E Trade Funds – ‘N-Q’ for 3/31/07

On:  Friday, 5/25/07, at 11:04am ET   ·   Effective:  5/25/07   ·   For:  3/31/07   ·   Accession #:  935069-7-1144   ·   File #:  811-09093

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Etrade Nq 0307                                       132±   530K 
 2: EX-99.CERT  302 Cert                                               4     14K 

N-Q   —   Etrade Nq 0307
Document Table of Contents

N-Q
1st “Page” of 45
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

 QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

Investment Company Act file number 811-09093
                                              ----------------------
 E*TRADE FUNDS
----------------------------------------------------------------------
(Exact name of registrant as specified in charter)

 4500 Bohannon Drive
Menlo Park, CA 94025
----------------------------------------------------------------------
 (Address of principal executive offices) (Zip code)

 Elizabeth Gottfried
 4500 Bohannon Drive
Menlo Park, CA 94025
----------------------------------------------------------------------
 (Name and address of agent for service)

Registrant's telephone number, including area code: 650-331-6000

Date of fiscal year end: December 31, 2007

Date of reporting period: March 31, 2007

Form N-Q is to be used by  management  investment  companies,  other  than small
business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of
this chapter), to file reports with the Commission, not later than 60 days after
the close of the first and third fiscal quarters,  pursuant to rule 30b1-5 under
the Investment  Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may use
the  information  provided  on Form N-Q in its  regulatory,  disclosure  review,
inspection, and policymaking roles.                                             

A registrant is required to disclose the information  specified by Form N-Q, and
the Commission will make this  information  public. A registrant is not required
to respond to the  collection  of  information  contained in Form N-Q unless the
Form displays a currently  valid Office of Management and Budget ("OMB") control
number.  Please  direct  comments  concerning  the  accuracy of the  information
collection  burden  estimate and any  suggestions for reducing the burden to the
Secretary,  Securities and Exchange Commission, 100 F Street, NE, Washington, DC
20549.  The OMB has reviewed this collection of information  under the clearance
requirements of 44 U.S.C. ss. 3507.                                             

N-Q
2nd “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 2nd
ITEM 1. SCHEDULE OF INVESTMENTS.                                                

The Schedule(s) of Investments is attached herewith.                            

--------------------------------------------------------------------------------
E*TRADE S&P 500 Index Fund                                                      
SCHEDULE OF INVESTMENTS                                                         
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
-------------------------------------------------------                         
COMMON STOCKS - 98.4%                                                           
-------------------------------------------------------                         
AEROSPACE & DEFENSE - 2.4%                                                      
-------------------------------------------------------                         
Boeing Co. (The)                 22,005  $   1,956,465                          
General Dynamics Corp.           11,312        864,237                          
Goodrich Corp.                    3,495        179,923                          
Honeywell International, Inc.    22,302      1,027,230                          
L-3 Communications Holdings,                                                    
Inc.                            3,471        303,608                        
Lockheed Martin Corp.             9,894        959,916                          
Northrop Grumman Corp.            9,765        724,758                          
Raytheon Co.                     12,440        652,602                          
Rockwell Collins, Inc.            4,690        313,902                          
United Technologies Corp.        27,763      1,804,595                          
                --------------
                   8,787,236
AIR FREIGHT & LOGISTICS - 0.9%                                                  
-------------------------------------------------------                         
CH Robinson Worldwide, Inc.       4,826        230,441                          
FedEx Corp.                       8,562        919,816                          
Ryder System, Inc.                1,594         78,648                          
United Parcel Service, Inc.,                                                    
Class B                        29,733      2,084,283                        
                --------------
                   3,313,188
AIRLINE - 0.1%                                                                  
-------------------------------------------------------                         
Southwest Airlines Co.           21,982        323,135                          

AUTO COMPONENTS - 0.2%                                                          
-------------------------------------------------------                         
Goodyear Tire & Rubber Co.                                                      
(The) (a)                       5,025        156,730                        
Johnson Controls, Inc.            5,478        518,328                          
                --------------
                     675,058
AUTOMOBILES - 0.4%                                                              
-------------------------------------------------------                         
Ford Motor Co.                   52,765        416,316                          
General Motors Corp.             15,769        483,162                          
Harley-Davidson, Inc.             7,180        421,825                          
                --------------
                   1,321,303
BEVERAGES - 2.0%                                                                
-------------------------------------------------------                         
Anheuser-Busch Cos., Inc.        21,269      1,073,234                          
Brown-Forman Corp., Class B       2,131        139,708                          
Coca-Cola Co. (The)              56,160      2,695,680                          
Coca-Cola Enterprises, Inc.       7,759        157,120                          
Constellation Brands, Inc.,                                                     
Class A (a)                     5,683        120,366                        
Molson Coors Brewing Co.,                                                       
Class B                         1,308        123,763                        
Pepsi Bottling Group, Inc.        3,703        118,088                          
PepsiCo, Inc.                    45,662      2,902,277                          
                --------------
                   7,330,236
BIOTECHNOLOGY - 1.3%                                                            
-------------------------------------------------------                         
Amgen, Inc. (a)                  32,549      1,818,838                          
Applera Corp. -- Applied                                                        
Biosystems Group                4,956        146,549                        
Biogen Idec, Inc. (a)             9,547        423,696                          
Celgene Corp (a)                 10,526        552,194                          
Genzyme Corp. (a)                 7,345        440,847                          
Gilead Sciences, Inc. (a)        12,955        991,057                          
MedImmune, Inc. (a)               6,628        241,193                          
                --------------
                   4,614,374
BUILDING PRODUCTS - 0.2%                                                        
-------------------------------------------------------                         
American Standard Cos., Inc.      4,870        258,208                          
Masco Corp.                      10,918        299,153                          
                --------------
                     557,361
CAPITAL MARKETS - 3.7%                                                          
-------------------------------------------------------                         
Ameriprise Financial, Inc.        6,669        381,067                          
Bank of New York Co., Inc.                                                      
(The)                          21,076        854,632                        
Bear Stearns Cos., Inc.                                                         
(The)                           3,339        502,019                        
Charles Schwab Corp. (The)       28,635        523,734                          
E*TRADE Financial Corp. (a) (b)  11,909        252,709                          
Federated Investors, Inc.,                                                      
Class B                         2,483         91,176                        
Franklin Resources, Inc.          4,667        563,914                          

        SHARES           VALUE
-------------------------------------------------------                         
CAPITAL MARKETS (CONTINUED)                                                     
-------------------------------------------------------                         
Goldman Sachs Group, Inc. (The)  11,469  $   2,369,839                          
Janus Capital Group, Inc.         5,316        111,157                          
Legg Mason, Inc.                  3,666        345,374                          
Lehman Brothers Holdings,                                                       
Inc.                           14,667      1,027,717                        
Mellon Financial Corp.           11,597        500,295                          
Merrill Lynch & Co., Inc.        24,656      2,013,655                          
Morgan Stanley                   29,681      2,337,675                          
Northern Trust Corp.              5,257        316,156                          
State Street Corp.                9,307        602,628                          
T. Rowe Price Group, Inc.         7,396        349,017                          
                --------------
                  13,142,764
CHEMICALS - 1.5%                                                                
-------------------------------------------------------                         
Air Products and Chemicals,                                                     
Inc.                            6,034        445,852                        
Dow Chemical Co.                 26,742      1,226,388                          
DuPont (E.I.) de Nemours &                                                      
Co.                            25,765      1,273,564                        
Eastman Chemical Co.              2,331        147,622                          
Ecolab, Inc.                      4,961        213,323                          
Hercules, Inc. (a)                3,245         63,407                          
International Flavors &                                                         
Fragrances, Inc.                2,177        102,798                        
Monsanto Co.                     15,153        832,809                          
PPG Industries, Inc.              4,571        321,387                          
Praxair, Inc.                     8,932        562,359                          
Rohm and Haas Co.                 3,968        205,225                          
Sigma-Aldrich Corp.               3,567        148,102                          
                --------------
                   5,542,836
COMMERCIAL BANKS - 5.8%                                                         
-------------------------------------------------------                         
Bank of America Corp.           124,692      6,361,786                          
BB&T Corp.                       15,111        619,853                          
Comerica, Inc. (b)                4,395        259,832                          
Commerce Bancorp, Inc./NJ         5,228        174,511                          
Compass Banshares, Inc.           3,633        249,950                          
Fifth Third Bancorp              15,508        600,005                          
First Horizon National Corp.      3,494        145,106                          
Huntington Bancshares, Inc.       6,429        140,474                          
KeyCorp                          11,037        413,556                          
M&T Bank Corp.                    2,141        247,992                          
Marshall & Ilsley Corp.           7,129        330,144                          
National City Corp.              16,518        615,296                          
PNC Financial Services Group      9,651        694,582                          
Regions Financial Corp.          20,401        721,583                          
SunTrust Banks, Inc.              9,905        822,511                          
Synovus Financial Corp.           9,106        294,488                          
U.S. Bancorp                     49,383      1,726,924                          
Wachovia Corp.                   53,133      2,924,972                          
Wells Fargo & Co.                94,198      3,243,237                          
Zions Bancorp.                    3,066        259,138                          
                --------------
                  20,845,940
COMMERICIAL SERVICES & SUPPLIES - 0.8%                                          
-------------------------------------------------------                         
Allied Waste Industries,                                                        
Inc. (a)                        6,869         86,481                        
Apollo Group, Inc., Class A                                                     
(a)                             3,901        171,254                        
Avery Dennison Corp.              2,554        164,120                          
Cintas Corp.                      3,692        133,281                          
Equifax, Inc.                     3,385        123,383                          
H&R Block, Inc.                   8,986        189,066                          
Monster Worldwide, Inc. (a)       3,582        169,679                          
Pitney Bowes, Inc.                6,142        278,785                          
R. R. Donnelley  & Sons Co.       6,089        222,797                          
Robert Half International,                                                      
Inc.                            4,683        173,318                        
Waste Management, Inc.           14,862        511,401                          
Western Union Co. (The)          21,523        472,430                          
                --------------
                   2,695,995

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       1              E*TRADE S&P 500 Index Fund

N-Q
3rd “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 3rd
--------------------------------------------------------------------------------
E*TRADE S&P 500 Index Fund                                                      
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
-------------------------------------------------------                         
COMMUNICATIONS EQUIPMENT - 2.5%                                                 
-------------------------------------------------------                         
Avaya, Inc. (a)                  12,285  $     145,086                          
Ciena Corp. (a)                   2,373         66,325                          
Cisco Systems, Inc. (a)         168,401      4,299,278                          
Corning, Inc. (a)                43,764        995,193                          
JDS Uniphase Corp. (a)            5,710         86,963                          
Juniper Networks, Inc. (a)       15,870        312,322                          
Motorola, Inc.                   66,646      1,177,635                          
QUALCOMM, Inc.                   46,185      1,970,252                          
Tellabs, Inc. (a)                11,952        118,325                          
                --------------
                   9,171,379
COMPUTERS & PERIPHERALS - 3.8%                                                  
-------------------------------------------------------                         
Apple Computer, Inc. (a)         24,029      2,232,534                          
Cognizant Technology                                                            
Solutions Corp., Class A                                                    
(a)                             3,978        351,138                        
Dell, Inc. (a)                   63,334      1,469,982                          
EMC Corp. (a)                    58,776        814,048                          
Hewlett-Packard Co.              74,621      2,995,287                          
International Business                                                          
Machines Corp.                 41,975      3,956,564                        
Lexmark International, Inc.                                                     
(a)                             2,649        154,861                        
NCR Corp. (a)                     4,990        238,372                          
Network Appliance, Inc. (a)      10,345        377,799                          
QLogic Corp. (a)                  4,434         75,378                          
SanDisk Corp. (a)                 6,339        277,648                          
Sun Microsystems, Inc. (a)      100,392        603,356                          
                --------------
                  13,546,967
CONSTRUCTION & ENGINEERING - 0.1%                                               
-------------------------------------------------------                         
Fluor Corp.                       2,451        219,904                          

CONSTRUCTION MATERIALS - 0.1%                                                   
-------------------------------------------------------                         
Vulcan Materials Co.              2,648        308,439                          

CONSUMER FINANCE - 0.9%                                                         
-------------------------------------------------------                         
American Express Co.             33,243      1,874,905                          
Capital One Financial Corp.      11,447        863,784                          
SLM Corp.                        11,444        468,060                          
                --------------
                   3,206,749
CONTAINERS & PACKAGING - 0.2%                                                   
-------------------------------------------------------                         
Ball Corp.                        2,818        129,205                          
Bemis Co., Inc.                   2,836         94,694                          
Pactiv Corp. (a)                  3,549        119,743                          
Sealed Air Corp.                  4,362        137,839                          
Temple-Inland, Inc.               2,894        172,888                          
                --------------
                     654,369
DISTRIBUTORS - 0.1%                                                             
-------------------------------------------------------                         
Genuine Parts Co.                 4,753        232,897                          

DIVERSIFED FINANCIAL SERVICES - 3.7%                                            
-------------------------------------------------------                         
Chicago Mercantile Exchange                                                     
Holdings, Inc.                    971        517,019                        
CIT Group, Inc.                   5,364        283,863                          
Citigroup, Inc.                 136,686      7,017,459                          
JPMorgan Chase & Co.             96,840      4,685,119                          
Moody's Corp.                     6,522        404,755                          
Principal Financial Group,                                                      
Inc.                            7,468        447,109                        
                --------------
                  13,355,324
DIVERSIFIED TELECOMMUNICATIONS SERVICES - 3.7%                                  
-------------------------------------------------------                         
Alltel Corp.                     10,108        626,696                          
AT+T, Inc.                      174,092      6,864,447                          
CenturyTel, Inc.                  3,105        140,315                          
Citizens Communications Co.       9,144        136,703                          
Embarq Corp.                      4,197        236,501                          
Qwest Communications                                                            
International, Inc. (a)        43,506        391,119                        
Sprint Nextel Corp.              80,924      1,534,319                          
Verizon Communications, Inc.     81,130      3,076,450                          

        SHARES           VALUE
-------------------------------------------------------                         
DIVERSIFIED TELECOMMUNICATIONS SERVICES (CONTINUED)                             
-------------------------------------------------------                         
Windstream Corp                  13,291  $     195,245                          
                --------------
                  13,201,795
ELECTRIC UTILITIES - 2.4%                                                       
-------------------------------------------------------                         
Allegheny Energy, Inc. (a)        4,584        225,258                          
Ameren Corp.                      5,760        289,728                          
American Electric Power Co.,                                                    
Inc.                           11,059        539,126                        
CenterPoint Energy, Inc.          8,924        160,097                          
Consolidated Edison, Inc.         7,183        366,764                          
DTE Energy Co.                    4,938        236,530                          
Edison International              9,083        446,248                          
Entergy Corp.                     5,529        580,103                          
Exelon Corp.                     18,684      1,283,778                          
FirstEnergy Corp.                 8,899        589,470                          
FPL Group, Inc.                  11,308        691,710                          
PG&E Corp.                        9,781        472,129                          
Pinnacle West Capital Corp.       2,701        130,323                          
PPL Corp.                        10,736        439,102                          
Progress Energy, Inc.             7,168        361,554                          
Southern Co. (The)               20,871        764,922                          
TECO Energy, Inc.                 5,659         97,391                          
TXU Corp.                        12,804        820,736                          
Xcel Energy, Inc.                11,368        280,676                          
                --------------
                   8,775,645
ELECTRICAL EQUIPMENT - 0.4%                                                     
-------------------------------------------------------                         
Cooper Industries, Ltd.,                                                        
Class A                         5,087        228,864                        
Emerson Electric Co.             22,245        958,537                          
Rockwell Automation, Inc.         4,603        275,582                          
                --------------
                   1,462,983
ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.2%                                       
-------------------------------------------------------                         
Agilent Technologies, Inc.                                                      
(a)                            11,254        379,147                        
Jabil Circuit, Inc.               4,996        106,964                          
Molex, Inc.                       3,835        108,147                          
Sanmina-SCI Corp. (a)            13,707         49,619                          
Solectron Corp. (a)              25,205         79,396                          
Tektronix, Inc.                   2,153         60,629                          
                --------------
                     783,902
ENERGY EQUIPMENT & SERVICES - 1.6%                                              
-------------------------------------------------------                         
Baker Hughes, Inc.                8,928        590,409                          
BJ Services Co.                   8,175        228,082                          
ENSCO International, Inc.         4,108        223,475                          
Halliburton Co.                  27,857        884,181                          
Nabors Industries, Ltd. (a)       7,764        230,358                          
National-Oilwell Varco, Inc.                                                    
(a)                             4,901        381,249                        
Noble Corp.                       3,750        295,050                          
Rowan Cos., Inc.                  2,987         96,988                          
Schlumberger, Ltd.               32,858      2,270,488                          
Transocean, Inc. (a)              8,168        667,325                          
                --------------
                   5,867,605
FOOD & STAPLES RETAILING - 2.4%                                                 
-------------------------------------------------------                         
Costco Wholesale Corp.           12,610        678,922                          
CVS Corp.                        42,943      1,466,073                          
Kroger Co. (The)                 19,738        557,598                          
Safeway, Inc.                    12,281        449,976                          
Supervalu, Inc.                   5,793        226,333                          
Sysco Corp.                      17,202        581,944                          
Wal-Mart Stores, Inc.            68,562      3,218,986                          
Walgreen Co.                     27,903      1,280,469                          
Whole Foods Market, Inc.          3,866        173,390                          
                --------------
                   8,633,691
FOOD PRODUCTS - 1.1%                                                            
-------------------------------------------------------                         
Archer-Daniels-Midland Co.       18,198        667,867                          
Campbell Soup Co.                 6,089        237,166                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       2              E*TRADE S&P 500 Index Fund

N-Q
4th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 4th
--------------------------------------------------------------------------------
E*TRADE S&P 500 Index Fund                                                      
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
-------------------------------------------------------                         
FOOD PRODUCTS (CONTINUED)                                                       
-------------------------------------------------------                         
ConAgra Foods, Inc.              14,084  $     350,832                          
Dean Foods Co. (a)                3,618        169,105                          
General Mills, Inc.               9,623        560,251                          
H.J. Heinz Co.                    9,057        426,766                          
Hershey Foods Corp.               4,825        263,734                          
Kellogg Co.                       6,990        359,496                          
Kraft Foods, Inc., Class A        5,210        164,949                          
McCormick & Co., Inc.             3,555        136,939                          
Sara Lee Corp.                   20,205        341,869                          
Tyson Foods, Inc., Class A        6,816        132,299                          
Wm Wrigley Jr. Co.                6,082        309,756                          
                --------------
                   4,121,029
GAS UTILITIES - 0.1%                                                            
-------------------------------------------------------                         
KeySpan Corp.                     4,895        201,429                          
NICOR, Inc.                       1,252         60,622                          
NiSource, Inc.                    7,635        186,600                          
                --------------
                     448,651
HEALTH CARE EQUIPMENT & SUPPLIES - 1.9%                                         
-------------------------------------------------------                         
Bausch & Lomb, Inc.               1,514         77,456                          
Baxter International, Inc.       18,117        954,222                          
Becton, Dickinson & Co.           6,819        524,313                          
Biomet, Inc.                      6,828        290,122                          
Boston Scientific Corp. (a)      33,018        480,082                          
C.R. Bard, Inc.                   2,879        228,909                          
Hospira, Inc. (a)                 4,348        177,833                          
Medtronic, Inc.                  32,106      1,575,120                          
Millipore Corp. (a)               1,444        104,647                          
PerkinElmer, Inc.                 3,231         78,255                          
St. Jude Medical, Inc. (a)        9,563        359,664                          
Stryker Corp.                     8,313        551,318                          
Thermo Fisher Scientific                                                        
Inc. (a)                       11,710        547,443                        
Varian Medical Systems, Inc.                                                    
(a)                             3,500        166,915                        
Waters Corp. (a)                  2,745        159,210                          
Zimmer Holdings, Inc. (a)         6,612        564,731                          
                --------------
                   6,840,240
HEALTH CARE PROVIDERS & SERVICES - 2.3%                                         
-------------------------------------------------------                         
Aetna, Inc.                      14,397        630,445                          
AmerisourceBergen Corp.           5,196        274,089                          
Cardinal Health, Inc.            11,160        814,122                          
CIGNA Corp.                       2,717        387,607                          
Coventry Health Care, Inc.                                                      
(a)                             4,446        249,198                        
Express Scripts, Inc. (a)         3,781        305,202                          
Humana, Inc. (a)                  4,648        269,677                          
IMS Health, Inc.                  5,368        159,215                          
Laboratory Corp. of America                                                     
Holdings (a)                   3,392        246,361                       
Manor Care, Inc.                  2,000        108,720                          
McKesson Corp.                    8,235        482,077                          
Medco Health Solutions, Inc.                                                    
(a)                             8,031        582,488                        
Patterson Cos., Inc. (a)          3,759        133,407                          
Quest Diagnostics, Inc.           4,327        215,788                          
Tenet Healthcare Corp. (a)       12,751         81,989                          
UnitedHealth Group, Inc.         37,759      2,000,094                          
WellPoint, Inc. (a)              17,075      1,384,783                          
                --------------
                   8,325,262
HOME BUILDERS - 0.0%                                                            
-------------------------------------------------------                         
D.R. Horton, Inc.                 7,466        164,252                          

HOTELS, RESTAURANTS & LEISURE - 1.6%                                            
-------------------------------------------------------                         
Carnival Corp.                   12,334        577,971                          
Darden Restaurants, Inc.          3,972        163,607                          
Harrah's Entertainment, Inc.      5,197        438,887                          
Hilton Hotels Corp.              10,844        389,950                          

        SHARES           VALUE
-------------------------------------------------------                         
HOTELS, RESTAURANTS & LEISURE (CONTINUED)                                       
-------------------------------------------------------                         
International Game                                                              
Technology                      9,431  $     380,824                        
Marriott International,                                                         
Inc., Class A                   9,092        445,144                        
McDonald's Corp.                 33,459      1,507,328                          
Starbucks Corp. (a)              20,937        656,584                          
Starwood Hotels & Resorts                                                       
Worldwide, Inc.                 5,990        388,451                        
Wendy's International, Inc.       2,415         75,590                          
Wyndham Worldwide Corp. (a)       5,360        183,044                          
Yum! Brands, Inc.                 7,350        424,536                          
                --------------
                   5,631,916
HOUSEHOLD DURABLES - 0.5%                                                       
-------------------------------------------------------                         
Black & Decker Corp. (The)        1,840        150,181                          
Centex Corp.                      3,330        139,127                          
Fortune Brands, Inc.              4,250        334,985                          
Harman International                                                            
Industries, Inc.                1,826        175,442                        
KB Home                           2,124         90,631                          
Leggett & Platt, Inc.             4,842        109,768                          
Lennar Corp., Class A             3,845        162,297                          
Newell Rubbermaid                 7,739        240,606                          
Pulte Homes, Inc.                 5,924        156,749                          
Snap-On, Inc.                     1,579         75,950                          
Stanley Works (The)               2,308        127,771                          
Whirlpool Corp.                   2,194        186,293                          
                --------------
                   1,949,800
HOUSEHOLD PRODUCTS - 2.1%                                                       
-------------------------------------------------------                         
Clorox Co. (The)                  4,217        268,580                          
Colgate-Palmolive Co.            14,314        956,032                          
Kimberly-Clark Corp.             12,726        871,604                          
Procter & Gamble Co. (The)       87,974      5,556,438                          
                --------------
                   7,652,654
INDUSTRIAL CONGLOMERATES - 3.8%                                                 
-------------------------------------------------------                         
3M Co.                           20,461      1,563,834                          
General Electric Co.            286,703     10,137,818                          
Textron, Inc.                     3,492        313,582                          
Tyco International, Ltd.         55,126      1,739,225                          
                --------------
                  13,754,459
INSURANCE - 4.6%                                                                
-------------------------------------------------------                         
ACE, Ltd.                         9,109        519,759                          
AFLAC, Inc.                      13,713        645,334                          
Allstate Corp. (The)             17,250      1,036,035                          
Ambac Financial Group, Inc.       2,870        247,939                          
American International                                                          
Group, Inc.                    72,534      4,875,735                        
Aon Corp.                         8,378        318,029                          
Chubb Corp. (The)                11,391        588,573                          
Cincinnati Financial Corp.        4,818        204,283                          
Genworth Financial, Inc.,                                                       
Class A                        12,289        429,378                        
Hartford Financial Services                                                     
Group, Inc. (The)               8,927        853,243                        
Lincoln National Corp.            7,768        526,593                          
Loews Corp.                      12,576        571,328                          
Marsh & McLennan Cos., Inc.      15,411        451,388                          
MBIA, Inc.                        3,756        245,980                          
Metlife, Inc.                    20,985      1,325,203                          
Progressive Corp. (The)          20,607        449,645                          
Prudential Financial, Inc.       13,076      1,180,240                          
SAFECO Corp.                      2,943        195,503                          
Torchmark Corp.                   2,653        174,010                          
Travelers Cos., Inc. (The)       18,836        975,140                          
UnumProvident Corp.               9,553        220,006                          
XL Capital, Ltd., Class A         5,047        353,088                          
                --------------
                  16,386,432

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       3              E*TRADE S&P 500 Index Fund

N-Q
5th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 5th
--------------------------------------------------------------------------------
E*TRADE S&P 500 Index Fund                                                      
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
-------------------------------------------------------                         
INTERNET & CATALOG RETAIL - 0.5%                                                
-------------------------------------------------------                         
Amazon.Com, Inc. (a)              8,671  $     345,019                          
eBay, Inc. (a)                   31,679      1,050,159                          
IAC/ InterActiveCorp. (a)         6,038        227,693                          
                --------------
                   1,622,871
INTERNET SOFTWARE & SERVICES - 1.1%                                             
-------------------------------------------------------                         
Google, Inc., Class A (a)         6,068      2,780,115                          
VeriSign, Inc. (a)                6,834        171,670                          
Yahoo!, Inc. (a)                 34,039      1,065,080                          
                --------------
                   4,016,865
IT SERVICES - 0.9%                                                              
-------------------------------------------------------                         
Affiliated Computer                                                             
Services, Inc., Class A (a)     2,757        162,332                        
Automatic Data Processing,                                                      
Inc.                           15,342        742,553                        
Computer Sciences Corp. (a)       4,829        251,736                          
Convergys Corp. (a)               3,727         94,703                          
Electronic Data Systems                                                         
Corp.                          14,342        396,986                        
Fidelity National                                                               
Information Services, Inc.      4,538        206,297                        
First Data Corp.                 20,994        564,739                          
Fiserv, Inc. (a)                  4,685        248,586                          
Paychex, Inc.                     9,456        358,099                          
Sabre Holdings Corp.              3,581        117,278                          
Unisys Corp. (a)                  9,322         78,584                          
                --------------
                   3,221,893
LEISURE EQUIPMENT & PRODUCTS - 0.2%                                             
-------------------------------------------------------                         
Brunswick Corp.                   2,385         75,962                          
Eastman Kodak Co.                 8,016        180,841                          
Hasbro, Inc.                      4,484        128,332                          
Mattel, Inc.                     10,961        302,195                          
                --------------
                     687,330
MACHINERY - 1.5%                                                                
-------------------------------------------------------                         
Caterpillar, Inc.                18,005      1,206,875                          
Cummins, Inc.                     1,419        205,358                          
Danaher Corp.                     6,635        474,071                          
Deere & Co.                       6,324        687,039                          
Dover Corp.                       5,707        278,559                          
Eaton Corp.                       4,031        336,830                          
Illinois Tool Works, Inc.        11,529        594,896                          
Ingersoll-Rand Co., Ltd.,                                                       
Class A                         8,581        372,158                        
ITT Industries, Inc.              4,996        301,359                          
PACCAR, Inc.                      6,921        508,001                          
Pall Corp.                        3,429        130,302                          
Parker-Hannifin Corp.             3,190        275,329                          
Terex Corp. (a)                   2,860        205,234                          
                --------------
                   5,576,011
MEDIA - 3.4%                                                                    
-------------------------------------------------------                         
CBS Corp., Class B               20,577        629,450                          
Clear Channel                                                                   
Communications, Inc.           13,834        484,743                        
Comcast Corp., Class A (a)       86,711      2,250,150                          
DIRECTV Group Inc., (The) (a)    21,597        498,243                          
Dow Jones & Co., Inc.             1,821         62,770                          
E.W. Scripps Co., Class A         2,254        100,709                          
Gannett Co., Inc.                 6,547        368,531                          
Interpublic Group Cos., Inc.                                                    
(The) (a)                      13,068        160,867                        
McGraw-Hill Cos., Inc. (The)      9,895        622,198                          
Meredith Corp.                    1,001         57,447                          
New York Times Co. (The),                                                       
Class A                         4,012         94,322                        
News Corp., Inc., Class A        65,414      1,512,372                          
Omnicon Group Inc.                4,623        473,303                          
Time Warner, Inc.               106,381      2,097,833                          
Tribune Co.                       4,955        159,105                          

        SHARES           VALUE
-------------------------------------------------------                         
MEDIA (CONTINUED)                                                               
-------------------------------------------------------                         
Viacom, Inc., Class B (a)        19,297  $     793,300                          
Walt Disney Co. (The)            57,112      1,966,366                          
                --------------
                  12,331,709
METALS & MINING - 0.9%                                                          
-------------------------------------------------------                         
Alcoa, Inc.                      24,243        821,838                          
Allegheny Technologies Inc.       2,843        303,320                          
Freeport-McMoRan Copper &                                                       
Gold, Inc., Class B            10,382        687,185                        
Newmont Mining Corp.             12,572        527,898                          
Nucor Corp.                       8,395        546,766                          
United States Steel Corp.         3,303        327,558                          
                --------------
                   3,214,565
MULTI-LINE RETAIL - 1.3%                                                        
-------------------------------------------------------                         
Big Lots, Inc. (a)                2,962         92,651                          
Dillard's Inc., Class A           1,555         50,895                          
Dollar General Corp.              8,699        183,984                          
Family Dollar Stores, Inc.        4,102        121,501                          
Federated Department Stores,                                                    
Inc.                           14,642        659,622                        
J. C. Penney Co., Inc.                                                          
(Holding Co.)                   6,272        515,308                        
Kohl's Corp. (a)                  9,117        698,454                          
Nordstrom, Inc.                   6,378        337,651                          
Sears Holding Corp. (a)           2,317        417,431                          
Target Corp.                     23,946      1,419,040                          
                --------------
                   4,496,537
MULTI-UTILITIES & UNREGULATED POWER - 1.0%                                      
-------------------------------------------------------                         
AES Corp. (The) (a)              18,518        398,507                          
CMS Energy Corp.                  6,017        107,103                          
Constellation Energy Group,                                                     
Inc.                            5,037        437,967                        
Dominion Resources, Inc.          9,729        863,643                          
Duke Energy Corp.                35,049        711,144                          
Dynegy, Inc., Class A (a)        10,554         97,730                          
Integrys Energy Group, Inc.       2,095        116,294                          
Public Service Enterprise                                                       
Group, Inc.                     7,047        585,183                        
Sempra Energy                     7,330        447,203                          
                --------------
                   3,764,774
OFFICE ELECTRONICS - 0.1%                                                       
-------------------------------------------------------                         
Xerox Corp. (a)                  26,458        446,876                          

OIL & GAS - 8.4%                                                                
-------------------------------------------------------                         
Anadarko Petroleum Corp.         12,911        554,915                          
Apache Corp.                      9,227        652,349                          
Ashland, Inc.                     1,546        101,418                          
Chesapeake Energy Corp.          11,252        347,462                          
ChevronTexaco Corp.              60,160      4,449,434                          
ConocoPhillips                   45,839      3,133,096                          
Consol Energy, Inc.               5,088        199,093                          
Devon Energy Corp.               12,391        857,705                          
El Paso Corp.                    19,470        281,731                          
EOG Resources, Inc.               6,802        485,255                          
Exxon Mobil Corp.               158,737     11,976,707                          
Hess Corp.                        7,532        417,800                          
Kinder Morgan, Inc.               2,993        318,605                          
Marathon Oil Corp.                9,642        952,919                          
Murphy Oil Corp.                  5,231        279,335                          
Occidental Petroleum Corp.       23,308      1,149,317                          
Peabody Energy Corp.              7,379        296,931                          
Questar Corp.                     2,396        213,747                          
Smith International               5,558        267,062                          
Spectra Energy Corp.             17,505        459,856                          
Sunoco, Inc.                      3,330        234,565                          
Valero Energy Corp.              16,843      1,086,205                          
Weatherford International,                                                      
Ltd. (a)                        9,428        425,203                        
Williams Cos., Inc. (The)        16,668        474,371                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       4              E*TRADE S&P 500 Index Fund

N-Q
6th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 6th
--------------------------------------------------------------------------------
E*TRADE S&P 500 Index Fund                                                      
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
-------------------------------------------------------                         
OIL & GAS (CONTINUED)                                                           
-------------------------------------------------------                         
XTO Energy, Inc.                 10,258  $     562,241                          
                --------------
                  30,177,322
PAPER & FOREST PRODUCTS - 0.3%                                                  
-------------------------------------------------------                         
International Paper Co.          12,618        459,295                          
MeadWestvaco Corp.                5,087        156,883                          
Weyerhauser Co.                   5,888        440,069                          
                --------------
                   1,056,247
PERSONAL PRODUCTS - 0.2%                                                        
-------------------------------------------------------                         
Avon Products, Inc.              12,297        458,186                          
Estee Lauder Cos., Inc.                                                         
(The), Class A                  3,241        158,323                        
                --------------
                     616,509
PHARMACEUTICALS - 6.2%                                                          
-------------------------------------------------------                         
Abbott Laboratories              43,022      2,400,628                          
Allergan, Inc.                    4,286        474,975                          
Barr Pharmaceuticals, Inc.                                                      
(a)                             2,878        133,395                        
Bristol-Myers Squibb Co.         56,304      1,562,999                          
Eli Lilly & Co.                  27,507      1,477,401                          
Forest Laboratories, Inc. (a)     8,862        455,861                          
Johnson & Johnson                80,689      4,862,319                          
King Pharmaceuticals, Inc.                                                      
(a)                             6,577        129,370                        
Merck & Co., Inc.                60,403      2,668,000                          
Mylan Laboratories, Inc.          6,824        144,259                          
Pfizer, Inc.                    197,589      4,991,098                          
Schering-Plough Corp.            41,479      1,058,129                          
Watson Pharmaceuticals, Inc.                                                    
(a)                             2,857         75,511                        
Wyeth                            37,532      1,877,726                          
                --------------
                  22,311,671
REAL ESTATE - 1.4%                                                              
-------------------------------------------------------                         
Apartment Investment &                                                          
Management Co., Class A         2,720        156,917                        
Archstone-Smith Trust             6,144        333,496                          
AvalonBay Communities, Inc.       2,212        287,560                          
Boston Properties, Inc.           3,316        389,298                          
CB Richard Ellis Group, Inc.                                                    
(a)                             5,207        177,975                        
Developers Diversified                                                          
Realty Corp.                    3,500        220,150                        
Equity Residential                8,197        395,341                          
Host Hotels & Resorts, Inc.      14,500        381,495                          
Kimco Realty Corp.                6,302        307,160                          
Plum Creek Timber Co., Inc.       4,943        194,853                          
Prologis                          7,144        463,860                          
Public Storage, Inc.              3,420        323,771                          
Realogy Corp. (a)                 6,067        179,644                          
Simon Property Group, Inc.        6,178        687,303                          
Vornado Realty Trust              3,635        433,801                          
                --------------
                   4,932,624
ROAD & RAIL - 0.7%                                                              
-------------------------------------------------------                         
Burlington Northern Santa Fe                                                    
Corp.                          10,008        804,944                        
CSX Corp.                        12,178        487,729                          
Norfolk Southern Corp.           11,068        560,041                          
Union Pacific Corp.               7,548        766,499                          
                --------------
                   2,619,213
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.3%                                 
-------------------------------------------------------                         
Advanced Micro Devices, Inc.                                                    
(a)                            15,471        202,051                        
Altera Corp. (a)                  9,789        195,682                          
Analog Devices, Inc.              9,252        319,101                          
Applied Materials, Inc.          38,946        713,491                          
Broadcom Corp., Class A (a)      13,146        421,592                          
Intel Corp.                     160,789      3,075,894                          
KLA-Tencor Corp.                  5,568        296,886                          
Linear Technology Corp.           8,344        263,587                          
LSI Logic Corp. (a)              21,441        223,844                          
Maxim Integrated Products,                                                      
Inc.                            8,941        262,865                        

        SHARES           VALUE
-------------------------------------------------------                         
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (CONTINUED)                            
-------------------------------------------------------                         
Micron Technology, Inc. (a)      21,044  $     254,212                          
National Semiconductor Corp.      7,907        190,875                          
Novellus Systems, Inc. (a)        3,506        112,262                          
NVIDIA Corp. (a)                  9,912        285,267                          
PMC-Sierra, Inc. (a)              5,376         37,686                          
Teradyne, Inc. (a)                5,068         83,825                          
Texas Instruments, Inc.          40,146      1,208,395                          
Xilinx, Inc.                      9,096        234,040                          
                --------------
                   8,381,555
SOFTWARE - 3.2%                                                                 
-------------------------------------------------------                         
Adobe Systems, Inc. (a)          16,406        684,130                          
Autodesk, Inc. (a)                6,460        242,896                          
BMC Software, Inc. (a)            5,548        170,823                          
CA, Inc.                         11,468        297,136                          
Citrix Systems, Inc. (a)          4,885        156,467                          
Compuware Corp. (a)               8,770         83,227                          
Electronic Arts, Inc. (a)         8,644        435,312                          
Intuit, Inc. (a)                  9,432        258,059                          
Microsoft Corp.                 240,256      6,695,935                          
Novell, Inc. (a)                  9,451         68,236                          
Oracle Corp. (a)                111,252      2,016,999                          
Symantec Corp. (a)               25,778        445,959                          
                --------------
                  11,555,179
SPECIALTY RETAIL - 2.0%                                                         
-------------------------------------------------------                         
Abercrombie & Fitch Co.,                                                        
Class A                         2,500        189,200                        
AutoNation, Inc. (a)              4,197         89,144                          
AutoZone, Inc. (a)                1,357        173,886                          
Bed Bath & Beyond, Inc. (a)       7,900        317,343                          
Best Buy Co., Inc.               11,286        549,854                          
Circuit City Stores, Inc.         3,838         71,118                          
Gap, Inc. (The)                  14,690        252,815                          
Home Depot, Inc. (The)           56,901      2,090,543                          
Limited Brands, Inc.              9,536        248,508                          
Lowe's Cos., Inc.                42,456      1,336,940                          
Office Depot, Inc. (a)            7,708        270,859                          
OfficeMax, Inc.                   2,014        106,218                          
RadioShack Corp.                  3,674         99,308                          
Sherwin-Williams Co. (The)        3,111        205,450                          
Staples, Inc.                    19,990        516,542                          
Tiffany & Co.                     3,661        166,502                          
TJX Cos., Inc. (The)             12,688        342,069                          
                --------------
                   7,026,299
TEXTILES, APPAREL & LUXURY GOODS - 0.5%                                         
-------------------------------------------------------                         
Coach, Inc. (a)                  10,320        516,516                          
Jones Apparel Group, Inc.         2,902         89,179                          
Liz Claiborne, Inc.               2,772        118,780                          
NIKE, Inc., Class B               5,269        559,884                          
Polo Ralph Lauren Corp.           1,700        149,855                          
V.F. Corp.                        2,510        207,376                          
                --------------
                   1,641,590
THRIFTS & MORTGAGE FINANCE - 1.3%                                               
-------------------------------------------------------                         
Countrywide Financial Corp.      16,444        553,176                          
Federal Home Loan Mortgage                                                      
Corp.                          19,321      1,149,406                        
Federal National Mortgage                                                       
Corp.                          26,986      1,472,896                        
Hudson City Bancorp, Inc.        13,600        186,048                          
MGIC Investment Corp.             2,246        132,335                          
Sovereign Bancorp, Inc.          10,068        256,130                          
Washington Mutual, Inc.          24,787      1,000,899                          
                --------------
                   4,750,890
TOBACCO - 1.6%                                                                  
-------------------------------------------------------                         
Altria Group, Inc.               58,510      5,137,763                          
Reynolds American, Inc.           4,780        298,320                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       5              E*TRADE S&P 500 Index Fund

N-Q
7th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 7th
--------------------------------------------------------------------------------
E*TRADE S&P 500 Index Fund                                                      
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
-------------------------------------------------------                         
TOBACCO (CONTINUED)                                                             
-------------------------------------------------------                         
UST, Inc.                         4,478  $     259,634                          
                --------------
                   5,695,717
TRADING COMPANIES & DISTRIBUTORS - 0.0%                                         
-------------------------------------------------------                         
W.W. Grainger, Inc.               1,936        149,537                          

WIRELESS TELECOMMUNICATION SERVICES - 0.0%                                      
-------------------------------------------------------                         
ADC Telecommunications, Inc.                                                    
(a)                             3,015         50,471                        

TOTAL COMMON STOCKS                                                             
(COST $297,465,840)                        354,190,025                          
SHARES/             
PRINCIPAL           
AMOUNT              
-------------------------------------------------------                         
SHORT-TERM INVESTMENTS - 1.6%                                                   
-------------------------------------------------------                         
BlackRock Liquidity Funds                                                       
TempCash Portfolio          5,063,179      5,063,179                        
U.S. Treasury Bill 4.98%(c),                                                    
08/02/07(d)                $  750,000        737,604                        
                --------------
TOTAL SHORT-TERM INVESTMENTS                                                    
(COST $5,800,610)                            5,800,783                          
TOTAL INVESTMENTS - 100.0%                                                      
(COST $303,266,450) (E)                $ 359,990,808                        
                --------------
OTHER ASSETS LESS LIABILITIES - 0.0%           134,595                          
                --------------
TOTAL NET ASSETS - 100.0%                $ 360,125,403                          
                ==============

(a)  Non-income producing.                                                
   (b)  Affiliated Issuers. Investments in companies considered to be affiliates
     of the Funds (such companies are defined as "Affiliated Companies" in
        section 2 (a) (3) of the Investment Company Act of 1940) are as follows:
------------------------------------------------------                          
# of                                                  
Shares               # of                               
Held                 Shares                           
at                   Held                           
Start               at End     Value at               
Name of    of      Gross         of         End of                          
Issuer     Period  Additions    Period     Period                           
------------------------------------------------------                          
Comerica,   4,173      222        4,395    $259,832                           
Inc.                                                                      
------------------------------------------------------                          
E*Trade    10,989     920       11,909    $252,709                          
Financial                                                                     
Corp.                                                                     
------------------------------------------------------                          

(c)  Yield to Maturity.                                                   
(d)  Security with an aggregate market value of $737,604 was segregated to
        cover margin requirements for the following open futures contracts as of
March 31, 2007:                                                 
------------------------------------------------------                          
           Net
   Notional Unrealized
Number of   Futures Expiration Contract Appreciation                          
Contracts   Index     Date      Value   (depreciation)                        
------------------------------------------------------                          
17       S&P     06/20/2007 $6,082,600  $109,745                        
500                                                   
Futures                                                   
------------------------------------------------------                          

(e)  At March 31, 2007, the cost of investments for federal income tax    
      purposes is $303,266,450. Unrealized appreciation (depreciation) is as
follows:                                                        

Gross Unrealized appreciation      $67,187,663                  
Gross Unrealized depreciation      (10,463,305)                 
                 -----------
Net Unrealized appreciation        $56,724,358                  
                 -----------
                  % OF
                 TOTAL
                   NET
INDUSTRY                               VALUE  ASSETS                            
-------------------------------------------------------                         
AEROSPACE & DEFENSE                $8,787,236      2.4%                         
AIR FREIGHT & LOGISTICS             3,313,188      0.9%                         
AIRLINE                               323,135      0.1%                         
AUTO COMPONENTS                       675,058      0.2%                         
AUTOMOBILES                         1,321,303      0.4%                         
BEVERAGES                           7,330,236      2.0%                         
BIOTECHNOLOGY                       4,614,374      1.3%                         
BUILDING PRODUCTS                     557,361      0.2%                         
CAPITAL MARKETS                    13,142,764      3.7%                         
CHEMICALS                           5,542,836      1.5%                         
COMMERCIAL BANKS                   20,845,940      5.8%                         
COMMERICIAL SERVICES & SUPPLIES     2,695,995      0.8%                         
COMMUNICATIONS EQUIPMENT            9,171,379      2.5%                         
                  % OF
                 TOTAL
                   NET
INDUSTRY                               VALUE  ASSETS                            
-------------------------------------------------------                         
COMPUTERS & PERIPHERALS            $13,546,967     3.8%                         
CONSTRUCTION & ENGINEERING             219,904     0.1%                         
CONSTRUCTION MATERIALS                 308,439     0.1%                         
CONSUMER FINANCE                     3,206,749     0.9%                         
CONTAINERS & PACKAGING                 654,369     0.2%                         
DISTRIBUTORS                           232,897     0.1%                         
DIVERSIFED FINANCIAL SERVICES       13,355,324     3.7%                         
DIVERSIFIED TELECOMMUNICATIONS                                                  
SERVICES                            13,201,795     3.7%                         
ELECTRIC UTILITIES                   8,775,645     2.4%                         
ELECTRICAL EQUIPMENT                 1,462,983     0.4%                         
ELECTRONIC EQUIPMENT & INSTRUMENTS     783,902     0.2%                         
ENERGY EQUIPMENT & SERVICES          5,867,605     1.6%                         
FOOD & STAPLES RETAILING             8,633,691     2.4%                         
FOOD PRODUCTS                        4,121,029     1.1%                         
GAS UTILITIES                          448,651     0.1%                         
HEALTH CARE EQUIPMENT & SUPPLIES     6,840,240     1.9%                         
HEALTH CARE PROVIDERS & SERVICES     8,325,262     2.3%                         
HOME BUILDERS                          164,252     0.0%                         
HOTELS, RESTAURANTS & LEISURE        5,631,916     1.6%                         
HOUSEHOLD DURABLES                   1,949,800     0.5%                         
HOUSEHOLD PRODUCTS                   7,652,654     2.1%                         
INDUSTRIAL CONGLOMERATES            13,754,459     3.8%                         
INSURANCE                           16,386,432     4.6%                         
INTERNET & CATALOG RETAIL            1,622,871     0.5%                         
INTERNET SOFTWARE & SERVICES         4,016,865     1.1%                         
IT SERVICES                          3,221,893     0.9%                         
LEISURE EQUIPMENT & PRODUCTS           687,330     0.2%                         
MACHINERY                            5,576,011     1.5%                         
MEDIA                               12,331,709     3.4%                         
METALS & MINING                      3,214,565     0.9%                         
MULTI-LINE RETAIL                    4,496,537     1.3%                         
MULTI-UTILITIES & UNREGULATED                                                   
POWER                                3,764,774     1.0%                         
OFFICE ELECTRONICS                     446,876     0.1%                         
OIL & GAS                           30,177,322     8.4%                         
PAPER & FOREST PRODUCTS              1,056,247     0.3%                         
PERSONAL PRODUCTS                      616,509     0.2%                         
PHARMACEUTICALS                     22,311,671     6.2%                         
REAL ESTATE                          4,932,624     1.4%                         
ROAD & RAIL                          2,619,213     0.7%                         
SEMICONDUCTORS & SEMICONDUCTOR                                                  
EQUIPMENT                            8,381,555     2.3%                         
SOFTWARE                            11,555,179     3.2%                         
SPECIALTY RETAIL                     7,026,299     2.0%                         
TEXTILES, APPAREL & LUXURY GOODS     1,641,590     0.5%                         
THRIFTS & MORTGAGE FINANCE           4,750,890     1.3%                         
TOBACCO                              5,695,717     1.6%                         
TRADING COMPANIES & DISTRIBUTORS       149,537     0.0%                         
WIRELESS TELECOMMUNICATION                                                      
SERVICES                                50,471     0.0%                         
SHORT-TERM INVESTMENTS AND OTHER                                                
ASSETS                                                                          
LESS LIABILITIES                     5,935,378     1.6%                         
        ------------ -------
         $360,125,403   100.0%
        ============ =======

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       6              E*TRADE S&P 500 Index Fund

N-Q
8th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 8th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS                                                         
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
COMMON STOCKS - 97.8%                                                           
---------------------------------------------------------                       
ADVERTISING - 0.3%                                                              
---------------------------------------------------------                       
Catalina Marketing Corp.          4,511  $     142,457                          
Gaiam, Inc. (a)                   1,531         24,098                          
inVentiv Health, Inc. (a)         2,849        109,088                          
Marchex, Inc.                     2,138         32,754                          
ValueVision Media, Inc.,                                                        
Class A (a)                     2,827         34,942                        
                --------------
                     343,339
AEROSPACE/DEFENSE - 1.2%                                                        
---------------------------------------------------------                       
AAR Corp. (a)                     3,563         98,196                          
Aerovironment, Inc. (a)             671         15,339                          
ARGON ST, Inc. (a)                1,184         31,329                          
BE Aerospace, Inc. (a)            7,764        246,119                          
Curtiss-Wright Corp.              4,281        164,990                          
Esterline Technologies Corp.                                                    
(a)                             2,479        101,812                        
GenCorp., Inc. (a)                5,404         74,791                          
HEICO Corp.                       2,011         73,381                          
Herley Industries, Inc. (a)       1,372         21,431                          
Innovative Solutions &                                                          
Support (a)                     1,133         28,688                        
K & F Industries Holdings,                                                      
Inc. (a)                        1,831         49,309                        
Kaman Corp.                       2,347         54,709                          
Moog, Inc., Class A (a)           3,591        149,565                          
MTC Technologies, Inc. (a)          956         20,105                          
Orbital Sciences Corp. (a)        5,834        109,329                          
Sequa Corp., Class A (a)            656         78,569                          
Teledyne Technologies, Inc.                                                     
(a)                             3,346        125,274                        
TransDigm Group, Inc. (a)         1,025         37,289                          
Triumph Group, Inc.               1,555         86,054                          
United Industrial Corp.             920         50,784                          
                --------------
                   1,617,063
AGRICULTURE - 0.3%                                                              
---------------------------------------------------------                       
Alico, Inc.                         359         20,582                          
Alliance One International,                                                     
Inc. (a)                        9,283         85,682                        
Andersons, Inc. (The)             1,383         61,405                          
Delta & Pine Land Co.             3,477        143,252                          
Maui Land & Pineapple Co.,                                                      
Inc. (a)                          327         11,821                        
Tejon Ranch Co. (a)               1,030         48,719                          
                --------------
                     371,461
AIRLINES - 0.6%                                                                 
---------------------------------------------------------                       
Airtran Holdings, Inc. (a)        8,871         91,105                          
Alaska Air Group, Inc. (a)        3,874        147,599                          
Allegiant Travel Co. (a)            502         15,813                          
ExpressJet Holdings, Inc. (a)     4,588         26,794                          
Frontier Airlines Holdings,                                                     
Inc. (a)                        3,357         20,176                        
JetBlue Airways Corp. (a)        17,414        200,435                          
Mesa Air Group, Inc. (a)          3,150         23,720                          
Republic Airways Holdings,                                                      
Inc. (a)                        3,072         70,533                        
SkyWest, Inc.                     6,223        166,963                          
                --------------
                     763,138
APPAREL - 1.3%                                                                  
---------------------------------------------------------                       
Carter's, Inc. (a)                4,743        120,188                          
Cherokee, Inc.                      719         30,960                          
Columbia Sportswear Co.           1,286         80,131                          
CROCS, Inc. (a)                     969         45,785                          
Deckers Outdoor Corp. (a)         1,067         75,778                          
Gymboree Corp. (a)                3,251        130,268                          
Hartmarx Corp. (a)                2,941         21,763                          
Heelys, Inc. (a)                    644         18,895                          
Iconix Brand Group, Inc. (a)      4,684         95,554                          
K-Swiss, Inc., Class A            2,528         68,306                          
Maidenform Brands, Inc. (a)       1,348         31,098                          
Oxford Industries, Inc.           1,478         73,072                          
Perry Ellis International,                                                      
Inc. (a)                        1,010         32,310                        
        SHARES           VALUE
---------------------------------------------------------                       
APPAREL (CONTINUED)                                                             
---------------------------------------------------------                       
Phillips-Van Heusen Corp.         5,533  $     325,340                          
Quiksilver, Inc. (a)             11,927        138,353                          
Skechers U.S.A., Inc., Class                                                    
A (a)                           1,198         40,217                        
Stride Rite Corp.                 3,471         53,419                          
Timberland Co., Class A (a)       4,890        127,287                          
True Religion Apparel, Inc.                                                     
(a)                             1,245         20,219                        
Volcom, Inc. (a)                  1,281         44,015                          
Warnaco Group, Inc. (The) (a)     4,595        130,498                          
Weyco Group, Inc.                   611         15,874                          
                --------------
                   1,719,330
AUTO MANUFACTURERS - 0.2%                                                       
---------------------------------------------------------                       
A.S.V., Inc. (a)                  1,938         29,574                          
CLARCOR, Inc.                     5,060        160,908                          
Smith (A.O.) Corp.                2,001         76,478                          
Wabash National Corp.             3,044         46,939                          
                --------------
                     313,899
AUTO PARTS & EQUIPMENT - 1.0%                                                   
---------------------------------------------------------                       
Accuride Corp. (a)                2,100         30,660                          
Aftermarket Technology Corp.                                                    
(a)                             2,124         51,571                        
American Axle &                                                                 
Manufacturing Holdings          5,070        138,664                        
ArvinMeritor, Inc.                6,887        125,688                          
Bandag, Inc.                      1,061         53,782                          
Commercial Vehicle Group,                                                       
Inc. (a)                        2,059         42,415                        
Cooper Tire & Rubber Co.          5,994        109,630                          
Fuel Systems Solutions, Inc.                                                    
(a)                             1,057         19,576                        
Keystone Automotive                                                             
Industries, Inc. (a)            1,576         53,111                        
Lear Corp. (a)                    7,657        279,557                          
Miller Industries, Inc. (TN)                                                    
(a)                               902         19,673                        
Modine Manufacturing Co.          3,281         75,135                          
Noble International, Ltd.         1,084         18,190                          
Superior Industries                                                             
International, Inc.             2,247         46,805                        
Tenneco Automotive, Inc. (a)      4,422        112,584                          
Titan International, Inc.         2,242         56,790                          
Visteon Corp. (a)                12,508        106,818                          
                --------------
                   1,340,649
BANKS - 8.7%                                                                    
---------------------------------------------------------                       
1st Source Corp.                  1,180         30,881                          
Alabama National Bancorp          1,610        114,004                          
AMCORE Financial, Inc.            2,138         67,881                          
Americanwest Bancorp              1,047         22,552                          
Ameris Bancorp                    1,203         29,449                          
Anchor BanCorp Wisconsin,                                                       
Inc.                            1,845         52,306                        
Apollo Investment Corp.          10,331        221,083                          
Ares Capital Corp.                5,064         92,013                          
Arrow Financial Corp.               987         22,109                          
BancFirst Corp.                     649         30,081                          
Bancorp, Inc. (a)                   982         25,532                          
BancTrust Financial Group,                                                      
Inc.                              921         19,488                        
Bank Mutual Corp.                 5,944         67,583                          
Bank of Granite Corp.             1,491         26,719                          
Bank of the Ozarks, Inc.          1,097         31,506                          
BankAtlantic Bancorp, Inc.,                                                     
Class A                         4,461         48,893                        
BankFinancial Corp.               2,391         38,902                          
BankUnited Financial Corp.,                                                     
Class A                         3,060         64,903                        
Banner Corp.                      1,187         49,320                          
Berkshire Hills Bancorp,                                                        
Inc.                              798         26,853                        
BFC Financial Corp. (a)           1,536          6,758                          
Boston Private Financial                                                        
Holdings, Inc.                  3,445         96,184                        
Brookline Bancorp, Inc.           6,018         76,248                          
Cadence Financial Corp.             960         19,200                          
Camden National Corp.               613         26,604                          
Capital City Bank Group,                                                        
Inc.                            1,275         42,458                        

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                        7        E*TRADE Russell 2000 Index Fund

N-Q
9th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 9th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
BANKS (CONTINUED)                                                               
---------------------------------------------------------                       
Capital Corp of The West            879  $      23,337                          
Capital Southwest Corp.             254         39,032                          
Capitol Bancorp, Ltd.             1,310         48,274                          
Cardinal Financial Corp.          2,260         22,555                          
Cascade Bancorp                   2,749         71,309                          
Cass Information Systems,                                                       
Inc.                              549         18,534                        
Cathay General Bancorp            5,033        171,021                          
Centennial Bank Holdings,                                                       
Inc. (a)                        5,770         49,911                        
Center Financial Corp.            1,129         22,320                          
Centerstate Banks of                                                            
Florida, Inc.                     801         14,154                        
Central Pacific Financial                                                       
Corp.                           2,978        108,905                        
Chemical Financial Corp.          2,450         72,985                          
Chittenden Corp.                  4,572        138,029                          
Citizens Banking Corp.            7,367        163,253                          
Citizens First Bancorp, Inc.        796         18,133                          
City Bank                         1,199         38,500                          
City Holding Co.                  1,736         70,221                          
Clifton Savings Bancorp,                                                        
Inc.                            1,236         14,758                        
Coastal Financial Corp.           1,555         24,305                          
CoBiz, Inc.                       1,468         29,228                          
Columbia Bancorp. (Oregon)          934         22,425                          
Columbia Banking System,                                                        
Inc.                            1,563         52,720                        
Community Bancorp (Nevada) (a)      797         24,508                          
Community Bank System, Inc.                                                     
(California)                    2,920         61,086                        
Community Banks, Inc.             2,252         53,755                          
Community Trust Bancorp,                                                        
Inc.                            1,420         51,447                        
Corus Bankshares, Inc.            3,816         65,101                          
CVB Financial Corp.               6,554         77,993                          
Dime Community Bancshares         2,320         30,694                          
Downey Financial Corp.            2,055        132,630                          
Enterprise Financial                                                            
Services Corp.                    872         24,416                        
Farmers Capital Bank Corp.          669         19,655                          
First Bancorp North Carolina      1,099         23,497                          
First Bancorp Puerto Rico         6,853         90,871                          
First Busey Corp., Class A        1,411         30,238                          
First Charter Corp.               3,353         72,089                          
First Commonwealth Financial                                                    
Corp.                           6,899         81,063                        
First Community Bancorp           2,249        127,158                          
First Community Bancshares,                                                     
Inc.                              926         36,114                        
First Financial Bancorp           3,278         49,531                          
First Financial Bankshares,                                                     
Inc.                            2,024         84,644                        
First Financial Corp.             1,301         40,266                          
First Financial Holdings,                                                       
Inc.                            1,175         40,655                        
First Indiana Corp.               1,182         25,827                          
First Merchants Corp.             1,802         42,743                          
First Midwest Bancorp, Inc.       4,874        179,119                          
First Niagara Financial                                                         
Group, Inc.                    10,862        151,090                        
First Place Financial Corp.       1,617         34,685                          
First Regional Bancorp                                                          
(California) (a)                  756         22,453                        
First Republic Bank               2,482        133,283                          
First South Bancorp, Inc.                                                       
(North Carolina)                  769         23,601                        
First State Bancorp               1,989         44,852                          
FirstFed Financial Corp. (a)      1,622         92,178                          
FirstMerit Corp.                  7,796        164,574                          
Flagstar Bancorp, Inc.            3,835         45,828                          
Flushing Financial Corp.          1,775         28,808                          
FNB Corp.                         5,902         99,449                          
FNB Corp. (Virginia)                680         24,364                          
Franklin Bank Corp. (a)           2,287         40,869                          
Fremont General Corp.             6,432         44,574                          
Frontier Financial Corp.          3,888         97,006                          
GB&T Bancshares, Inc.             1,303         23,623                          
        SHARES           VALUE
---------------------------------------------------------                       
BANKS (CONTINUED)                                                               
---------------------------------------------------------                       
Glacier Bancorp, Inc.             5,104  $     122,700                          
Great Southern Bancorp, Inc.        972         28,460                          
Greater Bay Bancorp               4,921        132,326                          
Greene County Bancshares, Inc.      805         27,298                          
Hancock Holding Co.               2,640        116,107                          
Hanmi Financial Corp.             3,974         75,744                          
Harleysville National Corp.       2,823         50,306                          
Harris & Harris Group, Inc.                                                     
(a)                             1,961         25,336                        
Heartland Financial USA,                                                        
Inc.                            1,344         35,952                        
Heritage Commerce Corp.           1,098         27,988                          
Home Bancshares, Inc.,                                                          
Cornway, AR                     1,057         23,307                        
Home Federal Bancorp, Inc.                                                      
(Idaho)                           576          8,945                        
Horizon Financial Corp.           1,147         25,326                          
IBERIABANK Corp.                  1,282         71,356                          
Independent Bank Corp.                                                          
(Massachusetts)                 1,472         48,488                        
Independent Bank Corp.                                                          
(Michigan)                      2,241         45,649                        
Integra Bank Corp.                1,709         38,094                          
International Bancshares                                                        
Corp.                           4,547        134,909                        
Intervest Bancshares Corp. (a)      488         14,006                          
Investors Bancorp, Inc. (a)       5,193         74,987                          
Irwin Financial Corp.             1,976         36,833                          
ITLA Capital Corp.                  514         26,738                          
Kearny Financial Corp.            2,024         29,105                          
KNBT Bancorp, Inc.                2,830         41,714                          
Lakeland Bancorp, Inc.            1,765         23,916                          
Lakeland Financial Corp.          1,119         25,401                          
Macatawa Bank Corp.               1,344         24,730                          
MAF Bancorp, Inc.                 3,288        135,926                          
MainSource Financial Group,                                                     
Inc.                            1,749         29,698                        
MB Financial, Inc.                2,779        100,072                          
MBT Financial Corp.               1,396         18,022                          
Medallion Financial Corp.         1,300         14,872                          
Mercantile Bank Corp.               742         24,100                          
MetroCorp Bancshares, Inc.          615         13,038                          
Mid-State Bancshares              2,180         79,984                          
Midwest Banc Holdings, Inc.       1,758         31,134                          
Nara Bancorp, Inc.                1,968         34,460                          
NASB Financial, Inc.                367         12,779                          
National Penn Bancshares,                                                       
Inc.                            4,694         88,717                        
NBT Bancorp, Inc.                 3,359         78,701                          
Net.Bank, Inc.                    5,000         11,050                          
NewAlliance Bancshares, Inc.     11,123        180,304                          
Northwest Bancorp, Inc.           1,825         49,439                          
OceanFirst Financial Corp.          824         14,296                          
Old National Bancorp                                                            
(Indiana)                       6,559        119,243                        
Old Second Bancorp, Inc.          1,258         34,469                          
Omega Financial Corp.             1,168         33,300                          
Oriental Financial Group,                                                       
Inc.                            1,947         22,936                        
Oritani Financial Corp. (a)       1,219         18,285                          
Pacific Capital Bancorp           4,563        146,564                          
Park National Corp.               1,161        109,691                          
Partners Trust Financial                                                        
Group, Inc.                     4,395         50,235                        
PennFed Financial Services,                                                     
Inc.                              887         19,221                        
Peoples Bancorp, Inc.               983         25,961                          
PFF Bancorp, Inc.                 2,393         72,580                          
Pinnacle Financial Partners,                                                    
Inc. (a)                        1,498         45,704                        
Placer Sierra Bancshares          1,087         29,414                          
Preferred Bank (California)         598         23,448                          
Premierwest Bancorp               1,355         18,306                          
PrivateBancorp, Inc.              1,737         63,505                          
Prosperity Bancshares, Inc.       3,406        118,324                          
Provident Bankshares Corp.        3,220        105,809                          
Provident Financial                                                             
Services, Inc.                  6,285        109,673                        

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                        8        E*TRADE Russell 2000 Index Fund

N-Q
10th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 10th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
BANKS (CONTINUED)                                                               
---------------------------------------------------------                       
Provident New York Bancorp        4,010  $      56,741                          
Renasant Corp.                    1,439         35,515                          
Republic Bancorp, Inc.,                                                         
Class A                           733         16,571                        
Rockville Financial, Inc.           811         12,189                          
Roma Financial Corp. (a)            941         14,586                          
Royal Bancshares of                                                             
Pennsylvania, Class A             446         10,593                        
S&T Bancorp, Inc.                 2,540         83,922                          
Sanders Morris Harris Group,                                                    
Inc.                            1,569         16,710                        
Sandy Spring Bancorp, Inc.        1,446         50,089                          
Santander BanCorp                   406          7,150                          
SCBF Financial Corp.                845         30,640                          
Seacoast Banking Corp. of                                                       
Florida                         1,342         30,423                        
Security Bank Corp.               1,483         29,868                          
Shore Bancshares, Inc.              790         20,896                          
Sierra Bancorp                      565         15,854                          
Signature Bank (a)                2,865         93,227                          
Simmons First National                                                          
Corp., Class A                  1,323         39,783                        
Smithtown Bancorp, Inc.             809         21,021                          
Southside Bancshares, Inc.          975         22,337                          
Southwest Bancorp, Inc.           1,312         33,705                          
Sterling Bancorp (New York)       1,742         31,530                          
Sterling Bancshares, Inc.         6,700         74,906                          
Sterling Financial Corp.                                                        
(Pennsylvania)                  2,486         55,189                        
Sterling Financial Corp.                                                        
(Washington)                    4,914        153,268                        
Suffolk Bancorp                     955         30,827                          
Sun Bancorp, Inc. (New                                                          
Jersey) (a)                     1,402         26,063                        
Superior Bancorp (a)              2,875         31,050                          
Susquehanna Bancshares, Inc.      5,062        117,388                          
SVB Financial Group (a)           3,472        168,704                          
SY Bancorp, Inc.                  1,140         28,340                          
Taylor Capital Group, Inc.          563         19,705                          
Texas Capital Bancshares,                                                       
Inc. (a)                        2,270         46,535                        
TierOne Corp.                     1,773         47,942                          
Tompkins Trustco, Inc.              615         25,744                          
TriCo Bancshares                  1,279         30,274                          
TrustCo Bank Corp. (New                                                         
York)                           7,333         70,250                        
Trustmark Corp.                   4,776        133,919                          
UCBH Holdings, Inc.               9,577        178,324                          
UMB Financial Corp.               3,091        116,716                          
Umpqua Holdings Corp.             5,481        146,726                          
Union Bankshares Corp.            1,227         31,828                          
United Bankshares, Inc.           3,631        127,194                          
United Community Banks, Inc.      3,637        119,257                          
United Community Financial                                                      
Corp.                           2,516         27,802                        
United Security Bancshares                                                      
(California)                      656         12,510                        
Univest Corp. of                                                                
Pennsylvania                    1,066         26,405                        
USB Holding Co., Inc.             1,093         24,800                          
ViewPoint Financial Group         1,096         19,016                          
Vineyard National Bancorp           856         19,722                          
Virginia Commerce Bancorp (a)     1,446         31,306                          
Virginia Financial Group,                                                       
Inc.                              999         25,904                        
W Holding Co., Inc.              10,292         51,460                          
Washington Trust Bancorp,                                                       
Inc.                            1,067         28,606                        
Wauwatosa Holdings, Inc. (a)        969         16,938                          
WesBanco, Inc.                    2,143         66,154                          
West Bancorporation               1,627         24,551                          
West Coast Bancorp                1,511         48,307                          
Westamerica Bancorp               3,071        147,930                          
Western Alliance Bancorp (a)      1,281         39,762                          
Westfield Financial, Inc.         1,170         12,542                          
Willow Financial Bancorp,                                                       
Inc.                            1,477         19,053                        
Wilshire Bancorp, Inc.            1,415         23,206                          
Wintrust Financial Corp.          2,503        111,659                          
        SHARES           VALUE
---------------------------------------------------------                       
BANKS (CONTINUED)                                                               
---------------------------------------------------------                       
WSFS Financial Corp.                548  $      35,335                          
Yardville National Bancorp          904         32,824                          
                --------------
                  11,838,028
BEVERAGES - 0.1%                                                                
---------------------------------------------------------                       
Boston Beer Co., Inc., Class                                                    
A (a)                             871         29,048                        
Coca-Cola Bottling Co.                                                          
Consolidated                      432         24,464                        
Farmer Brothers Co.                 620         14,074                          
Green Mountain Coffee                                                           
Roasters, Inc. (a)                442         27,868                        
Jones Soda Co. (a)                2,347         47,456                          
National Beverage Corp.             774         13,576                          
Peet's Coffee & Tea, Inc. (a)     1,282         35,409                          
                --------------
                     191,895
BIOTECHNOLOGY - 1.8%                                                            
---------------------------------------------------------                       
Advanced Magnetics, Inc. (a)        938         56,533                          
ADVENTRX Pharmaceuticals,                                                       
Inc. (a)                        5,980         14,950                        
Affymax, Inc. (a)                   426         13,717                          
Affymetrix, Inc. (a)              6,593        198,251                          
Alexion Pharmaceuticals,                                                        
Inc. (a)                        3,450        149,178                        
Applera Corp. - Celera                                                          
Genomics Group (a)              7,523        106,827                        
Arena Pharmaceuticals, Inc.                                                     
(a)                             5,930         64,400                        
Ariad Pharmaceuticals, Inc.                                                     
(a)                             6,050         27,164                        
Bio-Rad Laboratories, Inc.,                                                     
Class A (a)                     1,819        127,039                        
BioCryst Pharmaceuticals,                                                       
Inc. (a)                        2,131         17,836                        
Cambrex Corp.                     2,835         69,741                          
Coley Pharmaceutical Group,                                                     
Inc. (a)                        1,694         16,228                        
Cytokinetics, Inc. (a)            3,111         21,653                          
deCODE Genetics, Inc. (a)         5,705         20,823                          
Diversa Corp. (a)                 2,825         22,063                          
Encysive Pharmaceuticals,                                                       
Inc. (a)                        5,794         15,702                        
Enzo Biochem, Inc. (a)            3,119         47,034                          
Enzon Pharmaceuticals, Inc.                                                     
(a)                             4,060         33,089                        
Exelixis, Inc. (a)                9,201         91,458                          
Genitope Corp. (a)                2,436         10,109                          
Genomic Health, Inc. (a)          1,154         20,010                          
GTx, Inc. (a)                     1,329         27,112                          
Human Genome Sciences, Inc.                                                     
(a)                            12,845        136,414                        
Illumina, Inc. (a)                5,282        154,763                          
Incyte Corp. (a)                  7,906         52,101                          
Integra LifeSciences                                                            
Holdings Corp. (a)              1,859         84,733                        
Keryx Biopharmaceuticals,                                                       
Inc. (a)                        4,213         44,321                        
Lexicon Genetics, Inc. (a)        7,077         25,689                          
Lifecell Corp. (a)                3,274         81,752                          
Martek Biosciences Corp. (a)      3,134         64,623                          
Maxygen, Inc. (a)                 2,733         30,473                          
Molecular Insight                                                               
Pharmaceuticals, Inc. (a)         501          5,952                        
Momenta Pharmaceuticals,                                                        
Inc. (a)                        2,320         30,067                        
Monogram Biosciences, Inc.                                                      
(a)                            12,089         23,453                        
Myriad Genetics, Inc. (a)         4,196        144,594                          
Nektar Therapeutics (a)           8,748        114,249                          
Northfield Laboratories,                                                        
Inc. (a)                        2,178          7,863                        
Northstar Neuroscience, Inc.                                                    
(a)                             1,057         13,530                        
Panacos Pharmaceuticals,                                                        
Inc. (a)                        4,671         21,627                        
Peregrine Pharmaceuticals,                                                      
Inc. (a)                       17,522         17,172                        
PRA International (a)             1,747         37,665                          
Regeneron Pharmaceuticals,                                                      
Inc. (a)                        5,084        109,916                        
Replidyne, Inc. (a)                 424          2,357                          
Sangamo Biosciences, Inc. (a)     2,679         18,217                          
Savient Pharmaceuticals,                                                        
Inc. (a)                        5,091         61,194                        
Telik, Inc. (a)                   4,848         26,325                          
                --------------
                   2,479,967

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                        9        E*TRADE Russell 2000 Index Fund

N-Q
11th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 11th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
BUILDING MATERIALS - 0.8%                                                       
---------------------------------------------------------                       
Aaon, Inc.                          868  $      22,681                          
Apogee Enterprises, Inc.          2,750         55,110                          
Builders FirstSource, Inc.                                                      
(a)                             1,423         22,868                        
Ceradyne, Inc. (a)                2,621        143,474                          
Drew Industries, Inc. (a)         1,809         51,882                          
Genlyte Group, Inc. (The) (a)     2,424        171,013                          
Goodman Global, Inc. (a)          2,302         40,561                          
Interline Brands, Inc. (a)        2,563         56,181                          
LSI Industries, Inc.              1,990         33,313                          
NCI Building Systems, Inc.                                                      
(a)                             1,999         95,432                        
PGT, Inc. (a)                       946         11,352                          
Simpson Manufacturing Co.,                                                      
Inc.                            3,617        111,548                        
Texas Industries, Inc.            2,261        170,773                          
Trex Co., Inc. (a)                1,101         23,705                          
Universal Forest Products,                                                      
Inc.                            1,638         81,163                        
US Concrete, Inc. (a)             3,099         24,234                          
                --------------
                   1,115,290
CHEMICALS - 2.0%                                                                
---------------------------------------------------------                       
American Vanguard Corp.           1,642         28,062                          
Arch Chemicals, Inc.              2,341         73,086                          
Balchem Corp.                     1,615         28,553                          
CF Industries Holdings, Inc.      5,516        212,642                          
Ferro Corp.                       4,170         90,114                          
Georgia Gulf Corp.                3,342         54,174                          
H.B. Fuller Co.                   5,748        156,748                          
Hercules, Inc. (a)               11,391        222,580                          
Innophos Holdings, Inc.             706         12,207                          
Innospec, Inc.                    1,201         69,226                          
Kronos Worldwide, Inc.              221          7,163                          
MacDermid, Inc.                   2,703         94,254                          
Metabolix, Inc. (a)                 664         11,042                          
Minerals Technologies, Inc.       1,943        120,777                          
Myers Industries, Inc.            2,605         48,661                          
Newmarket Corp.                   1,683         68,448                          
NL Industries, Inc.                 632          6,889                          
Olin Corp.                        7,067        119,715                          
OM Group, Inc. (a)                2,865        128,008                          
Omnova Solutions, Inc. (a)        3,843         20,983                          
Pioneer Cos., Inc. (a)            1,092         30,183                          
PolyOne Corp. (a)                 9,042         55,156                          
Raven Industries, Inc.            1,572         44,094                          
Rockwood Holdings, Inc. (a)       3,439         95,191                          
Schulman (A.), Inc.               2,345         55,248                          
Sensient Technologies Corp.       4,529        116,758                          
Spartech Corp.                    3,132         91,893                          
Stepan Co.                          582         15,277                          
Symyx Technologies, Inc. (a)      3,188         56,491                          
Terra Industries, Inc. (a)        9,301        162,767                          
Tronox, Inc., Class B             3,905         54,592                          
UAP Holding Corp.                 4,975        128,604                          
W.R. Grace & Co. (a)              6,631        175,191                          
Zoltek Cos., Inc. (a)             1,626         56,796                          
                --------------
                   2,711,573
COAL - 0.1%                                                                     
---------------------------------------------------------                       
Alpha Natural Resources,                                                        
Inc. (a)                        5,054         78,994                        
International Coal Group,                                                       
Inc. (a)                       11,102         58,286                        
James River Coal Co. (a)          1,475         11,018                          
Westmoreland Coal Co. (a)           633         12,755                          
                --------------
                     161,053
COMMERCIAL SERVICES - 6.1%                                                      
---------------------------------------------------------                       
Aaron Rents, Inc.                 4,277        113,084                          
ABM Industries, Inc.              4,274        112,791                          
ACCO Brands Corp. (a)             4,401        106,020                          
        SHARES           VALUE
---------------------------------------------------------                       
COMMERCIAL SERVICES (CONTINUED)                                                 
---------------------------------------------------------                       
Actuant Corp., Class A            2,666  $     135,326                          
Administaff, Inc.                 2,231         78,531                          
Advance America Cash Advance                                                    
Centers, Inc.                   6,600        101,574                        
Advisory Board (The) Co. (a)      1,822         92,230                          
Albany Molecular Research,                                                      
Inc. (a)                        2,359         23,236                        
Arbitron, Inc.                    2,942        138,127                          
Bankrate, Inc. (a)                  998         35,170                          
Barrett Business Services           617         14,222                          
BearingPoint, Inc. (a)           18,200        139,412                          
Bowne & Co., Inc.                 2,918         45,900                          
Bright Horizons Family                                                          
Solutions, Inc. (a)             2,548         96,187                        
Capella Education Co. (a)           340         11,404                          
CBIZ, Inc. (a)                    5,080         36,068                          
CDI Corp.                         1,187         34,328                          
Central Parking Corp.               946         20,982                          
Cenveo, Inc. (a)                  5,202        126,409                          
Chemed Corp.                      2,556        125,142                          
Coinmach Service Corp.,                                                         
Class A                         2,444         25,931                        
Coinstar, Inc. (a)                2,724         85,261                          
Consolidated Graphics, Inc.                                                     
(a)                             1,100         81,455                        
Corinthian Colleges, Inc. (a)     8,419        115,761                          
Cornell Cos., Inc. (a)            1,079         21,817                          
CorVel Corp. (a)                    730         22,083                          
CoStar Group, Inc. (a)            1,640         73,275                          
CRA International, Inc. (a)       1,069         55,780                          
Cross Country Healthcare,                                                       
Inc. (a)                        3,034         55,310                        
Deluxe Corp.                      5,014        168,119                          
DeVry, Inc.                       5,959        174,897                          
Diamond Management &                                                            
Technology Consultants,                                                     
Inc.                            2,855         33,375                        
Dollar Financial Corp. (a)        1,140         28,842                          
Dollar Thrifty Automotive                                                       
Group (a)                       2,408        122,904                        
DynCorp International, Inc.,                                                    
Class A (a)                     2,445         36,895                        
Educate, Inc. (a)                 1,640         12,562                          
Electro Rent Corp. (a)            1,767         25,445                          
Euronet Worldwide, Inc. (a)       3,428         92,076                          
Exlservice Holdings Inc. (a)        508         10,480                          
Exponent, Inc. (a)                1,376         27,451                          
First Advantage Corp., Class                                                    
A (a)                             610         14,622                        
First Consulting Group, Inc.                                                    
(a)                             1,999         18,191                        
Forrester Research, Inc. (a)      1,357         38,485                          
FTI Consulting, Inc. (a)          4,243        142,522                          
Gartner, Inc., Class A (a)        5,206        124,684                          
Geo Group, Inc. (The) (a)         2,527        114,524                          
Gevity HR, Inc.                   2,478         48,916                          
Global Cash Access Holdings,                                                    
Inc. (a)                        3,253         54,293                        
GSI Commerce, Inc. (a)            3,825         86,407                          
H&E Equipment Services, Inc.                                                    
(a)                             1,063         22,855                        
Harris Interactive, Inc. (a)      5,024         30,295                          
Healthcare Services Group,                                                      
Inc.                            2,664         76,324                        
Healthspring, Inc. (a)            1,742         41,024                          
Heartland Payment Systems,                                                      
Inc.                            1,359         32,127                        
Heidrick & Struggles                                                            
International, Inc. (a)         1,792         86,822                        
Home Solutions of America,                                                      
Inc. (a)                        4,454         21,157                        
Hudson Highland Group, Inc.                                                     
(a)                             2,399         37,400                        
Huron Consulting Group, Inc.                                                    
(a)                             1,791        108,964                        
ICT Group, Inc. (a)                 639         11,183                          
Interactive Data Corp.            3,504         86,724                          
j2 Global Communications,                                                       
Inc. (a)                        4,855        134,581                        
Jackson Hewitt Tax Service,                                                     
Inc.                            3,209        103,266                        
Kelly Services, Inc., Class                                                     
A                               1,911         61,534                        
Kendle International, Inc.                                                      
(a)                             1,199         42,588                        

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       10        E*TRADE Russell 2000 Index Fund

N-Q
12th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 12th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
COMMERCIAL SERVICES (CONTINUED)                                                 
---------------------------------------------------------                       
Kenexa Corp. (a)                  1,864  $      58,026                          
Kforce, Inc. (a)                  2,698         37,151                          
Korn/Ferry International (a)      4,141         94,995                          
Labor Ready, Inc. (a)             4,954         94,076                          
Landauer, Inc.                      887         44,776                          
LECG Corp. (a)                    2,261         32,739                          
Lincoln Educational Services                                                    
Corp. (a)                         379          5,386                        
Live Nation, Inc. (a)             6,235        137,544                          
MAXIMUS, Inc.                     2,095         72,236                          
Mcgrath Rentcorp                  2,145         67,932                          
Medifast, Inc. (a)                1,028          7,360                          
Midas, Inc. (a)                   1,440         31,061                          
Mobile Mini, Inc. (a)             3,445         92,257                          
Monro Muffler, Inc.               1,156         40,576                          
Morningstar, Inc. (a)             1,374         70,953                          
MPS Group, Inc. (a)              10,083        142,674                          
Navigant Consulting, Co. (a)      4,155         82,103                          
Net 1 UEPS Technologies,                                                        
Inc. (a)                        4,928        122,609                        
On Assignment, Inc. (a)           3,319         41,189                          
Parexel International Corp.                                                     
(a)                             2,654         95,464                        
PeopleSupport, Inc. (a)           2,289         26,209                          
Perficient, Inc. (a)              1,717         33,962                          
PharmaNet Development Group,                                                    
Inc. (a)                        1,684         43,784                        
PHH Corp. (a)                     5,206        159,095                          
Pre-Paid Legal Services,                                                        
Inc. (a)                          888         44,498                        
Providence Service Corp.                                                        
(The) (a)                       1,113         26,400                        
QC Holdings, Inc.                   481          6,392                          
Rent-A-Center, Inc. (a)           6,785        189,844                          
Resources Connection, Inc.                                                      
(a)                             4,704        150,481                        
Rewards Network, Inc. (a)         2,458         13,027                          
Rollins, Inc.                     2,890         66,499                          
SAIC, Inc. (a)                    8,429        145,990                          
Senomyx, Inc. (a)                 2,766         34,243                          
Sotheby's Holdings, Inc.,                                                       
Class A                         6,381        283,827                        
Source Interlink Cos., Inc.                                                     
(a)                             3,216         21,579                        
Spherion Corp. (a)                5,619         49,560                          
Stamps.com, Inc. (a)              1,731         24,874                          
Standard Parking Corp. (a)          482         17,048                          
Stewart Enterprises, Inc.,                                                      
Class A                        10,270         82,776                        
Strayer Education, Inc.           1,401        175,125                          
Synagro Technologies, Inc.        5,697         32,473                          
Team, Inc. (a)                      600         22,890                          
TeleTech Holdings, Inc. (a)       3,191        117,078                          
TNS, Inc. (a)                     2,354         37,876                          
Universal Technical                                                             
Institute, Inc. (a)             2,242         51,745                        
Valassis Communications,                                                        
Inc. (a)                        4,670         80,277                        
Vertrue, Inc. (a)                   701         33,725                          
Viad Corp.                        2,168         83,685                          
Volt Information Sciences,                                                      
Inc. (a)                        1,216         31,847                        
Watson Wyatt & Co. Holdings       4,241        206,325                          
World Fuel Services Corp.         2,689        124,393                          
Wright Express Corp. (a)          3,938        119,440                          
                --------------
                   8,303,424
COMPUTERS - 3.1%                                                                
---------------------------------------------------------                       
3D Systems Corp. (a)              1,426         31,244                          
Agile Software Corp. (a)          5,278         36,682                          
Ansoft Corp. (a)                  1,604         50,751                          
BISYS Group, Inc. (a)            11,771        134,896                          
Black Box Corp.                   1,707         62,374                          
Brocade Communications                                                          
Systems, Inc. (a)              39,569        376,697                        
CACI International, Inc.,                                                       
Class A (a)                     2,986        139,924                        
CIBER, Inc. (a)                   5,062         39,838                          
COMSYS IT Partners, Inc. (a)      1,524         30,328                          
        SHARES           VALUE
---------------------------------------------------------                       
COMPUTERS (CONTINUED)                                                           
---------------------------------------------------------                       
Comtech Group, Inc. (a)           1,356  $      23,703                          
Covansys Corp. (a)                3,050         75,274                          
Dendrite International, Inc.                                                    
(a)                             3,644         57,065                        
Echelon Corp. (a)                 2,859         30,134                          
Electronics For Imaging,                                                        
Inc. (a)                        5,659        132,704                        
Extreme Networks, Inc. (a)       11,649         49,275                          
Gateway, Inc. (a)                26,773         58,633                          
Hutchinson Technology, Inc.                                                     
(a)                             2,424         56,600                        
Hypercom Corp. (a)                4,977         29,663                          
iGATE Corp. (a)                   2,043         16,834                          
IHS, Inc., Class A (a)            2,283         93,854                          
Imation Corp.                     3,409        137,655                          
infoUSA, Inc.                     3,116         29,976                          
Integral Systems, Inc.            1,020         24,653                          
InterVoice, Inc. (a)              3,572         23,718                          
Isilon Systems, Inc. (a)            836         13,518                          
Jack Henry & Associates,                                                        
Inc.                            7,771        186,893                        
Komag, Inc. (a)                   3,003         98,288                          
Kronos, Inc. (a)                  3,132        167,562                          
Magma Design Automation,                                                        
Inc. (a)                        3,480         41,621                        
Manhattan Associates, Inc.                                                      
(a)                             2,684         73,622                        
Maxwell Technologies, Inc.                                                      
(a)                             1,356         16,977                        
Mentor Graphics Corp. (a)         8,517        139,168                          
Mercury Computer Systems,                                                       
Inc. (a)                        2,172         30,126                        
MICROS Systems, Inc. (a)          3,896        210,345                          
Mobility Electronics, Inc.                                                      
(a)                             2,646          8,229                        
MTS Systems Corp.                 1,783         69,252                          
NetScout Systems, Inc. (a)        2,436         22,046                          
Palm, Inc. (a)                    8,957        162,390                          
Perot Systems Corp., Class A                                                    
(a)                             8,445        150,912                        
QAD, Inc.                         1,415         12,876                          
Quantum Corp. (a)                18,970         51,219                          
Quest Software, Inc. (a)          6,549        106,552                          
Rackable Systems, Inc. (a)        2,705         45,904                          
Radiant Systems, Inc. (a)         2,422         31,559                          
RadiSys Corp. (a)                 1,957         31,977                          
SafeNet, Inc. (a)                 2,545         72,023                          
ScanSource, Inc. (a)              2,507         67,288                          
Secure Computing Corp. (a)        5,201         40,048                          
SI International, Inc. (a)        1,190         34,165                          
Sigma Designs, Inc. (a)           2,223         58,376                          
Silicon Storage Technology,                                                     
Inc. (a)                        8,841         43,586                        
Sonic Solutions, Inc. (a)         2,383         33,600                          
SonicWALL, Inc. (a)               6,295         52,626                          
SRA International, Inc.,                                                        
Class A (a)                     3,743         91,179                        
Stratasys, Inc. (a)                 939         40,114                          
SYKES Enterprises, Inc. (a)       2,856         52,093                          
Synaptics, Inc. (a)               2,363         60,446                          
Syntel, Inc.                        798         27,651                          
Talx Corp.                        3,134        103,829                          
Tyler Technologies, Inc. (a)      3,828         48,616                          
                --------------
                   4,239,151
COMPUTERS, PERIPHERAL & SOFTWARE - 0.6%                                         
---------------------------------------------------------                       
Access Integrated                                                               
Technologies, Inc., Class                                                   
A (a)                           1,246          6,766                        
Actuate Corp. (a)                 5,229         27,295                          
Art Technology Group, Inc.                                                      
(a)                            12,433         28,845                        
Bottomline Technologies,                                                        
Inc. (a)                        1,903         20,743                        
Digi International, Inc. (a)      2,304         29,261                          
DivX, Inc. (a)                      861         17,254                          
ENGlobal Corp. (a)                1,494          8,292                          
i2 Technologies, Inc. (a)         1,314         31,536                          
Knot, Inc. (The) (a)              1,883         40,541                          
Merge Technologies, Inc. (a)      2,419         11,780                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       11        E*TRADE Russell 2000 Index Fund

N-Q
13th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 13th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
COMPUTERS, PERIPHERAL & SOFTWARE (CONTINUED)                                    
---------------------------------------------------------                       
Move, Inc. (a)                    9,471  $      52,469                          
Ness Technologies, Inc. (a)       3,015         38,532                          
Netgear, Inc. (a)                 3,239         92,409                          
Phase Forward, Inc. (a)           3,316         43,539                          
Raser Technologies, Inc. (a)      1,749          9,095                          
Rightnow Technologies, Inc.                                                     
(a)                             1,418         23,227                        
Smith Micro Software, Inc.                                                      
(a)                             2,222         41,396                        
Ultimate Software Group,                                                        
Inc. (a)                        2,335         61,154                        
VA Software Corp. (a)             6,095         24,563                          
Vignette Corp. (a)                2,908         54,001                          
WebSideStory, Inc. (a)            1,653         21,406                          
Witness Systems, Inc. (a)         3,274         88,234                          
                --------------
                     772,338
COSMETICS / PERSONAL CARE - 0.2%                                                
---------------------------------------------------------                       
Chattem, Inc. (a)                 1,704        100,434                          
Elizabeth Arden, Inc. (a)         2,536         55,335                          
Inter Parfums, Inc.                 388          8,148                          
Parlux Fragrances, Inc. (a)       1,000          5,580                          
Physicians Formula Holdings,                                                    
Inc. (a)                          661         12,480                        
Revlon, Inc., Class A (a)        17,894         19,147                          
                --------------
                     201,124
DISTRIBUTION / WHOLESALE - 0.8%                                                 
---------------------------------------------------------                       
Beacon Roofing Supply, Inc.                                                     
(a)                             4,278         69,218                        
Bluelinx Holdings, Inc.           1,110         11,655                          
Brightpoint, Inc. (a)             4,914         56,216                          
Building Materials Holding                                                      
Corp.                           2,736         49,549                        
Central European                                                                
Distribution Corp. (a)          3,578        104,155                        
Columbus McKinnon Corp. (NY)                                                    
(a)                             1,788         40,033                        
Comfort Systems USA, Inc.         3,936         47,153                          
Core-Mark Holding Co., Inc.                                                     
(a)                               919         32,790                        
Directed Electronics, Inc.                                                      
(a)                               884          7,921                        
Houston Wire & Cable Co. (a)        787         22,052                          
LKQ Corp. (a)                     4,369         95,506                          
MWI Veterinary Supply, Inc.                                                     
(a)                               518         17,094                        
Nuco2, Inc. (a)                   1,439         36,292                          
Owens & Minor, Inc.               3,918        143,908                          
United Stationers, Inc. (a)       2,976        178,322                          
Watsco, Inc.                      2,723        139,064                          
                --------------
                   1,050,928
DIVERSIFED FINANCIAL SERVICES - 2.1%                                            
---------------------------------------------------------                       
Abington Community Bancorp,                                                     
Inc.                              617         12,254                        
Accredited Home Lenders                                                         
Holding Co. (a)                 2,084         19,319                        
Advanta Corp., Class B            1,888         82,770                          
Asset Acceptance Capital                                                        
Corp. (a)                       1,472         22,772                        
Asta Funding, Inc.                1,090         47,066                          
Calamos Asset Management,                                                       
Inc.                            2,189         48,858                        
CharterMac                        5,091         98,511                          
Clayton Holdings, Inc. (a)          763         11,704                          
Cohen & Steers, Inc.              1,294         55,745                          
Compass Diversified Trust         1,238         20,761                          
CompuCredit Corp. (a)             2,196         68,559                          
Credit Acceptance Corp. (a)         823         22,377                          
Darwin Professional                                                             
Underwriters, Inc. (a)            484         12,173                        
Doral Financial Corp.             8,331         13,663                          
eSpeed, Inc. (a)                  1,902         18,069                          
Federal Agricultural                                                            
Mortgage Corp., Class C         1,028         27,962                        
Financial Federal Corp.           2,646         69,643                          
Friedman Billings Ramsey                                                        
Group, Inc. (a)                14,356         79,245                        
GAMCO Investors, Inc.               533         23,095                          
        SHARES           VALUE
---------------------------------------------------------                       
DIVERSIFED FINANCIAL SERVICES (CONTINUED)                                       
---------------------------------------------------------                       
GFI Group, Inc. (a)               1,165  $      79,185                          
Gladstone Capital Corp.           1,142         27,043                          
Gladstone Investment Corp.        1,216         18,082                          
Greenhill & Co., Inc.             1,722        105,714                          
International Securities                                                        
Exchange Holdings, Inc.         3,718        181,438                        
KBW Inc. (a)                        641         22,281                          
Knight Capital Group, Inc.                                                      
(a)                            10,201        161,584                        
LaBranche & Co, Inc. (a)          5,181         42,277                          
MarketAxess Holdings, Inc.                                                      
(a)                             3,155         52,815                        
Marlin Business Services                                                        
Corp. (a)                       1,098         24,024                        
MCG Capital Corp.                 5,607        105,187                          
MVC Capital, Inc.                 2,164         33,867                          
National Financial Partners                                                     
Corp.                           3,654        171,409                        
NewStar Financial, Inc. (a)       1,385         23,213                          
NGP Capital Resources Co.         1,614         25,517                          
Ocwen Financial Corp. (a)         3,345         43,050                          
OptionsXpress Holdings, Inc.      2,027         47,716                          
Penson Worldwide, Inc. (a)          705         21,284                          
Phoenix Cos., Inc. (The)         11,005        152,749                          
Piper Jaffray Cos. (a)            1,816        112,483                          
Portfolio Recovery                                                              
Associates, Inc. (a)            1,553         69,341                        
Resource America, Inc.,                                                         
Class A                         1,458         34,453                        
S1 Corp. (a)                      6,582         39,492                          
StarTek Holdings, Inc.            1,050         10,279                          
Stifel Financial Corp. (a)        1,494         66,184                          
SWS Group, Inc.                   2,240         55,574                          
Technology Investment                                                           
Capital Corp.                   1,805         30,523                        
Thomas Weisel Partners                                                          
Group, Inc. (a)                   629         11,964                        
TradeStation Group, Inc. (a)      2,381         29,977                          
United Panam Financial Corp.                                                    
(a)                               908         11,350                        
Waddell & Reed Financial,                                                       
Inc.                            8,282        193,136                        
World Acceptance Corp. (a)        1,791         71,550                          
                --------------
                   2,829,287
ELECTRIC  - 1.7%                                                                
---------------------------------------------------------                       
Allete, Inc.                      2,454        114,405                          
Avista Corp.                      5,081        123,113                          
Black Hills Corp.                 3,249        119,466                          
CH Energy Group, Inc.             1,540         74,983                          
Cleco Corp.                       5,523        142,659                          
Duquesne Light Holdings,                                                        
Inc. Inc.                       8,663        171,441                        
El Paso Electric Co. (a)          4,731        124,662                          
Empire District Electric Co.                                                    
(The)                           2,927         72,590                        
IDACORP, Inc.                     4,182        141,519                          
Integrated Electrical                                                           
Services, Inc. (a)              1,422         35,166                        
ITC Holdings Corp.                1,767         76,493                          
MGE Energy, Inc.                  1,999         70,884                          
NorthWestern Corp.                3,468        122,871                          
Ormat Technologies, Inc.            805         33,778                          
Otter Tail Corp.                  2,879         98,577                          
Pike Electric Corp. (a)           1,481         26,776                          
Plug Power, Inc. (a)              6,712         21,210                          
PNM Resources, Inc.               7,607        245,706                          
Portland General Electric                                                       
Co.                             2,626         76,679                        
UIL Holdings Corp.                2,399         83,245                          
UniSource Energy Corp.            3,427        128,684                          
Westar Energy, Inc.               8,734        240,360                          
                --------------
                   2,345,267
ELECTRICAL COMPONENTS & EQUIPMENT - 1.1%                                        
---------------------------------------------------------                       
Advanced Energy Industries,                                                     
Inc. (a)                        3,444         72,462                        
American Superconductor                                                         
Corp. (a)                       3,396         45,744                        
Anadigics, Inc. (a)               4,611         54,502                          
Belden CDT, Inc.                  4,263        228,454                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       12        E*TRADE Russell 2000 Index Fund

N-Q
14th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 14th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
ELECTRICAL COMPONENTS & EQUIPMENT (CONTINUED)                                   
---------------------------------------------------------                       
Bookham, Inc. (a)                 6,455  $      14,653                          
Capstone Turbine Corp. (a)       14,147         14,996                          
China BAK Battery, Inc. (a)       2,512          8,164                          
Color Kinetics, Inc. (a)          1,433         27,843                          
Eagle Test Systems, Inc. (a)        693         11,532                          
Encore Wire Corp.                 2,273         57,552                          
Energy Conversion Devices,                                                      
Inc. (a)                        3,816        133,331                        
EnerSys (a)                       4,549         78,152                          
General Cable Corp. (a)           5,067        270,730                          
GrafTech International Ltd.                                                     
(a)                             9,621         87,359                        
Greatbatch, Inc. (a)              2,061         52,555                          
Insteel Industries, Inc.          1,317         22,112                          
Littelfuse, Inc. (a)              2,181         88,549                          
Medis Technologies Ltd. (a)       2,022         34,192                          
Microtune, Inc. (a)               4,908         20,221                          
MoSys, Inc. (a)                   2,091         17,564                          
Nextest Systems Corp. (a)           486          6,804                          
Powell Industries, Inc. (a)         727         23,264                          
Power-One, Inc. (a)               6,838         39,113                          
Superior Essex, Inc. (a)          1,967         68,196                          
Universal Display Corp. (a)       2,197         33,153                          
Vicor Corp.                       1,873         18,767                          
                --------------
                   1,529,964
ELECTRONICS - 2.7%                                                              
---------------------------------------------------------                       
Actel Corp. (a)                   2,526         41,730                          
Agilysys, Inc.                    2,983         67,028                          
American Science &                                                              
Engineering, Inc. (a)             890         46,876                        
Analogig Corp.                    1,352         85,014                          
ATMI, Inc. (a)                    3,412        104,305                          
Badger Meter, Inc.                1,357         36,028                          
Barnes Group, Inc.                3,860         88,819                          
Bel Fuse, Inc., Class B             951         36,813                          
Benchmark Electronics, Inc.                                                     
(a)                             6,888        142,306                        
Brady Corp.                       4,397        137,186                          
Checkpoint Systems, Inc. (a)      3,828         90,570                          
Cogent, Inc. (a)                  4,226         56,840                          
Coherent, Inc. (a)                3,027         96,077                          
CTS Corp.                         3,507         48,467                          
Cubic Corp.                       1,442         31,205                          
Cymer, Inc. (a)                   3,629        150,785                          
Daktronics, Inc.                  3,790        103,998                          
Diodes, Inc. (a)                  1,931         67,295                          
Dionex Corp. (a)                  1,953        133,019                          
EDO Corp.                         1,622         42,496                          
Electro Scientific                                                              
Industries, Inc. (a)            2,833         54,507                        
Excel Technology, Inc. (a)        1,119         30,582                          
FEI Co. (a)                       2,327         83,912                          
Flir Systems, Inc. (a)            6,569        234,316                          
II-VI, Inc. (a)                   2,296         77,720                          
Ionatron, Inc. (a)                3,022         14,083                          
Itron, Inc. (a)                   2,478        161,169                          
KEMET Corp. (a)                   8,480         64,872                          
L-1 Identity Solutions, Inc.                                                    
(a)                             6,326        104,442                        
LoJack Corp. (a)                  1,745         33,120                          
Measurement Specialties,                                                        
Inc. (a)                        1,281         28,899                        
Methode Electronics, Inc.,                                                      
Class A                         3,644         53,822                        
Multi-Fineline Electronix,                                                      
Inc. (a)                          772         11,850                        
Newport Corp. (a)                 3,971         65,005                          
OSI Systems, Inc. (a)             1,368         36,170                          
Park Electrochemical Corp.        1,969         53,399                          
Photon Dynamics, Inc. (a)         1,581         19,936                          
Plexus Corp. (a)                  4,471         76,678                          
RAE Systems, Inc. (a)             3,642         10,453                          
        SHARES           VALUE
---------------------------------------------------------                       
ELECTRONICS (CONTINUED)                                                         
---------------------------------------------------------                       
Rofin-Sinar Technologies,                                                       
Inc. (a)                        1,499  $      88,711                        
Rogers Corp. (a)                  1,703         75,528                          
Taser International, Inc. (a)     6,064         48,694                          
Technitrol, Inc.                  3,963        103,791                          
TTM Technologies, Inc. (a)        4,081         38,933                          
Varian, Inc. (a)                  3,019        175,887                          
Watts Water Technologies,                                                       
inc.                            2,850        108,386                        
Woodward Governor Co.             2,937        120,916                          
X-Rite, Inc.                      2,651         34,330                          
Zygo Corp. (a)                    1,675         26,817                          
                --------------
                   3,643,785
ENERGY - ALTERNATE SOURCES - 0.4%                                               
---------------------------------------------------------                       
Aventine Renewable Energy                                                       
Holdings, Inc. (a)              2,955         53,840                        
Evergreen Energy, Inc. (a)        6,707         44,065                          
Evergreen Solar, Inc. (a)         6,529         63,658                          
First Solar, Inc. (a)             2,149        111,769                          
FuelCell Energy, Inc. (a)         5,736         45,085                          
Headwaters, Inc. (a)              4,132         90,284                          
MGP Ingredients, Inc.               902         18,374                          
Pacific Ethanol, Inc. (a)         2,685         45,726                          
Quantum Fuel Systems                                                            
Technologies Worldwide,                                                     
Inc. (a)                        4,630          5,649                        
Sunpower Corp. (a)                1,117         50,823                          
Syntroleum Corp. (a)              3,651         11,391                          
US BioEnergy Corp. (a)            1,154         13,236                          
VeraSun Energy Corp. (a)          1,695         33,680                          
                --------------
                     587,580
ENGINEERING & CONTRUCTION - 0.7%                                                
---------------------------------------------------------                       
Dycom Industries, Inc. (a)        3,940        102,676                          
EMCOR Group, Inc. (a)             3,074        181,305                          
Granite Construction, Inc.        3,385        187,055                          
Infrasource Services, Inc.                                                      
(a)                             2,607         79,592                        
Insituform Technologies,                                                        
Inc., Class A (a)               2,656         55,218                        
Layne Christensen Co. (a)         1,109         40,390                          
Perini Corp. (a)                  2,125         78,328                          
Stanley Inc. (a)                    549          8,564                          
Sterling Constrution Co.,                                                       
Inc. (a)                          772         14,714                        
Washington Group                                                                
International, Inc. (a)         2,829        187,902                        
                --------------
                     935,744
ENTERTAINMENT - 1.1%                                                            
---------------------------------------------------------                       
24/7 Real Media, Inc. (a)         4,735         38,022                          
Bally Technologies, Inc. (a)      5,095        120,140                          
Bluegreen Corp. (a)               1,939         21,891                          
Carmike Cinemas, Inc.             1,142         26,494                          
Century Casinos, Inc. (a)         1,884         15,543                          
Churchill Downs, Inc.               810         36,766                          
Dover Downs Gaming &                                                            
Entertainment, Inc.             1,349         17,375                        
Dover Motorsports, Inc.           1,371          7,198                          
Equinix, Inc. (a)                 2,867        245,501                          
Great Wolf Resorts, Inc. (a)      2,486         32,890                          
Isle of Capri Casinos, Inc.                                                     
(a)                             1,530         39,199                        
Lakes Entertainment, Inc. (a)     2,122         23,660                          
Macrovision Corp. (a)             5,053        126,578                          
Magna Entertainment Corp.,                                                      
Class A (a)                     3,708         13,497                        
National CineMedia, Inc. (a)      4,210        112,407                          
Pinnacle Entertainment, Inc.                                                    
(a)                             5,983        173,926                        
Progressive Gaming                                                              
International Corp. (a)         3,166         14,247                        
RealNetworks, Inc. (a)           10,449         82,025                          
Shuffle Master, Inc. (a)          3,398         62,013                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       13        E*TRADE Russell 2000 Index Fund

N-Q
15th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 15th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
ENTERTAINMENT (CONTINUED)                                                       
---------------------------------------------------------                       
Six Flags, Inc. (a)               6,950  $      41,770                          
Speedway Motorsports, Inc.        1,446         56,033                          
Steinway Musical Instruments        679         21,911                          
Vail Resorts, Inc. (a)            2,958        160,708                          
                --------------
                   1,489,794
ENVIRONMENTAL CONTROL - 0.6%                                                    
---------------------------------------------------------                       
American Ecology Corp.            1,445         27,759                          
Basin Water, Inc. (a)               484          3,325                          
Calgon Carbon Corp. (a)           3,684         30,614                          
Casella Waste Systems, Inc.,                                                    
Class A (a)                     2,037         19,881                        
Clean Harbors, Inc. (a)           1,533         69,322                          
Darling International, Inc.                                                     
(a)                             7,901         51,357                        
Metal Management, Inc.            2,546        117,625                          
Mine Safety Appliances Co.        3,018        126,937                          
Rentech, Inc. (a)                13,505         42,406                          
Tetra Tech, Inc. (a)              5,608        106,889                          
Waste Connections, Inc. (a)       6,696        200,478                          
Waste Industries USA, Inc.          703         19,311                          
Waste Services, Inc. (a)          3,432         34,114                          
                --------------
                     850,018
FOOD - 1.4%                                                                     
---------------------------------------------------------                       
Arden Group, Inc., Class A          117         15,620                          
Chiquita Brands                                                                 
International, Inc.             3,979         55,786                        
Diamond Foods, Inc.               1,453         24,192                          
Flowers Foods, Inc.               5,052        152,419                          
Great Atlantic & Pacific Tea                                                    
Co.                             1,882         62,445                        
Hain Celestial Group, Inc.                                                      
(a)                             3,034         91,232                        
Imperial Sugar Co.                1,048         35,139                          
Ingles Markets, Inc., Class                                                     
A                               1,148         46,884                        
J&J Snack Foods Corp.             1,295         51,140                          
Lance, Inc.                       2,861         57,907                          
M&F Worldwide Corp. (a)           1,030         49,038                          
Nash Finch Co.                    1,237         42,627                          
Pathmark Stores, Inc. (a)         5,085         65,088                          
Performance Food Group Co.                                                      
(a)                             3,378        104,279                        
Pilgrim's Pride Corp.             3,955        131,267                          
Premium Standard Farms, Inc.      1,306         27,478                          
Ralcorp Holdings, Inc. (a)        2,588        166,408                          
Ruddick Corp.                     3,889        116,981                          
Sanderson Farms, Inc.             1,659         61,483                          
Seaboard Corp.                       34         76,840                          
Spartan Stores, Inc.              2,054         55,047                          
Tootsie Roll Industries,                                                        
Inc.                            3,579        107,270                        
TreeHouse Foods, Inc. (a)         3,038         92,568                          
United Natural Foods, Inc.                                                      
(a)                             4,124        126,359                        
Village Super Market, Class                                                     
A                                 145         13,846                        
Weis Markets, Inc.                  932         41,660                          
Wild Oats Markets, Inc. (a)       2,820         51,324                          
                --------------
                   1,922,327
FOREST PRODUCTS & PAPER - 0.5%                                                  
---------------------------------------------------------                       
Bowater, Inc.                     5,465        130,176                          
Buckeye Technologies, Inc.                                                      
(a)                             3,680         47,766                        
Caraustar Industries, Inc.                                                      
(a)                             2,748         17,258                        
Deltic Timber Corp.                 995         47,720                          
Glatfelter                        4,344         64,769                          
Mercer International, Inc.                                                      
(a)                             2,517         30,103                        
Neenah Paper Inc                  1,443         57,345                          
Rock-Tenn Co.                     3,297        109,461                          
Schweitzer-Mauduit                                                              
International, Inc.             1,432         35,585                        
Wausau Paper Corp.                4,381         62,911                          
Xerium Technologies, Inc.         1,829         14,669                          
                --------------
                     617,763
        SHARES           VALUE
---------------------------------------------------------                       
GAS  - 0.2%                                                                     
---------------------------------------------------------                       
EnergySouth, Inc.                   640  $      26,835                          
Laclede Group, Inc. (The)         2,084         64,771                          
Nicor, Inc.                       4,449        215,420                          
                --------------
                     307,026
HAND / MACHINE TOOLS - 0.3%                                                     
---------------------------------------------------------                       
Baldor Electric Co.               4,319        162,999                          
Franklin Electric Co., Inc.       2,213        102,904                          
Regal-Beloit Corp.                3,004        139,326                          
                --------------
                     405,229
HEALTH CARE - 5.0%                                                              
---------------------------------------------------------                       
Abiomed, Inc. (a)                 2,862         39,095                          
Accuray, Inc. (a)                 1,601         35,606                          
Adeza Biomedical Corp. (a)        1,422         33,957                          
Air Methods Corp. (a)               962         23,107                          
Alliance Imaging, Inc. (a)        1,436         12,536                          
Amedisys, Inc. (a)                2,507         81,313                          
American Medical Systems                                                        
Holdings, Inc. (a)              6,822        144,422                        
AMERIGROUP Corp. (a)              5,051        153,550                          
AMN Healthcare Services,                                                        
Inc. (a)                        3,476         78,627                        
AmSurg Corp. (a)                  2,911         71,290                          
Angiodynamics, Inc. (a)           1,921         32,446                          
Apria Healthcare Group, Inc.                                                    
(a)                             4,144        133,644                        
Arrow International, Inc.         2,223         71,492                          
ArthroCare Corp. (a)              2,554         92,046                          
Aspect Medical Systems, Inc.                                                    
(a)                             1,512         23,572                        
Bio-Reference Labs, Inc. (a)        984         24,994                          
Biosite, Inc. (a)                 1,589        133,428                          
Bruker BioSciences Corp. (a)      3,935         41,396                          
Candela Corp. (a)                 2,205         25,181                          
Capital Senior Living Corp.                                                     
(a)                             2,017         23,417                        
Centene Corp. (a)                 4,210         88,368                          
Cepheid, Inc. (a)                 5,332         63,344                          
Cerus Corp. (a)                   2,623         17,705                          
Conceptus, Inc. (a)               2,226         44,520                          
CONMED Corp. (a)                  2,745         80,236                          
Cyberonics, Inc. (a)              2,105         39,532                          
Datascope Corp.                   1,260         45,599                          
DexCom, Inc. (a)                  1,490         11,711                          
DJO, Inc. (a)                     2,224         84,290                          
Emeritus Corp. (a)                  458         15,458                          
ev3, Inc. (a)                     1,530         30,141                          
Five Star Quality Care, Inc.                                                    
(a)                             2,928         30,100                        
Foxhollow Technologies, Inc.                                                    
(a)                             2,128         44,454                        
Genesis HealthCare Corp. (a)      1,912        120,666                          
Gentiva Health Services,                                                        
Inc. (a)                        2,629         53,027                        
Haemonetics Corp. (Mass) (a)      2,599        121,503                          
Hansen Medical, Inc. (a)            551         10,414                          
HealthTronics, Inc. (a)           3,313         17,857                          
Healthways, Inc. (a)              3,373        157,688                          
Hologic, Inc. (a)                 5,283        304,512                          
Horizon Health Corp. (a)          1,392         27,214                          
Hythiam, Inc. (a)                 2,430         16,524                          
ICU Medical, Inc. (a)             1,395         54,684                          
Immucor, Inc. (a)                 6,628        195,062                          
Intralase Corp. (a)               2,094         52,308                          
Invacare Corp.                    2,933         51,152                          
Inverness Medical                                                               
Innovations, Inc. (a)           3,775        165,270                        
IRIS International, Inc. (a)      1,654         23,073                          
Kensey Nash Corp. (a)             1,072         32,696                          
Kindred Healthcare, Inc. (a)      2,780         91,128                          
Kyphon, Inc. (a)                  4,433        200,106                          
LCA-Vision, Inc.                  2,028         83,533                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       14        E*TRADE Russell 2000 Index Fund

N-Q
16th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 16th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
HEALTH CARE (CONTINUED)                                                         
---------------------------------------------------------                       
LHC Group, Inc. (a)               1,090  $      35,349                          
Luminex Corp. (a)                 3,125         42,875                          
Magellan Health Services,                                                       
Inc. (a)                        3,901        163,842                        
Matria Healthcare, Inc. (a)       1,982         52,246                          
Medcath Corp. (a)                   835         22,796                          
Medical Action Industries,                                                      
Inc. (a)                        1,278         30,544                        
Mentor Corp.                      3,550        163,300                          
Meridian Bioscience, Inc.         1,985         55,104                          
Merit Medical Systems, Inc.                                                     
(a)                             2,526         31,701                        
Molina Healthcare, Inc. (a)       1,132         34,628                          
National Healthcare Corp.           598         30,486                          
Natus Medical, Inc. (a)           1,972         35,042                          
Neurometrix, Inc. (a)             1,108         10,759                          
Nighthawk Radiology                                                             
Holdings, Inc. (a)                559         10,168                        
NuVasive, Inc. (a)                3,235         76,831                          
NxStage Medical, Inc. (a)         1,144         15,238                          
Oakley, Inc.                      2,351         47,349                          
Odyssey HealthCare, Inc. (a)      3,378         44,353                          
Option Care, Inc.                 2,426         32,266                          
OraSure Technologies, Inc.                                                      
(a)                             4,258         31,296                        
Palomar Medical                                                                 
Technologies, Inc. (a)          1,701         67,955                        
PolyMedica Corp.                  2,252         95,327                          
PSS World Medical, Inc. (a)       6,599        139,503                          
Psychiatric Solutions, Inc.                                                     
(a)                             5,306        213,885                        
Quidel Corp. (a)                  2,788         33,456                          
Radiation Therapy Services,                                                     
Inc. (a)                        1,139         34,899                        
RehabCare Group, Inc. (a)         1,604         25,456                          
Res-Care, Inc. (a)                2,049         35,858                          
Sirona Dental Systems, Inc.       1,721         59,306                          
SonoSite, Inc. (a)                1,592         44,990                          
Spectranetics Corp. (a)           2,838         30,367                          
Stereotaxis, Inc. (a)             2,173         25,859                          
STERIS Corp.                      6,612        175,615                          
Sun Healthcare Group, Inc.                                                      
(a)                             2,943         36,346                        
Sunrise Senior Living, Inc.                                                     
(a)                             4,340        171,517                        
SurModics, Inc. (a)               1,556         56,016                          
Symbion, Inc. (a)                 1,672         32,788                          
Symmetry Medical, Inc. (a)        3,409         55,669                          
ThermoGenesis Corp. (a)           5,089         18,524                          
Thoratec Corp. (a)                5,153        107,698                          
United Surgical Partners                                                        
International, Inc. (a)         4,340        133,715                        
Ventana Medical Systems,                                                        
Inc. (a)                        2,817        118,032                        
Viasys Healthcare, Inc. (a)       3,163        107,510                          
Visicu, Inc. (a)                    557          4,345                          
VistaCare, Inc., Class A (a)        982          8,543                          
Vital Images, Inc. (a)            1,639         54,513                          
Vital Signs, Inc.                   634         32,955                          
Volcano Corp. (a)                   819         14,750                          
West Pharmaceutical                                                             
Services, Inc.                  3,157        146,580                        
Wright Medical Group, Inc.                                                      
(a)                             3,343         74,515                        
Xtent, Inc. (a)                     470          5,278                          
Young Innovations, Inc.             450         12,249                          
Zoll Medical Corp. (a)            1,818         48,450                          
                --------------
                   6,837,636
HOLDING COMPANIES - 0.2%                                                        
---------------------------------------------------------                       
Freedom Acquisition                                                             
Holdings, Inc. (a)              5,294         50,664                        
Information Services Group,                                                     
Inc. (a)                        3,242         24,185                        
Navigators Group, Inc. (a)        1,275         63,967                          
NTR Acquisition Co. (a)           2,462         22,429                          
Star Maritime Acquisition                                                       
Corp. (a)                       1,750         17,937                        
Triarc Cos., Inc.                 6,489        111,546                          
                --------------
                     290,728
        SHARES           VALUE
---------------------------------------------------------                       
HOME BUILDERS - 0.5%                                                            
---------------------------------------------------------                       
Amrep Corp.                         158  $      12,205                          
Brookfield Homes Corp.            1,204         38,648                          
Cavco Industries, Inc. (a)          600         20,970                          
Champion Enterprises, Inc.                                                      
(a)                             7,452         65,578                        
Fleetwood Enterprises, Inc.                                                     
(a)                             6,028         47,681                        
Hovnanian Enterprises, Inc.,                                                    
Class A (a)                     4,873        122,605                        
Levitt Corp., Class A             1,545         14,384                          
M/I Homes, Inc.                   1,116         29,630                          
Meritage Homes Corp. (a)          2,209         70,953                          
Monaco Coach Corp.                2,612         41,609                          
Orleans Homebuilders, Inc.          393          3,478                          
Palm Harbor Homes, Inc. (a)         891         12,777                          
Skyline Corp.                       644         21,729                          
Technical Olympic USA, Inc.       1,824          7,278                          
WCI Communities, Inc. (a)         3,267         69,718                          
Williams Scotsman                                                               
International, Inc. (a)         2,812         55,284                        
Winnebago Industries              3,181        106,977                          
                --------------
                     741,504
HOME FURNISHINGS - 0.5%                                                         
---------------------------------------------------------                       
American Woodmark Corp.           1,167         42,899                          
Audiovox Corp. (a)                1,535         22,610                          
DTS, Inc. (a)                     1,718         41,627                          
Ethan Allen Interiors, Inc.       3,229        114,113                          
Furniture Brands                                                                
International, Inc.             4,408         69,558                        
Hooker Furniture Corp.              992         19,890                          
Kimball International, Inc.       2,333         44,980                          
La-Z-Boy, Inc.                    5,054         62,568                          
Sealy Corp.                       1,872         32,723                          
Stanley Furniture Co., Inc.       1,032         21,466                          
Tempur-Pedic International,                                                     
Inc.                            4,899        127,325                        
Universal Electronics, Inc.                                                     
(a)                             1,278         35,605                        
                --------------
                     635,364
HOUSEHOLD PRODUCTS / WARE - 0.7%                                                
---------------------------------------------------------                       
American Greetings Corp.,                                                       
Class A                         5,215        121,040                        
Blyth, Inc.                       2,523         53,261                          
Central Garden & Pet Co.,                                                       
Class A (a)                     6,315         92,830                        
CSS Industries, Inc.                638         23,912                          
Ennis, Inc.                       2,490         66,632                          
Fossil, Inc. (a)                  4,234        112,074                          
Harland (John H.) Co.             2,623        134,376                          
Lifetime Brands, Inc.             1,064         22,227                          
National Presto Industries,                                                     
Inc.                              440         27,122                        
Playtex Products, Inc. (a)        5,458         74,065                          
Prestige Brands Holdings,                                                       
Inc. (a)                        3,087         36,581                        
Russ Berrie & Co., Inc. (a)       1,092         15,397                          
Spectrum Brands, Inc. (a)         3,426         21,687                          
Standard Register Co. (The)       1,686         21,328                          
Tupperware Brands Corp.           5,926        147,735                          
                --------------
                     970,267
INSURANCE - 2.5%                                                                
---------------------------------------------------------                       
21st Century Insurance Group      3,189         67,607                          
ACA Capital Holdings Inc. (a)       609          8,538                          
Affirmative Insurance                                                           
Holdings, Inc.                    665         11,505                        
Alfa Corp.                        3,075         56,826                          
American Equity Investment                                                      
Life Holding Co.                5,437         71,388                        
American Physicians Capital                                                     
Inc. (a)                          920         36,874                        
AmTrust Financial Services,                                                     
Inc.                            2,420         25,555                        
Argonaut Group, Inc. (a)          3,311        107,144                          
Baldwin & Lyons, Inc., Class                                                    
B                                 764         19,444                        
Bristol West Holdings, Inc.       1,418         31,437                          
CNA Surety Corp. (a)              1,483         31,291                          
Commerce Group, Inc.              5,312        159,573                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       15        E*TRADE Russell 2000 Index Fund

N-Q
17th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 17th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
INSURANCE (CONTINUED)                                                           
---------------------------------------------------------                       
Crawford & Co., Class B           2,165  $      12,557                          
Delphi Financial Group,                                                         
Inc., Class A                   4,046        162,771                        
Direct General Corp.              1,370         29,126                          
Donegal Group, Inc., Class A      1,227         20,835                          
eHealth, Inc. (a)                   506         11,916                          
EMC Insurance Group, Inc.           549         14,164                          
Employers Holdings, Inc. (a)      5,687        113,854                          
FBL Financial Group, Inc.,                                                      
Class A                         1,327         51,926                        
First Acceptance Corp. (a)        1,552         16,249                          
First Mercury Financial                                                         
Corp. (a)                       1,035         21,269                        
Fpic Insurance Group, Inc.                                                      
(a)                             1,020         45,563                        
Great American Financial                                                        
Resources, Inc.                   833         20,392                        
Harleysville Group, Inc.          1,344         43,667                          
Hilb, Rogal & Hamilton Co.        3,536        173,441                          
Horace Mann Educators Corp.       4,202         86,351                          
Independence Holding Co.            475         10,279                          
Infinity Property & Casualty                                                    
Corp.                           1,954         91,564                        
James River Group, Inc. (a)         846         26,488                          
Kansas City Life Insurance                                                      
Co.                               370         16,650                        
LandAmerica Financial Group,                                                    
Inc.                            1,741        128,677                        
Meadowbrook Insurance Group,                                                    
Inc. (a)                        2,334         25,651                        
Midland Co. (The)                 1,136         48,189                          
National Interstate Corp.         1,548         39,877                          
National Western Life                                                           
Insurance Co., Class A            220         53,856                        
NYMAGIC, Inc.                       547         22,345                          
Odyssey Re Holdings Corp.         1,256         49,373                          
Ohio Casualty Corp.               5,895        176,555                          
PMA Capital Corp., Class A                                                      
(a)                             2,991         28,086                        
Presidential Life Corp.           2,097         41,353                          
ProAssurance Corp. (a)            3,243        165,879                          
RLI Corp.                         2,181        119,802                          
Safety Insurance Group, Inc.      1,345         53,961                          
SCPIE Holdings, Inc. (a)            932         21,156                          
SeaBright Insurance                                                             
Holdings, Inc. (a)              1,475         27,140                        
Selective Insurance Group         5,702        145,173                          
State Auto Financial Corp.        1,406         45,175                          
Stewart Information Services                                                    
Corp.                           1,681         70,249                        
Tower Group, Inc.                 1,903         61,315                          
Triad Guaranty, Inc. (a)          1,088         45,054                          
United Fire & Casualty Co.        2,015         70,787                          
Universal American Financial                                                    
Corp. (a)                       3,721         72,113                        
USI Holdings Corp. (a)            4,511         76,010                          
Zenith National Insurance                                                       
Corp.                           3,609        170,597                        
                --------------
                   3,354,617
INTERNET COMPANIES - 2.4%                                                       
---------------------------------------------------------                       
1-800-Flowers.Com, Inc. (a)       2,325         18,089                          
aQuantive, Inc. (a)               7,632        213,009                          
Ariba, Inc. (a)                   7,289         68,517                          
Audible, Inc. (a)                 2,275         23,637                          
Blue Coat Systems, Inc. (a)       1,413         51,899                          
Blue Nile, Inc. (a)               1,295         52,655                          
Chordiant Software, Inc. (a)      2,942         30,450                          
CMGI, Inc. (a)                   45,160         95,739                          
CNET Networks, Inc. (a)          14,651        127,610                          
Cogent Communications Group,                                                    
Inc. (a)                        2,050         48,442                        
Covad Communications Group,                                                     
Inc. (a)                       27,167         34,502                        
Cybersource Corp. (a)             2,831         35,416                          
DealerTrack Holdings, Inc.                                                      
(a)                             1,095         33,638                        
Digital River, Inc. (a)           3,961        218,845                          
Drugstore.Com (a)                 7,431         19,172                          
EarthLink, Inc. (a)              11,982         88,068                          
eCollege.com, Inc. (a)            1,679         30,138                          
        SHARES           VALUE
---------------------------------------------------------                       
INTERNET COMPANIES (CONTINUED)                                                  
---------------------------------------------------------                       
eResearch Technology, Inc.                                                      
(a)                             4,569  $      35,912                        
Infospace, Inc. (a)               3,049         78,268                          
Internap Network Services                                                       
Corp. (a)                       4,288         67,536                        
Internet Capital Group, Inc.                                                    
(a)                             3,829         40,970                        
Interwoven, Inc. (a)              4,173         70,524                          
Ipass, Inc. (a)                   6,024         30,301                          
Lionbridge Technologies,                                                        
Inc. (a)                        5,537         28,183                        
Liquidity Services, Inc. (a)        733         12,417                          
LoopNet, Inc. (a)                   188          3,213                          
NetFlix, Inc. (a)                 4,404        102,129                          
NetRatings, Inc. (a)              1,234         25,667                          
NIC, Inc.                         3,550         19,028                          
Online Resources Corp. (a)        2,129         24,420                          
Openwave Systems, Inc. (a)        9,224         75,176                          
Opsware, Inc. (a)                 7,733         56,064                          
Overstock.Com, Inc. (a)           1,245         20,667                          
Priceline.com, Inc. (a)           2,280        121,433                          
Safeguard Scientifics, Inc.                                                     
(a)                            11,148         32,998                        
Sapient Corp. (a)                 7,967         54,654                          
Shutterfly, Inc. (a)                231          3,705                          
Sohu.com, Inc. (a)                2,441         52,311                          
Terremark Worldwide, Inc. (a)     3,632         29,274                          
TheStreet.com, Inc.               1,735         21,254                          
TIBCO Software, Inc. (a)         20,574        175,290                          
Travelzoo, Inc. (a)                 270          9,928                          
Trizetto Group (a)                4,531         90,665                          
United Online, Inc.               6,273         88,010                          
US Auto Parts Network, Inc.                                                     
(a)                             1,001          5,375                        
Valueclick, Inc. (a)              9,611        251,135                          
Vasco Data Security                                                             
International, Inc. (a)         2,432         43,460                        
WebEx Communications, Inc.                                                      
(a)                             4,428        251,776                        
webMethods, Inc. (a)              5,041         36,245                          
Websense, Inc. (a)                4,368        100,420                          
                --------------
                   3,248,234
INVESTMENT COMPANIES - 0.1%                                                     
---------------------------------------------------------                       
FTD Group, Inc. (a)               1,213         20,051                          
Highland Distressed                                                             
Opportunities, Inc. (a)         1,737         24,961                        
Kohlberg Capital Corp.            1,353         21,648                          
                --------------
                      66,660
IRON / STEEL - 0.8%                                                             
---------------------------------------------------------                       
Ak Steel Holding Corp. (a)       11,029        257,968                          
Chaparral Steel Co.               4,616        268,513                          
Claymont Steel Holdings,                                                        
Inc. (a)                          871         17,359                        
Cleveland-Cliffs, Inc.            4,176        267,306                          
Gibraltar Industries, Inc.        2,288         51,755                          
Olympic Steel, Inc.                 791         24,513                          
Ryerson, Inc.                     2,545        100,833                          
Schnitzer Steel Industries,                                                     
Inc.                            2,207         88,655                        
Shiloh Industries, Inc.             389          4,388                          
Steel Technologies, Inc.          1,079         31,917                          
Wheeling-Pittsburgh Corp. (a)     1,018         24,116                          
                --------------
                   1,137,323
LEISURE TIME - 0.6%                                                             
---------------------------------------------------------                       
Ambassadors Group, Inc.           1,951         64,851                          
Ambassadors International,                                                      
Inc.                              662         30,545                        
Arctic Cat, Inc.                  1,191         23,212                          
Bally Total Fitness Holding                                                     
Corp. (a)                       3,174          1,936                        
Callaway Golf Co.                 7,396        116,561                          
K2, Inc. (a)                      4,953         59,882                          
Life Time Fitness, Inc. (a)       2,970        152,688                          
Marine Products Corp.             1,140         10,910                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       16        E*TRADE Russell 2000 Index Fund

N-Q
18th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 18th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
LEISURE TIME (CONTINUED)                                                        
---------------------------------------------------------                       
Nautilus, Inc.                    3,205  $      49,453                          
Polaris Industries, Inc.          3,465        166,251                          
Town Sports International                                                       
Holdings, Inc. (a)                830         18,094                        
WMS Industries, Inc. (a)          2,639        103,554                          
                --------------
                     797,937
LODGING - 0.4%                                                                  
---------------------------------------------------------                       
Ameristar Casinos, Inc.           2,521         80,949                          
Gaylord Entertainment Co. (a)     4,072        215,286                          
Lodgian, Inc. (a)                 1,897         25,344                          
Marcus Corp.                      2,099         48,823                          
Monarch Casino & Resort,                                                        
Inc. (a)                          965         25,090                        
Morgans Hotel Group Co. (a)       1,669         35,066                          
MTR Gaming Group, Inc. (a)        2,102         27,494                          
Riviera Holdings Corp. (a)        1,036         28,956                          
Trump Entertainment                                                             
Resorts, Inc. (a)               3,025         54,662                        
                --------------
                     541,670
MACHINERY - 1.4%                                                                
---------------------------------------------------------                       
Albany International Corp.,                                                     
Class A                         2,611         93,839                        
Altra Holdings, Inc. (a)          1,002         13,737                          
Applied Industrial                                                              
Technologies, Inc.              4,369        107,172                        
Astec Industries, Inc. (a)        1,661         66,855                          
Briggs & Stratton Corp.           4,998        154,188                          
Bucyrus International, Inc.,                                                    
Class A                         3,083        158,774                        
Cascade Corp.                     1,225         73,267                          
Chart Industries, Inc. (a)        1,274         23,136                          
Cognex Corp.                      4,555         98,707                          
DXP Enterprises, Inc. (a)           139          5,310                          
Gehl Co. (a)                        991         25,152                          
Gerber Scientific, Inc. (a)       2,094         22,217                          
Gorman-Rupp Co. (The)             1,059         33,920                          
Intermec, Inc. (a)                4,921        109,935                          
Intevac, Inc. (a)                 2,052         54,111                          
iRobot Corp. (a)                  1,079         14,103                          
Kadant, Inc. (a)                  1,261         31,979                          
Lindsay Corp.                     1,069         33,983                          
Middleby Corp. (a)                  651         85,828                          
NACCO Industries, Inc.,                                                         
Class A                           539         74,064                        
Nordson Corp.                     2,876        133,619                          
OYO Geospace Corp. (a)              372         26,382                          
Paxar Corp. (a)                   4,012        115,144                          
Presstek, Inc. (a)                2,737         16,559                          
Robbins & Myers, Inc.             1,295         48,291                          
Sauer-Danfoss, Inc.                 956         28,776                          
Tecumseh Products Co. (a)         1,541         15,518                          
Tennant Co.                       1,608         50,636                          
TurboChef Technologies, Inc.                                                    
(a)                             1,277         19,436                        
Wabtec Corp.                      4,742        163,552                          
                --------------
                   1,898,190
MANUFACTURERS - 0.5%                                                            
---------------------------------------------------------                       
Aptargroup, Inc.                  3,522        235,728                          
EnPro Industries, Inc. (a)        2,060         74,263                          
Federal Signal Corp.              4,716         73,192                          
Flanders Corp. (a)                1,187          8,606                          
Freightcar America, Inc.          1,228         59,153                          
Lancaster Colony Corp.            2,370        104,730                          
Tredegar Corp.                    3,332         75,936                          
                --------------
                     631,608
MANUFACTURING - 0.6%                                                            
---------------------------------------------------------                       
Acuity Brands, Inc.               4,501        245,034                          
American Railcar Industries,                                                    
Inc.                              838         24,981                        
Blount International, Inc.                                                      
(a)                             3,708         46,165                        
ESCO Technologies, Inc. (a)       2,520        112,946                          
        SHARES           VALUE
---------------------------------------------------------                       
MANUFACTURING (CONTINUED)                                                       
---------------------------------------------------------                       
GenTek, Inc. (a)                    948  $      32,289                          
Hexcel Corp. (a)                  9,121        181,052                          
Koppers Holdings, Inc.              925         23,736                          
Lamson & Sessions Co. (a)         1,356         37,683                          
PW Eagle, Inc.                      975         32,214                          
Reddy Ice Holdings, Inc.          1,630         49,193                          
Smith & Wesson Holding Corp.                                                    
(a)                             2,706         35,422                        
Standex International Corp.       1,147         32,701                          
                --------------
                     853,416
MEDIA - 1.4%                                                                    
---------------------------------------------------------                       
Acacia Research - Acacia                                                        
Technologies (a)                2,583         40,863                        
Belo Corp., Class A               8,876        165,715                          
Charter Communications, Inc.                                                    
(a)                            37,496        104,614                        
Citadel Broadcasting Corp.        3,423         32,553                          
CKX, Inc. (a)                     4,991         55,400                          
Courier Corp.                       929         36,296                          
Cox Radio, Inc. (a)               4,414         60,251                          
Crown Media Holdings, Inc.                                                      
(a)                             1,295          6,902                        
Cumulus Media, Inc., Class A                                                    
(a)                             3,170         29,735                        
Emmis Communications Corp.        3,053         25,767                          
Entercom Communications                                                         
Corp.                           3,116         87,809                        
Entravision Communication                                                       
Corp. (a)                       6,543         61,112                        
Fisher Communications, Inc.                                                     
(a)                               706         34,311                        
GateHouse Media, Inc.             1,456         29,557                          
Gemstar - TV Guide                                                              
International, Inc. (a)        24,242        101,574                        
Gray Television, Inc. (a)         3,978         41,451                          
Journal Communications, Inc.      4,136         54,223                          
Journal Register Co.              3,671         21,879                          
Jupitermedia Corp. (a)            2,012         13,319                          
Lee Enterprises, Inc.             4,470        134,323                          
Lin TV Corp., Class A (a)         2,561         40,720                          
LodgeNet Entertainment Corp.                                                    
(a)                             1,621         49,797                        
Martha Stewart Living                                                           
Omnimedia, Class A              2,471         42,032                        
Media General Inc., Class A       2,158         82,349                          
Mediacom Communications                                                         
Corp. (a)                       5,414         44,070                        
Outdoor Channel holdings,                                                       
Inc. (a)                        1,241         12,683                        
Playboy Enterprises, Inc.,                                                      
Class B (a)                     1,975         20,323                        
Primedia, Inc. (a)               19,404         51,615                          
Private Media Group Ltd. (a)      2,171          5,341                          
Radio One, Inc., Class D (a)      7,476         48,295                          
Salem Communications Corp.,                                                     
Class A                           922         11,525                        
Scholastic Corp. (a)              3,429        106,642                          
Sinclair Broadcast Group,                                                       
Inc., Class A                   4,449         68,737                        
Spanish Broadcasting System,                                                    
Inc., Class A (a)               4,135         16,540                        
Sun-Times Media Group, Inc.       6,126         30,385                          
TiVo, Inc. (a)                    8,302         52,718                          
Value Line, Inc.                    119          5,688                          
Westwood One, Inc.                6,859         47,121                          
World Wrestling                                                                 
Entertainment, Inc.             1,986         32,372                        
                --------------
                   1,906,607
METAL FABRICATE / HARDWARE - 0.6%                                               
---------------------------------------------------------                       
AM Castle & Co.                     925         27,158                          
Ampco-Pittsburgh Corp.              679         19,616                          
CIRCOR International, Inc.        1,562         55,763                          
Dynamic Materials Corp.           1,093         35,763                          
Kaydon Corp.                      2,756        117,295                          
Ladish Co., Inc. (a)              1,370         51,567                          
Lawson Products                     375         14,205                          
LB Foster Co. (a)                   964         19,868                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       17        E*TRADE Russell 2000 Index Fund

N-Q
19th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 19th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
METAL FABRICATE / HARDWARE (CONTINUED)                                          
---------------------------------------------------------                       
Mueller Water Products, Inc.     10,833  $     149,604                          
NN, Inc.                          1,629         20,346                          
RBC Bearings, Inc. (a)            1,999         66,827                          
Valmont Industries, Inc.          1,767        102,186                          
Worthington Industries, Inc.      7,073        145,562                          
                --------------
                     825,760
METALS - DIVERSIFIED - 0.6%                                                     
---------------------------------------------------------                       
Ameron International Corp.          854         56,245                          
Griffon Corp. (a)                 2,908         71,973                          
Gulf Island Fabrication,                                                        
Inc.                            1,178         31,500                        
Matthews International                                                          
Corp., Class A                  3,139        127,757                        
Mueller Industries, Inc.          3,602        108,420                          
Quanex Corp.                      3,689        156,229                          
RTI International Metals,                                                       
Inc. (a)                        2,282        207,685                        
                --------------
                     759,809
MINING - 0.6%                                                                   
---------------------------------------------------------                       
AMCOL International Corp.         2,074         61,494                          
Brush Engineered Materials,                                                     
Inc. (a)                        1,896         91,899                        
Century Aluminum Co. (a)          2,259        105,902                          
Coeur d'Alene Mines Corp. (a)    27,165        111,648                          
Compass Minerals                                                                
International, Inc.             3,124        104,341                        
Hecla Mining Co. (a)             11,648        105,531                          
Royal Gold, Inc.                  1,837         55,294                          
Stillwater Mining Co. (a)         4,036         51,217                          
USEC, Inc. (a)                    8,496        138,060                          
                --------------
                     825,386
OFFICE/BUSINESS EQUIPMENT - 0.4%                                                
---------------------------------------------------------                       
Compx International, Inc.           100          1,613                          
Global Imaging Systems, Inc.                                                    
(a)                             5,068         98,826                        
Herman Miller, Inc.               6,650        222,709                          
IKON Office Solutions, Inc.      10,738        154,305                          
Knoll, Inc.                       2,962         70,584                          
                --------------
                     548,037
OIL & GAS - 0.5%                                                                
---------------------------------------------------------                       
Arena Resources, Inc. (a)         1,148         57,538                          
Aurora Oil & Gas Corp. (a)        7,939         20,721                          
Complete Production                                                             
Services, Inc. (a)              2,545         50,671                        
Delek US Holdings, Inc.             971         18,575                          
Exploration Co. of Delaware,                                                    
Inc. (The) (a)                  2,706         29,360                        
Geoglobal Resources, Inc. (a)     2,779         16,980                          
GeoMet, Inc. (a)                    868          7,656                          
GMX Resources, Inc. (a)             926         28,456                          
Gulfport Energy Corp. (a)         1,333         17,809                          
Mariner Energy, Inc. (a)          7,156        136,894                          
Metretek Technologies, Inc.                                                     
(a)                             1,483         19,783                        
NATCO Group, Inc. (a)             1,428         48,723                          
PrimeEnergy Corp. (a)                59          3,432                          
Quest Resource Corp. (a)          1,814         16,634                          
RAM Energy Resources, Inc.                                                      
(a)                             2,480         11,482                        
Sulphco, Inc. (a)                 3,288         11,245                          
T-3 Energy Services, Inc. (a)       100          2,012                          
Transmeridian Exploration,                                                      
Inc. (a)                        6,891         19,708                        
Trico Marine Services, Inc.                                                     
(a)                             1,158         43,147                        
Vaalco Energy, Inc. (a)           5,344         27,682                          
Venoco Inc. (a)                   1,182         21,111                          
                --------------
                     609,619
OIL & GAS PRODUCERS - 2.2%                                                      
---------------------------------------------------------                       
ATP Oil & Gas Corp. (a)           1,971         74,110                          
Atwood Oceanics, Inc. (a)         2,638        154,824                          
Berry Petroleum Co., Class A      3,449        105,746                          
Bois D'ARC Energy, Inc. (a)       1,589         21,022                          
        SHARES           VALUE
---------------------------------------------------------                       
OIL & GAS PRODUCERS (CONTINUED)                                                 
---------------------------------------------------------                       
Carrizo Oil & Gas, Inc. (a)       2,168  $      75,793                          
Cascade Natural Gas Corp.         1,065         28,063                          
Clayton Williams Energy,                                                        
Inc. (a)                          470         13,334                        
Encore Acquisition Co. (a)        5,160        124,820                          
Energy Partners, Ltd. (a)         3,746         67,990                          
Gasco Energy, Inc. (a)            6,812         16,621                          
Goodrich Petroleum Corp. (a)      1,393         46,847                          
Grey Wolf, Inc. (a)              19,005        127,334                          
Hanover Compressor Co. (a)       10,250        228,062                          
Harvest Natural Resources,                                                      
Inc. (a)                        3,446         33,564                        
Houston Exploration Co. (a)       2,843        153,380                          
McMoRan Exploration Co. (a)       2,263         31,026                          
Meridian Resources Corp.                                                        
(The) (a)                       8,065         19,437                        
New Jersey Resources Corp.        2,739        137,087                          
Northwest Natural Gas Co.         2,695        123,081                          
Parallel Petroleum Corp. (a)      3,661         84,020                          
Parker Drilling Co. (a)          10,568         99,234                          
Penn Virginia Corp.               1,822        133,735                          
Petrohawk Energy Corp. (a)       13,901        183,076                          
Petroleum Development Corp.                                                     
(a)                             1,410         75,534                        
Petroquest Energy, Inc. (a)       4,002         46,783                          
Pioneer Drilling Co. (a)          4,042         51,293                          
RPC, Inc.                         3,023         50,363                          
South Jersey Industries,                                                        
Inc.                            2,850        108,443                        
Southwest Gas Corp.               3,914        152,137                          
Stone Energy Corp. (a)            2,664         79,094                          
Swift Energy Co. (a)              2,847        118,919                          
Toreador Resources Corp. (a)      1,121         20,346                          
W-H Energy Services, Inc. (a)     2,879        134,564                          
Warren Resources, Inc. (a)        5,041         65,684                          
WD-40 Co.                         1,641         52,036                          
                --------------
                   3,037,402
OIL & GAS SERVICES - 2.4%                                                       
---------------------------------------------------------                       
Allis-Chalmers Energy, Inc.                                                     
(a)                             2,553         40,210                        
Alon USA Energy, Inc.             1,116         40,399                          
Aquila, Inc. (a)                 36,537        152,725                          
Atlas America, Inc. (a)           1,696         95,807                          
Basic Energy Services, Inc.                                                     
(a)                             1,313         30,593                        
Bill Barrett Corp. (a)            2,782         90,165                          
Brigham Exploration Co. (a)       4,219         26,242                          
Bronco Drilling Co., Inc. (a)     1,284         21,276                          
Cal Dive International, Inc.                                                    
(a)                             2,223         27,143                        
Callon Petroleum Co. (a)          1,884         25,566                          
CARBO Ceramics, Inc.              1,959         91,191                          
Comstock Resources, Inc. (a)      4,200        114,996                          
Crosstex Energy, Inc.             3,098         89,067                          
Dawson Geophysical Co. (a)          711         35,216                          
Delta Petroleum Corp. (a)         5,493        126,119                          
Dril-Quip, Inc. (a)               2,163         93,615                          
Edge Petroleum Corp. (a)          2,773         34,718                          
EXCO Resources, Inc. (a)          5,082         84,259                          
Giant Industries, Inc. (a)        1,431        108,255                          
Hercules Offshore, Inc. (a)       1,980         51,995                          
Hornbeck Offshore Services,                                                     
Inc. (a)                        2,320         66,468                        
Hydril (a)                        1,637        157,545                          
Input/Output, Inc. (a)            6,887         94,903                          
Lone Star Technologies, Inc.                                                    
(a)                             3,085        203,702                        
Lufkin Industries, Inc.           1,446         81,236                          
Markwest Hydrocarbon, Inc.          579         35,898                          
Matrix Service Co. (a)            2,247         45,457                          
Newpark Resources, Inc. (a)       8,735         61,582                          
Oil States International,                                                       
Inc. (a)                        4,840        155,315                        
Piedmont Natural Gas Co.,                                                       
Inc.                            7,653        201,886                        
Rosetta Resources, Inc. (a)       4,944        101,550                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       18        E*TRADE Russell 2000 Index Fund

N-Q
20th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 20th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
OIL & GAS SERVICES (CONTINUED)                                                  
---------------------------------------------------------                       
Superior Well Services, Inc.                                                    
(a)                             1,202  $      27,466                        
Union Drilling, Inc. (a)          1,193         16,941                          
Universal Compression                                                           
Holdings, Inc. (a)              3,022        204,529                        
Western Refining, Inc.            2,266         88,419                          
WGL Holdings Inc.                 4,765        152,385                          
Whiting Petroleum Corp. (a)       3,612        142,349                          
                --------------
                     3,217,188
PACKAGING & CONTAINERS - 0.4%                                                   
---------------------------------------------------------                       
AEP Industries, Inc. (a)            601         25,843                          
Chesapeake Corp.                  1,838         27,754                          
Graphic Packaging Corp. (a)       7,023         33,289                          
Greif Inc., Class A               1,610        178,887                          
Longview Fibre Co.                6,426        158,272                          
Silgan Holdings, Inc.             2,273        116,173                          
                --------------
                     540,218
PHARMACEUTICALS - 3.6%                                                          
---------------------------------------------------------                       
Abaxis, Inc. (a)                  1,962         47,814                          
Acadia Pharmaceuticals, Inc.                                                    
(a)                             2,288         34,366                        
Adams Respiratory                                                               
Therapeutics, Inc. (a)          2,965         99,713                        
Adolor Corp. (a)                  4,197         36,724                          
Akorn, Inc. (a)                   4,490         30,307                          
Align Technology, Inc. (a)        5,450         86,437                          
Alkermes, Inc. (a)                9,449        145,893                          
Allscripts Healthcare                                                           
Solutions, Inc. (a)             4,876        130,726                        
Alnylam Pharmaceuticals,                                                        
Inc. (a)                        3,616         65,088                        
Alpharma, Inc., Class A           4,149         99,908                          
Altus Pharmaceuticals, Inc.                                                     
(a)                               685         10,426                        
American Oriental                                                               
Bioengineering, Inc. (a)        4,364         40,978                        
Anadys Pharmaceuticals, Inc.                                                    
(a)                             2,690         10,679                        
Animal Health International,                                                    
Inc. (a)                        1,182         14,290                        
Array Biopharma, Inc. (a)         3,817         48,476                          
AtheroGenics, Inc. (a)            3,854         10,830                          
Auxilium Pharmaceuticals,                                                       
Inc. (a)                        2,402         35,261                        
AVANIR Pharmaceuticals (a)        3,280          4,002                          
AVI Biopharma, Inc. (a)           4,660         12,489                          
Bentley Pharmaceuticals,                                                        
Inc. (a)                        1,823         14,930                        
Bioenvision, Inc. (a)             3,342         13,669                          
BioMarin Pharmaceuticals,                                                       
Inc. (a)                        8,928        154,097                        
Bradley Pharmaceuticals,                                                        
Inc. (a)                        1,349         25,887                        
Cadence Pharmaceuticals,                                                        
Inc. (a)                          609          9,013                        
Caraco Pharm Labs, Inc. (a)         904         11,011                          
Cell Genesys, Inc. (a)            5,134         21,563                          
Combinatorx, Inc. (a)             2,284         15,965                          
Cubist Pharmaceuticals, Inc.                                                    
(a)                             5,307        117,125                        
CV Therapeutics, Inc. (a)         5,786         45,536                          
Cypress Bioscience, Inc. (a)      2,973         22,595                          
Dendreon Corp. (a)                7,727         99,910                          
Depomed, Inc. (a)                 3,476         12,409                          
Digene Corp. (a)                  1,713         72,648                          
Durect Corp. (a)                  5,690         23,670                          
Emergent Biosolutions, Inc.         442          5,932                          
Emisphere Technologies, Inc.                                                    
(a)                             2,251          7,203                        
Genta, Inc. (a)                  13,022          4,037                          
Geron Corp. (a)                   7,304         51,128                          
Hana Biosciences, Inc. (a)        2,713          5,182                          
HealthExtras, Inc. (a)            2,654         76,382                          
Hi-Tech Pharmacal Co., Inc.                                                     
(a)                               811          9,043                        
I-Flow Corp. (a)                  2,169         31,971                          
Idenix Pharmaceuticals, Inc.                                                    
(a)                             2,290         16,717                        
Indevus Pharmaceuticals,                                                        
Inc. (a)                        5,067         35,824                        
        SHARES           VALUE
---------------------------------------------------------                       
PHARMACEUTICALS (CONTINUED)                                                     
---------------------------------------------------------                       
InterMune, Inc. (a)               2,541  $      62,661                          
Isis Pharmaceuticals, Inc.                                                      
(a)                             8,269         76,654                        
KV Pharmaceuticals Co. (a)        3,781         93,504                          
Mannatech, Inc.                   1,519         24,395                          
Mannkind Corp. (a)                3,080         44,044                          
Medarex, Inc. (a)                11,941        154,517                          
Medicines Co. (The) (a)           4,897        122,817                          
Medicis Pharmaceutical                                                          
Corp., Class A                  5,320        163,962                        
Metabasis Therapeutics, Inc.                                                    
(a)                             1,942         14,274                        
MGI Pharma, Inc. (a)              7,633        171,514                          
Nabi Biopharmaceuticals (a)       5,567         29,561                          
Nastech Pharmaceutical Co.,                                                     
Inc. (a)                        2,398         25,874                        
NBTY, Inc. (a)                    5,531        293,364                          
Neurocrine Biosciences, Inc.                                                    
(a)                             3,686         46,075                        
New River Pharmaceuticals,                                                      
Inc. (a)                        1,550         98,626                        
Novavax, Inc. (a)                 5,698         14,758                          
Noven Pharmaceuticals, Inc.                                                     
(a)                             2,238         51,922                        
NPS Pharmaceuticals, Inc. (a)     4,276         14,496                          
Nuvelo, Inc. (a)                  4,896         18,017                          
Obagi Medical Products, Inc.                                                    
(a)                               535          7,881                        
Onyx Pharmaceuticals, Inc.                                                      
(a)                             4,670        116,003                        
OSI Pharmaceuticals, Inc. (a)     5,561        183,513                          
Osiris Therapeutics, Inc.                                                       
(a)                               296          5,538                        
Pain Therapeutics, Inc. (a)       3,298         25,856                          
Par Pharmaceutical Cos.,                                                        
Inc. (a)                        3,425         86,036                        
Penwest Pharmaceuticals Co.                                                     
(a)                             2,118         21,349                        
Perrigo Co.                       7,591        134,057                          
PetMed Express, Inc. (a)          1,741         20,631                          
Pharmion Corp. (a)                2,361         62,071                          
POZEN, Inc. (a)                   2,326         34,308                          
Progenics Pharmaceuticals,                                                      
Inc. (a)                        2,105         49,846                        
Renovis, Inc. (a)                 1,819          6,366                          
Rigel Pharmaceuticals, Inc.                                                     
(a)                             2,304         25,021                        
Salix Pharmaceuticals Ltd.                                                      
(a)                             4,546         57,280                        
Santarus, Inc. (a)                4,690         33,018                          
Sciele Pharma, Inc. (a)           2,845         67,370                          
Somaxon Pharmaceuticals,                                                        
Inc. (a)                          442          5,392                        
SuperGen, Inc. (a)                4,588         27,069                          
Tanox, Inc. (a)                   2,377         44,593                          
Tiens Biotech Group USA,                                                        
Inc. (a)                          300          1,356                        
Trimeris, Inc. (a)                1,671         11,496                          
Trubion Pharmaceuticals,                                                        
Inc. (a)                          408          8,034                        
United Therapeutics, Inc. (a)     2,098        112,830                          
USANA Health Sciences, Inc.                                                     
(a)                               915         42,886                        
Valeant Pharmaceuticals                                                         
International                   9,069        156,803                        
ViroPharma, Inc. (a)              6,703         96,188                          
Xenoport Inc. (a)                 1,967         54,801                          
Zymogenetics, Inc. (a)            3,545         55,160                          
                --------------
                   4,941,641
REAL ESTATE - 0.1%                                                              
---------------------------------------------------------                       
Avatar Holdings, Inc. (a)           566         40,435                          
California Coastal                                                              
Communities, Inc.               1,025         20,797                        
Consolidated - Tomoka Land                                                      
Co.                               554         41,799                        
HFF, Inc., Class A (a)            1,648         24,720                          
Housevalues, Inc. (a)             1,160          5,870                          
Meruelo Maddux Properties,                                                      
Inc. (a)                        4,566         39,953                        
Resource Capital Corp.              474          7,650                          
Tarragon Corp.                    1,253         12,994                          
                --------------
                     194,218
REAL ESTATE INVESTMENT TRUST (REIT) - 7.2%                                      
---------------------------------------------------------                       
Acadia Realty Trust               3,104         80,921                          
Affordable Residential                                                          
Communities LP (a)              4,675         56,708                        

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       19        E*TRADE Russell 2000 Index Fund

N-Q
21st “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 21st
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
REAL ESTATE INVESTMENT TRUST (REIT) (CONTINUED)                                 
---------------------------------------------------------                       
Agree Realty Corp.                  728  $      24,854                          
Alexander's, Inc. (a)               196         80,693                          
Alexandria Real Estate                                                          
Equities, Inc.                  2,917        292,779                        
American Campus Communities,                                                    
Inc.                            2,238         67,789                        
American Financial Realty                                                       
Trust                          12,660        127,613                        
American Home Mortgage                                                          
Investment Corp.                4,308        116,273                        
Anthracite Capital, Inc.          5,576         66,912                          
Anworth Mortgage Asset Corp.      4,434         43,320                          
Arbor Realty Trust, Inc.          1,102         33,545                          
Ashford Hospitality Trust,                                                      
Inc., REIT                      5,873         70,124                        
BioMed Realty Trust, Inc.         6,374        167,636                          
Capital Lease Funding, Inc.       3,078         32,965                          
Capital Trust, Inc. (New                                                        
York)                           1,089         49,626                        
CBRE Realty Finance Inc.            940         12,436                          
Cedar Shopping Centers, Inc.      4,206         68,137                          
Corporate Office Properties                                                     
Trust SBI MD                    3,674        167,828                        
Cousins Properties, Inc.          3,743        122,995                          
Crescent Real Estate EQT Co.      7,705        154,562                          
Crystal River Capital, Inc.         696         18,681                          
DCT Industrial Trust, Inc.       16,877        199,655                          
Deerfield Triarc Capital                                                        
Corp.                           5,049         75,685                        
DiamondRock Hospitality Co.,                                                    
REIT                            8,486        161,234                        
Digital Realty Trust, Inc.        3,193        127,401                          
EastGroup Properties, Inc.        2,309        117,828                          
Education Realty  Trust,                                                        
Inc.                            2,450         36,211                        
Entertainment Properties                                                        
Trust                           2,585        155,746                        
Equity Inns, Inc.                 5,329         87,289                          
Equity Lifestyle Properties,                                                    
Inc.                            1,898        102,511                        
Equity One, Inc.                  3,728         98,792                          
Extra Space Storage, Inc.         5,624        106,519                          
FelCor Lodging Trust, Inc.        5,951        154,547                          
Fieldstone Investment Corp.       4,503         13,824                          
First Industrial Realty                                                         
Trust, Inc.                     4,486        203,216                        
First Potomac Realty Trust        2,344         66,968                          
Franklin Street Properties                                                      
Corp.                           5,705        109,422                        
Getty Realty Corp.                1,715         49,289                          
Glimcher Realty Trust             3,580         96,732                          
GMH Communities Trust             3,880         38,761                          
Gramercy Capital Corp (New                                                      
York)                           1,764         54,120                        
Healthcare Realty Trust,                                                        
Inc.                            4,672        174,266                        
Hersha Hospitality Trust          4,077         48,027                          
Highland Hospitality Corp.        5,836        103,881                          
Highwoods Properties, Inc.        5,419        213,996                          
Home Properties, Inc.             3,372        178,075                          
HomeBanc Corp./Atlanta, GA        5,255         18,340                          
IMPAC Mortgage Holdings,                                                        
Inc.                            7,194         35,970                        
Inland Real Estate Corp.          6,609        121,209                          
Innkeepers USA Trust              4,584         74,628                          
Investors Real Estate Trust       4,550         48,185                          
JER Investors Trust, Inc.         2,510         47,740                          
Kite Realty Group Trust           2,793         55,720                          
KKR Financial Corp.               8,057        221,004                          
LaSalle Hotel Properties          3,904        180,989                          
Lexington Corporate                                                             
Properties Trust                6,682        141,191                        
LTC Properties, Inc.              2,208         57,209                          
Luminent Mortgage Capital,                                                      
Inc.                            4,656         41,625                        
Maguire Properties, Inc.          3,701        131,608                          
Medical Properties Trust,                                                       
Inc.                            4,932         72,451                        
MFA Mortgage Investments,                                                       
Inc.                            7,485         57,635                        
Mid-America Apartment                                                           
Communities, Inc.               2,539        142,844                        
Mills Corp. (The)                 5,532        139,628                          
        SHARES           VALUE
---------------------------------------------------------                       
REAL ESTATE INVESTMENT TRUST (REIT) (CONTINUED)                                 
---------------------------------------------------------                       
National Health Investors,                                                      
Inc.                            2,302  $      72,145                        
National Retail Properties,                                                     
Inc.                            5,656        136,819                        
Nationwide Health                                                               
Properties, Inc.                8,929        279,121                        
Newcastle Investment Corp.        4,704        130,442                          
NorthStar Realty Finance                                                        
Corp., REIT                     5,735         87,229                        
Novastar Financial, Inc.          3,496         17,480                          
Omega Healthcare Investors,                                                     
Inc.                            5,668         97,206                        
Parkway Properties, Inc./MD       1,481         77,382                          
Pennsylvania Real Estate                                                        
Investment Trust                3,581        158,746                        
Post Properties, Inc.             4,193        191,746                          
Potlatch Corp.                    3,775        172,819                          
PS Business Parks, Inc.           1,560        110,011                          
Quadra Realty Trust, Inc. (a)     1,670         21,777                          
RAIT Financial Trust              6,075        169,735                          
Ramco-Gershenson Properties       1,592         56,850                          
Realty Income Corp.              10,009        282,254                          
Redwood Trust, Inc.               1,995        104,099                          
Republic Property Trust           2,416         27,760                          
Saul Centers, Inc.                1,035         58,891                          
Senior Housing Properties                                                       
Trust                           7,273        173,825                        
Sovran Self Storage, inc.         1,967        108,991                          
Spirit Finance Corp.             10,508        156,569                          
Strategic Hotels & Resorts,                                                     
Inc.                            7,151        163,543                        
Sun Communities, Inc.             1,765         54,750                          
Sunstone Hotel Investors,                                                       
Inc., REIT                      5,662        154,346                        
Tanger Factory Outlet                                                           
Centers                         3,026        122,220                        
U-Store-It Trust, REIT            4,593         92,411                          
Universal Health Realty                                                         
Income Trust                    1,151         41,148                        
Urstadt Biddle Properties,                                                      
Inc., Class A                   1,958         38,298                        
Washington Real Estate                                                          
Investment Trust                4,397        164,536                        
Winston Hotels, Inc.              2,853         42,881                          
Winthrop Realty Trust             3,614         23,889                          
                --------------
                   9,808,287
RETAIL - 6.4%                                                                   
---------------------------------------------------------                       
99 Cents Only Stores (a)          4,622         68,082                          
AC Moore Arts & Crafts, Inc.                                                    
(a)                             1,444         30,815                        
Aeropostale, Inc. (a)             5,465        219,857                          
AFC Enterprises (a)               2,509         50,305                          
America's Car-Mart, Inc. (a)        856         11,436                          
Applebees International,                                                        
Inc.                            7,259        179,878                        
Asbury Automotive Group,                                                        
Inc.                            1,137         32,120                        
Bebe Stores, Inc.                 2,309         40,130                          
Big 5 Sporting Goods Corp.        2,219         57,516                          
Big Lots, Inc. (a)               11,320        354,090                          
BJ's Restaurants, Inc. (a)        1,486         31,399                          
Blockbuster, Inc. (a)            18,634        120,003                          
Bob Evans Farms, Inc.             3,504        129,473                          
Bon-Ton Stores, Inc. (The)          617         34,700                          
Books-A-Million, Inc.             1,314         18,711                          
Borders Group, Inc.               5,806        118,559                          
Brown Shoe Co., Inc.              2,770        116,340                          
Buckle, Inc. (The)                1,416         50,551                          
Buffalo Wild Wings, Inc. (a)        682         43,443                          
Build-A-Bear Workshop, Inc.                                                     
(a)                             1,365         37,497                        
Cabela's, Inc. (a)                3,128         77,606                          
Cache, Inc. (a)                   1,135         20,146                          
California Pizza Kitchen,                                                       
Inc. (a)                        1,935         63,642                        
Carrols Restaurant Group,                                                       
Inc. (a)                        1,001         14,525                        
Casey's General Stores, Inc.      4,922        123,099                          
Cash America International,                                                     
Inc.                            2,893        118,613                        
Casual Male Retail Group,                                                       
Inc. (a)                        3,656         43,250                        
Cato Corp. (The) Class A          2,985         69,819                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       20        E*TRADE Russell 2000 Index Fund

N-Q
22nd “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 22nd
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
RETAIL (CONTINUED)                                                              
---------------------------------------------------------                       
CBRL Group, Inc.                  2,553  $     118,204                          
CEC Entertainment, Inc. (a)       3,253        135,130                          
Charlotte Russe Holding,                                                        
Inc. (a)                        1,662         47,982                        
Charming Shoppes, Inc. (a)       11,959        154,869                          
Children's Place Retail                                                         
Stores, Inc. (The) (a)          2,208        123,118                        
Chipolte Mexican Grill, Inc.                                                    
(a)                             2,386        136,956                        
Christopher & Banks Corp.         3,568         69,469                          
Citi Trends, Inc. (a)               596         25,473                          
CKE Restaurants, Inc.             6,673        125,853                          
Conn's, Inc. (a)                    737         18,241                          
Cosi, Inc. (a)                    3,187         17,783                          
Cost Plus, Inc. (a)               2,085         20,850                          
CSK Auto Corp. (a)                4,281         73,633                          
DEB Shops, Inc.                     462         12,511                          
dELIA*s, Inc. (a)                 2,239         20,554                          
Denny's Corp. (a)                 8,992         44,061                          
Domino's Pizza, Inc.              3,703        120,236                          
Dress Barn, Inc. (a)              4,495         93,541                          
DSW, Inc., Class A (a)            1,582         66,776                          
Ezcorp, Inc. (a)                  3,351         49,360                          
Finish Line                       4,161         52,429                          
First Cash Financial                                                            
Services, Inc. (a)              2,636         58,730                        
Fred's, Inc.                      3,900         57,330                          
Genesco, Inc. (a)                 2,275         94,481                          
Group 1 Automotive, Inc.          2,427         96,522                          
Guitar Center, Inc. (a)           2,860        129,043                          
Haverty Furniture Cos., Inc.      2,089         29,246                          
Hibbett Sports, Inc. (a)          3,130         89,487                          
HOT Topic, Inc. (a)               4,315         47,897                          
Ihop Corp.                        1,795        105,277                          
Insight Enterprises, Inc. (a)     4,717         84,812                          
J Crew Group, Inc. (a)            2,114         84,919                          
Jack in the Box, Inc. (a)         3,543        244,928                          
Jo-Ann Stores, Inc. (a)           2,272         61,912                          
JOS A. Bank Clothiers, Inc.                                                     
(a)                             1,758         62,145                        
Kenneth Cole Productions,                                                       
Inc., Class A                     867         22,256                        
Krispy Kreme Doughnuts, Inc.                                                    
(a)                             5,190         52,886                        
Landry's Restaurants, Inc.        1,599         47,330                          
Lithia Motors, Inc., Class A      1,547         42,403                          
Longs Drug Stores Corp.           3,110        160,600                          
Luby's, Inc. (a)                  1,986         19,403                          
MarineMax, Inc. (a)               1,529         35,442                          
McCormick & Schmick's                                                           
Seafood Restaurants, Inc.                                                   
(a)                             1,104         29,598                        
Men's Wearhouse, Inc.             4,774        224,617                          
Morton's Restaurant Group,                                                      
Inc. (a)                          928         16,509                        
Movado Group, Inc.                1,728         50,890                          
New York & Co., Inc. (a)          1,984         31,327                          
Nu Skin Enterprises, Inc.         5,628         92,975                          
O'Charleys, Inc. (a)              2,257         43,538                          
Pacific Sunwear of                                                              
California (a)                  7,115        148,205                        
Pantry, Inc. (The) (a)            2,216        100,208                          
Papa John's International,                                                      
Inc. (a)                        2,379         69,943                        
Payless Shoesource, Inc. (a)      6,672        221,510                          
PEP Boys-Manny Moe & Jack         5,300        101,177                          
PF Chang's China Bistro,                                                        
Inc. (a)                        2,591        108,511                        
Pier 1 Imports, Inc.              8,231         56,876                          
Pricesmart, Inc. (a)                704         10,813                          
Rare Hospitality                                                                
International, Inc. (a)         3,054         91,895                        
Red Robin Gourmet Burgers,                                                      
Inc. (a)                        1,615         62,694                        
Regis Corp.                       4,462        180,131                          
Restoration Hardware, Inc.                                                      
(a)                             2,795         18,335                        
        SHARES           VALUE
---------------------------------------------------------                       
RETAIL (CONTINUED)                                                              
---------------------------------------------------------                       
Retail Ventures, Inc. (a)         2,070  $      43,574                          
Ruby Tuesday, Inc.                5,768        164,965                          
Rush Enterprises, Inc.,                                                         
Class A (a)                     2,022         38,843                        
Ruth's Chris Steak House (a)      1,618         32,942                          
School Specialty, Inc. (a)        2,059         74,351                          
Select Comfort Corp. (a)          5,261         93,646                          
Smart & Final, Inc. (a)           1,309         28,497                          
Sonic Automotive, Inc.            2,945         83,933                          
Sonic Corp. (a)                   6,792        151,326                          
Stage Stores, Inc.                4,258         99,254                          
Steak N Shake Co. (The) (a)       2,751         46,134                          
Stein Mart, Inc.                  2,431         39,674                          
Susser Holdings Corp. (a)           659         11,434                          
Syms Corp. (a)                      604         11,265                          
Systemax, Inc.                      895         16,763                          
Talbots, Inc.                     2,199         51,940                          
Texas Roadhouse, Inc. (a)         5,095         72,604                          
Tuesday Morning Corp.             2,928         43,452                          
Tween Brands, Inc. (a)            3,283        117,269                          
Under Armour, Inc., Class A                                                     
(a)                             2,031        104,190                        
West Marine, Inc. (a)             1,354         24,656                          
Wet Seal, Inc., (The) Class                                                     
A (a)                           7,365         48,241                        
Zale Corp. (a)                    4,681        123,485                          
Zumiez, Inc. (a)                  1,409         56,529                          
                --------------
                   8,668,402
SEMICONDUCTORS - 2.9%                                                           
---------------------------------------------------------                       
Advanced Analogic                                                               
Technologies, Inc. (a)          3,411         22,444                        
AMIS Holdings, Inc. (a)           4,256         46,603                          
Amkor Technology, Inc. (a)        9,997        124,763                          
Applied Micro Circuits Corp.                                                    
(a)                            28,875        105,394                        
Asyst Technologies, Inc. (a)      4,494         31,593                          
Axcelis Technologies, Inc (a)     9,869         75,399                          
Brooks Automation, Inc. (a)       7,294        125,092                          
Cabot Microelectronics Corp.                                                    
(a)                             2,365         79,251                        
Cirrus Logic, Inc. (a)            8,547         65,470                          
Cohu, Inc.                        2,203         41,416                          
Conexant Systems, Inc. (a)       46,973         77,505                          
Credence Systems Corp. (a)        9,764         32,319                          
DSP Group, Inc. (a)               2,960         56,240                          
EMCORE Corp. (a)                  3,773         18,865                          
Emulex Corp. (a)                  8,242        150,746                          
Entegris, Inc. (a)               13,445        143,861                          
Exar Corp. (a)                    3,049         40,369                          
Formfactor, Inc. (a)              4,589        205,358                          
Genesis Microchip, Inc. (a)       3,291         30,573                          
Hittite Microwave Corp. (a)       1,269         50,976                          
Ikanos Communications, Inc.                                                     
(a)                             1,905         14,802                        
IPG Photonics Corp. (a)           1,037         19,910                          
IXYS Corp. (a)                    2,524         25,821                          
Kopin Corp. (a)                   6,341         21,433                          
Kulicke & Soffa Industries,                                                     
Inc. (a)                        5,544         51,282                        
Lattice Semiconductor Corp.                                                     
(a)                            11,153         65,245                        
LTX Corp. (a)                     5,725         35,037                          
Mattson Technology, Inc. (a)      5,125         46,638                          
Micrel, Inc. (a)                  6,659         73,382                          
Microsemi Corp. (a)               7,299        151,892                          
Mindspeed Technologies, Inc.                                                    
(a)                            10,219         22,175                        
MIPS Technologies, Inc. (a)       4,035         36,033                          
MKS Instruments, Inc. (a)         3,556         90,749                          
Monolithic Power Systems,                                                       
Inc. (a)                        2,026         26,135                        
Netlogic Microsystems, Inc.                                                     
(a)                             1,556         41,421                        
OmniVision Technologies,                                                        
Inc. (a)                        5,202         67,418                        
ON Semiconductor Corp. (a)       13,331        118,913                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       21        E*TRADE Russell 2000 Index Fund

N-Q
23rd “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 23rd
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
SEMICONDUCTORS (CONTINUED)                                                      
---------------------------------------------------------                       
Pericom Semiconductor Corp.                                                     
(a)                             2,442  $      23,883                        
Photronics, Inc. (a)              4,045         62,900                          
PLX Technology, Inc. (a)          2,320         22,597                          
Rudolph Technologies, Inc.                                                      
(a)                             2,268         39,554                        
Semitool, Inc. (a)                2,039         26,507                          
Semtech Corp. (a)                 7,064         95,223                          
Silicon Image, Inc. (a)           8,701         71,000                          
Sirf Technology Holdings,                                                       
Inc. (a)                        5,017        139,272                        
Skyworks Solutions, Inc. (a)     15,676         90,137                          
Staktek Holdings, Inc. (a)          964          3,133                          
Standard Microsystems Corp.                                                     
(a)                             2,167         66,180                        
Supertex, Inc. (a)                1,172         38,922                          
Techwell, Inc. (a)                  477          5,948                          
Tessera Technologies, Inc.                                                      
(a)                             4,511        179,267                        
Transmeta Corp. (Delaware)                                                      
(a)                            18,143         10,342                        
TranSwitch Corp. (a)             11,793         18,751                          
TriQuint Semiconductor, inc.                                                    
(a)                            13,651         68,255                        
Ultratech, Inc. (a)               2,218         30,187                          
Varian Semiconductor                                                            
Equipment Associates, Inc.                                                  
(a)                             5,737        306,241                        
Veeco Instruments, Inc. (a)       2,859         55,750                          
Virage Logic Corp. (a)            1,375          9,996                          
Volterra Semiconductor Corp.                                                    
(a)                             1,736         22,672                        
Zoran Corp. (a)                   4,790         81,526                          
                --------------
                   3,900,766
SOFTWARE - 3.3%                                                                 
---------------------------------------------------------                       
Advent Software, Inc. (a)         1,991         69,426                          
Altiris, Inc. (a)                 2,287         75,265                          
American Reprographics Co.                                                      
(a)                             2,552         78,576                        
Ansys, Inc. (a)                   3,220        163,479                          
Aspen Technology, Inc. (a)        8,797        114,361                          
Avid Technology, Inc. (a)         4,128        143,985                          
Avocent Corp. (a)                 4,998        134,796                          
Blackbaud, Inc.                   4,267        104,200                          
Blackboard, Inc. (a)              2,709         91,104                          
Borland Software Corp. (a)        7,603         40,068                          
Commvault Systems, Inc. (a)       1,187         19,229                          
Computer Programs & Systems,                                                    
Inc.                              867         23,253                        
Concur Technologies, Inc. (a)     3,138         54,789                          
Convera Corp. (a)                 2,422          7,605                          
CSG Systems International,                                                      
Inc. (a)                        4,662        116,643                        
Double-Take Software, Inc.                                                      
(a)                               820         11,078                        
Eclipsys Corp. (a)                4,418         85,135                          
eFunds Corp. (a)                  4,545        121,170                          
Emageon, Inc. (a)                 1,943         21,373                          
Epicor Software Corp. (a)         5,652         78,619                          
EPIQ Systems, Inc. (a)            1,383         28,186                          
FalconStor Software, Inc. (a)     3,434         35,782                          
Hyperion Solutions Corp. (a)      5,940        307,870                          
Infocrossing, Inc. (a)            1,582         23,524                          
Informatica Corp. (a)             8,419        113,067                          
Innerworkings, Inc. (a)           1,081         12,756                          
InPhonic, Inc. (a)                2,214         24,133                          
Inter-Tel, Inc.                   2,058         48,651                          
INVESTools, Inc. (a)              6,563         91,226                          
JDA Software Group, Inc. (a)      2,850         42,835                          
Keane, Inc. (a)                   4,222         57,335                          
Lawson Software, Inc. (a)        12,158         98,358                          
ManTech International Corp.                                                     
(a)                             1,702         56,864                        
Mapinfo Corp. (a)                 1,972         39,696                          
MicroStrategy, Inc. (a)             930        117,543                          
Midway Games, Inc. (a)            3,314         20,713                          
Neoware, Inc. (a)                 1,837         18,499                          
Nuance Communications, Inc.                                                     
(a)                            12,272        187,884                        
        SHARES           VALUE
---------------------------------------------------------                       
SOFTWARE (CONTINUED)                                                            
---------------------------------------------------------                       
Omnicell, Inc. (a)                2,908  $      60,835                          
Omniture, Inc. (a)                1,278         23,298                          
Opnet Technologies, Inc. (a)      1,146         15,482                          
Packeteer, Inc. (a)               3,393         42,141                          
Parametric Technology Corp.                                                     
(a)                            11,167        213,178                        
PDF Solutions, Inc. (a)           1,953         22,049                          
Pegasystems, Inc.                 1,331         12,312                          
Progress Software Corp. (a)       4,014        125,237                          
Quality Systems, Inc.             1,603         64,120                          
Renaissance Learning, Inc.          728          9,588                          
Schawk, Inc.                      1,434         25,970                          
SPSS, Inc. (a)                    1,890         68,229                          
Sybase, Inc. (a)                  9,022        228,076                          
Synchronoss Technologies,                                                       
Inc. (a)                          754         13,120                        
SYNNEX Corp. (a)                  1,179         25,042                          
Take-Two Interactive                                                            
Software, Inc. (a)              6,990        140,779                        
Taleo Corp., Class A (a)          1,286         21,322                          
THQ, Inc. (a)                     6,398        218,748                          
Transaction Systems                                                             
Architects, Inc. (a)            3,654        118,353                        
Trident Microsystems, Inc.                                                      
(a)                             5,581        111,955                        
Wind River Systems, Inc. (a)      7,368         73,238                          
                --------------
                   4,512,148
TELECOMMUNICATIONS - 3.2%                                                       
---------------------------------------------------------                       
3Com Corp. (a)                   38,253        149,569                          
Acme Packet, Inc. (a)             1,236         18,268                          
Adaptec, Inc. (a)                11,145         43,131                          
ADTRAN, Inc.                      6,350        154,622                          
Aeroflex, Inc. (a)                7,348         96,626                          
Alaska Communications                                                           
Systems Group, Inc.             3,965         58,484                        
Anaren, Inc. (a)                  1,594         28,070                          
Anixter International, Inc.                                                     
(a)                             3,109        205,007                        
Atheros Communications, Inc.                                                    
(a)                             5,511        131,878                        
Atlantic Tele-Network, Inc.         591         15,443                          
C-COR, Inc. (a)                   4,690         65,003                          
CalAmp Corp. (a)                  2,156         18,606                          
Carrier Access Corp. (a)          1,791          9,152                          
Cbeyond, Inc. (a)                 1,608         47,163                          
Centennial Communications                                                       
Corp.                           2,116         17,415                        
Citizens Communications Co.          --             --                          
Comtech Telecommunications                                                      
Corp. (a)                       2,227         86,252                        
Consolidated Communications                                                     
Holdings, Inc.                  1,987         39,521                        
CPI International, Inc. (a)         655         12,589                          
CT Communications, Inc.           1,878         45,260                          
Ditech Networks, Inc. (a)         3,057         24,823                          
Dobson Communications Corp.,                                                    
Class A (a)                    14,515        124,684                        
EMS Technologies, Inc. (a)        1,406         27,094                          
Eschelon Telecom, Inc. (a)          883         25,519                          
Fairpoint Communications,                                                       
Inc.                            2,688         51,636                        
FiberTower Corp. (a)             11,541         59,898                          
Finisar Corp. (a)                22,248         77,868                          
Foundry Networks, Inc. (a)       14,239        193,223                          
General Communication, Inc.,                                                    
Class A (a)                     5,225         73,150                        
Globalstar Inc. (a)               1,762         18,677                          
Golden Telecom, Inc.              2,132        118,070                          
Harris Stratex Networks,                                                        
Inc., Class A (a)               2,348         45,058                        
ID Systems, Inc. (a)                984         11,838                          
IDT Corp., Class B                4,250         48,237                          
Iowa Telecommunications                                                         
Services, Inc.                  3,069         61,380                        

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       22        E*TRADE Russell 2000 Index Fund

N-Q
24th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 24th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
TELECOMMUNICATIONS (CONTINUED)                                                  
---------------------------------------------------------                       
iPCS, Inc. (a)                    1,632  $      79,952                          
Lightbridge, Inc. (a)             2,659         46,719                          
Loral Space &                                                                   
Communications, Inc. (a)        1,112         56,579                        
MasTec, Inc. (a)                  3,932         43,291                          
MRV Communications, Inc. (a)     12,213         43,356                          
North Pittsburg Systems,                                                        
Inc.                            1,392         30,304                        
Novatel Wireless, Inc. (a)        2,732         43,821                          
Oplink Communications, Inc.                                                     
(a)                             1,516         27,242                        
OpNext, Inc. (a)                  1,947         28,796                          
Optical Communication                                                           
Products, Inc. (a)              1,666          2,232                        
Optium Corp. (a)                    526         10,210                          
Orbcomm, Inc. (a)                   813         10,366                          
PAETEC Holding Corp. (a)          6,225         65,238                          
Parkervision, Inc. (a)            1,747         23,078                          
Plantronics, Inc.                 4,595        108,534                          
Polycom, Inc. (a)                 8,746        291,504                          
Powerwave Technologies, Inc.                                                    
(a)                            12,711         72,326                        
Premiere Global Services,                                                       
Inc. (a)                        7,062         79,236                        
Radyne Corp. (a)                  1,699         15,495                          
RCN Corp. (a)                     2,846         72,715                          
SAVVIS, Inc. (a)                  3,194        152,929                          
Sirenza Microdevices, Inc.                                                      
(a)                             2,658         22,912                        
Sonus Networks, Inc. (a)         25,314        204,284                          
Switch & Data Facilities Co.                                                    
(a)                             1,268         22,976                        
Syniverse Holdings, Inc. (a)      2,190         23,083                          
Tekelec (a)                       5,645         84,167                          
Time Warner Telecom, Inc.,                                                      
Class A (a)                    14,235        295,661                        
USA Mobility, Inc.                2,672         53,253                          
UTStarcom, Inc. (a)              11,807         97,880                          
Vonage Holdings Corp. (a)         2,904         10,019                          
Zhone Technologies, Inc. (a)     10,290         12,760                          
                --------------
                   4,334,132
TELECOMMUNICATIONS EQUIPMENT - 0.9%                                             
---------------------------------------------------------                       
Andrew Corp. (a)                 15,601        165,215                          
Arris Group, Inc. (a)            10,450        147,136                          
Avanex Corp. (a)                 15,253         27,303                          
CommScope, Inc. (a)               5,816        249,506                          
Harmonic, Inc. (a)                7,915         77,725                          
InterDigital Communications                                                     
Corp. (a)                       5,055        160,092                        
Ixia (a)                          4,190         38,967                          
NTELOS Holdings Corp. (a)         1,398         26,870                          
RF Micro Devices, Inc. (a)       18,704        116,526                          
Sycamore Networks, Inc. (a)      18,013         67,369                          
Symmetricom, Inc. (a)             4,263         35,383                          
Viasat, Inc. (a)                  2,285         75,336                          
Wireless Facilities, Inc. (a)     5,298          6,887                          
                --------------
                   1,194,315
TELEPHONE  - 0.1%                                                               
---------------------------------------------------------                       
Cincinnati Bell, Inc. (a)        24,133        113,425                          
Shenandoah Telecom Co.              715         33,669                          
SureWest Communications           1,357         33,749                          
                --------------
                     180,843
TEXTILES - 0.5%                                                                 
---------------------------------------------------------                       
G&K Services, Inc., Class A       2,078         75,390                          
Guess?, Inc.                      4,094        165,766                          
Interface, Inc., Class A          5,349         85,531                          
Kellwood Co.                      2,501         73,354                          
Shoe Carnival, Inc. (a)             791         26,340                          
Steven Madden, Ltd.               1,967         57,436                          
Unifirst Corp. (MA)                 892         34,226                          
Wolverine World Wide, Inc.        5,449        155,678                          
                --------------
                     673,721
        SHARES           VALUE
---------------------------------------------------------                       
TOBACCO - 0.2%                                                                  
---------------------------------------------------------                       
Universal Corp., Richmond,                                                      
VA                              2,514  $     154,234                        
Vector Group, Ltd.                3,854         72,108                          
                --------------
                     226,342
TOYS / GAMES / HOBBIES - 0.3%                                                   
---------------------------------------------------------                       
Jakks Pacific, Inc. (a)           2,691         64,315                          
Leapfrog Enterprises, Inc.                                                      
(a)                             3,156         33,769                        
Marvel Entertainment, Inc.                                                      
(a)                             4,603        127,733                        
Multimedia Games, Inc. (a)        2,518         29,964                          
RC2 Corp. (a)                     2,035         82,194                          
Topps Co., Inc. (The)             3,200         31,104                          
                --------------
                     369,079
TRANSPORTATION - 1.5%                                                           
---------------------------------------------------------                       
Abx Air, Inc. (a)                 5,695         39,011                          
American Commercial Lines,                                                      
Inc (a)                         6,012        189,077                        
Arkansas Best Corp.               2,469         87,773                          
Atlas Air Worldwide                                                             
Holdings, Inc. (a)              2,123        111,946                        
Bristow Group, Inc. (a)           2,282         83,179                          
Celadon Group, Inc. (a)           2,242         37,441                          
Dynamex, Inc. (a)                 1,028         26,152                          
EGL, Inc. (a)                     3,074        121,823                          
Florida East Coast                                                              
Industries, Inc.                3,528        221,170                        
Forward Air Corp.                 3,077        101,172                          
Genesee & Wyoming, Inc.,                                                        
Class A (a)                     3,533         94,013                        
Greenbrier Cos., Inc.             1,255         33,509                          
GulfMark Offshore, Inc. (a)       1,713         74,772                          
Heartland Express, Inc.           5,916         93,946                          
Horizon Lines, Inc., Class A      1,396         45,817                          
HUB Group, Inc., Class A (a)      3,910        113,351                          
Knight Transportation, Inc.       5,594         99,685                          
Marten Transport, Ltd. (a)        1,419         22,534                          
Old Dominion Freight Line (a)     2,751         79,256                          
Pacer International, Inc.         3,669         98,843                          
PAM. Transportation Services                                                    
(a)                               473          9,753                        
Patriot Transportation                                                          
Holding, Inc. (a)                 138         12,366                        
PHI, Inc. (a)                     1,272         34,420                          
Quality Distribution, Inc.                                                      
(a)                               790          6,834                        
Saia, Inc. (a)                    1,359         32,276                          
SIRVA, Inc. (a)                   4,600         16,422                          
Universal Truckload                                                             
Services, Inc. (a)                527         12,759                        
US Xpress Enterprises, Inc.                                                     
(a)                               856         14,775                        
USA Truck, Inc. (a)                 767         11,919                          
Werner Enterprises, Inc.          5,022         91,250                          
                --------------
                   2,017,244
TRUCKING & LEASING - 0.1%                                                       
---------------------------------------------------------                       
Amerco, Inc. (a)                  1,002         70,130                          
Interpool, Inc.                   1,110         27,106                          
TAL International Group,                                                        
Inc.                            1,497         35,928                        
                --------------
                     133,164
WATER  - 0.2%                                                                   
---------------------------------------------------------                       
American States Water Co.         1,644         60,614                          
California Water Service                                                        
Group                           1,868         71,582                        
Pico Holdings, Inc. (a)           1,267         54,114                          
SJW Corp.                         1,423         57,603                          
Southwest Water Co.               2,103         30,325                          
                --------------
                     274,238
TOTAL COMMON STOCKS                                                             
(COST $114,831,981)                        132,701,154                          

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       23        E*TRADE Russell 2000 Index Fund

N-Q
25th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 25th
--------------------------------------------------------------------------------
E*TRADE Russell 2000 Index Fund                                                 
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

SHARES/             
PRINCIPAL           
     AMOUNT              VALUE
---------------------------------------------------------                       
SHORT-TERM INVESTMENTS - 3.5%                                                   
---------------------------------------------------------                       
BlackRock Liquidity Funds                                                       
TempCash Portfolio          4,443,469  $   4,443,469                        
U.S. Treasury Bill 4.98%                                                        
(b), 08/02/07 (c)            $250,000        245,868                        
                 ---------------
TOTAL SHORT-TERM INVESTMENTS                                                    
(COST $4,689,279)                            4,689,337                          
TOTAL INVESTMENTS - 101.3%                                                      
(COST $119,521,260) (D)                $ 137,390,491                        
                --------------
LIABILITIES IN EXCESS OF CASH & OTHER                                           
ASSETS    - (1.3%)                          (1,712,541)                         
                --------------
TOTAL NET ASSETS - 100.0%                $ 135,677,950                          
                ==============

(a)  Non-income producing.                                                
(b)  Yield to Maturity.                                                   
(c)  Security with an aggregate market value of $245,868 was segregated to
        cover margin requirements for the following open futures contracts as of
March 31, 2007:                                                 
---------------------------------------------------------                       
                   Net
       Notional   Unrealized
Number of    Futures    Expirat Contract   Appreciation                       
Contracts      Index     Date     Value    (Depreciation)                     
---------------------------------------------------------                       
7        Russell    06/2007 $2,828,000   $82,045                      
2000                                            
Futures                                           
---------------------------------------------------------                       

(d)  At March 31, 2007, the cost of investments for Federal income tax    
      purposes is $119,521,260. Unrealized appreciation (depreciation) is as
follows:                                                        

Gross Unrealized appreciation     $25,050,012                   
Gross Unrealized depreciation      (7,180,781)                  
               -----------
Net unrealized appreciation       $17,869,231                   
               -----------

                    % OF
                   TOTAL
INDUSTRY                            VALUE    NET ASSETS                         
---------------------------------------------------------                       
ADVERTISING                      $343,339        0.3%                           
AEROSPACE/DEFENSE               1,617,063        1.2%                           
AGRICULTURE                       371,461        0.3%                           
AIRLINES                          763,138        0.6%                           
APPAREL                         1,719,330        1.3%                           
AUTO MANUFACTURERS                313,899        0.2%                           
AUTO PARTS & EQUIPMENT          1,340,649        1.0%                           
BANKS                          11,838,028        8.7%                           
BEVERAGES                         191,895        0.1%                           
BIOTECHNOLOGY                   2,479,967        1.8%                           
BUILDING MATERIALS              1,115,290        0.8%                           
CHEMICALS                       2,711,573        2.0%                           
COAL                              161,053        0.1%                           
COMMERCIAL SERVICES             8,303,424        6.1%                           
COMPUTERS                       4,239,151        3.1%                           
COMPUTERS, PERIPHERAL &                                                         
SOFTWARE                          772,338        0.6%                           
COSMETICS / PERSONAL CARE         201,124        0.2%                           
DISTRIBUTION / WHOLESALE        1,050,928        0.8%                           
DIVERSIFED FINANCIAL SERVICES   2,829,287        2.1%                           
ELECTRIC                        2,345,267        1.7%                           
ELECTRICAL COMPONENTS &                                                         
EQUIPMENT                       1,529,964        1.1%                           
ELECTRONICS                     3,643,785        2.7%                           
ENERGY - ALTERNATE SOURCES        587,580        0.4%                           
ENGINEERING & CONTRUCTION         935,744        0.7%                           
ENTERTAINMENT                   1,489,794        1.1%                           
ENVIRONMENTAL CONTROL             850,018        0.6%                           
FOOD                            1,922,327        1.4%                           
FOREST PRODUCTS & PAPER           617,763        0.5%                           
GAS                               307,026        0.2%                           
HAND / MACHINE TOOLS              405,229        0.3%                           
HEALTH CARE                     6,837,636        5.0%                           
HOLDING COMPANIES                 290,728        0.2%                           
HOME BUILDERS                     741,504        0.5%                           
HOME FURNISHINGS                  635,364        0.5%                           
HOUSEHOLD PRODUCTS / WARE         970,267        0.7%                           
INSURANCE                       3,354,617        2.5%                           

                    % OF
                   TOTAL
INDUSTRY                            VALUE  NET ASSETS                           
------------------------------------------------------                          
INTERNET COMPANIES             $3,248,234        2.4%                           
INVESTMENT COMPANIES               66,660        0.1%                           
IRON / STEEL                    1,137,323        0.8%                           
LEISURE TIME                      797,937        0.6%                           
LODGING                           541,670        0.4%                           
MACHINERY                       1,898,190        1.4%                           
MANUFACTURERS                     631,608        0.5%                           
MANUFACTURING                     853,416        0.6%                           
MEDIA                           1,906,607        1.4%                           
METAL FABRICATE / HARDWARE        825,760        0.6%                           
METALS - DIVERSIFIED              759,809        0.6%                           
MINING                            825,386        0.6%                           
OFFICE/BUSINESS EQUIPMENT         548,037        0.4%                           
OIL & GAS                         609,619        0.5%                           
OIL & GAS PRODUCERS             3,037,402        2.2%                           
OIL & GAS SERVICES              3,217,188        2.4%                           
PACKAGING & CONTAINERS            540,218        0.4%                           
PHARMACEUTICALS                 4,941,641        3.6%                           
REAL ESTATE                       194,218        0.1%                           
REAL ESTATE INVESTMENT TRUST                                                    
(REIT)                          9,808,287        7.2%                           
RETAIL                          8,668,402        6.4%                           
SEMICONDUCTORS                  3,900,766        2.9%                           
SOFTWARE                        4,512,148        3.3%                           
TELECOMMUNICATIONS              4,334,132        3.2%                           
TELECOMMUNICATIONS EQUIPMENT    1,194,315        0.9%                           
TELEPHONE                         180,843        0.1%                           
TEXTILES                          673,721        0.5%                           
TOBACCO                           226,342        0.2%                           
TOYS / GAMES / HOBBIES            369,079        0.3%                           
TRANSPORTATION                  2,017,244        1.5%                           
TRUCKING & LEASING                133,164        0.1%                           
WATER                             274,238        0.2%                           
SHORT-TERM INVESTMENTS AND                                                      
OTHER                                                                           
ASSETS LESS LIABILITIES         2,976,796        2.2%                           
   -------------------------
$135,677,950    100.0%
   =========================

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                       24        E*TRADE Russell 2000 Index Fund

N-Q
26th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 26th
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS                                                         
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
COMMON STOCKS - 94.1%                                                           
---------------------------------------------------------                       
AUSTRALIA - 5.5%                                                                
---------------------------------------------------------                       
ABC Learning Centres, Ltd.        3,926          $ 23,035                       
AGL Energy, Ltd.                  4,159            54,120                       
Alinta, Ltd.                      5,441            63,722                       
Alumina, Ltd. ADR                 3,215            75,681                       
Amcor, Ltd. ADR                   2,391            58,436                       
AMP, Ltd.                        20,684           173,417                       
Ansell, Ltd.                      1,651            15,432                       
APN News & Media, Ltd.            3,045            14,457                       
Aristocrat Leisure, Ltd.          3,870            51,166                       
ASX, Ltd.                         1,884            66,837                       
Australia & New Zealand                                                         
Banking Group, Ltd. ADR         4,058           487,975                     
AXA Asia Pacific Holdings, Ltd.   9,616            55,988                       
Babcock & Brown, Ltd.             2,518            55,831                       
BHP Billiton, Ltd. ADR           19,284           934,310                       
Billabong International, Ltd.     1,830            24,664                       
BlueScope Steel, Ltd.             8,016            67,887                       
Boral, Ltd.                       6,561            43,612                       
Brambles Industries, Ltd. (a)    17,123           188,085                       
Brambles Industries, Ltd. (a)     5,293            57,726                       
Caltex Australia, Ltd.            1,489            28,602                       
Centro Properties Group           9,042            63,504                       
CFS Retail Property Trust        15,015            26,902                       
Challenger Financial                                                            
Services Group, Ltd.            3,952            15,202                     
Coca-Cola Amatil, Ltd. ADR        2,898            41,204                       
Cochlear, Ltd.                      606            31,615                       
Coles Myer, Ltd.                 12,557           164,601                       
Commonwealth Bank of                                                            
Australia                      14,232           576,962                     
Commonwealth Property Office                                                    
Fund                           16,057            17,739                     
Computershare, Ltd.               4,960            43,409                       
CSL, Ltd.                         2,015           133,751                       
CSR, Ltd.                         9,688            26,636                       
DB RREEF Trust                   29,879            41,623                       
Downer EDI, Ltd.                  3,312            18,202                       
Foster's Group, Ltd. ADR         22,360           123,736                       
Futuris Corp., Ltd.               6,782            11,827                       
Goodman Fielder, Ltd.            11,695            23,047                       
GPT Group                        21,397            85,314                       
Harvey Norman Holdings, Ltd.      5,834            22,190                       
Iluka Resources, Ltd.             2,570            12,222                       
Ing Industrial Fund               9,224            17,568                       
Insurance Australia Group,                                                      
Ltd.                           19,102            90,338                     
Investa Property Group           16,831            32,993                       
John Fairfax Holdings, Ltd.      11,281            45,319                       
Leighton Holdings, Ltd.           1,534            41,483                       
Lend Lease Corp., Ltd.            3,973            64,046                       
Lion Nathan, Ltd.                 3,242            23,149                       
Macquarie Airports                7,459            24,016                       
Macquarie Bank, Ltd.              2,767           184,646                       
Macquarie Communications          3,485            18,405                       
Macquarie Goodman Group          15,563            87,800                       
Macquarie Infrastructure Group   29,387            90,978                       
Macquarie Office Trust           21,899            26,789                       
Mirvac Group                     10,859            45,912                       
Multiplex Group                   6,929            25,005                       
National Australia Bank,                                                        
Ltd. ADR                        3,594           585,283                     
Newcrest Mining, Ltd. ADR         3,687            70,860                       
OneSteel, Ltd.                    6,326            26,309                       
Orica, Ltd.                       3,424            69,993                       
Origin Energy, Ltd.               9,448            68,705                       
Pacific Brands, Ltd.              5,549            13,742                       

        SHARES           VALUE
---------------------------------------------------------                       
AUSTRALIA (CONTINUED)                                                           
---------------------------------------------------------                       
Paladin Resources, Ltd. (a)       4,692          $ 36,566                       
PaperlinX, Ltd.                   4,942            16,609                       
Perpetual Trustees                                                              
Australia, Ltd.                   452            28,320                     
Publishing & Broadcasting, Ltd.   1,516            24,289                       
Qantas Airways, Ltd.             10,726            45,341                       
QBE Insurance Group, Ltd.         8,877           225,749                       
Rinker Group, Ltd. ADR            1,978           143,998                       
Rio Tinto, Ltd.                   3,153           200,362                       
Santos, Ltd. ADR                  1,651            53,691                       
Sonic Healthcare, Ltd.            2,933            34,882                       
Stockland                        15,823           104,096                       
Suncorp-Metway Ltd., Rights,                                                    
expires 04/05/07 (a)              832                --                     
Suncorp-Metway, Ltd.              6,241           104,631                       
Sydney Roads Group               10,303            11,230                       
Symbion Health, Ltd.              7,119            20,800                       
TABCORP Holdings, Ltd. ADR          579            77,131                       
Tattersall's, Ltd.               11,866            49,300                       
Telstra Corp., Ltd. ADR           6,329           119,555                       
Telstra Corp., Ltd., Receipt     16,403            42,536                       
Toll Holdings, Ltd.               5,925            97,991                       
Tower Australia Group, Ltd.(a)        1                 2                       
Transurban Group                  9,200            57,626                       
Wesfarmers, Ltd.                  4,171           126,982                       
Westfield Group NPV              16,615           275,667                       
Westpac Banking Corp. ADR         4,058           433,192                       
Woodside Petroleum, Ltd. ADR      5,149           164,264                       
Woolworths, Ltd.                 13,277           291,112                       
WorleyParsons, Ltd.               1,759            39,136                       
Zinifex, Ltd.                     5,372            68,266                       
                      --------------
                         8,567,332
AUSTRIA - 0.6%                                                                  
---------------------------------------------------------                       
Andritz AG                          108            26,994                       
Boehler-Uddeholm AG ADR           1,801            43,153                       
Bwin Interactive                                                                
Entertainment (a)                 252            12,083                     
Erste Bank Der                                                                  
Oesterreichischen ADR           4,089           158,666                     
Flughafenwien AG                    116            11,332                       
Immoeast Immobilien Anlagen                                                     
AG (a)                          3,066            45,807                     
Immofinanz Immobilien                                                           
Anlagen AG (a)                  4,937            79,118                     
Mayr-Melnhof Karton AG               46            10,233                       
Meinl European Land, Ltd. (a)     2,979            82,600                       
OMV AG                            1,820           114,682                       
Raiffeisen International                                                        
Bank Holding AG                   394            55,679                     
RHI AG (a)                          284            14,002                       
Telekom Austria AG ADR            2,069           104,360                       
Verbund Class A                     850            38,047                       
Voestalpine AG                      961            69,486                       
Wiener Staedtische                                                              
Allgemeine Versicherung AG        348            24,604                     
Wienerberger AG                     777            48,520                       
                      --------------
                           939,366
BELGIUM - 1.2%                                                                  
---------------------------------------------------------                       
AGFA-Gevaert NV                   1,066            24,047                       
Barco NV                            125            11,496                       
Bekaert SA                          143            19,451                       
Belgacom SA                       1,796            79,862                       
Cofinimmo                            72            14,955                       
Colruyt SA                          176            40,200                       
Compagnie Maritime Belge SA         174            11,566                       
D' ieteren SA                        31            12,726                       
Delhaize Group ADR                  851            78,037                       
Dexia                             6,338           188,726                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                     25       E*TRADE International Index Fund

N-Q
27th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 27th
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
-------------------------------------------------------                         
BELGIUM (CONTINUED)                                                             
---------------------------------------------------------                       
Euronav NV                          203     $       6,813                       
Fortis NL ADR                    12,939           588,880                       
Groupe Bruxelles Lambert SA         812            94,860                       
Inbev NV                          2,023           146,274                       
KBC Bancassurance Holding         2,022           250,915                       
Mobistar SA                         349            29,468                       
Omega Pharma SA                     208            16,126                       
Solvay SA                           701           107,713                       
UCB SA                            1,244            72,252                       
Umicore                             272            48,380                       
                      --------------
                         1,842,747
BERMUDA - 0.0%                                                                  
---------------------------------------------------------                       
Frontline, Ltd.                     578            20,090                       
SeaDrill, Ltd. (a)                2,536            40,601                       
Ship Finance International, Ltd.      1                25                       
                      --------------
                            60,716
DENMARK - 0.8%                                                                  
---------------------------------------------------------                       
AP Moller - Maersk A/S               12           124,159                       
Bang & Olufsen, A/S                 119            14,650                       
Carlsberg A/S Class B               352            38,106                       
Codan A/S                           150            14,120                       
Coloplast A/S                       294            24,809                       
Dampskibseelskabet TORM ADR         161            11,133                       
Danisco A/S                         540            42,213                       
Danske Bank A/S                   5,397           249,307                       
DSV, de Sammensluttede                                                          
Vagnmaend                         222            38,561                     
East Asiatic Co., Ltd. A/S          184             8,786                       
FLSmidth & Co., A/S Class B         468            31,509                       
GN Store Nord (a)                 2,240            31,491                       
H Lundbeck A/S                      585            13,571                       
Jyske Bank (a)                      650            52,017                       
NKT Holding A/S                     207            16,468                       
Novo-Nordisk A/S Class B ADR      2,656           240,448                       
Novozymes A/S Class A               509            45,212                       
Sydbank A/S                         695            37,134                       
Topdanmark A/ S (a)                 199            38,216                       
TrygVesta AS                        300            24,688                       
Vestas Wind Systems A/S (a)       2,043           113,483                       
William Demant Holding (a)          314            27,639                       
                      --------------
                         1,237,720
FINLAND - 1.4%                                                                  
---------------------------------------------------------                       
Amer Sports Oyj                     790            17,237                       
Amer Sports Oyj ADR                   1                11                       
Cargotec Corp. Class B              421            25,368                       
Elisa Oyj, Class A                1,649            47,614                       
Fortum Oyj                        4,872           141,390                       
KCI Konecranes Oyj                  627            21,020                       
Kesko, Class B                      725            38,685                       
Kone Oyj                            841            47,851                       
Metso Oyj ADR                     1,407            74,304                       
Neste Oil Oyj                     1,414            48,506                       
Nokia Oyj ADR                    45,177         1,035,457                       
Nokian Renkaat Oyj                1,144            31,315                       
OKO Bank, Class A                 1,055            17,911                       
Orion Oyj, Class B (a)              939            22,562                       
Outokumpu Oyj, Class A            1,100            37,730                       
Rautaruukki Oyj                     922            42,807                       
Sampo Oyj, Class A                4,687           142,322                       
Sanoma-WSOY Oyj                     713            21,139                       
Stora Enso Oyj ADR                6,408           110,666                       
Tietoenator Oyj                     837            24,270                       
UPM-Kymmene Oyj ADR               5,773           147,385                       
Uponor Oyj                          606            21,370                       

        SHARES           VALUE
---------------------------------------------------------                       
FINLAND (CONTINUED)                                                             
---------------------------------------------------------                       
Wartsila Corp., Class B             706     $      43,684                       
YIT Oyj                           1,388            47,857                       
                      --------------
                         2,208,461
FRANCE - 9.0%                                                                   
---------------------------------------------------------                       
Accor SA                          2,224           212,054                       
Air France-KLM ADR                1,337            60,981                       
Alcatel SA ADR                   25,460           300,937                       
Alstom (a)                        1,220           158,043                       
Atos Origin SA (a)                  746            50,044                       
AXA SA ADR                       18,447           785,842                       
BNP Paribas ADR                  18,478           961,619                       
Bouygues SA                       2,253           173,913                       
Business Objects SA ADR (a)       1,066            38,579                       
Cap Gemini SA                     1,509           114,451                       
Carrefour SA                      6,610           482,791                       
Casino Guichard-Perrachon SA        480            48,488                       
CNP Assurances                      492            57,373                       
Compagine de Saint-Gobain         3,482           340,667                       
Compagnie Generale D'Optique                                                    
Essilor International SA        1,085           124,371                     
Compagnie Generale Des                                                          
Etablissements Michelin         1,582           174,296                     
Credit Agricole SA (a)            7,269           283,125                       
Dassault Systemes SA ADR            635            34,195                       
France Telecom SA ADR            18,667           492,809                       
Gaz de France                     2,171           101,032                       
Gecina SA                           137            25,445                       
Groupe Danone ADR                13,082           467,289                       
Hermes International                707            97,424                       
Imerys SA                           352            32,666                       
Klepierre                           204            39,354                       
L'Air Liquide SA                  1,332           323,030                       
L'Oreal SA                        3,175           345,570                       
Lafarge SA ADR                    6,610           259,707                       
LVMH Moet Hennessy Louis                                                        
Vuitton SA                      2,703           299,169                     
M6-Metropole Television             728            26,679                       
Neopost SA                          353            50,396                       
Pagesjaunes Groupe SA             1,384            30,061                       
Pernod-Ricard SA                    996           201,809                       
Peugeot SA ADR                    1,682           118,129                       
Pinault Printemps Redoute SA                                                    
(a)                               730           116,786                     
Publicis Groupe ADR               1,534            74,399                       
Renault SA                        2,043           238,593                       
Safran SA                         1,840            45,000                       
Sanofi-Aventis ADR               22,466           977,496                       
Schneider Electric SA             2,500           317,534                       
SCOR ADR                         11,103            30,089                       
Societe BIC SA (a)                  300            20,899                       
Societe Des Autoroutes Paris        249            22,629                       
Societe Generale ADR             20,345           700,727                       
Societe Television Francaise 1    1,311            43,795                       
Sodexho Alliance SA ADR           1,053            77,364                       
Suez SA ADR                      11,233           594,001                       
Technip-Coflexip SA ADR           1,166            85,001                       
Thales SA                           978            56,825                       
Thomson/ex-TMM ADR                2,869            55,343                       
TotalFinaElf SA ADR              24,078         1,680,163                       
Unibail                             507           153,599                       
Valeo SA ADR                      1,540            45,007                       
Vallourec                           439           112,416                       
Veolia Environnement ADR          3,150           234,108                       
Vinci SA                          2,326           361,426                       
Vivendi                          12,742           517,488                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                26            E*TRADE International Index Fund

N-Q
28th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 28th
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
FRANCE (CONTINUED)                                                              
---------------------------------------------------------                       
Zodiac SA                           457     $      32,803                       
                      --------------
                        13,905,829
GERMANY - 6.9%                                                                  
---------------------------------------------------------                       
Adidas-Salomon AG                 2,240           121,833                       
Allianz AG ADR                   47,683           979,886                       
Altana AG ADR                       774            50,527                       
BASF AG ADR                       5,391           606,056                       
Bayer AG ADR                      8,011           512,464                       
Beiersdorf AG                       973            66,406                       
Bilfinger Berger AG                 410            37,381                       
Celesio AG                          938            58,755                       
Commerzbank AG ADR                6,888           303,951                       
Continental AG ADR                1,448           186,467                       
Daimlerchrysler AG                1,662           135,498                       
Daimlerchrysler AG                8,452           691,458                       
Deutsche Bank AG                  5,730           768,850                       
Deutsche Boerse AG                1,125           256,911                       
Deutsche Lufthansa AG ADR         2,526            68,393                       
Deutsche Post AG                  8,561           257,536                       
Deutsche Postbank AG                905            78,640                       
Deutsche Telekom AG ADR          31,274           516,959                       
Douglas Holding AG                  346            20,275                       
E.ON AG ADR                      20,613           930,883                       
Fresenius Medical Care AG         2,083           101,380                       
Heidelberger Druckmaschinen         641            29,325                       
Hochtief AG                         463            46,831                       
Hypo Real Estate Holding ADR      1,479            94,068                       
Infineon Technologies AG ADR (a)  8,248           128,421                       
Ivg Immobilien AG                   960            46,072                       
Karstadtquelle AG (a)               698            25,578                       
Linde AG                          1,212           130,011                       
MAN AG                            1,400           162,706                       
Merck KGaA                          643            82,734                       
Metro AG                          1,788           126,221                       
MLP AG                              659            16,580                       
Muenchener                                                                      
Rueckversicherungs-                                                         
Gesellscft AG                   2,280           384,747                     
Premiere AG (a)                     724            15,732                       
Puma AG Rudolf Dassler Sport ADR    132            48,089                       
Rheinmetall AG                      397            36,929                       
Rwe AG ADR                        4,908           517,436                       
Salzgitter AG                       453            66,118                       
SAP AG ADR                        9,785           436,900                       
Siemens AG ADR                    9,339         1,001,141                       
Solarworld AG                       401            30,964                       
Suedzucker AG                       731            13,903                       
Thyssenkrupp AG                   3,973           196,523                       
TUI AG                            2,351            57,916                       
Volkswagen AG ADR                 9,405           281,938                       
Wincor Nixdorf AG                   346            32,368                       
                      --------------
                        10,759,760
GREECE - 0.6%                                                                   
---------------------------------------------------------                       
Alpha Credit Bank                 4,273           134,386                       
Coca Cola Hellenic Bottling                                                     
Co., SA                         1,195            50,257                     
Cosmote Mobile                                                                  
Telecommunications SA           1,104            32,929                     
EFG Eurobank                      2,537           102,758                       
Folli - Follie SA                   182             6,335                       
Hellenic Exchanges SA               504            11,458                       
Hellenic Petroleum SA             1,180            16,696                       
Hellenic Technodomiki Tev SA      1,314            19,140                       
Hellenic Telecommunications                                                     
Organization SA (a)             3,515            95,542                     

        SHARES           VALUE
---------------------------------------------------------                       
GREECE (CONTINUED)                                                              
---------------------------------------------------------                       
Intracom SA (a)                     950     $       5,015                       
Motor Oil (Hellas) SA               489            13,541                       
National Bank of Greece SA                                                      
ADR                            20,960           224,691                     
Opap SA                           2,464            93,325                       
Piraeus Bank SA                   2,371            81,909                       
Public Power Corp.                1,152            28,132                       
Technical Olympic SA                877             1,828                       
Titan Cement Co. SA                 635            34,075                       
Viohalco                          1,100            16,832                       
                      --------------
                           968,849
HONG KONG - 1.7%                                                                
---------------------------------------------------------                       
ASM Pacific Technology, Ltd.      1,922            11,321                       
Bank of East Asia, Ltd. ADR      16,209            94,276                       
BOC Hong Kong Holdings, Ltd.     40,826            98,778                       
Cathay Pacific Airways, Ltd.                                                    
ADR                             2,169            27,591                     
Cheung Kong Holdings, Ltd.       16,610           209,967                       
Cheung Kong Infrastructure                                                      
Holdings, Ltd.                  4,974            17,296                     
Clp Holdings, Ltd. ADR           19,927           145,483                       
Esprit Holdings, Ltd.            11,446           134,111                       
Foxconn International                                                           
Holdings, Ltd. (a)             23,097            70,198                     
Giordano International, Ltd.     16,447             8,001                       
Hang Lung Properties, Ltd. ADR    5,027            70,282                       
Hang Seng Bank, Ltd. ADR          8,437           119,846                       
Henderson Land Development ADR    9,644            56,339                       
Hong Kong & China Gas ADR        39,505            88,270                       
Hong Kong Electric Holdings ADR  15,305            78,541                       
Hong Kong Exchanges and                                                         
Clearing, Ltd.                 11,753           114,106                     
Hopewell Holdings                 6,939            27,019                       
Hutchison Telecommunications                                                    
International Ltd. (a)         15,730            31,756                     
Hutchison Whampoa, Ltd.          23,518           225,840                       
Hysan Development Co., Ltd.       6,981            18,898                       
Johnson Electric Holdings,                                                      
Ltd. ADR                        1,621            10,766                     
Kerry Properties, Ltd.            5,415            27,769                       
Kingboard Chemical Holdings Ltd.  6,067            25,474                       
Kingboard Laminates Holding,                                                    
Ltd. (a)                          198               190                     
Li & Fung, Ltd.                  24,420            76,360                       
Link REIT (The)                  23,582            56,570                       
Melco International                                                             
Development, Ltd.               8,112            14,549                     
MTR Corp.                        15,249            38,051                       
New World Development, Ltd.                                                     
ADR                            14,148            64,165                     
Noble Group Ltd.                 10,632            10,460                       
Orient Overseas                                                                 
International, Ltd.             2,416            22,379                     
PCCW, Ltd. ADR                    4,091            24,546                       
Shangri-La Asia, Ltd. ADR           701            34,699                       
Shui On Land, Ltd. (a)           20,778            17,158                       
Shun Tak Holdings, Ltd.          10,879            14,418                       
Sino Land Co.                    14,867            31,914                       
Solomon Systech                                                                 
International, Ltd.            26,272             4,119                     
Sun Hung Kai Properties,                                                        
Ltd. ADR                       15,120           174,917                     
Swire Pacific, Ltd. ADR          10,264           115,194                       
Techtronic Industries Co., Ltd.  11,315            13,610                       
Television Broadcasts, Ltd.       3,141            19,598                       
Texwinca Holdings, Ltd.           6,585             4,436                       
Wharf Holdings, Ltd.             13,503            49,899                       
Wing Hang Bank, Ltd.              1,948            23,986                       
Yue Yuen Industrial Holdings      7,342            24,851                       
                      --------------
                         2,547,997
IRELAND - 0.9%                                                                  
---------------------------------------------------------                       
Allied Irish Bank ADR             4,855           290,669                       
Bank of Ireland ADR               2,692           232,858                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                               27             E*TRADE International Index Fund

N-Q
29th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 29th
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
IRELAND (CONTINUED)                                                             
---------------------------------------------------------                       
C&C Group PLC                     3,425     $      52,099                       
CRH PLC ADR                       5,964           259,374                       
DCC PLC                             885            31,026                       
Depfa Bank PLC                    3,895            69,312                       
Elan Corp. PLC ADR (a)            4,742            63,021                       
Experian Group Ltd. ADR          11,237           129,043                       
Grafton Group PLC                 2,498            37,409                       
Greencore Group PLC               1,752            10,703                       
Iaws Group PLC                    1,183            27,371                       
Independent News & Media PLC      6,310            28,574                       
Irish Life & Permanent PLC        3,029            82,810                       
Kerry Group PLC, Class A          1,447            40,090                       
Kingspan Group PLC                1,405            37,111                       
Paddy Power PLC                     507            13,394                       
Ryanair Holdings PLC (a)          2,482            19,185                       
Ryanair Holdings PLC ADR (a)        710            31,801                       
Total Produce PLC (a)             3,475             3,839                       
                      --------------
                         1,459,689
ITALY - 3.5%                                                                    
---------------------------------------------------------                       
Alleanza Assicurazioni SpA        4,669            59,518                       
Arnoldo Mondadori Editore SpA     1,288            13,426                       
Assicurazioni Generali SpA       10,570           448,610                       
Autogrill SpA                     1,123            21,475                       
Autostrade SpA                    3,157           101,200                       
Banca Intesa SpA                 78,436           594,051                       
Banca Intesa SpA - RNC           10,288            76,714                       
Banca Monte Dei Paschi di                                                       
Siena SpA                      12,156            75,963                     
Banca Popolare di Milano SCRL     4,579            70,804                       
Banche Popolari Unite SCRL        3,801           112,342                       
Banco Popolare di Verona e                                                      
Novara SCRL                     4,141           128,522                     
Benetton Group SpA ADR              353            11,427                       
Bulgari SpA                       1,645            23,711                       
Capitalia SpA                    18,612           167,704                       
Enel SpA ADR                      9,534           510,069                       
Eni SpA ADR                      14,362           931,088                       
Fiat SpA ADR (a)                  6,025           152,794                       
Finmeccanica SpA                  3,278            98,189                       
Fondiaria-Sai SpA                   815            37,362                       
Gruppo Editoriale L'espresso SpA  1,916            10,195                       
Italcementi SpA                     782            23,402                       
Lottomatica SpA                     664            26,416                       
Luxottica Group SpA ADR           1,522            48,476                       
Mediaset SpA                      8,471            92,194                       
Mediobanca SpA                    5,392           119,753                       
Mediolanum SpA                    2,814            22,750                       
Pirelli & Co. SpA                31,754            34,995                       
Seat Pagine Gialle SpA           45,143            27,764                       
Snam Rete Gas SpA                10,790            68,471                       
Telecom Italia SpA                    3                 8                       
Telecom Italia SpA                                                              
(Ordinary) ADR                 11,810           338,475                     
Telecom Italia SpA (Savings)                                                    
ADR                             6,648           163,873                     
Terna SpA                        13,239            49,118                       
Tiscali SpA (a)                   3,044            11,516                       
Unicredito Italiano SpA          86,191           817,846                       
                      --------------
                         5,490,221
JAPAN - 21.2%                                                                   
---------------------------------------------------------                       
77 Bank, Ltd. (The)               3,594            23,351                       
Access Co., Ltd. (a)                  2             8,925                       
Acom Co., Ltd. ADR                3,172            33,648                       
Aderans Co., Ltd.                   391             9,461                       
Advantest Corp. ADR               1,761            78,505                       
Aeon Co., Ltd.                    7,020           138,938                       

        SHARES           VALUE
---------------------------------------------------------                       
JAPAN (CONTINUED)                                                               
---------------------------------------------------------                       
Aeon Credit Service Co.,                                                        
Ltd.                              952          $ 15,928                     
Aiful Corp.                         862            26,547                       
Aisin Seiki Co., Ltd.             2,113            73,667                       
Ajinomoto Co., Inc.               6,812            78,065                       
Alfresa Holdings Corp.              267            16,913                       
All Nippon Airways Co., Ltd.      7,000            27,409                       
Alps Electric Co., Ltd.           1,903            22,178                       
Amada Co., Ltd.                   4,036            45,897                       
Amano Corp                          672             8,168                       
Aoyama Trading Co., Ltd.            632            19,973                       
Arrk Corp.                          639             7,685                       
Asahi Breweries, Ltd.             4,535            72,492                       
Asahi Glass Co., Ltd.            10,468           146,592                       
Asahi Kasei Corp.                13,528            97,890                       
Asatsu-DK, Inc.                     370            11,627                       
Asics Corp.                       1,765            19,650                       
Astellas Pharma Inc.              5,911           253,563                       
Autobacs Seven Co., Ltd.            303            10,807                       
Bank of Fukuoka, Ltd.             6,560            52,246                       
Bank of Kyoto Ltd. (The)          2,914            33,279                       
Bank of Yokohama, Ltd. (The)     13,184            97,812                       
Benesse Corp.                       704            26,073                       
Bridgestone Corp.                 6,728           133,437                       
Canon, Inc. ADR                  11,768           631,706                       
Canon, Marketing Japan Inc.         830            17,315                       
Casio Computer Co., Ltd.          2,617            56,930                       
Central Glass Co., Ltd.           1,897            12,792                       
Central Japan Railway Co.            17           192,637                       
Chiba Bank, Ltd. (The)            8,398            73,663                       
Chiyoda Corp.                     1,597            34,813                       
Chubu Electric Power Co.,  Inc.   7,335           251,560                       
Chugai Pharmaceutical Co., Ltd.   3,086            77,741                       
Circle K Sunkus Co., Ltd.           475             8,841                       
Citizen Watch Co., Ltd.           3,986            37,261                       
Coca-Cola West Holdings Co., Ltd.   613            13,262                       
COMSYS Holdings Corp.             1,288            13,750                       
Credit Saison Co., Ltd.           1,799            58,865                       
CSK Holdings Corp.                  704            29,371                       
Dai Nippon Printing Co., Ltd.     6,850           107,296                       
Daicel Chemical Industries Ltd.   3,020            20,505                       
Daido Steel Co., Ltd.             3,835            24,745                       
Daifuku Co., Ltd.                   878            12,668                       
Daiichi Sankyo Co., Ltd.          7,704           235,311                       
Daikin Industries, Ltd.           2,619            90,674                       
Daimaru Inc.                      2,390            30,860                       
Dainippon Ink & Chemicals, Inc.   6,998            27,665                       
Dainippon Screen                                                                
Manufacturing Co., Ltd.         2,382            17,921                     
Daito Trust Construction                                                        
Co., Ltd.                         908            42,457                     
Daiwa House Industry Co., Ltd.    5,957            97,134                       
Daiwa Securities Group, Inc.     14,722           176,569                       
Denki Kagaku Kogyo Kabushiki                                                    
Kaisha                          5,161            24,085                     
Denso Corp.                       5,364           198,167                       
Dentsu Inc.                          20            55,652                       
Dowa Holdings Co., Ltd.           3,016            30,458                       
Dowa Mining Co., Ltd.                                                           
Rights, expires 01/29/10 (a)    2,165             1,080                     
eAccess Ltd.                         14             9,280                       
East Japan Railway Co.               38           294,972                       
Ebara Corp.                       4,197            19,753                       
EDION Corp.                         812            11,260                       
Eisai Co., Ltd. ADR               2,781           133,073                       
Electric Power Development                                                      
Co., Ltd.                       1,746            87,537                     
Elpida Memory, Inc. (a)           1,068            41,201                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                28          E*TRADE International Index Fund

N-Q
30th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 30th
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
JAPAN (CONTINUED)                                                               
---------------------------------------------------------                       
FamilyMart Co., Ltd.                701          $ 19,421                       
Fanuc, Ltd.                       1,982           183,278                       
Fast Retailing Co., Ltd.            585            45,165                       
Fuji Electric Holdings Co.,                                                     
Ltd.                            6,177            28,502                     
Fuji Soft  ABC, Inc.                331             9,817                       
Fuji Television Network,                                                        
Inc.                                5            11,537                     
Fujifilm Holdings Corp.           5,394           220,191                       
Fujikura Ltd.                     3,944            27,637                       
Fujitsu, Ltd.                    20,554           136,102                       
Furukawa Electric Co. (The)       7,012            42,537                       
Glory Ltd.                          696            13,501                       
Goodwill Group, Inc. (The)           14            10,955                       
Gunma Bank, Ltd. (The)            4,178            29,449                       
Gunze Ltd.                        2,138            12,351                       
Hakuhodo DY Holdings, Inc.          279            19,440                       
Hankyu Department Stores,                                                       
Inc.                            1,553            14,347                     
Hankyu Hanshin Holdings,                                                        
Inc.                           13,326            80,360                     
Haseko Corp. (a)                 10,080            36,636                       
Hikari Tsushin, Inc.                257            11,643                       
Hino Motors, Ltd.                 2,853            15,134                       
Hirose Electric Co., Ltd.           331            39,547                       
Hitachi Cable Ltd.                1,857            10,510                       
Hitachi Capital Corp.               482             9,573                       
Hitachi Chemical Co., Ltd.        1,144            26,773                       
Hitachi Construction                                                            
Machinery Co., Ltd.             1,082            29,088                     
Hitachi High-Technologies                                                       
Corp.                             684            18,593                     
Hitachi Ltd. ADR                  3,716           286,912                       
Hokkaido Electric Power Co.,                                                    
Inc.                            2,019            53,460                     
Hokuhoku Financial Group,                                                       
Inc.                           13,818            47,334                     
Honda Motor Co., Ltd. ADR        17,206           599,973                       
House Foods Corp.                   795            13,521                       
Hoya Corp. ADR                    4,559           150,969                       
Ibiden Co., Ltd.                  1,486            76,589                       
Index Holdings                       12             6,210                       
INPEX Holdings, Inc.                  9            77,515                       
Isetan Co., Ltd.                  2,107            36,569                       
Ishikawajima-Harima Heavy                                                       
Industries Co., Ltd.           14,354            59,320                     
Ito En, Ltd.                        654            21,253                       
Itochu Corp.                     16,611           163,726                       
Itochu Techno-Solutions                                                         
Corp.                             339            16,165                     
Jafco Co., Ltd.                     373            20,486                       
Japan Airlines System Corp.                                                     
(a)                             9,000            18,662                     
Japan Prime Realty                                                              
Investment Corp. REIT               5            21,939                     
Japan Real Estate Investment                                                    
Corp. REIT                          4            52,902                     
Japan Retail Fund Investment                                                    
Corp. REIT                          4            39,327                     
Japan Steel Works Ltd.,                                                         
(The)                           3,688            44,090                     
Japan Tobacco, Inc.                  50           244,628                       
JFE Holdings, Inc.                6,155           362,712                       
JGC Corp.                         2,286            37,322                       
Joyo Bank, Ltd. (The)             7,389            45,889                       
JS Group Corp.                    2,936            63,372                       
JSR Corp.                         1,976            45,332                       
JTEKT Corp.                       2,117            36,902                       
Kajima Corp.                      9,915            50,314                       
Kaken Pharmaceutical Co.,                                                       
Ltd.                              989             8,030                     
Kamigumi Co., Ltd.                2,875            24,640                       
Kaneka Corp.                      3,354            31,845                       
Kansai Electric Power Co.,                                                      
Inc. (The)                      8,497           243,983                     
Kansai Paint Co., Ltd.            2,406            20,498                       

        SHARES           VALUE
---------------------------------------------------------                       
JAPAN (CONTINUED)                                                               
---------------------------------------------------------                       
Kao Corp. ADR                       546         $ 159,534                       
Katokichi Co., Ltd.               1,358             8,516                       
Kawasaki Heavy Industries,                                                      
Ltd. ADR                        3,660            61,870                     
Kawasaki Kisen Kaisha, Ltd.       5,568            52,673                       
KDDI Corp.                           27           214,359                       
Keihin Electric Express                                                         
Railway Co., Ltd.               4,687            35,828                     
Keio Electric Railway Co., Ltd.   6,028            41,722                       
Keisei Electric Railway Co., Ltd. 3,234            20,802                       
Keyence Corp.                       416            93,412                       
Kikkoman Corp.                    1,632            20,815                       
Kinden Corp.                      1,468            13,125                       
Kintetsu Corp.                   17,934            56,276                       
Kirin Brewery Co., Ltd. ADR       8,689           125,248                       
KK Davinci Advisors (a)              11            11,669                       
Kobe Steel, Ltd.                 30,930           124,040                       
Kokuyo Co., Ltd.                    923            12,175                       
Komatsu, Ltd. ADR                 2,479           208,272                       
Komori Corp.                        636            14,736                       
Konami Corp. ADR                  1,029            27,464                       
Konica Minolta Holdings,                                                        
Inc. (a)                        5,279            69,026                     
Kose Corp.                          368            10,841                       
Kubota Corp. ADR                  2,438           106,687                       
Kuraray Co., Ltd.                 4,013            43,103                       
Kurita Water Industries, Ltd.     1,245            29,925                       
Kyocera Corp. ADR                 1,794           168,905                       
Kyowa Hakko Kogyo Co., Ltd.       3,593            33,091                       
Kyushu Electric Power Co., Inc.   4,185           118,717                       
Lawson, Inc.                        692            26,518                       
Leopalace21 Corp.                 1,408            46,397                       
Mabuchi Motor Co., Ltd.             312            19,254                       
Makita Corp.                      1,192            44,065                       
Marubeni Corp.                   17,195           103,945                       
Marui Co., Ltd.                   3,457            42,130                       
Matsui Securities Co., Ltd.       1,335            11,635                       
Matsumotokiyoshi Co., Ltd.          443            10,116                       
Matsushita Electric                                                             
Industrial Co., Ltd. ADR       21,651           435,185                     
Matsushita Electric Works, Ltd.   3,729            42,524                       
Mediceo Paltac Holdings Co., Ltd. 1,876            35,612                       
Meiji Dairies Corp.               2,910            22,757                       
Meiji Seika Kaisha, Ltd.          3,403            15,715                       
Meitec Corp.                        386            12,411                       
Millea Holdings, Inc. ADR         7,910           292,433                       
Minebea Co., Ltd. ADR             1,872            23,147                       
Mitsubishi Chemical Holdings                                                    
Corp.                          12,953           109,859                     
Mitsubishi Corp. ADR              7,453           345,271                       
Mitsubishi Electric Corp.        21,320           218,620                       
Mitsubishi Estate Co., Ltd.      12,965           423,164                       
Mitsubishi Gas Chemical Co.,                                                    
Inc.                            4,267            40,684                     
Mitsubishi Heavy Industries,                                                    
Ltd.                           35,359           227,556                     
Mitsubishi Logistics Corp.        1,262            21,380                       
Mitsubishi Materials Corp.       10,954            51,713                       
Mitsubishi Rayon Co., Ltd.        5,958            39,440                       
Mitsubishi UFJ Financial                                                        
Group Inc. ADR                 95,011         1,069,824                     
Mitsubishi UFJ Securities                                                       
Co., Ltd.                       2,803            31,781                     
Mitsui & Co., Ltd. ADR              856           326,136                       
Mitsui Chemicals, Inc.            6,990            60,787                       
Mitsui Engineering &                                                            
Shipbuilding Co., Ltd.          7,793            32,834                     
Mitsui Fudosan Co., Ltd.          9,238           269,520                       
Mitsui Mining & Smelting                                                        
Co., Ltd.                       6,321            34,503                     
Mitsui O.S.K. Lines, Ltd.        11,969           132,261                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                29            E*TRADE International Index Fund

N-Q
31st “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 31st
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
-------------------------------------------------------                         
JAPAN (CONTINUED)                                                               
-------------------------------------------------------                         
Mitsui Sumitomo Insurance Co.    13,355         $ 166,656                       
Mitsui Trust Holdings, Inc.       7,503            73,583                       
Mitsukoshi, Ltd.                  4,546            20,783                       
Mitsumi Electric Co., Ltd.          762            25,104                       
Mizuho Financial Group, Inc.        105           673,143                       
Murata Manufacturing Co., Ltd.    2,237           162,143                       
Namco Bandai Holdings, Inc.       2,300            35,694                       
NEC Corp. ADR                    22,391           119,568                       
NEC Electronics Corp. (a)           409             9,845                       
Net One Systems Co., Ltd.             6             7,086                       
NGK Insulators, Ltd.              2,950            60,396                       
NGK Spark Plug Co., Ltd.          1,899            35,364                       
NHK Spring Co., Ltd.              1,750            17,480                       
Nichirei Corp.                    2,744            15,968                       
Nidec Corp.                       1,197            76,670                       
Nikko Cordial Corp.               9,149           129,685                       
Nikon Corp.                       3,280            68,704                       
Nintendo Co., Ltd.                1,094           316,805                       
Nippon Building Fund, Inc. REIT       5            82,605                       
Nippon Electric Glass Co., Ltd.   3,702            64,498                       
Nippon Express Co., Ltd.          8,790            54,895                       
Nippon Kayaku Co., Ltd.           1,711            14,079                       
Nippon Light Metal Co., Ltd.      5,095            14,374                       
Nippon Meat Packers, Inc.         1,890            23,014                       
Nippon Mining Holdings, Inc.      9,731            83,237                       
Nippon Oil Corp.                 13,734           110,668                       
Nippon Paper Group Inc.              10            35,415                       
Nippon Sheet Glass Co., Ltd.      5,676            29,635                       
Nippon Shokubai Co., Ltd.         1,398            15,021                       
Nippon Steel Corp.               67,589           473,675                       
Nippon Telegraph & Telephone                                                    
ADR                            11,406           301,232                     
Nippon Yusen Kabushiki                                                          
Kaisha                         11,536            92,123                     
NISHI-NIPPON City Bank Ltd.       6,593            29,084                       
Nishimatsu Construction Co., Ltd. 2,913             9,387                       
Nissan Chemical Industries, Ltd.  1,760            22,572                       
Nissan Motor Co., Ltd. ADR       12,469           266,837                       
Nisshin Seifun Group, Inc.        2,123            21,522                       
Nisshin Steel Co., Ltd.           9,326            40,003                       
Nisshinbo Industries, Inc.        1,669            20,794                       
Nissin Food Products Co., Ltd.      984            35,963                       
Nitori Co., Ltd.                    406            20,130                       
Nitto Denko Corp.                 1,821            85,182                       
NOK Corp.                         1,242            20,967                       
Nomura Holdings, Inc. ADR        19,520           404,650                       
Nomura Real Estate Office                                                       
Fund, Inc. REIT                     3            38,391                     
Nomura Research                   1,240            36,369                       
NSK, Ltd.                         4,866            46,172                       
NTN Corp.                         4,342            37,405                       
NTT Data Corp.                       14            70,746                       
NTT DoCoMo, Inc. ADR             20,718           381,833                       
NTT Urban Development Corp.          13            30,265                       
Obayashi Corp.                    7,164            45,951                       
Obic Co., Ltd.                       77            15,152                       
Odakyu Electric Railway Co., Ltd. 6,897            50,245                       
Oji Paper Co., Ltd.               8,220            43,424                       
Oki Electric Industry Co., Ltd.   6,437            12,347                       
OKUMA Corp.                       1,583            18,383                       
Okumura Corp.                     2,015            11,014                       
Olympus Corp.                     2,544            86,601                       
Omron Corp. ADR                   2,474            66,420                       
Onward Kashiyama Co., Ltd.        1,526            21,125                       
Oracle Corp., Japan                 350            16,753                       
Oriental Land Co., Ltd.             552            32,743                       

        SHARES           VALUE
-------------------------------------------------------                         
JAPAN (CONTINUED)                                                               
-------------------------------------------------------                         
Orix Corp. ADR                    1,998         $ 261,438                       
Osaka Gas Co., Ltd.              22,199            85,840                       
OSG Corp.                           873            13,164                       
Otsuka Corp.                        175            16,690                       
PARK24 Co., Ltd.                  1,053            14,097                       
Pioneer Corp.                     1,689            21,971                       
Promise Co., Ltd.                   893            33,447                       
QP Corp.                          1,115            10,083                       
Rakuten, Inc.                        72            34,051                       
Resona Holdings, Inc.                50           133,690                       
Ricoh Co., Ltd. ADR               1,479           165,278                       
Rinnai Corp.                        389            10,326                       
Rohm Co., Ltd.                    1,180           106,557                       
Round One Corp.                       4             8,038                       
Ryohin Keikaku Co., Ltd.            263            16,525                       
Sanken Electric Co., Ltd.         1,177            12,302                       
Sankyo Co., Ltd., Gunma             592            25,900                       
Santen Pharmaceutical Co., Ltd.     814            20,867                       
Sanwa Shutter Corp.               2,238            13,879                       
Sanyo Electric Co., Ltd. (a)     17,558            29,827                       
Sapporo Hokuyo Holdings, Inc.         3            29,956                       
Sapporo Holdings, Ltd.            2,831            19,847                       
SBI E*TRADE Securities                                                          
Co., Ltd.                          17            21,480                     
SBI Holdings, Inc.                  102            38,490                       
Secom Co., Ltd.                   2,316           106,799                       
Sega Sammy Holdings Inc. ADR      8,122            47,291                       
Seiko Epson Corp.                 1,516            44,424                       
Seino Holdings, Corp.             1,604            15,085                       
Sekisui Chemical Co., Ltd.        5,059            40,081                       
Sekisui House, Ltd. ADR           5,870            91,176                       
Seven & I Holdings Co., Ltd.      9,075           274,570                       
SFCG Co., Ltd.                       61            10,811                       
Sharp Corp.                      11,029           211,662                       
Shimachu Co., Ltd.                  510            15,044                       
Shimamura Co., Ltd.                 222            24,287                       
Shimano, Inc.                       754            23,199                       
Shimizu Corp.                     6,525            39,804                       
Shin-Etsu Chemical Co., Ltd.      4,291           260,559                       
Shinko Electric Industries                                                      
Co., Ltd.                         746            16,756                     
Shinko Securities Co., Ltd.       5,369            27,008                       
Shinsei Bank, Ltd.               16,257            77,582                       
Shionogi & Co., Ltd.              3,293            59,079                       
Shiseido Co., Ltd.                3,981            80,581                       
Shizuoka Bank, Ltd. (The)         6,356            67,333                       
Showa Denko Kabushiki Kaisha     11,655            43,534                       
Showa Shell Sekiyu Kabushiki                                                    
Kaisha                          2,079            25,343                     
SMC Corp.                           595            79,404                       
Softbank Corp.                    8,151           208,352                       
Sojitz Corp. (a)                  7,894            32,738                       
Sompo Japan Insurance, Inc.       9,263           114,809                       
Sony Corp. ADR                   11,056           558,217                       
Stanley Electric Co., Ltd.        1,661            33,611                       
Sumco Corp.                       1,117            46,151                       
Sumitomo Bakelite Co., Ltd.       2,200            15,830                       
Sumitomo Chemical Co., Ltd.      16,437           123,619                       
Sumitomo Corp. ADR               11,728           210,573                       
Sumitomo Electric                                                               
Industries, Ltd.                7,958           120,303                     
Sumitomo Heavy Industries, Ltd.   6,349            62,897                       
Sumitomo Metal Industries,                                                      
Ltd. ADR                        4,507           232,459                     
Sumitomo Metal Mining Co.         6,010           115,330                       
Sumitomo Mitsui Financial                                                       
Group, Inc.                        73           659,590                     
Sumitomo Osaka Cement Co., Ltd.   4,244            12,684                       
Sumitomo Realty & Development     4,202           158,395                       
Sumitomo Rubber Industries, Inc.  1,886            20,545                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                               30           E*TRADE International Index Fund

N-Q
32nd “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 32nd
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
JAPAN (CONTINUED)                                                               
---------------------------------------------------------                       
Sumitomo Titanium Corp.             203          $ 22,394                       
Sumitomo Trust & Banking                                                        
Co., Ltd. ADR                  13,858           144,242                     
Suruga Bank Ltd.                  2,192            28,391                       
Suzuken Co., Ltd.                   777            27,463                       
T&D Holdings, Inc.                2,582           176,978                       
Taiheiyo Cement Corp.             9,960            43,765                       
Taisei Corp.                     10,573            38,979                       
Taisho Pharmaceutical Co., Ltd.   1,768            32,335                       
Taiyo Nippon Sanso Corp.          2,911            26,179                       
Taiyo Yuden Co., Ltd.             1,129            23,369                       
Takara Holdings, Inc.             1,921            13,524                       
Takashimaya Co., Ltd.             3,071            37,629                       
Takeda Pharmaceutical Co., Ltd.   9,811           641,137                       
Takefuji Corp.                    1,219            48,723                       
Tanabe Seiyaku Co., Ltd.          2,509            34,117                       
TDK Corp. ADR                     1,396           121,452                       
Teijin, Ltd.                      9,217            51,700                       
Terumo Corp.                      1,861            72,110                       
THK Co., Ltd.                     1,319            30,865                       
TIS Inc.                            400             9,456                       
Tobu Railway Co., Ltd.            9,000            43,077                       
Toda Corp.                        2,314            11,042                       
Toho Co., Ltd.                    1,564            30,356                       
Toho Titanium Co., Ltd.             335            16,285                       
Tohoku Electric Power Co., Inc.   4,716           119,306                       
Tokai Rika Co., Ltd.                624            14,721                       
Tokuyama Corp.                    2,585            44,935                       
Tokyo Broadcasting System, Inc.     400            14,737                       
Tokyo Electric Power Co.,                                                       
Inc. (The)                     13,433           457,636                     
Tokyo Electron, Ltd.              1,793           124,639                       
Tokyo Gas Co., Ltd.              24,803           137,583                       
Tokyo Seimitsu Co., Ltd.            376            12,679                       
Tokyo Steel Manufacturing                                                       
Co., Ltd.                       1,198            17,588                     
Tokyo Style Co., Ltd.               735             8,018                       
Tokyo Tatemono Co., Ltd.          3,158            47,345                       
Tokyu Corp.                      11,787            91,394                       
Tokyu Land Corp.                  4,413            50,042                       
TonenGeneral Sekiyu K.K.          3,218            35,787                       
Toppan Printing Co., Ltd.         6,173            64,172                       
Toray Industries, Inc.           14,689           105,516                       
Toshiba Corp.                    31,963           212,407                       
Tosoh Corp.                       5,306            27,276                       
Toto Ltd.                         3,075            30,699                       
Toyo Seikan Kaisha, Ltd.          1,792            35,927                       
Toyo Suisan Kaisha, Ltd.            979            19,176                       
Toyobo Co., Ltd.                  6,941            20,572                       
Toyoda Gosei Co., Ltd.              717            16,880                       
Toyota Industries Corp.           2,157           101,551                       
Toyota Motor Corp.,  ADR         15,818         2,027,235                       
Toyota Tsusho Corp.               2,297            58,321                       
Trend Micro Inc.                  1,060            28,813                       
Ube Industries, Ltd.             10,019            31,646                       
Uni-Charm Corp.                     457            28,792                       
Uniden Corp.                        627             4,831                       
UNY Co., Ltd.                     1,775            24,256                       
Ushio, Inc.                       1,232            23,667                       
USS Co., Ltd.                       270            17,565                       
Wacoal Corp.                      1,112            14,036                       
West Japan Railway Co.               19            87,403                       
Yahoo! Japan Corp.                  167            57,289                       
Yakult Honsha Co., Ltd.           1,164            29,653                       
Yamada Denki Co., Ltd.              939            86,930                       
Yamaha Corp.                      1,937            42,993                       

        SHARES           VALUE
---------------------------------------------------------                       
JAPAN (CONTINUED)                                                               
---------------------------------------------------------                       
Yamaha Motor Co., Ltd.            2,052     $      57,199                       
Yamato Holdings Co., Ltd.         4,036            64,817                       
Yamazaki Baking Co., Ltd.         1,215            11,026                       
Yaskawa Electric Corp.            2,057            24,211                       
Yokogawa Electric Corp.           2,371            36,133                       
Zeon Corp.                        1,870            19,171                       
                      --------------
                        32,829,017
LUXEMBOURG - 0.0%                                                               
---------------------------------------------------------                       
Oriflame Cosmetics SA,                                                          
Receipt                           442            17,042                     

NETHERLANDS - 5.3%                                                              
---------------------------------------------------------                       
ABN AMRO Holding NV ADR          20,016           861,088                       
Aegon NV ADR                     16,115           321,333                       
Akzo Nobel NV ADR                 2,999           227,684                       
Arcelor Mittal, Class A           7,735           409,104                       
ASML Holding NV (a)               5,353           132,487                       
Buhrmann NV ADR                   1,194            16,143                       
Corio NV                            445            40,397                       
European Aeronautic Defence                                                     
and Space Co., NV               3,598           111,452                     
Fugro NV                            640            32,386                       
Getronics NV                      1,360            12,444                       
Hagemeyer NV (a)                  5,696            26,985                       
Heineken NV                       2,703           140,831                       
Ing Groep NV ADR                 20,678           875,300                       
James Hardie Industries NV ADR    1,027            34,692                       
Koninklijke Ahold NV ADR (a)     17,162           201,482                       
Koninklijke DSM NV                6,682            74,582                       
Koninklijke DSM NV ADR            1,199            53,617                       
Koninklijke Philips                                                             
Electronics NV                 12,884           490,880                     
OCE NV ADR                          867            15,606                       
Qiagen NV (a)                     1,567            26,521                       
Randstad Holdings NV                511            39,565                       
Reed Elsevier NV ADR              3,917           139,053                       
Rodamco Europe NV                   593            82,412                       
Royal Dutch Shell PLC, Class                                                    
A ADR                          15,222         1,013,937                     
Royal Dutch Shell PLC, Class                                                    
B ADR                          20,430         1,354,509                     
Royal KPN NV ADR                 21,341           333,560                       
Royal Numico NV                   1,891            97,192                       
SBM Offshore NV                   1,549            55,657                       
TNT NV ADR                        4,817           221,823                       
Unilever NV                      18,918           552,784                       
Vedior NV                         1,890            41,976                       
Wereldhave NV                       229            35,342                       
Wolters Kluwer NV ADR             3,236            96,749                       
                      --------------
                         8,169,573
NEW ZEALAND - 0.2%                                                              
---------------------------------------------------------                       
Auckland International                                                          
Airport, Ltd.                  10,774            18,550                     
Contact Energy, Ltd.              3,181            20,929                       
Fisher & Paykel Appliances                                                      
Holdings Ltd.                   2,970             7,782                     
Fisher & Paykel Healthcare                                                      
Corp., Ltd.                     5,640            14,616                     
Fletcher Building, Ltd.           5,205            40,882                       
Kiwi Income Property Trust        7,856             9,265                       
Sky City Entertainment                                                          
Group, Ltd.                     4,875            16,258                     
Sky Network Television, Ltd.      2,147             8,352                       
Telecom Corp. of New                                                            
Zealand, Ltd. ADR               2,736            74,419                     
Tower Ltd. (a)                    1,664             2,670                       
Vector, Ltd.                      2,758             5,871                       
Warehouse Group, Ltd.             1,189             5,741                       
                      --------------
                           225,335
NORWAY - 0.8%                                                                   
---------------------------------------------------------                       
Aker Kvaerner ASA                 1,520            34,115                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                              31          E*TRADE International Index Fund

N-Q
33rd “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 33rd
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
NORWAY (CONTINUED)                                                              
---------------------------------------------------------                       
DET Norske Oljeselskap ASA (a)    8,985     $      15,862                       
DNB NOR ASA                       7,375           103,193                       
Norsk Hydro ASA, ADR              7,806           256,193                       
Norske Skogindustrier ASA         1,886            31,984                       
Ocean RIG ASA (a)                 1,953            13,157                       
Orkla ASA                         2,068           144,233                       
PAN Fish ASA (a)                 28,734            33,406                       
Petroleum Geo-Services ASA (a)    1,887            48,246                       
Prosafe ASA                       2,283            34,226                       
Schibsted ASA                       535            23,379                       
Statoil ASA ADR                   7,169           194,136                       
Storebrand ASA                    2,481            39,344                       
Tandberg ASA                      1,334            27,464                       
Tandberg Television ASA (a)         888            15,292                       
Telenor ASA ADR                   2,781           147,866                       
TGS Nopec Geophysical Co.                                                       
ASA (a)                         1,174            26,508                     
Tomra Systems ASA                 1,602            11,407                       
Tomra Systems ASA ADR               314             2,250                       
Yara International ASA ADR        2,257            62,026                       
                     ---------------
                         1,264,287
PORTUGAL - 0.3%                                                                 
---------------------------------------------------------                       
Banco BPI SA                      3,354            29,052                       
Banco Comercial Portugues SA,                                                   
Class R                        23,905            86,451                     
Banco Espirito Santo SA           2,207            42,033                       
Brisa-Auto Estradas de                                                          
Portugal SA                     3,310            43,361                     
Cimpor Cimentos de Portugal SA    2,595            21,743                       
Energias de Portugal ADR          2,219           119,094                       
Jeronimo Martins                    417            10,824                       
Portugal Telecom SGPS SA ADR      8,718           117,170                       
PT Multimedia Servicos de                                                       
Telecomunicacoes e                                                          
Multimedia SGPS SA                865            12,792                     
Sonae Industria SGPS SA New (a)     772             9,488                       
Sonae SGPS SA                     8,826            19,773                       
                     ---------------
                           511,781
SINGAPORE - 1.0%                                                                
---------------------------------------------------------                       
Allgreen Properties, Ltd.         6,987             8,035                       
Ascendas Real Estate                                                            
Investment Trust               10,153            15,934                     
Capitacommerical Trust REIT      10,676            19,497                       
CapitaLand, Ltd. ADR              6,897            72,676                       
CapitalMall Trust REIT           10,336            25,535                       
Chartered Semiconductor                                                         
Manufacturing, Ltd. ADR (a)     1,119            10,631                     
City Developments Ltd.            5,518            52,839                       
ComfortDelgro Corp., Ltd.        19,413            25,407                       
Cosco Corp. Singapore, Ltd.       8,549            16,100                       
Creative Technology, Ltd.           611             3,907                       
DBS Group Holdings ADR            3,121           175,947                       
Fraser And Neave, Ltd.            9,132            30,612                       
Haw Par Corp., Ltd.               1,145             5,412                       
Jardine Cycle & Carriage, Ltd.    1,496            11,679                       
Keppel Corp., Ltd. ADR            3,043            76,155                       
Keppel Land, Ltd.                 3,967            24,682                       
Neptune Orient Lines Ltd. ADR     1,205            10,285                       
Olam International Ltd.           6,860            13,762                       
Oversea-Chinese Banking                                                         
Corp., Ltd.                    27,594           163,281                     
Parkway Holdings, Ltd.            6,769            14,573                       
SembCorp Industries, Ltd.         8,774            29,392                       
SembCorp Marine Ltd.              5,650            13,033                       
Singapore Airlines, Ltd.          6,142            66,956                       
Singapore Airlines, Ltd.            300             3,276                       

        SHARES           VALUE
---------------------------------------------------------                       
SINGAPORE (CONTINUED)                                                           
---------------------------------------------------------                       
Singapore Exchange Ltd.           8,730    $       37,500                       
Singapore Land, Ltd.              1,365             9,496                       
Singapore Petroleum Co., Ltd.     1,422             4,524                       
Singapore Post, Ltd.             14,791            10,808                       
Singapore Press Holdings, Ltd.   16,577            47,973                       
Singapore Technologies                                                          
Engineering, Ltd.              14,620            31,906                     
Singapore                                                                       
Telecommunications, Ltd.                                                    
ADR                             7,888           170,394                     
SMRT Corp. Ltd.                   6,666             6,533                       
STATS ChipPAC, Ltd. ADR (a)       1,434            17,237                       
Suntec Real Estate                                                              
Investment Trust               10,983            14,308                     
United Overseas Bank, Ltd. ADR    6,302           174,318                       
Uol Group Ltd.                    5,700            19,130                       
Venture Corp., Ltd.               2,707            25,938                       
Want Want Holdings Ltd.           4,977             9,705                       
Wing Tai Holdings, Ltd.           5,152            10,741                       
                    --------------
                         1,480,117
SPAIN - 3.8%                                                                    
---------------------------------------------------------                       
Abertis Infraestructuras SA       2,520            81,090                       
Acciona SA                          316            68,453                       
Acerinox SA                       2,004            51,054                       
ACS Actividades Cons y Serv       2,725           165,863                       
Altadis SA                        2,826           180,613                       
Antena 3 de Television SA           876            19,574                       
Banco Bilbao Vizcaya ADR         39,187           962,041                       
Banco Popular Espanol SA          9,387           193,505                       
Banco Santander Central                                                         
Hispano SA ADR                 65,551         1,168,774                     
Cintra Concesiones de                                                           
Infraestructuras de                                                         
Transporte SA                   2,276            42,624                     
Corporacion Mapfre SA ADR        21,285            21,760                       
Ebro Puleva SA                      934            21,999                       
Endesa SA ADR                     8,177           437,715                       
Fadesa Inmobiliaria SA              563            25,599                       
Fomento de Construcciones y                                                     
Contratas SA                      504            51,762                     
Gamesa Corporacion                                                              
Tecnologica, SA                 1,879            68,180                     
Gas Natural SDG SA                1,976            92,680                       
Grupo Ferrovial SA                  696            70,451                       
Iberdrola SA                      8,454           399,059                       
Iberia Lineas Aereas de                                                         
Espana                          5,230            27,873                     
Inditex SA                        2,407           149,809                       
Indra Sistemas SA                 1,367            34,413                       
Mapfre SA                         1,673             8,582                       
NH Hoteles SA                       751            17,235                       
NH Hoteles SA, Rights,                                                          
expires 03/14/07 (a)              123                --                     
Promotora de Informaciones SA       845            18,883                       
Repsol SA ADR                     8,755           293,643                       
Sacyr Vallehermoso SA             1,099            61,573                       
Sociedad General de Aguas de                                                    
Barcelona SA                      662            23,653                     
Sogecable SA (a)                    454            18,823                       
Telefonica SA ADR                16,403         1,089,159                       
Union Fenosa SA                   1,176            63,394                       
Zeltia SA (a)                     1,785            16,265                       
                     ---------------
                         5,946,101
SWEDEN - 2.5%                                                                   
---------------------------------------------------------                       
Alfa Laval AB                     1,047            53,912                       
Assa Abloy AB - Class B           3,443            78,892                       
Atlas Copco AB, Class A ADR       3,704           122,479                       
Atlas Copco AB, Class B ADR       2,307            73,201                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                               32             E*TRADE International Index Fund

N-Q
34th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 34th
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
SWEDEN (CONTINUED)                                                              
---------------------------------------------------------                       
Axfood AB                           331          $ 13,011                       
Billerud AB                         470             7,007                       
Boliden AB (a)                    3,193            70,190                       
Castellum AB                      1,708            24,554                       
D Carnegie & Co. AB                 687            14,227                       
Electrolux AB, Class B ADR        1,487            75,027                       
Elekta AB, Class B                  945            17,018                       
Eniro AB                          1,909            24,000                       
Fabege AB                           888            22,191                       
Fabege AB (a)                       888               681                       
Getinge AB                        1,974            44,820                       
Hennes & Mauritz AB, Class B      5,237           299,969                       
Hoganas AB, Class B                 282             7,136                       
Holmen AB, Class B                  583            23,902                       
Husqvarna AB ADR (a)              1,471            48,327                       
Kungsleden AB                     1,506            26,966                       
Lundin Petroleum AB (a)           2,424            28,480                       
Modern Times Group AB - B                                                       
Shares                            568            33,013                     
Nobia AB                            543            22,197                       
Nordea Bank AB                   22,896           364,052                       
OMX AB                              850            17,629                       
Sandvik AB ADR                   11,125           196,619                       
SAS AB (a)                          817            14,971                       
Scania AB, Class B                1,103            86,252                       
Securitas AB, Class B             3,455            52,664                       
Securitas Direct AB - B                                                         
Shares (a)                      3,455             9,600                     
Securitas Systems AB - B                                                        
Shares (a)                      3,455            12,047                     
Skandinaviska Enskilda                                                          
Banken AB, Class A              5,120           163,211                     
Skanska AB                        4,151            92,081                       
SKF AB - B Shares ADR             4,476            92,664                       
Ssab Svenskt Staal AB -                                                         
Series A                        1,669            51,379                     
Ssab Svenskt Staal AB -                                                         
Series B                          734            20,999                     
Svenska Cellulosa AB ADR          2,069           110,290                       
Svenska Handelsbanken AB          5,622           166,579                       
Swedish Match AB                  3,316            58,953                       
TELE2 AB - B Shares               3,582            58,552                       
Telefonaktiebolaget LM                                                          
Ericsson ADR                   16,354           606,570                     
Telelogic AB (a)                  2,726             5,162                       
TeliaSonera AB                   22,294           192,496                       
Trelleborg AB, Class A              906            23,486                       
Volvo AB                          1,047            89,797                       
Volvo AB, Class A ADR             2,401           201,852                       
Wihlborgs Fastigheter AB            360             7,686                       
                     ---------------
                         3,826,791
SWITZERLAND - 6.7%                                                              
---------------------------------------------------------                       
Abb, Ltd.                        22,870           392,907                       
Adecco SA ADR                     5,822            92,861                       
Ciba Specialty Chemicals AG ADR   1,562            51,624                       
Clariant AG, Registered (a)       2,539            43,471                       
Compagnie Financiere                                                            
Richemont AG Class A (a)        5,759           321,593                     
Credit Suisse Group ADR          12,724           913,965                       
Geberit AG                           44            67,730                       
Givaudan SA, Registered              68            62,809                       
Holcim Ltd.                       2,214           221,734                       
Kudelski SA                         365            12,859                       
Kuehne & Nagel International AG     596            48,739                       
Kuoni Reisen Holding AG                                                         
Class B (a)                        31            18,510                     
Logitech International SA (a)     1,591            44,278                       
Logitech International SA (a)       312             8,659                       
Lonza Group AG, Registered          417            39,946                       
Merck Serono SA ADR               1,781            40,215                       
Micronas Semiconductor                                                          
Holdings AG                       360             7,436                     

        SHARES           VALUE
---------------------------------------------------------                       
SWITZERLAND (CONTINUED)                                                         
---------------------------------------------------------                       
Nestle SA ADR                    17,682   $     1,713,632                       
Nobel Biocare Holding AG            260            94,397                       
Novartis AG ADR                  25,687         1,403,281                       
OC Oerlikon Corp. AG                 70            42,504                       
Phonak Holding AG                   513            39,204                       
PSP Swiss Property AG (a)           517            31,372                       
Rieter Holding AG                    49            24,356                       
Roche Holding AG ADR             15,501         1,364,972                       
Schindler Holding AG                567            34,431                       
SGS SA                               47            56,003                       
STMicroelectronics NV             7,531           144,595                       
Straumann Holding AG                 86            24,550                       
Sulzer AG                            40            55,900                       
Swatch Group AG                     357            94,142                       
Swatch Group AG, Class B            580            30,955                       
Swiss Reinsurance Co. ADR         3,718           338,055                       
Swisscom AG ADR                   2,192            79,241                       
Syngenta AG ADR                   5,741           218,445                       
Synthes Inc. (a)                    524            64,580                       
UBS AG, Registered               22,064         1,309,630                       
Xstrata PLC                       6,764           346,240                       
Zurich Financial Services ADR    15,959           458,521                       
                     ---------------
                        10,358,342
UNITED KINGDOM - 20.2%                                                          
---------------------------------------------------------                       
3I Group PLC                      5,131           114,638                       
Acergy SA ADR (a)                 2,142            45,603                       
Aegis Group PLC                   9,418            27,660                       
Aggreko PLC                       2,822            27,961                       
Alliance Boots PLC                9,073           182,814                       
Amec PLC                          3,680            38,344                       
Amvescap PLC ADR                  4,117            90,986                       
Anglo American PLC               15,680           825,289                       
ARM Holdings PLC ADR              4,942            38,795                       
Arriva PLC                        2,182            31,884                       
AstraZeneca PLC, SP ADR          16,901           906,739                       
Aviva PLC                        28,269           416,323                       
BAE Systems PLC ADR               8,898           321,120                       
Balfour Beatty PLC                4,729            44,345                       
Barclays PLC ADR                 17,952         1,022,187                       
Barratt Developments PLC          2,681            58,033                       
BBA Aviation PLC                  4,539            25,011                       
Bellway PLC                       1,249            39,000                       
Berkeley Group Holdings PLC                                                     
(The) (a)                       1,000            30,823                     
BG Group PLC ADR                  7,523           539,550                       
BHP Billiton PLC                 13,122           585,897                       
Biffa PLC                         3,860            26,073                       
Bovis Homes Group PLC             1,330            30,086                       
BP PLC ADR                       35,765         2,315,784                       
British Airways ADR (a)             630            60,808                       
British American Tobacco PLC ADR  8,539           538,299                       
British Land Co. PLC ADR          5,728           171,666                       
British Sky Broadcasting                                                        
Group PLC ADR                   3,143           140,806                     
Brixton PLC REIT                  2,821            28,163                       
BT Group PLC ADR                  9,158           549,572                       
Bunzl PLC ADR                       749            53,688                       
Burberry Group PLC                4,870            62,397                       
Cable & Wireless PLC             27,024            88,625                       
Cadbury Schweppes PLC ADR         5,775           296,662                       
Capita Group PLC                  6,791            91,018                       
Carnival PLC ADR                  1,887            90,840                       
Carphone Warehouse Group PLC      4,428            24,173                       
Cattles PLC                       3,630            29,165                       
Centrica PLC ADR                  4,040           306,259                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                               33             E*TRADE International Index Fund

N-Q
35th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 35th
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
UNITED KINGDOM (CONTINUED)                                                      
---------------------------------------------------------                       
Charter PLC (a)                   1,838          $ 32,054                       
Close Brothers Group PLC          1,455            28,895                       
Cobham PLC                       12,454            51,206                       
Collins Stewart PLC (a)           2,320            11,581                       
Compass Group PLC ADR            23,019           153,505                       
Cookson Group PLC                 2,132            26,003                       
Corus Group PLC                   9,915           117,975                       
CSR PLC (a)                       1,422            18,044                       
Daily Mail & General Trust        3,285            52,373                       
Davis Service Group PLC           1,874            21,431                       
De La Rue PLC                     1,791            25,147                       
Diageo PLC ADR                    7,503           607,368                       
DSG International PLC            20,234            67,694                       
Electrocomponents PLC             4,802            27,188                       
Emap - B Shares, PLC              2,381            35,428                       
EMI Group PLC ADR                 4,412            39,374                       
Enterprise Inns PLC               6,542            85,942                       
First Choice Holidays PLC         5,557            31,400                       
Firstgroup PLC                    4,797            62,502                       
FKI PLC                           6,437            14,713                       
Friends Provident PLC            18,680            70,608                       
Galiform PLC (a)                  6,562            20,046                       
Gallaher Group PLC ADR            1,812           161,721                       
George Wimpey PLC                 4,412            54,964                       
GKN PLC ADR                       7,774            58,170                       
GlaxoSmithKline PLC ADR          31,751         1,754,560                       
Great Portland Estates PLC REIT   1,809            27,546                       
Group 4 Securicor PLC            12,617            49,775                       
Hammerson PLC REIT                3,146           107,211                       
Hanson PLC                        1,572           127,222                       
Hays PLC                         16,094            49,440                       
HBOS PLC ADR                     41,495           852,121                       
HMV Group PLC                     4,443             9,676                       
Home Retail Group                 9,680            84,670                       
HSBC Holdings PLC ADR            25,530         2,241,789                       
ICAP PLC                          5,327            55,417                       
IMI PLC                           3,723            42,361                       
Imperial Chemical Industries                                                    
PLC ADR                         3,290           129,494                     
Imperial Tobacco Group ADR        3,738           335,448                       
Inchcape PLC                      4,867            54,521                       
Intercontinental Hotels                                                         
Group PLC ADR                   3,918            96,892                     
International Power PLC ADR       1,645           129,149                       
Intertek Group PLC                1,725            30,704                       
Invensys PLC (a)                  5,394            30,768                       
Invensys PLC ADR                  8,784            50,049                       
Investec PLC                      3,763            48,620                       
ITV PLC                          42,901            91,997                       
J Sainsbury PLC ADR               4,018           173,219                       
Johnson Matthey PLC ADR           1,210            74,805                       
Kelda Group PLC                   3,955            72,916                       
Kesa Electricals PLC              5,842            38,836                       
Kingfisher PLC ADR               12,998           141,873                       
Ladbrokes PLC ADR                 6,922            54,646                       
Land Securities Group PLC REIT    5,171           217,813                       
Legal & General Group PLC ADR    14,406           224,630                       
Liberty International PLC REIT    3,002            73,591                       
Lloyds Tsb Group PLC ADR         15,536           690,886                       
LogicaCMG PLC                    16,093            56,242                       
London Stock Exchange Group                                                     
PLC                             1,764            43,350                     
Man Group PLC                    19,815           215,932                       
Marks & Spencer Group PLC ADR     3,103           247,035                       
Meggitt PLC                       4,809            28,132                       

        SHARES           VALUE
---------------------------------------------------------                       
UNITED KINGDOM (CONTINUED)                                                      
---------------------------------------------------------                       
Meggitt PLC, Rights, expires                                                    
04/17/07 (a)                   2,404     $       4,681                    
Michael Page International PLC    3,662            38,516                       
Misys PLC                         5,525            25,930                       
Mitchells & Butlers PLC           4,455            68,644                       
National Express Group PLC        1,507            37,325                       
National Grid PLC ADR             6,000           472,860                       
Next PLC                          2,505           110,582                       
Old Mutual PLC                   57,522           185,696                       
PartyGaming PLC                  11,033            11,235                       
Pearson PLC ADR                   8,890           152,197                       
Persimmon PLC                     3,132            86,462                       
Premier Farnell PLC               4,014            16,097                       
Provident Financial PLC           2,823            44,583                       
Prudential  Corp. PLC ADR        13,483           382,108                       
Punch Taverns PLC                 2,923            71,542                       
Rank Group PLC                    4,308            17,227                       
Reckitt Benckiser PLC             6,710           348,766                       
Reed Elsevier PLC ADR             3,478           167,014                       
Rentokil Initial PLC ADR          4,002            63,972                       
Resolution PLC                    7,559            91,924                       
Reuters Group PLC ADR             2,006           110,811                       
Rexam PLC ADR                     1,287            69,948                       
Rio Tinto PLC ADR                 2,831           644,930                       
Rolls-Royce Group PLC ADR         3,913           189,663                       
Royal Bank of Scotland Group                                                    
PLC                            34,867         1,360,490                     
SABmiller PLC ADR                 9,934           217,249                       
Sage Group PLC (The)             14,278            72,436                       
Schroders PLC                     1,359            33,784                       
Scottish & Newcastle PLC          8,827           104,204                       
Scottish & Southern Energy ADR    9,492           286,892                       
Scottish Power PLC ADR            4,105           257,753                       
Serco Group PLC                   5,247            47,305                       
Severn Trent PLC                  2,571            72,325                       
Signet Group PLC                 18,908            46,559                       
Signet Group PLC ADR              1,599            40,007                       
Slough Estates PLC REIT           5,203            79,986                       
Smith & Nephew PLC ADR            2,078           131,911                       
Smiths Group PLC                  6,282           126,573                       
SSL International PLC             2,098            16,475                       
Stagecoach Group PLC              8,943            31,524                       
Standard Life PLC                23,234           144,387                       
Stolt-Nielsen SA ADR                437            12,896                       
Tate & Lyle PLC ADR               1,350            60,900                       
Taylor Woodrow PLC                6,367            61,175                       
Tesco PLC ADR                    29,270           765,118                       
Tomkins PLC ADR                   2,361            49,652                       
Travis Perkins PLC                1,275            50,383                       
Trinity Mirror PLC                3,234            33,675                       
Tullett Prebon PLC (a)            2,343            22,204                       
Unilever PLC ADR                 13,732           412,921                       
United Business Media PLC         2,799            43,538                       
United Utilities PLC ADR          4,837           143,659                       
Vodafone Group PLC ADR           57,579         1,546,572                       
Whitbread PLC                     2,164            80,300                       
William Hill PLC                  3,907            48,788                       
Wolseley PLC ADR                  7,253           172,259                       
WPP Group PLC ADR                 2,595           197,194                       
Yell Group PLC                    8,573           100,835                       
                     ---------------
                        31,230,396
TOTAL COMMON STOCKS                                                             
(Cost $119,729,930)                           145,847,469                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                 34             E*TRADE International Index Fund

N-Q
36th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 36th
--------------------------------------------------------------------------------
E*TRADE International Index Fund                                                
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
EXCHANGE TRADED FUNDS - 4.8%                                                    
---------------------------------------------------------                       
UNITED STATES - 4.8%                                                            
---------------------------------------------------------                       
iShares MSCI EAFE Index Fund     97,019         7,407,400                       
TOTAL EXCHANGE TRADED FUNDS                                                     
(COST $7,265,348)                               7,407,400                       
PREFERNCE STOCKS - 0.3%                                                         
---------------------------------------------------------                       
GERMANY - 0.3%                                                                  
---------------------------------------------------------                       
Henkel KGaA                         655            96,734                       
Porsche AG                           87           132,774                       
ProSiebensat.1 Media AG (a)         905            32,002                       
Rwe AG ADR                          430            42,578                       
Volkswagen AG                     1,161           118,664                       
                     ---------------
                           422,752
ITALY - 0.0%                                                                    
---------------------------------------------------------                       
Unipol SpA                        9,925            36,165                       
TOTAL PREFERENCE STOCKS                                                         
(Cost $299,129)                                   458,917                       
SHORT-TERM INVESTMENTS - 0.4%                                                   
---------------------------------------------------------                       
UNITED STATES - 0.4%                                                            
---------------------------------------------------------                       
BlackRock Liquidity Funds                                                       
TempCash Portfolio            606,556           606,556                     
TOTAL SHORT-TERM INVESTMENTS                                                    
(Cost $606,556)                                   606,556                       
TOTAL INVESTMENTS - 99.6%                                                       
(Cost $127,900,963) (b)                  $  154,320,342                     
                     ---------------
OTHER ASSETS LESS LIABILITIES  - 0.4%             663,570                       
                     ---------------
TOTAL NET ASSETS - 100.0%                  $  154,983,912                       
                     ===============

(a)  Non-income producing.                                                
(b)  At March 31, 2007, the cost of investments for                       
federal income tax purposes is $127,900,963.                    
Unrealized appreciation (depreciation) is as                    
follows:                                                        

Unrealized Appreciation          $ 27,574,156                   
Unrealized Depreciation            (1,154,777)                  
              ------------
Net unrealized appreciation      $ 26,419,379                   
              ============
ADR  American Depositary Receipt                                          
REIT  Real Estate Investment Trust                                          

                % OF TOTAL
                 NET
COUNTRY                             VALUE    ASSETS                             
---------------------------------------------------                             
AUSTRALIA                      $8,567,332      5.5%                             
AUSTRIA                           939,366      0.6%                             
BELGIUM                         1,842,747      1.2%                             
BERMUDA                            60,716      0.0%                             
DENMARK                         1,237,720      0.8%                             
FINLAND                         2,208,461      1.4%                             
FRANCE                         13,905,829      9.0%                             
GERMANY                        11,182,512      7.2%                             
GREECE                            968,849      0.6%                             
HONG KONG                       2,547,997      1.7%                             
IRELAND                         1,459,689      0.9%                             
ITALY                           5,526,386      3.5%                             
JAPAN                          32,829,017     21.2%                             
LUXEMBORG                          17,042      0.0%                             
NETHERLANDS                     8,169,573      5.3%                             
NEW ZEALAND                       225,335      0.2%                             
NORWAY                          1,264,287      0.8%                             
PORTUGAL                          511,781      0.3%                             
SINGAPORE                       1,480,117      1.0%                             
SPAIN                           5,946,101      3.8%                             
SWEDEN                          3,826,791      2.5%                             
SWITZERLAND                    10,358,342      6.7%                             
UNITED KINGDOM                 31,230,396     20.2%                             
EXCHANGE TRADED FUNDS           7,407,400      4.8%                             
SHORT-TERM INVESTMENTS AND                                                      
OTHER ASSETS LESS                                                               
LIABILITIES                     1,270,126      0.8%                             
 -----------------------
$154,983,912    100.0%
 =======================

                            % OF TOTAL
                             NET
INDUSTRY                                   VALUE   ASSETS                       
----------------------------------------------------------                      
ADVERTISING                             $341,634       0.2%                     
AEROSPACE/DEFENSE                        934,390       0.6%                     
AGRICULTURE                            1,519,662       1.0%                     
AIRLINES                                 473,247       0.3%                     
APPAREL                                  465,865       0.3%                     
AUTO MANUFACTURERS                     2,838,044       1.8%                     
AUTO PARTS & EQUIPMENT                 1,098,380       0.7%                     
BANKS                                 24,706,112      15.9%                     
BEVERAGES                              2,042,524       1.3%                     
BIOTECHNOLOGY                            128,213       0.1%                     
BUILDING MATERIALS                     2,321,394       1.5%                     
CHEMICALS                              3,897,146       2.5%                     
COMMERCIAL SERVICES                    1,778,032       1.2%                     
COMPUTER INDUSTRY                        703,605       0.5%                     
COMPUTER SOFTWARE                        766,503       0.5%                     
CONGLOMERATES                            256,193       0.2%                     
CONSUMER RELATED                       2,027,235       1.3%                     
COSMETICS / PERSONAL CARE                718,227       0.5%                     
DISTRIBUTION / WHOLESALE               1,768,676       1.1%                     
DIVERSIFED FINANCIAL SERVICES          5,283,587       3.4%                     
ELECTRIC                               6,600,593       4.3%                     
ELECTRIC UTILITIES                        54,120       0.0%                     
ELECTRICAL COMPONENTS &                                                         
EQUIPMENT                              1,804,037       1.2%                     
ELECTRONICS                            2,040,015       1.3%                     
ENERGY - ALTERNATE SOURCES                30,964       0.0%                     
ENGINEERING & CONTRUCTION              2,400,100       1.6%                     
ENTERTAINMENT                            539,957       0.3%                     
ENVIRINMENTAL CONTROL                     69,655       0.0%                     
FOOD                                   6,585,580       4.3%                     
FOOD AND BEVERAGE                        230,869       0.1%                     
FOREST PRODUCTS & PAPER                  536,915       0.4%                     
FURNITURE & FIXTURES                      12,175       0.0%                     
GAS                                      943,857       0.6%                     
HAND / MACHINE TOOLS                     538,350       0.4%                     
HEALTH CARE                              808,082       0.5%                     
HEALTH CARE SERVICES                     150,835       0.1%                     
HOLDING COMPANIES                        989,048       0.6%                     
HOME BUILDERS                            625,570       0.4%                     
HOME FURNISHINGS                       1,284,110       0.8%                     
HOUSEHOLD PRODUCTS / WARE                528,468       0.3%                     
INSURANCE                              7,818,909       5.0%                     
INTERNET                                 216,173       0.1%                     
INVESTMENT COMPANY                       244,507       0.2%                     
IRON / STEEL                           2,475,746       1.6%                     
LEISURE TIME                             413,235       0.3%                     
LODGING                                  377,138       0.2%                     
MACHINE-DIVERSIFIED                    1,711,859       1.1%                     
MANUFACTURERS                          2,623,387       1.7%                     
MEDIA                                  2,317,398       1.5%                     
MEMBERSHIP ORGANIZATIONS                 222,299       0.1%                     
METAL FABRICATE / HARDWARE               374,685       0.2%                     
MINING                                 4,155,870       2.7%                     
OFFICE/BUSINESS EQUIPMENT                907,410       0.6%                     
OIL & GAS                              9,253,514       6.0%                     
OIL & GAS SERVICES                       340,784       0.2%                     
PACKAGED FOODS                             1,080       0.0%                     
PACKAGING & CONTAINERS                   164,311       0.1%                     
PHARMACEUTICALS                        8,789,927       5.7%                     
PUBLISHING & BROADCASTING              1,109,856       0.7%                     
REAL ESTATE                            3,975,189       2.6%                     
REAL ESTATE INVESTMENT TRUST (REIT)      758,512       0.5%                     
RETAIL                                 3,671,341       2.4%                     
SEMICONDUCTORS                           635,959       0.4%                     
SEMICONDUCTORS EQUIPMENT                 144,595       0.1%                     
SHIP BUILDING                             45,867       0.0%                     
SPECIAL INDUSTRY MACHINERY               132,487       0.1%                     
STORAGE                                   21,380       0.0%                     
TELECOMMUNICATIONS                     8,835,904       5.7%                     
TEXTILES                                 285,561       0.2%                     
TOYS / GAMES / HOBBIES                   316,805       0.2%                     
TRANSPORTATION                         2,576,068       1.7%                     
WATER                                    546,661       0.4%                     
EXCHANGE TRADED FUNDS                  7,407,400       4.8%                     
SHORT-TERM INVESTMENTS AND                                                      
OTHER ASSETS LESS LIABILITIES          1,270,126       0.8%                     
              --------------------------
               $154,983,912     100.0%
              ==========================

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------
                                 35             E*TRADE International Index Fund

N-Q
37th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 37th
--------------------------------------------------------------------------------
E*TRADE Technology Index Fund                                                   
SCHEDULE OF INVESTMENTS                                                         
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
COMMON STOCKS - 98.4%                                                           
---------------------------------------------------------                       
COMMERCIAL SERVICES - 5.0%                                                      
---------------------------------------------------------                       
Accenture, Ltd. Class A          10,648     $     410,374                       
Amazon.com, Inc. (a)              7,506           298,664                       
BearingPoint, Inc. (a)            3,894            29,828                       
Choice Point, Inc. (a)            1,495            55,958                       
Convergys Corp. (a)               2,582            65,609                       
eBay, Inc. (a)                   25,404           842,142                       
Euronet Worldwide, Inc. (a)         714            19,178                       
Hewitt Associates, Inc.                                                         
Class A (a)                     2,078            60,740                     
Net 1 UEPS Technologies,                                                        
Inc. (a)                          938            23,337                     
Plexus Corp. (a)                    883            15,143                       
Priceline.com, Inc. (a)             682            36,323                       
SAIC, Inc. (a)                    1,605            27,799                       
Western Union Co. (The)          13,943           306,049                       
Wright Express Corp. (a)            778            23,597                       
                      --------------
                         2,214,741
COMMUNICATIONS SERVICES - 0.3%                                                  
---------------------------------------------------------                       
Avaya, Inc. (a)                   8,525           100,680                       
Syniverse Holdings, Inc. (a)      1,314            13,850                       
                      --------------
                           114,530

COMPUTER FACILITIES MANAGEMENT - 0.5%                                           
---------------------------------------------------------                       
Cognizant Technology                                                            
Solutions Corp., Class A (a)    2,583           228,001                     

COMPUTER INTEGRATED SYSTEMS DESIGN - 1.4%                                       
---------------------------------------------------------                       
BEA Systems, Inc. (a)             7,190            83,332                       
Brocade Communications                                                          
Systems, Inc. (a)               6,649            63,298                     
Computer Sciences Corp. (a)       3,129           163,115                       
Jack Henry & Associates,                                                        
Inc.                            1,652            39,731                     
Network Appliance, Inc. (a)       6,786           247,825                       
TIBCO Software, Inc. (a)          4,067            34,651                       
                      --------------
                           631,952
COMPUTER PERIPHERAL EQUIPMENT - 8.7%                                            
---------------------------------------------------------                       
3Com Corp. (a)                    7,562            29,567                       
Cisco Systems, Inc. (a)         110,660         2,825,150                       
Electronics For Imaging,                                                        
Inc. (a)                        1,113            26,100                     
Emulex Corp. (a)                  1,629            29,794                       
Juniper Networks, Inc. (a)       10,309           202,881                       
Lexmark International, Inc. (a)   1,784           104,293                       
Logitech International SA (a)     3,567            99,270                       
Nam Tai Electronics, Inc.           900            11,655                       
Palm, Inc. (a)                    1,948            35,317                       
QLogic Corp. (a)                  2,954            50,218                       
Research In Motion, Ltd. (a)      3,350           457,242                       
                      --------------
                         3,871,487
COMPUTER PROGRAMMING SERVICES - 0.4%                                            
---------------------------------------------------------                       
Amdocs Ltd. (a)                   3,677           134,137                       
Informatica Corp. (a)             1,664            22,348                       
                      --------------
                           156,485
COMPUTER RELATED SERVICES - 2.0%                                                
---------------------------------------------------------                       
CACI International, Inc.,                                                       
Class A (a)                       563            26,382                     
Ceridian Corp. (a)                2,607            90,828                       
Electronic Data Systems                                                         
Corp.                           9,425           260,884                     
IAC/ InterActiveCorp. (a)         4,885           184,213                       
Paychex, Inc.                     6,932           262,515                       
Red Hat, Inc. (a)                 3,583            82,158                       
                      --------------
                           906,980
COMPUTER STORAGE DEVICES - 2.3%                                                 
---------------------------------------------------------                       
EMC Corp. (a)                    40,133           555,842                       
Imation Corp.                       687            27,741                       
SanDisk Corp. (a)                 4,114           180,193                       

        SHARES           VALUE
---------------------------------------------------------                       
COMPUTER STORAGE DEVICES (CONTINUED)                                            
---------------------------------------------------------                       
Seagate Technology               10,461     $     243,742                       
                      --------------
                         1,007,518
COMPUTERS - 3.7%                                                                
---------------------------------------------------------                       
Apple Computer, Inc. (a)         15,543         1,444,100                       
Black Box Corp.                     334            12,204                       
Kronos, Inc. (a)                    597            31,940                       
Perot Systems Corp., Class A                                                    
(a)                             2,293            40,976                     
Riverbed Technology, Inc. (a)     1,230            33,997                       
Western Digital Corp. (a)         4,074            68,484                       
                      --------------
                         1,631,701
COMPUTERS, PERIPHERAL & SOFTWARE - 1.6%                                         
---------------------------------------------------------                       
Autodesk, Inc. (a)                4,222           158,747                       
Komag, Inc. (a)                     593            19,409                       
McAfee, Inc. (a)                  2,944            85,611                       
National Instruments Corp.        1,469            38,532                       
NVIDIA Corp. (a)                  6,423           184,854                       
Open Text Corp. (a)               1,000            21,960                       
Salesforce.com, Inc. (a)          2,104            90,093                       
Sybase, Inc. (a)                  1,661            41,990                       
Zebra Technologies Corp.,                                                       
Class A (a)                     1,306            50,425                     
                      --------------
                           691,621
DATA PROCESSING & PREPARATION - 3.7%                                            
---------------------------------------------------------                       
Acxiom Corp.                      1,455            31,123                       
Affiliated Computer                                                             
Services, Inc., Class A (a)     2,066           121,646                     
Automatic Data Processing,                                                      
Inc.                           10,033           485,597                     
BISYS Group, Inc. (a)             2,327            26,667                       
DST Systems, Inc. (a)             1,239            93,173                       
Fidelity National                                                               
Information Services, Inc.      5,330           242,302                     
First Data Corp.                 13,954           375,363                       
Fiserv, Inc. (a)                  3,155           167,404                       
VeriSign, Inc. (a)                4,525           113,668                       
                      --------------
                         1,656,943
DISTRIBUTION / WHOLESALE - 0.3%                                                 
---------------------------------------------------------                       
CDW Corp.                         1,465            89,995                       
Ingram Micro, Inc., Class A (a)   3,018            58,278                       
                      --------------
                           148,273
ELECTRONIC COMPONENTS - 1.2%                                                    
---------------------------------------------------------                       
AVX Corp.                         3,136            47,667                       
Celestica, Inc. (a)               3,800            23,294                       
Flextronics International,                                                      
Ltd. (a)                       10,679           116,828                     
MEMC Electronic Materials,                                                      
Inc. (a)                        4,051           245,410                     
Sanmina-SCI Corp. (a)            10,295            37,268                       
Vishay Intertechnology, Inc.(a)   3,133            43,799                       
                      --------------
                           514,266
ELECTRONIC COMPUTERS - 13.6%                                                    
---------------------------------------------------------                       
Advent Software, Inc. (a)           518            18,063                       
Dell, Inc. (a)                   41,394           960,755                       
Gateway, Inc. (a)                 7,191            15,748                       
Hewlett-Packard Co.              49,910         2,003,387                       
International Business                                                          
Machines Corp.                 27,449         2,587,343                     
Sun Microsystems, Inc. (a)       64,135           385,451                       
Unisys Corp. (a)                  6,279            52,932                       
                      --------------
                         6,023,679
ELECTRONIC PARTS & EQUIPMENT - 0.6%                                             
---------------------------------------------------------                       
Arrow Electronics, Inc. (a)       2,227            84,069                       
Avnet, Inc. (a)                   2,673            96,602                       
Benchmark Electronics, Inc. (a)   1,240            25,619                       

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------

                                 36                E*TRADE Technology Index Fund

N-Q
38th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 38th
--------------------------------------------------------------------------------
E*TRADE Technology Index Fund                                                   
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
ELECTRONIC PARTS & EQUIPMENT (CONTINUED)                                        
---------------------------------------------------------                       
Checkfree Corp. (a)               1,612     $      59,789                       
                      --------------
                           266,079
ELECTRONICS - 1.2%                                                              
---------------------------------------------------------                       
Agilent Technologies, Inc. (a)    7,447           250,889                       
Amphenol Corp., Class A           1,592           102,795                       
Cymer, Inc. (a)                     719            29,874                       
Mentor Graphics Corp. (a)         1,628            26,602                       
Skyworks Solutions, Inc. (a)      3,194            18,366                       
Tektronix, Inc.                   1,503            42,325                       
Trimble Navigation, Ltd. (a)      2,094            56,203                       
                      --------------
                           527,054
INTERNET SOFTWARE & SERVICES - 6.6%                                             
---------------------------------------------------------                       
CNET Networks, Inc. (a)           2,896            25,224                       
EarthLink, Inc. (a)               2,577            18,941                       
Equinix, Inc. (a)                   552            47,268                       
Expedia, Inc. (a)                 5,567           129,043                       
Google, Inc., Class A (a)         4,070         1,864,711                       
NetFlix, Inc. (a)                 1,283            29,753                       
Valueclick, Inc. (a)              1,833            47,896                       
Yahoo!, Inc. (a)                 24,786           775,554                       
                      --------------
                         2,938,390
NETWORK EQUIPMENT - 0.6%                                                        
---------------------------------------------------------                       
Foundry Networks, Inc. (a)        2,750            37,317                       
Nortel Networks Corp. (a)         7,901           190,019                       
Sonus Networks, Inc. (a)          4,879            39,374                       
Sycamore Networks, Inc. (a)       5,387            20,147                       
                      --------------
                           286,857
PREPACKAGED SOFTWARE - 16.7%                                                    
---------------------------------------------------------                       
Adobe Systems, Inc. (a)          10,629           443,229                       
BMC Software, Inc. (a)            3,737           115,062                       
Cadence Design System, Inc. (a)   5,055           106,458                       
Check Point Software                                                            
Technologies, Ltd. (a)          4,509           100,460                     
Citrix Systems, Inc. (a)          3,362           107,685                       
Cognos, Inc. (a)                  1,666            65,624                       
Compuware Corp. (a)               6,601            62,643                       
CSG Systems International,                                                      
Inc. (a)                          921            23,043                     
Electronic Arts, Inc. (a)         5,621           283,074                       
Intuit, Inc. (a)                  6,290           172,094                       
Lawson Software, Inc. (a)         3,415            27,627                       
Macrovision Corp. (a)             1,001            25,075                       
Microsoft Corp.                 129,011         3,595,537                       
Novell, Inc. (a)                  6,353            45,869                       
Nuance Communications, Inc. (a)   3,247            49,712                       
Oracle Corp. (a)                 94,674         1,716,440                       
Quest Software, Inc. (a)          1,918            31,206                       
RealNetworks, Inc. (a)            3,097            24,311                       
Symantec Corp. (a)               17,093           295,709                       
Synopsys, Inc. (a)                2,656            69,667                       
Transaction Systems                                                             
Architects, Inc. (a)              722            23,386                     
Wind River Systems, Inc. (a)      1,653            16,431                       
                      --------------
                         7,400,342
PRINTED CIRCUIT BOARDS - 0.3%                                                   
---------------------------------------------------------                       
Jabil Circuit, Inc.               3,868            82,814                       
Solectron Corp. (a)              16,924            53,310                       
                      --------------
                           136,124
PROCESS CONTROL INSTRUMENTS - 0.3%                                              
---------------------------------------------------------                       
PerkinElmer, Inc.                 2,304            55,803                       

        SHARES           VALUE
---------------------------------------------------------                       
PROCESS CONTROL INSTRUMENTS (CONTINUED)                                         
---------------------------------------------------------                       
Teradyne, Inc. (a)                3,458     $      57,195                       
                      --------------
                           112,998
RADIO & TV COMMUNICATIONS EQUIPMENT - 4.7%                                      
---------------------------------------------------------                       
Andrew Corp. (a)                  3,084            32,659                       
Motorola, Inc.                   44,052           778,399                       
QUALCOMM, Inc.                   30,113         1,284,621                       
                      --------------
                         2,095,679
SEMICONDUCTORS - 1.0%                                                           
---------------------------------------------------------                       
Agere System, Inc. (a)            3,092            69,941                       
AMIS Holdings, Inc. (a)           1,693            18,538                       
Formfactor, Inc. (a)                876            39,201                       
Intersil Corp., Class A           2,515            66,622                       
Microsemi Corp. (a)               1,350            28,094                       
ON Semiconductor Corp. (a)        5,930            52,896                       
PMC-Sierra, Inc. (a)              3,989            27,963                       
Semtech Corp. (a)                 1,396            18,818                       
Silicon Image, Inc. (a)           1,574            12,844                       
Silicon Laboratories, Inc. (a)    1,048            31,356                       
Sirf Technology Holdings,                                                       
Inc. (a)                          932            25,872                     
Spansion, Inc., Class A (a)       2,417            29,463                       
Zoran Corp. (a)                     946            16,101                       
                      --------------
                           437,709
SEMICONDUCTORS EQUIPMENT - 13.4%                                                
---------------------------------------------------------                       
Advanced Micro Devices, Inc. (a)  9,996           130,548                       
Altera Corp. (a)                  6,593           131,794                       
Amkor Technology, Inc. (a)        3,419            42,669                       
Analog Devices, Inc.              6,232           214,942                       
Applied Micro Circuits Corp. (a)  5,708            20,834                       
ASE Test, Ltd. (a)                1,933            21,998                       
Atmel Corp. (a)                   8,870            44,616                       
Broadcom Corp., Class A (a)       8,542           273,942                       
Conexant Systems, Inc. (a)        9,286            15,322                       
Cree, Inc. (a)                    1,493            24,575                       
Cypress Semiconductor Corp. a)    2,615            48,508                       
Entegris, Inc. (a)                2,407            25,755                       
Fairchild Semiconductor                                                         
International, Inc. (a)         2,234            37,352                     
Intel Corp.                     105,070         2,009,989                       
Intergrated Device                                                              
Technology, Inc. (a)            3,696            56,992                     
International Rectifier                                                         
Corp. (a)                       1,314            50,208                     
JDS Uniphase Corp. (a)            3,729            56,793                       
KLA-Tencor Corp.                  3,627           193,392                       
Linear Technology Corp.           5,447           172,071                       
LSI Logic Corp. (a)               7,323            76,452                       
Marvell Technology Group,                                                       
Ltd. (a)                       10,663           179,245                     
Maxim Integrated Products, Inc.   5,843           171,784                       
Micrel, Inc. (a)                  1,613            17,775                       
Microchip Technology, Inc.        3,932           139,704                       
Micron Technology, Inc. (a)      13,747           166,064                       
MKS Instruments, Inc. (a)         1,100            28,072                       
National Semiconductor Corp.      6,094           147,109                       
OmniVision Technologies,                                                        
Inc. (a)                          982            12,727                     
Rambus, Inc. (a)                  1,974            41,947                       
RF Micro Devices, Inc. (a)        3,697            23,032                       
STMicroelectronics NV            16,500           316,800                       
Texas Instruments, Inc.          27,040           813,904                       
Trident Microsystems, Inc. (a)    1,103            22,126                       
Varian Semiconductor                                                            
Equipment Associates, Inc. (a)  1,003            53,540                     

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------

                                 37            E*TRADE Technology Index Fund

N-Q
39th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 39th
--------------------------------------------------------------------------------
E*TRADE Technology Index Fund                                                   
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
---------------------------------------------------------                       
SEMICONDUCTORS EQUIPMENT (CONTINUED)                                            
---------------------------------------------------------                       
Xilinx, Inc.                      6,127     $     157,648                       
                      --------------
                         5,940,229
SOFTWARE - 3.0%                                                                 
---------------------------------------------------------                       
Activision, Inc. (a)              5,254            99,511                       
Akamai Technologies, Inc. (a)     2,850           142,272                       
Ansys, Inc. (a)                     672            34,117                       
Avid Technology, Inc. (a)           820            28,602                       
Avocent Corp. (a)                   985            26,565                       
CA, Inc.                          9,591           248,503                       
Digital River, Inc. (a)             753            41,603                       
F5 Networks, Inc. (a)               745            49,677                       
Fair Isaac Corp.                  1,204            46,571                       
Global Payments, Inc.             1,469            50,034                       
Hyperion Solutions Corp. (a)      1,066            55,251                       
Keane, Inc. (a)                   1,126            15,291                       
MasterCard, Inc., Class A         1,451           154,154                       
Midway Games, Inc. (a)            1,765            11,031                       
NAVTEQ Corp. (a)                  1,714            59,133                       
Openwave Systems, Inc. (a)        1,823            14,857                       
Parametric Technology Corp. (a)   2,034            38,829                       
SRA International, Inc.,                                                        
Class A (a)                       800            19,488                     
Take-Two Interactive                                                            
Software, Inc. (a)              1,322            26,625                     
THQ, Inc. (a)                     1,168            39,934                       
VeriFone Holdings, Inc. (a)       1,239            45,508                       
WebEx Communications, Inc. (a)      925            52,596                       
Websense, Inc. (a)                  837            19,243                       
                      --------------
                         1,319,395
SPECIAL INDUSTRY MACHINERY - 2.0%                                               
---------------------------------------------------------                       
Applied Materials, Inc.          25,145           460,656                       
ASML Holding NV (a)               8,841           218,815                       
Intermec, Inc. (a)                1,217            27,188                       
Lam Research Corp. (a)            2,596           122,895                       
Novellus Systems, Inc. (a)        2,252            72,109                       
                      --------------
                           901,663
TELECOMMUNICATIONS - 0.6%                                                       
---------------------------------------------------------                       
Atheros Communications, Inc. (a)    997            23,858                       
Crown Castle Intl. Corp. (a)      5,514           177,165                       
Polycom, Inc. (a)                 1,685            56,161                       
Powerwave Technologies, Inc. (a)  2,093            11,909                       
                      --------------
                           269,093
TELECOMMUNICATIONS EQUIPMENT - 2.1%                                             
---------------------------------------------------------                       
ADTRAN, Inc.                      1,325            32,264                       
Arris Group, Inc. (a)             2,065            29,075                       
Corning, Inc. (a)                28,505           648,203                       
Harris Corp.                      2,478           126,254                       
InterDigital Communications                                                     
Corp. (a)                         985            31,195                     
Tekelec (a)                       1,381            20,591                       
UTStarcom, Inc. (a)               2,407            19,954                       
                      --------------
                           907,536
TELEPHONE & TELEGRAPH APPARATUS - 0.4%                                          
---------------------------------------------------------                       
ADC Telecommunications, Inc. (a)  2,136            35,757                       
Ciena Corp. (a)                   1,538            42,987                       
Tellabs, Inc. (a)                 8,271            81,883                       
                      --------------
                           160,627
TRAVEL SERVICES - 0.2%                                                          
---------------------------------------------------------                       
Sabre Holdings Corp.              2,450            80,238                       
TOTAL COMMON STOCKS                                                             
(Cost $40,830,014)                             43,578,190                       

SHARES/             
PRINCIPAL           
     AMOUNT              VALUE
---------------------------------------------------------                       
SHORT-TERM INVESTMENTS - 1.7%                                                   
---------------------------------------------------------                       
BlackRock Liquidity Funds                                                       
TempCash Portfolio            526,503     $     526,503                     
U.S. Treasury Bill 4.98%                                                        
(b), 08/02/07(c)           $  220,000           216,364                     
                      --------------
TOTAL SHORT-TERM INVESTMENTS                                                    
(Cost $742,816)                                   742,867                       
TOTAL INVESTMENTS - 100.1%                                                      
(Cost $41,572,830)(d)                     $  44,321,057                     
                      --------------
LIABILITIES IN EXCESS OF CASH & OTHER                                           
ASSETS - (0.1%)                                   (52,302)                      
                      --------------
TOTAL NET ASSETS - 100.0%                   $  44,268,755                       
                      ==============

(a)     Non-income producing.                                                   
(b)     Yield to Maturity.                                                      
(c)     Security with an aggregate market value of                              
$216,364 was segregated to cover margin                         
requirements for the following open futures                     
contracts as of March 31, 2007:                                 

--------------------------------------------------------------------------------

NOTIONAL     NET
NUMBER OF   FUTURES EXPIRATION CONTRACT UNREALIZED                            
CONTRACTS   INDEX     DATE      VALUE   APPRECIATION                          
------------------------------------------------------                          
6       NASDAQ                                                        
100                                                 
Futures  06/15/2007 $1,074,450  $24,332               

(d)     At March 31, 2007, the cost of investments for                          
federal income tax purposes is $41,572,830.                     
Unrealized appreciation (depreciation) is as                    
follows:                                                        
Unrealized Appreciation         $ 9,012,510                     
Unrealized Depreciation          (6,264,283)                    
           -----------
Net unrealized appreciation     $ 2,748,227                     
           ===========

                % OF
                 TOTAL
                 NET
INDUSTRY                           VALUE     ASSETS                             
----------------------------------------------------                            
PREPACKAGED SOFTWARE            $7,400,342     16.7%                            
ELECTRONIC COMPUTERS             6,023,679     13.6%                            
SEMICONDUCTORS EQUIPMENT         5,940,229     13.4%                            
COMPUTER PERIPHERAL EQUIPMENT    3,871,487      8.7%                            
INTERNET SOFTWARE & SERVICES     2,938,390      6.6%                            
COMMERCIAL SERVICES              2,214,741      5.0%                            
RADIO & TV COMMUNICATIONS                                                       
EQUIPMENT                        2,095,679      4.7%                            
DATA PROCESSING & PREPARATION    1,656,943      3.7%                            
COMPUTERS                        1,631,701      3.7%                            
SOFTWARE                         1,319,395      3.0%                            
COMPUTER STORAGE DEVICES         1,007,518      2.3%                            
TELECOMMUNICATIONS EQUIPMENT       907,536      2.1%                            
COMPUTER RELATED SERVICES          906,980      2.0%                            
SPECIAL INDUSTRY MACHINERY         901,663      2.0%                            
COMPUTERS, PERIPHERAL &                                                         
SOFTWARE                           691,621      1.6%                            
COMPUTER INTEGRATED SYSTEMS                                                     
DESIGN                             631,952      1.4%                            
ELECTRONICS                        527,054      1.2%                            
ELECTRONIC COMPONENTS              514,266      1.2%                            
SEMICONDUCTORS                     437,709      1.0%                            
NETWORK EQUIPMENT                  286,857      0.6%                            
TELECOMMUNICATIONS                 269,093      0.6%                            
ELECTRONIC PARTS & EQUIPMENT       266,079      0.6%                            
COMPUTERS FACILITIES                                                            
MANAGEMENT                         228,001      0.5%                            
TELEPHONE & TELEGRAPH                                                           
APPARATUS                          160,627      0.4%                            
COMPUTER PROGRAMMING SERVICES      156,485      0.4%                            
DISTRIBUTION/WHOLESALE             148,273      0.3%                            
PRINTED CIRCUIT BOARDS             136,124      0.3%                            
COMMUNICATIONS SERVICES            114,530      0.3%                            
PROCESS CONTROL INSTRUMENTS        112,998      0.3%                            
TRAVEL SERVICES                     80,238      0.2%                            
SHORT-TERM INVESTMENTS AND                                                      
LIABILITIES IN EXCESS OF CASH                                                   
& OTHER ASSETS                     690,565      1.6%                            
    --------------------
   $44,268,755  100.0%
    ====================

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------

                                 38            E*TRADE Technology Index Fund

N-Q
40th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 40th
--------------------------------------------------------------------------------
E*TRADE Delphi Value Fund                                                       
SCHEDULE OF INVESTMENTS                                                         
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
----------------------------------------------------------                      
COMMON STOCKS - 93.5%                                                           
----------------------------------------------------------                      
ADVERTISING - 1.3%                                                              
----------------------------------------------------------                      
Publicis Groupe ADR              40,500       $ 1,964,250                       

AEROSPACE/TECHNOLOGY - 10.0%                                                    
----------------------------------------------------------                      
Applied Materials, Inc.         103,900         1,903,448                       
Arrow Electronics, Inc. (a)      63,300         2,389,575                       
ASE Test, Ltd. (a)               76,017           865,074                       
Avnet, Inc. (a)                  73,600         2,659,904                       
Komag, Inc. (a)                  44,500         1,456,485                       
Micron Technology, Inc. (a)     129,475         1,564,058                       
Seagate Technology               84,000         1,957,200                       
Western Digital Corp. (a)       108,000         1,815,480                       
                      --------------
                        14,611,224
BANKING - 6.1%                                                                  
----------------------------------------------------------                      
Citigroup, Inc.                  39,300         2,017,662                       
Colonial BancGroup, Inc.         67,200         1,663,200                       
Southwest Bancorp, Inc.          52,100         1,338,449                       
TD Banknorth, Inc.               50,000         1,608,000                       
Wells Fargo & Co.                64,030         2,204,553                       
                      --------------
                         8,831,864
BASIC MATERIALS - 6.9%                                                          
----------------------------------------------------------                      
Alcan Inc.                       32,000         1,670,400                       
Commercial Metals Co.            64,300         2,015,805                       
Cytec Industries, Inc.            3,850           216,524                       
Dow Chemical Co.                 38,700         1,774,782                       
Gerdau Ameristeel Corp.         143,000         1,680,250                       
NovaGold Resources, Inc. (a)     91,000         1,542,450                       
Westlake Chemical Corp.          42,500         1,153,875                       
                      --------------
                        10,054,086
CONGLOMERATES - 4.3%                                                            
----------------------------------------------------------                      
Berkshire Hathaway, Inc.,                                                       
Class B (a)                     1,175         4,277,000                     
Norsk Hydro ASA, ADR             60,200         1,975,764                       
                      --------------
                         6,252,764
CONSTRUCTION & REAL ESTATE - 3.5%                                               
----------------------------------------------------------                      
D.R. Horton, Inc.                54,069         1,189,518                       
General Growth Properties,                                                      
Inc., REIT                     20,100         1,297,857                     
Toll Brothers, Inc. (a)          40,100         1,097,938                       
U-Store-It Trust, REIT           73,400         1,476,808                       
                      --------------
                         5,062,121
CONSUMER RELATED - 7.4%                                                         
----------------------------------------------------------                      
Ashford Hospitality Trust,                                                      
Inc., REIT                    117,000         1,396,980                     
DiamondRock Hospitality Co.,                                                    
REIT                           83,300         1,582,700                     
Nokia Oyj ADR                    67,800         1,553,976                       
Sunstone Hotel Investors,                                                       
Inc., REIT                     60,000         1,635,600                     
Toyota Motor Corp.,  SP ADR      19,500         2,499,120                       
Walt Disney Co. (The)            60,100         2,069,243                       
                      --------------
                        10,737,619
ENERGY - 9.6%                                                                   
----------------------------------------------------------                      
Apache Corp.                     25,650         1,813,455                       
Devon Energy Corp.               22,200         1,536,684                       
Diamond Offshore Drilling,                                                      
Inc.                           18,500         1,497,575                     
ENSCO International, Inc.        11,600           631,040                       
Marathon Oil Corp.               11,500         1,136,545                       
Nexen, Inc.                      17,620         1,080,106                       
Talisman Energy, Inc.           104,100         1,827,996                       
Whiting Petroleum Corp. (a)      45,400         1,789,214                       
XTO Energy, Inc.                 48,488         2,657,627                       
                      --------------
                        13,970,242
FINANCIAL SERVICES - 13.0%                                                      
----------------------------------------------------------                      
American Express Co.             31,000         1,748,400                       
Ares Capital Corp.               83,100         1,509,927                       

        SHARES           VALUE
----------------------------------------------------------                      
FINANCIAL SERVICES (CONTINUED)                                                  
----------------------------------------------------------                      
Bear Stearns Cos., Inc. (The)    17,084     $   2,568,579                       
Goldman Sachs Group, Inc. (The)  15,375         3,176,936                       
H&R Block, Inc.                  61,800         1,300,272                       
iStar Financial, Inc., REIT      38,500         1,802,955                       
Lehman Brothers Holdings, Inc.   37,000         2,592,590                       
Morgan Stanley                   29,055         2,288,372                       
NorthStar Realty Finance                                                        
Corp., REIT                   134,000         2,038,140                     
                      --------------
                        19,026,171
FOOD & BEVERAGE - 1.2%                                                          
----------------------------------------------------------                      
Pepsi Bottling Group, Inc.       55,900         1,782,651                       

INSURANCE - 7.8%                                                                
----------------------------------------------------------                      
Aspen Insurance Holdings, Ltd.   60,200         1,577,842                       
Endurance Specialty                                                             
Holdings, Ltd.                 35,600         1,272,344                     
IPC Holdings, Ltd.               39,000         1,125,150                       
PMI Group, Inc.                  38,450         1,738,709                       
Radian Group, Inc.               25,400         1,393,952                       
RenaissanceRe Holdings, Ltd.     31,200         1,564,368                       
SAFECO Corp.                     19,130         1,270,806                       
XL Capital, Ltd., Class A        19,600         1,371,216                       
                      --------------
                        11,314,387
MANUFACTURING - 5.1%                                                            
----------------------------------------------------------                      
Altra Holdings, Inc. (a)        106,000         1,453,260                       
Ingersoll-Rand Co., Ltd.,                                                       
Class A                        47,700         2,068,749                     
Lamson & Sessions Co. (a)        49,475         1,374,910                       
Masco Corp.                      47,225         1,293,965                       
Timken Co.                       40,000         1,212,400                       
                      --------------
                         7,403,284
PHARMACEUTICALS - 2.0%                                                          
----------------------------------------------------------                      
AstraZeneca PLC, SP ADR          28,200         1,512,930                       
ViroPharma, Inc. (a)            103,030         1,478,481                       
                      --------------
                         2,991,411
PUBLISHING &  BROADCASTING - 6.3%                                               
----------------------------------------------------------                      
Comcast Corp., Class A (a)       74,850         1,906,429                       
Lee Enterprises, Inc.            44,300         1,331,215                       
Liberty Media Corp., Class A (a) 17,164         1,898,167                       
News Corp., Class B              88,800         2,172,936                       
Washington Post Co., Class B      2,500         1,908,750                       
                      --------------
                         9,217,497
RETAIL - 3.3%                                                                   
----------------------------------------------------------                      
Abercrombie & Fitch Co.,                                                        
Class A                        23,100         1,748,208                     
Ethan Allen Interiors, Inc.      45,500         1,607,970                       
Federated Department Stores,                                                    
Inc.                           32,500         1,464,125                     
                      --------------
                         4,820,303
TEXTILES & APPAREL - 1.2%                                                       
----------------------------------------------------------                      
Liz Claiborne, Inc.              41,000         1,756,850                       
TRANSPORTATION - 4.5%                                                           
----------------------------------------------------------                      
Arkansas Best Corp.              39,943         1,419,974                       
OMI Corp.                        70,800         1,901,688                       
Teekay Shipping Corp.            31,430         1,700,677                       

SEE ACCOMPANYING NOTE TO THE SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------

                               39                      E*TRADE Delphi Value Fund

N-Q
41st “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 41st
--------------------------------------------------------------------------------
E*TRADE Delphi Value Fund                                                       
SCHEDULE OF INVESTMENTS (Continued)                                             
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

          SHARES           VALUE
----------------------------------------------------------                      
TRANSPORTATION (CONTINUED)                                                      
----------------------------------------------------------                      
YRC Worldwide, Inc. (a)          38,000     $   1,528,360                       
                      --------------
                         6,550,699
TOTAL COMMON STOCKS                                                             
(Cost $91,367,880)                            136,347,423                       
MUTUAL FUNDS - 6.6%                                                             
----------------------------------------------------------                      
BlackRock Liquidity Funds                                                       
TempCash Portfolio          9,607,893         9,607,893                     
TOTAL MUTUAL FUNDS                                                              
(Cost $9,607,893)                               9,607,893                       
TOTAL INVESTMENTS - 100.1%                                                      
(Cost $100,975,773(b))                    $ 145,955,316                     
                      --------------
LIABILITIES IN EXCESS OF CASH & OTHER                                           
ASSETS - (0.1%)                                   (88,413)                      
                      --------------
TOTAL NET ASSETS - 100.0%                   $ 145,866,903                       
                      ==============

(a)     Non-income producing.                                                   
(b)     At March 31, 2007, the cost of investments for                          
federal income tax purposes was $100,975,773.                   
Unrealized appreciation (depreciation) is as                    
follows:                                                        

Unrealized Appreciation          $ 45,772,822                   
Unrealized Depreciation              (793,279)                  
              ------------
Net unrealized appreciation      $ 44,979,543                   
              ============
ADR     American Depositary Receipt                                             
REIT    Real Estate Investment Trust                                            
SP ADR  Sponsored American Depositary Receipt                                   

                  % OF
                 TOTAL
                 NET
INDUSTRY                          VALUE       ASSETS                            
------------------------------------------------------                          
FINANCIAL SERVICES             $19,026,171      13.0%                           
AEROSPACE/TECHNOLOGY            14,611,224      10.0%                           
ENERGY                          13,970,242       9.6%                           
INSURANCE                       11,314,387       7.8%                           
CONSUMER RELATED                10,737,619       7.4%                           
BASIC MATERIALS                 10,054,086       6.9%                           
PUBLISHING & BROADCASTING        9,217,497       6.3%                           
BANKING                          8,831,864       6.1%                           
MANUFACTURING                    7,403,284       5.1%                           
TRANSPORTATION                   6,550,699       4.5%                           
CONGLOMERATES                    6,252,764       4.3%                           
CONSTRUCTION & REAL ESTATE       5,062,121       3.5%                           
RETAIL                           4,820,303       3.3%                           
PHARMACEUTICALS                  2,991,411       2.0%                           
ADVERTISING                      1,964,250       1.3%                           
FOOD & BEVERAGE                  1,782,651       1.2%                           
TEXTILES & APPAREL               1,756,850       1.2%                           
SHORT-TERM INVESTMENTS AND                                                      
OTHER  ASSETS LESS LIABILITIES   9,519,480       6.5%                           
      ----------------------
     $145,866,903   100.0%
      ======================

SEE ACCOMPANYING NOTE TO THE SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------

                               40                      E*TRADE Delphi Value Fund

N-Q
42nd “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 42nd
--------------------------------------------------------------------------------
E*TRADE Kobren Growth Fund                                                      
SCHEDULE OF INVESTMENTS                                                         
March 31, 2007 (Unaudited)                                                      
--------------------------------------------------------------------------------

        SHARES           VALUE
----------------------------------------------------------                      
MUTUAL FUNDS - 100.0%                                                           
----------------------------------------------------------                      
LARGE CAP GROWTH - 19.1%                                                        
----------------------------------------------------------                      
Fidelity Capital                                                                
Appreciation Fund             138,460     $   3,839,494                     
T. Rowe Price Blue Chip                                                         
Growth Fund                   311,257        11,161,675                     
                      --------------
                        15,001,169

LARGE CAP BLEND - 21.3%                                                         
----------------------------------------------------------                      
Longleaf Partners Fund          139,448         4,968,536                       
Oakmark Select Fund - Class I   358,152        11,736,625                       
                      --------------
                        16,705,161

LARGE CAP VALUE - 8.0%                                                          
----------------------------------------------------------                      
Ameristock Mutual Fund, Inc.    145,785         6,280,402                       

SMALL CAP VALUE - 8.5%                                                          
----------------------------------------------------------                      
Longleaf Partners Small Cap                                                     
Fund                          204,842         6,624,608                     

INCOME EQUITY - 3.9%                                                            
----------------------------------------------------------                      
Fidelity Dividend Growth                                                        
Fund                           96,031         3,049,936                     

SECTOR - 6.9%                                                                   
----------------------------------------------------------                      
Fidelity Select Paper &                                                         
Forest Products Portfolio      29,116           993,734                     
Franklin Gold and Precious                                                      
Metals Fund                    50,621         1,714,022                     
Robertson Stephens Natural                                                      
Resources Fund                 81,638         2,698,134                     
                      --------------
                         5,405,890

INTERNATIONAL EQUITY - DEVELOPED - 9.8%                                         
----------------------------------------------------------                      
Julius Baer International                                                       
Equity  Class I                98,233         4,450,960                     
Third Avenue International                                                      
Value Fund                    144,606         3,220,372                     
                      --------------
                         7,671,332

INTERNATIONAL EQUITY - EMERGING - 2.4%                                          
----------------------------------------------------------                      
SSgA Emerging Markets Fund       79,478         1,913,839                       

ALTERNATIVE - 9.6%                                                              
----------------------------------------------------------                      
PIMCO All Asset Fund -                                                          
Class I                       590,317         7,556,061                     

BOND - 4.7%                                                                     
----------------------------------------------------------                      
Loomis Sayles Bond Fund         253,471         3,649,983                       

MONEY MARKET - 5.8%                                                             
----------------------------------------------------------                      
BlackRock Liquidity Funds                                                       
TempCash Portfolio          4,562,122         4,562,122                     

TOTAL INVESTMENTS - 100.0%                                                      
(Cost $63,577,389) (a)                    $  78,420,503                     
                      --------------
OTHER ASSETS LESS LIABILITIES - 0.0%              (16,321)                      
                      --------------
NET ASSETS - 100.0%                         $  78,404,182                       
                      ==============

(a)At March 31, 2007, the cost of                                               
investments for Federal income tax                                        
purposes was $63,577,389.                                                 
Unrealized appreciation                                                   
(depreciation) is as follows:                                             
Gross Unrealized appreciation      $ 14,889,965                           
Gross Unrealized depreciation           (46,851)                          
        ------------
Net Unrealized appreciation        $ 14,843,114                           
        ------------

SEE ACCOMPANYING NOTE TO SCHEDULE OF INVESTMENTS
--------------------------------------------------------------------------------

                                  41              E*TRADE Kobren Growth Fund

N-Q
43rd “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 43rd
Note to Schedule of Investments                                                 

SECURITY VALUATION                                                              

Investments of the Funds are valued at the last reported sale price on the      
securities or commodities exchange on which such securities are primarily       
traded. If there is no sale that day, then the value will be based on the most  
recent bid prices. Securities that are traded primarily on the national         
securities market are valued using the NASDAQ Official Closing Price ("NOCP"),  
but if the NOCP is not available, such securities are valued at the most recent 
bid prices. Securities that are traded primarily on foreign securities or       
commodities exchanges generally are valued at the preceding closing values of   
such securities on their respective exchanges. If market quotations or official 
closing prices are not readily available or are determined not to accurately    
reflect the current value of the securities, such securities are valued at fair 
value as determined in good faith under procedures established by the Board of  
Trustees of the Funds ("Board"). To the extent that a Fund has portfolio        
securities that are primarily listed on foreign exchanges that trade on days    
when the Fund does not price its shares, the value of the securities held by a  
Fund may change on days when shareholders will not be able to purchase or redeem
the Fund's shares. In this regard, the Board has approved the use of certain    
independent pricing services in determining the fair value of foreign securities
primarily traded in foreign markets when events reasonably determined to be     
significant occur subsequent to the close of such foreign markets and prior to  
the time the Fund's NAV is determined. The fair value of such foreign securities
are determined by the Funds (with the assistance of independent pricing         
services) using correlations between the movement of prices of the foreign      
securities and indices of domestic securities and other appropriate indicators. 
Unlike the closing price of a security on a foreign exchange, fair value        
determinations employ elements of judgment and the fair value assigned to a     
security may not represent the actual value that the Funds could obtain if they 
were to sell a security at the time of the close of the New York Stock Exchange.
Investments in short-term debt securities that mature in 60 days or less are    
valued at amortized cost, which approximates fair market value, based on fair   
valuation procedures approved by the Board. The underlying funds on the E*TRADE 
Kobren Growth Fund are valued according to their stated net asset value or, if  
their net asset value is not reported, at their fair value.                     

For more information with regard to significant accounting policies, see the    
most recent annual report filed with the Securities and Exchange Commission.    

42

N-Q
44th “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 44th
ITEM 2. CONTROLS AND PROCEDURES.                                                

(a)      The registrant's  Principal Executive and Principal Financial Officers,
         or  persons  performing  similar  functions,  have  concluded  that the
         registrant's  disclosure  controls and  procedures  (as defined in Rule
         30a-3(c)  under the  Investment  Company Act of 1940,  as amended  (the
         "1940 Act") (17 CFR 270.30a-3(c)))  are effective,  as of a date within
         90 days of the filing date of the report,  that includes the disclosure
         required by this paragraph, based on their evaluation of these controls
         and  procedures  required by Rule  30a-3(b)  under the 1940 Act (17 CFR
         270.30a-3(b))  and Rules  13a-15(b) or 15d-15(b)  under the  Securities
         Exchange   Act  of  1934,   as  amended   (17  CFR   240.13a-15(b)   or
240.15d-15(b)).                                               

(b)      There were no significant changes in the registrant's  internal control
         over  financial  reporting (as defined in Rule 30a-3(d)  under the 1940
         Act (17 CFR  270.30a-3(d))  that occurred during the registrant's  last
         fiscal quarter that have materially affected,  or are reasonably likely
         to materially affect, the registrant's  internal control over financial
reporting.                                                    

ITEM 3. EXHIBITS.                                                               

Certifications pursuant to Rule 30a-2(a) under the 1940 Act are attached hereto.

N-Q
Last “Page” of 45
TOC
1st
Previous
Next
↓Bottom
Just 45th
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940
Act,  the  registrant  has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.                                     

(Registrant) E*TRADE FUNDS                                                      

By (Signature and Title)   /S/ Elizabeth Gottfried                              
                        --------------------------------------------------------
    Elizabeth Gottfried, President
   (Principal Executive Officer)

Date  MAY 24, 2007                                                              
    ----------------------------------------------------------------------------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the 1940
Act, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.                    

By (Signature and Title)   /S/ Elizabeth Gottfried                              
                        --------------------------------------------------------
  Elizabeth Gottfried, President
 (Principal Executive Officer)

Date  MAY 24, 2007                                                              
    ----------------------------------------------------------------------------

By (Signature and Title)   /S/ Matthew Audette                                  
                        --------------------------------------------------------
Matthew Audette, Treasurer  
 (Principal Financial Officer)

Date  MAY 24, 2007                                                              
    ----------------------------------------------------------------------------

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-Q’ Filing		Date		First		Last			Other Filings
		12/31/07		1					24F-2NT,  N-CSR,  NSAR-B
Filed on / Effective on:		5/25/07
		5/24/07		45
For Period End:		3/31/07		1		42
									List all Filings