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E Trade Funds · N-Q · For 3/31/07

Filed On 5/25/07, 11:04am ET   ·   Accession Number 935069-7-1144   ·   SEC File 811-09093

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  As Of                Filer                Filing    For/On/As Docs:Size              Issuer               Agent

 5/25/07  E Trade Funds                     N-Q         3/31/07    2:229K                                   Bowne - BGM/FA

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

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
2Item 1. Schedule of Investments
44Item 2. Controls and Procedures
"Item 3. Exhibits
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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.
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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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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-------------------------------------------------------------------------------- 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
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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
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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.
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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
For The Period Ended3/31/07142
5/24/0745
Filed On / Filed As Of / Effective As Of5/25/07
12/31/07124F-2NT, N-CSR, NSAR-B
 
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