,931

Towd

Point

Mortgage

Trust,

2025-HE2

SOFR30A

+

1.35%,

5.22%,

9/25/65(a)(b)

581,555

583,007

Tricolor

Auto

Securitization

Trust,

2024-2A

6.36%,

12/15/27(a)

39,491

38,052

2024-3A

5.22%,

6/15/28(a)

250,783

230,068

Truist

Bank

Auto

Credit-Linked

Notes,

2025-1

4.73%,

9/26/33(a)

638,677

640,039

Wingspire

Equipment

Finance

LLC,

2024-1A

4.99%,

9/20/32(a)

106,097

106,748

25,729,665

Commercial

Mortgage-Backed

Securities

(

14

.0

%

)

BPR

Trust

CME

Term

SOFR

1

Month

+

3.00%,

6.75%,

5/15/39(a)(b)

150,000

150,330

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.00%,

4.87%,

12/25/41(a)(b)

24,419

24,492

SOFR30A

+

1.00%,

4.87%,

7/25/45(a)(b)

505,189

506,722

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.30%,

5.05%,

10/15/42(a)(b)

515,000

516,501

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.35%,

5.22%,

2/25/44(a)(b)

62,878

63,153

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(14.0%)

(cont’d)

FHLMC,

REMIC

SOFR30A

+

0.51%,

4.50%,

1/15/42(b)

$

195,857

$

194,809

SOFR30A

+

0.66%,

4.65%,

4/15/36(b)

167,582

166,906

SOFR30A

+

0.95%,

4.82%,

10/25/54(b)

653,466

654,880

SOFR30A

+

1.00%,

4.87%,

3/25/55(b)

322,673

323,665

SOFR30A

+

1.00%,

4.87%,

3/25/55(b)

749,269

751,654

SOFR30A

+

1.05%,

4.92%,

10/25/54(b)

488,310

490,104

SOFR30A

+

1.10%,

4.97%,

5/25/54(b)

619,465

623,680

SOFR30A

+

1.15%,

5.02%,

2/25/55(b)

518,524

521,191

SOFR30A

+

1.15%,

5.02%,

7/25/55(b)

575,338

577,093

SOFR30A

+

1.20%,

5.07%,

3/25/54(b)

1,910,750

1,922,264

SOFR30A

+

1.25%,

5.12%,

3/25/54(b)

487,924

492,614

SOFR30A

+

1.25%,

5.12%,

5/25/54(b)

849,780

856,351

SOFR30A

+

1.26%,

5.13%,

4/25/54(b)

520,314

524,821

SOFR30A

+

1.40%,

5.27%,

1/25/54(b)

532,089

537,021

SOFR30A

+

1.43%,

5.30%,

12/25/54(b)

1,706,829

1,717,871

FHLMC,

Strips

SOFR30A

+

1.30%,

5.17%,

10/25/53(b)

272,250

274,600

FNMA,

REMIC

SOFR30A

+

0.36%,

4.24%,

6/25/36(b)

146,913

146,092

SOFR30A

+

0.65%,

4.53%,

2/25/38(b)

189,198

189,019

SOFR30A

+

0.95%,

4.82%,

1/25/54(b)

381,999

383,706

SOFR30A

+

1.05%,

4.92%,

12/25/54(b)

758,056

759,260

SOFR30A

+

1.05%,

4.92%,

9/25/55(b)

753,249

754,851

SOFR30A

+

1.15%,

5.02%,

8/25/55(b)

410,294

411,836

SOFR30A

+

1.00%,

5.07%,

11/25/54(b)

630,000

630,315

SOFR30A

+

1.47%,

5.34%,

11/25/54(b)

615,371

620,137

GNMA

SOFR30A

+

0.90%,

4.82%,

7/20/53(b)

774,464

775,999

SOFR30A

+

1.00%,

4.92%,

2/20/54(b)

264,799

265,450

Face

Amount

Value

SOFR30A

+

1.00%,

4.92%,

9/20/64(b)

$

474,317

$

476,206

SOFR30A

+

1.05%,

4.97%,

10/20/53(b)

281,567

282,922

SOFR30A

+

1.05%,

4.97%,

10/20/54(b)

191,467

191,926

SOFR30A

+

1.05%,

4.97%,

12/20/54(b)

724,073

727,823

SOFR30A

+

1.10%,

5.02%,

8/20/53(b)

391,376

393,208

HILT

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.94%,

5.69%,

5/15/37(a)(b)

505,000

506,666

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

5.39%,

6/15/41(a)(b)

760,600

762,963

HYT

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.84%,

5.59%,

9/15/41(a)(b)

280,000

280,942

INTOWN

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.75%,

5.50%,

3/15/42(a)(b)

865,000

866,936

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

CME

Term

SOFR

1

Month

+

1.41%,

5.17%,

4/15/38(a)(b)

100,000

100,013

NRTH

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.39%,

5.14%,

10/15/40(a)(b)

125,000

125,298

NYO

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.21%,

4.96%,

11/15/38(a)(b)

295,000

294,779

Oceanview

Mortgage

Trust

SOFR30A

+

0.95%,

4.82%,

5/25/55(a)(b)

1,205,211

1,208,429

ORL

Trust

CME

Term

SOFR

1

Month

+

1.49%,

5.24%,

12/15/39(a)(b)

637,000

638,807

PRMI

Securitization

Trust

SOFR30A

+

1.50%,

5.43%,

12/25/55(a)(b)

270,000

269,643

SHR

Trust

CME

Term

SOFR

1

Month

+

1.95%,

5.70%,

10/15/41(a)(b)

605,000

607,236

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

5.34%,

6/15/39(a)(b)

510,000

510,952

Wingspire

Equipment

Finance

LLC

4.33%,

9/20/33(a)

305,000

305,695

25,377,831

Corporate

Bonds

(

52

.3

%

)

Aerospace

&

Defense

(0.4%)

Hexcel

Corp.

4.20%,

2/15/27(c)(d)

675,000

673,907

Automobiles

(1.7%)

Hyundai

Capital

America

1.50%,

6/15/26(a)

45,000

44,486

4.88%,

6/23/27(a)

1,764,000

1,783,967

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(52.3%)

(cont’d)

Stellantis

Finance

US,

Inc.

1.71%,

1/29/27(a)

$

560,000

$

544,490

Volkswagen

Group

of

America

Finance

LLC

4.45%,

9/11/27(a)

200,000

200,708

4.90%,

8/14/26(a)

400,000

401,709

2,975,360

Banks

(21.6%)

ABN

AMRO

Bank

NV

4.80%,

4/18/26(a)(d)

1,000,000

1,002,019

Banco

Santander

SA

4.18%,

3/24/28(b)

1,800,000

1,801,006

Bank

of

America

Corp.

1.73%,

7/22/27(b)

4,373,000

4,317,807

1.98%,

9/15/27(b)

CAD

1,293,000

936,729

Bank

of

Ireland

Group

plc

2.03%,

9/30/27(a)(b)

$

1,816,000

1,787,672

Bank

of

Montreal

4.31%,

6/1/27

CAD

1,250,000

927,088

Barclays

plc

6.50%,

9/13/27(b)

$

875,000

888,808

BPCE

SA

5.98%,

1/18/27(a)(b)

450,000

450,279

CaixaBank

SA

6.68%,

9/13/27(a)(b)

1,696,000

1,725,866

Citigroup,

Inc.

1.12%,

1/28/27(b)

2,988,000

2,981,272

Fifth

Third

Bank

NA

3.85%,

3/15/26(d)

625,000

624,563

HSBC

Holdings

plc

4.38%,

11/23/26(d)

970,000

972,551

ING

Groep

NV

6.08%,

9/11/27(b)(d)

1,700,000

1,722,973

Intesa

Sanpaolo

SpA

5.71%,

1/15/26(a)(d)

1,775,000

1,775,886

JPMorgan

Chase

&

Co.

1.04%,

2/4/27(b)

2,725,000

2,717,533

6.07%,

10/22/27(b)

875,000

888,994

National

Bank

of

Canada

4.70%,

3/5/27(b)

1,465,000

1,466,406

NatWest

Markets

plc

4.17%,

11/6/28(a)

970,000

973,078

PNC

Bank

NA

4.54%,

5/13/27(b)(d)

990,000

991,593

4.78%,

1/15/27(b)

1,700,000

1,700,478

Royal

Bank

of

Canada

5.07%,

7/23/27(b)

2,000

2,011

Societe

Generale

SA

5.25%,

2/19/27(a)

849,000

858,927

5.52%,

1/19/28(a)(b)

225,000

227,970

Swedbank

AB

6.14%,

9/12/26(a)

200,000

202,965

Toronto-Dominion

Bank

(The)

4.11%,

10/13/28(d)

960,000

962,528

Truist

Bank

4.42%,

7/24/28(b)(d)

1,223,000

1,230,809

Face

Amount

Value

Truist

Financial

Corp.

6.05%,

6/8/27(b)(d)

$

875,000

$

882,162

US

Bank

NA

4.73%,

5/15/28(b)(d)

560,000

565,705

Wells

Fargo

&

Co.

2.49%,

2/18/27

CAD

1,300,000

942,785

3.20%,

6/17/27(b)(d)

$

2,695,000

2,684,518

39,212,981

Capital

Markets

(7.1%)

Apollo

Management

Holdings

LP

4.40%,

5/27/26(a)

1,699,000

1,699,270

Bank

of

New

York

Mellon

(The)

4.59%,

4/20/27(b)(d)

273,000

273,501

Citadel

Finance

LLC

3.38%,

3/9/26(a)

1,000,000

997,798

Citadel

LP

4.88%,

1/15/27(a)

876,000

877,948

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(b)

105,000

105,562

Goldman

Sachs

Group,

Inc.

(The)

1.43%,

3/9/27(b)(d)

719,000

715,366

4.39%,

6/15/27(b)(d)

1,265,000

1,267,141

HAT

Holdings

I

LLC

3.38%,

6/15/26(a)

1,035,000

1,028,619

8.00%,

6/15/27(a)

684,000

710,377

Jefferies

Financial

Group,

Inc.

4.50%,

9/15/26(d)

995,000

995,095

4.75%,

8/11/26

905,000

905,829

Marex

Group

plc

5.83%,

5/8/28(d)

590,000

600,096

UBS

Group

AG

1.31%,

2/2/27(a)(b)(d)

275,000

274,234

1.49%,

8/10/27(a)(b)

473,000

465,542

4.70%,

8/5/27(a)(b)(d)

480,000

481,752

5.71%,

1/12/27(a)(b)

1,450,000

1,450,568

12,848,698

Consumer

Finance

(3.0%)

Capital

One

Financial

Corp.

1.88%,

11/2/27(b)

925,000

907,800

Ford

Motor

Credit

Co.

LLC

4.39%,

1/8/26

775,000

775,054

4.54%,

8/1/26

350,000

349,610

5.13%,

11/5/26(d)

350,000

352,003

6.95%,

3/6/26

1,180,000

1,182,715

General

Motors

Financial

Co.,

Inc.

2.40%,

4/10/28(d)

275,000

264,973

5.40%,

4/6/26

1,116,000

1,119,979

Stellantis

Financial

Services

US

Corp.

4.95%,

9/15/28(a)(d)

400,000

405,589

5,357,723

Containers

&

Packaging

(2.2%)

Berry

Global,

Inc.

1.57%,

1/15/26

986,000

985,026

4.88%,

7/15/26(a)(d)

1,401,000

1,401,303

Sealed

Air

Corp.

1.57%,

10/15/26(a)

225,000

220,307

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(52.3%)

(cont’d)

Silgan

Holdings,

Inc.

1.40%,

4/1/26(a)

$

375,000

$

371,858

Sonoco

Products

Co.

4.45%,

9/1/26

925,000

927,064

3,905,558

Electric

Utilities

(0.8%)

NextEra

Energy

Capital

Holdings,

Inc.

4.69%,

9/1/27

1,280,000

1,295,900

NRG

Energy,

Inc.

2.45%,

12/2/27(a)

150,000

145,087

1,440,987

Electronic

Equipment,

Instruments

&

Components

(1.2%)

TD

SYNNEX

Corp.

4.30%,

1/17/29

444,000

443,288

Vontier

Corp.

1.80%,

4/1/26

1,808,000

1,796,664

2,239,952

Financial

Services

(0.9%)

Radian

Group,

Inc.

4.88%,

3/15/27

1,000,000

1,003,957

Rocket

Mortgage

LLC

2.88%,

10/15/26(a)

655,000

645,891

1,649,848

Food

Products

(1.2%)

JDE

Peet's

NV

1.38%,

1/15/27(a)

500,000

484,564

Smithfield

Foods,

Inc.

4.25%,

2/1/27(a)

1,767,000

1,761,538

2,246,102

Ground

Transportation

(0.5%)

Ashtead

Capital,

Inc.

1.50%,

8/12/26(a)

960,000

943,837

Health

Care

Providers

&

Services

(1.2%)

Centene

Corp.

4.25%,

12/15/27

1,300,000

1,293,152

HCA,

Inc.

4.50%,

2/15/27

900,000

902,091

2,195,243

Independent

Power

and

Renewable

Electricity

Producers

(0.4%)

AES

Corp.

(The)

1.38%,

1/15/26

730,000

729,167

Insurance

(2.8%)

American

National

Group,

Inc.

5.00%,

6/15/27

1,305,000

1,315,436

Athene

Global

Funding

1.61%,

6/29/26(a)

24,000

23,705

4.86%,

8/27/26(a)

617,000

619,459

4.95%,

1/7/27(a)

900,000

906,732

5.68%,

2/23/26(a)

247,000

247,517

Fortitude

Global

Funding

4.63%,

10/6/28(a)

658,000

658,944

Face

Amount

Value

GA

Global

Funding

Trust

1.63%,

1/15/26(a)

$

304,000

$

303,724

2.25%,

1/6/27(a)(d)

230,000

225,892

Liberty

Mutual

Insurance

Co.

7.88%,

10/15/26(a)

775,000

794,571

5,095,980

IT

Services

(0.6%)

Genpact

Luxembourg

SARL

1.75%,

4/10/26(d)

69,000

68,555

Kyndryl

Holdings,

Inc.

2.05%,

10/15/26

990,000

974,062

1,042,617

Multi-Utilities

(0.7%)

Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/26(c)

1,190,000

1,195,868

Office

REITs

(0.5%)

COPT

Defense

Properties

LP

2.25%,

3/15/26(d)

935,000

930,956

Oil,

Gas

&

Consumable

Fuels

(0.3%)

Occidental

Petroleum

Corp.

3.00%,

2/15/27

275,000

272,630

7.13%,

10/15/27

265,000

278,641

551,271

Passenger

Airlines

(1.0%)

Air

Canada

3.88%,

8/15/26(a)(d)

950,000

946,014

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)(d)

924,000

929,765

1,875,779

Professional

Services

(0.5%)

Concentrix

Corp.

6.65%,

8/2/26

904,000

912,988

Semiconductors

&

Semiconductor

Equipment

(1.1%)

Intel

Corp.

2.60%,

5/19/26(d)

975,000

969,360

4.88%,

2/10/26(d)

37,000

37,025

Skyworks

Solutions,

Inc.

1.80%,

6/1/26(d)

920,000

910,047

1,916,432

Software

(0.7%)

Oracle

Corp.

2.65%,

7/15/26

1,335,000

1,324,302

Specialized

REITs

(0.8%)

EPR

Properties

4.75%,

12/15/26

1,457,000

1,461,559

Technology

Hardware,

Storage

&

Peripherals

(0.4%)

Dell

International

LLC

4.90%,

10/1/26(d)

672,000

675,217

Trading

Companies

&

Distributors

(0.7%)

Air

Lease

Corp.

1.88%,

8/15/26

37,000

36,459

5.30%,

6/25/26

350,000

351,833

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(52.3%)

(cont’d)

Aviation

Capital

Group

LLC

1.95%,

9/20/26(a)

$

950,000

$

934,837

1,323,129

94,725,461

U.S.

Government

and

Agency

Securities

(

15

.0

%

)

U.S.

Treasury

Notes

1.88%,

6/30/26

9,990,000

9,911,588

2.75%,

4/30/27

700,000

693,314

4.13%,

10/31/26

16,411,000

16,482,437

27,087,339

Total

Fixed

Income

Securities

(Cost

$172,255,993)

172,920,296

–

Shares

Short-Term

Investments

(

6

.7

%

)

Investment

Company

(

1

.4

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(e)

(Cost

$2,539,246)

2,539,246

2,539,246

Security

held

as

Collateral

on

Loaned

Securities

(

2

.8

%

)

Investment

Company

(2.8%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(e)

(Cost

$5,127,955)

5,127,955

5,127,955

Face

Amount

Commercial

Paper

(

2

.5

%

)

Brunswick

Corp.

4.24%,

1/6/26(a)

$

900,000

899,356

Genuine

Parts

Co.

4.22%,

1/7/26

900,000

899,291

HA

Sustainable

Infrastructure

Capital,

Inc.

4.55%,

1/21/26

925,000

922,657

HCA,

Inc.

4.31%,

1/13/26(a)

920,000

918,672

Jabil,

Inc.

4.13%,

1/5/26

915,000

914,444

Total

Commercial

Paper

(Cost

$4,554,241)

4,554,420

Total

Short-Term

Investments

(Cost

$12,221,442)

12,221,621

Total

Investments

(

102

.2

%

)

(

Cost

$

184,477,435

)

including

$

7,082,647

of

Securities

Loaned

(f)

185,141,917

Liabilities

in

Excess

of

Other

Assets

(-2.2%)

(3,929,198)

Net

Assets

(100.0%)

$181,212,719

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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

December

31,

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

December

31,

2025

,

were

$

7,082,647

and

$

7,295,835

,

respectively.

The

Fund

received

cash

collateral

of

$

5,127,955

,

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

$

2,167,880

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

December

31,

2025,

management

fees

paid

were

reduced

by

$1,504

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(f)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$184,477,435.

The

aggregate

gross

unrealized

appreciation

is

$691,841

and

the

aggregate

gross

unrealized

depreciation

is

$27,359,

resulting

in

net

unrealized

appreciation

of

$664,482.

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

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

STACR

Structured

Agency

Credit

Risk

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Foreign

Currency

Forward

Exchange

Contracts:

The

Fund

had

the

following

foreign

currency

forward

exchange

contracts

open

at

December

31,

2025:

Counterparty

Contract

to

Deliver

In

Exchange

for

Delivery

Date

Unrealized

Depreciation

Citibank

N.A.

$

3,895,879

CAD

2,824,719

3/18/26

$

(

22,529

)

CAD

Canadian

Dollar

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2025:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Depreciation

Short:

U.S.

Treasury

5

Year

Notes

11

Mar-26

$

(

1,100,000

)

$

(

1,202,352

)

$

(

1,307

)

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

Corporate

Bonds

52‌

.6

%

U.S.

Government

and

Agency

Securities

15‌

.0

Asset-Backed

Securities

14‌

.3

Commercial

Mortgage-Backed

Securities

14‌

.1

Other**

4‌

.0

Total

Investments

100‌

.0

%

***

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

***

Does

not

include

open

futures

contracts

with

a

value

of

$

1,202,352

and

total

unrealized

depreciation

of

$

1,307

.

Does

not

include

open

foreign

currency

forward

exchange

contracts

with

net

unrealized

depreciation

of

$

22,529

.

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Shares

Value

Common

Stocks

(99.8%)

Aerospace

&

Defense

(

1

.3

%

)

ATI,

Inc.

(a)

4,431

$

508,502

Axon

Enterprise,

Inc.

(a)

1,214

689,467

Carpenter

Technology

Corp.

1,558

490,521

Curtiss-Wright

Corp.

594

327,454

General

Electric

Co.

15,020

4,626,611

HEICO

Corp.

1,654

535,218

Howmet

Aerospace,

Inc.

6,457

1,323,814

Loar

Holdings,

Inc.

(a)(b)

579

39,372

Moog,

Inc.,

Class

 A

455

110,815

Woodward,

Inc.

916

276,925

8,928,699

Air

Freight

&

Logistics

(

0

.7

%

)

CH

Robinson

Worldwide,

Inc.

3,867

621,659

Expeditors

International

of

Washington,

Inc.

4,384

653,260

FedEx

Corp.

6,130

1,770,712

GXO

Logistics,

Inc.

(a)

1,634

86,013

United

Parcel

Service,

Inc.,

Class

 B

18,936

1,878,262

5,009,906

Automobile

Components

(

0

.2

%

)

Aptiv

plc

(a)

7,029

534,836

Autoliv,

Inc.

2,341

277,877

BorgWarner,

Inc.

6,988

314,879

Lear

Corp.

1,703

195,164

1,322,756

Automobiles

(

0

.6

%

)

Ford

Motor

Co.

120,931

1,586,615

General

Motors

Co.

24,328

1,978,353

Rivian

Automotive,

Inc.,

Class

 A

(a)

26,315

518,668

4,083,636

Banks

(

4

.8

%

)

Bank

of

America

Corp.

99,335

5,463,425

Bank

OZK

1,732

79,707

BOK

Financial

Corp.

335

39,684

Cadence

Bank

2,770

118,667

Citigroup,

Inc.

27,148

3,167,900

Citizens

Financial

Group,

Inc.

6,484

378,730

Columbia

Banking

System,

Inc.

(b)

4,528

126,558

Comerica,

Inc.

(b)

1,928

167,601

Commerce

Bancshares,

Inc.

2,055

107,559

Cullen/Frost

Bankers,

Inc.

911

115,360

East

West

Bancorp,

Inc.

2,075

233,209

Fifth

Third

Bancorp

(b)

10,013

468,709

First

Citizens

BancShares,

Inc.,

Class

 A

(b)

129

276,857

First

Financial

Bankshares,

Inc.

2,110

63,026

First

Horizon

Corp.

7,417

177,266

Flagstar

Bank

NA

4,616

58,115

FNB

Corp.

5,390

92,169

Glacier

Bancorp,

Inc.

(b)

1,974

86,955

Hancock

Whitney

Corp.

1,266

80,619

Home

BancShares,

Inc.

2,820

78,340

Huntington

Bancshares,

Inc.

(b)

23,703

411,247

JPMorgan

Chase

&

Co.

33,074

10,657,104

KeyCorp

14,380

296,803

M&T

Bank

Corp.

2,329

469,247

Old

National

Bancorp

(b)

5,273

117,641

Pinnacle

Financial

Partners,

Inc.

1,164

111,057

Shares

Value

PNC

Financial

Services

Group,

Inc.

(The)

5,944

$

1,240,691

Popular,

Inc.

989

123,150

Regions

Financial

Corp.

13,321

360,999

SouthState

Bank

Corp.

1,516

142,671

Synovus

Financial

Corp.

2,093

104,755

Truist

Financial

Corp.

19,444

956,839

U.S.

Bancorp

(b)

23,610

1,259,830

UMB

Financial

Corp.

(b)

1,110

127,694

United

Bankshares,

Inc.

2,099

80,602

Valley

National

Bancorp

(b)

7,355

85,906

Webster

Financial

Corp.

2,439

153,511

Wells

Fargo

&

Co.

46,494

4,333,241

Western

Alliance

Bancorp

1,592

133,839

Wintrust

Financial

Corp.

1,004

140,379

Zions

Bancorp

NA

2,219

129,900

32,817,562

Beverages

(

1

.3

%

)

Celsius

Holdings,

Inc.

(a)

2,988

136,671

Coca-Cola

Co.

(The)

56,777

3,969,280

Coca-Cola

Consolidated,

Inc.

940

144,102

Keurig

Dr

Pepper,

Inc.

23,527

658,991

Monster

Beverage

Corp.

(a)

12,625

967,959

PepsiCo,

Inc.

21,927

3,146,963

Primo

Brands

Corp.,

Class

 A

(b)

4,566

74,654

9,098,620

Biotechnology

(

2

.4

%

)

AbbVie,

Inc.

23,932

5,468,223

Alkermes

plc

(a)

2,251

62,983

Alnylam

Pharmaceuticals,

Inc.

(a)(b)

1,798

714,975

Amgen,

Inc.

7,448

2,437,805

Biogen,

Inc.

(a)

2,028

356,908

BioMarin

Pharmaceutical,

Inc.

(a)

2,628

156,182

Exact

Sciences

Corp.

(a)

2,589

262,939

Exelixis,

Inc.

(a)

3,608

158,139

Gilead

Sciences,

Inc.

17,161

2,106,341

Halozyme

Therapeutics,

Inc.

(a)

1,617

108,824

Incyte

Corp.

(a)

2,191

216,405

Insmed,

Inc.

(a)

2,915

507,326

Ionis

Pharmaceuticals,

Inc.

(a)

2,204

174,358

Madrigal

Pharmaceuticals,

Inc.

(a)

252

146,750

Moderna,

Inc.

(a)(b)

4,973

146,654

Natera,

Inc.

(a)

1,820

416,944

Neurocrine

Biosciences,

Inc.

(a)

1,345

190,761

Regeneron

Pharmaceuticals,

Inc.

1,401

1,081,390

Revolution

Medicines,

Inc.

(a)

2,294

182,717

Roivant

Sciences

Ltd.

(a)

6,011

130,439

United

Therapeutics

Corp.

(a)

574

279,681

Vertex

Pharmaceuticals,

Inc.

(a)

3,506

1,589,480

16,896,224

Broadline

Retail

(

3

.8

%

)

Amazon.com,

Inc.

(a)

110,735

25,559,853

eBay,

Inc.

5,471

476,524

Etsy,

Inc.

(a)

1,185

65,696

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

744

81,550

26,183,623

Building

Products

(

0

.9

%

)

AAON,

Inc.

(b)

1,097

83,646

Advanced

Drainage

Systems,

Inc.

1,159

167,858

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Building

Products

(cont’d)

Allegion

plc

1,394

$

221,953

AO

Smith

Corp.

1,844

123,327

Armstrong

World

Industries,

Inc.

517

98,799

Builders

FirstSource,

Inc.

(a)

1,303

134,066

Carlisle

Cos.,

Inc.

1,359

434,690

Carrier

Global

Corp.

12,846

678,782

CSW

Industrials,

Inc.

265

77,785

Fortune

Brands

Innovations,

Inc.

1,454

72,729

Johnson

Controls

International

plc

9,895

1,184,926

Lennox

International,

Inc.

(b)

516

250,559

Masco

Corp.

2,515

159,602

Modine

Manufacturing

Co.

(a)

1,706

227,768

Owens

Corning

2,681

300,031

Simpson

Manufacturing

Co.,

Inc.

670

108,185

Trane

Technologies

plc

3,592

1,398,006

Trex

Co.,

Inc.

(a)

1,300

45,604

UFP

Industries,

Inc.

696

63,371

Zurn

Elkay

Water

Solutions

Corp.

1,800

83,682

5,915,369

Capital

Markets

(

4

.1

%

)

Affiliated

Managers

Group,

Inc.

410

118,195

Ameriprise

Financial,

Inc.

1,408

690,399

Ares

Management

Corp.,

Class

 A

3,165

511,559

Bank

of

New

York

Mellon

Corp.

(The)

10,591

1,229,509

BlackRock,

Inc.

2,191

2,345,115

Blackstone,

Inc.

11,128

1,715,270

Blue

Owl

Capital,

Inc.,

Class

 A

(b)

9,515

142,154

Carlyle

Group,

Inc.

(The)

3,996

236,204

Cboe

Global

Markets,

Inc.

1,590

399,090

Charles

Schwab

Corp.

(The)

25,540

2,551,701

CME

Group,

Inc.

5,463

1,491,836

Coinbase

Global,

Inc.,

Class

 A

(a)

3,349

757,343

Evercore,

Inc.,

Class

 A

547

186,117

FactSet

Research

Systems,

Inc.

542

157,283

Franklin

Resources,

Inc.

4,682

111,853

Goldman

Sachs

Group,

Inc.

(The)

4,527

3,979,233

Hamilton

Lane,

Inc.,

Class

 A

(b)

582

78,168

Houlihan

Lokey,

Inc.,

Class

 A

(b)

828

144,229

Interactive

Brokers

Group,

Inc.,

Class

 A

6,556

421,616

Intercontinental

Exchange,

Inc.

8,621

1,396,257

Invesco

Ltd.

6,740

177,060

Janus

Henderson

Group

plc

1,893

90,050

Jefferies

Financial

Group,

Inc.

2,495

154,615

KKR

&

Co.,

Inc.

10,505

1,339,177

LPL

Financial

Holdings,

Inc.

1,207

431,104

MarketAxess

Holdings,

Inc.

528

95,700

Moody's

Corp.

2,252

1,150,434

Morningstar,

Inc.

337

73,234

MSCI,

Inc.,

Class

 A

1,053

604,138

Nasdaq,

Inc.

6,864

666,700

Northern

Trust

Corp.

2,867

391,604

PJT

Partners,

Inc.,

Class

 A

342

57,182

Raymond

James

Financial,

Inc.

2,682

430,702

S&P

Global,

Inc.

4,391

2,294,693

SEI

Investments

Co.

(b)

1,531

125,573

State

Street

Corp.

4,229

545,583

Stifel

Financial

Corp.

1,501

187,955

T

Rowe

Price

Group,

Inc.

3,261

333,861

Shares

Value

TPG,

Inc.,

Class

 A

(b)

1,998

$

127,552

Tradeweb

Markets,

Inc.,

Class

 A

1,764

189,701

Virtu

Financial,

Inc.,

Class

 A

(b)

1,205

40,151

28,169,900

Chemicals

(

1

.1

%

)

Air

Products

and

Chemicals,

Inc.

3,599

889,025

Axalta

Coating

Systems

Ltd.

(a)

3,461

111,825

Balchem

Corp.

523

80,207

Celanese

Corp.,

Class

 A

1,778

75,174

Eastman

Chemical

Co.

1,842

117,575

Ecolab,

Inc.

4,118

1,081,058

Element

Solutions,

Inc.

3,686

92,113

FMC

Corp.

(b)

2,039

28,281

International

Flavors

&

Fragrances,

Inc.

4,080

274,951

Linde

plc

7,541

3,215,407

Mosaic

Co.

(The)

5,148

124,015

PPG

Industries,

Inc.

(b)

3,643

373,262

RPM

International,

Inc.

2,056

213,824

Sherwin-Williams

Co.

(The)

3,735

1,210,252

7,886,969

Commercial

Services

&

Supplies

(

0

.6

%

)

Casella

Waste

Systems,

Inc.,

Class

 A

(a)(b)

924

90,497

Cintas

Corp.

4,146

779,738

Clean

Harbors,

Inc.

(a)

749

175,625

Copart,

Inc.

(a)

12,861

503,508

MSA

Safety,

Inc.

(b)

598

95,764

Republic

Services,

Inc.,

Class

 A

2,978

631,128

Tetra

Tech,

Inc.

3,867

129,699

Veralto

Corp.

(b)

3,686

367,789

Waste

Management,

Inc.

5,974

1,312,547

4,086,295

Communications

Equipment

(

1

.1

%

)

Arista

Networks,

Inc.

(a)

13,578

1,779,125

Ciena

Corp.

(a)

1,810

423,305

Cisco

Systems,

Inc.

51,401

3,959,419

F5,

Inc.

(a)

749

191,190

Lumentum

Holdings,

Inc.

(a)(b)

891

328,414

Motorola

Solutions,

Inc.

2,163

829,121

7,510,574

Construction

&

Engineering

(

0

.4

%

)

AECOM

(b)

1,951

185,989

Comfort

Systems

USA,

Inc.

517

482,511

Dycom

Industries,

Inc.

(a)

422

142,594

EMCOR

Group,

Inc.

656

401,334

IES

Holdings,

Inc.

(a)

134

52,129

MasTec,

Inc.

(a)

892

193,894

Quanta

Services,

Inc.

2,192

925,155

Sterling

Infrastructure,

Inc.

(a)(b)

442

135,354

Valmont

Industries,

Inc.

316

127,133

WillScot

Holdings

Corp.

(b)

2,647

49,843

2,695,936

Construction

Materials

(

0

.5

%

)

CRH

plc

15,986

1,995,053

Knife

River

Corp.

(a)

1,859

130,781

Vulcan

Materials

Co.

4,342

1,238,425

3,364,259

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Consumer

Finance

(

1

.0

%

)

Ally

Financial,

Inc.

4,651

$

210,644

American

Express

Co.

8,343

3,086,493

Capital

One

Financial

Corp.

9,595

2,325,444

Credit

Acceptance

Corp.

(a)

87

38,581

FirstCash

Holdings,

Inc.

593

94,512

OneMain

Holdings,

Inc.

1,783

120,442

SLM

Corp.

3,059

82,776

SoFi

Technologies,

Inc.

(a)

18,365

480,796

Synchrony

Financial

5,460

455,528

6,895,216

Consumer

Staples

Distribution

&

Retail

(

2

.1

%

)

Albertsons

Cos.,

Inc.,

Class

 A

7,072

121,426

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

1,577

141,977

Casey's

General

Stores,

Inc.

672

371,421

Costco

Wholesale

Corp.

5,361

4,623,005

Dollar

General

Corp.

2,657

352,770

Dollar

Tree,

Inc.

(a)

2,468

303,589

Kroger

Co.

(The)

11,941

746,073

Maplebear,

Inc.

(a)

3,132

140,877

Performance

Food

Group

Co.

(a)(b)

2,786

250,517

Sprouts

Farmers

Market,

Inc.

(a)

1,761

140,299

Sysco

Corp.

8,686

640,071

Target

Corp.

5,481

535,768

U.S.

Foods

Holding

Corp.

(a)

4,024

303,088

Walmart,

Inc.

52,909

5,894,592

14,565,473

Containers

&

Packaging

(

0

.3

%

)

Amcor

plc

(b)

37,363

311,607

AptarGroup,

Inc.

1,058

129,034

Avery

Dennison

Corp.

1,248

226,986

Ball

Corp.

4,348

230,314

Crown

Holdings,

Inc.

(b)

1,859

191,421

Graphic

Packaging

Holding

Co.

4,745

71,460

International

Paper

Co.

(b)

8,499

334,776

Packaging

Corp.

of

America

1,428

294,496

Sealed

Air

Corp.

2,358

97,692

Silgan

Holdings,

Inc.

(b)

1,420

57,325

Smurfit

WestRock

plc

8,445

326,568

2,271,679

Distributors

(

0

.1

%

)

Genuine

Parts

Co.

1,683

206,942

LKQ

Corp.

3,098

93,559

Pool

Corp.

(b)

440

100,650

401,151

Diversified

Consumer

Services

(

0

.1

%

)

ADT,

Inc.

7,446

60,089

Adtalem

Global

Education,

Inc.

(a)

518

53,597

Bright

Horizons

Family

Solutions,

Inc.

(a)

814

82,540

Duolingo,

Inc.,

Class

 A

(a)

551

96,701

H&R

Block,

Inc.

1,821

79,359

Service

Corp.

International

(b)

1,980

154,381

Stride,

Inc.

(a)(b)

624

40,516

567,183

Diversified

REITs

(

0

.0

%

)

(c)

Essential

Properties

Realty

Trust,

Inc.

(b)

2,943

87,289

Shares

Value

WP

Carey,

Inc.

(b)

3,221

$

207,304

294,593

Diversified

Telecommunication

Services

(

0

.7

%

)

AT&T,

Inc.

92,335

2,293,601

Verizon

Communications,

Inc.

54,964

2,238,684

4,532,285

Electric

Utilities

(

1

.0

%

)

Alliant

Energy

Corp.

3,816

248,078

Constellation

Energy

Corp.

4,634

1,637,053

Evergy,

Inc.

3,378

244,871

Eversource

Energy

5,574

375,298

Exelon

Corp.

(b)

15,020

654,722

IDACORP,

Inc.

(b)

800

101,248

NextEra

Energy,

Inc.

30,939

2,483,783

NRG

Energy,

Inc.

2,822

449,375

Portland

General

Electric

Co.

1,672

80,239

TXNM

Energy,

Inc.

1,436

84,552

Xcel

Energy,

Inc.

8,781

648,565

7,007,784

Electrical

Equipment

(

1

.4

%

)

Acuity,

Inc.

495

178,220

AMETEK,

Inc.

3,723

764,369

Eaton

Corp.

plc

6,292

2,004,065

Emerson

Electric

Co.

9,097

1,207,354

GE

Vernova,

Inc.

4,029

2,633,234

Hubbell,

Inc.,

Class

 B

859

381,490

Nextpower,

Inc.,

Class

 A

(a)

2,374

206,799

nVent

Electric

plc

2,586

263,694

Regal

Rexnord

Corp.

(b)

1,074

150,704

Rockwell

Automation,

Inc.

1,819

707,718

Vertiv

Holdings

Co.,

Class

 A

6,092

986,965

9,484,612

Electronic

Equipment,

Instruments

&

Components

(

1

.1

%

)

Amphenol

Corp.,

Class

 A

19,757

2,669,961

Arrow

Electronics,

Inc.

(a)

622

68,532

Badger

Meter,

Inc.

477

83,194

CDW

Corp.

1,690

230,178

Cognex

Corp.

2,724

98,009

Coherent

Corp.

(a)

2,530

466,962

Corning,

Inc.

10,263

898,628

Flex

Ltd.

(a)(b)

4,790

289,412

Itron,

Inc.

(a)

701

65,095

Jabil,

Inc.

1,362

310,563

Keysight

Technologies,

Inc.

(a)

2,768

562,430

Littelfuse,

Inc.

(b)

398

100,662

Ralliant

Corp.

1,832

93,267

TD

SYNNEX

Corp.

922

138,512

TE

Connectivity

plc

4,771

1,085,450

Teledyne

Technologies,

Inc.

(a)

753

384,580

Vontier

Corp.

1,892

70,345

Zebra

Technologies

Corp.,

Class

 A

(a)

655

159,047

7,774,827

Energy

Equipment

&

Services

(

0

.2

%

)

Baker

Hughes

Co.,

Class

 A

31,481

1,433,645

Entertainment

(

1

.5

%

)

Electronic

Arts,

Inc.

2,932

599,096

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Entertainment

(cont’d)

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A

(a)

3,655

$

326,684

Netflix,

Inc.

(a)

52,001

4,875,614

Roku,

Inc.,

Class

 A

(a)

1,696

183,999

Take-Two

Interactive

Software,

Inc.

(a)

2,228

570,435

Walt

Disney

Co.

(The)

25,924

2,949,373

Warner

Bros

Discovery,

Inc.

(a)

35,231

1,015,357

Warner

Music

Group

Corp.,

Class

 A

2,102

64,468

10,585,026

Financial

Services

(

2

.6

%

)

Affirm

Holdings,

Inc.,

Class

 A

(a)

3,605

268,320

Apollo

Global

Management,

Inc.

(b)

6,360

920,674

Corebridge

Financial,

Inc.

4,116

124,180

Corpay,

Inc.

(a)

879

264,517

Equitable

Holdings,

Inc.

4,340

206,801

Essent

Group

Ltd.

1,426

92,704

Euronet

Worldwide,

Inc.

(a)(b)

514

39,121

Fidelity

National

Information

Services,

Inc.

6,749

448,538

Fiserv,

Inc.

(a)

6,957

467,302

Jack

Henry

&

Associates,

Inc.

940

171,531

Jackson

Financial,

Inc.,

Class

 A

1,015

108,250

Mastercard,

Inc.,

Class

 A

10,683

6,098,711

MGIC

Investment

Corp.

3,357

98,091

PayPal

Holdings,

Inc.

12,191

711,711

PennyMac

Financial

Services,

Inc.

440

58,010

Shift4

Payments,

Inc.,

Class

 A

(a)(b)

863

54,343

Toast,

Inc.,

Class

 A

(a)

6,179

219,416

Visa,

Inc.,

Class

 A

(b)

21,577

7,567,270

Voya

Financial,

Inc.

(b)

1,448

107,861

18,027,351

Food

Products

(

0

.6

%

)

Bunge

Global

SA

2,442

217,533

Campbell's

Co.

(The)

(b)

3,483

97,071

Conagra

Brands,

Inc.

8,656

149,835

Darling

Ingredients,

Inc.

(a)

2,856

102,816

General

Mills,

Inc.

9,657

449,051

Hershey

Co.

(The)

(b)

2,641

480,609

Hormel

Foods

Corp.

(b)

5,296

125,515

Ingredion,

Inc.

1,145

126,248

J.M.

Smucker

Co.

(The)

1,898

185,643

Kraft

Heinz

Co.

(The)

15,494

375,730

Lamb

Weston

Holdings,

Inc.

2,510

105,144

McCormick

&

Co.,

Inc.

(Non-Voting)

4,817

328,086

Mondelez

International,

Inc.,

Class

 A

(b)

23,402

1,259,730

Pilgrim's

Pride

Corp.

766

29,866

Post

Holdings,

Inc.

(a)(b)

823

81,518

4,114,395

Gas

Utilities

(

0

.0

%

)

(c)

Southwest

Gas

Holdings,

Inc.

980

78,420

UGI

Corp.

3,193

119,514

197,934

Ground

Transportation

(

1

.1

%

)

JB

Hunt

Transport

Services,

Inc.

2,493

484,490

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

5,181

270,863

Landstar

System,

Inc.

1,122

161,231

Lyft,

Inc.,

Class

 A

(a)

4,975

96,366

Shares

Value

Old

Dominion

Freight

Line,

Inc.

5,930

$

929,824

Ryder

System,

Inc.

(b)

1,286

246,127

Saia,

Inc.

(a)(b)

873

285,052

Uber

Technologies,

Inc.

(a)

26,036

2,127,402

Union

Pacific

Corp.

10,972

2,538,043

XPO,

Inc.

(a)(b)

3,753

510,070

7,649,468

Health

Care

Equipment

&

Supplies

(

2

.4

%

)

Abbott

Laboratories

23,939

2,999,317

Align

Technology,

Inc.

(a)

931

145,376

Baxter

International,

Inc.

(b)

7,114

135,949

Becton

Dickinson

&

Co.

3,949

766,382

Boston

Scientific

Corp.

(a)

20,467

1,951,528

Cooper

Cos.,

Inc.

(The)

(a)

2,739

224,488

Dexcom,

Inc.

(a)

5,329

353,686

Edwards

Lifesciences

Corp.

(a)

7,936

676,544

GE

HealthCare

Technologies,

Inc.

6,297

516,480

Glaukos

Corp.

(a)

764

86,263

Globus

Medical,

Inc.,

Class

 A

(a)

1,547

135,069

Hologic,

Inc.

(a)(b)

3,042

226,599

IDEXX

Laboratories,

Inc.

(a)

1,092

738,771

Insulet

Corp.

(a)

972

276,281

Intuitive

Surgical,

Inc.

(a)

4,880

2,763,837

Medtronic

plc

17,758

1,705,833

Merit

Medical

Systems,

Inc.

(a)(b)

803

70,776

Penumbra,

Inc.

(a)

525

163,228

ResMed,

Inc.

(b)

2,010

484,149

STERIS

plc

1,355

343,520

Stryker

Corp.

4,972

1,747,509

Teleflex,

Inc.

610

74,444

Zimmer

Biomet

Holdings,

Inc.

2,744

246,740

16,832,769

Health

Care

Providers

&

Services

(

1

.6

%

)

Centene

Corp.

(a)

6,646

273,483

Chemed

Corp.

192

82,149

Cigna

Group

(The)

3,642

1,002,388

CorVel

Corp.

(a)

443

29,978

CVS

Health

Corp.

17,572

1,394,514

DaVita,

Inc.

(a)(b)

519

58,964

Elevance

Health,

Inc.

3,073

1,077,240

Encompass

Health

Corp.

(b)

1,380

146,473

Ensign

Group,

Inc.

(The)

776

135,179

Guardant

Health,

Inc.

(a)(b)

1,722

175,885

HCA

Healthcare,

Inc.

2,190

1,022,423

HealthEquity,

Inc.

(a)

1,100

100,771

Henry

Schein,

Inc.

(a)

1,374

103,847

Humana,

Inc.

1,663

425,944

Labcorp

Holdings,

Inc.

1,146

287,509

Molina

Healthcare,

Inc.

(a)

703

121,999

Option

Care

Health,

Inc.

(a)(b)

2,183

69,550

Quest

Diagnostics,

Inc.

1,534

266,195

UnitedHealth

Group,

Inc.

12,528

4,135,618

10,910,109

Health

Care

REITs

(

0

.5

%

)

Alexandria

Real

Estate

Equities,

Inc.

(b)

2,546

124,601

American

Healthcare

REIT,

Inc.

(b)

2,739

128,897

CareTrust

REIT,

Inc.

3,312

119,762

Healthcare

Realty

Trust,

Inc.,

Class

 A

(b)

5,209

88,292

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Health

Care

REITs

(cont’d)

Healthpeak

Properties,

Inc.

10,321

$

165,962

Omega

Healthcare

Investors,

Inc.

4,390

194,653

Ventas,

Inc.

(b)

6,951

537,868

Welltower,

Inc.

10,201

1,893,408

3,253,443

Health

Care

Technology

(

0

.1

%

)

Veeva

Systems,

Inc.,

Class

 A

(a)

1,955

436,415

Waystar

Holding

Corp.

(a)(b)

1,418

46,439

482,854

Hotel

&

Resort

REITs

(

0

.0

%

)

(c)

Host

Hotels

&

Resorts,

Inc.

(b)

10,105

179,162

Ryman

Hospitality

Properties,

Inc.

910

86,104

265,266

Hotels,

Restaurants

&

Leisure

(

1

.6

%

)

Airbnb,

Inc.,

Class

 A

(a)

5,428

736,688

Aramark

4,748

175,011

Booking

Holdings,

Inc.

418

2,238,528

Brinker

International,

Inc.

(a)

797

114,385

Cava

Group,

Inc.

(a)(b)

1,808

106,112

Chipotle

Mexican

Grill,

Inc.,

Class

 A

(a)

23,847

882,339

Choice

Hotels

International,

Inc.

(b)

379

36,104

Darden

Restaurants,

Inc.

2,107

387,730

Domino's

Pizza,

Inc.

(b)

608

253,427

DoorDash,

Inc.,

Class

 A

(a)

4,555

1,031,616

Hilton

Worldwide

Holdings,

Inc.

3,306

949,649

Hyatt

Hotels

Corp.,

Class

 A

(b)

585

93,787

Life

Time

Group

Holdings,

Inc.

(a)

2,174

57,785

Marriott

International,

Inc.,

Class

 A

3,208

995,250

Planet

Fitness,

Inc.,

Class

 A

(a)

1,204

130,598

Shake

Shack,

Inc.,

Class

 A

(a)

700

56,819

Starbucks

Corp.

20,614

1,735,905

Texas

Roadhouse,

Inc.,

Class

 A

1,194

198,204

Vail

Resorts,

Inc.

(b)

514

68,259

Wingstop,

Inc.

(b)

503

119,960

Wyndham

Hotels

&

Resorts,

Inc.

(b)

1,075

81,227

Yum!

Brands,

Inc.

5,038

762,149

11,211,532

Household

Durables

(

0

.3

%

)

DR

Horton,

Inc.

(b)

3,801

547,458

Lennar

Corp.,

Class

 A

3,403

349,829

Mohawk

Industries,

Inc.

(a)

617

67,438

NVR,

Inc.

(a)

39

284,418

PulteGroup,

Inc.

2,881

337,826

Somnigroup

International,

Inc.

2,268

202,487

Taylor

Morrison

Home

Corp.,

Class

 A

(a)

1,420

83,595

Toll

Brothers,

Inc.

1,425

192,689

TopBuild

Corp.

(a)

412

171,882

2,237,622

Household

Products

(

0

.8

%

)

Church

&

Dwight

Co.,

Inc.

(b)

2,908

243,836

Clorox

Co.

(The)

1,473

148,522

Colgate-Palmolive

Co.

9,764

771,551

Kimberly-Clark

Corp.

4,020

405,578

Procter

&

Gamble

Co.

(The)

28,322

4,058,826

5,628,313

Shares

Value

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

)

(c)

AES

Corp.

(The)

10,568

$

151,545

Brookfield

Renewable

Corp.

(b)

2,161

82,853

Clearway

Energy,

Inc.,

Class

 C

(b)

1,395

46,398

280,796

Industrial

REITs

(

0

.4

%

)

Americold

Realty

Trust,

Inc.

(b)

4,262

54,809

EastGroup

Properties,

Inc.

(b)

786

140,018

First

Industrial

Realty

Trust,

Inc.

(b)

1,956

112,020

Lineage,

Inc.

(b)

1,062

37,170

Prologis,

Inc.

13,776

1,758,644

Rexford

Industrial

Realty,

Inc.

3,447

133,468

STAG

Industrial,

Inc.

2,771

101,862

Terreno

Realty

Corp.

1,505

88,359

2,426,350

Insurance

(

2

.1

%

)

Aflac,

Inc.

7,139

787,217

American

Financial

Group,

Inc.

1,062

145,154

American

International

Group,

Inc.

8,202

701,681

Aon

plc,

Class

 A

3,231

1,140,155

Arch

Capital

Group

Ltd.

(a)

5,336

511,829

Arthur

J

Gallagher

&

Co.

(b)

3,694

955,970

Assurant,

Inc.

758

182,564

Axis

Capital

Holdings

Ltd.

1,163

124,546

Brown

&

Brown,

Inc.

(b)

4,230

337,131

Cincinnati

Financial

Corp.

2,331

380,699

Everest

Group

Ltd.

630

213,790

First

American

Financial

Corp.

1,422

87,368

Hanover

Insurance

Group,

Inc.

(The)

535

97,782

Hartford

Insurance

Group,

Inc.

(The)

4,226

582,343

Kinsale

Capital

Group,

Inc.

(b)

334

130,634

Markel

Group,

Inc.

(a)

187

401,985

Marsh

&

McLennan

Cos.,

Inc.

7,448

1,381,753

MetLife,

Inc.

8,435

665,859

Old

Republic

International

Corp.

3,481

158,873

Primerica,

Inc.

482

124,529

Principal

Financial

Group,

Inc.

3,323

293,122

Progressive

Corp.

(The)

8,899

2,026,480

Prudential

Financial,

Inc.

5,318

600,296

Reinsurance

Group

of

America,

Inc.

996

202,646

RenaissanceRe

Holdings

Ltd.

669

188,096

RLI

Corp.

1,269

81,191

Ryan

Specialty

Holdings,

Inc.,

Class

 A

1,725

89,062

Travelers

Cos.,

Inc.

(The)

3,378

979,823

Unum

Group

2,524

195,610

W.

R.

Berkley

Corp.

4,528

317,503

Willis

Towers

Watson

plc

(b)

1,453

477,456

14,563,147

Interactive

Media

&

Services

(

5

.6

%

)

Alphabet,

Inc.,

Class

 A

121,959

38,173,167

Pinterest,

Inc.,

Class

 A

(a)

7,719

199,845

Reddit,

Inc.,

Class

 A

(a)

1,733

398,365

Snap,

Inc.,

Class

 A

(a)

14,587

117,717

38,889,094

IT

Services

(

1

.4

%

)

Accenture

plc,

Class

 A

8,064

2,163,571

Akamai

Technologies,

Inc.

(a)

1,840

160,540

Amdocs

Ltd.

(b)

1,426

114,807

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

IT

Services

(cont’d)

Cloudflare,

Inc.,

Class

 A

(a)

4,071

$

802,598

Cognizant

Technology

Solutions

Corp.,

Class

 A

6,269

520,327

EPAM

Systems,

Inc.

(a)

692

141,777

Gartner,

Inc.

(a)

1,015

256,064

GoDaddy,

Inc.,

Class

 A

(a)

1,752

217,388

International

Business

Machines

Corp.

12,176

3,606,653

Kyndryl

Holdings,

Inc.

(a)(b)

2,933

77,900

MongoDB,

Inc.,

Class

 A

(a)

1,024

429,763

Snowflake,

Inc.,

Class

 A

(a)

4,261

934,693

Twilio,

Inc.,

Class

 A

(a)

1,890

268,834

VeriSign,

Inc.

1,196

290,568

9,985,483

Leisure

Products

(

0

.0

%

)

(c)

Hasbro,

Inc.

1,694

138,908

Mattel,

Inc.

(a)

3,757

74,539

213,447

Life

Sciences

Tools

&

Services

(

1

.2

%

)

Agilent

Technologies,

Inc.

3,911

532,170

Avantor,

Inc.

(a)

9,223

105,695

Bio-Rad

Laboratories,

Inc.,

Class

 A

(a)

250

75,747

Bio-Techne

Corp.

(b)

2,138

125,736

Bruker

Corp.

1,520

71,607

Charles

River

Laboratories

International,

Inc.

(a)

674

134,449

Danaher

Corp.

8,917

2,041,280

Illumina,

Inc.

(a)

2,061

270,321

IQVIA

Holdings,

Inc.

(a)

2,339

527,234

Medpace

Holdings,

Inc.

(a)

315

176,920

Mettler-Toledo

International,

Inc.

(a)

278

387,585

PerkinElmer,

Inc.

1,567

151,607

Repligen

Corp.

(a)(b)

740

121,256

Thermo

Fisher

Scientific,

Inc.

5,193

3,009,084

Waters

Corp.

(a)

824

312,980

West

Pharmaceutical

Services,

Inc.

991

272,664

8,316,335

Machinery

(

2

.6

%

)

AGCO

Corp.

(b)

1,008

105,155

Allison

Transmission

Holdings,

Inc.

1,346

131,773

Caterpillar,

Inc.

6,926

3,967,698

Chart

Industries,

Inc.

(a)

723

149,104

CNH

Industrial

NV

14,210

131,016

Cummins,

Inc.

2,231

1,138,814

Deere

&

Co.

(b)

4,059

1,889,749

Donaldson

Co.,

Inc.

1,873

166,060

Dover

Corp.

2,219

433,238

Esab

Corp.

924

103,229

ESCO

Technologies,

Inc.

420

82,064

Federal

Signal

Corp.

964

104,681

Flowserve

Corp.

2,057

142,715

Fortive

Corp.

(b)

5,140

283,779

Gates

Industrial

Corp.

plc

(a)

4,135

88,779

Graco,

Inc.

2,671

218,942

IDEX

Corp.

(b)

1,211

215,485

Illinois

Tool

Works,

Inc.

(b)

4,691

1,155,393

Ingersoll

Rand,

Inc.

(b)

6,405

507,404

ITT,

Inc.

1,260

218,623

JBT

Marel

Corp.

(b)

831

125,207

Lincoln

Electric

Holdings,

Inc.

874

209,445

Shares

Value

Middleby

Corp.

(The)

(a)

806

$

119,828

Mueller

Industries,

Inc.

1,764

202,507

Nordson

Corp.

828

199,076

Oshkosh

Corp.

(b)

1,019

128,017

Otis

Worldwide

Corp.

6,323

552,314

PACCAR,

Inc.

8,368

916,380

Parker-Hannifin

Corp.

2,044

1,796,594

Pentair

plc

2,644

275,346

RBC

Bearings,

Inc.

(a)

505

226,457

Snap-on,

Inc.

835

287,741

SPX

Technologies,

Inc.

(a)

784

156,847

Stanley

Black

&

Decker,

Inc.

2,512

186,591

Timken

Co.

(The)

1,033

86,906

Toro

Co.

(The)

1,583

124,614

Watts

Water

Technologies,

Inc.,

Class

 A

440

121,449

Westinghouse

Air

Brake

Technologies

Corp.

2,747

586,347

Xylem,

Inc.

3,943

536,958

18,072,325

Media

(

0

.4

%

)

Charter

Communications,

Inc.,

Class

 A

(a)

1,161

242,359

Comcast

Corp.,

Class

 A

47,085

1,407,371

Liberty

Broadband

Corp.,

Class

 C

(a)

1,709

83,057

New

York

Times

Co.

(The),

Class

 A

2,312

160,499

Nexstar

Media

Group,

Inc.,

Class

 A

(b)

410

83,250

Omnicom

Group,

Inc.

4,660

376,295

Paramount

Skydance

Corp.,

Class

 B

(b)

4,514

60,488

Sirius

XM

Holdings,

Inc.

2,770

55,386

Trade

Desk,

Inc.

(The),

Class

 A

(a)

5,716

216,979

2,685,684

Metals

&

Mining

(

0

.4

%

)

Commercial

Metals

Co.

3,636

251,684

Nucor

Corp.

(b)

7,485

1,220,878

Reliance,

Inc.

1,710

493,968

Steel

Dynamics,

Inc.

(b)

4,489

760,661

2,727,191

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.1

%

)

AGNC

Investment

Corp.

16,270

174,415

Annaly

Capital

Management,

Inc.

10,389

232,298

Rithm

Capital

Corp.

8,432

91,909

Starwood

Property

Trust,

Inc.

(b)

5,338

96,137

594,759

Multi-Utilities

(

0

.7

%

)

Ameren

Corp.

(b)

4,007

400,139

CMS

Energy

Corp.

4,499

314,615

Consolidated

Edison,

Inc.

5,358

532,157

Dominion

Energy,

Inc.

12,684

743,156

DTE

Energy

Co.

3,078

397,000

NiSource,

Inc.

(b)

7,084

295,828

Public

Service

Enterprise

Group,

Inc.

7,415

595,424

Sempra

9,699

856,325

WEC

Energy

Group,

Inc.

(b)

4,831

509,477

4,644,121

Office

REITs

(

0

.1

%

)

BXP,

Inc.

(b)

2,350

158,578

COPT

Defense

Properties

(b)

1,689

46,954

Cousins

Properties,

Inc.

2,489

64,166

Kilroy

Realty

Corp.

1,749

65,360

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Office

REITs

(cont’d)

Vornado

Realty

Trust

(b)

2,684

$

89,324

424,382

Oil,

Gas

&

Consumable

Fuels

(

0

.2

%

)

CNX

Resources

Corp.

(a)

4,238

155,831

Occidental

Petroleum

Corp.

23,179

953,121

1,108,952

Paper

&

Forest

Products

(

0

.0

%

)

(c)

Louisiana-Pacific

Corp.

834

67,354

Passenger

Airlines

(

0

.3

%

)

Alaska

Air

Group,

Inc.

(a)

3,806

191,442

American

Airlines

Group,

Inc.

(a)

21,417

328,323

Delta

Air

Lines,

Inc.

21,421

1,486,617

Joby

Aviation,

Inc.

(a)

7,069

93,311

2,099,693

Personal

Care

Products

(

0

.1

%

)

BellRing

Brands,

Inc.

(a)

1,443

38,571

elf

Beauty,

Inc.

(a)

704

53,532

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

2,841

297,510

Kenvue,

Inc.

23,244

400,959

790,572

Pharmaceuticals

(

2

.8

%

)

Bristol-Myers

Squibb

Co.

28,169

1,519,436

Corcept

Therapeutics,

Inc.

(a)

1,297

45,136

Elanco

Animal

Health,

Inc.

(a)(b)

6,837

154,721

Eli

Lilly

&

Co.

10,303

11,072,428

Jazz

Pharmaceuticals

plc

(a)

805

136,850

Merck

&

Co.,

Inc.

34,366

3,617,365

Pfizer,

Inc.

78,740

1,960,626

Royalty

Pharma

plc,

Class

 A

5,252

202,937

Zoetis,

Inc.,

Class

 A

(b)

6,096

766,999

19,476,498

Professional

Services

(

0

.7

%

)

Amentum

Holdings,

Inc.

(a)

2,593

75,197

Automatic

Data

Processing,

Inc.

5,266

1,354,573

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

(b)

1,745

147,208

Broadridge

Financial

Solutions,

Inc.

1,514

337,879

Dayforce,

Inc.

(a)

2,013

139,219

Equifax,

Inc.

1,766

383,187

ExlService

Holdings,

Inc.

(a)

1,997

84,753

FTI

Consulting,

Inc.

(a)

440

75,165

Genpact

Ltd.

2,066

96,648

Parsons

Corp.

(a)(b)

690

42,642

Paychex,

Inc.

4,208

472,053

Paycom

Software,

Inc.

(b)

651

103,743

Paylocity

Holding

Corp.

(a)

569

86,773

Robert

Half,

Inc.

1,435

38,975

Science

Applications

International

Corp.

597

60,094

SS&C

Technologies

Holdings,

Inc.

2,751

240,492

TransUnion

2,788

239,071

UL

Solutions,

Inc.,

Class

 A

(b)

902

71,132

Verisk

Analytics,

Inc.,

Class

 A

2,020

451,854

4,500,658

Real

Estate

Management

&

Development

(

0

.2

%

)

CBRE

Group,

Inc.,

Class

 A

(a)

4,394

706,511

CoStar

Group,

Inc.

(a)

6,086

409,223

Shares

Value

Jones

Lang

LaSalle,

Inc.

(a)

694

$

233,510

Zillow

Group,

Inc.,

Class

 C

(a)

2,787

190,129

1,539,373

Residential

REITs

(

0

.3

%

)

AvalonBay

Communities,

Inc.

(b)

2,099

380,570

Camden

Property

Trust

1,554

171,064

Equity

LifeStyle

Properties,

Inc.

(b)

2,852

172,860

Equity

Residential

5,610

353,654

Essex

Property

Trust,

Inc.

(b)

951

248,858

Invitation

Homes,

Inc.

9,092

252,667

Mid-America

Apartment

Communities,

Inc.

1,727

239,898

Sun

Communities,

Inc.

(b)

1,816

225,020

UDR,

Inc.

4,900

179,732

2,224,323

Retail

REITs

(

0

.4

%

)

Brixmor

Property

Group,

Inc.

(b)

4,531

118,803

Federal

Realty

Investment

Trust

1,272

128,218

Kimco

Realty

Corp.

9,875

200,166

Kite

Realty

Group

Trust

3,201

76,728

NNN

REIT,

Inc.

2,806

111,202

Phillips

Edison

&

Co.,

Inc.

1,867

66,409

Realty

Income

Corp.

(b)

13,666

770,352

Regency

Centers

Corp.

2,702

186,519

Simon

Property

Group,

Inc.

4,809

890,194

2,548,591

Semiconductors

&

Semiconductor

Equipment

(

13

.9

%

)

Advanced

Micro

Devices,

Inc.

(a)

21,123

4,523,702

Allegro

MicroSystems,

Inc.

(a)

1,621

42,762

Analog

Devices,

Inc.

6,366

1,726,459

Applied

Materials,

Inc.

10,348

2,659,333

Astera

Labs,

Inc.

(a)

1,745

290,298

Broadcom,

Inc.

53,388

18,477,587

Cirrus

Logic,

Inc.

(a)

662

78,447

Enphase

Energy,

Inc.

(a)(b)

1,525

48,876

Entegris,

Inc.

(b)

1,966

165,635

First

Solar,

Inc.

(a)

1,217

317,917

Intel

Corp.

55,350

2,042,415

KLA

Corp.

1,710

2,077,787

Lam

Research

Corp.

16,325

2,794,513

Lattice

Semiconductor

Corp.

(a)

1,761

129,574

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

864

147,986

Marvell

Technology,

Inc.

11,188

950,756

Microchip

Technology,

Inc.

6,908

440,178

Micron

Technology,

Inc.

14,633

4,176,405

MKS,

Inc.

1,086

173,543

Monolithic

Power

Systems,

Inc.

(b)

595

539,284

NVIDIA

Corp.

261,695

48,806,117

ON

Semiconductor

Corp.

(a)(b)

5,222

282,771

Qorvo,

Inc.

(a)

1,198

101,243

QUALCOMM,

Inc.

13,952

2,386,490

Rambus,

Inc.

(a)

1,396

128,278

Skyworks

Solutions,

Inc.

(b)

1,934

122,635

Teradyne,

Inc.

2,036

394,088

Texas

Instruments,

Inc.

11,828

2,052,040

Universal

Display

Corp.

574

67,032

96,144,151

Software

(

10

.0

%

)

ACI

Worldwide,

Inc.

(a)

1,330

63,587

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Software

(cont’d)

Adobe,

Inc.

(a)

5,438

$

1,903,246

Appfolio,

Inc.,

Class

 A

(a)

282

65,607

AppLovin

Corp.,

Class

 A

(a)

2,913

1,962,838

Atlassian

Corp.,

Class

 A

(a)

2,167

351,357

Autodesk,

Inc.

(a)

2,756

815,804

Bentley

Systems,

Inc.,

Class

 B

2,055

78,429

Box,

Inc.,

Class

 A

(a)

1,831

54,765

Cadence

Design

Systems,

Inc.

(a)

3,532

1,104,033

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

7,905

62,845

Clearwater

Analytics

Holdings,

Inc.,

Class

 A

(a)

3,621

87,338

CommVault

Systems,

Inc.

(a)

569

71,330

Confluent,

Inc.,

Class

 A

(a)

3,835

115,970

Crowdstrike

Holdings,

Inc.,

Class

 A

(a)

3,162

1,482,219

Datadog,

Inc.,

Class

 A

(a)

4,145

563,679

Docusign,

Inc.,

Class

 A

(a)

2,601

177,908

Dolby

Laboratories,

Inc.,

Class

 A

(b)

789

50,670

Dropbox,

Inc.,

Class

 A

(a)(b)

2,428

67,498

Dynatrace,

Inc.

(a)

3,898

168,939

Elastic

NV

(a)

1,200

90,528

Fair

Isaac

Corp.

(a)

335

566,358

Fortinet,

Inc.

(a)

8,063

640,283

Gen

Digital,

Inc.

(b)

7,284

198,052

Guidewire

Software,

Inc.

(a)

1,102

221,513

HubSpot,

Inc.

(a)

658

264,055

Intuit,

Inc.

3,540

2,344,967

Manhattan

Associates,

Inc.

(a)

776

134,489

MARA

Holdings,

Inc.

(a)(b)

4,883

43,849

Microsoft

Corp.

82,468

39,883,174

Nutanix,

Inc.,

Class

 A

(a)

3,450

178,330

Oracle

Corp.

21,978

4,283,732

Palo

Alto

Networks,

Inc.

(a)

9,004

1,658,537

PTC,

Inc.

(a)

1,554

270,722

Q2

Holdings,

Inc.

(a)

786

56,718

Qualys,

Inc.

(a)

463

61,533

Roper

Technologies,

Inc.

1,397

621,847

Salesforce,

Inc.

12,089

3,202,497

Samsara,

Inc.,

Class

 A

(a)

4,331

153,534

SentinelOne,

Inc.,

Class

 A

(a)

3,955

59,325

ServiceNow,

Inc.

(a)

13,622

2,086,754

SPS

Commerce,

Inc.

(a)

489

43,585

Synopsys,

Inc.

(a)

2,327

1,093,038

Trimble,

Inc.

(a)

3,851

301,726

Tyler

Technologies,

Inc.

(a)

558

253,304

Varonis

Systems,

Inc.,

Class

 B

(a)

1,480

48,544

Workday,

Inc.,

Class

 A

(a)

2,756

591,934

Zscaler,

Inc.

(a)

1,334

300,043

68,901,033

Specialized

REITs

(

0

.8

%

)

American

Tower

Corp.

6,944

1,219,158

Crown

Castle,

Inc.

(b)

6,460

574,100

CubeSmart

3,371

121,524

Digital

Realty

Trust,

Inc.

5,099

788,866

Equinix,

Inc.

1,448

1,109,400

Extra

Space

Storage,

Inc.

3,126

407,068

Iron

Mountain,

Inc.

3,827

317,450

Lamar

Advertising

Co.,

Class

 A

1,281

162,149

National

Storage

Affiliates

Trust

(b)

1,076

30,354

Public

Storage

2,358

611,901

Shares

Value

SBA

Communications

Corp.,

Class

 A

1,565

$

302,718

Weyerhaeuser

Co.

8,635

204,563

5,849,251

Specialty

Retail

(

1

.9

%

)

AutoNation,

Inc.

(a)

330

68,138

AutoZone,

Inc.

(a)

200

678,300

Bath

&

Body

Works,

Inc.

2,473

49,658

Best

Buy

Co.,

Inc.

2,373

158,825

Boot

Barn

Holdings,

Inc.

(a)

366

64,588

Burlington

Stores,

Inc.

(a)

756

218,371

CarMax,

Inc.

(a)

1,781

68,818

Carvana

Co.,

Class

 A

(a)(b)

1,602

676,076

Dick's

Sporting

Goods,

Inc.

777

153,823

Five

Below,

Inc.

(a)

653

122,999

Floor

&

Decor

Holdings,

Inc.,

Class

 A

(a)(b)

1,296

78,913

GameStop

Corp.,

Class

 A

(a)(b)

4,979

99,978

Gap,

Inc.

(The)

(b)

3,020

77,312

Group

1

Automotive,

Inc.

149

58,602

Home

Depot,

Inc.

(The)

12,063

4,150,878

Lithia

Motors,

Inc.,

Class

 A

290

96,376

Lowe's

Cos.,

Inc.

6,794

1,638,441

O'Reilly

Automotive,

Inc.

(a)

10,158

926,511

Penske

Automotive

Group,

Inc.

216

34,191

Ross

Stores,

Inc.

3,861

695,521

TJX

Cos.,

Inc.

(The)

13,448

2,065,747

Tractor

Supply

Co.

(b)

6,392

319,664

Ulta

Beauty,

Inc.

(a)

541

327,310

Urban

Outfitters,

Inc.

(a)(b)

680

51,177

Wayfair,

Inc.,

Class

 A

(a)(b)

1,195

119,990

Williams-Sonoma,

Inc.

(b)

1,422

253,955

13,254,162

Technology

Hardware,

Storage

&

Peripherals

(

7

.1

%

)

Apple,

Inc.

165,711

45,050,192

Dell

Technologies,

Inc.,

Class

 C

4,130

519,884

Hewlett

Packard

Enterprise

Co.

17,140

411,703

HP,

Inc.

12,170

271,148

NetApp,

Inc.

2,572

275,436

Pure

Storage,

Inc.,

Class

 A

(a)

4,060

272,061

Sandisk

Corp.

(a)

1,800

427,284

Seagate

Technology

Holdings

plc

2,774

763,932

Western

Digital

Corp.

4,420

761,433

48,753,073

Textiles,

Apparel

&

Luxury

Goods

(

0

.3

%

)

Crocs,

Inc.

(a)(b)

609

52,082

Deckers

Outdoor

Corp.

(a)

1,751

181,526

Lululemon

Athletica,

Inc.

(a)

1,253

260,386

NIKE,

Inc.,

Class

 B

14,188

903,917

Ralph

Lauren

Corp.,

Class

 A

457

161,600

Tapestry,

Inc.

2,470

315,592

VF

Corp.

4,461

80,655

1,955,758

Trading

Companies

&

Distributors

(

0

.6

%

)

Air

Lease

Corp.,

Class

 A

1,694

108,806

Applied

Industrial

Technologies,

Inc.

609

156,373

Core

&

Main,

Inc.,

Class

 A

(a)

3,078

159,964

Fastenal

Co.

13,902

557,887

Ferguson

Enterprises,

Inc.

2,373

528,301

FTAI

Aviation

Ltd.

(b)

1,637

322,244

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Trading

Companies

&

Distributors

(cont’d)

GATX

Corp.

575

$

97,520

QXO,

Inc.

(a)

8,205

158,274

SiteOne

Landscape

Supply,

Inc.

(a)

531

66,141

United

Rentals,

Inc.

1,026

830,362

Watsco,

Inc.

570

192,062

WESCO

International,

Inc.

575

140,668

WW

Grainger,

Inc.

540

544,887

3,863,489

Water

Utilities

(

0

.1

%

)

American

Water

Works

Co.,

Inc.

(b)

2,897

378,058

Essential

Utilities,

Inc.

4,207

161,381

539,439

Wireless

Telecommunication

Services

(

0

.2

%

)

T-Mobile

US,

Inc.

(b)

6,345

1,288,289

Total

Common

Stocks

(Cost

$538,211,754)

689,322,631

Short-Term

Investments

(4.2%)

Investment

Company

(0.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(d)

(Cost

$969,275)

969,275

969,275

Security

held

as

Collateral

on

Loaned

Securities

(

4

.1

%

)

Investment

Company

(4.1%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(d)

(Cost

$28,019,311)

28,019,311

28,019,311

Total

Short-Term

Investments

(Cost

$28,988,586)

28,988,586

–

Total

Investments

(

104

.0

%

)

(Cost

$

567,200,340

)

including

$

37,038,919

of

Securities

Loaned

(e)

718,311,217

Liabilities

in

Excess

of

Other

Assets

(

-4.0%

)

(27,705,320)

NET

ASSETS

(100.0%)

$

690,605,897

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

was

on

loan

.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2025

,

were

$

37,038,919

and

$

38,239,688

,

respectively.

The

Fund

received

cash

collateral

of

$

28,019,311

,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$

10,220,377

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(c)

Amount

is

less

than

0.05%.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$815

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(e)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$567,200,340.

The

aggregate

gross

unrealized

appreciation

is

$167,587,898

and

the

aggregate

gross

unrealized

depreciation

is

$16,477,021,

resulting

in

net

unrealized

appreciation

of

$151,110,877.

REIT

Real

Estate

Investment

Trust

Sector

Classification

of

Portfolio

*

Classification  

Percentage

of

Total

Investments

Information

Technology

34

.6

%

Financials

14

.6

Health

Care

10

.6

Industrials

10

.5

Consumer

Discretionary

8

.9

Communication

Services

8

.4

Other**

7

.4

Consumer

Staples

5

.0

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Shares

Value

Common

Stocks

(99.8%)

Aerospace

&

Defense

(

0

.2

%

)

Axon

Enterprise,

Inc.

(a)

57

$

32,372

Air

Freight

&

Logistics

(

0

.3

%

)

Expeditors

International

of

Washington,

Inc.

22

3,278

FedEx

Corp.

51

14,732

United

Parcel

Service,

Inc.,

Class

 B

245

24,302

42,312

Automobile

Components

(

0

.1

%

)

Aptiv

plc

(a)

41

3,119

BorgWarner,

Inc.

97

4,371

7,490

Automobiles

(

0

.2

%

)

Ford

Motor

Co.

2,988

39,202

Banks

(

5

.6

%

)

Bank

of

America

Corp.

5,584

307,120

BOK

Financial

Corp.

17

2,014

Cadence

Bank

53

2,270

East

West

Bancorp,

Inc.

104

11,689

Hancock

Whitney

Corp.

37

2,356

JPMorgan

Chase

&

Co.

1,762

567,752

Popular,

Inc.

49

6,101

Synovus

Financial

Corp.

105

5,255

UMB

Financial

Corp.

55

6,327

United

Bankshares,

Inc.

(b)

27

1,037

Zions

Bancorp

NA

111

6,498

918,419

Beverages

(

2

.2

%

)

Coca-Cola

Co.

(The)

2,972

207,773

PepsiCo,

Inc.

1,043

149,691

357,464

Biotechnology

(

1

.7

%

)

Alkermes

plc

(a)

123

3,442

Amgen,

Inc.

411

134,524

Insmed,

Inc.

(a)

159

27,672

Neurocrine

Biosciences,

Inc.

(a)

74

10,495

Revolution

Medicines,

Inc.

(a)

27

2,151

United

Therapeutics

Corp.

(a)

32

15,592

Vertex

Pharmaceuticals,

Inc.

(a)

194

87,952

281,828

Broadline

Retail

(

3

.7

%

)

Amazon.com,

Inc.

(a)

2,463

568,510

eBay,

Inc.

345

30,049

Etsy,

Inc.

(a)

74

4,103

602,662

Building

Products

(

0

.6

%

)

AAON,

Inc.

16

1,220

Allegion

plc

43

6,846

Johnson

Controls

International

plc

175

20,956

Simpson

Manufacturing

Co.,

Inc.

32

5,167

Trane

Technologies

plc

169

65,775

99,964

Capital

Markets

(

2

.8

%

)

Ameriprise

Financial,

Inc.

39

19,123

Cboe

Global

Markets,

Inc.

79

19,829

Shares

Value

CME

Group,

Inc.

275

$

75,097

FactSet

Research

Systems,

Inc.

28

8,125

Hamilton

Lane,

Inc.,

Class

 A

(b)

13

1,746

Intercontinental

Exchange,

Inc.

108

17,492

Invesco

Ltd.

202

5,307

KKR

&

Co.,

Inc.

292

37,224

LPL

Financial

Holdings,

Inc.

(b)

16

5,715

MarketAxess

Holdings,

Inc.

16

2,900

Moody's

Corp.

119

60,791

MSCI,

Inc.,

Class

 A

56

32,129

Nasdaq,

Inc.

345

33,510

Raymond

James

Financial,

Inc.

120

19,271

S&P

Global,

Inc.

231

120,718

Tradeweb

Markets,

Inc.,

Class

 A

88

9,463

468,440

Chemicals

(

0

.2

%

)

Eastman

Chemical

Co.

41

2,617

Ecolab,

Inc.

82

21,527

International

Flavors

&

Fragrances,

Inc.

113

7,615

Mosaic

Co.

(The)

140

3,372

35,131

Commercial

Services

&

Supplies

(

0

.0

%

)

(c)

Tetra

Tech,

Inc.

198

6,641

Communications

Equipment

(

1

.7

%

)

Cisco

Systems,

Inc.

3,019

232,553

Motorola

Solutions,

Inc.

127

48,682

281,235

Construction

&

Engineering

(

0

.3

%

)

Comfort

Systems

USA,

Inc.

23

21,465

Quanta

Services,

Inc.

81

34,187

55,652

Consumer

Finance

(

2

.0

%

)

Ally

Financial,

Inc.

233

10,553

American

Express

Co.

419

155,009

Capital

One

Financial

Corp.

483

117,060

SLM

Corp.

153

4,140

SoFi

Technologies,

Inc.

(a)

923

24,164

Synchrony

Financial

275

22,943

333,869

Consumer

Staples

Distribution

&

Retail

(

0

.0

%

)

(c)

Albertsons

Cos.,

Inc.,

Class

 A

77

1,322

Containers

&

Packaging

(

0

.1

%

)

Amcor

plc

(b)

760

6,339

Ball

Corp.

105

5,562

Crown

Holdings,

Inc.

(b)

28

2,883

Smurfit

WestRock

plc

90

3,480

18,264

Diversified

Consumer

Services

(

0

.0

%

)

(c)

Duolingo,

Inc.,

Class

 A

(a)

27

4,739

H&R

Block,

Inc.

56

2,440

7,179

Diversified

REITs

(

0

.0

%

)

(c)

WP

Carey,

Inc.

83

5,342

Diversified

Telecommunication

Services

(

1

.0

%

)

AT&T,

Inc.

1,350

33,534

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Diversified

Telecommunication

Services

(cont’d)

Verizon

Communications,

Inc.

3,228

$

131,476

165,010

Electric

Utilities

(

1

.2

%

)

Constellation

Energy

Corp.

238

84,078

Eversource

Energy

137

9,224

Exelon

Corp.

773

33,695

NextEra

Energy,

Inc.

839

67,355

Portland

General

Electric

Co.

51

2,448

196,800

Electrical

Equipment

(

0

.8

%

)

GE

Vernova,

Inc.

208

135,942

Electronic

Equipment,

Instruments

&

Components

(

0

.9

%

)

Amphenol

Corp.,

Class

 A

393

53,110

CDW

Corp.

99

13,484

Itron,

Inc.

(a)

29

2,693

Jabil,

Inc.

22

5,016

Keysight

Technologies,

Inc.

(a)

130

26,415

TE

Connectivity

plc

225

51,190

151,908

Energy

Equipment

&

Services

(

0

.2

%

)

Baker

Hughes

Co.,

Class

 A

754

34,337

Entertainment

(

2

.0

%

)

Electronic

Arts,

Inc.

172

35,145

Netflix,

Inc.

(a)

3,055

286,437

321,582

Financial

Services

(

5

.4

%

)

Affirm

Holdings,

Inc.,

Class

 A

(a)

211

15,705

Equitable

Holdings,

Inc.

135

6,433

Mastercard,

Inc.,

Class

 A

627

357,942

MGIC

Investment

Corp.

168

4,909

PayPal

Holdings,

Inc.

715

41,742

Toast,

Inc.,

Class

 A

(a)

362

12,854

Visa,

Inc.,

Class

 A

(b)

1,289

452,065

891,650

Food

Products

(

0

.4

%

)

Campbell's

Co.

(The)

(b)

146

4,069

General

Mills,

Inc.

(b)

407

18,925

Hershey

Co.

(The)

(b)

54

9,827

J.M.

Smucker

Co.

(The)

39

3,815

Mondelez

International,

Inc.,

Class

 A

526

28,315

64,951

Gas

Utilities

(

0

.0

%

)

(c)

Southwest

Gas

Holdings,

Inc.

51

4,081

UGI

Corp.

41

1,535

5,616

Health

Care

Equipment

&

Supplies

(

2

.8

%

)

Boston

Scientific

Corp.

(a)

1,131

107,841

GE

HealthCare

Technologies,

Inc.

347

28,461

Glaukos

Corp.

(a)

42

4,742

Hologic,

Inc.

(a)

167

12,440

Intuitive

Surgical,

Inc.

(a)

270

152,917

Medtronic

plc

388

37,271

ResMed,

Inc.

(b)

111

26,737

Shares

Value

Stryker

Corp.

274

$

96,303

466,712

Health

Care

Providers

&

Services

(

0

.9

%

)

Centene

Corp.

(a)

366

15,061

HealthEquity,

Inc.

(a)

56

5,130

Henry

Schein,

Inc.

(a)

75

5,668

UnitedHealth

Group,

Inc.

353

116,529

142,388

Health

Care

REITs

(

0

.2

%

)

Alexandria

Real

Estate

Equities,

Inc.

(b)

130

6,362

Ventas,

Inc.

(b)

357

27,625

33,987

Hotel

&

Resort

REITs

(

0

.0

%

)

(c)

Host

Hotels

&

Resorts,

Inc.

(b)

249

4,415

Hotels,

Restaurants

&

Leisure

(

1

.4

%

)

Booking

Holdings,

Inc.

15

80,330

Hilton

Worldwide

Holdings,

Inc.

174

49,981

Hyatt

Hotels

Corp.,

Class

 A

(b)

30

4,810

Marriott

International,

Inc.,

Class

 A

169

52,431

Texas

Roadhouse,

Inc.,

Class

 A

17

2,822

Vail

Resorts,

Inc.

(b)

7

930

Yum!

Brands,

Inc.

212

32,071

223,375

Household

Durables

(

0

.2

%

)

PulteGroup,

Inc.

148

17,354

Taylor

Morrison

Home

Corp.,

Class

 A

(a)

71

4,180

Toll

Brothers,

Inc.

73

9,871

TopBuild

Corp.

(a)

20

8,344

39,749

Household

Products

(

2

.2

%

)

Church

&

Dwight

Co.,

Inc.

183

15,345

Clorox

Co.

(The)

92

9,277

Colgate-Palmolive

Co.

616

48,676

Kimberly-Clark

Corp.

253

25,525

Procter

&

Gamble

Co.

(The)

1,788

256,238

355,061

Independent

Power

and

Renewable

Electricity

Producers

(

0

.0

%

)

(c)

AES

Corp.

(The)

298

4,273

Industrial

REITs

(

0

.1

%

)

EastGroup

Properties,

Inc.

(b)

38

6,769

Rexford

Industrial

Realty,

Inc.

177

6,854

STAG

Industrial,

Inc.

142

5,220

18,843

Insurance

(

1

.8

%

)

American

International

Group,

Inc.

181

15,485

Aon

plc,

Class

 A

114

40,228

Axis

Capital

Holdings

Ltd.

58

6,211

First

American

Financial

Corp.

28

1,720

Hartford

Insurance

Group,

Inc.

(The)

212

29,214

Primerica,

Inc.

24

6,201

Principal

Financial

Group,

Inc.

167

14,731

Progressive

Corp.

(The)

447

101,791

Prudential

Financial,

Inc.

267

30,139

Travelers

Cos.,

Inc.

(The)

152

44,089

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Insurance

(cont’d)

Unum

Group

76

$

5,890

295,699

Interactive

Media

&

Services

(

7

.4

%

)

Alphabet,

Inc.,

Class

 A

3,859

1,207,867

Pinterest,

Inc.,

Class

 A

(a)

452

11,702

1,219,569

IT

Services

(

1

.7

%

)

Akamai

Technologies,

Inc.

(a)

107

9,336

Cognizant

Technology

Solutions

Corp.,

Class

 A

112

9,296

GoDaddy,

Inc.,

Class

 A

(a)

102

12,656

International

Business

Machines

Corp.

715

211,790

Twilio,

Inc.,

Class

 A

(a)

97

13,797

VeriSign,

Inc.

70

17,007

273,882

Life

Sciences

Tools

&

Services

(

0

.4

%

)

Bio-Rad

Laboratories,

Inc.,

Class

 A

(a)

6

1,818

Bio-Techne

Corp.

44

2,587

Thermo

Fisher

Scientific,

Inc.

87

50,412

Waters

Corp.

(a)

13

4,938

59,755

Machinery

(

1

.3

%

)

AGCO

Corp.

17

1,773

Cummins,

Inc.

105

53,597

Deere

&

Co.

(b)

191

88,924

IDEX

Corp.

57

10,143

JBT

Marel

Corp.

(b)

40

6,027

Otis

Worldwide

Corp.

130

11,355

Parker-Hannifin

Corp.

28

24,611

Toro

Co.

(The)

74

5,825

Westinghouse

Air

Brake

Technologies

Corp.

46

9,819

212,074

Media

(

0

.6

%

)

Comcast

Corp.,

Class

 A

2,765

82,646

New

York

Times

Co.

(The),

Class

 A

121

8,400

Omnicom

Group,

Inc.

89

7,187

Paramount

Skydance

Corp.,

Class

 B

236

3,162

101,395

Metals

&

Mining

(

0

.1

%

)

Steel

Dynamics,

Inc.

(b)

75

12,709

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.1

%

)

Annaly

Capital

Management,

Inc.

333

7,446

Rithm

Capital

Corp.

151

1,646

9,092

Multi-Utilities

(

0

.9

%

)

CMS

Energy

Corp.

231

16,154

Consolidated

Edison,

Inc.

275

27,313

Dominion

Energy,

Inc.

425

24,901

DTE

Energy

Co.

88

11,350

NiSource,

Inc.

74

3,090

Public

Service

Enterprise

Group,

Inc.

204

16,381

Sempra

499

44,057

143,246

Office

REITs

(

0

.0

%

)

(c)

COPT

Defense

Properties

(b)

38

1,056

Shares

Value

Cousins

Properties,

Inc.

127

$

3,274

4,330

Oil,

Gas

&

Consumable

Fuels

(

0

.1

%

)

Occidental

Petroleum

Corp.

539

22,164

Passenger

Airlines

(

0

.2

%

)

Delta

Air

Lines,

Inc.

498

34,561

Joby

Aviation,

Inc.

(a)

89

1,175

35,736

Personal

Care

Products

(

0

.0

%

)

(c)

elf

Beauty,

Inc.

(a)

44

3,346

Pharmaceuticals

(

5

.4

%

)

Bristol-Myers

Squibb

Co.

1,556

83,930

Elanco

Animal

Health,

Inc.

(a)(b)

168

3,802

Eli

Lilly

&

Co.

529

568,506

Merck

&

Co.,

Inc.

1,899

199,889

Zoetis,

Inc.,

Class

 A

336

42,275

898,402

Professional

Services

(

0

.3

%

)

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

(b)

91

7,677

Broadridge

Financial

Solutions,

Inc.

88

19,639

Dayforce,

Inc.

(a)

118

8,161

Genpact

Ltd.

121

5,660

Parsons

Corp.

(a)(b)

40

2,472

Paycom

Software,

Inc.

11

1,753

Science

Applications

International

Corp.

34

3,422

48,784

Residential

REITs

(

0

.2

%

)

AvalonBay

Communities,

Inc.

(b)

66

11,967

Camden

Property

Trust

79

8,696

Essex

Property

Trust,

Inc.

28

7,327

27,990

Retail

REITs

(

0

.4

%

)

Federal

Realty

Investment

Trust

65

6,552

NNN

REIT,

Inc.

76

3,012

Realty

Income

Corp.

(b)

703

39,628

Regency

Centers

Corp.

139

9,595

58,787

Semiconductors

&

Semiconductor

Equipment

(

13

.9

%

)

Allegro

MicroSystems,

Inc.

(a)

94

2,480

Analog

Devices,

Inc.

268

72,682

Applied

Materials,

Inc.

607

155,993

Cirrus

Logic,

Inc.

(a)

31

3,673

Entegris,

Inc.

55

4,634

First

Solar,

Inc.

(a)

38

9,927

Intel

Corp.

3,252

119,999

KLA

Corp.

101

122,723

Lam

Research

Corp.

958

163,990

Lattice

Semiconductor

Corp.

(a)

103

7,579

Monolithic

Power

Systems,

Inc.

(b)

9

8,157

NVIDIA

Corp.

7,958

1,484,167

Teradyne,

Inc.

119

23,034

Texas

Instruments,

Inc.

694

120,402

Universal

Display

Corp.

30

3,503

2,302,943

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Software

(

13

.1

%

)

ACI

Worldwide,

Inc.

(a)

61

$

2,916

Adobe,

Inc.

(a)

319

111,647

Autodesk,

Inc.

(a)

161

47,658

Box,

Inc.,

Class

 A

(a)

105

3,140

CommVault

Systems,

Inc.

(a)

33

4,137

Confluent,

Inc.,

Class

 A

(a)

224

6,774

Datadog,

Inc.,

Class

 A

(a)

243

33,046

Dropbox,

Inc.,

Class

 A

(a)

142

3,948

Dynatrace,

Inc.

(a)

204

8,841

Elastic

NV

(a)

70

5,281

Gen

Digital,

Inc.

(b)

427

11,610

Intuit,

Inc.

208

137,783

Microsoft

Corp.

2,585

1,250,158

Nutanix,

Inc.,

Class

 A

(a)

173

8,942

Palo

Alto

Networks,

Inc.

(a)

528

97,258

PTC,

Inc.

(a)

91

15,853

Q2

Holdings,

Inc.

(a)(b)

24

1,732

Salesforce,

Inc.

710

188,086

SentinelOne,

Inc.,

Class

 A

(a)

230

3,450

ServiceNow,

Inc.

(a)

791

121,173

SPS

Commerce,

Inc.

(a)

24

2,139

Synopsys,

Inc.

(a)

114

53,548

Trimble,

Inc.

(a)

181

14,181

Workday,

Inc.,

Class

 A

(a)

161

34,580

2,167,881

Specialized

REITs

(

0

.5

%

)

American

Tower

Corp.

145

25,458

Digital

Realty

Trust,

Inc.

262

40,534

Extra

Space

Storage,

Inc.

161

20,965

86,957

Specialty

Retail

(

0

.3

%

)

Bath

&

Body

Works,

Inc.

73

1,466

TJX

Cos.,

Inc.

(The)

328

50,384

51,850

Technology

Hardware,

Storage

&

Peripherals

(

9

.0

%

)

Apple,

Inc.

5,041

1,370,446

Dell

Technologies,

Inc.,

Class

 C

242

30,463

Hewlett

Packard

Enterprise

Co.

1,006

24,164

HP,

Inc.

714

15,908

NetApp,

Inc.

150

16,064

Seagate

Technology

Holdings

plc

79

21,756

1,478,801

Textiles,

Apparel

&

Luxury

Goods

(

0

.3

%

)

Deckers

Outdoor

Corp.

(a)

110

11,404

Lululemon

Athletica,

Inc.

(a)

78

16,209

Tapestry,

Inc.

155

19,804

VF

Corp.

106

1,917

49,334

Trading

Companies

&

Distributors

(

0

.3

%

)

Core

&

Main,

Inc.,

Class

 A

(a)

144

7,484

United

Rentals,

Inc.

49

39,657

Watsco,

Inc.

12

4,043

WESCO

International,

Inc.

14

3,425

54,609

Shares

Value

Water

Utilities

(

0

.1

%

)

American

Water

Works

Co.,

Inc.

(b)

73

$

9,526

Total

Common

Stocks

(Cost

$14,964,777)

16,480,248

Short-Term

Investments

(1.5%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(d)

(Cost

$39,496)

39,496

39,496

Security

held

as

Collateral

on

Loaned

Securities

(

1

.3

%

)

Investment

Company

(1.3%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(d)

(Cost

$214,074)

214,074

214,074

Total

Short-Term

Investments

(Cost

$253,570)

253,570

–

Total

Investments

(

101

.3

%

)

(Cost

$

15,218,347

)

including

$

340,845

of

Securities

Loaned

(e)

16,733,818

Liabilities

in

Excess

of

Other

Assets

(

-1.3%

)

(206,920)

NET

ASSETS

(100.0%)

$

16,526,898

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

was

on

loan

.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2025

,

were

$

340,845

and

$

351,751

,

respectively.

The

Fund

received

cash

collateral

of

$

214,074

,

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

$

137,677

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(c)

Amount

is

less

than

0.05%.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$20

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(e)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$15,218,347.

The

aggregate

gross

unrealized

appreciation

is

$2,129,447

and

the

aggregate

gross

unrealized

depreciation

is

$613,976,

resulting

in

net

unrealized

appreciation

of

$1,515,471.

REIT

Real

Estate

Investment

Trust

Sector

Classification

of

Portfolio

*

Classification  

Percentage

of

Total

Investments

Information

Technology

40

.3

%

Financials

17

.7

Other**

13

.7

Health

Care

11

.2

Communication

Services

10

.9

Consumer

Discretionary

6

.2

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Shares

Value

Common

Stocks

(99.7%)

Aerospace

&

Defense

(

1

.2

%

)

ATI,

Inc.

(a)

1,584

$

181,780

Carpenter

Technology

Corp.

535

168,439

Curtiss-Wright

Corp.

330

181,919

HEICO

Corp.

916

296,409

Loar

Holdings,

Inc.

(a)(b)

321

21,828

Moog,

Inc.,

Class

 A

251

61,131

Woodward,

Inc.

509

153,881

1,065,387

Air

Freight

&

Logistics

(

0

.5

%

)

CH

Robinson

Worldwide,

Inc.

1,142

183,588

Expeditors

International

of

Washington,

Inc.

1,295

192,968

GXO

Logistics,

Inc.

(a)

1,229

64,694

441,250

Automobile

Components

(

0

.4

%

)

Aptiv

plc

(a)

2,076

157,963

Autoliv,

Inc.

692

82,140

BorgWarner,

Inc.

2,065

93,049

Lear

Corp.

503

57,644

390,796

Automobiles

(

1

.4

%

)

Ford

Motor

Co.

32,113

421,323

General

Motors

Co.

7,381

600,223

Rivian

Automotive,

Inc.,

Class

 A

(a)

7,772

153,186

1,174,732

Banks

(

4

.0

%

)

Bank

OZK

904

41,602

BOK

Financial

Corp.

176

20,849

Cadence

Bank

1,444

61,861

Citizens

Financial

Group,

Inc.

3,385

197,718

Columbia

Banking

System,

Inc.

2,362

66,018

Comerica,

Inc.

(b)

1,008

87,625

Commerce

Bancshares,

Inc.

1,100

57,595

Cullen/Frost

Bankers,

Inc.

476

60,276

East

West

Bancorp,

Inc.

1,084

121,831

Fifth

Third

Bancorp

(b)

5,227

244,676

First

Citizens

BancShares,

Inc.,

Class

 A

(b)

69

148,086

First

Financial

Bankshares,

Inc.

1,100

32,857

First

Horizon

Corp.

3,869

92,469

Flagstar

Bank

NA

2,401

30,229

FNB

Corp.

2,809

48,034

Glacier

Bancorp,

Inc.

(b)

1,027

45,239

Hancock

Whitney

Corp.

659

41,965

Home

BancShares,

Inc.

1,470

40,837

Huntington

Bancshares,

Inc.

(b)

12,373

214,672

KeyCorp

7,505

154,903

M&T

Bank

Corp.

(b)

1,218

245,403

Old

National

Bancorp

(b)

2,750

61,353

Pinnacle

Financial

Partners,

Inc.

607

57,914

Popular,

Inc.

517

64,377

Regions

Financial

Corp.

6,954

188,453

SouthState

Bank

Corp.

791

74,441

Synovus

Financial

Corp.

1,093

54,705

Truist

Financial

Corp.

10,154

499,678

UMB

Financial

Corp.

(b)

581

66,838

United

Bankshares,

Inc.

1,093

41,971

Valley

National

Bancorp

(b)

3,833

44,769

Shares

Value

Webster

Financial

Corp.

1,273

$

80,123

Western

Alliance

Bancorp

832

69,946

Wintrust

Financial

Corp.

(b)

526

73,545

Zions

Bancorp

NA

1,158

67,789

3,500,647

Beverages

(

0

.6

%

)

Celsius

Holdings,

Inc.

(a)

1,449

66,277

Coca-Cola

Consolidated,

Inc.

456

69,905

Keurig

Dr

Pepper,

Inc.

11,359

318,165

Primo

Brands

Corp.,

Class

 A

(b)

2,211

36,150

490,497

Biotechnology

(

3

.0

%

)

Alkermes

plc

(a)

1,384

38,724

Alnylam

Pharmaceuticals,

Inc.

(a)(b)

1,049

417,135

Biogen,

Inc.

(a)

1,252

220,339

BioMarin

Pharmaceutical,

Inc.

(a)

1,620

96,277

Exact

Sciences

Corp.

(a)

1,597

162,191

Exelixis,

Inc.

(a)

2,223

97,434

Halozyme

Therapeutics,

Inc.

(a)

996

67,031

Incyte

Corp.

(a)

1,351

133,438

Insmed,

Inc.

(a)

1,779

309,617

Ionis

Pharmaceuticals,

Inc.

(a)

1,359

107,511

Madrigal

Pharmaceuticals,

Inc.

(a)

156

90,845

Moderna,

Inc.

(a)(b)

3,065

90,387

Natera,

Inc.

(a)

1,122

257,039

Neurocrine

Biosciences,

Inc.

(a)

831

117,861

Revolution

Medicines,

Inc.

(a)

1,414

112,625

Roivant

Sciences

Ltd.

(a)

3,704

80,377

United

Therapeutics

Corp.

(a)

356

173,461

2,572,292

Broadline

Retail

(

0

.5

%

)

eBay,

Inc.

3,601

313,647

Etsy,

Inc.

(a)

780

43,243

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

489

53,600

410,490

Building

Products

(

1

.6

%

)

AAON,

Inc.

(b)

608

46,360

Advanced

Drainage

Systems,

Inc.

643

93,126

Allegion

plc

772

122,918

AO

Smith

Corp.

1,022

68,351

Armstrong

World

Industries,

Inc.

341

65,165

Builders

FirstSource,

Inc.

(a)

858

88,280

Carlisle

Cos.,

Inc.

492

157,371

CSW

Industrials,

Inc.

148

43,443

Fortune

Brands

Innovations,

Inc.

955

47,769

Lennox

International,

Inc.

(b)

286

138,876

Masco

Corp.

1,655

105,026

Modine

Manufacturing

Co.

(a)

504

67,289

Owens

Corning

1,140

127,577

Simpson

Manufacturing

Co.,

Inc.

372

60,067

Trex

Co.,

Inc.

(a)

852

29,888

UFP

Industries,

Inc.

456

41,519

Zurn

Elkay

Water

Solutions

Corp.

1,184

55,044

1,358,069

Capital

Markets

(

4

.4

%

)

Affiliated

Managers

Group,

Inc.

216

62,269

Ameriprise

Financial,

Inc.

737

361,381

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Capital

Markets

(cont’d)

Blue

Owl

Capital,

Inc.,

Class

 A

(b)

4,960

$

74,102

Carlyle

Group,

Inc.

(The)

2,086

123,303

Cboe

Global

Markets,

Inc.

831

208,581

Evercore,

Inc.,

Class

 A

286

97,312

FactSet

Research

Systems,

Inc.

409

118,688

Franklin

Resources,

Inc.

2,440

58,292

Hamilton

Lane,

Inc.,

Class

 A

(b)

437

58,693

Houlihan

Lokey,

Inc.,

Class

 A

(b)

433

75,424

Invesco

Ltd.

3,517

92,392

Janus

Henderson

Group

plc

988

46,999

Jefferies

Financial

Group,

Inc.

1,303

80,747

LPL

Financial

Holdings,

Inc.

632

225,731

MarketAxess

Holdings,

Inc.

399

72,319

Morningstar,

Inc.

254

55,197

MSCI,

Inc.,

Class

 A

622

356,860

Nasdaq,

Inc.

3,585

348,211

Northern

Trust

Corp.

1,497

204,475

PJT

Partners,

Inc.,

Class

 A

180

30,096

Raymond

James

Financial,

Inc.

1,402

225,147

SEI

Investments

Co.

(b)

799

65,534

State

Street

Corp.

2,209

284,983

Stifel

Financial

Corp.

785

98,298

T

Rowe

Price

Group,

Inc.

1,703

174,353

TPG,

Inc.,

Class

 A

(b)

1,043

66,585

Tradeweb

Markets,

Inc.,

Class

 A

921

99,044

Virtu

Financial,

Inc.,

Class

 A

(b)

641

21,358

3,786,374

Chemicals

(

0

.9

%

)

Axalta

Coating

Systems

Ltd.

(a)

1,913

61,809

Balchem

Corp.

291

44,628

Celanese

Corp.,

Class

 A

982

41,519

Eastman

Chemical

Co.

1,020

65,106

Element

Solutions,

Inc.

2,037

50,905

FMC

Corp.

(b)

1,121

15,548

International

Flavors

&

Fragrances,

Inc.

2,259

152,234

Mosaic

Co.

(The)

2,847

68,584

PPG

Industries,

Inc.

(b)

2,017

206,662

RPM

International,

Inc.

1,138

118,352

825,347

Commercial

Services

&

Supplies

(

1

.0

%

)

Casella

Waste

Systems,

Inc.,

Class

 A

(a)

568

55,630

Clean

Harbors,

Inc.

(a)

462

108,330

Copart,

Inc.

(a)

7,837

306,819

MSA

Safety,

Inc.

331

53,006

Tetra

Tech,

Inc.

2,375

79,657

Veralto

Corp.

2,268

226,301

829,743

Communications

Equipment

(

0

.8

%

)

Ciena

Corp.

(a)

1,271

297,249

F5,

Inc.

(a)

527

134,522

Lumentum

Holdings,

Inc.

(a)(b)

627

231,106

662,877

Construction

&

Engineering

(

1

.8

%

)

AECOM

1,201

114,491

Comfort

Systems

USA,

Inc.

309

288,387

Dycom

Industries,

Inc.

(a)

260

87,854

EMCOR

Group,

Inc.

404

247,163

Shares

Value

IES

Holdings,

Inc.

(a)

81

$

31,511

MasTec,

Inc.

(a)

550

119,554

Quanta

Services,

Inc.

1,169

493,388

Sterling

Infrastructure,

Inc.

(a)(b)

271

82,988

Valmont

Industries,

Inc.

175

70,406

WillScot

Holdings

Corp.

1,621

30,523

1,566,265

Construction

Materials

(

0

.5

%

)

Knife

River

Corp.

(a)

1,180

83,013

Vulcan

Materials

Co.

1,139

324,866

407,879

Consumer

Finance

(

0

.9

%

)

Ally

Financial,

Inc.

2,427

109,919

Credit

Acceptance

Corp.

(a)(b)

46

20,399

FirstCash

Holdings,

Inc.

309

49,248

OneMain

Holdings,

Inc.

930

62,821

SLM

Corp.

1,594

43,134

SoFi

Technologies,

Inc.

(a)

9,588

251,014

Synchrony

Financial

2,851

237,859

774,394

Consumer

Staples

Distribution

&

Retail

(

2

.5

%

)

Albertsons

Cos.,

Inc.,

Class

 A

3,428

58,859

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

1,038

93,451

Casey's

General

Stores,

Inc.

327

180,736

Dollar

General

Corp.

1,751

232,480

Dollar

Tree,

Inc.

(a)

1,626

200,014

Kroger

Co.

(The)

5,548

346,639

Maplebear,

Inc.

(a)

1,519

68,325

Performance

Food

Group

Co.

(a)(b)

1,351

121,482

Sprouts

Farmers

Market,

Inc.

(a)

855

68,118

Sysco

Corp.

4,186

308,467

Target

Corp.

3,608

352,682

U.S.

Foods

Holding

Corp.

(a)

1,954

147,175

2,178,428

Containers

&

Packaging

(

1

.4

%

)

Amcor

plc

(b)

20,686

172,521

AptarGroup,

Inc.

585

71,347

Avery

Dennison

Corp.

691

125,679

Ball

Corp.

2,407

127,499

Crown

Holdings,

Inc.

(b)

1,028

105,853

Graphic

Packaging

Holding

Co.

2,621

39,472

International

Paper

Co.

(b)

4,706

185,369

Packaging

Corp.

of

America

790

162,922

Sealed

Air

Corp.

1,305

54,066

Silgan

Holdings,

Inc.

(b)

786

31,731

Smurfit

WestRock

plc

4,678

180,898

1,257,357

Distributors

(

0

.3

%

)

Genuine

Parts

Co.

1,107

136,116

LKQ

Corp.

2,034

61,427

Pool

Corp.

289

66,109

263,652

Diversified

Consumer

Services

(

0

.5

%

)

ADT,

Inc.

5,586

45,079

Adtalem

Global

Education,

Inc.

(a)

388

40,146

Bright

Horizons

Family

Solutions,

Inc.

(a)

614

62,260

Duolingo,

Inc.,

Class

 A

(a)

416

73,008

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Diversified

Consumer

Services

(cont’d)

H&R

Block,

Inc.

1,367

$

59,574

Service

Corp.

International

(b)

1,490

116,175

Stride,

Inc.

(a)(b)

467

30,322

426,564

Diversified

REITs

(

0

.2

%

)

Essential

Properties

Realty

Trust,

Inc.

(b)

1,805

53,536

WP

Carey,

Inc.

(b)

1,980

127,433

180,969

Electric

Utilities

(

2

.0

%

)

Alliant

Energy

Corp.

2,348

152,643

Evergy,

Inc.

2,079

150,707

Eversource

Energy

3,430

230,942

Exelon

Corp.

(b)

8,422

367,115

IDACORP,

Inc.

(b)

492

62,268

NRG

Energy,

Inc.

1,707

271,823

Portland

General

Electric

Co.

1,025

49,190

TXNM

Energy,

Inc.

882

51,932

Xcel

Energy,

Inc.

4,911

362,726

1,699,346

Electrical

Equipment

(

2

.2

%

)

Acuity,

Inc.

275

99,011

AMETEK,

Inc.

1,927

395,633

Hubbell,

Inc.,

Class

 B

476

211,396

Nextpower,

Inc.,

Class

 A

(a)

1,315

114,550

nVent

Electric

plc

1,432

146,021

Regal

Rexnord

Corp.

(b)

594

83,350

Rockwell

Automation,

Inc.

946

368,060

Vertiv

Holdings

Co.,

Class

 A

2,979

482,628

1,900,649

Electronic

Equipment,

Instruments

&

Components

(

3

.4

%

)

Arrow

Electronics,

Inc.

(a)

409

45,064

Badger

Meter,

Inc.

264

46,044

CDW

Corp.

1,187

161,669

Cognex

Corp.

1,506

54,186

Coherent

Corp.

(a)

1,402

258,767

Corning,

Inc.

6,261

548,213

Flex

Ltd.

(a)(b)

3,364

203,253

Itron,

Inc.

(a)

387

35,937

Jabil,

Inc.

957

218,215

Keysight

Technologies,

Inc.

(a)

1,517

308,239

Littelfuse,

Inc.

(b)

221

55,895

Ralliant

Corp.

1,013

51,572

TD

SYNNEX

Corp.

607

91,190

TE

Connectivity

plc

2,337

531,691

Teledyne

Technologies,

Inc.

(a)

418

213,485

Vontier

Corp.

1,325

49,264

Zebra

Technologies

Corp.,

Class

 A

(a)

460

111,697

2,984,381

Energy

Equipment

&

Services

(

0

.4

%

)

Baker

Hughes

Co.,

Class

 A

8,170

372,062

Entertainment

(

2

.1

%

)

Electronic

Arts,

Inc.

1,890

386,184

Liberty

Media

Corp-Liberty

Formula

One,

Class

 A

(a)

2,492

222,735

Roku,

Inc.,

Class

 A

(a)

1,189

128,994

Take-Two

Interactive

Software,

Inc.

(a)

1,457

373,036

Shares

Value

Warner

Bros

Discovery,

Inc.

(a)

22,308

$

642,916

Warner

Music

Group

Corp.,

Class

 A

1,576

48,336

1,802,201

Financial

Services

(

1

.6

%

)

Affirm

Holdings,

Inc.,

Class

 A

(a)

2,530

188,308

Corebridge

Financial,

Inc.

2,146

64,745

Corpay,

Inc.

(a)

617

185,674

Equitable

Holdings,

Inc.

2,265

107,927

Essent

Group

Ltd.

743

48,303

Euronet

Worldwide,

Inc.

(a)(b)

358

27,247

Fidelity

National

Information

Services,

Inc.

4,596

305,450

Jack

Henry

&

Associates,

Inc.

659

120,254

Jackson

Financial,

Inc.,

Class

 A

529

56,418

MGIC

Investment

Corp.

1,750

51,135

PennyMac

Financial

Services,

Inc.

231

30,455

Shift4

Payments,

Inc.,

Class

 A

(a)(b)

604

38,034

Toast,

Inc.,

Class

 A

(a)

4,336

153,971

Voya

Financial,

Inc.

755

56,240

1,434,161

Food

Products

(

1

.6

%

)

Bunge

Global

SA

1,185

105,560

Campbell's

Co.

(The)

(b)

1,689

47,072

Conagra

Brands,

Inc.

4,197

72,650

Darling

Ingredients,

Inc.

(a)

1,384

49,824

General

Mills,

Inc.

4,689

218,039

Hershey

Co.

(The)

(b)

1,282

233,298

Hormel

Foods

Corp.

(b)

2,567

60,838

Ingredion,

Inc.

557

61,415

J.M.

Smucker

Co.

(The)

921

90,083

Kraft

Heinz

Co.

(The)

7,519

182,336

Lamb

Weston

Holdings,

Inc.

1,219

51,064

McCormick

&

Co.,

Inc.

(Non-Voting)

2,338

159,241

Pilgrim's

Pride

Corp.

369

14,387

Post

Holdings,

Inc.

(a)(b)

400

39,620

1,385,427

Gas

Utilities

(

0

.1

%

)

Southwest

Gas

Holdings,

Inc.

601

48,092

UGI

Corp.

1,962

73,438

121,530

Ground

Transportation

(

1

.1

%

)

JB

Hunt

Transport

Services,

Inc.

737

143,228

Knight-Swift

Transportation

Holdings,

Inc.,

Class

 A

1,531

80,041

Landstar

System,

Inc.

331

47,565

Lyft,

Inc.,

Class

 A

(a)

3,486

67,524

Old

Dominion

Freight

Line,

Inc.

1,735

272,048

Ryder

System,

Inc.

(b)

380

72,728

Saia,

Inc.

(a)(b)

258

84,242

XPO,

Inc.

(a)(b)

1,109

150,724

918,100

Health

Care

Equipment

&

Supplies

(

4

.0

%

)

Align

Technology,

Inc.

(a)

573

89,474

Baxter

International,

Inc.

(b)

4,382

83,740

Becton

Dickinson

&

Co.

2,323

450,825

Cooper

Cos.,

Inc.

(The)

(a)

1,690

138,512

Dexcom,

Inc.

(a)

3,289

218,291

Edwards

Lifesciences

Corp.

(a)

4,743

404,341

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Health

Care

Equipment

&

Supplies

(cont’d)

GE

HealthCare

Technologies,

Inc.

3,884

$

318,566

Glaukos

Corp.

(a)

471

53,180

Globus

Medical,

Inc.,

Class

 A

(a)

954

83,294

Hologic,

Inc.

(a)

1,876

139,743

IDEXX

Laboratories,

Inc.

(a)

637

430,950

Insulet

Corp.

(a)

599

170,260

Merit

Medical

Systems,

Inc.

(a)(b)

496

43,717

Penumbra,

Inc.

(a)

325

101,046

ResMed,

Inc.

(b)

1,241

298,920

STERIS

plc

837

212,196

Teleflex,

Inc.

376

45,887

Zimmer

Biomet

Holdings,

Inc.

1,693

152,234

3,435,176

Health

Care

Providers

&

Services

(

1

.6

%

)

Centene

Corp.

(a)

4,099

168,674

Chemed

Corp.

119

50,915

CorVel

Corp.

(a)

230

15,564

DaVita,

Inc.

(a)(b)

321

36,469

Encompass

Health

Corp.

(b)

851

90,325

Ensign

Group,

Inc.

(The)

479

83,442

Guardant

Health,

Inc.

(a)(b)

1,062

108,473

HealthEquity,

Inc.

(a)

771

70,631

Henry

Schein,

Inc.

(a)

847

64,016

Humana,

Inc.

1,027

263,046

Labcorp

Holdings,

Inc.

(b)

707

177,372

Molina

Healthcare,

Inc.

(a)

435

75,490

Option

Care

Health,

Inc.

(a)(b)

1,343

42,788

Quest

Diagnostics,

Inc.

947

164,333

1,411,538

Health

Care

REITs

(

0

.6

%

)

Alexandria

Real

Estate

Equities,

Inc.

(b)

1,564

76,542

American

Healthcare

REIT,

Inc.

(b)

1,684

79,249

CareTrust

REIT,

Inc.

2,036

73,622

Healthcare

Realty

Trust,

Inc.,

Class

 A

(b)

3,198

54,206

Healthpeak

Properties,

Inc.

6,345

102,028

Omega

Healthcare

Investors,

Inc.

2,700

119,718

505,365

Health

Care

Technology

(

0

.4

%

)

Veeva

Systems,

Inc.,

Class

 A

(a)

1,316

293,771

Waystar

Holding

Corp.

(a)(b)

991

32,455

326,226

Hotel

&

Resort

REITs

(

0

.2

%

)

Host

Hotels

&

Resorts,

Inc.

(b)

6,213

110,156

Ryman

Hospitality

Properties,

Inc.

559

52,893

163,049

Hotels,

Restaurants

&

Leisure

(

1

.6

%

)

Aramark

2,303

84,889

Brinker

International,

Inc.

(a)

386

55,399

Cava

Group,

Inc.

(a)(b)

877

51,471

Choice

Hotels

International,

Inc.

(b)

284

27,054

Darden

Restaurants,

Inc.

1,023

188,252

Domino's

Pizza,

Inc.

(b)

297

123,795

Hyatt

Hotels

Corp.,

Class

 A

(b)

439

70,380

Life

Time

Group

Holdings,

Inc.

(a)

1,632

43,378

Planet

Fitness,

Inc.,

Class

 A

(a)

906

98,274

Shake

Shack,

Inc.,

Class

 A

(a)

339

27,517

Shares

Value

Texas

Roadhouse,

Inc.,

Class

 A

580

$

96,280

Vail

Resorts,

Inc.

(b)

387

51,394

Wingstop,

Inc.

(b)

244

58,192

Wyndham

Hotels

&

Resorts,

Inc.

(b)

810

61,204

Yum!

Brands,

Inc.

2,358

356,718

1,394,197

Household

Durables

(

1

.6

%

)

DR

Horton,

Inc.

(b)

2,192

315,714

Lennar

Corp.,

Class

 A

2,091

214,955

Mohawk

Industries,

Inc.

(a)

406

44,376

NVR,

Inc.

(a)

24

175,026

PulteGroup,

Inc.

1,772

207,785

Somnigroup

International,

Inc.

1,494

133,384

Taylor

Morrison

Home

Corp.,

Class

 A

(a)

870

51,217

Toll

Brothers,

Inc.

877

118,588

TopBuild

Corp.

(a)

254

105,966

1,367,011

Household

Products

(

0

.6

%

)

Church

&

Dwight

Co.,

Inc.

(b)

1,914

160,489

Clorox

Co.

(The)

970

97,805

Kimberly-Clark

Corp.

2,646

266,955

525,249

Independent

Power

and

Renewable

Electricity

Producers

(

0

.2

%

)

AES

Corp.

(The)

6,495

93,138

Brookfield

Renewable

Corp.

(b)

1,327

50,877

Clearway

Energy,

Inc.,

Class

 C

868

28,870

172,885

Industrial

REITs

(

0

.5

%

)

Americold

Realty

Trust,

Inc.

(b)

2,612

33,590

EastGroup

Properties,

Inc.

(b)

483

86,042

First

Industrial

Realty

Trust,

Inc.

(b)

1,202

68,838

Lineage,

Inc.

(b)

648

22,680

Rexford

Industrial

Realty,

Inc.

2,119

82,048

STAG

Industrial,

Inc.

1,702

62,565

Terreno

Realty

Corp.

925

54,307

410,070

Insurance

(

4

.1

%

)

American

Financial

Group,

Inc.

554

75,721

American

International

Group,

Inc.

4,282

366,325

Arch

Capital

Group

Ltd.

(a)

2,787

267,329

Assurant,

Inc.

394

94,895

Axis

Capital

Holdings

Ltd.

609

65,218

Brown

&

Brown,

Inc.

(b)

2,838

226,189

Cincinnati

Financial

Corp.

1,219

199,087

Everest

Group

Ltd.

329

111,646

First

American

Financial

Corp.

1,068

65,618

Hanover

Insurance

Group,

Inc.

(The)

280

51,175

Hartford

Insurance

Group,

Inc.

(The)

2,208

304,262

Kinsale

Capital

Group,

Inc.

(b)

175

68,446

Markel

Group,

Inc.

(a)

97

208,516

Old

Republic

International

Corp.

1,816

82,882

Primerica,

Inc.

252

65,107

Principal

Financial

Group,

Inc.

1,735

153,044

Prudential

Financial,

Inc.

2,777

313,468

Reinsurance

Group

of

America,

Inc.

521

106,003

RenaissanceRe

Holdings

Ltd.

350

98,406

RLI

Corp.

660

42,227

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Insurance

(cont’d)

Ryan

Specialty

Holdings,

Inc.,

Class

 A

898

$

46,364

Unum

Group

1,318

102,145

W.

R.

Berkley

Corp.

2,365

165,834

Willis

Towers

Watson

plc

(b)

759

249,407

3,529,314

Interactive

Media

&

Services

(

0

.6

%

)

Pinterest,

Inc.,

Class

 A

(a)

5,416

140,220

Reddit,

Inc.,

Class

 A

(a)

1,219

280,211

Snap,

Inc.,

Class

 A

(a)

10,224

82,508

502,939

IT

Services

(

2

.0

%

)

Akamai

Technologies,

Inc.

(a)

1,290

112,553

Amdocs

Ltd.

(b)

1,002

80,671

Cognizant

Technology

Solutions

Corp.,

Class

 A

4,189

347,687

EPAM

Systems,

Inc.

(a)

486

99,572

Gartner,

Inc.

(a)

765

192,994

GoDaddy,

Inc.,

Class

 A

(a)

1,230

152,618

Kyndryl

Holdings,

Inc.

(a)(b)

2,055

54,581

MongoDB,

Inc.,

Class

 A

(a)

718

301,337

Twilio,

Inc.,

Class

 A

(a)

1,326

188,610

VeriSign,

Inc.

841

204,321

1,734,944

Leisure

Products

(

0

.2

%

)

Hasbro,

Inc.

1,114

91,348

Mattel,

Inc.

(a)

2,467

48,945

140,293

Life

Sciences

Tools

&

Services

(

2

.3

%

)

Agilent

Technologies,

Inc.

2,392

325,479

Avantor,

Inc.

(a)

5,679

65,081

Bio-Rad

Laboratories,

Inc.,

Class

 A

(a)

156

47,266

Bio-Techne

Corp.

(b)

1,318

77,512

Bruker

Corp.

935

44,048

Charles

River

Laboratories

International,

Inc.

(a)

416

82,984

Illumina,

Inc.

(a)

1,271

166,704

IQVIA

Holdings,

Inc.

(a)

1,444

325,492

Medpace

Holdings,

Inc.

(a)

194

108,960

Mettler-Toledo

International,

Inc.

(a)

174

242,589

PerkinElmer,

Inc.

966

93,461

Repligen

Corp.

(a)(b)

456

74,720

Waters

Corp.

(a)

509

193,334

West

Pharmaceutical

Services,

Inc.

611

168,111

2,015,741

Machinery

(

5

.8

%

)

AGCO

Corp.

(b)

557

58,106

Allison

Transmission

Holdings,

Inc.

745

72,936

Chart

Industries,

Inc.

(a)

402

82,904

CNH

Industrial

NV

7,861

72,478

Cummins,

Inc.

1,090

556,391

Donaldson

Co.,

Inc.

1,037

91,940

Dover

Corp.

1,228

239,755

Esab

Corp.

512

57,201

ESCO

Technologies,

Inc.

232

45,330

Federal

Signal

Corp.

534

57,987

Flowserve

Corp.

1,140

79,093

Fortive

Corp.

(b)

2,845

157,072

Gates

Industrial

Corp.

plc

(a)

2,286

49,080

Shares

Value

Graco,

Inc.

1,479

$

121,234

IDEX

Corp.

(b)

672

119,576

Ingersoll

Rand,

Inc.

(b)

3,548

281,073

ITT,

Inc.

698

121,110

JBT

Marel

Corp.

(b)

461

69,459

Lincoln

Electric

Holdings,

Inc.

485

116,225

Middleby

Corp.

(The)

(a)

447

66,456

Mueller

Industries,

Inc.

977

112,160

Nordson

Corp.

459

110,357

Oshkosh

Corp.

(b)

566

71,107

Otis

Worldwide

Corp.

3,447

301,095

PACCAR,

Inc.

4,212

461,256

Pentair

plc

1,464

152,461

RBC

Bearings,

Inc.

(a)

280

125,560

Snap-on,

Inc.

463

159,550

SPX

Technologies,

Inc.

(a)

433

86,626

Stanley

Black

&

Decker,

Inc.

1,391

103,324

Timken

Co.

(The)

572

48,122

Toro

Co.

(The)

877

69,037

Watts

Water

Technologies,

Inc.,

Class

 A

243

67,073

Westinghouse

Air

Brake

Technologies

Corp.

1,491

318,254

Xylem,

Inc.

2,155

293,468

4,994,856

Media

(

0

.8

%

)

Liberty

Broadband

Corp.,

Class

 C

(a)

1,197

58,174

New

York

Times

Co.

(The),

Class

 A

1,740

120,791

Nexstar

Media

Group,

Inc.,

Class

 A

310

62,945

Omnicom

Group,

Inc.

3,093

249,760

Paramount

Skydance

Corp.,

Class

 B

(b)

3,386

45,372

Sirius

XM

Holdings,

Inc.

2,077

41,530

Trade

Desk,

Inc.

(The),

Class

 A

(a)

4,011

152,258

730,830

Metals

&

Mining

(

1

.0

%

)

Commercial

Metals

Co.

1,788

123,765

Nucor

Corp.

(b)

1,993

325,078

Reliance,

Inc.

594

171,589

Steel

Dynamics,

Inc.

(b)

1,339

226,894

847,326

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(

0

.4

%

)

AGNC

Investment

Corp.

(b)

8,485

90,959

Annaly

Capital

Management,

Inc.

(b)

5,421

121,214

Rithm

Capital

Corp.

4,395

47,905

Starwood

Property

Trust,

Inc.

(b)

2,783

50,122

310,200

Multi-Utilities

(

3

.1

%

)

Ameren

Corp.

(b)

2,466

246,255

CMS

Energy

Corp.

2,769

193,636

Consolidated

Edison,

Inc.

3,160

313,851

Dominion

Energy,

Inc.

6,985

409,251

DTE

Energy

Co.

1,894

244,288

NiSource,

Inc.

4,358

181,990

Public

Service

Enterprise

Group,

Inc.

4,255

341,677

Sempra

5,234

462,110

WEC

Energy

Group,

Inc.

(b)

2,846

300,139

2,693,197

Office

REITs

(

0

.3

%

)

BXP,

Inc.

(b)

1,445

97,509

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Office

REITs

(cont’d)

COPT

Defense

Properties

(b)

1,035

$

28,773

Cousins

Properties,

Inc.

1,527

39,366

Kilroy

Realty

Corp.

1,071

40,023

Vornado

Realty

Trust

(b)

1,648

54,845

260,516

Oil,

Gas

&

Consumable

Fuels

(

0

.4

%

)

CNX

Resources

Corp.

(a)

2,569

94,462

Occidental

Petroleum

Corp.

6,457

265,512

359,974

Paper

&

Forest

Products

(

0

.0

%

)

(c)

Louisiana-Pacific

Corp.

548

44,256

Passenger

Airlines

(

0

.6

%

)

Alaska

Air

Group,

Inc.

(a)

1,124

56,537

American

Airlines

Group,

Inc.

(a)

6,326

96,978

Delta

Air

Lines,

Inc.

5,552

385,309

Joby

Aviation,

Inc.

(a)

2,087

27,548

566,372

Personal

Care

Products

(

0

.6

%

)

BellRing

Brands,

Inc.

(a)

944

25,233

elf

Beauty,

Inc.

(a)

462

35,131

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

1,870

195,826

Kenvue,

Inc.

15,296

263,856

520,046

Pharmaceuticals

(

0

.4

%

)

Corcept

Therapeutics,

Inc.

(a)

798

27,771

Elanco

Animal

Health,

Inc.

(a)(b)

4,214

95,363

Jazz

Pharmaceuticals

plc

(a)

496

84,320

Royalty

Pharma

plc,

Class

 A

3,238

125,116

332,570

Professional

Services

(

2

.1

%

)

Amentum

Holdings,

Inc.

(a)

1,432

41,528

Booz

Allen

Hamilton

Holding

Corp.,

Class

 A

(b)

1,314

110,849

Broadridge

Financial

Solutions,

Inc.

1,063

237,230

Dayforce,

Inc.

(a)

1,413

97,723

Equifax,

Inc.

1,153

250,178

ExlService

Holdings,

Inc.

(a)

1,399

59,374

FTI

Consulting,

Inc.

(a)

331

56,545

Genpact

Ltd.

1,449

67,784

Parsons

Corp.

(a)(b)

483

29,849

Paycom

Software,

Inc.

(b)

458

72,987

Paylocity

Holding

Corp.

(a)

399

60,847

Robert

Half,

Inc.

1,074

29,170

Science

Applications

International

Corp.

418

42,076

SS&C

Technologies

Holdings,

Inc.

1,932

168,895

TransUnion

2,097

179,818

UL

Solutions,

Inc.,

Class

 A

(b)

679

53,546

Verisk

Analytics,

Inc.,

Class

 A

1,257

281,178

1,839,577

Real

Estate

Management

&

Development

(

1

.1

%

)

CBRE

Group,

Inc.,

Class

 A

(a)

2,461

395,705

CoStar

Group,

Inc.

(a)

3,863

259,748

Jones

Lang

LaSalle,

Inc.

(a)

428

144,009

Zillow

Group,

Inc.,

Class

 C

(a)

1,955

133,370

932,832

Shares

Value

Residential

REITs

(

1

.6

%

)

AvalonBay

Communities,

Inc.

(b)

1,291

$

234,071

Camden

Property

Trust

955

105,126

Equity

LifeStyle

Properties,

Inc.

(b)

1,755

106,371

Equity

Residential

3,453

217,677

Essex

Property

Trust,

Inc.

(b)

584

152,821

Invitation

Homes,

Inc.

5,593

155,430

Mid-America

Apartment

Communities,

Inc.

1,062

147,522

Sun

Communities,

Inc.

(b)

1,118

138,531

UDR,

Inc.

3,013

110,517

1,368,066

Retail

REITs

(

1

.1

%

)

Brixmor

Property

Group,

Inc.

(b)

2,784

72,996

Federal

Realty

Investment

Trust

782

78,826

Kimco

Realty

Corp.

6,073

123,100

Kite

Realty

Group

Trust

1,966

47,125

NNN

REIT,

Inc.

1,723

68,283

Phillips

Edison

&

Co.,

Inc.

1,146

40,763

Realty

Income

Corp.

(b)

7,536

424,804

Regency

Centers

Corp.

1,662

114,728

970,625

Semiconductors

&

Semiconductor

Equipment

(

3

.4

%

)

Allegro

MicroSystems,

Inc.

(a)

1,132

29,862

Astera

Labs,

Inc.

(a)

1,225

203,791

Cirrus

Logic,

Inc.

(a)

464

54,984

Enphase

Energy,

Inc.

(a)(b)

951

30,480

Entegris,

Inc.

1,378

116,096

First

Solar,

Inc.

(a)

764

199,580

Lattice

Semiconductor

Corp.

(a)

1,233

90,724

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

607

103,967

Marvell

Technology,

Inc.

6,711

570,301

Microchip

Technology,

Inc.

4,850

309,042

MKS,

Inc.

601

96,040

Monolithic

Power

Systems,

Inc.

(b)

389

352,574

ON

Semiconductor

Corp.

(a)(b)

3,667

198,568

Qorvo,

Inc.

(a)

840

70,988

Rambus,

Inc.

(a)

979

89,960

Skyworks

Solutions,

Inc.

(b)

1,355

85,921

Teradyne,

Inc.

1,432

277,178

Universal

Display

Corp.

401

46,829

2,926,885

Software

(

3

.8

%

)

ACI

Worldwide,

Inc.

(a)

930

44,463

Appfolio,

Inc.,

Class

 A

(a)

197

45,832

Bentley

Systems,

Inc.,

Class

 B

1,440

54,958

Box,

Inc.,

Class

 A

(a)

1,280

38,285

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

5,533

43,987

Clearwater

Analytics

Holdings,

Inc.,

Class

 A

(a)

2,535

61,144

CommVault

Systems,

Inc.

(a)

398

49,893

Confluent,

Inc.,

Class

 A

(a)

2,689

81,315

Datadog,

Inc.,

Class

 A

(a)

2,625

356,974

Docusign,

Inc.,

Class

 A

(a)

1,824

124,762

Dolby

Laboratories,

Inc.,

Class

 A

(b)

551

35,385

Dropbox,

Inc.,

Class

 A

(a)(b)

1,699

47,232

Dynatrace,

Inc.

(a)

2,736

118,578

Elastic

NV

(a)

841

63,445

Fair

Isaac

Corp.

(a)

197

333,052

Gen

Digital,

Inc.

(b)

5,112

138,995

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Software

(cont’d)

Guidewire

Software,

Inc.

(a)

774

$

155,582

HubSpot,

Inc.

(a)

462

185,401

Manhattan

Associates,

Inc.

(a)

544

94,281

MARA

Holdings,

Inc.

(a)(b)

3,412

30,640

Nutanix,

Inc.,

Class

 A

(a)

2,422

125,193

PTC,

Inc.

(a)

1,089

189,715

Q2

Holdings,

Inc.

(a)

549

39,616

Qualys,

Inc.

(a)

324

43,060

Samsara,

Inc.,

Class

 A

(a)

3,039

107,733

SentinelOne,

Inc.,

Class

 A

(a)

2,767

41,505

SPS

Commerce,

Inc.

(a)

340

30,304

Trimble,

Inc.

(a)

2,134

167,199

Tyler

Technologies,

Inc.

(a)

391

177,494

Varonis

Systems,

Inc.,

Class

 B

(a)

1,033

33,882

Zscaler,

Inc.

(a)

938

210,975

3,270,880

Specialized

REITs

(

1

.5

%

)

Crown

Castle,

Inc.

(b)

3,740

332,374

CubeSmart

2,070

74,623

Extra

Space

Storage,

Inc.

1,924

250,543

Iron

Mountain,

Inc.

2,686

222,804

Lamar

Advertising

Co.,

Class

 A

788

99,745

National

Storage

Affiliates

Trust

(b)

658

18,562

SBA

Communications

Corp.,

Class

 A

963

186,273

Weyerhaeuser

Co.

5,408

128,116

1,313,040

Specialty

Retail

(

2

.4

%

)

AutoNation,

Inc.

(a)

218

45,013

Bath

&

Body

Works,

Inc.

1,622

32,570

Best

Buy

Co.,

Inc.

1,563

104,612

Boot

Barn

Holdings,

Inc.

(a)

242

42,706

Burlington

Stores,

Inc.

(a)

500

144,425

CarMax,

Inc.

(a)

1,169

45,170

Dick's

Sporting

Goods,

Inc.

511

101,163

Five

Below,

Inc.

(a)

430

80,995

Floor

&

Decor

Holdings,

Inc.,

Class

 A

(a)(b)

851

51,817

GameStop

Corp.,

Class

 A

(a)(b)

3,272

65,702

Gap,

Inc.

(The)

(b)

1,984

50,790

Group

1

Automotive,

Inc.

97

38,150

Lithia

Motors,

Inc.,

Class

 A

191

63,475

Penske

Automotive

Group,

Inc.

143

22,635

Ross

Stores,

Inc.

2,541

457,736

Tractor

Supply

Co.

(b)

4,331

216,593

Ulta

Beauty,

Inc.

(a)

357

215,988

Urban

Outfitters,

Inc.

(a)

446

33,566

Wayfair,

Inc.,

Class

 A

(a)(b)

785

78,822

Williams-Sonoma,

Inc.

(b)

937

167,339

2,059,267

Technology

Hardware,

Storage

&

Peripherals

(

2

.4

%

)

Hewlett

Packard

Enterprise

Co.

12,034

289,057

HP,

Inc.

8,541

190,293

NetApp,

Inc.

1,805

193,297

Pure

Storage,

Inc.,

Class

 A

(a)

2,849

190,912

Sandisk

Corp.

(a)

1,253

297,437

Seagate

Technology

Holdings

plc

1,718

473,120

Western

Digital

Corp.

2,762

475,810

2,109,926

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(

0

.8

%

)

Crocs,

Inc.

(a)(b)

400

$

34,208

Deckers

Outdoor

Corp.

(a)

1,153

119,531

Lululemon

Athletica,

Inc.

(a)

823

171,028

Ralph

Lauren

Corp.,

Class

 A

300

106,083

Tapestry,

Inc.

1,626

207,754

VF

Corp.

2,928

52,938

691,542

Trading

Companies

&

Distributors

(

2

.3

%

)

Air

Lease

Corp.,

Class

 A

939

60,312

Applied

Industrial

Technologies,

Inc.

336

86,275

Core

&

Main,

Inc.,

Class

 A

(a)

1,704

88,557

Fastenal

Co.

9,152

367,270

Ferguson

Enterprises,

Inc.

1,564

348,193

FTAI

Aviation

Ltd.

(b)

908

178,740

GATX

Corp.

318

53,933

QXO,

Inc.

(a)

5,755

111,014

SiteOne

Landscape

Supply,

Inc.

(a)

350

43,596

United

Rentals,

Inc.

520

420,846

Watsco,

Inc.

316

106,476

WESCO

International,

Inc.

380

92,963

1,958,175

Water

Utilities

(

0

.4

%

)

American

Water

Works

Co.,

Inc.

(b)

1,783

232,681

Essential

Utilities,

Inc.

2,585

99,161

331,842

Total

Common

Stocks

(Cost

$77,313,796)

86,248,663

Short-Term

Investments

(11.7%)

Investment

Company

(0.2%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(d)

(Cost

$172,865)

172,865

172,865

Security

held

as

Collateral

on

Loaned

Securities

(

11

.5

%

)

Investment

Company

(11.5%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(d)

(Cost

$9,953,356)

9,953,356

9,953,356

Total

Short-Term

Investments

(Cost

$10,126,221)

10,126,221

–

Total

Investments

(

111

.4

%

)

(Cost

$

87,440,017

)

including

$

12,244,643

of

Securities

Loaned

(e)

96,374,884

Liabilities

in

Excess

of

Other

Assets

(

-11.4%

)

(9,868,272)

NET

ASSETS

(100.0%)

$

86,506,612

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

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

December

31,

2025

,

were

$

12,244,643

and

$

12,661,529

,

respectively.

The

Fund

received

cash

collateral

of

$

9,953,356

,

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

$

2,708,173

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(c)

Amount

is

less

than

0.05%.

(d)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$110

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(e)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$87,440,017.

The

aggregate

gross

unrealized

appreciation

is

$13,830,076

and

the

aggregate

gross

unrealized

depreciation

is

$4,895,209,

resulting

in

net

unrealized

appreciation

of

$8,934,867.

REIT

Real

Estate

Investment

Trust

Sector

Classification

of

Portfolio

*

Classification  

Percentage

of

Total

Investments

Industrials

20

.2

%

Information

Technology

15

.8

Financials

15

.4

Health

Care

11

.7

Consumer

Discretionary

9

.6

Other**

8

.5

Real

Estate

7

.1

Consumer

Staples

5

.9

Utilities

5

.8

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Shares

Value

Common

Stocks

(0.1%)

Beverages

(0.1%)

BrewCo

Borrower

LLC

97,785

$

527,061

Machinery

(0.0%)(a)

Apex

Tool

Ultimate

Holdings

LLC

834

–

Media

(0.0%)(a)

Altice

France

Est

SAS

27,044

487,061

Software

(0.0%)(a)

Cohesity,

Inc.

Series

 G

16,507

400,295

Series

 G-1

11,404

273,696

673,991

Total

Common

Stocks

(Cost

$1,912,812)

1,688,113

–

Face

Amount

Fixed

Income

Securities

(96.7%)

Asset-Backed

Securities

(

8

.2

%

)

Ares

LXI

CLO

Ltd.,

2021-61A

CME

Term

SOFR

3

Month

+

6.84%,

10.72%,

4/20/37(b)(c)

$

2,000,000

2,008,620

Ares

LXXVII

CLO

Ltd.,

2025-77A

CME

Term

SOFR

3

Month

+

5.55%,

9.44%,

7/15/38(b)(c)

2,000,000

2,028,876

Ballyrock

CLO

15

Ltd.,

2021-1A

CME

Term

SOFR

3

Month

+

5.25%,

9.15%,

1/15/38(b)(c)

3,500,000

3,370,997

Ballyrock

CLO

16

Ltd.,

2021-16A

CME

Term

SOFR

3

Month

+

3.75%,

7.63%,

4/20/38(b)(c)

2,100,000

2,061,851

2021-16A

CME

Term

SOFR

3

Month

+

5.15%,

9.03%,

4/20/38(b)(c)

3,000,000

2,816,991

Barings

CLO

Ltd.,

2022-4A

CME

Term

SOFR

3

Month

+

6.75%,

10.63%,

10/20/37(b)(c)

3,750,000

3,805,125

2024-3A

CME

Term

SOFR

3

Month

+

5.90%,

9.78%,

7/20/37(b)(c)

3,000,000

3,040,017

Battalion

CLO

XXIX

Ltd.,

2025-29A

CME

Term

SOFR

3

Month

+

6.35%,

10.63%,

3/31/38(b)(c)

2,000,000

2,038,800

Bear

Mountain

Park

CLO

Ltd.,

2022-1A

CME

Term

SOFR

3

Month

+

5.95%,

9.85%,

7/15/37(b)(c)

3,000,000

2,973,429

Benefit

Street

Partners

CLO

XV

Ltd.,

2018-15A

CME

Term

SOFR

3

Month

+

6.45%,

10.35%,

7/15/37(b)(c)

3,000,000

3,015,033

Face

Amount

Value

Benefit

Street

Partners

CLO

XVI

Ltd.,

2018-16A

CME

Term

SOFR

3

Month

+

4.90%,

8.78%,

1/17/38(b)(c)

$

3,000,000

$

2,993,577

BlueMountain

CLO

XXX

Ltd.,

2020-30A

CME

Term

SOFR

3

Month

+

6.70%,

10.60%,

4/15/35(b)(c)

2,000,000

1,928,666

BlueMountain

CLO

XXXIV

Ltd.,

2022-34A

CME

Term

SOFR

3

Month

+

7.55%,

11.43%,

4/20/35(b)(c)

1,000,000

982,574

Bowling

Green

Park

CLO

LLC,

2019-1A

CME

Term

SOFR

3

Month

+

4.50%,

8.38%,

4/18/35(b)(c)

3,825,000

3,624,899

Bryant

Park

Funding

Ltd.,

2023-19A

CME

Term

SOFR

3

Month

+

5.00%,

8.90%,

4/15/38(b)(c)

5,000,000

4,801,615

2024-23A

CME

Term

SOFR

3

Month

+

6.73%,

10.58%,

5/15/37(b)(c)

3,500,000

3,530,891

Canyon

Capital

CLO

Ltd.,

2019-1A

CME

Term

SOFR

3

Month

+

7.50%,

11.40%,

7/15/37(b)(c)

3,000,000

2,960,451

Carlyle

US

CLO

Ltd.,

2019-3A

CME

Term

SOFR

3

Month

+

7.34%,

11.22%,

4/20/37(b)(c)

2,000,000

2,021,696

2021-1A

CME

Term

SOFR

3

Month

+

7.30%,

11.20%,

1/15/40(b)(c)

4,000,000

4,090,880

CIFC

Funding

Ltd.,

2022-1A

CME

Term

SOFR

3

Month

+

6.40%,

10.28%,

4/17/35(b)(c)

1,000,000

1,004,361

Crown

Point

CLO

10

Ltd.,

2021-10A

CME

Term

SOFR

3

Month

+

7.11%,

11.00%,

7/20/34(b)(c)

3,000,000

2,951,295

Elmwood

CLO

VI

Ltd.,

2020-3A

CME

Term

SOFR

3

Month

+

5.90%,

9.78%,

7/18/37(b)(c)

3,000,000

2,957,547

Elmwood

CLO

XI

Ltd.,

2021-4A

CME

Term

SOFR

3

Month

+

4.70%,

8.58%,

1/20/38(b)(c)

2,500,000

2,395,345

Golub

Capital

Partners

CLO

52BR

Ltd.,

2020-52A

CME

Term

SOFR

3

Month

+

6.75%,

10.63%,

4/20/37(b)(c)

4,000,000

4,016,820

Golub

Capital

Partners

CLO

53B

Ltd.,

2021-53A

CME

Term

SOFR

3

Month

+

4.70%,

8.58%,

7/20/34(b)(c)

5,000,000

4,878,205

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(8.2%)

(cont’d)

Golub

Capital

Partners

CLO

74B

Ltd.,

2024-74A

CME

Term

SOFR

3

Month

+

6.10%,

9.96%,

7/25/37(b)(c)

$

2,500,000

$

2,526,683

Harvest

US

CLO

Ltd.,

2024-2A

CME

Term

SOFR

3

Month

+

6.90%,

10.80%,

10/15/37(b)(c)

3,000,000

3,070,005

2024-3A

CME

Term

SOFR

3

Month

+

6.70%,

10.58%,

1/18/38(b)(c)

3,000,000

3,023,700

Jamestown

CLO

XV

Ltd.,

2020-15A

CME

Term

SOFR

3

Month

+

7.06%,

10.96%,

7/15/35(b)(c)

2,000,000

1,941,954

Madison

Park

Funding

LIX

Ltd.,

2021-59A

CME

Term

SOFR

3

Month

+

6.40%,

10.28%,

4/18/37(b)(c)

1,500,000

1,472,396

Madison

Park

Funding

XXII

Ltd.,

2016-22A

CME

Term

SOFR

3

Month

+

5.90%,

9.80%,

1/15/38(b)(c)

3,000,000

2,935,968

Marble

Point

CLO

XXIII

Ltd.,

2021-4A

CME

Term

SOFR

3

Month

+

7.55%,

11.41%,

1/22/35(b)(c)

1,250,000

1,241,261

Neuberger

Berman

CLO

XVII

Ltd.,

2014-17A

CME

Term

SOFR

3

Month

+

6.75%,

10.61%,

7/22/38(b)(c)

1,000,000

1,014,471

Neuberger

Berman

Loan

Advisers

CLO

59

Ltd.,

2024-59A

CME

Term

SOFR

3

Month

+

4.80%,

8.66%,

1/23/39(b)(c)

2,000,000

2,010,850

New

Mountain

CLO

6

Ltd.,

CLO-6A

CME

Term

SOFR

3

Month

+

6.10%,

9.98%,

10/15/37(b)(c)

2,000,000

2,026,186

Oaktree

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

6.59%,

10.47%,

7/20/37(b)(c)

4,000,000

4,012,288

OCP

Aegis

CLO

Ltd.,

2023-29A

CME

Term

SOFR

3

Month

+

5.00%,

8.88%,

1/20/36(b)(c)

3,000,000

2,921,829

Octagon

60

Ltd.,

2022-1A

CME

Term

SOFR

3

Month

+

7.00%,

10.88%,

10/20/37(b)(c)

4,000,000

4,060,328

Post

CLO

Ltd.,

2018-1A

CME

Term

SOFR

3

Month

+

7.68%,

11.57%,

10/16/37(b)(c)

2,000,000

2,039,946

Face

Amount

Value

Sixth

Street

CLO

XIV

Ltd.,

2019-14A

CME

Term

SOFR

3

Month

+

4.65%,

8.52%,

1/20/38(b)(c)

$

3,500,000

$

3,471,629

110,068,055

Corporate

Bonds

(

5

.0

%

)

Aerospace

&

Defense

(0.1%)

Goat

Holdco

LLC

6.75%,

2/1/32(b)(d)

1,150,000

1,182,039

Building

Products

(0.3%)

Smyrna

Ready

Mix

Concrete

LLC

8.88%,

11/15/31(b)

3,800,000

4,067,398

Capital

Markets

(0.4%)

AG

Issuer

LLC

6.25%,

3/1/28(b)

2,400,000

2,418,811

Focus

Financial

Partners

LLC

6.75%,

9/15/31(b)

3,250,000

3,343,271

5,762,082

Chemicals

(0.2%)

INEOS

Finance

plc

7.50%,

4/15/29(b)(d)

750,000

652,205

Olympus

Water

US

Holding

Corp.

7.25%,

2/15/33(b)(d)

2,025,000

2,036,849

2,689,054

Commercial

Services

&

Supplies

(0.3%)

Allied

Universal

Holdco

LLC

4.63%,

6/1/28(b)

1,550,000

1,526,171

Madison

IAQ

LLC

4.13%,

6/30/28(b)

1,800,000

1,770,174

3,296,345

Construction

&

Engineering

(0.1%)

Artera

Services

LLC

8.50%,

2/15/31(b)

2,100,000

1,745,291

Diversified

Telecommunication

Services

(0.1%)

Altice

France

SA

6.50%,

4/15/32(b)(d)

1,925,250

1,846,867

Health

Care

Equipment

&

Supplies

(0.1%)

Bausch

+

Lomb

Corp.

8.38%,

10/1/28(b)

1,000,000

1,045,000

Hotel

&

Resort

REITs

(0.2%)

Park

Intermediate

Holdings

LLC

5.88%,

10/1/28(b)

3,050,000

3,054,450

Hotels,

Restaurants

&

Leisure

(0.7%)

Caesars

Entertainment,

Inc.

6.50%,

2/15/32(b)

4,250,000

4,356,076

Fertitta

Entertainment

LLC

4.63%,

1/15/29(b)

3,550,000

3,451,853

Sabre

GLBL,

Inc.

10.75%,

11/15/29

-

3/15/30(b)

2,165,000

1,808,599

9,616,528

Insurance

(0.9%)

Alliant

Holdings

Intermediate

LLC

7.00%,

1/15/31(b)

1,750,000

1,816,789

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(5.0%)

(cont’d)

AmWINS

Group,

Inc.

6.38%,

2/15/29(b)

$

3,750,000

$

3,858,889

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(b)

3,500,000

3,629,073

Ryan

Specialty

LLC

5.88%,

8/1/32(b)

2,750,000

2,811,622

12,116,373

Passenger

Airlines

(0.4%)

American

Airlines,

Inc.

5.75%,

4/20/29(b)

4,500,000

4,585,248

Professional

Services

(0.1%)

CoreLogic,

Inc.

4.50%,

5/1/28(b)

1,350,000

1,328,920

Real

Estate

Management

&

Development

(0.1%)

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

5/15/28(b)

1,400,000

1,408,321

Software

(0.5%)

Cloud

Software

Group,

Inc.

8.25%,

6/30/32(b)

3,090,000

3,230,874

9.00%,

9/30/29(b)

2,650,000

2,761,831

5,992,705

Technology

Hardware,

Storage

&

Peripherals

(0.4%)

Diebold

Nixdorf,

Inc.

7.75%,

3/31/30(b)(d)

4,650,000

4,959,996

Textiles,

Apparel

&

Luxury

Goods

(0.1%)

Champ

Acquisition

Corp.

8.38%,

12/1/31(b)

1,475,000

1,596,841

66,293,458

Variable

Rate

Senior

Loan

Interests  (

83

.5

%

)

Aerospace

&

Defense

(1.8%)

BG

MS

US

Holdings

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.75%,

8.42%,

10/22/32(c)

2,300,000

2,300,000

Dynasty

Acquisition

Co.,

Inc.,

First

Lien,

Initial

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.00%,

5.72%,

10/31/31(c)

179,749

180,628

First

Lien,

Initial

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.00%,

5.72%,

10/31/31(c)

68,371

68,705

Goat

Holdco

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

1/27/32(c)

4,998,190

5,016,484

Kaman

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%;

CME

Term

SOFR

6

Month

+

2.50%,

6.38%,

2/26/32(c)

5,116,487

5,143,374

First

Lien,

Delayed

Draw

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%,

6.43%,

2/26/32(c)

46,338

46,582

Face

Amount

Value

Signia

Aerospace

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.57%,

12/11/31(c)

$

426,051

$

428,152

TransDigm,

Inc.,

First

Lien,

Term

Loan,

K,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

3/22/30(c)

2,962,500

2,974,409

First

Lien,

Term

Loan,

J,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

2/28/31(c)

7,658,375

7,695,786

23,854,120

Air

Freight

&

Logistics

(0.1%)

Stonepeak

Nile

Parent

LLC,

First

Lien,

Amendment

No.

1

Term

Loan,

CME

Term

SOFR

3

Month

+

2.25%,

6.16%,

4/09/32(c)

1,507,437

1,509,321

Automobile

Components

(0.9%)

Adient

US

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

1/31/31(c)

3,190,886

3,207,447

Autokiniton

US

Holdings,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

4.00%,

7.83%,

4/06/28(c)

1,902,945

1,890,024

Clarios

Global

LP,

First

Lien,

Amendment

No.

6

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

1/28/32(c)

5,486,250

5,521,389

DexKo

Global,

Inc.,

First

Lien,

Closing

Date

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

7.58%,

10/04/28(c)

1,262,412

1,255,702

First

Brands

Group

LLC,

First

Lien,

USD

DIP

New

Money

Term

Loan,

CME

Term

SOFR

1

Month

+

1.55%,

,

5.39%,

6/29/26(c)(e)

245,531

48,492

LCI

Industries,

First

Lien,

2025

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

3/25/32(c)

843,636

851,017

12,774,071

Banks

(0.5%)

Dragon

Buyer,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.42%,

9/30/31(c)

2,982,437

2,988,298

First

Advantage

Holdings

LLC,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

10/31/31(c)

3,972,600

3,938,237

6,926,535

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Beverages

(0.9%)

BrewCo

Borrower

LLC,

First

Lien,

First

Out

Term

Loan,

CME

Term

SOFR

3

Month

+

7.00%,

10.82%,

9/30/30(c)

$

183,971

$

75,428

Primo

Brands

Corp.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

2.25%,

6.25%,

3/31/28(c)

8,858,319

8,893,797

Sazerac

Co.,

Inc.,

First

Lien,

Incremental

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.50%,

6.28%,

6/25/32(c)

2,244,375

2,251,546

11,220,771

Broadline

Retail

(0.4%)

CNT

Holdings

I

Corp.,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%,

6.34%,

11/08/32(c)

4,950,000

4,967,275

Building

Products

(2.5%)

Chariot

Buyer

LLC,

First

Lien,

Amendment

No.

5

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

9/08/32(c)

5,195,237

5,212,018

Cornerstone

Building

Brands,

Inc.,

First

Lien,

New

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

7.10%,

4/12/28(c)

2,744,436

2,163,988

CP

Iris

Holdco

I,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

7.72%,

10/27/32(c)

2,336,538

2,327,776

EMRLD

Borrower

LP,

First

Lien,

Second

Amendment

Incremental

Term

Loan,

CME

Term

SOFR

6

Month

+

2.25%,

6.12%,

8/04/31(c)

6,965,000

6,987,392

HP

PHRG

Borrower

LLC,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

7.67%,

2/20/32(c)

2,139,250

2,130,340

Icebox

Holdco

III,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

6.92%,

12/22/31(c)

3,490,933

3,526,942

MIWD

Holdco

II

LLC,

First

Lien,

2024

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

3/28/31(c)

592,137

593,434

Oldcastle

BuildingEnvelope,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.25%,

7.92%,

4/30/29(c)

1,421,830

1,027,777

Quikrete

Holdings,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

4/14/31(c)

3,683,055

3,697,824

Face

Amount

Value

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

2/10/32(c)

$

3,746,688

$

3,762,480

Smyrna

Ready

Mix

Concrete

LLC,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.92%,

3/30/29(c)

373,120

375,919

31,805,890

Capital

Markets

(2.3%)

Acuren

Delaware

Holdco,

Inc.,

First

Lien,

Amendment

No.

1

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

7/30/31(c)

1,840,704

1,852,558

Aragorn

Parent

Corp.,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.22%,

12/15/28(c)

3,194,912

3,221,206

Aretec

Group,

Inc.,

First

Lien,

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

8/09/30(c)

5,370,198

5,397,532

CPI

Holdco

B

LLC,

First

Lien,

2025

Fourth

Amendment

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

5.92%,

5/19/31(c)

1,654,063

1,659,463

Edelman

Financial

Engines

Center

LLC

(The),

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

4/07/28(c)

3,588,810

3,611,886

Focus

Financial

Partners

LLC,

First

Lien,

Incremental

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.50%,

6.42%,

9/15/31(c)

6,039,705

6,056,677

GIH

Borrower

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.50%,

6.50%,

11/26/31(c)

3,007,500

3,023,289

HDI

Aerospace

Intermediate

Holding

III

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.69%,

2/11/32(c)

1,166,188

1,174,934

Nexus

Buyer

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.22%,

7/31/31(c)

2,443,844

2,413,431

Victory

Capital

Holdings,

Inc.,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

3

Month

+

2.00%,

5.67%,

9/23/32(c)

2,718,188

2,737,283

31,148,259

Chemicals

(1.8%)

A-AP

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

9/09/31(c)

668,250

671,802

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Discovery

Purchaser

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.61%,

10/04/29(c)

$

3,563,524

$

3,433,081

INEOS

US

Finance

LLC,

First

Lien,

New

2031

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

2/07/31(c)

1,138,471

917,181

First

Lien,

2030

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

2/18/30(c)

1,275,693

1,038,497

Lonza

Group

AG,

First

Lien,

USD

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.93%,

7.70%,

7/03/28(c)

2,003,045

1,762,449

LTI

Holdings,

Inc.,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

7.47%,

7/29/29(c)

3,971,858

4,001,289

Minerals

Technologies,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.00%,

5.72%,

11/26/31(c)

1,014,750

1,019,824

Natgasoline

LLC,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

1

Month

+

5.50%,

9.22%,

3/25/30(c)

1,202,031

1,214,550

Olympus

Water

US

Holding

Corp.,

First

Lien,

Dollar

Term

Loan,

B6,

CME

Term

SOFR

3

Month

+

3.00%,

6.67%,

6/23/31(c)

3,165,383

3,142,719

Paint

Intermediate

III

LLC,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

6.87%,

10/09/31(c)

1,840,738

1,852,823

Tronox

Finance

LLC,

First

Lien,

2024

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.50%;

CME

Term

SOFR

3

Month

+

2.50%,

6.19%,

9/30/31(c)

2,964,389

2,307,599

W.R.

Grace

Holdings

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

3.00%,

7.00%,

8/19/32(c)

1,596,000

1,600,485

22,962,299

Commercial

Services

&

Supplies

(5.3%)

Allied

Universal

Holdco

LLC,

First

Lien,

Amendment

No.

7

Replacement

US

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

8/20/32(c)

3,291,750

3,312,834

Amspec

Parent

LLC,

First

Lien,

Amendment

No.

1

Other

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

7.50%,

12/22/31(c)

2,894,480

2,908,952

Face

Amount

Value

APi

Group

DE,

Inc.,

First

Lien,

2021

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

1.75%,

5.47%,

1/03/29(c)

$

1,529,122

$

1,536,607

Astro

Acquisition

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

6

Month

+

3.25%,

7.12%,

8/30/32(c)

1,645,875

1,660,959

Camelot

US

Acquisition

LLC,

First

Lien,

Incremental

Term

Loan.

B,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

1/31/31(c)

8,869,842

8,768,770

CohnReznick

Advisory

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

,

7.17%,

3/31/32(c)(e)

1,438,775

1,448,673

Emerald

Expositions

Holding,

Inc.,

First

Lien,

Commitment

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

1/30/32(c)

497,500

502,684

Filtration

Group

Corp.,

First

Lien,

2025

Incremental

Dollar

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

10/23/28(c)

2,990,476

3,010,094

Garda

World

Security

Corp.,

First

Lien,

Twelfth

Additional

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.75%,

2/01/29(c)

6,228,678

6,262,936

Geosyntec

Consultants,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

7/31/31(c)

1,471,313

1,481,428

GFL

Environmental

Services,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%,

6.27%,

3/03/32(c)

3,291,750

3,309,855

HomeServe

USA

Corp.,

First

Lien,

Amendment

No.

1

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

5.73%,

10/21/30(c)

1,971,004

1,977,174

JFL-Tiger

Acquisition

Co.,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

7.48%,

10/17/30(c)

4,447,101

4,471,182

Madison

IAQ

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

6

Month

+

2.50%,

6.70%,

6/21/28(c)

7,383,909

7,427,917

Neptune

Bidco

US,

Inc.,

First

Lien,

Dollar

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

5.00%,

9.01%,

4/11/29(c)

3,309,492

3,280,120

Northstar

Group

Services,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.75%,

8.59%,

5/31/30(c)

4,243,182

4,283,619

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Prime

Security

Services

Borrower

LLC,

First

Lien,

2024-1

Refinancing

Term

Loan,

B1,

CME

Term

SOFR

6

Month

+

2.00%,

6.13%,

10/15/30(c)

$

2,401,134

$

2,407,665

Raven

Acquisition

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

11/19/31(c)

5,414,376

5,438,280

SCUR-Alpha

1503

GmbH,

First

Lien,

USD

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

5.50%,

9.34%,

3/28/30(c)

1,557,578

1,455,222

Spin

Holdco,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.02%,

3/06/28(c)

3,242,665

2,517,119

Tidal

Waste

&

Recycling

Holdings

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.42%,

10/03/31(c)

1,365,811

1,377,933

URSA

Minor

US

Bidco

LLC,

First

Lien,

Second

Amendment

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

6.09%,

3/26/31(c)

5,279,941

5,304,282

74,144,305

Communications

Equipment

(0.5%)

Delta

Topco,

Inc.,

First

Lien,

Fourth

Amendment

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%;

CME

Term

SOFR

3

Month

+

2.75%,

6.55%,

11/30/29(c)

4,771,110

4,754,363

Viavi

Solutions,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%,

6.39%,

10/18/32(c)

1,500,000

1,511,250

6,265,613

Construction

&

Engineering

(2.2%)

Apple

Bidco

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

9/23/31(c)

3,177,139

3,197,107

Artera

Services

LLC,

First

Lien,

Term

Loan,

C,

CME

Term

SOFR

3

Month

+

4.50%,

8.17%,

2/18/31(c)

1,483,643

1,207,938

Azuria

Water

Solutions,

Inc.,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

5/17/28(c)

4,553,519

4,582,798

Brown

Group

Holding

LLC,

First

Lien,

Incremental

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.75%;

CME

Term

SOFR

3

Month

+

2.75%,

6.56%,

7/01/31(c)

6,165,521

6,203,408

Face

Amount

Value

Construction

Partners,

Inc.,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

11/03/31(c)

$

940,500

$

948,729

Cube

Industrial

Buyer,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

6.91%,

10/17/31(c)

3,736,884

3,765,677

Green

Infrastructure

Partners,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.75%,

9/24/32(c)

5,275,000

5,294,781

Kodiak

Building

Partners,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

7.47%,

12/04/31(c)

2,221,140

2,172,553

Red

SPV

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

5.98%,

3/15/32(c)

1,933,268

1,938,903

29,311,894

Construction

Materials

(0.0%)(a)

Knife

River

Corp.,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.00%,

5.74%,

3/08/32(c)

570,688

574,254

Consumer

Finance

(0.4%)

Citrin

Cooperman

Advisors

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

6.67%,

4/01/32(c)

3,042,375

3,055,046

Shift4

Payments

LLC,

First

Lien,

Amendment

No.

2

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%,

6.17%,

6/30/32(c)

2,069,813

2,084,477

5,139,523

Consumer

Staples

Distribution

&

Retail

(0.6%)

Boots

Group

Bidco

Ltd.

(The),

First

Lien,

Closing

Date

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

7.21%,

8/30/32(c)

5,675,000

5,712,824

Turquoise

Topco

Ltd.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

3.25%,

7.23%,

8/13/32(c)

2,725,000

2,694,344

8,407,168

Container

&

Packaging

(0.2%)

Pregis

TopCo

LLC,

First

Lien,

Tenth

Amendment

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

7.72%,

2/01/29(c)

2,992,462

3,021,055

Containers

&

Packaging

(1.6%)

Altium

Packaging

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.42%,

6/11/31(c)

1,659,824

1,607,955

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Berlin

Packaging

LLC,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%;

CME

Term

SOFR

3

Month

+

3.25%,

7.11%,

6/09/31(c)

$

3,975,038

$

3,988,712

Bradyplus

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

7.19%,

12/13/32(c)

2,725,000

2,700,584

Charter

Next

Generation,

Inc.,

First

Lien,

2024

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.50%,

11/29/30(c)

4,112,490

4,126,164

Clydesdale

Acquisition

Holdings,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.18%,

6.89%,

4/13/29(c)

6,948,965

6,962,585

Owens-Brockway

Glass

Container,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

3.00%,

6.84%,

9/30/32(c)

2,850,000

2,878,058

ProAmpac

PG

Borrower

LLC,

First

Lien,

2024

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

7.89%,

9/15/28(c)

373,101

374,342

22,638,400

Distributors

(0.6%)

Gates

Corp.,

First

Lien,

Initial

Dollar

Term

Loan,

B5,

CME

Term

SOFR

1

Month

+

1.75%,

5.67%,

6/04/31(c)

1,336,654

1,341,526

Gloves

Buyer,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

7.72%,

5/21/32(c)

4,500,000

4,485,937

Windsor

Holdings

III

LLC,

First

Lien,

2025

Refinancing

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

8/01/30(c)

2,658,650

2,668,208

8,495,671

Diversified

Consumer

Services

(2.2%)

Anticimex

Global

AB,

First

Lien,

Term

Loan,

B8,

CME

Term

SOFR

1

Day

+

2.90%,

6.81%,

11/17/31(c)

2,933,364

2,951,697

Belron

Finance

2019

LLC,

First

Lien,

2031

Incremental

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

2.25%,

6.12%,

10/16/31(c)

2,962,613

2,982,980

Fugue

Finance

BV,

First

Lien,

Fourteenth

Amendment

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.57%,

1/09/32(c)

7,885,224

7,922,678

Face

Amount

Value

KUEHG

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.42%,

6/12/30(c)

$

3,337,606

$

3,248,826

Lernen

Bidco

Ltd.,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

1

Day

+

3.50%,

7.41%,

10/27/31(c)

3,348,333

3,360,889

Mavis

Tire

Express

Services

Topco

Corp.,

First

Lien,

2025

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

5/04/28(c)

3,950,150

3,969,051

Spring

Education

Group,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

6.92%,

9/30/30(c)

2,474,747

2,491,959

Wand

NewCo

3,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

1/30/31(c)

3,297,991

3,305,214

30,233,294

Diversified

Telecommunication

Services

(1.1%)

Altice

France

SA,

First

Lien,

USD

Term

Loan,

B14,

CME

Term

SOFR

3

Month

+

6.88%,

10.86%,

5/30/31(c)

2,674,879

2,677,661

Level

3

Financing,

Inc.,

First

Lien,

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

3/29/32(c)

3,000,000

3,012,375

Lumen

Technologies,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.35%,

6.18%,

4/16/29(c)

3,052,664

3,041,034

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.35%,

6.18%,

4/15/30(c)

6,543,274

6,516,152

15,247,222

Electric

Utilities

(0.6%)

Cogentrix

Finance

Holdco

I

LLC,

First

Lien,

Repricing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

2/26/32(c)

3,481,128

3,507,236

MRP

Buyer

LLC,

First

Lien,

Delayed

Draw

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

6.92%,

6/04/32(c)

329,288

327,435

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

6.92%,

6/04/32(c)

4,291,663

4,267,523

8,102,194

Electrical

Equipment

(1.4%)

BCP

VI

Summit

Holdings

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.84%,

1/30/32(c)

1,995,000

2,010,591

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Indicor

LLC,

First

Lien,

Dollar

Term

Loan,

D,

CME

Term

SOFR

3

Month

+

2.75%,

6.42%,

11/22/29(c)

$

4,415,194

$

4,446,917

LSF12

Crown

US

Commercial

Bidco

LLC,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.37%,

12/02/31(c)

7,039,778

7,092,576

WEC

US

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

5.87%,

1/27/31(c)

5,423,232

5,438,525

18,988,609

Electronic

Equipment,

Instruments

&

Components

(0.6%)

Ingram

Micro,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.25%,

5.98%,

9/22/31(c)

3,835,125

3,861,511

MX

Holdings

US,

Inc.,

First

Lien,

Senior

USD

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.00%,

5.72%,

3/17/32(c)

1,343,258

1,350,539

Project

Aurora

US

Finco,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

3

Month

+

2.75%,

6.49%,

9/30/32(c)

1,122,188

1,129,201

VeriFone

Systems,

Inc.,

First

Lien,

2025-1

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

5.25%,

9.35%,

8/18/28(c)

1,371,252

1,302,497

7,643,748

Entertainment

(1.3%)

Playtika

Holding

Corp.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.75%,

6.58%,

3/13/28(c)

7,754,983

7,511,438

TKO

Worldwide

Holdings

LLC,

First

Lien,

Term

Loan,

B5,

CME

Term

SOFR

3

Month

+

2.00%,

5.87%,

11/21/31(c)

9,269,777

9,322,568

16,834,006

Financial

Services

(3.3%)

Accelya

Lux

Finco

Sarl,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

5.25%,

8.92%,

10/01/32(c)

1,417,500

1,413,070

Allspring

Buyer

LLC,

First

Lien,

2024

Specified

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.81%,

11/01/30(c)

2,748,590

2,766,799

Blackhawk

Network

Holdings,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

3

Month

+

4.00%,

7.67%,

3/12/29(c)

1,988,075

2,000,033

Face

Amount

Value

Boost

Newco

Borrower

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

3

Month

+

2.00%,

5.67%,

1/31/31(c)

$

6,410,118

$

6,428,163

Hightower

Holding

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.65%,

2/03/32(c)

3,434,690

3,445,441

Kestra

Advisor

Services

Holdings

A,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.92%,

3/24/31(c)

2,973,791

2,983,084

Mariner

Wealth

Advisors

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

12

Month

+

2.25%,

5.76%,

12/31/30(c)

5,896,476

5,937,397

NCR

Atleos

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

6.70%,

4/16/29(c)

725,000

729,078

OID-OL

Intermediate

I

LLC,

First

Lien,

Initial

Second

Out

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

8.24%,

2/02/29(c)

1,992,923

1,670,946

First

Lien,

Initial

First

Out

Term

Loan,

CME

Term

SOFR

3

Month

+

6.00%,

9.84%,

2/01/29(c)

487,652

501,875

Orion

Advisor

Solutions,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.11%,

9/24/30(c)

3,170,574

3,195,336

Orion

US

Finco,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

12

Month

+

3.50%,

7.32%,

10/08/32(c)

3,525,000

3,545,657

Osaic

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

6

Month

+

3.00%,

6.60%,

8/02/32(c)

2,671,109

2,685,373

Trans

Union

LLC,

First

Lien,

2024

Refinancing

Term

Loan,

B9,

CME

Term

SOFR

1

Month

+

1.75%,

5.47%,

6/24/31(c)

4,629,735

4,643,740

Walker

&

Dunlop,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.00%,

5.73%,

3/15/32(c)

1,637,625

1,647,860

WEX,

Inc.,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

1

Month

+

1.75%,

5.47%,

3/05/32(c)

1,885,750

1,888,899

45,482,751

Food

Products

(1.4%)

AAG

US

GSI

Bidco,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

5.00%,

8.67%,

10/31/31(c)

918,063

923,231

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Alltech,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

4.25%,

8.08%,

8/13/30(c)

$

2,429,201

$

2,449,449

Froneri

International

Ltd.,

First

Lien,

Term

Loan,

B4,

CME

Term

SOFR

6

Month

+

2.25%,

6.45%,

9/30/31(c)

2,695,704

2,697,686

Nomad

Foods

US

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

6

Month

+

2.50%,

6.28%,

10/29/32(c)

7,340,101

7,389,426

PFI

Lower

Midco

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

12

Month

+

4.25%,

7.93%,

12/01/32(c)

1,600,000

1,614,000

Pretzel

Parent,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.50%,

8.22%,

10/01/31(c)

2,656,309

2,629,746

17,703,538

Ground

Transportation

(1.4%)

Aggreko

Holdings,

Inc.,

First

Lien,

2025

Amended

US

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

6.87%,

5/21/31(c)

550,935

555,497

AIT

Worldwide

Logistics

Holdings,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

7.89%,

4/08/30(c)

3,595,890

3,622,859

Avis

Budget

Car

Rental

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

7/16/32(c)

746,250

744,384

First

Student

Bidco,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.50%,

6.17%,

8/15/30(c)

2,038,863

2,048,293

First

Lien,

Term

Loan,

C,

CME

Term

SOFR

3

Month

+

2.50%,

6.17%,

8/15/30(c)

373,061

374,537

Hertz

Corp.

(The),

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.50%,

7.33%,

6/30/28(c)

1,706,555

1,437,773

First

Lien,

Initial

Term

Loan,

C,

CME

Term

SOFR

1

Month

+

3.50%,

7.33%,

6/30/28(c)

336,568

283,558

Kenan

Advantage

Group,

Inc.

(The),

First

Lien,

U.S.

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

1/25/29(c)

4,952,215

4,917,550

Face

Amount

Value

Student

Transportation

of

America

Holdings,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.25%,

6.94%,

6/24/32(c)

$

4,039,875

$

4,056,721

18,041,172

Health

Care

Equipment

&

Supplies

(0.7%)

Bausch

+

Lomb

Corp.,

First

Lien,

Term

Loan,

CME

Term

SOFR

12

Month

+

4.00%,

7.51%,

1/15/31(c)

1,300,000

1,315,275

First

Lien,

Third

Amendment

Term

Loan,

CME

Term

SOFR

1

Month

+

4.25%,

7.97%,

1/15/31(c)

3,882,989

3,928,614

Medline

Borrower

LP,

First

Lien,

2030

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

1.75%,

5.47%,

10/23/30(c)

3,237,885

3,253,572

Sotera

Health

Holdings

LLC,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%,

6.34%,

5/30/31(c)

1,394,138

1,403,730

9,901,191

Health

Care

Providers

&

Services

(3.2%)

Concentra

Health

Services,

Inc.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.00%,

5.72%,

7/28/31(c)

3,175,632

3,202,435

Examworks

Bidco,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

11/01/28(c)

1,563,188

1,573,137

Global

Medical

Response,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

7.38%,

10/01/32(c)

4,625,000

4,659,341

Hanger,

Inc.,

First

Lien,

Delayed

Draw

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.22%,

10/23/31(c)

202,467

203,386

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.22%,

10/23/31(c)

4,067,497

4,085,964

Heartland

Dental

LLC,

First

Lien,

2025

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

7.47%,

8/25/32(c)

4,131,744

4,153,890

Mamba

Purchaser,

Inc.,

First

Lien,

Fifth

Amendment

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.73%,

10/16/31(c)

2,935,250

2,948,092

MED

ParentCo

LP,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

4/15/31(c)

4,960,075

4,980,734

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Medical

Solutions

Holdings,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

7.44%,

11/01/28(c)

$

1,568,590

$

1,129,385

National

Mentor

Holdings,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

6.00%,

9.72%,

12/05/30(c)

3,449,664

3,460,997

Pacific

Dental

Services,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.24%,

3/17/31(c)

7,967,259

8,007,334

PAREXEL

International,

Inc.,

First

Lien,

Seventh

Amendment

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

12/12/31(c)

2,195,500

2,205,566

Phoenix

Guarantor,

Inc.,

First

Lien,

Term

Loan,

B5,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

2/21/31(c)

398,990

401,394

Select

Medical

Corp.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.00%,

5.72%,

12/03/31(c)

1,806,750

1,806,750

42,818,405

Health

Care

Technology

(1.1%)

AthenaHealth

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

2/15/29(c)

9,628,833

9,658,923

Cotiviti,

Inc.,

First

Lien,

New

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.75%,

6.62%,

5/01/31(c)

5,632,482

5,425,968

15,084,891

Hotels,

Restaurants

&

Leisure

(4.0%)

City

Football

Group

Ltd.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

7.03%,

7/22/30(c)

3,183,838

3,187,818

Fertitta

Entertainment

LLC,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

1/29/29(c)

6,052,564

6,058,072

Flutter

Financing

BV,

First

Lien,

Third

Incremental

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.00%,

5.67%,

6/04/32(c)

1,417,875

1,420,094

GBT

US

III

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

2.50%,

6.36%,

7/25/31(c)

7,827,978

7,864,417

Golden

State

Foods

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

8.00%,

12/04/31(c)

698,237

703,474

Face

Amount

Value

Herschend

Entertainment

Co.

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

5/27/32(c)

$

895,500

$

902,870

IRB

Holding

Corp.,

First

Lien,

2025

Replacement

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

12/16/30(c)

8,822,584

8,853,111

Light

&

Wonder

International,

Inc.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.25%,

5.99%,

4/16/29(c)

3,793,092

3,813,253

Ontario

Gaming

GTA

LP,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.25%,

8.24%,

8/01/30(c)

2,226,659

2,066,016

Sabre

GLBL,

Inc.,

First

Lien,

2021

Other

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

3.50%,

7.53%,

12/17/27(c)

2,182,886

2,142,863

First

Lien,

2024

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

6.00%,

9.82%,

11/15/29(c)

1,275,998

1,135,638

First

Lien,

2025

Other

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

6.25%,

10.07%,

7/30/29(c)

689,015

677,715

Scientific

Games

Holdings

LP,

First

Lien,

2024

Refinancing

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

6.93%,

4/04/29(c)

2,448,807

2,409,026

SeaWorld

Parks

&

Entertainment,

Inc.,

First

Lien,

Term

Loan,

B3,

CME

Term

SOFR

1

Month

+

2.00%,

5.72%,

12/04/31(c)

3,176,159

3,162,915

Voyager

Parent

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.75%,

8.42%,

7/01/32(c)

5,810,438

5,821,884

50,219,166

Household

Durables

(0.7%)

AI

Aqua

Merger

Sub,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.00%;

CME

Term

SOFR

3

Month

+

3.00%,

6.86%,

7/31/28(c)

6,229,340

6,250,084

American

Residential

Services

LLC,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.42%,

2/02/32(c)

224,436

225,839

Somnigroup

International,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

B,

CME

Term

SOFR

1

Day

+

2.25%,

5.92%,

10/24/31(c)

2,315,213

2,333,537

8,809,460

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Household

Products

(0.6%)

Energizer

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

5.73%,

3/19/32(c)

$

3,806,241

$

3,814,977

Kronos

Acquisition

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

7.67%,

6/27/31(c)

5,317,140

3,486,715

7,301,692

Independent

Power

and

Renewable

Electricity

Producers

(0.9%)

Invenergy

Thermal

Operating

I

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.75%,

6.41%,

5/17/32(c)

2,344,254

2,359,492

First

Lien,

Term

Loan,

C,

CME

Term

SOFR

3

Month

+

2.75%,

6.41%,

5/17/32(c)

143,607

144,541

Lightning

Power

LLC,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

8/18/31(c)

4,443,750

4,472,257

Talen

Energy

Supply

LLC,

First

Lien,

2024-1

Incremental

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.50%,

6.35%,

12/11/31(c)

4,987,406

5,017,006

11,993,296

Insurance

(5.5%)

Acrisure

LLC,

First

Lien,

Term

Loan,

B6,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

11/06/30(c)

3,955,038

3,956,896

Alera

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

5/31/32(c)

7,680,750

7,726,412

Alliant

Holdings

Intermediate

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

9/19/31(c)

7,553,908

7,579,478

Asurion

LLC,

First

Lien,

New

Term

Loan,

B10,

CME

Term

SOFR

1

Month

+

4.00%,

7.82%,

8/21/28(c)

997,423

999,797

First

Lien,

New

Term

Loan,

B11,

CME

Term

SOFR

1

Month

+

4.25%,

8.07%,

8/21/28(c)

3,867,708

3,879,253

Second

Lien,

New

Term

Loan,

B3,

CME

Term

SOFR

1

Month

+

5.25%,

9.08%,

1/31/28(c)

2,357,000

2,352,958

Second

Lien,

New

Term

Loan,

B4,

CME

Term

SOFR

1

Month

+

5.25%,

9.08%,

1/19/29(c)

3,200,000

3,151,552

Face

Amount

Value

Broadstreet

Partners

Group

LLC,

First

Lien,

2024

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

6/16/31(c)

$

9,057,302

$

9,097,652

CRC

Insurance

Group

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.75%,

6.42%,

5/06/31(c)

1,608,871

1,613,569

HUB

International

Ltd.,

First

Lien,

2025

Incremental

Term

Loan,

CME

Term

SOFR

3

Month

+

2.25%,

6.12%,

6/20/30(c)

10,547,742

10,614,351

IMA

Financial

Group,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.92%,

11/01/28(c)

4,514,805

4,531,397

Jones

DesLauriers

Insurance

Management,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

12

Month

+

3.00%,

6.54%,

12/09/32(c)

1,150,000

1,152,875

Ryan

Specialty

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.00%,

5.72%,

9/15/31(c)

2,178,000

2,184,588

Sedgwick

Claims

Management

Services,

Inc.,

First

Lien,

2024

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

7/31/31(c)

4,491,841

4,511,044

Trucordia

Insurance

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

6/17/32(c)

3,700,027

3,681,527

USI,

Inc.,

First

Lien,

2024

Term

Loan,

D,

CME

Term

SOFR

3

Month

+

2.25%,

5.92%,

11/21/29(c)

5,096,384

5,113,661

72,147,010

IT

Services

(2.2%)

Gainwell

Acquisition

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

7.77%,

10/01/27(c)

3,407,700

3,354,029

Indy

US

Holdco

LLC,

First

Lien,

Thirteenth

Amendment

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.42%,

10/31/30(c)

2,985,000

2,993,298

Newfold

Digital

Holdings

Group,

Inc.,

First

Lien,

First

Out

Term

Loan,

A,

CME

Term

SOFR

1

Month

+

3.50%,

7.27%,

4/30/29(c)

3,977,465

3,336,099

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.50%,

7.27%,

4/30/29(c)

701,906

447,465

Plano

HoldCo,

Inc.,

First

Lien,

Closing

Date

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

7.17%,

10/02/31(c)

843,625

820,425

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Sitel

Worldwide

Corp.,

First

Lien,

Initial

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.68%,

8/28/28(c)

$

1,376,392

$

571,203

Speedster

Bidco

GmbH,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

3.00%;

CME

Term

SOFR

3

Month

+

3.00%,

6.69%,

12/10/31(c)

4,004,900

4,019,919

Synechron,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.57%,

10/03/31(c)

2,211,679

2,206,150

Trio

Bidco,

Inc.,

First

Lien,

Closing

Date

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

7.67%,

10/29/32(c)

1,538,095

1,543,863

Virtusa

Corp.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

2/15/29(c)

1,167,721

1,171,954

X

Corp.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

6

Month

+

6.50%,

10.45%,

10/26/29(c)

8,285,028

8,157,811

28,622,216

Leisure

Products

(1.9%)

Bombardier

Recreational

Products,

Inc.,

First

Lien,

2024

Extended

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

1/22/31(c)

2,693,250

2,705,989

EOC

Borrower

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

3/24/32(c)

8,457,500

8,516,702

GSM

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

5.00%,

9.00%,

9/29/31(c)

2,816,355

2,791,712

Horizon

US

Finco

LP,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

6

Month

+

4.50%,

8.78%,

10/31/31(c)

3,556,827

3,492,360

MajorDrive

Holdings

IV

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

7.93%,

6/01/28(c)

2,002,215

1,823,127

Recess

Holdings,

Inc.,

First

Lien,

Amendment

No.

5

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.62%,

2/21/30(c)

6,020,097

6,066,181

25,396,071

Face

Amount

Value

Machinery

(4.1%)

Alliance

Laundry

Systems

LLC,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.25%;

CME

Term

SOFR

3

Month

+

2.25%,

6.07%,

8/19/31(c)

$

1,959,680

$

1,970,497

Apex

Tool

Ultimate

Holdings

LLC,

First

Lien,

Term

Loan,

A1,

CME

Term

SOFR

1

Month

+

5.25%,

8.97%,

4/08/30(c)

41,204

35,332

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

12

Month

+

6.00%,

9.68%,

4/08/31(c)

90,982

27,295

First

Lien,

New

Super

Priority

Term

Loan,

CME

Term

SOFR

1

Month

+

7.00%,

10.72%,

4/08/30(c)

1,707

1,671

First

Lien,

Term

Loan,

A2,

CME

Term

SOFR

1

Month

+

10.00%,

13.92%,

4/08/30(c)

26,590

13,295

Cleanova

Holding

Ltd.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.75%,

8.48%,

5/24/32(c)

1,446,375

1,453,607

CoorsTek,

Inc.,

First

Lien,

Initial

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

6.86%,

10/28/32(c)

2,400,000

2,422,512

CPM

Holdings,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

4.50%,

8.34%,

9/28/28(c)

2,938,754

2,928,953

Crosby

US

Acquisition

Corp.,

First

Lien,

Amendment

No.

4

Replacement

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.22%,

8/16/29(c)

2,552,131

2,566,487

Crown

Equipment

Corp.,

First

Lien,

Initial

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.00%,

5.77%,

10/10/31(c)

1,910,563

1,926,086

Dynamo

US

Bidco,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

7.09%,

9/30/31(c)

3,948,229

3,990,179

Engineered

Machinery

Holdings,

Inc.,

First

Lien,

2025

USD

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

6.92%,

11/26/32(c)

6,489,949

6,539,435

Second

Lien,

Incremental

Amendment

No.

3

Term

Loan,

CME

Term

SOFR

3

Month

+

6.00%,

9.93%,

5/21/29(c)

1,150,000

1,158,625

Hayward

Industries,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.33%,

5/30/28(c)

2,238,281

2,253,669

Jennmar

Intermediate

III

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

5.00%,

8.73%,

12/16/30(c)

1,675,000

1,666,625

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Madison

Safety

&

Flow

LLC,

First

Lien,

2025

Incremental

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.50%,

6.23%,

9/26/31(c)

$

1,593,389

$

1,606,670

Pro

Mach

Group,

Inc.,

First

Lien,

Amendment

No.

6

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.67%,

10/18/32(c)

3,000,000

3,022,500

SPX

FLOW,

Inc.,

First

Lien,

Amendment

No.

4

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

4/05/29(c)

6,400,364

6,425,901

STS

Operating,

Inc.,

First

Lien,

First

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

4.00%,

7.82%,

3/25/31(c)

3,550,720

3,554,271

TK

Elevator

Midco

GmbH,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

6

Month

+

2.75%,

6.95%,

4/30/30(c)

11,551,531

11,636,492

55,200,102

Media

(0.2%)

Charter

Communications

Operating

LLC,

First

Lien,

Term

Loan,

B5,

CME

Term

SOFR

3

Month

+

2.25%,

6.24%,

12/15/31(c)

2,575,010

2,579,838

Fleet

Midco

I

Ltd.,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

6

Month

+

2.75%,

6.79%,

2/21/31(c)

523,688

526,961

3,106,799

Metals

&

Mining

(0.4%)

Arsenal

AIC

Parent

LLC,

First

Lien,

2025

Refinancing

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

8/19/30(c)

5,287,536

5,309,030

WireCo

WorldGroup,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.75%,

7.61%,

11/13/28(c)

544,444

545,806

5,854,836

Oil,

Gas

&

Consumable

Fuels

(2.2%)

Apro

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.68%,

7/09/31(c)

2,320,625

2,335,129

CQP

Holdco

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.00%,

5.67%,

12/31/30(c)

8,883,859

8,925,124

Discovery

Energy

Holding

Corp.,

First

Lien,

Initial

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.42%,

5/01/31(c)

3,614,989

3,640,981

Face

Amount

Value

Freeport

LNG

Investments

LLLP,

First

Lien,

2025

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

7.12%,

12/21/28(c)

$

3,240,402

$

3,257,625

GIP

Pilot

Acquisition

Partners

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.00%,

5.94%,

10/04/30(c)

3,215,787

3,227,299

Hilcorp

Energy

I

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

5.74%,

2/06/30(c)

1,836,125

1,841,872

Matador

Bidco

SARL,

First

Lien,

2024

Specified

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

4.25%,

8.07%,

7/16/29(c)

4,913,774

4,933,429

WhiteWater

Matterhorn

Holdings

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.25%,

6.31%,

6/16/32(c)

1,100,000

1,105,726

29,267,185

Passenger

Airlines

(0.8%)

AAdvantage

Loyalty

IP

Ltd.,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

2.25%,

6.13%,

4/20/28(c)

5,038,588

5,056,853

First

Lien,

2025

Incremental

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.13%,

5/28/32(c)

1,240,602

1,248,361

Vista

Management

Holding,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.74%,

4/01/31(c)

1,361,250

1,376,278

WestJet

Loyalty

LP,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

6.92%,

2/14/31(c)

3,121,949

3,139,994

10,821,486

Personal

Care

Products

(0.7%)

Conair

Holdings

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

7.58%,

5/17/28(c)

1,406,662

740,256

Journey

Personal

Care

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.75%,

7.47%,

3/01/28(c)

1,814,935

1,814,935

OPAL

US

LLC,

First

Lien,

Term

Loan,

B4,

CME

Term

SOFR

3

Month

+

3.00%,

6.69%,

4/28/32(c)

6,812,925

6,864,022

9,419,213

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Pharmaceuticals

(0.8%)

1261229

BC

Ltd.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

6.25%,

9.97%,

10/08/30(c)

$

3,183,813

$

3,117,765

Amneal

Pharmaceuticals

LLC,

First

Lien,

Amendment

No.

1

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.22%,

8/02/32(c)

2,817,938

2,846,117

Jazz

Financing

Lux

SARL,

First

Lien,

Dollar

Term

Loan,

B2,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

5/05/28(c)

3,485,860

3,504,979

Padagis

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.75%,

8.95%,

7/06/28(c)

841,000

796,847

10,265,708

Professional

Services

(2.1%)

CoreLogic,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.33%,

6/02/28(c)

5,634,129

5,646,919

Creative

Artists

Agency

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

10/01/31(c)

2,800,987

2,814,992

EAB

Global,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

8/16/30(c)

2,224,747

1,983,640

EmployBridge

Holding

Co.,

First

Lien,

First

Out

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.50%,

4.50%,

1/21/30(c)

1,001,911

772,974

First

Lien,

Second

Out

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.75%,

8.68%,

1/18/30(c)

775,246

156,018

Ensemble

RCM

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.00%,

6.84%,

8/01/29(c)

7,739,710

7,786,690

Grant

Thornton

Advisors

LLC,

First

Lien,

2025

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.47%,

6/02/31(c)

3,619,629

3,630,959

First

Lien,

2025-2

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

6/02/31(c)

3,241,875

3,258,668

Heron

Bidco

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

7.74%,

12/10/32(c)

1,900,000

1,885,750

27,936,610

Face

Amount

Value

Real

Estate

Management

&

Development

(0.1%)

Cushman

&

Wakefield

US

Borrower

LLC,

First

Lien,

2025-3

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.42%,

1/31/30(c)

$

1,946,218

$

1,968,122

Software

(11.7%)

Applied

Systems,

Inc.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

2.50%,

6.17%,

2/24/31(c)

4,097,929

4,125,898

Ascend

Learning

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

12/11/28(c)

3,893,469

3,911,885

Avalara,

Inc.,

First

Lien,

First

Amendment

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.42%,

3/26/32(c)

2,518,688

2,532,502

Azalea

Topco,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

4/30/31(c)

3,342,649

3,353,095

Boxer

Parent

Co.,

Inc.,

First

Lien,

2031

Replacement

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

6.82%,

7/30/31(c)

5,721,455

5,713,302

Second

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

5.75%,

9.47%,

7/30/32(c)

1,600,000

1,546,600

Calabrio,

Inc.,

First

Lien,

First

Out

Term

Loan,

CME

Term

SOFR

12

Month

+

4.00%,

7.84%,

11/26/32(c)

2,825,000

2,669,625

Cloud

Software

Group,

Inc.,

First

Lien,

Initial

Dollar

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.25%,

6.92%,

8/16/32(c)

7,640,465

7,658,993

Cloudera,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

7.57%,

10/09/28(c)

5,629,394

5,408,609

Clover

Holdings

2

LLC,

First

Lien,

Initial

Floating

Rate

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

7.52%,

12/09/31(c)

5,323,250

5,334,056

Cotiviti,

Inc.,

First

Lien,

Amendment

No.

2

Term

Loan,

CME

Term

SOFR

1

Month

+

2.75%,

6.62%,

3/26/32(c)

995,000

957,692

Dawn

Bidco

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

12

Month

+

3.50%,

7.26%,

8/20/32(c)

6,385,000

6,373,635

DS

Admiral

Bidco

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.25%,

7.92%,

6/26/31(c)

1,998,806

1,968,824

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

ECI

Macola/Max

Holding

LLC,

First

Lien,

2025

Repricing

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.75%,

5/09/30(c)

$

5,773,847

$

5,810,395

Epicor

Software

Corp.,

First

Lien,

Term

Loan,

E,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

5/30/31(c)

7,387,610

7,420,115

Genesys

Cloud

Services,

Inc.,

First

Lien,

2025

Dollar

Term

Loan,

CME

Term

SOFR

1

Month

+

2.50%,

6.22%,

1/30/32(c)

1,937,060

1,935,549

Imprivata,

Inc.,

First

Lien,

2025

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

6.67%,

12/01/27(c)

5,720,338

5,752,972

Marcel

Bidco

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Day

+

3.00%,

6.93%,

11/12/30(c)

6,208,939

6,247,745

McAfee

Corp.,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

3.00%,

6.72%,

3/01/29(c)

4,606,603

4,266,337

Mermaid

Bidco,

Inc.,

First

Lien,

USD

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

3.25%,

7.15%,

7/03/31(c)

4,467,927

4,490,266

Metropolis

Technologies,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

6

Month

+

5.25%,

8.98%,

11/03/32(c)

2,950,000

2,927,875

N-Able

International

Holdings

II

LLC,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.59%,

11/26/32(c)

500,000

505,625

Oceankey

US

II

Corp.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.32%,

12/15/28(c)

5,509,658

5,441,917

Open

Text

Corp.,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

1.75%,

5.67%,

1/31/30(c)

1,435,740

1,438,618

PointClickCare

Technologies,

Inc.,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.42%,

11/03/31(c)

3,011,827

3,021,871

Polaris

Newco

LLC,

First

Lien,

Dollar

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.85%,

6/02/28(c)

3,517,056

3,399,692

Project

Alpha

Intermediate

Holding,

Inc.,

First

Lien,

Second

Amendment

Refinancing

Term

Loan,

CME

Term

SOFR

3

Month

+

3.25%,

7.25%,

10/28/30(c)

8,367,930

8,364,332

Face

Amount

Value

Project

Boost

Purchaser

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.75%,

6.42%,

7/16/31(c)

$

6,794,479

$

6,819,109

Project

Ruby

Ultimate

Parent

Corp.,

First

Lien,

Incremental

Term

Loan,

B5,

CME

Term

SOFR

1

Month

+

2.75%,

6.58%,

3/10/28(c)

3,835,332

3,850,060

Proofpoint,

Inc.,

First

Lien,

2024

Refinancing

Term

Loan,

CME

Term

SOFR

1

Month

+

3.00%,

6.92%,

8/31/28(c)

2,591,550

2,609,185

Quartz

AcquireCo

LLC,

First

Lien,

Term

Loan,

B2,

CME

Term

SOFR

3

Month

+

2.25%,

5.92%,

6/28/30(c)

1,421,450

1,421,450

Rackspace

Finance

LLC,

First

Lien,

2024

Incremental

Super-Priority

Term

Loan,

CME

Term

SOFR

1

Month

+

6.25%,

10.11%,

5/15/28(c)

2,947,500

3,006,981

RealPage,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

3.00%,

6.93%,

4/24/28(c)

3,681,579

3,682,997

First

Lien,

2024-1

Incremental

Term

Loan,

CME

Term

SOFR

3

Month

+

3.75%,

7.75%,

4/24/28(c)

2,094,974

2,104,359

Rocket

Software,

Inc.,

First

Lien,

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

7.47%,

11/28/28(c)

2,014,875

2,016,970

Starlight

Parent

LLC,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

4.00%,

7.70%,

4/16/32(c)

4,738,125

4,741,086

UKG,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

3

Month

+

2.50%,

6.34%,

2/10/31(c)

11,136,288

11,160,843

Vision

Solutions,

Inc.,

First

Lien,

New

Term

Loan,

B,

CME

Term

SOFR

3

Month

+

4.00%,

8.10%,

4/24/28(c)

3,394,243

3,167,678

Waystar

Technologies,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.00%,

5.72%,

10/22/29(c)

555,618

559,785

157,718,528

Specialty

Retail

(2.2%)

EG

America

LLC,

First

Lien,

Term

Loan,

CME

Term

SOFR

3

Month

+

3.50%,

7.32%,

2/07/28(c)

3,206,352

3,222,721

Great

Outdoors

Group

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

1/23/32(c)

5,117,601

5,154,064

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Variable

Rate

Senior

Loan

Interests  (83.5%)

(cont’d)

Harbor

Freight

Tools

USA,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

6/11/31(c)

$

3,551,269

$

3,522,113

LBM

Acquisition

LLC,

First

Lien,

Amendment

No.

3

Incremental

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

7.58%,

6/06/31(c)

174,116

163,795

LS

Group

OpCo

Acquistion

LLC,

First

Lien,

Term

Loan,

B,

CME

Term

SOFR

1

Month

+

2.50%;

CME

Term

SOFR

3

Month

+

2.50%,

6.23%,

4/23/31(c)

3,525,911

3,535,008

Peer

Holding

III

BV,

First

Lien,

Term

Loan,

B5B,

CME

Term

SOFR

3

Month

+

2.50%,

6.17%,

7/01/31(c)

4,925,250

4,952,437

RealTruck

Group,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.75%,

7.58%,

1/31/28(c)

4,731,690

3,667,060

White

Cap

Supply

Holdings

LLC,

First

Lien,

Term

Loan,

C,

CME

Term

SOFR

1

Month

+

3.25%,

6.97%,

10/19/29(c)

4,384,965

4,407,789

28,624,987

Textiles,

Apparel

&

Luxury

Goods

(1.2%)

ABG

Intermediate

Holdings

2

LLC,

First

Lien,

2025

Delayed

Draw

Term

Loan,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

2/13/32(c)

1,364,688

1,367,587

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

1

Month

+

2.25%,

5.97%,

12/21/28(c)

4,998,507

5,012,278

Beach

Acquisition

Bidco

LLC,

First

Lien,

Term

Loan,

B1,

CME

Term

SOFR

3

Month

+

3.25%,

6.92%,

9/13/32(c)

5,000,000

5,046,900

Varsity

Brands,

Inc.,

First

Lien,

2025-2

Replacement

Term

Loan,

CME

Term

SOFR

12

Month

+

3.00%,

6.98%,

8/26/31(c)

4,477,500

4,499,193

15,925,958

Trading

Companies

&

Distributors

(0.2%)

DXP

Enterprises,

Inc.,

First

Lien,

Initial

Term

Loan,

CME

Term

SOFR

1

Month

+

3.25%,

7.17%,

10/11/30(c)

2,693,250

2,720,182

Face

Amount

Value

Wireless

Telecommunication

Services

(0.1%)

Crown

Subsea

Communications

Holding,

Inc.,

First

Lien,

2025

Term

Loan,

CME

Term

SOFR

1

Month

+

3.50%,

7.22%,

1/30/31(c)

$

1,496,222

$

1,509,688

1,116,075,760

Total

Fixed

Income

Securities

(Cost

$1,299,183,308)

1,292,437,273

–

Shares

Short-Term

Investments

(

6

.2

%

)

Investment

Company

(

5

.8

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(f)

(Cost

$77,730,213)

77,730,213

77,730,213

Security

held

as

Collateral

on

Loaned

Securities

(

0

.4

%

)

Investment

Company

(0.4%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(f)

(Cost

$5,671,525)

5,671,525

5,671,525

Total

Short-Term

Investments

(Cost

$83,401,738)

83,401,738

Total

Investments

(

103

.0

%

)

(

Cost

$

1,384,497,858

)

including

$

5,468,108

of

Securities

Loaned

(g)

1,377,527,124

Liabilities

in

Excess

of

Other

Assets

(-2.8%)(h)

(39,983,892)

Net

Assets

(100.0%)

$1,337,543,232

(a)

Amount

is

less

than

0.05%.

(b)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(c)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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

December

31,

2025

,

were

$

5,468,108

and

$

5,671,525

,

respectively.

The

Fund

received

cash

collateral

of

$

5,671,525

,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(e)

Income

may

be

paid

in

additional

securities

and/or

cash

at

the

descretion

of

the

issuer.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

At

December

31,

2025,

the

Fund

had

unfunded

loan

commitments

of

$2,212,078,

which

could

be

extended

at

the

option

of

the

borrowers,

pursuant

to

the

following

loan

agreements:

Borrower

Unfunded

Loan

Commitments

Value

Unrealized

Appreciation

(Depreciation)

Azuria

Water

Solutions,

Inc.

$

146,104

$

147,043

$

939

CohnReznick

Advisory

LLC

228,064

230,787

2,723

CP

Iris

Holdco

I,

Inc.

288,462

287,380

(1,082)

Hanger,

Inc.

325,113

326,378

1,265

Kaman

Corp.

436,192

440,847

4,655

MRP

Buyer

LLC

215,293

216,244

951

Raven

Acquisition

Holdings

LLC

390,124

391,384

1,260

Signia

Aerospace

LLC

20,821

20,872

51

Trio

Bidco,

Inc.

161,905

162,512

607

$

2,212,078

$

2,223,447

$

11,369

(f)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$44,545

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(g)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$1,384,497,858.

The

aggregate

gross

unrealized

appreciation

is

$7,358,274

and

the

aggregate

gross

unrealized

depreciation

is

$14,329,008,

resulting

in

net

unrealized

depreciation

of

$6,970,734.

(h)

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

PIK

Payment-in-Kind

REIT

Real

Estate

Investment

Trust

SOFR

Secured

Overnight

Financing

Rate

TBD

To

Be

Determined

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

Variable

Rate

Senior

Loan

Interests

81‌

.4

%

Asset-Backed

Securities

8‌

.0

Short-Term

Investments

5‌

.7

Other**

4‌

.9

Total

Investments

100‌

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

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

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(96.3%)

Municipal

Bonds

(

96

.3

%

)

Certificate

of

Participation/Lease

(

0

.4

%

)

College

of

Western

Idaho,

Series

2025

4.25%,

8/1/45

$

180,000

$

176,309

Education

(

17

.9

%

)

Arizona

Industrial

Development

Authority,

Somerset

Academy

of

Las

Vegas

Series

2021

A

3.00%,

12/15/31(a)

180,000

170,386

Build

NYC

Resource

Corp.,

REN

4520

83rd

Street

LLC

Series

2025

A

5.50%,

6/15/55

500,000

490,593

California

Municipal

Finance

Authority,

California

Baptist

University

Series

2025

A

5.63%,

11/1/54(a)

500,000

508,653

Capital

Projects

Finance

Authority,

Imagine

School

At

North

Port,

Inc.

Series

2025

A

6.25%,

6/15/45(a)

500,000

505,562

Capital

Trust

Authority,

St

Johns

Classical

Academy,

Inc.

Series

2025

A

5.13%,

6/15/50(a)

500,000

457,508

Dayton-Montgomery

County

Port

Authority,

Dayton

Regional

STEM

Schools,

Inc.

Series

2024

5.00%,

12/1/60

325,000

318,319

Development

Authority

of

Cobb

County

(The),

MT

Bethel

Christian

Academy,

Inc.

Series

2025

6.25%,

6/1/55(a)

555,000

572,491

District

of

Columbia,

International

School

Obligated

Group

Series

2019

5.00%,

7/1/49

745,000

738,563

Florida

Development

Finance

Corp.,

Renaissance

Charter

School,

Inc.

Series

2025

A

6.00%,

6/15/55(a)

500,000

507,131

Iowa

Higher

Education

Loan

Authority,

Series

2025

5.00%,

10/1/45

500,000

484,511

Louisiana

Public

Facilities

Authority,

Acadiana

Renaissance

Charter

Academy

Series

2025

6.00%,

6/15/45(a)

500,000

511,586

Navajo

County

Unified

School

District

No.

27,

Kayenta

Series

2025

6.00%,

7/1/44

430,000

474,993

Public

Finance

Authority,

Liberty

Classical

Schools

Educational

Services,

Inc.

Series

2025

A

6.50%,

6/15/45(a)

350,000

348,804

Face

Amount

Value

Triad

Educational

Services,

Inc.

Series

2025

5.25%,

6/15/45

$

750,000

$

741,579

Sierra

Vista

Industrial

Development

Authority,

American

Leadership

Academy,

Inc.

Series

2024

5.00%,

6/15/44(a)

500,000

475,072

Washington

State

Housing

Finance

Commission,

Evergreen

School

(The)

Series

2025

4.50%,

7/1/55

1,000,000

923,769

8,229,520

–

General

Obligation

(

8

.7

%

)

Chicago

Board

of

Education,

Series

2012

A

5.00%,

12/1/42

500,000

484,041

Series

2022

A

5.00%,

12/1/47

500,000

457,750

Series

2015

C

5.25%,

12/1/39

500,000

499,138

Series

2025

A

5.75%,

12/1/50

750,000

746,737

City

of

Chicago,

Series

2025

E

6.00%,

1/1/42

500,000

536,531

City

of

Chicago

IL,

Series

2024

A

5.25%,

1/1/45

375,000

366,786

Series

2019

A

5.50%,

1/1/49

300,000

300,179

Mida

Cormont

Public

Infrastructure

District,

Series

2025

B

8.50%,

6/15/55(a)

546,000

560,060

3,951,222

–

Hospital

(

5

.7

%

)

Denver

Health

&

Hospital

Authority,

Series

2025

A

5.13%,

12/1/50

500,000

504,597

Industrial

Development

Authority

of

the

County

of

Yavapai

(The),

Yavapai

Community

Hospital

Association

Obligated

Group

Series

2019

4.00%,

8/1/43

115,000

108,228

Maryland

Health

&

Higher

Educational

Facilities

Authority,

TidalHealth

Obligated

Group

Series

2025

C

5.25%,

7/1/50

1,000,000

1,038,296

Massachusetts

Development

Finance

Agency,

Seven

Hills

Foundation

Obligated

Group

Series

2025

6.00%,

9/1/45

405,000

442,816

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Income

Municipal

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(96.3%)

(cont’d)

Hospital

(5.7%)

(cont’d)

South

Carolina

Jobs-Economic

Development

Authority,

Beaufort

Memorial

Hospital

Obligated

Group

Series

2024

5.75%,

11/15/54

$

500,000

$

511,932

2,605,869

–

Housing

(

4

.2

%

)

Pennsylvania

Higher

Educational

Facilities

Authority,

Series

BA

4.00%,

6/15/45

205,000

196,902

Public

Finance

Authority,

Campus

Real

Estate

Holding

Corp.

LLC

Series

2025

A

5.25%,

6/1/45

370,000

374,669

Series

2025

A

5.50%,

6/1/55

600,000

609,381

KSU

Bixby

Real

Estate

Foundation

LLC

Series

2025

C

5.75%,

6/15/55

500,000

497,777

Rhode

Island

Health

and

Educational

Building

Corp.,

PRG

-

RI

Properties

LLC

Series

2025

B

5.63%,

7/1/65

250,000

257,888

1,936,617

–

Other

Revenue

(

49

.4

%

)

Alachua

County

Housing

Finance

Authority,

Woodland

Park

II

LLC

Series

2025

A

6.30%,

7/1/55(a)

300,000

314,588

Series

2025

C

7.00%,

7/1/29(a)

300,000

305,573

American

Samoa

Economic

Development

Authority,

Series

2025

B

5.25%,

9/1/45(a)

430,000

430,508

Atlanta

Development

Authority

(The),

Westside

Tax

Allocation

District

Gulch

Area

Series

2024

A-2

5.50%,

4/1/39(a)

1,000,000

1,031,270

Baldwin

County

Industrial

Development

Authority,

Novelis

Corp.

Series

2025

A

(AMT)

5.00%,

6/1/55(a)(b)

500,000

510,042

Berks

County

Industrial

Development

Authority,

Highlands

at

Wyomissing

Obligated

Group

Series

2017

A

5.00%,

5/15/32

500,000

508,697

Buckeye

Tobacco

Settlement

Financing

Authority,

Series

2020

B-2

5.00%,

6/1/55

750,000

608,051

California

Municipal

Finance

Authority,

Witmer

Manor

Community

Partners

LP

Series

2025

B

6.00%,

11/1/43

1,000,000

1,016,278

California

Public

Finance

Authority,

Kendal

at

Sonoma

Obligated

Group

Series

2021

A

5.00%,

11/15/56(a)

405,000

354,654

Face

Amount

Value

City

of

Lavon,

Series

2025

5.75%,

9/15/45(a)

$

850,000

$

876,286

City

of

Valparaiso

IN,

Pratt

Paper

LLC

Project

Series

2024

(AMT)

5.00%,

1/1/54(a)

650,000

633,108

County

of

Denton

TX,

Green

Meadows

Public

Improvement

District

Improvement

Area

No.

1

Project

Series

2025

5.63%,

12/31/55(a)

500,000

514,952

Downtown

Revitalization

Public

Infrastructure

District,

City

of

Salt

Lake

City

Revitalization

Series

2025

C

5.00%,

7/15/35(a)

300,000

302,159

Florida

Development

Finance

Corp.,

GFL

Solid

Waste

Southeast

LLC

Series

2024

A

(AMT)

4.38%,

10/1/54(a)(b)

500,000

506,111

Florida

Local

Government

Finance

Commission,

Ponte

Vedra

Pine

Co.

LLC

Obligated

Group

Series

2025

A

6.63%,

11/15/45(a)

500,000

527,878

FW

Texas

Street

Public

Facility

Corp.,

Series

2025

5.00%,

5/1/38

1,000,000

1,060,972

Grand

Rapids

Economic

Development

Corp.,

Michigan

Christian

Home

Obligated

Group

Series

2025

A

6.00%,

11/1/50

400,000

395,378

Hoover

Industrial

Development

Board,

United

States

Steel

Corp.

Series

2019

(AMT)

5.75%,

10/1/49

750,000

756,021

Indianola

Community

School

District,

Infrastructure

Sales

Services

&

Use

Tax

Series

2025

4.25%,

6/1/45

210,000

204,235

Iowa

Finance

Authority,

Lifespace

Communities,

Inc.

Obligated

Group

Series

2016

A

5.00%,

5/15/41

205,000

205,036

Jefferson

County

Port

Authority,

JSW

Steel

USA

Ohio,

Inc.

Series

2021

(AMT)

3.50%,

12/1/51(a)

500,000

412,931

Series

2023

5.00%,

12/1/53(a)(b)

150,000

153,461

Kingston

One

Community

Development

District,

Assessment

Area

One

-

2025

Project

Series

2025

5.75%,

5/1/45

250,000

257,764

Series

2025

6.00%,

5/1/57

500,000

512,757

Lakewood

Ranch

Stewardship

District,

Series

2025

5.80%,

5/1/45

565,000

587,277

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Income

Municipal

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(96.3%)

(cont’d)

Other

Revenue

(49.4%)

(cont’d)

Villages

of

Lakewood

Ranch

South

Project

Series

2016

5.13%,

5/1/46

$

1,000,000

$

1,000,203

Mobile

County

Industrial

Development

Authority,

AM/NS

Calvert

LLC

Series

2024

A

(AMT)

5.00%,

6/1/54

750,000

717,115

New

Hampshire

Business

Finance

Authority,

Series

2025-1

4.17%,

1/20/41(b)

496,739

467,052

New

Hope

Cultural

Education

Facilities

Finance

Corp.,

Bella

Vida

Forefront

Living

Obligated

Group

Series

2025

A

5.50%,

10/1/35

755,000

794,744

Niagara

Area

Development

Corp.,

Reworld

Holding

Corp.

Series

2018

A

(AMT)

4.75%,

11/1/42(a)

750,000

660,577

North

Carolina

Medical

Care

Commission,

Penick

Village

Obligated

Group

Series

2024

A

5.50%,

9/1/44

735,000

753,976

Ohio

Housing

Finance

Agency,

Havens

Edge

Apartments

LLC

Series

2025

A

5.70%,

8/1/43(a)

500,000

519,532

Point

Phase

1

Public

Infrastructure

District

No.

1,

Series

2025

A-1

5.88%,

3/1/45

500,000

516,851

Puerto

Rico

Sales

Tax

Financing

Corp.,

Series

A-1

5.00%,

7/1/58

447,000

431,081

Sales

Tax

Series

A-1

0.00%,

7/1/51(c)

1,532,000

385,214

South

Carolina

Jobs-Economic

Development

Authority,

Rolling

Green

Village

Series

2025

A

5.75%,

12/1/60

250,000

247,501

Southmont

School

Building

Corp.,

South

Montgomery

Community

School

Corp.

Series

2025

5.00%,

1/15/45

110,000

115,152

St.

Louis

County

Industrial

Development

Authority,

Friendship

Village

St.

Louis

Obligated

Group

Series

2017

5.00%,

9/1/48

500,000

477,179

Stamford

Housing

Authority,

TJH

Senior

Living

LLC

Obligated

Group

Series

2025

A

6.25%,

10/1/60

530,000

528,680

Tempe

Industrial

Development

Authority,

Mirabella

at

ASU,

Inc.

Series

2017

A

6.00%,

10/1/37(a)

300,000

226,833

Series

2017

A

6.13%,

10/1/52(a)

300,000

193,547

Face

Amount

Value

Tempe

Life

Care

Village

Obligated

Group

Series

2025

A

5.63%,

12/1/60

$

250,000

$

249,911

Washington

State

Housing

Finance

Commission,

Bayview

Manor

Homes

Obligated

Group

Series

A

5.00%,

7/1/36(a)

100,000

100,295

Horizon

House

Obligated

Group

Series

2025

A

6.25%,

1/1/56

550,000

549,453

Series

2025

A

6.25%,

1/1/61

450,000

446,405

West

Virginia

Economic

Development

Authority,

Commercial

Metals

Co.

Series

2025

(AMT)

4.63%,

4/15/55(b)

205,000

207,674

Westfield

Redevelopment

Authority,

City

of

Westfield

Series

2025

4.13%,

7/15/44

105,000

101,805

22,676,767

–

Transportation

(

7

.4

%

)

California

Municipal

Finance

Authority,

LAX

Integrated

Express

Solutions

LLC

Series

2018

A

(AMT)

5.00%,

12/31/47

1,000,000

1,000,187

City

of

Houston

TX,

Airport

System,

United

Airlines,

Inc.

Series

2024

B

(AMT)

5.25%,

7/15/34

500,000

538,098

United

Airlines,

Inc.

Series

2024

B

(AMT)

5.50%,

7/15/37

500,000

543,798

Public

Finance

Authority,

SR

400

Peach

Partners

LLC

Series

2025

(AMT)

5.75%,

12/31/65

725,000

747,084

Series

2025

(AMT)

6.50%,

6/30/60

500,000

549,524

3,378,691

–

Water

&

Sewer

(

2

.6

%

)

Beaufort-Jasper

Water

&

Sewer

Authority,

Series

2025

A

4.00%,

3/1/47

315,000

297,259

Charlotte

County

Industrial

Development

Authority,

MSKP

Town

&

Country

Utility

LLC

Series

2025

(AMT)

5.13%,

10/1/35

500,000

517,222

City

of

Hot

Springs

AR,

Wastewater

Series

2025

B

4.38%,

12/1/50

385,000

370,322

1,184,803

–

Total

Fixed

Income

Securities

(Cost

$43,399,119)

44,139,798

–

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Income

Municipal

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Short-Term

Investments

(

2

.5

%

)

Investment

Company

(

0

.8

%

)

BlackRock

Liquidity

Funds

-

MuniCash

-

Institutional

Shares  2.90%

(Cost

$376,822)

376,785

$

376,822

Face

Amount

Municipal

Bonds

(

1

.7

%

)

Hospital

(

1

.1

%

)

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The),

Mayo

Clinic

Arizona

Series

2014

B

2.00%,

11/15/52(b)(d)

$

500,000

500,000

Other

Revenue

(

0

.6

%

)

Battery

Park

City

Authority,

Series

2019

D-2

2.45%,

11/1/38(b)(d)

300,000

300,000

Total

Municipal

Bonds

(Cost

$800,000)

800,000

Total

Short-Term

Investments

(Cost

$1,176,822)

1,176,822

Total

Investments

(

98

.8

%

)

(

Cost

$

44,575,941

)

(e)

45,316,620

Other

Assets

in

Excess

of

Liabilities

(1.2%)

569,051

Net

Assets

(100.0%)

$45,885,671

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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)

Zero

coupon

bond.

(d)

The

date

disclosed

is

the

final

maturity

date.

Principal

owed

can

be

recovered

through

demand

on

the

interest

reset

date.

(e)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$44,575,941.

The

aggregate

gross

unrealized

appreciation

is

$998,471

and

the

aggregate

gross

unrealized

depreciation

is

$257,792,

resulting

in

net

unrealized

appreciation

of

$740,679.

AMT

Alternative

Minimum

Tax

At

December

31,

2025

,

the

concentration

of

the

Fund’s

investments

in

the

various

states

and

territories,

determined

as

a

percentage

of

net

assets,

is

as

follows:

State/Territory

Percentage

of

Net

Assets

Florida

13

.1

%

Others,

representing

less

than

10%

individually

85

.7

Total

Investments

98

.8

%

Sector

Classification

of

Portfolio

Classification

Percentage

of

Total

Investments

Other

Revenue

50

.7

%

Education

18

.2

General

Obligation

8

.7

Other*

8

.0

Transportation

7

.5

Hospital

6

.9

Total

Investments

100

.0

%

*

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(97.2%)

Corporate

Bonds

(

97

.2

%

)

Aerospace

&

Defense

(3.2%)

Axon

Enterprise,

Inc.

6.13%,

3/15/30(a)

$

70,000

$

72,439

6.25%,

3/15/33(a)

40,000

41,780

Bombardier,

Inc.

7.00%,

6/1/32(a)

150,000

158,684

7.25%,

7/1/31(a)(b)

96,000

102,422

8.75%,

11/15/30(a)(b)

52,000

56,246

Moog,

Inc.

4.25%,

12/15/27(a)

187,000

185,341

TransDigm,

Inc.

4.63%,

1/15/29(b)

52,000

51,700

6.25%,

1/31/34(a)

15,000

15,573

6.38%,

3/1/29(a)

61,000

62,984

6.63%,

3/1/32(a)

110,000

114,584

6.75%,

8/15/28

-

1/31/34(a)

223,000

228,497

1,090,250

Air

Freight

&

Logistics

(0.2%)

Stonepeak

Nile

Parent

LLC

7.25%,

3/15/32(a)(b)

48,000

50,855

Automobile

Components

(1.1%)

Clarios

Global

LP

6.75%,

2/15/30

-

9/15/32(a)

250,000

260,698

JB

Poindexter

&

Co.,

Inc.

8.75%,

12/15/31(a)(b)

56,000

58,728

Patrick

Industries,

Inc.

6.38%,

11/1/32(a)

64,000

65,716

385,142

Building

Products

(5.8%)

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

8/15/33(a)(b)

86,000

90,797

Builders

FirstSource,

Inc.

4.25%,

2/1/32(a)

313,000

298,308

5.00%,

3/1/30(a)

171,000

170,628

CP

Atlas

Buyer,

Inc.

9.75%,

7/15/30(a)(b)

216,000

223,930

EMRLD

Borrower

LP

6.63%,

12/15/30(a)

154,000

160,585

JH

North

America

Holdings,

Inc.

5.88%,

1/31/31(a)

78,000

79,722

6.13%,

7/31/32(a)

76,000

78,060

Masterbrand,

Inc.

7.00%,

7/15/32(a)(b)

132,000

136,914

Quikrete

Holdings,

Inc.

6.38%,

3/1/32(a)

140,000

145,815

6.75%,

3/1/33(a)

126,000

131,668

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/28(a)

172,000

172,928

Standard

Industries,

Inc.

3.38%,

1/15/31(a)

75,000

68,948

4.38%,

7/15/30(a)

238,000

229,762

1,988,065

Face

Amount

Value

Capital

Markets

(1.0%)

CI

Financial

Corp.

4.10%,

6/15/51

$

50,000

$

34,300

Compass

Group

Diversified

Holdings

LLC

5.25%,

4/15/29(a)

102,937

95,565

Focus

Financial

Partners

LLC

6.75%,

9/15/31(a)

216,000

222,199

352,064

Chemicals

(2.8%)

Avient

Corp.

6.25%,

11/1/31(a)

60,000

61,708

7.13%,

8/1/30(a)

242,000

250,067

Celanese

US

Holdings

LLC

7.20%,

11/15/33(b)(c)

198,000

209,344

7.38%,

2/15/34(b)

55,000

55,914

Olympus

Water

US

Holding

Corp.

7.25%,

2/15/33(a)(b)

200,000

201,170

WR

Grace

Holdings

LLC

4.88%,

6/15/27(a)

181,000

180,668

958,871

Commercial

Services

&

Supplies

(2.2%)

Allied

Universal

Holdco

LLC

6.88%,

6/15/30(a)

30,000

31,252

7.88%,

2/15/31(a)

65,000

68,541

Clarivate

Science

Holdings

Corp.

4.88%,

7/1/29(a)

131,000

123,981

Clean

Harbors,

Inc.

6.38%,

2/1/31(a)

65,000

67,015

GFL

Environmental,

Inc.

4.75%,

6/15/29(a)(b)

213,000

212,734

Reworld

Holding

Corp.

4.88%,

12/1/29(a)

115,000

110,642

Wrangler

Holdco

Corp.

6.63%,

4/1/32(a)

150,000

157,616

771,781

Construction

&

Engineering

(0.4%)

Arcosa,

Inc.

6.88%,

8/15/32(a)

92,000

97,336

Artera

Services

LLC

8.50%,

2/15/31(a)

60,000

49,865

147,201

Consumer

Finance

(0.8%)

Azorra

Finance

Ltd.

7.25%,

1/15/31(a)

47,000

49,434

Phoenix

Aviation

Capital

Ltd.

9.25%,

7/15/30(a)

201,000

214,302

263,736

Consumer

Staples

Distribution

&

Retail

(2.0%)

Albertsons

Cos.,

Inc.

4.88%,

2/15/30(a)(b)

237,000

235,320

5.88%,

2/15/28(a)(b)

47,000

47,340

Performance

Food

Group,

Inc.

4.25%,

8/1/29(a)

205,000

201,186

6.13%,

9/15/32(a)

111,000

114,570

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(97.2%)

(cont’d)

US

Foods,

Inc.

4.75%,

2/15/29(a)

$

103,000

$

102,576

700,992

Containers

&

Packaging

(1.4%)

Clydesdale

Acquisition

Holdings,

Inc.

6.75%,

4/15/32(a)

109,000

112,155

8.75%,

4/15/30(a)(b)

224,000

227,898

Toucan

FinCo

Ltd.

9.50%,

5/15/30(a)(b)

150,000

149,931

489,984

Distributors

(1.2%)

RB

Global

Holdings,

Inc.

6.75%,

3/15/28(a)

186,000

190,446

7.75%,

3/15/31(a)

66,000

69,083

Windsor

Holdings

III

LLC

8.50%,

6/15/30(a)

156,000

164,987

424,516

Diversified

Consumer

Services

(1.6%)

Adtalem

Global

Education,

Inc.

5.50%,

3/1/28(a)

140,000

140,178

Belron

UK

Finance

plc

5.75%,

10/15/29(a)

255,000

260,536

Wand

NewCo

3,

Inc.

7.63%,

1/30/32(a)

149,000

157,766

558,480

Diversified

Telecommunication

Services

(4.6%)

CCO

Holdings

LLC

4.25%,

2/1/31(a)

13,000

11,953

4.50%,

8/15/30(a)

365,000

343,893

4.75%,

3/1/30

-

2/1/32(a)

100,000

94,870

6.38%,

9/1/29(a)

192,000

194,736

Cipher

Compute

LLC

7.13%,

11/15/30(a)(b)

80,000

81,579

Level

3

Financing,

Inc.

7.00%,

3/31/34(a)

18,333

18,908

Virgin

Media

Secured

Finance

plc

4.50%,

8/15/30(a)

400,000

371,740

Windstream

Services

LLC

7.50%,

10/15/33(a)(b)

263,000

269,827

8.25%,

10/1/31(a)(b)

8,000

8,406

WULF

Compute

LLC

7.75%,

10/15/30(a)(b)

172,000

177,333

1,573,245

Electric

Utilities

(5.2%)

Alpha

Generation

LLC

6.75%,

10/15/32(a)(b)

115,000

119,110

NRG

Energy,

Inc.

3.63%,

2/15/31(a)

70,000

65,454

3.88%,

2/15/32(a)

176,000

165,278

5.75%,

1/15/34(a)(b)

132,000

133,412

6.00%,

2/1/33

-

1/15/36(a)(b)

85,000

86,571

6.25%,

11/1/34(a)(b)

100,000

102,795

10.25%,

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

155,000

169,395

Face

Amount

Value

Pattern

Energy

Operations

LP

4.50%,

8/15/28(a)

$

169,000

$

166,784

Vistra

Operations

Co.

LLC

5.00%,

7/31/27(a)

136,000

136,796

6.88%,

4/15/32(a)

105,000

110,658

VoltaGrid

LLC

7.38%,

11/1/30(a)(b)

183,000

181,395

XPLR

Infrastructure

Operating

Partners

LP

4.50%,

9/15/27(a)

115,000

113,882

7.75%,

4/15/34(a)(b)

160,000

162,731

8.38%,

1/15/31(a)(b)

30,000

31,543

8.63%,

3/15/33(a)

30,000

31,581

1,777,385

Electronic

Equipment,

Instruments

&

Components

(0.6%)

Insight

Enterprises,

Inc.

6.63%,

5/15/32(a)

116,000

119,343

Sensata

Technologies,

Inc.

3.75%,

2/15/31(a)

81,000

76,063

195,406

Energy

Equipment

&

Services

(1.1%)

Kodiak

Gas

Services

LLC

6.50%,

10/1/33(a)(b)

61,000

62,326

6.75%,

10/1/35(a)(b)

15,000

15,430

Transocean

International

Ltd.

7.88%,

10/15/32(a)

84,000

88,127

8.75%,

2/15/30(a)

49,500

51,747

WBI

Operating

LLC

6.25%,

10/15/30(a)(b)

80,000

80,537

6.50%,

10/15/33(a)

45,000

44,854

Weatherford

International

Ltd.

6.75%,

10/15/33(a)

30,000

30,739

373,760

Entertainment

(0.4%)

Cinemark

USA,

Inc.

5.25%,

7/15/28(a)

98,000

98,057

Warnermedia

Holdings,

Inc.

4.05%,

3/15/29

13,000

12,648

5.05%,

3/15/42

17,000

12,006

122,711

Financial

Services

(2.8%)

Block,

Inc.

5.63%,

8/15/30(a)

188,000

191,920

6.00%,

8/15/33(a)

52,000

53,413

Rocket

Cos.,

Inc.

6.13%,

8/1/30(a)

192,000

198,577

6.38%,

8/1/33(a)

70,000

73,071

Rocket

Mortgage

LLC

3.63%,

3/1/29(a)

170,000

164,324

Shift4

Payments

LLC

6.75%,

8/15/32(a)

82,000

84,713

Stonebriar

ABF

Issuer

LLC

8.13%,

12/15/30(a)(b)

99,000

101,966

UWM

Holdings

LLC

6.25%,

3/15/31(a)

78,000

77,913

945,897

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(97.2%)

(cont’d)

Food

Products

(1.6%)

Darling

Ingredients,

Inc.

6.00%,

6/15/30(a)

$

140,000

$

142,368

Pilgrim's

Pride

Corp.

3.50%,

3/1/32

214,000

197,873

Post

Holdings,

Inc.

6.25%,

2/15/32(a)

156,000

160,481

Viking

Baked

Goods

Acquisition

Corp.

8.63%,

11/1/31(a)

34,000

34,194

534,916

Gas

Utilities

(1.1%)

Ferrellgas

LP

5.88%,

4/1/29(a)

104,000

100,020

9.25%,

1/15/31(a)

25,000

25,767

Superior

Plus

LP

4.50%,

3/15/29(a)

257,000

251,032

376,819

Ground

Transportation

(1.8%)

Avis

Budget

Car

Rental

LLC

8.38%,

6/15/32(a)

40,000

41,330

NESCO

Holdings

II,

Inc.

5.50%,

4/15/29(a)

273,000

269,139

Synergy

Infrastructure

Holdings

LLC

7.88%,

12/1/30(a)

170,000

176,668

Watco

Cos.

LLC

7.13%,

8/1/32(a)(b)

135,000

141,462

628,599

Health

Care

Equipment

&

Supplies

(1.8%)

Avantor

Funding,

Inc.

4.63%,

7/15/28(a)

239,000

237,888

Medline

Borrower

LP

5.25%,

10/1/29(a)

373,000

375,236

613,124

Health

Care

Providers

&

Services

(6.0%)

Concentra

Health

Services,

Inc.

6.88%,

7/15/32(a)(b)

152,000

159,152

Encompass

Health

Corp.

4.75%,

2/1/30

131,000

130,670

Global

Medical

Response,

Inc.

7.38%,

10/1/32(a)

51,000

53,110

HealthEquity,

Inc.

4.50%,

10/1/29(a)

245,000

240,993

Heartland

Dental

LLC

10.50%,

4/30/28(a)

42,000

44,091

LifePoint

Health,

Inc.

9.88%,

8/15/30(a)

171,000

184,328

Molina

Healthcare,

Inc.

3.88%,

11/15/30

-

5/15/32(a)

410,000

377,885

6.25%,

1/15/33(a)(b)

103,000

105,095

Option

Care

Health,

Inc.

4.38%,

10/31/29(a)

188,000

184,496

Team

Health

Holdings,

Inc.

9.00%

Cash,

4.50%

PIK,

13.50%,

6/30/28(a)(f)

163,344

171,840

Face

Amount

Value

Tenet

Healthcare

Corp.

4.38%,

1/15/30

$

15,000

$

14,730

5.13%,

11/1/27

77,000

77,436

5.50%,

11/15/32(a)

85,000

86,220

6.00%,

11/15/33(a)(b)

58,000

59,753

6.13%,

10/1/28

84,000

84,427

US

Acute

Care

Solutions

LLC

9.75%,

5/15/29(a)

86,000

86,745

2,060,971

Health

Care

Technology

(0.6%)

IQVIA,

Inc.

6.25%,

6/1/32(a)

201,000

210,280

Hotels,

Restaurants

&

Leisure

(6.9%)

1011778

BC

ULC

3.88%,

1/15/28(a)

189,000

186,486

4.00%,

10/15/30(a)(b)

294,000

280,339

Acushnet

Co.

5.63%,

12/1/33(a)(b)

116,000

117,593

Caesars

Entertainment,

Inc.

4.63%,

10/15/29(a)

109,000

104,629

6.00%,

10/15/32(a)

63,000

61,312

6.50%,

2/15/32(a)

40,000

40,998

7.00%,

2/15/30(a)

112,000

116,046

Carnival

Corp.

5.75%,

8/1/32(a)

156,000

160,295

Churchill

Downs,

Inc.

5.75%,

4/1/30(a)

247,000

249,550

Mohegan

Tribal

Gaming

Authority

8.25%,

4/15/30(a)

177,000

184,974

NCL

Corp.

Ltd.

6.75%,

2/1/32(a)

80,000

81,963

7.75%,

2/15/29(a)

218,000

232,198

NCL

Finance

Ltd.

6.13%,

3/15/28(a)(b)

115,000

118,642

Rivers

Enterprise

Lender

LLC

6.25%,

10/15/30(a)

75,000

76,590

Voyager

Parent

LLC

9.25%,

7/1/32(a)

185,000

196,420

Yum!

Brands,

Inc.

3.63%,

3/15/31

172,000

162,898

2,370,933

Household

Durables

(1.4%)

Somnigroup

International,

Inc.

3.88%,

10/15/31(a)

120,000

112,465

Taylor

Morrison

Communities,

Inc.

5.75%,

11/15/32(a)

84,000

86,480

TopBuild

Corp.

4.13%,

2/15/32(a)

307,000

291,858

490,803

Independent

Power

and

Renewable

Electricity

Producers

(0.7%)

Calpine

Corp.

5.00%,

2/1/31(a)

139,000

141,760

5.13%,

3/15/28(a)

74,000

74,118

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(97.2%)

(cont’d)

Clearway

Energy

Operating

LLC

3.75%,

2/15/31(a)(b)

$

27,000

$

25,319

241,197

Insurance

(4.3%)

Alliant

Holdings

Intermediate

LLC

6.50%,

10/1/31(a)

67,000

69,140

7.00%,

1/15/31(a)

162,000

168,183

AmWINS

Group,

Inc.

6.38%,

2/15/29(a)

100,000

102,904

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

8.00%,

12/31/32(a)(b)

170,000

176,481

HUB

International

Ltd.

7.25%,

6/15/30(a)

179,000

188,036

Jones

Deslauriers

Insurance

Management,

Inc.

8.50%,

3/15/30(a)(b)

206,000

216,053

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(a)

325,000

336,985

Ryan

Specialty

LLC

5.88%,

8/1/32(a)

213,000

217,773

1,475,555

Interactive

Media

&

Services

(0.2%)

Snap,

Inc.

6.88%,

3/1/33(a)

78,000

80,889

IT

Services

(0.7%)

Arches

Buyer,

Inc.

4.25%,

6/1/28(a)

242,000

237,693

Life

Sciences

Tools

&

Services

(0.5%)

Fortrea

Holdings,

Inc.

7.50%,

7/1/30(a)

180,000

184,204

Machinery

(2.0%)

Calderys

Financing

LLC

11.25%,

6/1/28(a)

101,000

107,373

Chart

Industries,

Inc.

9.50%,

1/1/31(a)

117,000

124,270

Esab

Corp.

6.25%,

4/15/29(a)

154,000

158,538

New

Flyer

Holdings,

Inc.

9.25%,

7/1/30(a)

129,000

139,306

Roller

Bearing

Co.

of

America,

Inc.

4.38%,

10/15/29(a)

175,000

172,401

701,888

Media

(3.1%)

Clear

Channel

Outdoor

Holdings,

Inc.

7.13%,

2/15/31(a)(b)

25,000

26,267

7.50%,

3/15/33(a)

10,000

10,571

7.88%,

4/1/30(a)

125,000

132,175

Discovery

Communications

LLC

3.63%,

5/15/30

26,000

23,969

4.13%,

5/15/29

16,000

15,475

DISH

Network

Corp.

11.75%,

11/15/27(a)

74,000

77,062

EchoStar

Corp.

10.75%,

11/30/29

69,000

76,354

Face

Amount

Value

McGraw-Hill

Education,

Inc.

5.75%,

8/1/28(a)

$

201,000

$

202,170

7.38%,

9/1/31(a)

30,000

31,675

Outfront

Media

Capital

LLC

4.63%,

3/15/30(a)

144,000

140,934

Sinclair

Television

Group,

Inc.

8.13%,

2/15/33(a)(b)

72,000

75,249

Stagwell

Global

LLC

5.63%,

8/15/29(a)

69,000

67,338

Univision

Communications,

Inc.

8.50%,

7/31/31(a)(b)

18,000

18,818

9.38%,

8/1/32(a)(b)

39,000

41,946

Versant

Media

Group,

Inc.

7.25%,

1/30/31(a)(b)

123,000

126,967

1,066,970

Metals

&

Mining

(3.4%)

Arsenal

AIC

Parent

LLC

11.50%,

10/1/31(a)

75,000

82,635

Big

River

Steel

LLC

6.63%,

1/31/29(a)

55,000

55,508

Cleveland-Cliffs,

Inc.

7.38%,

5/1/33(a)

101,000

105,131

7.50%,

9/15/31(a)(b)

165,000

174,184

7.63%,

1/15/34(a)(b)

55,000

57,518

Commercial

Metals

Co.

5.75%,

11/15/33(a)

25,000

25,578

6.00%,

12/15/35(a)

63,000

64,621

Compass

Minerals

International,

Inc.

8.00%,

7/1/30(a)(b)

176,000

184,313

Eldorado

Gold

Corp.

6.25%,

9/1/29(a)

186,000

188,227

Hudbay

Minerals,

Inc.

4.50%,

4/1/26(a)(b)

69,000

69,285

6.13%,

4/1/29(a)

110,000

111,893

Novelis

Corp.

3.88%,

8/15/31(a)

26,000

23,720

4.75%,

1/30/30(a)

40,000

38,668

1,181,281

Oil,

Gas

&

Consumable

Fuels

(5.7%)

Aethon

United

BR

LP

7.50%,

10/1/29(a)

60,000

62,891

Civitas

Resources,

Inc.

8.63%,

11/1/30(a)

77,000

80,748

DBR

Land

Holdings

LLC

6.25%,

12/1/30(a)(b)

70,000

71,645

Kinetik

Holdings

LP

5.88%,

6/15/30(a)

113,000

114,081

Matador

Resources

Co.

6.50%,

4/15/32(a)

67,000

67,993

NGL

Energy

Operating

LLC

8.13%,

2/15/29(a)(b)

21,000

21,811

8.38%,

2/15/32(a)(b)

133,000

137,817

Permian

Resources

Operating

LLC

5.88%,

7/1/29(a)

145,000

146,327

6.25%,

2/1/33(a)

40,000

41,050

Plains

All

American

Pipeline

LP

8.22%,

11/15/74(d)(e)

91,000

91,328

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(97.2%)

(cont’d)

SM

Energy

Co.

7.00%,

8/1/32(a)

$

45,000

$

44,267

Sunoco

LP

4.50%,

4/30/30

161,000

157,335

4.63%,

5/1/30(a)

150,000

145,815

5.88%,

3/15/34(a)

70,000

70,027

7.25%,

5/1/32(a)

95,000

100,510

7.88%,

9/18/30(a)(d)(e)

245,000

251,870

TerraForm

Power

Operating

LLC

4.75%,

1/15/30(a)

101,000

98,508

5.00%,

1/31/28(a)

89,000

88,966

Venture

Global

LNG,

Inc.

8.38%,

6/1/31(a)

101,000

100,496

9.00%,

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

22,000

17,390

9.50%,

2/1/29(a)

20,000

20,742

9.88%,

2/1/32(a)

5,000

5,168

Vital

Energy,

Inc.

7.88%,

4/15/32(a)

2,000

1,972

9.75%,

10/15/30

31,000

32,641

1,971,398

Passenger

Airlines

(0.6%)

VistaJet

Malta

Finance

plc

6.38%,

2/1/30(a)

185,000

176,196

9.50%,

6/1/28(a)

17,000

17,645

193,841

Personal

Care

Products

(1.2%)

BellRing

Brands,

Inc.

7.00%,

3/15/30(a)

116,000

120,019

Edgewell

Personal

Care

Co.

4.13%,

4/1/29(a)

200,000

191,378

Prestige

Brands,

Inc.

3.75%,

4/1/31(a)

125,000

117,188

428,585

Pharmaceuticals

(2.0%)

1261229

BC

Ltd.

10.00%,

4/15/32(a)

200,000

208,153

Amneal

Pharmaceuticals

LLC

6.88%,

8/1/32(a)

188,000

198,821

Endo

Finance

Holdings,

Inc.

8.50%,

4/15/31(a)

99,000

104,761

Teva

Pharmaceutical

Finance

Netherlands

III

BV

4.10%,

10/1/46

223,000

168,933

680,668

Professional

Services

(0.8%)

Amentum

Holdings,

Inc.

7.25%,

8/1/32(a)

86,000

90,703

CACI

International,

Inc.

6.38%,

6/15/33(a)

52,000

53,868

Science

Applications

International

Corp.

5.88%,

11/1/33(a)

40,000

40,578

VT

Topco,

Inc.

8.50%,

8/15/30(a)

85,000

89,177

274,326

Face

Amount

Value

Real

Estate

Management

&

Development

(0.4%)

Cushman

&

Wakefield

US

Borrower

LLC

6.75%,

5/15/28(a)

$

137,000

$

137,814

Semiconductors

&

Semiconductor

Equipment

(0.4%)

ON

Semiconductor

Corp.

3.88%,

9/1/28(a)

141,000

138,474

Software

(1.4%)

Cloud

Software

Group,

Inc.

6.50%,

3/31/29(a)

129,000

130,774

9.00%,

9/30/29(a)

121,000

126,106

Fair

Isaac

Corp.

4.00%,

6/15/28(a)

85,000

84,149

Open

Text

Corp.

3.88%,

2/15/28(a)

63,000

61,865

SS&C

Technologies,

Inc.

5.50%,

9/30/27(a)

67,000

67,104

469,998

Specialty

Retail

(5.9%)

Asbury

Automotive

Group,

Inc.

4.63%,

11/15/29(a)

149,000

146,589

5.00%,

2/15/32(a)

14,000

13,613

Bath

&

Body

Works,

Inc.

6.75%,

7/1/36(b)

40,000

39,752

6.88%,

11/1/35(b)

93,000

94,182

Cougar

JV

Subsidiary

LLC

8.00%,

5/15/32(a)

69,000

74,024

Group

1

Automotive,

Inc.

4.00%,

8/15/28(a)

248,000

243,255

6.38%,

1/15/30(a)

89,000

91,747

LBM

Acquisition

LLC

9.50%,

6/15/31(a)

103,000

107,500

LCM

Investments

Holdings

II

LLC

4.88%,

5/1/29(a)

236,000

232,679

Lithia

Motors,

Inc.

3.88%,

6/1/29(a)

301,000

291,256

4.38%,

1/15/31(a)

92,000

88,483

Park

River

Holdings,

Inc.

8.00%,

3/15/31(a)

115,000

119,066

Sonic

Automotive,

Inc.

4.63%,

11/15/29(a)

184,000

180,750

4.88%,

11/15/31(a)

134,000

129,996

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/29(a)

68,000

66,409

Valvoline,

Inc.

3.63%,

6/15/31(a)

112,000

103,024

2,022,325

Technology

Hardware,

Storage

&

Peripherals

(1.0%)

Diebold

Nixdorf,

Inc.

7.75%,

3/31/30(a)(b)

169,000

180,266

Seagate

Data

Storage

Technology

Pte.

Ltd.

8.25%,

12/15/29(a)

84,000

89,396

9.63%,

12/1/32(a)

80,000

90,867

360,529

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(97.2%)

(cont’d)

Textiles,

Apparel

&

Luxury

Goods

(1.1%)

Beach

Acquisition

Bidco

LLC

10.75%

PIK,

10.00%,

7/15/33(a)(b)(f)

$

300,000

$

316,161

Champ

Acquisition

Corp.

8.38%,

12/1/31(a)

53,000

57,378

373,539

Trading

Companies

&

Distributors

(1.9%)

Herc

Holdings,

Inc.

5.75%,

3/15/31(a)(b)

51,000

51,788

6.00%,

3/15/34(a)(b)

15,000

15,209

7.00%,

6/15/30(a)(b)

95,000

100,037

7.25%,

6/15/33(a)

35,000

37,134

Imola

Merger

Corp.

4.75%,

5/15/29(a)

184,000

181,766

WESCO

Distribution,

Inc.

6.38%,

3/15/29

-

3/15/33(a)

129,000

134,422

6.63%,

3/15/32(a)

33,000

34,499

7.25%,

6/15/28(a)

108,000

109,629

664,484

Transportation

Infrastructure

(0.3%)

Seaspan

Corp.

5.50%,

8/1/29(a)

107,000

101,708

Total

Fixed

Income

Securities

(Cost

$32,362,798)

33,444,152

–

Shares

Short-Term

Investments

(

15

.1

%

)

Investment

Company

(

1

.2

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(g)

(Cost

$412,023)

412,023

412,023

Security

held

as

Collateral

on

Loaned

Securities

(

13

.9

%

)

Investment

Company

(13.9%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(g)

(Cost

$4,793,849)

4,793,849

4,793,849

Total

Short-Term

Investments

(Cost

$5,205,872)

5,205,872

Total

Investments

(

112

.3

%

)

(

Cost

$

37,568,670

)

including

$

5,242,490

of

Securities

Loaned

(h)

38,650,024

Liabilities

in

Excess

of

Other

Assets

(-12.3%)

(4,231,519)

Net

Assets

(100.0%)

$34,418,505

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

All

or

a

portion

of

this

security

was

on

loan

.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2025

,

were

$

5,242,490

and

$

5,443,546

,

respectively.

The

Fund

received

cash

collateral

of

$

4,793,849

,

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

$

649,697

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

December

31,

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

December

31,

2025.

(e)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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

December

31,

2025,

management

fees

paid

were

reduced

by

$302

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(h)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$37,568,670.

The

aggregate

gross

unrealized

appreciation

is

$1,106,947

and

the

aggregate

gross

unrealized

depreciation

is

$25,593,

resulting

in

net

unrealized

appreciation

of

$1,081,354.

PIK

Payment-in-Kind

Sector

Classification

of

Portfolio

*

Classification  

Percentage

of

Total

Investments

Consumer

Discretionary

19‌

.6

%

Industrials

19‌

.5

Health

Care

11‌

.1

Other**

10‌

.6

Financials

9‌

.0

Communication

Services

8‌

.4

Materials

7‌

.8

Utilities

7‌

.1

Energy

6‌

.9

Total

Investments

100‌

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(107.9%)

Asset-Backed

Securities

(

14

.7

%

)

Barings

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

4.60%,

8.50%,

7/15/37(a)(b)

$

1,110,000

$

1,117,110

2025-1A

CME

Term

SOFR

3

Month

+

3.65%,

7.53%,

4/20/38(a)(b)

740,000

745,238

2025-1A

CME

Term

SOFR

3

Month

+

4.60%,

8.48%,

4/20/38(a)(b)

1,110,000

1,094,204

Battalion

CLO

XXV

Ltd.,

2024-25A

CME

Term

SOFR

3

Month

+

4.35%,

8.23%,

3/13/37(a)(b)

1,110,000

1,115,934

Bayview

Financial

Revolving

Asset

Trust,

2005-A

CME

Term

SOFR

1

Month

+

1.11%,

4.84%,

2/28/40(a)(b)

764,160

745,958

Benefit

Street

Partners

CLO

XV

Ltd.,

2018-15A

CME

Term

SOFR

3

Month

+

4.50%,

8.40%,

7/15/37(a)(b)

740,000

744,986

Birch

Grove

CLO

14

Ltd.,

2025-14A

CME

Term

SOFR

3

Month

+

3.50%,

7.83%,

7/22/37(a)(b)

1,000,000

1,004,238

Bryant

Park

Funding

Ltd.,

2023-19A

CME

Term

SOFR

3

Month

+

2.80%,

6.70%,

4/15/38(a)(b)

1,110,000

1,111,674

2024-22A

CME

Term

SOFR

3

Month

+

4.30%,

8.20%,

4/15/37(a)(b)

1,110,000

1,116,818

Cascade

Funding

Mortgage

Trust,

2022-AB2

2.00%,

2/25/52(a)(b)

799,736

764,046

CFMT

LLC,

2024-HB13

3.00%,

5/25/34(a)(b)

1,160,000

1,108,151

ECAF

I

Ltd.,

2015-1A

4.95%,

6/15/40(b)

521,531

483,739

Elmwood

CLO

32

Ltd.,

2024-8A

CME

Term

SOFR

3

Month

+

2.85%,

6.73%,

10/18/37(a)(b)

1,110,000

1,116,489

Elmwood

CLO

40

Ltd.,

2025-3A

CME

Term

SOFR

3

Month

+

5.25%,

9.13%,

3/22/38(a)(b)

1,110,000

1,123,495

Elmwood

CLO

VIII

Ltd.,

2021-1A

CME

Term

SOFR

3

Month

+

3.80%,

7.68%,

4/20/37(a)(b)

740,000

743,681

Face

Amount

Value

Empower

CLO

Ltd.,

2024-1A

CME

Term

SOFR

3

Month

+

3.75%,

7.61%,

4/25/37(a)(b)

$

1,110,000

$

1,115,947

FMC

GMSR

Issuer

Trust,

2022-GT1

7.17%,

4/25/27(b)

2,960,000

2,978,522

GAIA

Aviation

Ltd.,

2019-1

7.00%,

12/15/44(b)(c)

2,157,499

1,902,463

Galaxy

33

CLO

Ltd.,

2024-33A

CME

Term

SOFR

3

Month

+

3.55%,

7.43%,

4/20/37(a)(b)

740,000

742,065

Golub

Capital

Partners

CLO

72

B

Ltd.,

2024-72A

CME

Term

SOFR

3

Month

+

4.00%,

7.86%,

4/25/37(a)(b)

1,110,000

1,117,370

Harvest

SBA

Loan

Trust,

2023-1

SOFR30A

+

3.25%,

7.32%,

10/25/50(a)(b)

886,541

918,658

2024-1

SOFR30A

+

2.25%,

6.25%,

12/25/51(a)(b)

1,931,030

1,953,364

Harvest

US

CLO

Ltd.,

2024-2A

CME

Term

SOFR

3

Month

+

3.25%,

7.15%,

10/15/37(a)(b)

1,110,000

1,114,160

LoanMe

Trust

Prime,

2018-1

6.00%,

9/15/34(b)(c)

246,158

245,820

Madison

Park

Funding

LV

Ltd.,

2022-55A

CME

Term

SOFR

3

Month

+

3.15%,

7.03%,

7/18/37(a)(b)

1,110,000

1,116,340

Magnetite

XXII

Ltd.,

2019-22A

CME

Term

SOFR

3

Month

+

4.15%,

8.05%,

7/15/36(a)(b)

740,000

741,398

2019-22A

CME

Term

SOFR

3

Month

+

2.90%,

6.80%,

7/15/36(a)(b)

740,000

741,477

METAL

LLC,

2017-1

4.58%,

10/15/42(b)

567,695

397,369

Newtek

Small

Business

Loan

Trust,

2021-1

US

Prime

Rate

+

0.10%,

6.85%,

12/25/48(a)(b)

286,130

286,063

NRM

FNT1

Excess

LLC,

2024-FNT1

7.40%,

11/25/31(b)(c)

1,979,780

2,016,813

Oaktree

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

4.70%,

8.58%,

7/20/37(a)(b)

920,000

924,001

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(14.7%)

(cont’d)

Oakwood

Mortgage

Investors,

Inc.,

2001-C

7.40%,

6/15/31(a)

$

2,828,359

$

185,550

OCP

CLO

Ltd.,

2022-24A

CME

Term

SOFR

3

Month

+

4.40%,

8.28%,

10/20/37(a)(b)

740,000

746,641

2024-32A

CME

Term

SOFR

3

Month

+

3.75%,

7.61%,

4/23/37(a)(b)

1,110,000

1,116,868

Palmer

Square

CLO

Ltd.,

2018-1A

CME

Term

SOFR

3

Month

+

3.90%,

7.78%,

4/18/37(a)(b)

1,110,000

1,115,691

2023-2A

CME

Term

SOFR

3

Month

+

6.40%,

10.28%,

7/20/38(a)(b)

740,000

746,688

ReadyCap

Lending

Small

Business

Loan

Trust,

2023-3

US

Prime

Rate

+

0.07%,

6.82%,

4/25/48(a)(b)

1,068,209

1,084,033

RMF

Buyout

Issuance

Trust,

2021-HB1

3.69%,

11/25/31(a)(b)

890,000

853,668

2021-HB1

6.00%,

11/25/31(a)(b)

2,000,000

1,908,927

2021-HB1

6.00%,

11/25/31(a)(b)

2,554,530

2,297,888

2022-HB1

4.50%,

4/25/32(a)(b)

2,960,000

2,584,942

Saluda

Grade

Alternative

Mortgage

Trust,

2025-NPL1

7.12%,

1/25/30(b)(c)

1,966,606

1,979,401

Shenton

Aircraft

Investment

I

Ltd.,

2015-1A

4.75%,

10/15/42(b)

1,137,387

1,108,424

Start

II

Ltd.,

2019-1

4.09%,

3/15/44(b)

430,019

429,026

TICP

CLO

VI

Ltd.,

2016-6A

CME

Term

SOFR

3

Month

+

6.51%,

10.42%,

1/15/34(a)(b)

740,000

744,322

Trinitas

CLO

VI

Ltd.,

2017-6A

CME

Term

SOFR

3

Month

+

4.01%,

7.87%,

1/25/34(a)(b)

740,000

741,487

2017-6A

CME

Term

SOFR

3

Month

+

7.08%,

10.94%,

1/25/34(a)(b)

740,000

693,855

50,785,002

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  (

17

.3

%

)

FHLMC

Gold

Pool,

30

Year

6.50%,

10/1/32

462

487

Face

Amount

Value

GNMA

I,

Single

Family,

30

Year

8.00%,

1/15/30

-

5/15/30

$

1,056

$

1,089

GNMA

II,

Single

Family,

30

Year

5.00%,

1/15/56,

TBA

2,200,000

2,195,009

6.00%,

8/20/53

2,685,938

2,802,126

UMBS,

30

Year

5.50%,

7/1/55

2,928,006

2,971,141

6.50%,

5/1/28

-

1/1/32

7,719

8,046

7.00%,

11/1/32

1,528

1,608

UMBS,

Single

Family,

30

Year

5.00%,

1/25/56,

TBA

2,000,000

1,995,313

5.50%,

1/25/56,

TBA

49,200,000

49,893,796

59,868,615

Commercial

Mortgage-Backed

Securities

(

35

.1

%

)

Banna

RMBS

DAC

SONIA

+

3.50%,

7.22%,

12/30/63(a)

GBP

590,000

756,487

Bayview

Commercial

Asset

Trust

CME

Term

SOFR

1

Month

+

2.36%,

6.32%,

12/25/37(a)(b)

$

1,625,375

1,461,438

BX

Trust

CME

Term

SOFR

1

Month

+

3.05%,

7.01%,

12/15/42(a)(b)

750,000

756,141

Cascade

Funding

Mortgage

Trust

3.00%,

3/25/35(a)(b)

2,220,000

2,089,483

CFMT

LLC

3.00%,

6/25/34(a)(b)

2,960,000

2,734,781

Champs

Trust

7.41%,

4/25/60(a)(b)

2,048,502

2,132,559

8.46%,

7/25/59(a)(b)

2,162,116

2,230,387

9.60%,

11/25/59(a)(b)

1,776,393

1,839,558

Citigroup

Commercial

Mortgage

Trust

3.50%,

12/10/41(a)(b)

670,000

585,079

Eurohome

Italy

Mortgages

Srl

EURIBOR

3

Month

+

0.60%,

2.65%,

11/2/54(a)

EUR

1,306,779

1,456,762

Eurohome

Mortgages

plc

EURIBOR

3

Month

+

0.21%,

2.26%,

8/2/50(a)

361,027

399,251

FHLMC,

Multifamily

Structured

Pass-

Through

Certificates

IO

REMIC

2.63%,

1/25/49(a)

$

5,170,000

588,023

3.07%,

11/25/36(a)

4,750,000

1,090,229

4.33%,

11/25/55(a)

7,335,941

1,726,410

FHLMC,

REMIC

5.50%,

6/25/54

2,093,581

2,103,034

SOFR30A

+

21.06%,

8.16%,

8/25/55(a)(d)

3,718,635

3,868,004

SOFR30A

+

30.53%,

9.22%,

12/25/55(a)(d)

2,983,220

3,292,414

FNMA,

REMIC

5.50%,

3/25/55

2,093,581

2,106,462

IO

REMIC

1.63%,

3/25/44(a)

152,287

9,347

1.90%,

10/25/39(a)

294,569

16,770

SOFR30A

+

6.44%,

2.56%,

8/25/41(a)(d)

18,271

246

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(35.1%)

(cont’d)

FREMF

Mortgage

Trust

SOFR30A

+

5.36%,

9.37%,

7/25/26(a)(b)

$

188,652

$

10,658

GMAC

Financiera

SA

de

CV

Sociedad

Financiera

de

Objeto

Ltdo

3.99%,

3/25/36

MXN

10,373,805

960,857

GNMA

6.00%,

10/20/55

$

4,359,554

4,347,919

6.50%,

9/20/55

3,557,184

3,560,274

6.50%,

11/20/55

7,934,306

7,940,913

SOFR30A

+

3.30%,

7.22%,

4/20/55(a)

2,523,991

2,574,801

SOFR30A

+

26.40%,

7.60%,

10/20/55(a)(d)

997,275

1,034,945

SOFR30A

+

29.98%,

8.06%,

11/20/55(a)(d)

6,000,000

6,638,179

SOFR30A

+

22.73%,

8.37%,

10/20/52(a)(d)

2,265,182

2,380,046

SOFR30A

+

25.60%,

8.40%,

6/20/55(a)(d)

4,861,969

5,062,491

SOFR30A

+

21.30%,

8.40%,

6/20/55(a)(d)

2,937,366

3,070,643

SOFR30A

+

21.30%,

8.40%,

6/20/55(a)(d)

9,791,219

10,262,439

SOFR30A

+

21.30%,

8.40%,

7/20/55(a)(d)

4,908,186

5,130,526

SOFR30A

+

21.30%,

8.40%,

7/20/55(a)(d)

4,902,031

4,939,867

IO

REMIC

CME

Term

SOFR

1

Month

+

6.14%,

2.40%,

12/20/42(a)(d)

449,069

49,835

Great

Hall

Mortgages

No.

1

plc

SONIA

+

3.12%,

6.85%,

6/18/38(a)

GBP

1,030,000

1,364,538

GSR

Mortgage

Loan

Trust

5.50%,

3/25/35

$

564,256

504,086

Harvest

Commercial

Capital

Loan

Trust

5.96%,

4/25/52(a)(b)

1,850,000

1,727,742

6.34%,

9/25/46(a)(b)

1,110,000

1,077,177

JPMBB

Commercial

Mortgage

Securities

Trust

4.04%,

9/15/47(a)(b)

136,000

126,102

Merrill

Lynch

Mortgage

Investors

Trust

IO

0.09%,

2/25/36(a)(b)

945,193

10

Mortgage

Funding

plc

SONIA

+

3.32%,

7.05%,

3/13/46(a)

GBP

1,480,000

2,001,502

Mortgage

Subordinate

Trust

0.00%,

11/29/28(a)

$

1,810,000

1,589,354

Newgate

Funding

plc

SONIA

+

3.12%,

6.85%,

12/15/50(a)

GBP

395,129

521,290

Onity

Loan

Investment

Trust

5.00%,

8/25/37(a)(b)

$

1,100,000

1,060,492

PRPM

LLC

4.00%,

5/25/54(b)(c)

1,145,000

1,066,293

Face

Amount

Value

RiverView

HECM

Pass-Through

Certificates

CME

Term

SOFR

1

Month

+

0.38%,

4.12%,

5/25/47(a)

$

523,271

$

468,647

RMF

Buyout

Issuance

Trust

3.63%,

10/25/50(a)(b)

2,590,000

2,258,238

6.00%,

10/25/50(b)

9,498,603

7,577,244

RMF

Proprietary

Issuance

Trust

3.75%,

6/25/62(a)(b)

2,220,000

2,003,657

ROCK

Trust

8.82%,

11/13/41(b)

1,500,000

1,600,265

Saluda

Grade

Alternative

Mortgage

Trust

7.50%,

5/25/50(a)(b)

1,850,000

1,898,337

SG

Commercial

Mortgage

Securities

Trust

3.48%,

9/15/39(a)(b)

2,220,000

1,902,740

Sutherland

Commercial

Mortgage

Trust

2.23%,

12/25/41(a)(b)

499,539

443,165

TDA

27

FTA

EURIBOR

3

Month

+

0.19%,

2.21%,

12/28/50(a)

EUR

1,057,625

1,151,064

VCC

Trust

8.16%,

5/25/55(b)(c)

$

1,552,596

1,545,123

121,094,324

Corporate

Bonds

(

25

.0

%

)

Automobile

Components

(0.8%)

Clarios

Global

LP

6.75%,

9/15/32(b)

265,000

274,961

IHO

Verwaltungs

GmbH

6.75%,

11/15/29(e)

EUR

565,700

704,769

JB

Poindexter

&

Co.,

Inc.

8.75%,

12/15/31(b)

$

800,000

838,981

Patrick

Industries,

Inc.

6.38%,

11/1/32(b)

747,000

767,026

Real

Hero

Merger

Sub

2,

Inc.

6.25%,

2/1/29(b)

586,000

253,996

2,839,733

Banks

(0.7%)

Banco

Mercantil

del

Norte

SA

8.38%,

5/20/31(a)(b)(f)

495,000

520,369

Riyad

Sukuk

Ltd.

6.21%,

7/14/35(a)

550,000

563,685

Saudi

Awwal

Bank

5.95%,

9/4/35(a)

560,000

567,834

SNB

Funding

Ltd.

6.00%,

6/24/35(a)

550,000

566,659

2,218,547

Biotechnology

(0.2%)

Grifols

SA

7.50%,

5/1/30

EUR

670,000

829,231

Broadline

Retail

(0.1%)

Alibaba

Group

Holding

Ltd.

0.50%,

6/1/31

$

300,000

466,650

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(25.0%)

(cont’d)

Building

Products

(0.6%)

AmeriTex

HoldCo

Intermediate

LLC

7.63%,

8/15/33(b)

$

632,000

$

667,252

CP

Atlas

Buyer,

Inc.

9.75%,

7/15/30(b)

522,000

541,165

Masterbrand,

Inc.

7.00%,

7/15/32(b)

738,000

765,476

1,973,893

Capital

Markets

(0.5%)

Focus

Financial

Partners

LLC

6.75%,

9/15/31(b)

594,000

611,047

Hightower

Holding

LLC

6.75%,

4/15/29(b)

712,000

709,940

Sherwood

Financing

plc

7.63%,

12/15/29

EUR

450,000

515,480

1,836,467

Chemicals

(1.0%)

ASK

Chemicals

Deutschland

Holding

GmbH

10.00%,

11/15/29

240,000

279,245

Braskem

Idesa

SAPI

6.99%,

2/20/32(g)

$

435,000

252,572

Braskem

Netherlands

Finance

BV

4.50%,

1/10/28

-

1/31/30

1,238,000

489,000

Celanese

US

Holdings

LLC

7.20%,

11/15/33(c)

605,000

639,661

7.38%,

2/15/34

93,000

94,546

Cerdia

Finanz

GmbH

9.38%,

10/3/31(b)

425,000

441,469

Olympus

Water

US

Holding

Corp.

6.13%,

2/15/33(b)

EUR

1,155,000

1,351,040

3,547,533

Commercial

Services

&

Supplies

(0.5%)

Allied

Universal

Holdco

LLC

4.63%,

6/1/28(b)

$

1,027,000

1,011,211

Biffa

Group

Holdings

Ltd.

5.25%,

6/15/31

EUR

225,000

264,317

7.38%,

6/15/31

GBP

370,000

504,286

1,779,814

Construction

&

Engineering

(0.1%)

Artera

Services

LLC

8.50%,

2/15/31(b)

$

541,540

450,069

Consumer

Finance

(0.4%)

Azorra

Finance

Ltd.

7.25%,

1/15/31(b)

468,000

492,237

Ford

Motor

Credit

Co.

LLC

7.35%,

3/6/30

386,000

414,447

Phoenix

Aviation

Capital

Ltd.

9.25%,

7/15/30(b)

526,000

560,810

1,467,494

Consumer

Staples

Distribution

&

Retail

(0.2%)

Boots

Group

Finco

LP

5.38%,

8/31/32

EUR

675,000

821,070

Face

Amount

Value

Containers

&

Packaging

(0.7%)

Ardagh

Group

SA

9.50%,

12/1/30(b)

$

350,000

$

379,943

Ardagh

Metal

Packaging

Finance

USA

LLC

3.00%,

9/1/29

EUR

355,000

397,372

5.00%,

1/30/31

175,000

208,115

Clydesdale

Acquisition

Holdings,

Inc.

6.75%,

4/15/32(b)

$

625,000

643,090

8.75%,

4/15/30(b)

539,000

548,381

Toucan

FinCo

Ltd.

8.25%,

5/15/30

EUR

320,000

363,659

2,540,560

Diversified

Consumer

Services

(0.3%)

Wand

NewCo

3,

Inc.

7.63%,

1/30/32(b)

$

855,000

905,300

Diversified

Telecommunication

Services

(1.3%)

British

Telecommunications

plc

6.38%,

12/3/55(a)

GBP

570,000

786,940

CCO

Holdings

LLC

4.50%,

8/15/30(b)

$

782,000

736,778

Fibercop

SpA

5.13%,

6/30/32

EUR

830,000

994,056

Level

3

Financing,

Inc.

7.00%,

3/31/34(b)

$

205,000

211,431

Total

Play

Telecomunicaciones

SA

de

CV

11.13%,

12/31/32(b)

572,700

550,823

Windstream

Services

LLC

7.50%,

10/15/33(b)

508,000

521,187

8.25%,

10/1/31(b)

34,000

35,724

WULF

Compute

LLC

7.75%,

10/15/30(b)

530,000

546,434

4,383,373

Electric

Utilities

(1.1%)

California

Buyer

Ltd.

5.63%,

2/15/32

EUR

490,000

589,593

Leeward

Renewable

Energy

Operations

LLC

4.25%,

7/1/29(b)

$

759,000

726,008

VoltaGrid

LLC

7.38%,

11/1/30(b)

847,000

839,573

XPLR

Infrastructure

Operating

Partners

LP

7.75%,

4/15/34(b)

101,000

102,724

8.38%,

1/15/31(b)

723,000

760,188

8.63%,

3/15/33(b)

659,000

693,729

3,711,815

Energy

Equipment

&

Services

(0.5%)

Transocean

International

Ltd.

8.75%,

2/15/30(b)

628,500

657,026

WBI

Operating

LLC

6.50%,

10/15/33(b)

638,000

635,925

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(25.0%)

(cont’d)

Yinson

Boronia

Production

BV

8.95%,

7/31/42(b)

$

328,665

$

358,802

1,651,753

Financial

Services

(1.1%)

Cuenca

Dpr

0.00%,

12/15/26

1,875,000

1,875,000

Rocket

Cos.,

Inc.

6.38%,

8/1/33(b)

519,000

541,768

Rocket

Mortgage

LLC

4.00%,

10/15/33(b)

425,000

395,172

Stonebriar

ABF

Issuer

LLC

8.13%,

12/15/30(b)

648,000

667,414

United

Wholesale

Mortgage

LLC

5.50%,

4/15/29(b)

259,000

257,469

3,736,823

Food

Products

(0.4%)

Chobani

LLC

7.63%,

7/1/29(b)

743,000

775,968

La

Doria

SpA

5.45%,

12/30/30(a)

EUR

600,000

713,417

1,489,385

Gas

Utilities

(0.2%)

Superior

Plus

LP

4.50%,

3/15/29(b)

$

794,000

775,562

Ground

Transportation

(0.5%)

Edge

Finco

plc

8.13%,

8/15/31

GBP

836,000

1,201,767

Synergy

Infrastructure

Holdings

LLC

7.88%,

12/1/30(b)

$

615,000

639,122

1,840,889

Health

Care

Equipment

&

Supplies

(0.2%)

Bausch

+

Lomb

Netherlands

BV

and

Bausch

&

Lomb,

Inc.

5.87%,

1/15/31(a)

EUR

595,000

711,724

Health

Care

Providers

&

Services

(0.4%)

Global

Medical

Response,

Inc.

7.38%,

10/1/32(b)

$

107,000

111,428

Heartland

Dental

LLC

10.50%,

4/30/28(b)

72,000

75,584

LifePoint

Health,

Inc.

9.88%,

8/15/30(b)

659,000

710,364

Surgery

Center

Holdings,

Inc.

7.25%,

4/15/32(b)

83,000

84,056

Team

Health

Holdings,

Inc.

8.38%,

6/30/28(b)

437,000

443,059

1,424,491

Health

Care

Technology

(0.2%)

IQVIA,

Inc.

6.25%,

6/1/32(b)

755,000

789,857

Hotels,

Restaurants

&

Leisure

(0.6%)

Acushnet

Co.

5.63%,

12/1/33(b)

281,000

284,860

Face

Amount

Value

Intralot

Capital

Luxembourg

SA

6.75%,

10/15/31

EUR

350,000

$

410,317

Mohegan

Tribal

Gaming

Authority

8.25%,

4/15/30(b)

$

524,000

547,607

Voyager

Parent

LLC

9.25%,

7/1/32(b)

674,000

715,607

Waga

Bondco

Ltd.

8.50%,

6/15/30

GBP

140,000

173,549

2,131,940

Household

Durables

(0.4%)

Dream

Finders

Homes,

Inc.

6.88%,

9/15/30(b)

$

176,000

177,112

New

Home

Co.,

Inc.

(The)

8.50%,

11/1/30(b)

371,000

382,540

9.25%,

10/1/29(b)

295,000

308,250

TopBuild

Corp.

4.13%,

2/15/32(b)

686,000

652,165

1,520,067

Independent

Power

and

Renewable

Electricity

Producers

(0.3%)

TransAlta

Corp.

5.88%,

2/1/34

105,000

105,786

Zorlu

Enerji

Elektrik

Uretim

A/S

11.00%,

4/23/30

1,000,000

866,598

972,384

Insurance

(0.6%)

Alliant

Holdings

Intermediate

LLC

7.38%,

10/1/32(b)

609,000

632,215

Asurion

LLC

and

Asurion

Co-Issuer,

Inc.

8.00%,

12/31/32(b)

263,000

273,027

Galaxy

Bidco

Ltd.

8.13%,

12/19/29

GBP

200,000

284,130

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(b)

$

709,000

735,147

1,924,519

IT

Services

(0.9%)

Almaviva-The

Italian

Innovation

Co.

SpA

5.00%,

10/30/30

EUR

585,000

694,642

Arches

Buyer,

Inc.

4.25%,

6/1/28(b)

$

990,000

972,381

Atos

SE

9.36%,

12/18/29(c)

EUR

595,000

802,564

United

Group

BV

5.25%,

2/1/30

465,000

546,094

3,015,681

Life

Sciences

Tools

&

Services

(0.1%)

Fortrea

Holdings,

Inc.

7.50%,

7/1/30(b)

$

137,000

140,200

Machinery

(0.6%)

Calderys

Financing

LLC

11.25%,

6/1/28(b)

667,000

709,086

Dynamo

Newco

II

GmbH

6.25%,

10/15/31

EUR

500,000

600,001

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(25.0%)

(cont’d)

New

Flyer

Holdings,

Inc.

9.25%,

7/1/30(b)

$

526,000

$

568,023

1,877,110

Media

(1.0%)

EchoStar

Corp.

10.75%,

11/30/29

699,000

773,500

McGraw-Hill

Education,

Inc.

7.38%,

9/1/31(b)

603,000

636,661

Sinclair

Television

Group,

Inc.

8.13%,

2/15/33(b)

643,000

672,012

Summer

BidCo

BV

10.75%

PIK,

10.00%,

2/15/29(e)

EUR

225,000

264,439

Univision

Communications,

Inc.

8.50%,

7/31/31(b)

$

49,000

51,227

9.38%,

8/1/32(b)

526,000

565,728

Versant

Media

Group,

Inc.

7.25%,

1/30/31(b)

353,000

364,386

3,327,953

Metals

&

Mining

(0.9%)

Cleveland-Cliffs,

Inc.

7.38%,

5/1/33(b)

538,000

560,006

7.63%,

1/15/34(b)

114,000

119,219

First

Quantum

Minerals

Ltd.

8.00%,

3/1/33(b)

597,000

638,311

Samarco

Mineracao

SA

9.50%

PIK,

9.50%,

6/30/31(e)

1,374,713

1,393,479

WE

Soda

Investments

Holding

plc

9.50%,

10/6/28

304,000

307,571

3,018,586

Office

REITs

(0.1%)

Alstria

Office

AG

4.25%,

10/15/29

EUR

200,000

232,726

Oil,

Gas

&

Consumable

Fuels

(1.4%)

Azule

Energy

Finance

plc

8.13%,

1/23/30

$

965,000

967,219

Civitas

Resources,

Inc.

8.63%,

11/1/30(b)

333,000

349,209

DBR

Land

Holdings

LLC

6.25%,

12/1/30(b)

124,000

126,914

Global

Partners

LP

7.13%,

7/1/33(b)

737,000

753,323

NGL

Energy

Operating

LLC

8.13%,

2/15/29(b)

456,000

473,597

Raizen

Fuels

Finance

SA

6.25%,

7/8/32

200,000

168,250

6.70%,

2/25/37

442,000

357,790

Sunoco

LP

5.88%,

3/15/34(b)

98,000

98,037

7.88%,

9/18/30(a)(b)(f)

789,000

811,124

Tullow

Oil

plc

10.25%,

5/15/26

236,000

172,280

Venture

Global

LNG,

Inc.

8.38%,

6/1/31(b)

437,000

434,818

Face

Amount

Value

9.00%,

9/30/29(a)(b)(f)

$

194,000

$

153,349

4,865,910

Paper

&

Forest

Products

(0.1%)

Fiber

Midco

SpA

10.75%

PIK,

10.75%,

6/15/29(e)

EUR

250,000

223,961

WEPA

Hygieneprodukte

GmbH

4.50%,

11/30/32

200,000

236,047

460,008

Passenger

Airlines

(0.8%)

Avianca

Midco

2

plc

9.00%,

12/1/28(b)

$

605,442

610,988

9.63%,

2/14/30(b)

617,000

619,530

Gol

Finance,

Inc.

14.38%,

6/6/30(b)

785,000

805,606

VistaJet

Malta

Finance

plc

6.38%,

2/1/30(b)

613,000

583,826

2,619,950

Personal

Care

Products

(0.2%)

Perrigo

Finance

Unlimited

Co.

5.38%,

9/30/32

EUR

450,000

539,481

Pharmaceuticals

(0.4%)

1261229

BC

Ltd.

10.00%,

4/15/32(b)

$

549,000

571,381

Teva

Pharmaceutical

Finance

Netherlands

II

BV

4.13%,

6/1/31

EUR

714,000

853,193

1,424,574

Professional

Services

(0.4%)

Amentum

Holdings,

Inc.

7.25%,

8/1/32(b)

$

910,000

959,758

VT

Topco,

Inc.

8.50%,

8/15/30(b)

259,000

271,728

1,231,486

Real

Estate

Management

&

Development

(0.6%)

Alexandrite

Lake

Lux

Holdings

SARL

6.75%,

7/30/30

EUR

430,000

514,431

Banco

Actinver

SA

4.80%,

12/18/32(b)

$

1,070,850

835,263

Longfor

Group

Holdings

Ltd.

3.95%,

9/16/29

698,000

548,612

1,898,306

Software

(0.8%)

AthenaHealth

Group,

Inc.

6.50%,

2/15/30(b)

970,000

967,905

Cloud

Software

Group,

Inc.

6.50%,

3/31/29(b)

997,000

1,010,707

IPD

3

BV

5.50%,

6/15/31

EUR

465,000

553,830

TeamSystem

SpA

5.53%,

7/31/31(a)

295,000

350,098

2,882,540

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(25.0%)

(cont’d)

Specialty

Retail

(1.1%)

Asbury

Automotive

Group,

Inc.

5.00%,

2/15/32(b)

$

413,000

$

401,596

CD&R

Firefly

Bidco

plc

8.63%,

4/30/29

GBP

460,000

651,149

LBM

Acquisition

LLC

9.50%,

6/15/31(b)

$

683,000

712,840

Park

River

Holdings,

Inc.

8.00%,

3/15/31(b)

395,000

408,967

PetSmart

LLC

7.50%,

9/15/32(b)

357,000

363,743

10.00%,

9/15/33(b)

285,000

293,860

Sonic

Automotive,

Inc.

4.63%,

11/15/29(b)

418,000

410,618

Specialty

Building

Products

Holdings

LLC

7.75%,

10/15/29(b)

316,000

308,606

White

Cap

Supply

Holdings

LLC

7.38%,

11/15/30(b)

372,000

386,234

3,937,613

Textiles,

Apparel

&

Luxury

Goods

(0.5%)

Beach

Acquisition

Bidco

LLC

5.25%,

7/15/32

EUR

694,000

832,302

10.75%

PIK,

10.00%,

7/15/33(b)(e)

$

764,000

830,975

1,663,277

Trading

Companies

&

Distributors

(0.2%)

Herc

Holdings,

Inc.

5.75%,

3/15/31(b)

38,000

38,587

6.00%,

3/15/34(b)

75,000

76,046

7.00%,

6/15/30(b)

373,000

392,777

7.25%,

6/15/33(b)

280,000

297,073

804,483

Transportation

Infrastructure

(0.3%)

Seaspan

Corp.

5.50%,

8/1/29(b)

1,181,000

1,122,591

Wireless

Telecommunication

Services

(0.7%)

Digicel

International

Finance

Ltd.

8.63%,

8/1/32(b)

420,000

436,074

Veon

Midco

BV

3.38%,

11/25/27

1,084,000

1,030,554

Vmed

O2

UK

Financing

I

plc

4.00%,

1/31/29

GBP

400,000

512,641

4.75%,

7/15/31(b)

$

542,000

500,808

2,480,077

86,283,495

Sovereign

(

15

.8

%

)

Angola

Government

Bond

8.75%,

4/14/32

720,000

702,438

9.13%,

11/26/49

650,000

558,688

9.24%,

1/15/31

537,000

540,872

9.38%,

5/8/48

835,000

736,548

9.88%,

10/15/35

1,433,000

1,419,891

Face

Amount

Value

Sovereign

(15.8%)

(continued)

Benin

Government

Bond

4.95%,

1/22/35

EUR

907,000

$

993,065

6.88%,

1/19/52

346,000

369,896

Brazil

Notas

do

Tesouro

Nacional

6.00%,

5/15/35(a)

BRL

2,000,000

1,539,517

Ecuador

Government

Bond

0.00%,

7/31/30(h)

$

1,162,874

991,641

6.90%,

7/31/30(c)

1,494,313

1,478,638

Egypt

Government

Bond

19.95%,

7/8/30

EGP

154,174,000

3,347,930

Ethiopia

Government

Bond

6.63%,

12/11/24

$

2,300,000

2,474,718

Israel

Government

Bond

3.80%,

5/13/60

1,199,000

812,186

5.75%,

3/12/54

370,000

356,683

Lebanon

Government

Bond

7.00%,

3/20/28(g)

4,250,000

998,750

Mexican

Bonos

8.50%,

11/18/38

MXN

50,426,400

2,628,352

Montenegro

Government

Bond

4.88%,

4/1/32(b)

EUR

1,140,000

1,356,531

New

Zealand

Government

Inflation

Linked

Bond

3.25%,

9/20/50(a)

NZD

2,423,799

1,436,285

Peru

Government

Bond

6.15%,

8/12/32

PEN

6,300,000

2,023,171

6.85%,

8/12/35(b)

13,659,000

4,375,625

Petroleos

de

Venezuela

SA

5.38%,

4/12/27(g)

$

617,700

144,851

5.50%,

4/12/37(g)

427,600

100,058

6.00%,

10/28/22(g)

1,000,200

205,041

6.00%,

5/16/24(g)

1,119,021

262,410

8.50%,

10/27/20(g)

464,500

471,467

9.00%,

11/17/21(g)

267,100

68,378

9.75%,

5/17/35(g)

97,700

25,402

12.75%,

2/17/22(g)

814,000

231,990

Petroleos

del

Peru

SA

5.63%,

6/19/47

986,000

627,784

Petroleos

Mexicanos

2.75%,

4/21/27

EUR

1,019,000

1,183,086

Poland

Government

Bond

2.00%,

8/25/36

PLN

2,700,000

736,531

Republic

of

Albania

4.75%,

2/14/35(b)

EUR

1,950,000

2,324,031

Romania

Government

Bond

2.63%,

12/2/40

1,415,000

1,102,704

6.13%,

10/7/37

1,319,000

1,561,962

6.50%,

10/7/45

787,000

923,490

6.75%,

7/11/39

937,000

1,146,333

South

Africa

Government

Bond

8.75%,

1/31/44

ZAR

47,768,000

2,761,684

Suriname

Government

Bond

7.70%,

11/6/30(b)

$

1,041,000

1,076,134

8.50%,

11/6/35(b)

2,437,000

2,641,099

Turkiye

Government

Bond

26.20%,

10/5/33

TRY

30,572,204

693,152

27.70%,

9/27/34

121,316,408

2,883,143

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Sovereign

(15.8%)

(continued)

Ukraine

Government

Bond

0.00%,

2/1/35(c)

$

1,382,000

$

781,951

4.50%,

2/1/34(c)

749,000

460,220

4.50%,

2/1/35(c)

611,012

368,342

Venezuela

Government

Bond

0.00%,

8/15/18(a)(g)

3,433,000

1,141,472

6.00%,

12/9/20(g)

1,623,500

432,663

7.00%,

12/1/18(g)

1,367,000

367,381

7.75%,

10/13/19(g)

57,000

15,333

8.25%,

10/13/24(g)

275,700

78,299

9.00%,

5/7/23(g)

641,400

181,997

12.75%,

8/23/22(g)

117,900

37,315

13.63%,

8/15/18(g)

143,000

47,547

YPF

SA

8.25%,

1/17/34

265,916

272,421

54,497,096

Total

Fixed

Income

Securities

(Cost

$364,323,398)

372,528,532

–

Shares

Short-Term

Investments

(

9

.1

%

)

Investment

Company

(

7

.9

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(i)

(Cost

$27,111,451)

27,111,451

27,111,451

Face

Amount

U.S.

Government

and

Agency

Security

(

1

.2

%

)

U.S.

Treasury

Bill

3.77%,

3/3/26(j)

(Cost

$4,356,849)

$

4,385,000

4,359,155

Total

Short-Term

Investments

(Cost

$31,468,300)

31,470,606

Total

Investments

(

117

.0

%

)

(

Cost

$

395,791,698

)

(k)

(l)

403,999,138

Liabilities

in

Excess

of

Other

Assets

(-17.0%)

(58,749,813)

Net

Assets

(100.0%)

$345,249,325

(a)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

December

31,

2025.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(d)

Inverse

floating

rate

security.

Interest

rate

disclosed

is

that

which

was

in

effect

at

December

31,

2025.

(e)

Income

may

be

paid

in

additional

securities

and/or

cash

at

the

descretion

of

the

issuer.

(f)

Perpetual

—

One

or

more

securities

do

not

have

a

predetermined

maturity

date.

Rates

for

these

securities

are

fixed

for

a

period

of

time,

after

which

they

revert

to

a

floating

rate.

Interest

rates

in

effect

are

as

of

December

31,

2025.

(g)

Non-income

producing

security;

bond

in

default.

(h)

Zero

coupon

bond.

(i)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$5,432

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(j)

All

or

a

portion

of

the

security

was

pledged

to

cover

margin

requirements

for

swap

agreements.

(k)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$395,791,698.

The

aggregate

gross

unrealized

appreciation

is

$12,261,332

and

the

aggregate

gross

unrealized

depreciation

is

$4,053,892,

resulting

in

net

unrealized

appreciation

of

$8,207,440.

(l)

Securities

are

available

for

collateral

in

connection

with

swap

agreements.

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

EURIBOR

Euro

Interbank

Offered

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

HECM

Home

Equity

Conversion

Mortgage

IO

Interest

Only

PIK

Payment-in-Kind

REIT

Real

Estate

Investment

Trust

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SONIA

Sterling

Over

Night

Index

Average

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Foreign

Currency

Forward

Exchange

Contracts:

The

Fund

had

the

following

foreign

currency

forward

exchange

contracts

open

at

December

31,

2025:

Counterparty

Contract

to

Deliver

In

Exchange

for

Delivery

Date

Unrealized

Appreciation

(Depreciation)

ANZ

Banking

Group

Ltd.

$

147,302

EUR

171,537

1/30/26

$

(

1,784

)

Bank

of

America

N.A.

$

382,060

NZD

219,775

3/18/26

(

798

)

Barclays

Bank

plc

MYR

986,200

$

239,986

3/18/26

3,487

Barclays

Bank

plc

MYR

2,094,730

$

512,247

3/18/26

4,902

Barclays

Bank

plc

MYR

452,846

$

110,672

3/18/26

1,127

Barclays

Bank

plc

TRY

35,480,752

$

807,960

1/20/26

9,087

Barclays

Bank

plc

TRY

56,818,112

$

1,293,850

1/20/26

14,551

Barclays

Bank

plc

MYR

1,134,005

$

276,782

3/18/26

3,182

Barclays

Bank

plc

BRL

16,300,000

$

2,956,567

3/3/26

(

20,236

)

Barclays

Bank

plc

EUR

2,448,967

PLN

576,957

3/18/26

(

1,562

)

Barclays

Bank

plc

$

173,337

GBP

234,206

1/30/26

564

BNP

Paribas

SA

$

25,723,451

MXN

1,400,236

3/18/26

(

18,176

)

BNP

Paribas

SA

NZD

2,800,000

$

1,623,124

3/18/26

(

6,618

)

Citibank

N.A.

TWD

100,130,000

$

3,199,553

3/18/26

2,408

Citibank

N.A.

EGP

620,000,000

$

12,599,065

3/18/26

89,211

Goldman

Sachs

and

Co.

LLC

$

13,130,850

EUR

15,355,873

1/30/26

(

94,363

)

Goldman

Sachs

and

Co.

LLC

EUR

134,254

$

155,395

1/30/26

2,573

Goldman

Sachs

Group,

Inc.

$

900,000

EUR

1,051,903

1/9/26

(

5,978

)

Goldman

Sachs

Group,

Inc.

MYR

1,100,648

$

268,516

3/18/26

3,213

Goldman

Sachs

Group,

Inc.

MYR

1,417,875

$

345,503

3/18/26

4,543

Goldman

Sachs

Group,

Inc.

MYR

2,397,678

$

583,377

3/18/26

8,564

Goldman

Sachs

Group,

Inc.

$

1,925,000

EUR

2,249,903

1/9/26

(

12,786

)

Goldman

Sachs

Group,

Inc.

$

1,530,000

EUR

1,788,235

1/9/26

(

10,162

)

Goldman

Sachs

Group,

Inc.

CLP

1,732,800,000

$

1,886,801

3/18/26

39,619

Goldman

Sachs

Group,

Inc.

$

560,676

EUR

655,308

1/9/26

(

3,724

)

Goldman

Sachs

Group,

Inc.

$

1,176,013

EUR

1,374,501

1/9/26

(

7,811

)

Goldman

Sachs

Group,

Inc.

MYR

2,649,958

$

647,437

3/18/26

6,787

Goldman

Sachs

Group,

Inc.

$

1,203,837

EUR

1,407,022

1/9/26

(

7,996

)

Goldman

Sachs

Group,

Inc.

$

6,760,000

ZAR

392,416

3/18/26

(

13,721

)

Goldman

Sachs

Group,

Inc.

$

7,740,000

ZAR

449,304

3/18/26

(

15,711

)

Goldman

Sachs

Group,

Inc.

MYR

966,060

$

234,651

3/18/26

3,850

Goldman

Sachs

Group,

Inc.

$

3,218,151

GBP

4,249,068

1/30/26

(

88,695

)

Goldman

Sachs

Group,

Inc.

$

440,000

EUR

511,620

1/30/26

(

6,100

)

Goldman

Sachs

Group,

Inc.

$

240,000

GBP

317,386

1/30/26

(

6,111

)

Goldman

Sachs

Group,

Inc.

GBP

399,581

$

527,086

1/30/26

11,512

Goldman

Sachs

Group,

Inc.

$

1,543,470

EUR

1,803,979

1/9/26

(

10,252

)

Goldman

Sachs

Group,

Inc.

EUR

147,800

$

171,214

1/30/26

2,693

Goldman

Sachs

Group,

Inc.

$

200,000

EUR

231,182

1/30/26

(

4,145

)

HSBC

Bank

plc

EUR

466,038

$

538,747

1/30/26

9,611

HSBC

Bank

plc

$

1,477,016

EUR

1,741,255

1/30/26

3,345

J.P.

Morgan

Chase

Bank

$

17,600,000

MXN

957,759

3/18/26

(

12,719

)

J.P.

Morgan

Chase

Bank

$

12,957,531

PEN

3,835,405

3/18/26

(

9,242

)

J.P.

Morgan

Chase

Bank

$

14,714,756

PEN

4,355,540

3/18/26

(

10,496

)

J.P.

Morgan

Chase

Bank

PEN

6,762,512

$

2,002,141

3/18/26

4,373

J.P.

Morgan

Chase

Bank

$

975,433

NZD

560,776

3/18/26

(

2,365

)

Royal

Bank

of

Canada

$

175,000

EUR

202,503

1/30/26

(

3,409

)

Standard

Chartered

Bank

MXN

6,000,000

$

330,516

3/18/26

329

Standard

Chartered

Bank

MXN

10,000,000

$

550,814

3/18/26

593

Standard

Chartered

Bank

$

253,842

GBP

341,956

1/30/26

(

199

)

Standard

Chartered

Bank

AUD

2,500,000

$

1,650,910

3/18/26

17,602

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Foreign

Currency

Forward

Exchange

Contracts:

(continued)

Counterparty

Contract

to

Deliver

In

Exchange

for

Delivery

Date

Unrealized

Appreciation

(Depreciation)

Standard

Chartered

Bank

TRY

65,838,630

$

1,501,788

1/15/26

$

20,399

Standard

Chartered

Bank

$

41,504,052

ZAR

2,424,832

2/5/26

(

75,802

)

Standard

Chartered

Bank

$

920,810

NZD

529,574

3/18/26

(

2,031

)

Standard

Chartered

Bank

GBP

106,592

$

140,953

1/30/26

2,724

Standard

Chartered

Bank

GBP

273,118

$

360,707

1/30/26

7,431

Standard

Chartered

Bank

EUR

285,677

$

333,166

1/30/26

2,972

UBS

AG

TRY

35,486,620

$

808,149

1/20/26

9,033

UBS

AG

$

120,000

GBP

159,912

1/30/26

(

1,837

)

UBS

AG

$

16,000,000

MXN

867,119

3/18/26

(

15,133

)

UBS

AG

$

27,000,000

MXN

1,463,264

3/18/26

(

25,538

)

UBS

AG

$

198,141

EUR

230,204

1/30/26

(

2,936

)

UBS

AG

TRY

56,827,507

$

1,294,152

1/20/26

14,465

UBS

AG

EUR

421,058

$

496,842

1/30/26

(

1,410

)

Westpac

Banking

Corp.

EUR

96,023

$

111,106

1/30/26

1,877

Westpac

Banking

Corp.

GBP

132,753

$

174,746

1/30/26

4,192

$

(

189,027

)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2025:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Long:

U.S.

Treasury

5

Year

Notes

731

Mar-26

$

73,100,000

$

79,901,727

$

(

311,920

)

U.S.

Treasury

10

Year

Notes

90

Mar-26

9,000,000

10,119,375

(

85,943

)

U.S.

Treasury

10

Year

Ultra

Bonds

35

Mar-26

3,500,000

4,025,547

(

17,489

)

Short:

Euro-Bobl

11

Mar-26

EUR

(1,100,000)

(

1,501,624

)

5,839

Euro-Bund

49

Mar-26

(4,900,000)

(

7,346,093

)

53,883

Euro-Buxl

4

Mar-26

(400,000)

(

517,652

)

7,969

U.S.

Treasury

2

Year

Notes

10

Mar-26

$

(2,000,000)

(

2,087,891

)

1,131

U.S.

Treasury

Long

Bonds

21

Mar-26

(2,100,000)

(

2,427,469

)

38,711

U.S.

Treasury

Ultra

Bonds

70

Mar-26

(7,000,000)

(

8,260,000

)

192,895

$

(

114,924

)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

lae

Credit

Default

Swap

Agreements

The

Fund

had

the

following

credit

default

swap

agreements

open

at

December

31,

2025:

Swap

Counterparty

And

Reference

Obligation

Credit

Rating

of

Reference

Obligation

Buy/Sell

Protection

Pay/Receive

Fixed

Rate

Payment

Frequency

Maturity

Date

Notional

Amount

(000)

Value

Upfront

Payment

Received

Unrealized

Appreciation

Goldman

Sachs

International

Petroleos

Mexicanos

NR

Sell

1

.00

%

Quarterly

6/20/27

$

1,260

$

(

17,166

)

$

(

25,376

)

$

8,210

Barclays

Bank

plc

Petroleos

Mexicanos

NR

Sell

1

.00

Quarterly

12/20/26

1,120

(

7,423

)

(

13,614

)

6,191

Barclays

Bank

plc

Petroleos

Mexicanos

NR

Sell

1

.00

Quarterly

6/20/27

840

(

11,445

)

(

17,522

)

6,077

JPMorgan

Chase

Bank

NA

Petroleos

Mexicanos

NR

Sell

1

.00

Quarterly

6/20/27

560

(

7,629

)

(

12,619

)

4,990

$(43,663)

$(69,131)

$25,468

Centrally

Cleared

Interest

Rate

Swap

Agreements:

The

Fund

had

the

following

centrally

cleared

interest

rate

swap

agreements

open

at

December

31,

2025:

Swap

Counterparty

Floating

Rate

Index

Pay

/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid/

Received

Maturity

Date

Notional

Amount

(000)

Value

Upfront

Payment

Paid

Unrealized

Appreciation

(Depreciation)

Bank

of

America

Merrill

Lynch

3

Month

JIBAR

Pay

8

.66

%

Quarterly/

Quarterly

9/17/35

ZAR

54,600

$

305,033

$

–

$

305,033

Bank

of

America

Merrill

Lynch

3

Month

JIBAR

Pay

8

.47

Quarterly/

Quarterly

9/17/35

29,507

141,230

–

141,230

Bank

of

America

Merrill

Lynch

6

Month

WIBOR

Pay

4

.71

Semi-

Annual/

Annual

9/09/32

PLN

79,480

134,809

–

134,809

Bank

of

America

Merrill

Lynch

3

Month

JIBAR

Pay

8

.64

Quarterly/

Quarterly

9/17/35

ZAR

23,300

128,716

–

128,716

Bank

of

America

Merrill

Lynch

3

Month

JIBAR

Pay

7

.81

Quarterly/

Quarterly

12/17/35

43,000

78,543

–

78,543

Bank

of

America

Merrill

Lynch

6

Month

WIBOR

Pay

4

.71

Semi-

Annual/

Annual

9/09/32

PLN

19,870

33,702

–

33,702

Bank

of

America

Merrill

Lynch

6

Month

WIBOR

Pay

4

.59

Semi-

Annual/

Annual

8/12/32

18,518

22,863

–

22,863

Bank

of

America

Merrill

Lynch

6

Month

WIBOR

Pay

4

.59

Semi-

Annual/

Annual

8/12/32

4,630

5,716

–

5,716

Bank

of

America

Merrill

Lynch

1

Week

China

Fixing

Repo

Rates

Pay

1

.63

Quarterly/

Quarterly

3/18/31

CNY

22,400

5,048

–

5,048

Bank

of

America

Merrill

Lynch

6

Month

BUBOR

Pay

6

.33

Semi-

Annual/

Annual

12/17/30

HUF

136,656

4,271

–

4,271

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Centrally

Cleared

Interest

Rate

Swap

Agreements:

(continued)

Swap

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid/

Received

Maturity

Date

Notional

Amount

(000)

Value

Upfront

Payment

Paid

Unrealized

Appreciation

(Depreciation)

Bank

of

America

Merrill

Lynch

6

Month

BUBOR

Pay

6

.33

%

Semi-

Annual/

Annual

12/17/30

HUF

136,656

$

4,156

$

–

$

4,156

Bank

of

America

Merrill

Lynch

6

Month

BUBOR

Pay

6

.33

Semi-

Annual/

Annual

12/17/30

136,656

4,156

–

4,156

Bank

of

America

Merrill

Lynch

6

Month

BUBOR

Pay

6

.36

Semi-

Annual/

Annual

12/17/30

115,632

4,062

–

4,062

Bank

of

America

Merrill

Lynch

6

Month

BUBOR

Pay

6

.68

Semi-

Annual/

Annual

12/17/35

104,657

3,997

–

3,997

Bank

of

America

Merrill

Lynch

6

Month

BUBOR

Pay

6

.73

Semi-

Annual/

Annual

12/17/35

76,060

3,754

–

3,754

Bank

of

America

Merrill

Lynch

6

Month

BUBOR

Pay

6

.73

Semi-

Annual/

Annual

12/17/35

74,004

3,570

–

3,570

Bank

of

America

Merrill

Lynch

1

Day

TIIEOIS

Pay

7

.30

Monthly/

Monthly

12/15/27

MXN

19,000

2,425

–

2,425

Bank

of

America

Merrill

Lynch

1

Day

TIIEOIS

Pay

7

.30

Monthly/

Monthly

12/09/27

14,600

1,918

–

1,918

Bank

of

America

Merrill

Lynch

1

Day

TIIEOIS

Pay

7

.27

Monthly/

Monthly

12/09/27

16,000

1,600

–

1,600

Bank

of

America

Merrill

Lynch

6

Month

BUBOR

Pay

6

.70

Semi-

Annual/

Annual

12/17/35

HUF

26,590

1,158

–

1,158

Bank

of

America

Merrill

Lynch

6

Month

BUBOR

Pay

6

.70

Semi-

Annual/

Annual

12/17/35

26,590

1,105

–

1,105

Bank

of

America

Merrill

Lynch

1

Week

China

Fixing

Repo

Rates

Pay

1

.59

Quarterly/

Quarterly

12/17/30

CNY

5,000

46

–

46

Bank

of

America

Merrill

Lynch

1

Week

China

Fixing

Repo

Rates

Pay

1

.59

Quarterly/

Quarterly

12/17/30

4,000

(

4

)

–

(

4

)

Bank

of

America

Merrill

Lynch

1

Week

China

Fixing

Repo

Rates

Pay

1

.59

Quarterly/

Quarterly

12/17/30

24,600

(

277

)

–

(

277

)

Bank

of

America

Merrill

Lynch

3

Month

WIBOR

Receive

4

.49

Annual/

Quarterly

8/12/32

PLN

4,630

(

3,759

)

–

(

3,759

)

Bank

of

America

Merrill

Lynch

3

Month

WIBOR

Receive

4

.49

Annual/

Quarterly

8/12/32

18,518

(

15,033

)

–

(

15,033

)

Bank

of

America

Merrill

Lynch

1

Day

TIIEOIS

Pay

6

.93

Monthly/

Monthly

12/15/27

MXN

94,400

(

24,039

)

–

(

24,039

)

Bank

of

America

Merrill

Lynch

3

Month

WIBOR

Receive

4

.61

Annual/

Quarterly

9/09/32

PLN

19,870

(

25,850

)

–

(

25,850

)

Bank

of

America

Merrill

Lynch

3

Month

CD_KSDA

Pay

2

.80

Quarterly/

Quarterly

12/17/27

KRW

16,900,000

(

27,747

)

–

(

27,747

)

Bank

of

America

Merrill

Lynch

1

Day

MIBOR

Pay

5

.69

Semi-

Annual/

Semi-

Annual

9/17/30

INR

524,800

(

39,878

)

–

(

39,878

)

Bank

of

America

Merrill

Lynch

3

Month

WIBOR

Receive

4

.36

At

Maturity/

Quarterly

9/17/26

PLN

44,040

(

189,439

)

–

(

189,439

)

Bank

of

America

Merrill

Lynch

3

Month

WIBOR

Receive

4

.61

Annual/

Quarterly

9/09/32

79,480

(

103,398

)

–

(

103,398

)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Centrally

Cleared

Interest

Rate

Swap

Agreements:

(continued)

Swap

Counterparty

Floating

Rate

Index

Pay/

Receive

Floating

Rate

Fixed

Rate

Payment

Frequency

Paid/

Received

Maturity

Date

Notional

Amount

(000)

Value

Upfront

Payment

Paid

Unrealized

Appreciation

(Depreciation)

Bank

of

America

Merrill

Lynch

3

Month

Australian

BBR

Pay

3

.77

%

Quarterly/

Semi-

Annual

12/17/35

NZD

8,000

$

(

118,973

)

$

–

$

(

118,973

)

Bank

of

America

Merrill

Lynch

1

Day

TIIEOIS

Pay

7

.71

Monthly/

Monthly

11/26/35

MXN

90,000

(

156,189

)

–

(

156,189

)

$187,292

$–

$187,292

BUBOR

Budapest

Interbank

Offered

Rate.

JIBAR

Johannesburg

Interbank

Agreed

Rate.

MIBOR

Mumbai

Interbank

Offered

Rate.

TIIE

Interbank

Equilibrium

Interest

Rate.

WIBOR

Warsaw

Interbank

Offered

Rate.

AUD

Australian

Dollar

BRL

Brazilian

Real

CLP

Chilean

Peso

CNY

Chinese

yuan

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

INR

Indian

Rupee

KRW

Korea

(Rep.)

Won

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NZD

New

Zealand

Dollar

PEN

Peruvian

Nuevo

Sol

PLN

Polish

Zloty

TRY

Turkish

Lira

TWD

Taiwan

Dollar

ZAR

South

African

Rand

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Commercial

Mortgage-Backed

Securities

30‌

.0

%

Corporate

Bonds

21‌

.4

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

14‌

.8

Sovereign

13‌

.5

Asset-Backed

Securities

12‌

.6

Short-Term

Investments

6‌

.7

Other*

1‌

.0

Total

Investments

100‌

.0

%

**

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

**

Does

not

include

open

futures

contracts

with

a

value

of

$

116,187,378

and

net

unrealized

depreciation

of

$

114,924

.

Does

not

include

open

foreign

currency

forward

exchange

contracts

with

net

unrealized

depreciation

of

$

189,027

.

Also

does

not

include

open

swap

agreements

with

net

unrealized

appreciation

of

$

212,760

.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(87.1%)

Corporate

Bonds

(

1

.0

%

)

Health

Care

Providers

&

Services

(1.0%)

Ascension

Health

4.92%,

11/15/35

$

510,000

$

510,986

Providence

St

Joseph

Health

Obligated

Group

5.37%,

10/1/32

992,000

1,023,370

1,534,356

Municipal

Bonds

(

86

.1

%

)

Certificate

of

Participation/Lease

(

1

.6

%

)

Adams

County

School

District

No.

1,

Series

2025

5.00%,

12/1/38

1,000,000

1,116,969

City

of

Golden

CO,

Series

2025

5.00%,

12/1/37

525,000

593,753

County

of

Larimer,

Series

2025

A

5.00%,

12/1/39

500,000

566,929

2,277,651

–

Education

(

10

.2

%

)

Arlington

Higher

Education

Finance

Corp.,

Lifeschool

of

Dallas

Series

2024

4.00%,

8/15/44

275,000

263,186

Board

of

Governors

of

Colorado

State,

University

System

Series

2025

C

5.00%,

3/1/37

625,000

711,752

Board

of

Governors

of

Colorado

State

University

System,

Series

2023

A-2

4.38%,

3/1/48(a)

500,000

512,547

Build

NYC

Resource

Corp.,

Nightingale-Bamford

School

Series

2025

5.00%,

7/1/40

1,000,000

1,103,977

Success

Academy

Charter

Schools

Inc

Obligated

Group

Series

2025

4.00%,

9/1/43

830,000

788,973

Colorado

Educational

&

Cultural

Facilities

Authority,

Kent

Denver

School

Series

2025

4.00%,

6/1/35

1,000,000

1,048,228

Connecticut

State

Health

&

Educational

Facilities

Authority,

Area

Cooperative

Educational

Services

Series

C

5.00%,

7/1/37

310,000

355,529

Quinnipiac

University

Series

M

5.00%,

7/1/29

250,000

252,382

Yale

University

Series

2025

B-2

5.00%,

7/1/64(a)

1,000,000

1,138,238

Connecticut

State

Higher

Education

Supplement

Loan

Authority,

Series

2025

B-2

(AMT)

5.00%,

11/15/45(a)

250,000

250,944

Series

2025

B-1

(AMT)

5.25%,

11/15/34

215,000

233,795

Face

Amount

Value

Indiana

Secondary

Market

for

Education

Loans,

Inc.,

Series

2025

1-A

(AMT)

5.00%,

6/1/33

$

215,000

$

229,927

Knox

Warren

Etc

Counties

Community

College

District

No.

518,

Carl

Sandburg

Series

2025

0.00%,

12/1/35(a)

450,000

450,034

Madison

County

Capital

Resource

Corp.,

Colgate

University

Series

2025

5.00%,

7/1/33

100,000

116,411

Massachusetts

Development

Finance

Agency,

President

and

Fellows

of

Harvard

College

Series

2025

A-2

5.00%,

5/15/55(a)

80,000

94,354

Trustees

of

Boston

College

Series

2025

W

5.00%,

7/1/40

750,000

841,060

Navajo

County

Unified

School

District

No.

27,

Kayenta

Series

2025

5.50%,

7/1/35

415,000

480,595

New

Hampshire

Health

and

Education

Facilities

Authority

Act,

Trustees

of

Dartmouth

College

Series

2025

A

5.00%,

6/1/35

250,000

296,633

New

Jersey

Educational

Facilities

Authority,

Trustees

of

Princeton

University

(The)

Series

2024

A-1

5.00%,

3/1/36

750,000

872,069

New

Jersey

Higher

Education

Student

Assistance

Authority,

Series

2025-1B

(AMT)

5.00%,

12/1/31

1,000,000

1,063,732

New

Jersey

Institute

of

Technology,

Series

2025

A

5.00%,

7/1/38

200,000

229,939

New

York

State

Dormitory

Authority,

Series

2025

A

5.00%,

10/1/32

220,000

253,098

Private

Colleges

&

Universities

Authority,

Emory

University

Series

2025

A

5.25%,

9/1/39

410,000

476,327

Rhode

Island

Health

and

Educational

Building

Corp.,

Town

of

East

Greenwich

Series

2025

B

5.00%,

5/15/35

570,000

661,789

Town

of

North

Providence

Series

2025

C

5.00%,

5/15/41

1,000,000

1,089,529

Sierra

Vista

Industrial

Development

Authority,

American

Leadership

Academy,

Inc.

Series

2024

5.00%,

6/15/34(b)

250,000

256,719

University

of

North

Carolina

at

Chapel

Hill,

Series

2012

B

3.50%,

12/1/41(a)

500,000

501,546

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(86.1%)

(cont’d)

Education

(10.2%)

(cont’d)

University

of

Washington,

Series

2024

A

5.00%,

4/1/44

$

250,000

$

266,934

14,840,247

–

General

Obligation

(

18

.8

%

)

Arapahoe

County

School

District

No.

5,

Cherry

Creek

Series

2025

5.00%,

12/15/33

1,000,000

1,171,652

Charlton

County

School

District,

Series

2025

6.00%,

4/1/41

150,000

177,678

Chicago

Board

of

Education,

Series

2012

B

5.00%,

12/1/33

500,000

498,597

Series

2025

B

5.50%,

12/1/34

1,000,000

1,058,580

City

of

Abilene,

Series

2025

5.00%,

2/15/35

450,000

523,344

City

of

Bristol,

Series

2021

B

3.00%,

6/1/35

290,000

280,939

City

of

Chicago

IL,

Series

2024

B

5.00%,

1/1/33

250,000

265,964

Series

2021

A

5.00%,

1/1/34

20,000

20,870

Series

2024

B

5.00%,

1/1/35

135,000

144,014

Series

2019

A

5.50%,

1/1/49

150,000

150,089

City

of

Detroit

MI,

Series

2020

5.50%,

4/1/40

250,000

263,805

City

of

Gadsden,

Series

2025

A

5.00%,

10/1/33

150,000

170,822

City

of

New

York,

Series

2026

D

5.00%,

10/1/36

1,500,000

1,731,510

City

of

New

York

NY,

Series

2024

D

5.00%,

4/1/39

630,000

697,649

City

of

Philadelphia,

Series

2025

C

5.00%,

8/1/34

1,000,000

1,163,948

Commonwealth

of

Massachusetts,

Series

2015

B

4.00%,

5/1/45

450,000

431,049

Series

2025

G

5.00%,

12/1/39

500,000

572,364

Commonwealth

of

Pennsylvania,

Series

2018

4.00%,

3/1/38

500,000

506,950

Face

Amount

Value

Commonwealth

of

Puerto

Rico,

Series

2022

A-1

5.63%,

7/1/27

$

371,000

$

378,984

Cupertino

Union

School

District,

Series

A

5.75%,

8/1/42

600,000

713,902

Cypress-Fairbanks

Independent

School

District,

Series

2023

A

5.00%,

2/15/37

250,000

280,596

Dallas

Independent

School

District,

Series

2023

5.00%,

2/15/42

260,000

276,570

Series

2025

A-6

5.00%,

2/15/55(a)

500,000

551,850

Detroit

City

School

District,

Series

2001

A

6.00%,

5/1/29

1,000,000

1,064,346

DuPage

County

Forest

Preserve

District,

Series

2025

5.00%,

11/1/33

200,000

231,858

Forney

Independent

School

District,

Series

2025

5.25%,

8/15/41

1,055,000

1,191,585

Harris

County

Improvement

District

No.

18,

Series

2024

A

4.00%,

9/1/39

640,000

646,906

Harris

County

Municipal

Utility

District

No.

165,

Series

2024

3.38%,

3/1/41

500,000

458,289

L'Anse

Creuse

Public

Schools,

Series

2025

I

5.00%,

5/1/38

750,000

855,578

Maricopa

County

Elementary

School

District

No.

6,

Washington

Series

2025

B

5.00%,

7/1/38

500,000

564,795

Maricopa

County

Unified

School

District

No.

69,

Paradise

Valley

Series

2025

B

5.00%,

7/1/36

650,000

762,097

Maricopa

County

Union

High

School

District

No.

201,

Buckeye

Series

2025

5.00%,

7/1/33

500,000

574,705

Menifee

Union

School

District,

Series

2017

A

3.25%,

8/1/37

200,000

197,628

Mt.

San

Antonio

Community

College

District,

Series

2025

A

5.00%,

8/1/45

1,000,000

1,098,677

Northside

Independent

School

District,

Series

2020

3.55%,

6/1/50(a)

750,000

759,376

Oregon

City

School

District

No.

62,

Series

2025

B

5.00%,

6/15/38

450,000

519,607

Prosper

Independent

School

District,

Series

2022

4.00%,

2/15/53(a)

1,000,000

1,033,553

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(86.1%)

(cont’d)

General

Obligation

(18.8%)

(cont’d)

Raindance

Metropolitan

District

No.

2,

Series

2024

4.00%,

12/1/44

$

315,000

$

303,384

Riverside

Community

College

District,

Series

2025

A

4.00%,

8/1/42

200,000

203,002

State

of

Connecticut,

Series

2025

A

5.00%,

3/15/33

500,000

576,779

State

of

Illinois

IL,

Series

2020

5.50%,

5/1/39

315,000

337,202

State

of

Maryland,

Series

2017

A

3.00%,

8/1/31

300,000

300,174

State

of

Oregon,

Series

2025

E

5.00%,

5/15/34

500,000

546,957

State

of

Texas,

Series

2025

F

4.20%,

8/1/32

500,000

505,415

Series

2025

F

4.39%,

8/1/33

750,000

764,473

Series

2025

5.00%,

10/1/36

1,000,000

1,173,598

United

City

of

Yorkville

IL,

Series

2025

A

5.00%,

12/30/36

350,000

395,178

Village

of

Westchester

IL,

Series

2025

5.00%,

12/15/38

655,000

727,261

27,824,149

–

Hospital

(

9

.2

%

)

Allegheny

County

Hospital

Development

Authority,

UPMC

Obligated

Group

Series

2017

D-2

4.02%,

11/15/47(a)

500,000

495,616

California

Statewide

Communities

Development

Authority,

Series

2025

B

5.00%,

10/1/30(b)

1,000,000

1,129,333

City

of

Minneapolis

MN,

Children's

Health

Care

Obligated

Group

Series

2025

5.00%,

8/15/44

800,000

839,620

Colorado

Health

Facilities

Authority,

AdventHealth

Obligated

Group

Series

A-1

5.00%,

11/15/58(a)

500,000

528,573

CommonSpirit

Health

Obligated

Group

Series

2025

A

5.00%,

9/1/35

500,000

570,508

Series

2019

B-2

5.00%,

8/1/49(a)

500,000

500,737

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Memorial

Hermann

Health

System

Obligated

Group

Series

2022

A

5.00%,

7/1/29

250,000

269,509

Face

Amount

Value

Texas

Children's

Hospital

Obligated

Group

Series

2015-1

5.00%,

10/1/28

$

500,000

$

500,627

Idaho

Health

Facilities

Authority,

St.

Luke's

Health

System

Ltd.

Obligated

Group

Series

2025

C

5.00%,

3/1/60(a)

1,000,000

1,104,926

Illinois

Finance

Authority,

Ascension

Health

Credit

Group

Series

2016

C

5.00%,

2/15/41

500,000

509,520

Indiana

Finance

Authority,

Indiana

University

Health,

Inc.

Obligated

Group

Series

2025

D-4

5.00%,

10/1/57(a)

1,000,000

1,133,730

Industrial

Development

Authority

of

the

County

of

Yavapai

(The),

Yavapai

Community

Hospital

Association

Obligated

Group

Series

2019

4.00%,

8/1/43

540,000

508,201

Michigan

State

Hospital

Finance

Authority,

Corewell

Health

Obligated

Group

Series

2025

B-1

5.00%,

8/15/55(a)

750,000

831,733

New

York

State

Dormitory

Authority,

Montefiore

Obligated

Group

Series

2024

5.00%,

11/1/35

500,000

551,650

White

Plains

Hospital

Obligated

Group

Series

2024

5.00%,

10/1/35

200,000

218,903

Pennsylvania

Higher

Educational

Facilities

Authority,

Thomas

Jefferson

University

Obligated

Group

Series

2024

B-1

5.25%,

11/1/40

750,000

822,886

Shelby

County

Health

Educational

&

Housing

Facilities

Board,

Baptist

Memorial

Health

Care

Obligated

Group

Series

2024

A

5.25%,

9/1/39

500,000

540,521

South

Carolina

Jobs-Economic

Development

Authority,

Novant

Health

Obligated

Group

Series

2024

A

5.50%,

11/1/48

250,000

267,304

South

Dakota

Health

&

Educational

Facilities

Authority,

Sanford

Obligated

Group

Series

2025

C-2

5.00%,

11/1/51(a)

1,000,000

1,109,824

University

of

Colorado

Hospital

Authority,

Series

2024

B

5.00%,

11/15/31

250,000

282,393

Wisconsin

Health

&

Educational

Facilities

Authority,

Hospital

Sisters

Services

Obligated

Group

Series

2025

A

5.00%,

8/15/37

1,000,000

1,117,338

13,833,452

–

Housing

(

0

.8

%

)

Public

Finance

Authority,

KSU

Bixby

Real

Estate

Foundation

LLC

Series

2025

A

5.00%,

6/15/35

600,000

664,619

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(86.1%)

(cont’d)

Housing

(0.8%)

(cont’d)

Series

2025

A

5.00%,

6/15/39

$

350,000

$

377,289

Washington

State

Housing

Finance

Commission,

Provident

Group-SH

I

Properties

LLC

Series

2024

5.50%,

7/1/44

250,000

259,337

1,301,245

–

Other

Revenue

(

24

.2

%

)

Alaska

Municipal

Bond

Bank

Authority,

Series

2025-3

5.00%,

10/1/37

150,000

170,129

Arizona

Industrial

Development

Authority,

Series

2025

5.26%,

10/1/33

1,000,000

1,011,379

Battery

Park

City

Authority,

Series

2025

5.00%,

11/1/41

1,000,000

1,134,316

Series

2025

5.00%,

11/1/42

500,000

560,574

Black

Belt

Energy

Gas

District,

Series

2025

B

5.00%,

10/1/35

535,000

551,481

Brownsburg

1999

School

Building

Corp.,

Series

2025

5.00%,

7/15/34

200,000

226,532

Buckeye

Tobacco

Settlement

Financing

Authority,

Series

2020

A-2

4.00%,

6/1/37

500,000

495,989

California

Community

Choice

Financing

Authority,

Series

2024

B

5.00%,

1/1/55(a)

90,000

93,857

Series

2024

C

5.00%,

8/1/55(a)

325,000

344,490

Series

2023

F

5.50%,

10/1/54(a)

485,000

529,484

California

Municipal

Finance

Authority,

HumanGood

California

Obligated

Group

Series

2025

A

5.00%,

10/1/43

1,000,000

1,029,030

California

Statewide

Communities

Development

Authority,

Foothill

Oak

Park

Apartments

LLC

Series

2025

H-1

4.25%,

9/1/67(a)

1,000,000

1,039,393

City

of

Mesa

AZ,

Utility

System

Series

2014

4.00%,

7/1/37

215,000

215,063

City

of

Raleigh,

Series

2025

5.00%,

10/1/39

510,000

582,612

City

of

Whiting

IN,

BP

Products

North

America,

Inc.

Series

2008

4.20%,

6/1/44(a)

1,000,000

1,051,954

Face

Amount

Value

District

of

Columbia

Housing

Finance

Agency,

Carl

F

West

LLC

Series

2023

A-2

4.40%,

9/1/45(a)

$

500,000

$

515,387

Downtown

Revitalization

Public

Infrastructure

District,

City

of

Salt

Lake

City

Revitalization

Series

2025

A

5.00%,

6/1/39

1,300,000

1,375,207

Empire

State

Development

Corp.,

State

of

New

York

Sales

Tax

Series

2023

A

5.00%,

3/15/44

500,000

528,064

EP

Cimarron

Ventanas

PFC,

Series

2024

4.00%,

12/1/34

500,000

506,516

FW

Texas

Street

Public

Facility

Corp.,

Series

2025

5.00%,

5/1/38

750,000

795,729

Idaho

State

Building

Authority,

State

of

Idaho

Sales

Tax

Series

2025

A

5.00%,

6/1/34

970,000

1,130,426

Industrial

Development

Board

of

the

City

of

Mobile

Alabama,

Alabama

Power

Co.

Series

2008

3.30%,

7/15/34(a)

500,000

500,289

Iowa

Finance

Authority,

Lifespace

Communities,

Inc.

Obligated

Group

Series

2024

A

5.00%,

5/15/39

500,000

509,696

IPS

Multi-School

Building

Corp.,

Indianapolis

Board

of

School

Commissioners

Series

2025

5.00%,

7/15/39

1,000,000

1,118,189

Main

Street

Energy,

Inc.,

Series

2025

D

5.00%,

12/1/33

700,000

745,197

Main

Street

Natural

Gas,

Inc.,

Series

2022

B

5.00%,

12/1/52(a)

500,000

523,053

Series

2023

B

5.00%,

7/1/53(a)

500,000

527,872

Series

2025

A

5.00%,

6/1/55(a)

500,000

541,748

Michigan

State

Housing

Development

Authority,

Series

B

3.35%,

12/1/34

335,000

332,030

Series

2024

D

3.40%,

6/1/30

45,000

45,633

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority,

Evergy

Metro,

Inc.

Series

2008

(AMT)

4.05%,

5/1/38(a)

725,000

739,868

Montgomery

County

Housing

Opportunities

Commission,

Series

2025

A

3.85%,

7/1/34

500,000

517,872

New

Jersey

Transportation

Trust

Fund

Authority,

Series

2022

CC

5.00%,

6/15/42

500,000

532,959

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(86.1%)

(cont’d)

Other

Revenue

(24.2%)

(cont’d)

New

York

City

Housing

Development

Corp.,

8

Spruce

NY

Owner

LLC

Series

2024

D

4.00%,

12/15/31

$

375,000

$

384,923

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured

Series

2024

C

5.00%,

5/1/37

500,000

563,880

New

York

Energy

Finance

Development

Corp.,

Series

2025

5.00%,

7/1/56(a)

720,000

763,461

New

York

State

Dormitory

Authority,

Series

2025

C

5.00%,

3/15/36

200,000

234,294

New

York

State

Energy

Research

&

Development

Authority,

Rochester

Gas

and

Electric

Corp.

Series

2004

B

(AMT)

4.00%,

5/15/32

365,000

373,884

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

757,650

New

York

Transportation

Development

Corp.,

Delta

Air

Lines,

Inc.

Series

2023

(AMT)

5.63%,

4/1/40

250,000

262,416

North

Lawrence

Community

Schools

Building

Corp.,

North

Lawrence

Community

Schools

Series

2025

5.00%,

1/15/33

270,000

304,203

Series

2025

5.00%,

7/15/33

85,000

96,194

Oklahoma

County

Finance

Authority,

Oklahoma

County

Independent

School

District

No.

41

Western

Heights

Series

2025

5.00%,

9/1/35

860,000

910,314

Oregon

State

Lottery,

Series

2025

A

5.00%,

4/1/38

500,000

576,616

Park

Creek

Metropolitan

District,

Westerly

Creek

District

Service

Area

Series

2025

5.00%,

12/1/36

100,000

110,965

Puerto

Rico

Sales

Tax

Financing

Corp.

Sales

Tax,

Series

A-2

4.33%,

7/1/40

1,000,000

979,632

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency,

Series

2025

C

4.80%,

8/1/34

2,000,000

2,020,169

South

Carolina

Jobs-Economic

Development

Authority,

SFRI

Reserve

at

Wescott

Apartments

LLC

Series

2025

5.00%,

12/1/35

525,000

556,046

Sixteenth

Floor

Obligated

Group

Series

2025

4.00%,

12/1/35

665,000

660,147

Face

Amount

Value

South

Carolina

Public

Service

Authority,

Series

2025

B

5.00%,

12/1/44

$

500,000

$

528,985

Southeast

Energy

Authority

A

Cooperative

District,

Series

2025

A

5.00%,

1/1/56(a)

25,000

26,067

Tennessee

Energy

Acquisition

Corp.,

Series

2025

A

5.00%,

12/1/35

835,000

898,559

Tobacco

Settlement

Financing

Corp.,

Series

2018

A

5.00%,

6/1/34

500,000

516,849

Vancouver

Housing

Authority,

Series

2024

4.00%,

8/1/34

730,000

727,499

Virginia

Housing

Development

Authority,

Series

2024

E

4.05%,

10/1/44

300,000

291,108

Virginia

Resources

Authority,

Series

2025

B

4.13%,

11/1/40

175,000

184,337

Washington

State

Housing

Finance

Commission,

Horizon

House

Obligated

Group

Series

2025

B-1

5.00%,

1/1/35

1,000,000

1,004,831

West

Virginia

Economic

Development

Authority,

Commercial

Metals

Co.

Series

2025

(AMT)

4.63%,

4/15/55(a)

775,000

785,111

Wisconsin

Health

&

Educational

Facilities

Authority,

Wisconsin

Housing

Preservation

Corp.

Series

2024

A

3.63%,

11/1/29

720,000

722,494

Wisconsin

Housing

&

Economic

Development

Authority,

Housing

Series

2024

B

3.75%,

11/1/55(a)

455,000

458,112

36,220,764

–

Transportation

(

13

.5

%

)

Chicago

O'Hare

International

Airport,

Series

2018

A

(AMT)

5.00%,

1/1/38

1,000,000

1,032,781

City

of

Atlanta,

Department

of

Aviation

Series

2025

B-1

(AMT)

5.00%,

7/1/40

1,000,000

1,079,873

City

of

Houston,

Airport

System

Series

2025

A

(AMT)

5.25%,

7/1/39

1,000,000

1,113,408

United

Airlines,

Inc.

Series

2025

B

(AMT)

5.25%,

7/15/33

1,000,000

1,073,512

City

of

Houston

TX,

Airport

System,

United

Airlines,

Inc.

Series

2024

B

(AMT)

5.50%,

7/15/36

535,000

584,936

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(86.1%)

(cont’d)

Transportation

(13.5%)

(cont’d)

City

of

Los

Angeles

CA,

Department

of

Airports

Series

2025

A

(AMT)

5.00%,

5/15/35

$

500,000

$

573,044

City

of

Salt

Lake

City

UT,

Airport

Series

2017

A

(AMT)

5.00%,

7/1/36

555,000

566,888

Columbus

Regional

Airport

Authority,

Series

2025

B

5.00%,

1/1/37

725,000

828,890

Metropolitan

Transportation

Authority,

Series

2025

B

5.00%,

11/15/34

1,000,000

1,152,558

Series

A-1

5.00%,

11/15/46

440,000

440,543

Metropolitan

Washington

Airports

Authority

Aviation,

Series

A

(AMT)

5.00%,

10/1/31

500,000

506,017

New

Jersey

Turnpike

Authority,

Series

2025

B

5.00%,

1/1/33

1,000,000

1,144,616

New

York

Transportation

Development

Corp.,

JFK

International

Air

Terminal

LLC

Series

2022

(AMT)

5.00%,

12/1/32

500,000

546,324

JFK

Millennium

Partners

LLC

Series

2024

A

(AMT)

5.25%,

12/31/54

785,000

796,423

JFK

NTO

LLC

Series

2023

(AMT)

5.50%,

6/30/38

250,000

268,169

Series

2025

(AMT)

6.00%,

6/30/42

250,000

277,345

North

Texas

Tollway

Authority,

Series

2023

A

5.00%,

1/1/41

250,000

270,643

Pennsylvania

Turnpike

Commission,

Series

2024-1

5.00%,

6/1/36

750,000

864,083

Port

Authority

of

New

York

&

New

Jersey,

Series

(AMT)

5.00%,

9/15/32

1,000,000

1,035,601

Series

202

(AMT)

5.00%,

10/15/35

750,000

764,791

San

Francisco

City

&

County

Airport

Commission,

San

Francisco

International

Airport

Series

2025

A

(AMT)

5.00%,

5/1/35

750,000

852,953

South

Jersey

Transportation

Authority,

Series

2025

A

5.00%,

11/1/37

690,000

783,870

State

of

Alaska

International

Airports

System,

Series

2025

A

5.00%,

10/1/33

315,000

364,148

Face

Amount

Value

State

of

Connecticut,

Special

Tax

Series

2025

A

5.00%,

7/1/38

$

1,500,000

$

1,731,829

State

of

Connecticut

CT,

Special

Tax

Series

2021

A

5.00%,

5/1/41

500,000

533,756

Texas

Private

Activity

Bond

Surface

Transportation

Corp.,

NTE

Mobility

Partners

Segments

3

LLC

Series

2023

(AMT)

5.38%,

6/30/38

250,000

265,230

Texas

Transportation

Commission,

State

Highway

249

System

Series

2019

A

0.00%,

8/1/40(c)

400,000

203,506

Virginia

Small

Business

Financing

Authority,

95

Express

Lanes

LLC

Series

2022

(AMT)

5.00%,

7/1/38

335,000

351,561

20,007,298

–

Utility

(

3

.7

%

)

Delaware

State

Economic

Development

Authority,

NRG

Energy,

Inc.

Series

2020

A

4.00%,

10/1/45(a)

1,500,000

1,504,343

Development

Authority

of

Monroe

County

(The),

Georgia

Power

Co.

Series

2008

3.35%,

11/1/48(a)

750,000

755,167

Oglethorpe

Power

Corp.

Series

2013

A

3.60%,

1/1/39(a)

500,000

508,698

Energy

Northwest,

Bonneville

Power

Administration

Series

2021

A

5.00%,

7/1/41

825,000

880,867

Intermountain

Power

Agency,

Intermountain

Power

Agency

Series

2025

5.00%,

7/1/38

550,000

602,832

Los

Angeles

Department

of

Water

&

Power,

Power

System

Series

2025

A

5.00%,

7/1/35

100,000

116,120

North

Carolina

Municipal

Power

Agency

No.

1,

Series

A

5.00%,

1/1/27

250,000

250,531

Northern

Illinois

Municipal

Power

Agency,

Series

2016

A

4.00%,

12/1/41

250,000

250,076

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(86.1%)

(cont’d)

Utility

(3.7%)

(cont’d)

Utility

Debt

Securitization

Authority,

Series

2025

TE-2

5.00%,

6/15/36

$

575,000

$

667,567

5,536,201

–

Water

&

Sewer

(

4

.1

%

)

Allegheny

County

Sanitary

Authority,

Series

2025

5.00%,

12/1/37

1,150,000

1,315,890

Berkeley

County

Public

Service

Sewer

District,

Series

2025

A

5.00%,

6/1/40

240,000

256,912

City

of

Margate,

Water

&

Sewer

Series

2025

5.00%,

10/1/37

375,000

432,704

Series

2025

5.00%,

10/1/39

345,000

391,654

City

of

Seattle

WA,

Water

System

Series

2025

5.00%,

5/1/39

550,000

628,424

Indiana

Finance

Authority,

Series

2025

C

5.00%,

2/1/39

750,000

859,291

Jersey

City

Municipal

Utilities

Authority,

Water

Fund

Series

2025

D

5.75%,

10/15/38

315,000

380,639

Series

2025

E

5.75%,

10/15/38

300,000

362,513

Massachusetts

Clean

Water

Trust

(The),

Massachusetts

Clean

Water

State

Revolving

Fund

Series

B-25

5.00%,

2/1/43

350,000

376,857

New

York

City

Municipal

Water

Finance

Authority,

Water

&

Sewer

System

Series

2025

AA-1

5.00%,

6/15/51

450,000

467,547

Oklahoma

Water

Resources

Board,

Series

2024

C

4.00%,

10/1/44

390,000

380,619

5,853,050

–

127,694,057

Total

Fixed

Income

Securities

(Cost

$125,952,839)

129,228,413

–

Shares

Short-Term

Investments

(

12

.0

%

)

Investment

Company

(

7

.3

%

)

BlackRock

Liquidity

Funds

-

MuniCash

-

Institutional

Shares  2.90%

(Cost

$10,870,258)

10,869,172

10,870,258

Face

Amount

Value

Municipal

Bonds

(

4

.7

%

)

Hospital

(

1

.0

%

)

Pennsylvania

Higher

Educational

Facilities

Authority,

Thomas

Jefferson

University

Obligated

Group

Series

2024

D-2

2.55%,

11/1/61(a)(d)

$

1,500,000

$

1,500,000

Other

Revenue

(

2

.0

%

)

Mississippi

Business

Finance

Corp.,

Chevron

USA,

Inc.

Series

2011

G

2.50%,

11/1/35(a)(d)

2,500,000

2,500,000

New

York

City

Transitional

Finance

Authority,

Series

2019

A-4

2.50%,

8/1/45(a)(d)

500,000

500,000

3,000,000

Transportation

(

1

.0

%

)

Metropolitan

Transportation

Authority,

Series

2005

D-1

2.55%,

11/1/35(a)(d)

1,500,000

1,500,000

Utility

(

0

.7

%

)

Development

Authority

of

Burke

County

(The),

Georgia

Power

Co.

Series

2009-1

2.55%,

7/1/49(a)(d)

500,000

500,000

Indiana

Municipal

Power

Agency,

Series

2019

B

2.50%,

1/1/42(a)(d)

400,000

400,000

900,000

–

Total

Municipal

Bonds

(Cost

$6,900,000)

6,900,000

Total

Short-Term

Investments

(Cost

$17,770,258)

17,770,258

Total

Investments

(

99

.1

%

)

(

Cost

$

143,723,097

)

(e)

146,998,671

Other

Assets

in

Excess

of

Liabilities

(0.9%)

1,379,813

Net

Assets

(100.0%)

$148,378,484

(a)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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)

Zero

coupon

bond.

(d)

The

date

disclosed

is

the

final

maturity

date.

Principal

owed

can

be

recovered

through

demand

on

the

interest

reset

date.

(e)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$143,723,097.

The

aggregate

gross

unrealized

appreciation

is

$3,435,266

and

the

aggregate

gross

unrealized

depreciation

is

$159,692,

resulting

in

net

unrealized

appreciation

of

$3,275,574.

AMT

Alternative

Minimum

Tax

At

December

31,

2025

,

the

concentration

of

the

Fund’s

investments

in

the

various

states

and

territories,

determined

as

a

percentage

of

net

assets,

is

as

follows:

State/Territory

Percentage

of

Net

Assets

New

York

13

.1

%

Others,

representing

less

than

10%

individually

86

.0

Total

Investments

99

.1

%

Sector

Classification

of

Portfolio

Classification

Percentage

of

Total

Investments

Other

Revenue

26

.7

%

General

Obligation

18

.9

Transportation

14

.6

Other*

11

.9

Hospital

10

.4

Education

10

.1

Short-Term

Investments

7

.4

Total

Investments

100

.0

%

*

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(100.8%)

Asset-Backed

Securities

(

21

.2

%

)

ABFC

Trust,

2004-OPT2

CME

Term

SOFR

1

Month

+

0.89%,

4.63%,

10/25/33(a)

$

204,474

$

203,821

2004-OPT4

CME

Term

SOFR

1

Month

+

1.01%,

4.75%,

2/25/34(a)

155,746

157,766

2005-WF1

CME

Term

SOFR

1

Month

+

1.06%,

4.79%,

7/25/34(a)

86,833

86,731

ABFS

Mortgage

Loan

Trust,

2003-2

0.00%,

4/25/34

3,324,696

400,000

ACE

Securities

Corp.

Net

Interest

Margin

Trust,

2000-1

0.00%,

11/25/29(b)

1,467,404

939,990

ACM

Auto

Trust,

2023-2A

9.85%,

6/20/30(b)

2,977,497

3,012,548

2024-1A

11.40%,

1/21/31(b)

2,501,224

2,523,414

2024-2A

6.06%,

2/20/29(b)

246,637

246,823

2024-2A

9.21%,

8/20/31(b)

7,320,000

7,416,775

2025-1A

7.87%,

11/20/31(b)

2,500,000

2,528,289

2025-4A

5.87%,

5/20/30(b)

4,000,000

4,011,705

2025-4A

8.42%,

8/20/32(b)

3,000,000

2,949,273

Amortizing

Residential

Collateral

Trust,

2001-BC6W

CME

Term

SOFR

1

Month

+

0.75%,

4.91%,

10/25/31(a)

342,501

340,424

2002-BC7

CME

Term

SOFR

1

Month

+

0.87%,

4.61%,

10/25/32(a)

272,782

260,218

Bayview

Financial

Revolving

Asset

Trust,

2005-E

CME

Term

SOFR

1

Month

+

1.11%,

4.84%,

12/28/40(a)(b)

667,875

728,064

2005-E

CME

Term

SOFR

1

Month

+

3.61%,

7.34%,

12/28/40(a)(b)

333,937

1,379,431

Bear

Stearns

Asset-Backed

Securities

Trust,

2001-3

CME

Term

SOFR

1

Month

+

1.41%,

5.15%,

10/27/32(a)

2,993

2,995

2005-SD1

CME

Term

SOFR

1

Month

+

3.79%,

7.52%,

8/25/43(a)

1,131,713

1,359,950

Face

Amount

Value

Cascade

Funding

Mortgage

Trust,

2022-AB2

2.00%,

2/25/52(a)(b)

$

1,080,092

$

1,031,891

Cascade

MH

Asset

Trust,

2022-MH1

4.25%,

8/25/54(b)(c)

1,682,119

1,648,611

Cendant

Mortgage

Corp.,

2003-A

6.00%,

7/25/43(a)(b)

62,072

62,773

CFMT

LLC,

2022-HB9

3.25%,

9/25/37(a)(b)

1,650,000

1,579,686

2023-HB11

4.00%,

2/25/37(a)(b)

1,000,000

974,338

2023-HB12

4.25%,

4/25/33(a)(b)

2,900,000

2,855,841

2023-HB12

4.25%,

4/25/33(a)(b)

2,500,000

2,438,398

2024-HB13

3.00%,

5/25/34(a)(b)

3,000,000

2,865,908

Cloud

Capital

Holdco

LP,

2024-1A

5.78%,

11/22/49(b)

2,000,000

2,016,284

Conseco

Finance

Corp.,

1996-4

7.75%,

6/15/27(a)

192,271

192,782

CoreVest

American

Finance

Trust,

2020-3

3.57%,

8/15/53(a)(b)

144,355

1,989

2020-3

2.51%,

8/15/53(a)(b)

62,473,000

4,138,618

2021-2

2.92%,

7/15/54(a)(b)

2,011,696

33,831

Countrywide

Asset-Backed

Certificates,

2004-SD2

CME

Term

SOFR

1

Month

+

2.29%,

6.02%,

3/25/33(a)(b)

390,253

408,677

CWHEQ

Revolving

Home

Equity

Loan

Trust,

2005-F

CME

Term

SOFR

1

Month

+

0.35%,

4.10%,

12/15/35(a)

4,736,893

4,617,618

Delta

Funding

Home

Equity

Loan

Trust,

1999-3

CME

Term

SOFR

1

Month

+

0.93%,

4.68%,

9/15/29(a)

486,425

469,285

DP

Facilities

Data

Center

Subordinated

Pass

Through

Trust,

0.00%,

11/10/28(a)(b)

350,000

96,250

ECAF

I

Ltd.,

2015-1A

3.47%,

6/15/40(b)

14,697

13,154

2015-1A

4.95%,

6/15/40(b)

251,947

233,690

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(21.2%)

(cont’d)

EquiFirst

Mortgage

Loan

Trust,

2004-2

CME

Term

SOFR

1

Month

+

3.11%,

6.85%,

10/25/34(a)

$

132,472

$

126,802

European

Residential

Loan

Securitisation

DAC,

2019-NPL1

EURIBOR

1

Month

+

3.25%,

5.15%,

7/24/54(a)

EUR

782,555

926,104

2019-NPL1

EURIBOR

1

Month

+

7.25%,

9.15%,

7/24/54(a)

1,570,455

1,935,767

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(b)

$

133,940

133,300

Finance

of

America

HECM

Buyout,

2024-HB1

6.00%,

10/1/34(a)(b)

1,250,000

1,251,016

2024-HB1

6.00%,

10/1/34(a)(b)

6,800,000

6,585,176

Financial

Asset

Securities

Corp.

AAA

Trust,

2005-1A

CME

Term

SOFR

1

Month

+

0.52%,

4.25%,

2/27/35(a)(b)

129,113

126,939

FMC

GMSR

Issuer

Trust,

2020-GT1

4.45%,

1/25/26(a)(b)

2,000,000

1,991,383

2021-GT1

3.62%,

7/25/26(a)(b)

1,200,000

1,160,085

2021-GT1

4.36%,

7/25/26(a)(b)

1,000,000

966,553

2022-GT1

6.19%,

4/25/27(b)

3,524,925

3,540,039

FMC

Issuer

Trust-FMSR,

2024-FT1

6.56%,

9/25/29(b)

4,100,000

4,135,112

FortiFi,

2023-1A

6.23%,

9/20/59(b)

748,556

748,202

GAIA

Aviation

Ltd.,

2019-1

3.97%,

12/15/44(b)(c)

411,823

408,200

GITSIT

Mortgage

Loan

Trust,

2025-NPL1

6.28%,

2/25/55(b)(c)

1,029,630

1,032,188

Harvest

SBA

Loan

Trust,

2023-1

SOFR30A

+

3.25%,

7.32%,

10/25/50(a)(b)

1,347,781

1,396,608

2024-1

SOFR30A

+

2.25%,

6.25%,

12/25/51(a)(b)

1,957,125

1,979,761

2025-1

SOFR30A

+

1.80%,

5.87%,

1/25/52(a)(b)

1,955,376

1,959,154

Face

Amount

Value

JOL

Air

Ltd.,

2019-1

3.97%,

4/15/44(b)

$

1,165,168

$

1,159,769

Kestrel

Aircraft

Funding

Ltd.,

2018-1A

4.25%,

12/15/38(b)

65,330

65,369

KGS-Alpha

SBA

COOF

Trust,

2012-2

0.91%,

8/25/38(a)(b)

221,735

2,709

Lehman

ABS

Manufactured

Housing

Contract

Trust,

2001-B

6.63%,

4/15/40(a)

41,274

41,586

2002-A

0.00%,

6/15/33

988,416

990,877

loanDepot

GMSR

Trust,

2025-GT1

CME

Term

SOFR

1

Month

+

2.85%,

6.58%,

5/16/30(a)(b)

5,000,000

5,012,183

LoanMe

Trust

Prime,

2018-1

6.00%,

9/15/34(b)(c)

136,755

136,567

LSF11

Boson

Investments

Sarl

Compartment

2,

2021-NPLA

EURIBOR

3

Month

+

2.00%,

4.05%,

11/25/60(a)(b)

EUR

1,164,656

1,376,373

2021-NPLX

EURIBOR

3

Month

+

2.00%,

4.05%,

11/25/60(a)

855,064

1,010,501

MASTR

Asset

Securitization

Trust,

2002-NC1

CME

Term

SOFR

1

Month

+

3.26%,

7.00%,

10/25/32(a)

$

1,452,667

1,407,992

Merrill

Lynch

Mortgage

Investors

Trust,

2004-FM1

CME

Term

SOFR

1

Month

+

2.81%,

6.55%,

1/25/35(a)

54,468

53,140

METAL

LLC,

2017-1

4.58%,

10/15/42(b)

221,441

155,002

NALP

Business

Loan

Trust,

2024-1

6.49%,

12/27/49(b)

1,364,417

1,388,313

New

Century

Home

Equity

Loan

Trust,

2003-5

CME

Term

SOFR

1

Month

+

0.91%,

0.00%,

11/25/33(a)

179,348

116,883

Newtek

Small

Business

Loan

Trust,

2022-1

US

Prime

Rate

-

0.70%,

6.05%,

10/25/49(a)(b)

645,661

650,666

2022-1

US

Prime

Rate

+

0.25%,

7.00%,

10/25/49(a)(b)

1,506,543

1,495,596

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(21.2%)

(cont’d)

2023-1

US

Prime

Rate

-

0.50%,

6.25%,

7/25/50(a)(b)

$

568,807

$

574,493

NovaStar

Mortgage

Funding

Trust,

2003-3

0.00%,

12/25/33

7,335,225

4,540,746

2003-4

0.00%,

2/25/34

3,748,601

2,148,908

NRM

FNT1

Excess

LLC,

2024-FNT1

7.40%,

11/25/31(b)(c)

3,439,772

3,504,115

Oakwood

Mortgage

Investors,

Inc.,

1999-D

7.84%,

11/15/29(a)

39,566

40,256

2000-C

7.72%,

4/15/30

9,156

9,182

2001-C

7.40%,

6/15/31(a)

848,508

55,665

Ocwen

Loan

Investment

Trust,

2023-HB1

3.00%,

6/25/36(a)(b)

1,000,000

987,092

Palatino

SPV,

1

EURIBOR

6

Month

+

2.50%,

4.61%,

12/1/45(a)

EUR

710,271

801,197

Pioneer

Aircraft

Finance

Ltd.,

2019-1

4.95%,

6/15/44(b)

$

2,366,072

2,349,296

PNMAC

GMSR

Issuer

Trust,

2024-GT1

CME

Term

SOFR

1

Month

+

3.20%,

6.93%,

3/25/29(a)(b)

4,000,000

4,039,846

2025-GT1

CME

Term

SOFR

1

Month

+

2.45%,

6.18%,

8/26/30(a)(b)

3,300,000

3,314,817

PRET

LLC,

2025-NPL3

6.71%,

4/25/55(b)(c)

3,085,710

3,107,918

Prosil

Acquisition

SA,

1

EURIBOR

3

Month

+

2.00%,

4.07%,

10/31/39(a)

EUR

535,525

518,784

Quest

Trust,

2002-X1

CME

Term

SOFR

1

Month

+

3.86%,

7.60%,

5/25/33(a)(b)

$

301,659

345,313

Raptor

Aircraft

Finance

I

LLC,

2019-1

4.21%,

8/23/44(b)

1,227,843

1,133,397

RCO

VIII

Mortgage

LLC,

2025-3

6.43%,

5/25/30(b)(c)

1,853,689

1,859,142

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

US

Prime

Rate

-

0.50%,

6.25%,

12/27/44(a)(b)

73,788

73,739

Face

Amount

Value

Research-Driven

Pagaya

Motor

Trust,

2025-6A

5.01%,

8/25/34(b)

$

2,000,000

$

2,004,229

Retained

Vantage

Data

Centers

Issuer

LLC,

2023-1A

5.25%,

9/15/48(b)

CAD

2,000,000

1,452,536

RMF

Buyout

Issuance

Trust,

2021-HB1

3.15%,

11/25/31(a)(b)

$

500,000

488,980

2021-HB1

3.69%,

11/25/31(a)(b)

2,000,000

1,918,355

2021-HB1

4.70%,

11/25/31(a)(b)

5,250,000

5,006,165

2021-HB1

6.00%,

11/25/31(a)(b)

1,500,000

1,431,695

2021-HB1

6.00%,

11/25/31(a)(b)

2,617,116

2,354,186

2022-HB1

4.50%,

4/25/32(a)(b)

1,500,000

1,309,937

Saluda

Grade

Alternative

Mortgage

Trust,

2025-NPL1

7.12%,

1/25/30(b)(c)

1,979,805

1,992,686

Saxon

Asset

Securities

Trust,

2002-3

CME

Term

SOFR

1

Month

+

1.24%,

4.97%,

12/25/32(a)

211,072

199,185

Shenton

Aircraft

Investment

I

Ltd.,

2015-1A

4.75%,

10/15/42(b)

554,572

540,451

2015-1A

5.75%,

10/15/42(b)

180,363

154,068

SLM

Student

Loan

Trust,

2004-10X

EURIBOR

3

Month

+

0.55%,

2.62%,

1/25/40(a)

EUR

5,281,652

5,808,582

STAR

Trust,

2022-SFR3

CME

Term

SOFR

1

Month

+

2.55%,

6.29%,

5/17/39(a)(b)

$

2,100,000

2,101,985

2022-SFR3

CME

Term

SOFR

1

Month

+

4.50%,

8.24%,

5/17/39(a)(b)

1,900,443

1,910,528

2024-SFR4

CME

Term

SOFR

1

Month

+

2.95%,

6.69%,

10/17/41(a)(b)

1,850,000

1,863,799

2025-SFR6

CME

Term

SOFR

1

Month

+

2.40%,

6.14%,

8/17/42(a)(b)

1,850,000

1,858,795

Start

II

Ltd.,

2019-1

4.09%,

3/15/44(b)

150,356

150,009

Terwin

Mortgage

Trust

TMTS,

2004-3HE

CME

Term

SOFR

1

Month

+

0.94%,

4.67%,

3/25/35(a)

76,587

76,164

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(21.2%)

(cont’d)

Towd

Point

Mortgage

Trust,

2019-MH1

4.75%,

11/25/58(a)(b)

$

4,305,379

$

4,294,383

Tricolor

Auto

Securitization

Trust,

2025-2A

8.35%,

4/15/31(b)

500,000

35,343

VINE

Trust,

2023-SFR1

4.75%,

12/17/40(b)

1,500,000

1,453,467

167,503,190

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  (

33

.5

%

)

FHLMC

SOFR30A

+

2.17%,

6.12%,

9/1/54(a)

1,576,863

1,611,377

FHLMC

Gold

Pool,

30

Year

3.50%,

1/1/44

96,396

92,113

4.00%,

12/1/41

-

10/1/44

210,966

205,939

4.50%,

3/1/41

-

9/1/41

214,346

214,864

5.00%,

12/1/40

-

5/1/41

40,490

41,364

5.50%,

7/1/37

4,944

5,137

6.00%,

12/1/37

7,453

7,887

6.50%,

6/1/29

3,083

3,204

7.50%,

5/1/35

10,872

11,531

8.00%,

8/1/32

4,325

4,553

8.50%,

8/1/31

8,339

8,816

FHLMC

Gold

Pool,

Other

2.00%,

4/1/51

-

10/1/51

1,228,160

965,933

2.50%,

5/1/50

-

11/1/52

5,894,794

4,868,896

3.00%,

4/1/50

-

12/1/51

9,682,036

8,530,861

3.50%,

6/1/42

-

8/1/49

339,767

319,818

4.00%,

7/1/49

-

11/1/52

1,698,615

1,599,800

4.50%,

1/1/49

-

10/1/52

1,460,321

1,413,955

6.00%,

6/1/55

2,087,574

2,123,974

FNMA,

30

Year

3.50%,

8/1/45

-

5/1/48

522,580

490,476

FNMA,

Other

1.50%,

1/1/51

-

3/1/51

1,109,127

878,131

2.00%,

11/1/50

-

11/1/51

9,552,288

7,501,075

2.50%,

2/1/50

-

2/1/52

7,992,288

6,622,244

3.00%,

8/1/46

-

4/1/52

2,328,423

2,047,062

3.50%,

9/1/42

-

10/1/52

3,946,123

3,635,491

4.50%,

9/1/48

-

8/1/49

287,035

279,742

6.00%,

5/1/55

2,692,374

2,739,320

GNMA

II,

30

Year

6.50%,

6/20/55

5,571,929

5,730,308

7.00%,

8/20/55

1,993,084

2,037,324

GNMA

II,

Other

2.50%,

3/20/50

-

5/20/50

437,990

371,714

3.00%,

9/20/49

-

8/20/50

952,546

844,675

3.07%,

3/20/71(a)

807,168

739,161

3.50%,

8/20/49

-

10/20/50

1,294,877

1,168,793

4.00%,

1/20/49

-

11/20/51

736,845

693,929

4.50%,

12/20/48

-

12/20/49

196,018

191,113

5.00%,

1/20/49

-

6/20/49

129,921

129,590

6.00%,

8/20/52

-

10/20/54

991,708

1,004,197

6.50%,

6/20/53

90,193

92,334

Face

Amount

Value

7.00%,

8/20/64

$

896,657

$

935,894

GNMA

II,

Single

Family,

30

Year

2.50%,

4/20/51

1,711,723

1,466,408

3.50%,

5/20/43

-

5/20/45

285,466

269,200

4.00%,

7/15/44

-

1/15/56

5,477,774

5,171,665

4.50%,

4/20/49

-

8/20/54

1,094,621

1,069,811

5.00%,

5/20/41

-

1/15/56

7,051,626

7,047,830

5.50%,

8/20/54

-

12/20/54

5,176,323

5,280,030

6.00%,

8/20/54

486,405

502,369

6.50%,

10/20/52

-

6/20/55

6,508,872

6,669,536

7.00%,

12/20/52

-

9/20/55

3,126,589

3,179,776

7.50%,

10/20/53

-

10/20/55

1,745,026

1,791,928

8.00%,

7/20/54

1,128,966

1,147,196

UMBS

Pool,

30

Year

5.50%,

11/1/54

-

9/1/55

52,906,348

53,751,613

UMBS,

30

Year

4.00%,

4/1/45

-

9/1/48

703,837

678,962

4.50%,

8/1/40

-

9/1/41

56,093

56,151

5.00%,

12/1/40

-

7/1/41

57,408

58,571

5.50%,

8/1/37

-

8/1/55

27,306,359

27,726,481

6.00%,

7/1/53

-

10/1/55

13,640,464

14,030,404

6.50%,

2/1/28

-

11/1/33

107,981

113,265

7.00%,

10/1/30

-

6/1/32

7,221

7,597

7.50%,

8/1/37

14,061

14,916

8.00%,

4/1/33

13,080

13,793

8.50%,

10/1/32

14,224

15,018

UMBS,

Single

Family,

30

Year

2.00%,

1/25/56,

TBA

5,000,000

4,041,015

2.50%,

1/25/56,

TBA

8,000,000

6,763,438

3.00%,

1/25/56,

TBA

40,000,000

35,365,624

4.50%,

1/25/56,

TBA

10,000,000

9,762,891

5.00%,

1/25/56,

TBA

19,000,000

18,955,469

265,113,552

Commercial

Mortgage-Backed

Securities

(

42

.4

%

)

2023-MIC

Trust

(The)

9.53%,

12/5/38(a)(b)

1,430,000

1,556,702

A&D

Mortgage

Trust

7.05%,

11/25/68(b)(c)

1,419,306

1,441,644

Adjustable

Rate

Mortgage

Trust

4.74%,

4/25/35(a)

49,118

46,804

Alba

plc

SONIA

+

0.72%,

4.46%,

11/25/42(a)

GBP

252,175

330,855

Alternative

Loan

Trust

5.50%,

1/25/36

$

29,512

16,231

5.75%,

3/25/34

84,400

86,400

CME

Term

SOFR

1

Month

+

39.33%,

16.94%,

5/25/37(a)(d)

70,081

73,358

ATLX

Trust

3.85%,

4/25/63(b)(c)

1,700,000

1,622,984

4.41%,

4/25/64(a)(b)

1,500,000

1,462,846

4.41%,

4/25/64(a)(b)

1,500,000

1,448,955

Banna

RMBS

DAC

SONIA

+

2.10%,

5.82%,

12/30/63(a)

GBP

200,000

256,002

Bayview

Commercial

Asset

Trust

CME

Term

SOFR

1

Month

+

0.56%,

4.30%,

10/25/36(a)(b)

$

334,880

323,943

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(42.4%)

(cont’d)

CME

Term

SOFR

1

Month

+

0.65%,

4.39%,

10/25/36(a)(b)

$

379,639

$

363,074

CME

Term

SOFR

1

Month

+

0.67%,

4.40%,

10/25/36(a)(b)

582,160

553,989

CME

Term

SOFR

1

Month

+

0.47%,

4.43%,

7/25/37(a)(b)

1,009,636

972,082

CME

Term

SOFR

1

Month

+

0.58%,

4.53%,

7/25/37(a)(b)

1,095,532

1,029,000

CME

Term

SOFR

1

Month

+

0.77%,

4.73%,

11/25/35(a)(b)

352,824

348,472

CME

Term

SOFR

1

Month

+

1.76%,

5.72%,

11/25/35(a)(b)

499,568

591,671

Bear

Stearns

Asset-Backed

Securities

I

Trust

CME

Term

SOFR

1

Month

+

25.26%,

13.00%,

3/25/36(a)(d)

407,403

119,676

Boston

Lending

Trust

2.00%,

7/25/61(a)(b)

2,005,853

1,794,518

2.00%,

7/25/61(a)(b)

1,173,150

1,023,878

3.25%,

5/25/62(a)(b)

1,800,000

1,708,160

Brean

Asset-Backed

Securities

Trust

4.00%,

9/25/63(b)

556,000

552,484

4.00%,

9/25/63(b)

3,007,529

2,856,801

4.00%,

9/25/63(b)

1,640,471

1,482,525

4.00%,

9/25/63(b)

6,015,059

5,124,078

4.00%,

9/25/63(b)

4,921,412

3,700,286

4.50%,

5/25/64(b)

1,531,055

1,511,797

Cascade

Funding

Mortgage

Trust

3.00%,

3/25/35(a)(b)

5,000,000

4,706,043

4.00%,

10/25/54(a)(b)

1,500,000

1,381,492

CFMT

LLC

3.00%,

6/25/34(a)(b)

4,500,000

4,281,534

3.00%,

6/25/34(a)(b)

4,000,000

3,695,650

4.00%,

8/25/34(a)(b)

1,750,000

1,686,037

4.00%,

5/25/55(a)(b)

7,417,580

5,861,431

4.00%,

5/25/55(a)(b)

2,557,786

1,860,039

6.41%,

11/25/29(b)(c)

2,685,898

2,694,726

Champs

Trust

6.98%,

10/25/60(a)(b)

4,018,339

4,175,118

7.41%,

4/25/60(a)(b)

4,130,045

4,299,514

8.46%,

1/25/60(a)(b)

2,061,534

2,141,945

8.46%,

7/25/59(a)(b)

910,365

939,110

9.60%,

11/25/59(a)(b)

1,776,393

1,839,558

CHL

Mortgage

Pass-Through

Trust

5.11%,

5/20/34(a)

63,510

58,963

5.50%,

10/25/34

162,268

163,468

6.07%,

10/25/33(a)

114,877

113,426

CHL

Mortgage

Pass-Through

Trust

Resecuritization

6.00%,

12/25/36

59,081

31,289

Citigroup

Mortgage

Loan

Trust

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.40%,

6.04%,

11/25/35(a)

80,010

80,044

Credit

Suisse

First

Boston

Mortgage

Securities

Corp.

CME

Term

SOFR

1

Month

+

3.41%,

7.15%,

2/25/32(a)

132,840

123,815

Face

Amount

Value

CSFB

Mortgage-Backed

Pass-Through

Certificates

Trust

4.84%,

5/25/34(a)

$

172,884

$

165,307

6.50%,

11/25/35

470,334

87,377

CSMC

Trust

CME

Term

SOFR

1

Month

+

3.57%,

7.32%,

5/9/26(a)(b)

815,707

813,119

CME

Term

SOFR

1

Month

+

3.83%,

7.58%,

8/15/26(a)(b)

7,581,132

7,360,658

EFMT

4.75%,

9/25/55(a)(b)

2,500,000

2,397,702

5.00%,

7/25/54(b)

2,738,969

2,691,751

5.00%,

12/25/54(b)

2,590,733

2,533,229

5.00%,

5/25/55(a)(b)

2,972,225

2,894,174

Ellington

Financial

Mortgage

Trust

5.90%,

9/25/67(b)(c)

2,193,572

2,192,817

E-MAC

De

BV

EURIBOR

3

Month

+

1.40%,

7.30%,

11/25/54(a)

EUR

1,500,000

998,477

EURIBOR

3

Month

+

0.50%,

10.18%,

5/25/52(a)

30,326

35,493

E-MAC

NL

BV

EURIBOR

3

Month

+

0.18%,

4.33%,

7/25/36(a)

96,124

111,287

EURIBOR

3

Month

+

0.23%,

6.56%,

4/25/38(a)

52,923

56,817

E-MAC

Program

BV

EURIBOR

3

Month

+

2.00%,

5.37%,

1/25/48(a)

128,840

143,520

EURIBOR

3

Month

+

0.32%,

6.32%,

7/25/46(a)

1,482,876

1,438,481

E-MAC

Program

II

BV

EURIBOR

3

Month

+

2.00%,

6.32%,

4/25/48(a)

85,578

96,683

EMF-NL

Prime

BV

EURIBOR

3

Month

+

0.80%,

2.82%,

4/17/41(a)

29,874

35,011

EURIBOR

3

Month

+

0.85%,

2.87%,

4/17/41(a)

200,000

226,365

Eurohome

Italy

Mortgages

Srl

EURIBOR

3

Month

+

0.60%,

2.65%,

11/2/54(a)

2,367,988

2,639,771

Eurohome

Mortgages

plc

EURIBOR

3

Month

+

0.21%,

2.26%,

8/2/50(a)

122,382

135,340

Eurosail-NL

BV

EURIBOR

3

Month

+

1.10%,

3.12%,

4/17/40(a)

500,000

583,028

EURIBOR

3

Month

+

1.80%,

3.82%,

10/17/40(a)

177,466

208,641

EURIBOR

3

Month

+

2.20%,

4.22%,

10/17/40(a)

500,000

589,964

FCT

Marsollier

Mortgages

EURIBOR

3

Month

+

0.00%,

1.98%,

9/27/50(a)

2,750,000

3,059,025

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

1/25/56(c)

$

1,385,282

1,215,450

3.00%,

8/25/56(c)

1,404,646

1,230,564

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(42.4%)

(cont’d)

3.00%,

5/25/57(c)

$

1,223,348

$

1,164,835

3.00%,

5/25/57(c)

1,332,764

1,168,053

3.00%,

9/25/55

3,338,741

2,941,101

3.00%,

7/25/56

139,111

121,373

3.00%,

5/25/57

458,445

399,274

3.00%,

8/25/57

532,947

463,733

3.00%,

11/25/57

453,026

398,778

3.00%,

3/25/58

313,864

272,519

3.00%,

7/25/58

1,102,346

965,208

3.00%,

10/25/58

114,781

100,746

3.00%,

2/25/59

297,784

256,195

3.00%,

2/25/59

783,143

673,538

3.00%,

5/25/60

520,886

467,978

3.00%,

10/25/62

2,144,634

1,813,963

3.00%,

11/25/63

2,919,699

2,468,275

3.25%,

7/25/56(c)

1,161,965

1,035,191

3.25%,

6/25/57(c)

851,249

775,194

3.50%,

7/25/58

799,229

720,825

3.50%,

5/25/64

1,429,709

1,250,536

4.00%,

3/25/58

419,867

400,395

4.00%,

8/25/58

670,144

633,386

4.00%,

10/25/58

177,797

169,008

4.00%,

2/25/59

599,663

566,816

4.25%,

5/25/60(a)(b)

1,200,000

1,158,616

4.50%,

6/25/57

217,203

213,326

4.50%,

2/25/59(a)(b)

5,518,482

5,272,842

4.75%,

7/25/58(a)(b)

3,056,724

3,001,030

4.75%,

8/25/58(a)(b)

3,664,042

3,575,780

4.75%,

10/25/58(a)

3,534,336

3,475,016

FHLMC

Whole

Loan

Securities

Trust

3.00%,

9/25/45

38,320

33,918

3.00%,

10/25/46

280,277

243,296

3.00%,

12/25/46

512,621

442,136

3.00%,

5/25/47

905,528

782,235

3.50%,

5/25/45

33,618

30,860

3.50%,

5/25/47

687,756

612,672

FHLMC,

REMIC

SOFR30A

+

11.69%,

0.96%,

12/15/43(a)(d)

56,035

42,122

3.50%,

2/15/42

75,084

70,904

6.00%,

6/25/54

2,596,951

2,588,524

IO

2.00%,

10/25/50

7,921,389

1,014,266

IO

REMIC

1.77%,

10/15/39(a)(d)

94,127

5,024

1.80%,

10/15/41(a)

47,321

2,854

1.87%,

4/15/39(a)(d)

116,406

6,381

1.88%,

8/15/42(a)(d)

165,788

7,785

1.90%,

10/15/40(a)

368,724

21,077

SOFR30A

+

5.89%,

1.90%,

11/15/43(a)(d)

207,783

16,434

SOFR30A

+

5.89%,

1.90%,

6/15/44(a)(d)

95,617

10,199

1.96%,

9/15/41(a)(d)

330,391

20,524

5.00%,

8/15/41

20,153

4,301

FHLMC,

Strips

IO

REMIC

Face

Amount

Value

7.00%,

6/15/30

$

23,778

$

2,635

Finance

of

America

HECM

Buyout

6.00%,

11/25/28(a)(b)

5,000,000

4,875,666

Finance

of

America

Structured

Securities

Trust

3.50%,

11/25/74(b)

2,415,953

2,354,111

Flagstar

Mortgage

Trust

3.00%,

3/25/50(a)(b)

97,415

84,530

FNMA,

REMIC

0.00%,

4/25/39(a)

11,531

10,323

2.00%,

7/25/50

558,088

334,432

5.00%,

7/25/50

185,181

186,672

6.00%,

10/25/55

2,079,302

2,078,122

6.00%,

10/25/55

1,702,478

1,698,215

6.00%,

11/25/55

1,907,629

1,894,812

IO

REMIC

1.62%,

3/25/46(a)

576,122

30,732

1.63%,

3/25/44(a)

124,916

7,667

SOFR30A

+

5.54%,

1.66%,

11/25/41(a)(d)

37,847

569

1.90%,

10/25/39(a)

161,455

9,192

SOFR30A

+

5.94%,

2.06%,

6/25/42(a)(d)

337,577

34,510

SOFR30A

+

6.44%,

2.56%,

8/25/41(a)(d)

14,961

202

FNMA,

Strips

IO

REMIC

7.00%,

11/25/27

2,748

117

8.00%,

5/25/30

12,598

1,486

8.00%,

6/25/30

6,338

721

Galton

Funding

Mortgage

Trust

4.00%,

2/25/59(a)(b)

464,422

448,281

GMAC

Financiera

SA

de

CV

Sociedad

Financiera

de

Objeto

Ltdo

3.99%,

3/25/36

MXN

15,560,707

1,441,286

GNMA

CME

Term

SOFR

1

Month

+

0.56%,

4.56%,

2/20/61(a)

$

10,942

10,983

CME

Term

SOFR

1

Month

+

0.81%,

4.81%,

8/20/63(a)

4,929

4,963

CME

Term

SOFR

1

Month

+

0.88%,

4.88%,

2/20/66(a)

697

702

6.00%,

9/20/55

2,889,972

2,900,016

6.00%,

10/20/55

2,995,365

3,003,410

6.00%,

10/20/55

3,677,176

3,688,190

IO

3.50%,

6/20/41

21,852

395

4.50%,

5/20/40

11,694

362

5.00%,

10/20/40

5,826

206

IO

REMIC

0.00%,

4/20/60(a)

59

4

0.01%,

12/20/62(a)

88,418

766

0.02%,

1/20/63(a)

44,309

884

0.10%,

8/20/61(a)

81,818

1,928

0.17%,

4/20/62(a)

555

16

0.25%,

10/20/62(a)

69,703

3,264

0.27%,

5/20/61(a)

5,348

294

0.27%,

10/20/61(a)

1,060

60

0.27%,

5/20/63(a)

53,422

980

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(42.4%)

(cont’d)

0.29%,

5/20/62(a)

$

15,715

$

920

0.29%,

5/20/62(a)

9,890

580

0.30%,

1/20/62(a)

97,783

4

0.32%,

9/20/62(a)

21,915

490

0.33%,

4/20/61(a)

15,345

1,042

0.50%,

5/20/72(a)

8,458,835

438,760

0.51%,

11/20/61(a)

47,707

5,007

0.57%,

12/20/67(a)

61,712

2,360

0.84%,

8/20/58(a)

144,708

2,114

1.03%,

11/20/69(a)

1,272,315

76,743

1.06%,

7/20/69(a)

1,604,197

81,617

1.06%,

9/20/69(a)

1,724,129

91,587

1.08%,

6/20/69(a)

1,596,216

64,373

1.14%,

12/20/70(a)

5,699,674

289,799

1.18%,

8/20/63(a)

167,476

2,764

1.19%,

8/20/69(a)

2,557,934

159,092

1.26%,

4/20/62(a)

90,661

1,918

1.34%,

6/20/63(a)

534,793

21,862

1.40%,

1/20/64(a)

287,911

8,705

1.53%,

5/20/60(a)

232,549

14,179

1.58%,

5/20/64(a)

460,026

12,250

1.59%,

10/20/64(a)

322,871

7,310

1.62%,

5/20/64(a)

504,256

18,419

1.63%,

11/20/60(a)

658,091

44,977

1.65%,

7/20/67(a)

12,821,316

333,867

1.66%,

4/20/60(a)

66,927

5,899

1.66%,

4/20/60(a)

34,313

3,024

1.66%,

4/20/63(a)

181,299

7,118

1.68%,

5/20/63(a)

456,803

16,689

1.71%,

9/20/65(a)

151,248

2,367

1.74%,

3/20/68(a)

101,173

3,909

1.74%,

11/20/67(a)

14,657,554

506,216

1.74%,

9/20/66(a)

322,275

11,662

1.76%,

11/20/64(a)

1,148,374

64,820

1.76%,

1/20/65(a)

11,405,214

337,253

1.80%,

6/20/67(a)

12,855,119

400,142

1.83%,

7/20/67(a)

724,617

21,140

1.83%,

1/20/66(a)

759,341

19,650

1.84%,

4/20/67(a)

346,125

9,718

1.85%,

6/20/65(a)

6,257,380

269,816

1.86%,

10/20/67(a)

13,754,590

375,119

1.87%,

6/20/67(a)

351,632

8,795

1.88%,

10/20/66(a)

271,137

10,231

1.93%,

6/20/66(a)

176,181

7,194

1.94%,

8/20/67(a)

506,602

14,845

1.96%,

10/20/64(a)

1,325,872

114,302

1.99%,

9/20/64(a)

569,050

52,368

1.99%,

9/20/65(a)

184,153

7,470

2.00%,

11/20/50

6,176,139

785,802

2.00%,

8/20/63(a)

27,151

805

2.01%,

6/20/64(a)

731,599

46,025

2.08%,

8/20/66(a)

4,595,278

224,244

2.15%,

2/20/68(a)

623,977

28,146

CME

Term

SOFR

1

Month

+

5.89%,

2.15%,

8/20/42(a)(d)

173,713

17,556

2.15%,

2/20/65(a)

673,559

34,167

2.16%,

3/20/67(a)

2,919,938

175,248

Face

Amount

Value

2.19%,

4/20/65(a)

$

187,103

$

8,242

2.20%,

2/20/68(a)

749,847

29,422

2.21%,

10/20/67(a)

569,809

16,384

2.22%,

2/20/63(a)

7,908

347

2.23%,

1/20/67(a)

148,757

5,744

2.23%,

7/20/66(a)

7,962,883

264,423

2.24%,

5/20/67(a)

2,596,139

85,683

2.24%,

12/20/66(a)

2,411,241

150,118

2.24%,

1/20/68(a)

773,566

46,192

2.25%,

7/20/65(a)

82,204

4,902

CME

Term

SOFR

1

Month

+

5.99%,

2.25%,

4/20/41(a)(d)

56,768

4,486

CME

Term

SOFR

1

Month

+

5.99%,

2.25%,

8/20/42(a)(d)

168,161

18,398

2.27%,

2/20/68(a)

2,395,098

83,467

2.27%,

2/20/68(a)

156,139

6,691

2.27%,

3/20/67(a)

199,180

7,888

2.28%,

7/20/67(a)

1,071,317

55,390

CME

Term

SOFR

1

Month

+

6.03%,

2.29%,

12/20/43(a)(d)

227,662

27,077

2.30%,

10/20/67(a)

570,416

28,204

2.30%,

1/20/68(a)

179,156

7,778

2.30%,

6/20/67(a)

564,935

28,150

2.31%,

10/20/66(a)

244,609

13,039

2.31%,

6/20/66(a)

4,442,936

176,801

2.33%,

8/20/67(a)

274,642

11,664

2.34%,

10/20/69(a)

8,791,887

330,471

2.35%,

2/20/68(a)

3,525,393

135,578

2.35%,

10/20/60(a)

35,790

3,568

2.37%,

7/20/65(a)

248,513

12,484

2.43%,

10/20/67(a)

641,242

34,587

2.43%,

7/20/63(a)

4,062

431

CME

Term

SOFR

1

Month

+

6.19%,

2.45%,

9/20/43(a)(d)

95,300

4,551

2.49%,

11/20/67(a)

893,218

53,694

2.50%,

11/20/51

1,529,952

219,012

2.54%,

2/20/60(a)

50,528

2,969

2.60%,

4/20/66(a)

8,746,329

462,577

2.65%,

6/20/66(a)

2,939,675

261,572

2.67%,

10/20/67(a)

8,804,470

689,540

CME

Term

SOFR

1

Month

+

6.44%,

2.70%,

8/16/34(a)(d)

77,860

3,877

2.77%,

3/20/62(a)

16,128

1,500

2.83%,

5/20/62(a)

26,303

4,137

3.10%,

4/20/62(a)

83,972

12,004

3.24%,

2/20/63(a)

27,502

3,886

3.50%,

10/16/42

530,351

86,642

3.50%,

5/20/43

338,613

54,459

3.66%,

9/20/60(a)

21,593

4,195

5.00%,

2/16/41

18,292

3,548

Great

Hall

Mortgages

No.

1

plc

EURIBOR

3

Month

+

0.22%,

2.28%,

3/18/39(a)

EUR

313,791

366,527

GS

Mortgage

Securities

Trust

3.35%,

7/10/48

$

9,382

9,199

IO

0.29%,

9/10/47(a)

101,238

1

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(42.4%)

(cont’d)

GSAA

Trust

6.00%,

4/1/34

$

135,213

$

137,084

GSR

Mortgage

Loan

Trust

CME

Term

SOFR

1

Month

+

0.36%,

4.10%,

3/25/35(a)

35,916

21,634

5.00%,

2/25/34

9,543

9,336

5.50%,

11/25/35

2,260

2,161

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

1.75%,

5.88%,

3/25/33(a)

2,870

2,869

6.00%,

9/25/35

211,060

214,316

Harvest

Commercial

Capital

Loan

Trust

5.73%,

9/25/46(a)(b)

1,500,000

1,485,652

5.96%,

4/25/52(a)(b)

1,554,000

1,451,303

6.16%,

10/25/56

1,747,263

1,793,989

6.34%,

9/25/46(a)(b)

1,380,000

1,339,193

ICAP

Trust

6.47%,

7/25/30(b)(c)

1,500,000

1,522,792

Impac

CMB

Trust

CME

Term

SOFR

1

Month

+

0.63%,

4.37%,

11/25/35(a)

918,543

835,264

IMS

Ecuadorian

Mortgage

Trust

3.40%,

8/18/43(b)

252,440

248,111

IndyMac

INDX

Mortgage

Loan

Trust

6.24%,

11/25/34(a)

13,182

13,218

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

IO

0.56%,

12/15/49(a)

1,347,556

3,593

J.P.

Morgan

Mortgage

Trust

3.00%,

10/25/50(a)(b)

76,689

66,630

3.67%,

12/25/34(a)

32,426

29,396

4.05%,

7/27/37(a)(b)

55,902

52,610

La

Hipotecaria

Panamanian

Mortgage

Trust

4.35%,

7/13/52(b)

1,515,633

1,385,895

Lansdowne

Mortgage

Securities

No.

1

plc

EURIBOR

3

Month

+

0.30%,

2.40%,

6/15/45(a)

EUR

239,200

277,592

Legacy

Mortgage

Asset

Trust

7.50%,

4/25/61(b)(c)

$

2,591,204

2,604,017

LHOME

Mortgage

Trust

7.63%,

11/25/28(b)(c)

1,500,000

1,506,013

8.00%,

8/25/28(b)(c)

1,741,373

1,751,432

loanDepot

GMSR

Master

Trust

CME

Term

SOFR

1

Month

+

3.15%,

6.88%,

7/16/30(a)(b)

3,200,000

3,254,331

loanDepot

GMSR

Trust

CME

Term

SOFR

1

Month

+

2.75%,

6.59%,

12/19/30(a)(b)

7,000,000

7,013,825

Mansard

Mortgages

plc

SONIA

+

0.72%,

4.47%,

10/15/48(a)

GBP

347,749

457,933

MASTR

Adjustable

Rate

Mortgages

Trust

5.20%,

6/25/34(a)

$

137,192

129,337

Face

Amount

Value

MASTR

Alternative

Loan

Trust

5.00%,

5/25/33

$

109,776

$

100,809

MASTR

Asset

Securitization

Trust

5.50%,

10/25/25

909

855

MASTR

Reperforming

Loan

Trust

7.50%,

5/25/35(b)

90,927

64,612

MERIT

Securities

Corp.

ICE

LIBOR

USD

1

Month

+

2.25%,

7.21%,

9/28/32(a)(b)

234,045

226,347

Merrill

Lynch

Mortgage

Investors

Trust

4.61%,

1/25/37(a)

6,494

6,336

CME

Term

SOFR

6

Month

+

0.93%,

4.77%,

4/25/29(a)

5,920

5,866

Morgan

Stanley

Mortgage

Loan

Trust

6.05%,

2/25/34(a)(e)

46,521

45,674

MR

225

North

Calvert

Owner

LP

0.00%,

8/25/32

3,015,947

2,235,118

Multifamily

Trust

CME

Term

SOFR

1

Month

+

2.11%,

5.85%,

4/25/46(a)(b)

1,507,165

1,491,811

National

City

Mortgage

Capital

Trust

6.00%,

3/25/38

52,909

50,998

Natixis

Commercial

Mortgage

Securities

Trust

4.13%,

5/15/39(a)(b)

1,000,000

932,053

Newgate

Funding

plc

SONIA

+

3.12%,

6.85%,

12/15/50(a)

GBP

316,103

417,032

NRM

FHT1

Excess

Owner

LLC

6.55%,

3/25/32(b)(c)

$

4,983,706

5,088,949

NYMT

Loan

Trust

7.15%,

2/25/29(b)(c)

3,950,000

3,963,412

OBX

3.00%,

1/25/52(a)(b)

1,732,411

1,514,912

OBX

Trust

5.50%,

9/25/55(a)(b)

1,838,056

1,854,928

Ocwen

Loan

Investment

Trust

3.00%,

2/25/37(b)

1,500,000

1,449,987

3.00%,

2/25/37(b)

2,000,000

1,876,023

OLIT

3.00%,

11/25/38(a)(b)

2,500,000

2,290,161

3.00%,

11/25/38(b)(c)

9,000,000

7,475,333

Onity

Loan

Investment

Trust

5.00%,

8/25/37(a)(b)

2,000,000

1,962,572

5.00%,

8/25/37(a)(b)

3,000,000

2,892,250

Prime

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.83%,

4.57%,

2/25/35(a)

695,000

619,136

PRKCM

Trust

6.43%,

5/25/59(b)(c)

2,478,808

2,526,291

6.60%,

2/25/58(b)(c)

1,864,992

1,865,444

7.22%,

11/25/58(b)(c)

1,167,949

1,186,552

PRPM

Fundido

DAC

EURIBOR

3

Month

+

2.00%,

4.07%,

4/29/75(a)(b)

EUR

4,000,000

4,608,474

EURIBOR

3

Month

+

3.00%,

5.04%,

1/29/75(a)(b)

3,319,000

3,542,180

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(42.4%)

(cont’d)

PRPM

LLC

4.00%,

5/25/54(b)(c)

$

2,000,000

$

1,862,520

6.47%,

5/25/30(b)(c)

2,839,598

2,848,793

PRPM

Trust

4.40%,

4/25/67(b)(c)

706,300

709,319

Rain

City

Mortgage

Trust

6.53%,

9/25/29(a)(b)

2,122,000

2,152,810

Rate

Mortgage

Trust

5.50%,

11/25/55(a)(b)

2,457,064

2,476,548

6.00%,

12/25/54(a)(b)

2,345,423

2,390,499

RBSSP

Resecuritization

Trust

93.49%,

9/26/37(a)(b)

34,174

246,108

RCKT

Mortgage

Trust

6.50%,

6/25/54(a)(b)

75,465

77,658

RCO

Trust

6.25%,

3/2/55(b)(c)

4,860,342

4,861,517

RCO

X

Mortgage

LLC

5.87%,

1/25/30(b)(c)

344,534

345,516

Real

Estate

Asset

Liquidity

Trust

IO

1.09%,

2/12/55(a)(b)

CAD

5,508,960

104,355

Reperforming

Loan

Trust

8.50%,

6/25/35(b)

$

17,579

17,244

Residential

Asset

Securitization

Trust

IO

0.50%,

4/25/37

13,203,545

256,211

Resloc

UK

plc

EURIBOR

3

Month

+

0.45%,

2.55%,

12/15/43(a)

EUR

231,355

256,268

RiverView

HECM

Pass-Through

Certificates

CME

Term

SOFR

1

Month

+

0.38%,

4.12%,

5/25/47(a)

$

1,345,352

1,204,911

RMF

Buyout

Issuance

Trust

4.75%,

10/25/50(a)(b)

1,200,000

1,074,921

6.00%,

10/25/50(b)

8,141,660

6,494,781

6.00%,

10/25/50(a)(b)

1,662,000

1,571,346

RMF

Proprietary

Issuance

Trust

2.13%,

9/25/61(a)(b)

1,092,284

1,003,247

2.75%,

10/25/63(a)(b)

3,895,898

3,755,903

3.00%,

1/25/62(a)(b)

3,113,732

2,988,229

3.25%,

4/26/60(a)(b)

1,216,640

1,187,314

3.75%,

6/25/62(a)(b)

2,250,000

2,067,900

3.75%,

6/25/62(a)(b)

2,000,000

1,805,097

Saluda

Grade

Alternative

Mortgage

Trust

7.50%,

2/25/30(b)(c)

2,200,000

2,211,204

7.50%,

5/25/50(a)(b)

2,500,000

2,565,320

7.76%,

4/25/30(b)(c)

3,800,000

3,841,329

7.77%,

5/25/30(b)(c)

3,960,832

3,957,564

Seasoned

Credit

Risk

Transfer

Trust

3.25%,

11/25/64

670,702

616,923

3.25%,

6/25/65

2,938,267

2,512,208

Sequoia

Mortgage

Trust

4.00%,

11/25/55(a)(b)

2,835,440

2,655,235

CME

Term

SOFR

1

Month

+

1.67%,

5.41%,

1/20/36(a)

48,883

39,827

Face

Amount

Value

Structured

Adjustable

Rate

Mortgage

Loan

Trust

CME

Term

SOFR

1

Month

+

0.35%,

4.09%,

3/25/35(a)

$

131,911

$

120,277

Structured

Asset

Mortgage

Investments

II

Trust

CME

Term

SOFR

1

Month

+

0.57%,

4.31%,

5/25/45(a)

58,404

52,792

Structured

Asset

Securities

Corp.

Mortgage-Backed

Pass-Through

Certificates

Trust

6.67%,

11/25/30(a)

37,139

36,562

Su

Casita

CME

Term

SOFR

1

Month

+

0.34%,

4.07%,

8/26/35(a)(b)

7,229,668

5,946,402

Sutherland

Commercial

Mortgage

Trust

2.23%,

12/25/41(a)(b)

506,289

449,154

TDA

27

FTA

EURIBOR

3

Month

+

0.19%,

2.21%,

12/28/50(a)

EUR

340,099

370,146

TIAA

Bank

Mortgage

Loan

Trust

4.00%,

11/25/48(a)(b)

$

106,202

100,438

UBS

Commercial

Mortgage

Trust

IO

0.91%,

3/15/51(a)

8,162,471

134,287

VCC

Trust

8.16%,

5/25/55(b)(c)

3,726,230

3,708,296

Velocity

Commercial

Capital

Loan

Trust

2.57%,

5/25/51(a)(b)

1,497,860

1,150,201

6.17%,

9/25/55(a)(b)

1,220,553

1,222,481

Verus

Securitization

Trust

5.93%,

3/25/68(b)(c)

1,289,288

1,292,389

WaMu

Mortgage

Backed

Pass-

Through

Certificates

5.92%,

12/19/39(a)

131,290

131,288

Waterfall

Commercial

Mortgage

Trust

4.10%,

9/14/22(a)(b)

413,118

409,303

335,753,474

Corporate

Bonds

(

3

.7

%

)

Banks

(0.5%)

Nordea

Kredit

Realkreditaktieselskab

4.00%,

10/1/56

DKK

25,000,000

3,864,140

Financial

Services

(3.2%)

CSFB

Mortgage

Securities

5.15%,

12/3/28(b)

$

1,020,000

899,624

Nykredit

Realkredit

A/S

4.00%,

10/1/46

-

10/1/56

DKK

107,982,122

16,954,409

Realkredit

Danmark

A/S

4.00%,

10/1/56

45,670,271

7,123,190

24,977,223

28,841,363

Total

Fixed

Income

Securities

(Cost

$777,966,949)

797,211,579

–

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Short-Term

Investments

(

9

.3

%

)

Investment

Company

(

0

.8

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(f)

(Cost

$6,536,935)

6,536,935

$

6,536,935

Face

Amount

Commercial

Paper

(

1

.0

%

)

Banco

Santander

SA

4.46%,

1/14/26(b)

$

3,000,000

2,995,634

Danske

Bank

A/S

4.57%,

1/9/26(b)

2,000,000

1,998,131

HSBC

USA,

Inc.

4.79%,

1/27/26(b)

3,000,000

2,991,402

Total

Commercial

Paper

(Cost

$7,982,551)

7,985,167

U.S.

Government

and

Agency

Securities

(

7

.5

%

)

U.S.

Treasury

Bills

3.53%,

6/25/26

5,000,000

4,915,844

3.75%,

3/3/26(g)

25,000,000

24,852,651

3.76%,

4/30/26

5,000,000

4,942,569

3.77%,

2/5/26

10,000,000

9,966,650

3.96%,

2/19/26

10,000,000

9,952,613

4.23%,

1/2/26

5,000,000

5,000,000

Total

U.S.

Government

and

Agency

Securities

(Cost

$59,601,359)

59,630,327

Total

Short-Term

Investments

(Cost

$74,120,845)

74,152,429

Total

Investments

(

110

.1

%

)

(

Cost

$

852,087,794

)

(h)

(i)

871,364,008

Liabilities

in

Excess

of

Other

Assets

(-10.1%)

(79,738,240)

Net

Assets

(100.0%)

$791,625,768

(a)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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)

Multi-step

—

Coupon

rate

changes

in

predetermined

increments

to

maturity.

Rate

disclosed

is

as

of

December

31,

2025.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(d)

Inverse

floating

rate

security.

Interest

rate

disclosed

is

that

which

was

in

effect

at

December

31,

2025.

(e)

For

the

period

ended

December

31,

2025,

there

were

no

purchases

or

sales

of

Morgan

Stanley,

Commercial

Mortgage-Backed

Securities,

which

may

be

deemed

an

affiliate

of

the

Advisor

under

the

Investment

Company

Act

of

1940.

(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.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$4,583

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(g)

All

or

a

portion

of

the

security

pledged

as

collateral

for

futures

contracts.

(h)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$852,087,794.

The

aggregate

gross

unrealized

appreciation

is

$25,694,810

and

the

aggregate

gross

unrealized

depreciation

is

$6,418,596,

resulting

in

net

unrealized

appreciation

of

$19,276,214.

(i)

Securities

are

available

for

collateral

in

connection

with

open

futures

contracts.

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

EURIBOR

Euro

Interbank

Offered

Rate

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

HECM

Home

Equity

Conversion

Mortgage

ICE

Intercontinental

Exchange

IO

Interest

Only

LIBOR

London

Interbank

Offered

Rate

REMIC

Real

Estate

Mortgage

Investment

Conduit

SOFR

Secured

Overnight

Financing

Rate

SOFR30A

Secured

Overnight

Financing

Rate

30

Day

Average

SONIA

Sterling

Over

Night

Index

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

Mortgage

Opportunities

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(2.4)%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

-

(2.4)%

UMBS,

Single

Family,

30

Year,

5.00%,

TBA,

1/25/56

$

(

19,000,000

)

$

(

18,955,469

)

Total

Securities

Sold

Short

(proceeds

$18,938,086)

$

(

18,955,469

)

Foreign

Currency

Forward

Exchange

Contracts:

The

Fund

had

the

following

foreign

currency

forward

exchange

contracts

open

at

December

31,

2025:

Counterparty

Contract

to

Deliver

In

Exchange

for

Delivery

Date

Unrealized

Appreciation

(Depreciation)

Barclays

Bank

plc

$

1,045,993

GBP

1,392,124

3/18/26

$

(

17,563

)

Citibank

N.A.

$

2,066,851

CAD

1,498,577

3/18/26

(

11,952

)

Goldman

Sachs

Group,

Inc.

$

135,357

EUR

159,327

3/18/26

(

283

)

J.P.

Morgan

Chase

Bank

$

26,324,016

MXN

1,432,503

3/18/26

(

19,024

)

J.P.

Morgan

Chase

Bank

$

179,879,314

DKK

28,192,703

3/18/26

(

228,934

)

Royal

Bank

of

Canada

$

680,526

EUR

803,857

3/18/26

1,398

UBS

AG

$

27,602,669

EUR

32,290,292

3/18/26

(

258,057

)

$

(

534,415

)

CAD

Canadian

Dollar

DKK

Denmark

Krone

EUR

Euro

GBP

British

Pound

MXN

Mexican

Peso

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2025:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Depreciation

Long:

U.S.

Treasury

2

Year

Notes

84

Mar-26

$

16,800,000

$

17,538,281

$

(6,725

)

U.S.

Treasury

5

Year

Notes

932

Mar-26

93,200,000

101,871,969

(161,478

)

U.S.

Treasury

10

Year

Notes

95

Mar-26

9,500,000

10,681,563

(71,421

)

U.S.

Treasury

Long

Bonds

14

Mar-26

1,400,000

1,618,313

(17,636

)

$

(257,260

)

Portfolio

Composition

Classification  

Percentage

of

Total

Investments

Commercial

Mortgage-Backed

Securities

38‌

.5

%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

30‌

.4

Asset-Backed

Securities

19‌

.2

U.S.

Government

and

Agency

Securities

6‌

.8

Other*

5‌

.1

Total

Investments

100‌

.0

%

**

*

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

**

Does

not

include

open

futures

contracts

with

a

value

of

$

131,710,126

and

total

unrealized

depreciation

of

$

257,260

.

Does

not

include

open

foreign

currency

forward

exchange

contracts

with

net

unrealized

depreciation

of

$

534,415

.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(97.7%)

Asset-Backed

Securities

(

21

.2

%

)

AASET

Ltd.,

2025-2A

5.52%,

2/16/50(a)

$

2,457,477

$

2,477,197

AASET

MT-1

Ltd.,

2025-3A

5.24%,

2/16/50(a)

421,102

422,591

Acacia

LLC,

2025-1

5.24%,

11/15/37(a)

1,798,270

1,800,700

ACHV

ABS

Trust,

2024-3AL

5.45%,

12/26/31(a)

234,805

237,416

2024-3AL

5.68%,

12/26/31(a)

96,957

98,209

ACM

Auto

Trust,

2024-2A

6.06%,

2/20/29(a)

149,280

149,393

2025-1A

5.38%,

6/20/29(a)

154,276

154,230

2025-2A

5.55%,

6/20/28(a)

1,039,655

1,039,965

AGL

CLO

13

Ltd.,

2021-13A

CME

Term

SOFR

3

Month

+

1.80%,

5.68%,

10/20/34(a)(b)

2,000,000

2,001,850

Ally

Bank

Auto

Credit-Linked

Notes,

2025-B

4.31%,

9/15/33(a)

1,720,325

1,725,460

2025-B

4.50%,

9/15/33(a)

2,124,834

2,134,018

ALTDE

Trust,

2025-1A

5.90%,

8/15/50(a)

729,122

746,660

Alterna

Funding

III

LLC,

2024-1A

6.26%,

5/16/39(a)

737,477

739,470

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

153,424

154,729

ARES

XLIV

CLO

Ltd.,

2017-44A

CME

Term

SOFR

3

Month

+

1.75%,

5.65%,

4/15/34(a)(b)

3,000,000

3,003,804

Auxilior

Term

Funding

LLC,

2023-1A

6.18%,

12/15/28(a)

197,426

198,432

2024-1A

5.84%,

3/15/27(a)

32,646

32,712

BHG

Securitization

Trust,

2023-A

5.55%,

4/17/36(a)

91,114

91,196

Bridge

Trust,

2025-SFR1

4.20%,

9/17/42(a)

749,617

711,137

Cascade

MH

Asset

Trust,

2022-MH1

4.25%,

8/25/54(a)(c)

1,281,614

1,256,085

Face

Amount

Value

Castlelake

Aircraft

Structured

Trust,

2025-1A

5.78%,

2/15/50(a)

$

1,794,507

$

1,825,739

2025-2A

5.47%,

8/15/50(a)

1,200,980

1,216,982

2025-2A

6.30%,

8/15/50(a)

1,406,607

1,421,691

CFMT

LLC,

2023-HB12

4.25%,

4/25/33(a)(b)

2,025,000

2,010,743

Chase

Auto

Credit

Linked

Notes,

2025-1

4.75%,

2/25/33(a)

2,084,155

2,101,085

2025-1

4.85%,

2/25/33(a)

583,564

588,140

Chesapeake

Funding

II

LLC,

2024-1A

5.52%,

5/15/36(a)

429,188

434,442

Cloud

Capital

Holdco

LP,

2024-1A

5.78%,

11/22/49(a)

2,967,986

2,992,151

2024-2A

5.92%,

11/22/49(a)

250,000

253,241

Cologix

Data

Centers

US

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

3,450,000

3,392,066

Commonbond

Student

Loan

Trust,

2021-AGS

1.20%,

3/25/52(a)

625,292

535,276

Crockett

Partners

Equipment

Co.

IIA

LLC,

2024-1C

6.05%,

1/20/31(a)

365,943

372,781

Crossroads

Asset

Trust,

2024-A

5.90%,

8/20/30(a)

162,274

164,041

DataBank

Issuer

II

LLC,

2025-1A

5.18%,

9/27/55(a)

3,230,000

3,187,857

DB

Master

Finance

LLC,

2021-1A

2.05%,

11/20/51(a)

1,980,480

1,943,525

Dext

ABS

LLC,

2023-2

6.56%,

5/15/34(a)

220,890

222,144

Diamond

Infrastructure

Funding

LLC,

2021-1A

1.76%,

4/15/49(a)

600,000

583,301

Driven

Brands

Funding

LLC,

2019-2A

3.98%,

10/20/49(a)

1,980,879

1,968,730

2020-1A

3.79%,

7/20/50(a)

784,810

773,459

2020-2A

3.24%,

1/20/51(a)

1,635,520

1,586,608

2021-1A

2.79%,

10/20/51(a)

1,484,499

1,404,482

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(21.2%)

(cont’d)

ECMC

Group

Student

Loan

Trust,

2020-3A

SOFR30A

+

1.11%,

4.99%,

1/27/70(a)(b)

$

402,979

$

404,275

ELFI

Graduate

Loan

Program

LLC,

2021-A

1.53%,

12/26/46(a)

899,607

810,068

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(a)

265,968

264,697

FIGRE

Trust,

2025-FL1

5.27%,

7/25/55(a)(c)

3,229,934

3,255,299

2025-FL1

5.67%,

7/25/55(a)(c)

1,824,476

1,838,733

2025-FL2

5.05%,

11/25/55(a)(c)

1,104,214

1,107,417

FMC

GMSR

Issuer

Trust,

2020-GT1

4.45%,

1/25/26(a)(b)

1,500,000

1,493,537

FOCUS

Brands

Funding

LLC,

2017-1A

5.09%,

4/30/47(a)

2,239,920

2,236,624

GAIA

Aviation

Ltd.,

2019-1

3.97%,

12/15/44(a)(c)

324,928

322,070

Gilead

Aviation

LLC,

2025-1A

5.79%,

3/15/50(a)

1,097,508

1,116,196

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

341,557

343,904

2024-2A

5.58%,

6/17/30(a)

108,654

109,934

Goddard

Funding

LLC,

2024-1A

6.83%,

10/30/54(a)

651,420

668,175

Golub

Capital

Partners

ABS

Funding

Ltd.,

2020-1A

3.21%,

1/22/29(a)

412,130

411,205

2021-1A

2.77%,

4/20/29(a)

1,033,491

1,029,407

GS

Mortgage-Backed

Securities

Trust,

2025-HE1

SOFR30A

+

1.55%,

5.42%,

10/25/55(a)(b)

1,127,132

1,130,646

Horizon

Aircraft

Finance

IV

Ltd.,

2024-1

5.38%,

9/15/49(a)

1,059,375

1,072,283

J.P.

Morgan

Mortgage

Trust,

2023-HE2

SOFR30A

+

1.70%,

5.62%,

3/20/54(a)(b)

420,002

421,911

2024-HE1

SOFR30A

+

1.50%,

5.42%,

8/25/54(a)(b)

199,022

199,529

Face

Amount

Value

2024-HE2

SOFR30A

+

1.20%,

5.12%,

10/20/54(a)(b)

$

214,530

$

214,810

2025-HE3

SOFR30A

+

1.35%,

5.27%,

3/20/56(a)(b)

2,478,882

2,489,701

Jamestown

CLO

IX

Ltd.,

2016-9A

CME

Term

SOFR

3

Month

+

2.00%,

5.86%,

7/25/34(a)(b)

4,000,000

4,003,376

Jersey

Mike's

Funding

LLC,

2019-1A

4.43%,

2/15/50(a)

744,735

745,189

2021-1A

2.89%,

2/15/52(a)

2,589,565

2,553,757

LAD

Auto

Receivables

Trust,

2024-1A

5.23%,

1/18/28(a)

205,387

205,728

Lendbuzz

Securitization

Trust,

2024-1A

6.19%,

8/15/29(a)

433,451

435,935

2024-3A

4.97%,

10/15/29(a)

240,137

240,238

2025-1A

5.10%,

10/15/30(a)

579,022

579,222

2025-2A

5.18%,

5/15/30(a)

2,156,212

2,167,071

2025-2A

5.13%,

11/15/30(a)

1,165,000

1,172,918

loanDepot

GMSR

Trust,

2025-GT1

CME

Term

SOFR

1

Month

+

2.85%,

6.58%,

5/16/30(a)(b)

1,282,000

1,285,124

Loanpal

Solar

Loan

Ltd.,

2021-1GS

2.29%,

1/20/48(a)

756,528

639,996

2021-2GS

2.22%,

3/20/48(a)

1,010,934

825,301

Lunar

Structured

Aircraft

Portfolio

Notes,

2021-1

2.64%,

10/15/46(a)

1,227,903

1,172,829

MACH

1

Cayman

Ltd.,

2019-1

3.47%,

10/15/39(a)

86,212

85,495

MAPS

Trust,

2021-1A

2.52%,

6/15/46(a)

205,573

197,155

Marlette

Funding

Trust,

2024-1A

6.34%,

7/17/34(a)

2,226,000

2,255,453

2025-1A

4.95%,

7/16/35(a)

2,245,000

2,257,545

2025-1A

5.26%,

7/16/35(a)

753,000

759,415

Mission

Lane

Credit

Card

Master

Trust,

2025-C

4.78%,

12/16/30(a)

1,600,000

1,608,540

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(21.2%)

(cont’d)

MMP

Capital

LLC,

2025-A

5.36%,

12/15/31(a)

$

625,972

$

631,862

Monroe

Capital

ABS

Funding

Ltd.,

2021-1A

2.82%,

4/22/31(a)

627,132

624,246

Mosaic

Solar

Loan

Trust,

2019-2A

3.28%,

9/20/40(a)

1,354,567

1,216,289

2020-1A

2.10%,

4/20/46(a)

127,844

113,429

2021-1A

2.05%,

12/20/46(a)

626,779

506,898

Navigator

Aviation

Ltd.,

2024-1

5.40%,

8/15/49(a)

561,857

565,235

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

2025-1

4.18%,

9/25/30(a)

696,000

699,309

Neighborly

Issuer

LLC,

2021-1A

3.58%,

4/30/51(a)

1,236,725

1,188,336

2023-1A

7.31%,

1/30/53(a)

2,207,575

2,239,739

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

6.25%,

7/25/50(a)(b)

426,605

430,870

NRM

FNT1

Excess

LLC,

2024-FNT1

7.40%,

11/25/31(a)(c)

275,182

280,329

NRZ

Excess

Spread-Collateralized

Notes,

2021-FHT1

3.10%,

7/25/26(a)

315,261

311,549

2021-GNT1

3.47%,

11/25/26(a)

337,043

331,641

OBX

Trust,

2025-HE1

SOFR30A

+

1.60%,

5.47%,

2/25/55(a)(b)

2,054,014

2,068,961

Octane

Receivables

Trust,

2023-1A

5.87%,

5/21/29(a)

254

254

OneMain

Financial

Issuance

Trust,

2019-2A

3.66%,

10/14/36(a)

695,000

675,748

2021-1A

1.95%,

6/16/36(a)

1,627,000

1,542,178

2022-2A

5.24%,

10/14/34(a)

4,415,000

4,430,335

Oportun

Funding

Trust,

2024-3

5.48%,

8/15/29(a)

800,000

801,701

Oportun

Issuance

Trust,

2021-B

1.96%,

5/8/31(a)

196,321

193,035

Face

Amount

Value

2025-A

5.01%,

2/8/33(a)

$

500,000

$

500,015

2025-A

5.30%,

2/8/33(a)

274,000

273,966

2025-A

5.89%,

2/8/33(a)

1,234,000

1,231,979

2025-C

4.93%,

7/8/33(a)

1,590,000

1,593,255

2025-C

5.18%,

7/8/33(a)

2,770,000

2,771,620

Option

One

Mortgage

Loan

Trust,

2000-5

CME

Term

SOFR

1

Month

+

0.61%,

4.35%,

8/20/30(b)

25,971

26,421

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

26,645

26,685

Oscar

US

Funding

XVII

LLC,

2024-2A

4.63%,

12/10/27(a)

314,096

314,224

Pagaya

AI

Debt

Grantor

Trust,

2025-1

5.16%,

7/15/32(a)

356,607

359,775

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

218,142

219,896

2025-1A

5.04%,

7/20/32(a)

430,000

438,693

PK

Alift

Loan

Funding

3

LP,

2024-1

5.84%,

9/15/39(a)

262,247

268,333

Planet

Fitness

Master

Issuer

LLC,

2019-1A

3.86%,

12/5/49(a)

1,142,100

1,095,702

2022-1A

4.01%,

12/5/51(a)

481,250

457,469

2024-1A

5.77%,

6/5/54(a)

1,050,700

1,068,774

PNMAC

GMSR

Issuer

Trust,

2024-GT1

CME

Term

SOFR

1

Month

+

3.20%,

6.93%,

3/25/29(a)(b)

700,000

706,973

2025-GT1

CME

Term

SOFR

1

Month

+

2.45%,

6.18%,

8/26/30(a)(b)

1,135,000

1,140,096

Post

Road

Equipment

Finance

LLC,

2024-1A

5.59%,

11/15/29(a)

187,702

188,541

RAM

LLC,

2025-1

5.45%,

5/15/40(a)

1,618,592

1,627,243

RCKT

Trust,

2025-1A

5.16%,

7/25/34(a)

1,690,000

1,698,686

RCKTL,

2025-2A

4.48%,

11/27/34(a)

1,531,951

1,533,767

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(21.2%)

(cont’d)

2025-2A

4.60%,

11/27/34(a)

$

1,825,000

$

1,828,441

Reach

ABS

Trust,

2024-2A

5.88%,

7/15/31(a)

93,456

93,847

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

US

Prime

Rate

-

0.50%,

6.25%,

12/27/44(a)(b)

14,758

14,748

Research-Driven

Pagaya

Motor

Asset

Trust,

2025-1A

5.04%,

6/27/33(a)

1,499,116

1,505,349

2025-1A

5.49%,

6/27/33(a)

1,200,000

1,203,141

2025-4A

5.12%,

4/25/34(a)

930,000

933,902

Retained

Vantage

Data

Centers

Issuer

LLC,

2023-1A

5.00%,

9/15/48(a)

861,000

859,192

Saluda

Grade

Alternative

Mortgage

Trust,

2025-LOC5

CME

Term

SOFR

1

Month

+

1.60%,

5.55%,

10/25/55(a)(b)

3,088,575

3,096,284

Santander

Bank

Auto

Credit-Linked

Notes,

2023-A

13.75%,

6/15/33(a)

1,510,000

1,574,727

2025-A

4.48%,

1/16/34(a)

1,165,197

1,168,658

2025-A

4.66%,

1/16/34(a)

779,975

782,299

Service

Experts

Issuer

LLC,

2025-1A

5.38%,

1/20/37(a)

1,858,796

1,862,477

ServiceMaster

Funding

LLC,

2020-1

2.84%,

1/30/51(a)

3,278,170

3,122,227

2021-1

2.87%,

7/30/51(a)

786,533

738,223

SERVPRO

Master

Issuer

LLC,

2021-1A

2.39%,

4/25/51(a)

1,590,075

1,505,431

2025-1A

5.53%,

10/25/55(a)

1,858,000

1,854,864

SoFi

Consumer

Loan

Program

Trust,

2025-2

4.97%,

6/25/34(a)

945,000

955,072

2025-4

4.60%,

8/25/35(a)

3,000,000

3,012,167

STAR

Trust,

2021-SFR2

CME

Term

SOFR

1

Month

+

2.96%,

6.70%,

1/17/39(a)(b)

317,097

317,637

2022-SFR3

CME

Term

SOFR

1

Month

+

4.50%,

8.24%,

5/17/39(a)(b)

551,577

554,504

Face

Amount

Value

2025-SFR5

CME

Term

SOFR

1

Month

+

1.45%,

5.19%,

2/17/42(a)(b)

$

1,277,314

$

1,279,375

2025-SFR5

CME

Term

SOFR

1

Month

+

1.95%,

5.69%,

2/17/42(a)(b)

497,000

497,706

2025-SFR6

CME

Term

SOFR

1

Month

+

1.65%,

5.39%,

8/17/42(a)(b)

1,129,000

1,130,409

Start

II

Ltd.,

2019-1

4.09%,

3/15/44(a)

857,031

855,052

Start

Ltd.,

2018-1

4.09%,

5/15/43(a)

538,975

539,892

Stream

Innovations

Issuer

Trust,

2024-1A

6.27%,

7/15/44(a)

219,580

228,478

Subway

Funding

LLC,

2024-3A

5.25%,

7/30/54(a)

1,513,229

1,510,558

2024-3A

5.57%,

7/30/54(a)

495,000

491,993

Sunnova

Helios

V

Issuer

LLC,

2021-A

1.80%,

2/20/48(a)

695,156

550,224

Tesla

Lease

Electric

Vehicle

Securitization

LLC,

2025-A

4.27%,

11/20/28(a)

2,205,000

2,217,774

Theorem

Funding

Trust,

2022-3A

8.95%,

4/15/29(a)

672,200

676,370

Towd

Point

Mortgage

Trust,

2025-HE2

SOFR30A

+

1.35%,

5.22%,

9/25/65(a)(b)

3,047,349

3,054,956

Tricon

Residential

Trust,

2025-SFR1

CME

Term

SOFR

1

Month

+

1.60%,

5.34%,

3/17/42(a)(b)

1,620,000

1,622,621

Truist

Bank

Auto

Credit-Linked

Notes,

2025-1

4.73%,

9/26/33(a)

2,187,194

2,191,858

UPX

HIL

Issuer

Trust,

2025-1

5.16%,

1/25/47(a)

2,647,574

2,670,162

VCP

RRL

ABS

I

Ltd.,

2021-1A

2.15%,

10/20/31(a)

158,209

156,146

Willis

Engine

Structured

Trust

IX,

2025-B

5.16%,

12/15/50(a)

2,058,000

2,066,247

Willis

Engine

Structured

Trust

VIII,

2025-A

5.58%,

6/15/50(a)

1,630,601

1,659,265

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(21.2%)

(cont’d)

Wingspire

Equipment

Finance

LLC,

2024-1A

4.99%,

9/20/32(a)

$

235,997

$

237,445

179,298,224

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  (

5

.5

%

)

FHLMC

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.32%,

6.33%,

7/1/38(b)

70,271

71,849

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.18%,

6.38%,

6/1/38(b)

33,449

34,222

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.32%,

6.38%,

3/1/37(b)

94,892

97,150

US

Treasury

Yield

Curve

Rate

T

Note

Constant

Maturity

1

Year

+

2.33%,

6.44%,

1/1/36(b)

73,074

74,693

FHLMC

Gold

Pool,

30

Year

7.50%,

5/1/35

4,648

4,930

8.00%,

8/1/32

2,162

2,276

8.50%,

8/1/31

2,780

2,939

GNMA

I,

30

Year

8.50%,

7/15/30

13

13

GNMA

I,

Single

Family,

30

Year

6.00%,

11/15/38

35,239

36,926

UMBS

Pool,

30

Year

5.50%,

11/1/54

-

9/1/55

20,860,629

21,170,045

UMBS,

30

Year

5.50%,

11/1/54

-

2/1/55

9,226,694

9,364,030

6.00%,

9/1/37

20,143

21,268

6.50%,

2/1/28

-

10/1/32

37,191

38,925

7.00%,

7/1/29

-

3/1/37

54,469

57,454

7.50%,

8/1/37

6,249

6,629

8.00%,

4/1/33

10,173

10,728

8.50%,

10/1/32

5,334

5,632

UMBS,

Single

Family,

30

Year

5.00%,

1/25/56,

TBA

15,516,000

15,479,634

5.50%,

1/25/56

-

2/25/56

432,000

437,881

46,917,224

Commercial

Mortgage-Backed

Securities

(

18

.0

%

)

Ajax

Mortgage

Loan

Trust

1.70%,

5/25/59(a)(c)

325,001

311,108

Angel

Oak

SB

Commercial

Mortgage

Trust

2.07%,

5/25/50(a)(b)

187,729

183,207

BAMLL

Commercial

Mortgage

Securities

Trust

3.47%,

11/5/32(a)

591,000

557,209

BAMLL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

6.10%,

8/15/39(a)(b)

534,000

535,871

CME

Term

SOFR

1

Month

+

2.90%,

6.65%,

8/15/39(a)(b)

770,000

776,886

Bellemeade

RE

Ltd.

SOFR30A

+

3.85%,

7.72%,

9/25/31(a)(b)

2,100,000

2,172,470

Face

Amount

Value

BF

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.50%,

5.25%,

12/15/35(a)(b)

$

1,328,000

$

1,322,091

BFLD

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.50%,

5.25%,

11/15/42(a)(b)

1,370,000

1,375,957

CME

Term

SOFR

1

Month

+

1.80%,

5.55%,

11/15/42(a)(b)

865,000

869,281

CME

Term

SOFR

1

Month

+

1.84%,

5.59%,

11/15/41(a)(b)

500,000

501,558

BFLD

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.89%,

5.64%,

7/15/41(a)(b)

2,542,000

2,556,616

BOCA

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.60%,

5.45%,

12/15/42(a)(b)

1,557,000

1,561,621

Brean

Asset-Backed

Securities

Trust

5.25%,

1/25/63(a)(c)

1,615,116

1,619,593

Bunker

Hill

Loan

Depositary

Trust

1.72%,

2/25/55(a)(b)

4,124

4,116

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.81%,

4.56%,

4/15/34(a)(b)

1,100,000

1,088,080

CME

Term

SOFR

1

Month

+

2.11%,

5.86%,

6/15/27(a)(b)

1,127,000

1,130,232

CME

Term

SOFR

1

Month

+

3.14%,

6.89%,

6/15/27(a)(b)

1,745,000

1,752,256

CME

Term

SOFR

1

Month

+

3.89%,

7.64%,

6/15/27(a)(b)

980,000

985,748

BX

Trust

CME

Term

SOFR

1

Month

+

1.85%,

5.60%,

7/15/42(a)(b)

1,675,000

1,682,171

Chase

Home

Lending

Mortgage

Trust

5.50%,

2/25/56(a)(b)

2,021,331

2,039,886

COMM

Mortgage

Trust

5.50%,

8/10/40(a)

1,000,000

1,004,709

CSMC

Trust

3.90%,

4/25/62(a)(b)

1,153,849

1,120,002

CME

Term

SOFR

1

Month

+

3.83%,

7.58%,

8/15/26(a)(b)

2,512,868

2,439,789

DBC

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.35%,

5.10%,

11/15/42(a)(b)

1,875,000

1,879,128

CME

Term

SOFR

1

Month

+

1.60%,

5.35%,

11/15/42(a)(b)

1,095,000

1,098,255

Durst

Commercial

Mortgage

Trust

5.82%,

8/10/42(a)(b)

995,000

1,016,300

6.79%,

8/10/42(a)(b)

719,000

744,396

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.60%,

5.35%,

10/15/42(a)(b)

2,900,000

2,909,342

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

2/25/59

414,679

387,063

FHLMC

STACR

REMIC

Trust

SOFR30A

+

7.80%,

11.67%,

11/25/41(a)(b)

880,000

926,869

SOFR30A

+

8.50%,

12.37%,

2/25/42(a)(b)

1,035,000

1,111,231

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(18.0%)

(cont’d)

FHLMC

STACR

Trust

SOFR30A

+

6.25%,

10.12%,

9/25/41(a)(b)

$

660,000

$

681,215

FHLMC,

REMIC

SOFR30A

+

0.95%,

4.82%,

10/25/54(b)

2,538,046

2,543,541

SOFR30A

+

1.00%,

4.87%,

2/25/54(b)

1,791,489

1,797,629

SOFR30A

+

1.00%,

4.87%,

3/25/55(b)

159,345

159,835

SOFR30A

+

1.00%,

4.87%,

3/25/55(b)

996,314

999,485

SOFR30A

+

1.00%,

4.87%,

4/25/55(b)

1,445,855

1,443,030

SOFR30A

+

1.05%,

4.92%,

4/25/54(b)

1,930,681

1,937,584

SOFR30A

+

1.05%,

4.92%,

10/25/54(b)

1,944,467

1,951,611

SOFR30A

+

1.10%,

4.97%,

4/25/54(b)

2,008,256

2,017,381

SOFR30A

+

1.10%,

4.97%,

4/25/54(b)

673,980

678,609

SOFR30A

+

1.10%,

4.97%,

5/25/54(b)

603,821

607,930

SOFR30A

+

1.10%,

4.97%,

9/25/54(b)

1,769,475

1,777,887

SOFR30A

+

1.15%,

5.02%,

2/25/55(b)

2,938,303

2,953,417

SOFR30A

+

1.15%,

5.02%,

7/25/55(b)

2,721,791

2,730,092

SOFR30A

+

1.20%,

5.07%,

8/25/54(b)

2,458,193

2,473,921

SOFR30A

+

1.25%,

5.12%,

5/25/54(b)

2,482,345

2,501,540

SOFR30A

+

1.26%,

5.13%,

4/25/54(b)

2,063,435

2,081,312

SOFR30A

+

1.30%,

5.17%,

8/25/54(b)

864,748

869,837

SOFR30A

+

1.40%,

5.27%,

1/25/54(b)

1,248,266

1,259,837

SOFR30A

+

1.43%,

5.30%,

12/25/54(b)

816,556

821,839

7.50%,

9/15/29

41,534

42,503

FHLMC,

Strips

SOFR30A

+

1.30%,

5.17%,

10/25/53(b)

1,012,524

1,021,264

FNMA,

REMIC

SOFR30A

+

0.95%,

4.82%,

1/25/54(b)

391,421

393,169

SOFR30A

+

1.05%,

4.92%,

9/25/55(b)

2,226,082

2,230,818

SOFR30A

+

1.10%,

4.97%,

9/25/54(b)

1,698,292

1,706,828

SOFR30A

+

1.10%,

4.97%,

9/25/54(b)

2,295,917

2,306,871

SOFR30A

+

1.15%,

5.02%,

6/25/54(b)

1,241,389

1,249,392

Face

Amount

Value

SOFR30A

+

1.15%,

5.02%,

6/25/54(b)

$

1,726,583

$

1,732,485

SOFR30A

+

1.15%,

5.02%,

8/25/55(b)

2,250,400

2,258,857

SOFR30A

+

1.00%,

5.07%,

11/25/54(b)

2,583,000

2,584,292

SOFR30A

+

1.20%,

5.07%,

5/25/54(b)

584,711

587,628

SOFR30A

+

1.30%,

5.17%,

10/25/53(b)

2,884,833

2,912,158

SOFR30A

+

1.47%,

5.34%,

11/25/54(b)

2,631,693

2,652,075

Fontainebleau

Miami

Beach

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.85%,

5.60%,

12/15/39(a)(b)

2,195,000

2,203,256

FS

Commercial

Mortgage

Trust

7.07%,

11/10/39(a)

920,000

936,983

GNMA

CME

Term

SOFR

1

Month

+

0.39%,

4.39%,

5/20/63(b)

1,927

1,920

CME

Term

SOFR

1

Month

+

0.56%,

4.56%,

5/20/62(b)

83

83

CME

Term

SOFR

1

Month

+

0.61%,

4.61%,

3/20/61(b)

13,632

13,690

CME

Term

SOFR

1

Month

+

0.67%,

4.67%,

9/20/62(b)

27,232

27,404

CME

Term

SOFR

1

Month

+

0.71%,

4.71%,

1/20/64(b)

9,063

9,116

SOFR30A

+

0.90%,

4.82%,

7/20/53(b)

1,682,649

1,685,984

SOFR30A

+

0.95%,

4.87%,

3/20/54(b)

498,332

499,325

SOFR30A

+

1.00%,

4.92%,

2/20/54(b)

1,052,739

1,055,325

SOFR30A

+

1.00%,

4.92%,

12/20/54(b)

960,589

963,888

SOFR30A

+

1.00%,

4.92%,

6/20/55(b)

1,617,337

1,620,869

SOFR30A

+

1.00%,

4.92%,

9/20/64(b)

1,868,807

1,876,252

SOFR30A

+

1.05%,

4.97%,

12/20/54(b)

1,441,012

1,448,475

SOFR30A

+

1.05%,

4.97%,

10/20/55(b)

1,747,869

1,756,301

SOFR30A

+

1.10%,

5.02%,

8/20/53(b)

1,701,368

1,709,332

SOFR30A

+

1.10%,

5.02%,

8/20/65(b)

2,451,721

2,460,759

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

1.54%,

5.29%,

3/15/39(a)(b)

1,391,000

1,394,678

GSJP

Trust

CME

Term

SOFR

1

Month

+

1.50%,

5.26%,

12/15/42(a)(b)

2,002,000

2,005,888

GWT

CME

Term

SOFR

1

Month

+

1.69%,

5.44%,

5/15/41(a)(b)

570,000

572,286

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(18.0%)

(cont’d)

Hawaii

Hotel

Trust

CME

Term

SOFR

1

Month

+

1.39%,

5.14%,

3/15/42(a)(b)

$

520,000

$

521,151

CME

Term

SOFR

1

Month

+

1.74%,

5.49%,

3/15/42(a)(b)

2,500,000

2,501,561

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

5.39%,

6/15/41(a)(b)

1,267,500

1,271,438

CME

Term

SOFR

1

Month

+

1.99%,

5.74%,

6/15/41(a)(b)

400,000

401,711

Home

RE

Ltd.

SOFR30A

+

4.15%,

8.02%,

1/25/34(a)(b)

1,005,000

1,030,241

Hudson

Yards

Mortgage

Trust

6.34%,

1/13/40(a)(b)

1,075,000

1,119,583

HYT

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.84%,

5.59%,

9/15/41(a)(b)

3,275,000

3,286,016

CME

Term

SOFR

1

Month

+

2.84%,

6.59%,

9/15/41(a)(b)

297,000

298,222

INTOWN

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.25%,

6.00%,

3/15/42(a)(b)

2,181,000

2,188,146

JW

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.94%,

5.69%,

6/15/39(a)(b)

436,000

437,585

LHOME

Mortgage

Trust

7.02%,

1/25/29(a)(c)

610,000

613,086

loanDepot

GMSR

Trust

CME

Term

SOFR

1

Month

+

2.75%,

6.59%,

12/19/30(a)(b)

1,548,000

1,551,057

Marlette

Funding

Trust

7.20%,

4/15/33(a)

576,867

578,861

MFA

Trust

6.33%,

9/25/54(c)

426,594

427,511

New

Residential

Mortgage

Loan

Trust

3.75%,

5/28/52(a)(b)

22,225

21,571

3.75%,

8/25/55(a)(b)

49,992

49,144

3.77%,

9/25/57(a)(b)

135,811

128,627

NJ

6.08%,

3/5/35(a)(b)

540,000

547,210

NRM

FHT1

Excess

Owner

LLC

6.55%,

3/25/32(a)(c)

453,064

462,632

NRTH

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.39%,

5.14%,

10/15/40(a)(b)

435,000

436,037

NYCT

Trust

CME

Term

SOFR

1

Month

+

1.99%,

5.74%,

8/15/29(a)(b)

1,020,000

1,024,559

NYO

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.21%,

4.96%,

11/15/38(a)(b)

2,035,000

2,035,234

Oceanview

Mortgage

Loan

Trust

1.73%,

5/28/50(a)(b)

113,414

108,312

ORL

Trust

CME

Term

SOFR

1

Month

+

1.49%,

5.24%,

12/15/39(a)(b)

712,000

714,019

Face

Amount

Value

CME

Term

SOFR

1

Month

+

1.89%,

5.64%,

12/15/39(a)(b)

$

2,642,000

$

2,651,989

CME

Term

SOFR

1

Month

+

2.79%,

6.54%,

12/15/39(a)(b)

254,000

255,369

PENN

Commercial

Mortgage

Trust

5.34%,

8/10/42(a)(b)

960,000

984,509

PRKCM

Trust

6.99%,

9/25/58(a)(c)

1,673,064

1,690,050

PRM5

Trust

5.62%,

3/10/33(a)(b)

600,000

600,961

PRMI

Securitization

Trust

SOFR30A

+

1.50%,

5.43%,

12/25/55(a)(b)

1,790,000

1,787,632

Provident

Funding

Mortgage

Trust

5.50%,

11/25/55(a)(b)

2,404,333

2,426,404

6.00%,

8/25/55(a)(b)

943,773

957,506

Radian

Mortgage

Capital

Trust

6.00%,

12/25/55(a)(b)

594,328

602,542

Radnor

Re

Ltd.

SOFR30A

+

2.70%,

6.57%,

7/25/33(a)(b)

284,912

286,344

SDR

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.74%,

5.49%,

5/15/39(a)(b)

437,000

436,513

Sequoia

Mortgage

Trust

CME

Term

SOFR

1

Month

+

0.73%,

4.47%,

8/20/34(b)

39,837

37,295

SHR

Trust

CME

Term

SOFR

1

Month

+

1.95%,

5.70%,

10/15/41(a)(b)

500,000

501,848

Silver

Hill

Trust

3.10%,

11/25/49(a)(b)

15,963

15,907

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

5.34%,

6/15/39(a)(b)

1,375,000

1,377,566

TYSN

Mortgage

Trust

6.58%,

12/10/33(a)(b)

540,000

568,910

Wingspire

Equipment

Finance

LLC

4.33%,

9/20/33(a)

1,105,000

1,107,519

151,913,105

Corporate

Bonds

(

44

.3

%

)

Aerospace

&

Defense

(0.9%)

Boeing

Co.

(The)

6.30%,

5/1/29(d)

4,082,000

4,334,244

Hexcel

Corp.

4.20%,

2/15/27(c)

1,946,000

1,942,850

TransDigm,

Inc.

6.38%,

3/1/29(a)(d)

1,229,000

1,268,966

7,546,060

Automobile

Components

(0.2%)

Clarios

Global

LP

6.75%,

2/15/30(a)

1,377,000

1,441,113

Automobiles

(1.4%)

General

Motors

Co.

6.80%,

10/1/27(d)

3,689,000

3,842,005

Hyundai

Capital

America

4.50%,

9/18/30(a)

3,446,000

3,447,626

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(44.3%)

(cont’d)

4.90%,

6/23/28(a)(d)

$

4,079,000

$

4,143,837

11,433,468

Banks

(12.5%)

AIB

Group

plc

6.61%,

9/13/29(a)(b)(d)

2,843,000

3,020,006

Banco

Santander

SA

4.18%,

3/24/28(b)

2,600,000

2,601,453

5.59%,

8/8/28(d)

3,500,000

3,631,147

6.61%,

11/7/28(d)

2,056,000

2,195,456

Bank

of

America

Corp.

3.42%,

12/20/28(b)

1,038,000

1,025,278

3.50%,

4/19/26(d)

400,000

399,525

4.38%,

4/27/28(b)(d)

5,874,000

5,898,983

5.08%,

1/20/27(b)

1,408,000

1,408,701

5.16%,

1/24/31(b)(d)

4,106,000

4,239,720

BNP

Paribas

SA

5.34%,

6/12/29(a)(b)

2,714,000

2,785,134

BPCE

SA

5.88%,

1/14/31(a)(b)(d)

1,134,000

1,185,686

6.71%,

10/19/29(a)(b)

1,109,000

1,177,033

CaixaBank

SA

4.89%,

7/3/31(a)(b)

4,131,000

4,193,820

Canadian

Imperial

Bank

of

Commerce

4.58%,

9/8/31(b)(d)

2,960,000

2,983,907

Citizens

Financial

Group,

Inc.

5.25%,

3/5/31(b)

963,000

989,838

DNB

Bank

ASA

4.38%,

11/4/31(a)(b)(d)

4,298,000

4,282,685

HSBC

Holdings

plc

5.60%,

5/17/28(b)

2,911,000

2,965,985

HSBC

USA,

Inc.

4.65%,

6/3/28

645,000

655,134

ING

Groep

NV

5.07%,

3/25/31(b)(d)

6,691,000

6,859,060

Intesa

Sanpaolo

SpA

5.71%,

1/15/26(a)(d)

3,684,000

3,685,839

JPMorgan

Chase

&

Co.

3.63%,

12/1/27

300,000

298,597

4.26%,

10/22/31(b)

3,170,000

3,161,064

4.92%,

1/24/29(b)(d)

325,000

331,088

5.01%,

1/23/30(b)(d)

1,294,000

1,326,915

5.14%,

1/24/31(b)(d)

2,789,000

2,883,229

5.57%,

4/22/28(b)(d)

1,408,000

1,436,400

6.09%,

10/23/29(b)

5,225,000

5,504,966

KeyBank

NA

5.85%,

11/15/27(d)

1,385,000

1,427,741

NatWest

Group

plc

5.12%,

5/23/31(b)(d)

5,272,000

5,416,232

PNC

Bank

NA

2.70%,

10/22/29(d)

982,000

927,630

PNC

Financial

Services

Group,

Inc.

(The)

4.90%,

5/13/31(b)(d)

1,635,000

1,673,842

5.30%,

1/21/28(b)

1,495,000

1,514,764

Royal

Bank

of

Canada

4.31%,

11/3/31(b)(d)

3,491,000

3,475,608

4.70%,

8/6/31(b)(d)

3,963,000

4,015,695

4.97%,

5/2/31(b)

1,803,000

1,844,528

Face

Amount

Value

Societe

Generale

SA

5.51%,

5/22/31(a)(b)(d)

$

3,760,000

$

3,878,384

Swedbank

AB

6.14%,

9/12/26(a)

1,516,000

1,538,478

Synovus

Bank

5.63%,

2/15/28

1,828,000

1,867,909

Synovus

Financial

Corp.

6.17%,

11/1/30(b)(d)

2,319,000

2,410,780

Truist

Financial

Corp.

6.05%,

6/8/27(b)

2,138,000

2,155,501

Wells

Fargo

&

Co.

3.90%,

3/15/26(b)(e)

2,862,000

2,854,842

106,128,583

Biotechnology

(0.2%)

Biogen,

Inc.

2.25%,

5/1/30(d)

2,050,000

1,884,425

Building

Products

(0.3%)

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/28(a)(d)

2,130,000

2,141,485

Capital

Markets

(5.6%)

Antares

Holdings

LP

2.75%,

1/15/27(a)

398,000

389,165

3.75%,

7/15/27(a)(d)

1,619,000

1,583,991

Bank

of

New

York

Mellon

(The)

4.73%,

4/20/29(b)

995,000

1,011,497

Bank

of

New

York

Mellon

Corp.

(The)

4.94%,

2/11/31(b)(d)

1,114,000

1,145,883

Blue

Owl

Credit

Income

Corp.

6.60%,

9/15/29

1,844,000

1,899,321

Brookfield

Asset

Management

Ltd.

4.65%,

11/15/30(d)

4,391,000

4,428,053

CI

Financial

Corp.

7.50%,

5/30/29(a)(d)

3,213,000

3,419,289

Citadel

Finance

LLC

5.90%,

2/10/30(a)

2,850,000

2,910,722

Citadel

LP

6.00%,

1/23/30(a)(d)

551,000

575,880

Citadel

Securities

Global

Holdings

LLC

5.50%,

6/18/30(a)(d)

3,321,000

3,410,644

Deutsche

Bank

AG

5.37%,

1/10/29(b)

2,842,000

2,900,454

Goldman

Sachs

Bank

USA

5.28%,

3/18/27(b)

600,000

601,527

5.41%,

5/21/27(b)

841,000

845,502

Goldman

Sachs

Group,

Inc.

(The)

4.37%,

10/21/31(b)(d)

1,895,000

1,890,889

5.22%,

4/23/31(b)(d)

3,009,000

3,108,453

HAT

Holdings

I

LLC

3.75%,

9/15/30(a)(d)

2,426,000

2,249,043

Jefferies

Financial

Group,

Inc.

2.63%,

10/15/31(d)

1,348,000

1,196,692

2.75%,

10/15/32

909,000

791,460

4.15%,

1/23/30(d)

1,426,000

1,407,192

LPL

Holdings,

Inc.

4.00%,

3/15/29(a)

2,424,000

2,384,712

Marex

Group

plc

6.40%,

11/4/29(d)

1,658,000

1,720,234

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(44.3%)

(cont’d)

Oaktree

Strategic

Credit

Fund

6.50%,

7/23/29

$

661,000

$

681,235

8.40%,

11/14/28

1,398,000

1,507,061

UBS

Group

AG

4.25%,

3/23/28(a)

5,481,000

5,482,320

47,541,219

Chemicals

(0.3%)

Avient

Corp.

7.13%,

8/1/30(a)(d)

1,041,000

1,075,701

LYB

International

Finance

III

LLC

5.13%,

1/15/31(d)

1,153,000

1,157,922

2,233,623

Consumer

Finance

(2.0%)

Aircastle

Ltd.

5.75%,

10/1/31(a)

1,163,000

1,212,728

Azorra

Finance

Ltd.

7.75%,

4/15/30(a)

1,329,000

1,408,453

Ford

Motor

Credit

Co.

LLC

4.54%,

8/1/26

1,464,000

1,462,367

5.11%,

5/3/29

2,887,000

2,892,354

5.30%,

9/6/29

1,907,000

1,922,862

5.88%,

11/7/29(d)

817,000

839,001

General

Motors

Financial

Co.,

Inc.

2.40%,

4/10/28(d)

1,150,000

1,108,067

5.40%,

4/6/26(d)

1,178,000

1,182,200

Stellantis

Financial

Services

US

Corp.

5.40%,

9/15/30(a)

5,090,000

5,171,541

17,199,573

Diversified

REITs

(0.3%)

VICI

Properties

LP

3.88%,

2/15/29(a)

2,599,000

2,551,996

Diversified

Telecommunication

Services

(0.5%)

CCO

Holdings

LLC

5.13%,

5/1/27(a)(d)

4,285,000

4,281,595

Electric

Utilities

(1.4%)

Capital

Power

US

Holdings,

Inc.

5.26%,

6/1/28(a)

4,278,000

4,365,290

Liberty

Utilities

Co.

5.58%,

1/31/29(a)

1,590,000

1,643,066

NextEra

Energy

Capital

Holdings,

Inc.

4.69%,

9/1/27(d)

2,416,000

2,446,010

4.90%,

2/28/28(d)

1,116,000

1,137,105

Vistra

Operations

Co.

LLC

4.30%,

10/15/28(a)

2,177,000

2,184,717

11,776,188

Electronic

Equipment,

Instruments

&

Components

(0.5%)

TD

SYNNEX

Corp.

4.30%,

1/17/29

985,000

983,420

Vontier

Corp.

1.80%,

4/1/26

3,534,000

3,511,843

4,495,263

Face

Amount

Value

Financial

Services

(1.3%)

Enact

Holdings,

Inc.

6.25%,

5/28/29

$

1,226,000

$

1,284,896

Essent

Group

Ltd.

6.25%,

7/1/29

2,672,000

2,790,788

HA

Sustainable

Infrastructure

Capital,

Inc.

6.38%,

7/1/34

1,906,000

1,942,478

Radian

Group,

Inc.

4.88%,

3/15/27(d)

2,749,000

2,759,877

Rocket

Mortgage

LLC

3.63%,

3/1/29(a)(d)

2,651,000

2,562,492

11,340,531

Food

Products

(1.0%)

JDE

Peet's

NV

1.38%,

1/15/27(a)

3,079,000

2,983,942

Smithfield

Foods,

Inc.

4.25%,

2/1/27(a)

5,061,000

5,045,357

8,029,299

Ground

Transportation

(0.3%)

Ashtead

Capital,

Inc.

4.38%,

8/15/27(a)

575,000

574,902

Uber

Technologies,

Inc.

4.50%,

8/15/29(a)(d)

1,658,000

1,661,312

2,236,214

Health

Care

Equipment

&

Supplies

(0.2%)

Medline

Borrower

LP

5.25%,

10/1/29(a)(d)

1,310,000

1,317,855

Health

Care

Providers

&

Services

(1.3%)

Centene

Corp.

2.45%,

7/15/28(d)

1,336,000

1,251,998

4.63%,

12/15/29(d)

5,824,000

5,653,029

HCA,

Inc.

3.13%,

3/15/27

1,024,000

1,013,628

5.50%,

3/1/32(d)

3,164,000

3,298,480

11,217,135

Health

Care

REITs

(0.6%)

CTR

Partnership

LP

3.88%,

6/30/28(a)(d)

3,074,000

3,029,752

DOC

DR

LLC

2.63%,

11/1/31(d)

2,131,000

1,919,721

4,949,473

Hotels,

Restaurants

&

Leisure

(0.2%)

Las

Vegas

Sands

Corp.

6.00%,

6/14/30

1,946,000

2,042,040

Independent

Power

and

Renewable

Electricity

Producers

(0.1%)

Calpine

Corp.

5.13%,

3/15/28(a)

553,000

553,880

Insurance

(3.8%)

American

International

Group,

Inc.

3.40%,

6/30/30(d)

2,120,000

2,046,542

American

National

Global

Funding

5.25%,

6/3/30(a)

1,236,000

1,257,427

5.55%,

1/28/30(a)

423,000

434,681

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(44.3%)

(cont’d)

American

National

Group,

Inc.

5.75%,

10/1/29(d)

$

1,446,000

$

1,497,373

6.14%,

6/13/32(a)(d)

546,000

569,709

Athene

Global

Funding

4.72%,

10/8/29(a)

1,455,000

1,457,457

4.95%,

1/7/27(a)

1,867,000

1,880,966

5.35%,

7/9/27(a)(d)

1,300,000

1,322,266

5.52%,

3/25/27(a)

3,273,000

3,325,482

Athene

Holding

Ltd.

6.65%,

2/1/33

660,000

715,477

Fortitude

Global

Funding

4.63%,

10/6/28(a)

2,592,000

2,595,720

Fortitude

Group

Holdings

LLC

6.25%,

4/1/30(a)(d)

1,366,000

1,423,843

GA

Global

Funding

Trust

4.40%,

9/23/27(a)

865,000

868,780

Global

Atlantic

Fin

Co.

4.40%,

10/15/29(a)

3,606,000

3,553,029

Intact

Financial

Corp.

5.46%,

9/22/32(a)

2,894,000

2,995,005

Liberty

Mutual

Group,

Inc.

4.13%,

12/15/51(a)(b)(d)

1,889,000

1,863,030

NLG

Global

Funding

4.35%,

9/15/30(a)(d)

2,568,000

2,538,044

Willis

North

America,

Inc.

4.55%,

3/15/31

2,150,000

2,153,525

32,498,356

Media

(0.6%)

Charter

Communications

Operating

LLC

6.10%,

6/1/29

2,581,000

2,694,916

McGraw-Hill

Education,

Inc.

5.75%,

8/1/28(a)(d)

1,283,000

1,290,471

Videotron

Ltd.

3.63%,

6/15/29(a)

1,228,000

1,196,244

5,181,631

Multi-Utilities

(0.6%)

Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/26(c)(d)

5,428,000

5,454,767

Office

REITs

(0.2%)

COPT

Defense

Properties

LP

2.00%,

1/15/29

414,000

386,862

2.75%,

4/15/31(d)

1,181,000

1,078,347

1,465,209

Oil,

Gas

&

Consumable

Fuels

(1.2%)

Occidental

Petroleum

Corp.

5.20%,

8/1/29(d)

3,384,000

3,470,345

7.95%,

4/15/29

975,000

1,047,647

ONEOK,

Inc.

5.38%,

6/1/29(d)

2,539,000

2,617,323

Raizen

Fuels

Finance

SA

6.25%,

7/8/32(a)

1,501,000

1,262,716

TerraForm

Power

Operating

LLC

5.00%,

1/31/28(a)

1,496,000

1,495,427

9,893,458

Face

Amount

Value

Passenger

Airlines

(1.8%)

A/S

Mileage

Plan

IP

Ltd.

5.02%,

10/20/29(a)(d)

$

2,551,000

$

2,573,082

5.31%,

10/20/31(a)(d)

190,000

191,781

Air

Canada

3.88%,

8/15/26(a)

2,705,000

2,693,650

American

Airlines,

Inc.

5.50%,

4/20/26(a)

658,847

660,126

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)

4,953,200

4,984,107

United

Airlines,

Inc.

4.38%,

4/15/26(a)

4,454,000

4,451,108

15,553,854

Personal

Care

Products

(0.1%)

Edgewell

Personal

Care

Co.

4.13%,

4/1/29(a)(d)

643,000

615,279

Pharmaceuticals

(0.5%)

Utah

Acquisition

Sub,

Inc.

3.95%,

6/15/26(d)

4,169,000

4,160,176

Professional

Services

(0.5%)

Concentrix

Corp.

6.65%,

8/2/26

4,342,000

4,385,171

Semiconductors

&

Semiconductor

Equipment

(0.7%)

Foundry

JV

Holdco

LLC

5.90%,

1/25/33(a)

3,486,000

3,650,660

Qorvo,

Inc.

3.38%,

4/1/31(a)

1,975,000

1,833,657

5,484,317

Software

(0.5%)

Oracle

Corp.

4.80%,

9/26/32

3,920,000

3,785,526

Specialized

REITs

(0.7%)

EPR

Properties

3.75%,

8/15/29

141,000

136,816

4.75%,

11/15/30(d)

3,550,000

3,523,661

4.95%,

4/15/28

2,247,000

2,265,395

5,925,872

Specialty

Retail

(0.5%)

Lithia

Motors,

Inc.

3.88%,

6/1/29(a)

2,488,000

2,407,456

4.63%,

12/15/27(a)(d)

596,000

597,474

Sonic

Automotive,

Inc.

4.63%,

11/15/29(a)(d)

1,522,000

1,495,119

4,500,049

Technology

Hardware,

Storage

&

Peripherals

(0.3%)

Diebold

Nixdorf,

Inc.

7.75%,

3/31/30(a)

884,000

942,933

Seagate

Data

Storage

Technology

Pte.

Ltd.

9.63%,

12/1/32(a)

1,562,000

1,774,168

2,717,101

Tobacco

(0.5%)

Imperial

Brands

Finance

plc

5.50%,

2/1/30(a)

4,207,000

4,362,541

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(44.3%)

(cont’d)

Trading

Companies

&

Distributors

(0.3%)

Imola

Merger

Corp.

4.75%,

5/15/29(a)(d)

$

2,615,000

$

2,583,253

Transportation

Infrastructure

(0.1%)

Seaspan

Corp.

5.50%,

8/1/29(a)

1,090,000

1,036,091

Wireless

Telecommunication

Services

(0.3%)

T-Mobile

USA,

Inc.

2.55%,

2/15/31

3,080,000

2,814,712

374,758,381

Sovereign

(

0

.3

%

)

Petroleos

Mexicanos

6.50%,

3/13/27

313,000

317,817

Romania

Government

Bond

7.13%,

1/17/33(a)

2,311,000

2,512,084

2,829,901

U.S.

Government

and

Agency

Securities

(

8

.4

%

)

U.S.

Treasury

Bonds

1.38%,

11/15/40

89,000

57,805

6.25%,

5/15/30

1,056,000

1,164,529

U.S.

Treasury

Notes

0.63%,

5/15/30

65,000

57,054

0.63%,

8/15/30

448,000

389,900

0.88%,

11/15/30

5,869,000

5,131,478

1.00%,

7/31/28

71,000

66,628

1.25%,

5/31/28

90,000

85,345

1.25%,

9/30/28

288,000

270,956

1.38%,

10/31/28

37,000

34,864

1.38%,

12/31/28

845,000

793,458

1.63%,

8/15/29

1,787,000

1,668,437

1.75%,

11/15/29(d)

1,058,000

988,217

2.25%,

11/15/27

19,758,000

19,322,707

2.75%,

7/31/27

1,314,000

1,299,346

3.25%,

6/30/27

1,132,000

1,128,263

3.50%,

4/30/28

54,000

53,998

3.50%,

11/30/30

20,000

19,802

3.75%,

6/30/30

75,000

75,193

3.88%,

7/15/28

4,229,000

4,265,178

4.13%,

10/31/26

2,270,000

2,279,881

4.13%,

2/28/27

2,322,000

2,337,964

4.13%,

3/31/29

4,517,000

4,592,695

4.25%,

3/15/27

213,000

214,839

4.38%,

8/15/26

380,000

381,822

4.50%,

7/15/26(d)

1,183,000

1,189,131

4.50%,

5/31/29

4,751,000

4,888,426

4.63%,

6/30/26

16,729,700

16,817,321

4.63%,

11/15/26(d)

1,350,000

1,362,178

70,937,415

Total

Fixed

Income

Securities

(Cost

$821,828,712)

826,654,250

–

Shares

Investment

Companies

(

2

.1

%

)

Eaton

Vance

Floating-Rate

ETF(d)(f)

252,488

12,491,187

Shares

Value

Eaton

Vance

Ultra-Short

Income

ETF(f)

100,000

$

5,088,000

Total

Investment

Companies

(Cost

$17,692,793)

17,579,187

Short-Term

Investments

(

6

.5

%

)

Investment

Company

(

1

.2

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(g)

(Cost

$9,913,620)

9,913,620

9,913,620

Security

held

as

Collateral

on

Loaned

Securities

(

5

.1

%

)

Investment

Company

(5.1%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(g)

(Cost

$43,252,125)

43,252,125

43,252,125

Face

Amount

U.S.

Government

and

Agency

Security

(

0

.2

%

)

U.S.

Treasury

Bill

3.75%,

3/3/26(h)

(Cost

$1,718,943)

$

1,730,000

1,719,804

Total

Short-Term

Investments

(Cost

$54,884,688)

54,885,549

Total

Investments

(

106

.3

%

)

(

Cost

$

894,406,193

)

including

$

59,153,267

of

Securities

Loaned

(i)

(j)

899,118,986

Liabilities

in

Excess

of

Other

Assets

(-6.3%)

(53,308,317)

Net

Assets

(100.0%)

$845,810,669

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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

December

31,

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

December

31,

2025

,

were

$

59,153,267

and

$

60,931,204

,

respectively.

The

Fund

received

cash

collateral

of

$

43,252,125

,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

remaining

collateral

of

$

17,679,079

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(e)

Perpetual

—

One

or

more

securities

do

not

have

a

predetermined

maturity

date.

Rates

for

these

securities

are

fixed

for

a

period

of

time,

after

which

they

revert

to

a

floating

rate.

Interest

rates

in

effect

are

as

of

December

31,

2025.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

(f)

For

the

period

ended

December

31,

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

$2,157,583

and

$0,

respectively.

For

the

period

ended

December

31,

2025,

management

fees

related

Fund's

investments

in

Eaton

Vance

Floating-Rate

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF

were

reduced

by

$17,376

and

$2,186,

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

December

31,

2025,

management

fees

paid

were

reduced

by

$5,515

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

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$894,406,193.

The

aggregate

gross

unrealized

appreciation

is

$6,168,190

and

the

aggregate

gross

unrealized

depreciation

is

$1,455,397,

resulting

in

net

unrealized

appreciation

of

$4,712,793.

(j)

Securities

are

available

for

collateral

in

connection

with

open

futures

contracts.

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

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

STACR

Structured

Agency

Credit

Risk

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(2.4)%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

-

(2.4)%

UMBS,

Single

Family,

30

Year,

5.50%,

TBA,

1/25/56

$

(

207,000

)

$

(

209,919

)

UMBS,

Single

Family,

30

Year,

5.50%,

TBA,

2/25/56

(

20,151,000

)

(

20,416,269

)

Total

Securities

Sold

Short

(proceeds

$20,598,786)

$

(

20,626,188

)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2025:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Long:

U.S.

Treasury

2

Year

Notes

584

Mar-26

$

116,800,000

$

121,932,812

$

(

56,388

)

U.S.

Treasury

5

Year

Notes

859

Mar-26

85,900,000

93,892,727

(

304,724

)

Short:

U.S.

Treasury

10

Year

Notes

316

Mar-26

(31,600,000)

(

35,530,250

)

231,249

U.S.

Treasury

10

Year

Ultra

Bonds

60

Mar-26

(6,000,000)

(

6,900,938

)

47,697

$

(

82,166

)

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

Corporate

Bonds

43‌

.8

%

Asset-Backed

Securities

20‌

.9

Commercial

Mortgage-Backed

Securities

17‌

.7

U.S.

Government

and

Agency

Securities

8‌

.5

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

5‌

.5

Other**

3‌

.6

Total

Investments

100‌

.0

%

***

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

***

Does

not

include

open

futures

contracts

with

a

value

of

$

258,256,727

and

net

unrealized

depreciation

of

$

82,166

.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(83.5%)

Corporate

Bonds

(

0

.8

%

)

Commercial

Services

&

Supplies

(0.2%)

John

D

and

Catherine

T

MacArthur

Foundation

1.30%,

12/1/30

$

1,000,000

$

875,409

Diversified

Consumer

Services

(0.2%)

Trustees

of

Dartmouth

College

4.27%,

6/1/30

1,000,000

1,010,164

Health

Care

Providers

&

Services

(0.4%)

Providence

St

Joseph

Health

Obligated

Group

5.37%,

10/1/32(a)

2,479,000

2,557,395

4,442,968

Municipal

Bonds

(

82

.7

%

)

Certificate

of

Participation/Lease

(

0

.8

%

)

City

of

Lone

Tree

CO,

Series

2024

5.00%,

12/1/26

1,095,000

1,117,454

County

of

Larimer,

Series

2025

B

3.95%,

12/1/27

1,575,000

1,583,218

Series

2025

B

4.05%,

12/1/28

1,600,000

1,611,986

4,312,658

–

Education

(

8

.0

%

)

Board

of

Governors

of

Colorado

State

University

System,

Series

2023

A-2

4.38%,

3/1/48(b)

1,000,000

1,025,094

Clifton

Higher

Education

Finance

Corp.,

IDEA

Public

Schools

Series

2019

4.00%,

8/15/31

1,450,000

1,504,173

Colorado

Educational

&

Cultural

Facilities

Authority,

University

of

Denver

Series

2017

A

4.00%,

3/1/32

2,055,000

2,077,369

Connecticut

State

Health

&

Educational

Facilities

Authority,

Fairfield

University

Series

S

5.00%,

7/1/26

1,000,000

1,010,994

Yale

University

Series

2025

B-1

5.00%,

7/1/64(b)

2,500,000

2,758,960

Connecticut

State

Higher

Education

Supplement

Loan

Authority,

Series

2025

B-2

(AMT)

5.00%,

11/15/45(b)

750,000

752,833

Indiana

Secondary

Market

for

Education

Loans,

Inc.,

Series

2025

1-A

(AMT)

5.00%,

6/1/29

500,000

522,278

Knox

Warren

Etc

Counties

Community

College

District

No.

518,

Carl

Sandburg

Series

2025

0.00%,

12/1/35(b)

1,465,000

1,465,112

Massachusetts

Development

Finance

Agency,

President

and

Fellows

of

Harvard

College

Series

2025

A-1

5.00%,

5/15/55(b)

2,190,000

2,486,974

Face

Amount

Value

Massachusetts

Educational

Financing

Authority,

Series

2024

B

(AMT)

5.00%,

7/1/29

$

575,000

$

603,373

New

Hampshire

Health

and

Education

Facilities

Authority

Act,

Trustees

of

Dartmouth

College

Series

2025

A

5.00%,

6/1/32

3,500,000

4,017,258

University

System

of

New

Hampshire

Series

2017

A

5.00%,

7/1/30

1,035,000

1,071,436

New

Jersey

Higher

Education

Student

Assistance

Authority,

Series

2025-1B

(AMT)

5.00%,

12/1/29

2,000,000

2,116,129

Ohio

Higher

Educational

Facility

Commission,

Denison

University

Series

5.00%,

11/1/29

1,150,000

1,248,943

Racine

Unified

School

District,

Series

2025

B

4.00%,

4/1/30

4,000,000

4,105,971

Saginaw

Valley

State

University,

Series

2016

A

5.00%,

7/1/30

1,750,000

1,768,983

State

Public

School

Building

Authority,

School

District

of

Philadelphia

(The)

Series

2006

B

5.00%,

6/1/29

1,000,000

1,071,119

University

of

Illinois,

Auxiliary

Facilities

System

Series

2016

A

4.00%,

4/1/29

2,500,000

2,506,876

University

of

Michigan,

Series

2017

A

5.00%,

4/1/33

2,895,000

2,979,966

University

of

Minnesota,

Series

2016

A

5.00%,

4/1/30

2,605,000

2,615,857

University

of

North

Carolina

at

Chapel

Hill,

Series

2012

B

3.50%,

12/1/41(b)

3,000,000

3,009,278

Washington

State

University,

Series

2025

5.00%,

4/1/31

1,440,000

1,608,746

Western

Michigan

University,

Series

2025

A

5.00%,

11/15/30

2,450,000

2,706,292

45,034,014

–

General

Obligation

(

12

.7

%

)

Arapahoe

County

School

District

No.

5,

Cherry

Creek

Series

2025

5.00%,

12/15/30

1,350,000

1,510,706

Argyle

Independent

School

District,

Series

2025

B-2

4.00%,

8/15/57(b)

2,500,000

2,583,882

Chicago

Board

of

Education,

Series

2025

B

5.50%,

12/1/32

2,500,000

2,644,073

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(82.7%)

(cont’d)

General

Obligation

(12.7%)

(cont’d)

City

of

Chicago

IL,

Series

2020

A

5.00%,

1/1/27

$

2,000,000

$

2,023,669

City

of

Gadsden,

Series

2025

A

5.00%,

10/1/30

160,000

175,606

Series

2025

A

5.00%,

10/1/31

200,000

222,877

Series

2025

A

5.00%,

10/1/32

160,000

180,475

City

of

New

Haven,

Series

2025

5.00%,

8/1/31

1,250,000

1,395,848

Series

2025

5.00%,

8/1/32

1,350,000

1,526,917

City

of

New

York

NY,

Series

C

5.00%,

8/1/30

2,000,000

2,003,821

City

of

Philadelphia,

Series

2025

C

5.00%,

8/1/30

750,000

827,967

City

of

San

Antonio

TX,

Series

2023

5.64%,

2/1/26

1,500,000

1,500,254

Commonwealth

of

Massachusetts,

Series

2025

G

5.00%,

12/1/31

2,000,000

2,278,390

Commonwealth

of

Pennsylvania,

Series

2016

5.00%,

9/15/29

1,260,000

1,280,260

Commonwealth

of

Puerto

Rico,

Series

2022

A-1

5.63%,

7/1/27

4,000,014

4,086,092

Cook

County

School

District

No.

87,

Berkeley

Series

2021

5.00%,

12/1/27

1,000,000

1,043,917

County

of

Baltimore,

Series

2024

5.00%,

2/1/31

3,500,000

3,931,271

County

of

Luzerne,

Series

2025

5.00%,

6/15/28

1,125,000

1,187,709

Cypress-Fairbanks

Independent

School

District,

Series

2023

A

5.00%,

2/15/26

1,000,000

1,002,840

Dallas

Independent

School

District,

Series

2025

A-2

5.00%,

2/15/55(b)

2,000,000

2,048,041

Denton

Independent

School

District,

Series

B-2

4.00%,

8/15/55(b)

1,000,000

1,058,789

Detroit

City

School

District,

Series

2001

A

6.00%,

5/1/29

3,000,000

3,193,037

Dickinson

Independent

School

District,

Series

2013

3.10%,

8/1/37(b)

1,500,000

1,503,014

Face

Amount

Value

DuPage

County

Forest

Preserve

District,

Series

2025

5.00%,

11/1/27

$

825,000

$

860,668

El

Paso

County

Hospital

District,

Series

2024

5.00%,

8/15/30

1,400,000

1,528,466

Fort

Bend

Independent

School

District,

Series

2025

B

3.80%,

8/1/55(b)

1,850,000

1,892,227

Hutto

Independent

School

District,

Series

2015

4.00%,

2/1/55(b)

1,000,000

1,033,058

Metropolitan

District

(The),

Series

2016C

5.00%,

11/1/31

2,500,000

2,548,078

Navarro

Independent

School

District,

Series

2025

4.00%,

2/15/62(b)

1,500,000

1,540,683

New

Caney

Independent

School

District,

Series

2018

4.00%,

2/15/50(b)

600,000

611,152

Northside

Independent

School

District,

Series

2020

3.55%,

6/1/50(b)

2,500,000

2,531,252

Oklahoma

County

Independent

School

District

No.

12,

Edmond

Series

2025

4.00%,

8/1/27

2,000,000

2,044,349

Prosper

Independent

School

District,

Series

2022

4.00%,

2/15/53(b)

3,000,000

3,100,658

School

District

of

Philadelphia

(The),

Series

2019

A

5.00%,

9/1/28

1,000,000

1,057,547

South

Country

Central

School

District

at

Brookhaven,

Series

2025

4.13%,

5/29/26

1,900,000

1,911,432

State

of

Connecticut,

Series

2021

B

3.00%,

6/1/32

1,900,000

1,910,086

Series

2025

A

5.00%,

3/15/29

750,000

808,690

State

of

Hawaii

HI,

Series

FG

5.00%,

10/1/30

2,400,000

2,441,369

State

of

Illinois

IL,

Series

2017

D

5.00%,

11/1/28

2,500,000

2,593,700

State

of

Maryland,

Series

2017

A

3.00%,

8/1/31

1,840,000

1,841,068

State

of

Texas,

Series

2025

F

3.98%,

8/1/30

400,000

403,736

Series

2025

F

4.12%,

8/1/31

960,000

971,306

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(82.7%)

(cont’d)

General

Obligation

(12.7%)

(cont’d)

Series

2015

5.00%,

8/1/27

$

2,500,000

$

2,503,344

73,342,324

–

Hospital

(

12

.1

%

)

Allegheny

County

Hospital

Development

Authority,

UPMC

Obligated

Group

Series

2017

D-2

4.02%,

11/15/47(b)

2,000,000

1,982,465

Arizona

Industrial

Development

Authority,

Series

2025

4.94%,

10/1/31

2,500,000

2,528,288

California

Health

Facilities

Financing

Authority,

Adventist

Health

System/West

Obligated

Group

Series

2024

A

5.00%,

12/1/28

1,000,000

1,055,416

California

Statewide

Communities

Development

Authority,

Series

2025

B

5.00%,

10/1/30(c)

3,000,000

3,388,000

City

of

Minneapolis

MN,

Children's

Health

Care

Obligated

Group

Series

2025

5.00%,

8/15/28

1,500,000

1,592,335

Series

2025

5.00%,

8/15/29

1,250,000

1,354,897

City

of

South

Miami

Health

Facilities

Authority,

Inc.,

Baptist

Health

South

Florida

Obligated

Group

Series

2025

B

5.00%,

8/15/65(b)

1,230,000

1,327,024

Colorado

Health

Facilities

Authority,

AdventHealth

Obligated

Group

Series

A-1

5.00%,

11/15/58(b)

2,000,000

2,114,290

CommonSpirit

Health

Obligated

Group

Series

2025

A

5.00%,

9/1/32

1,375,000

1,537,185

Series

2019

B-2

5.00%,

8/1/49(b)

1,500,000

1,502,211

Connecticut

State

Health

&

Educational

Facilities

Authority,

Yale-New

Haven

Health

Obligated

Group

Series

2024

A

5.00%,

7/1/26

875,000

885,010

County

of

Montgomery

OH,

Kettering

Health

Network

Obligated

Group

Series

2021

5.00%,

8/1/26

1,050,000

1,061,896

District

of

Columbia,

Children's

National

Medical

Center

Obligated

Group

Series

2015

5.00%,

7/15/26

1,000,000

1,001,064

Harris

County

Cultural

Education

Facilities

Finance

Corp.,

Memorial

Hermann

Health

System

Obligated

Group

Series

2022

A

5.00%,

7/1/29

880,000

948,671

Series

2022

B

5.00%,

6/1/50(b)

1,500,000

1,581,938

Face

Amount

Value

Texas

Children's

Hospital

Obligated

Group

Series

2015-1

5.00%,

10/1/28

$

2,610,000

$

2,613,272

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

BJC

Healthcare

Obligated

Group

Series

2021

A

4.00%,

7/1/26

1,100,000

1,106,644

St

Luke's

Health

System

Obligated

Group

Series

2016

5.00%,

11/15/28

1,300,000

1,310,613

Idaho

Health

Facilities

Authority,

Trinity

Health

Corp.

Obligated

Group

Series

2013

ID

2.95%,

12/1/48(b)

1,750,000

1,750,009

Illinois

Finance

Authority,

Ascension

Health

Credit

Group

Series

2016

C

5.00%,

2/15/26

1,925,000

1,929,811

OSF

Healthcare

System

Obligated

Group

Series

2020

B-2

5.00%,

5/15/50(b)

2,500,000

2,515,430

Indiana

Finance

Authority,

Indiana

University

Health,

Inc.

Obligated

Group

Series

2025

D-1

5.00%,

10/1/64(b)

2,000,000

2,136,850

Massachusetts

Development

Finance

Agency,

Beth

Israel

Lahey

Health

Obligated

Group

Series

N

5.00%,

7/1/30

4,000,000

4,389,359

New

York

State

Dormitory

Authority,

Memorial

Sloan-Kettering

Cancer

Center

Series

2025

2-A

5.00%,

7/1/48(b)

3,000,000

3,197,770

Montefiore

Obligated

Group

Series

2024

5.00%,

11/1/26

375,000

380,486

White

Plains

Hospital

Obligated

Group

Series

2024

5.00%,

10/1/31

200,000

217,234

North

Carolina

Medical

Care

Commission,

Duke

University

Health

System,

Inc.

Obligated

Group

Series

2025

B

5.00%,

6/1/55(b)

2,000,000

2,183,192

Roanoke

Economic

Development

Authority,

Carilion

Clinic

Obligated

Group

Series

2020

D

5.00%,

7/1/53(b)

2,500,000

2,694,763

Shelby

County

Health

Educational

&

Housing

Facilities

Board,

Baptist

Memorial

Health

Care

Obligated

Group

Series

2024

B

5.00%,

9/1/49(b)

750,000

793,552

South

Carolina

Jobs-Economic

Development

Authority,

Novant

Health

Obligated

Group

Series

2024

A

5.00%,

11/1/31

2,500,000

2,790,665

South

Dakota

Health

&

Educational

Facilities

Authority,

Sanford

Obligated

Group

Series

2025

C-2

5.00%,

11/1/51(b)

500,000

554,912

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(82.7%)

(cont’d)

Hospital

(12.1%)

(cont’d)

Series

2025

C-1

5.00%,

11/1/52(b)

$

1,850,000

$

1,983,382

Tarrant

County

Cultural

Education

Facilities

Finance

Corp.,

CHRISTUS

Health

Obligated

Group

Series

2024

B

5.00%,

7/1/30

1,500,000

1,637,368

Texas

Health

Resources

Obligated

Group

Series

2025

C

5.00%,

11/15/64(b)

3,500,000

3,909,966

University

of

Colorado

Hospital

Authority,

Series

2024

B

5.00%,

11/15/31

2,000,000

2,259,145

University

of

Wisconsin

Hospitals

&

Clinics,

Series

2024

B

5.00%,

4/1/54(b)

2,000,000

2,202,596

Washington

Health

Care

Facilities

Authority,

Series

2025

B

5.00%,

10/1/30

3,000,000

3,282,830

69,700,539

–

Housing

(

0

.3

%

)

Public

Finance

Authority,

KSU

Bixby

Real

Estate

Foundation

LLC

Series

2025

A

5.00%,

6/15/27

390,000

400,693

Series

2025

A

5.00%,

6/15/31

475,000

518,320

Series

2025

A

5.00%,

6/15/33

750,000

829,700

1,748,713

–

Other

Revenue

(

34

.2

%

)

Alaska

Housing

Finance

Corp.,

Series

2025-1

2.80%,

12/1/29

490,000

483,164

Series

2025-1

3.00%,

6/1/30

300,000

300,409

Series

2025-1

3.05%,

12/1/30

540,000

540,891

Arizona

Industrial

Development

Authority,

Diamond

View

at

Ballpark

Village

LP

Series

2025

2.76%,

7/1/47(b)

2,590,000

2,555,257

Bergen

County

Improvement

Authority

(The),

Series

2025

A

4.00%,

5/21/26

2,500,000

2,513,497

Black

Belt

Energy

Gas

District,

Series

2025

E

5.00%,

5/1/30

1,000,000

1,068,645

Series

2023

D-1

5.50%,

6/1/49(b)

2,450,000

2,585,504

California

Community

Choice

Financing

Authority,

Series

2023

F

5.50%,

10/1/54(b)

990,000

1,080,802

California

Municipal

Finance

Authority,

United

Airlines,

Inc.

Series

2019

(AMT)

4.00%,

7/15/29

2,330,000

2,341,213

Face

Amount

Value

View

at

San

Bruno

LP

Series

2024

A-1

5.00%,

6/1/56(b)

$

2,500,000

$

2,638,775

Waste

Management,

Inc.

Series

2017

A

(AMT)

3.45%,

12/1/44(b)

1,000,000

1,000,370

California

Pollution

Control

Financing

Authority,

Waste

Management,

Inc.

Series

2003

A

(AMT)

4.25%,

11/1/38(b)

1,000,000

1,031,539

California

State

Public

Works

Board,

Series

2023

C

5.00%,

9/1/27

1,600,000

1,670,237

State

of

California

Department

of

General

Services

Series

2024

B

5.00%,

4/1/26

1,000,000

1,002,687

Casino

Reinvestment

Development

Authority,

Inc.,

Series

2024

A

5.00%,

11/1/30

750,000

823,605

Series

2024

A

5.00%,

11/1/31

1,000,000

1,113,990

Central

Puget

Sound

Regional

Transit

Authority,

Sales

Motor

Vehicle

&

Rental

Car

Tax

Series

2016

S-1

5.00%,

11/1/30

2,580,000

2,629,614

Chandler

Industrial

Development

Authority,

Intel

Corp.

Series

2019

(AMT)

4.00%,

6/1/49(b)

1,500,000

1,521,309

Series

2007

(AMT)

4.10%,

12/1/37(b)

2,000,000

2,015,167

City

of

Houston,

United

Airlines,

Inc.

Series

2025

B

(AMT)

5.25%,

7/15/30

5,000,000

5,281,322

City

of

San

Antonio,

Electric

&

Gas

Systems

Series

2025

A

3.20%,

2/1/55(b)

5,000,000

5,025,351

City

of

Whiting

IN,

BP

Products

North

America,

Inc.

Series

2019

A

(AMT)

5.00%,

12/1/44(b)

2,500,000

2,523,136

Colorado

Housing

and

Finance

Authority,

Series

2025

E-2

3.35%,

10/1/29

2,000,000

2,026,359

Series

2025

F-2

3.80%,

4/1/28

2,000,000

2,020,043

Colorado

Science

and

Technology

Park

Metropolitan

District

No.

1,

Series

2024

A

5.00%,

12/1/27

360,000

373,417

Series

2024

A

5.00%,

12/1/28

400,000

422,671

County

of

Delaware,

Series

2015

3.50%,

12/1/31

2,750,000

2,750,861

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(82.7%)

(cont’d)

Other

Revenue

(34.2%)

(cont’d)

County

Square

Redevelopment

Corp.,

County

of

Greenville

Series

2025

5.00%,

4/1/30

$

500,000

$

552,088

Detroit

Downtown

Development

Authority,

Catalyst

Development

Area

Series

2024

5.00%,

7/1/28

1,000,000

1,056,007

Series

2024

5.00%,

7/1/29

1,000,000

1,077,341

Florida

Development

Finance

Corp.,

GFL

Solid

Waste

Southeast

LLC

Series

2024

A

(AMT)

4.38%,

10/1/54(b)(c)

2,000,000

2,024,443

Waste

Management,

Inc.

Series

2025

A

(AMT)

3.40%,

9/1/50(b)

1,200,000

1,205,392

Waste

Pro

USA,

Inc.

Series

2025

(AMT)

4.45%,

7/1/37(b)(c)

1,665,000

1,679,021

Florida

Housing

Finance

Corp.,

Osprey

Sound

Apartments

LP

Series

2025

D

3.00%,

3/1/43(b)

2,250,000

2,251,041

Hawaii

Housing

Finance

&

Development

Corp.,

Hale

Moiliili

LP

Series

2024

3.30%,

12/1/29(b)

1,500,000

1,510,767

Illinois

Finance

Authority,

Field

Museum

of

Natural

History

Series

2019

3.79%,

11/1/34(b)

1,525,000

1,527,514

Indiana

Finance

Authority,

Republic

Services,

Inc.

Series

2010

A

(AMT)

3.45%,

5/1/28(b)

1,450,000

1,450,040

Industrial

Development

Authority

of

the

City

of

Phoenix

Arizona

(The),

Series

2025

3.10%,

2/1/59(b)

1,500,000

1,504,770

Industrial

Development

Board

of

the

City

of

Mobile

Alabama,

Alabama

Power

Co.

Series

2008

3.30%,

7/15/34(b)

2,000,000

2,001,157

Iowa

Finance

Authority,

Gevo

NW

Iowa

RNG

LLC

Series

2021

(AMT)

3.88%,

1/1/42(b)

415,000

414,580

Jacksonville

Housing

Finance

Authority,

Ability

LF

LLC

Series

2025

3.15%,

1/1/46(b)

2,975,000

2,983,940

Kansas

Development

Finance

Authority,

Manhattan

HP

LP

Series

2025

J

2.70%,

10/1/46(b)

1,500,000

1,481,872

Face

Amount

Value

Kentucky

State

Property

&

Building

Commission,

Commonwealth

of

Kentucky

Series

A

5.00%,

4/1/30

$

750,000

$

821,775

Lambertson

Farms

Metropolitan

District

No.

1,

Series

2024

A

5.00%,

12/15/26

1,220,000

1,240,657

Lawton

Industrial

Development

Authority,

Sales

Tax

Series

2025

B

4.00%,

7/1/27

200,000

200,289

Series

2025

B

4.10%,

7/1/28

280,000

280,256

Series

2025

B

4.20%,

7/1/29

225,000

224,924

Series

2025

B

4.35%,

7/1/30

250,000

249,628

Lewisburg

Industrial

Development

Board,

Waste

Management,

Inc.

of

Tennessee

Series

2012

(AMT)

3.40%,

7/2/35(b)

1,100,000

1,100,140

Long

Island

Power

Authority,

Series

2025

B

3.00%,

9/1/55(b)

1,715,000

1,718,889

Series

2022

B

5.00%,

9/1/52(b)

2,000,000

2,046,787

Louisiana

Public

Facilities

Authority,

Waste

Pro

USA,

Inc.

Series

2025

(AMT)

4.38%,

5/1/53(b)(c)

1,665,000

1,667,539

Lower

Alabama

Gas

District

(The),

Series

2016

A

5.00%,

9/1/27

1,500,000

1,539,320

Main

Street

Energy,

Inc.,

Series

2025

D

5.00%,

12/1/33

3,300,000

3,513,070

Main

Street

Natural

Gas,

Inc.,

Series

2021

A

4.00%,

7/1/52(b)

2,500,000

2,524,475

Series

2025

A

5.00%,

6/1/29

500,000

528,206

Series

2025

A

5.00%,

12/1/29

1,000,000

1,064,101

Series

2023

D

5.00%,

5/1/54(b)

1,500,000

1,587,739

Maricopa

County

Industrial

Development

Authority,

Marbella

Ranch

AH

I

LLLP

Series

2025

2.81%,

5/1/48(b)

2,500,000

2,485,646

Massachusetts

Port

Authority,

Bosfuel

Corp.

Series

2019

A-1

(AMT)

5.00%,

7/1/32

1,000,000

1,062,226

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Educational

Facilities

Board,

Artist

Lofts

LP

Series

2025

3.20%,

12/1/59(b)

4,075,000

4,086,507

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(82.7%)

(cont’d)

Other

Revenue

(34.2%)

(cont’d)

Metropolitan

Pier

&

Exposition

Authority,

State

of

Illinois

McCormick

Place

Expansion

Project

Fund

Series

2023

A

5.00%,

12/15/28

$

1,000,000

$

1,036,334

Series

2024

A

5.00%,

6/15/29

1,535,000

1,589,543

Metropolitan

Transportation

Authority

Dedicated

Tax

Fund,

Series

2008

B-3B

5.00%,

11/15/30

1,730,000

1,764,471

Michigan

State

Building

Authority,

Series

2016

I

5.00%,

10/15/31

2,870,000

2,924,351

Michigan

State

Housing

Development

Authority,

Series

2025

A-1

3.55%,

10/1/31

2,000,000

2,001,476

HOM

Flats

at

28

West

Project

Series

2025

2.70%,

10/1/43(b)

2,345,000

2,316,660

Mission

Economic

Development

Corp.,

Republic

Services,

Inc.

Series

2020

A

(AMT)

3.45%,

5/1/50(b)(d)

1,250,000

1,250,180

Missouri

State

Environmental

Improvement

&

Energy

Resources

Authority,

Evergy

Metro,

Inc.

Series

2008

(AMT)

4.05%,

5/1/38(b)

2,500,000

2,551,269

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Series

2024

D-2

2.95%,

5/1/28

1,000,000

996,627

Series

2025

B

3.05%,

11/1/29

3,500,000

3,488,187

Series

2024

B

3.50%,

5/1/29

3,240,000

3,285,576

Rowan

Preservation

LLC

Series

2025

D-2

3.10%,

7/1/29(b)

810,000

812,229

New

Mexico

Municipal

Energy

Acquisition

Authority,

Series

2025

5.00%,

6/1/54(b)

3,000,000

3,203,511

New

York

City

Housing

Development

Corp.,

Series

2026

A-2

0.00%,

11/1/65(b)

4,000,000

4,019,111

Series

2024

F-2

3.40%,

11/1/64(b)

2,000,000

2,010,377

Series

2025

C-2

3.75%,

5/1/65(b)

1,000,000

1,015,727

8

Spruce

NY

Owner

LLC

Series

2024

D

4.00%,

12/15/31

1,000,000

1,026,461

New

York

City

Industrial

Development

Agency,

Yankee

Stadium

LLC

Series

2020

A

4.00%,

3/1/31

1,265,000

1,319,688

New

York

City

Transitional

Finance

Authority,

Future

Tax

Secured

Series

2026

D-1

5.00%,

11/1/30

2,500,000

2,778,023

Face

Amount

Value

New

York

Energy

Finance

Development

Corp.,

Series

2025

5.00%,

7/1/56(b)

$

1,445,000

$

1,532,225

New

York

State

Dormitory

Authority,

Series

2017

B

5.00%,

2/15/32

2,500,000

2,593,969

New

York

State

Energy

Research

&

Development

Authority,

Rochester

Gas

and

Electric

Corp.

Series

2004

B

(AMT)

4.00%,

5/15/32

1,085,000

1,111,408

New

York

State

Housing

Finance

Agency,

State

of

New

York

Personal

Income

Tax

Series

2024

A-2

3.35%,

6/15/54(b)

750,000

752,657

Series

2024

B-2

3.35%,

12/15/54(b)

1,650,000

1,659,115

North

Carolina

Housing

Finance

Agency,

Series

55

C

3.20%,

7/1/56(b)

1,015,000

1,014,939

North

Lawrence

Community

Schools

Building

Corp.,

North

Lawrence

Community

Schools

Series

2025

5.00%,

7/15/29

200,000

214,307

Series

2025

5.00%,

7/15/31

70,000

77,509

Series

2025

5.00%,

1/15/32

205,000

228,518

Oklahoma

County

Finance

Authority,

Oklahoma

County

Independent

School

District

No.

41

Western

Heights

Series

2025

5.00%,

9/1/30

1,085,000

1,145,819

Oklahoma

Development

Finance

Authority,

Oklahoma

State

Regents

for

Higher

Education

Series

2016

D

4.00%,

6/1/31

2,335,000

2,344,323

Oregon

State

Lottery,

Series

2025

A

5.00%,

4/1/30

500,000

552,088

Parish

of

St

John

the

Baptist,

Marathon

Oil

Corp.

Series

2017

C

3.30%,

6/1/37(b)

2,895,000

2,931,181

Park

Creek

Metropolitan

District,

Westerly

Creek

District

Service

Area

Series

2025

5.00%,

12/1/30

375,000

414,193

Series

2025

5.00%,

12/1/31

365,000

409,398

Pennsylvania

Economic

Development

Financing

Authority,

Waste

Management

Obligated

Group

Series

2011

(AMT)

4.25%,

7/1/41(b)

1,000,000

1,011,137

Philadelphia

Gas

Works

Co.,

Series

14

5.00%,

10/1/33

2,425,000

2,464,808

Raleigh

Housing

Authority,

WCO

Tryon

LP

Series

2025

2.95%,

9/1/59(b)

2,460,000

2,456,666

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(82.7%)

(cont’d)

Other

Revenue

(34.2%)

(cont’d)

Sales

Tax

Securitization

Corp.,

Series

2020

AA

5.00%,

1/1/26

$

1,875,000

$

1,875,000

Series

2020

A

5.00%,

1/1/27

1,290,000

1,320,163

San

Francisco

City

&

County

Redevelopment

Agency

Successor

Agency,

Series

2025

C

3.97%,

8/1/28

500,000

500,158

Series

2025

C

4.10%,

8/1/29

500,000

500,606

Series

2025

C

4.22%,

8/1/30

500,000

500,883

South

Carolina

Public

Service

Authority,

Series

2025

B

5.00%,

12/1/28

1,250,000

1,334,408

Southeast

Energy

Authority

A

Cooperative

District,

Series

2025

E

5.00%,

10/1/30

5,000,000

5,374,108

State

of

Illinois

IL,

Sales

Tax

Series

2021

C

5.00%,

6/15/28

2,770,000

2,914,749

Texas

Municipal

Gas

Acquisition

and

Supply

Corp.

II,

Series

2012

C

3.32%,

9/15/27(b)

895,000

895,940

Triborough

Bridge

&

Tunnel

Authority,

Series

2025

A

5.00%,

3/1/28

1,500,000

1,579,656

Real

Estate

Transfer

Tax

Series

2025

A

5.00%,

12/1/28

1,000,000

1,073,060

Utah

Transit

Authority,

Series

2025

5.00%,

12/15/33

2,000,000

2,332,363

Virgin

Islands

Transportation

&

Infrastructure

Corp.,

Series

2025

5.00%,

9/1/29

1,000,000

1,063,638

Virginia

Housing

Development

Authority,

Series

2025

G

3.13%,

7/1/56(b)

1,650,000

1,650,139

Series

2023

E

4.10%,

10/1/27

1,890,000

1,891,211

Warner

Robins

Housing

Authority

Resident

Council

Corp.,

Arbours

at

Wellston

LLC

Series

2024

5.00%,

2/1/29(b)

1,000,000

1,041,363

Washington

State

Housing

Finance

Commission,

Ardea

Twg

LLLP

Series

2023

5.00%,

12/1/43(b)

1,000,000

1,007,810

West

Virginia

Economic

Development

Authority,

Appalachian

Power

Co.

Series

2011

A

(AMT)

3.30%,

1/1/41(b)

2,500,000

2,519,785

Commercial

Metals

Co.

Series

2025

(AMT)

4.63%,

4/15/55(b)

2,330,000

2,360,398

Face

Amount

Value

Wilmington

Housing

Authority,

BRAD

Avenue

Flats

LLC

Series

2025

2.95%,

5/1/44(b)

$

1,775,000

$

1,774,286

Wisconsin

Housing

&

Economic

Development

Authority,

Housing

Series

2024

B

3.75%,

11/1/55(b)

1,240,000

1,248,480

Wisconsin

Housing

&

Economic

Development

Authority

Housing,

Series

2023

E

3.88%,

11/1/54(b)

445,000

445,213

197,509,460

–

Transportation

(

9

.8

%

)

Chicago

Midway

International

Airport,

Series

2023

B

5.00%,

1/1/26

1,000,000

1,000,000

Chicago

O'Hare

International

Airport,

Series

2024

F

5.00%,

1/1/28

1,260,000

1,318,322

City

&

County

of

Denver,

Airport

System

Series

2018

A

(AMT)

5.00%,

12/1/32

1,500,000

1,573,645

City

&

County

of

Denver

CO,

Airport

System

Series

2018

A

(AMT)

5.00%,

12/1/31

5,000,000

5,255,990

City

of

Austin,

Airport

System

Series

2022

(AMT)

5.00%,

11/15/30

1,305,000

1,417,286

City

of

Cleveland

OH,

Airport

System

Series

2025

A

5.00%,

1/1/30

600,000

651,938

City

of

Houston,

Airport

System

Series

2025

A

(AMT)

5.00%,

7/1/29

3,000,000

3,192,771

City

of

San

Antonio,

Airport

System

Series

2019

A

(AMT)

5.00%,

7/1/29

1,150,000

1,224,289

County

of

Broward

FL,

Airport

System

Series

A

(AMT)

5.00%,

10/1/29

2,000,000

2,002,839

Dallas

Fort

Worth

International

Airport,

Series

2023

C

(AMT)

5.00%,

11/1/27

1,250,000

1,296,531

Series

2025

A-1

(AMT)

5.00%,

11/1/28

4,250,000

4,488,280

E-470

Public

Highway

Authority,

Series

2024

B

3.28%,

9/1/39(b)

1,000,000

998,271

Massachusetts

Port

Authority,

Series

2019

A

(AMT)

5.00%,

7/1/26

1,000,000

1,010,696

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(82.7%)

(cont’d)

Transportation

(9.8%)

(cont’d)

Metropolitan

Transportation

Authority,

Series

2020

E

5.00%,

11/15/29

$

2,500,000

$

2,714,368

Series

2025

B

5.00%,

11/15/30

4,000,000

4,414,592

New

Jersey

Turnpike

Authority,

Series

2024

A

5.00%,

1/1/28

2,500,000

2,620,701

North

Carolina

Turnpike

Authority,

Series

2017

5.00%,

1/1/29

1,090,000

1,112,694

North

Texas

Tollway

Authority,

Tollway

System

Series

2023

A

5.00%,

1/1/27

1,000,000

1,024,877

Pennsylvania

Turnpike

Commission,

Series

2016

B

5.00%,

6/1/29

1,000,000

1,010,435

Series

2025-2

5.00%,

12/1/45(b)

1,000,000

1,119,926

Port

Authority

of

New

York

&

New

Jersey,

Series

242

(AMT)

5.00%,

12/1/26

1,500,000

1,526,936

Series

242

(AMT)

5.00%,

12/1/27

1,500,000

1,555,903

Series

248

5.00%,

1/15/28

1,000,000

1,051,240

Port

of

Seattle,

Series

C

(AMT)

5.00%,

4/1/31

2,000,000

2,001,531

State

of

Alaska

International

Airports

System,

Series

2025

A

5.00%,

10/1/28

350,000

373,348

State

of

Connecticut,

Series

A

4.00%,

9/1/34

1,985,000

1,992,808

Special

Tax

Series

2025

A

5.00%,

7/1/27

4,000,000

4,150,681

Wayne

County

Airport

Authority,

Detroit

Metropolitan

Wayne

County

Airport

Series

2025

G

(AMT)

5.00%,

12/1/30

4,000,000

4,337,518

56,438,416

–

Utility

(

3

.4

%

)

City

of

Springfield

IL,

Electric

Series

2024

5.00%,

3/1/30

2,500,000

2,711,269

Development

Authority

of

Burke

County

(The),

Georgia

Power

Co.

Series

2012-2

3.30%,

12/1/49(b)

750,000

753,391

Series

2013-1

3.38%,

11/1/53(b)

500,000

502,176

Face

Amount

Value

Development

Authority

of

Monroe

County

(The),

Georgia

Power

Co.

Series

2008

3.35%,

11/1/48(b)

$

2,250,000

$

2,265,501

Oglethorpe

Power

Corp.

Series

2013

A

3.60%,

1/1/39(b)

2,000,000

2,034,791

Energy

Northwest,

Bonneville

Power

Administration

Series

2020A

5.00%,

7/1/31

1,040,000

1,151,462

Grand

River

Dam

Authority,

Series

2016

A

5.00%,

6/1/29

1,165,000

1,188,476

Louisa

Industrial

Development

Authority,

Virginia

Electric

and

Power

Co.

Series

2008

B

3.13%,

11/1/35(b)

1,000,000

1,004,098

Missouri

Joint

Municipal

Electric

Utility

Commission,

Series

2023

5.00%,

1/1/26

1,345,000

1,345,000

Municipal

Electric

Authority

of

Georgia,

Series

2024

A

5.00%,

1/1/26

1,000,000

1,000,000

Series

2021

A

5.00%,

1/1/29

1,225,000

1,306,795

North

Carolina

Municipal

Power

Agency

No.

1,

Series

A

5.00%,

1/1/27

530,000

531,125

Oklahoma

Municipal

Power

Authority,

Series

2025

A

5.00%,

1/1/31

350,000

388,010

Series

2025

A

5.00%,

1/1/32

400,000

448,734

Utility

Debt

Securitization

Authority,

Series

2025

TE-2

5.00%,

12/15/32

3,000,000

3,343,853

19,974,681

–

Water

&

Sewer

(

1

.4

%

)

Clairton

Municipal

Authority,

Series

2024

B

5.00%,

12/1/27

1,450,000

1,503,327

Illinois

Finance

Authority,

Series

2020

3.88%,

5/1/40(b)

1,500,000

1,531,632

New

Jersey

Economic

Development

Authority,

New

Jersey-American

Water

Co.,

Inc.

Series

2020

D

(AMT)

1.10%,

11/1/29(b)

2,000,000

1,883,146

Trinity

River

Authority,

Central

Regional

Wastewater

System

Series

2017

5.00%,

8/1/29

2,835,000

2,944,405

7,862,510

–

475,923,315

Total

Fixed

Income

Securities

(Cost

$476,408,511)

480,366,283

–

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Short-Term

Investments

(

16

.8

%

)

Security

held

as

Collateral

on

Loaned

Securities

(

0

.1

%

)

Investment

Company

(0.1%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(Cost

$292,495)

292,495

$

292,495

Investment

Company

(

1

.6

%

)

BlackRock

Liquidity

Funds

-

MuniCash

-

Institutional

Shares  2.90%

(Cost

$9,461,907)

9,460,961

9,461,907

Face

Amount

Municipal

Bonds

(

15

.1

%

)

Education

(

1

.0

%

)

Health

&

Educational

Facilities

Authority

of

the

State

of

Missouri,

St.

Louis

University

Series

2008

B

2.40%,

10/1/35(b)(e)

$

1,915,000

1,915,000

Series

2008

B-1

2.45%,

10/1/35(b)(e)

3,140,000

3,140,000

Illinois

Finance

Authority,

University

of

Chicago

(The)

Series

2022

3.82%,

10/1/42(b)(e)

1,000,000

1,000,000

6,055,000

–

General

Obligation

(

0

.3

%

)

City

of

New

York

NY,

Series

2014

I-2

2.50%,

3/1/40(b)(e)

500,000

500,000

Series

2015

F-6

2.50%,

6/1/44(b)(e)

1,120,000

1,120,000

1,620,000

Hospital

(

2

.6

%

)

County

of

Hamilton,

TriHealth

Obligated

Group

Series

2021

B

2.55%,

8/15/51(b)(e)

2,500,000

2,500,000

Harris

County

Health

Facilities

Development

Corp.,

Houston

Methodist

Hospital

Obligated

Group

Series

A-2

2.55%,

12/1/41(b)(e)

4,900,000

4,900,000

Iowa

Finance

Authority,

Iowa

Health

System

Obligated

Group

Series

2018

F

2.45%,

7/1/41(b)(e)

3,000,000

3,000,000

Pennsylvania

Higher

Educational

Facilities

Authority,

Thomas

Jefferson

University

Obligated

Group

Series

2024

D-2

2.55%,

11/1/61(b)(e)

5,000,000

5,000,000

15,400,000

–

Other

Revenue

(

4

.6

%

)

City

of

Gainesville

FL,

Utilities

System

Series

2012

B

2.55%,

10/1/42(b)(e)

6,000,000

6,000,000

Face

Amount

Value

Gulf

Coast

Industrial

Development

Authority,

Exxon

Mobil

Corp.

Series

2012

2.55%,

11/1/41(b)(e)

$

5,800,000

$

5,800,000

Mississippi

Business

Finance

Corp.,

Chevron

USA,

Inc.

Series

2007

B

2.50%,

12/1/30(b)

4,950,000

4,950,000

Series

2011

G

2.50%,

11/1/35(b)(e)

4,000,000

4,000,000

New

York

City

Transitional

Finance

Authority,

Series

2019

C-4

2.50%,

11/1/44(b)(e)

2,000,000

2,000,000

Series

2019

A-4

2.50%,

8/1/45(b)(e)

3,770,000

3,770,000

26,520,000

–

Transportation

(

2

.0

%

)

Metropolitan

Transportation

Authority,

Series

2012

G-3

2.50%,

11/1/31(b)

4,000,000

4,000,000

Series

2005

D-1

2.55%,

11/1/35(b)(e)

5,000,000

5,000,000

Metropolitan

Washington

Airports

Authority,

Aviation

Series

2009

D-2

2.45%,

10/1/39(b)(e)

2,565,000

2,565,000

11,565,000

–

Utility

(

1

.7

%

)

Development

Authority

of

Burke

County

(The),

Georgia

Power

Co.

Series

2009-1

2.55%,

7/1/49(b)(e)

4,500,000

4,500,000

Indiana

Municipal

Power

Agency,

Series

2019

B

2.50%,

1/1/42(b)(e)

5,000,000

5,000,000

9,500,000

–

Water

&

Sewer

(

2

.9

%

)

District

of

Columbia

Water

&

Sewer

Authority,

Series

2025

C-1

2.50%,

10/1/60(b)(e)

5,000,000

5,000,000

Series

2025

C-2

2.55%,

10/1/60(b)(e)

3,395,000

3,395,000

New

York

City

Municipal

Water

Finance

Authority,

Water

&

Sewer

System

Series

AA-6

2.35%,

6/15/48(b)(e)

1,500,000

1,500,000

Series

2023

CC

2.50%,

6/15/53(b)(e)

3,000,000

3,000,000

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Municipal

Bonds

(15.1%)

(cont’d)

Water

&

Sewer

(2.9%)

(cont’d)

Ohio

Water

Development

Authority,

Water

Pollution

Control

Loan

Fund

Series

2024

C

2.45%,

12/1/54(b)(e)

$

3,300,000

$

3,300,000

16,195,000

–

Total

Municipal

Bonds

(Cost

$86,855,000)

86,855,000

Total

Short-Term

Investments

(Cost

$96,609,402)

96,609,402

Total

Investments

(

100

.3

%

)

(

Cost

$

573,017,913

)

including

$

282,665

of

Securities

Loaned

(f)

576,975,685

Liabilities

in

Excess

of

Other

Assets

(-0.3%)

(1,810,219)

Net

Assets

(100.0%)

$575,165,466

(a)

All

or

a

portion

of

this

security

was

on

loan

.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2025

,

were

$

282,665

and

$

292,495

,

respectively.

The

Fund

received

cash

collateral

of

$

292,495

,

which

was

subsequently

invested

in

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

as

reported

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(d)

When-issued

security.

(e)

The

date

disclosed

is

the

final

maturity

date.

Principal

owed

can

be

recovered

through

demand

on

the

interest

reset

date.

(f)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$573,017,913.

The

aggregate

gross

unrealized

appreciation

is

$4,207,505

and

the

aggregate

gross

unrealized

depreciation

is

$249,733,

resulting

in

net

unrealized

appreciation

of

$3,957,772.

AMT

Alternative

Minimum

Tax

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

At

December

31,

2025

,

the

concentration

of

the

Fund’s

investments

in

the

various

states

and

territories,

determined

as

a

percentage

of

net

assets,

is

as

follows:

State/Territory

Percentage

of

Net

Assets

Texas

13

.4

%

New

York

12

.4

Others,

representing

less

than

10%

individually

74

.5

Total

Investments

100

.3

%

Sector

Classification

of

Portfolio*

Classification

Percentage

of

Total

Investments

Other

Revenue

38

.8

%

Hospital

14

.8

General

Obligation

13

.0

Transportation

11

.8

Education

8

.9

Other**

7

.6

Utility

5

.1

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(109.8%)

Asset-Backed

Securities

(

12

.4

%

)

AASET,

2025-1A

5.94%,

2/16/50(a)

$

8,424,480

$

8,603,399

AASET

Ltd.,

2025-2A

6.01%,

2/16/50(a)

4,070,148

4,065,703

AASET

MT-1

Ltd.,

2025-3A

5.24%,

2/16/50(a)

4,003,949

4,018,109

Abry

Liquid

Credit

CLO

Ltd.,

2025-1A

CME

Term

SOFR

3

Month

+

3.25%,

7.20%,

10/20/38(a)(b)

3,000,000

3,011,394

Acacia

LLC,

2025-1

5.24%,

11/15/37(a)

8,830,537

8,842,469

ACHV

ABS

Trust,

2024-3AL

5.45%,

12/26/31(a)

1,056,430

1,068,179

2024-3AL

5.68%,

12/26/31(a)

436,128

441,759

2024-3AL

6.75%,

12/26/31(a)

1,275,083

1,293,333

ACM

Auto

Trust,

2025-1A

5.38%,

6/20/29(a)

1,790,944

1,790,414

2025-2A

5.55%,

6/20/28(a)

1,173,657

1,174,007

Ally

Bank

Auto

Credit-Linked

Notes,

2024-B

5.12%,

9/15/32(a)

962,731

972,106

2025-B

4.70%,

9/15/33(a)

8,335,698

8,390,048

ALTDE

Trust,

2025-1A

5.90%,

8/15/50(a)

5,273,131

5,399,969

Aqua

Finance

Trust,

2019-A

3.47%,

7/16/40(a)

366,113

358,822

Ballyrock

CLO

15

Ltd.,

2021-1A

CME

Term

SOFR

3

Month

+

2.85%,

6.75%,

1/15/38(a)(b)

1,000,000

1,003,828

Ballyrock

CLO

16

Ltd.,

2021-16A

CME

Term

SOFR

3

Month

+

2.75%,

6.63%,

4/20/38(a)(b)

1,500,000

1,484,232

Barings

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

4.60%,

8.50%,

7/15/37(a)(b)

1,000,000

1,006,405

Battalion

CLO

XXIX

Ltd.,

2025-29A

CME

Term

SOFR

3

Month

+

3.30%,

7.58%,

3/31/38(a)(b)

1,500,000

1,510,266

Face

Amount

Value

BCMSC

Trust,

1998-C

7.51%,

1/15/29(b)

$

528,246

$

527,833

Benefit

Street

Partners

CLO

41

Ltd.,

2025-41A

CME

Term

SOFR

3

Month

+

2.75%,

7.07%,

7/25/38(a)(b)

1,500,000

1,502,589

Birch

Grove

CLO

14

Ltd.,

2025-14A

CME

Term

SOFR

3

Month

+

3.50%,

7.83%,

7/22/37(a)(b)

3,000,000

3,012,714

Bridge

Trust,

2025-SFR1

4.20%,

9/17/42(a)

3,583,171

3,399,233

Bryant

Park

Funding

Ltd.,

2023-19A

CME

Term

SOFR

3

Month

+

2.80%,

6.70%,

4/15/38(a)(b)

3,000,000

3,004,524

2023-20A

CME

Term

SOFR

3

Month

+

3.40%,

7.30%,

4/15/38(a)(b)

3,000,000

3,013,044

2023-21A

CME

Term

SOFR

3

Month

+

2.75%,

6.66%,

10/18/38(a)(b)

2,000,000

1,999,582

Castlelake

Aircraft

Structured

Trust,

2025-1A

5.78%,

2/15/50(a)

9,248,254

9,409,211

2025-1A

7.75%,

2/15/50(a)

2,894,723

2,918,157

2025-2A

5.47%,

8/15/50(a)

2,049,361

2,076,666

2025-2A

6.30%,

8/15/50(a)

6,383,755

6,452,214

CFMT

LLC,

2022-HB9

3.25%,

9/25/37(a)(b)

1,840,000

1,761,589

Chase

Auto

Credit

Linked

Notes,

2025-1

4.75%,

2/25/33(a)

2,930,323

2,954,125

CIFC

Funding

Ltd.,

2022-3A

CME

Term

SOFR

3

Month

+

3.75%,

7.62%,

4/21/35(a)(b)

3,000,000

3,006,990

Cloud

Capital

Holdco

LP,

2024-1A

5.78%,

11/22/49(a)

10,097,014

10,179,223

2024-2A

5.92%,

11/22/49(a)

4,224,000

4,278,760

Cologix

Data

Centers

US

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

16,935,000

16,650,621

ContiMortgage

Home

Equity

Loan

Trust,

1995-2

8.10%,

12/31/30

16,786

17,283

DataBank

Issuer

II

LLC,

2025-1A

5.18%,

9/27/55(a)

9,870,000

9,741,223

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(12.4%)

(cont’d)

DB

Master

Finance

LLC,

2017-1A

4.03%,

11/20/47(a)

$

3,204,765

$

3,186,576

2021-1A

2.05%,

11/20/51(a)

2,223,360

2,181,873

Dell

Equipment

Finance

Trust,

2023-3

5.93%,

4/23/29(a)

294,946

296,547

Driven

Brands

Funding

LLC,

2019-2A

3.98%,

10/20/49(a)

5,681,271

5,646,428

2020-1A

3.79%,

7/20/50(a)

3,618,999

3,566,659

2020-2A

3.24%,

1/20/51(a)

11,248,846

10,912,435

2021-1A

2.79%,

10/20/51(a)

9,027,812

8,541,199

Eldridge

CLO

Ltd.,

2025-2A

CME

Term

SOFR

3

Month

+

2.85%,

0.00%,

1/20/39(a)(b)

3,500,000

3,502,758

ELFI

Graduate

Loan

Program

LLC,

2022-A

4.51%,

8/26/47(a)

1,063,706

1,052,273

Elmwood

CLO

32

Ltd.,

2024-8A

CME

Term

SOFR

3

Month

+

2.85%,

6.73%,

10/18/37(a)(b)

1,000,000

1,005,846

Falcon

Aerospace

Ltd.,

2019-1

3.60%,

9/15/39(a)

1,427,422

1,420,603

FIGRE

Trust,

2025-FL1

5.27%,

7/25/55(a)(c)

10,265,952

10,346,574

2025-FL2

5.05%,

11/25/55(a)(c)

5,579,138

5,595,323

2025-HE5

5.29%,

8/25/55(a)(b)

2,538,469

2,549,571

FirstKey

Homes

Trust,

2021-SFR2

3.41%,

9/17/38(a)

1,000,000

976,971

2021-SFR3

3.98%,

12/17/38(a)

1,000,000

971,397

FMC

Issuer

Trust-FMSR,

2024-FT1

6.56%,

9/25/29(a)

2,810,000

2,834,064

FOCUS

Brands

Funding

LLC,

2017-1A

5.09%,

4/30/47(a)

9,356,790

9,343,023

FortiFi,

2023-1A

6.23%,

9/20/59(a)

2,320,522

2,319,428

Galaxy

31

CLO

Ltd.,

2023-31A

CME

Term

SOFR

3

Month

+

3.20%,

7.10%,

7/15/38(a)(b)

2,350,000

2,353,760

Face

Amount

Value

GCI

Funding

I

LLC,

2020-1

2.82%,

10/18/45(a)

$

467,640

$

449,042

Gilead

Aviation

LLC,

2025-1A

5.79%,

3/15/50(a)

4,544,068

4,621,445

Goddard

Funding

LLC,

2024-1A

6.83%,

10/30/54(a)

1,493,910

1,532,334

Golub

Capital

Partners

ABS

Funding

Ltd.,

2020-1A

3.21%,

1/22/29(a)

996,992

994,752

2021-1A

2.77%,

4/20/29(a)

524,234

522,163

Goodgreen

Trust,

2020-1A

5.53%,

4/15/55(a)

1,275,221

992,324

2021-1A

5.74%,

10/15/56(a)

1,808,335

1,322,240

Harvest

US

CLO

Ltd.,

2024-2A

CME

Term

SOFR

3

Month

+

3.25%,

7.15%,

10/15/37(a)(b)

1,500,000

1,505,622

Horizon

Aircraft

Finance

IV

Ltd.,

2024-1

5.38%,

9/15/49(a)

4,293,750

4,346,068

Jersey

Mike's

Funding

LLC,

2019-1A

4.43%,

2/15/50(a)

1,888,365

1,889,515

2021-1A

2.89%,

2/15/52(a)

12,755,750

12,579,366

JOL

Air

Ltd.,

2019-1

4.95%,

4/15/44(a)

136,876

136,356

KKR

CLO

48

Ltd.,

48A

CME

Term

SOFR

3

Month

+

2.95%,

6.83%,

10/20/38(a)(b)

3,000,000

3,011,004

Lendbuzz

Securitization

Trust,

2025-2A

5.13%,

11/15/30(a)

2,940,000

2,959,981

2025-2A

5.28%,

4/15/31(a)

4,545,000

4,426,419

loanDepot

GMSR

Trust,

2025-GT1

CME

Term

SOFR

1

Month

+

2.85%,

6.58%,

5/16/30(a)(b)

6,401,000

6,416,597

Loanpal

Solar

Loan

Ltd.,

2021-1GS

2.29%,

1/20/48(a)

788,302

666,876

Lunar

Aircraft

Ltd.,

2020-1A

3.38%,

2/15/45(a)

217,966

214,528

MACH

1

Cayman

Ltd.,

2019-1

3.47%,

10/15/39(a)

188,099

186,534

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(12.4%)

(cont’d)

Madison

Park

Funding

LV

Ltd.,

2022-55A

CME

Term

SOFR

3

Month

+

3.15%,

7.03%,

7/18/37(a)(b)

$

1,500,000

$

1,508,568

Magnetite

XXII

Ltd.,

2019-22A

CME

Term

SOFR

3

Month

+

4.15%,

8.05%,

7/15/36(a)(b)

500,000

500,945

2019-22A

CME

Term

SOFR

3

Month

+

2.90%,

6.80%,

7/15/36(a)(b)

1,500,000

1,502,994

Marlette

Funding

Trust,

2025-1A

5.26%,

7/16/35(a)

3,504,000

3,533,852

MidOcean

Credit

CLO

XV

Ltd.,

2024-15A

CME

Term

SOFR

3

Month

+

3.35%,

7.22%,

7/21/37(a)(b)

2,000,000

2,005,940

MMP

Capital

LLC,

2025-A

5.72%,

12/15/31(a)

3,105,000

3,173,793

Mosaic

Solar

Loan

Trust,

2019-2A

3.28%,

9/20/40(a)

4,266,044

3,830,552

2020-1A

2.10%,

4/20/46(a)

351,571

311,931

Navigator

Aviation

Ltd.,

2024-1

5.40%,

8/15/49(a)

1,856,571

1,867,735

2025-1

5.11%,

10/15/50(a)

4,554,051

4,519,198

Neighborly

Issuer

LLC,

2021-1A

3.58%,

4/30/51(a)

4,722,475

4,537,702

2023-1A

7.31%,

1/30/53(a)

10,887,138

11,045,763

New

Mountain

CLO

3

Ltd.,

CLO-3A

CME

Term

SOFR

3

Month

+

2.95%,

6.83%,

10/20/38(a)(b)

3,000,000

3,013,338

New

Mountain

CLO

7

Ltd.,

CLO-7A

CME

Term

SOFR

3

Month

+

3.85%,

7.73%,

3/31/38(a)(b)

2,000,000

2,006,594

Newtek

Small

Business

Loan

Trust,

2023-1

US

Prime

Rate

-

0.50%,

6.25%,

7/25/50(a)(b)

611,468

617,580

NRM

FNT1

Excess

LLC,

2024-FNT1

7.40%,

11/25/31(a)(c)

2,159,412

2,199,805

Oaktree

CLO

Ltd.,

2019-4A

CME

Term

SOFR

3

Month

+

4.70%,

8.58%,

7/20/37(a)(b)

1,000,000

1,004,349

Face

Amount

Value

OneMain

Financial

Issuance

Trust,

2019-2A

3.66%,

10/14/36(a)

$

3,305,000

$

3,213,451

Oportun

Funding

Trust,

2024-3

5.48%,

8/15/29(a)

1,020,000

1,022,168

Oportun

Issuance

Trust,

2021-B

1.96%,

5/8/31(a)

1,256,452

1,235,421

2021-C

2.18%,

10/8/31(a)

700,597

689,198

2025-A

5.30%,

2/8/33(a)

1,515,000

1,514,813

2025-A

5.89%,

2/8/33(a)

6,476,000

6,465,393

2025-C

4.93%,

7/8/33(a)

5,235,000

5,245,717

2025-C

5.18%,

7/8/33(a)

4,775,000

4,777,792

Orion

CLO

Ltd.,

2023-1A

CME

Term

SOFR

3

Month

+

2.90%,

6.81%,

10/25/38(a)(b)

3,500,000

3,509,625

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

103,303

103,458

Planet

Fitness

Master

Issuer

LLC,

2019-1A

3.86%,

12/5/49(a)

244,400

234,471

2024-1A

5.77%,

6/5/54(a)

7,240,350

7,364,899

PNMAC

GMSR

Issuer

Trust,

2025-GT1

CME

Term

SOFR

1

Month

+

2.45%,

6.18%,

8/26/30(a)(b)

4,985,000

5,007,382

RCKT

Trust,

2025-1A

5.16%,

7/25/34(a)

2,585,000

2,598,286

ReadyCap

Lending

Small

Business

Loan

Trust,

2019-2

US

Prime

Rate

-

0.50%,

6.25%,

12/27/44(a)(b)

49,192

49,159

Research-Driven

Pagaya

Motor

Asset

Trust,

2025-1A

5.49%,

6/27/33(a)

4,300,000

4,311,256

Research-Driven

Pagaya

Motor

Trust,

2025-6A

5.01%,

8/25/34(a)

7,850,000

7,866,598

Retained

Vantage

Data

Centers

Issuer

LLC,

2023-1A

5.00%,

9/15/48(a)

213,000

212,553

2025-1A

5.09%,

8/15/50(a)

11,370,000

11,284,213

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(12.4%)

(cont’d)

Saluda

Grade

Alternative

Mortgage

Trust,

2025-LOC5

CME

Term

SOFR

1

Month

+

1.60%,

5.55%,

10/25/55(a)(b)

$

16,001,933

$

16,041,874

Service

Experts

Issuer

LLC,

2025-1A

5.38%,

1/20/37(a)

4,479,699

4,488,570

ServiceMaster

Funding

LLC,

2020-1

2.84%,

1/30/51(a)

16,179,808

15,410,133

2021-1

2.87%,

7/30/51(a)

6,671,809

6,262,013

SERVPRO

Master

Issuer

LLC,

2021-1A

2.39%,

4/25/51(a)

5,733,820

5,428,592

2024-1A

6.17%,

1/25/54(a)

618,975

639,908

2025-1A

5.53%,

10/25/55(a)

10,030,000

10,013,069

Silver

Point

CLO

12

Ltd.,

2025-12A

CME

Term

SOFR

3

Month

+

2.65%,

6.63%,

10/15/38(a)(b)

1,700,000

1,707,135

Sixth

Street

CLO

XV

Ltd.,

2020-15A

CME

Term

SOFR

3

Month

+

3.15%,

7.02%,

10/24/37(a)(b)

750,000

756,715

Sixth

Street

CLO

XX

Ltd.,

2021-20A

CME

Term

SOFR

3

Month

+

2.95%,

6.83%,

7/17/38(a)(b)

2,250,000

2,259,315

SoFi

Consumer

Loan

Program

Trust,

2025-2

5.22%,

6/25/34(a)

5,169,000

5,221,069

STAR

Trust,

2021-SFR1

CME

Term

SOFR

1

Month

+

3.31%,

7.05%,

4/17/38(a)(b)

800,000

799,636

2021-SFR2

CME

Term

SOFR

1

Month

+

2.96%,

6.70%,

1/17/39(a)(b)

1,551,776

1,554,421

2022-SFR3

CME

Term

SOFR

1

Month

+

4.50%,

8.24%,

5/17/39(a)(b)

988,230

993,474

2024-SFR4

CME

Term

SOFR

1

Month

+

2.95%,

6.69%,

10/17/41(a)(b)

3,095,000

3,118,086

2025-SFR5

CME

Term

SOFR

1

Month

+

1.45%,

5.19%,

2/17/42(a)(b)

7,030,721

7,042,062

2025-SFR5

CME

Term

SOFR

1

Month

+

1.95%,

5.69%,

2/17/42(a)(b)

2,753,000

2,756,909

2025-SFR5

CME

Term

SOFR

1

Month

+

2.45%,

6.19%,

2/17/42(a)(b)

1,670,000

1,672,189

Face

Amount

Value

2025-SFR6

CME

Term

SOFR

1

Month

+

1.65%,

5.39%,

8/17/42(a)(b)

$

5,179,000

$

5,185,464

2025-SFR6

CME

Term

SOFR

1

Month

+

2.00%,

5.74%,

8/17/42(a)(b)

1,200,000

1,207,401

Start

II

Ltd.,

2019-1

4.09%,

3/15/44(a)

1,210,669

1,207,874

Start

Ltd.,

2018-1

4.09%,

5/15/43(a)

1,122,865

1,124,776

Subway

Funding

LLC,

2024-3A

5.25%,

7/30/54(a)

5,565,246

5,555,423

2024-3A

5.57%,

7/30/54(a)

5,443,020

5,409,954

Sunbird

Engine

Finance

LLC,

2020-1A

3.67%,

2/15/45(a)

386,817

382,746

Taco

Bell

Funding

LLC,

2021-1A

1.95%,

8/25/51(a)

1,630,950

1,589,807

Towd

Point

Mortgage

Trust,

2025-HE2

SOFR30A

+

1.35%,

5.22%,

9/25/65(a)(b)

5,638,758

5,652,834

Tricon

Residential

Trust,

2025-SFR1

CME

Term

SOFR

1

Month

+

1.35%,

5.09%,

3/17/42(a)(b)

1,800,000

1,801,952

Truist

Bank

Auto

Credit-Linked

Notes,

2025-1

4.73%,

9/26/33(a)

5,464,289

5,475,942

UPX

HIL

Issuer

Trust,

2025-1

5.16%,

1/25/47(a)

9,839,426

9,923,374

Wendy's

Funding

LLC,

2018-1A

3.88%,

3/15/48(a)

1,839,451

1,810,136

Willis

Engine

Structured

Trust

VII,

2023-A

8.00%,

10/15/48(a)

404,783

416,339

Willis

Engine

Structured

Trust

VIII,

2025-A

5.58%,

6/15/50(a)

5,682,547

5,782,440

520,294,621

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  (

27

.2

%

)

FHLMC

Gold

Pool,

30

Year

6.00%,

8/1/37

-

11/1/37

2,133

2,247

6.50%,

8/1/29

67

68

FHLMC

Gold

Pool,

Other

5.41%,

8/1/37

1,091

1,097

5.44%,

1/1/37

-

2/1/38

21,819

22,542

5.46%,

8/1/37

-

1/1/38

23,711

24,530

5.50%,

8/1/37

-

11/1/37

34,313

35,694

5.62%,

12/1/36

-

8/1/37

23,188

24,110

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series  (27.2%)

(cont’d)

FNMA,

30

Year

5.62%,

12/1/36

$

14,644

$

15,210

GNMA

I,

30

Year

6.50%,

5/15/40

115,992

123,000

GNMA

II,

Other

4.50%,

5/20/49

-

7/20/49

122,405

119,287

GNMA

II,

Single

Family,

30

Year

3.50%,

11/20/40

-

7/20/46

290,207

274,107

4.00%,

11/20/49

128,795

122,308

4.50%,

4/20/49

21,961

21,731

5.00%,

12/20/48

13,089

13,081

UMBS

Pool,

30

Year

5.00%,

11/1/54

13,056,656

13,047,223

5.50%,

3/1/54

-

9/1/55

188,184,404

191,030,146

UMBS,

30

Year

5.00%,

10/1/54

-

11/1/54

29,632,671

29,611,263

5.50%,

5/1/54

-

9/1/55

174,758,888

177,402,707

6.00%,

7/1/55

-

10/1/55

84,329,495

86,600,595

6.50%,

2/1/28

-

1/1/34

172,282

180,007

7.00%,

5/1/28

-

12/1/33

28,128

29,702

UMBS,

Single

Family,

30

Year

4.00%,

1/25/56,

TBA

24,080,000

22,844,019

4.50%,

1/25/56,

TBA

6,657,175

6,499,327

5.00%,

1/25/56,

TBA

506,546,000

505,358,783

5.50%,

1/25/56,

TBA

107,266,908

108,779,538

1,142,182,322

Commercial

Mortgage-Backed

Securities

(

14

.5

%

)

Ajax

Mortgage

Loan

Trust

1.70%,

5/25/59(a)(c)

853,128

816,658

BAHA

Trust

7.52%,

12/10/41(a)(b)

12,428,000

13,046,793

BAMLL

Commercial

Mortgage

Securities

Trust

3.47%,

11/5/32(a)

3,440,000

3,243,316

BAMLL

Trust

CME

Term

SOFR

1

Month

+

2.35%,

6.10%,

8/15/39(a)(b)

4,250,000

4,264,888

Banc

of

America

Alternative

Loan

Trust

6.36%,

10/25/36(c)

366,330

101,158

BANK

2.92%,

12/15/53(b)

4,200,000

2,412,678

IO

0.83%,

10/17/52(b)

13,583,106

334,295

BBCMS

Mortgage

Trust

IO

0.48%,

12/15/55(b)

17,885,000

590,963

Bear

Stearns

ARM

Trust

5.18%,

2/25/34(b)

292,979

278,822

Benchmark

Mortgage

Trust

IO

0.83%,

9/15/48(a)(b)

25,152,299

364,097

BF

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.50%,

5.25%,

12/15/35(a)(b)

4,222,000

4,203,214

Face

Amount

Value

CME

Term

SOFR

1

Month

+

2.00%,

5.75%,

12/15/35(a)(b)

$

2,500,000

$

2,409,483

BFLD

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.80%,

5.55%,

11/15/42(a)(b)

6,135,000

6,165,364

CME

Term

SOFR

1

Month

+

1.84%,

5.59%,

11/15/41(a)(b)

3,000,000

3,009,348

CME

Term

SOFR

1

Month

+

2.15%,

5.90%,

11/15/42(a)(b)

3,190,000

3,212,682

BFLD

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.89%,

5.64%,

7/15/41(a)(b)

9,715,000

9,770,859

BFLD

Trust

5.59%,

10/10/40(a)(b)

8,008,000

8,130,973

BOCA

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.60%,

5.45%,

12/15/42(a)(b)

7,932,000

7,955,541

BPR

Trust

CME

Term

SOFR

1

Month

+

3.00%,

6.75%,

5/15/39(a)(b)

2,320,000

2,325,102

BRAVO

Residential

Funding

Trust

2.00%,

5/25/59(a)(b)

964,880

914,480

Brean

Asset-Backed

Securities

Trust

1.40%,

10/25/63(a)(b)

1,868,887

1,780,744

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

3.14%,

6.89%,

6/15/27(a)(b)

5,855,000

5,879,348

CME

Term

SOFR

1

Month

+

3.89%,

7.64%,

6/15/27(a)(b)

6,265,000

6,301,744

CME

Term

SOFR

1

Month

+

4.34%,

8.09%,

6/15/27(a)(b)

3,287,296

3,313,512

BX

Trust

CME

Term

SOFR

1

Month

+

2.75%,

6.50%,

7/15/42(a)(b)

6,658,000

6,703,967

CME

Term

SOFR

1

Month

+

3.65%,

7.40%,

7/15/42(a)(b)

3,975,000

4,010,272

Caister

Finance

DAC

SONIA

+

2.45%,

6.19%,

8/17/35(a)(b)

GBP

6,495,000

8,827,663

Chase

Home

Lending

Mortgage

Trust

5.50%,

2/25/56(a)(b)

$

7,231,444

7,297,827

ChaseFlex

Trust

6.00%,

2/25/37

580,358

181,038

Citigroup

Commercial

Mortgage

Trust

IO

0.51%,

11/10/48(b)

547,299

238

COLT

Trust

1.67%,

9/25/61(a)(b)

927,910

861,531

CSMC

Trust

CME

Term

SOFR

1

Month

+

3.83%,

7.58%,

8/15/26(a)(b)

15,598,642

15,145,003

DBC

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.35%,

5.10%,

11/15/42(a)(b)

3,550,000

3,557,816

CME

Term

SOFR

1

Month

+

1.60%,

5.35%,

11/15/42(a)(b)

5,285,000

5,300,710

Durst

Commercial

Mortgage

Trust

6.79%,

8/10/42(a)(b)

3,499,000

3,622,590

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(14.5%)

(cont’d)

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

2.60%,

6.35%,

10/15/42(a)(b)

$

16,320,000

$

16,462,996

FHLMC

Seasoned

Credit

Risk

Transfer

Trust

3.00%,

9/25/55

799,211

704,026

3.00%,

8/25/57

570,210

496,155

3.00%,

3/25/58

784,660

681,298

4.25%,

8/25/59(a)(b)

2,655,240

2,564,489

4.25%,

11/25/60(a)(b)

714,633

692,799

4.75%,

10/25/58(b)

938,064

922,320

FHLMC

STACR

REMIC

Trust

SOFR30A

+

7.80%,

11.67%,

11/25/41(a)(b)

8,365,000

8,810,526

SOFR30A

+

8.50%,

12.37%,

2/25/42(a)(b)

4,695,000

5,040,801

FHLMC

STACR

Trust

SOFR30A

+

6.25%,

10.12%,

9/25/41(a)(b)

2,940,000

3,034,502

FHLMC,

Multifamily

Structured

Pass-

Through

Certificates

IO

REMIC

2.63%,

1/25/49(b)

17,200,000

1,956,286

2.63%,

1/25/49(b)

4,091,469

430,579

2.65%,

2/25/49(b)

9,522,157

1,060,539

2.73%,

8/25/48(b)

5,484,002

553,153

3.07%,

11/25/36(b)

4,400,000

1,009,897

3.21%,

5/25/32(b)

11,220,034

1,861,028

FHLMC,

REMIC

SOFR30A

+

0.95%,

4.82%,

10/25/54(b)

15,224,667

15,257,628

SOFR30A

+

1.00%,

4.87%,

2/25/55(b)

3,878,998

3,870,423

SOFR30A

+

1.00%,

4.87%,

4/25/55(b)

7,102,860

7,088,982

SOFR30A

+

1.05%,

4.92%,

4/25/54(b)

9,126,855

9,159,485

SOFR30A

+

1.05%,

4.92%,

10/25/54(b)

17,648,296

17,713,135

SOFR30A

+

1.10%,

4.97%,

4/25/54(b)

9,817,368

9,861,976

SOFR30A

+

1.15%,

5.02%,

2/25/55(b)

12,897,421

12,963,761

SOFR30A

+

1.15%,

5.02%,

7/25/55(b)

4,042,118

4,054,446

SOFR30A

+

1.20%,

5.07%,

8/25/54(b)

5,712,772

5,749,323

SOFR30A

+

1.26%,

5.13%,

4/25/54(b)

9,850,320

9,935,658

SOFR30A

+

1.30%,

5.17%,

8/25/54(b)

4,345,054

4,370,626

SOFR30A

+

1.43%,

5.30%,

12/25/54(b)

3,697,752

3,721,674

IO

REMIC

SOFR30A

+

5.89%,

1.90%,

11/15/43(b)(d)

275,724

21,808

Face

Amount

Value

FNMA,

REMIC

SOFR30A

+

1.05%,

4.92%,

9/25/55(b)

$

9,024,410

$

9,043,610

SOFR30A

+

1.10%,

4.97%,

9/25/54(b)

8,302,107

8,343,835

SOFR30A

+

1.10%,

4.97%,

9/25/54(b)

11,054,445

11,107,188

SOFR30A

+

1.10%,

4.97%,

11/25/54(b)

6,647,809

6,652,945

SOFR30A

+

1.15%,

5.02%,

6/25/54(b)

8,349,263

8,377,803

SOFR30A

+

1.15%,

5.02%,

8/25/55(b)

16,332,755

16,394,128

SOFR30A

+

1.00%,

5.07%,

11/25/54(b)

14,088,489

14,095,537

SOFR30A

+

1.47%,

5.34%,

11/25/54(b)

5,493,709

5,536,256

7.00%,

9/25/32

49,333

51,836

IO

8.00%,

9/18/27

4,219

143

FNMA,

Strips

IO

REMIC

6.50%,

9/25/29

8,949

598

6.50%,

9/25/29

3,513

239

6.50%,

9/25/29

5,319

345

6.50%,

12/25/29

7,481

461

6.50%,

12/25/29

3,421

223

6.50%,

12/25/29

4,644

298

6.50%,

12/25/29

5,523

383

Fontainebleau

Miami

Beach

Mortgage

Trust

CME

Term

SOFR

1

Month

+

4.25%,

8.00%,

12/15/39(a)(b)

4,945,000

4,989,104

FREMF

Mortgage

Trust

SOFR30A

+

5.36%,

9.37%,

7/25/26(a)(b)

44,850

2,534

FS

Commercial

Mortgage

Trust

7.07%,

11/10/39(a)

1,775,000

1,807,767

GNMA

SOFR30A

+

1.00%,

4.92%,

2/20/54(b)

5,158,207

5,170,876

SOFR30A

+

1.00%,

4.92%,

8/20/54(b)

6,791,368

6,793,363

SOFR30A

+

1.00%,

4.92%,

8/20/54(b)

8,323,757

8,331,155

SOFR30A

+

1.00%,

4.92%,

12/20/54(b)

4,745,308

4,761,607

SOFR30A

+

1.00%,

4.92%,

9/20/64(b)

4,484,663

4,502,528

SOFR30A

+

1.05%,

4.97%,

10/20/55(b)

15,298,825

15,372,633

SOFR30A

+

1.10%,

5.02%,

8/20/53(b)

8,674,257

8,714,863

IO

REMIC

5.00%,

2/16/41

54,875

10,643

Great

Wolf

Trust

CME

Term

SOFR

1

Month

+

1.54%,

5.29%,

3/15/39(a)(b)

1,370,000

1,373,622

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(14.5%)

(cont’d)

CME

Term

SOFR

1

Month

+

2.89%,

6.64%,

3/15/39(a)(b)

$

3,200,000

$

3,222,012

GS

Mortgage

Securities

Trust

IO

0.29%,

9/10/47(b)

292,954

3

0.69%,

10/10/48(b)

395,792

4

GSJP

Trust

CME

Term

SOFR

1

Month

+

1.50%,

5.26%,

12/15/42(a)(b)

4,789,000

4,798,299

GWT

CME

Term

SOFR

1

Month

+

1.69%,

5.44%,

5/15/41(a)(b)

6,338,000

6,363,420

Hawaii

Hotel

Trust

CME

Term

SOFR

1

Month

+

1.39%,

5.14%,

3/15/42(a)(b)

3,045,000

3,051,738

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

5.39%,

6/15/41(a)(b)

3,164,100

3,173,929

CME

Term

SOFR

1

Month

+

2.54%,

6.29%,

6/15/41(a)(b)

232,394

233,619

Hudson

Yards

Mortgage

Trust

6.34%,

1/13/40(a)(b)

1,925,000

2,004,835

HYT

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.84%,

5.59%,

9/15/41(a)(b)

10,790,000

10,826,294

CME

Term

SOFR

1

Month

+

2.34%,

6.09%,

9/15/41(a)(b)

289,000

290,083

INTOWN

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.25%,

6.00%,

3/15/42(a)(b)

3,061,000

3,071,029

CME

Term

SOFR

1

Month

+

2.85%,

6.60%,

3/15/42(a)(b)

5,357,000

5,383,677

J.P.

Morgan

Chase

Commercial

Mortgage

Securities

Trust

IO

0.44%,

4/15/46(b)

4,347,074

11,262

0.56%,

12/15/49(b)

3,303,409

8,809

J.P.

Morgan

Mortgage

Trust

4.83%,

6/25/37(b)

40,589

31,946

JW

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.62%,

5.37%,

6/15/39(a)(b)

7,500,000

7,520,910

CME

Term

SOFR

1

Month

+

1.94%,

5.69%,

6/15/39(a)(b)

885,000

888,217

CME

Term

SOFR

1

Month

+

3.19%,

6.94%,

6/15/39(a)(b)

4,608,000

4,630,222

LHOME

Mortgage

Trust

7.02%,

1/25/29(a)(c)

3,290,000

3,306,641

loanDepot

GMSR

Trust

CME

Term

SOFR

1

Month

+

2.75%,

6.59%,

12/19/30(a)(b)

7,740,000

7,755,287

MF1X

CME

Term

SOFR

1

Month

+

2.82%,

6.57%,

12/15/34(a)(b)

4,350,000

4,356,005

CME

Term

SOFR

1

Month

+

3.37%,

7.12%,

12/15/34(a)(b)

1,500,000

1,501,387

Face

Amount

Value

Natixis

Commercial

Mortgage

Securities

Trust

4.32%,

1/15/43(a)(b)

$

800,000

$

695,410

NJ

6.08%,

3/5/35(a)(b)

3,110,000

3,151,522

6.08%,

3/5/35(a)(b)

3,400,000

3,403,334

NRM

FHT1

Excess

Owner

LLC

6.55%,

3/25/32(a)(c)

5,937,298

6,062,679

NYC

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.44%,

6.19%,

2/15/42(a)(b)

6,795,000

6,791,312

CME

Term

SOFR

1

Month

+

3.54%,

7.29%,

2/15/42(a)(b)

5,655,000

5,680,965

NYCT

Trust

CME

Term

SOFR

1

Month

+

1.99%,

5.74%,

8/15/29(a)(b)

5,919,078

5,945,536

Olympic

Tower

Mortgage

Trust

3.57%,

5/10/39(a)

2,900,000

2,795,917

ORL

Trust

CME

Term

SOFR

1

Month

+

1.49%,

5.24%,

12/15/39(a)(b)

3,847,000

3,857,910

CME

Term

SOFR

1

Month

+

1.89%,

5.64%,

12/15/39(a)(b)

6,260,000

6,283,667

CME

Term

SOFR

1

Month

+

2.79%,

6.54%,

12/15/39(a)(b)

1,367,000

1,374,371

PENN

Commercial

Mortgage

Trust

5.93%,

8/10/42(a)(b)

2,926,000

3,018,826

PRM5

Trust

5.62%,

3/10/33(a)(b)

1,150,000

1,151,843

PRMI

Securitization

Trust

SOFR30A

+

1.50%,

5.43%,

12/25/55(a)(b)

14,270,000

14,251,125

Provident

Funding

Mortgage

Trust

6.00%,

8/25/55(a)(b)

4,278,439

4,340,693

Radian

Mortgage

Capital

Trust

6.00%,

12/25/55(a)(b)

2,699,946

2,737,262

SDR

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.39%,

5.14%,

5/15/39(a)(b)

1,193,000

1,192,825

SG

Commercial

Mortgage

Securities

Trust

3.73%,

3/15/37(a)(b)

1,900,000

1,759,812

SHR

Trust

CME

Term

SOFR

1

Month

+

1.95%,

5.70%,

10/15/41(a)(b)

3,475,000

3,487,842

SLG

Office

Trust

IO

0.26%,

7/15/41(a)(b)

34,800,000

395,182

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

5.34%,

6/15/39(a)(b)

3,350,000

3,356,251

CME

Term

SOFR

1

Month

+

3.24%,

6.99%,

6/15/39(a)(b)

2,400,000

2,415,936

TYSN

Mortgage

Trust

6.58%,

12/10/33(a)(b)

1,127,000

1,187,336

Vantage

Data

Centers

Germany

Borrower

Lux

SARL

4.29%,

6/28/50(a)

EUR

5,327,000

6,330,086

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(14.5%)

(cont’d)

Wells

Fargo

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.54%,

5.29%,

8/15/42(a)(b)

$

5,600,000

$

5,613,864

607,532,693

Corporate

Bonds

(

26

.9

%

)

Aerospace

&

Defense

(0.3%)

Boeing

Co.

(The)

5.81%,

5/1/50(e)

7,600,000

7,486,618

5.93%,

5/1/60

3,296,000

3,236,254

10,722,872

Automobile

Components

(0.4%)

Aptiv

Swiss

Holdings

Ltd.

3.10%,

12/1/51

17,567,000

11,295,882

Clarios

Global

LP

6.75%,

2/15/30(a)

4,978,000

5,209,775

16,505,657

Automobiles

(0.4%)

Ford

Motor

Co.

3.25%,

2/12/32

4,494,000

3,961,883

Stellantis

Finance

US,

Inc.

6.45%,

3/18/35(a)(e)

11,584,000

12,047,694

16,009,577

Banks

(5.8%)

AIB

Group

plc

5.32%,

5/15/31(a)(b)(e)

13,955,000

14,410,144

Banco

Santander

SA

4.18%,

3/24/28(b)

6,000

6,003

5.54%,

3/14/30(b)(e)

7,425,000

7,686,375

Bank

of

America

Corp.

2.59%,

4/29/31(b)(e)

14,351,000

13,377,286

5.16%,

1/24/31(b)(e)

4,503,000

4,649,649

Bank

of

Nova

Scotia

(The)

8.00%,

1/27/84(b)(e)

11,085,000

11,916,275

Barclays

plc

8.00%,

3/15/29(b)(f)

7,580,000

8,118,984

BBVA

Mexico

SA

Institucion

de

Banca

Multiple

Grupo

Financiero

5.13%,

1/18/33(a)(b)

3,721,000

3,660,255

7.63%,

2/11/35(a)(b)(e)

5,072,000

5,338,280

8.13%,

1/8/39(a)(b)

3,601,000

3,898,039

8.45%,

6/29/38(a)(b)(e)

1,047,000

1,158,655

BNP

Paribas

SA

7.75%,

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

6,891,000

7,306,589

CaixaBank

SA

6.84%,

9/13/34(a)(b)

11,567,000

12,909,656

Canadian

Imperial

Bank

of

Commerce

7.00%,

10/28/85(b)(e)

8,529,000

8,913,504

Intesa

Sanpaolo

SpA

4.95%,

6/1/42(a)(b)

2,225,000

1,899,302

8.25%,

11/21/33(a)(b)(e)

17,727,000

20,940,852

JPMorgan

Chase

&

Co.

5.14%,

1/24/31(b)(e)

6,615,000

6,838,494

5.58%,

4/22/30(b)

9,669,000

10,090,030

Face

Amount

Value

Nordea

Kredit

Realkreditaktieselskab

3.50%,

10/1/53

-

10/1/56

DKK

62,872,764

$

9,529,591

PNC

Financial

Services

Group,

Inc.

(The)

5.58%,

1/29/36(b)

$

4,602,000

4,800,974

6.88%,

10/20/34(b)

1,601,000

1,812,696

Royal

Bank

of

Canada

4.31%,

11/3/31(b)

8,880,000

8,840,847

4.70%,

8/6/31(b)

2,801,000

2,838,244

4.97%,

5/2/31(b)(e)

4,676,000

4,783,700

Santander

UK

Group

Holdings

plc

3.82%,

11/3/28(b)(e)

8,434,000

8,381,096

Societe

Generale

SA

6.10%,

4/13/33(a)(b)(e)

6,557,000

6,932,064

Synovus

Financial

Corp.

6.17%,

11/1/30(b)(e)

13,134,000

13,653,812

Toronto-Dominion

Bank

(The)

4.93%,

10/15/35(e)

10,283,000

10,280,037

8.13%,

10/31/82(b)

13,641,000

14,395,740

UniCredit

SpA

5.46%,

6/30/35(a)(b)

5,801,000

5,916,514

Westpac

Banking

Corp.

3.02%,

11/18/36(b)(e)

7,870,000

7,109,976

242,393,663

Building

Products

(0.4%)

Masterbrand,

Inc.

7.00%,

7/15/32(a)(e)

7,442,000

7,719,065

Smyrna

Ready

Mix

Concrete

LLC

6.00%,

11/1/28(a)(e)

8,609,000

8,655,420

16,374,485

Capital

Markets

(3.6%)

Apollo

Debt

Solutions

BDC

5.88%,

8/30/30

4,459,000

4,517,695

Blue

Owl

Credit

Income

Corp.

6.60%,

9/15/29

1,986,000

2,045,581

6.65%,

3/15/31

1,194,000

1,231,272

Brookfield

Asset

Management

Ltd.

5.30%,

1/15/36

2,707,000

2,705,962

5.80%,

4/24/35(e)

6,935,000

7,271,139

6.08%,

9/15/55

8,482,000

8,680,289

Brookfield

Finance,

Inc.

6.30%,

1/15/55(b)(e)

8,227,000

8,180,834

CI

Financial

Corp.

7.50%,

5/30/29(a)(e)

20,225,000

21,523,535

Citadel

LP

6.38%,

1/23/32(a)(e)

9,500,000

10,088,124

Citadel

Securities

Global

Holdings

LLC

6.20%,

6/18/35(a)

7,020,000

7,396,218

Focus

Financial

Partners

LLC

6.75%,

9/15/31(a)(e)

5,792,000

5,958,223

HAT

Holdings

I

LLC

3.75%,

9/15/30(a)

2,742,000

2,541,994

Jefferies

Financial

Group,

Inc.

6.20%,

4/14/34(e)

13,306,000

14,049,414

LPL

Holdings,

Inc.

4.00%,

3/15/29(a)

5,900,000

5,804,373

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(26.9%)

(cont’d)

4.38%,

5/15/31(a)(e)

$

5,256,000

$

5,120,603

5.75%,

6/15/35(e)

3,967,000

4,085,771

Marex

Group

plc

6.40%,

11/4/29(e)

8,281,000

8,591,834

Nuveen

LLC

5.85%,

4/15/34(a)

3,681,000

3,873,004

Oaktree

Strategic

Credit

Fund

6.19%,

7/15/30(a)

9,787,000

9,854,705

Raymond

James

Financial,

Inc.

4.90%,

9/11/35(e)

8,431,000

8,386,009

5.65%,

9/11/55(e)

7,515,000

7,361,432

149,268,011

Chemicals

(0.5%)

Celanese

US

Holdings

LLC

1.40%,

8/5/26(e)

1,717,000

1,690,902

7.20%,

11/15/33(c)(e)

6,186,000

6,540,402

Cerdia

Finanz

GmbH

9.38%,

10/3/31(a)

7,056,000

7,329,420

LYB

International

Finance

III

LLC

5.13%,

1/15/31(e)

4,868,000

4,888,783

20,449,507

Commercial

Services

&

Supplies

(0.4%)

Allied

Universal

Holdco

LLC

7.88%,

2/15/31(a)(e)

7,840,000

8,267,074

Reworld

Holding

Corp.

4.88%,

12/1/29(a)(e)

8,507,000

8,184,581

16,451,655

Construction

&

Engineering

(0.1%)

Artera

Services

LLC

8.50%,

2/15/31(a)

4,903,900

4,075,587

Consumer

Finance

(0.7%)

Aircastle

Ltd.

5.75%,

10/1/31(a)

4,330,000

4,515,145

Ally

Financial,

Inc.

8.00%,

11/1/31

3,217,000

3,656,122

Azorra

Finance

Ltd.

7.75%,

4/15/30(a)(e)

4,008,000

4,247,614

Ford

Motor

Credit

Co.

LLC

5.30%,

9/6/29

250,839

252,926

7.35%,

3/6/30(e)

9,447,000

10,143,226

Stellantis

Financial

Services

US

Corp.

5.40%,

9/15/30(a)

5,616,000

5,705,967

28,521,000

Containers

&

Packaging

(0.2%)

Toucan

FinCo

Ltd.

9.50%,

5/15/30(a)(e)

7,564,000

7,560,494

Diversified

Consumer

Services

(0.2%)

Wand

NewCo

3,

Inc.

7.63%,

1/30/32(a)

7,271,000

7,698,753

Diversified

Telecommunication

Services

(0.4%)

Bell

Canada

6.88%,

9/15/55(b)

7,276,000

7,537,048

Face

Amount

Value

TELUS

Corp.

6.38%,

6/9/56(b)

$

9,946,000

$

9,966,729

17,503,777

Electric

Utilities

(1.3%)

Alpha

Generation

LLC

6.75%,

10/15/32(a)

8,092,000

8,381,165

American

Electric

Power

Co.,

Inc.

5.80%,

3/15/56(b)(e)

11,221,000

11,144,758

California

Buyer

Ltd.

6.38%,

2/15/32(a)

8,360,000

8,391,885

Vistra

Operations

Co.

LLC

5.70%,

12/30/34(a)

9,579,000

9,893,977

VoltaGrid

LLC

7.38%,

11/1/30(a)(e)

9,051,000

8,971,629

XPLR

Infrastructure

Operating

Partners

LP

8.38%,

1/15/31(a)(e)

1,441,000

1,515,119

8.63%,

3/15/33(a)

6,992,000

7,360,474

55,659,007

Electronic

Equipment,

Instruments

&

Components

(0.2%)

TD

SYNNEX

Corp.

5.30%,

10/10/35(e)

9,739,000

9,648,100

Financial

Services

(2.5%)

Apollo

Global

Management,

Inc.

5.15%,

8/12/35

8,539,000

8,558,842

Enact

Holdings,

Inc.

6.25%,

5/28/29

10,122,000

10,608,255

Essent

Group

Ltd.

6.25%,

7/1/29

1,968,000

2,055,491

HA

Sustainable

Infrastructure

Capital,

Inc.

6.38%,

7/1/34(e)

18,167,000

18,514,688

8.00%,

6/1/56(b)(e)

7,283,000

7,629,525

Jyske

Realkredit

A/S

3.50%,

10/1/56

DKK

5,966,000

900,166

NMI

Holdings,

Inc.

6.00%,

8/15/29(e)

$

3,840,000

3,981,043

Nykredit

Realkredit

A/S

3.50%,

4/1/53

-

10/1/56

DKK

148,758,987

22,720,837

Realkredit

Danmark

A/S

3.50%,

10/1/56

49,609,166

7,489,055

Rocket

Cos.,

Inc.

6.38%,

8/1/33(a)(e)

$

5,303,000

5,535,637

Rocket

Mortgage

LLC

3.63%,

3/1/29(a)(e)

1,834,000

1,772,769

3.88%,

3/1/31(a)

8,484,000

8,062,683

UWM

Holdings

LLC

6.25%,

3/15/31(a)

9,127,000

9,116,830

106,945,821

Gas

Utilities

(0.1%)

Ferrellgas

LP

5.88%,

4/1/29(a)

5,076,000

4,881,734

Ground

Transportation

(0.2%)

NESCO

Holdings

II,

Inc.

5.50%,

4/15/29(a)(e)

7,975,000

7,862,207

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(26.9%)

(cont’d)

Health

Care

Providers

&

Services

(1.0%)

Centene

Corp.

2.50%,

3/1/31

$

9,240,000

$

7,984,618

3.38%,

2/15/30

14,896,000

13,731,273

Global

Medical

Response,

Inc.

7.38%,

10/1/32(a)

7,519,000

7,830,127

LifePoint

Health,

Inc.

9.88%,

8/15/30(a)

5,548,000

5,980,428

US

Acute

Care

Solutions

LLC

9.75%,

5/15/29(a)

5,854,000

5,904,724

41,431,170

Health

Care

REITs

(0.3%)

CTR

Partnership

LP

3.88%,

6/30/28(a)(e)

9,584,000

9,446,044

Healthpeak

OP

LLC

4.75%,

1/15/33(e)

4,770,000

4,745,811

14,191,855

Hotels,

Restaurants

&

Leisure

(0.8%)

Las

Vegas

Sands

Corp.

6.00%,

6/14/30

14,242,000

14,944,878

Royal

Caribbean

Cruises

Ltd.

5.38%,

1/15/36(e)

9,513,000

9,556,440

Voyager

Parent

LLC

9.25%,

7/1/32(a)(e)

7,391,000

7,847,254

32,348,572

Insurance

(2.2%)

American

International

Group,

Inc.

5.45%,

5/7/35(e)

5,518,000

5,750,232

American

National

Group,

Inc.

6.00%,

7/15/35(e)

7,063,000

7,166,935

6.14%,

6/13/32(a)(e)

3,108,000

3,242,957

7.00%,

12/1/55(b)(e)

6,663,000

6,699,353

Athene

Holding

Ltd.

6.63%,

5/19/55(e)

11,513,000

11,734,713

Belrose

Funding

Trust

II

6.79%,

5/15/55(a)(e)

11,723,000

12,218,816

Fortitude

Group

Holdings

LLC

6.25%,

4/1/30(a)(e)

3,346,000

3,487,686

Global

Atlantic

Fin

Co.

6.75%,

3/15/54(a)

9,552,000

9,766,891

7.95%,

10/15/54(a)(b)

2,013,000

2,089,617

Intact

Financial

Corp.

5.46%,

9/22/32(a)

4,086,000

4,228,607

Liberty

Mutual

Group,

Inc.

4.13%,

12/15/51(a)(b)

9,200,000

9,073,518

Marsh

&

McLennan

Cos.,

Inc.

5.00%,

3/15/35(e)

2,015,000

2,041,973

Panther

Escrow

Issuer

LLC

7.13%,

6/1/31(a)(e)

8,373,000

8,681,780

Willis

North

America,

Inc.

5.15%,

3/15/36

4,223,000

4,225,008

90,408,086

Face

Amount

Value

IT

Services

(0.2%)

Arches

Buyer,

Inc.

4.25%,

6/1/28(a)(e)

$

7,348,000

$

7,217,227

Life

Sciences

Tools

&

Services

(0.0%)(g)

Fortrea

Holdings,

Inc.

7.50%,

7/1/30(a)

1,151,000

1,177,883

Machinery

(0.3%)

Calderys

Financing

LLC

11.25%,

6/1/28(a)

3,848,000

4,090,797

New

Flyer

Holdings,

Inc.

9.25%,

7/1/30(a)

7,208,000

7,783,862

11,874,659

Media

(0.7%)

Charter

Communications

Operating

LLC

3.90%,

6/1/52

249,000

160,932

4.40%,

12/1/61

3,610,000

2,363,556

4.80%,

3/1/50

12,291,000

9,241,937

6.55%,

6/1/34(e)

586,000

616,547

Clear

Channel

Outdoor

Holdings,

Inc.

7.88%,

4/1/30(a)

7,022,000

7,425,049

McGraw-Hill

Education,

Inc.

5.75%,

8/1/28(a)

6,257,000

6,293,434

7.38%,

9/1/31(a)(e)

389,000

410,715

Virgin

Media

Vendor

Financing

Notes

IV

DAC

5.00%,

7/15/28(a)(e)

4,111,000

4,036,245

30,548,415

Metals

&

Mining

(0.2%)

Compass

Minerals

International,

Inc.

6.75%,

12/1/27(a)

229,000

229,941

First

Quantum

Minerals

Ltd.

8.00%,

3/1/33(a)(e)

7,117,000

7,609,475

7,839,416

Multi-Utilities

(0.1%)

Dominion

Energy,

Inc.

6.00%,

2/15/56(b)(e)

2,904,000

2,919,202

Oil,

Gas

&

Consumable

Fuels

(0.5%)

Petrobras

Global

Finance

BV

6.50%,

7/3/33

1,911,000

1,971,626

Raizen

Fuels

Finance

SA

5.70%,

1/17/35(a)

4,309,000

3,299,900

6.45%,

3/5/34(a)

2,193,000

1,790,062

Sunoco

LP

7.88%,

9/18/30(a)(b)(f)

8,085,000

8,311,704

TerraForm

Power

Operating

LLC

4.75%,

1/15/30(a)

4,842,000

4,722,552

5.00%,

1/31/28(a)

2,026,000

2,025,224

22,121,068

Passenger

Airlines

(0.8%)

A/S

Mileage

Plan

IP

Ltd.

5.02%,

10/20/29(a)(e)

12,489,000

12,597,110

5.31%,

10/20/31(a)(e)

1,154,000

1,164,815

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(26.9%)

(cont’d)

American

Airlines,

Inc.

5.50%,

4/20/26(a)

$

806,167

$

807,732

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)

18,923,318

19,041,394

33,611,051

Personal

Care

Products

(0.1%)

Edgewell

Personal

Care

Co.

4.13%,

4/1/29(a)(e)

5,327,000

5,097,342

Pharmaceuticals

(0.1%)

Royalty

Pharma

plc

5.20%,

9/25/35(e)

3,661,000

3,682,575

Semiconductors

&

Semiconductor

Equipment

(0.3%)

Foundry

JV

Holdco

LLC

6.10%,

1/25/36(a)

9,416,000

9,854,739

Qorvo,

Inc.

3.38%,

4/1/31(a)

4,526,000

4,202,093

14,056,832

Software

(0.6%)

Cloud

Software

Group,

Inc.

6.50%,

3/31/29(a)

8,578,000

8,695,929

Oracle

Corp.

3.60%,

4/1/50

12,139,000

7,569,871

3.95%,

3/25/51

4,806,000

3,165,217

6.00%,

8/3/55(e)

4,507,000

3,978,146

23,409,163

Specialized

REITs

(0.2%)

EPR

Properties

3.60%,

11/15/31

4,305,000

3,997,098

4.75%,

11/15/30

4,246,000

4,214,497

4.95%,

4/15/28

1,641,000

1,654,434

9,866,029

Specialty

Retail

(0.2%)

PetSmart

LLC

7.50%,

9/15/32(a)(e)

7,377,000

7,516,347

Technology

Hardware,

Storage

&

Peripherals

(0.2%)

Seagate

Data

Storage

Technology

Pte.

Ltd.

9.63%,

12/1/32(a)

6,770,500

7,690,146

Textiles,

Apparel

&

Luxury

Goods

(0.1%)

Beach

Acquisition

Bidco

LLC

10.75%

PIK,

10.00%,

7/15/33(a)(e)(h)

5,945,000

6,265,252

Transportation

Infrastructure

(0.1%)

Seaspan

Corp.

5.50%,

8/1/29(a)

6,104,000

5,802,111

Wireless

Telecommunication

Services

(0.2%)

Zegona

Finance

plc

8.63%,

7/15/29(a)

9,350,000

9,945,801

1,127,552,109

Sovereign

(

0

.3

%

)

Romania

Government

Bond

3.75%,

2/7/34

EUR

6,796,000

7,216,871

Face

Amount

Value

Sovereign

(0.3%)

(continued)

Romanian

Government

Bond

2.00%,

4/14/33

EUR

3,947,000

$

3,782,719

10,999,590

U.S.

Government

and

Agency

Securities

(

28

.5

%

)

U.S.

Treasury

Bonds

1.13%,

5/15/40

$

3,040,000

1,930,044

1.25%,

5/15/50

155,000

74,249

3.00%,

5/15/45

448,020,000

344,940,401

3.38%,

11/15/48

50,694,000

40,123,509

4.50%,

2/15/36(e)

5,291,000

5,463,577

U.S.

Treasury

Notes

1.25%,

8/15/31

6,640,000

5,786,267

1.38%,

11/15/31

70,000

60,988

2.75%,

8/15/32

36,801,000

34,310,464

3.88%,

9/30/29

122,387,000

123,460,276

3.88%,

4/30/30

151,523,000

152,730,449

4.00%,

11/15/35

1,594,000

1,571,211

4.13%,

10/31/31

313,389,000

318,273,462

4.25%,

5/15/35

167,805,000

169,233,963

1,197,958,860

Total

Fixed

Income

Securities

(Cost

$4,586,058,123)

4,606,520,195

–

Shares

Investment

Companies

(

1

.0

%

)

Eaton

Vance

Floating-Rate

ETF(e)(i)

569,577

28,178,341

Eaton

Vance

High

Yield

ETF(e)(i)

9,300

492,931

Eaton

Vance

Short

Duration

Income

ETF(i)

235,000

12,089,269

Eaton

Vance

Ultra-Short

Income

ETF(i)

27,000

1,373,760

Total

Investment

Companies

(Cost

$42,045,245)

42,134,301

Short-Term

Investments

(

4

.5

%

)

Investment

Company

(

3

.5

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(j)

(Cost

$145,941,273)

145,941,273

145,941,273

Security

held

as

Collateral

on

Loaned

Securities

(

1

.0

%

)

Investment

Company

(1.0%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(j)

(Cost

$43,779,371)

43,779,371

43,779,371

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

U.S.

Government

and

Agency

Security

(

0

.0

%

)

(g)

U.S.

Treasury

Bill

3.75%,

3/3/26

(Cost

$1,887,856)

$

1,900,000

$

1,888,802

Total

Short-Term

Investments

(Cost

$191,608,500)

191,609,446

Total

Investments

(

115

.3

%

)

(

Cost

$

4,819,711,868

)

including

$

93,210,904

of

Securities

Loaned

(k)

4,840,263,942

Liabilities

in

Excess

of

Other

Assets

(-15.3%)

(643,057,770)

Net

Assets

(100.0%)

$4,197,206,172

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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

December

31,

2025.

Maturity

date

disclosed

is

the

ultimate

maturity

date.

(d)

Inverse

floating

rate

security.

Interest

rate

disclosed

is

that

which

was

in

effect

at

December

31,

2025.

(e)

All

or

a

portion

of

this

security

was

on

loan

.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2025

,

were

$

93,210,904

and

$

96,754,620

,

respectively.

The

Fund

received

cash

collateral

of

$

43,779,371

,

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

$

52,975,249

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.

(f)

Perpetual

—

One

or

more

securities

do

not

have

a

predetermined

maturity

date.

Rates

for

these

securities

are

fixed

for

a

period

of

time,

after

which

they

revert

to

a

floating

rate.

Interest

rates

in

effect

are

as

of

December

31,

2025.

(g)

Amount

is

less

than

0.05%.

(h)

Income

may

be

paid

in

additional

securities

and/or

cash

at

the

descretion

of

the

issuer.

(i)

For

the

period

ended

December

31,

2025,

the

cost

of

purchases

of

Eaton

Vance

Floating-Rate

ETF,

Eaton

Vance

High

Yield

ETF,

Eaton

Vance

Short

Duration

Income

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF,

which

may

be

deemed

affiliates

of

the

Adviser

under

the

Investment

Company

Act

of

1940,

were

$28,260,354,

$0,

$0

and

$0,

respectively.

For

the

period

ended

December

31,

2025,

management

fees

related

Fund's

investments

in

Eaton

Vance

Floating-

Rate

ETF,

Eaton

Vance

High

Yield

ETF,

Eaton

Vance

Short

Duration

Income

ETF

and

Eaton

Vance

Ultra-Short

Income

ETF

were

reduced

by

$22,461,

$599,

$7,322

and

$590,

respectively.

(j)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$19,942

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(k)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$4,819,711,868.

The

aggregate

gross

unrealized

appreciation

is

$33,575,721

and

the

aggregate

gross

unrealized

depreciation

is

$13,023,647,

resulting

in

net

unrealized

appreciation

of

$20,552,074.

ARM

Adjustable

Rate

Mortgage

CME

Chicago

Mercantile

Exchange

CLO

Collateralized

Loan

Obligation

DAC

Designated

Activity

Company

FHLMC

Federal

Home

Loan

Mortgage

Corp.

FNMA

Federal

National

Mortgage

Association

GNMA

Government

National

Mortgage

Association

IO

Interest

Only

PIK

Payment-in-Kind

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

SONIA

Sterling

Over

Night

Index

Average

STACR

Structured

Agency

Credit

Risk

STRIPS

Separate

Trading

of

Registered

Interest

and

Principal

Securities.

The

STRIPS

Program

lets

investors

hold

and

trade

individual

interest

and

principal

components

of

eligible

notes

and

bonds

as

separate

securities.

TBA

To

Be

Announced;

Security

is

subject

to

delayed

delivery

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Schedule

of

TBA

sales

commitments

-

(%

of

Net

Assets)

Principal

Amounts

Value

Securities

Sold

Short

-

(2.2)%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

-

(2.2)%

UMBS,

Single

Family,

30

Year,

6.00%,

TBA,

2/25/56

$

(

90,000,000

)

$

(

92,358,986

)

Total

Securities

Sold

Short

(proceeds

$92,242,969)

$

(

92,358,986

)

Foreign

Currency

Forward

Exchange

Contracts:

The

Fund

had

the

following

foreign

currency

forward

exchange

contracts

open

at

December

31,

2025:

Counterparty

Contract

to

Deliver

In

Exchange

for

Delivery

Date

Unrealized

Appreciation

(Depreciation)

Barclays

Bank

plc

$

6,481,296

GBP

8,626,031

3/18/26

$

(

108,825

)

Barclays

Bank

plc

PLN

30,142,077

$

8,392,853

3/18/26

(

30

)

Citibank

N.A.

BRL

63,950,208

$

11,519,447

3/18/26

(

43,571

)

Citibank

N.A.

EGP

461,489,676

$

9,383,686

3/11/26

80,938

Citibank

N.A.

KRW

4,928,520

$

3,372

3/18/26

59

Citibank

N.A.

$

360,312,052

INR

3,939,559

3/18/26

(

47,305

)

Goldman

Sachs

Group,

Inc.

$

2,711,339,849

HUF

8,169,890

3/18/26

(

80,671

)

J.P.

Morgan

Chase

Bank

MXN

221,324,225

$

12,044,047

3/18/26

159,946

J.P.

Morgan

Chase

Bank

HUF

2,710,591,301

$

8,168,984

3/18/26

79,300

J.P.

Morgan

Chase

Bank

$

391,949,129

DKK

61,430,663

3/18/26

(

498,838

)

J.P.

Morgan

Chase

Bank

INR

360,312,052

$

3,977,635

3/18/26

9,229

UBS

AG

$

14,475,589

EUR

16,933,906

3/18/26

(

135,332

)

UBS

AG

DKK

131,319,603

$

20,756,250

3/18/26

(

7,237

)

$

(

592,337

)

BRL

Brazilian

Real

DKK

Denmark

Krone

EGP

Egyptian

Pound

EUR

Euro

GBP

British

Pound

HUF

Hungarian

Forint

INR

Indian

Rupee

KRW

Korea

(Rep.)

Won

MXN

Mexican

Peso

PLN

Polish

Zloty

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2025:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

Long:

U.S.

Treasury

5

Year

Notes

4,745

Mar-26

$

474,500,000

$

518,650,745

$

(

510,341

)

U.S.

Treasury

10

Year

Notes

882

Mar-26

88,200,000

99,169,875

240,926

U.S.

Treasury

10

Year

Ultra

Bonds

1,570

Mar-26

157,000,000

180,574,531

(

1,240,932

)

U.S.

Treasury

Long

Bonds

8

Mar-26

800,000

924,750

(

1,931

)

Short:

U.S.

Treasury

2

Year

Notes

2,316

Mar-26

(463,200,000)

(

483,555,468

)

18,820

U.S.

Treasury

Ultra

Bonds

216

Mar-26

(21,600,000)

(

25,488,000

)

580,214

$

(

913,244

)

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

U.S.

Government

and

Agency

Securities

25‌

.0

%

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

23‌

.8

Corporate

Bonds

23‌

.5

Commercial

Mortgage-Backed

Securities

12‌

.7

Asset-Backed

Securities

10‌

.8

Other**

4‌

.2

Total

Investments

100‌

.0

%

***

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

***

Does

not

include

open

futures

contracts

with

a

value

of

$

1,308,363,369

and

net

unrealized

depreciation

of

$

913,244

.

Does

not

include

open

foreign

currency

forward

exchange

contracts

with

net

unrealized

depreciation

of

$

592,337

.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Face

Amount

Value

Fixed

Income

Securities

(96.1%)

Asset-Backed

Securities

(

16

.5

%

)

Acacia

LLC,

2025-1

5.24%,

11/15/37(a)

$

597,054

$

597,861

ACHV

ABS

Trust,

2024-3AL

5.45%,

12/26/31(a)

63,378

64,083

ACM

Auto

Trust,

2024-2A

6.06%,

2/20/29(a)

58,414

58,458

2025-1A

5.38%,

6/20/29(a)

201,230

201,170

2025-2A

5.55%,

6/20/28(a)

512,162

512,315

Alaska

Airlines

Pass-Through

Trust,

2020-1

4.80%,

8/15/27(a)

699,267

703,825

Ally

Bank

Auto

Credit-Linked

Notes,

2024-A

5.83%,

5/17/32(a)

832,537

846,924

2024-A

6.02%,

5/17/32(a)

118,595

120,691

2024-B

5.12%,

9/15/32(a)

145,252

146,667

2025-B

4.31%,

9/15/33(a)

562,593

564,272

2025-B

4.50%,

9/15/33(a)

692,779

695,774

Alterna

Funding

III

LLC,

2024-1A

6.26%,

5/16/39(a)

150,431

150,837

Amur

Equipment

Finance

Receivables

XII

LLC,

2023-1A

6.09%,

12/20/29(a)

26,917

27,145

Auxilior

Term

Funding

LLC,

2024-1A

5.84%,

3/15/27(a)

106,258

106,473

BHG

Securitization

Trust,

2022-C

5.93%,

10/17/35(a)

59,380

59,542

Blue

Owl

Asset

Leasing

Trust

LLC,

2024-1A

5.05%,

3/15/29(a)

43,014

43,189

Chase

Auto

Credit

Linked

Notes,

2025-1

4.75%,

2/25/33(a)

883,682

890,860

Chesapeake

Funding

II

LLC,

2023-2A

6.16%,

10/15/35(a)

140,975

142,500

2024-1A

SOFR30A

+

0.77%,

4.75%,

5/15/36(a)(b)

83,268

83,349

Clarus

Capital

Funding

LLC,

2024-1A

4.71%,

8/20/32(a)

69,408

69,681

Face

Amount

Value

Cologix

Data

Centers

US

Issuer

LLC,

2021-1A

3.30%,

12/26/51(a)

$

750,000

$

737,406

Crossroads

Asset

Trust,

2025-A

4.91%,

2/20/32(a)

2,109,252

2,125,823

DB

Master

Finance

LLC,

2017-1A

4.03%,

11/20/47(a)

421,583

419,190

2021-1A

2.05%,

11/20/51(a)

585,600

574,673

DLLMT

LLC,

2024-1A

5.08%,

2/22/27(a)

41,727

41,820

Driven

Brands

Funding

LLC,

2019-2A

3.98%,

10/20/49(a)

619,025

615,228

2020-1A

3.79%,

7/20/50(a)

366,060

360,765

2020-2A

3.24%,

1/20/51(a)

729,479

707,663

Enterprise

Fleet

Financing

LLC,

2023-1

5.51%,

1/22/29(a)

20,873

20,905

2024-2

5.74%,

12/20/26(a)

47,872

48,047

FHF

Issuer

Trust,

2023-2A

6.79%,

10/15/29(a)

55,734

56,154

FIGRE

Trust,

2025-FL1

5.27%,

7/25/55(a)(c)

676,540

681,853

GLS

Auto

Select

Receivables

Trust,

2024-1A

5.24%,

3/15/30(a)

27,814

28,005

GS

Mortgage-Backed

Securities

Trust,

2025-HE1

SOFR30A

+

1.55%,

5.42%,

10/25/55(a)(b)

505,878

507,455

J.P.

Morgan

Mortgage

Trust,

2023-HE1

SOFR30A

+

1.75%,

5.67%,

11/25/53(a)(b)

57,672

57,869

2023-HE2

SOFR30A

+

1.70%,

5.62%,

3/20/54(a)(b)

401,418

403,243

2023-HE3

SOFR30A

+

1.60%,

5.52%,

5/20/54(a)(b)

29,915

30,035

2024-HE2

SOFR30A

+

1.20%,

5.12%,

10/20/54(a)(b)

90,328

90,446

2025-HE3

SOFR30A

+

1.35%,

5.27%,

3/20/56(a)(b)

631,872

634,630

Jersey

Mike's

Funding

LLC,

2021-1A

2.89%,

2/15/52(a)

655,025

645,967

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(16.5%)

(cont’d)

Lendbuzz

Securitization

Trust,

2023-2A

7.09%,

10/16/28(a)

$

113,613

$

115,126

2023-3A

7.50%,

12/15/28(a)

799,600

814,176

2024-1A

6.19%,

8/15/29(a)

206,405

207,588

2024-3A

4.97%,

10/15/29(a)

60,034

60,060

2025-1A

5.10%,

10/15/30(a)

138,965

139,013

2025-2A

5.18%,

5/15/30(a)

637,063

640,271

Marlette

Funding

Trust,

2024-1A

6.34%,

7/17/34(a)

700,000

709,262

Mercury

Financial

Credit

Card

Master

Trust,

2024-2A

6.56%,

7/20/29(a)

147,000

147,833

MMP

Capital

LLC,

2025-A

5.36%,

12/15/31(a)

289,215

291,936

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

2025-1

4.18%,

9/25/30(a)

243,000

244,155

NMEF

Funding

LLC,

2025-A

4.72%,

7/15/32(a)

1,072,840

1,077,178

2025-B

4.64%,

1/18/33(a)

320,000

321,378

OBX

Trust,

2025-HE1

SOFR30A

+

1.60%,

5.47%,

2/25/55(a)(b)

1,423,615

1,433,975

Octane

Receivables

Trust,

2024-2A

5.80%,

7/20/32(a)

132,286

133,423

2024-3A

4.94%,

5/20/30(a)

117,291

117,970

2024-RVM1

5.01%,

1/22/46(a)

95,259

96,734

OneMain

Financial

Issuance

Trust,

2021-1A

1.95%,

6/16/36(a)

295,000

279,621

2022-2A

5.24%,

10/14/34(a)

1,155,000

1,159,012

2022-S1

4.13%,

5/14/35(a)

1,832,556

1,832,560

Oportun

Funding

Trust,

2024-3

5.26%,

8/15/29(a)

47,896

47,916

2024-3

5.48%,

8/15/29(a)

150,000

150,319

Oportun

Issuance

Trust,

2021-B

1.96%,

5/8/31(a)

263,070

258,666

Face

Amount

Value

2025-A

5.01%,

2/8/33(a)

$

600,000

$

600,018

2025-C

5.18%,

7/8/33(a)

455,000

455,266

Oscar

US

Funding

XVI

LLC,

2024-1A

5.48%,

2/10/27(a)

11,575

11,593

Oscar

US

Funding

XVII

LLC,

2024-2A

4.63%,

12/10/27(a)

112,285

112,331

Pagaya

Ai

Debt

Grantor

Trust,

2024-9

5.07%,

3/15/32(a)

66,347

66,536

Pagaya

AI

Debt

Grantor

Trust,

2025-1

5.16%,

7/15/32(a)

403,706

407,293

PEAC

Solutions

Receivables

LLC,

2024-1A

5.79%,

6/21/27(a)

153,261

154,494

Prodigy

Finance

DAC,

2021-1A

CME

Term

SOFR

1

Month

+

1.36%,

5.09%,

7/25/51(a)(b)

641,625

640,623

RCKT

Trust,

2025-1A

4.90%,

7/25/34(a)

1,409,701

1,413,755

2025-1A

4.99%,

7/25/34(a)

1,100,000

1,107,191

RCKTL,

2025-2A

4.48%,

11/27/34(a)

413,585

414,075

Reach

ABS

Trust,

2024-2A

5.88%,

7/15/31(a)

46,728

46,924

2025-1A

4.96%,

8/16/32(a)

322,710

323,730

Research-Driven

Pagaya

Motor

Asset

Trust,

2025-1A

5.04%,

6/27/33(a)

665,495

668,263

2025-4A

5.12%,

4/25/34(a)

430,000

431,804

Saluda

Grade

Alternative

Mortgage

Trust,

2025-LOC5

CME

Term

SOFR

1

Month

+

1.60%,

5.55%,

10/25/55(a)(b)

741,441

743,292

Santander

Bank

Auto

Credit-Linked

Notes,

2025-A

4.48%,

1/16/34(a)

368,275

369,369

SERVPRO

Master

Issuer

LLC,

2021-1A

2.39%,

4/25/51(a)

687,600

650,997

SoFi

Consumer

Loan

Program

Trust,

2025-1

4.80%,

2/27/34(a)

400,575

402,138

2025-2

4.82%,

6/25/34(a)

452,190

454,917

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Asset-Backed

Securities

(16.5%)

(cont’d)

Stack

Infrastructure

Issuer

LLC,

2021-1A

1.88%,

3/26/46(a)

$

1,775,000

$

1,762,099

STAR

Trust,

2025-SFR5

CME

Term

SOFR

1

Month

+

1.45%,

5.19%,

2/17/42(a)(b)

424,440

425,124

Taco

Bell

Funding

LLC,

2021-1A

1.95%,

8/25/51(a)

594,413

579,417

Tesla

Lease

Electric

Vehicle

Securitization

LLC,

2025-A

4.14%,

6/20/28(a)

1,160,000

1,162,653

Theorem

Funding

Trust,

2022-2A

9.27%,

12/15/28(a)

63,041

63,127

2022-3A

8.95%,

4/15/29(a)

194,086

195,290

Towd

Point

Mortgage

Trust,

2025-HE2

SOFR30A

+

1.35%,

5.22%,

9/25/65(a)(b)

758,348

760,241

Tricon

Residential

Trust,

2025-SFR1

CME

Term

SOFR

1

Month

+

1.35%,

5.09%,

3/17/42(a)(b)

350,000

350,380

2025-SFR1

CME

Term

SOFR

1

Month

+

1.60%,

5.34%,

3/17/42(a)(b)

280,000

280,453

Truist

Bank

Auto

Credit-Linked

Notes,

2025-1

4.73%,

9/26/33(a)

829,541

831,310

Vantage

Data

Centers

Issuer

LLC,

2021-1A

2.17%,

10/15/46(a)

575,000

563,428

Verdant

Receivables

LLC,

2025-1A

4.85%,

3/13/28(a)

1,012,657

1,017,723

Wingspire

Equipment

Finance

LLC,

2024-1A

4.99%,

9/20/32(a)

68,011

68,428

42,685,247

Commercial

Mortgage-Backed

Securities

(

14

.0

%

)

BFLD

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.50%,

5.25%,

11/15/42(a)(b)

460,000

462,000

BFLD

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.89%,

5.64%,

7/15/41(a)(b)

660,000

663,795

BPR

Trust

CME

Term

SOFR

1

Month

+

3.00%,

6.75%,

5/15/39(a)(b)

200,000

200,440

BX

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

2.11%,

5.86%,

6/15/27(a)(b)

730,000

732,094

Face

Amount

Value

Connecticut

Avenue

Securities

Trust

SOFR30A

+

1.00%,

4.87%,

12/25/41(a)(b)

$

89,028

$

89,293

SOFR30A

+

1.00%,

4.87%,

7/25/45(a)(b)

619,732

621,614

Extended

Stay

America

Trust

CME

Term

SOFR

1

Month

+

1.30%,

5.05%,

10/15/42(a)(b)

665,000

666,938

FHLMC

STACR

REMIC

Trust

SOFR30A

+

1.25%,

5.12%,

3/25/44(a)(b)

168,749

169,698

SOFR30A

+

1.35%,

5.22%,

2/25/44(a)(b)

220,072

221,037

FHLMC,

REMIC

SOFR30A

+

0.95%,

4.82%,

10/25/54(b)

852,033

853,877

SOFR30A

+

1.00%,

4.87%,

2/25/54(b)

660,816

663,081

SOFR30A

+

1.00%,

4.87%,

3/25/55(b)

1,330,527

1,334,618

SOFR30A

+

1.00%,

4.87%,

3/25/55(b)

619,830

621,803

SOFR30A

+

1.05%,

4.92%,

4/25/54(b)

522,967

524,837

SOFR30A

+

1.05%,

4.92%,

10/25/54(b)

646,206

648,581

SOFR30A

+

1.10%,

4.97%,

1/25/54(b)

464,002

466,686

SOFR30A

+

1.10%,

4.97%,

5/25/54(b)

147,045

148,045

SOFR30A

+

1.10%,

4.97%,

9/25/54(b)

1,007,081

1,011,869

SOFR30A

+

1.15%,

5.02%,

2/25/55(b)

691,365

694,922

SOFR30A

+

1.15%,

5.02%,

7/25/55(b)

1,128,548

1,131,989

SOFR30A

+

1.20%,

5.07%,

8/25/54(b)

549,827

553,344

SOFR30A

+

1.25%,

5.12%,

3/25/54(b)

381,220

383,578

SOFR30A

+

1.25%,

5.12%,

3/25/54(b)

66,799

67,441

SOFR30A

+

1.25%,

5.12%,

5/25/54(b)

1,086,026

1,094,424

SOFR30A

+

1.26%,

5.13%,

4/25/54(b)

823,236

830,368

SOFR30A

+

1.40%,

5.27%,

1/25/54(b)

690,959

697,364

SOFR30A

+

1.43%,

5.30%,

12/25/54(b)

266,515

268,239

FHLMC,

Strips

SOFR30A

+

1.30%,

5.17%,

10/25/53(b)

351,783

354,820

FNMA,

REMIC

SOFR30A

+

0.95%,

4.82%,

1/25/54(b)

218,836

219,813

SOFR30A

+

1.05%,

4.92%,

9/25/55(b)

934,197

936,184

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Commercial

Mortgage-Backed

Securities

(14.0%)

(cont’d)

SOFR30A

+

1.15%,

5.02%,

6/25/54(b)

$

512,946

$

516,252

SOFR30A

+

1.15%,

5.02%,

6/25/54(b)

267,209

268,123

SOFR30A

+

1.15%,

5.02%,

8/25/55(b)

588,502

590,714

SOFR30A

+

1.00%,

5.07%,

11/25/54(b)

843,000

843,422

SOFR30A

+

1.20%,

5.07%,

5/25/54(b)

267,856

269,193

SOFR30A

+

1.30%,

5.17%,

10/25/53(b)

511,656

516,503

SOFR30A

+

1.47%,

5.34%,

11/25/54(b)

847,772

854,337

GNMA

SOFR30A

+

0.90%,

4.82%,

7/20/53(b)

1,069,763

1,071,884

SOFR30A

+

0.95%,

4.87%,

3/20/54(b)

318,084

318,718

SOFR30A

+

1.00%,

4.92%,

2/20/54(b)

344,455

345,300

SOFR30A

+

1.00%,

4.92%,

8/20/54(b)

557,503

557,998

SOFR30A

+

1.00%,

4.92%,

12/20/54(b)

393,841

395,194

SOFR30A

+

1.00%,

4.92%,

6/20/55(b)

847,176

849,026

SOFR30A

+

1.00%,

4.92%,

9/20/64(b)

846,655

850,028

SOFR30A

+

1.05%,

4.97%,

10/20/53(b)

369,699

371,479

SOFR30A

+

1.05%,

4.97%,

10/20/54(b)

252,861

253,467

SOFR30A

+

1.05%,

4.97%,

12/20/54(b)

895,282

899,919

SOFR30A

+

1.10%,

5.02%,

8/20/53(b)

544,332

546,881

SOFR30A

+

1.10%,

5.02%,

8/20/65(b)

1,092,936

1,096,965

GWT

CME

Term

SOFR

1

Month

+

1.69%,

5.44%,

5/15/41(a)(b)

540,000

542,166

HLTN

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.64%,

5.39%,

6/15/41(a)(b)

445,000

446,382

Home

RE

Ltd.

SOFR30A

+

4.15%,

8.02%,

1/25/34(a)(b)

555,000

568,939

HYT

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.84%,

5.59%,

9/15/41(a)(b)

735,000

737,472

INTOWN

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.75%,

5.50%,

3/15/42(a)(b)

840,000

841,880

NRTH

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.39%,

5.14%,

10/15/40(a)(b)

155,000

155,370

Face

Amount

Value

NYO

Commercial

Mortgage

Trust

CME

Term

SOFR

1

Month

+

1.21%,

4.96%,

11/15/38(a)(b)

$

405,000

$

404,697

CME

Term

SOFR

1

Month

+

1.21%,

4.96%,

11/15/38(a)(b)

379,000

379,044

Oceanview

Mortgage

Trust

SOFR30A

+

0.95%,

4.82%,

5/25/55(a)(b)

1,513,774

1,517,816

ORL

Trust

CME

Term

SOFR

1

Month

+

1.49%,

5.24%,

12/15/39(a)(b)

651,000

652,846

PRMI

Securitization

Trust

SOFR30A

+

1.50%,

5.43%,

12/25/55(a)(b)

390,000

389,484

Radnor

Re

Ltd.

SOFR30A

+

2.70%,

6.57%,

7/25/33(a)(b)

269,698

271,054

TX

Trust

CME

Term

SOFR

1

Month

+

1.59%,

5.34%,

6/15/39(a)(b)

140,000

140,261

Wingspire

Equipment

Finance

LLC

4.33%,

9/20/33(a)

395,000

395,901

36,191,507

Corporate

Bonds

(

55

.2

%

)

Aerospace

&

Defense

(1.3%)

Boeing

Co.

(The)

2.20%,

2/4/26

2,500,000

2,495,343

Hexcel

Corp.

4.20%,

2/15/27(c)

925,000

923,503

3,418,846

Automobiles

(1.0%)

Hyundai

Capital

America

4.88%,

6/23/27(a)(d)

1,048,000

1,059,862

5.45%,

6/24/26(a)

165,000

166,032

Stellantis

Finance

US,

Inc.

1.71%,

1/29/27(a)

700,000

680,612

Volkswagen

Group

of

America

Finance

LLC

4.45%,

9/11/27(a)

750,000

752,654

2,659,160

Banks

(21.1%)

ABN

AMRO

Bank

NV

4.80%,

4/18/26(a)

1,200,000

1,202,423

Banco

Santander

SA

4.18%,

3/24/28(b)

2,400,000

2,401,341

Bank

of

America

Corp.

1.73%,

7/22/27(b)(d)

5,045,000

4,981,325

1.98%,

9/15/27(b)

CAD

1,800,000

1,304,031

Bank

of

Ireland

Group

plc

2.03%,

9/30/27(a)(b)

$

2,355,000

2,318,264

Bank

of

Montreal

4.31%,

6/1/27

CAD

1,750,000

1,297,923

Barclays

plc

5.20%,

5/12/26(d)

$

825,000

828,642

6.50%,

9/13/27(b)

600,000

609,468

BPCE

SA

1.00%,

1/20/26(a)

500,000

499,245

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(55.2%)

(cont’d)

5.98%,

1/18/27(a)(b)

$

575,000

$

575,356

CaixaBank

SA

6.68%,

9/13/27(a)(b)

2,415,000

2,457,528

Citigroup,

Inc.

1.12%,

1/28/27(b)

575,000

573,705

1.46%,

6/9/27(b)

3,775,000

3,732,137

Fifth

Third

Bank

NA

3.85%,

3/15/26(d)

480,000

479,665

HSBC

Holdings

plc

4.04%,

3/13/28(b)(d)

770,000

769,170

4.38%,

11/23/26(d)

1,285,000

1,288,380

ING

Groep

NV

6.08%,

9/11/27(b)(d)

2,125,000

2,153,717

Intesa

Sanpaolo

SpA

5.71%,

1/15/26(a)(d)

2,475,000

2,476,235

JPMorgan

Chase

&

Co.

1.04%,

2/4/27(b)(d)

2,250,000

2,243,834

6.07%,

10/22/27(b)

2,845,000

2,890,501

National

Bank

of

Canada

4.70%,

3/5/27(b)

1,542,000

1,543,480

NatWest

Group

plc

4.80%,

4/5/26

90,000

90,230

NatWest

Markets

plc

4.17%,

11/6/28(a)

1,255,000

1,258,982

PNC

Bank

NA

4.54%,

5/13/27(b)(d)

1,113,000

1,114,791

4.78%,

1/15/27(b)(d)

1,060,000

1,060,298

Royal

Bank

of

Canada

4.65%,

1/27/26(d)

1,705,000

1,705,637

5.07%,

7/23/27(b)

1,100,000

1,106,268

Societe

Generale

SA

1.79%,

6/9/27(a)(b)

1,000,000

989,465

5.25%,

2/19/27(a)

571,000

577,676

5.52%,

1/19/28(a)(b)(d)

500,000

506,599

6.45%,

1/12/27(a)(b)

600,000

600,338

Swedbank

AB

6.14%,

9/12/26(a)

700,000

710,379

Toronto-Dominion

Bank

(The)

1.20%,

6/3/26(d)

480,000

474,562

4.11%,

10/13/28(d)

1,250,000

1,253,291

Truist

Bank

4.42%,

7/24/28(b)

1,501,000

1,510,584

U.S.

Bancorp

3.10%,

4/27/26(d)

480,000

478,826

US

Bank

NA

4.73%,

5/15/28(b)(d)

570,000

575,807

Wells

Fargo

&

Co.

3.20%,

6/17/27(b)

3,735,000

3,720,473

54,360,576

Capital

Markets

(6.9%)

Apollo

Management

Holdings

LP

4.40%,

5/27/26(a)

1,200,000

1,200,191

Bank

of

New

York

Mellon

(The)

4.59%,

4/20/27(b)(d)

535,000

535,981

Citadel

Finance

LLC

3.38%,

3/9/26(a)

1,390,000

1,386,939

Face

Amount

Value

Citadel

LP

4.88%,

1/15/27(a)

$

1,008,000

$

1,010,242

Deutsche

Bank

AG

2.31%,

11/16/27(b)

2,625,000

2,583,095

Goldman

Sachs

Bank

USA

5.41%,

5/21/27(b)

555,000

557,971

Goldman

Sachs

Group,

Inc.

(The)

4.39%,

6/15/27(b)

2,447,000

2,451,141

HAT

Holdings

I

LLC

3.38%,

6/15/26(a)

1,853,000

1,841,575

8.00%,

6/15/27(a)

395,000

410,232

Jefferies

Financial

Group,

Inc.

4.50%,

9/15/26(d)

1,290,000

1,290,123

4.75%,

8/11/26(d)

1,120,000

1,121,026

Marex

Group

plc

5.83%,

5/8/28(d)

745,000

757,749

UBS

Group

AG

1.31%,

2/2/27(a)(b)

300,000

299,164

1.49%,

8/10/27(a)(b)

504,000

496,053

4.70%,

8/5/27(a)(b)(d)

1,600,000

1,605,841

5.71%,

1/12/27(a)(b)(d)

372,000

372,146

17,919,469

Chemicals

(0.3%)

Celanese

US

Holdings

LLC

1.40%,

8/5/26(d)

900,000

886,320

Consumer

Finance

(2.4%)

Capital

One

Financial

Corp.

1.88%,

11/2/27(b)

1,275,000

1,251,292

Ford

Motor

Credit

Co.

LLC

4.39%,

1/8/26

830,000

830,058

5.13%,

11/5/26(d)

775,000

779,436

6.95%,

3/6/26

2,115,000

2,119,867

General

Motors

Financial

Co.,

Inc.

1.50%,

6/10/26

480,000

474,659

2.40%,

4/10/28(d)

360,000

346,873

Stellantis

Financial

Services

US

Corp.

4.95%,

9/15/28(a)

510,000

517,126

6,319,311

Containers

&

Packaging

(1.9%)

Berry

Global,

Inc.

1.57%,

1/15/26(d)

1,419,000

1,417,599

4.88%,

7/15/26(a)(d)

1,356,000

1,356,293

Sealed

Air

Corp.

1.57%,

10/15/26(a)

300,000

293,743

Silgan

Holdings,

Inc.

1.40%,

4/1/26(a)

558,000

553,325

Sonoco

Products

Co.

4.45%,

9/1/26(d)

1,200,000

1,202,677

4,823,637

Diversified

REITs

(0.6%)

VICI

Properties

LP

4.25%,

12/1/26(a)

1,575,000

1,575,187

Diversified

Telecommunication

Services

(0.4%)

CCO

Holdings

LLC

5.13%,

5/1/27(a)(d)

1,100,000

1,099,126

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(55.2%)

(cont’d)

Electric

Utilities

(1.3%)

NextEra

Energy

Capital

Holdings,

Inc.

4.69%,

9/1/27(d)

$

1,229,000

$

1,244,266

NRG

Energy,

Inc.

2.45%,

12/2/27(a)

200,000

193,450

Vistra

Operations

Co.

LLC

3.70%,

1/30/27(a)

1,100,000

1,093,664

4.30%,

10/15/28(a)

720,000

722,552

5.05%,

12/30/26(a)

2,097

2,113

3,256,045

Electronic

Equipment,

Instruments

&

Components

(1.1%)

TD

SYNNEX

Corp.

4.30%,

1/17/29(d)

580,000

579,070

Vontier

Corp.

1.80%,

4/1/26

2,193,000

2,179,250

2,758,320

Financial

Services

(1.4%)

Global

Payments,

Inc.

4.80%,

4/1/26(d)

1,080,000

1,080,252

Radian

Group,

Inc.

4.88%,

3/15/27

1,300,000

1,305,143

Rocket

Mortgage

LLC

2.88%,

10/15/26(a)

1,137,420

1,121,603

Western

Union

Co.

(The)

1.35%,

3/15/26

229,500

228,077

3,735,075

Food

Products

(1.0%)

JDE

Peet's

NV

1.38%,

1/15/27(a)

220,000

213,208

Smithfield

Foods,

Inc.

4.25%,

2/1/27(a)

2,278,000

2,270,959

2,484,167

Ground

Transportation

(0.7%)

Ashtead

Capital,

Inc.

1.50%,

8/12/26(a)

1,270,000

1,248,617

Penske

Truck

Leasing

Co.

LP

4.45%,

1/29/26(a)

515,000

515,184

1,763,801

Health

Care

Providers

&

Services

(1.2%)

Centene

Corp.

4.25%,

12/15/27

1,823,000

1,813,397

HCA,

Inc.

5.00%,

3/1/28(d)

491,000

500,302

5.38%,

9/1/26

725,000

726,601

3,040,300

Hotels,

Restaurants

&

Leisure

(0.8%)

Las

Vegas

Sands

Corp.

3.50%,

8/18/26(d)

2,102,000

2,093,435

Independent

Power

and

Renewable

Electricity

Producers

(0.4%)

AES

Corp.

(The)

1.38%,

1/15/26

918,000

916,953

Face

Amount

Value

Insurance

(2.9%)

American

National

Group,

Inc.

5.00%,

6/15/27(d)

$

1,645,000

$

1,658,155

Athene

Global

Funding

4.86%,

8/27/26(a)

1,239,000

1,243,938

4.95%,

1/7/27(a)

1,300,000

1,309,724

Fortitude

Global

Funding

4.63%,

10/6/28(a)

840,000

841,205

GA

Global

Funding

Trust

1.63%,

1/15/26(a)

948,000

947,141

2.25%,

1/6/27(a)(d)

390,000

383,034

Liberty

Mutual

Insurance

Co.

7.88%,

10/15/26(a)

1,025,000

1,050,884

7,434,081

IT

Services

(0.4%)

Kyndryl

Holdings,

Inc.

2.05%,

10/15/26

1,110,000

1,092,130

Multi-Utilities

(0.6%)

Algonquin

Power

&

Utilities

Corp.

5.37%,

6/15/26(c)

1,642,000

1,650,097

Office

REITs

(0.3%)

COPT

Defense

Properties

LP

2.25%,

3/15/26

830,000

826,410

Oil,

Gas

&

Consumable

Fuels

(1.0%)

Continental

Resources,

Inc.

2.27%,

11/15/26(a)

1,115,000

1,092,197

EQT

Corp.

6.50%,

7/1/27

869,000

886,181

Occidental

Petroleum

Corp.

3.00%,

2/15/27

349,000

345,992

7.13%,

10/15/27

343,000

360,656

2,685,026

Passenger

Airlines

(1.8%)

Air

Canada

3.88%,

8/15/26(a)

1,250,000

1,244,755

American

Airlines,

Inc.

5.50%,

4/20/26(a)

730,022

731,440

Delta

Air

Lines,

Inc.

4.75%,

10/20/28(a)(d)

1,195,428

1,202,887

United

Airlines,

Inc.

4.38%,

4/15/26(a)

1,368,000

1,367,112

4,546,194

Pharmaceuticals

(1.3%)

Bayer

US

Finance

LLC

6.13%,

11/21/26(a)

1,050,000

1,065,381

Utah

Acquisition

Sub,

Inc.

3.95%,

6/15/26

2,385,000

2,379,952

3,445,333

Professional

Services

(0.5%)

Concentrix

Corp.

6.65%,

8/2/26

1,173,000

1,184,663

Semiconductors

&

Semiconductor

Equipment

(0.4%)

Skyworks

Solutions,

Inc.

1.80%,

6/1/26(d)

1,148,000

1,135,580

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Face

Amount

Value

Corporate

Bonds

(55.2%)

(cont’d)

Software

(0.8%)

Oracle

Corp.

2.65%,

7/15/26

$

1,965,000

$

1,949,254

Specialized

REITs

(0.8%)

EPR

Properties

4.75%,

12/15/26

1,925,000

1,931,023

Technology

Hardware,

Storage

&

Peripherals

(0.1%)

Dell

International

LLC

4.90%,

10/1/26

250,000

251,197

Trading

Companies

&

Distributors

(0.5%)

Aviation

Capital

Group

LLC

1.95%,

9/20/26(a)

1,216,000

1,196,591

Wireless

Telecommunication

Services

(0.0%)(e)

T-Mobile

USA,

Inc.

2.63%,

4/15/26

83,000

82,679

142,519,986

U.S.

Government

and

Agency

Securities

(

10

.4

%

)

U.S.

Treasury

Notes

1.88%,

6/30/26

13,912,700

13,803,498

2.75%,

4/30/27

1,025,000

1,015,211

4.13%,

10/31/26

9,780,000

9,822,572

4.38%,

7/31/26

2,125,000

2,135,033

26,776,314

Total

Fixed

Income

Securities

(Cost

$247,295,046)

248,173,054

–

Shares

Short-Term

Investments

(

7

.7

%

)

Investment

Company

(

0

.3

%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(f)

(Cost

$737,842)

737,842

737,842

Security

held

as

Collateral

on

Loaned

Securities

(

4

.5

%

)

Investment

Company

(4.5%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%(f)

(Cost

$11,602,119)

11,602,119

11,602,119

Face

Amount

Commercial

Paper

(

2

.9

%

)

Brunswick

Corp.

4.24%,

1/6/26(a)

$

1,325,000

1,324,052

Genuine

Parts

Co.

4.22%,

1/7/26

1,250,000

1,249,016

HA

Sustainable

Infrastructure

Capital,

Inc.

4.55%,

1/21/26

1,460,000

1,456,301

HCA,

Inc.

4.31%,

1/13/26(a)

1,260,000

1,258,181

Jabil,

Inc.

4.13%,

1/5/26

1,305,000

1,304,207

Face

Amount

Value

Ovintiv,

Inc.

4.43%,

1/20/26

$

1,040,000

$

1,037,589

Total

Commercial

Paper

(Cost

$7,628,953)

7,629,346

Total

Short-Term

Investments

(Cost

$19,968,914)

19,969,307

Total

Investments

(

103

.8

%

)

(

Cost

$

267,263,960

)

including

$

13,280,786

of

Securities

Loaned

(g)

268,142,361

Liabilities

in

Excess

of

Other

Assets

(-3.8%)

(9,881,482)

Net

Assets

(100.0%)

$258,260,879

(a)

144A

security

—

Certain

conditions

for

public

sale

may

exist.

Unless

otherwise

noted,

these

securities

are

deemed

to

be

liquid.

(b)

Floating

or

variable

rate

securities:

The

rates

disclosed

are

as

of

December

31,

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

December

31,

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

December

31,

2025

,

were

$

13,280,786

and

$

13,683,406

,

respectively.

The

Fund

received

cash

collateral

of

$

11,602,119

,

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

$

2,081,287

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%.

(f)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$1,416

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(g)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$267,263,960.

The

aggregate

gross

unrealized

appreciation

is

$886,774

and

the

aggregate

gross

unrealized

depreciation

is

$8,373,

resulting

in

net

unrealized

appreciation

of

$878,401.

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

CME

Chicago

Mercantile

Exchange

DAC

Designated

Activity

Company

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

STACR

Structured

Agency

Credit

Risk

Foreign

Currency

Forward

Exchange

Contracts:

The

Fund

had

the

following

foreign

currency

forward

exchange

contracts

open

at

December

31,

2025:

Counterparty

Contract

to

Deliver

In

Exchange

for

Delivery

Date

Unrealized

Depreciation

Citibank

N.A.

$

3,583,441

CAD

2,598,185

3/18/26

$

(

20,722

)

CAD

Canadian

Dollar

Futures

Contracts:

The

Fund

had

the

following

futures

contracts

open

at

December

31,

2025:

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

Short:

U.S.

Treasury

2

Year

Notes

20

Mar-26

$

(

4,000,000

)

$

(

4,175,781

)

$

1,490

U.S.

Treasury

5

Year

Notes

10

Mar-26

(

1,000,000

)

(

1,093,047

)

3,516

$

5,006

Portfolio

Composition*

Classification  

Percentage

of

Total

Investments

Corporate

Bonds

55‌

.6

%

Asset-Backed

Securities

16‌

.6

Commercial

Mortgage-Backed

Securities

14‌

.1

U.S.

Government

and

Agency

Securities

10‌

.4

Other**

3‌

.3

Total

Investments

100‌

.0

%

***

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Industries

and/or

investment

types

representing

less

than

5%

of

total

investments.

***

Does

not

include

open

futures

contracts

with

a

value

of

$

5,268,828

and

total

unrealized

appreciation

of

$

5,006

.

Does

not

include

open

foreign

currency

forward

exchange

contracts

with

net

unrealized

depreciation

of

$

20,722

.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Shares

Value

Common

Stocks

(96.1%)

Aerospace

&

Defense

(

1

.8

%

)

General

Electric

Co.

646

$

198,987

HEICO

Corp.

136

44,008

HEICO

Corp.,

Class

 A

150

37,865

RTX

Corp.

902

165,427

446,287

Air

Freight

&

Logistics

(

0

.3

%

)

Expeditors

International

of

Washington,

Inc.

548

81,658

Automobiles

(

2

.3

%

)

Ford

Motor

Co.

6,484

85,070

Tesla,

Inc.

(a)(b)

1,096

492,893

577,963

Banks

(

3

.9

%

)

Bank

of

America

Corp.

3,942

216,810

Citizens

Financial

Group,

Inc.

748

43,691

First

Citizens

BancShares,

Inc.,

Class

 A

15

32,193

Huntington

Bancshares,

Inc.

(c)

4,414

76,583

JPMorgan

Chase

&

Co.

(b)

1,347

434,030

Wells

Fargo

&

Co.

1,955

182,206

985,513

Beverages

(

1

.2

%

)

Coca-Cola

Co.

(The)

2,429

169,812

PepsiCo,

Inc.

864

124,001

293,813

Biotechnology

(

1

.3

%

)

AbbVie,

Inc.

(b)

1,007

230,089

Alnylam

Pharmaceuticals,

Inc.

(a)(c)

118

46,923

Natera,

Inc.

(a)

155

35,509

312,521

Broadline

Retail

(

4

.1

%

)

Amazon.com,

Inc.

(a)(b)

4,119

950,747

Coupang,

Inc.

(a)

825

19,462

MercadoLibre,

Inc.

(a)

30

60,428

1,030,637

Building

Products

(

0

.4

%

)

Carlisle

Cos.,

Inc.

119

38,064

Lennox

International,

Inc.

(c)

135

65,553

103,617

Capital

Markets

(

3

.5

%

)

Ares

Management

Corp.,

Class

 A

427

69,016

Bank

of

New

York

Mellon

Corp.

(The)

889

103,204

Carlyle

Group,

Inc.

(The)

983

58,105

Charles

Schwab

Corp.

(The)

1,305

130,383

Interactive

Brokers

Group,

Inc.,

Class

 A

852

54,792

LPL

Financial

Holdings,

Inc.

(c)

121

43,218

Morgan

Stanley

(d)

493

87,522

Nasdaq,

Inc.

816

79,258

Robinhood

Markets,

Inc.,

Class

 A

(a)

414

46,823

State

Street

Corp.

694

89,533

T

Rowe

Price

Group,

Inc.

626

64,090

Tradeweb

Markets,

Inc.,

Class

 A

329

35,381

861,325

Chemicals

(

0

.8

%

)

Dow,

Inc.

2,789

65,207

Shares

Value

Linde

plc

328

$

139,856

205,063

Commercial

Services

&

Supplies

(

0

.3

%

)

Republic

Services,

Inc.,

Class

 A

377

79,898

Communications

Equipment

(

0

.8

%

)

Cisco

Systems,

Inc.

2,482

191,188

Ubiquiti,

Inc.

(c)

31

17,154

208,342

Construction

Materials

(

0

.3

%

)

CRH

plc

663

82,742

Consumer

Staples

Distribution

&

Retail

(

1

.7

%

)

Costco

Wholesale

Corp.

(b)

237

204,375

Walmart,

Inc.

(b)

2,064

229,950

434,325

Containers

&

Packaging

(

0

.3

%

)

International

Paper

Co.

1,849

72,832

Diversified

Telecommunication

Services

(

0

.5

%

)

AT&T,

Inc.

5,390

133,888

Electric

Utilities

(

1

.3

%

)

Alliant

Energy

Corp.

765

49,733

Edison

International

1,268

76,105

Entergy

Corp.

680

62,852

FirstEnergy

Corp.

1,506

67,424

PPL

Corp.

1,633

57,188

313,302

Electrical

Equipment

(

1

.3

%

)

Eaton

Corp.

plc

333

106,064

GE

Vernova,

Inc.

158

103,264

Hubbell,

Inc.,

Class

 B

79

35,085

Rockwell

Automation,

Inc.

236

91,820

336,233

Electronic

Equipment,

Instruments

&

Components

(

0

.4

%

)

TE

Connectivity

plc

477

108,522

Entertainment

(

1

.7

%

)

Netflix,

Inc.

(a)

1,920

180,019

ROBLOX

Corp.,

Class

 A

(a)

314

25,443

Spotify

Technology

SA

(a)

84

48,780

TKO

Group

Holdings,

Inc.,

Class

 A

128

26,752

Walt

Disney

Co.

(The)

1,242

141,302

Warner

Music

Group

Corp.,

Class

 A

468

14,354

436,650

Financial

Services

(

4

.0

%

)

Berkshire

Hathaway,

Inc.,

Class

 B

(a)(b)

689

346,326

Fiserv,

Inc.

(a)

1,148

77,111

Mastercard,

Inc.,

Class

 A

(b)

421

240,341

Rocket

Cos.,

Inc.,

Class

 A

600

11,616

Toast,

Inc.,

Class

 A

(a)

455

16,157

Visa,

Inc.,

Class

 A

(c)

868

304,416

995,967

Food

Products

(

0

.3

%

)

Hershey

Co.

(The)

(c)

432

78,615

Ground

Transportation

(

0

.8

%

)

CSX

Corp.

2,405

87,181

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Ground

Transportation

(cont’d)

Uber

Technologies,

Inc.

(a)

1,401

$

114,476

201,657

Health

Care

Equipment

&

Supplies

(

1

.5

%

)

Abbott

Laboratories

1,196

149,847

Edwards

Lifesciences

Corp.

(a)

816

69,564

Intuitive

Surgical,

Inc.

(a)

276

156,315

375,726

Health

Care

Providers

&

Services

(

1

.8

%

)

Cencora,

Inc.

263

88,828

CVS

Health

Corp.

1,287

102,136

HCA

Healthcare,

Inc.

170

79,366

UnitedHealth

Group,

Inc.

551

181,891

452,221

Health

Care

Technology

(

0

.2

%

)

Veeva

Systems,

Inc.,

Class

 A

(a)

170

37,949

Hotels,

Restaurants

&

Leisure

(

1

.5

%

)

DraftKings,

Inc.,

Class

 A

(a)

2,172

74,847

Flutter

Entertainment

plc

(a)

333

71,609

McDonald's

Corp.

481

147,008

Yum!

Brands,

Inc.

547

82,750

376,214

Household

Products

(

0

.8

%

)

Procter

&

Gamble

Co.

(The)

1,315

188,453

Industrial

Conglomerates

(

0

.4

%

)

3M

Co.

595

95,260

Insurance

(

1

.3

%

)

Hartford

Insurance

Group,

Inc.

(The)

554

76,341

Loews

Corp.

509

53,603

Markel

Group,

Inc.

(a)

7

15,047

Principal

Financial

Group,

Inc.

799

70,480

Ryan

Specialty

Holdings,

Inc.,

Class

 A

1,176

60,717

W.

R.

Berkley

Corp.

782

54,834

331,022

Interactive

Media

&

Services

(

8

.4

%

)

Alphabet,

Inc.,

Class

 A

(b)

2,392

748,696

Alphabet,

Inc.,

Class

 C

(b)

2,147

673,728

Meta

Platforms,

Inc.,

Class

 A

(b)

944

623,125

Pinterest,

Inc.,

Class

 A

(a)

476

12,324

Reddit,

Inc.,

Class

 A

(a)(c)

94

21,608

Snap,

Inc.,

Class

 A

(a)

571

4,608

2,084,089

IT

Services

(

1

.0

%

)

Accenture

plc,

Class

 A

409

109,735

Amdocs

Ltd.

(c)

381

30,674

Cloudflare,

Inc.,

Class

 A

(a)

204

40,219

CoreWeave,

Inc.,

Class

 A

(a)(c)

221

15,826

Okta,

Inc.,

Class

 A

(a)

85

7,350

Snowflake,

Inc.,

Class

 A

(a)

204

44,749

248,553

Life

Sciences

Tools

&

Services

(

1

.0

%

)

Illumina,

Inc.

(a)

690

90,501

Thermo

Fisher

Scientific,

Inc.

278

161,087

251,588

Shares

Value

Machinery

(

1

.0

%

)

Caterpillar,

Inc.

166

$

95,096

Otis

Worldwide

Corp.

779

68,046

Westinghouse

Air

Brake

Technologies

Corp.

357

76,202

239,344

Media

(

0

.3

%

)

Fox

Corp.,

Class

 A

(c)

640

46,765

Fox

Corp.,

Class

 B

352

22,855

69,620

Metals

&

Mining

(

0

.5

%

)

Reliance,

Inc.

154

44,486

Southern

Copper

Corp.

603

86,512

130,998

Multi-Utilities

(

1

.1

%

)

Ameren

Corp.

705

70,401

CMS

Energy

Corp.

934

65,315

DTE

Energy

Co.

503

64,877

WEC

Energy

Group,

Inc.

(c)

648

68,338

268,931

Oil,

Gas

&

Consumable

Fuels

(

2

.4

%

)

Cheniere

Energy,

Inc.

377

73,285

Chevron

Corp.

1,177

179,387

Devon

Energy

Corp.

2,084

76,337

Exxon

Mobil

Corp.

(b)

2,275

273,773

602,782

Personal

Care

Products

(

0

.1

%

)

Estee

Lauder

Cos.,

Inc.

(The),

Class

 A

256

26,808

Pharmaceuticals

(

3

.7

%

)

Eli

Lilly

&

Co.

(b)

425

456,739

Johnson

&

Johnson

(b)

1,292

267,379

Merck

&

Co.,

Inc.

1,764

185,679

Royalty

Pharma

plc,

Class

 A

340

13,138

922,935

Professional

Services

(

0

.8

%

)

Broadridge

Financial

Solutions,

Inc.

320

71,414

SS&C

Technologies

Holdings,

Inc.

750

65,565

TransUnion

608

52,136

189,115

Residential

REITs

(

0

.8

%

)

Invitation

Homes,

Inc.

2,364

65,695

Mid-America

Apartment

Communities,

Inc.

521

72,372

Sun

Communities,

Inc.

536

66,416

204,483

Retail

REITs

(

0

.6

%

)

Realty

Income

Corp.

1,332

75,085

Regency

Centers

Corp.

943

65,095

140,180

Semiconductors

&

Semiconductor

Equipment

(

13

.7

%

)

Advanced

Micro

Devices,

Inc.

(a)

1,050

224,868

Broadcom,

Inc.

(b)

2,040

706,044

Entegris,

Inc.

542

45,664

Lam

Research

Corp.

1,231

210,723

Micron

Technology,

Inc.

846

241,457

Monolithic

Power

Systems,

Inc.

(c)

72

65,258

NVIDIA

Corp.

(b)

9,206

1,716,919

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(cont’d)

ON

Semiconductor

Corp.

(a)(c)

948

$

51,334

QUALCOMM,

Inc.

626

107,077

Teradyne,

Inc.

286

55,358

3,424,702

Software

(

9

.4

%

)

AppLovin

Corp.,

Class

 A

(a)

114

76,816

Atlassian

Corp.,

Class

 A

(a)

80

12,971

Bentley

Systems,

Inc.,

Class

 B

1,267

48,355

Circle

Internet

Group,

Inc.,

Class

 A

(a)

387

30,689

Fair

Isaac

Corp.

(a)

49

82,840

Figma,

Inc.,

Class

 A

(a)(c)

718

26,832

Microsoft

Corp.

(b)

3,096

1,497,288

Oracle

Corp.

673

131,174

Palantir

Technologies,

Inc.,

Class

 A

(a)

875

155,531

Salesforce,

Inc.

151

40,001

Samsara,

Inc.,

Class

 A

(a)

402

14,251

ServiceNow,

Inc.

(a)

720

110,297

Strategy,

Inc.,

Class

 A

(a)(c)

336

51,055

Zoom

Communications,

Inc.,

Class

 A

(a)

300

25,887

Zscaler,

Inc.

(a)

139

31,264

2,335,251

Specialized

REITs

(

0

.3

%

)

VICI

Properties,

Inc.,

Class

 A

2,443

68,697

Specialty

Retail

(

1

.6

%

)

Carvana

Co.,

Class

 A

(a)(c)

27

11,394

Home

Depot,

Inc.

(The)

566

194,761

Ross

Stores,

Inc.

488

87,908

Ulta

Beauty,

Inc.

(a)

85

51,426

Williams-Sonoma,

Inc.

(c)

256

45,719

391,208

Technology

Hardware,

Storage

&

Peripherals

(

7

.4

%

)

Apple,

Inc.

(b)

6,009

1,633,607

Dell

Technologies,

Inc.,

Class

 C

413

51,988

Pure

Storage,

Inc.,

Class

 A

(a)

229

15,345

Seagate

Technology

Holdings

plc

500

137,695

1,838,635

Textiles,

Apparel

&

Luxury

Goods

(

0

.3

%

)

Deckers

Outdoor

Corp.

(a)

805

83,454

Tobacco

(

0

.6

%

)

Philip

Morris

International,

Inc.

951

152,540

Trading

Companies

&

Distributors

(

0

.3

%

)

Ferguson

Enterprises,

Inc.

210

46,752

Watsco,

Inc.

107

36,054

82,806

Total

Common

Stocks

(Cost

$19,485,753)

23,994,934

Short-Term

Investments

(5.3%)

Investment

Company

(3.5%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(e)

(Cost

$876,666)

876,666

876,666

Shares

Value

Security

held

as

Collateral

on

Loaned

Securities

(

1

.8

%

)

Investment

Company

(1.8%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(e)

(Cost

$433,973)

433,973

$

433,973

Total

Short-Term

Investments

(Cost

$1,310,639)

1,310,639

–

Total

Investments

Excluding

Purchased

Options

(

101

.4

%

)

(Cost

$

20,796,392

)

25,305,573

Total

Purchased

Options

Outstanding

(0.6%)

(Cost

$205,035)

148,737

Total

Investments

(

102

.0

%

)

(Cost

$

21,001,427

)

including

$

676,998

of

Securities

Loaned

(f)

(g)

25,454,310

Total

Written

Options

(-0.7%)

(Premiums

Received

$

(

192,668

)

)

(175,934)

Liabilities

in

Excess

of

Other

Assets

(

-1.3%

)

(323,637)

NET

ASSETS

(100.0%)

$

24,954,739

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Written

options.

(c)

All

or

a

portion

of

this

security

was

on

loan

.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2025

,

were

$

676,998

and

$

699,010

,

respectively.

The

Fund

received

cash

collateral

of

$

433,973

,

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

$

265,037

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)

For

the

period

ended

December

31,

2025,

there

were

no

purchases

or

sales

of

Morgan

Stanley,

Common

Stock,

which

may

be

deemed

an

affiliate

of

the

Advisor

under

the

Investment

Company

Act

of

1940.

(e)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$298

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(f)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$21,001,427.

The

aggregate

gross

unrealized

appreciation

is

$4,844,941

and

the

aggregate

gross

unrealized

depreciation

is

$392,058,

resulting

in

net

unrealized

appreciation

of

$4,452,883.

(g)

Securities

are

available

for

collateral

in

connection

with

open

Written

options.

REIT

Real

Estate

Investment

Trust

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Put

Options

Purchased:

The

Fund

had

the

following

put

options

purchased

open

at

December

31,

2025:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

S&P

500

Mini-SPX

Index

16

USD

440

1/16/26

$

1,095,280

$

48

$

4,374

$

(

4,326

)

S&P

500

Mini-SPX

Index

30

USD

470

1/16/26

2,053,650

75

5,112

(

5,037

)

S&P

500

Mini-SPX

Index

39

USD

460

2/20/26

2,669,745

780

9,394

(

8,614

)

S&P

500

Mini-SPX

Index

43

USD

480

3/20/26

2,943,565

2,881

4,790

(

1,909

)

S&P

500

Mini-SPX

Index

19

USD

460

3/20/26

1,300,645

1,026

4,765

(

3,739

)

S&P

500

Mini-SPX

Index

13

USD

470

4/17/26

889,915

1,424

4,958

(

3,534

)

S&P

500

Mini-SPX

Index

11

USD

460

5/15/26

753,005

1,650

4,683

(

3,033

)

S&P

500

Mini-SPX

Index

16

USD

480

6/18/26

1,095,280

3,984

4,854

(

870

)

Total

$11,868

$42,930

$(31,062)

Call

Options

Purchased:

The

Fund

had

the

following

call

options

purchased

open

at

December

31,

2025:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Depreciation

SPDR

S&P

500

ETF

Trust

89

USD

690

3/20/26

$

6,069,088

$

136,869

$

162,105

$

(

25,236

)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

December

31,

2025:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation

S&P

500

Index

5

USD

6,980

1/02/26

$

3,422,750

$

(

25

)

$

(

3,793

)

$

3,768

S&P

500

Index

6

USD

6,970

1/05/26

4,107,300

(

180

)

(

4,312

)

4,132

S&P

500

Index

5

USD

6,975

1/05/26

3,422,750

(

100

)

(

5,192

)

5,092

S&P

500

Index

6

USD

6,940

1/07/26

4,107,300

(

2,850

)

(

4,492

)

1,642

S&P

500

Index

6

USD

7,030

1/09/26

4,107,300

(

450

)

(

7,252

)

6,802

S&P

500

Index

6

USD

6,990

1/14/26

4,107,300

(

5,610

)

(

7,552

)

1,942

Total

$(9,215)

$(32,593)

$23,378

Put

Options

Written:

The

Fund

had

the

following

put

options

written

open

at

December

31,

2025:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Depreciation

SPDR

S&P

500

ETF

Trust

89

USD

690

3/20/26

$

6,069,088

$

(

166,719

)

$

(

160,075

)

$

(

6,644

)

USD

United

States

Dollar

Sector

Classification

of

Portfolio

*

Classification  

Percentage

of

Total

Investments

Information

Technology

32

.6

%

Other**

17

.2

Financials

12

.7

Communication

Services

10

.9

Consumer

Discretionary

9

.8

Health

Care

9

.4

Industrials

7

.4

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Shares

Value

Common

Stocks

(98.7%)

Aerospace

&

Defense

(

1

.8

%

)

General

Dynamics

Corp.

(a)

4,524

$

1,523,050

L3Harris

Technologies,

Inc.

5,165

1,516,289

RTX

Corp.

9,262

1,698,651

4,737,990

Air

Freight

&

Logistics

(

1

.3

%

)

Expeditors

International

of

Washington,

Inc.

(a)

12,231

1,822,541

United

Parcel

Service,

Inc.,

Class

 B

(a)

17,608

1,746,538

3,569,079

Automobile

Components

(

1

.8

%

)

Gentex

Corp.

47,320

1,101,136

LCI

Industries

16,786

2,036,813

Lear

Corp.

(a)

14,358

1,645,427

4,783,376

Banks

(

2

.7

%

)

Cullen/Frost

Bankers,

Inc.

10,101

1,279,090

First

Interstate

BancSystem,

Inc.,

Class

 A

(b)

44,149

1,527,555

Prosperity

Bancshares,

Inc.

(b)

19,557

1,351,584

Regions

Financial

Corp.

56,997

1,544,619

United

Bankshares,

Inc.

41,617

1,598,093

7,300,941

Beverages

(

2

.2

%

)

Coca-Cola

Co.

(The)

20,379

1,424,696

Keurig

Dr

Pepper,

Inc.

(a)

61,827

1,731,774

Molson

Coors

Beverage

Co.,

Class

 B

(a)

34,262

1,599,350

PepsiCo,

Inc.

9,258

1,328,708

6,084,528

Biotechnology

(

1

.2

%

)

AbbVie,

Inc.

6,793

1,552,133

Gilead

Sciences,

Inc.

(a)

13,311

1,633,792

3,185,925

Building

Products

(

0

.4

%

)

AO

Smith

Corp.

17,853

1,194,009

Capital

Markets

(

2

.0

%

)

Brookfield

Asset

Management

Ltd.,

Class

 A

23,194

1,215,133

CME

Group,

Inc.

5,575

1,522,421

Janus

Henderson

Group

plc

32,619

1,551,686

T

Rowe

Price

Group,

Inc.

12,231

1,252,210

5,541,450

Chemicals

(

5

.7

%

)

Air

Products

and

Chemicals,

Inc.

4,781

1,181,003

Balchem

Corp.

9,462

1,451,092

Cabot

Corp.

18,831

1,248,119

Corteva,

Inc.

20,113

1,348,174

Dow,

Inc.

61,071

1,427,840

DuPont

de

Nemours,

Inc.

18,691

751,378

International

Flavors

&

Fragrances,

Inc.

25,424

1,713,323

Linde

plc

(a)

3,018

1,286,845

LyondellBasell

Industries

NV,

Class

 A

(b)

32,137

1,391,532

Mosaic

Co.

(The)

40,575

977,452

NewMarket

Corp.

1,556

1,069,377

PPG

Industries,

Inc.

15,112

1,548,375

15,394,510

Shares

Value

Communications

Equipment

(

0

.6

%

)

Cisco

Systems,

Inc.

21,648

$

1,667,545

Construction

Materials

(

0

.4

%

)

Vulcan

Materials

Co.

4,243

1,210,188

Consumer

Staples

Distribution

&

Retail

(

1

.1

%

)

Costco

Wholesale

Corp.

1,425

1,228,835

Target

Corp.

17,591

1,719,520

2,948,355

Containers

&

Packaging

(

2

.6

%

)

Amcor

plc

(b)

178,075

1,485,146

AptarGroup,

Inc.

10,802

1,317,412

Avery

Dennison

Corp.

9,609

1,747,685

International

Paper

Co.

(b)

31,149

1,226,959

Packaging

Corp.

of

America

6,545

1,349,775

7,126,977

Distributors

(

1

.0

%

)

Genuine

Parts

Co.

11,297

1,389,079

LKQ

Corp.

42,078

1,270,756

2,659,835

Diversified

Telecommunication

Services

(

0

.9

%

)

AT&T,

Inc.

49,978

1,241,454

Verizon

Communications,

Inc.

31,202

1,270,857

2,512,311

Electric

Utilities

(

5

.1

%

)

Alliant

Energy

Corp.

(a)

21,163

1,375,807

American

Electric

Power

Co.,

Inc.

(a)

12,465

1,437,339

Duke

Energy

Corp.

10,868

1,273,838

Evergy,

Inc.

20,188

1,463,428

FirstEnergy

Corp.

32,746

1,466,038

IDACORP,

Inc.

(a)(b)

11,378

1,440,000

OGE

Energy

Corp.

(a)

31,283

1,335,784

Portland

General

Electric

Co.

29,697

1,425,159

PPL

Corp.

(b)

36,708

1,285,514

Southern

Co.

(The)

14,483

1,262,918

13,765,825

Electronic

Equipment,

Instruments

&

Components

(

2

.1

%

)

Avnet,

Inc.

24,740

1,189,499

Badger

Meter,

Inc.

7,957

1,387,781

Corning,

Inc.

18,329

1,604,887

TD

SYNNEX

Corp.

9,904

1,487,878

5,670,045

Energy

Equipment

&

Services

(

1

.0

%

)

Noble

Corp.

plc

42,651

1,204,464

Patterson-UTI

Energy,

Inc.

249,538

1,524,677

2,729,141

Entertainment

(

0

.6

%

)

Electronic

Arts,

Inc.

7,805

1,594,796

Financial

Services

(

1

.3

%

)

Jack

Henry

&

Associates,

Inc.

10,587

1,931,916

Western

Union

Co.

(The)

(a)(b)

160,206

1,491,518

3,423,434

Food

Products

(

3

.4

%

)

Archer-Daniels-Midland

Co.

25,048

1,440,010

Cal-Maine

Foods,

Inc.

13,935

1,108,808

Conagra

Brands,

Inc.

69,065

1,195,515

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Food

Products

(cont’d)

Flowers

Foods,

Inc.

(b)

122,299

$

1,330,613

Hormel

Foods

Corp.

64,340

1,524,858

Ingredion,

Inc.

11,910

1,313,197

Kraft

Heinz

Co.

(The)

57,141

1,385,669

9,298,670

Gas

Utilities

(

2

.2

%

)

Atmos

Energy

Corp.

(b)

9,020

1,512,023

MDU

Resources

Group,

Inc.

72,793

1,420,919

New

Jersey

Resources

Corp.

33,680

1,553,322

ONE

Gas,

Inc.

17,692

1,366,707

5,852,971

Ground

Transportation

(

0

.5

%

)

Norfolk

Southern

Corp.

4,349

1,255,643

Health

Care

Equipment

&

Supplies

(

2

.5

%

)

Abbott

Laboratories

10,866

1,361,401

Becton

Dickinson

&

Co.

6,737

1,307,450

Medtronic

plc

15,896

1,526,970

STERIS

plc

5,574

1,413,120

Stryker

Corp.

(a)

3,528

1,239,986

6,848,927

Health

Care

Providers

&

Services

(

3

.2

%

)

Cardinal

Health,

Inc.

9,050

1,859,775

Cencora,

Inc.

(a)

4,890

1,651,597

Chemed

Corp.

2,964

1,268,177

Cigna

Group

(The)

4,260

1,172,480

Labcorp

Holdings,

Inc.

5,325

1,335,936

Quest

Diagnostics,

Inc.

8,162

1,416,352

8,704,317

Hotels,

Restaurants

&

Leisure

(

2

.0

%

)

Restaurant

Brands

International,

Inc.

19,880

1,356,412

Texas

Roadhouse,

Inc.,

Class

 A

8,657

1,437,062

Vail

Resorts,

Inc.

(b)

8,285

1,100,248

Wendy's

Co.

(The)

(a)(b)

167,657

1,396,583

5,290,305

Household

Durables

(

0

.8

%

)

Garmin

Ltd.

6,077

1,232,720

Lennar

Corp.,

Class

 A

10,229

1,051,541

2,284,261

Household

Products

(

2

.3

%

)

Church

&

Dwight

Co.,

Inc.

(a)

15,356

1,287,600

Clorox

Co.

(The)

11,706

1,180,316

Kimberly-Clark

Corp.

11,417

1,151,861

Procter

&

Gamble

Co.

(The)

(a)

8,596

1,231,893

Reynolds

Consumer

Products,

Inc.

62,129

1,423,997

6,275,667

Insurance

(

4

.7

%

)

Aflac,

Inc.

13,393

1,476,846

American

Financial

Group,

Inc.

10,587

1,447,031

Cincinnati

Financial

Corp.

(a)

8,848

1,445,055

Everest

Group

Ltd.

3,598

1,220,981

F&G

Annuities

&

Life,

Inc.

(a)(b)

1,327

40,938

Fidelity

National

Financial,

Inc.

(a)

22,269

1,215,665

Old

Republic

International

Corp.

(a)

36,074

1,646,418

Principal

Financial

Group,

Inc.

(a)

18,157

1,601,629

Prudential

Financial,

Inc.

12,533

1,414,725

Shares

Value

RLI

Corp.

20,552

$

1,314,917

12,824,205

Interactive

Media

&

Services

(

0

.6

%

)

Alphabet,

Inc.,

Class

 A

5,467

1,711,171

IT

Services

(

2

.3

%

)

Accenture

plc,

Class

 A

5,969

1,601,483

Amdocs

Ltd.

(b)

15,688

1,263,041

Cognizant

Technology

Solutions

Corp.,

Class

 A

21,350

1,772,050

International

Business

Machines

Corp.

5,291

1,567,247

6,203,821

Leisure

Products

(

1

.1

%

)

Hasbro,

Inc.

(a)

19,143

1,569,726

Polaris,

Inc.

24,321

1,538,303

3,108,029

Life

Sciences

Tools

&

Services

(

1

.0

%

)

Danaher

Corp.

6,102

1,396,870

QIAGEN

NV

29,148

1,310,785

2,707,655

Machinery

(

2

.3

%

)

Cummins,

Inc.

3,565

1,819,754

Donaldson

Co.,

Inc.

18,852

1,671,419

Graco,

Inc.

(a)

16,024

1,313,487

Snap-on,

Inc.

4,223

1,455,246

6,259,906

Media

(

2

.8

%

)

Comcast

Corp.,

Class

 A

50,317

1,503,975

Fox

Corp.,

Class

 A

(a)

25,483

1,862,043

New

York

Times

Co.

(The),

Class

 A

(a)

24,964

1,733,001

News

Corp.,

Class

 A

46,449

1,213,248

Omnicom

Group,

Inc.

(a)

16,464

1,329,468

7,641,735

Metals

&

Mining

(

1

.1

%

)

Reliance,

Inc.

(a)

4,607

1,330,824

Royal

Gold,

Inc.

(a)

7,688

1,708,966

3,039,790

Multi-Utilities

(

2

.6

%

)

Avista

Corp.

42,070

1,621,378

Consolidated

Edison,

Inc.

14,045

1,394,949

Dominion

Energy,

Inc.

(a)

24,227

1,419,460

Public

Service

Enterprise

Group,

Inc.

15,794

1,268,258

WEC

Energy

Group,

Inc.

(b)

12,125

1,278,703

6,982,748

Oil,

Gas

&

Consumable

Fuels

(

9

.5

%

)

Antero

Midstream

Corp.

(a)

76,051

1,352,947

Chevron

Corp.

9,525

1,451,705

Chord

Energy

Corp.

14,606

1,353,976

ConocoPhillips

13,619

1,274,875

Coterra

Energy,

Inc.

54,230

1,427,334

DT

Midstream,

Inc.

13,259

1,586,837

EOG

Resources,

Inc.

11,707

1,229,352

Exxon

Mobil

Corp.

12,437

1,496,668

HF

Sinclair

Corp.

29,996

1,382,216

International

Seaways,

Inc.

(a)

33,976

1,649,535

Kinder

Morgan,

Inc.

(a)

50,830

1,397,317

Magnolia

Oil

&

Gas

Corp.,

Class

 A

(b)

65,339

1,430,271

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(cont’d)

ONEOK,

Inc.

17,990

$

1,322,265

Permian

Resources

Corp.,

Class

 A

112,367

1,576,509

Phillips

66

(a)

11,608

1,497,896

Valero

Energy

Corp.

(b)

9,579

1,559,365

Viper

Energy,

Inc.,

Class

 A

35,189

1,359,351

Williams

Cos.,

Inc.

(The)

22,698

1,364,377

25,712,796

Personal

Care

Products

(

0

.5

%

)

Interparfums,

Inc.

(b)

14,658

1,243,438

Pharmaceuticals

(

2

.9

%

)

Bristol-Myers

Squibb

Co.

33,104

1,785,630

Johnson

&

Johnson

8,318

1,721,410

Merck

&

Co.,

Inc.

14,551

1,531,638

Pfizer,

Inc.

52,617

1,310,163

Royalty

Pharma

plc,

Class

 A

(a)

40,404

1,561,211

7,910,052

Professional

Services

(

2

.8

%

)

Automatic

Data

Processing,

Inc.

4,452

1,145,188

Exponent,

Inc.

22,739

1,579,451

Korn

Ferry

18,804

1,241,440

ManpowerGroup,

Inc.

36,996

1,099,891

Paychex,

Inc.

11,261

1,263,259

Robert

Half,

Inc.

(a)

45,490

1,235,508

7,564,737

Semiconductors

&

Semiconductor

Equipment

(

2

.8

%

)

Analog

Devices,

Inc.

6,022

1,633,166

Power

Integrations,

Inc.

(b)

37,411

1,329,587

Qnity

Electronics,

Inc.

9,339

762,529

QUALCOMM,

Inc.

9,217

1,576,568

Skyworks

Solutions,

Inc.

16,811

1,065,986

Texas

Instruments,

Inc.

7,109

1,233,340

7,601,176

Software

(

2

.5

%

)

Dolby

Laboratories,

Inc.,

Class

 A

(b)

20,246

1,300,198

Intuit,

Inc.

2,044

1,353,987

Microsoft

Corp.

2,904

1,404,432

Roper

Technologies,

Inc.

2,746

1,222,327

Salesforce,

Inc.

5,452

1,444,289

6,725,233

Specialty

Retail

(

2

.4

%

)

Best

Buy

Co.,

Inc.

17,099

1,144,436

Buckle,

Inc.

(The)

23,380

1,248,960

Home

Depot,

Inc.

(The)

3,509

1,207,447

Penske

Automotive

Group,

Inc.

(a)

8,007

1,267,428

TJX

Cos.,

Inc.

(The)

(a)

10,295

1,581,415

6,449,686

Technology

Hardware,

Storage

&

Peripherals

(

0

.4

%

)

HP,

Inc.

48,580

1,082,362

Textiles,

Apparel

&

Luxury

Goods

(

1

.2

%

)

Columbia

Sportswear

Co.

27,547

1,517,564

Steven

Madden

Ltd.

(b)

42,462

1,768,118

3,285,682

Tobacco

(

0

.5

%

)

Altria

Group,

Inc.

(a)

21,969

1,266,733

Shares

Value

Trading

Companies

&

Distributors

(

1

.4

%

)

Fastenal

Co.

30,332

$

1,217,223

MSC

Industrial

Direct

Co.,

Inc.,

Class

 A

(b)

16,983

1,428,270

Watsco,

Inc.

3,481

1,172,923

3,818,416

Wireless

Telecommunication

Services

(

0

.6

%

)

Millicom

International

Cellular

SA

28,083

1,556,922

Total

Common

Stocks

(Cost

$262,978,116)

267,607,314

Short-Term

Investments

(3.1%)

Investment

Company

(0.7%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(c)

(Cost

$1,962,129)

1,962,129

1,962,129

Security

held

as

Collateral

on

Loaned

Securities

(

2

.4

%

)

Investment

Company

(2.4%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(c)

(Cost

$6,564,676)

6,564,676

6,564,676

Total

Short-Term

Investments

(Cost

$8,526,805)

8,526,805

–

Total

Investments

(

101

.8

%

)

(Cost

$

271,504,921

)

including

$

19,385,343

of

Securities

Loaned

(d)

(e)

276,134,119

Total

Written

Options

(-0.1%)

(Premiums

Received

$

(

482,292

)

)

(203,442)

Liabilities

in

Excess

of

Other

Assets

(

-1.8%

)

(4,864,135)

NET

ASSETS

(100.0%)

$

271,066,542

(a)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Written

options.

(b)

All

or

a

portion

of

this

security

was

on

loan

.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2025

,

were

$

19,385,343

and

$

20,051,660

,

respectively.

The

Fund

received

cash

collateral

of

$

6,564,676

,

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

$

13,486,984

was

received

in

the

form

of

U.S.

Government

obligations,

which

the

Fund

cannot

sell

or

re-pledge

and

accordingly

are

not

reflected

in

the

Portfolio

of

Investments.

The

Fund

has

the

right

under

the

securities

lending

agreement

to

recover

the

securities

from

the

borrower

on

demand.

(c)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$681

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

(d)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$271,504,921.

The

aggregate

gross

unrealized

appreciation

is

$20,568,372

and

the

aggregate

gross

unrealized

depreciation

is

$15,939,174,

resulting

in

net

unrealized

appreciation

of

$4,629,198.

(e)

Securities

are

available

for

collateral

in

connection

with

open

Written

options.

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

December

31,

2025:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation

(Depreciation)

SPDR

S&P

500

ETF

Trust

1278

USD

695

1/05/26

$

87,149,376

$

(

1,915

)

$

(

123,815

)

$

121,900

SPDR

S&P

500

ETF

Trust

1249

USD

700

1/09/26

85,171,808

(

11,127

)

(

170,037

)

158,910

SPDR

S&P

500

ETF

Trust

1400

USD

695

1/14/26

95,468,800

(

190,400

)

(

188,440

)

(

1,960

)

Total

$(203,442)

$(482,292)

$278,850

USD

United

States

Dollar

Sector

Classification

of

Portfolio

*

Classification  

Percentage

of

Total

Investments

Health

Care

10

.9

%

Financials

10

.8

Information

Technology

10

.7

Energy

10

.6

Industrials

10

.5

Consumer

Discretionary

10

.3

Consumer

Staples

10

.1

Materials

9

.9

Utilities

9

.9

Communication

Services

5

.6

Other**

0

.7

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Sectors

representing

less

than

5%

of

total

investments.

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)

Shares

Value

Common

Stocks

(101.9%)

Aerospace

&

Defense

(

2

.6

%

)

Boeing

Co.

(The)

(a)

3,561

$

773,164

General

Electric

Co.

3,474

1,070,096

HEICO

Corp.

910

294,467

HEICO

Corp.,

Class

 A

627

158,274

Howmet

Aerospace,

Inc.

3,900

799,578

Lockheed

Martin

Corp.

1,319

637,961

3,733,540

Air

Freight

&

Logistics

(

0

.3

%

)

Expeditors

International

of

Washington,

Inc.

3,301

491,882

Automobile

Components

(

0

.1

%

)

Aptiv

plc

(a)

2,608

198,443

Automobiles

(

2

.5

%

)

Ford

Motor

Co.

40,743

534,548

Tesla,

Inc.

(a)

6,623

2,978,496

3,513,044

Banks

(

4

.1

%

)

Bank

of

America

Corp.

(b)

24,290

1,335,950

Citizens

Financial

Group,

Inc.

6,013

351,219

Huntington

Bancshares,

Inc.

(c)

18,987

329,425

JPMorgan

Chase

&

Co.

(b)

8,350

2,690,537

Wells

Fargo

&

Co.

12,336

1,149,715

5,856,846

Beverages

(

1

.3

%

)

Coca-Cola

Co.

(The)

(b)

15,527

1,085,493

PepsiCo,

Inc.

5,741

823,948

1,909,441

Biotechnology

(

1

.8

%

)

AbbVie,

Inc.

6,208

1,418,466

Alnylam

Pharmaceuticals,

Inc.

(a)(c)

667

265,232

Amgen,

Inc.

2,455

803,546

Natera,

Inc.

(a)

197

45,131

2,532,375

Broadline

Retail

(

4

.2

%

)

Amazon.com,

Inc.

(a)(b)

24,249

5,597,154

Coupang,

Inc.

(a)

2,602

61,381

MercadoLibre,

Inc.

(a)

163

328,325

5,986,860

Building

Products

(

0

.5

%

)

Builders

FirstSource,

Inc.

(a)

2,700

277,803

Carlisle

Cos.,

Inc.

1,221

390,549

668,352

Capital

Markets

(

2

.1

%

)

Ares

Management

Corp.,

Class

 A

1,363

220,302

Blue

Owl

Capital,

Inc.,

Class

 A

(c)

15,012

224,279

Carlyle

Group,

Inc.

(The)

3,788

223,909

Charles

Schwab

Corp.

(The)

8,123

811,569

Coinbase

Global,

Inc.,

Class

 A

(a)

1,105

249,885

Interactive

Brokers

Group,

Inc.,

Class

 A

2,602

167,334

LPL

Financial

Holdings,

Inc.

(c)

185

66,076

Morgan

Stanley

(d)

3,127

555,136

Nasdaq,

Inc.

4,528

439,805

Tradeweb

Markets,

Inc.,

Class

 A

367

39,467

2,997,762

Shares

Value

Chemicals

(

0

.9

%

)

Dow,

Inc.

15,732

$

367,814

Linde

plc

2,020

861,308

1,229,122

Commercial

Services

&

Supplies

(

0

.3

%

)

Republic

Services,

Inc.,

Class

 A

2,272

481,505

Communications

Equipment

(

1

.0

%

)

Cisco

Systems,

Inc.

17,494

1,347,563

Construction

Materials

(

0

.1

%

)

CRH

plc

1,660

207,168

Consumer

Finance

(

0

.9

%

)

American

Express

Co.

2,353

870,493

Synchrony

Financial

4,103

342,313

1,212,806

Consumer

Staples

Distribution

&

Retail

(

2

.0

%

)

Costco

Wholesale

Corp.

(b)

1,461

1,259,879

Walmart,

Inc.

14,245

1,587,035

2,846,914

Containers

&

Packaging

(

0

.3

%

)

Amcor

plc

(c)

51,924

433,046

Diversified

Telecommunication

Services

(

0

.6

%

)

AT&T,

Inc.

33,675

836,487

Electric

Utilities

(

1

.3

%

)

Alliant

Energy

Corp.

5,764

374,718

Entergy

Corp.

6,556

605,971

FirstEnergy

Corp.

9,165

410,317

PPL

Corp.

(c)

11,752

411,555

1,802,561

Electrical

Equipment

(

0

.5

%

)

AMETEK,

Inc.

2,246

461,126

Hubbell,

Inc.,

Class

 B

553

245,593

Vertiv

Holdings

Co.,

Class

 A

343

55,569

762,288

Electronic

Equipment,

Instruments

&

Components

(

0

.9

%

)

Corning,

Inc.

6,466

566,163

TE

Connectivity

plc

2,948

670,699

1,236,862

Entertainment

(

2

.0

%

)

Netflix,

Inc.

(a)

11,828

1,108,993

ROBLOX

Corp.,

Class

 A

(a)

2,298

186,207

Spotify

Technology

SA

(a)

509

295,581

Walt

Disney

Co.

(The)

5,592

636,202

Warner

Bros

Discovery,

Inc.

(a)

20,370

587,063

Warner

Music

Group

Corp.,

Class

 A

962

29,505

2,843,551

Financial

Services

(

4

.1

%

)

Berkshire

Hathaway,

Inc.,

Class

 B

(a)

4,015

2,018,140

Block,

Inc.,

Class

 A

(a)

5,150

335,214

Mastercard,

Inc.,

Class

 A

2,644

1,509,407

Rocket

Cos.,

Inc.,

Class

 A

6,515

126,130

Visa,

Inc.,

Class

 A

(c)

5,223

1,831,758

5,820,649

Ground

Transportation

(

0

.7

%

)

JB

Hunt

Transport

Services,

Inc.

2,331

453,007

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Ground

Transportation

(cont’d)

Old

Dominion

Freight

Line,

Inc.

3,100

$

486,080

939,087

Health

Care

Equipment

&

Supplies

(

1

.3

%

)

Intuitive

Surgical,

Inc.

(a)

1,283

726,640

Medtronic

plc

7,407

711,517

ResMed,

Inc.

(c)

1,690

407,070

1,845,227

Health

Care

Providers

&

Services

(

1

.8

%

)

Cencora,

Inc.

1,575

531,956

Centene

Corp.

(a)

14,201

584,371

Labcorp

Holdings,

Inc.

1,597

400,655

UnitedHealth

Group,

Inc.

3,316

1,094,645

2,611,627

Health

Care

Technology

(

0

.1

%

)

Veeva

Systems,

Inc.,

Class

 A

(a)

707

157,824

Hotels,

Restaurants

&

Leisure

(

1

.3

%

)

Booking

Holdings,

Inc.

149

797,944

Darden

Restaurants,

Inc.

2,269

417,541

DraftKings,

Inc.,

Class

 A

(a)

1,269

43,730

Las

Vegas

Sands

Corp.

2,518

163,897

Yum!

Brands,

Inc.

3,127

473,052

1,896,164

Household

Durables

(

0

.3

%

)

PulteGroup,

Inc.

3,544

415,569

Household

Products

(

0

.8

%

)

Procter

&

Gamble

Co.

(The)

7,713

1,105,350

Industrial

Conglomerates

(

0

.4

%

)

3M

Co.

3,860

617,986

Insurance

(

2

.0

%

)

Brown

&

Brown,

Inc.

(c)

223

17,773

Hartford

Insurance

Group,

Inc.

(The)

3,581

493,462

Loews

Corp.

3,574

376,378

Markel

Group,

Inc.

(a)

171

367,590

Principal

Financial

Group,

Inc.

2,873

253,427

Prudential

Financial,

Inc.

4,341

490,012

Travelers

Cos.,

Inc.

(The)

1,907

553,145

W.

R.

Berkley

Corp.

4,367

306,214

2,858,001

Interactive

Media

&

Services

(

8

.6

%

)

Alphabet,

Inc.,

Class

 A

(b)

14,867

4,653,371

Alphabet,

Inc.,

Class

 C

13,234

4,152,829

Meta

Platforms,

Inc.,

Class

 A

(b)

4,980

3,287,248

Pinterest,

Inc.,

Class

 A

(a)

867

22,447

12,115,895

IT

Services

(

1

.5

%

)

Amdocs

Ltd.

(c)

1,299

104,582

Cloudflare,

Inc.,

Class

 A

(a)

953

187,884

CoreWeave,

Inc.,

Class

 A

(a)(c)

532

38,097

International

Business

Machines

Corp.

3,404

1,008,299

MongoDB,

Inc.,

Class

 A

(a)

1,363

572,037

Okta,

Inc.,

Class

 A

(a)

447

38,652

Snowflake,

Inc.,

Class

 A

(a)

597

130,958

2,080,509

Shares

Value

Life

Sciences

Tools

&

Services

(

1

.2

%

)

Illumina,

Inc.

(a)

1,884

$

247,105

Thermo

Fisher

Scientific,

Inc.

1,664

964,205

West

Pharmaceutical

Services,

Inc.

1,541

423,991

1,635,301

Machinery

(

1

.2

%

)

Caterpillar,

Inc.

1,534

878,783

Dover

Corp.

1,857

362,561

Otis

Worldwide

Corp.

4,961

433,343

1,674,687

Metals

&

Mining

(

0

.6

%

)

Anglogold

Ashanti

plc

721

61,487

Newmont

Corp.

7,160

714,926

Southern

Copper

Corp.

522

74,891

851,304

Multi-Utilities

(

1

.2

%

)

Ameren

Corp.

4,169

416,316

CenterPoint

Energy,

Inc.

(c)

11,398

436,999

CMS

Energy

Corp.

5,400

377,622

DTE

Energy

Co.

(c)

3,121

402,547

1,633,484

Oil,

Gas

&

Consumable

Fuels

(

3

.0

%

)

Cheniere

Energy,

Inc.

2,268

440,877

Chevron

Corp.

(b)

7,028

1,071,137

Devon

Energy

Corp.

12,542

459,413

Exxon

Mobil

Corp.

14,644

1,762,259

Targa

Resources

Corp.

2,188

403,686

Venture

Global,

Inc.,

Class

 A

(c)

16,429

112,046

4,249,418

Passenger

Airlines

(

0

.4

%

)

Delta

Air

Lines,

Inc.

7,820

542,708

Pharmaceuticals

(

4

.0

%

)

Eli

Lilly

&

Co.

(b)

2,492

2,678,103

Johnson

&

Johnson

(b)

8,607

1,781,219

Merck

&

Co.,

Inc.

10,521

1,107,440

Royalty

Pharma

plc,

Class

 A

2,082

80,448

5,647,210

Professional

Services

(

0

.6

%

)

SS&C

Technologies

Holdings,

Inc.

4,814

420,840

TransUnion

4,936

423,262

844,102

Residential

REITs

(

1

.5

%

)

AvalonBay

Communities,

Inc.

(c)

2,423

439,314

Equity

Residential

7,001

441,343

Essex

Property

Trust,

Inc.

1,586

415,025

Mid-America

Apartment

Communities,

Inc.

3,136

435,622

Sun

Communities,

Inc.

3,231

400,353

2,131,657

Retail

REITs

(

0

.1

%

)

Regency

Centers

Corp.

2,643

182,446

Semiconductors

&

Semiconductor

Equipment

(

13

.6

%

)

Advanced

Micro

Devices,

Inc.

(a)

3,706

793,677

Astera

Labs,

Inc.

(a)

1,812

301,444

Broadcom,

Inc.

11,167

3,864,899

Entegris,

Inc.

3,864

325,542

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Shares

Value

Semiconductors

&

Semiconductor

Equipment

(cont’d)

First

Solar,

Inc.

(a)

554

$

144,721

KLA

Corp.

699

849,341

Marvell

Technology,

Inc.

4,088

347,398

Microchip

Technology,

Inc.

6,692

426,414

Monolithic

Power

Systems,

Inc.

(c)

663

600,917

NVIDIA

Corp.

(b)

58,137

10,842,551

QUALCOMM,

Inc.

4,121

704,897

19,201,801

Software

(

10

.6

%

)

AppLovin

Corp.,

Class

 A

(a)

727

489,867

Atlassian

Corp.,

Class

 A

(a)

240

38,914

Bentley

Systems,

Inc.,

Class

 B

1,129

43,088

Circle

Internet

Group,

Inc.,

Class

 A

(a)

541

42,901

Crowdstrike

Holdings,

Inc.,

Class

 A

(a)

1,119

524,542

Figma,

Inc.,

Class

 A

(a)(c)

8,035

300,268

HubSpot,

Inc.

(a)

144

57,787

Microsoft

Corp.

(b)

19,253

9,311,136

Oracle

Corp.

5,479

1,067,912

Palantir

Technologies,

Inc.,

Class

 A

(a)

6,866

1,220,432

Salesforce,

Inc.

3,667

971,425

ServiceNow,

Inc.

(a)

3,423

524,369

Strategy,

Inc.,

Class

 A

(a)(c)

585

88,891

Zoom

Communications,

Inc.,

Class

 A

(a)

2,792

240,922

Zscaler,

Inc.

(a)

525

118,083

15,040,537

Specialty

Retail

(

2

.1

%

)

Best

Buy

Co.,

Inc.

4,923

329,496

Carvana

Co.,

Class

 A

(a)(c)

937

395,433

Home

Depot,

Inc.

(The)

3,474

1,195,403

Ross

Stores,

Inc.

2,882

519,164

Ulta

Beauty,

Inc.

(a)

789

477,353

2,916,849

Technology

Hardware,

Storage

&

Peripherals

(

7

.5

%

)

Apple,

Inc.

(b)

37,962

10,320,349

IonQ,

Inc.

(a)(c)

3,470

155,699

Super

Micro

Computer,

Inc.

(a)(c)

6,376

186,626

10,662,674

Tobacco

(

0

.5

%

)

Philip

Morris

International,

Inc.

4,775

765,910

Trading

Companies

&

Distributors

(

0

.6

%

)

Ferguson

Enterprises,

Inc.

1,113

247,787

United

Rentals,

Inc.

583

471,834

Watsco,

Inc.

260

87,607

807,228

Total

Common

Stocks

(Cost

$127,094,314)

144,379,622

Short-Term

Investments

(4.1%)

Investment

Company

(2.1%

)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(e)

(Cost

$2,917,160)

2,917,160

2,917,160

Shares

Value

Security

held

as

Collateral

on

Loaned

Securities

(

2

.0

%

)

Investment

Company

(2.0%)

Morgan

Stanley

Institutional

Liquidity

Funds

-

Government

Portfolio

-

Institutional

Class

3.71%

(e)

(Cost

$2,843,453)

2,843,453

$

2,843,453

Total

Short-Term

Investments

(Cost

$5,760,613)

5,760,613

–

Total

Investments

Excluding

Purchased

Options

(

106

.0

%

)

(Cost

$

132,854,927

)

150,140,235

Total

Purchased

Options

Outstanding

(1.6%)

(Cost

$3,513,756)

2,215,735

Total

Investments

(

107

.6

%

)

(Cost

$

136,368,683

)

including

$

5,300,446

of

Securities

Loaned

(f)

(g)

152,355,970

Total

Written

Options

(-5.0%)

(Premiums

Received

$

(

5,424,282

)

)

(7,048,534)

Liabilities

in

Excess

of

Other

Assets

(

-2.6%

)

(3,613,597)

NET

ASSETS

(100.0%)

$

141,693,839

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

the

security

pledged

as

collateral

for

Written

options.

(c)

All

or

a

portion

of

this

security

was

on

loan

.

The

value

of

loaned

securities

and

related

collateral

outstanding

at

December

31,

2025

,

were

$

5,300,446

and

$

5,473,945

,

respectively.

The

Fund

received

cash

collateral

of

$

2,843,453

,

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

$

2,630,492

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)

For

the

period

ended

December

31,

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

$149,750

and

proceeds

from

sales

were

$44,644,

including

net

realized

loss

of

$19,787.

(e)

The

Fund

invests

in

the

Institutional

Class

of

the

Morgan

Stanley

Institutional

Liquidity

Funds

—

Government

Portfolio

(the

“Liquidity

Fund”),

an

open-end

management

investment

company

managed

by

the

Adviser,

both

directly

and

as

a

portion

of

the

securities

held

as

collateral

on

loaned

securities.

Management

fees

paid

by

the

Fund

are

reduced

by

an

amount

equal

to

its

pro-rata

share

of

the

management

fees

paid

by

the

Fund

due

to

its

investment

in

the

Liquidity

Fund.

For

the

period

ended

December

31,

2025,

management

fees

paid

were

reduced

by

$761

relating

to

the

Fund’s

investment

in

the

Liquidity

Fund.

(f)

At

December

31,

2025,

the

aggregate

cost

for

federal

income

tax

purposes

is

$136,368,683.

The

aggregate

gross

unrealized

appreciation

is

$18,972,599

and

the

aggregate

gross

unrealized

depreciation

is

$2,985,312,

resulting

in

net

unrealized

appreciation

of

$15,987,287.

(g)

Securities

are

available

for

collateral

in

connection

with

open

Written

options.

REIT

Real

Estate

Investment

Trust

Morgan

Stanley

ETF

Trust

Parametric

Hedged

Equity

ETF

Portfolio

of

Investments

First

Quarter

Report

December

31,

2025

(unaudited)(cont’d)

Put

Options

Purchased:

The

Fund

had

the

following

put

options

purchased

open

at

December

31,

2025:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Paid

Unrealized

Appreciation

(Depreciation)

S&P

500

Index

52

USD

5,025

3/31/26

$

35,596,600

$

55,120

$

643,259

$

(

588,139

)

S&P

500

Index

51

USD

5,575

6/30/26

34,912,050

292,740

776,312

(

483,572

)

S&P

500

Index

51

USD

6,000

9/30/26

34,912,050

739,500

975,200

(

235,700

)

S&P

500

Index

51

USD

6,185

12/31/26

34,912,050

1,128,375

1,118,985

9,390

Total

$2,215,735

$3,513,756

$(1,298,021)

Call

Options

Written:

The

Fund

had

the

following

call

options

written

open

at

December

31,

2025:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation

(Depreciation)

S&P

500

Index

52

USD

6,350

3/31/26

$

35,596,600

$

(

3,203,720

)

$

(

1,496,777

)

$

(

1,706,943

)

S&P

500

Index

51

USD

6,900

6/30/26

34,912,050

(

1,664,130

)

(

1,149,755

)

(

514,375

)

S&P

500

Index

51

USD

7,500

9/30/26

34,912,050

(

733,380

)

(

842,514

)

109,134

S&P

500

Index

51

USD

7,710

12/31/26

34,912,050

(

767,550

)

(

781,948

)

14,398

Total

$(6,368,780)

$(4,270,994)

$(2,097,786)

Put

Options

Written:

The

Fund

had

the

following

put

options

written

open

at

December

31,

2025:

Description

Number

of

Contracts

Exercise

Price

Expiration

Date

Notional

Amount

Value

Premiums

Received

Unrealized

Appreciation

(Depreciation)

S&P

500

Index

52

USD

3,900

3/31/26

$

35,596,600

$

(

17,264

)

$

(

238,016

)

$

220,752

S&P

500

Index

51

USD

4,350

6/30/26

34,912,050

(

96,390

)

(

255,323

)

158,933

S&P

500

Index

51

USD

4,700

9/30/26

34,912,050

(

222,360

)

(

319,605

)

97,245

S&P

500

Index

51

USD

4,800

12/31/26

34,912,050

(

343,740

)

(

340,344

)

(

3,396

)

Total

$(679,754)

$(1,153,288)

$473,534

USD

United

States

Dollar

Sector

Classification

of

Portfolio

*

Classification  

Percentage

of

Total

Investments

Information

Technology

33

.2

%

Other**

16

.3

Financials

12

.5

Communication

Services

10

.6

Consumer

Discretionary

10

.0

Health

Care

9

.7

Industrials

7

.7

Total

Investments

100

.0

%

*

Percentages

indicated

are

based

upon

total

investments

(excluding

Securities

held

as

Collateral

on

Loaned

Securities)

as

of

December

31,

2025.

**

Sectors

representing

less

than

5%

of

total

investments.

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

Morgan

Stanley

ETF

Trust

1.

Security

Valuation:

(1)

An

equity

portfolio

security

listed

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

exchange

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

relevant

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)

fixed

income

securities

may

be

valued

by

an

outside

pricing

service/vendor

approved

by

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

characteristics.

If the

Adviser

or

Morgan

Stanley

Investment

Management

Limited (“MSIM

Limited”)

(Eaton

Vance

High

Yield

ETF) or

Paramet-

ric

Portfolio

Associated

LLC

(the

“Sub-Advisers”)

(Parametric

Equity

Plus

ETF,

Parametric

Equity

Income

ETF

and

Paramet-

ric

Hedged

Equity

ETF)

each 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

brokers

or

dealers

may

also

be

utilized.

In

these

circumstances,

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,

including

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

procedures

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

valuation

is

not

available

from

any

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)

OTC

swaps

may

be

valued

by

an

outside

pricing

service

approved

by

the

Trustees

or

quotes

from

a

reputable

broker/dealer.

Swaps

cleared

on

a

clearinghouse

or

exchange

may

be

valued

using

the

closing

price

provided

by

the

clearinghouse

or

exchange; (10) foreign

exchange

transactions

(“spot

contracts”) and

foreign

exchange

forward

contracts

(“forward

contracts”)

are

valued

daily

using

an

independent

pricing

vendor

at

the

spot

and

forward

rates,

respec-

tively,

as

of

the

close

of

the

New

York

Stock

Exchange;

and (11)

investments

in

mutual

funds,

including

the

Morgan

Stanley

Institutional

Liquidity

Funds,

are

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

In

connection

with

Rule

2a-5

of

the

Act,

the

Trustees

have

designated

the

Trust's

Adviser

as

its

valuation

designee.

The

valu-

ation

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

proce-

dures

allow

the Trust

to

utilize

independent

pricing

services,

quotations

from

securities

and

financial

instrument

dealers

and

other

market

sources

to

determine

fair

value.

First

Quarter

Report

—

December

31,

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

Measurement”

(“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

transac-

tion

between

market

participants

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

mea-

surements

for

disclosure

purposes.

Various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

are

summarized

in

the

three

broad

levels

listed

below:

Level

1

–

unadjusted

quoted

prices

in

active

markets

for

identical

investments.

Level

2

–

other

significant

observable

inputs

(including

quoted

prices

for

similar

investments,

interest

rates,

prepayment

speeds,

credit

risk,

etc.)

Level

3

–

significant

unobservable

inputs

including each

Fund’s

own

assumptions

in

determining

the

fair

value

of

in-

vestments.

Factors

considered

in

making

this

determination

may

include,

but

are

not

limited

to,

information

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

measurement

in

its

entirety

requires

judg-

ment

and

considers

factors

specific

to

each

security. 

First

Quarter

Report

—

December

31,

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 each

Fund's

investments

as

of

December

31,

2025:

Following

is

a

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value:

Calvert

International

Responsible

Index

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:  

Common

Stocks

$277,466,051

(1)

$—

‌

$—

‌

$277,466,051

‌

Preferred

Stocks

 52,711

‌

 —

‌

 —

‌

 52,711

‌

Warrants

 —

‌

 —

‌

 —

(2)

 —

(2)

Short-Term

Investments

Investment

Company

 6,031,482

‌

 —

‌

 —

‌

 6,031,482

‌

Total

Assets

$283,550,244

‌

$—

‌

$—

‌

$283,550,244

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

(2)

Includes

a

security

valued

at

zero.

Warrants

Beginning

Balance

$

—

Purchases

—

Sales

—

Transfers

in

—

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

December

31,

2025

$

—

(1)

Includes

a

security

valued

at

zero.

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Calvert

Ultra-Short

Investment

Grade

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$

—

$

25,729,665

$

—

$

25,729,665

Commercial

Mortgage-Backed

Securities

—

25,377,831

—

25,377,831

Corporate

Bonds

—

94,725,461

—

94,725,461

U.S.

Government

and

Agency

Securities

—

27,087,339

—

27,087,339

Total

Fixed

Income

Securities

—

172,920,296

—

172,920,296

Short-Term

Investments

Investment

Company

7,667,201

—

—

7,667,201

Commercial

Paper

—

4,554,420

—

4,554,420

Total

Short-Term

Investments

7,667,201

4,554,420

—

12,221,621

Total

Assets

$7,667,201

$177,474,716

$—

$185,141,917

Liabilities:

Foreign

Currency

Forward

Exchange

Contracts

—

(22,529)

—

(22,529)

Futures

Contracts

(1,307)

—

—

(1,307)

Total

Liabilities

$(1,307)

$(22,529)

$—

$(23,836)

Total

$7,665,894

$177,452,187

$—

$185,118,081

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Core

Responsible

Index

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:  

Common

Stocks

$689,322,631

(1)

$—

‌

$—

‌

$689,322,631

‌

Short-Term

Investments

Investment

Company

 28,988,586

‌

 —

‌

 —

‌

 28,988,586

‌

Total

Assets

$718,311,217

‌

$—

‌

$—

‌

$718,311,217

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Calvert

US

Large-Cap

Diversity,

Equity

and

Inclusion

Index

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:  

Common

Stocks

$16,480,248

(1)

$—

‌

$—

‌

$16,480,248

‌

Short-Term

Investments

Investment

Company

 253,570

‌

 —

‌

 —

‌

 253,570

‌

Total

Assets

$16,733,818

‌

$—

‌

$—

‌

$16,733,818

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Calvert

US

Mid-Cap

Core

Responsible

Index

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:  

Common

Stocks

$86,248,663

(1)

$—

‌

$—

‌

$86,248,663

‌

Short-Term

Investments

Investment

Company

 10,126,221

‌

 —

‌

 —

‌

 10,126,221

‌

Total

Assets

$96,374,884

‌

$—

‌

$—

‌

$96,374,884

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Floating-Rate

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Common

Stocks

$

—

$

1,688,113

$

—

$

1,688,113

Fixed

Income

Securities

Asset-Backed

Securities

—

110,068,055

—

110,068,055

Corporate

Bonds

—

66,293,458

—

66,293,458

Variable

Rate

Senior

Loan

Interests

—

1,116,075,760

—

1,116,075,760

Total

Fixed

Income

Securities

—

1,292,437,273

—

1,292,437,273

Short-Term

Investments

Investment

Company

83,401,738

—

—

83,401,738

Total

Assets

$83,401,738

$1,294,125,386

$—

$1,377,527,124

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Income

Municipal

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Municipal

Bonds

$

—

$

44,139,798

$

—

$

44,139,798

Short-Term

Investments

Investment

Company

376,822

—

—

376,822

Municipal

Bonds

—

800,000

—

800,000

Total

Short-Term

Investments

376,822

800,000

—

1,176,822

Total

Assets

$376,822

$44,939,798

$—

$45,316,620

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

High

Yield

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Corporate

Bonds

$

—

$

33,444,152

$

—

$

33,444,152

Short-Term

Investments

Investment

Company

5,205,872

—

—

5,205,872

Total

Assets

$5,205,872

$33,444,152

$—

$38,650,024

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Income

Opportunities

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$

—

$

50,785,002

$

—

$

50,785,002

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

59,868,615

—

59,868,615

Commercial

Mortgage-Backed

Securities

—

121,094,324

—

121,094,324

Corporate

Bonds

—

86,283,495

—

86,283,495

Sovereign

—

54,497,096

—

54,497,096

Total

Fixed

Income

Securities

—

372,528,532

—

372,528,532

Short-Term

Investments

Investment

Company

27,111,451

—

—

27,111,451

U.S.

Government

and

Agency

Security

—

4,359,155

—

4,359,155

Total

Short-Term

Investments

27,111,451

4,359,155

—

31,470,606

Foreign

Currency

Forward

Exchange

Contracts

—

310,819

—

310,819

Futures

Contracts

300,428

—

—

300,428

Credit

Default

Swap

Agreements

—

25,468

—

25,468

Centrally

Cleared

Interest

Rate

Swap

Agreements

—

891,878

—

891,878

Total

Assets

$27,411,879

$378,115,852

$—

$405,527,731

Liabilities:

Foreign

Currency

Forward

Exchange

Contracts

—

(499,846)

—

(499,846)

Futures

Contracts

(415,352)

—

—

(415,352)

Centrally

Cleared

Interest

Rate

Swap

Agreements

—

(704,586)

—

(704,586)

Total

Liabilities

$(415,352)

$(1,204,432)

$—

$(1,619,784)

Total

$26,996,527

$376,911,420

$—

$403,907,947

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Intermediate

Municipal

Income

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Corporate

Bonds

$

—

$

1,534,356

$

—

$

1,534,356

Municipal

Bonds

—

127,694,057

—

127,694,057

Total

Fixed

Income

Securities

—

129,228,413

—

129,228,413

Short-Term

Investments

Investment

Company

10,870,258

—

—

10,870,258

Municipal

Bonds

—

6,900,000

—

6,900,000

Total

Short-Term

Investments

10,870,258

6,900,000

—

17,770,258

Total

Assets

$10,870,258

$136,128,413

$—

$146,998,671

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Mortgage

Opportunities

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$

—

$

167,503,190

$

—

$

167,503,190

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

265,113,552

—

265,113,552

Commercial

Mortgage-Backed

Securities

—

335,753,474

—

335,753,474

Corporate

Bonds

—

28,841,363

—

28,841,363

Total

Fixed

Income

Securities

—

797,211,579

—

797,211,579

Short-Term

Investments

Investment

Company

6,536,935

—

—

6,536,935

Commercial

Paper

—

7,985,167

—

7,985,167

U.S.

Government

and

Agency

Securities

—

59,630,327

—

59,630,327

Total

Short-Term

Investments

6,536,935

67,615,494

—

74,152,429

Foreign

Currency

Forward

Exchange

Contracts

—

1,398

—

1,398

Total

Assets

$6,536,935

$864,828,471

$—

$871,365,406

Liabilities:

TBA

sales

commitments:

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

(18,955,469)

—

(18,955,469)

Foreign

Currency

Forward

Exchange

Contracts

—

(535,813)

—

(535,813)

Futures

Contracts

(257,260)

—

—

(257,260)

Total

Liabilities

$(257,260)

$(19,491,282)

$—

$(19,748,542)

Total

$6,279,675

$845,337,189

$—

$851,616,864

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Income

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$

—

$

179,298,224

$

—

$

179,298,224

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

46,917,224

—

46,917,224

Commercial

Mortgage-Backed

Securities

—

151,913,105

—

151,913,105

Corporate

Bonds

—

374,758,381

—

374,758,381

Sovereign

—

2,829,901

—

2,829,901

U.S.

Government

and

Agency

Securities

—

70,937,415

—

70,937,415

Total

Fixed

Income

Securities

—

826,654,250

—

826,654,250

Investment

Companies

17,579,187

—

—

17,579,187

Short-Term

Investments

Investment

Company

53,165,745

—

—

53,165,745

U.S.

Government

and

Agency

Security

—

1,719,804

—

1,719,804

Total

Short-Term

Investments

53,165,745

1,719,804

—

54,885,549

Futures

Contracts

278,946

—

—

278,946

Total

Assets

$71,023,878

$828,374,054

$—

$899,397,932

Liabilities:

TBA

sales

commitments:

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

(20,626,188)

—

(20,626,188)

Futures

Contracts

(361,112)

—

—

(361,112)

Total

Liabilities

$(361,112)

$(20,626,188)

$—

$(20,987,300)

Total

$70,662,766

$807,747,866

$—

$878,410,632

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Short

Duration

Municipal

Income

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Corporate

Bonds

$

—

$

4,442,968

$

—

$

4,442,968

Municipal

Bonds

—

475,923,315

—

475,923,315

Total

Fixed

Income

Securities

—

480,366,283

—

480,366,283

Short-Term

Investments

Investment

Companies

9,754,402

—

—

9,754,402

Municipal

Bonds

—

86,855,000

—

86,855,000

Total

Short-Term

Investments

9,754,402

86,855,000

—

96,609,402

Total

Assets

$9,754,402

$567,221,283

$—

$576,975,685

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Total

Return

Bond

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$

—

$

520,294,621

$

—

$

520,294,621

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

1,142,182,322

—

1,142,182,322

Commercial

Mortgage-Backed

Securities

—

607,532,693

—

607,532,693

Corporate

Bonds

—

1,127,552,109

—

1,127,552,109

Sovereign

—

10,999,590

—

10,999,590

U.S.

Government

and

Agency

Securities

—

1,197,958,860

—

1,197,958,860

Total

Fixed

Income

Securities

—

4,606,520,195

—

4,606,520,195

Investment

Companies

42,134,301

—

—

42,134,301

Short-Term

Investments

Investment

Company

189,720,644

—

—

189,720,644

U.S.

Government

and

Agency

Security

—

1,888,802

—

1,888,802

Total

Short-Term

Investments

189,720,644

1,888,802

—

191,609,446

Foreign

Currency

Forward

Exchange

Contracts

—

329,472

—

329,472

Futures

Contracts

839,960

—

—

839,960

Total

Assets

$232,694,905

$4,608,738,469

$—

$4,841,433,374

Liabilities:

TBA

sales

commitments:

Collateralized

Mortgage

Obligations

—

Agency

Collateral

Series

—

(92,358,986)

—

(92,358,986)

Foreign

Currency

Forward

Exchange

Contracts

—

(921,809)

—

(921,809)

Futures

Contracts

(1,753,204)

—

—

(1,753,204)

Total

Liabilities

$(1,753,204)

$(93,280,795)

$—

$(95,033,999)

Total

$230,941,701

$4,515,457,674

$—

$4,746,399,375

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Eaton

Vance

Ultra-Short

Income

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:

Fixed

Income

Securities

Asset-Backed

Securities

$

—

$

42,685,247

$

—

$

42,685,247

Commercial

Mortgage-Backed

Securities

—

36,191,507

—

36,191,507

Corporate

Bonds

—

142,519,986

—

142,519,986

U.S.

Government

and

Agency

Securities

—

26,776,314

—

26,776,314

Total

Fixed

Income

Securities

—

248,173,054

—

248,173,054

Short-Term

Investments

Investment

Company

12,339,961

—

—

12,339,961

Commercial

Paper

—

7,629,346

—

7,629,346

Total

Short-Term

Investments

12,339,961

7,629,346

—

19,969,307

Futures

Contracts

5,006

—

—

5,006

Total

Assets

$12,344,967

$255,802,400

$—

$268,147,367

Liabilities:

Foreign

Currency

Forward

Exchange

Contracts

—

(20,722)

—

(20,722)

Total

$12,344,967

$255,781,678

$—

$268,126,645

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Parametric

Equity

Plus

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:  

Common

Stocks

$23,994,934

(1)

$—

‌

$—

‌

$23,994,934

‌

Purchased

Options

11,868

‌

136,869

—

148,737

Short-Term

Investments

Investment

Company

 1,310,639

‌

 —

‌

 —

‌

 1,310,639

‌

Total

Assets

$25,317,441

‌

$136,869

‌

$—

‌

$25,454,310

‌

Liabilities:

Written

Options

 (9,215

)

 (166,719

)

 —

‌

 (175,934

)

Total

$25,308,226

‌

$(29,850

)

$—

‌

$25,278,376

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Parametric

Equity

Premium

Income

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:  

Common

Stocks

$267,607,314

(1)

$—

‌

$—

‌

$267,607,314

‌

Short-Term

Investments

Investment

Company

 8,526,805

‌

 —

‌

 —

‌

 8,526,805

‌

Total

Assets

$276,134,119

‌

$—

‌

$—

‌

$276,134,119

‌

Liabilities:

Written

Options

 —

‌

 (203,442

)

 —

‌

 (203,442

)

Total

$276,134,119

‌

$(203,442

)

$—

‌

$275,930,677

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.

First

Quarter

Report

—

December

31,

2025

(unaudited)

Notes

to

the

Portfolio

of

Investments

(cont’d)

Morgan

Stanley

ETF

Trust

Transfers

between

investment

levels

may

occur

as

the

markets

fluctuate

and/or

the

availability

of

data

used

in

an

investment’s

valua-

tion

changes. 

Parametric

Hedged

Equity

ETF

Investment

Type

Level

1

Unadjusted

quoted

prices

Level

2

Other

significant

observable

inputs

Level

3

Significant

unobservable

inputs

Total

Assets:  

Common

Stocks

$144,379,622

(1)

$—

‌

$—

‌

$144,379,622

‌

Purchased

Options

2,215,735

‌

—

—

2,215,735

Short-Term

Investments

Investment

Company

 5,760,613

‌

 —

‌

 —

‌

 5,760,613

‌

Total

Assets

$152,355,970

‌

$—

‌

$—

‌

$152,355,970

‌

Liabilities:

Written

Options

 (7,048,534

)

 —

‌

 —

‌

 (7,048,534

)

Total

$145,307,436

‌

$—

‌

$—

‌

$145,307,436

‌

(1)

The

level

classification

by

major

category

of

investments

is

the

same

as

the

category

presentation

in

the

Portfolio

of

Investments.